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2025-09-30-accounts

FEBA RADIO (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

and

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2025

Charity Registration No: 257343 Company Number: 00940492

FEBA RADIO (LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS

and

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Contents Page
Company Information 1
Trustees’ Report 2-10
Report of the Auditor 11-13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Accounts 17-23

FEBA RADIO (LIMITED BY GUARANTEE)

COMPANY INFORMATION

TRUSTEES

Catherine Register (Chair) Julia Bicknell Brian Henry (resigned 12 June 2025) Andrew Steele Mark Sayers Simon Mason Louis Johnson (appointed 1 May 2025) Joanna Malton (appointed 26 February 2025) Christopher Choules (appointed 5 December 2024) Chrispin Mukula (from 1 May to 6 October 2025)

CHIEF EXECUTIVE

Chief Executive – Kevin Wren from 13[th] January 2025 Chief Executive – Robert Chambers to 11[th] November 2024

COMPANY SECRETARY

Lea Stavrou from 5 December 2024 Robert Chambers to 4 December 2024

KEY MANAGEMENT PERSONNEL

The Trustees Chief Executive – Kevin Wren from 13[th] January 2025 Chief Executive – Robert Chambers to 11[th] November 2024 Head of International Ministry – Kevin Wren to 11[th] November 2024 Head of International Ministry – Neil Graham from 16[th] June 2025 Head of Communications and Engagement - Catherine Marsden from 7[th] April 2025

REGISTERED OFFICE

3 Chanctonfold Horsham Road Steyning West Sussex BN44 3AA

SOLICITORS Lewis & Dick 443 Kingston Road Ewell Surrey KT10 0DG BANKERS National Westminster Bank 27 South Street Worthing West Sussex BN11 3AR AUDITOR Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SM1 2SW

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FEBA RADIO (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees present their report and the financial statements of Feba Radio for the year ended 30 September 2025, which have been prepared in accordance with the Companies Act 2006, the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The annual report serves the purposes of both a Trustees’ Report and a Directors’ Report under company law.

The Trustees express their heartfelt gratitude to God for everyone who has prayed for and generously donated to Feba Radio over the past year, and often for many years before. We are thankful for our volunteers, our dedicated staff team, and for our wonderful partners who engage directly with the people we want to reach with the gospel.

PURPOSE, MISSION AND VISION

Feba Radio exists to promote the creative use of radio and other audio media to inspire people to follow Jesus Christ. We know that local partners are best placed to work in culturally appropriate ways and with people’s ‘heart’ languages to reach those who have never heard the Good News of Jesus and for those who live in areas where being a follower of Jesus is difficult or prohibited. In order to effectively work with partners to reach people for Christ, we know much prayer, planning, encouragement and resource finding is needed. Our mission is summed up in our strategic outcomes:

Most of the charity's established and current work is in Africa, Asia and the Middle East. We seek to cooperate with the local church wherever possible, reflecting the church's unique and vital role in communities. The Trustees have considered the Charity Commission's guidance on public benefit in determining our outcomes and key activities.

IMPACT AND ACHIEVEMENTS

Strategic Outcome 1: People from hard-to-reach areas become disciples of Jesus Christ though our media partners.

Feba Radio's core Christian ministry continues to thrive, with 20 partners focusing on 23 projects across 19 countries serving 45 languages/people groups in the past year. We actively seek opportunities in closed or hard-to-reach areas, especially where Christians are a minority or face persecution.

Radio and other forms of audio media can be very effective means for reaching people with the Christian gospel. Radio reaches people where other media (such as the internet) may be restricted. Audio media can be easily transported, for example on SD cards or listener boxes, and it uses much less data where people are listening online. Audio also means the gospel can be shared where illiteracy rates are high, and it can reach large audiences in their first language. This ability to reach mass audiences is vital when an estimated 3.3 billion people live in unreached people groups[1] .

New partners and projects

During this year Feba Radio has actively sought to increase the number of people and places where we work. Four new partnerships have been approved by the Trustees following a robust approval and grant making process. These partners are working in Cambodia, Vietnam, Afghanistan, and Niger. 

1 www.globalfrontiermissions.org

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TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

FEBC Cambodia has been broadcasting God’s word through its radio station Krusa FM since 1993. A recent project helped to develop an audio version of the Khmer Bible, and in 2025, Feba Radio partnered with this Bible Audio Project. Feba Radio are supporting the development of this resource which now includes daily devotional materials as well as enabling the distribution of audio devices (audio ‘boxes’) containing the resource to Cambodians in remote areas, and a specific area on their website to access this resource. It is estimated that 40% of the population are unreached and live in rural communities where people can’t read the word of God or have no Bible. An audio Bible in their heart language means that they can hear God’s message of healing and love for the first time.

