HIGHGRADE MEDIA CIC

Company limited by guarantee

Company Registration Number:
10349725 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

HIGHGRADE MEDIA CIC

Contents of the Financial Statements

for the Period Ended 31 December 2022

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

HIGHGRADE MEDIA CIC

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 27,095 12,174
Cost of sales: ( 38,959 ) ( 54,118 )
Gross profit(or loss): (11,864) (41,944)
Administrative expenses: ( 4,193 ) ( 6,939 )
Other operating income: 43,845
Operating profit(or loss): (16,057) (5,038)
Profit(or loss) before tax: (16,057) (5,038)
Profit(or loss) for the financial year: (16,057) (5,038)

HIGHGRADE MEDIA CIC

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Current assets
Debtors: 3 3,121 999
Cash at bank and in hand: 1,696 45,262
Total current assets: 4,817 46,261
Creditors: amounts falling due within one year: 4 ( 1,920 ) ( 27,308 )
Net current assets (liabilities): 2,897 18,953
Total assets less current liabilities: 2,897 18,953
Total net assets (liabilities): 2,897 18,953
Members' funds
Profit and loss account: 2,897 18,953
Total members' funds: 2,897 18,953

The notes form part of these financial statements

HIGHGRADE MEDIA CIC

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 October 2023
and signed on behalf of the board by:

Name: Mr Mark Derek Slade
Status: Director

The notes form part of these financial statements

HIGHGRADE MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.Revenue recognition:Revenue received in respect of contract delivery is recognised by reference to the stage of completion of each contract.

    Valuation information and policy

    Financial instruments:The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.Financial assets:Basic financial assets, including trade and other receivables, cash and bank balances, loans to fellow group companies and investments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.Such assets are subsequently carried at amortised cost, using the effective interest method.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 in profit or loss immediately.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 in profit or loss 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.Financial liabilities:Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost, using the effective interest method.Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method

    Other accounting policies

    Foreign currencies:Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.Government grants:Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

HIGHGRADE MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 0 0

HIGHGRADE MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Debtors

2022 2021
£ £
Trade debtors 1,653
Other debtors 1,468 999
Total 3,121 999

HIGHGRADE MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Creditors: amounts falling due within one year note

2022 2021
£ £
Trade creditors 1,920 1,740
Other creditors 25,568
Total 1,920 27,308

COMMUNITY INTEREST ANNUAL REPORT

HIGHGRADE MEDIA CIC

Company Number: 10349725 (England and Wales)

Year Ending: 31 December 2022

Company activities and impact

Highgrade is an interview series with international experts and leaders in the fields of economic development and natural resources (mining; oil & gas; agriculture; fishing; forestry etc). Its mission is to facilitate the sharing and adoption of new ideas, policies and practice in the field of applied resource economics; to challenge established practice; and to identify and champion emerging priorities in this field of research.During 2022, Highgrade continued to release both video interviews and podcasts. This material attracted considerable online views, indicating continued public interest in the educational material. Guests have been people with interesting ideas and relevant experience in the realm of resource economics. The interviews have covered a wide range of topics and with representation from many different regions.All our material is available via the dedicated website (www.highgrade.media) and the Highgrade YouTube Channel - both open access platforms - and disseminated via an email distribution list and social media (YouTube, Twitter, Facebook and LinkedIn).

Consultation with stakeholders

Highgrade Media’s stakeholders are individuals, both within the UK and globally, who are interested in the fields of economic development and natural resources. The interviews that we publish online have been watched in more than 160 countries, with a good gender balance and age diversity amongst the audience. We reach stakeholders via our website (www.highgrade.media) and our social media channels (YouTube, Twitter, Facebook and LinkedIn page). People are engaging in discussions of the content of the videos and increasingly referencing Highgrade as a source of information.We actively encourage feedback on all published material. The feedback from the audience has been consistently positive. A reoccurring comment is an appreciation for fuelling a much-needed conversation on how extractives can underpin development, and for in a succinct and engaging way laying out the issues and explore solutions. We respond to all direct and social media approaches. We have not received any feedback that has required specific action on our part

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
18 October 2023

And signed on behalf of the board by:
Name: Mr Mark Derek Slade
Status: Director