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2025-12-31-accounts

COMPANY REGISTRATION NUMBER: 00782348 CHARITY REGISTRATION NUMBER: 233363

Trans World Radio Limited Company Limited by Guarantee

Unaudited Financial Statements

Year ended 31 December 2025

Allen Mills Howard Limited Chartered Accountants & Statutory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ

Trans World Radio Limited

Company Limited by Guarantee

Financial Statements

Financial Statements
Year ended 31 December 2025
COUNCIL MEMBERS: Mrs. Trish Wells, Chair
Mr Reeve Barrington
Mr. Simon Burdett
Mrs. Rachael Dzumbira
Revd. Andrew Godfrey (resigned 13 January 2025)
Mr. Brian Muir
Mr John Ormiston
Mr. Colin Saunders
COMPANY SECRETARY: The Revd. Dr. Russell Farnworth
CHIEF 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 Howard Limited
Chartered Accountants & Statutory Auditors
Lewis House
56 Manchester Road
Altrincham
Cheshire
WA14 4PJ
BANKERS: CAF Bank Limited
PO Box 289
West Malling
Kent
ME19 4TA
COUNCIL OF REFERENCE: The Revd. Dr. Steve Brady
The Revd. Lyndon Bowring
The Revd. Gavin Calver
Mr Steve Clifford
The Revd. David 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 Summerfield
The Revd. Rob White

Trans World Radio Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2025

Page
Trustees' annual report (incorporating the directors’ report) 1
Independent examiner's report to the trustees 11
Statement of financial activities (including income and
expenditure account) 13
Statement of financial position 14
Statement of cash flows 15
Notes to the financial statements 16
The following pages do not form part of the financial statements
Detailed statement of financial activities 31

Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year ended 31 December 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 December 2025.

Reference and administrative details

Registered charity name Trans World Radio Limited Charity registration number 233363 Company registration number 00782348 Principal office and registered Bruce Court office 25a Hale Road Altrincham WA14 2EY The Trustees Mr Reeve Barrington Mr Simon Burdett Mrs Rachael Dzumbira Revd Andrew Godfrey (resigned 13 January 2025) Mr Brian Muir Mr John Ormiston Mr Colin Saunders Mrs Trish Wells Company secretary The Revd Dr Russell Farnworth

Independent Examiner Mr D K Allen FCA FCCA Allen Mills Howard Limited Chartered Accountants & Statutory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ

- 1

Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Structure, governance and management

Organisational structure

Trans World Radio Limited is a charitable company limited by guarantee and was incorporated on 27 November 1963.

TWR-UK is governed by a Council of Management, and all properties are vested in that body.

The Chief Executive Officer is responsible for the day-to-day management of the organisation, assisted by a team of ministry coordinators. The remuneration of all staff, including that of Key Management Personnel, is reviewed annually after consideration of the rate of inflation and appropriate benchmarking (including analysis of charity pay throughout a broad range of job roles, charity sizes and geographical areas).

One third of the members of the Council (or the number nearest one third) 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 ratification by the members in General Meeting, to make an appointment of a Council Member as long as the number of Council members does not exceed twenty. The minimum number is five.

Potential Trustees are identified after consideration of:

Policies and Procedures for the induction of new trustees are contained within a Council Handbook. Included in the handbook are the constitutional documentation, roles and responsibilities and codes of good practice.

Our Trustee training policy is to regularly review the general balance of skills and experience and provide training as required, either to individual Trustees or the Board as a whole. This is provided in-house or externally as appropriate.

Related Parties

TWR-UK is a National Partner of Trans World Radio International. As such, TWR-UK represents TWR International in the United Kingdom and activities are motivated by a mutual desire to see the Gospel of the Lord Jesus Christ proclaimed throughout the world. To this end we broadcast, recruit personnel, provide follow-up services to broadcasts, raise funds for ministry in the UK and overseas, and liaise between the international offices and UK supporters and broadcasters.

- 2-

Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Objectives and activities

Objectives

The Memorandum and Articles of Association of Trans World Radio Limited (hereafter TWR-UK) state that the object for which the charity was formed is:

'To communicate through radio broadcasting, television, audio-visual materials, literature, leadership training and other means the Gospel of the Lord Jesus Christ'.

The TWR-UK mission statement is:

'TWR-UK works in fellowship with the Church and its worldwide partners to disciple all peoples according to the command of our Lord Jesus Christ by proclaiming the Gospel to as many people as possible, instructing believers in biblical doctrine and daily Christ-like living, and modelling our message through all our ministry relationships'.

Our mission, simply put, is to assist the Church to fulfil the command of Jesus Christ to make disciples of all people and to do so by using and making available mass media.

