CTVC Limitgd Company Registration Number: 1375941 Registgrgd Charity Number: 276286 Roport of thg Trustges and Financial Statements for the year ended 31 December 2021 CTVC Limited Contents Report ofthe Trustees Rgfergnce and Adminlstratlon Trustees, Committgos and Professional advlsors 1-2 Company Infom)ation Structure, Govemanco and Management Constltutlon Trustees, Responsibililies Risk Management and Internal control Objectives and Activitie$ Achievements and Perfom)ance 7-10 Financial Review 11-12 Indgpendent Audltor'8 Report 13.15 Statements of Financial Activities Consolidated Company 16 17 Balance Sheets Consolidated Company 18 19 Consolldated Cash Flow Statement 20 Notgs to The Flnanclal Statements 21.34 CTVC Limited Report of Thg Trustees for Ihg ygar ondgd 31 December 2021 Reference and Administration The Directors who act as Trustees for the chariiable actimties of CTVC Limited present lo the members their report and financial slalemenis for the year ended 31 Decembef 2021. The report and financial slalemenls have been prepared in accordance wlh the Charities Slalemenl of Recommended Praclice12019 SORPI, 'Accounliro and Reporting by Charities, effective from 1 January 2019. the Companies Acl 2006. the Charities Act 2011 and applicable UK accounting standards. including FRS 102. Committg Membership Trustee and Council Members: Chairman Mr. A. E. Cowen, MRICS Mr A. N. R. Fleming Resigned 1510312021 Appointed 2410312021 The Rev'd M. A. Booth. MA Mr. N. F. Buxton Ms. L Clay Mr. G. C. King, MA. CA Mr. J. R. Newton Mr. M. D. B. Simon 11) 12) (1.21 {21 . Membets appointed by The Rank FoundatM)n Limited) Board Advisors- Father Christopher Jamison OBD Mr. P. F. Kafno. MA {11 Committees: Managemenl (11 Audit {21 Reglstered office: 12 Warwick Square, London, SW1V 2AA CTVC Limited Report of The Trustees for the year ended 31 Oecember 2021 {contlnuedl Reference and Administration Icontinuedl Company Information: Chief Executlve Offlcer- Miss. C. C. Matthews Chlef Operating Officer: Mr. P. O. Connolly Rgsign9d 0811012021 Company Secr9tary: M$. Stephanie Edwards Appolnted 0311112021 Professlonal Advisors: Auditor.. BDO LLP 55 Baker Street, London, W1 U 7EU Bankers.. Barclays Bank plc 27 Soho Square, London, W1D 3QR Sollcltors: Paris Smith LLP Number 1 London Road, Soulhamplon, S015 2AE CTVC Limited Report of The Trustees for the year ended 31 Decgmber 2021 (continued) Structure, Governance and Mana ement Constitution CTVC is a company limited by guarantee Iregislered number 1375941) governed by ils Memorandum and Articles of Association Ilasl amended June 20201, and a registered charity Iregislered number 2762861. As a company limited by guarantee CTVC has no share capital. the liability of members is limit￿1 to £1 each in the event of CTVC being wound up. Parent undertaking The parent company is The Rank Foundation Limited Iregislered company number 5164341, a registered charity Iregislered number 276976}, whose address is.. 12 Warwick Square, London. SW1V 2AA. CTVC is a wholly controlled subsidiary of The Rank Foundation. The Rank Foundation prepares consolidated accounts, which incorporate the resulls of CTVC, and ils subsidiary company (Hillside Produclions Limiledl. Appointmenls to the Board The Rank Foundation Limited has the right lo appoint a majority of the Trustees and lo remove any TNslees il appoints. Additional Trustees can be appointed either by the Board or by the members. Truslees are appointed on the basis of the particular skills required by the Board. The Memorandum and Articles of Associalion allow for Trustees lo be remunerated for professional seNices they render lo CTVC and ils subsidiary. see note 6. Subsidiary undertaking CTVC has a wholly-owned trading subsidiary company which is incorporated in the United Kingdom. Hillside Productions Limited Iregislered number 17821301. Its principle activity is the making of media prodwlions. Any profits of Hillside Productions Limiled are donated lo CTVC by way of quality'ng charitable donation. A summary of Hillside Productions Limiled's trading results for the year is shown in note 16. Charity Governance Code In conjunction with the Rank Foundation. the Trustees are seeking lo adopt the principles and recommended practice for good governance as sel out in the Code, and intend to make well-considered decisions about how these should be applied where applicable. Theme specific training on key mallers is being pul in place. Updating key policies is an area that is being actively worked on. Any areas of non-compliance with the code will be identified and highlighted in future reports. Fundraising Section 162a of the Charities Act 2011 requires charities lo make a slalemer)I regarding fundraising activities. The legislation defines fund raising as 'soliciling Of olheNise procuring money or other properly for charitable purposes. Such amounts receivable are presented in the accounts as Income - Donations and includes grants. However, CTVC does not undertake fundiaising from the geneTal public. In relalion lo the above we confim) that there is no involvement of commercial participators. professional fund- raisers, or third parties The day to day management of all income general￿n is delegated lo the executive team, who are accountable lo the Trustees. Amy soliestalions would be managed inlemally. The charity is not bound by any undertaking to any regulatory scheme and the charity does not considèr il necessary lo comply with any voluntary fundraising codes of practice. No complaints have been received in relation to fundraising activities. The terms of employment require staff lo behave reasonably at all limes., as we do not approach individuals for funds we do not have a particular reference lo fundraising activities nor do we consider il necessary lo design specific procedures lo monitor such aclivilies. CTVC Limited Report of The Trustoos for tho year gndgd 31 Decgmbgr 2021 {continuedl Structure, Governance and Management (continued} Trustees, Responsibilities in relation to the Financial Statements The Trustees (who are also Directors of CTVC for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounts"ng Practice (United Kingdom Accotjnting Standards and applicable Lawl. Under company law the Trustees musl not approve the financial slalemenls unless they are satisfied that IIEY give a true and fair view of the slate of affairs of the group and charity and of the incoming resour￿$ and application of resources, In preparing these financial slalemenls, the Truslees are required lo.. select suitable accounting policies and apply them consistently. make judgments and eslimales Ihal are reasonable and piudenl., slate whether applicable accounting standards, including FRS 102. have been followed. subject lo any material departures disclosed and explained in the financial slalemenls". prepare the financial statements orb the going concern basis unless Tt is inappropriate lo presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable acc¥racy al any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 20(￿. They are also responsible for safeguarding the assets of Ihe charilabb company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. None of the Truslees had any beneficial interest in any conlracl lo which the organisation was party during the year. Trustees, and Executive remuneration Trustees, are not remunerated for their services as a Trustee. Remuneral￿n, rf any. is sel by the F￿ard and is based on the number of days required lo peiform their duties and to reflect the skills, knowledge and comFelences required for the additional professional services they provKle_ The Trustees. remuneratK)n is detailed in note 6 of the financial slalemenls. The iemuneralion of the senior executive staff is sel by the Chaimans Commillee of The Rank Foundabon and the Management Committee approve the remuneratson of the company's other senior staff. The Trustees and senior executive staff comprise the charitys key management personnel. Remuneration is sel in the conlexl of the charity's purposes, aims and values and lo reflect the skills. knowledge and competences required for executivè roles. Induction and training All new Trustees receive on appointment an induction pack. This contains copies of the Governing d0￿mentS, all committee conslilulions, the previous year's annual report and financial slaternents, a book delailiro Ihe history of the charity, and the group, and a profile of all Tfuslees and seniof staff. Formal trainin9 is also prowded as and when required or appropriate. CTVC Limited Report ofThg Trustees for the year ended 31 December 2021 Icontinuedl Structure, Governanc8 and Management {¢onlinued) The Council of the Assoclatlon {the Board) and Committees The Board is responsible for leading and conlroyling CTVC. The Board achieves this by selling the long-lerm strategic direction of CTVC, preparing and adopting its medium-term business plans and annual budgets. The Board regularly monitors performance against budget. plans and key perfomiance indicators. The Board is comprised sdely of non- execulive Trustees. The Board has delegated specrfic responsibilities to the Managemer)I Committee whose purpose is lo ensure the business ol CTVC is conducted on a day to day basis within the limits delegated by the Board and in accordance with the policies and strategies prescribed by the Board. An Audit Committee creates 8 lormal conduit between the external auditor and the Board and advises on the content and presentation of the annual reports and financial slalemenls. The Committee ieviews audit plans and the external auditor's management leller, and monitors implementation of actions iequired and satisfies itself as to the extèrnal auditor's continuing independence. 11 has the authority to appoint. and to fyx the iemuneralion of, the external auditor. The risk register is reviewed by the Committee. The Committees comprise members of the Board and may include advisers appointed for their speC￿lISt knowledge. The membership of the Commillees is sel out on page 1 of this report. Risk management and Internal control The Board has overall responsibility for Ihe Group's syslem of risk managernenl, intemal control and for monitoring and reviewing the systems in place. Such systems cannot eliminate all risks, bul the Board is satisfied that systems are robust and operate effectively. The principal risks identified and a surnmary of how they are managed are sel OLJt below.. Rlsk Management of risk Loss of CEO or key staff in a small organisalion Appropriate level of salaries and benefits - benchmarked within the industry Documentation of systems and succession planning where possible Securing commissions in a difficull business environment Constant monitoring of broadcasters fequirements. Development and submission of ideas with frequent contact with all potential commissioneis Business interruption - Coronavirus COVID19 The aim is to keep disruption lo a minimum while preserving cash flows. The current business plan, including financial modelling, has been approved by the Trustees Failure of the Rank Foundation Limiled's {RFL) inveslmenl policy causing loss of grant RFL has experienced. financially compelenl Trustees in their investment committee. Professional advisors,. Monitoring and control of RFL budgets and expenditure Vvorsening of defined benefit pension scheme RFL has guaranteed Ihe funding of the scheme. and use their expertise assisting in assessing the perfom)ance of the advisors Loss of reputation leading lo loss of business Careful monitoring of pioduclions in order lo recognise and manage potenlwl damaging content CTVC Limited Report of The Trustees for the year end9d 31 December 2021 Icontinuedl Objectives and Activilios Objectlvgs The objeels for which the Charity is established are the advancement and promotion of the Christian religion and the advancement ol Christian religious education of the public. In furtherance of the objectives, the folbwing are the lead powers given- lo advance the public knowledge and understanding of the other historic world faiths with signilicant communities in the United Kingdom lo promote the understanding of the shared values, traditions and pract￿eS of the Christian faith, and faiths referrèd lo above and their applicats.on in a secular environment lo