REGISTERED COMPANY NUMBER: 03642582 (England and Wales)

REGISTERED CHARITY NUMBER: 1119865

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 October 2018

for

Drystone Radio Limited

Drystone Radio Limited

Contents of the Financial Statements

for the Year Ended 31 October 2018

Page

Report of the Trustees

1 to 3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6 to 7

Notes to the Financial Statements

8 to 13

Drystone Radio Limited

Report of the Trustees

for the Year Ended 31 October 2018

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial

statements of the charity for the year ended 31 October 2018. 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 Republic of Ireland (FRS 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The object of the charity is to advance the education and training of the public in particular, but not exclusively, persons who are

young offenders or who have a learning disability in radio broadcasting and media skills techniques.

The strategies employed to achieve the charity's objectives are to:

Train individuals of all ages in radio broadcasting;

Provide the South Craven area with an independent voice which challenges, enriches, informs, stimulates and entertains by

targeted broadcasting to the diverse strands of the whole community;

Provide confidence and building experience through the provision of courses;

The charity's aims, objectives and activities are reviewed each year. This review looks at the activities undertaken in the previous

year to ensure that benefits have been brought to those groups the charity was set up to help, the review also helps to ensure that

our activities remain focused on our stated aims and objectives. We have referred to the guidance contained in the Charity

Commission's general guidance on public benefit when reviewing our aims and objectives and in planning the charity's future

activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.

Volunteers

The charity is grateful for the assistance of 46 volunteer workers during the year.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the charity continued to broadcast on the internet and on FM radio. All activities of the charity have been

conducted in accordance with the concept of social gain and within the charter of the Community Media Association.

The charity currently has 46 volunteers and has trained 16 individuals in broadcasting skills, assisted 18 students in work

experience and employed or supported 6 individuals of a vulnerable nature throughout the year.

The charity has worked with many organizations during the year by promoting their objectives .

By undertaking these projects the charity has made significant beneficial differences to individual lives as well as enriching the lives

of the local community with its radio broadcasts and thereby fulfilling its stated aims and objectives.

Fundraising activities

During the year the charity continued a general commercial strategy involving raising funds through donations ,gift aid , advertising

and sale of services

FINANCIAL REVIEW

Financial position

The total reserves of the charity amount to £27516 in unrestricted reserves ( 2017 (£28314) and restricted reserves of £2446 (2017

£2880).Free reserves amounted to £941 ( 2017 £587)

Principal funding sources

The principle sources of funding are donations ,gift aid and advertising.

Reserves policy

The trustees plan to establish a level of reserves (that is those funds that are freely available) over the following years which allow

the charity to operate and meet its objectives

Going concern

The accounts have been prepared on a going concern basis as although the charity has net current assets of only £941, any

shortfall will be covered by the directors in the short term and it is the intention to build up the free reserves of the charity over the

coming years.

FUTURE PLANS

The charity has made applications to increase its broadcasting area by substantially increasing the wattage of its transmitter and by

introducing digital radio output for the first time.

The charity also intends to increase its training and outside broadcast activities in the local area

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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 2006.

Recruitment and appointment of new trustees

To become a trustee of the charity you must deliver to the Company an application for membership, no person can become a

trustee of the Company unless they are approved by the directors. There are currently 3 Director/Trustees; the liability of each

member in the event of winding up is limited to £1.

As set out in the Articles of Association there shall always be a minimum of one trustee and three directors, there is no maximum

number of directors or trustees. All trustees are directors of the charitable company. The charity is managed and overseen by the

trustees.

Organisational structure

The Trustees and directors make decisions regarding all strategic matters and all expenditure

Induction and training of new trustees

The policy for inducting and training the trustees has been reviewed and a training plan produced

Key management remuneration

Remuneration of staff is governed by market rates.

Related parties

The only related parties are the trustees and company secretary . Details of related party transactions are contained in note 13 to

the accounts.

Risk management

The trustees have a duty to identify and review the risks to which the charitycharity is exposed and to ensure appropriate controls

are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03642582 (England and Wales)

Registered Charity number

1119865

Registered office

82 Keighley Road

Cowling

Keighley

West Yorkshire

BD22 0BA

Trustees

D C Adams FCA, CTA, FIMgt

Chief Executive

D A Watkiss

O Wilkinson

Company Secretary

Mrs C Adams

Independent examiner

Mr. R.M.Watson

MA;FCA.

