CTVC Llmltsd Company Registratlon Numbor- 1375941 Registsr6d Charity Number: 276286 Roport of the Tfusts•s and Flnanclal Statements for the year ended 31 D•¢omber 2023
CTVC Limited Contents Réport of th¢ Trusts•$ R8f•rgnce and Admlnlstratlon Trusteg$, Commlttees and Professional Advise Company Infom1a0n Structure. Governanco and Managemenl Constitutlon Trustees. Responslbllltles Rlsk Managèmènt and Intemal control Objectives and ActlvlU•s Achlavomants and Perf0Mne 7-10 Flnanclal Revlgw 11-12 Indep8ndgntAudltorfs Report 13.16 Statements of Flnanclal A¢tlvltles Consolldated 16 Balance 8hg9ts Consolldatsd COmnY 17 18 Consolldat•d Cash Fl<)w Statèmènt 19 Notss to the Flnanclal Statements 20.31
CTVC Llmlted Report of rh• Trusi¢•s Igr the year ended 31 Docember 2023 Reference and Admlnistratlors Thè Dir8Ctors who act as Trustees for the charltable actiVe$ of CTVC Lirniled psent to the members their port and finèncial sl8lernenls for the year ended 31 Decembèr 2023. ThÈ report and financial statements have been prepai¢d in ccordance wth the Charities Statèment of Recommended Practice12019 SORPI, 'kwuntin9 and Report¥ig by Charities. effective trom 1 J8nuary 2019. Ihe Companies Act 2(H)6. the Charile$ Act 2011 8n¢J 8ppli¢8ble UK accounting standards. induding FRS 102. Truste• and Counell Mèmbers-. Cornmltte¥ Membershlp Chalmian Mr A. N. R. Flemlng 131 Rev'd M. A Booth, MA (resigned 31 0¢mber 20231 Mr. N. F. Buxton Iresigned 7 July 2023 Ms. L Clay Mr. G. C. Klng. MA. CA (rÈ8ignÈd 31 Dember2o23I Mr. J. R. Newton Mr. M. D. B. Simon Mr M. P. Berry lapw.nted 31 Octol%r 2023) Mr J. Crosby (appointed 31 October 20231 Rov C. Jamlson (appointed 1 January 20241 (' Members appointèdby Thè Rank Fovndalion Llted) 121 121 13) B93rd Adv16er8: Mr P. F. Kafno. MA (resigned 31 December 20231 Conjmlttges: Managem•nt (to 31 DècÈmbw 2023, Audit Ito 31 December 20231 121 Audii Ilrom 1 J8nuary 2024) 131 R•glstèrèd office: Slh Floor. 16-18 Klrby Street London EC1N 8TS
CTVC Limited Report of Th8 Trustegs for the year ended 31 December 2023 lcontinuedl Reference and Administratlon ontinued Company Information: Chief Executlve Off(cer: Miss. C. C. Matthews Finance Director.. Mr. J.H. Rees Company Secretary: Mr. J.H. Rees Professional Advise. Auditor: BDO LLP 55 Baker Street, London, W1 U 7EU Bankers: Barclays Bank plc 27 Soho Square, London. W1 D 3QR Soll¢ltor8: Paris Smlth LLP Number 1 London Road, Southamplon, S015 2AE
CPIC Limited Report of The Trustees for the year end8d 31 De¢•nr 2023 l¢ontinuedl Structure, Governance and Managom•nt Constltutlon CTVC is a company Ihnited by guarantee {fegi$iered number 13759411 govemed by its Memorandum and Art&S of Associats"on Ilast amended Junè 20201, 8nd 8 registered charily Igistered number 2762861. As a company limiled by guarantee CTVC h88 no 8h8re Gapilal,. the liabilty of members is limited to £1 each in th8 ev1 of CTVC being wovnd up. Parent undertaking Thè parent MpanY is The Rank Foundation Limited (regi5tei¢d company number 5164341, a registered charity ITegi&lered number 2769781. whose addsS Is.. 19-21 Garden Wal(. Lon(Jon. England. EC2A 3EQ . CTVC is a wholly controlled subsidiary of The Rank Foundation.. control is by virtue of the Atticles of A5sooa1ion Board app(MntmÈnts as sel out below. The Rank Foundation prepares consolidated accounts. whjch In(x)rporate the resutts trf CTVC and ils subsidiary company (Hillside Productions Limited). Appolntments to the Board The Rank FDvndalion Limited has the right to appoint a majority of the Trustees and to remove any Trustees it appoints. AddilK)nal Trustees can bè appointed either by the Board or by the members. The Board has engaged a 5PEcÉali&l consultancy firm fot the iecruilment of new Trustees. Tha M8rnoianduTn and Articles ofAssociation allow for Tee$ to be munerad lor prtsfessional 8eNi¢es they render lo CTVC and its 8ub5idiary, see note 5. Subsldlary undortaklng CTVC has a wholty-ovmed trath'ng subsldlary company whkh Is Inwrporal&d In En9land and W8les, Hillside Production5 Limited Iwislered number 17821301. Its prinopal activity is thè making of rnedia PTodudions. Any taxable profits of HillsKfe Productions Limrted are donated to cnic by way of 4U81i'ng charitable donation. A summary of Hi115ide Productions Llmited's trading r*Sts lor the yèar is 5htwffl in note 14. Charfty GornanCe Coile The Trustees are o)mmitted to a(k)pting the principle8 8nd recommewKled piactice for good govemance as set oul in the Code. Theme-specific trainlng on key matte¥s has begun and a rewew of key