FEBA RADIO {LIMifED BY GUARANTEE) TRUSTEES, REPORT and FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Charlty R•gl•tratlon No: 257343 Company Number: 00940492
FE8A RADIO ILIMrrED BY GUARAKfEEI REPORT OF THE DIRECTORS and FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Contents Page Company Infomatton Trustees, Report Report of the Auditor Statement of Flnan¢ial Acllvr(ies Balance Sheet Slalement of Cash Flows Notes to Ihe Accounts 9-11 12 13 14 1&21
FEBA RADIO (LIMITED BY GUARANTEE) COMPANY INFORMATION TRUSTEES Richard George Gilbert (Chair until his résignation on 5 June 2024> Julia Anne Bicknell Brlan Nicholas Henry Catherine Jane Registor (Chair frcwn 5 June 2024) Andrew Gordon Steele Mark Sayers Simon Mason CHIEF EXECUTIVE Robert John Elvy chaMr$ COMPANY SECRETARY Robert John Elvy Chambers KEY MANAGEMEpif PERSONNEL The Trustees Chief Executive- Robert Chambers Head of International Ministy- Kevin Wren REGISTERED OFFICE 5 Robin HOC Lane Sutton Surrey SM12SW SOLICITORS L8wls & Dick 443 lthrvJston Road Ewell Surrey KT10 ODG BANKERS National Westminster Bank 27 South Street Worthing West Sussex BN113AR AUDrroR Jacob Cavenagh & Skeet 5 Robin HOCMJ Lane Sutton Surrey SM12SW Page 1
FEBA RADIO (LIMED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present Iheir reFQrt and the financial statements of Feba Radio forthe year ended 30 September 2024. which have been prepared in accordanc8 with tha C(ynp3nios Act 2006. tho Charitiog Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reports"ng Siandard 102 IFRS 1021. The annual report serves the purposes of both a Trustees, Report and a Directors. Report under company law. Tha Trustees express their heartfelt gratitude lo God for everyone vtho has Frayed for and generousty donated to Feba over the pasl year, and often for many years before. We are also thankful for our dedicated staff t8am, who diligently manage daily operations. Some focus on intemational ministry roles, whila others concentrate on fundraising and communication with Feba's supporters in the UK. OBJECTIVES AND ACTIVITIES Feba Radio's principal objective is to promote the creative use of radio and other audio media to inspirè people lo follow Jesus Chrlst. Feba is committed to ministering to the whole person.. working in culturally and contextually appropriate ways - including the use of people's heart languages.. and priorilizing closed or 'h8rd to rgach, cont8xls - including places where Christians are a minority or face persecullon. Our strategy is to work with and through partners. growing their capabillty and capacity to use audio media for imp8cttul Christian mlsslon. Being affiliated to. and aligned with. the FEBC Intematb)nal Association is an important part of Feba UK'S identity and purpose. Our work to enable partn8rs indudes". firKling and connecting in18r8st8d parties.. offerlng stral8glc advice includlng the aréas of accountability and govem8n¢e,' training and capacity buildlng: and offerlng financial, techni1 and practiGal support. M05t of the charity's established and current work is in North-East Africa, the Middle East, and South and Central Asia and. In recent years. Eastem Europe. We seek to Co-operate wilh the local church wherever possible, reflectlng the church's unlque and vital role In communities. ACHIEVEMENTS AND PERFORMANCE Mlnlstry Feba's core Christian ministry Continues to thrive. wlth 22 projects across 17 countrle8 8eNing 28 people groups in the past year. in accordance with our Grant Payments policy. We actively seek opportunities in closed or hard-lo-reach areas. espeaally where Christians are a minority or face persacution. Msny projects have been running for over a decade. fostering strong patherships and ensuring ongoing eff&ctiveness through regular revlews. The Trustees have considered the Charity Commlssion's guldance on public benefit in delermining our 8Ctiviti8s, and we remain committed to invesling in areas where Feba's work aligns with FEBC International's ministy efforts. Some examples of our partnership work are detaid below. Bang18desh Rurgl Ministrius Bangladesh (RMB) r8ach8s out to tha gOOA of the country who do not know or follow Je8US. Bangladesh is one of the most densely populated countries in the wodd. rated at number 26 on the Open Doors World Watch List 2024, and classed as unreached by the Joshua Project. Christians often experience persecution, and those who come frryn an Islamic background are looked up)n with susplclon and are often ostra¢ised in Iheir communities. In addition, the country regulaty experIenS catastrophic flooding and has recenlly been plunged into a stale of civil unfest. Government job restrictior¢s proved to be the spark that lit the blue touchpaper of prolests and violence. In July, there was a communications blackout with all social media and mobile internet access blocked by the authorities. Amid the violenl civil unrest, partners felt threalened but pressed into God: °Mobs are out every night_ We live in anxiety, and there is no other way for us except to pray for God's help.. However, programmes have continued to be broadcast via shortwave radio despite the restrictions. broadcasting messages of hope and peace. Page 2
FEBA RADIO (LIMITED BY GUARANTEE} TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Our partner broadcasls two daily programmes which rAn be heard throughout the enlire country. Broadcast in Bengali. they are aimed at villagers aged 25 to 40 who are non- or semi-literale. The moming programmes are for believers who haven't had any contact with other Christians or church life, while the evening ones are more evangelistic in lone, including storytelling, drama, debates and health advice to communicate the gospel in (Jifferent ways. Our partner runs regular follow-up Dlscovery 8lble Study sesslons. as well as Ilsleners. conferences at which many are coming to faith and being baptised. The estimaled number of Chrislians living in Bangladesh is about 950,000, which is around 0.60/0 of the popu121ion of 179 million. Every time a listener comes to know Christ because they heard our partners, programmes, there is great rejoicing. Abhoy. a vet from the southwest of the country, got in touch. .1 heard your programme and contacted you because I wanted to know more about Jesus. l attended your radio listeners. conference and realised