| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| MUCKLE TOON MEDIA LIMITED |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FOR |
| MUCKLE TOON MEDIA LIMITED |
| MUCKLE TOON MEDIA LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 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 | 16 |
| MUCKLE TOON MEDIA LIMITED (REGISTERED NUMBER: SC557334) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 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 31st December 2024. 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 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The principal objectives of the company are: |
| - The advancement of community development in Langholm and the surrounding area which comprises DG13, DG14 and the Newcastleton District Community Council area within TD9 ("the community") by developing and operating community newspapers and community websites; |
| - The advancement of Heritage by maintaining and archive of local history and making it available to the public. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| 2024 has seen a successful 'bedding-in' process for our new local editor. Now with an emphasis much more on local news wherever possible, positive comments received from the public have welcomed the change to the E&L's content. |
| It remains the objective of the board and staff to make the E&L an integral part of community life by continuing to inform, educate and entertain. To this end we intend to introduce free online subscriptions to pupils, and former pupils in higher education, of Langholm Academy to encourage younger reader who may go on to participating in the life of the paper. We will discuss this directly with the school. |
| Even with the industry-wide reduction in hard copy newspaper sales, our local paper remains the best-selling weekly publication in the Langholm and Eskdale area and even exceeds the best daily sales of any of the national newspapers. We publish over 800 copies of the Eskdale & Liddesdale Advertiser (E&L) each week as well as having over 150 online subscribers, which is an increase of just short of 50% on last year and allows us to achieve an estimated overall readership in excess of 3,000 people. |
| This level of penetration shows how much the E&L is not only appreciated but is required reading for information on local affairs for an essentially elderly population who prefer the paper to the online word. That said, we will be looking to improve and upgrade our online presence over the next year. |
| FINANCIAL REVIEW |
| Financial position |
| During the year, income of £102,322 was received. Expenditure totalled £92,337. Total reserves at 31st December 2024 stood at £47,910, all of which relate to unrestricted funds. |
| Reserves policy |
| In the perfect world, we would aim to hold reserves of the equivalent of six months running costs which would be around £50,000. |
| Obtaining charitable status has helped our fundraising ability and we expect to generate more income through grants and donations in future. |
| MUCKLE TOON MEDIA LIMITED (REGISTERED NUMBER: SC557334) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| FUTURE PLANS |
| Our plans remain to continually improve the quality and extent of our coverage of news, views, events and activities in the Eskdale and Liddesdale valleys. We encourage and receive editorial contributions from all aspects of the community to give balance and local interest. Indeed, the number of contributors has increased in 2024, and we intend to encourage this further. |
| We are currently working on funding plans and applications to various funders that will help sustain the paper for 3 years from the start of 2026. |
| 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. |
| OSCR gave Muckle Toon Media Limited permission to become a Charitable Company on 13/12/2021. Previously known as Muckle Toon Media CIC (a Community Interest Company), Muckle Toon Media CIC transferred all of its activities, assets and liabilities from 13/12/2021 to the charity. |
| Organisational structure |
| The structure of the company consists of:- |
| The Members - who have the right to attend the annual general meeting (and any other general meeting) and have important powers under the Articles of Association and the Act; in particular, the members elect people to serve as directors and take decisions in relation to changes to the articles themselves. |
| The Directors - who hold regular meetings during the period between annual general meetings, and generally control and supervise the activities of the company; in particular, the directors are responsible for monitoring the financial position of the company. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| MUCKLE TOON MEDIA LIMITED (REGISTERED NUMBER: SC557334) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Independent Examiner |
| JRW Hogg & Thorburn LLP |
| Chartered Accountants |
| 19 Buccleuch Street |
| Hawick |
| Roxburghshire |
| TD9 0HL |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| MUCKLE TOON MEDIA LIMITED |
| I report on the accounts for the year ended 31st December 2024 set out on pages five to sixteen. |
| Respective responsibilities of trustees and examiner |
| The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
| Basis of the independent examiner's report |
| My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. 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 view given by the accounts. |
| Independent examiner's statement |
| In connection with my examination, no matter has come to my attention : |
| (1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
| - | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
| - | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
| have not been met; or |
| (2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
| Joanne Gibson |
| The Institute of Chartered Accountants of Scotland |
| JRW Hogg & Thorburn LLP |
| Chartered Accountants |
| 19 Buccleuch Street |
| Hawick |
| Roxburghshire |
| TD9 0HL |
| 24th June 2025 |
| MUCKLE TOON MEDIA LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Charitable activities | 4 |
| Other trading activities | 3 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 5 |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 37,925 |
| MUCKLE TOON MEDIA LIMITED (REGISTERED NUMBER: SC557334) |
| BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 16 |
| Unrestricted funds | 33,601 |