poliCS is currentty underway. Any areas of non-compliance wilh thè Codè will bÈ identified and high1jhtsd in lthure reports once the Code has been fulty adopted. Fundrnising Se(aion 162a of the Charfl$ A¢t 2011 requlres charities to make a statement regarding fundraising acliviiies. The legislation defines fund raising 8s"soli¢iting 01 othetwse procuring money or other property for charitable purposes.. Such afflDunls T¢1vablE are presented in the accounts as Income- Donations and includ&s giants. How8v8r. CTVC does not undertakè fundraising from the general public. In retation to thè above the Trustees confirm that there is r#) involvement of commercial parti¢ipalors, prof¢55ional fvnd- 181sets. or third pae5. The day to day rnanagement of all itKome gtsneration is d818gat8d to the exèeutivè tèam. whtt are 8¢¢ountable to the Trustees. Any solicitations would be managed intemauy. The charfty is not bound by any undertaking to any iegut8knry 8eheme Ihe charity does not consider it necessary to Comp wrth any voluntary fundr8lsing codes of practice_ No cL¥nplalnls havo b¢en received in relath)n io fundraIng activities. The terms of employment require staff to bèhave reasonabty 8t all timès." ai WÈ do not approach indivicsuats for funds we do nol have a particu131 refe[en to lundrai$lng actw[t5 not do we consider it nesSary to design specific procedures to monitor such activrtl8S.
CTVC Llmlted Raport of The Trttstees for thg year pnded 31 December 2023 Icontlnu•dl Structure, Governance and Managèmènt (continued} TrustèÈi' RÈsponslbllltles In relatlon to the Financial Ststgmgnts The Trustses (who are also Dicectors of CTVC for th8 pt5fFeS ol company lawl are responsible for preparing fhe Tw$1. ReFKJrt and the ffinancial statements in accordan¢e wllh applicable law and regulatns. Company18w requires the Trustees to prepa(e Iinancial slalem¢nls for each finanal year in accordance with United Kingdom Generty Accepted Accounting Procti¢e (Untted Kingdom Acc4)unting Standards and applicable law}. Under ompany law the Trustees must not approv8 the fin8ncial st8tÈments unless they are satisfied thal they give a truE and fair viéw of $te of affairs of tre group and chaiity and of the inoDming fesources and application of resources, including th8 income xnd expenditure, olthe group and charity for U)at porifxl. In preparing these financial staternents, the Trustees are required to.. sfrlt suitaNé #tojunbng policies and apply them consistenyy," make judgments and estim*es that8 reasonable and prudent., state whther appIable accounting slandards, induding FRS 102, ha b folk)w8d. subj8Ct to any rnalerlal departures disdosed and Èxplained in the financial stalements.. prepare the fmancral Stslements on tfie goirvJ ¢on¢em basis unless It is inappropriats to presume that the chariloble company wll continue in busin6SS. The Trustees are responsible ft)r keeping proper accounting records that disclose wrth reason8ble 8ccurxcy * any lime the financial poSion ol the charrt8ble Company and enable them to ensu Ihat the finanEial ststetnents cornplywith the Companies Act 20[_ Thay are aLso responsible for safeguarding the assets oflhe ¢haritsblo company and hence lor taking asonable steps forthe pwention and dete.On offraud and other irregularib"ès. None of the Trustee¥ had any beneficial interest in any contracl to which the group w8s paty duritw thè year. Truste6s' and Exècutive remweratlon TrustÈÈÉ arè not rernuneraled for their ser¥eS as a TtUsts¢. Rernunoralon, il any. is set by the Board and 15 based on the number of day8 requifeil lo perform their duties and to reflect tha skills. knowlèdge and competences required for the addtnal Professi1 services (hey provide. The Truste8s' r8munÈialion 18 delaile(l in note 5 of ts financial statements. The rernuneration of the senK>r executive staff is set ty the Chairm8rfs Ctsmmittee ofThe Rank FOUndatn. The Trustees and senior exe¢Lrtive staff comprise Ihe charity's key management peisonn81. Remuneration is Set in Ihe context ol the charity's purposes, airns and values and to reflectthe skills, knowledge and Competences required for exeujbve roles. Induction and trnlnlng On appointment all n¢w Twstees ee1ve an induction pack. This contains copies of the Goveining doGutnents. 811 committee constitutions, thè previous yèarfs annugl report and finanual ststements, a book dolaFlin9 the hlslory ofthe charity, and the group, and a piofile of all Trustees senior stsff. Fomial training is also provided 8s and whèn réquired or appropriate.
