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2023-12-31-accounts

Charity registration number 293825

Company registration number 01978864 (England and Wales)

RADIO ACADEMY(THE)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

RADIO ACADEMY(THE)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J M H Arendt
N M Pitts
V Stewart
H M Thomas
P Maguire OBE
K Nandra
V Easton-Riley (Appointed 24 February 2023)
P Khatkar (Appointed 24 February 2023)
M L Guiness (Appointed 1 April 2024)
R M Littlejohn (Appointed 1 April 2024)
A G H Uytman (Appointed 1 April 2024)
Charity number 293825
Company number 01978864
Registered office 303 The Pill Box
115 Coventry Road
London
E2 6GH
Independent examiner WIM Consulting Limited
37 New North Road
Hainault
Ilford
Essex
England
IG6 2UE
Bankers SH Hambros Bank Limited
SG House
41 Tower Hill
London
EC3N 4SG
Barclays Bank PLC
Soho Square Business Bank
27 Soho Square
London
W1D 3QR
Solicitors Sheridans
76 Wardour Street
London
W1F 0UR

RADIO ACADEMY(THE)

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 13

RADIO ACADEMY(THE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees presents its annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's [governing document], the Companies Act 2006 and "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).

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.

Public benefit

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

Significant activities and achievements against objectives

2023 saw a year of two halve, with a change of MD being recruited following a thorough recruitment process overseen by the trustees for the second half of the year following the resignation of Sam Bailey who was leaving us to go and run BFBS – one of our Academy patrons.

It didn’t stop the Academy with its strategy of outreach and sharing best practice within the sector but it did mean that our new MD bought new and fresh perspectives that saw some of those evolve.

The highlights of the year were still the annual Radio Academy ARIAS and the Radio Academy Festival. The Radio Academy ARIAS (May) is an awards ceremony event that celebrates the best practice in radio and audio which found a new home at the Theatre Royal Drury Lane in London’s West End. The Radio Academy Festival (September) was another well subscribed event which for second year was held at the Royal College of Physicians. As in 2022, we had content across three stages that were accessible for all delegates to much success, with one of those stages focused on panels representing winners of the ARIAS from earlier in the year.

It was decided under the new MD that we would rest the monthly “Last Mondays” gatherings in central London and try to provide more outreach with half-yearly events taking place in many of the Radio Academy regions, at concentrated points in the calendar, namely summer and winter socials. This proved a good decision with more regional members able to better attend and learn more about the Radio Academy and other members. The revised events strategy achieved increased reach across more members and potential members, with a focus on local networks across the whole UK.

The Radio Academy Training Days were rebranded as “Foot In The Door”. These are half day ‘mini festivals’ held in university towns with major Media Studies courses where tickets were made available for students and members of the local audio community who wanted to learn more on how to progress. The introduction of an Executive Producer to work across these saw the creation of a repeatable format of 6 or 7 talks across the day (some taking place at the same time in multiple rooms) with talent local to the area talking on a repeatable theme, plus panels made up of national audio execs and talent moving around the UK with the event, with thanks to our patrons and partners for allowing this. The events were held in partnership with the local student station and based at the university, to ensure they were embedded in the local community and therefore offered lasting legacy through the engagement with the local organisations. The end of the day always finished with a Radio Academy Social event – a great networking opportunity for those who attended to find out more from those speaking at the day’s event, as well as widening out the event to other local members to come along and meet the delegates and speakers.

RADIO ACADEMY(THE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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. It was the last outing for the Chair of the event who stepped down after 2023’s campaign. It will be picked up by a new Chair for 2024 who happens to be a recipient of the initiative some years before who is also a senior executive at one of our patrons.

In identifying the gap for mid-career development and mentoring, The Radio Academy Mentoring Programme (RAMP) took those members who applied in late 2022 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. Mentees and mentors alike offered very positive feedback about the programme and need for a focus on development for people at mid-career level. This continued for a third time with new applicants interviewed and selected in late 2023 for the programme to start in 2024, with a new RAMP Lead.

Finally, the free-for-all weekly Radio Academy Podcast grew. The production process changed from having an individual producer/presenter to having members of the audio community taking it on for a set period of time to act as not only producer and presenter, but also the guest editor for the period, bringing themed of interest to them to the greater audio world through there tenure.

Financial review

A total surplus of £26,998 has been reported in the year 31st December 2023. 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.

Reserves policy

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

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.

J M H Arendt N M Pitts V Stewart H M Thomas P Maguire OBE K Nandra V Easton-Riley (Appointed 24 February 2023) P Khatkar (Appointed 24 February 2023) M L Guiness (Appointed 1 April 2024) R M Littlejohn (Appointed 1 April 2024) A G H Uytman (Appointed 1 April 2024) Adele Cross (Resigned 1 April 2024) Kathryn Anastasi (Resigned 1 April 2024) William Jackson (Resigned 1 April 2024)

RADIO ACADEMY(THE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees' report was approved by the Trustees.