Ihat He is my saviour. I was baptised and shared the good news with my friends and family. But now, our local Imam tells everyone not to trust me or to listen to what I say. There have been threats against me because I follow Jesus. Please keep me in your prayers." Mali Mali is a landFocked country within West Africa. It is 1,241,238 square kilomelres 8nd shares more than 7,000 km of common borders with seven countries- Mauritania. Algeria, Niger, Burkina Faso, Cote d'lvoire, Guinea and Sgnegal. Radio Tahanint records prcgrammes in four local languages and thes8 are broadcast weekly across the central and northern regions of the country on more Ihan 25 local FM stations. The content includes scripture reading and explanation, practical lifestyle teaching. health and development. There are visits lo the radio stations and they are always looking for more stations to air content. They work with the local pastors, in the vicinity of the radio station, ensuring that broadcasts aro aired as well as listener follow-up activities, discussions and disciplin9. The last half of the year has been characterized by Ihe persistence of securily incidents in the Timbuktu region and the multiplication of repression of the civilian population by armed groups following the intensification of ongoing military offensives. Despite this difficult and fragile situation, the project's activities were carried out in accordance with the annual plan.. The 48 messages initially planned for each national language selected in the project were produced and broadcast on the partner radio stations. However, radio stations did not complete the broadcasting contract because they were closed due to the destruction of their antennas due to bad weather. However. our partner was able to visit them and see firsl-hand the damage to their broadcasting equipment. They took the time to pray for them which was a great encouragement for them. In totsl, Dur partner recorded 204 messages, with more than 2,688 broadcasts due to hvo broadcasts per week on 28 radio stations. This year, Feba helped to provide 960 solar radios programmed with the frequencies of our broadcasting partners. Our partners and listeners were very happy to receive Ihese efficient and very good quality radios. Every day our partner reiVeS new requests for radios. All of this has meant that people have contacted our partner to find out more about the ChTislian failh, asking questions Ihat enable inaccurate concepts. prejudices. and stereotypes to be challenged and answered. Local cornmunities have requested the rebroadcasting of some of the programmes which shows a strong level of engagement and appreciation. Whilst our partner does not see many people choose lo becorne followers of Jesus {probably due to fear of perseculion and bein9 ostracised by their communities), some listeners have made that decision this past year, and they work with local pastor to enable appropriate support and discipling. Page 3
FEBA RADIO (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Iraq Our partners al Iraq FM produce communify-focused programmes which address many of the iggues facing the country. The primary religion is Islam, where.. 97 /D of the population identifies as Muslim while Christians make up around 1.4010. Iraq is currently at number sixteen on the Open Doors World Watch List 2024 and has been experiencing political, economic and social instability for decades. Many of the listeners are women mostly unemployed as they are not allowed to work, who often feel like prisoners in their own homes. Our partners have been able to establish new friendships through Ihe Ministry. An increasing number of listeners are divorced, and many are strugglin9 Wlth money issues. The team at Iraq FM use interviews and interactions with Ihe community to help educate, entertain and encourago people who are forced to live In fragmented neighbourhoods. Many are vulnerable, lonely and isolated, but the hope-filled values around God's loy and peace permeate the programmes. However, there are still obstacles thal the team need to overcome. Iraq's precarious financial slate frequently makes it a struggle to transfer mu¢h-needed funds to Iraq FM, but as one of the team, Yosef, says.. "We are going through great financi81 distress, which is hindering the progress of our ministry, but we believe that God's work will expand despit8 all the obstacles that the enemy of goodness is putting in our way.- There are new hurdles to overcome as the country puts More administrative systems in place, but despite the roadblocks hindering the ministry, lisleners are coming lo faith. Khaled" contacted the team to say that after Ilslening to Iraq Fm's programmes, he now believes in J85us. A face-lo-face meeting is planned, and he will be discipled and supported in his new faith. Yosef says.. ar9 confident that God's work will continue effectively with tho power of the Holy Spirit. dospite all the obstacles we face." Our partners are working hard. despite many challenges, to come up wlh new ideas for programming in a country which is struggling with huge social and economic issues. They are very grateful to local churches., on8 rents them space for a studio, and another supports financially and broadcasts 8 family programme five days a week. Another listener, Jassim" spent many days reading the Bible and listening to testimonies. He and his family have now put their trust in Jesus and the team are supporting them. FEBC Intemational CounGil Durlng the year, the Chief Executive, tho Head of International Ministry. th& Chair and the Chair Elect were able lo travel to South Korea for a meeting of the wider FEBC association. This was helpful lo meet partners, learn together and for transition for the new chalr. Stralggic outcomes During the year, th8 Staff and board of trustees both separately and together revlewed in depth our current strategies and approaches. We collectively agreed four agreed outcomes for the organisation and began assessing the activities we currentty undertake and wish lo lake against these outcomes. We are commilled to increasing our impact in our chosen outcomes. Property The move into tha naw rental office in a convenient, out of town, busTne55 complex in Steyning was completed. Staff are now fully settled into the spaclous and light accommodation and enjoyin9 the peaceful location. The offico is flexlble and there is space to accommodate more employees. In addition. there is access lo a large room that can be used for board meetings. This has allowed increased interaction betwegn the staff team and Trustees which has been muGh appreciated by all, as well as reducing the occasions when external venues need lo be booked. Trustee discussions continue whether longer term we operate virtually without an office. continue lo renl or buy again. Fonvard plans The Key thrust of our fOard plan continues to be realistic expansion of our ministry on a sustainable basis. Associated goals for 2025 will be to= 1. Work with FEBC International to agree how precisely we work in Cooperation with it going forwards,. 2. Hire a Head of Communications antl Engagemenl. and a Head of Page 4