Vietnam remains one of the few Communist Nations of the world with the government exercising strict controls over religious freedom and freedom of speech. Most people have an oral culture of learning, so FEBC Vietnam aims to reach every people group in their heart language with audio recordings of the New Testament via a variety of means (e.g. media players, shortwave radio and digital). This work has begun, and impact will be assessed through regular reporting and communication.

Since the Taliban takeover in 2021, the economy of Afghanistan has collapsed and human rights and freedoms have been severely curtailed, including freedom of religion. Our partner broadcasts 30 hours of Christian radio and TV programmes a week into Afghanistan. Approximately 50 listeners/viewers get in touch each week and Feba Radio will be supporting shortwave broadcasts to the Dari community (who make up half the Afghan population).

Niger faces deep challenges and has a very young population with limited opportunities. Communities struggle with serious insecurity due to attacks by armed jihadist groups. Those who leave Islam and convert to Christianity face rejection, house arrest, separation from children and disinheritance. Radio is important because it is difficult and dangerous for the very few believers to safely meet together. Feba Radio will be supporting broadcasts for a primarily Tamajaq audience, the third largest people group of Niger. Of the 37 people groups in Niger, 29 - including Tamajaq - are unreached with the Christian message. Our partnership will help pay for airtime, follow-up visitor for listeners and SD card distribution. SD cards can be loaded with Bible and discipleship content and played using speaker box devices or via mobile phones.

The trustees and staff look forward to identifying the fruit and impact of these new partnerships in 2025-2026 and are excited at the new languages that will now be broadcast, and for the people in four countries who will now hear the gospel for themselves.

Long-term partners

Feba Radio has continued to enjoy working with its long-term partners, ensuring effectiveness through regular reviews. Below are three examples:

The Portable Life Changer (PLC) project in India uses portable audio players with Bible-based audio content designed for group listening. Focusing on north-west India and working among day-wagers (employees paid on a per-day basis), sex workers, or other people in similarly vulnerable situations, listeners are encouraged to form hubs and communities shaped by healthy living, Kingdom values and discipling people into the Christian faith. The content covers biblical teaching, discipleship and evangelism, conveyed in creative and relevant ways (e.g. dramatised readings), inspiring people to become followers of Christ and helping them grow in faith. Follow up is conducted through face-to-face meetings with listener hubs and ongoing connections through phone calls and messaging media. Funding from Feba Radio supported the purchase and distribution of the audio players, the production of content, and establishment of listener hubs. The impact during 2024-25 has been that the project engaged with 587 hubs, reaching over 3800 listeners with biblical teaching. Follow up activities provide evidence of lives being transformed, with listeners and their families experiencing healing, freedom from addictions and restoration of relationships. Local churches are growing.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

Lanya’s story

Like many women living in rural India, Lanya (not her real name) didn’t have the opportunity to go to school and with no formal education, she couldn’t read or access the Bible. That was until she a was given a speaker box by the PLC team.

To earn a living Lanya would spend hours working in the fields near her home. Carrying the new portable speaker box she would regularly listen to the life and teachings of Jesus Christ. The messages stirred something within her. She had a deep hunger to know more.

Moved by what she was learning, she began sharing the audio messages with her husband. Together, they started listening to the messages daily and, through hearing God’s word, their understanding of the gospel and faith began to grow. Wanting to know more they reached out to the PLC team and with support and encouragement, they made the decision to publicly profess their commitment to Christ through baptism.

Voice of Egypt (VOE) is an internet radio project, providing programmes available online and through an app. Their primary audience are youth, aged between 20 and 40. The production team are a similar age and facing similar life issues, and use their programmes to share Kingdom values with the goal of seeing positive change in the lives of listeners, personally, socially and spiritually.

Each week 12 hours of live broadcasts, two one-hour pre-recorded programmes and 12 Facebook posts were produced. The programme content includes current affairs, music, quizzes and sports as well as relevant topics like mental health and relationships from a Biblical perspective.

In 2024-2025 a new programme was launched called Etiquette. The programme encourages listeners to be kind, considerate and Christlike in their interactions – respecting boundaries and helping listeners to deepen their relationship with God and the people around them.