| Restricted funds | 4,324 |
| TOTAL FUNDS | 37,925 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 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. |
| MUCKLE TOON MEDIA LIMITED (REGISTERED NUMBER: SC557334) |
| BALANCE SHEET - continued |
| 31ST DECEMBER 2024 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Going concern |
| The trustees have considered the impact of current global events on the charity and are satisfied that they have sufficient cash and support from third parties to meet all financial obligations for the foreseeable future. The accounts have therefore been based on the going concern basis. |
| 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. |
| Donations and legacies |
| Donations are recognised when they are received and when any conditions attached thereto have been fulfilled. |
| Grants receivable |
| Income from government and other grants, whether 'capital' or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. |
| Charitable Activities |
| Newspaper and advertising sales are recognised when the transaction has taken place. Income received in advance is deferred until the criteria for income recognition are met. |
| 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. |
| Fixtures and fittings | - |
| Computer equipment | - |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| 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. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Financial assets |
| Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price. |
| At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Statement of Financial Activities. |
| Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. |
| Financial liabilities |
| Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| 2. | DONATIONS AND LEGACIES |
| 2024 | 2023 |
| £ | £ |
| Donations and grants |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 3. | OTHER TRADING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Photocopying |
| 4. | INCOME FROM CHARITABLE ACTIVITIES |
| 2024 | 2023 |
| Activity | £ | £ |
| Newspaper sales | Community newspaper | 31,360 | 33,027 |
| Advertising | Community newspaper | 25,709 | 27,013 |
| Royalties | Community newspaper | 403 | 592 |
| Online subscriptions | Community newspaper | 5,843 | 5,594 |
| 5. | CHARITABLE ACTIVITIES COSTS |
| Direct | Support |
| Costs (see | costs (see |
| note 6) | note 7) | Totals |
| £ | £ | £ |
| Community newspaper | 78,555 | 13,782 | 92,337 |
| 6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Staff costs | 44,727 | 29,426 |
| Bad debt provision | 186 | - |
| Printing services | 18,715 | 18,797 |
| Distribution costs | 2,298 | 2,437 |
| Freelance staff | 11,208 | 22,626 |
| Sales commissions | 208 | 136 |
| Computers & software | 1,213 | 1,955 |
| 78,555 | 75,377 |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 7. | SUPPORT COSTS |
| Governance |
| Management | Finance | costs | Totals |
| £ | £ | £ | £ |
| Community newspaper | 11,452 | 830 | 1,500 | 13,782 |
| Support costs, included in the above, are as follows: |
| 2024 | 2023 |
| Community | Total |
| newspaper | activities |
| £ | £ |
| Rent, rates and water | 3,043 | 1,710 |
| Insurance | 368 | 560 |
| Light and heat | 2,047 | 1,306 |
| Telephone | 609 | 452 |
| Postage and stationery | 453 | 400 |
| Sundries | 1,122 | 603 |
| Repairs & maintenance | 1,038 | 255 |
| Legal & professional fees | - | 40 |
| Subscriptions | 1,072 | 1,191 |
| Accountancy and payroll fees | 560 | 600 |
| Depreciation of tangible and heritage assets |
1,140 |
1,179 |
| Bank charges | 830 | 898 |
| Independent examiners fee | 1,500 | 1,400 |
| 13,782 | 10,594 |
| 8. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 9. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023. |
| 10. | STAFF COSTS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Other pension costs |
| 44,727 | 29,426 |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Staff |
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Other trading activities |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 19,355 | 2,288 |
| TOTAL FUNDS CARRIED FORWARD |
33,601 |
4,324 |
37,925 |
| 12. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2024 and 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Prepayments |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| VAT | 657 | 734 |
| Accrued expenses |
| 15. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| £ | £ | £ | £ |
| Fixed assets | 500 | - | 500 | 1,640 |
| Current assets |
| Current liabilities | ( |
) | ( |
) | ( |
) |
| 47,910 | - | 47,910 | 37,925 |
| 16. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.1.24 | in funds | 31.12.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 33,601 | 14,309 | 47,910 |
| Restricted funds |
| Foundation Scotland | 4,324 | (4,324 | ) | - |
| TOTAL FUNDS | 9,985 | 47,910 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 76,322 | (62,013 | ) | 14,309 |
| Restricted funds |
| Foundation Scotland | 26,000 | (30,324 | ) | (4,324 | ) |
| TOTAL FUNDS | ( |
) | 9,985 |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 16. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.1.23 | in funds | 31.12.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 19,355 | 14,246 | 33,601 |
| Restricted funds |
| Raising the standards of the E&L Advertiser |
2,288 |
(2,288 |
) |
- |
| Foundation Scotland | - | 4,324 | 4,324 |
| 2,288 | 2,036 | 4,324 |
| TOTAL FUNDS | 21,643 | 16,282 | 37,925 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 78,253 | (64,007 | ) | 14,246 |
| Restricted funds |
| Raising the standards of the E&L Advertiser |
- |
(2,288 |
) |
(2,288 |
) |
| Foundation Scotland | 24,000 | (19,676 | ) | 4,324 |
| 24,000 | (21,964 | ) | 2,036 |
| TOTAL FUNDS | 102,253 | (85,971 | ) | 16,282 |
| Foundation Scotland - through Crossdykes Community Benefits Limited, towards Hold the Front Page! project. The project will contribute towards the cost of employing a General Manager. |
| MUCKLE TOON MEDIA LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 17. | RELATED PARTY DISCLOSURES |
| Donations were received from The Stevenson Trust, a charity in which D D Stevenson is a trustee. The total amount received during the year, without conditions, amounted to £3,000. |
| A donation was received from J Hammond Charity Trust, a charity in which J H Hammond is a trustee. The total amount received during the year, without conditions, amounted to £4,000. |