Charlty gIstratIOn number SC051449 (Scotlandl Company registration numbèr SC557334 Iscotlandl MUCKLE TOON MEDIA LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 JRW HOGG& THORBURN
MUCKLE TOON MEDIA LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J H Harnmond Mr W S Young Mr G J Gr3ha Secretary Y Murray Charlty number Iseotlandl SCO51449 Cornpany number SC557334 Prlnclpal address 47a High Street Langholm DG13 OJH Registered office Ashleybank House High Street Langholm Oumfriesshire Scotland DG13 OAN Independ•nt examlner Joanne Gibso JRW Hogg & Thorbum LLP Ch8rtered Accountants 19 8u¢¢leu¢h Street H8wick Roxburghshire T09 OHL
MUCKLE TOON MEDIA LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual report and financial statements lor the year ended 31 December 2025. The financial statements hav8 been prepared in a¢¢ordance with the accounting policies set out in note 1 to the financial statements and ¢ornply with the chaThVs goveming document. the Companies Act 2006 the Charities and Trustee Investment (Scollandl Act 2005. the Charities Accounts Iscollandl Regulations 2006. FRS 102 "The Financi81 Reporting Standard applicable in UK and Republic of Ireland. and the Charities SORP "Accounting and Reporting by Charities.. Staternenl of Rewmmended Practice applicable to charitie5 preparing their accounts in accordanc& with the Financial Reporting Standard applicatjle In the UK and Republic of Ireland IFRS 1021.. Objectives and activlties The principal objectives ol the company are.. The advancement ol Gomrnunity developrn8nt in Langholm and the svrrounding area which compllses DG13, DG14 and the Newcastleton District Cornmunity Council area within TD9 1.the comrnunity'l by developing and operating community newspapèrs and community websit85", The advancement of Heritage by Fnaintaining and archive ol local history and making it availablè to the public. Achievements and pèrformance SignifiGant activities and èchiev8rFJents against objectiV8S 2024 has seen a successful 'bedding-in' process lor our new local editor. Now with an ernphasis much more on local news wherever p055ible, positive comments received from the public have welcomed the change to the E&L's content. It rernains the objective of the bo8rd and staff to make the E&L an integral part of community life by conts'nuing to inform, educate and entertain. To this end we intend to introduce free online subscriptions to pupils, and fomier pupils in higher education. of Langholm A¢ademy to encourage younger reader who may go on to p3rti¢ipating in thè life of the paper. We will discuss this directly with the school. Even with the induslry-wide reduction in hard Gopy newspaper sales, our local paper remains the best-selling weekly publication in the Langholm and Eskd8le area and even exceeds the best daily sales of any of the national newsp8pers. We publish over 800 copies ol the Eskdale & Liddesdale Advertiser IE&LI 68ch week as well as having over 150 online subscribers. which is an increase of just short 015090 on last year and allows us to achieve an eslimaled overall readership in excess of 3,000 people. This level ol penetration shows how much the E&L is not only appreciated but is required adIng for informalion on local affairs for an essentially elderly population who prefer ttte paper to the online wc>rd. That Said. we will be looking lo improve and upgrade our online presence over the next year. Financlal review During the year, income of £117,450 was rec8ived. Expenditure totalled £94,989. Total reserves at 31 sl December 2025 stood 81 £70,371. all ol which relate to unrestricted funds. Resetyes policy In Ihe perfect world, we would aim lo hold reserves of the equivalent of six months running costs which would around £50,000. Obtainin9 charitable slatus has helped our fvndraising ability and we expect to generate more income through grants and donations in future. Plans for futur& perlods Our plans remain lo continually improvè the quality and extent ol our ¢overage ol news. views, events and adivth'es in the Eskdale and Liddesdale valleys. It is pleasing to note that the number of contributors to the E&L are increasing which will add further diversily to our community fgporting. We are currenily working on funding plans 8nd 8pplications to various ftjnders that will help sustain ihe paper for 3 year5 from the stsrt of 2026.
