3MDR 97.1fm Mountain District Radio 2022 Annual Report

 

President’s Report: Charitha Dissanayake to the Annual General Meeting 2022

3MDR has completed another successful year on-air though after two years of lockdown. However, 3MDR was able to successfully overcome many challenges and limitations by the immense contribution received from many stakeholders’ their commitment and passion. A big thank you to all our hard-working volunteers for their work over the year in various capacities, if not for their enormous contribution we would not have been able to complete the year successfully.

I would like to acknowledge the members of the committee of management (COFM) whose various skills and experiences have driven 3MDR into the right direction during the past year namely the services rendered by Catherine Dear as vice president shared her professional experience in heading the complaints handling sub-committee which was a huge task to maintain the confidence among the stakeholders. Rachel Nendick is the lifeline of 3MDR COFM as the secretary. Someone like Rachel is essential to have a professional for the post to connect all these together and knit tightly. Her capacity was never limited as a note taker at the minute. She went beyond actively connected all of us throughout the year. Barbara Baxter as treasurer offered her service not limiting to submit the monthly financial report, also produced a finance forecast as well. Also, tried to maintain a tight financial discipline within the institute which is essential when public funding are handled. I must also pay my gratitude to Patrick McCarthy who headed the Program sub-committee (PCOM) which was very beneficial for the presenters and listeners as well. Patrick also leading theemployment sub-committee which has done a huge contribution behind the scene. Some of the initiatives were introduced for the first time at 3MDR paving towards a professional radio station structure. Chris Riseley who raised his hand to do the station’s Strategic plan is a great contribution. It’s a more methodological forecast in every aspect of the station. Chris had to conduct a few community consultations to achieve this vital task professionally. Tim Lines creative contribution as an illustrator was an added value for 3MDR’s every event and a promotion to the station with his exclusive drawings as usual. Without him this would be an outsourced expensive job. Sue Amico led the events and Radiothon sub-committee which ended up with a garden party or one to one catch up after two years. It’s essential to mention that annual Radiothon was a great success. Tony Blake who is a long standing loyal 3MDR listener extended his contribution to the employment review sub-committee. All committee members devoted their precious time and experience not only limiting to the participation in monthly meetings but by sharing their views and comments regularly always in a constructive manner.

3MDR’s much valued office staff members- Phil Ruck- station manager and Ren Cuttriss – engagement officer are assets for any institution. Both Phil and Ren worked hard to keep 3MDR on-air and always took initiatives and shouldered responsibilities as required throughout the week and after hours without any delay, apart from their regular tasks. I take this opportunity to thank outgoing station manager Phil Ruck- our beloved station manager. His decade long service at 3MDR was immense and I wish him all the best his future endeavors.

A community radio station cannot be on-air without the contribution of various stakeholders such as members, donors, well-wishers, sponsors, presenters, technical crew, listeners, locals, music creators and many more. In that sense 3MDR is blessed to have had the support of all of them during the past year equally as always. I take this opportunity to pay my gratitude to all of them.

Finally, I must thank all members at 3MDR for electing me as the president and supporting unconditionally for the second consecutive year 2020-2022 which was a very rare feat in Australian community broadcasting history to have a person from a non-English speaking background (NESB) like me in this honored position, which has also proven the equal opportunity practice at 3MDR.

Anyway I will step down from the position at the AGM to maintain the good governance at 3MDR.

Dr Charitha Dissanayake

President- 2021/22

 

Treasurer’s Report: Barbara Baxter to the Annual General Meeting for the 2021/22 Financial Year – 24 November 2022

I am privileged to once again present the audited financial statements and Treasurer’s Report for the year ending 30 June 2022.

Comments on Revenue:

As shown on the Profit and Loss Statement for the financial year, our income in this year was $46,000 less than the year before, a drop of 23 percent. With two exceptions, all our funding streams brought in less than in 2020/21, a result of the strangling economic grip the pandemic had on regular grants, sponsorships and subscriptions. Jobkeeper and Cash Boost Stimulus from the federal government, which was crucial to keeping us afloat for almost a year, ceased in January 2021, so our net earnings took a hit in 2021/22 as our costs continued steady while our normal sources of income declined.

