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← Rural Media Charity

2025-03-31-accounts

Company no. 02732325 Charity no. 1041335

Rural Media Charity Report and Audited Financial Statements 31 March 2025

Rural Media Charity

Reference and administrative details

For theyear ended 31 March 2025 For theyear ended 31 March 2025
Company number 02732325
Charity number 1041335
Registered office and Packers House
operational address 25 West Street
Hereford
HR4 0BX
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Ussud Ali Appointed 17 October 2024
Rachel Carter Appointed 17 October 2024
Jane Daggers Resigned 30 November 2024
Joanna Davidson
Matthew Hayes
Georgia Helme Appointed 17 October 2024
Martin Hitchin
David Holdsworth
Hannah Jones Appointed 17 October 2024
Adriane Usherwood-Brown Appointed 17 October 2024
Judith Vickress Appointed 17 October 2024
Chief executive officer Nic Millington
Company secretary Julie Colman
Key management Nic Millington, CEO
personnel Grant Black, Creative Director & Deputy CEO
Rich Matthews, Head of Development
Julie Colman, Head of Production
Bankers Barclays Bank Plc
1 - 3 Broad Street
Hereford
HR4 9BA
Solicitors Harrison Clark Rickerbys
5 Deansway
Worcester
Worcestershire
WR1 2JG
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

The trustees present their report and financial statements for the year ended 31 March 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

Rural Media Charity’s mission statement is:

To use media and creativity as a catalyst for social impact and positive change for individuals, communities, organisations, cultures and society.

To deliver our mission we have identified five strategic priorities:

1. Champion underrepresented people & communities

Rural Media Charity works with individuals of all ages and communities experiencing social, geographic, and material deprivation, with multiple and/or complex needs. Underrepresented communities we have provided participatory training, production opportunities, support, work experience, information and advice for include: young boys at risk of exclusion and/or needing early intervention support; refugees (Ukraine), people with physical and learning disabilities; those in or at risk of entering the justice system; LGBTQ+; people experiencing mental health challenges; those in poverty or unemployed; people facing ethnic discrimination; individuals and families experiencing geographical isolation and loneliness; care experienced young people; young people in PRUs; neurodivergent people.

2. Develop media skills & talent

Supporting and investing in new talent and diverse voices are at the heart of everything we do. Recent years have seen our talent development work increasingly take centre stage, whether working with school children through to giving new creative talent progression routes into the creative industries. This mirrors the launch of the Government’s Industrial Strategy Creative Industries Sector Deal 2018 with an emphasis on training and employment, the BFI’s five-year strategy with its emphasis on ‘Future Learning and Skills’, and a natural extension of our cultural work for ACE across the West Midlands. We aim to expand our support for talented young people, professional artists, and arts organisations, to push the boundaries between digital arts and creative practice, giving access to inspirational industry professionals, digital facilities, creative spaces, training, and employment opportunities. See BFI Film Academy West Midlands

3. Celebrate place & heritage

Rural Media Charity will continue its emphasis on place-based work with key stakeholders including Local Authority MLA services, National Lottery Heritage Fund, Historic England, and National Trust and vitally, with communities to strengthen a sense of belonging and pride, share histories and memories, and celebrate what makes a place special. We will inspire and encourage communities locally, regionally and nationally to develop creative enterprises that breathe new life into the culture, places and spaces where they live. More diverse and younger residents will be included in arts, heritage, and cultural activity. Through the creation and distribution of high-quality digital content, improved use and understanding of data, communities will support their younger residents, create employment and creative workspaces, and attract more visitors, increasing sustainability across sectors. See Our Place | Rural Media and Apples & Borscht | Rural Media

2

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

4. Raise awareness of rural issues & culture

Having worked closely with rural communities, service providers and policymakers for over 30 years Rural Media Charity is highly regarded and trusted for its knowledge and insight into rural culture. With 17% of England’s residents living in the countryside yet so much of rural life misunderstood and/or misrepresented, raising awareness of issues facing rural communities is a key priority for Rural Media Charity. We play an active role in ACE Place-Based Peer Learning (PBPL) research group and ongoing development of ACE 2020-30 Strategy, Let’s Create, other national and regional cultural and creative industry policy forums, e.g. Rural Services Network (RSN), WM Cultural Compact network (CLOA) etc. As we become a digital-first society with widening choice of where to live, work or study, the interdependence of rural and urban culture, economy and wellbeing is increasingly recognised. Rural Media Charity contributes creatively and critically to this major service improvement and policy development discourse. See P.O.V.

5. Support arts & cultural organisations

Arts & culture act as R&D for the creative industries, encouraging experimentation and in turn driving innovation and commercial activity. Meanwhile, creative industries are increasingly recognised as potential drivers of economic growth in rural areas. Rural Media Charity advocates powerfully for cultural organisations and creative businesses to be recognised strategically as contributors to the economic and social wellbeing of rural counties.