MUCKLE TOON MEDIA LIMITED CONTENTS Page Trustees, retX)rt Independent examiner's r8POrt Slement of financial activities Balance sheet Notes lo the financial statements 6-14
MUCKLE TOON MEDIA LIMITED TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Structure, governance and management The charity Is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2(X)6. OSCR gave Muckle Toon Media Limited permission tts becotll8 8 charibIe Company on 1311212021. Previously known as Muckle Toon Media CIC la Comtmunity Interest Company), Muckle Toon M9dia CIC transferred all of its activities, assets and liabililies from 1311212021 to the charity. The trustees, who are also the directors lor the purpose of cornpany law. and who served during the year and up to the dale of signature of the financial 5talemenls were.. Mr J H Hammond Mr W S Young Mr G J Graham Recruitment and appointment of truslees We continue to look lor new trustees who could help manage the paper 8nd its aims. Organisational strtsctur8 The structure of the eompany consists of..- The Members - who have the right to attend the annual general meeting land any other gener81 meeting) and h8ve important powers under the Articles of Association and the Act, in particular. the members elecl people lo serve as d1ClorS and take deasions in relation to ¢h8nges to the articles themselves. The Directors who hold regular meetings during the period beeern annual general meetings. and generally control and supervise Ihe activities of the company., in particular. the direclors are responsible for monitoring the financial position of the company. The Irustees, report was approved by the Board of Trustees. mmond Trustee 1 June 2026
MUCKLE TOON MEDIA LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUCKLE TOON MEDIA LIMITED I report on the financial statements of the ch8rity for the year ended 31 Oecember 2025, which are set OL*t on pages 4t014. Re5pectNe responsibi15tles of trustee5 and examiner The charity trustees (who are also the director3 of Muckle Toon Media Limited for the purposes of company lawl are responsible for the preparation of the financial statement5 accord8nce with the temis of the Charities and Trustee Investment (Scotlandl Act 2005 the Charities Accounts Iscollandl Regulation5 2006.The chaTily ITuslees consider that the audit requirement of Regulats"on 1011 Ilal-lcl of the Charities Accounts (Scotlandl Regulations 2006 does not appty. 1115 my responsibility to examine the finanoial st8tements as required under section 4411 Ilcl of the Charities and Trustee Investment Iscouandl Act 2005 and to state whether particular matters have come to my attention. B35is of indèpendent examiner's statement My examinatitsn is carried out in accordance with Regulats'on 11 of ihe Chafilies Accounts (Scotlandl Regulations 2006. An examination Includes a review of the accounting records kept by the charity and a comparison of the finanual statements presented with those records. It also includes consideration of 8lly unusual items or disclosuies in the financial statements, and seeking explanations from the trustees concerll1ng any such rnatter5. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the vi8w given by the financial statements. Independent examln•rfs statem•nt Since the chaTlty has prepared its financial ststernents on an accruals basis and is 3150 registered in Scotland, the independent ex8miner must be a member of a body listed In Regulation 11121 Df the Charities Accounts (Scotlandl Regulations 2006. 1 confirm that l am qualified to undertake Ihe exarnination because l am a member of The institute of Chartered Accountants Df Scotland. which is one of the listed bodies. In the course ol my examinalion. no matter h85 comè to my attention 1. which gives reasonable cause to believe that In 3ny m8teriaS respect the requirements." to keep accounting reGords in accordance with Section 4411 Ila) ol the Charities and Trustee Investment (Scotlandl Act 2005 and Regulation 4 of the Charities Accounts Iswtlandl Regulations 2006, and to prepare financial statements which accord with the accounting records and cornply with Regulatlon 8 of the Charities Accounts (Scotlandl Regulats'on5 2006 have not been met, or 2. lo which. in my opinion, 8ttents.on should be drawn in order to enable a proper understanding of ihe financi81 statements to be reached. nne Gibson JRW Hogg & Thorburn LLP Chartered Accountants 19 Buccleuch Street Hawick Roxburghshire TD9 OHL 1 June 2026