stimulate and molivale people lo think about moral and spiritual issues in their everyday lives The Trustees refer to the guidance coniained in the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning future aclivilies. In particular. the Trustees consider how planned activities will contribute lo the aims and objectives they have sel. Our aim is lo engage vieweTS, listeners and readers through all media wilh mallers of religion, failh, morals and elhics from a perspective which respects those of all faiths and those with none. Activities Televlslon In order lo achieve as wide an audience as possible. programme ideas are submilled lo Commissioning Editors of all key channels. CTVC can also enter inlo co-production agreements with oiher independent companies and broadcasters in projects that reflect the aims of the charity. Audio {Broadcast and Podcasts) CTVC produces programmes mainly for BBC Radio ne￿OrkS. As with television. ideas are sent to Commissioning Editors for consideration. CTVC also produces 'thoughl-provoking and inlellvJenl' speech radio for rts pocscasl platform. Things Unseen. Other broadcasters, includin9 Piemier Radio and RTE. iegularly transmit this conlenl. Dlgltal (Education l New Media l Training) 'TrueTube.co.uk" is a BAFTA award-winning website which provides free films for secondary schools about moral, social and religious issues for use in form limes. assemblies, PSHE, Crtizenship, and Religious Education lessons. The fi'lms ale short and ideal for lesson starters, provoking discussion and igniting students, imaginations. Additionally, teachers, notes, lesson plans. assembly scripts and inleraclive resources are provided lo assist in using the films in a Creative way. CTVC also produce short films and resources foi external clients including BBC Education, other charitable organisalions and community outreach programmes. CTVC also fulfil media trainin9 contracts that are predominantly for the British Film Inslilule. CTVC Limited Report of The Trustees for the year ended 31 December 2021 Icontinuedl Objectives and Activities Icontinuedl Alone Together This online resource was maintained during 2021 as the county contin¥Jed to endure feslficlions due lo coronavirus. With assistance from those with vast expefience of social distancing or isolation, further resources were produced for the thousands of people si¥uggling in the UK. The Sunday Service TheSundayServlce.org is an online platform initially sel up lo help those isolated in their communities as a result of ill health or reduced mobility. servI￿s are streamed live over the inlernel on a Sunday morning from 8 churches across the UK, to enable 'Worshipers" to participate in their k)cal church services from the comfort of their own home, maintaining a connection lo spiritual communities and to continue lon9sianding religious Iradilions. The services can also be watched at a later dale via a recording link. TheSundayService.org continued lo stieam live services from a number of churches across the UK as the pandemic kept parishioners away from Iiadilional worship. Additional services were requested includng funerals, Easter and Advent which helped to maintain a connection to spiritual communities and longstanding religious Iradilions. The number of views for 2021 lolalled 41.80012020 ' 35.9001- Achievements and Perforniance Industry Recognltlon l Awards.. Success in achieving our objectives can be shown in the quantity and quality of our oulpul across al areas. Awards received in 2021 are lor conlenl made in previous years. and despite 2020 being an exceptional year in which not much conlenl was able lo be made due to COVID19, we are pleased our work has been recognised in the form ol awards. Below are some ofour 2021 achEvements'. Audio Phone Prayers and PPE, for Things Unseen.. -Highly Commended" in the Sandford St Martin Trustees Awards. 8 multi-media category for broadcast conlenl made in response lo the COVID19 pandemic. Hashtag Pray for BBC Radio 4-. Shortllsted foi the {delayedl Understanding Unbelief Media Award. The Right Thing.. Saving the Man Who Shot Me, for BBC World SeNice'. Shortlisted for the AIB (Association for International Broadcaslingl Awards. in the Human Interest category. Heart and Soul, Jonestown from socialism to slaughter. for BBC World Service". Nomlnated in the RadiolAudio category of the Sandford Sl Martin Awards. DlgStal Along Toggthgr was "Highly Commended- in the Sandford St Martin Trustees. Awards in the Community mulli- media category for broadcast conlenl made in response to the COVID19 pandemic. Just M9 - Winner of the audience award "Goldene Perle" for the best short film al PERLEN - Queer Film Festival Hannover. Just Me - nominated as part of the LGBTQ Film festival. il has been iecognised by the Ir¢s Prize. The film will now feature on Film 4's ALL4 platform for one year- a great achievement that will bring the subject maller to a wide audience. BBC Biteslze RE15 Key Facts and Me & My Community}- Nominated in The Sandford Sl Martin Trust Awards Children's Award. BBC Teach Pop Culture Bible Stories- Nominated in The Sandford St Martin Trust Awards Children's Award. CTVC Limited Report of The Trust99s for the year ended 31 December 2021 (continued) Achievements and Perforniance Icontinuedl Performanc9- Some of our programme8- T91evision Due lo the pandemie, Pilgrimage 4 filming was postponed in 2020, resuming in 2021. Under sliicl COVID19 guidelines, Pilgrimage.. The Road lo the Scollish Isles, filmed in September and involved a hugely c(xnplex health and safety location shoot. The 4th series of our landma￿ fom)al had anolher all-slar cast including Nick Hewer, Scarlell Mollall, Laurence Llewelyn-Bowen and Monty Panesar. Living as simple pilgrims, they trace tre footsteps and legacy of 6th century Irish monk, Sl Columba, who helped spread Christianity from Ireland to Scd12nd and beyond. The 3 parl series will be broadcast in the run up lo Easter 2022, for the first time, the will make the entire series available on iPlayer after the transmission of the first episcrfje. Britain's Novel Landscapes with Marlella Frostrup was CTVC'S second series commissioned