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COMPANY REGISTRATION NUMBER: 03440491
CHARITY REGISTRATION NUMBER: 1065089/0
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Unaudited Financial Statements
30 September 2022
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2022
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Statement of cash flows
6
Notes to the financial statements
7
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 September 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2022 .
Reference and administrative details
Registered charity name
Radiomarathon (For Children With Special Needs) Limited
Charity registration number
1065089/0
Company registration number
03440491
Principal office and registered
The Radiomarathon Centre
office
Turkey Street
Enfield
Middlesex
EN1 4RJ
The trustees
Mr S Argyrou
Mr J Kyriakides
Mr C M Sophoclides
Mr K Tsioupras
MR A Antoniou
Mr N A Ioannides
Mr A Constantidides
Mr F Kaimakamis
Mr G Constantinou
Mr J Charalambous
Mr A Yerolemou
Company secretary
Mr K Tsioupras
Accountants
V I PARTNERSHIP
Chartered accountants
1278 High Road
London
N20 9RS
Structure, governance and management
Radiomarathon is a company limited by guarantee. It is governed by a Memorandum and Articles of Association The charity is governed by a Board of Trustees Subject to the provisions Act, the memorandum and the articles and to any directions given by special resolution. The business of the Charity is managed by the trustees whom exercise all the powers of the Charity. The Board of trustees also ensure that the funds of the charity are expended in such a manner as they shall consider most beneficial for the achievement of the objects and to invest in the name of the Charity such part of the funds as they may see fit. The Board of Trustees employ an Operations Manager to manage the organisation on a day to day basis. The Operations Manager reports directly to the board of trustees which meet quarterly. Two Senior Project Coordinators supervise front line operations reporting to the Operations Manager. Individual services have appointed senior support staff with non-executive authority.
Objectives and activities
To relieve individuals in the United Kingdom whom are suffering from any form of physical or mental disability by assisting the families of those in need and other organisations who deal with people who are disabled. To Provide in the interest of social welfare, recreation and education facilities and services for such people. The charity follows the object(s) by facilitating empowerment for people with learning disabilities, listening to our members and providing the services they need and want in an inclusive and open setting as well as providing ongoing support for carers. At all times Radiomarathon aspires to be regarded as a centre of excellence for all those affected by learning disabilities.
Achievements and performance
Radiomarathon continues to excel in providing accredited training provisions in Catering, Horticulture, Drama and Theatrical Studies, Art and Creative Design, Office Administration, FA Football Coaching and Animal Care through the hard work of our members and staff, the centre and its services have continued to grow significantly. The charity is proud to have developed strong partnerships with Enfield Council and the multi-disciplinary team as well as local organisations whom support our aims.
Financial review
The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements. The commitment of the day to day management and of the Board of Trustees, the charity has worked hard to maintain incoming resources from charitable activities in spite of reduced local government funding.
The charity was subjected to an online fraud scam in October 2020. The money was successfully returned during 2022.
Events after the end of the reporting period
The bank has refunded the money stolen through an online fraudulent scam. It was refunded in April 2022.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 4 August 2023 and signed on behalf of the board of trustees by:
Mr J Kyriakides
Trustee
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 September 2022
2022
2021
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
385,558
385,558
427,333
Other trading activities
6
4,372
4,372
27,777
Investment income
7
22,297
22,297
1
---------
---------
---------
Total income
412,227
412,227
455,111
---------
---------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
8
5,280
Expenditure on charitable activities
9,10
357,128
357,128
317,415
---------
---------
---------
Total expenditure
357,128
357,128
322,695
---------
---------
---------
---------
---------
---------
Net income and net movement in funds
55,099
55,099
132,416
---------
---------
---------
Reconciliation of funds
Total funds brought forward
2,323,857
2,323,857
2,191,441
------------
------------
------------
Total funds carried forward
2,378,956
2,378,956
2,323,857
------------
------------
------------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Statement of Financial Position
30 September 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible fixed assets
15
2,202,294
2,203,441
Current assets
Debtors
16
3,918
115,000
Cash at bank and in hand
361,103
198,566
---------
---------
365,021
313,566
Creditors: amounts falling due within one year
17
42,441
38,448
---------
---------
Net current assets
322,580
275,118
------------
------------
Total assets less current liabilities
2,524,874
2,478,559
Creditors: amounts falling due after more than one year
18
145,918
154,702
------------
------------
Net assets
2,378,956
2,323,857
------------
------------
Funds of the charity
Unrestricted funds
2,378,956
2,323,857
------------
------------
Total charity funds
20
2,378,956
2,323,857
------------
------------
For the year ending 30 September 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 4 August 2023 , and are signed on behalf of the board by:
Mr J Kyriakides
Trustee
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 30 September 2022
2022
2021
£
£
Cash flows from operating activities
Net income
55,099
132,416
Adjustments for:
Depreciation of tangible fixed assets
1,147
1,527
Other interest receivable and similar income
( 22,297)
( 1)
Interest payable and similar charges
4,641
9,062
Accrued expenses
1,920
Changes in:
Trade and other debtors
111,082
( 115,000)
Trade and other creditors
3,993
18,097
---------
---------
Cash generated from operations
153,665
48,021
Interest paid
( 4,641)
( 9,062)
Interest received
22,297
1
Tax paid
( 16)
---------
--------
Net cash from operating activities
171,305
38,960
---------
--------
Cash flows from investing activities
Purchase of tangible assets
( 867)
---------
--------
Net cash used in investing activities
( 867)
---------
--------
Cash flows from financing activities
Proceeds from borrowings
( 8,768)
( 31,288)
---------
--------
Net cash used in financing activities
( 8,768)
( 31,288)
---------
--------
Net increase in cash and cash equivalents
162,537
6,805
Cash and cash equivalents at beginning of year
198,566
191,761
---------
---------
Cash and cash equivalents at end of year
361,103
198,566
---------
---------
Radiomarathon (For Children With Special Needs) Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Radiomarathon Centre, Turkey Street, Enfield, Middlesex, EN1 4RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% WDV
Equipment
-
25% WDV
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The nature of the guarantee can be found in the memorandum and articles of association.s
5. Donations and legacies
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Donations
Donations
6,476
6,476
12,039
12,039
Fete and Fundraising Event Income
630
630
Project Income
379,082
379,082
414,664
414,664
---------
---------
---------
---------
385,558
385,558
427,333
427,333
---------
---------
---------
---------
6. Other trading activities
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Project & Contract Income
4,372
4,372
27,777
27,777
-------
-------
--------
--------
7. Investment income
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Bank interest receivable
22,297
22,297
1
1
--------
--------
----
----
8. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Costs of raising donations and legacies - Donations
5,280
5,280
----
----
-------
-------
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Charity Centre
350,395
350,395
306,281
306,281
Support costs
6,733
6,733
11,134
11,134
---------
---------
---------
---------
357,128
357,128
317,415
317,415
---------
---------
---------
---------
10. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2022
Total fund 2021
£
£
£
£
Charity Centre
350,395
350,395
306,281
Governance costs
6,733
6,733
11,134
---------
-------
---------
---------
350,395
6,733
357,128
317,415
---------
-------
---------
---------
11. Net income
Net income is stated after charging/(crediting):
2022
2021
£
£
Depreciation of tangible fixed assets
1,147
1,527
-------
-------
12. Auditors remuneration
2022
2021
£
£
Fees payable for the audit of the financial statements
5,760
3,840
-------
-------
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2022
2021
£
£
Wages and salaries
275,007
230,334
Social security costs
12,185
15,787
Employer contributions to pension plans
3,791
1,065
---------
---------
290,983
247,186
---------
---------
The average head count of employees during the year was Nil (2021: 16 ). The average number of full-time equivalent employees during the year is analysed as follows:
2022
2021
No.
No.
Number of staff
18
18
----
----
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
14. Trustee remuneration and expenses
no remuneration or other benefits from employment with the charity or a related entity were received by the trustees;
15. Tangible fixed assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2021 and 30 September 2022
2,198,856
35,000
24,571
2,258,427
------------
--------
--------
------------
Depreciation
At 1 October 2021
31,897
23,089
54,986
Charge for the year
776
371
1,147
------------
--------
--------
------------
At 30 September 2022
32,673
23,460
56,133
------------
--------
--------
------------
Carrying amount
At 30 September 2022
2,198,856
2,327
1,111
2,202,294
------------
--------
--------
------------
At 30 September 2021
2,198,856
3,103
1,482
2,203,441
------------
--------
--------
------------
16. Debtors
2022
2021
£
£
Prepayments and accrued income
369
Other debtors
3,549
115,000
-------
---------
3,918
115,000
-------
---------
17. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
5,760
5,760
Social security and other taxes
20,622
16,629
Other creditors
16,059
16,059
--------
--------
42,441
38,448
--------
--------
18. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
145,918
154,686
Corporation tax
16
---------
---------
145,918
154,702
---------
---------
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 3,791 (2021: £ 1,065 ).
20. Analysis of charitable funds
Unrestricted funds
At 1 October 2021
Income
Expenditure
At 30 September 2022
£
£
£
£
General funds
2,323,857
412,227
(357,128)
2,378,956
------------
---------
---------
------------
At 1 October 2020
Income
Expenditure
At 30 September 2021
£
£
£
£
General funds
2,191,441
455,111
(322,695)
2,323,857
------------
---------
---------
------------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
2,202,294
2,202,294
Current assets
365,021
365,021
------------
------------
Net assets
2,567,315
2,567,315
------------
------------
Unrestricted Funds
Total Funds 2021
£
£
Tangible fixed assets
Current assets
----
----
Net assets
----
----
22. Analysis of changes in net debt
At 1 Oct 2021
Cash flows
At 30 Sep 2022
£
£
£
Cash at bank and in hand
198,566
162,537
361,103
Debt due after one year
(154,686)
8,768
(145,918)
---------
---------
---------
43,880
171,305
215,185
---------
---------
---------