COMPANY REGISTRATION NUMBER: 00782348 CHARITY REGISTRATION NUMBER: 233363 Trans World Radio Limited Company Limited by Guarantee Unaudited Financial Statements Year ended 31 December 2024 Allen Mills Howard Limlted Chartered Accountants & Ststutory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ
Trans World Radio Limited Company Llmitod by Guarantee Financial Statements Year ended 31 December 2024 COUNCIL MEMBERS: Mrs Trish Wells. Chair Mr Reeve B8rringlon lapp)inted 13 May 20241 Mr Simon Burdett Mrs Rachael Dzumbira18ppointed 13 May 20241 Revd Andrew G¢)dfrey (resigned 13 January 2025) Mr Michael Hulmes {resigned 13 May 20241 Mr Brian Muir Mr John Ormiston lappointed 13 May 2024} Mr Colln Saunders COMPANY SECREfARY: The Revd Dr Russell Famworth HIEF EXECUTIVE: The Revd Dr Russell Farnworth REGISTERED OFFICE: Bruce Court 25a Hale Road Altrincham WA14 2EY INDEPENDENT EXAMINER: Mr D K Allen FCA FCCA Allen Mills H¢)ward Limited Chartereé Accountants & Ststutory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ BANKERS.. CAF Bank Limited PO Box 289 Wesl Malling Kont ME19 4TA COUNCIL OF REFERENCE: The Revd Dr Steve Brady The Revd Lyndon Bowring The Revd Gamn Calver Mr Steve Clifford The Revd Damd Coffey, OBE Ms Elaine Duncan The Revd Steve Gaukroger The Revd Mark Greenwood The Revd John Glass Canon Ian Knox Mr Rob Parsons Mr Matt Summetheld The Revd Rob White
Trans World Radio Limited Company Llmited by Guarantee Flnancial Statements Year ended 31 December 2024 Page Trustees, annual report (inrpOrating the directors, report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) 11 13 Statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16 The following pages do nol form part of the financial ststgments Detalled statement of financial aGtiwties 31
Trans World Radio Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporating Ihe Dire¢lors' Report) Year ended 31 December 2024 The Trustees, who are also the DIrloTS for the purposes of company law, present their feport and the unaudited financial stslemenls of the charity for the year ended 31 December 2024. Referanco and administrativ• details Regist•r•d charity name Trans Wodd Radio Limited Charity r•glstratlon numb•r 233363 Company r•gistration number Crf)782348 Prlnclpal office and roglstffed 8ruce Court offl¢e 25a Hale Road Altrincham WA14 2EY The Trustees Mr Reeve Barrington lappoinled 13 May 20241 Mr Sirnon Burdett Mrs Rachael Dzumbira lappoinled 13 May 2024) Revd Antjrew Godfrey {resigned 13 January 2025} Mr Michael Hulmes (resigned 13 May 20241 Mr Brian Muir Mr John Ormiston {8ppointed 13 May 20241 Mr Colin Saunders Mrs Trish Wells Company s•cretary The Revd Dr Russell FaMrIh Indendent Examlner Mr D K Allen FCA FCCA Allen Mills Howard Limited Chartered Accountants & Stalulory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ
Trans World Radio Llmlted Company Limlted by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) fconllnu¥d) Year endod 31 December 2024 Structure goV•Man and management Oryanisational structure Trans World Radio mited is a charllable company limitsd by guarantee and as incorporated on 27 November 1963. TWR-UK 1$ govemed by a Couwl of Managemènt and all properties are vested in Ihat body. The Chief ExKutiv8 Officer 15 responsible for the day to day monagement of Ihe org8nisation, assisted by a team of ministy cordInat0rs. The remunerath.on of all staff. induding that of Key Management Personnel, is reviewed annLFally afterconsideration of the rate of inflation and appropnate benchmarking (including analysis of charity pay throughoLrt a broad range ofjob roles, charity sizes and geographical areas). One third ofthe members of the Council lorthe number nearest one thirdl retire from office at the Annual General Meeting. Retiring members of Council are eligible for re-election and the Council itself has power, with subsequent ralffication by the members in General Meeting. to make an appointment of a Council Member as lor#J as the number of Counal members does not exceed fvftty. The minimum number is five. Potential Trustees are identified after consideration of- Iheir skn11s, experience. availability and knowledge of TWR,. periodic eW of current Board membership, in particular Idenlfying any skill or experience shortFalls which could be met by potential candidates. and a passion to contribute to fulfilling TWR'S objectives. Policies and Procedures for the induction of new trustees arg contained within 8 Council Handbook. Included in the handbook are the conslilutional documentation, roles and responsibilits.es and codes of good prath"ce. OurTrustee training policy is to regularfy review the general balance of skills and experience and prowde training as required, either to individual Trustees or the Board as a Ith18. Thls Ss provided in-house or extemalty as appropriate. Related Parti•s TWR-UK 15 a National Partner of Trans Worfd Radio Irrternalion81. As such. TWR-UK represents TWR Intemational in the Unlted Kingdom and activities are molivaled by 8 mutual desire to see the Gospel of the Lord Jesus Christ proclaimed throughout the world. To this end we broadcast, recruit personnel. provide follow4Jp servi5 to bro8dc8sts, raise funds for ministry in the UK and overseas. and lialse belween tho intmatsonal offices 8nd UK supporters and broadcasters.
