The trustees present their annual report and financial statements for the year ended 31 December 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 Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
The charity operates to encourage, recognise, and promote excellence in all aspects of radio broadcasting and audio production in the UK, in order to maximise the potential of educational benefits this may bring.
The Trustees have considered the Charity Commission's guidance on public benefit. They are satisfied that the activities of the charity during the year directly further its charitable purposes for the public benefit, particularly through professional development (for example: 30 Under 30, Foot in the Door, The Radio Academy Festival), mentoring (for example: Radio Academy Mentoring Programme), and widening access initiatives via bursaries and discounts offered to members. There are also inbuilt moments of celebration with the annual Audio and Radio Industry Awards (ARIAS) along with Fellowships being awarded.
2025 saw the Audio Academy MD Aradhna Tayal Leach go on a year’s maternity leave from June, with her role being covered by former trustee Dixi Stewart as Acting MD following a thorough recruitment process. Dixi continued the second half of the year and the Academy continued to pursue its strategy of outreach and sharing best practice across the sector, while delivering a full programme of initiatives shaped by the MD’s vision.
The highlights of the year remained the Radio Academy ARIAS and the Radio Academy Festival. The ARIAS, held in May, is the charity’s flagship awards ceremony celebrating excellence in radio and audio. In 2025 it was staged in a new venue – The Odeon on Leicester Square in London’s West End. The Festival, in September, was once again held at the Royal College of Physicians in central London and was very well subscribed, under the theme of “World of Sound”. As in 2024, content was spread across three stages, including a strand that showcased winners from that year’s ARIAS, plus for the first time, thanks to a partnership with Dolby, a fourth stage was added to celebrate and listen to the audio the sector creates. Additionally, delegates were offered opportunity to book one-to-one sessions with senior leaders and commissioners in UK and international audio, for career development, coaching, relationship-building and pitching.
It was decided under the new Foot in The Door, the Academy’s training and networking days, built strong momentum in 2025 with events in Belfast, Sunderland and Bradford. These half-day ‘mini festivals’, held in university towns with major media related courses, offer heavily discounted tickets to students and members of the local audio community. The format combines five or six talks across the half-day, concluding with a Radio Academy social event which is also open to local Members to attend – providing valuable networking opportunities with senior industry executives and a range of other speakers.
Our 30 Under 30 scheme once Our 30 Under 30 scheme once again attracted hundreds of applications and showcases the next generation of talent from across all areas of the audio sector, from production and journalism to engineering and marketing.
The Radio Academy Mentoring Programme (RAMP) returned for a fourth cohort. Radio Academy members who applied in late 2024 were matched with senior mentors across the industry, helping mid-career professionals progress in their roles. Mentees represented a wide cross-section of the audio sector, and mentors gave generously of their time and expertise. Another cohort of applicants were interviewed and selected in late 2025 for the fifth cohort, which began in 2026.
The Radio Academy Mentoring Programme (RAMP) returned The Radio Academy Podcast continued to grow, achieving higher engagement from both members and wider audiences. With the appointment of a regular host/producer (an alumna of the Mentoring Programme), the podcast gained stability in editorial direction and production, enabling closer collaboration with the sector and more targeted storytelling. More focus was also put on sharing key highlights from Radio Academy events and programmes with a wider audience.
2025 was the first full year of the Academy managing its own sponsorship and partner affairs. It was also a year of quality engagement with our patrons to secure higher patron fees. This mean that the year ended in a favourable financial position allowing us to further bolster our reserves and carry forward a surplus.
Finally, the Radio Academy announced a rebrand at Festival in September following a membership survey. From the 2026 the Radio Academy will become the Audio Academy to reflect the broader membership base, the opportunity for growth whilst also reflecting that all patrons now consider themselves as audio businesses, not just radio.
BOARD DEVELOPMENT
Our Financial specialist trustee stepped down midway through 2025 following a year long term, and was replaced with another financial specialist who has served on multiple charity boards and has been a former senior Financial Director in significant radio businesses throughout the years. A PR/Comms specialist also joined the board.
At the end of the year, the Chair of the Board (a co-opted trustee) stepped down. The elected trustees appointed the role of Chair to the then-current Deputy Chair to take the role from 1st January 2026 to keep continuity, and co-opted a new Deputy Chair who works for a Patron of the charity, and had formerly served as an elected trustee.
FINANCIAL REVIEW
The year ended with a Surplus of £65,283 (2024: deficit £38,524), primarily due to support from Patrons and Trustees ensuring increased income and better financial control.
The Trustees have reviewed the post year-end financial position and are satisfied that the charity has sufficient subscription income, confirmed patron contributions, and identified revenue streams to meet obligations and continue its activities. The Trustees therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
RESERVES POLICY
The Trustees have agreed that the charity should aim to hold unrestricted free reserves equivalent to approximately three months of operating costs. This level is considered appropriate to provide resilience against fluctuations in income and to ensure the Academy can meet its commitments and manage unforeseen expenditure. At 31 December 2025, free reserves stood at £104,314 (31 December 2024, £38,551). The Trustees will review this annually.
Principal risks and uncertainties
The principal risks identified are:
Income volatility (patron and commercial income). Mitigation: diversified patron base, in-house sponsorship management.
Event delivery risk (venues, suppliers, safety). Mitigation: contingency planning, insurance, supplier due diligence.
Reputational risk (awards adjudication and complaints). Mitigation: transparent criteria, conflict-of-interest controls, complaints procedure.
Staff capacity in a small team. Mitigation: clear role allocation, interim cover arrangements.
In 2026, the Academy will focus on:
Ensuring a successful re-branding.
Delivering the ARIAS at a new venue following feedback on the 2025 ARIAS
Continue to offer Festival with broadened reach and creativity.
Expanding Foot in the Door into additional/new cities.
Growing patron and membership income.
Strengthening monitoring and evaluation to evidence impact.
Continuing Board development to ensure a diverse, skilled trustee group.
Welcoming back the Managing Director following 12 month of maternity leave.
Trustee Perminder Khatkar received £311.29 in expenses to cover travel to in-person board meetings, Radio Academy Festival on-site meetings (as co-chair of the initiative) of which there was also an overnight hotel required for one occasion
The Radio Academy is a charitable company limited by The Radio Academy is a charitable company limited by guarantee, incorporated on 16 January 1986 (company no. 01975564) and registered as a charity on 10 March 1986 (charity no. 293825). It is governed by its Memorandum and Articles of Association, as amended by special resolutions in 1991, 1992, 2006, and 2009.
Trustees are elected to the Board, with additional trustees co-opted as required to bring specific skills or expertise. Induction is provided, and trustees are subject to periodic review of performance and attendance.
The trustees, who are also the directors of Radio Academy(The) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of Radio Academy(The) (the Charity) for the year ended 31 December 2025.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the Charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, 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 that in any material respect:
accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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 financial statements 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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Radio Academy(The) is a private company limited by guarantee incorporated in England and Wales. The registered office is 303 The Pillbox, 115 Coventry Road, London, E2 6GH, United Kingdom.
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". 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 statement of cash flows.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion 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.
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.
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.
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.
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 liabilities, including creditors 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
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.
There were no disclosable related party transactions during the year (2024 - none).