MUCKLE TOON MEDIA LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 UnstrICted Rastrict•d funds funds 2025 2025 Total Unrestrictèd Restricted funds funds 2024 2024 Totsl 2025 2024 Notes Income from: Donations and legacies Charitable aclivities Cornrnunily Newsp8per 24,800 31.000 55.800 13,000 26,000 39,000 61,282 61,282 63,315 63.315 Other trading activitie5 Investments 359 359 Total Income 86.450 31,000 117,450 76,323 26,000 102,323 Expenditure on.. Charitable activitie5 CoTllTnunity Newspaper 63,989 31,000 94,989 62,014 30,324 92,338 Total expendlturè 63.989 31,000 94,989 62,014 30.324 92.338 Net income and movement In funds 22,461 22,461 14,309 14,3241 9,985 Reconciliation of funds: Fund balances 8t 1 January 2025 47,910 47,910 33,601 4,324 37.925 Fund balances at 31 December 2025 70,371 70,371 47,910 47.910 The notes f(m pari of these financ4al statements
MUCKLE TOON MEDIA LIMITED BALANCE SHEET AS AT 31 DECEMBER 202S 202S 2024 Notes Fixed a55et5 Tangible a55ets 12 425 500 Current assets Debtor5 Cash at bank and in hand 13 8,682 66,174 10,509 42.181 74,856 52,690 Crtrdltors: amounts falllng due within one yeor 14 14,9101 15,2801 Net current assets 69,946 47,410 Total assets less current liabilities 70,371 47.910 The funds ofthe charity Unrestricted funds 17 70.371 47,910 70,371 47,910 The notes form part of these financial staternents The company is enlilled lo the exemption Irorn th8 audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 December 2025. The director acknowledge5 his responsibilities for complying with the requirements tsf the Companies Act 2006 with resp8Ct to accounting records and the prep8r81ion of financial statements. The members have not required the company to obtain an audit of its fin8nci815tatements for the year in question in accordance with seclion 476. These financial siatements have been prepar8d in accordance with the provisions 8pplic8ble to companies subject to the small cotnpanies regime. The financial staternents were approved by th8 tru5t6es on 1 June 2026 MrJHH Trustee mon MrWSY Trustee Company re n number SC 334 (Scollandl
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Aeeountlng pollcies Charlty 5nformatlon Muckle Toon Media Lirted is a priv3te company lirnited by guaranlee incorporated in Scotland. The registered office is Ashleybank House. High Street, Langholm, Dumlriesshire, DG13 OAN, Scotland. 1.1 Basls of preparation The financial statements have been prepared in accordance with the charitrf5 gov8ming docLJmènt. the Companies Act 2006 the Charitie5 ancl Trustee Investment (Scollandl Act 2005, the Charities Accounts (Scollandl R8gul8tions 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charrties SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts accordance with thè Fillancial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. The charity is a Public Benefit Entity as defined by FRS 102. The charity has laken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are ppared in sterling, which is the funclional currency of the charity. Nlonetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under thè historical cost convention. The principal accounting poliaes adopted ao set out below, 1.2 Going concern At the lime of approving the financial slalements, the Imstees have 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 3ccounlino in preparing the f1nancial statements. 1.3 Charitable funds Unrestricted funds are 8V8i18ble for use at the discretion of the trustees in lurtherance of their charitable objeth"ve$. Restricted fvnds are subject to specifie conditions by donors or gr8ntor3 as to how they may be used. The purposes and uses of the restrictéd funds are $81 out in the note5 to the financial stalements. Endowment funds are subject to specifi¢ condition5 by dortors that the capitsl must be maintained by the Charity. 1.4 Income Income 15 recognised when the charity is legally entitled to it after any performance conditions have been met. the arnounts can be measured reliably, and it 15 probable that income will be Ceived. Cash donations are recognised on receipt. Other don8tions are recognised once the charity has been notified of the donation, unless perforrnarice conditions require deferral of the amount. Income tax recoverable in Telation to donations r8Geived 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 Teceipt expected. If the amount is not known, the legacy is treated as a contingent asset. Newspaper and 8dvert15ing sales are recognised when the transaction ha5 taken place. Income ceIVed in advance is deferred until the criteria for income reoognitioll are mel.