The two bright points were that we were able to obtain a special grant from Amrap through the CBAA for the highly successful event Havoc in the Hills in March 2022. This was a great boost for the music community and enabled us to sell 3MDR merchandise to an enthusiastic crowd.

The other impressive support for the station came through donations. More than 180 individuals donated amounts between $10 and $1,000, many amounts being on top of regular membership or subscription. It is heartening to see how our listeners are still willing to give so generously, so we aim to give them the best radio experience we can.

Comments on Expenditure:

Expenditure was down by almost $14,000 in the financial year as the previous year included significant outlay for the upgrade of the second studio. We can say that $4,831 of the $5,387 loss in the year was the provision for depreciation of our major assets (air conditioning purchased in the previous and two generators this year) and not due to giddy overspending.

Balance Sheet

The Balance Sheet shows at Property, Plant & Equipment the addition to capital equipment assets of the two generators purchased during the year. There was an increase this year in provision for leave as the two staff members largely did not take the leave they were entitled to in order to deal with all the changes required to maintain our reliable broadcast service. Such loyalty and dedication is remarkable and worthy of gratitude.

The Assets overall at the end of the year are only slightly down from last year, and the Total shareholders equity is not significantly worrying when compared to last year.

Cash on hand

In July 2021 we had cash and cash equivalents of $153,695; at 30 June 2022 it was $129,287. The end of year cash includes approximately $16,377 received for grants not yet expended. It is expected that all of the unexpended grants received for the 2021/22 financial year will be expended in 2022/23.

Looking ahead

In the 2022/23 year the Committee of Management has budgeted for a new staff position to focus on sponsorship and communications. This will take some of the load off the Station Manager and Engagement Coordinator so they can focus on expanding our marketing and engagement events and support for our volunteers.

In order to cover inflation, subscription prices have been increased for this year and the number of subscription choice price levels reduced to four, plus the “Best Friend for Life” option. The Committee of Management is also suggesting standard memberships be increased from $50 to $60 from 1 October 2022, following its decision at the start of the pandemic to abolish the $30 Show Levy which had previously been imposed on volunteers broadcasting programs on top of their membership fees. The concession membership rate would remain at $40. This matter is the subject of a motion being put to you as members to consider at this Annual General Meeting, as required by our Rules of Association. I highly recommend you vote in favour of the motion.

Barbara Baxter

Treasurer

 

Station Manager’s Report: Phil Ruck to members – Annual General Meeting Thursday 24th November 2022

Jimminyjimbobs! Here we are again at an Annual General Meeting for Mountain District Radio Inc! How is it possible that 12 months have already passed us by?

First and foremost I would like to thank the 3MDR CofM, presenters, volunteers and members of the association for continuing to provide me with the opportunity and the support for my role in the 3MDR office. As committed volunteers your contributions are most worthy of acknowledgement.

As you may know, I’m coming to the end of my time as Station Manager at 3MDR and will be finishing up my office duties at the end of January 2023. I’ve had an absolute blast working for 3MDR as Station Manager for the last 10 years. An absolute blast I tells ya! I must thank the CofM of the day (2011) for giving me a go.I had absolutely no experience managing a radio station but with thanks to CofMs , colleagues (Emma J and more recently Ren) and the presenter/volunteer’ support I think we’ve all done a pretty good job at keeping 3MDR on the community radio airwaves and serving the communities of the Mountain District and beyond. Thankfully the Victorian lockdowns didn’t stretch into 2022, although the covid challenges continued to impact our lives. Slowly but surely, the doors of 3MDR started to open to guests, members of the public and live music. I would like to acknowledge the amazing efforts of the presenters who continued to dedicate many hours of their time to prepare, produce and present their excellent weekly programs both live in studio or remotely. The commitment to broadcasting a diverse range of weekly programs is to be commended. As always, we extend much gratitude to our beloved Head Technician David Miller who continues to provide his technical expertise and time over the year.