TWR-UK’s purpose is to be both a UK Christian broadcaster and a world mission partner with four strategic aims:

The Trustees have identified seven key areas to meet the challenges of the coming years and to enable us to assess how well we are fulfilling the strategic aims.

1. Capacity

We need to strengthen our capacity and invest in our people, systems and infrastructure so that we can deliver greater impact. This applies equally to internal capacity (people, management/leadership skills, physical infrastructure, technology) and external capacity (relationships with partners, supporters, listeners and stakeholders – present and future!).

2. Performance

We aim to manage performance and develop a clear understanding of what performance means and how it should be managed to focus sharply on desired results. We aim to be a best practice employer committed to developing a growing team of employees and volunteers who are committed to TWR’s values and work collectively to deliver its objectives. To that end, we will:

3. Alliances

We aim to create strategic alliances and recognise that we have much to learn from other voluntary, public and private organisations.

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Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

4. Promotion

We aim to enhance the effectiveness of existing promotional activity and find new ways to make the ministry and needs of TWR known.

5. Funding

We aim to make the most of changing patterns of funding. We seek to demonstrate to our stakeholders that we use our resources wisely, efficiently and effectively. 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 platform contracts come up for renewal we can give serious consideration to distribution nationally on DAB digital radio.

6. Leadership

We need to be led with integrity and aim to develop leaders who will mobilise 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. Governance

We aim to continually strengthen our governance with enhanced membership and crystal clarity over Council’s role for both Council members and staff. We will endeavour to establish effective governance arrangements with a trained Council focusing on strategic issues and monitoring outcomes and a management team undertaking operational management to deliver the Ministry Development Plan.

Activities

2025 has been a challenging year with the continuing impact of the cost-of-living crisis. However, TWR-UK has continued its activities, without interruption, throughout the year.

In 2025 we focused on:

UK Christian Broadcasting

TWR-UK’s 24/7 broadcasts on digital television platforms Sky Guide, Freesat and Freeview came to an end on 31 March and our broadcasts successfully transitioned to digital internet protocol delivery – principally on our own apps and website, Radio Player, the UK Radio Portal (available as Freeview channel 277), Facebook and YouTube. Consequently, TWR-UK’s broadcasts are available online, accessible from a computer, internet radio, smartphone, tablet, smart speaker and internet-connected TV sets. Content for UK audiences is in a speech-based format and includes news, current affairs and Bible teaching. TWR-UK makes programmes for transmission and distributes programmes produced by other Christian broadcasters. Programmes produced by TWR-UK are also distributed as audio on-demand podcasts available on the TWR-UK website, Apps and YouTube channel.

International Christian Broadcasting

TWR-UK is committed to empowering ministry partners and communities around the world and encouraging them to utilise life-giving media in the process of transformation. To fulfil this purpose, we work with organisations around the world, some of which are, like us, partners of TWR International.

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Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Our work to enable partners includes finding and connecting interested parties, offering strategic advice, training, capacity building and offering both financial and practical contributions.

Achievements and performance

Broadcasting and Programme Production

TWR-UK continues to broadcast a speech-based radio service with the best of Christian ministry, teaching and current affairs programming.

Over the past year, TWR-UK has continued to strive to provide high quality and edifying content across all its platforms. We seek to promote a greater understanding of current affairs and to provide the very best in Bible teaching programmes. Our desire is to highlight issues of concern and interest both in the Christian and wider community and to promote understanding, compassion and positive action. We are devoted to transforming lives through the power and influence of the Bible and to maintaining a distinctive Christian media brand.

The studio team has worked hard to deliver relevant and engaging content. During the year special effort has been made to improve the quality of our news and current affairs programming. We have continued to strengthen our network of contributors and commentators for the news service and have developed programme-making collaborations with Christian organisations and missions who can help us deliver enriching content for our audiences. These alliances are crucial to our content production work and also provide useful cross-promotional collaborations which help us to grow our audience. Feedback from listeners and supporters offers ample encouragement that TWR-UK's life-changing radio continues to make a positive impact!

Online

TWR-UK's website provides access to our audio content (both as streaming audio and downloadable podcasts) and a window to TWR's global mission. TWR-UK's Apple and Android Apps provide access for mobile users and are helping to boost TWR-UK's online audience. In addition, we have increased our engagement with social media, particularly Instagram, Facebook and YouTube.

Publications

'Listening World' is our primary publication and is distributed to supporters four times a year. 'Listening World' balances information about TWR-UK's broadcast ministry in the UK with international stories to highlight the impact of missionary radio around the world and is distributed to 13,000 listeners and supporters.