VOE promotes community cohesion and is a trusted place to share differing political and religious views. Listeners are encouraged to connect with VOE team members and once a relationship is established, the listener is invited to continue discussion on a private page where there are more opportunities to talk about faith and the Gospel. Through this, there is also an active follow-up team in place with 150 being discipled in the last year.

Konta’s story

The VOE team share special programmes during Islamic festivals to engage with their Muslim audience and share the gospel. During Eid al-Fitr (a religious celebration marking the end of the month long fast of Ramadan), a listener named Konta (not his real name) called in and shared that he was spending the holiday alone, but the broadcast made him feel like he was celebrating with his ‘radio family’.

The Friend in a Wilderness (FiAW) and Nomad Project are programmes being supported by a Feba Radio partner, working with specific people groups in northeast Africa. The region has experienced years of unrest, war, famine and natural disasters, and Islam is a dominant religion in the region. Christians are persecuted and there is very little media or other Christian resources in local languages.

Listeners are reached with Bible teaching, discipleship and evangelistic content using shortwave radio, SD cards and Bible apps. Content includes messaging on physical and mental health, relationships, and trauma healing. In addition, the Nomad project is in the process of recording the entire Bible in a local language, which will be made available for broadcast on radio, as well as on SD cards and two Bible apps.

Online messaging apps and social media are used for follow-up activities. This year has seen opportunities for travelling to distribute SD cards, visiting with listeners, and introducing people to Jesus. Alongside this, local pastors are being trained in biblical theology and church-planting strategies.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Philemon and Abubakar’s stories

Philemon (not his real name) is a young man in his 20’s who recently got in touch with the team through the online messaging app. He shared that he was suffering from severe stress and had developed mental health challenges. Though he was previously a believer, Philemon’s faith had weakened, and he had become disconnected from church and Christian fellowship. However, since he began listening to FiAW’s messages about God’s love and mental health awareness, his mental health has improved.

Another listener story tells of Abubakar (not his real name) who shared about converting from Islam to Christianity after many years of searching for the truth. As a former Muslim, Abubakar described the overwhelming sense of peace he experienced when he prayed to Jesus for the first time. He said ‘What if He is the one who fills the void I’ve been feeling since I was a 35-year-old man? I felt like I needed to pray to Jesus in that moment’

Strategic Outcome 2: Partners are equipped, accountable, empowered, and encouraged to be effective in their media ministry.

Feba Radio staff work closely with partners to support and encourage them, provide training, and to monitor the impact of the projects. The partners provide project reports and listener stories and attend online meetings to discuss programme plans and any relevant issues as they arise. Feba Radio staff visit partners on a regular basis to provide support and monitor project progress and impact, including talking with listeners wherever possible. This year seven visits were made to partners in their own country and one partner was able to visit us in the UK.

In 2025 much effort has gone into the arrangements and planning for the first partner conference being held in October 2025. The purpose of the gathering is to facilitate relationship building between partners and to provide the opportunity for Feba Radio and partners to support and learn from each other and to share best practices. The programme will include training on various topics (such as monitoring and evaluation, and gathering stories), discussions on challenges and topical subjects, as well as time allocated for praying together.

Strategic Outcome 3: Kingdom-hearted people are gathered, informed, inspired, and engaged to support and advance the work.

The Supporter Engagement team are the link between Feba Radio supporters and listeners impacted by the audio media ministry of our partners. We share information regularly with supporters in print, through our quarterly magazine, voice, and distribute daily prayer and praise points by email and mail. We also post on Facebook and Instagram giving supporters additional prayer resources, behind the scenes insights and other topical information. Online supporter prayer meetings are hosted ten months of the year, where the International Ministry team share updates on Feba Radio’s ministry, interview one of our partners and invite attendees to pray together for the partner, their ministry and their listeners. Attendees have the opportunity to ask questions to learn more about the challenges partners face and their prayer needs.

During 2025 Feba Radio exhibited at Big Church Festival and partnered with The Church Sound and Media Summit, meeting hundreds of people to talk about the work of Feba Radio and the impact our partners are having sharing the gospel with unreached and hard-to-reach people groups. Our programme of church visits, supported by a team of volunteer speakers who have all undergone inhouse training, shared presentations with 20 churches and we engaged with many more.

Strategic Outcome 4: Feba is sustainable, legally compliant and demonstrates best practices.