Trans World Radio Limited Company Llmlted by Guarantee Trustees. Annual Report Ilncorporating the Dlrectors, Report) (¢ Year ended 31 December 2024 Obje¢tiV•s and actfvltles Oble¢tlves Thg Mom¢yandum and Articles of Association of Trans Worfd Radio Limited Ihereafter TWR-UK} stsle that the object for which the charity was fomied is.. To communicate through radio broadcasting, television. audio-wsual materials. literature. leadership training and other means the Gospel of the Lord Jgsus Chrisr. The TWR-UK mission statement is: TWR-UKworks in fellowship wth the Church and its Wortthde partners to disciple all peoples acco¥dlng lo the command of our Lord Jesus Christ by proclaiming the Gospel to as many people a5 Possible, instructing believers in biblical d¢xlrino and daily Christ-like living, and modelling our message through all our ministy relationships,. Our mission. simply put, is to asslst the Church lo fulfil the command of Jesus Christ lo make disciples of all people and to do so by usin9 and making available mass medi8. rwR-UK'$ purpose is lo be both a UK Christian broadcaster and a worfd mission partner with four stratsgl¢ alms: 1.. To improve a¢¢es¥ lo TWR'$ radio and audio services 2.. To build listening 8nd estsblish 8 first class radio service 3.. To increase and sustsin participation in wodd mission 4.. To develop and secure sustsinable funding The Trustees have identified seven key areas to meet the challeng6s of the coming ye8rs and to enable us to assess how well we are fiJlfilling the strategic aims. 1. Capaclty W8 n•ed to strengthen our capacty and invest in our people. systems and Infrastru1Ve so th8t we Can deliver greater impact. This applies equally to internal capacity {people. managemenUle8dership skills, physical infrastructure, technology) and exlemal capacity (relationships with partner5, SUPPOrters, Ilsleners and stakeholders- present and futurel}. 2. Perfoman¢e We alm to manage performonee and develop a clear understanding of what performance means and how il should be managed to focus sharply on desired sUlts. We aim to be a best Practi employer committed to developing a growing team of gmployees and volunteers who are cornmilted lo TWR'S values and work collectively lo deliver its objectives. To that end. we will.. ensure all employees and volunteers have a clear understsnding of TWR including its Minislry Development Plan. values and objectives early link staff obje¢live$ to the Ministry Development Plan offer relevant and regular access (via the appraisal scheme) to training opportunities in tems of individual and organisational need and with a view to developing, 3ttr8Ctin9 and r&tsining quality staff. 3. Alliancos We aim to creato strategic allian¢es and ro¢ognise that wg have much to learn from other vduntary, public 8nd private organisalions.
Trans World Radio Llmlted Company Llmited by Guarantee Trustees. Annual Report (Incorporallng the Directors, Report) (¢¢Jthu•d) Year ended 31 Docember 2024 4. Promotlon. We alm to enhonco the effectlveness of •xlstlng promotlonal actlvlty and flnd ngw ways to makg Iho ministry and noeds of TWR known. 5. Funding. W8 aim to make the most of chang5ng pattems of fundlng, We will need lo demonstrats to our stskeholders thatwe use our resources wisely. qffiryently and effectivety. We also need to attract new supporters. A key objective for TWR-UK is to increase support for the development of UK broadcasts over the next five years, so that when DTV platfom contracts come up for neWa1 we can give serious consideration to distribution nationally on DAB dvJital radio. 6. L•adership. W• n••d to be led wlth Integrlty and 8im to develop leaders who wll mobilis? people around our mission, focus them on results and create small high-performance teams, so that everyone is motivated to achieve TWR-UK'S objectives. 7. Gov8mance. We olm lo contSnually 8trengthen our governan¢• enhanced membership and crystal clarity over Council's role foT both Council members and Staff. We will endeavour to establish effective ovem8ncfr arrangements with a trained Council focusing on Strateg issues and monitoring outcomes and a management team un¢Jert8king operational management lo deliver the Ministry Development Plan. Actlvltles 2024 hos been a challenging year with the continuing impact of the cosl-of4iving crigs. HoVver. TWR-UK has continued its activities, whl)out interruption. throughout the year. In 2024 we focused on.. Continuing lo focus on understanding our slenceS and supporters Developing news and current affairs content In¢r8asing synergy across social media and radio Growng and engaging our audience and supporters through radio and the optimisation of digital and printed communications. UK Chri$tl8n Broadcasting TWR-UK broadcasts 2417 on digitsl lel9visi plarforTns Sky Guide, Freesat an¢J Fregview and online laccessible from a computer. intemet radio and the TWR-UK Smartphoneltablel Appl. Content for UK audiences is in a speech-ba5ed formal and includes news, current affairs 8nd Bible teaching. TWR-UK matss programmes for transmission and distributes programmes produced by other Christian broadcasters. Programmes produced by TWR-UK are also distributed as aud on4gmand podcasts available on Ihe TWR-UK website, Apps and YouTube ¢hannd. Int•rnational Christian Broadusllng TWR-UK is committed to empowering ministy partners and communities aroLsnd the worfd and encouraging them lo ulilise lrfe-givin9 media in the process of Iransfomiation. To fulfil this purpose. we work with organisab'ons around the world, some of which are, like us, pathers of TWR Inlernalional. Ourwork to enable partners indudes.. finding and connecting interested partles, offering strategic advice, training, capacity building and offering both financial and pract¢cal contributions.
Trans World Radlo Llmited Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) (¢tinfrnu8d) Year ended 31 D•¢ember 2024 Achlgvomonls and rformanc• Broadcasting and Programme Produ¢tlon TWR-UK continues to broadca51 a speech-based radio serwce with the best of Christian ministy, teaching and current affairs programming. Through its digital television platforms. ThR-UK's 'roach" Indudes almost every hou$ehokl in the UK. Cuffent estlm81es suggest that the audience size is about 250.000. A selection of programmes is also available to stre8m or down108d on the TWR-UK website, Smartphonellablel Apps and YouTube channel. Over the past year. TWR-UK has continued lo strive to prowde high quality and ei.ng content across all ils platforms. We seek lo promote a greater understanding of cuent affairs and to provide the very best in Bible teaching programmes. Our desire is lo highlight issues of concern and interest both in the Christian and wider community and to promot¢ understanding. compassion and positwe action. We are devoted lo transforming lives through the powor and influenco of the Bible and lo maintaining a distinctive Christian media brand. The studio team has worked hard to delSver relev8nl and engaging content. During the year special effort has been made to improve the quality of our news and current affairs programming. We h8ve continued to strengthen our netsvort( of contrilyjlors and ctsmmentstors for the news service and have developed programme-making collabor81ions with Christian organisalions and missions who can help us deliver enriching content for our audiences. These alliances are crucial to our content produ¢tton work and also provide useful cross-promolional collaborations which help us to grow our audience. Feedback from listeners and supporters offers ample encouragement that TWR-UK'S lrfewchanging radio continues to make 8 IltiVe impacti Onlino TWR-UKS website provides access lo our audio content (both as streaming audio and downloadable podcasts) and a window lo TWR'S global mission. TWRK.$ Apple and Android Apps piovide access for mobile users and are helping lo boost TWRK,$ online audience. In addition we have increased our engagement wilh soual media. particularty Instagram. Facebook and YouTube. Publlcatlons 'Li51ening World, is our primary publication, and is distributed to supportors four times a year. 'Listening Worfd. balan¢gs information about TWR-UK'S broadcast ministry in the UK wlh inlemation8151ories lo highlight the imp8Ct of missionary radio around the wodd and is dislribijted to 13,000 listeners and supporters. Intematlonal Christian Broadcasting During 2024 TWR-UK arranged supporter appeals to encourage support for urgenwy needed programming from TWR'S transmilters lo Pakistan, Afghanistan and North India IPANII and the Mid(Ile East, a$ well as for developments to TWR'S digital ministry {TWR3601 and Women's programming (Women of Hopel. As in previous years TWR-UK allocated a proportion of its general fund income to be used to support UK and overseas projects related lo media and missions. TWR-UK makes financial contributions lo parthers have ovedapping vi5w)n and shared values lo our own. to fvrther their acllvity., specifically to increase the effeclivene5s of their media projects. Some of these a lo invest in the capacity and capabilitie5 of the partner or9anisations s¢ that they 8re stronger, more sustainable and belter able to thrivg in Ihelr local context.