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies (Continued) 1.5 Expgndltura EXpendtTe is recognised once there is a legal or constructive obligation lo transfer economic benefil to a third party, il Is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The cost5 of each activity are made up of the total ol direct costs and shared costs, including support costs involved in undertaking each 8ctivlty. Direct costs attributable to a single aclivity are allocated directly to th8t a¢tivily. Shared costs which contribute to more Ihan one activity 5UPPOrt costs which are not attributable to a Single activaly are apporiioned 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 8llocat8d on the portion of the asset's use. 1.6 Tangible fix•d assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or v81u8tion, net of depreciation and any impairment losses. Depreciation is recognised so 8S to write off the cost or valuation of assets less their residual values over their usèful lives on the following base5'. FixlLJres and fittings ComputeTS 150/0 reducing balance 330/0 on cost The gain or loss arising on the disposal of an asset is detemined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the slal6ment ol financial activities. 1.7 Impalm)•nt of flxed assets At each reporting end date, the charity rèviews Ihe carrying amounts of ils tangible assets to determine whether there is any indication that those assets have sUffed an impairment loss. If any such *ndi¢8tion exists, the recoverable amount of the asset is estimeted in order to detemiine the extent of the irnpairment loss lif any). 1.8 Flnanclal instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial in5trurnents. Financial instruments are recognised in the charity's b8lance 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 finanual 51atement5, when there is a legally enforceabSe 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 assets Basic financial assets, which include debtors and cash and bank balances, are initially rneasured at tran53Ction price including transaction cost5 and are subsequently carried at amortised cosl using the effective interesl method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of Ihe future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are noi amortised.
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 A¢counting policies Icontinuedl Baslc flnanclal Ilabllltlès Basic financial liabilities, including creditors and bank loans are initially recognised al tran58Ction price un185S the arrangement constitutes a financing transèclion, where the debt instrument is measured al the present value of the future payments discounted at a market rate of inleresl. Financial liabilities classified as payable within one year are not 8nlOrtised. Debt instruments are subsequenuy carried at amort15ed c05t, Using the effectivè interest rate method. Trade creditors are obligations to pay lor goods or services that have been 8cquired in the ordinary course of operalions frotn suppliers. Arnounls payable are classified as current liabililies if PayTnent 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 8t amortised cost using the effective interest method. Derecognition of financial Ilabilit1è5 Financial liabilities are derecognised when th8 charity'5 conlraclual obligations expire or are discharged or cancelled. 1.9 Retirement benefits Paymènts to defined contribution reliremenl bènefit schèmes 8re charged as an expense as they fall due. Income from donatlons and legacies Unrestricted Restricted fund5 funds 2025 2025 Total Unrestricted Restrlcted funds fLtnds 2024 2024 Total 2025 2024 Donations and grants 24.800 31,000 55.800 13.000 26,000 39.000 Income from charitable actlvltles Unrestrlet•d lunds 2025 Unr•$tri¢ted funds 2024 Community Newspaper Newspaper Sales Advgrtising Royalties Online subscriptions 28,285 25,879 560 6,558 31,360 25,709 403 5,843 61.282 63,315
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Incomè from other trading actlvities Unrestricted Unre5trlelèd funds fund5 2025 2024 Other sales Income from investments Unrestricted UnrèstrletÈd funds funds 2025 2024 Interest receivable 359 Expenditurè on charitsble activlties Communlty CommunSty Newspaper N¥wspaper 2025 2024 Direct costs Staff costs Printing setvices Distribution 00515 Freelance staff Sales commissions Cornputeis & software Bad debt provision 47,252 19,Q31 2,078 12,722 203 1,900 553 44,727 18,716 2.298 11,208 208 1,213 186 83,739 78.556 Share of support and governance costs Isee not• 71 Support Governarice 9,750 1,500 12,282 1,500 94,989 92,338 Analysi5 by fund Unrestricted fund5 Restricted funds 63,989 31,000 62,014 30,324 94,989 92,338