The CofM has been amazing over the last year or so. It’s an often thankless task and I am forever grateful of the support afforded to me in my role as Station Manager – Charitha (outgoing), Barb, Rachel, Cath, Sue, Tim, Patrick, Tony and Chris have worked very hard over the last year or so and I’m confident, that with most renominating for the CofM at this AGM, 3MDR is in good hands when it comes to governance.

With thanks to the supporters signing up at the 2021 radiothon and some top up funding from the Community Broadcasting Foundation (CBF) 3MDR purchased 2 new generators – a diesel powered unit with 16 hour run time for the transmitter site and a gas powered unit for the homestead. Both generators have been installed. Speaking of Radiothons, much thanks to the 2022 team working behind the scenes to prepare the annual subscriber drive. Whilst numbers were down on previous years I acknowledge that subscribing to a radio station is a luxury these days what with the rising cost of living impacting budgets. Thanks to all those that did find some dollars to pass onto 3MDR. Thanks too to the prize donors! The Garden Get Together at the homestead was a wonderful event to close the 2022 radiothon. The weather was kind and it was lovely to see the public back at the homestead enjoying some excellent live music from local performers. An awful lot of work went into the event and I would like to make special mention of the efforts of committee members Tim Lines and Sue Amico for the hours they put in leading up to the event.

Programming – It’s been great to see the majority of presenters back in the studios. The Program Committee has been working quietly in the background and it is pleasing that some new programs will be joining the weekly schedule after participating in a new training program – stay tuned!

After nearly 30 years of broadcasting on 3MDR, John Beauchamp, aka JB has hung up his headphones on his Korniest Show – JB is battling ill health and presented his last show from the studio on Monday 26th September – JB has been ever so supportive and contributed a great deal to 3MDR in addition to his weekly show – we wish him well.

Patrick retired the most excellent Subway Wall from Saturday nights but continues to volunteer on the CofM and Program Committee – thanks for great show Patrick, we hope the Subway Walls can return to the airwaves in the future.

I extend much gratitude to my colleague in the office, Ren, who has kept me afloat for the last couple of years and works above and beyond to get things done at 3MDR. I really don’t know how I would have coped without her support. Thank you Ren!

As with every year I’ve probably missed a lot of detail in my annual report. Apologies if I have missed anyone’s contributions. The year, just like 2021, has been somewhat of a blur.

Thanks for your support everyone. It’s been one hell of a ride in the 3MDR office.

I’ve made many friends and learnt many skills over the last decade and I look forward to my continued involvement with 3MDR as a volunteer and will extend my support and guidance to the incoming Station Manager to ensure a smooth transition for the day to day operational tasks. I urge all the participants to extend that same support to the staff of 3MDR into the future.

Long live community radio!!!! Long Live 3MDR!!!!

Phil Ruck

3MDR Station Manager – 21/11/2022

 

Financial Report: Andrew Harper (HBT Advisory)

To the members of Mountain District Radio Inc. (3MDR)

Report on the financial report

We have compiled the accompanying special purpose financial statements of Mountain District Radio Inc. (3MDR) which comprise the Balance Sheet at 30 June 2022, Profit and Loss Statement

for the year ended 1 July 2021 to 30 June 2022 and the Notes to the Accounts.

Accountant’s responsibility

On the basis of information provided by the entity we have compiled the accompanying special purpose financial statements in accordance with the significant accounting policies described in the financial statements and APES 315 Compilation of Financial Information. We have applied our expertise in accounting and financial reporting to compile these financial statements in accordance with the Notes to the Accounts. We have complied with the relevant ethical requirements of APES 110 Code of Ethics for Professional Accountants. The special purpose financial statements were compiled exclusively for the benefit of the committee who are responsible for the reliability, accuracy and completeness of the information used to compile them. We do not accept responsibility for the contents of the special purpose financial statements. In preparing the Financial Report, this has consisted of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

Independence

In the preparation of these accounts, we have complied with the independence requirements of the Australian professional accounting bodies.

Conclusion

We note that from the preparation of the Financial Report there nothing has come to our attention that causes us to believe that the annual financial report of Mountain District Radio Inc. does not present fairly, in all material respects, the financial position as at 30 June 2022 and of its financial performance for the year ended 30 June 2022.