FEBA RADIO ILIMITED BY GUARAKfEE} TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Finance and Finance Strategy. and 3. Ensuring that the Strategic Outcornes that have been clarrfied this year are embedded and used throughout the organisation. FINANCIAL REVIEW Incomo and Expendlturo Investmenl in ministry in 2023124 has been enabled by income of £1.765.682. with the lion's share corning from individual giving. That said. trusts and churches and legacies and investment income remain very important. Given our substantial reserves. the Trustees are Committed to this investment in securing sustainable, future income and minislry. The trustees have approved a reserves policy and monitor performance against this regularly. Expendrture has continued to be well controlled, and a deficit budget approved for 2024125 to invest in increasing partnerships and an enlarged siaff team. Reserves and Invastment Pollcy As of 30 September 2024 th8 charity had total reserves of £4.553.244 (2023.. £4,117,581 } of which £122,001 were restricted and £4.431,243 Vre unresln'¢ted (2023.. £33.149 and £4.084.432 respects'vely). At the end of the financial year, the value of Feba's reserves under Rathbones, management was £1.16 mllllon. This is being judiciously invested. in alignment wrth ¢)ur investment policy, in a diverse range of low to medium risk funds seeking a retum grealer, over time, than that achievabl8 by staying in cash. The monies remain accessible, though it may not be prudent lo lake Ihem in the case of a falling market unless urgently requid. The desire remains to invest our r6serv6s for ministry purposes t)ut we want to come at this with the right degree of due diligence - which takes time and effort. Flnanclal Management Pollcle8 There is a direct relationship beeen the tiVitieS of Feba Radio in pursuing its radio and audio mlnlstry and the conllnuing support for these activities from active supp(Yters and partners. The Trustees. policy is that Corè exponditur• should not •xceed income received from living donors, budgeled legacies and partners. This can be augmented by drawing from exGess reserves including accumulated restricted funds as appllcable. While the Trustees contlnue to beIve that it is not approprlate lo hold excess reserves, we recognise that a general reserve is wuired to provide: worklng capltsl. flexibility lo respond to unexpected opportunrti'as; • a cushion against seasonal variations in income and expenditure. contin9ency provision against unexpected costs. In ord8r to provide for these requirements, th8 Trustees believe ihat an appropriate target for thé gener81 reserve is an amount equal to six monlhs of budgeted unrestricted expenditure, which is approximately £1.060.000. This Is consistent with the Charity Commission's best practice guidancE. TRUCTURE GOVERNANCE AND MANAGEMENT Constllutlon Feba Radio is a registered chartty, a company limited by guarantee, and Is governed by its Articles of Association dated 10 June 2023. Leadership, Succession and Stafflng During the year, the Trustee5 met Six litnes for Board meeiirws. four of were conducied vittually and two f2c& lo face. 1 Èxigting policies ar8 regularly raviewed and gny new poly approved. The Risk Register Page 5
FEBA RADIO {LIMrrED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 is also regularty rewewed. During one of the meetings. the Board once again took the opportunity for an extended off-site meetino allowino for dISSsion of mofe Str21eaic matters. The Trusteès, in line With their key accountabilities. are afvlays fo(xJsed on improvements in govemance. Every board meeting concludes now wrth a brief review of the meeting to highlight Important decisions made and areas where we could improve our perfornance as a board. In addition. discussions have b88n undertaken on the composition of the board. highlighting skills and experience represented on the current sard and any gaps so that we can target trustee recruitment. Kate Register took over from George Gilbert as Chair of trustees on 5 June 2024. In addition, trustee recruitment has be8n undertaken with a new treasurer agreed to take over when the current treasurer steps down in 2025. Informal interviews also took place with several potential new trustees as part of the commitment to continuously recruit lo ensure seamless transitions when leS of office ara complete and to ensure a diverse skill and expèrience mix on the board. Robert (Bob) Ch8mters continued in the position of Chief Execub've but nolffied the Trustees in August of his intention to 1gav8 th8 organisalion by 31 December 2024. Trustees and senior stsff immediately began the process of transition. interim arrangements and plans to recruit a SUCSSOr. An appointment of a new Chi8f ExecutlV8 is anticipated durfng the following year, but Kevin Wren is now acting Chi8f Executive. Two other new slaff were appointèd during the year to work on communications and engagement. Method of appolntlng, Inductlng and tralnlng Ihe Trustees The Trustees propose m8mb6rs al the AGM of the Assoualion for election to serve for a period of, normally, three years. Members may. however, be re-elected for further periods provided the length of their continuous membership of the Trustees has not exceeded nine years at the time of Ihe charity's AGM. The Trustees can appoint members during the course of the operallng year, in whlch case th&y would be proposed at the AGM of the Association for electSon to seNe beyond that point. Associates (members) of Feba Radio are