CTVC Limited Roport of The Twustees for the year ended 31 Decernb&r 2023 Icontlnuedl Structure. Governanco and Mana em&nt tontinugd The Council of the A8$0¢ia¢ron (the 8oardl and ¢ommitt•gs The Uoard is re$pon$ib for leading and controlling CTVG. The Board achieves Ihis by setting Ihg long-teffli Strateg direction of CTVC. preparing and adopting Its medium-tomi business plan$ and annual budgets. The Boarf regularty monitors porforrnance against d9•t. plans and key p8rfotmance indKators. Th8 Board is comKMisÈd solely of ftorFexecLrtiv8 Trustees. The Board ha$ aged lo e$tsblih a new Commk%s10nit¥J Comrnrtte8 to help di5c£rll which avai18bl8 propcts Th88t the ch8ritsbl8 aitns of CTVC and 8re Consistentth the wkler mission of the organisaion. The Committee was establisw in earfy 2024 and will meela minwnutTE of four time5 8 year. The Board that th8 IAanag8ment Commilte8 woufd no longer bè required 2nd that it would ¢easÈ on 31 December2023. Aj11 eomrnittee creates a forn1 conduit b8knveen th8 8xlemal audilor and the Board and advises on the ¢onten¢ pfesentat.on of the aftnual reports and financial statements. The Cornmillee re¥8 audit plans and the external audilorfs manag8m8nt letter. and monitors implementatron ol actions required and sahsfiès itsèlf a5 to the axtgrnal auditorf5 continuing Independere. It has the authority to appoirkt. and to fix the remunoration of. Ihe exlemal audltor The risk l$ler Ls VIeWed by Committee. During the yearCTVC initiatèd the PTOC8SS of setting up its own Audil Committee whi¢h is separate frem that of The Rank Foundation. C¢yxmiltees may compr5se MberS of tho Boaril 8nd may a150 inciude adviser5 apwnted lof theii SPEcialisl knowlegE. The nrShip of th8 Commiitees is set 01 on page 1 of thi$ reporL Risk maarent and Internal ci)ntrol The Board has OV8rall responsibilty for CTVC'S and Hlllside's sysierns ol risk management. intemal Centrol and for mcffiiloring and ravBwing the systems in place. Such syslems cannot eliminate all risks. but Board is sattsfied IhatsyslBtns gr8 robust and operate effeciivdy. The PTincr)al rEks identified and 8 Summary of how they a managed are sel out befv.. Risk Management of rlsk Loss ol CEO or key stsff in a small organi$alv)n Appropria1818vel of 8ala¥ies and b8n8fits- benChMaed wilhin the ldUsty Documentalion of syst8ms and sucetsssion planrriro wh8r@ PDÈsiNe S8cuFWV comMk55S in a difficull bu8iness enronMent Con818nt ffloniloring of brtsadcaslers requirements. DevelopmenlaThl submi8SiDn al Kjeas with trequbnt contaclwith #ll potenti*l commk%sion8rs Failu of the Rank Foundation Limrted¥ IRFLI vestment policy Ihrough lack of oversight or strategic dofici8ncies, causing bs$ of grant RFL has experi8nced, financially compgtent Trustees in thefr investment vinm1tt Prole5siDnal advi5eis', Monilofflg and control of RFL budgets and expendire Oeterioration ol (J8fined ben8fit pension schen liabthties RFL has guaranteed the funding of the scheme. and use their experhse asslsikn in assessing Ihe perfomi8nce Df the advisers rmpact of cyber attad( on Ebsile, email, comtnuTrrHbon5 ar IT equyrnenl resuibng in a breach of d8ta proteclion law aOr hindrsnce to CTVCS activities Hardware protettion and Web sècuiity in place. Any altatks arè monitored by IT 5UPPOrt company. Staff pro¢edure$ aro d0Mntj sn thg IT policy documents. Cloud based systems ate placE orwll be in pkce to reduce deFendency on own equipment Loss of rwutatK)n bading to toss of busines5 Appoint apptopriately5ki1d staft and implement efleclive oper8tional procedu$ to ensure that all pr1ctiOnS are de[Ned sn line Mth commis5iDning agreements
CTVC Llmlted Rèport of The Trustees forthe year gndgd 31 Dpcember 2023 Icontlnugdl Obj8etlv•s and Activitiès Oblectlvgs and Publlc Benefit The objects foi which Ihe Chaiity is estsblished 8re the adwdncement and promoiron of the Chriaian rellglon and the advancement of Chrtsti8n rÈlÉgious education of the publi¢. In furtherance of thÈ objèctwes. the following are the lea(1 powers given= to 8dvaneè thè public knedge and Understand¥ of the other historic world faiths with Signrfant communities in the United Kingdom to promote the understanding of the shared values, traditions and practices of the Christian lailh, and faiths r&ferred lo above and their application in a secular envlronment to Stimulate and tllDlivate people lo think about moral and 8piritual issue3 in their everyday INes. The Trustees refer to thè guidancè ctsntainèd in IhÈ Charity CommissDn's general guidance on public bÈnÈff( when r8viewino its aims