Charlty registration number 1137249 Company reglstratlon number 06854360 (England and Wales) ACADEMY FM THANET ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ACADEMY FM THANET LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr V Todd MrCJWest Mr D Foley Mr G Costain Mr J R Lawson (Appointed 13 April 2023) Charlty number 1137249 Company number 06854360 Reglstered offl¢e CIO The Royal HarbourAcademy Marlowe Way Ramsgate Kent England CT12 6NB Independent examlner Levicks Mark Hurdman BA {Hons) FCA 3 Lloyd Road Broadstairs Kent CT10 1HY
ACADEMY FM THANET CONTENTS Page Truslees, report Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial statements 6- 11
ACADEMY FM THANET TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial stalements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatements and comply with the charily's governing document, the Companies Acl 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective 1 January 2019). Objectlves and a¢tivltles A. POLICIES AND OBJECTIVES The charity operates a community radio station, based at the school premises of Royal Harbour Academy in Ramsgate, Kent. The station was launched in April 2010. The objectives of the charity are to improve student education and broaden the experience of Ihe students who work wilh the slalion manager and to develop stronger links lo the communities which il serves. Students are closely involved in all aspects of the station's activities. On 4 August 2010, Academy FM Thanet became a registered charity. Publlc beneflt The trustees have considered the impact of the public benefil requiremenl including the guidance issued by the Charities Commission. The charity aims to actively advance the education of the Royal Harbour Academy sludents and inhabitants of the Thanet area. . VOLUNTEERS The staff and volunteers of the slation work closely with students of the Academy and with other schools to improve studenl education and broaden the experience of the students. The trustees of the charity would like lo place on record their appreciation of its supporters who provided the necessary funding lo enable the station to continue lo operate. Achlevements and performance Significant aclivilies and achievements against objectives The charity has continued to build on ils strengths of engaging with Ihe local community and has advanced its listener base and the education of students al the Royal HarbourA¢ademy. Flnanclal revlew A. RESERVES POLICY The policy of the trustees is lo maintain a level of reserves that will be adequate to provide a stable base for the continuing operation of Ihe charity whilst ensuring that excessive funds are not accumulated. In common with many other small charities, Academy FM Thanet is dependent on continuing donations from its supporters to enable il to continue its operations. The nel assets as at 31 March 2024 amounted to £13,23612023 - £12.790) . SURPLUS The charity realised a profit of £446 {2023 loss of £1,007) during the year and ended the year with a cash balance of £11,315 (2023 £11,732) Reserves policy It is the policy of the charily that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to beeen three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while Consideration is given lo ways in which addilional funds may be raised. This level of reserves has been maintained throughout the year.
ACADEMY FM THANET TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure, governance and management A. CONSTITUTION The company is registered as a charitable company limited by guarantee and was set up by a trust deed dated 20 March 2009. The company is a registered charity number 1137249. The Charity's memorandum and articles of association are the primary governing documents. The trustees meet as often as is required to take decisions affecting the operation of the charity but at a minimum of twice a year. . METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES Trustees are appointed by the recommendation of the existing trustees. New truslees, when appointed, will be provided with an information pack including the latest accounts and the Memorandum and Articles of Association and will be afforded the opportunity to undertake site visits to the radio station premises. The trustees of the charity are as listed previously. C. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Although no specific trustee training programme exists. most of the trustees continue to have considerable exposure to educational or charitable matters. D. RISK MANAGEMENT The trustees have examined the major risks which the charity faces and have put in place systems, policies. procedures and controls in order to manage and mitigate these risks. Appropriate insurances are in place. The charity is organised with directors and members of the management committee meeting regularly to manage its affairs. Where appropriate, the trustees will act only after taking appropriate professional advice. Plans for future perlods Ouring the coming year the charity will seek lo develop and further its links to the local community and its student educational activities. The trustees, report was approved by the Board of Trustees. Mr V Todd Trustee Dale..