During 2025 Feba Radio took steps to strengthen its resilience and sustainability by developing a comprehensive business continuity plan and work is ongoing to develop a strategy for sustainability. A sustainability framework has been established which considers the multiple factors affecting long-term performance and viability, such as financial and human resources, the operating environment, as well as

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FEBA RADIO (LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

operational and spiritual aspects. As part of this work, Feba Radio has developed an Environmental Policy to guide its efforts to contribute positively in this area.

Over the course of 2025 six new staff were recruited and onboarded, strengthening Feba Radio’s ability to support more partners while fulfilling relevant regulatory requirements as well as strengthening coordination and communications between key functions.

The handling of postal donations was brought back inhouse and human resources management processes were streamlined by the adoption of BreatheHR software. Feba Radio’s safety and security procedures are being reviewed and developed further to enhance the ability to manage risks faced by Feba UK and its personnel. Work is ongoing to develop Feba Radio’s assurance framework and processes in order to strengthen accountability as Feba Radio continues to enjoy this season of growth in its ministry.

FINANCIAL REVIEW

Income and Expenditure

Investment in ministry in 2024/25 has been enabled by income of £2,576,209, with the lion’s share coming 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 ministry. The trustees have approved a reserves policy and monitor performance against this regularly. Expenditure has continued to be well controlled, and a deficit budget approved for 2025/26 to invest in increasing partnerships and an enlarged staff team.

Reserves and Investment Policy

As of 30 September 2025 the charity had total reserves of £5,492,752 (2024: £4,553,244) of which £180,276 were restricted and £5,312,476 were unrestricted (2024: £122,001 and £4,431,243 respectively).

At the end of the financial year, the value of Feba’s reserves under Rathbones’ management was £2.3 million. This is being judiciously invested, in alignment with our investment policy, in a diverse range of low to medium risk funds seeking a return greater, over time, than that achievable by staying in cash. The monies remain accessible, though it may not be prudent to take them in the case of a falling market unless urgently required. The desire remains to invest our reserves for ministry purposes but we want to come at this with the right degree of due diligence - which takes time and effort.

Financial Management Policies

There is a direct relationship between the activities of Feba Radio in pursuing its radio and audio ministry and the continuing support for these activities from donors, trusts and grant making agencies. The Trustees' policy is that core expenditure should not exceed income received from living donors, budgeted legacies and partners. This can be augmented by drawing from excess reserves including accumulated restricted funds as applicable.

While the Trustees continue to believe that it is not appropriate to hold excess reserves, we recognise that a general reserve is required to provide:

In order to provide for these requirements, the Trustees believe that an appropriate target for the general reserve is an amount equal to six months of budgeted unrestricted expenditure, which is approximately £1,170,000. This is consistent with the Charity Commission's best practice guidance.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Feba Radio is a registered charity, a company limited by guarantee, and is governed by its Articles of Association dated 10 June 2023.

Method of appointing the Trustees

The Trustees propose members at the AGM of the Association 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 the charity's AGM. The Trustees can appoint members during the course of the operating year, in which case they would be proposed at the AGM of the Association for election to serve beyond that point. Associates (members) of Feba Radio are entitled to propose other Associates for election to the board, in accordance with the provisions of article 22 of the company.

Governance

During 2024-2025, three new trustees were appointed to replace those retiring on completion of their terms, and to expand the board. New trustees have taken part in formal trustee training and induction to their role. Trustee recruitment has been based on assessment of skills needed and a commitment to a diverse board.

Six board meetings were held in person, and one board meeting was held virtually. In addition, two meetings took place with the whole staff team and board of trustees exploring our strategic thinking around expansion of projects and partners and doing some inhouse training together on governance and accountability.

A number of initiatives to strengthen management and governance were initiated, as outlined under Strategic Outcome 4 above. These include the development of the Business Continuity Plan, and the roll out of BreatheHR software for managing HR processes. Ongoing initiatives include a workstream to develop a sustainability strategy which includes a new environmental policy, strategic work around Communications and Engagement, the development of an Assurance Framework, and the strengthening of safety and security procedures, all of which are expected to be completed in 2025-2026.

Key management personnel

The key management personnel of the charity (as listed on page 1) are in charge of directing, controlling, running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee received any remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in Notes 6 and 16 of the financial statements.