Dated this 13th day of October 2022.

Andrew Harper, CPA

Director

HBT Advisory Pty Ltd

 

3MDR – MOUNTAIN DISTRICT RADIO INC
Profit and Loss
3MDR – MOUNTAIN DISTRICT RADIO INC
Balance Sheet

 

Notes to the Financial Statements
MOUNTAIN DISTRICT RADIO INC. (3MDR)
For the year ended 30 June 2022
Note 1 – Statement of Significant Accounting Policies

The Committee has determined that the incorporated association is not a reporting entity because there are no users dependent on general purpose financial statements. The financial report is a special purpose financial report which has been prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Reform Act 2012.

The financial statements have been prepared on an accrual basis and are based on historical costs unless otherwise stated in the notes. The accounting policies that have been adopted in the preparation of the statements are as follows:

Inventories

Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis and include direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenses.

Finance Leases

Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to the trust, are classified as finance leases.

All other leases are classified as operating leases.

Finance leases are capitalised by recognising an asset and a liability at the lower of the amount equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.

Leased assets are depreciated on a straight-line basis over the shorter of their estimated useful lives or the lease term. Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease term.

Property, Plant and Equipment

Property, plant and equipment is initially recorded at the cost of acquisition or fair value less, if applicable, any accumulated depreciation and impairment losses. Plant and equipment that has been contributed at no cost, or for nominal cost, is valued and recognised at the fair value of the asset at the date it is acquired.

All assets, excluding freehold land and buildings, are depreciated over their useful lives to the trust.

The carrying amount of plant and equipment is reviewed annually by the trustee to ensure that the carrying amount is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the utilisation of the assets and the subsequent disposal. The expected net cash flows have been discounted to their present values in estimating recoverable amounts.

Freehold land and buildings are measured at their fair value, based on periodic, but at least triennial, valuations by independent external valuers, less subsequent depreciation for buildings.

Increases in the carrying amount of land and buildings arising on revaluation are credited in equity to a

revaluation surplus. Decreases against previous increases of the same asset are charged against fair value reserves in equity. All other decreases are charged to profit or loss.

Any accumulated depreciation at the date of revaluation is offset against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Trade and Other Receivables

Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.

Trade and other receivables are recognised at the nominal transaction value without taking into account the time value of money.

Intangibles

Goodwill is recognised as the excess of the purchase price for a business acquired over the fair value of the net assets at the date of acquisition. Goodwill is assessed for impairment annually and is carried at cost less accumulated impairment losses.

Patents and trademarks are valued in the accounts at cost of acquisition and are amortised over the period in which their benefits are expected to be realised.

Financial Assets

Investments held are originally recognised at cost, which includes transaction costs. They are subsequently measured at fair value which is equivalent to their market bid price at the end of the reporting period. Movements in fair value are recognised through an equity reserve.

Provisions

Provisions are recognised when the entity has a legal or constructive obligation resulting from past events, for which it is probable that there will be an outflow of economic benefits and that outflow can be reliably measured.

Provisions are measured using the best estimate available of the amounts required to settle the obligation at the end of the reporting period.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

Revenue and Other Income

Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed. For this purpose, deferred consideration is not discounted to present values when recognising income.

Interest revenue is recognised using the effective interest rate method, which, for floating rate financial assets, is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue recognised related to the provision of services is determined with reference to the stage of completion of the transaction at the reporting date and where outcome of the contract can be estimated reliably. Stage of completion is determined with reference to the services performed to date as a percentage of total anticipated services to be performed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent that related expenditure is recoverable.

All revenue is stated net of the amount of goods and services tax (GST).

Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances, the GST is recognised as part of the cost of the acquisition of the asset or as part of an item of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the balance sheet.

Trade and Other Payables

Trade and other payables, including bank borrowings and distributions payable, are recognised at the nominal transaction value without taking into account the time value of money.

Employee Benefits

Provision is made for the trust’s liability for employee benefits arising from services rendered by employees to the balance date. Employee benefits have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs.

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