Our in-depth local knowledge and understanding of rural communities feeds into our own creative programming along with our role in local, regional, and national economic and cultural policy development. To sustain and grow this work, we continue to seek new partnerships and attract cross-sector investment for strategic revenue and capital projects; including the purchase and refurbishment of our building in central Hereford, renamed StoryPoint which will be a digital creative hub offering broadcast quality facilities hire, meeting rooms and event space and skills training for all launching in January 2026. Our support for cultural enterprise development, especially within the creative technology sector contributes significantly towards regeneration of rural cities and market towns. See Rural Media Charity’s leadership role with Herefordshire Cultural Partnership:

The Shire | The Shire

Public benefit

The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the charity’s aims and objectives. Rural Media Charity provides public benefit through its work with communities, schools and colleges, groups, and individuals to create issue-driven films, heritage and digital arts projects that raise awareness, influence change, and celebrate rural life. The charity’s work with young people is designed to foster confidence and equip them with the flexible skillset to work in today's creative digital industries. The charity’s education programme for young people includes the provision of nationally accredited courses, and its work with marginalised communities is internationally recognised. The charity publishes Travellers’ Times, a bi-annual print magazine and daily website travellerstimes.org.uk to support Gypsies and Travellers to tell their stories, educate wider public, challenge stereotypes, and advocate for their communities.

3

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

Achievements and performance

Rural Media Charity’s considerable outputs and outcomes were achieved throughout 2024-25 in no small way thanks to the financial and advisory support of Arts Council England, The National Lottery Community Fund, Herefordshire Council, British Film Institute and a range of local and national trusts and foundations.

During 2024-25 Rural Media Charity engaged 955 people through our inclusive outreach programme and project portfolio many of whom were from diverse or disadvantaged backgrounds: 15% Global Majority, 12% disabled, 13% neurodivergent, 15% lower socio-economic backgrounds, 52% female, 5% non-binary and 55% coming from rural villages and hamlets. We also worked specifically with people from Gypsy, Roma and Traveller communities, Ukrainian refugees and young people at risk of exclusion/already excluded from main stream education.

We delivered high-quality media training, increasing the skills of young talent in the West Midlands of which 21% were inspired to continue in to the screen industries, 19% in to other creative arts related industries, 31% cited improved digital skills, 21% cited improved professional skills and 21% cited improved confidence and self-esteem. We were grateful for continued core support from The Elmley Foundation which enables us to use film, media and digital art to strengthen communities and give a platform to unheard voices, deliver much needed bespoke and accessible health & wellbeing advice and information directly to communities in crisis and support creative rural talent.

Our multi-faceted projects have given ongoing training and support for organisational development, leadership and media skills to Gypsy, Roma and Traveller communities and will see Travellers Times become a fully independent Gypsy, Roma and Traveller lead charity by 1st July 2025. We nationally, expanded our community outreach across the most underserved areas of Herefordshire, and strengthened creative networks and supported young talent right across the Midlands region. In doing so we created an award-winning portfolio of innovative creative media including films, digital content, animation, audio, educational resources, health and wellbeing resources, photography collections, websites and print media.

We worked directly with more than 700 people from a range of diverse backgrounds, across 24 projects and productions and ran 2,100 events, workshops and training sessions.

Project highlights include:

British Film Institute (BFI)

The eleventh year of our BFI Film academy marked a significant change on previous academies with Rural Media becoming the West Midlands hub encompassing Herefordshire, Shropshire, Birmingham and Sandwell and Stoke. We trained 88 young people aged 16-19 in filmmaking skills. Participants received a bespoke training schedule, notably producing practical workshops for handson experience often missing from FE courses. Delivered in person the 2024-25 cohort received practical sessions and masterclass and then devised, scripted and produced 8 short films. Participants also had the opportunity to gain an industry recognised NCFE qualification in Preparing to Work in The Film Industry. See BFI Film Academy West Midlands.

Rural Studios

Rural Media Charity’s commercial trading arm Rural Studios https://www.ruralstudios.co.uk/ delivered BBC Arts commissioned series The Read – Iconic British Novels brought to life on screen with creative performance readings from outstanding talent. They were broadcast on BBC Four and we have been commissioned for a fourth series in 2025-26 and a fifth in 2026-27.

4

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

We also delivered 3 X 7 minute VTs for BBC Morning Live. The topics included a blind farmer building and operating an inclusive farm, celebrating adult literacies schemes and the science behind how the colours in your home can improve health and wellbeing. We will produce a further 3 in 202526.

From television and radio for national broadcasters to online social impact media films for charities and public sector services Rural Studios sets out to change perspectives through film and audio and inspire future talent through innovative storytelling and powerful visuals. Rural Studios is proactively developing exciting and challenging pitches for TV commissioners, along with working closely with service providers in the health, justice, education, and visitor economy sectors.

ArtFlicks

ArtFlicks is our major Arts Council National Portfolio Organisation activity. It is a youth-led project helping young people make & share creative content celebrating their own arts practise and building new audiences for their work. As well as our own cohort of creatives we also partnered with Pentabus Theatre Company working with their young writers group to create their own creative micro-dramas.

To watch the ArtFlicks content and meet the artists visit www.tiktok.com/@Artflicks

P.O.V

Supported by Esmée Fairbairn Foundation (EFF) through core funding, the P.O.V. programme has engaged 380 participants aged 14-25, held 22 creative sessions and 3 stakeholder events.

Young people have been given new opportunities to be creative, have creative and cultural experiences, gain confidence, skills and feel heard. The POV Producers’ group in particular has helped build self-esteem, improved well-being and combated rural isolation as well as providing real life employment opportunities.

POV website has been re-designed: www.pointofviewrural.com.