Staff team

Following the resignation of the previous CEO, the board commenced a leadership structure review and recruitment process for senior staff. Kevin Wren was appointed as CEO in January 2025, and subsequently members of a new Senior Leadership Team were appointed, including a Head of International Ministry, Head of Communications and Engagement and a fixed term appointment of Head of Innovation. An additional Project Lead was appointed to the International Ministry team to increase capacity of partner and project expansion. A new Operations Manager role was created from the existing Executive Assistant role, and a new Team Administrator was appointed to the team.

The expanded staff team and restructure was designed to increase capacity to support a growing portfolio of partnerships, to extend Feba Radio’s reach among individual supporters and supporting churches, and to strengthen the finance and operations functions, internal processes and compliance with legal and regulatory requirements.

The pay of the Chief Executive and other staff is reviewed annually by the board and normally adjusted in accordance with an assessment of inflation and average earnings in the charity sector.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

Memberships and associations

Feba Radio continues as a partner of FEBC International, and the chair and CEO have taken part in regular association meetings online. Several of our partners are also members of FEBC International, and we work closely with colleagues within FEBC International on strategic activities across the association. For example, the CEO travelled to face-to-face meetings exploring funding strategies, and the Chair helped host an FEBC wide Innovation Summit in Finland, which several Feba Radio staff also attended.

In addition, Feba Radio has significant active partnerships with several other organisations, notably including IBRA Media, and Reach Beyond (formerly HCJB Global). Feba Radio is a member of Global Connections, the Evangelical Alliance and the National Council for Voluntary Organisations.

Property

Feba Radio continues to lease the property at Chanctonfold. This flexible space is large enough to accommodate the increased number of staff and has enabled board meetings to be conducted there.

Forward plans

Feba Radio plans to complete its strategy for sustainability, including an income generation strategy, and a robust communications and engagement strategy with a new website and new communication materials commissioned and developed. Realistic and sustainable expansion of the work overseas with partners continues, with new potential partnerships being explored. A new assurance framework will be completed, and a Head of Finance and Finance Strategy will be appointed to support both the strategic work and the inhouse accountancy work. In addition, Feba Radio’s safety and security procedures are being reviewed and developed further to enhance the ability to manage risks faced by Feba Radio and its personnel.

Risk

Risk management will continue to be a key focus for the board of trustees, with regular reviews and assessments of risk undertaken. Based on this risk review, the Trustees and executive team consider the most relevant risks, and the means by which they may be mitigated, to be as follows:

Grant making policy

Feba Radio makes grants to ministry partners who have overlapping vision and shared values to our own, to advance their activities. Specifically, grants are intended to increase the effectiveness of partners' media projects with a focus on inspiring people to follow Jesus Christ. Some of those grants are used 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. Other grants are towards specific media projects, whether for airtime, equipment, production or other start-up, development or running costs.

Fundraising Statement

In accordance with the Charities (Protection and Social Investment) Act 2016, the following statement outlines the fundraising practice of Feba Radio.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

Fundraising is an integral and essential part of Feba Radio 's work in the UK, which focuses on mobilising support (of which prayer is also a core component) for ministry that is delivered in other parts of the world. Feba Radio staff sometimes work with specialist external fundraising consultants on certain pieces of work. The majority of effort and resource is invested in printed materials, the website, social media and email, attendance at Christian events, and church visits. Feba Radio does not make 'cold calls' for fundraising purposes, nor do we undertake any neighbourhood fundraising. Contact details are not sold or shared with third parties (other than for operational reasons or if required to do so by law), and we do not buy contact lists.

Feba Radio is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. In this reporting period, there were no complaints received about Feba Radio 's fundraising practice. Feba Radio does not engage in persistent or intrusive fundraising practices with any of our supporters. Whenever supporters (including vulnerable people or people acting on their behalf) request that Feba Radio cease communication, we act on their wishes promptly.

Related parties

Feba Radio continues as an associate and partner of FEBC International, and the chair and CEO have taken part in regular association meetings online. Several of our partners are also members or associates of FEBC International, and we work closely with colleagues within FEBC on strategic activities across the association. For example, the CEO travelled to face-to-face meetings exploring funding strategies, and the Chair helped host an FEBC wide Innovation Summit in Finland, which several UK staff also attended.

In addition, there are significant active partnerships with several other organisations, notably including IBRA Media and Reach Beyond (formerly HCJB Global).

Feba is a member of Global Connections, the Evangelical Alliance and the National Council for Voluntary Organisations.

