3MDR 97.1fm Mountain District Radio 2024 Annual Report

President’s Report for Annual General Meeting 24 NOVEMBER 2024

This year has been a successful year at 3MDR. We have participated in numerous community events, seen an uplift in sponsorship and grant funding, built strong partnerships with schools, community groups and like‐minded organisations. Those partnerships have yielded renewed interest in 3MDR and seen an uplift in membership and participation in events, and 3MDR lead activities.

This year under the amazing effort of Nat and Ren, we have had work experience, VCAL, and primary aged kids participating in station activities. These programs are key to us achieving our strategic objectives of sustainability, and importantly encouraging greater diversity amongst our volunteers, programs and listenership. These young people are the future of our station and it’s great to get them involved in community radio and raise their awareness of the importance of local broadcasting and technical production skills that are required to keep us on the air and how we can support local artists. We are through these programs also maintaining our relevance with the younger generation because they will be our future presenters, texperts and volunteers.

This year we have increased both our participation in local community events, and hosting our own events, and I thank our Events Sub‐Committee for their efforts planning and our volunteers for attending these. These are invaluable promoting our station and raising awareness of us, and encouraging people to tune into 97.1FM for their listening pleasure, and more local focused content.

This year in spite of the broader cost of living pressures, we have exceeded our fundraising targets, with our largest event being the Radiothon and I thank you for joining, donating and promoting our radio station, it’s these efforts that ensures we keep the lights on and have the equipment we need to stay on the air. As we enter our 40th year we are as strong now as we have ever been.

This year, we have said goodbye to a number of our long‐standing presenters we have seen high numbers of people attending our training and showing enthusiasm to join our grid. We have welcomed quite a few new programs and have been able to cut down on Larry the Lyrebird’s shifts, to make way for our new presenters, who all bring their unique voices, interests and music passions. Some of these new presenters are long standing supporters and volunteers at 3MDR and others are new to our radio family and it’s great to see our grid filled up. I thank our Programming Sub‐Committee, staff, trainers for your efforts and want to also thank our experienced presenters who have supported and mentored our latest recruits.

This year has also seen us invest in both building and technical upgrades. We have upgraded access and facilities at the station using grant funding this makes our station far more accessible. We have invested in new infrastructure to help us expand our offerings. We have a new production room, upgraded our website, upgraded IT infrastructure and systems, inc. new music library, finance system, purchased new audio equipment and more. Thank you to our Tech Sub‐Committee ably lead by Dave Miller.

I especially want to thank the Committee of Management who have worked tirelessly on keeping our Governance and Finances in check. Thank you to Chris our current Secretary, Barb our current Treasurer, Rachel, Sue and Ben. Your support and efforts this year have been brilliant, it’s a privilege to have met and worked alongside you.

This year we will be saying goodbye to both Barb and Rachel, who over the past 5 years have both served as secretary, with Barb more recently serving as the treasurer. It’s been a 5‐year period affected by Covid, the aftermath of Covid, the departure and recruitment of staff, limited committee members resulting in a few doing a lot. The committee has definitely delivered! We have strengthened our strategic planning and set positive longer‐term objectives, strengthened our station governance and compliance with our legal obligations, improved our budgeting and financial planning.

I am also not standing for re‐election to our Committee of Management, after 5 years it is time for me to hand over the baton to a new President. I feel that from when I joined immediately prior to Covid, having served as a general committee member, Vice President and as President for the past two years, 3MDR is in a strong place now, having ridden the Covid Tsunami and survived. We have two excellent staff, we have bucked the recent trends in volunteerism, and increased volunteer activity, we have fresh members and presenters, who are putting their hands up to help. I have had a wonderful time, met some awesome people, forged strong friendships and whilst I will still be around, for now I am going to turn my focus to my health and family. It’s been a tough 12 months and I have been quite reliant on the committee to do the heavy lifting. Thank you all!

Good luck to the new committee, I’m sure 3MDR will continue to go from strength to strength.

 

Catherine Dear

President

 

Treasurer’s Report to the Annual General Meeting for the 2023/24 Financial Year

I am pleased to once again present the audited financial statements and Treasurer’s Report for the year ending 30 June 2024.

Comments on Balance Sheet

• Trade Debtors comprised the 2024/25 CBF grants offered but not yet paid in June 2024 and invoices sent to presenters in June for 2024/25 membership fees. 
• New computers, sound equipment, portable codec and a defibrillator were purchased during the year and were entered as Property, Plant & Equipment.  Correspondingly, Depreciation increased from last year based on the new purchases and a full year’s depreciation on the server purchased early in 2023.
• We had a satisfying Net Income for the year.  This is not a profit, as some of those funds will be expended in 2024/25 from grants received in 2023/24.  But we’ll take the pat on the back for a good year.

Comments on Profit and Loss

Income

• Sponsorship income was 65 percent higher than the previous year.  Grants income increased by 126 percent.  This is a direct result of the fantastic efforts of Station Manager Nat Grant and Engagement Coordinator Ren Cuttriss-Garry.
• Donations were also up, attesting to the value our listeners place on the service we provide.

Expenditure

• Non-wages related expenses were overall less than the previous year.  A large part of that is due to a correction in September 2023 of our studio site electricity bill initially received in May 2023
• Cleaning and site improvement & maintenance was back to a normal level after the large expenditure in 2022/23 for the garden renovation covered by a grant from Yarra Ranges Council.