Trans World Radio Limited Company Limlted by Guarantee Trust•es' Annual Report (Incorporating the Directors, Report) I¢U¢) Year ended 31 December 2024 Other contribullons are towards speclfic medi8 proiects. whether for 81rtime. equipment. production or their start-up. development or funning costs. Our approa¢h is focused on enabling partners to use media, predominantly audio, lo bdng'life in all its fullness. lJohn 10..101.' for individuals across all parts of a community as their lives are Iransfomied.. for followers of Christ in those communities as they care for those around them., and for communities as a whole 85 they transform into better places to live and thrive. In 2024 £8,000 was distributed and we were pleased lo be able to support ministry th TWR Greece and TWR Hungary. Audiance and Church Relatio Correspondence testrfies lo the value listeners pla¢e on our broadcasts. Durir¥J the year TWR-UK has dealt with 2,238 contscls by letter. email or telephone. TWR-UK is keen lo work with local churches to exi&nd our reach across the nation and lo highlight the irntN)rtance of TWR'S partnerships around the worfd. Church provide a unique opportunity to share and explore ways lo work together in the cause of Christ. Volunteers The contribution of volunteers continues to be encouraging and appreciated by TWR4JK. A small volunteer base in Manchester continues to bo available for studio work and listener response ministry.
Trans World Radio Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Roport) (wrtrnu•d) Year ended 31 December 2024 Publlc beneffl The Trustees are aware of the Charity Commission's guid8nce on public benefit. The Tnjstees believe that the Charity supports broadcasts and associated activities which stimulate and promote 'th¢ advancement of the Christian religion. by expsSIng and demonstrating God's concem for the holistic needs of all people.. spiritual, physical. and emotional. Our broadcasts prowde a means by leh people of any faith, or none, can lake (L)mfort. encouragement and wsdom from Christian values and belief, and can be supported as they face pressure or difficulty- They are readily available to anyone liwng in the areas to which our programmes are transmitted and TWR prowdes help and support to those listeners who contact us irrespective of their soual, economic or reli9ious background. Chrlstlan Radlo and the respon ¢0 human need: As a national partner in the Trans Wd Radio Intem81ional bToadc8sting network, TWR-UK is part of a Christian global mass media org8nisalion bringing benefit lo the worfd's public with speaffic focus on key areas such as women, children and youth, HIVIAIDS and primary health care, church leadership development and societies which are dominated by oral leamers. We work in more than 300 languages covering over 190 countries.. we also have offices and partnerships sprinkled 8cross all th& continents. Programmes are broadcast from more than 2,000 outlets. including intsmalional Iransmltting sitss, as well as local AM, shorVaVe. long wave. FM. direcl-to-lislener satellite broadcasts, cable audio systems and the Intemet. Chrfstlan Radio and the advancement of religion: In the UK, TWR-UK broadcasts qu81ity, speech- led Christian radio via satellite and the Intemet. Through these broadcasts. the general public have access to radio progrdmmes that educate. inform and enlertain and demonstrate a clear Christian perspective on values such as family life and neighbour love. All members of the public with suitable reIving equipment have access to programmes designed to inspire thern lo daily Christ-like living and offer encouragement to live out Ihelr faith relevantty in the modem wodd as reSponsie cAtszens. Chrlstlan Radlo and the transfomiatlon of $oclety: TWR-UK produces and distributes pro9rammes that encourage a belief in God, promote Christian value5 and make a positivg contribution lo s¢xiety. In this respect, TWR represents hundreds of thousands of people drawn from mainstream churches 8 vSsion. adopted from Lord Reith. the first Director GenerBI of the BBC. for me(418 that is for the 'bett8rmenl of society.. Religious freedom is an important social value in democratic soclety and Christianity aspires to transcend all barriers of cultLJre and race and has a major role lo play in the elimination of cultural intolerance. TWR is MmItted to an environment where quality broadcasting 15 available lo every section of our society th the widest possible choice of diverse media seMce5 of the highest qualty. How on$uro fvndrals• r•$pon$ibly TWR-UK lieS on voluntary support. In order lo wovide the fijnds requirgd for TWR-UK to fvlI its mission. we ftJndr8ise in a number of drfferent ways, which can be summarised as follows. ' we recruit new donors and develop relationships with them • we raise money from Trusts and Foundations • we raise rnoney through airtime sponsorship by programme-m8kers . we ask our sUPPOrteTS and potential supporters lo ¢on$id&r including a gfft to TM in their will TWR-UK did not work with any fundraising agencies during 2024. TWR-UK is registered with The Fundraising Regulator and seeks to follow the Code of Fundralslng Practice. which can be found 8t www. fundraisingr8gulalor.org.uklcode-of-fundraisingpraclice. There have been no reported brea¢hes of these sl8ndards. We have 8 number of controls in pla to ty lo ensure that the trust and confidence of our donors and of the public are maintained. Our Supporter Charter can be viewed and downloaded from http.'Ilvwrn..0rg.ukjch8rterI
Trans World Radlo Llmited Company Limited by Guarantee Trustees. Annual Report (Incorporating the DirectorJ' Report) Year ended 31 D•cember 2024 Flnancial review Rlsk Manag8m8nt and ReseNes Policy The risks fed by thè Charity have been reviewed during Ihg year, and pol18$ and controls to mikng8le these risks are in place. Thg three most signrfKant risks identified, together with mitigating 8ctions are.. 1. Failvre to delNer the mlssSon efferAwely. caused by18ck offocLFS, relevance. inabilty to attract kay staff. or ill healthldeathlresignalion. Whilst recognising that we operate in volatile limos, we have invested significant effort in developing a Ministry Development Plan. Pgrforniance wll be monitored against the plan lo mi119ale the effects of an adverse risk event. or lo tske advantage of an unplanned opportunity, 2. Income gener8ti¢)n and sustainability- the fundraising strategy is prepared and revleyd annually by key stsff. The income and expenditure of TWR-UK is relalivety stable. This is bause funding is not over- dependent on any partUlar source and the projections for expenditure are reasonabty