The Producers, facilitated by Toni Cooke, is a creative group for rural young people aged 14-21yrs:

Travellers’ Times - TT Vision

Funded by the National Lottery Community Fund, TT Vision builds on the work of the last 20 years as Travellers’ Times continues to improve lives through challenging negative media and amplifying Gypsy, Roma and Traveller voices. 2024-25 represented the successful culmination of a four-year initiative (July 2021 – June 2025) that has transformed Travellers' Times into an independent, community-led charity.

5

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

Key Achievements:

The project has demonstrated that community-led media training can deliver exceptional employment outcomes while amplifying Gypsy, Roma, and Traveller voices and challenging negative stereotypes.

"To see Travellers Times become independent and fully Gypsy, Roma and Traveller led by such amazing people is one of the proudest moments of my life." - Julie Colman, ex-Project Manager and Trustee

At the same time the new team continued to produce inclusive, co-produced content that challenged dangerous negative media stereo-typing, provided accurate and factual information and improved lives through a celebration of culture and heritage.

Financial review

The consolidated financial statements for the year to 31 March 2025 are for Rural Media Charity and its wholly owned trading subsidiary, Rural Studios Ltd. The financial statements have been prepared according to the requirements of the Statement of Recommended Practice – Accounting by Charities (effective from January 2019).

For the year to 31 March 2025 total income was £1,686,440 (2024: £2,325,060) of which unrestricted income was £829,127 (2024: £885,364). The deficit on unrestricted funds was £33,673 (2024: £75,766 deficit). Rural Studios Ltd contributed £16,746 (2024: £33,374) to unrestricted funds. Rural Studios Ltd donates all its profits to Rural Media Charity under a deed of covenant.

On 31 March 2025, £15,412 was transferred from the unrestricted general fund to the designated Packers House fund, representing the mortgage capital repayments funded from unrestricted funds. Additionally £191,610 was transferred from restricted funds to the designated Packers House fund, representing the capitalised cost of improvement works carried out in the year.

The trustees recognise the importance of maintaining a realistic level of reserves to ensure that Rural Media Charity continues to be in a position to discharge its obligations to its beneficiaries, partners, creditors and staff. The reserves policy is reviewed annually by trustees to consider risk and sustainability of the organisation.

On 31 March 2025 the trustees maintained the reserves target such that unrestricted general funds, excluding designated funds, are required to provide at least 4 months’ cover of core costs (being establishment and staff expenditure not attributable to project activity). The unrestricted general funds are to be held in the form of cash at bank in a specially designated bank deposit account. At 31 March 2025 the charity's unrestricted general fund target was £120,000 (4 months’ core cost cover) and the actual unrestricted general fund was £83,131 (2.9 month’s cover).

The trustees have considered the major risks to which the charity is exposed and have implemented review systems to mitigate these risks.

6

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

The major risks are currently identified as:

To mitigate these risks the charity:

Going concern

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:

The trustees, therefore, consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(c) to the financial statements.

Plans for future periods

In November 2022 ACE confirmed that Rural Media Charity would retain its NPO status for a further three years to 31 March 2026 plus an additional year 2026-27. With NPO status comes secured unrestricted funding to develop Rural Media Charity’s digital arts portfolio. NPO status is the foundation upon which Rural Media Charity builds a secure and sustainable financial position. As part of its business plan, Rural Media Charity’s trading subsidiary, Rural Studios Ltd, will grow its income and surplus. Rural Media’s proposal to develop a Digital Culture Hub (DCH) was included in Hereford’s Stronger Towns Fund plan. The DCH (now rebranded ‘Story-Point’) will contribute to “levelling up” by creating a beacon of innovation and enterprise for Herefordshire and the rural West Midlands where creativity meets technology. It will aggregate in a single, fully accessible, contemporary space the creative technologies, tools, and expertise to inspire and raise the skill levels of creative and cultural entrepreneurs, SMEs, students, public, private and VCSE sectors in the county, enabling them to take advantage of the booming, post-Covid-19 digital economy. Rural Media Charity’s successful application for £1.2m together with a mortgage provided by The Charity Bank has enabled the Rural Media Charity to purchase its current base at Packers House and refurbish and equip the new centre which will launch in January 2026.

7

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

Employees

At Rural Media Charity we rely heavily on the excellence of our staff to help achieve and maintain the highest standards of our creative outputs. We support our staff through regular performance reviews and through training and development programmes that are tailored to the individual.

Structure, governance and management

Rural Media Charity is a charitable company limited by guarantee, incorporated on 17 July 1992 and registered as a charity on 7 October 1994. The organisation is constituted under a Memorandum of Association which sets out the objects and powers of the charitable organisation and is governed under the Articles of Association. Rural Media Charity wholly owns a subsidiary company, Rural Studios Ltd that commenced trading on 13 May 2016.

The directors are also its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The organisation does not have a membership, and the voluntary Board of Trustees is responsible for the overall management of the charity. The trustees have power to set an upper limit to the number of trustees appointed to the Board, currently there is no upper limit. There must be a minimum of three trustees for the Board to be quorate. The trustees meet in full on a quarterly basis.

Each new trustee receives an induction pack prior to nomination setting out their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, and minutes which capture the recent financial performance of the charity. Regular Board development sessions are held and each session following appointment of new trustees incorporates induction and orientation information for the newly appointed trustees. The Board itself is exploring further training and support for Trustees run by organisations such as NCVO.