Cash on hand

In June 2023 we had cash and cash equivalents of approximately $87,000.  At 30 June 2024 that figure was around $152,000.  The end of year cash includes some grants not yet expended.  It is expected that all of the unexpended grants received by 30 June 2024 financial year will be expended in 2024/25.

Membership fees

The 3MDR Rules of Association specify that the business of the Annual General Meeting includes that the members “confirm or vary the amounts (if any) of the annual subscription and joining fee”.  This is interpreted to mean “membership fee”, as the term “subscription” for our organisation does not infer the rights of a member to participate in the decision making of the organisation.  In addition, there is no joining fee, just a full membership paid for a full year from the time the application for membership is accepted by the Committee of Management.

At this time there is no recommendation from the Committee of Management to modify the membership fees for 2024/25, currently $66 (inc.GST) for a full membership and $44 for a concession membership.

The auditor

The confusion caused by registration for GST in July 2023 had mostly settled by the end of the year, thanks to the calm advice of our auditor Andrew Harper of HBT Advisory who talked me back from the edge of panic so often.  Looking back, it wasn’t really so bad.

Andrew has once again done a standout job with our annual financial statements and I recommend we keep him on board.  To that end, I propose the following:

Motion:  That HBT Advisory be re-appointed as 3MDR auditor for the 2024/25 financial year.

Coming up in 2024/25

A number of new fundraising initiatives are under discussion for implementation in the 2024/25 year.  I urge all members to answer the call when volunteers are needed for these events.  The more enthusiasm you display through participation, the more people we can entice to buy tickets/ merchandise/ radio related services and become members/subscribers/donors/sponsors.

Nat and Ren will be assisted this year by Kylie (Moss) Arndt, an actual qualified bookkeeper (which I am not, but I am suitably experienced), who will wrestle our finances into order.  I wish her the best of luck.

This is my last AGM with 3MDR, as I will be leaving the Committee of Management at this meeting, after four years’ service.  As American broadcaster Walter Cronkite said on his retirement, this is but a transition, a passing of the baton.   It has been an honour to help strengthen the station for its next leap forward, and a privilege to serve with this wonderful team of dedicated volunteers and staff.

 

Barbara Baxter

Treasurer

 

 

Station Manager Report 2024

Hello friends, and congratulations on another remarkable year of community broadcasting!

This past year we’ve achieved so much together, both on-air and in our community, and it really has taken a village (that’s all of you) to get it done.

In the last 12 months we have:

• Signed a new 10-year lease on our beloved Forest Park Homestead, ensuring our presence there for years to come!
• Received, for the first time, 3-year funding from the Community Broadcasting Foundation—an incredible milestone for the station.
• Trained 18 new presenters and launched 9 new programs, bringing fresh voices and perspectives to our community.
• Hosted two major outside broadcasts, for Anzac Day and Radiothon.
• Filled our studios with live music every single week (often multiple times per week), including three live studio audience broadcasts from the Parlour at Forest Park.
• Smashed our $20,000 Radiothon target and celebrated with a fantastic fundraising event at Sooki Lounge.

But wait, there’s more!

• In 2024 3MDR represented at the Kallista Market, Upwey Belgrave RSL, Sunday Sounds, Selby Fest and many other local events, providing market stalls, live musicians and DJs.
• In partnership with Music Victoria, Burrinja, Yarra Ranges and Cardinia Councils, we co-hosted three workshops for self-managed musicians, which is set to become an annual event.
• We had two fantastic volunteer trivia nights and hosted our first-ever vinyl fair which was a major hit! This will also be a yearly highlight from now on.
• From Wurundjeri cultural education to CMTO emergency preparedness training, we’re equipping our team to be knowledgeable and resilient.
• We welcomed dozens of work experience and placement students, spanning from primary school up to tertiary education.
• Our Committee of Management has been busy drafting and implementing new policies to keep us safe and running smoothly.

We are saying goodbye to three of our Committee of Management members today, after an astounding number of collective years supporting our station in the roles of President, Treasurer, and Secretary. To Cath, Barb, and Rachel—your dedication has been invaluable. And whilst you’re stepping down, we do expect to see you at our next trivia night under the “Hotel California” rule: once a part of 3MDR, always a part of 3MDR!

To our continuing CofM members Chris, Sue, and Ben – we are so fortunate to have your expertise and enthusiasm moving forward. Thank you for all your hard work this year. And to all the subcommittee volunteers and those working behind the scenes in other roles. 

Ren, David, Peej, and Tina—thank you is not at all adequate for all that you do. I absolutely could not do my job without your above and beyond support. Your hard work is the heartbeat of our station.

Next year marks 3MDR’s 40th anniversary, and it’s going to be massive! I can’t wait to share all the incredible plans we have in store for 2025. 

Thank you all once again for your dedication and passion. Stay safe, and here’s to another year of fantastic community broadcasting.

Dr. Nat Grant

Station Manager

 

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 2024, Profit and Loss Statement  for the year ended 1 July 2023 to 30 June 2024 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 2024 and of its  financial performance for the year ended 30 June 2024.  

Dated this 21st day of October 2024 

Andrew Harper, CPA 

Director 

HBT Advisory Pty Ltd  

 

Profit and Loss

 

Notes to the Financial Statements

MOUNTAIN DISTRICT RADIO INC. (3MDR)

For the year ended 30 June 2024

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 unlessvotherwise 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.

This statement is to be read in conjunction with the Notes to the Financial Statements.

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.

This statement is to be read in conjunction with the Notes to the Financial Statements.