**Charity registration number 1201842**
## **RADIO FOREST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **RADIO FOREST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Paul Meader Deborah Smart Mark Wilson-Brown
**Charity number**
1201842
## **RADIO FOREST**
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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|
## **RADIO FOREST**
## **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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## **RADIO FOREST**
## **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:
- Chairman
- Vice Chairman
- Programme Controller
- Finance Manager
- Administration Manager
- Technical Manager
- Grants, Fundraising and Compliance Manager
- IT Manager
The trustee’s report was approved by the Board of Trustees.
…………………….
Paul Meader
Trustee
Date: …………..
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## **RADIO FOREST**
## **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|
|||------------|------------|
|**Total income**||14,505|10,049|
|**Expenditure on:**||||
|Charitable activities|**7**|14,506|15,234|
|||------------|-----------|
|**Total expenditure**||15,234|15,234|
|||------------|----------|
|**Net income/(expenditure) and movement in funds**||(1)|(5,185)|
|**Reconciliation of funds:**||||
|Fund balances at 1 March 2024||20,112|25,297|
|||------------|-----------|
|**Fund balances at 28 February 2025**||20,111|20,112|
|||=======|=======|
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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## **RADIO FOREST**
## **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||
|||----------||----------||
|||9,486||8,010||
|**Current liabilities**|**12**|(418)||(955)||
|||----------||-----------||
|**Net current assets**|||9,068||7,055|
||||||----------|
||||------------|||
|**Total assets less current liabilities**|||20,111||20,112|
||||------------||------------|
|**The funds of the charity**||||||
|Unrestricted funds|**13**||20,111||20,112|
||||-------------||------------|
||||20,111||20,112|
||||=======||=======|
The financial statements were approved by the trustees on ……………
## **……………………… Paul Meader Trustee**
- 4 -
## **RADIO FOREST**
## **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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## **RADIO FOREST**
## **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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## **RADIO FOREST**
## **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|
||-----------|----------|
||12,087|8,288|
||=======|=======|
## **`4` Sale of assets**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||£|£|
|Sales of equipment|1,050|-|
||=======|=======|
## **5 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||£|£|
|Fundraising events|1,200|1,625|
||=======|=======|
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## **RADIO FOREST**
## **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|
|=======|=======|
## **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|
|||-----------|-----------|
|||14,506|15,234|
|||=====|======|
||**Analysis by fund**|||
||Unrestricted funds|14,506|15,234|
|||======|======|
|**8**|**Employees**|||
|||**2025**|**2024**|
|||**Number**|**Number**|
||Total|-|-|
|||=====|======|
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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## **RADIO FOREST**
## **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)||-|
|||-----------||-----|
||At 28 February 2025|35,928||660|
|||======||===|
||**Depreciation and impairment**||||
||At 1 March 2024|24,030||-|
||Depreciation charged in the year|3,474||41|
||Disposals|(2,000)||-|
|||-----------||-----|
||At 28 February 2025|25,504||41|
|||======||===|
||**Carrying amount**||||
||At 28 February 2025|10,424||619|
|||-----------||-----|
||At 28 February 2024|13,057||-|
|||======||===|
|**11**|**Trade and other receivables**||||
||||**2024**|**2023**|
||**Amounts falling due within one year:**||£|£|
||Prepayments and accrued income||3,740|2,710|
||||======|======|
|**12**|**Current liabilities**||||
||||**2024**|**2023**|
||||£|£|
||Accruals and deferred income||418|955|
||||=====|=====|
## **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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## **RADIO FOREST**
## **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).
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