The day-to-day running of the organisation is carried out by a Senior Management Team (SMT) members of which are appointed by the trustees. The SMT comprises: Chief Executive Officer, Creative Director & Deputy CEO, Head of Production, Development Director, and Finance Manager (in attendance). To facilitate effective operations, the Chief Executive Officer and the SMT have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and programme related activity. Members of the SMT are not directors of the charitable company in the legal sense under Company Law.

The charity adopts the NJC pay structure and pay scales for all its staff, including key management personnel. NJC scales are local government pay scales that are a result of negotiations between trade unions (Unite, Unison and GMB) and the Local Government Association. NJC pay scales are used extensively in the voluntary sector.

Fundraising

The charity does not seek to raise funds from the public and therefore has nothing to report on its fundraising approach and standards.

8

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2025

Statement of responsibilities of the Trustees

The Trustees (who are also Directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 30 October 2025 and signed on their behalf by

David Holdsworth - Chair

9

Independent auditors' report

To the members of

Rural Media Charity

Opinion

We have audited the financial statements of Rural Media Charity (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 8 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

10

Independent auditors' report

To the members of

Rural Media Charity

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

Rural Media Charity

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

Rural Media Charity

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

William Guy Blake

Date: 30 October 2025

William Guy Blake ACA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Rural Media Charity

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Restricted
Note
£
£
Income from:
Donations
3
383,379
337,550
Charitable activities
4
473,934
458,181
Investments
5
-
33,396
Total income
857,313
829,127
Expenditure on:
Raising funds
-
35,454
Charitable activities
681,065
827,346
Total expenditure
7
681,065
862,800
Net income / (expenditure)
176,248
(33,673)
Transfers between funds
(191,610)
191,610
Net movement in funds
8
(15,362)
157,937
Reconciliation of funds:
Total funds brought forward
128,899
1,068,128
Total funds carried forward
113,537
1,226,065
Unrestricted		 2025
Total
£
720,929
932,115
33,396
1,686,440
35,454
1,508,411
1,543,865
142,575
-
142,575
1,197,027
1,339,602		 2024
Total
£
1,373,682
940,516
10,862
2,325,060
38,884
1,439,279
1,478,163
846,897
-
846,897
350,130
1,197,027

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 19 to the accounts.

14

Rural Media Charity

Consolidated balance sheets

As at 31 March 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year 15
Net current assets
Total assets less current liabilities
16
Net assets
18
Funds
19
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds
Creditors: amounts falling due after more
than 1 year		 The group
2025
£
927,741
444,766
1,372,507
136,209
269,313
405,522
(220,706)
184,816
1,557,323
(217,721)
1,339,602
113,537
1,142,934
83,131
1,339,602		 The group The charity
2024
2025
£
£
686,588
927,741
540,073
444,768
1,226,661
1,372,509
183,203
229,820
190,427
111,442
373,630
341,262
(162,579)
(162,146)
211,051
179,116
1,437,712
1,551,625
(240,685)
(212,023)
1,197,027
1,339,602
128,899
113,537
981,667
1,142,934
86,461
83,131
1,197,027
1,339,602		 The charity
2024
£
686,588
540,075
1,226,663
197,615
95,301
292,916
(92,824)
200,092
1,426,755
(229,728)
1,197,027
128,899
981,667
86,461
1,197,027

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

Approved by the Trustees on 30 October 2025 and signed on their behalf by

David Holdsworth - Chair

15

Rural Media Charity

Consolidated statement of cash flows

For the year ended 31 March 2025

2025
£
Cash used in operating activities:
Net movement in funds
142,575
Adjustments for:
Depreciation charges
45,764
Interest and rents from investments
(33,396)
Interest payable
25,020
Decrease / (increase) in debtors
46,994
Increase in creditors
55,844
Net cash provided by operating activities
282,801
Cash flows from investing activities:
Interest and rents from investments
33,396
Purchase of tangible fixed assets
(191,610)
Purchase of investment property
-
Net cash provided used in investing activities
(158,214)
Cash flows from financing activities:
Repayment of borrowings
(45,701)
Cash inflows from new borrowings
-
Net cash (used in) / provided by financing activities
(45,701)
Increase / (decrease) in cash and cash equivalents in the year
78,886
Cash and cash equivalents at the beginning of the year
190,427
Cash and cash equivalents at the end of the year
269,313
Analysis of changes in net debt
£
£
£
Cash
190,427
78,886
-
Loans falling due within 1 year
(20,525)
45,701
(47,984)
Loans falling due after 1 year
(240,685)
-
22,964
Total
(70,783)
124,587
(25,020)
Cash flows
At 1 April
2024
Non-cash
movements		 2024
£
846,897
30,670
(10,862)
9,098
(85,800)
26,815
816,818
10,862
(661,025)
(540,073)
(1,190,236)
(19,364)
250,000
230,636
(142,782)
333,209
190,427
£
269,313
(22,808)
(217,721)
At 31 March
2025
28,784

16

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies

a) Basis of preparation and general information

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Rural Media Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Rural Media Charity is a charitable company limited by guarantee, incorporated on 17 July 1992 and registered as a charity on 7 October 1994. The organisation is constituted under a Memorandum of Association which sets out the objects and powers of the charitable organisation and is governed under the Articles of Association. Rural Media Charity wholly owns a subsidiary company, Rural Studios Ltd that commenced trading on 13 May 2016.