Mr R M Watson MA; FCA

Manby Castle

Embsay

Skipton

North Yorkshire

BD23 6PH

Bankers

Lloyds Bank Plc

Hustlergate

Bradford

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Drystone Radio Limited for the purposes of company law) are responsible for preparing

the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting

Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the

state of affairs of the charitable company and of the incoming resources and application of resources, including the income and

expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-

select suitable accounting policies and then apply them consistently;

-

observe the methods and principles in the Charity SORP;

-

make judgements and estimates that are reasonable and prudent;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the

financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies

Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 5 March 2019 and signed on its behalf by:

D C Adams FCA, CTA, FIMgt - Trustee

Independent Examiner's Report to the Trustees of

Drystone Radio Limited

Independent examiner's report to the trustees of Drystone Radio Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2018.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you 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 as 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 examiner's statement

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:

1.

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.

the accounts do not accord with those records; or

3.

the accounts do not comply with the accounting 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

4.

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

Mr. R.M.Watson

MA;FCA.

Mr R M Watson MA; FCA

Manby Castle

Embsay

Skipton

North Yorkshire

BD23 6PH

7 March 2019

Drystone Radio Limited

Statement of Financial Activities

(Incorporating an Income and Expenditure Account)

for the Year Ended 31 October 2018

31.10.18

31.10.17

Unrestricted funds

Restricted funds

Total funds

Total funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

35,778

-

35,778

31,069

Other trading activities

3

3,785

-

3,785

2,682

Total

39,563

-

39,563

33,751

EXPENDITURE ON

Raising funds

27,496

-

27,496

22,073

Charitable activities

Radio Station

12,865

434

13,299

13,763

Other

-

-

-

35

Total

40,361

434

40,795

35,871

NET INCOME/(EXPENDITURE)

(798

)

(434

)

(1,232

)

(2,120

)

RECONCILIATION OF FUNDS

Total funds brought forward

28,314

2,880

31,194

33,314

TOTAL FUNDS CARRIED FORWARD

27,516

2,446

29,962

31,194

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

Drystone Radio Limited

Balance Sheet

At 31 October 2018

31.10.18

31.10.17

Unrestricted funds

Restricted funds

Total funds

Total funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

8

26,575

2,446

29,021

30,607

CURRENT ASSETS

Debtors

9

7,453

-

7,453

7,535

Cash at bank and in hand

20

-

20

5

7,473

-

7,473

7,540

CREDITORS

Amounts falling due within one year

10

(6,532

)

-

(6,532

)

(6,953

)

NET CURRENT ASSETS

941

-

941

587

TOTAL ASSETS LESS CURRENT LIABILITIES

27,516

2,446

29,962

31,194

NET ASSETS

27,516

2,446

29,962

31,194

FUNDS

12

Unrestricted funds

27,516

28,314

Restricted funds

2,446

2,880

TOTAL FUNDS

29,962

31,194

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in

accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)

ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006

relating to charitable small companies.

The financial statements were approved by the Board of Trustees on 5 March 2019 and were signed on its behalf by:

D C Adams FCA, CTA, FIMgt-Trustee

Drystone Radio Limited

Notes to the Financial Statements

for the Year Ended 31 October 2018

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared 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 2015)', Financial Reporting Standard 102 'The Financial Reporting

Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been

prepared under the historical cost convention.. The trustees consider that there are no material uncertainties about the

charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable

that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that

expenditure, 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 accounted for on an accruals basis and has been classified under

headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings

they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property alterations

- 15% on reducing balance

Plant and machinery

- 15% on reducing balance

Fixtures and fittings

- 15% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise

when specified by the donor or when funds are raised for particular restricted purposes.The three restricted funds relate to

grants received in respect of capital items which are being written off in line with depreciation on those items.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.	DONATIONS AND LEGACIES

31.10.18

31.10.17

£

£

Donations

28,847

24,944

Gift aid

6,931

6,125

35,778

31,069

3.	OTHER TRADING ACTIVITIES

31.10.18

31.10.17

£

£

Advertising

3,027

2,452

Sale of services

758

230

3,785

2,682

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.10.18

31.10.17

£

£

Depreciation - owned assets

5,122

5,401

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2018 nor for the year ended

31 October 2017.

Trustees' expenses

There only trustees expenses paid for the year ended 31st October 2018 were £2300 (2017 nil) payable to one trustee for

travel expenses .In addition there were reimbursed expenses noted in note 13 paid to D C Adams.

