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2025-02-28-accounts

Charity registration number 1201842

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ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

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LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Paul Meader Deborah Smart Mark Wilson-Brown

Charity number

1201842

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CONTENTS

Page
Trustees' report 1 - 2
Statement of financial activities 3
Statement of financial position 4
Notes to the financial statements 5 - 10

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TRUSTEES' REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2025

The trustees present their annual report and financial statements for the year ended 28 February 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The charity provides two services, Classic Hits Forest Radio and Forest One, for NHS patients and staff across Essex. There was continued financial support from several League of Friends organisations which acknowledges the on-going demand of the charity's services.

Radio Forest's broadcast services were required at three large events across West Essex. The charity's involvement in these events is important to maintain its presence within the local community.

Financial review

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between 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 to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a Charitable Incorporated Organisation registered with the Charity Commission.

The trustees who served during the year and up to the date of signature of the financial statements were: Paul Meader Deborah Smart Mark Wilson-Brown

Recruitment and appointment of trustees

Members of the charity may nominate themselves to be elected as a trustee. The membership will then appoint the trustees at the annual general meeting.

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TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

Organisational structure

The charity is formed of a membership with a committee appointed by the trustees. The roles of the committee are:

The trustee’s report was approved by the Board of Trustees.

…………………….

Paul Meader

Trustee

Date: …………..

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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 28 FEBRUARY 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 3 12,087 8,288
Other trading activities 4 1,200 1,625
Sale of assets 5 1,050 -
Investments 6 168 136
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Total income 14,505 10,049
Expenditure on:
Charitable activities 7 14,506 15,234
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Total expenditure 15,234 15,234
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Net income/(expenditure) and movement in funds (1) (5,185)
Reconciliation of funds:
Fund balances at 1 March 2024 20,112 25,297
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Fund balances at 28 February 2025 20,111 20,112
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2025

2025 2024
Notes £ £ £ £
Tangible fixed assets
Property, plant and 10 10,424 13,057
equipment
Intangible fixed assets
Intellectual property 10 619 -
Current assets
Trade and other receivables 11 3,740 2,710
Cash at bank and in hand 5,746 5,300
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9,486 8,010
Current liabilities 12 (418) (955)
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Net current assets 9,068 7,055
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Total assets less current liabilities 20,111 20,112
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The funds of the charity
Unrestricted funds 13 20,111 20,112
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20,111 20,112
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The financial statements were approved by the trustees on ……………

……………………… Paul Meader Trustee

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

1 Accounting policies

Charity information

Radio Forest is a Charitable Incorporated Organisation (CIO), registered address of St Margarets Hospital, The Plain, Epping, CM16 6TN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. All the income received is unrestricted.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the 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 recognised 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 a contingent asset.

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

Accounting policies (Continued) 1.6 Property, plant and equipment Property, plant and equipment 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: Fixtures and fittings 25% 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 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement 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 assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 11,083 7,318
Membership fees 1,004 970
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12,087 8,288
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4 Sale of assets

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Sales of equipment 1,050 -
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5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising events 1,200 1,625
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

6 Income from investments

Interest receivable

Unrestricted Unrestricted
funds funds
2025 2024
£ £
168 136
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7 Expenditure on charitable activities

Charitable Charitable
Expenditure Expenditure
2025 2024
£ £
Direct costs
Depreciation and impairment 3,516 4,386
Equipment 696 687
Repairs - 2
Streaming Fees 896 1,140
Advertising 576 196
Computer Software 2,099 1,206
Data Protection 35 35
Insurance 816 778
License 3,247 3,010
Sundry 84 1,070
Internet 2,095 1,850
Service Fee 386 189
Accountacy - 600
Bank Charges 60 85
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14,506 15,234
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Analysis by fund
Unrestricted funds 14,506 15,234
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8 Employees
2025 2024
Number Number
Total - -
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There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

10 Property, plant and equipment
Fixtures and Intellectual
Fittings Property
£ £
Cost
At 1 March 2024 37,087 -
Additions 841 660
Disposals (2,000) -
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At 28 February 2025 35,928 660
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Depreciation and impairment
At 1 March 2024 24,030 -
Depreciation charged in the year 3,474 41
Disposals (2,000) -
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At 28 February 2025 25,504 41
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Carrying amount
At 28 February 2025 10,424 619
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At 28 February 2024 13,057 -
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11 Trade and other receivables
2024 2023
Amounts falling due within one year: £ £
Prepayments and accrued income 3,740 2,710
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12 Current liabilities
2024 2023
£ £
Accruals and deferred income 418 955
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13 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 March Incoming Resources At 28
2024 resources expended February 2025
£ £ £ £
General funds 20,112 14,505 (14,506)
20,111

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

13 Unrestricted funds (Continued)
Previous year: At 1 March Incoming Resources At 28
2023 resources expended February 2024
£ £ £ £
General funds 25,297 10,049 (15,234) 20,112

14 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).