The Heartland Radio Foundation Limited Charity Accounts

COMPANY REGISTRATION NUMBER: SC134024

CHARITY REGISTRATION NUMBER: SC045946

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Unaudited Financial Statements

For the year ended

31 March 2025

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

	Page

Trustees' annual report (incorporating the directors' report)	1

Independent examiner's report to the trustees	6

Statement of financial activities (including income and expenditure account)	8

Statement of financial position	9

Notes to the financial statements	10

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors' Report)

Year ended 31 March 2025

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025 .

Charity company details

Registered charity name	The Heartland Radio Foundation Limited

Charity registration number	SC045946

Company registration number	SC134024

Principal office	62 High Street
	Crieff
	Perthshire
	PH7 3BS

Registered office	The Old Garage
	Mill Hills Farm
	Crieff
	Perthshire
	PH7 3QW

The trustees

	Graham Huggins	(Retired 16 August 2024)
	Rebecca Coltart	(Appointed 1 October 2025)
	Kate Howie	(Retired 18 April 2024)
	Phillip Jones
	John Mauchline
	Janice Russell	(Appointed 17 September 2025)
	Graham Scougall

Independent examiner	John McKeith C A
	26/30 Bonnethill Road
	Pitlochry
	PH16 5BS

Structure, governance and management

The charity is a company registered in Scotland and limited by guarantee incorporated under the Companies Act 2006. The organisation became a charity on 28 August 2015.

Objectives and activities

The Charitable purposes and powers of the Heartland Radio Foundation are:

- to advance education by providing a range of media training opportunities that will help people in Perthshire develop their personal and employability skills

- to advance community development by promoting volunteering, and by working with partner agencies to address social and economic issues in communities within Perthshire

- to advance heritage and culture by promoting and celebrating the distinctive music, arts and culture of Scotland and of Perthshire.

We aim to fulfil our purposes through the following objectives and activities:

. To run and develop Heartland FM as Perthshire's local radio station, providing radio coverage across the whole of rural Perthshire, serving the towns, villages and hamlets of the area on 97.5 FM and 107.3 FM

. To extend listening accessibility to include smartphones and smart speakers

. To develop the Heartland FM website to provide key local information, creating an online community hub of news and events

. To build and advance community engagement and participation in local community-based activities and projects

. To explore opportunities for, and develop, the education and skills of local youth groups and the community in general

. To engage with and promote local organisations, charities and events

. To promote and support local, Scottish and independent musicians, giving them airplay and an opportunity to introduce themselves and their music to listeners in interviews and special features.

Achievements and performance

March 2024 brought a new, exciting era for The Heartland Radio Foundation, merging Heartland FM radio station with Radio Earn.

To extend our Total Survey Area (TSA) beyond the long-standing Highland Perthshire area to all of lowland Perthshire, a new FM transmitter was installed in Crieff. Heartland FM's re-launch extended our service to cover the whole of rural Perthshire for the very first time. Perthshire's Local Station now serves the towns, villages and hamlets of the area on 97.5 FM and 107.3 FM.

97.5 FM continues to serve the residents of Pitlochry, Aberfeldy and Highland Perthshire as it has for over 30 years. Our 107.3 FM transmission has introduced Heartland FM to a new audience, with Crieff, Auchterarder and Lowland Perthshire being served by our terrestrial radio service on FM for the very first time.

Following re-launch, Heartland FM reach has grown from a potential 5,000 to 28,000 people. Statistics gathered from a range of sources from June 2024 highlighted the success of the new Heartland FM, with listeners tuning in around 24,000 times, for over 85,000 hours, in the first 2 months.

Serving the whole of rural Perthshire for the very first time wasn't the only change at Heartland FM. We now have a full line-up of local daytime programmes, a brand-new team of staff and presenters, as well as some familiar faces, and upgraded, modern studios.

Combining Heartland FM's rich history with a fresh approach ensures that the station truly becomes Perthshire's Local Station, with a variety of locally produced programmes and interviews as well as community news and updates.

This new beginning for Heartland FM saw the relocation of our studios to the High Street in Crieff, prominently supporting the town regeneration.

This year we have continued to build upon the longstanding reputation that Heartland FM holds of producing the highest quality radio output.