6.	STAFF COSTS

31.10.18

31.10.17

£

£

Wages and salaries

5,640

3,600

The average monthly number of employees during the year was as follows:

31.10.18

31.10.17

1

1

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted funds

Restricted funds

Total funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

31,069

-

31,069

Other trading activities

2,682

-

2,682

Total

33,751

-

33,751

EXPENDITURE ON

Raising funds

22,073

-

22,073

Charitable activities

Radio Station

13,255

508

13,763

Other

35

-

35

Total

35,363

508

35,871

NET INCOME/(EXPENDITURE)

(1,612

)

(508

)

(2,120

)

RECONCILIATION OF FUNDS

Total funds brought forward

29,926

3,388

33,314

TOTAL FUNDS CARRIED FORWARD

28,314

2,880

31,194

8.	TANGIBLE FIXED ASSETS

Leasehold property alterations

Plant and machinery

Fixtures and fittings

Totals

£

£

£

£

COST

At 1 November 2017

-

59,972

5,003

64,975

Additions

2,030

540

966

3,536

At 31 October 2018

2,030

60,512

5,969

68,511

DEPRECIATION

At 1 November 2017

-

30,979

3,389

34,368

Charge for year

305

4,430

387

5,122

At 31 October 2018

305

35,409

3,776

39,490

NET BOOK VALUE

At 31 October 2018

1,725

25,103

2,193

29,021

At 31 October 2017

-

28,993

1,614

30,607

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

180

839

Other debtors

4,856

4,900

VAT

296

-

Prepayments

2,121

1,796

7,453

7,535

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade creditors

677

823

VAT

-

189

Other creditors

852

473

Director's Loan account

1,331

1,405

Bank Overdraft

-

1,930

Accruals and deferred income

3,672

2,133

6,532

6,953

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.18

31.10.17

£

£

Within one year

4,500

4,500

Between one and five years

8,625

13,125

13,125

17,625

Payments recognised as an expense during the year amounted to £4,500 (2017 £4,542).

12.	MOVEMENT IN FUNDS

At 1.11.17

Net movement in funds

At 31.10.18

£

£

£

Unrestricted funds

General fund

28,314

(798

)

27,516

Restricted funds

Local Network Fund

577

(87

)

490

Skipton Mechanics Institute

61

(10

)

51

Big Lottery

2,242

(337

)

1,905

2,880

(434

)

2,446

TOTAL FUNDS

31,194

(1,232

)

29,962

Net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

39,563

(40,361

)

(798

)

Restricted funds

Local Network Fund

-

(87

)

(87

)

Skipton Mechanics Institute

-

(10

)

(10

)

Big Lottery

-

(337

)

(337

)

-

(434

)

(434

)

TOTAL FUNDS

39,563

(40,795

)

(1,232

)

Comparatives for movement in funds

At 1.11.16

Net movement in funds

At 31.10.17

£

£

£

Unrestricted Funds

General fund

29,926

(1,612

)

28,314

Restricted Funds

Local Network Fund

679

(102

)

577

Skipton Mechanics Institute

71

(10

)

61

Big Lottery

2,638

(396

)

2,242

3,388

(508

)

2,880

TOTAL FUNDS

33,314

(2,120

)

31,194

Comparative net movement in funds, included in the above are as follows:

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

33,751

(35,363

)

(1,612

)

Restricted funds

Local Network Fund

-

(102

)

(102

)

Skipton Mechanics Institute

-

(10

)

(10

)

Big Lottery

-

(396

)

(396

)

-

(508

)

(508

)

TOTAL FUNDS

33,751

(35,871

)

(2,120

)