ACADEMY FM THANET INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ACADEMY FM THANET I report to the trustees on my examination of the financial statements of Academy FM Thanet (the charity) for the year ended 31 March 2024. Responslblllties and basis of report As the trustees of the ¢harity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Ihe Companies Act 20C6 (the 2006 Act}. Having satisfied myself that the financial statements of the Charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial stalements carried oul under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515){b) of the 2011 Act. Independont examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe thal in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Acl., or the financial stalements do nol accord with those records.. or the financial slatemenls do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view vAiich is not a matter considered as part of an independent examination., or Ihe financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK aryj Republic of Ireland {FRS 1021. I have no Concerns and have come across no other matters in connection wilh Ihe examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Levicks Mark Hurdman BA (Hons) FCA 3 Lloyd Road Broadslairs Kent CT10 1HY
ACADEMY FM THANET STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Unrestricted funds 2023 Restricted funds 2023 Tolal 2023 Notes Income from: Donations and legacies Charitable activities 12,171 33,522 13,192 33,080 300 13,492 33,080 Total Income 45,693 46,272 300 46,572 Charitable activities 45.247 38,399 9,180 47,579 Net Incomellexpenditurel and movement In funds 448 7,873 (8,880) (1,007) Reconclllatlon of funds: Fund balances al 1 April 2023 12,790 4.917 8,880 13,797 Fund balances at 31 March 2024 13,236 12,790 12,790 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ACADEMY FM THANET BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assels 2,099 2,798 Current assets Debtors Cash at bank and in hand 10 1,646 11.315 11,732 12,961 11,732 Credllors: amounts falllng due wlthln one year 11 (1.824) 11,740) Net current assets 11,137 9,992 Total assets less current Ilabllltles 13,236 12,790 Net assets excludlng penslon Ilablllty 13,236 12,790 The funds of the charlty Unrestricted funds 13,236 12,790 13,236 12,790 The company is entitled to Ihe exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibililies for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial stalements have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the trustees on Mr V Todd Trustee Company registration number 06854360 (England and Wales)
ACADEMY FM THANET NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Charity Informatlon Academy FM Thanet is a private company limited by guarantee incorporated in England and Wales. The registered office is CIO The Royal Harbour Academy, Marlowe Way, Ramsgate, Kent. CT12 6NB, England. 1.1 Accounting conventlon The financial stalements have been prepared in accordance with the charity's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statent of Cash Flows. The financial stalemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounls in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the lime of approving the financial statements, the Irustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trLLqtees continue to adopt the going concern basis of accounting in preparing Ihe financial stalemenls. 1.3 Charltable funds Unrestricted funds are available for use at the discrelion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally enlitled lo it after any performance condilions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Olher donations are recognised once the charity has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is re¢ognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as contingent asset.
ACADEMY FM THANET NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefil to a third party, il is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of dir1 Costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activily. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between Ihose activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spenl, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold land and buildings Equipment 10 % straight line 20 % reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the Carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrmont of flxed assets At each reporting end dale, the charity reviews the carrying amounts of it5 tangible assets lo determine whether there is any indicalion that those assets have suffered an impairment loss. If any such indication exists, Ihe recoverable amount of the asset 15 estimated in order to determine the extent of the impairment loss {if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposils held at call with banks, other short-term liquid investments with original maluritie5 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowngs in currenl liabililies. 1.9 Financial Instruments The charity has eSe¢ted to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charity's balance sheel when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts preserbted in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently Carried at amortised Cost using Ihe effective interest method unless the arrangemenl constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial asset5 classified as receivable within one year are not amortised.
ACADEMY FM THANET NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) Basic financial Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangemenl constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debl instruments are subsequently Carried at amortised cost, using the effective interest rate melhod. Trade credilors are obligations to pay for goods or services that have been acquired in the ordinwy Course of operations from suppliers. Amounls payable are classified as current liabilities if payment is due within one yeaT or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective inlerest method. Derecognltlon of financlal liabilifies Financial liabilities are derecognised when the charity's Contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associaled assumptions are based on historical experience and othef factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undeTlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cfjly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestrlcted Restricted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Donations and gifts KCC Membership fees 9,971 9,971 11,392 11.392 300 1,800 300 2,200 2.200 1.800 12,171 12.171 13,192 300 13,492
ACADEMY FM THANET NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitabl8 activities Unrestrlcted funds 2024 UnrestrScted funds 2023 Donantlons Donations Sponsorships 16,254 17,268 19,435 13,645 33,522 33,080 Expendlture on charltable actlvltles Expenses 2024 Expenses 2023 Dlrect costs Purchases Insurance Vehicle leasinglhire other molorltravel costs Telephone Printing poslage and stationery Advertising Other office cost Sundry Other operating costs Other charitable expenditure 581 1.881 4,016 1,927 665 962 5,990 284 699 1.222 27,020 1,689 2,384 119 2,167 2,493 976 6,796 243 933 914 28,865 45,247 47,579 Analysls by fund Unreslricled funds Restricted funds 45,247 38,399 9,180 45,247 47,579 Trustees None of the trustees {or any persons connected with them) received any iemuneration or benefits from the charity during the year.
ACADEMY FM THANET NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Tanglblo flxed assets Lè•s•hold land and bulldlngs Equlpm•nt Total Cost At 1 April 2023 6,460 53,811 60,271 At 31 March 2024 6,460 53,811 60,271 Depreclatlon and Impalrment At 1 April 2023 Depreciation charged in the year 6,480 51,013 699 57.473 699 At 31 March 2024 6,460 51,712 58,172 Carrylng amount At 31 March 2024 2,099 2,099 At 31 March 2023 2,798 2,798 10 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors 1,646 11 Credltors: amounts falllng due wlthln one year 2024 2023 other creditors 1,824 1,740 10-
ACADEMY FM THANET NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources At 31 Mar¢h expended 2024 General funds 12,790 45,693 145,247) 13,236 Prevlous year: At 1 Aprll 2022 Incomlng resources Resources At 31 March expended 2023 General funds 4.917 46,272 {38,399> 12,790 13 Related party transactlons There were no disclosable related party transactions during the year {2023- none). 11