entitled lo propose olher Associates for election to the Board, in accordance wth the provisions of articl8 22 of th@ company. The charity inducts and trains ils Twstees including the provision of copies of cor8 documents and conversations wilh key management personnel, in addition lo support offered by the Board Chair and other serving Trustees. Trustees are also introduced to some of the relevant resources available from the Charity Commission. Key manag•m•nt personnel The key management personnel of the charity (as listed on page 1) are in charge of dlrectlng, cntrOllIng, running and operating the charity on a day-t¢>day basis. All Trustees give of their Ilma freely and no Trustee received any remuneration in the year. Details of Trustees. expenses and related paty transactions are disclosed in Notes 6 15 of the financial slatements. The pay of Ihe Chief Executive and other staff is reviewed annually, and nornally increased In accordance an assessment of inflation and average earnings. Rlsks The major risks lo which Feba Radio is exposed are revlewed and managed throughout the year by the executive team and overseen by the Trustees. A risk analysis h8$ been prepared and appropriate steps have been taken to minimise the effect of those risks. This analysis 1$ regulady reviewed and updated by the Trustees. Based on this risk review, the Trustees and exeujtive team Gonsider the most relevant rlsks, and the means by which they may be miligated. to be 88 follows.. safety and securbty of Internatlonal partneT5 and Feba staff visiting fragile contexts ImitigalioT7 includes use of revised risk assessment for all travel, provision of specialist training for 51aff travelling lo high- Page 6
FEBA RADIO (UMrrED BY GUARAKfEE) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 rlsk areas, comprehensive specialist insurance cover incjuding evacuabon. growing netsvork of intemational partnets to offer relevanl Iccal advice and support). data security and IT system breaches (mitigatn includes measures to restrict access to partlculady sensitlV8 Information, slaff training on legal requirements and practical measures Iravellers, and contracting specialist IT supportl- especially for departure or incapacity of muluple staff from relab'vely small UK team {mitigation includes use of shared clou&based systems and file storage. documented procedures for key tasks and regular activities, cross-training to provide emergoncy cover of core functions, planned reuuitrnent of additional capacity). Grant maklng policy Feba makes grants to ministry partners who have overlapping visK)n and sharèd values to our own, to further their actlvlty,. specifically. grants are Intended to incréase the effedNeness of partners, media projects with a focus on inspiring people lo follow Jesus Christ. Some of those grants aré to invest in the capacity and capabilities of the partner organisations so thal Ihey are stronger. more sustainable. and better able to thrive In thelr local context. Other grants are towards specific media projects. whether for alrtlme, equipmenl, production or other start-up, dévelopment or running costs. Related partl•s Feba is an Affiliate withln the FEBC International. the worklwide association which was reshaped to enable better partnership. coordinats.on and sharing of resources across Feba and FEBC offices. Somé of Feba UK'S ministry is undertakèn through partners who are themselves members of the FEBC Inlerrnational Councll (IC), and we are actively growing such as a part of our totsl work. Thls is motivated by 8 desire lo align ourselves wherever il makes sense to do so, and as a means of seeking opportunities for the investment of reserves in ministry. In addlllon, there are significant active partnerships wth sevgral other organisations, notably including IBRA Media and Reach Beyond (fornrIY HCJB Global). Feba UK is aL80 a member of Gk)bal Connectsons and Evangelical Aliance. Fundralslng Stat•m•nt In accordance with the Charities (Protection and Social Investment) Act 2016. thè following slatem8nl oulllnes the fundraising pracbce of Feba 10. Fundraising 18 an integral and essential part of Feba's work In the UK. whlch focuse8 on mobilislng Support lof which prayer is also a core component) for ministy that Is delivered in other parts of the world. Feba staff sometimes work wrth speclalisl external fvndraising consultants on certain pièces of work. The majority of effort and resource is invested in printed materials. the website, some social media and ernail. 8ttendanc8 at Christian events, and church visits. Feba does not make 'coid ¢alls' for fvndraising purposes, nor do we undertake any neighbourhood fundraising. Contact details are nol sotd or shared with third partiès (other than for operational reasons or if requlred lo do so by law). and we do not buy contact lists. Feba Radlo Is registered wrth the Fundraislng Regulator and 1hereS to their Code of Fundralsing Pr8Ctlce. In this reporting period, there were complaints received aboui Faba's fundraising prath'ce. Feba does not engage in persistent or intrusive fundraising pra¢ti¢o8 with any of our supporters. Whenever supporters (including vulnerable people or people acting on their behalfj request that Feba cease communication. we act on their wishes promptly. TRUSTEE RESPONSIBILftlES The Trustees (who are also Ihe Directors of Feba Radio for the purposes of company law) are responsibla for preparing the Trustees, Report (incorporating the Directors, report) and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102= The Financial Rgporting Slandard applicable in the UK and Republic of Ireland {Unrted Kingdom Generally Accepted Accountlng Praclice)- Page 7