Key goals for Heartland FM are to develop our outreach into the community we serve and to explore any opportunities for delivering education projects to organisations in our community.

In November 2024 we were extremely grateful to receive funding from the National Lottery Community Fund in recognition of the potential to develop such projects with 2 posts: Community Outreach Officer and Admin & Education Officer.

Community Outreach

Our Community Outreach Officer hit the ground running in February of 2025 with the aim of immersing Heartland FM into the fabric of Perthshire through:

- forging trusted relationships and partnerships with local organisations

- gathering information for on-air programming

- embedding Heartland FM 'in the field' during local community events.

Highlights from other community projects undertaken

At Heartland FM the communities we serve are at the heart of everything we do. Throughout the year we have dedicated our time to maintain the great reputation that Heartland FM had built over its 30-year history and to build our profile within the new communities we now serve.

Throughout the year we teamed up with a wide variety of local community groups, charities and businesses to showcase and promote the fantastic array of opportunities and experiences on offer.

On re-launch, we did live outside broadcasts from Scone Palace, MacKays Hotel and Pitlochry Festival Theatre, giving local folk the opportunity to come along and meet some of the team.

We have collaborated with local Highland Games committees to celebrate the cultural heritage of our areas, broadcasting the day's events live from the Crieff Highland Gathering and the Blairgowrie and Rattray Highland Games.

With our growing profile and reputation in the area we participated in the Crieff Highland Gathering by taking over the organisation and running of the music arena, re-branding it The Heartland FM Arena. We brought some of the best folk/trad artists from across Scotland to perform live at the Crieff Highland Gathering.

The Christmas period is always a very special time of year within our communities but it can be a time where some individuals may feel isolated and apart from loved ones. Thanks to the power of radio, Heartland FM has been able to create connections through our specialised festive programming.

In December we collaborated with local schools, recording a wide selection of Christmas Carols from performances and choirs - these songs were played on air in the build up to Christmas, and in a special Christmas Day show.

We worked with a local care home to gather memories of Christmas and New Year from yesteryear with thanks to their wonderful residents. This festive special created an incredibly poignant, nostalgic programme which was enjoyed by people across the world, in particular family members who could not be with loved ones on Christmas Day and New Year's Day.

We also worked in partnership with four local churches to produce a series of specialised Christmas shows, connecting people from across many parishes in rural Perthshire.

Education

Our Admin & Education Officer has started to develop and create educational opportunities, utilising the skills, experience, equipment and expertise we have at Heartland FM.

Initial projects undertaken were:

- providing vulnerable young people, who have barriers to learning, with an SQA accredited course in Radio Skills and Podcasting. We hope to extend this offer to adults in the local community

- a collaboration with Blairgowrie High School pupils, offering sessions on advertisement production.

We will continue to create and develop further educational projects.

In what has been a very successful start to our new era, it has been testament to the hard work and dedication of our volunteers, staff and board of trustees, to see the continuation and growth of Scotland's longest serving community radio station.

Financial review

Heartland FM operates under the charitable umbrella of The Heartland Radio Foundation (Scottish Charity Number SCO45946). The main activities of Heartland FM have been funded by financial support from Creative Crieff (Scottish Charity Number SCO049788). Other income is generated from grants and advertising which helps cover running costs.

Heartland Radio Foundation has continued to pay running costs for website and internet charges, licences, legal and accountancy fees.

Other costs are met by funding from Creative Crieff.

In November 2024 a grant of £20,000 was received from the National Lottery Fund. This grant plus additional financial support from Creative Crieff gave the opportunity to develop and launch two new posts: Community Engagement Officer and Admin and Education Officer. The objectives and activities of these posts are covered in the Achievements and Performance section above.

Total income for the year was £82,549 (2024: £116,208). The greater part of this was voluntary income, comprising programmes sponsorship of £12,996, National Lottery funding of £20,000, Creative Crieff funding of £38,000, and other donations/sponsorship of £5,823. The balance of income was radio advertising. The National Lottery funding is restricted, to be applied in financing the two new employee positions.