during the pandemic. Broadcast on More 4, we explore the stunning landscapes that inspired female British aLJlh(xs lo write our besl-loved novels, including Jane Auslen's Hampshife, the Brontes. Yorkshife. Daphne Du Mauriei's Cornwall and Beatrix Potter's Lake District. Audio - Radio On the Covid Ward for BBC World Service. This was an ad hoc commission as the Broadcaster felt CTVC was well equipped lo deal with the very sensitive subject matter. In a radio montage introduced by Muslin hospital chaplain Rehanah Sadiq, we hear the stories of some of the sickest pab.ents who survived the Covid wards, as well as their families. We meet care staff who found ways of tooking after the emotional and spirilual well-being of patients and families in the most dIff￿￿1t of cirCumstan￿s. The Comrnissioning Editor called il'a fantastic listen, raw in inlensily and full of hope. The Mganing of Rltual for BBC Radio 3. In this series of five Essays broadcast in the week running up to Chiislmas, writer Madeleine Bunting explores why religious and secular ritual has been such a pervasive feature of human societies and whether the 21st century may see much of il disappeaf. Or are we witnessing Ihe creation of new forms of ritual which are both personal and meaningful? The Right Thing: A Llfe Worth L6vlng7 Mike w￿ldridge tslks lo Beth and Stephen Ball. a Christian couple who were dislraughl when their first child was diagnosed with Down's syndrome in the womb. Bul their emotional and spiritual crisis was not the end of the story. "Heart-breaking slulf. Very mowng indeed. You make thè personal and private fresh and epic. Another pair of slandoul programmes. Go and win prizes.. Simon Pilts, Commissioning Editor, BBC World Service Elghteen Years in Hell_ John Mccarthy hears the slory of Azyz Bine8ine. who spent 18 years in Morocco's notorious Tazmamart prison following a failed coup. The conditions were so awful that most of his fellow prisoners perished- bul Aziz survived, thanks not least lo his allilude of complete surrender lo God. 'Anolhw fascinating portrait. The birds make it. And mummys plate at dinner. And the 0￿. How extraordinary.. Simon Pitts, CTVC Limited Report of The Trustees for the year endod 31 Docgmber 2021 {continued} Aehievements and Performance (continued) Pgrformance- Some ofour programmes: Audio- Podcast {Things Unseen) A Midwife for Mary. The Gospels say little aboul the actual birth of Jesus. What would it have been like for a young woman, probably a leenager. lo give birth for the fiist lime. far Irom home. with no medical kelp, in a stable or cave? Wouldn't Joseph have gone lo find a I(￿al midwife? According to one apocryphal versK)n of the nativity story. that's what he actually did - and in Ihis Christmas edrtion of Things Unseen, Rae Duke explore5 that story with modern-day midwives. Caiholic writer Tina Beallie explains how parts of il have influenced the faith of some Christians lo this day. Premier Christian Radio bioadcasl il on 27th December. A Uyghur Ramadan. Ouf Ramadan podcast fealured members of three Uyghur families in exile in the UK, including the singer Rahima Mahmul. They share their memories of Ramadan al home in China's Xinjiang province, and how parents had to keep theif fasting secret even from their own children. It was parts"cularly timely because in April, the House ol Commons declared China's persecution of its mostly Muslim Uyghur minority, a genocide. Patient 13. We marked Holy Week and Easter with an original CTVC avdio drama written and directed, in COVID19 compliant fashion, in-house. Mov4ng belween the lime of Jesus and a 21st century hospital ward il explores the story of Chrisl's passion from the perspective of Judas, the Irailor. The cast was led by Brian Vernel Iwho previously shone in Dunkirk and Star Wars) as Judas. Premier Christian Radio played the podcast on Maundy Thursday, when il would have had around 70-100,000 lisleners and extended the subject malÈr lo a full hour by inviting an expert studio guest lo talk about Judas. Audio . Training Institute for Strategic Dialogue. CTVC delive(ed another two media training WOTkshops for members of this think lank organisalion who deal with religiovs, and other forms. of exlfemism. Digital - Education {TrueTubel TrugTube wgbsite. After an extensive evaluation. a new plalfomi was developed with an improveLI search functionality. 11 also hosts conlenl we have created for the BBC through our new embedding funclionalily. Work is now underway lo write the back-log of lesson plans and teaching resources which are needed lo improve the sile further. Centre Stage.. In time for Black History Month, CTVC released films exploring racism, as well as k)oking at the true definition of racism. They have also been well-received on our YouTube channel, where we released them early in response to the racism problems seen in British football. CTVC Limited Report of Tho Trustees for the year ended 31 December 2021 (continued) Achievements and Performance Icontlnuedl Digital - New Media Addiction. Funded by the Romani Foundation, TrueTube released nine new films in memory of the founder's son who died four years ago aflef his struggle with addiction. Accompanied by lesson plans ancl leactrEr notes, the films have been well received. Paflnerships. CTVC have worked with a record number of highty regarded charities and or9anisations to create conlenl for TrueTube including. BBC Teach, The Salters Inslilijte, Red Cross. FASTN, Money Advise Service and the Capuchin Franciscans of Great Britain. This is an excellent way of working with likeminded Feople to bring their voices lo a mass audien￿. Dlgltal Training CTVC delivered a number of training courses for The Brilish Film Inslitule. Normally, Ihey would be delivered in regular group meetings or a in a residential selting. however. due lo COVID19 reslriclions, the coutses were all delivered online and have been very SUc￿$shI1. Futurg Plans Across departments, CTVC again secured commissions across the board despite the continuing unceitainly with further lockdowns and reslriclions, which is an extraordinary achievement. CTVC continued lo produce high quality programmes