FEBA RADIO {LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Company law requires the Trusteès to prepare financial statements for èach financi21 year which give 2 true and fair viow of the state of affairs of thÈ ch2rit2blo comp2ny 2nd of the income and expenditure, of the charitable company for that period. In preparing these ffinancial statements. the Trustees are required to.. select suitable accounting policie8 and apply them consistentty- observe the methods and principles in the Charities SORP: make judgments and estimates that are reasonab and prudent., stale whether applicable UK Accounting Standards have been followed. subject to any material departures disclos8d and explained in the finanoal statements.. prèpare the financial statements on the going concem basis unless il is inappropriate lo presume Ihat the charitsble company will continue in buslness. Th6 Trustees are responsibl8 for mAintaining prOr accounting records which discbse with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements Gomply with the Companies Act 2006. They are also resF)onsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit infomation of vh)ich the charitable companvs auditors are unaware; and the Trustees have tsken all steps that they ought to have laken to make themselves aware of any relevant audrt information and to establish that the auditors are aware of that information. Conclu8lon The report h89 been prepared in accordance with the SF)ecial provisions relating to sm811 companies within Part 15 01 the Companies Act 2006. Thi8 report wa8 approved by the Trustees on 5 December 2024 and 18 &gned on their bèhalf by." Catherlne Roglster Chair of Trustees Page 8
FEBA RADIO (UMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FEBA RADIO FOR THE YEAR ENDED 30 SEPTEMBER 2024 Opinlon We have audited the financlal statemenls of FEBA Radio (the 'charitV) for the year ended 30 September 2024 which comprise lh8 Statemenl of Financial Activities, the Balano Sheet, Ihe Slatemenl of Cash Flows and the notes to the financial ststements, induding a summary of sKJnificant accounting policies. The financial reporting Iramewod( Ihal has been applied In their preparotion is appllcable law and Unlted Klngdom Accounting Stsndards, Including Financlal ReportirvJ Standard 102 The Financial Reporting Standard appliGable in the UK end Republic of Ireland (Untled lQngdom GerallY Accepted Accounting PractiC81. In our oplnlon the financial stalements- give a true and fair view of the slate of the charitable companvs affairs as at 30 September 2024 and of its incoming resources and applution of resources for the year then ended. hav8 bèen properly prepared in accordance with United Kingdom Generally Accepted ACCOUnng Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemalional Stsndards on Auditlng {UK) {ISAs {UK}) and applicable law. Our responsibilities under those stsndards arè fvrlher described in the Audltorfs responsibilitiés for the audit of the financial statements section of our report. We are Indèpend@nt of the charitable company in accordance wth the ethical requiremenls that are relevant lo our audit of the financial statements in th8 UK. induding Ihe FRC'S Ethical Stsndard, and we have fulfilled our other elhlcal responsibilities In accordance with those rw]ulremenls. We believe Ihat the audit evid8n¢e we have obtained is sufficient and appropriat8 lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financlal statements. we have conduded that the truste8s' use of the going concern b89is of 8ceounting in the preparation of the financial statements is appropriaio. Based on the work we have perfomed, we have not identffied any material uncertainties relatlng to events or conditions that. individually or collectively, m8y C8St significant doubt on the Charity's ability to continue as a going concern for a period of at16ast 12 months from when the financial slatements ar8 authorised for issue. Our responsibilities and the responsibillties of the trustees wth respect to going concem are described In the relèvant sections of thls rewrt. Other Infomiatlon The other infomallon comprlses the informthon Included in the annual report, other than the financlal statements and our auditor's report thereon. The tnjstees are responsible for the other informatlon. Our opinion on the financial statements does not cover the other inforMatn and, excepi to the extent othernise explicitly slated in our report. we do not express any fom of assurance conclusion thereon. In connection wth our audit of the financial statements. our responsibility is to read lh8 other information and, in doing so. consider whether the other inf0rn18tts)n is materially inconsistent wilh the finaricial statements or our knowledge obtained in the audit or otherwisè appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to delennine whether there is a material rnisslatemenl in the financial statemonts a material fflisstalement of the other information. If. based on the work we have perfomied. we ccnclude that there is a malerial misstalement of Ihis other information, we are required to report that fact. We have riothing to report in this regard. Page 9
FEBA RADIO ILIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FEBA RADIO FOR THE YEAR ENDED 30 SEPTEMBER 2024 Oplnions on other matters prescribed by the Companles Act 2006 In our opinion. based on the wotk undertaken in the cA)urse of our audit.. the Infomiation 9iven in the Trustèes, Rewrt which includes the directors, report prepared for the purposes of company law. for the financlal year for whlch Ihe financial siatemenls are prepared Is consistent with the financial stalements: and the directors, report included within the Truslees. Report has been prepared in accordance with applicable18gal requirements. Mattgrs on whlch we aro required to report by exceptlon In the light of tho knowledge and understanding of the charity and its envlronmenl oblained In the cours8 of the audit, we have not idenlified material misstatements in the directors, report included with the trustees. report. We have nothing to report In respect of the followSng matters In relation to which th8 Companies Act 2006 requires u8 to report to you if, in our opinion.. ad8quat8 accounllng records have not been kepl, or retums adequate for our audit have nol been récèived from branches not visited by us; or the financial $lalements are not in agreement with the accounb'ng records and returns; or certain disclosures of trustees, remuneration specrfied by law are not madè., or we hav8 not received all the infomation and explanation$ w• roquirè for our audit.. or the Iru5tees were not entitled to prepare ihe flnancial statements in accordance with the small companies r6glma and take advantage of the small companles exemptlons In preparlng the trustees. report and from th• r8quirem8nt to prepare a strategic repo Responslbilrtles of Irustees As explained more fully in the Iruslees, responsibifities statement, the