The charitable company's registered office is Packers House, 25 West Street, Hereford, HR4 0BX.

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned (controlled) subsidiary on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. At the year-end the group holds unrestricted general reserves of £83,133 and cash balances of £269,313. The charity’s key funders have confirmed that they will continue to support the charity for at least the next 12 months. The charity benefits from holding National Portfolio Organisation (NPO) status with Arts Council England (ACE). In January 2024 ACE confirmed that Rural Media Charity would retain its NPO status with unrestricted NPO annual funding maintained at £251,036 for a further three years to 31 March 2027. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

17

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

d) Income (continued)

Income received in advance of provision of services under contract is deferred until criteria for income recognition are met.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities which is deemed to be reflective of the activities of the charity in this period.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Motor vehicles 25% straight line
Technical equipment 25% straight line
Fixtures and fittings 25% straight line
Land and buildings 3.33% straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

18

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

j) Investment in subsidiary undertakings

The charitable company has one wholly owned subsidiary, Rural Studios Ltd, (registered company number 03751216). The subsidiary is used for non-primary purpose trading activities. The subsidiary undertaking is valued at cost less any cumulative impairment losses in the charitable company's accounts.

k) Investment property

Investment property is property (land or a building, or both) held by the owner to earn rentals or for capital appreciation or both.

Investment property is initially measured at cost, including transaction costs. Investment property is subsequently measured at fair value at the reporting date. This method of valuation applies to all the charitable company’s investment properties.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

p) Pension costs

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

19

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

1. Accounting policies (continued)

q) Redundancy payments

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements are depreciation and valuation of investment property, as described below and in note 1(i and k, respectively) to the financial statements.

Depreciation on land

The trustees do not consider the land element of the building to be readily separable from the tangible fixed asset or investment property, and therefore it is depreciated along with the tangible fixed asset. The trustees are satisfied that the impact of this is immaterial on the net book value of the asset.

20

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
3.
Income from donations
Donations
Individuals
Grants
Arts Council England
Elmley Foundation
Esmee Fairbairn Foundation
Herefordshire Council
Herefordshire Cultural Partnership
Total income from donations		 Restricted
£
£
1,023,628
350,054
416,068
524,448
-
10,862
1,439,696
885,364
-
38,884
517,033
922,246
517,033
961,130
922,663
(75,766)
(941,491)
941,491
(18,828)
865,725
Restricted
£
£
-
60
-
251,036
30,000
-
-
82,667
353,379
-
-
3,787
383,379
337,550
Unrestricted
Unrestricted		 2024
Total
£
1,373,682
940,516
10,862
2,325,060
38,884
1,439,279
1,478,163
846,897
-
846,897
2025
Total
£
60
251,036
30,000
82,667
353,379
3,787
720,929

21

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

3.
Income from donations (continued)
Prior period comparative:
Grants
Arts Council England
Elmley Foundation
Esmee Fairbairn Foundation
Herefordshire Council
Lankelly Chase
Herefordshire Cultural Partnership
Shropshire Youth Forum
Total income from donations
4.
Income from charitable activities
Grants and service level agreements
National Lottery Community Fund
The British Film Institute
Herefordshire Council
Earned income
Total income from charitable activities
Prior period comparative:
Grants and service level agreements
National Lottery Community Fund
The British Film Institute
Earned income
Total income from charitable activities		 Restricted
£
£
11,500
251,036
12,000
-
-
82,667
992,628
-
-
1,875
-
14,476
7,500
-
1,023,628
350,054
Restricted
£
£
317,684
-
91,500
-
64,750
-
-
458,181
473,934
458,181
Restricted
£
£
396,068
-
20,000
-
-
524,448
416,068
524,448
Unrestricted
Unrestricted
Unrestricted		 2024
Total
£
262,536
12,000
82,667
992,628
1,875
14,476
7,500
1,373,682
2025
Total
£
317,684
91,500
64,750
458,181
932,115
2024
Total
£
396,068
20,000
524,448
940,516

22

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

5. Income from investments

Income from investments
Rental income
Bank interest
Total income from investments.		 2025
Total
£
32,797
599
33,396		 2024
Total
£
10,167
695
10,862

All income from investments was unrestricted in the current and prior years.

6. Government grants

The charitable company receives government grants, defined as funding from Arts Council England, National Lottery Community Fund, The British Film Institute and Herefordshire Council, to fund core services and charitable activities. The total value of such grants in the period ending 31 March 2025 was £1,087,333 (2024: £784,288). Additionally, the charitable company received funding from Herefordshire Council on behalf of the Stronger Towns Fund to support capital purchases. The total value of such grants in the period to 31 March 2025 was £192,110 (2024: £932,862). There are no unfulfilled conditions or contingencies attaching to these grants in the current or prior year.

23

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

7. Total expenditure

Total expenditure
Staff costs (note 9)
Training
Production costs
Travel and subsistence
Equipment hire
Rent, rates and premises
Insurance
Heat, light and power
Motor expenses
Printing and stationery
Telephone and computer
Memberships and subscriptions
Marketing
Bank charges and interest
Depreciation
Professional fees
Sub-total
Total expenditure
Allocation of support and governance
costs		 £
35,454
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
35,454
-
35,454
Raising
funds		 £
£
613,806
34,963
13,711
-
648,527
-
7,967
-
917
-
18,692
-
12,981
-
11,506
-
1,919
-
3,073
-
30,829
-
16,028
-
3,691
-
25,752
-
45,764
-
13
18,272
1,455,176
53,235
53,235
(53,235)
1,508,411
-
Support and
governance
costs
Charitable
activities		 2025
Total
£
684,223
13,711
648,527
7,967
917
18,692
12,981
11,506
1,919
3,073
30,829
16,028
3,691
25,752
45,764
18,285
1,543,865
-
1,543,865

Total governance costs were £12,430 (2024: £11,810).