aTrd objedives atKI in ptanning fvlur8 aclivilies. In particular, the Trustees consKler how planned activittes will cgnlribule lo the aims and obiectNes they have sel. Ow aim is to engage VIer$. I[stene and readers through all medt8 with mattets of religion. falh. morals and ethlcs trom a pepectiVe whidj respeds tho ol 811 faiths and those with none. Telèvlsion In Order lo achieve as wide an audien as possible, programme ideas are submitted to Commissioning Editors of all key broadcaster5. CTVC can also enter into Co-production 8greement5 Wth other independent companles and broadcasters ift projects thal reflect the aims of the Gho1ty- Pro(ludions in th9 period indude the sK¢h series of Pilgrimage for th¢ 88¢ and the comménc8m8nt of CTVC'S two year contract to produ{ BBC'S long runnin9 Songs of Praise sèrièg. CTVC'S subsidiary, Hlllside Production8 Ltd produced Ihe 8ecoTrd series of My Friend Misty for the Sky Kid8 channel. Audlo (Broadcast and Podcasts) Our mulh award4YÈnning team pioduce compElling content for outlets Éncluding BBC Radio 4. Radio 3. the BBC World ser¥e, most nofably our produth.ons for the BBC Wiinè5s History and Heart and sc1 strands. We also have our own pod(%sl p181t01, Th9¥ Unseen. Dlultal (Educatlon l Nèw Med18 1 Tralnlng) TrueTube.co.uk Is a BAFTA award-winning webstte which piovides free filtns for sewndary schools about wnor81. soaal and IEtiglQUS Issues for use in form limes, assemblies, PSHE, Cilvzenship, and Religious Education lessons. The films are short and Kle81 for lesson starter5, provob'ng discussion and igniting students, imaginalions. Additional, teachers. notes, lesson plan8, a&sernbly Scripts and interactive iesources are provided to asstst in usin9 Ihe filrns in a creative way. CTVC 81so produ(* short rilms and resou9 for extemal customeTS induding BBC Educ81ion, other charitsble oiganisathons and Gotnmunity outreach programmes. crvc aL%o fulfil media training contracts that are predominanlty for the Brilish Film Inytitule.
Cc Limited Rfrport of The Tru¥tees for the year end•d 31 December 2023 IcDntlnuedl Ob eetlves and A¢tlvltle8 lcontinued Achiev8mgnts and Awards Winning the Tender to Produce Songs of Praise First broadcast Ihe BBC in Odobei 1961, Songs of Praise is ihe bng8St runniEW r8b'gious tèlèwsion programme in the rld. It is on ali wèry Sunday. 52 weeks ol ihe year. The programmg has evOTed overthe decades and currentty consists of 44 sland8rd episode8 of 34 mins, which consist of eongw8tional singing and short films (Vfs} of Chiistianity in action. There are also three contest prograrnrnes whleh include Young Chorister and Young Choir of thè Year. which rotate annually, and Gospel Choir of the YearwhKh happens yeaty. All key Chrlstian feslivÈ15 8re celebiated with specAal shows around Chiistmas, Easler. Advent and Remembrance. The contracf to pioduGe Songs of Praise was put oul to tender in 2022 (having pfèvK)u$ béen put ouf to tender in 20161. Despite tough COMPÈtition from some big industry players. all with widespread experience and repulalions. CTVC'S bid was suecessful we were awartled the year contract to produce the series commèncing 1 September 2023. The prggtamme wll continue to be fronted by Ihe shows regular rostèr of pr88enlers. representing Christian worship across the UK. Daisy Scalchi. BBC Head of RaIlon & Ethics TV, says.- °Songs of Praise is an essenlialpart of religion offerand I deliglpfedthgt CTVC ar8 bringing Iheirpassion, expertise anrj comnTrlmènt to this much-Iov8d brsnd." I knowrfis tin very sMf8 h8nd$ 8nd WAII continue to thrive in the years ahead.. Songs of Pralso Is Central CTVC Founder Lord Rank's vision of COMnting the Christian me88ag8 to the widest possiblè audience. therefore fulfilling a large part of CTVC'$ core rem6t. Industry Recognltlon l Awards". Success in achievin9 our objèctivès ean be shown in the quanlily and qualty of our output across all areas. The Dtgital team re awarded a prÈstigious Sandford St Martin Yo]g Audience Award for its TweTube filwn Aulisrn, Hinduism & Me. The short riltn tells the story ol Abi, described as'a bit different. in many 8m82ing Ways. 8rtrf how Abi. who id¢nlifies as non-binary. experiences day to day life. aub"sm. a love of languages. and the Hindu tsrfh_ The Radio tearn won a nomination in the highty contested Best News and Current Affalrs Produeèr eAtègory of the Audio Production Aw8rd$ for our documentary, Iraq-. Generation Invasion in which four young 118qis recall lif8 under the Us-led CCUP81ion and speak of thew hjpes forthe futu.
