Charity number: 293825
Company number: 01978864
(England and Wales)
RADIO ACADEMY (THE)
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 December 2022
RADIO ACADEMY (THE) Contents Page For the year ended 31 December 2022
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 11 |
| Detailed Statement of Financial Activities | 12 |
RADIO ACADEMY (THE) Report of the Trustees
For the year ended 31 December 2022
Chair's report
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 December 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The charity operates for the encouragement, recognition, and promotion of excellence in all aspects of radio broadcasting and audio production in the UK, in order to maximise the potential of educational benefits this may bring.
Statement on public benefit
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Social investments
The trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENTS AND PERFORMANCE
2022 was the first year to the follow the COVID-19 Pandemic where the Radio Academy could create a full programme of events across the calendar year without restrictions.
This included a return of the annual Radio Academy ARIAS awards event that celebrates the be practice in radio and audio which returned to a West End London theatre (The Adelphi). The charity was also able to return the annual Radio Festival to an in-person event following two years of video-delivered content. Using this two-year hiatus in live in-parson event to our benefit following years of the festival taking place in a similar format, we were able to re-invent the Radio Academy Festival in turn by finding it a new home (the Royal College of Physicians) and putting content across three stages that were accessible for all delegates to much success.
Elsewhere, there was the introduction of First Monday's to the roster of events with monthly talks and networking opportunities for members in London but also various ones across the UK in regional outlets.
The Radio Academy Training Days were introduced where mini festivals of learning via talks and conversations with the practitioners of excellent audio visited select university campus across the UK to talk and share best practice with media students.
Our 30 Under 30 scheme received hundreds of applications, and we further introduced new methods and opportunities to profile the 30 successful entrants, to further boost their profiles.
In identifying the gap for mid-career development and mentoring, The Radio Academy Mentoring Programme (RAMP) took those members who applied in late 2021 in mid-range roles and paired them off with top-level matched mentors across the industry to help them progress further in their careers. Mentees ranged from right across the audio sector with senior industry leads acting as mentors, sharing their invaluable advice. This continued for a second time with new applicants interviewed and selected in late 2022 for the programme to start in 2023.
Finally, we introduced a free-for-all weekly Radio Academy Podcast. The idea was to create a general interest audio product that shared behind-the-scenes stories from productions and new content being created rather than senior management strategies. Plus, because this was available on general release, the charity used the podcast to talk to non-members about the benefits of the membership and spread the word of what the charity is all about.
FINANCIAL REVIEW
A total deficit of £36,143 has been reported in the year 31st December 2022 (2021 surplus £63,295). The review of the post year-end financial results of the charity indicates that sufficient level of subscription income has been received to enable the charity to meet obligations and to continue its activities. The Trustees are in discussion regarding the long-term strategy and plans for the charity and as such there is currently no formal reserves policy.
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RADIO ACADEMY (THE) Report of the Trustees Continued
For the year ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Radio Academy is a charitable company. the charity was registered on 10th March 1896, charity number: 293825, and the company was incorporated on 16 January 1986, number: 01975564. The charity is constituted as a company limited by guarantee, and is governed by its Memorandum and Articles of Association on 16 January 1986 as amended by Special Resolutions dated 23 July 1991, 13 July 1992, 11 May 2006,5 July 2006 and 13 May 2009.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity RADIO ACADEMY (THE) Charity registration number 293825 Company registration number 01978864 Principal address 303 The Pill Box 115 Coventry Road London E2 6GH
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Kathryn Elizabeth Anastasi Jonathan Michael Henry Arendt Adele Patricia Yolande William Reid Jackson Philip Maguire Kiran Nandra Nicholas Mark Pitts Victoria Louise Stewart Helen Mariam Thomas Independent examiner WIM Consulting Limited 37 New North Road Hainault Ilford Essex England IG6 2UE Bankers SG Hambros Bank Limited SG House 41 Tower Hill EC3N 4SG Barclays Bank PLC Soho Square Business Bank 27 Soho Square W1D 3QR Solicitors Sheridans 76 Wardour Street London W1F 0UR
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RADIO ACADEMY (THE) Report of the Trustees Continued For the year ended 31 December 2022
Approved by the Board of Trustees and signed on its behalf by
.............................................................................
29 September 2023
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RADIO ACADEMY (THE) Independent Examiners Report to the Trustees
For the year ended 31 December 2022
I report to the trustees on my examination of the accounts of the Company for the year ended 31st December 2019.