Expenditure was £65,502 for the year (2024: £11,671). The largest expense this year was station manager fees of £18,000, and mast rental was the second major ongoing expense at £9,070. Other costs comprised largely the normal expenses of licences & subscriptions, marketing, and administration. Depreciation charged on fixed assets is the sole constituent of the £5,941 expense charged to restricted funds.

Total funds of £43,901 were held at the year end (2024: £26,854), of which £36,376 was restricted. An analysis of funds held is provided in the notes to the accounts.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report (incorporating the directors' report) was approved on 18 December 2025 and signed on behalf of the board of trustees by:

Graham Scougall

Trustee

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of The Heartland Radio Foundation Limited

Year ended 31 March 2025

I report to the trustees on my examination of the financial statements of The Heartland Radio Foundation Limited ('the charity') for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the company (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 the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the company are not required to 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 accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement

Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or

2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or

3. the financial statements 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 which is not a matter considered as part of an independent examination; or

4. the 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

John McKeith C A Independent Examiner

26/30 Bonnethill Road Pitlochry PH16 5BS

18 December 2025

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2025

	2025			2024
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	56,819	20,000	76,819	111,519
Charitable activities	6	5,730	–	5,730	4,689
		--------	--------	--------	---------
Total income		62,549	20,000	82,549	116,208
		--------	--------	--------	---------

Expenditure

Expenditure on charitable activities	7,8	59,561	5,941	65,502	11,671
		--------	--------	--------	---------
Total expenditure		59,561	5,941	65,502	11,671
		--------	--------	--------	---------

	--------	--------	--------	---------
Net income and net movement in funds	2,988	14,059	17,047	104,537
	--------	--------	--------	---------

Reconciliation of funds

Total funds brought forward	4,537	22,317	26,854	( 77,683)
	--------	--------	--------	---------
Total funds carried forward	7,525	36,376	43,901	26,854
	--------	--------	--------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible fixed assets	13		22,952	30,076

Current assets

Debtors	14	6,556	316
Cash at bank and in hand		16,714	312
		--------	----
		23,270	628

Creditors: amounts falling due within one year	15	2,321		3,850
		--------		-------
Net current assets			20,949	( 3,222)
			--------	--------
Total assets less current liabilities			43,901	26,854
			--------	--------
Net assets			43,901	26,854
			--------	--------

Funds of the charity

Restricted funds		36,376	22,317
Unrestricted funds		7,525	4,537
		--------	--------
Total charity funds	16	43,901	26,854
		--------	--------

For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

These financial statements were approved by the board of trustees and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:

Graham Scougall

Trustee

The Heartland Radio Foundation Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is The Old Garage, Mill Hills Farm, Crieff, Perthshire, PH7 3QW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties over the charity's ability to continue.

Cash and cash equivalents

Cash and cash equivalents consist of bank deposits held at call with banks.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees believe the charity's accounts are relatively straight forward and as a result there were no judgements, estimates or assumptions that on their own had a significant effect on the financial statements.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

Incoming resources

Income Income from grants and donations is recognised in full when received. Income from the sale of advertising is recognised when invoiced to the customer. Any other income is recognised when received.

Resources expended

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Governance costs represent management and administration expenses which are necessary for the existence of the charity but which cannot be related directly to charitable activities.

Tangible assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% straight line
Broadcasting equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction other than loans from the trustees, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The company is limited by guarantee. The liability of each guarantor in the event of a winding up is limited to £1.

5. Donations and legacies

Unrestricted Funds	Restricted Funds	Total Funds 2025
£	£	£

Donations

Other donations	4,323	–	4,323
Programmes sponsorship	12,996	–	12,996
Other sponsorship	1,500	–	1,500

Grants

National Lottery	–	20,000	20,000
Other grants receivable	–	–	–
Creative Crieff	38,000	–	38,000
	--------	--------	--------
	56,819	20,000	76,819
	--------	--------	--------

Unrestricted Funds	Restricted Funds	Total Funds 2024
£	£	£

Donations

Other donations	108,019	–	108,019
Programmes sponsorship	–	–	–
Other sponsorship	–	–	–

Grants

National Lottery	–	–	–
Other grants receivable	3,500	–	3,500
Creative Crieff	–	–	–
	---------	----	---------
	111,519	–	111,519
	---------	----	---------

6. Charitable activities

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Advertising income	5,730	5,730	4,689	4,689
	-------	-------	-------	-------