CTVC Limited Report of The Trustees for the y•ar •nd•d 31 Do¢omber 2023 l¢on¢inuedl Achlevemonts and Porfom)ance eontinu Perf0rn18nce- Some of our programmes: T8lovlsion We weig delighted to be cL)mmi5sioned to produce a further series of Pilgrimage for the BBC. This wll be the sixih series which is in ilsell a huge accomplishment forthe CTVC learn and tesl8ment lo the enduring popularity of the pmgramme. Seven well known personallttes of dKf¢rin9 fatths and beliefs. meet in North Wales lo tackle a modern-day pilgrimage lebrating Celtic early Christlan Saints. Known as fhe North Wales Pilgrim's Way, the pilgrims will travel over 200km to reach their destination, Baidsey1slafHI. which lies off the westem tip of the Ln Peninsula and is fabl8d as th8 'Island of 20.OIXI Saints.. Immersing themselves on this splfitual Journey are.. wld life presenter Mi¢hael8 Slrachan who plaS her faith in the natural worfd- Spencer Mathews. a former'madé in Ch81sea' re81&ty star. who was christened Church of England but s still searching for the answers lo life's big questions.. Sonali Shah. a joumalist and TV presenter who grew up in a Jain famiEy' comedian Esha8n Ajtbar, x lapsed Muslim.. Amanda Lovett, a praciising Catholic, who catapuRed inlo the public eye in the fiist series of Traitors., actor Tom Rosenthal of Friday Night Dinner fame. is areligious.. and TV personality and former model, Christine Guinne$S. who is spiniual. Since September. CTVC has produced weekty episodes of Son95 of Piaise for BBC One. with progiammes covering subjects ranging from the Greenbelt Feslival to Canterbury CathÈdrÈl and thÈ power of religUS organ music. Our Remembrance Sunday programme from RAF Cianwell received the series. highest audience ske for the whole of 2023. with 1.3 Mil9n viewers, a shale of nearly 2 of aw audiences watching TV at the time of broadcast. All 6pis(xJ8s produced by CTVC have scoied above 82 oul of 100 on Ihe 8BC's Audien Appreciatign whiGh meafjs that under CTVC, Songs of Praise continues to deliver programmès Ihe audlence realty v8luÈs. Audlo- Radlo Notable productions in th& year M)dude:_ Witness History.. Sar&levo's Haven of Peace188C Workl S¢rvthl'. Th1$ pro9ramme, broadcast on 9 August, te115 the story of the Jewsh charity in Sarajevo which during the Bosnian WÈT in th8 earty 19905 provided aid and shette¥ to members of all faith communit5es. Jacky Rowland tslks to Jewish Gornrnunty leader Jakob Fincl, now 79, who Bays he Yelt like James Bond. as he tralI6d bèiwÈÈn thè warring fadions. territories four sets of idenlity par$. Iraq - Gnaon Inv8sion." This BBC Wo[ documentary is a josaw Of1ceS of peop who were children when the Us-led coalition invaded Iraq 20 years ago- and their fresh and unusual percepb"ons, together wth news ar(*È material of the period, make for stunning listening. It was seen a5 SO 5tiong that the BBC World ServicB decKled to give il a full clocked hour rather than Ihe usual half hour. The progr8mme was PrÈd in the Radio Times and gwen special on-air promotion, 8nd the CornThsSionlng e(lilor, Gwonan Roberts. wai8ed vthal she called the 'richness In tho $lories, and the hope , the engagement, the interest in the environment. For me. she says, "it bro¢Jght Iraq to lifè.. The Right Thing- Framed By My Brother.. This programme forthe BBC World S@rvic6's r81igious Heart and Soul strand tèljs the story of Floyd Ble(Isoe. a Christian US farm labovrer who spent 16 years in jail foi a muidei cotnrnitted by hi8 own brother. Once released. Floyd had to wrestle wlh drficull quéstsons. among thwn, what ¢knÈs Christian frJrgNeness mean in a casè likè this7 Simon Pitt#. CA)mmi8s1oTh e(filor for Heart and Soul. called il"An extraordinary story. and extremely well strudurod and told."