trustees, (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparatlon of the financlal statements and for being satisfied that Ihey give a true and f8ir view, and for such intemal control as the trustees determine is necessary to enable tho pparatn of financial ststements that a free from malerial misslaternenl, whether due lo fraud or error. In preparing the financial statem8nls. the trustees are r&sponsible for assessing the charity's ability to Continue a$ a going concern, disclosing. as applicable. matters related to going concem and using the going concern basis ol accounting unless the trustees either intend to liquidate the wmpany or to cease operations. or have no r8alistic all8rnatlV8 but to do so. Audltor'¥ responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the fin8nci81 statements as 8 whole are free from materlal mBststement. whether due lo fraud or error. and lo issue an audiiorfs report that indudes our opinion. Reasonable assurance is a hvJh level of assurance, but is nol a guarantee that an audit conducted In accordance with ISAS (UK) will always delect a materi81 misstatement when it exists. Misst8t&ments can arise from fraud or error and are considered material rf, indivKlually or in the aggregate. they could reasonably bé expected to influence Ihe economic deusions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Ba8Ad nn oijr undAr8tandin9 of the charity, id¥JntifiAd thAt tha prinripal nnn-CCJmpliAnce with laws and regulations related to company, employment and financial reporb.ng legislation and we considered the extent to which nonwcomptiance might have a material effect on the financial statements. We also considered Ihose laws and regulations that have a direct impact on the preparation of the financial slatements such as the Companies Act 2006 and Charities Act 2011. Page 10
FEBA RADIO ILIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING THE INCOME AND EXPENOITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unr•strl¢tsd Regtrict•d Funds Fund$ 2024 Unrostrlctod Restrlcted Funds Funds 2023 Totsl Total Income from Donation8 Legacies Inveslmenls- interèst Inv8Stments- diwdeThJs Other sources Sundry inGome Surplus on disposal Total In¢om• 837.445 549.137 91.818 21.724 263.467 1,100.912 549.137 91.818 21,724 793.240 634.259 35,160 17.323 235.384 1,028,624 634.259 35,160 17,323 2.C81 2.091 614 339.564 614 339,564 1,502.215 263,467 1,765.682 1,820,160 235.384 2,055,544 Exp•ndltur• on Raising funds Charltable activilb68 Partner Medi8 Pr¢¥ecls Partnership Team Costs 231.337 231.337 190.837 190.837 910.889 121,525 174.615 1.085.504 121,525 702.783 144.057 338,844 1.041,627 144,057 Total •xp•ndltur• 1,263.751 174,615 1.438.360 1.037.677 338,844 1,376,521 Net gaSn&liosse81 on Inve8trnents 108,347 108.347 (21,3411 {21,341) Net Incom•ll•xp•ndlturo) 346.811 88,852 435.663 761,142 {103,460) 657,882 Transfers bolw•en funds N•t mov•m•nt In fundi 346,811 88.852 435.663 761,142 1103.4601 657,682 Rèconclllatlon of fund• Fund$ l)roughl forward 4.084,432 33.149 4.117.581 3,323.290 136,609 3.459,899 Funds carrl•d forward 4,431.243 122.)1 4,553.244 4.084,432 33,149 4.117,581 The notes on pages 15 10 21 form part of these financial ststements Page 12
FEBA RADIO (LIMITED BY GUARApifEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FEBA RADIO FOR THE YEAR ENDED 30 SEPTEMBER 2024 We assessed the susceptibility of th8 company's financial statemenls to material misstatement. including obtaining an understanding of how fraud might ¢xcur, by making enquiries of management, considering the intemal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to regnItI1)n of legacy income. management oveIde of controls and payments to third parties. In response to the risks identified we designed procedures 1¢h induded but were nol limited to.. identifying and testing journal entries, reviewing Trustees meets'ng minutes, reviewin9 98¢Y correspondence. evaluating the charity's internal controls and verlfying paymonts to third partj'es on a sampl& basis. There are Inherènt limitations In the audit WOC8dures described above. The more removed that laws and regulations are from financial transactions, Ihe less likety it is Ihat we would become aware of non-complianc6. Material misstatemenls that arise due to fraud can be harder to detect than those that arise from error as th8y may involve delib8rale ncealment or collusion. A further description of our responsibilities for ihe audit of the financial statements is located on the Flnanclal Reporting Council's website at.. http'.Ilwww.frc.org.uklaudilorsresponsibilities. This description forms part of our audltor's report. Use of our roport This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might stale lo the charitable companys members those matters we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body. for our audil work, for this report, or for the opinions we have formed. Rlchard Haffenden MAICantab} FCA for and on behalf of JoGob Cov¢nogh & Skwt 8talutory Auditor Chartored Accountants 5 Robin Hood Lane Sutton Surrey SMI 2SW Oated.. 51h December 2024 Page 11
FEBA RADIO (LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT} FOR THE YB4R ENDED 30 SEPTEMBER 2024 2024 2023 Notes Flxed a$8*ts Tangible fixed assets Investments 731 1,043,078 1.161.545 1,161,545 Current assets D8btors Cash at bank and in hand 1.043,809 471,633 3.051,767 619,833 2,560,529 3.523.400 3.180,362 Credltors.. Amounts falling due within one year 10 (131,701) {106,5901 Net ¢urr•nt asset• 3,391,699 3,073,772 N•t a886t8 4,553.244 4,117,581 Represented by Restricted funds Unrestricted funds Ggnoral Reserve 12 122,001 33,149 12 4.431,243 4,084,432 Total fund8 4,553,244 4,117,581 The financial statements were ppared in accordance wth the special provisi¢xs rélating to small comp8nies within Part 15 of the Companies Act 2006 and were approved by th8 Board of Twstees on 7 December 2024 and signed on their behalf.. Catherlne Reglster Chair of Trustees Company number: 00940492 The notes on pages 15 to 21 fonn part of these financlal statements Page 13