pre(lictsbl&. A monthly financial analysis is compiled for Trustees by the Flnance Adminislralor and Ihe Chief Executive Officer and appr8ised against annual budgets. This ensures 8c¢ountsbility and would alert management end the Councll lo any difficulties. However, there are some highly variable sourcés of Income for TWR-UK. It is unde8r whether the same outstanding response lo ministry opportunities c8n be maintained, although InMe here is directly matched lo expenditure. More serioudy. the variation in legacy income is a potential source of risk. For such re8sons. the Council of mem1r$ has decided to implement a policy of maintaining a reserve of al least £150,000. which equates to quarterly expenditLtre. On top of this minimum, the Council also endeavours lo keep sufficient reseNes lo miti9ate any potential threat from holding longer term. high cost contracts for transmission. This is consKlered to be adequate to maintsSn ihe integrity of TWR-UK in all foreseeable fiJture circumstances. 3. Reputational daimage caused by adverse publicity or ',oss of ¢dIbilIty, espv.ially in relatlop. to broadcast output. TWR-UK'S approach is carefully and prayerfulty considered. and all programmes imported into our schedules from other programme prOdUrS are carefully examined to ensure their compliance with Ofcom's Broadcasting Codes. We promote a culture of transparency and accountability and have robust policies in pla including Whistleblowing, SafeguardiThJ. Bultying and Harassment along with relevant sections within our Staff Handbook. The Council of TWR-UK wlll tske steps to ensure that'the rnajor risks to which the tharity is exposed, as identified bylhe trustees, have been reVIe*d and systems have been estsblished to mitigate those risks" The Flsk Register is reviewed formally every year and risk management is an onOing process that en8bles the CoLtncil to focus on the mitigation ol those risks that would prevent TWR-UK achieving its slralegic objectives.
Trans World Radio Limited Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Directors, Report) (MnNnu• Year ended 31 December 2024 Flnanclal resufts and rnsour¢•8 The re5utts for the year ended 31 December 2024 show a deficit of£212,309 compared with a deficit of £128.946 in the prewous year. The increase in the deficit in the year was a result of a decrease in the overall income. dovm to £594.979 12023.. £649,078), and an increase in total expenditure lo £844,346 12023.. £834.6561. Induded in income was a reduction in legacies receNed lo £138.677 {2023.. £191,840), while expenditure $8w an increase in overall wage costs lo f247,223 {2Q23.. £236.3161. and an increase in premises costs to £84.338 {2023.' £70.6841. The members of Counc51 rem81n aware of the need to Increase lUTe income from donations in order lo meet the costs of continuing lo broadca518t similar levels. The Charity's investment portfolio confinues to be structured to ensure that all investments meet the eth81 criteria spectfied by the Council. During the year the company incurred no capital expenditure on office and studio equipment. The charity's bank balaeS have decreased by £50,573 during the year. Changes in fixed 8ssets during the period are summarised in note 14 to the financial statemefts. Following the deficit in the year, the charity had total reserves of £830,4X> {2023'. £1,042,759). The reserves are held to fvlfill the aims and *ivities described gler in this report. Fr reserves available 81 the ba18nce sheet date were £217,80512023: £263.2051 in line with the Chari8 reserves policy which Is set out on page 8. Investments The Trustees have invested funds that are not required in the Short lem. The Trustees consider that its investments have pertormed adequatety in relatn to the market Environmental and ethical laclors are considered in the selection of funds and the investment portfolio continues lo be structured lo ensure that all investments meet 9th11 criteria specified by the Council. The Trustees regulady reviews its inveslmenls, wlh due regard to liquidity, balance, performan and safety, and meets annually with the portfolio manager.
Trans World Radio Llmited Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Dlrectors. Report) Year endod 31 December 2024 Plans for futurn poriods Ambition$, hopos and plans The Council of TWR-UK hopes lo expan(J its UK radlo seNlce by enhancing th& quality of the 24 hour schedule and seekiThJ other means to deliver its nIent in a way that is more accessible for listeners. We aim to continue our exploration of trje rrt)ssibility and fea5ibillty of digital radio as a means lo Ihis end.. endeavour to maintain our presence on DTV (digital tslevision} plarforms and lo grow our audience and support base., to explore options for online delivery in a broadcast environment that Is mwng steady to the distribution of TV and r8dio services by online streaming- continue lo increase the quality and appeal of our broadcasts. deal wth listener resrK)nses as effectively as possible., strengthen TWR-UKS online presence and further develop mobile applications to encourage lislening Ma smart phones, smartspeakers and tablet computers., optimise our use of soclal media., and further develop our work with intem8lional partne and our support for inlemalional projects. A key element in the effectiveness of any radio service is consistency and reliability and TWR-UK is committed to maintaining current broadSts vthile these continue to prowde an effecbve means of communicating wth listeners. Small company provlsions This report h8s bèen prepared in accordance with the provisions applicable lo companigs entit1j lo the sm811 companies exemption. The Iruste8s' annual report was approved on 12 May 2025 and signed on behalf of the board oftru51ees Trlsh Wells Trustee 10-