International Christian Broadcasting

During 2025 TWR-UK arranged supporter appeals to encourage support for urgently needed programming from TWR's transmitters in Eswatini and West Africa, broadcasts to China, as well as for developments to TWR’s Women’s programming (Women of Hope).

As in previous years TWR-UK allocated a proportion of its general fund income to be used to support UK and overseas projects related to media and missions. TWR-UK makes financial contributions to partners who have overlapping vision and shared values to our own, to further their activity; specifically, to increase the effectiveness of their media projects. Some of these are to invest in the capacity and capabilities of the partner organisations so that they are stronger, more sustainable and better able to thrive in their local context..

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Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Other contributions are towards specific media projects, whether for airtime, equipment, production or their start-up, development or running costs. Our approach is focused on enabling partners to use media, predominantly audio, to bring "life in all its fullness" (John 10:10):

In 2025 £7,000 was distributed and we were pleased to be able to support ministry with TWR Greece and TWR Hungary and Christian radio production in Scotland.

Audience and Church Relations

Correspondence testifies to the value listeners place on our broadcasts. During the year TWR-UK has dealt with 2,257 contacts by letter, email or telephone.

TWR-UK is keen to work with local churches to extend our reach across the nation and to highlight the importance of TWR's partnerships around the world. Church visits provide a unique opportunity to share and explore ways to work together in the cause of Christ.

Volunteers

The contribution of volunteers continues to be encouraging and appreciated by TWR-UK. A small volunteer base in Manchester continues to be available for studio work and listener response ministry.

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Trans World Radio Limited

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Company Limited by Guarantee

Year ended 31 December 2025

Public benefit

The Trustees are aware of the Charity Commission's guidance on public benefit. The Trustees believe that the charity supports broadcasts and associated activities which stimulate and promote "the advancement of the Christian religion" by expressing and demonstrating God's concern for the holistic needs of all people: spiritual, physical, and emotional. Our broadcasts provide a means by which people of any faith, or none, can take comfort, encouragement and wisdom from Christian values and belief, and can be supported as they face pressure or difficulty. They are readily available to anyone living in the areas to which our programmes are transmitted and TWR provides help and support to those listeners who contact us irrespective of their social, economic or religious background.

Christian Radio and the response to human need: As a national partner in the Trans World Radio International broadcasting network, TWR-UK is part of a Christian global mass media organisation bringing benefit to the world's public with specific focus on key areas such as women, children and youth, HIV/AIDS and primary health care, church leadership development and societies which are dominated by oral learners. We work in more than 300 languages covering over 190 countries; we also have offices and partnerships sprinkled across all the continents. Programmes are broadcast from more than 2,000 outlets, including international transmitting sites, as well as local AM, shortwave, long wave, FM, direct-to-listener satellite broadcasts, cable audio systems and the Internet.

Christian Radio and the advancement of religion: In the UK, TWR-UK broadcasts quality, speechled Christian radio via satellite and the Internet. Through these broadcasts, the general public have access to radio programmes that educate, inform and entertain and demonstrate a clear Christian perspective on values such as family life and neighbour love. All members of the public with suitable receiving equipment have access to programmes designed to inspire them to daily Christ-like living and offer encouragement to live out their faith relevantly in the modern world as responsible citizens.

Christian Radio and the transformation of society: TWR-UK produces and distributes programmes that encourage a belief in God, promote Christian values and make a positive contribution to society. In this respect, TWR represents hundreds of thousands of people drawn from mainstream churches with a vision, adopted from Lord Reith, the first Director General of the BBC, for media that is for the "betterment of society." Religious freedom is an important social value in democratic society and Christianity aspires to transcend all barriers of culture and race and has a major role to play in the elimination of cultural intolerance. TWR is committed to an environment where quality broadcasting is available to every section of our society with the widest possible choice of diverse media services of the highest quality.

How we ensure we fundraise responsibly

TWR-UK relies on voluntary support. In order to provide the funds required for TWR-UK to fulfil its mission, we fundraise in a number of different ways, which can be summarised as follows:

TWR-UK is registered with The Fundraising Regulator and seeks to follow the Code of Fundraising Practice, which can be found at www. fundraisingregulator.org.uk/code-of-fundraisingpractice. There have been no reported breaches of these standards. We have a number of controls in place to try to 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://www.twr.org.uk/charter/

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Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Financial review

Risk Management and Reserves Policy

The risks faced by the Charity have been reviewed during the year, and policies and controls to mitigate these risks are in place.