cr¥lC Limited Report of Th• Trust08s for thè yèar endèd 31 Dècember 2023 {¢ontinued) A¢hievernents and Perfomiance Icontlnuedl Audio- Podcast (Things Uns8•nl Liz Adekunle= in conversation with DrAmus Ogunkoya is our first pod81 presented by The Ven Liz Adekunle (rightl, Chaplain to Hi8 Majesty the King and Thought for the Day presenter on BBC Radio 4. Despite his dyslèxia. her guest Amos became a GP and first team doctor at Luton Town FC ond was a Gonleslanl on The Traitors on BBC One. We hear how his Christian f8Jlh h8s influÈncèd his Itfe and career. A Fresh Look at Ea51¢1= Forthis podcast, Fr Christopher Jamison tearned up wth Catholic writer and Cambridge 8eAdemie Bonnie Lander Johnson lo discuss how nature and astronomy, art and literature can help u$ ¢xperiefjGe the Easter message afresh. The Age of Revelation.. For our Ramadan podcast. Remona Aty was joined by Ihreo guosts who have p88sed their 40th birthdays~ becaus• Ihe Prophèt Muh8mm8d was over40 years old when he received the revelaOn of the Qurfan. Sg does spiritual life, al least in Islam, begin at 40? The Spir1 of Kintsugi.. People with and without a defined faith talk about how the symbolism of 1fjntsu Speaks to them. Kintsugi is Ihe Japanese art of mending broken pottery wth18cquer and gold, and it's bÈeomÈ a symbol of human brokenness and healing- not hiding 01 foigetting your scars. but embracing them. Digilal In 2023 CTVC'S digital department worked across Mu"pl& contr8Cts deliveting online content that explot8d wnany ligious themes and tnoial dil¢tnfflas. On top of this. we refined our Educational Platform TrueTube, trained 80 youThJ pèoplé in ffilmrnaktng and worked closely the Rank Foundation to support RankNet. Th& BBC relaunched their nalionwide competition. S(K) Words. and to help teachers encrage their students to take part we eated ten short animations that were specially designed lo encourage childfen from diverse backgrounds to writé sttsri8s. The BBC were deligmed with the content and launched the films as the campaign went live across Ihe UK. The first part of the year spent refining TrueTubè. our in-house education platform, lo make it offer a better service lo our users. This indudgd writing over 400 les50n plans and teacher notes, integrating an 'aUdidfinIt1On. sèrvice and refjning search functionalily. As such. we saw users double the amount of tsrrte that they spent on the site. To ensure our offerin9 was of Ihe hhst st8ndard we producÈd 17 new Hoty Cribs films which are exiremely popularwith our audience. Other notable TrueTub8 original content created in 2023 was a film 8bout Climate Anxi8ty (which has since been featuied on the EGonomisYs own leaming platform) and a film abt hidden Disability which told the story of Bryony and her struggle lo cope wlh disability, bullying and eventual suicidal thougM5. The filtn quickly gained over two thousand views in its first covple of days onlinè 8nd WÈ know from thè mèssages we rec*ived Ihat il had a profoLEnd imp8cl on some uf our 8udience. 2023 saw the thirteenth year of CTVC'S delivéry of BFI Film kndetlly 8fMI we delivered three coutses that provide filrn training lo 80 x 16-19 year olds from all acro55 the UK. These courses were delivered in LoThJon, Hull and 8s a documentary residential. Each co¥Jrse was a success wrth our numbers exceeding the BFI'S KPI's of dnierskty. We also moved some of our alumnl Into real roles at CTVC including ex-students who became part of Ihè Pilgrim8g8 Produoliork Crew. Olher training courses were delivered for the Rank Foundation with ovet 40 small chawities attending online training sessions wher& they learnèd to prnducé thÈir own dtgital content_ We also visited the Rank Conference to document the charities amazing achievemenis in 2023 and lo help them distribute this contenl across Ih¢ir own Rankmel platlorm.
CTVC Limited Report of The Trusieas for thè Ar ènded 31 Dember 2023 {continuedl A¢hievements and Performance Icontlnuedl Digital - Tralnlng For over tsn yèars CTVC has been a provider of trainsng courses to the BFI as part of their Screenskills piogrammo for young people. These CurseS help train and inspire the next genèration of UK filmmakers an¢Y production crew. supporting 16 Eo 19-year-olds to dèvelop nèw skills and gain (x)mmercial and cultural knowledge to help build a Caer in the scre¢th industries. 2023 saw CTVC once agaln dg1iv&r network academy courses in London and Hull to enable young people to produce their own short films and animalions. We afso ran than BFI Fllm A¢ad¢my SpeciaJi$t Course.. Documentsry.. an intensive course in documentary filmm8king. Hillside Productions We were deli9hled lo receive a SWEft recommission from Sky of My Frf8nd Misty, pr<>ducÈd by tsur subsidiary, Hillside Productions. This 10 part ehEldren's diama series is specffically devised lo help children cope wilh moral and social dilemmas. Each episode mixe8 live action wilh state-of-the-art animatic as our lovable animated char8Ctér Misty p5 up vthh magical visiis throughout the show lo help children with Iheii feelings. The seGond series was completed on time and on budg8t and was 8vai18blÈ to vièw and download on the Sky Kids ¢hannel from February 2024. Futurè Plans Following our 3uccessfv1 bid for the year Songs of Prais& cOntt to 37 August 2025 wé ar& fully focu88d on delivering our visron for the wies, with the airn of seGuiing the cornrnis8ion