Trans World Radio Limited Company Llmlted by Guarantee Independent Examiner's Report to the Trustees of Trans World Radlo Llmlled Year ended 31 December 2024 I report lo th8 trustees on my examination of the financial statements of Trans Worfd Radio Limilod I'lhe charity'} for the year ended 31 December 2024. Re$ponsibiliti•s and basis of raport As the trust of Ihe company {and also Ils directors for the purposes of company lawl you are responsible for the prepaialion of the financial slalements in accordance wth Ihe requirgmenls of lh8 Companies Act 20061.lhe 2006 Acl'l. Having satisfied myself that tho accwnls of the comp8ry are iiot requi 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 charty's accounts as carried out under section 145 of the Charities Act 2011 Ilhe 2011 Act'}- In carrying OLII my examination I have followed the Directions given by the Charity Commission under seCn 145(SXbl of the 2011 Act. Independent •xaminorfs stat8m•nt SSnce the charity's gross ineome exceeded £250,000 your examiner must be a member of 8 bo¢ty listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinalion because l am a member of the Asso?afrm ofchartered Accountsnts IACCA}, which is one ofthe listed bodies. I have completed my ex8minalion. I confimi th8t no matters have come to my attention in connection wilh the examination giving me cause to belleve: accounting records were not kept in respect of the charity as required by sectn 386 of Ihe 2006 Act,. or the financial statements do not accord wlh Ihose records; ¢x Ihe financial ststements do not comply wllh the accountiw requirements of section 396 of the 2006 Act other than any requiTeTnent that the accounts give a Irue and fairf Mew which is Th)1 8 matter considered as part of an independent examination,. or the financial statements have not been prepared in erdance wih the methods principles of the Slalement of Rewmmended PracCe for accountlng arKI reporting by charities applicable lo charities preparin9 Ih8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 11
Trans World Radio Limited Company Limited by Guarantee Independent Examiner's Report to the Trustees of Trans World Radio Limited (e•nllnuod) Year ended 31 December 2024 I have no concgms a1 have come across no other matters in connection wth the examination to whic*b attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. en'È-CCA FCA Allen)Aills Howard Limitad Chartered Accountants & Statutory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ 13 May 2025 12
Trans World Radio Limited Company Limited by Guarantee Statement of Financial Activities (includlng income and expendlture account) Year ended 31 December 2024 2024 Unrestricted Re8tri¢ted Funds funds Total funds Total funds 2023 Note Income from: Donations and legacies Invesknent income 574.081 20098 574.081 20.898 625,096 23.982 Total Income 594.979 594.979 649.078 ExnditUr1 on,. Raising fund5 Expenditure on charitable activities 24,586 819,760 24,586 819.760 26,905 807.751 Total expenditure 844.346 834,656 Nel incomellexpendtturel {249.367) 1249.367) (185,578) Net Ilossygain on investments 10 37.058 37,058 56.632 Net m0ment in funds (212,3091 {212,309) 1128.946) Reconelllatlon of lunds Total ftjnds brought forward 1.042.759 1,042,759 1,171.705 Total funds carrièd forward 830.450 1,042,759 The stslement of finanryal activities includes all gains and losses recognised in the year. All Income and expenditure derive from confjnulng activltles. Th• nots8 on pag•s 16 to 30 forni part of these flnanclal statsm•nts. 13-
Trans World Radlo Llmited Company Limlted by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Flxod assets Tangible fixed assets Inveslmenls 14 15 7,231 605.414 14,482 765,072 612,645 779,554 Current assets Debtors Cash ot bank and in hand 16 93,049 148.279 87,938 198,852 241,328 286.790 Creditors: amounts falling du• wlthln one yoar 17 23,523 23,585 Met current a58•ts 217,805 263,204 Ti>tal assets less Gurreftt Ilablllti•s 830A50 1.042.759 Nel assets 830.450 1.042.759 Funds of th8 charity Unrestricted fijnds 830.450 1.042,759 Totsl Gharty funds 19 830ASO 1,042.759 For the year en(ling 31 December 2024 the charity was entitled lo exemption from audit under section 477 of Ihe Companies Act 2cKI6 relating to small companies. Directors, resporbsiknlitses.. The members have not required the company to obtain arb audit of its finanGial 51atemenl$ for the year In question in gccordance with section 476., The directors acknO%edge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of finanaal slalemenls. These fin8nual statements have been prepared in accordance wth the provisions applicable to companies subject to Ihe small companies. regime. These financial stslem8nts were approved by Ihe board of truslees and authorlsed for issue on 12 May 2025, and are signed on beh8W of the board by.. rs Trish Wells Trustee Mr Brian MLllr Trustee The not•¥ on pagu 16 to 30fomi port cl th•$• flnan¢l•l stat•monts. 14
Trans World Radio Limited Company Llmlted by Guarantse Statement of Cash Flows Year ended 31 December 2024 2024 2023 Not• Total funds Total funds Cashflows from oporatlng a¢tlvltles Net cash used in operating acliviknes 20 (268,188) 1207.959) Cash flows from Investlng actlvlties Purch8se of tanglble assets Purchase of other investments Proceeds from sale of olhor investments Invesbnenl income 3,847) 19,794) 190,000 23.982 112.1101 210.000 20.898 Nel cash (used inyfrom investing activilies 218,788 200.341 Nat incrnaso in cash and cash gquivalents Ca¥h and cash oqulvalents at beglnning of year 149.4001 222.834 (7,6181 230,452 Cash and cash equivalents * end of y•ar 21 173,434 222,834 The notes on pogeg 16 to 30 lomi part of thesefinancial stat8monts.
Trans World Radio Limited Company Limited by Guarantee Notes to the Flnancial Statsments Year ended 31 December 2024 General Inforniation The charity is a public benefit entity. a5 defined by FRS 102. and a private company limited by guarantee, registered in England apd Wales, and a giSter0d Charity in F.nol8nd and Wales. The address of the registered office is Bruce Court, 25a Hale Road, Althncham. WA14 2EY. ststement of ¢ompllance These financi81 stslements have been prepared in Complianc with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Ststement of Recommended Practice applicable to charits'es Preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Iland IFRS 1021 (Charities SORP (FRS 1021}. issued in Octoter 2019, and the Companies Act 2006. Accounting poIici•s Basis of preparallon The financaal ststements h8ve been prepared on the historical cost basis, as modified by the revaluation of fixed asset investmonts measured at fair value through the statement of finarla1 aclivilies. The kywilal GUenGY the financial statements is PoLTrJ steding and rounding is to the nearest £1. Going ¢Onrn The trustees consider that there are no materi81 uncertainties over the charity's ability lo continue tr the foreseeable lulure. As a resutt. Ihey consider that it remains appropriate to prep8re the accounts on the going ¢oncem bas. Fund accounting Unrestricted funds a funds which are freely available for use by the counc51 member5 in fvrtherants of the general objectives of the charity. Deslgnated fvnds ar8 unre51ricts¢J funds ¥1¢h are set aside for spgcrfic purposes or probects for use by the council members in the frJrther8nce of the gener81 oblecllves of the th8rty. Restricted funds are funds which are lo be used in accordance with specific resttionS imposed by donors.