The three most significant risks identified, together with mitigating actions are:

  1. Failure to deliver the mission effectively, caused by lack of focus, relevance, inability to attract key staff, or ill health/death/resignation. Whilst recognising that we operate in volatile times, we have invested significant effort in developing a Ministry Development Plan. Performance will be monitored against the plan to mitigate the effects of an adverse risk event, or to take advantage of an unplanned opportunity.

  2. Income generation and sustainability – the fundraising strategy is prepared and reviewed annually by key staff. The income and expenditure of TWR-UK is relatively stable. This is because funding is not overdependent on any particular source and the projections for expenditure are reasonably predictable.

A monthly financial analysis is compiled for Trustees by the Finance Administrator and the Chief Executive Officer and appraised against annual budgets. This ensures accountability and would alert management and the Council to any difficulties.

However, there are some highly variable sources of income for TWR-UK. It is unclear whether the same outstanding response to ministry opportunities can be maintained, although income here is directly matched to expenditure. More seriously, the variation in legacy income is a potential source of risk. For such reasons, the Council of Members has decided to implement a policy of maintaining a reserve of at least £150,000, which equates to quarterly expenditure. On top of this minimum, the Council also endeavours to keep sufficient reserves to mitigate any potential threat from holding longer term, high-cost contracts for transmission. This is considered to be adequate to maintain the integrity of TWR-UK in all foreseeable future circumstances.

  1. Reputational damage caused by adverse publicity or loss of credibility, especially in relation to broadcast output. TWR-UK’s approach is carefully and prayerfully considered, and all programmes imported into our schedules from other programme producers 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 place including Whistleblowing, Safeguarding, Bullying and Harassment along with relevant sections within our Staff Handbook.

The Council of TWR-UK will take steps to ensure that "the major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks". The Risk Register is reviewed formally every year, and risk management is an on-going process that enables the Council to focus on the mitigation of those risks that would prevent TWR-UK achieving its strategic objectives.

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Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Financial results and resources

The results for the year ended 31 December 2025 show a surplus of £245,317 compared with a deficit of £212,309 in the previous year.

The surplus in the year was a result of an increase in the overall income, up to £869,960 (2024: £594,979), and a decrease in total expenditure to £678,176 (2024: £844,346). Included in income was an increase in legacies received to £234,033 (2024: £138,677), while expenditure saw an increase in overall wage costs to £261,264 (2024: £247,223), but a decrease in premises costs to £79,762 (2024: £84,338) and airtime costs to £134,746 (2024: £323,216).

The members of Council remain aware of the need to increase future income from donations in order to meet the costs of continuing to broadcast at similar levels. The Charity's investment portfolio continues to be structured to ensure that all investments meet the ethical criteria specified by the Council.

During the year the company incurred no capital expenditure on office and studio equipment.

The charity's bank balances have increased by £200,802 during the year.

Changes in fixed assets during the period are summarised in note 14 to the financial statements.

Following the surplus in the year, the charity had total reserves of £1,075,767 (2024: £830,450). The reserves are held to fulfill the aims and activities described earlier in this report. Free reserves available at the balance sheet date were £406,384 (2024: £217,805) in line with the charity’s reserves policy which is set out on page 8.

Investments

The Trustees have invested funds that are not required in the short term. The Trustees consider that its investments have performed adequately in relation to the market. Environmental and ethical factors are considered in the selection of funds, and the investment portfolio continues to be structured to ensure that all investments meet ethical criteria specified by the Council. The Trustees regularly reviews its investments, with due regard to liquidity, balance, performance and safety, and meets annually with the portfolio manager.

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Trans World Radio Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 31 December 2025

Plans for future periods

Ambitions, hopes and plans

The Council of TWR-UK hopes to expand its UK radio service by enhancing the quality of the 24-hour schedule and seeking other means to deliver its content in a way that is more accessible for listeners.

We aim to:

A key element in the effectiveness of any radio service is consistency and reliability, and TWR-UK is committed to maintaining current broadcasts while these continue to provide an effective means of communicating with listeners.

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 was approved on 11 May 2026 and signed on behalf of the board of trustees by:

Mr. John Ormiston Trustee

.

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Trans World Radio Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Trans World Radio Limited

Year ended 31 December 2025

I report to the trustees on my examination of the financial statements of Trans World Radio Limited ('the charity') for the year ended 31 December 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 Companies Act 2006 ('the 2006 Act’).

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 as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants (ACCA), 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; or

  2. the financial statements do not accord with those records; 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).

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Trans World Radio Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Trans World Radio Limited

(continued)

Year ended 31 December 2025

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.