24

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

7.
Total expenditure (continued)
Prior period comparative
Staff costs (note 9)
Training
Production costs
Travel and subsistence
Equipment hire
Rent, rates and premises
Insurance
Heat, light and power
Motor expenses
Printing and stationery
Telephone and computer
Memberships and subscriptions
Marketing
Bank charges and interest
Depreciation
Professional fees
Sub-total
Total expenditure
Allocation of support and governance
costs		 £
38,884
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,884
-
38,884
Raising
funds		 £
£
631,898
36,364
4,969
-
557,611
-
5,875
-
824
-
47,953
-
12,082
-
23,302
-
2,946
-
2,641
-
25,213
-
20,120
-
4,269
-
9,503
-
30,670
-
1,500
21,539
1,381,376
57,903
57,903
(57,903)
1,439,279
-
Charitable
activities
Support and
governance
costs		 2024
Total
£
707,146
4,969
557,611
5,875
824
47,953
12,082
23,302
2,946
2,641
25,213
20,120
4,269
9,503
30,670
23,039
1,478,163
-
1,478,163

25

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

8. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2025 2024
£ £
Depreciation 45,764 30,670
Operating lease payments Nil 33,234
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses Nil Nil
Auditors' remuneration (excluding VAT):
Statutory audit 10,350 9,800
Other services 350 350

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2025
£
610,871
59,128
14,224
684,223		 2024
£
639,235
54,493
13,418
707,146

Two employees earned between £70,000 and £80,000 during the year (2024: two employees earned between £60,000 and £70,000).

During the year to 31 March 2024, statutory redundancy costs for one employee totalled £1,546 (2025: £nil).

The key management personnel of the charitable company comprise the Trustees, the Chief Executive Officer, the Creative Director & Deputy CEO, the Head of Development, Head of Production and the Finance & Operations Director. The total employee benefits of the key management personnel were £288,211 (2024: £294,508).

Average number of employees (headcount)
Average number of employees (full-time equivalent)		 2025
No.
16.1
14.2		 2024
No.
23.1
17.5

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Any taxable profits arising in the trading subsidiary are distributed to the parent charity via gift aid distribution.

26

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

11.
Tangible fixed assets
The charity and group
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
Transfers from investment
property		 Freehold
land and
buildings
£
651,267
191,610
95,307
938,184
7,000
24,067
31,067
907,117
644,267		 Motor
vehicles
£
27,270
-
-
27,270
27,270
-
27,270
-
-		 £
£
243,561
5,215
-
-
-
-
243,561
5,215
201,240
5,215
21,697
-
222,937
5,215
20,624
-
42,321
-
Fixtures and
fittings
Technical
equipment		 Total
£
927,313
191,610
95,307
1,214,230
240,725
45,764
286,489
927,741
686,588

12. Investments

Investments
Investment property
Rural Studios Limited
Market value at 31 March 2025
Investment property
Market value at the start of the year
Additions
Transfers to tangible fixed assets
Market value at 31 March 2025		 2025
2024
£
£
444,766
540,073
-
-
444,766
540,073
540,073
-
-
540,073
(95,307)
-
444,766
540,073
The group		 2025
2024
£
£
444,766
540,073
2
2
444,768
540,075
540,073
-
-
540,073
(95,307)
-
444,766
540,073
The charity
540,075
-
540,073
-
540,073

Investment property - Packers House

During the previous year the charitable company purchased the building which it had been renting in order to secure a home for the ongoing Digital Cultural Hubs project. The building is a mixed use property, with initially 45% of the cost recognised as an investment property and held at fair value. The remaining 55% was transferred to tangible fixed assets and is depreciated over the expected useful life of 30 years. The tangible fixed asset portion represents the floorspace occupied by Rural Media for operational usage.

27

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

12. Investments (continued)

During the year, there was a change in use of one of the units at Packers House, which is no longer used to generate rental income. It has been transferred to tangible fixed assets in the year.

The trustees are satisfied that the price paid when purchasing the building on 15 November 2023 approximates to the fair value as at 31 March 2025.

Rural Studios Ltd

The charitable company owns the whole of the issued share capital (2 ordinary £1 shares) of Rural Studios Ltd (formerly Rural Media Productions Ltd), a company registered in England and Wales. The subsidiary is used for larger productions which still meet the charitable purposes of Rural Media Charity. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Profit on ordinary activities
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2025
£
404,448
(370,442)
34,006
(17,260)
-
16,746
2025
£
184,992
(184,990)
2		 2024
£
493,116
(442,381)
50,735
(17,361)
-
33,374
2024
£
202,540
(202,538)
2

13. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Results for the year		 2025
£
1,348,274
142,575		 2024
£
1,919,881
846,897