FEBA RADIO (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING THE INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Cash provlded by operatlng activities 387,816 42,499 Cash flows provldèd byl(used In) Invesllng activities Interest and dividends received Proceeds on fixed asset disposals Payments for fix8d assel investments Proceeds on fixed as88t investments 113,542 52,483 581.142 {1.155.926) 145,329 (376.588) 366.468 Cash provided by1{u•) in investing a¢tivill 103,422 1376,9721 Net cash Inflowl{ouffiow) 491,238 1334,473) Cash and cash equivalents al start of y8ar 2,560,529 2,895,002 Cash and cash equlvalents at end of year 3,051,767 2,560,529 11) Cash flows from operatlng actlvltles 2024 2023 Net income for the yèar 435,663 657,682 nteresl and dividends included in investiro activities Depreciation Gain on dlsposal ol flxed assets Net (gainsylosses on investments Decréasellincreasel in debtors Increase in ¢reditors (113,542} 731 {52,4831 3,317 (339,5641 21,341 {294,7711 46,977 (108.347} 148,200 25,111 Cash provlded by operatlng actlvltlès 387,816 42,499 The notes on pages 15 to 21 fomi part of these financial statements Page 14
FEBA RADIO (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) ACCOUNTING POLICIES F8ba Radio is a private company limited by guarantee incx)rp)rated in England and Wales. The registered office is 5 Rokn'n Hood Lane, Sutton, Surrey SM12SW. Basls of accountlng These finanaal statements have been wepared in accordance wrth the charity's governing document, Ihe Charities Act 2011, the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102-). and the Chadtles SORP 'Accounting and Reporting by Charitses.. Statement of Recommended Practice for charities applying FRS 102".The charity is a Public Benefit Enlty as defined by FRS 102. The financial stslements are prepared in slerling. which is the functional curr8ncy of the company. Monetary amounts In these financial statements are rourKled to the nearest £. The financial Statements have been prepared on the hlslorical wst convention, modified to include certain financial instruments at fair valu8. The principal accounting policies adopted are set out below. 1.2 Golng ¢onG•rn At the lime of approving the financial ststements, the Trustees have a reasonable expectalion that the company has adequate resources to continue in operational existence for thè foreseeable future. Thus the Trustees contsnue to adopt the going o)ncem basis of accounting in preparing the financial slatements. 1.3 Incom• Voluntary income and donations (Including legacies) are acLounted for once the charity has en11118mènl to the Income, It is probable the income will bo rec8iv8d and th8 amount of income receivable can be reliably measured. Where material assets are donated to the company for ils use, these are capitalised at tho eslimated markel value at the date of the glft and included under Income. 1.4 Expendlturo Expenditure is accrued as scon as a Ilabilty Is considered probable. discounted lo present value for longer term liabiltties. Raising fvnds and chantable expenditure includo all support costs in respect of the company's activities, alkxated ¢)n th8 basis of staff tlme. Grants payable Grants payablé are included in the statement of financial actNities when approved by the Trustees. and agreed wilh the recipient organisation. The value of such grants unpaid al the year end is accrued. Grants where the beneficiary has not been infonned or has lo meet certain conditions before the grant is released are not accrued but are not9d as financial cA)mmitments. Govemance costs Th1$ romprlses eXp9tllure on compliance wtth ststutory logal requlrement$ and is included in charitable activities. 1.5 Flxed assets and depreciatlon Purchases of fixed assets costing less than £S.000 are wrFtten off. Depreciation is provided on all tangible fixed assets at rates ¢al¢ulaled to write off the cosl less estimated sIdUal value, of each asset over its expected useful lrfe. as folbws: Fumittsre and ing5 IT equipment and sofhyare 10% straight lin8 25Vo straight line Page 15
FEBA RADIO (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) ACCOUNTING POLICIES (continued) 1.6 Inveslmonts Listed investments are shown at thoir mid-market value at the date of the financial slalements. Realised and unrealised gains and k)sses in invostrnents are account8d for in the SOFA as a component of net income or expenditure. 1.7 Debtors Legacies, lax recoverable on donations and other debtors are Included at the settlement amount due. Prepayments are valued at the amount prepaid. 1.8 Cash and cash equlvalents Cash at bank and in hand includes cash and short tem highly liquid investments with a short maturity of three months or less from Ihe date of opening of the deposit. 1.9 Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation arising from a Past event that will probably result in the transfer of funds io 8 third party and the amount due to set118 th8 obligation can be measured or estimated rellabty. Creditors and provlsions are recognis&d at their settlement amount. 1.10 Flnan¢lal Instrumonts The charity only has financial assels and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments a initially Cognised 8t transaction value and subsequ8ntly m6a$urod at their settlement value. 1.11 Forglgn currnncl&g Transactions in foreign currencies are recorded at the rate ruling the date of the transaction 811 dlfferences are taken lo the SOFA. Monetsry assets and liabilities in foreign currencies are tr8nslated at the rate of exchange ruling at the balance sheet date. Tfansacllons of forelgn balances are d&aft with through the general fund. 1.12 Operatlng lease commltments Rentals paid under operating leasès are charged to the Statement of Financial Actlvities on a straight line basis over the lease tem. 1.13 Penslons Contributions charged to the SOFA represent tho arnnt of Contributions payable to the scheme in the acGounling period. 1.14 Fund ac¢ountlng Funds held by the charity are.. Unrestricted general funds these are funds Nthich can b8 Used In accordance With th8 charitable objects at the discretion of the Trustees. Restricted funds - these a fvnds that can only be used for the parcUlar restricted purpose wrthin the object of the charty. Restridions arise vthen specffied by the donor or when the funds are raised for particular restricted purpose. Further explanab.ons of the nature and purws8 Ot eath fvnd are includ8d in the notes to financial ststements. Page 16