Trans World Radlo Llmlted Company Limited by Guarantee Notes to the Financlal Statements (wtru¢dJ Year ended 31 December 2024 Accounting policies In¢oming resources All in¢¢yning rgsourGes are included in the statement of financial activities when entillemenl has passed lo tho charity. it 1$ probable that the economic benefits associated wilh the transaction wll Ilow lo Ihe charity and the amount can be reliably measured. The follovAng specrfic poIleS are applied to partlcular calegorles of Income.. income from donations or grants 1$ recognised when there is evidence of entillemenl lo Ihe gift, receipt is probable and its amount can be measured reliably. legaw income is recognised when receipt is probable and enlitlem8nl is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably. in which case the value is derived from the wsl lo Ihe donor or the estimated resale value. Don8tsd facilities and servicos are recognised in the accoLJnts when received if the value can be reliably measured. No amounts are included for Ihe contribution of general volunteers. Income from investments is recognised when notification of the income attributable to the charSty has been received and receipt is highly likely. ResourGOS exndId Expenditure is recognis8d on an accruals basis as incurred. Expenditure include5 any VAT which cannot be recovered. and is dassifd underheadings of thestatemenloffinancial activf(iesto which it relates.. expenditure on raising funds indude5 the cos15 of all fundraising aclimties, events, non- charitable trading activities. and inve5trnent managers, costs. xpendilure on charitable activities includes all Gosts incurred by a charity in undortaknng acliMties that further its charitable aims for the benefit of ils beneficiaries. includin9 those support costs and costs relating to the govemance of the Charity apportioned lo tharitable activitles. otherexpendilure incl¥Jdes all expenditure that is nerther Telated to raising fundsforthe charity nor part of its expenditure on charitable activities. All costs are allocated to expendibJre categories reflecting the use of the resource. Direct Costs attributable lo a single actimty are allttated directly to that actiwly. Shared costs are apportioned been the activtties they contribute lo on a reasonable. justifiable and consistent basis. TangSble fmd assets Tangitsle assets are initially recorded at CQ51. arHI Subsequent stated al cost less 8ry Umulated depreciation and impairment losses. 17
Trans World Radio Limited Company Limited by Guarantee Notes to the Financial Stat•ments (eonthiwd) Year ended 31 December 2024 & Accounting poll¢l•s (¢wlth Depreciation is calculated so 8S to write off the cosl orvaluation of an asset, Igss ils residual value, over the Jseful economi¢ life of that asset as follnws.. Motorvehides Studio equipment 250A reducing balanc 330A straight line A review for indicators of impaiTment Is canied out 81 each reporting dale, wth the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaim)ents are also reviewed for posslble reversol at each reporting dats. Flx•d as$et investments Investments are a form of basic financial instrument and are initially Tecognised at their transaction value 8nd subsequendy measured at their fairvalue as at Ihg balan Sheet date using the closing quoted market price. Realised gains or losses on investment 8ssets are calculated al the difference betren disposal prnedS and their opening carrwng value or their purchase value if acquired subsequent lo the first day ofthe financial year. Unrealised gains and losses are calculated as the differen betsveen the fair valuo at the year end and their carying value at that dale. Reallsed and unrealised investmont gains or losses 8re combined in the ststemenl offinancial activities and are recognised in the year in whith they arise. Financlal instrumonts The charity onty holds finanry81 assets and financlal Ilabilibes of B kirKI that qualfy as b9S financlal instruments. Basic fin8ncial instruments are Inltl81ty reccJnised at transaction v8lue and are subsequently measured at thelr setuement value. 18
Trans World Radio Limited Company Limited by Guarantee Notes to the Flnancial Statements (C11¥) Year ended 31 December 2024 Accounting pollcles(¢onthu•d) D•btor8 Trade and other debtors are recognised at the settlement amount, less any provision for non- recoverability. Prepayments are valued al transactK)n value. Cash at b•nk and in hand Cash al bank and Cash in hand includes wh arKI short temi highly liquid investments wrlh a short maturity date of three months or less from the dale of acquisition or opening of the depo*l or similar account. Cr¢ditors and provl$lon$ Creditors and provisions are r8cognisgd where the charity has a present obligBtion from a past event that will probably sU11 in the transfer of funds 10 8 thSrd paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially fecognised at their setuemenl amount after allowing for any trade discounts due. Operatlng le$ Rentals paid under oper81ing leases are charged to the IrMe end expenditure account on 8 slraight-line basis over the period of the lease. Pension schgmè The charity operates a detine(5 contnbution pension scheme tor the benefit of its employees. The assets of Ihe scheme are held independenuy from thosg of the Gharity in an independent administered fund. The pension costs charged in the financial statements represent the charity's contributions PaYae during the year. Limitsd by guarantoo The charity is a company limited by guarantee. In the event of the tharity being wound up the liability in respect of the guarantee 15 limited lo £1 per member of the charity. The number of members al 31 Decernber 2024 was 712023.. 6}. 19