TRUSTEE RESPONSIBILITIES

The Trustees (who are also the Directors of Feba Radio for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the Directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

In so far as the Trustees are aware:

Conclusion

The report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

This report was approved by the Trustees on 12 March 2026 and is signed on their behalf by:

Catherine Register Chair of Trustees

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FEBA RADIO FOR THE YEAR ENDED 30 SEPTEMBER 2025

Opinion

We have audited the financial statements of FEBA Radio (the ‘charity’) for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FEBA RADIO FOR THE YEAR ENDED 30 SEPTEMBER 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included with the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees' (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions 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:

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to company, employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF FEBA RADIO FOR THE YEAR ENDED 30 SEPTEMBER 2025

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to recognition of legacy income, management override of controls and payments to third parties.

In response to the risks identified we designed procedures which included but were not limited to: identifying and testing journal entries, reviewing Trustees meeting minutes, reviewing legacy correspondence, evaluating the charity’s internal controls and verifying payments to third parties on a sample basis.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Haffenden MA FCA for and on behalf of Xeinadin Audit Limited Statutory Auditor Chartered Accountants

5 Robin Hood Lane Sutton Surrey SM1 2SW

Page 13

FEBA RADIO (LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025

Unrestricted Restricted 2025 Unrestricted Restricted 2024
Funds Funds Total Funds Funds Total
£ £ £ £ £ £
Income from
Donations 766,726 226,881 993,607 837,445 263,467 1,100,912
Legacies 1,488,774 - 1,488,774 549,137 - 549,137
Investments – interest 66,715 - 66,715 91,818 - 91,818
Investments – dividends 26,675 - 26,675 21,724 - 21,724
Other sources
Sundry income 438 - 438 2,091 - 2,091
Total income 2,349,328 226,881 2,576,209 1,502,215 263,467 1,765,682
Expenditure on
Raising funds 2 79,309 - 79,309 69,497 - 69,497
Charitable activities 3
Partner Media Projects 1,001,899 168,606 1,170,505 818,580 174,615 993,195
Partnership Team Costs 182,878 - 182,878 116,226 - 116,226
UK Church Engagement 333,386 - 333,386 259,448 - 259,448
Total expenditure 1,597,472 168,606 1,766,078 1,263,751 174,615 1,438,366
Net gains/(losses) on
investments 129,377 - 129,377 108,347 - 108,347
Net income/(expenditure) 881,233 58,275 939,508 346,811 88,852 435,663
Transfers between funds - - - - - -
Net movement in funds 881,233 58,275 939,508 346,811 88,852 435,663
Reconciliation of funds
Funds brought forward 4,431,243 122,001 4,553,244 4,084,432 33,149 4,117,581
Funds carried forward ~~5,312,476~~ ~~180,276~~ ~~5,492,752~~ ~~4,431,243~~ ~~122,001~~ ~~4,553,244~~

The notes on pages 17 to 23 form part of these financial statements.

Page 14

FEBA RADIO (LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 30 SEPTEMBER 2025

Notes
Fixed assets
Tangible fixed assets
7
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due
within one year
10
Net current assets
Net assets
Represented by
Restricted funds
12
Unrestricted funds
General Reserve
12
Total funds		 2025
£
£
-
2,304,662
2,304,662
845,654
2,446,773
3,292,427
(104,337)
3,188,090
5,492,752
180,276
5,312,476
5,492,752		 2024
£
£
-
1,161,545
1,161,545
471,633
3,051,767
3,523,400
(131,701)
3,391,699
4,553,244
122,001
4,431,243
4,553,244

The financial statements were prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and were approved by the Board of Trustees on 12 March 2026 and signed on their behalf:

Catherine Register Chair of Trustees

Company number: 00940492

The notes on pages 17 to 23 form part of these financial statements.

Page 15

FEBA RADIO (LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

Cash provided by operating activities (i)
Cash flows (used in)/provided by investing
activities
Interest and dividends received
Payments for fixed asset investments
Proceeds on fixed asset investments
Cash (used in)/provided by investing activities
Net cash (outflow)/inflow
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year
(i) Cash flows from operating activities
Net income for the year
Interest and dividends included in investing activities
Depreciation
Net (gains) on investments
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Cash provided by operating activities		 2025
£
£
315,356
93,390
(1,767,143)
753,403
(920,350)
(604,994)
3,051,767
2,446,773
2025
£
939,508
(93,390)
-
(129,377)
(374,021)
(27,364)
315,356		 2025
£
£
315,356
93,390
(1,767,143)
753,403
(920,350)
(604,994)
3,051,767
2,446,773
2025
£
939,508
(93,390)
-
(129,377)
(374,021)
(27,364)
315,356		 2024
£
£
387,816
113,542
(376,588)
366,468
103,422
491,238
2,560,529
3,051,767
2024
£
435,663
(113,542)
731
(108,347)
148,200
25,111
387,816

The notes on pages 17 to 23 form part of these financial statements.