for the long term. Having successfully delivered the sixlh series of Pflgriffiage. our prirne lime ieligious series for BBC2. we are in tslks with the BBC'S Commissioning EditOT about our ideas for a seventh series. We also continue to develop our woposed Bruderhof series for the BBC whi¢h would give viewors a fa5cin81ing inside into this unique community. Having succ6ssfully d81ivr8d the s8cond $8riè$ of My Fri8nd Misty Iproduced by our Hillside subsidiary) we are hop¢lul of a recommission from Sky. OLf Radio team has made a strong start to 2024, winning a yde range of new cornfflissions for Ihg BBC World Service. Our DIgtal team is fvlly engaged in the continuing development of TrueTube and are actively exploring new OPrtunitieS lo produce digital content. Our BFI Training Courses continue to offer young people an excellenl insight into documentary film making and we will be biddlng lo woduce Ihe series of BFI courses. We conlinue to work closely wlh our parent chartty The Rank Foyndatlon LThned, ¢xplortng ways lo provlde medla and training SUPPDrt for both RFL & RFL'S fundèd charities. We are discussing furtheT OPPOrtunilies foi 2024 induding Media support for the Mernorial Award holdeis to help Ihem document Iheir leaming and experiences so they can be easily shared across RankNet and collaburating on a brand-new podcast series lo be broadcast on RankNat In support oflhè sochal sè¢tor. We have also developed an exciling new RFL & CTVC Media Support Programme which utilises CTVC'S in-house media skills and resourcos lo delrver a range of servl¢es to RankNel m8mbrs. who may othèrwsè not have Ihè capacity lo a9$8 hwh-level media provision. to help Ih8m refine or create fresh new communication tools. -1
CTVC Limited R•port of Thè TrustOè8 for thè yèar •nd•d 31 December 2023 {eorttinu•dl Fjnanclal Revlew Reserves policy At 31 December 2023, the group held unstrIcted funds including Ihe pension (kficii of £1.138k {2022.' £9g2k}. The estricled funds surplu$ of £3.861k12022.' £3.988kl Is madè up of thè d6fined benefit pènslon sd)emè liabiltty and the P8nsron sch8me iesetV8. The pension reserve of £4,227k {2022.' £4.684k} represents a funding commiltnenl 01 £457k per annum overthe nexl 9 years and 3 months made by The Rank Foundation. This is not available for other operational activities and is therefoie shown as a restriGt¢d fund in the financial stalernents. The Oefined Bonefil Pension SehèrnÈ ResèrvÉ was rn deficit of £366k12022- deficit of £696k) as a result of the annval valuation_ Details of the pension scheme and pension scheme reserves are sel out in noles 11 and 13 of the financial statemenls. The Tnjstees have set the group's reserve policy to achieve 8 balanced budget in the long tem and to retain surricient res&rv8s lo meet working ¢apital regulMents. At 31 December 2023 Ihe cash at bank balance held by CTVC was £4,082k P022.' £1,399kl. The cash al bank balat)ce indudes £2,S52k {2022'. Nil) ol advanced funding from the BBC in rèspect of production costs for Songs of Pras8è. Thé business depends on cash liquidity to function adèquately and thè Trustees consider the cash al bank balance lo be an appropriate measure ol reserves. The intention 15 to mntain prudent cash reseryes consistent wilh trading conditions. It needs to be sufficient to meet Ihe financial obli9atN)ns which may include any qUirement to'cash-ffiow, Ihe initial stagès of pro9r8mm8 produetiorTr or, if required"Exif costs. defined as slaff leaving costs and other costs associated wilh'Winding up" the organi8alion. The Board has agreed to rewewing the Reserves Policy the coming year. 0ting income arKI lynding Income TeIVed by CTVC from third partSos for lelevlslon p1Ve110n$ was £2.797k12022.' £874k). for Dlgttal £220k 12022.- £180k} and forAudio programmes £56k {2022.' £48kl. Hillside Productions generale(I funds 01 £1,998k12022-. £1.510kl from television productK)n.' this is set out in delail in Note 14. Grants were reNed from our parent undertaking, The Rank Foundation, of £1,332k {2022.' £1.422kl. The operational grant has been approved at £1,219k for 2024. The Rank Foundation also provideil a grant in resp¢¢l of the liability 8ri$ing frcrfn the CTVC Defined Pension Scheme of£457k (2022.. £457kl. Overall perf0rn7ance Overall performance for the year was strong wlh a net income of £122k (2022.- £401k). The year-end valuation of the Defined Benefft Pension Scheme liability under the FRS102 accoun1ing rulés pr0dld an acknari81 loss of£104k12022'. g8in of £3.972kl. This1085 comprises a reduct40n in bond yields over lh8 period, fesulling in a lower discount iale of 4.65% p.a. compared to 4,95Vo p.a. at 31 December 2022. which has resulted in an incr&ase in Ihe value of the liabilities of £374.000, parlfy offset by higher than 4ntiGipated as¥et reluins ovw the period. Golng concern The Rank Foundation has award6d CTVC 8 threè-ye8r rolling grant from 27 Marth 2023, Ihè level of whi¢h is rewewed 8nnually by ils Grants Cornmittee, in ortler lo support CTVC'S operational activities. The Grants Committee has COmeted its review for the year to 31 Dècember 2024 and concluded thÈrè is CurrtIy no mat8ri81 uncèrtainty ov81 CTVC'S continuing operaligns. The Rank Foundalion has also confirrned ils granl to support the pension defit to 31 thAarch 21)33. In light of this continued financTral support the Trustees a satisfied that CTVC is a going concem.