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiners statement
Since the charity's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
WIM Consulting Limited 37 New North Road Hainault Ilford Essex England IG6 2UE
29 September 2023
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RADIO ACADEMY (THE)
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2022
| Notes | Unrestricted | Restricted | 2022 | 2021 | |
|---|---|---|---|---|---|
| funds | funds | ||||
| £ | £ | £ | £ | ||
| Income and endowments from: | |||||
| Donations and legacies | 2 | 369,510 | - | 369,510 | 266,488 |
| Total | 369,510 | - | 369,510 | 266,488 | |
| Expenditure on: | |||||
| Charitable activities | 3/4 | (405,293) | (360) | (405,653) | (203,193) |
| Total | (405,293) | (360) | (405,653) | (203,193) | |
| Net income/expenditure | (35,783) | (360) | (36,143) | 63,295 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 84,900 | 14,669 | 99,569 | 36,274 | |
| Total funds carried forward | 49,117 | 14,309 | 63,426 | 99,569 |
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Registered Number : 01978864
RADIO ACADEMY (THE) Statement of Financial Position As at 31 December 2022
| Notes Current assets 7 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 9 Unrestricted income funds 9 Total funds |
£ 2022 30,226 168,637 198,863 (135,437) 63,426 63,426 63,426 14,309 49,117 63,426 |
£ 2021 20,736 81,941 |
|---|---|---|
| 102,677 | ||
| (3,108) 99,569 |
||
| 99,569 | ||
| 99,569 | ||
| 8,917 90,652 |
||
| 99,569 |
For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance
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with section 476,
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
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records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
29 September 2023
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RADIO ACADEMY (THE) Notes to the Financial Statements
For the year ended 31 December 2022
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
RADIO ACADEMY (THE) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going concern
The trustees have identified no material uncertainities related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern, however, the going concern basis remains appropriate.
Funds
Unrestricted finds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purpose within the objects of the charity. The puposes and uses of the restricted funds are set out in the notes to the financial statements.
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Fixtures & Fittings 20% Straight line
2. Income from donations and legacies
| ncome from donations and legacies | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Unrestricted funds | ||
| Donations received | 1,819 | 6,193 |
| Subscriptions received | 133,703 | 126,793 |
| Sponsorships received | 106,613 | 66,628 |
| Gifts in kind | 1,274 | - |
| Donated goods and services | 126,101 | 66,874 |
| 369,510 | 266,488 |
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RADIO ACADEMY (THE) Notes to the Financial Statements Continued
For the year ended 31 December 2022
3. Costs of charitable activities by fund type
| osts of charitable activities by fund type | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2022 | 2021 | |
| funds | funds | |||
| £ | £ | £ | £ | |
| Ticket sales and entry fees | ||||
| Direct cost | 273,230 | - | 273,230 | 133,323 |
| Tavel and subsistence | 1,050 | - | 1,050 | 325 |
| Legal and professional | 37,750 | - | 37,750 | - |
| Depreciation | - | - | - | 250 |
| Storage costs | 1,784 | - | 1,784 | 1,429 |
| Staff costs | 66,165 | - | 66,165 | 43,667 |
| Sundry | 812 | - | 812 | 618 |
| Development and training | 86 | - | 86 | 452 |
| Grants paid | - | - | - | 5,250 |
| Grant funded cost | 540 | - | 540 | - |
| 381,417 | - | 381,417 | 185,314 | |
| Support costs | ||||
| Ticket sales and entry fees | ||||
| Accountancy and legal fees | 8,250 | - | 8,250 | 12,350 |
| Legal fees | 6,850 | - | 6,850 | - |
| Printing postage and | 319 | - | 319 | - |
| stationery | ||||
| Bank charges | 543 | 360 | 903 | 1,487 |
| Insurance | 1,771 | - | 1,771 | 828 |
| Computer expenses | ||||
| Website hosting and | 5,140 | - | 5,140 | 3,214 |
| maintenance | ||||
| Entertainment | 253 | - | 253 | - |
| Governance costs | ||||
| Independent Examiner's | 750 | - | 750 | - |
| Fees | ||||
| 23,876 | 360 | 24,236 | 17,879 | |