N M Pitts Trustee

30 September 2024

Draft Financial Statements at 24 September 2024 at 15:50:38 RADIO ACADEMY(THE)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RADIO ACADEMY(THE)

I report to the trustees on my examination of the financial statements of Radio Academy(The) (the Charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's 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 because I am a member of the Association of Chartered Certified Accountants, 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:

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 financial statements to be reached.

WIM Consulting Limited

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 because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

37 New North Road

Hainault

Ilford Essex IG6 2UE England

27/09/2024 Dated: .........................

RADIO ACADEMY(THE)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted Restricted Restricted Total Unrestricted Unrestricted Restricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations and legacies 2 413,622 - 413,622 369,511 - 369,511
Other trading activities 3 394 - 394 - - -
Investments 4 285 - 285 - - -
Total income 414,301 - 414,301 369,511 - 369,511
Expenditure on:
Raising funds 5 279,542 - 279,542 273,230 - 273,230
Charitable activities 6 107,281 480 107,761 132,064 360 132,424
Total expenditure 386,823 480 387,303 405,294 360 405,654
Net income/(expenditure) and
movement in funds 27,478 (480) 26,998 (35,783) (360) (36,143)
Reconciliation of funds:
Fund balances at 1 January
2023 49,117 14,309 63,426 84,900 14,669 99,569
Fund balances at 31
December 2023 76,595 13,829 90,424 49,117 14,309 63,426

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

RADIO ACADEMY(THE)

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Current assets
Debtors 12 37,288 30,227
Cash at bank and in hand 67,524 168,636
104,812 198,863
Creditors: amounts falling due within 13
one year (14,388) (135,437)
Net current assets 90,424 63,426
Net assets excluding pension liability 90,424 63,426
The funds of the Charity
Restricted income funds 14 13,829 14,309
Unrestricted funds 76,595 49,117
90,424 63,426

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 30 September 2024

N M Pitts

Trustee

Company registration number 01978864 (England and Wales)

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Radio Academy(The) is a private company limited by guarantee incorporated in England and Wales. The registered office is 303 The Pill Box, 115 Coventry Road, London, E2 6GH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 Income from donations and legacies

Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 6,750 1,820
Legacies receivable 328 1,274
Sponsorship received 157,850 106,613
Subscriptions received 139,296 133,703
Donated goods and services 109,398 126,101
413,622 369,511
3 Income from other trading activities
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Non-charitable trading activities 394 -
4 Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 285 -
5 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Staging fundraising events 279,542 273,230

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Expenditure on charitable activities

Ticket sales
Support		 Total Ticket sales Ticket sales Support Total
and entry
costs		 and entry costs
fees fees
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Direct costs
Travel
5,752		 - 5,752 1,051 6,850 7,901
Storage costs
-		 132 132 37,750 319 38,069
Bank charges
1,903		 1,130 3,033 1,784 903 2,687
Staff costs
74,784		 1,461 76,245 66,165 1,771 67,936
Insurance
-		 5,163 5,163 812 5,140 5,952
Website costs
86		 - 86 86 253 339
Development and training
713		 - 713 540 - 540
Accountancy
-		 1,291 1,291 - - -
Bad debts
-		 116 116 - - -
83,238 9,293 92,531 108,188 15,236 123,424
Share of support and governance costs (see note 7)
Support
14,480		 - 14,480 8,250 - 8,250
Governance
750		 - 750 750 - 750
98,468 9,293 107,761 117,188 15,236 132,424
Analysis by fund
Unrestricted funds
98,468		 8,813 107,281 117,188 14,876 132,064
Restricted funds - general
-		 480 480 - 360 360
98,468 9,293 107,761 117,188 15,236 132,424
7 Support costs allocated to activities
2023 2022
£ £
Governance costs 15,230 9,000
Analysed between:
Ticket sales and entry fees 15,230 9,000
8 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's independent examiner:
- for the independent examination of the charity's financial statements 750 750
- for other financial services 14,480 8,250

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 37,288 18,026
Other debtors - 31
Prepayments and accrued income - 12,170
37,288 30,227

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 9,918 10,683
Other creditors 2,887 11,404
Accruals and deferred income 1,583 113,350
14,388 135,437

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January
Resources
Resources		 At 31
2023 expended December
2023
£ £ £
14,309 - 14,309
Bank charges - (480) (480)
14,309 (480) 13,829
Previous year: At 1 January
Resources		 At 31
2022 expended December
2022
£ £ £
14,669 (360) 14,309

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January
Incoming
Incoming
Resources
Resources
At 31
2023 resources expended December
2023
£ £ £ £
General funds 49,117 414,301 (386,823)
76,595
Previous year: At 1 January
Incoming
Resources
At 31
2022 resources expended December
2022
£ £ £ £
General funds 84,900 369,511 (405,294)
49,117

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Analysis of net assets between funds

Unrestricted Unrestricted Restricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 December 2023:
Current assets/(liabilities) 76,595 13,829 90,424
76,595 13,829 90,424
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
At 31 December 2022:
Current assets/(liabilities) 49,117 14,309 63,426
49,117 14,309 63,426

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).