David K Allen FCCA FCA Allen Mills Howard Limited Chartered Accountants & Statutory Auditors Lewis House 56 Manchester Road Altrincham Cheshire WA14 4PJ 12 May 2026

- 12

Trans World Radio Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December 2025

2025 2024
Unrestricted Restricted
Funds funds Total funds Total funds
Note £ £ £ £
Income from:
Donations and legacies 4 851,847 - 851,847 574,081
Investment income 5 18,113 - 18,113 20,898
_ _ _ _
Total Income 869,960 - 869,960 594,979
_ _ _ _
Expenditure on:
Raising funds 6 24,031 - 24,031 24,586
Expenditure on charitable activities 7 654,145 - 654,145 819,760
_ _ _ _
Total expenditure 678,176 - 678,176 844,346
_ _ _ _
Net income/(expenditure) 191,784 - 191,784 (249,367)
Net gain on investments 10 53,533 - 53,533 37,058
_ _ _ _
Net movement in funds 245,317 - 245,317 (212,309)
_ _ _ _
Reconciliation of funds
Total funds brought forward
830,450 - 830,450 1,042,759
_ _ _ _
Total funds carried forward 1,075,767 - 1,075,767 830,450
_ _ _ _

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 30 form part of these financial statements.

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Trans World Radio Limited

Company Limited by Guarantee

Statement of Financial Position

31 December 2025

2025
Note
£
Fixed assets
Tangible fixed assets
14
4,928
Investments
15
664,455
_
669,383
Current assets
Debtors
16
68,235
Cash at bank and in hand
349,081
_
417,316
Creditors: amounts falling due within one year
17
10,932
_
Net current assets
406,384
_
Total assets less current liabilities
1,075,767
_
Net assets
1,075,767
_
Funds of the charity
Unrestricted funds
1,075,767
_
Total charity funds
19
1,075,767
 2024
7,231
605,414
_
612,645
93,049
148,279
_
241,328
23,523
_
217,805
_
830,450
_
830,450
_
830,450
_
830,450

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

Directors' responsibilities:

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 11 May 2026, and are signed on behalf of the board by:

Mrs Trish Wells Mr Brian Muir Trustee Trustee

The notes on pages 16 to 30 form part of these financial statements.

- 14 -

Trans World Radio Limited

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 December 2025

2025 2024
Note Total funds Total funds
£ £
Cashflows from operating activities
Net cash from/(used in) operating activities 20 188,198 (268,187)
_ _
Cash flows from investing activities
Purchase of tangible assets - -
Purchase of other investments (14,723) (12,110)
Proceeds from sale of other investments 5,401 210,000
Investment income 18,113 20,898
_ _
Net cash (used in)/from investing activities 8,791 218,788
_ _
Net increase/(decrease) in cash and cash equivalents 196,989 (49,399)
Cash and cash equivalents at beginning of year 155,172 204,571
_ _
Cash and cash equivalents at end of year 21 352,161 155,172
_ _

The notes on pages 16 to 30 form part of these financial statements.

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Trans World Radio Limited

Year ended 31 December 2025

Company Limited by Guarantee

Notes to the Financial Statements

1. General information

The charity is a public benefit entity, as defined by FRS 102, and a private company limited by guarantee, registered in England and Wales, and a registered charity in England and Wales. The address of the registered office is Bruce Court, 25a Hale Road, Altrincham, WA14 2EY.

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)), issued in October 2019, and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of fixed asset investments measured at fair value through the statement of financial activities.

The presentational currency for the financial statements is Pound sterling and rounding is to the nearest £1.

Going concern

The trustees consider that there are no material uncertainties over the charity's ability to continue for the foreseeable future. As a result, they consider that it remains appropriate to prepare the accounts on the going concern basis.

Fund accounting

Unrestricted funds are funds which are freely available for use by the council members in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds which are set aside for specific purposes or projects for use by the council members in the furtherance of the general objectives of the charity.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors.

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Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as incurred. Expenditure includes any VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

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:

Motor vehicles - 25% reducing balance Studio equipment - 33% straight line

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.

Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised gains or losses on investment assets are calculated at the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains or losses are combined in the statement of financial activities and are recognised in the year in which they arise.

Financial instruments

The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.

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Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

3. Accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount, less any provision for nonrecoverability. Prepayments are valued at transaction value.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Operating leases

Rentals paid under operating leases are charged to the income and expenditure account on a straight-line basis over the period of the lease.

Pension scheme

The charity operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of the charity in an independent administered fund. The pension costs charged in the financial statements represent the charity’s contributions payable during the year.

Limited by guarantee

The charity is a company limited by guarantee. In the event of the charity being wound up the liability in respect of the guarantee is limited to £1 per member of the charity. The number of members at 31 December 2025 was 7 (2024: 7).