Trans World Radlo Llmited Company Limitod by Guarantee Notes to the Financlal Slatements (¢onthJwd) Year ended 31 Docember 2024 Donation$ and legacles 2024 2024 Unrgstrictod Rostrl¢t8d Funds Funds 2024 Total Funds 2023 Total Funds Donatlons General contributions Broadcaster contributs'ons 393.094 42,310 393.094 383,402 42.310 49,854 Logacl•$ 138,677 138,677 191.840 574,081 574.081 625,096 Invesiment Income All unrestricted funds 2024 2023 Bank interest receivable Portfollo Interest and dividends 1.362 19.536 23.952 20,898 23,982 Ralslng funds All unrestricted funds 2024 2023 Ralsing funds Appeals and follow up costs Investment management costs 18.459 6,127 18.159 8,746 24.586 26.905 20
Trans World Radio Limited Company Limited by Guarantee Notes to the Financlal Statoments (eortinued) Year ended 31 December 2024 Expenditure on charltable activitiè8 by actlvity and fund 2024 2024 Unr08trict•d Rastricted Funds Funds 2024 Total Funds 2023 Total Funds Gifts and donations Grfts and donations paid Field gifts and missionaries 8,000 59,213 8,000 59,213 15.678 75.224 67,213 67,213 90,902 2024 2024 Unrg¥tricted Restricted Funds Funds 2024 Total Funds 2023 Total Funds Radlo Programmos and broadcasting Airtime costs Studbo and production costs Wageslsalaries Employer's Nl Pension costs Depreciation Support Gosts Inole 8) 323.216 1.579 162.678 8,194 7.530 4,501 102,769 323.216 1,579 182.678 8.194 7.530 4.501 102,769 292,800 774 157,648 12,001 8,310 11.148 98.649 610A67 610,467 581,330 2024 2024 Unrèstricted Rèstricted Funds Funds 2024 Total Funds 2023 Totsl Funds Public relations and promotions Public relations and promotions Wogeslsalaries Empkjyfjr's Nl Pension costs Support costs (note 8) 53,543 46.276 5,456 3.459 34,256 57.734 41.084 1,627 2,191 32.883 46,278 5,456 3.549 34,256 142,080 142.080 135,519 819.760 819.760 807.751 21
Trans World Radlo Limited Company Limited by Guarantee Notes to the Financlal Ststements (wpthrg Year ended 31 December 2024 Comparatives for prior year 2023 UnreStrted Funds ?.023 Restricted Funds 2023 Totsl Funds Gifts and donations Gifts and donations paid Field gffts and missionaries 15,678 69,224 15.678 75,224 6.000 84.902 6.000 ,902 2023 2023 Unrestricted Restricted Funds Funds 2023 Totsl Funds Rad50 Programmes and broadcasting Airtime costs Sbjdio and production costs Wageslsalaries Employer's Nl Pension costs Depreaation Support Gosts (note 81 292.800 774 157.648 12,001 8,310 11.148 98.649 292,800 774 157.648 12,001 8,310 11.148 98.649 581,330 581,330 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Funds Publlc relations and promotions Public relations and promotions Wageslsalaries Empkiyer's Nl Pension costs Support costs IrKJle 81 57.734 41.084 1.627 2,191 32,883 57,734 41,084 1.627 2,191 32.883 135,519 135,519 801,751 6.IXIO 807.751 22
Trans World Radio Limited Company Limited by Guarantee Notes to the Financial Statements (¢tinUe Year ended 31 December 2024 Support costs 2024 2024 Unrestrictod R•strictgd Funds Funds 2024 Total Fund$ ?023 Total Funds Wageslsalaries Empbyer's NIC Pension costs Premises costs Telephone costs 12.588 12,588 12,450 558 447 70,684 8.004 54,338 8N82 8,482 L I'll Website Insuran¢o Motor & travel Professional fee$ Other office costs Bank charges Depreciation Governance costs {note 91 Profit on disposal of fixed assets 2,455 3.194 3.042 910 11.100 2.815 2,750 4,400 2,455 3.194 3.042 910 11.100 2.815 2,750 4NOO 4.848 7,503 3,061 5,306 7,270 2,741 4.235 4,444 139) 137.025 137.025 131,932 Compar8tives for prior year 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Funés Wageslsalaries Employer's NIC Pension costs Premises costs Telephone costs Website Insurance Motor & travel Professvjnal fees Other office costs Bank charges Depreciation Govemance costs Inole 9) Profit on disposal of fixed assets 12.450 12,450 558 447 70,684 8,004 4,848 7,503 3,061 5,306 7,270 2,741 4,235 447 70.684 8.004 4,868 7,503 3.061 5.306 7.270 2.741 4,235 1391 131,532 131,932 23
Trans World Radlo Limited Company Limited by Guarantee Notes to the Financial Ststements (c¢tInUeI Year ended 31 December 2024 Governance costs All unrestricted funds 2024 2023 Independent examinerfs fees= IrKlependent examination Independent oxaminerfs fees.. Other 1.800 2,600 1.890 2.554 4.400 10. Net gainslllosses) on Inv•stm•nts All unrestricted funds 2024 2023 Galns on listed investments Gainsll105sesl on managed portfolio assets 2,269 34.789 {4911 57,123 37,058 56,632 11. Net incomel{oxp•nditurnl Net incomellexpendilurel is staled after ¢hargingllcrediting)'. 2024 2023 Depreciation of tangit4e fixed assets Profil on disposal of tangible fixed 8ssets 7.251 15,373 {39)
Trans World Radio Limited Company Limlted by Guarantee Notes to the Financial Statements (cthrythiwd) Year ended 31 December 2024 12. staff costs The total staff costs and employee beneffils for the reporting period a an81ysed as follows- 2024 2023 Wages and s818ri&s Social security costs Employer contribulions to pension plans 221,542 14,139 11.542 211.182 14,186 10.948 247,223 236.316 The average head ¢ounl of employees during the year wa$ 1012023: 91 and is analy56d as folbws: 2024 2023 Sludio and production Ministy and promotion Administrative 10 Trustse remuneration and expenses No Trustee rec8ived 8ny remuneration during the year12023.. Nill. DLtring the year Cwncil Members were reimbutsed for oul-of-pockel expenses of £nil {2023.. £31)0}. The Thumber of elnployees whose employee benefits exceeded £60.¢J)O during the year were as follows.. 2024 No 2023 No £70.001 10 £80.000 Key management par8onnel The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the Trustees, the Chief Executive Officer and the BTOBdcasl Manager. Total employee benefits relating lo these personnel in 2024 were £114.463. In the prior year. key management PerSe1 consistsd of the Trustees, Chief Executive Officer, Managing Editor and Technical Manager. Total employee benefits relating lo Ihese personnel in 2023 were £111,377. 25