and has siarled working on new commissions for 2022. Despite the relaxing of COVID19 working resliiclions, the team are continuing to work either al home or In professional co-working spaces. A piiority will be secuiing permanenl 0f￿e facilities to accommodate a reduced office based workforce. With the support of Father Christopher Jamison, in Juty. CTVC presented ils slrale9y for considerali)n lo the RFL Trustees. Once finalised, the CTVC team look forward lo working more closely with their colleagues at thè Rank Foundation lo further the aims and objectives of both organisalions. -10- CTVC Limited Report of The Trustegs for thg ygar endgd 31 December 2021 (continued) Financial Review Res9rvgs policy Al 31 Dècember 2021, the group hetd unreslricled funds of £651k12020 .. £582kl. The restricted funds deficit of £44k12020 deficit .' £3.3ml is made up of the defined benefit pension scheme liability and the pensDn scheme reserve.The pension reserve of £5.Om represents a funding commilmenl of £457k per annum over the next 11 years made by The Rank Foundalion. This is not available for other operational activities and is therefore shown as a reslricled fund in the financial statements_ The Defined Benefit Pension Scheme Reserve was in deficit of £5.Om 12020 deficil .' £8.8ml as a result of the annual valualion. Details of the pension scheme and pensicn scheme reserves are sel out in notes 12 and 14 of the financial slalemenls. Al the year end, the cash balance held was £673k {2020 - £773kl. The business depends on cash liquidity lo function adequately and the Trustees consider the cash balance to be an appropriate measure of ils reserves. The intention is lo maintain prudent cash reserves consistent wilh trading conditions.11 needs to be sufficient lo meet the financial obligations which may include any requirement lo'cash Flow- the initial stages of program production or if required 'Exit' costs, defined as staff leavin9 Costs and any other costs associated with 'kninding up the organisalion. Our forecast for the next 12 months has concluded that the previous desired level of cash held is no longer appropriate. Following the easing of reslriclions, the Truslees will review and update ihe reserves policy lo reflect the needs of the business al Ihal bme. Operating income and funding Following a reduction in the COVID19 reslriclions. income iKreased significantly compared lo 2020. Income received from third parties for television contributions was £1.058m (2020 £551 kl, for Digital £397k12020 ." £238kl and for Audio programme £78k12020 ." £34k). See note 16 for the perfomance of Hillside Productions. Grants were received from our parent undertaking, The Rank Foundation, of £1.293m12020 ." £1.268m}. The operational grant has been approved at an increased level of £1.332m for 2022. We received grants lolalling £29k12020 .' £ 45k) from the Governments Job Relents'on Scheme to pay for staff placed on furlough. Overall perfomiance The financial performance of the group as detailed in the Slalement of Financial Activities is still being affected by the restrictions placed upon us caused by the COVID19 pandemic_ However, income in all areas was up on 2020. The year-end valuat￿n ol the Defined Benefit Pension Scheme liability undei the FRS102 accounting rules has improved considerably, the overall result is an actuarial gain of £3.413m12020 ". loss £ 1.788ml. CTVC Limited Report of The Trustees for the year ended 31 December 2021 (continued) Financlal Review Icontinuedl Revlew Throughout the year staff have continued to work mainly from home, while access to the serviced offre secured during 2020 has continued on an occasional basis. 11 is envisaged thal duiing 2022 8 more permanent home will be located. While il is impossible lo prediel with any real certainty how long il will take lo recover in full. measures have been taken lo assure that the cash reserve will see the company through the next Iwelve months wilhoul IFE need for additional funding. Going con¢grn The Rank Foundation Limited has confirmed its grants lo support the pension deficit, and for operaltinal activities at eurrenl levels until al least April 2023. In light of the conlinued financial support, and the measures outlined above, the Trustees are satisfied that CTVC is a going concern. This report has been prepared in accordance with the special provisions relating to small companies within Parl 15 of the Companies Acl 2006. Other A full copy of the annual report and accounts can be obtained from 12 Wamick square. London, SW1V 2A4. Provision of Information to our Auditor So far as the Trustees are aware at the lime the report is approved, There is no relevant audit information of which the companls auditors are unawaie, and the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditors are awaie of that informatK)n. Auditor The audilors, BDO LLP, are deemed to be reappointed under section 487121 of the Companies Act 2006. On behalf of the Board. 26 April 2022 12 Warwick Square London SW1V2AA MrA. N. R. Fleming -12- CTVC Limited Independent Auditorfs Report to the Members and TrustO9s of CTVC Limited Opinion on the Financial Statements In our opinion. the financial slalemenls.. give a true and fair view of the stale of the Group's and of the Parent Charitable Company's affairs as at 31 December 2021 and ol the Group's incoming Tesouices and application of resources and the Parent Charitable Company's incoming resources and application of resources for the yeai then ended.. have been properly prepared in accordance with United Kingd(￿ Generalty Accepted Accounting Practice., and have been prepared in accordance with the requiremerbls of the Companies Act 2006. We have audited the financial stalemenls of CTVC Limited {"the Charitable Company") and ils subsidiary l.the Group I for the year ended 31 December 2021 which compii5e the consolidated statement of financial aclivilies incorporating a consolidated income and expenditure account, the company slalemenl of financial activities incorporating a income and expenditure account, the consolidated balance shee( the company balance sheet, the consolidaledl cash flow slalement and notes lo the financial slalemenls, including a summary of significant accounting poliryes. The financial ieporling framework that has been applied in their preparation is applicable law and United ￿'ngdoM Accounting Standards, including Financial Reporling Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generalty Accepted Accounting Practs.