- 19 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

4.
Donations and legacies
2025
2025
Unrestricted
Restricted
Funds
Funds
£
£
Donations
General contributions
557,554
-
Broadcaster contributions
60,260
-
Legacies
234,033
-
_
_
851,847
-
_
_
5.
Investment income
All unrestricted funds
Bank interest receivable
Portfolio interest and dividends
6.
Raising funds
All unrestricted funds

Raising funds
Appeals and follow up costs

Investment management costs

 2025
Total
Funds
£
557,554
60,260
234,033
_
851,847
_
2025
£
1,424
16,689
_
18,113
_
2025
£
18,519
5,512
_
24.031
_		 2024
Total
Funds
£
393,094
42,310
138,677
_
574,081
_
2024
£
1,362
19,536
_
20,898
_
2024
£
18,459
6,127
_
24,586
_

- 20 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

7.
Expenditure on charitable activities by activity and fund
2025
2025
Unrestricted
Restricted
Funds
Funds
£
£
Gifts and donations
Gifts and donations paid
7,000
-
Field gifts and missionaries
83,356
-
_
_
90,356
-
_
_
2025
2025
Unrestricted
Restricted
Funds
Funds
£
£
Radio Programmes and broadcasting
Airtime costs
134,746
-
Studio and production costs
2,636
-
Wages/salaries
196,645
-
Employer’s NI
14,532
-
Pension costs
9,898
-
Depreciation
662
-
Support costs (note 8)
98,875
-
_
_
457,994
-
_
_
2025
2025
Unrestricted
Restricted
Funds
Funds
£
£
Public relations and promotions
Public relations and promotions
46,900
-
Wages/salaries
22,641
-
Employer’s NI
1,866
-
Pension costs
1,430
-
Support costs (note 8)
32,958
-
_
_
105,795
-
_
_
_
_
654,145
-

 2025
Total
Funds
£
7,000
83,356
_
90,356
_
2025
Total
Funds
£
134,746
2,636
196,645
14,532
9,898
662
98,875
_
457,994
_
2025
Total
Funds
£
46,900
22,641
1,866
1,430
32,958
_
105,795
_
_
654,145
 2024
Total
Funds
£
8,000
59,213
_
67,213
_
2024
Total
Funds
£
323,216
1,579
162,678
8,194
7,530
4,501
102,769
_
610,467
_
2024
Total
Funds
£
53,543
46,276
5,456
3,459
34,256
_
142,080
_
_
819,760

- 21 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

Comparatives for prior year
2024
2024
Unrestricted
Restricted
Funds
Funds
£
£
Gifts and donations
Gifts and donations paid
8,000
-
Field gifts and missionaries
59,213
-
_
_
67,213
-
_
_
2024
2024
Unrestricted
Restricted
Funds
Funds
£
£
Radio Programmes and broadcasting
Airtime costs
323,216
-
Studio and production costs
1,579
-
Wages/salaries
162,678
-
Employer’s NI
8,194
-
Pension costs
7,530
-
Depreciation
4,501
-
Support costs (note 8)
102,769
-
_
_
610,467
-
_
_
2024
2024
Unrestricted
Restricted
Funds
Funds
£
£
Public relations and promotions
Public relations and promotions
52,543
-
Wages/salaries
46,276
-
Employer’s NI
5,456
-
Pension costs
3,549
-
Support costs (note 8)
34,256
-
_
_
142,080
-
_
_
_
_
819,760
-

 2024
Total
Funds
£
8,000
59,213
_
67,213
_
2024
Total
Funds
£
323,216
1,579
162,678
8,194
7,530
4,501
102,769
_
610,467
_
2024
Total
Funds
£
53,543
46,276
5,456
3,459
34,256
_
142,080
_
_
819,760

- 22 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

8.
Support costs
2025
2025
2025
Unrestricted
Restricted
Total
Funds
Funds
Funds
£
£
£
Wages/salaries
13,073
-
13,073
Employer’s NIC
722
-
722
Pension costs
457
-
457
Premises costs
79,762
-
79,762
Telephone costs
8,548
-
8,548
Website
2,726
-
2,726
Insurance
6,433
-
6,433
Motor & travel
1,239
-
1,239
Professional fees
1,028
-
1,028
Other office costs
10,084
-
10,084
Bank charges
2,439
-
2,439
Depreciation
1,642
-
1,642
Governance costs (note 9)
3,680
-
3,680
_
_
_
131,833
-
131,833
_
_
_
Comparatives for prior year
2024
2024
Unrestricted
Restricted
Funds
Funds
£
£
Wages/salaries
12,588
-
Employer’s NIC
489
-
Pension costs
462
-
Premises costs
84,338
-
Telephone costs
8,482
-
Website
2,455
-
Insurance
3,194
-
Motor & travel
3,042
-
Professional fees
910
-
Other office costs
11,100
-
Bank charges
2,815
-
Depreciation
2,750
-
Governance costs (note 9)
4,400
-
_
_
137,025
-