FEBA RADIO {LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 {conlinued EXPENDITURE ON RAISING FUNDS 2024 2023 Salaries and pension$ Publicity Investment Management Alocated Support costs (note 4) 25,911 83,920 11,210 110,296 231,337 23,219 73.876 6,410 87,332 190,837 The method used for calculats.ng Feba's 'Expendrture on raising funds, includes expenditurè directly related lo generatin9 inGome from voluntary donations. More speclflcally, it includes the followlng.. appeal mailings, attendance at exhibitions and events for the purpose of promotion., 50 /0 of website costs., and 50Q/o of salarylconsultancy costs for rol8s serving Feba's supporters. The calculation does not include (for éxample) the cost of Feba's magazine, prayer resources, or the database used for holding supportor contact details. A portion of Feba UK'S central administration eosts is induded in the expenditure on raising funds. 3 EXPENDITURE ON CHARrrABLE ACTIVITIES Dlr•et •xpenu• Grants Inote 14) Allocated Support Costs (noto 4) 2024 Totsl 2023 Total Partner Media Projects Partnershlp Team Costs 16,255 85,909 102,164 751.113 318,136 1,085,504 1,041,627 35.616 121.525 144,057 353.752 1,207,029 1.185,684 751.113 4 SUPPORT COSTS Governance Staff Other Hoad Offlco 2024 Total 2023 Total Fundraising Partner Media Projects Partnership Team Costs 5.281 15.231 1.705 22.217 37.272 107,507 12,036 156,815 67.743 195,398 21.875 285.016 110,296 318,136 35,616 464,048 87,332 276,555 38,875 402,762 Support costs have been allocate(l on the basis of the expenditure incurred in each area of activity. GOVERNANCE COSTS 2024 2023 Affiliations Auditors remuneration for audit services Auditors remuneration for other services Board expenses 4,464 8,880 4,889 3.984 22,217 3.794 8,280 4,158 6,012 22,244 Page 17
FEBA RADIO (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 {continu8d 6 STAFF COSTS 2024 2023 Wages and salari8$ Social security costs Employer pension costs 247.716 21,297 32,906 301,919 255,513 20.529 20,427 296,469 One employee {2023.' One) eamed beknn £60,IYIO and £70,000 per annum. Employee beneffts received by Key M8na9ement Personnel as listed on page 1 amounted to £140,07012023.' £131,491). Avorage numbor of omployo08 durlng th• year Partnership Team Support 2024 2023 Trustees, emoluments No remuneration was paid to Injstees nor any persons connected with them during the year {2023: £nill. Expenses of £1,98412023'. £300) wore roimbursed to 312023.. 1) trustees durlng the yaar for trav81 to meetings. 7 TANGIBLE FIXED ASSETS Furnlturn. oqulpmont Cost Al 1 October 2023 Additions Oisposals 13,268 At 30 September 2024 13,268 Depreclatlon At 1 OGtober 2023 Charge for the year Released on dlsposal 12.537 731 At 30 September 2024 13,268 Nét book value At 30 September 2024 At 30 September 2023 731 Page 18
FEBA RADIO (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued} 8 INVESTMENTS sted investments on the UK Slock Exchange." 2024 2023 Valuatlon At 1 October 2023 Additions Disposals Change in market value 1,043,078 53,822 376,588 1,155,926 1349,367) 1153,907) 91,246 112,763) At 30 September 2024 1,161.545 1,043.078 9 DEBTORS 2024 2023 Gift Aid recoverable Sundry debtors Legacies receivable 7,223 40,675 423,735 471.633 6,003 25,533 588,297 619,833 10 CREDITORS: AMOUNTS FALLING DUE WH1N ONE YEAR 2024 2023 Other credltors Accruals and défèrred income 83,127 48,574 131,701 61,781 44,809 106,590 11 PENSION CONTRIBUTIONS The Gharity operates two pension schemes= A defined contribution pension scheme where the assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £18,906 (2023.. £20,427}. There were no contributions outstanding at the year-end In relatlon to thls scheme. Benel¢ls are accruing for 6 (2023-. 71 members of staff at the end of the year. One member of staff is a member of a multiwemployar defined benefit scheme, whare the assets of the scheme are held separately from those of the charity in an independently administered fund. The charity has incurred an annual charge of £12 to fund the benefits accruing in the scheme during the year. Following a decision to withdraw from the scheme. the charity will incur a closing charge eslimaled to be £14,000, which has been re¢ognised in these financial ststements. Page 19
FEBA RADIO (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 {continued) 12 FUNDS 2024 Brought fonvard Income Expendlture Transfer Carried forward Reslricted funds Specific projects 33,149 263,467 1174.615} 122,001 Unro$trl¢ted funds General reserve Total funds 4,084,432 1,610,562 4,117,581 1,874.029 (1,263,751) {1,438,3661 4,431,243 4.553,244 2023 Expenditure Brought forward Income Transfer Carrled forward Rgstrict9d funds Specific projects 136,609 235,384 1338,8441 33,149 Unrestrlcted funds General reseNe Totsl fun(ts 3,323,290 1.798.819 3,459,899 2.034,203 (1,037,677) {1,376,5211 4,084,432 4,117,581 The funds are used for the following purposes.. Restricted funds.. Funds to be used for various specffic ministry projects, as designated in the original requesl for funds li.&. fundraising appeal) or as requested by the donor. 13 ANALYSIS OF NET ASSETS 2024 Creditors: due within one year Fixed assets Current assets Tolal Unrestricted Restricted 1.161.545 3,401.399 122,001 3,523,400 (131,7011 4.431,243 122,001 {131,7011 4,553,244 1,161.545 2023 Creditors: due within one year Fixed assets Current assets Total Unrestricted Rèstrictéd 1,043,809 3,147,213 33.149 3,180,362 {106,5901 4,084,432 33,149 {106,5901 4,117.581 1.043,809 Page 20
FEBA RADIO {LIMrrED BY GUARApifEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) 14 GRANTS 2024 2023 IBRA SwedenlPingst FEBC USA Feba India Alraj FEBA Pakistan SIM Ethiopia Radio Wimb8 Association Ruah Group FEBC Ukraine Tahanint N'massinag Radio Vida Other grants < £20,000 236,547 110.969 89.324 67.707 50,417 28,160 21,598 39.446 237,571 90,820 68,233 61,340 27.110 28.044 37,992 11 8.750 32,445 20,000 40,699 20,000 57,147 742,956 65,750 751,113 The above granls can be for rnultlple dlfferenl projects. 15 OBLIGATIONS UNDER OPERATING LEASES The total future minimum lease paym8nts under nonvcancellable operating leases ar8 payable: 2024 2023 Within one y8ar Within two lo five years 34.080 154.435 188,515 Lease payments of £22,60712023.' £nill were recogni8ad as an expense in the year 16 RELATED PARTY TRANSACTIONS Olh&r than those set out in nole 6 relating to trustees. expenses, there were no further related party Iransaclions during Ihe year {2023.' none). Page 21