￿l. Basis for opinion We conducted our audit in 8ecordance with International Slandaids on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial slalements section of our report. We are independent of the Gioup and the Parent charitab￿ Company in accordance with the ethical requirements relevant lo our audit of the financial slalemenls in the UK including the FRC'S Ethical Standard We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 related to going concern In auditing the financial slalemenls. we have concluded that the Trustees. use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identsfied any material uncertainties relating lo events or conditions that, individually or eolleclively. may cast significant doubl on the Group and the Parent Charilable Company's ability to continue as a going concern for a period of al least ts¥elve months fiom when the financial slalements are aulhorised tor issue. Our responsibilities and the responsibilities of the Trustees wilh respecl lo going concern are described in the relevant sections of this reporL Other information The Trustees are responsible for the other infomation. The other infomialion comprises the information included in the Report of the Trustees and Financial Statements, other than the financial statements and our auditor's reF)orl thereon. The other information comprises." the Report of the Trustees. The Trustees are responsible for the other information. Our opinion on the financial slalemenls does nol cover the other information and. except lo the exlenl otherwise explici15y slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other infomialion and, in doing so. consider whether the other information is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or olheiwise appears lo be materially misstated. If we identify such material inconsistencies or apparent rnalerial misslalemenls, we are required lo determine whether there is a material misstalemenl in the financial slalemenls or a material misslalemenl ol thè other information. If, based on the work we have performed, we conclude Ihal there is a malerial misslalemenl of this other information. we are required to report that fact. We have nothing lo report in this regard. -13- CTVC Limited Independent Auditorfs ReF>Ort to the Members and Trustees of CTVC Limited Icontinuedl Other Companies Acl 2006 reporting In our opinion, based on the work undertaken in the course of the audit the informalion given in the Trustees, Report, which includes the Directors. Report prepared for the purposes of Company Law. for the financial year for which the financial statements are piepared is consistent wi(h the financial slalemenls., and the Directors, Report, which is included in the Truslees. Report. has been prepared in accordance wrth applicable legal requirements. In the light of ihe knowledge and understanding of Ihe Group and the Parent Charitable Company and Is environment obtained in the course of the audit, we have not identified material misstalemenls in the Strategic report or the Trustees, report. We have nothing lo report in respecl of the following matters in relalJ"on to which the Companies Act 2006 requires us lo report lo you if. in our opinion", adequate accounting records have not been kept by the Parent Charilable Company. or returns adequate for our audit have not been received from branches not visited by us". of the Parenl Charitable Company financial statements are not in agfeemenl with the accounting records and returns., certain disclosures of Trustees, remuneration specified by law are not made", or we have not received all the informalion and explanalions we require for our audit., or the Trustees were not enlilled lo prepare the financial ststemenls in accordance with the small companies regime., or were not enlilled lo lake advantage of the small companie5, exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. Responsibilitigs of TrustgOS As explained more fully in the Trustees, responsibilities in ielalion lo the Financial Slalemenls. the Trustees Iwho are also the directors ol the charitable company for the puiposes of company lawl are responsible for the preparation of the financial statements and for being salisfied Ihal they give a true and fair view. and for such nlernal control as Ihe Trustees determines is necessary lo enable the preparation of financial statements that are free fr￿ material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and Parent Charitable Company's ability lo continue as a going conceTn, disclosing. as applicable, mallers reiaed lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the Parent Charitable Company or to cease operations. or have no realis￿ allemalive but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under seelion 144 of the Charities Act 2011 and report in accorda￿ with the Act and relevant regulations made or having effect Ihereun¢Jer. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guaranlee that an audit conducted in accordance with ISAS IUKI will always delecl a material missialemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in Ihe aggregate. they could reasonably be expected to nfluence the economic decisions of users taken on the basis of these financial stalemenls. Extent to which the audit was capable of detecting iAregulariti&s. including fraud Irregularities, including fraud, are instances of nonGalion 15 16 15 36 39 Governance costs for the Group include an allocaiion ol the operating cosls relating lo the CEO and COO. They represent the support necessary to deliver the management and reporting requ1￿meThI$ foi Ihe Boards wrthin the wider Group. -2 CTVC Limited Notes To The Financial Statements for the year ended Icontlnuedl 31 December 2021 Trustees and Employees 2021 2020 Avèrag8 number employed Employed in charltable actlvltles lexcludlng Trustees) Direct charitable Support 16 16 Total 21 Employees. emoluments Number of Staff eaming £70,001 to £80,0 Number ol Staff eaining £80,001 to £90,OQKI Number ol Staff eaming £90.001 lo £100.CKJO Nutnbei of Staff eaming £100,001 to £110.000 Number ol Staff eaming £120.001 to £130,000 Number ol Staff eaming £130,001 to £140.000 Employer conlribulions lo Ihe money purchase schemes were paid in respecl of ihe above ernployees £30,91412020 .' £30.