 2024
Total
Funds
£
12,588
489
462
84,338
8,482
2,455
3,194
3,042
910
11,100
2,815
2,750
4,400
_
137,025
_
2024
Total
Funds
£
12,588
489
462
84,338
8,482
2,455
3,194
3,042
910
11,100
2,815
2,750
4,400
_
137,025

- 23 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

9.
Governance costs
All unrestricted funds
Independent examiner’s fees: Independent examination
Independent examiner’s fees: Other
10.
Net gains/(losses) on investments
All unrestricted funds
Gains on listed investments
Gains/(losses) on managed portfolio assets
11.
Net income/(expenditure)
Net income/(expenditure) is stated after charging:
Depreciation of tangible fixed assets		 2025
£
1,920
1,760
_
3,680
_
2025
£
781
52,752
_
53,533
_
2025
£
2,304
 2024
£
1,800
2,600
_
4,400
_
2024
£
2,269
34,789
_
37,058
_
2024
£
7,251

- 24 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

Wages and salaries
Social security costs
Employer contributions to pension plans		 2025
£
232,359
17,120
11,785
_
261,264
 2024
£
221,542
14,139
11,542
_
247,223

The average head count of employees during the year was 9 (2024: 10) and is analysed as follows:

Studio and production
Ministry and promotion
Administrative		 2025
No
7
1
1
_
9
 2024
No
8
1
1
_
10

Trustee remuneration and expenses

No Trustee received any remuneration during the year (2024: Nil).

During the year Council Members were reimbursed for out-of-pocket expenses of £nil (2024: £nil).

The number of employees whose employee benefits exceeded £60,000 during the year were as follows:

2025 2024
No No
£70,001 to £80,000 1 1

Key management personnel

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 Broadcast Manager. Total employee benefits relating to these personnel in 2025 were £113,619.

In the prior year, key management personnel consisted of the Trustees, Chief Executive Officer and the Broadcast Manager. Total employee benefits relating to these personnel in 2024 were £114,463.

- 25 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

13. Comparative statement of financial activities

2024 2024 2024
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Income from:
Donations and legacies 574,081 - 574,081
Investment income 20,898 - 20,898
_ _ _
Total Income 594,979 - 594,979
_ _ _
Expenditure on:
Raising funds 24,586 - 24,586
Expenditure on charitable activities 819,760 - 819,760
_ _ _
Total expenditure 844,346 - 844,346
_ _ _
Net income/(expenditure) (249,367) - (249,367)
Net (loss)/gain on investments 37,058 - 37,058
_ _ _
Net movement in funds (212,309) - (212,309)
_ _ _
Reconciliation of funds
Total funds brought forward
1,042,759 - 1,042,759
_ _ _
Total funds carried forward 830,450 - 830,450
_ _ _

- 26 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

14.
Tangible fixed assets
Motor Office Studio
Vehicles Equipment Equipment Total
£ £ £ £
Cost
B/fwd at 1st January 2025 21,669 12,730 135,872 170,271
Additions - - - -
Disposals - - - -
_ _ _ _
21,669 12,730 135,872 170,271
_ _ _ _
Depreciation
At 1 January 2025 15,099 12,730 135,210 163,039
Charge for the year 1,642 - 662 2,304
Eliminated on disposal - - - -
_ _ _ _
C/fwd at 31 December 2025 16,741 12,730 135,872 165,343
_ _ _ _
Net book value
C/fwd at 31 December 2025 4,928 - - 4,928
_ _ _ _
At 31 December 2024 6,570 - 661 7,231
_ _ _ _
15.
Investments
All unrestricted funds
2025 2024
£ £
Managed portfolio investments 664,455 600,794
Cash and cash equivalents - 4,620
_ _
664,455 605,414
_ _
Listed Managed 2025 2024
Investments Portfolio Total Total
Market value £ £ £ £
At 1st January 2025 4,620 593,901 598,521 759,353
Additions at cost - 14,723 14,723 12,110
Disposals (5,401) - (5,401) (210,000)
Net unrealised gains/(losses) 781 52,752 53,533 37,058
_ _ _ _
At 31st December 2025 - 661,376 661,376 598,521
_ _ _ _
Cash held for reinvestment - 3,079 3,079 6,893
_ _ _ _
Market value at 31stDecember 2025 - 664,455 664,455 605,414
_ _ _ _

- 27 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

16.
Debtors
Prepayments and accrued income
Tax reclaimed or Gift Aid
17.
Creditors: amounts falling due within one year
Accruals and deferred income
Taxation and Social Security		 2025
£
61,104
7,131
_
68,235
_
2025
£
4,868
6,064
_
10,932
 2024
£
84,452
8,597
_
93,049
_
2024
£
19,149
4,374
_
23,523

18. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £11,785 (2024: £11,542).