28

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

14.
Debtors
Trade debtors
Accrued income
Rural Studios Ltd
Prepayments		 2025
2024
£
£
10,114
111,934
116,700
45,451
-
-
9,395
25,818
136,209
183,203
The group		 2025
2024
£
£
9,850
18,387
90,368
45,451
120,732
121,825
8,870
11,952
229,820
197,615
The charity		 2025
2024
£
£
9,850
18,387
90,368
45,451
120,732
121,825
8,870
11,952
229,820
197,615
The charity
197,615

15. Creditors : amounts due within 1 year

Trade creditors
Other taxation and social security
VAT
Accruals
Deferred income (see note 17)
Other creditors
Loans
Creditors : amounts due after 1 year
Loans
Analysis of debt maturity
Debt due after more than one year:
repayable between one and five years
repayable in five years or more		 2025
2024
£
£
107,713
54,321
15,034
15,114
25,449
29,204
35,902
26,165
13,800
15,250
-
2,000
22,808
20,525
220,706
162,579
2025
2024
£
£
217,721
240,685
96,237
91,262
121,484
149,423
217,721
240,685
The group
The group		 2025
2024
£
£
86,902
28,387
15,034
15,115
3,559
2,141
31,602
22,415
7,500
7,500
-
2,000
17,549
15,266
162,146
92,824
2025
2024
£
£
212,023
229,728
90,539
80,305
121,484
149,423
212,023
229,728
The charity
The charity		 2025
2024
£
£
86,902
28,387
15,034
15,115
3,559
2,141
31,602
22,415
7,500
7,500
-
2,000
17,549
15,266
162,146
92,824
2025
2024
£
£
212,023
229,728
90,539
80,305
121,484
149,423
212,023
229,728
The charity
The charity
80,305
149,423
229,728

16. Creditors : amounts due after 1 year

The group secured a Government backed Business Interruption Payment - Bounce Back Loan via Barclays Bank in a bid to secure future low interest loans should the organisation require additional cashflow. The loan was secured at 2.5% interest.

The group also secured a mortgage to partially fund the purchase of Packers House. The loan was secured at 5.5% above the Bank of England base rate. The full value of the liability is held within the Packers House designated fund.

29

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

17. Deferred income

Deferred income
At 1 April 2024
Deferred during the year
Released during the year
At 31 March 2025		 2025
2024
£
£
15,250
33,200
13,800
15,250
(15,250)
(33,200)
13,800
15,250
The group		 2025
2024
£
£
7,500
-
7,500
7,500
(7,500)
-
7,500
7,500
The charity
7,500

Deferred income relates to income received in advance of delivery of services.

18. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Net assets at 31 March 2025
Prior year comparative
Tangible fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Net assets at 31 March 2024		 £
-
-
124,985
(11,448)
-
113,537
£
-
-
128,899
-
-
128,899
Restricted
funds
Restricted
funds		 Designated
funds
£
927,741
444,766
-
(17,550)
(212,023)
1,142,934
Designated
funds
£
686,588
540,073
-
(15,266)
(229,728)
981,667		 General
funds
£
-
-
280,537
(191,708)
(5,698)
83,131
General
funds
£
-
-
244,731
(147,313)
(10,957)
86,461		 Total
funds
£
927,741
444,766
405,522
(220,706)
(217,721)
1,339,602
Total
funds
£
686,588
540,073
373,630
(162,579)
(240,685)
1,197,027

30

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

19. Movements in funds

Restricted funds
Apples and Borscht
Breaking Out
British Film Institute - Film Academy
Digital Culture Hub
Elmley Foundation
Herefordshire Herd
Herefordshire in frame
Our Place
Shropshire Project
Total restricted funds
Designated funds
Packers House
Fixed asset fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
National Lottery Community Fund -
TT Vision		 At 1 April
2024
£
-
-
-
-
-
-
-
121,399
-
7,500
128,899
939,346
42,321
981,667
86,461
1,068,128
1,197,027		 Income
£
63,952
81,367
91,500
192,110
30,000
8,985
6,965
317,684
64,750
-
857,313
-
-
-
829,127
829,127
1,686,440		 £
(63,952)
(81,367)
(91,500)
(500)
(30,000)
(8,985)
(6,965)
(342,362)
(47,934)
(7,500)
(681,065)
(24,067)
(21,697)
(45,764)
(817,036)
(862,800)
(1,543,865)
Expenditure		 £
-
-
-
(191,610)
-
-
-
-
-
-
(191,610)
207,031
-
207,031
(15,421)
191,610
-
Transfers
between
funds		 £
-
-
-
-
-
-
-
96,721
16,816
-
At 31 March
2025
113,537
1,122,310
20,624
1,142,934
83,131
1,226,065
1,339,602

Purposes of restricted funds

Apples and Borscht

A filmmaking project bringing together young people from Ukrainian and Herefordshire to build relationships, explore heritage and identity, improve wellbeing, and promote inclusivity and understanding.

Breaking Out

Breaking Out was a collaborative and creative project which supported children and young people in primary and secondary educational settings in Herefordshire to discuss and deconstruct gender stereotypes, empowering them to reconstruct and transmit healthy and positive role modelling with their peers through conversation, creative content making and sharing of short films.

British Film Institute - Film Academy

The annual BFI Film Academy provides an opportunity for young people aged 16-19 to access high quality film production training through a series of masterclasses and practical workshops and to gain an NCFE qualification.