￿81. The Key management personnel of the group are the Chief Execulive Olficer and the Chief Operaling OffI￿r Isee page 21 whose employee benefits totalled £224,80212020: £235.9431. Stsff co¥lJ including Trustees. emoluments £'ooo £'ooo Wages and salaries Re¢Jundancy paytnenls Social security costs Personal Insurance IPHI. DISI Pension Scheme Contribultons Pension Scheme Costs 1,028 1,056 104 36 64 52 1.314 37 82 1,300 Trustees. emoluments Pension Contributions Emoluments excluding pension scheme contributions Chairm8n G. C. King M. A. Booth 16 10 26 10 28 Related Party Transactions The above mentioned Ttustees are not entrtled to pension benefiis and remuneraled solely for the profession81 services they render to CTVC and its subsKliary as allowed lor in our Memofandutn and Arb"cks of Association. The other 5 Trustees received no remuneration. Reimbursernent of expenses lo 2 Truslees12020'. 21 incurred in relation to dulle5 a5 Trustee5. 145 273 -26- CTVC Limited Notes To Th8 Financial Statements for the year ended {continuedl 31 December 2021 Net expendlture Group CTVC Net expenditure Is stated after eharglng= 2021 £'ooo 2020 £'ooo 2021 £'ooo 2020 £'ooo Depreciation of tangible fixed assets Hire of equipment Rental ol premises 21 21 119 119 Auditorfs remuneration- audit Auditorfs remuneration- other 16 15 15 15 14 12 DU￿n9 the year CTVC purchased Trustees. and Officers, insurance Loss on currency exchange rate Contingent liability CTVC is included in a UK group regislralKJn ￿lIh its subsKliary undertakn.ng for VAT purposes and is therefore jointly and severally liable for all group ¢ornpanies' unpaid debis in Ihis ¢onneclion amounting lo £4.175 as al 31 December 2021 {2020". Nlll. -27- CTVC Limited Note8 To The Financial Statements for thg year gnded lcontinugd) 31 Decembgr 2021 Tangible fixed assets- Assets for the Charlty's own use GTOUP and CTVC A¥at 01 January 2021 £'ooo Asat 31 December 2021 £'ooo Additions £'ooo Disposals £'ooo Co¥t Plant and equipment Fixtures and fittings 38 29 67 39 29 68 Depreclatlon Plant and equipment Fixtures and fillings 33 20 53 35 26 61 Net book value Plant 8nd equipmenl Fixiures and fillings 161 Archlve CTVC owns a Film and Television programme archNe, %thich may have potential for further exploration to the benefit ol the ¢ompany. The unique nature of the archive means that it 18 onty in demand interrnittenlty depending on worfd events elc. We theiefore do nol think a reas0nab1elreliab￿ valuatKJn o)uld be perfom)ed due lo Ihe uncEAainly ol ils use. -28- CTVC Limited Notes To The Financial Statgments for the year ended {continued) 31 December 2021 10. Deblors Group CTVC 2021 £'ooo 2020 £'ooo 2021 £'ooo 2020 £'ooo Trade debtors Other taxation and social secunty Amount due from paienl undertaking (non pens￿)n1 Amount due from parent undertaking Ire pension) Amount due from subsidiary undertaking Accrued income and prep8yment5 123 49 123 49 26 5.446 26 5,446 4,989 4.989 245 5.357 67 5.591 245 5,360 67 5,591 Included in the amount due from parent v￿lertakIng Ire pension) is an amount of £4,531,925 12020 '. £4,988,921) due in more Ihan one year. 11. Amoun15 falling due within one year Note Group CTVC 2021 £'ooo 2020 £'ooo 2021 £'ooo 2020 £'ooo Creditors Trade creditors Other taxation and socSal security Amount due to parent undertaking Atnount due lo subsidiary undertaking Accruals and deferred income Other creditors 73 32 121 32 34 73 32 32 61 149 93 152 60 92 14 397 350 258 212 -29- CTVC Limited Notes To The Financial Statements fof the year ended (continued) 31 Decembgr 2021 12. Penslons Al Dtrfined bèntrfit schème- closèd April 2002 The defined benefit. scheme covered Ihe maiorily ol CTVC'S employees up to the date of closure. The pension cost relating to the principal scheme is assessed in accordance wrth the advice of an independenl qualified actuary using tho projected unil method. It is to be noted that under this valuation method the cosls will increase as the members of the scheme approach retirement. The lalesl acluarial valualion of Ihis scheme was at the 30 Seplember 2018. The next fijll valuation will be as al 30 September 2021. The Rank Foundation has formalised their commitmenl to the fvnding of this scheme by puttin9 in plaee a legal guarantee that has been accepted by the Pensions Regulator. The Charity expects Io pay £457k in Ihe year to 31 December 2022. The Rank Foundabon seeks independent acluarral admce from lirne to lirne to manage the strategic risks of funding the scheme. The management ol the funding. inveslment. and compliance risks is undertaken by the pension sd)eme Trustees. who have 8PPOitiled their own indepèndent professional actuarial advisors. administrators, and investrnent manager. The TIu5tees have 8ppointed the scheme actuary to prepare the *olknwing detailed disckjsures and they have relied on the acluary's expertise in this regard. Explanation of amounts in th• financial statements Amounts recognlsed In the Balance Sheet at 31 December 2021 Value at 31 Dee¢mbèr 2021 £'ooo Value •t. 310eeember 2020. Fair value of assets Present value of funded obligations 11,366 116,3991 10.204 118,9951 Net Ilefined benèfit Ilabillty IS,0331 18.7911 Amounts recognisecl in the Income and Expenditure account over the year (See note 41 31 December 2021 £'ooo 31 Decembei 2020 È'ooo 242 1130} 339 11971 Interest on assets Total 112 142 Actuarial ains I losses Over the ear 31 December 2021 £'ooo 31 December 2020 £'ooo Gains on scheme assets in excess of interest Expenenee losses on liabililies Gains from changes to derrK)graphic assumptions (Gains) I losses from changes to financial assumplions 11.3781 141 13581 11,6731 12421 2,030 Total actuarlal movement 13.4131 