Trans World Radio Limlted Company Limited by Guarantee Notes to the Flnancial Statements (t4wthu• Year ended 31 December 2024 13. Comparallvg statomonl of financial activitles 2023 Unrestricted Funds 2023 Reslrricted Funds 2023 Totsl Funds IrKome from.. Donations and legacSes Investsment income 619,096 23.982 6,000 625,096 23.982 Totsl Income 643,078 6,000 649,078 Expenditure on: Raising funds Expenditure on charitable actiwtie$ 26,905 801.751 26,)5 807.751 6.000 Total expendilu 828,656 6,000 834,656 Nel incom8llexpendilurel {185.578) {185,578) Nel (lossygain on investments 10 56,632 56,632 N8t movement in funds {128.9461 {128,9461 Reconciliation of funds Totsl funds brought fotward 1,171.705 1.171.705 Total funds carried fOard 1.042.759 1.042,759
Trans World Radio Limited Company Llmlted by Guarantee Notes to the Financlal Statements (cwthu Year ended 31 December 2024 14. Tangible fix•d assots Motor stwlio Vehlcles Equlpmont Equlpmont Total Cost Blfwd 811sl January 2024 Additions Dlsposals 21.669 12.730 135,872 170,271 21.669 f2,730 135.872 170,271 Depreciation Al 1 January 2024 Charge for the year Eliminated disposal 12,909 2,190 12,170 130.710 4,501 155,789 7,251 C1fv at 31 t)ecember 2024 15,099 12.730 135.211 163,040 Net book valuo Clfvvd at 31 December 2024 6,570 7231 At 31 December 2023 21,669 15.499 145,370 182,538 15. Investments All unreslricled funds 2024 2023 Managed portfolio investments Cash and cash equivalents 600,794 4,620 762,720 2.352 605.414 765,072 Llsted InvgStmgnt$ Mana9ed Portlollo 2024 Total 2023 Totsl Market value At 1st Janijary 2024 Addib"ons at cost Disposals Net unreali5ed gains1110sses} 2,351 757,002 759.353 882,927 12.110 12,110 9,794 (210,0001 (210,0001 I1.000) 34,789 37,058 56.632 2.289 Al 31st D9mbOr 2024 4.620 593.901 598.521 759,353 Cash held for reinvestrnent 6.893 6.893 5,719 M8rket Value at 31* December 2024 4.620 600.794 605.414 765,072 27
Trans World Radio Llmlted Company Limlted by Guarantee Notes to the Financlal Statements (Gothinu•d) Year ended 31 December 2024 16. Debtors 2024 2023 Prepayments and accrued incom8 Tax reclaimed or Gift 84.452 8.597 77.953 9.985 93,049 87.938 17. Credltor8: amounts falling du• wlthin ono yoar 2024 2023 Accruals and deferred income Taxation and Social Security 19,149 4,374 19,149 4.436 23.523 23,585 18. Ponslons and otr post retirement bonefits Defin•d contribution plans The amount recognised in income or expendiluro as an expense in relalDn lo defined contribution plans was £11.542 {2023- £10,948). 28
Trans World Radio Limited Company Limited by Guarantse Notes to the Flnanclal Statements (eojth Year ended 31 December 2024 19. Analy818 of charftable funds unrgs¢rlgd funds Gainsl At {loss8sl 31 Dec 2024 1 Jan 2024 ID¢om• Exponditurg G•n•ral fund$ 1.042.759 594,979 {844,3461 37.058 830,450 At 1 Jan 2023 Gainsl At Ilossesl 31 Dec 2023 Income Expenditure General fiJnds 1,171.705 643,078 1828,656} 56,632 1,042.759 Restricted funds At 1 Jan 2024 Galnsl At {108so8131 Dec 2024 Incom• Expendtturo Staff support Asla Buddhlsts Radlos for Afrl North Cyprus Grants At 1 Jan 2023 Gainsl At {k)ssesl 31 Dec 2023 Income Expenditure Staff support 20. Reconciliation of net movement in funds to n•¢ cash Ilow from 0ratIng actlvltles 2024 2023 movement In funds Add depreciation charges Deduct investment income Add lossesldeduct gains on investments Deduct profits on disposal of fixed assets Ilncreaseydecrease in debtors Increasellde¢reasel In creditors (212,3091 {128.946} 7.251 15,383 {20.898) 123,982) {37.058} {56,632) 139) 12.626 {1.117) 15.112 1621 Cash used in operatiThJ acliwtEs (268,188) {207,959} 29
Trans World Radio Limlted Company Llmited by Guarantee Management Inforniation Year ended 31 December 2024 21. Anatysis of ¢a$h and cash gqulvalonts 2024 2023 Cash at bank and in hand Cash held by investment manager 148,279 25.155 198,852 23.982 173,434 222,834 22. Relat party transactions The charitable company is Gontrolled by the board of trustees. Detsils of trustees, expenses are m8de in note 12 to the fin¥ncial statements. During the year, the trustees made donatKJns wthout conditi'ons to the charlty amounting to £2,25512023: £302). 23. Leasing commllmènts Minlmum lease CL)mmilments are falling due as follows. 2024 2023 Within ong year Btheon one and fve years 44.660 2.325 44.660 46,985 46,985 91.645 During Ihe year. lease payments totaling £42.42912023= £42,429) are included wthin expen¢Jiture on the Stalernenl of financial activities. Thg followlng pages do not fom part of the financial ststements. 30
Trans World Radio Limited Company Llmlted by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income from: Donatlons and legacies General contributions Broadcaster contributions Legacies Support received for stsff 393.094 42,310 138,677 383,402 49,854 191,840 574.081 625,0 Investment Income Bank interest recefvable Other invastmenl income 1,362 19,536 30 23,952 20,898 23,982 Total income 594.979 649.078 Expendfturo on: Ralslng fund$ Appeals and follow up costs Investment management costs 18,459 8.127 18,159 8,746 24,586 26,905 Charftable actlvltles Airtime costs Studio 8n(J production costs Gfts and donations Field grfts and missionaries Publ;'- rel&lior,s and promolicns Wages and salaries Empbyer's Nl Pension costs Premises cDsts Insurance Motor & travel Professional fees Telfrphone costs Other office costs Deprecation Website costs Bank charges Profit on disposal of fixed assets 323.216 1.579 8.000 59.213 52.543 221,$42 14,139 11,542 84.338 3.194 292.800 774 15,678 75,224 57,734 211,182 14,186 10,948 70,684 7,503 3,061 9,755 8,004 7,270 15,383 4.863 2,741 139} 5.310 8.482 11,100 7,250 2,455 2,815 819,760 807,751 T¢)tal oxpondituro 844,346 834,656 31
Trans World Radio Limited Company Llmlted by Guarantee Detailod Statement of Financial Actlvities Yearended 31 December 2024 2024 2023 Net gains on investments Gainslllossesl on listed investments Gainslllosses) on other investment assets 2,269 34,789 1491} 57.123 37,058 56,632 Net expenditure {212.309) 1128,946}