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support eosts allocated to activities 2025 2024 Depreciation Operating lease charges Insurance Light. heat & water Telephone Postage & ststionery Sundries Repair5 & renewals Bank charges Subscriptions Accountancy 8 piofession81 fee8 Governance costs 75 3,300 500 1,186 904 831 604 199 813 991 347 1,500 1,140 2.750 368 2,340 609 453 1.122 1.038 830 1,072 560 1,500 11,250 13,782 Analys•d bètween- Community Newspaper 11.250 13.782 Net movement In fLFnds 2025 2024 The net movernent in funds is staled after ¢hargingllcreditingl'. Fees payable for the independent examination of the charity5 financial Statements Depreciation of owned tangible fixed assets Operating lease charges 1,500 75 3.300 1,500 1,140 2,750 Trustees None of the Iruslees lor any persons connecled 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.. 2025 Number 2024 Numbèr Staff 10-
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Employees (Continued) Employment costs 2025 2024 Wages and salaries Other pension costs 45,920 1,332 43.583 1,144 47,252 44,727 There were no employees whose annual remvner8tion w85 more than £60,000. R¥mun•ratlon of key management personnel The rgmuneraiion of key management personnel was as follows.. 2025 2024 Aggregate compensation 36,144 34.978 11 Taxation Th8 charity is exempt from taxation on its activities because all its income is applied lor ch8Tltable purposes. 12 Tgnglbl¢ Ilxed assets Flxtur8s an littings Compr5 Totsl Cost At 1 January 2025 820 3,258 4,078 At 31 Dember 2025 820 3,258 4,078 DePClot10n and imp3irrn8nt At 1 January 2025 Depreciation ch8rged in thè year 320 75 3,258 3,578 75 At 310ecember 2025 395 3,258 3,653 Carrylng amount At 31 December 2025 425 425 At 31 December 2024 500 500
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 13 Debtor5 2025 2024 Amounts falllng due wSthln on¢ year- Trade debtors Prep8yments and accrued incomè 7,828 854 9,838 671 8,682 10,509 14 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Accruals and deferred income 489 2,821 1,600 657 2,192 2,431 4,910 5.280 15 Retiremenl benefit schemes 2025 2024 Defined conlrlbutlon schemes Charge to profit or loss in respecl ol defined contribution schemes 1,332 1,144 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charily in an independently administered fund. 16 Restricted funds The restricted funds of the charity Comprise the unexpended b818nces of donations and grants held on trust Subject lo specific condiltons by donors as to how they may be used. At 1 January 2025 Incoming resource5 Resourc•$ éxpended At31 D•cember 2025 Foundatlon scolland The Stevenson Trust 28,000 3,000 128,0001 13,0001 31.000 131,0001
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Restrlcted funds Iconlinuedl Previous year: At 1 January 2024 Incoming resources Resources expended At31 December 2024 Foundation scouand 4,324 26,000 130,3241 Foundation Scotland through Crossdyke5 Community Benef1ts Limiled. tOW8rds Hold the Front Pagel project. The project will contribute towards the c05t Of employing a General Manager. The Stevenson Trust- contribution towards the cost ol the general manager post. 17 Unrestrictèd funds The unrestricted funds of the charity comprise the unexpended balanS of donations and grants which are not subject to specific conditions by donors and grantors as to how they Tnay be used. These include designated funds which have been set 85ide out of unrestricted funds by the truslees for specific purposes. At 1 January 2025 Incoming resources Resources eXnd•d At31 Daeèmber 2025 General funds 47,910 86.450 163,9891 70,371 Previous year: At 1 January 2024 Incoming resources Resources expendèd At31 Deeémber 2024 General funds 33,601 76.323 162,0141 47,910 18 Analysis of nèt assets between funds Unrestrlcted funds 2025 At 31 De¢emb•r 2025: Tangible assets Current assetsllliabilitiesl 425 69.946 70.371 13-
MUCKLE TOON MEDIA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 Analysis of net assets betw8èn funds Icontlnuedl Unrestrict•d fund5 2024 At 31 December 2024= Tangible assets Current asselsllliabilitiesl 500 47.410 47,910 19 Related party transactions A donation was received from J Hammond Charity Trust, a charity in which J H Harnmond is a trustee. The total amount received during the year, without conditions, amovnted to £3,00012024, £4.0001. 14