- 28 -

Trans World Radio Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2025

19. Analysis of charitable funds

Unrestricted funds

At Gains/ At
1 Jan 2025 Income Expenditure (losses) 31 Dec 2025
£ £ £ £ £
General funds 830,450 869,960
(678,176)		 53,533 1,075,767
_ _ _ _ _
At Gains/ At
1 Jan 2024 Income Expenditure (losses) 31 Dec 2024
£ £ £ £ £
General funds 1,042,759 594,979
(844,346)		 37,058 830,450
_ _ _ _ _
Restricted funds
 At Gains/ At
1 Jan 2025 Income Expenditure (losses) 31 Dec 2025
£ £ £ £ £
- - - - -
_ _ _ _ _
- - - - -
_ _ _ _ _
At Gains/ At
1 Jan 2024 Income Expenditure (losses) 31 Dec 2024
£ £ £ £ £
- - - - -
_ _ _ _ _
20. Reconciliation of net movement in funds to net cash flow from operating activities
2025 2024
£ £
Net movement in funds 245,317 (212,309)
Add depreciation charges 2,304 7,251
Deduct investment income (18,113) (20,898)
Add losses/deduct gains on investments (53,533) (37,058)
Deduct profits on disposal of fixed assets - -
(Increase)/decrease in debtors 24,814 (5,111)
Increase/(decrease) in creditors (12,591) (62)
_ _
Cash used in operating activities 188,198 (268,187)
_ _

- 29 -

Trans World Radio Limited

Company Limited by Guarantee

Management Information

Year ended 31 December 2025

21. Analysis of cash and cash equivalents

Cash at bank and in hand
Cash held by investment manager		 2025
£
349,082
3,079
_
352,161
 2024
£
148,279
6,893
_
155,172

22. Related party transactions

The charitable company is controlled by the board of trustees.

Details of trustees’ expenses are made in note 12 to the financial statements.

During the year, the trustees made donations without conditions to the charity amounting to £120 (2024: £2,255).

23. Leasing commitments

Minimum lease commitments are falling due as follows:

Within one year
Between one and five years		 2025
£
2,325
-
_
2,325
 2024
£
44,660
2,325
_
46,985

During the year, lease payments totaling £49,930 (2024: £42,429) are included within expenditure on the Statement of financial activities.

- 30 -

Trans World Radio Limited

Company Limited by Guarantee

Detailed Statement of Financial Activities

Year ended 31 December 2025

Income from:
Donations and legacies
General contributions
Broadcaster contributions
Legacies
Investment income
Bank interest receivable
Other investment income
Total income
Expenditure on:
Raising funds
Appeals and follow up costs
Investment management costs
Charitable activities
Airtime costs
Studio and production costs
Gifts and donations
Field gifts and missionaries
Public relations and promotions
Wages and salaries
Employer’s NI
Pension costs
Premises costs
Insurance
Motor & travel
Professional fees
Telephone costs
Other office costs
Deprecation
Website costs
Bank charges
Profit on disposal of fixed assets
Total expenditure		 2025
£
557,554
60,260
234,033
_
851,847
1,424
16,689
_
18,113
_
869,960
_
18,519
5,512
_
24,031
134,746
2,636
7,000
83,356
46,900
232,359
17,120
11,785
79,762
6,433
1,239
4,708
8,548
10,084
2,304
2,726
2,439
-
_
654,145
_
678,176
 2024
£
393,094
42,310
138,677
_
574,081
1,362
19,536
_
20,898
_
594,979
_
18,459
6,127
_
24,586
323,216
1,579
8,000
59,213
52,543
221,542
14,139
11,542
84,338
3,194
3,042
5,310
8,482
11,100
7,250
2,455
2,815
-
_
819,760
_
844,346

This page does not form part of the financial statements.

- 31 -

Trans World Radio Limited

Company Limited by Guarantee

Detailed Statement of Financial Activities

Year ended 31 December 2025

Net gains on investments
Gains/(losses) on listed investments
Gains/(losses) on other investment assets
Net expenditure		 2025
2024
£
£
781
2,269
52,752
34,789
_
_
53,533
37,058
_
_
_
_
245,317
(212,309)

This page does not form part of the financial statements.

- 32 -