Page 16

FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1 ACCOUNTING POLICIES

Feba Radio is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Chanctonfold, Horsham Road, Steyning, West Sussex BN44 3AA.

1.1 Basis of accounting

These financial statements have been prepared in accordance with the charity’s governing document, the 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 Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice for charities applying FRS 102”.The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. Where material assets are donated to the company for its use, these are capitalised at the estimated market value at the date of the gift and included under income.

1.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Raising funds and charitable expenditure include all support costs in respect of the company’s activities, allocated on the basis of staff time.

Grants payable

Grants payable are included in the statement of financial activities when approved by the Trustees’ and agreed with the recipient organisation. The value of such grants unpaid at the year end is accrued. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued but are noted as financial commitments.

Governance costs

This comprises expenditure on compliance with statutory legal requirements and is included in charitable activities.

1.5 Fixed assets and depreciation

Purchases of fixed assets costing less than £5,000 are written off. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset over its expected useful life, as follows:

Furniture and fittings 10% straight line IT equipment and software 25% straight line

Page 17

FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

1 ACCOUNTING POLICIES (continued)

1.6 Investments

Listed investments are shown at their mid-market value at the date of the financial statements. Realised and unrealised gains and losses in investments are accounted for in the SOFA as a component of net income or expenditure.

1.7 Debtors

Legacies, tax 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 equivalents

1.9 Creditors and provisions

1.10 Financial instruments

1.11 Foreign currencies

1.12 Operating lease commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.13 Pensions

Contributions charged to the SOFA represent the amount of contributions payable to the scheme in the accounting period.

1.14 Fund accounting

Funds held by the charity are:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds – these are funds that can only be used for the particular restricted purpose within the object of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purpose.

Further explanations of the nature and purpose of each fund are included in the notes to financial statements.

Page 18

FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

2 EXPENDITURE ON RAISING FUNDS

Salaries and pensions
Publicity
Investment Management
Allocated support costs (note 4)		 2025
£
18,597
29,400
14,278
17,034
79,309		 2024
£
14,146
30,667
11,210
13,474
69,497

The method used for calculating Feba’s ‘Expenditure on raising funds’ includes expenditure directly related to generating income from voluntary donations. More specifically, it includes the following: appeal mailings; attendance at exhibitions and events for the purpose of promotion; 50% of website costs; and 50% of salary/consultancy costs for roles serving Feba's supporters. The calculation does not include (for example) the cost of Feba's magazine, prayer resources, or the database used for holding supporter contact details. A portion of Feba UK's central administration costs is included in the expenditure on raising funds.

3 EXPENDITURE ON CHARITABLE ACTIVITIES

Direct Grants Allocated 2025 2024
expenses (note 14) Support Total Total
Costs (note 4)
£ £ £ £ £
Partner Media Projects - 885,022 285,483 1,170,505 993,195
Partnership Team Costs 144,552 - 38,326 182,878 116,226
UK Church Engagement 256,734 - 76,652 333,386 259,448
401,286 885,022 400,461 1,686,769 1,368,869

4 SUPPORT COSTS

Governance Staff Other Head 2025 2024
Office Total Total
£ £ £ £ £
Fundraising 1,311 7,061 8,662 17,034 13,474
Partner Media Projects 22,614 118,264 144,605 285,483 225,827
Partnership Team Costs 2,950 15,886 19,490 38,326 30,317
UK Church Engagement 5,900 31,773 38,979 76,652 60,635
32,775 172,984 211,736 417,495 330,253

Support costs have been allocated on the basis of the expenditure incurred in each area of activity.

5 GOVERNANCE COSTS

Affiliations
Auditors remuneration for audit services
Auditors remuneration for other services
Board expenses
Allocated support costs		 2025
£
3,228
9,360
4,982
6,855
8,350
32,775		 2024
£
4,464
8,880
4,889
3,984
6,605
28,822

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FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

6 STAFF COSTS

Wages and salaries
Social security costs
Employer pension costs		 2025
£
364,774
33,470
27,639
425,883		 2024
£
247,716
21,297
32,906
301,919

One employee (2024: One) earned between £60,000 and £70,000 per annum.