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Radio broadcasting services	57,046	5,941	62,987
Support costs	2,515	–	2,515
	--------	-------	--------
	59,561	5,941	65,502
	--------	-------	--------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Radio broadcasting services	3,139	6,463	9,602
Support costs	2,069	–	2,069
	-------	-------	--------
	5,208	6,463	11,671
	-------	-------	--------

8. Expenditure on charitable activities by activity type

	Activities undertaken directly	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Radio broadcasting services	62,987	–	62,987	9,602
Governance costs	–	2,515	2,515	2,069
	--------	-------	--------	--------
	62,987	2,515	65,502	11,671
	--------	-------	--------	--------

9. Net income

Net income is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible fixed assets	7,124	7,862
	-------	-------

10. Independent examination fees

	2025	2024
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	1,240	1,150
	-------	-------

11. Staff costs

The average head count of employees during the year was Nil (2024: Nil).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

12. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2024: Nil).

No expenses were reimbursed to any trustee during the period (2024: Nil).

13. Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2024 and 31 March 2025	2,129	36,586	60,847	99,562
	-------	--------	--------	--------
Depreciation
At 1 April 2024	1,456	19,922	48,108	69,486
Charge for the year	169	5,044	1,911	7,124
	-------	--------	--------	--------
At 31 March 2025	1,625	24,966	50,019	76,610
	-------	--------	--------	--------
Carrying amount
At 31 March 2025	504	11,620	10,828	22,952
	-------	--------	--------	--------
At 31 March 2024	673	16,664	12,739	30,076
	-------	--------	--------	--------

14. Debtors

	2025	2024
	£	£
Trade debtors	4,795	–
Prepayments and accrued income	1,388	–
Other debtors	373	316
	-------	----
	6,556	316
	-------	----

15. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	931	–
Accruals and deferred income	1,390	3,850
	-------	-------
	2,321	3,850
	-------	-------

16. Analysis of charitable funds

Unrestricted funds

	At 1 April 2024	Income	Expenditure	At 31 March 2025
	£	£	£	£
General funds	4,537	62,549	(59,561)	7,525
	-------	--------	--------	-------

	At 1 April 2023	Income	Expenditure	At 31 March 2024
	£	£	£	£
General funds	(106,463)	116,208	(5,208)	4,537
	---------	---------	-------	-------

Restricted funds

	At 1 April 2024	Income	Expenditure	At 31 March 2025
	£	£	£	£
Studio construction and maintenance	21,939	–	(5,692)	16,247
Equipment replacement	378	–	(249)	129
Staff funding	–	20,000	–	20,000
	--------	--------	-------	--------
	22,317	20,000	(5,941)	36,376
	--------	--------	-------	--------

	At 1 April 2023	Income	Expenditure	At 31 March 2024
	£	£	£	£
Studio construction and maintenance	28,153	–	(6,214)	21,939
Equipment replacement	627	–	(249)	378
Staff funding	–	–	–	–
	--------	----	-------	--------
	28,780	–	(6,463)	22,317
	--------	----	-------	--------

The fund for studio construction and maintenance is for use in meeting the costs of improving the studio premises and equipment. The fund for equipment replacement is intended to fund any general equipment replacements. These funds have been fully utilised as expenditure on fixed assets and the balances now represent the depreciated costs of the assets purchased/developed. Annual depreciation on the associated assets is charged to these funds.

Staff funding was created this year to assist in financing PT Community Outreach and PT Admin & Education Co-ordination roles. An application to the National Lottery was successful in obtaining funding of £20,000 to be allocated equally to the salaries for each of these two positions.

17. Analysis of net assets between funds

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Tangible fixed assets	6,576	16,376	22,952
Current assets	3,270	20,000	23,270
Creditors less than 1 year	(2,321)	–	(2,321)
	-------	--------	--------
Net assets	7,525	36,376	43,901
	-------	--------	--------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Tangible fixed assets	7,759	22,317	30,076
Current assets	628	–	628
Creditors less than 1 year	(3,850)	–	(3,850)
Creditors greater than 1 year	–	–	–
	-------	--------	--------
Net assets	4,537	22,317	26,854
	-------	--------	--------