31

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

19. Movements in funds (continued) Purposes of restricted funds (continued) Digital Culture Hub

In June 2021 Hereford Stronger Towns Partnership secured £22.4 million of Town Deal Funding from the Department for Levelling up, Housing and Communities (DLUHC) to deliver six capital projects which it anticipated will support the economic recovery and growth of Hereford. To support the development of the full business cases of these projects DLUHC has made available 5% of the total funding as Early Funding. Rural Media Charity was allocated up to £55,000 of Early Funding to be used in the development of the full business case for a capital project. During the year to 31 March 2024 RMC received a further £932,862 of capital funding toward the purchase price of Packers House and costs incurred during the purchase. During the current year, RMC received a further £192,110 to contribute towards the costs of capital improvement works to update the building.

Elmley Foundation

Funding in support of a Development Producer post.

Herefordshire Herd

The Hereford Herd Project was a council-funded initiative to strengthen the county’s wider cultural and creative industries sector. The activity strengthened the online creative network through a series of four in-person events discussing specific creative topics and allowing for informal networking. The project addressed several key areas including; Providing opportunities for young people who are interested in starting creative careers, providing peer support, professional development, and social connections to early/mid-career practitioners, providing a creative informal space to improve the sharing of knowledge and contacts, and providing a safe creative space to foster a sense of inclusion, boosting unity and belonging.

Herefordshire in frame

A series of creative development workshops for service providers, decision makers and other stakeholders.

TT Vision

A four year training and career development project funded by National Lottery Community Fund to empower the upcoming generation of Gypsy, Roma and Travellers to take on the running and development of Travellers’ Times as a sustainable 100% community-led project.

Our Place

Our Place (“the Programme”) aims to bring about the step-change needed in Herefordshire’s arts provision, embedding place-based cultural programming to improve lives. This transformative programme will engage communities in deprived wards of Leominster, South Wye (Hereford) & Golden Valley to co-create and exhibit live performances, digital, and visual arts. In collaboration with Public Health, social prescribers & communities the goal is to adopt a new model for community arts provision in one of the UK's most rural counties. Programme-wide ethos, branding, evaluation, and peer learning will drive long-term change.

Shropshire Project

A specific piece of work building on our Point of View project championing youth voice working with young people in Shropshire.

32

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

19. Movements in funds (continued) Purposes of designated funds Packers House

This fund represents the value of Packers House, comprised of the fair value of the investment property, the net book value of the tangible fixed asset and the outstanding mortgage liability. Expenditure against the fund relates to depreciation.

Fixed assets fund

This fund represents the net book value of other fixed assets.

Purpose of transfers between funds

Transfers between funds represent the purchase of fixed assets and capital mortgage repayments made from unrestricted funds.

Prior year comparative

Restricted funds
British Film Institute - Film Academy
Digital Culture Hub
Elmley Foundation
Rural Voices, Collective Power
BookFlicks
Clothworkers
Herefordshire in frame
Apples and Borscht
Shropshire Project
Total restricted funds
Designated funds
Packers House
Fixed asset fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
National Lottery Community Fund -
TT Vision		 At 1 April
2023
£
-
-
-
121,082
8,711
9,305
8,629
-
-
-
147,727
-
56,233
56,233
146,170
202,403
350,130		 Income
£
20,000
932,862
12,000
396,068
-
11,500
-
6,924
52,842
7,500
1,439,696
-
-
-
885,364
885,364
2,325,060		 £
(20,000)
-
(12,000)
(395,751)
(8,711)
(20,805)
-
(6,924)
(52,842)
-
(517,033)
(7,000)
(23,670)
(30,670)
(930,460)
(961,130)
(1,478,163)
Expenditure		 £
-
(932,862)
-
-
-
-
(8,629)
-
-
-
(941,491)
946,346
9,758
956,104
(14,613)
941,491
-
Transfers
between
funds		 At 31 March
2024
£
-
-
-
-
121,399
-
-
-
-
-
7,500
128,899
939,346
42,321
981,667
86,461
1,068,128
1,197,027

33

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2025

20. Related party transactions

Rural Studios Ltd is a wholly owned subsidiary of Rural Media Charity. During the year the company paid the following amounts to the charity:

the following amounts to the charity:
Contribution to production costs, overheads and wages
Gift aid donation to parent		 2025
£
49,535
16,746
66,281		 2024
£
52,897
33,374
86,271

At 31 March 2025 the subsidiary company owed the parent charity £120,732 (2024: £121,825).

Matthew Hayes, a trustee of Rural Media Charity, is a partner at Harrison Clark Rickerbys Limited (HCR). During the year to 31 March 2024, HCR invoiced the charity £30,774 for legal fees related to the purchase of Packers House, of which there were no outstanding balances at the year end. There were no equivalent transactions in 2025.

Nic Millington, Chief Executive Officer of Rural Media Charity, is a director of Herefordshire Cultural Partnership (HCP). During the year, Rural Media Charity recognised £3,787 of income from HCP (2024: £14,476). At 31 March 2025, the balance outstanding from HCP was £nil (2024: £14,476).

Rachel Carter, appointed a trustee of Rural Media Charity in the current year, is a trustee of Flatpack Projects. Flatpack and Rural Media collaborate as part of the BFI Film Academy project, and Flatpack invoiced Rural Media for £10,200 during the year (2024: £nil). There were no balances outstanding at 31 March 2025.

There were no other related party transactions during the year.

34