| 405,293 | 360 | 405,653 | 203,193 |
4. Costs of charitable activities by activity type
| Activities | Grant | Support | 2022 | 2021 | |
|---|---|---|---|---|---|
| undertaken | funding of | costs | |||
| directly | activities | ||||
| £ | £ | £ | £ | £ | |
| Support costs | |||||
| Ticket sales and entry fees | 380,877 | 540 | 24,236 | 405,653 | 203,193 |
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RADIO ACADEMY (THE) Notes to the Financial Statements Continued
For the year ended 31 December 2022
5. Staff costs and emoluments
| 2022 | 2021 | |
|---|---|---|
| Trustees | 0 | 0 |
| 0 | 0 | |
| ebtors | ||
| 2022 | 2021 | |
| £ | £ | |
| Amounts due within one year: | ||
| Trade debtors | 18,026 | 2,400 |
| Prepayments and accrued income | 12,169 | - |
| Other debtors | 31 | 18,336 |
| 30,226 | 20,736 | |
| reditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Trade creditors | 10,683 | - |
| Other creditors | 11,404 | (2,910) |
| Accruals and deferred income | 113,350 | 6,018 |
| 135,437 | 3,108 |
7. Debtors
8. Creditors: amounts falling due within one year
9. Movement in funds
Unrestricted Funds
| Unrestricted Funds | ||||
|---|---|---|---|---|
| Balance at | Incoming | Outgoing | Balance at | |
| 01/01/2022 | resources | resources | 31/12/2022 | |
| £ | £ | £ | £ | |
| General | ||||
| General | 84,900 | 369,510 | (405,293) | 49,117 |
| 84,900 | 369,510 | (405,293) | 49,117 |
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RADIO ACADEMY (THE) Notes to the Financial Statements Continued
For the year ended 31 December 2022
Unrestricted Funds - Previous year
| General General |
Balance at 01/01/2021 £ 21,605 21,605 |
Incoming resources £ 266,488 266,488 |
Outgoing resources £ (197,441) (197,441) |
Balance at 31/12/2021 £ 90,652 |
|---|---|---|---|---|
| 90,652 |
Purpose of unrestricted Funds
General
To maximise the potential of the talents.
Restricted Funds
| Benevolent Fund Restricted Funds - Previous year Benevolent Fund |
Balance at 01/01/2022 £ 14,669 14,669 Balance at 01/01/2021 £ 14,669 14,669 |
Outgoing resources £ (360) (360) Outgoing resources £ (5,752) (5,752) |
Balance at 31/12/2022 £ 14,309 |
|---|---|---|---|
| 14,309 | |||
| Balance at 31/12/2021 £ 8,917 |
|||
| 8,917 |
Purpose of restricted funds
Benevolent Fund
This fund is reserved to assist and relieve the hardship and suffering of individuals in the radio/audio industry who find themselves in necessitous circumstances.
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RADIO ACADEMY (THE) Notes to the Financial Statements Continued
For the year ended 31 December 2022
10. Analysis of net assets between funds
| Tangible | Net current | Net Assets | |
|---|---|---|---|
| fixed assets | assets / | ||
| (liabilities) | |||
| £ | £ | £ | |
| Unrestricted funds | |||
| General | |||
| General | - | 51,650 | 51,650 |
| Restricted funds | |||
| Benevolent Fund | - | 11,776 | 11,776 |
| - | 63,426 | 63,426 | |
| Previous year | |||
| Tangible | Net current | Net Assets | |
| fixed assets | assets / | ||
| (liabilities) | |||
| £ | £ | £ | |
| Unrestricted funds | |||
| General | |||
| General | - | 87,433 | 87,433 |
| Restricted funds | |||
| Benevolent Fund | - | 12,136 | 12,136 |
| - | 99,569 | 99,569 |
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RADIO ACADEMY (THE) Detailed Statement of Financial Activities For the year ended 31 December 2022
| INCOME AND ENDOWMENT Donations and legacies Donations Subscriptions Sponsorships Gifts in kind Ticket sales and entry fees Total incoming resources EXPENDITURE Charitable activities Event costs General equipment SUPPORT COSTS Accountancy and legal fees Accountancy and legal fees Bank charges Bank charges Insurance Insurance Computer expenses Computer expenses Entertainment Entertainment Governance costs Governance costs Total resources expended Net Expenditure |
£ 2022 1,819 133,703 106,613 1,274 126,101 369,510 369,510 (380,877) (540) (381,417) (15,419) (15,419) (903) (903) (1,771) (1,771) (5,140) (5,140) (253) (253) (750) (750) (405,653) (36,143) |
£ 2021 6,193 126,793 66,628 - 66,874 |
|---|---|---|
| 266,488 | ||
| 266,488 (185,314) - |
||
| (185,314) (12,350) |
||
| (12,350) (1,487) |
||
| (1,487) (828) |
||
| (828) (3,214) |
||
| (3,214) - |
||
| - - |
||
| - | ||
| (203,193) | ||
| 63,295 |
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This page does not form part of the statutory financial statements