1,788 CTVC Limited Notes To The Financial Statements for the year ended (continuedl 31 Decembgr 2021 12. Pension5 Icontinued} Explanation of amounts In the flnanclal statements {continuedl Reconclliatlon of aB8ets and defined benefit obligatlon The change In the assets over the period was= Value at 31 De¢tmber 2021 £'ooo Value'at 31 December 2020 £'ooo Falr value of assets at the beglnning of the perlod 10.204 9.947 Interest on assets Company contributions 8enefils paMI Return on scheme assets less intere51 130 457 18031 1.378 197 457 16391 242 Fair value of assets at the end of the perS0(5 11.366 10,204 The chan e in the Defined Benefit obli ation over the eriod was.. 31 December 2021 £'ooo 31 Decembor 2020 £'ooo. Definèd Benefit obligation at the beginning of the perSod 18,99S 17,265 242 18031 141 13581 11.6731 339 16391 8enefits paid Experience loss on defined benefil obligation Gains from changes to demographic assumptions (Gains) I losse5 from changes lo financial assumptions 2,030 Defined Beneflt obllgatlon at the end of the perfod 16.399 18,995 Assets 31 Decembei 2021 £'ooo 31 Decembèr 2020 £'ooo Equities Fixed interesl Alternatives Cash 8.535 ￿2 1,530 399 7,765 829 1,367 243 Total 11.366 10,204 Actual r•tum On •s$•ts 1.508 439 -31- CTVC Limited Notes To The Financial Statements for the year ended Icontinuedl 31 December 2021 12. Pensions Icontinuedl The principal actuarial assumptions used to calculate the Scheme's liabilities in¢lude= 2021 2020 Discount rate Retail Prices In¢Jex IRPII inflatK)n Revaluation in deferment.. Pre May 2001 benefits Post May 2001 benefits Pension incfeases GMP earned before 06104188 GMP earned after 06104188 Pension earned before 01111V92 in excess of GMP Pension earned be￿eeTr 01110192 and 31105101 in excess of GMP Pension earned after 01106101 1.90% 3.60°/o 1.30• 3 20Yo 5.00V. 3.20¢ 360% 3 00°h 3.00% 5.00°/ts 3.10% 3.45% Life expectancy at age 65 01 male aged 45 Life expectancy 81 age 65 of rnale aged 65 Life expectancy al age 65 of lemale aged 45 Life expectancy at age 65 of female aged 65 22.6 21.3 25.9 24.5 23.2 21.8 26.0 24.4 Bl Defined contribution schemes The Company runs an autoonrolment compliant, salary sacrifice deffined cOntribut￿n pensK)n scheme. The scheme is placed with and administered by The Creative PenS￿n Trust. 2021 £'ooo 2020 £'ooo Pension Charge for the period Balance due lo the schemes as at Ihe year end 54 Sensltivit laced on the value of the liabilities 31 Decefflber 2021 £'ooo 31 Decefflbèr 2020 £'ooo Appr0￿Mate affect on liability Dlseount Rale Discount rate -0.10% Cash Commutation Assutne members exchange 15% ofpension for cash Mortality Mortality loading redu¢ed by 5% for males and females 1100°/o of S3PMA and 90°k ol S3PFAI 255 323 432 339 423 13. Movement In trlennSal valuatSon £'ooo £'ooo É'ooo Deficit as per triennial valualion al 30 September 2018 Estimale lor loss of income 5,140 1,334 6,474 11141 1,371 Payments made into the fund during 2018 (pre valualionl Paymen15 made into Ihe lund during 2019 to 2021 Balance carrled forward The curtenl Schedule of ContributK)ns requsres an annual payment of £457,000 for a fvrther 10 years 11 rnonlhs (November 20321. -32- CTVC Limited Notes To The Financial Statements for tho year ended {continued) 31 December 2021 14. Rese￿e$ 2021 Note Asat 1 January £'ooo Other I transfèrs £'ooo Asat 31 December £'ooo Incorne £'ooo Expènditure £'ooo Unrèstricted Funds General 582 2.706 12,6371 651 Rèstricled Funds Training 9rants- BFI Total Gene[81 156 1971 1971 1591 1591 Penslon ReseNes Defined Benefit Pension Scheme Reserve Pension Reserve 14 {8.7911 (1121 3.870 15,0331 15 5,446 14571 3,413 4,989 Total- Pensions 13.345) 13.345) {1121 12091 1441 1441 607 Total- Restricted Funds 156 3.354 Total Funds The Brltish Film institute IBFII grant ftjnd film making training courses foryoung people. The surplus trom these activities have been allocated lo recovery ol CTVC overheads. 2020 Asat 1 January £'ooo othgr I translers £'ooo Asat 31 Dècèmber £'ooo Income £'ooo Expendlture £'ooo Unrestricted Funds General 2.047 2.245 582 Restrietèd Funds Training gr8nls- 8FI Total- General 97 1691 (281 97 1691 1281 Penslon Defined Benefrt PerTrsKTrn Scheme Resetve Pension Reserve 14 17.318) 11421 11,3311 18,791} 15 5.903 14571 5.446 Tolal- Pensions {1.4151 11421 11,7881 13,3451 Total- Reslricled Funds 11.4151 97 11,816 3.3451 Total Funds 635 -33- CTVC Limited Notes To The Financial Statements for the year ended leontinuedl 31 December 2021 15. Analysls of net assets between funds Unrestricted General £'ooo Restrlcte(I Genèrdl £'ooo Pension £'ooo Total È'ooo 2021 Fixed assets Current assels Creditors." Amounts falling due wlhin one year Defined benefit pension scheme liability 1.041 13971 4.989 6,030 13971 15,0331 15.0331 Total net assets 651 44 607 2020 Fixed assets Current assets c￿ditOrS." amounts falling due within one year Defined benefit pension scheme liability 14 918 {350) 14 6,364 13501 18,7911 5.446 18,7911 Total net assets I Iliabllitiesl 582 16. Net expenditure from trading activities of subsidiary CTVC has a wholly-owned trading subsNliary. Hillside Ptoductions Limited, %¥hich is inCo￿orated in England and Wales. The Prill¢lP81 activrty of Hillside Productions Limited is the making ol medka prDduclions. Any profils of HilL8ide Producbons Limited are usualty donated to CTVC by vrdy of qualtying tharitable dothation. A summary of Hillside Pioductions Lirnited's trading results for Ihe year is shown below. Profit and 108s account 2021 £'ooo 2020 É'ooo Turnover Cost of sales Gross protit Adminislralion expenses Operatlng loss {41 141 151 Lo¥¥ for the year 141 Summarlsed balance sheet Currenl assets Creditors.. amounts lalling due wthin ￿e year 157 157 11381 Nel assets 16 19 Equity sha￿holderS. funds 16 19 CTVC's investment in Hillside Producliorhs Limited is 75,orK) ordinary sha￿S of £1 each. being Ihe whole issued equity share capital of that company. During 2020 an impairment re￿ieW reduced Ihe value of Ihe shares held in the subsidiary undertaking by £56k. This being the cumulative effect ol prior years losses. CTVC Limited 12 Warwick Square London SW1V 2AA t 020 7834 7731 f 020 7834 0579