Employee benefits received by Key Management Personnel as listed on page 1 amounted to £125,540 (2024: £140,070).

Average number of employees during the year
Partnership Team
Church Engagement Team
Support		 2025
3
4
4
11		 2024
2
2
3
7

Trustees’ emoluments

No remuneration was paid to trustees nor any persons connected with them during the year (2024: £nil). Expenses of £1,356 (2024: £1,984) were reimbursed to 3 (2024: 3) trustees during the year for travel to meetings.

7 TANGIBLE FIXED ASSETS

Cost
At 1 October 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
Released on disposal
At 30 September 2025
Net book value
At 30 September 2025
At 30 September 2024		 Furniture,
equipment
& IT
£
13,268
-
-
13,268
13,268
-
-
13,268
-
-

Page 20

FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

8 INVESTMENTS

Listed investments on the UK Stock Exchange:

Valuation
At 1 October 2024
Additions
Disposals
Change in market value
At 30 September 2025		 2025
£
1,161,546
1,767,143
(760,219)
136,192
2,304,662		 2024
£
1,043,078
376,588
(349,367)
91,246
1,161,545

9 DEBTORS

Gift Aid recoverable
Sundry debtors
Legacies receivable		 2025
£
8,419
41,623
795,612
845,654		 2024
£
7,223
40,675
423,735
471,633

10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
Accruals and deferred income		 2025
£
81,278
23,059
104,337		 2024
£
83,127
48,574
131,701

11 PENSION CONTRIBUTIONS

The charity operates 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 £25,515 (2024: £18,906). There were no contributions outstanding at the year-end in relation to this scheme. Benefits are accruing for 11 (2024: 6) members of staff at the end of the year.

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FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

12 FUNDS
Restricted funds
Specific projects
Unrestricted funds
General reserve
Total funds
Restricted funds
Specific projects
Unrestricted funds
General reserve
Total funds		 Brought
forward
£
122,001
4,431,243
4,553,244
Brought
forward
£
33,149
4,084,432
4,117,581
Income
£
226,881
2,478,705
2,705,586

Income
£
263,467
1,610,562
1,874,029		 2025
Expenditure
£
(168,606)
(1,597,472)
(1,766,078)
2024
Expenditure
£
(174,615)
(1,263,751)
(1,438,366)		 Carried
forward
£
180,276
5,312,476
Transfer
£
-
-
-
5,492,752
Carried
forward
£
122,001
4,431,243
Transfer
£
-
-
-
4,553,244

The funds are used for the following purposes:

Restricted funds:

Funds to be used for various specific ministry projects, as designated in the original request for funds (i.e. fundraising appeal) or as requested by the donor.

13 ANALYSIS OF NET ASSETS

Unrestricted
Restricted
Unrestricted
Restricted
Fixed
assets
£
2,304,662
-
2,304,662

Fixed
assets
£
1,161,545
-
1,161,545		 2025
Current
assets
Creditors: due
within one year
£
£
3,112,151
(104,337)
180,276
-
3,292,427
(104,337)
2024
Current
assets
Creditors: due
within one year
£
£
3,401,399
(131,701)
122,001
-
3,523,400
(131,701)
Total
£
5,312,476
180,276
5,492,752

Total
£
4,431,243
122,001
4,553,244

Page 22

FEBA RADIO (LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 (continued)

14 GRANTS
IBRA Sweden/Pingst
FEBC USA
Feba India
Alraj
FEBA Pakistan
SIM Ethiopia
Radio Wimbe Association
Ruah Group
FEBC Ukraine
Tahanint N’Massinag
Other grants < £20,000 each		 2025
£
283,688
109,801
85,000
106,351
64,583
33,122
23,954
38,012
35,000
32,489
73,022
885,022		 2024
£
236,547
110,969
89,324
67,707
50,417
28,160
21,598
39,446
8,750
32,445
65,750
751,113

The above grants can be for multiple different projects.

15 OBLIGATIONS UNDER OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are payable:

Within one year
Within two to five years		 2025
£
43,792
110,525
154,317		 2024
£
34,080
154,435
188,515

Lease payments of £34,198 (2024: £22,607) were recognised as an expense in the year.

16 RELATED PARTY TRANSACTIONS

Other than those set out in note 6 relating to trustees’ expenses, there were no further related party transactions during the year (2024: none).

Page 23