CTVC Limited R•port of Th• Trusts•s for thè yèar •ndéd 31 D•¢emr 2023 leontinu•dl Financial Rèvièw ¢ontinuèd This report has been prepared in ac40rdar with the special provisions lating lo small companies wiihin Part 15 of the Companies Act 2. Provision of Information to ourAudltor So lar as the Trustees are aware at the time the report is approved, There is no relevant audit infomiallon of whSch th& companys au(fitors are unaware. an Ihe Trustees have taken all steps that troy ought to havg takeri io make themselves aware ol any relevant audit inlormation and to establish thatthè 8udittirs 8r8 awafÈ trf that infemation_ Audltor The 8JItorS, BDO LLP, are deemed to be reappointed under section 487121 of the Companies Act2006. On behalf ol the Board. 5th Fl¢)or 16-18 Kirby StreÈl London EC1N 8TS ming -12-
CTVC Limited Indndertt Auditts# Rtport to the Members and Trustees of CTVC Limtted Opinion on the Financlal Slat•m•nt$ In our opinion, the finan¢lal slatemnts: give a true and fair view of the state of the Group's and of the Parent Charitable Cotnpans alkirs as al 31 December 2023 and of the Group's incoming resources and application of sOUrceS for the year then ended". have been propedy prepared in accordance with United Kingdom Generally Accepted Acc(xJnb"ng Practice". and havÈ b8en prepared in accordance with the requirement5 of the CofflpaniB8 Ad 200S. We have audited the financial statements ol CTVC Limited I"Ihe Charitable Compaftf) and subsidiary rthe Group } for the year ended 31 December 2023 which comprisè thè consolid8ted statem8nl of fiTr8ncial acliwlies incorporating a consolidated income 3nd expenditure account. the con501idaled balance sheet, the company balanGp sheet. the on801idaled cash flow statement and notes to the financk?I statements. induding a summary of SI111t#t atcounbng policies. The financial rep¢Jitng Iramewod( that has been applied in their prepaiab.on applicable law and Urhited Kingdom Aecounting Standards, including Financial Reporting Standard 102 Th¢ FinanGial Retx)rtÈn9 Stsnd8rd applicable in the UK and Republic ol Ireland Iunited lQ'ngdorn Generally Accepied Accounb"ng Pr8cticÈl. Basls for oplnlon We wnductgd our audil in accxjrdance with Intemational Standards on Auditing {UK) {ISAs (UK)) and appINe law. Our responsibilib.es underthose standards are further described in the Audrtoi's respon5ibilitlES loi thE audit DI the financial ststetnents gection ofour ieport. We a independent of the Group and Ihe Parent Chafiiable Cc#))pany in acrdanCè wth the ethl¢al QU1MentS relevant kn our Judit of the financial stslements in the UK. induding the FRC'S Ethical Standard We believ8 that thè audii evidènce wè have obtsined 18 sufficient and appropriate to provide a basis for our opinion. Concluslons related to golng concern In auditing the financial statements, we have ¢onGluded that thg Twslees. use olihe going concem basi5 01 accounting in the preparation ol the fInala1 statements is appropriate. BasÉd on thè work we have performed, we have not identified any material uncertainties rejating to events or condits'ons that. individually or Co1clIveEy, may cast signfficant doubt on the Group and the Parent Charitable Companls abilty to conts"nuÈ 8s a going eoneèm for a perd of at least trvelve months from when the financial statements are aU0)sed for Issue. Our iesponsit¥lil'e5 and the responsibiltties of the Trustees with respect to going concem are described in the reOllt s&diDns of this report other infomiation ThÈ Trustees are responsible forlhe other infolrnalion. The other infomation coffry)rises the inf0mtIOn included in the Rep(Kl of the Tiustees and Financial Statements. other than the financbal statements and our auditor's report thereon. The olhor Information Comprises.. the Report of the TNsteè5. The Trustees are responSie for the other information. Our opinion on thè financial statemènts d08s not (x)vgr th8 other informabon and, except to the extent otherwise expth'ciuy staled in our report, we do not ¢xpre¥s any forrn of a8suranc8 conGlusion theieon. Ow sponsibl1ty is to read the other information and, in doing so, CCs1der whether the other infomiation is materialty inconsistent with the financial stalements or our knoedge obtsined in the audit or othemise appears to be materialty misstated. If we identify such rnalerrdl inconsistencies or apparent material misstatements, we we QuIred to determine whether there is a material mis51atement in the financial statements or a material misstatement ol the other information. If. based on the work we have perfornied. we conclude that there is a material rnisststement ol thi8 other infomiation, we are required to report that lacl. WÈ havè nothing to rÈport in thts regard. -13-
CTVC Limited Ind•pendnt Audltoe$ Roport Its ¢h& Membr$ and Tru¥tee$ of CTVC Limited l¢ontinued} Other Companlgj Act 21x16 r4portin9 In oui opinion. b88ed on the work undertaken in the course of the audit.. ttte information given in the Tru8lees' Report, which includes the Directors. Report prepared for the purposes of Company Law, for the finanual year for which the financial slatements are prepaied is Consistent with finaneial statements., and the Dirécts>rs' Rèport, which is incIled in the Trustees. Report, has been prepared in accordance w51h applicable legal iequirements. In the light ol the knowledge and und8rst8ftding of thè Group and th8 P8rent Chatitabl8 Cornpany and its environment obtained In the course of the audit, we have not identified material tni8Stalements in the Strategic report or the Trustees. report. We have nothing lo report in respect of the folbwing mattels in r¢latii)n to which Ihe Corllpanlgs Act 2006 requ¥es us lo report to you if, in our opinion.. adequate acco119 records have not been kept by the Parent Charitable Compary, or relums adequate for our audit havè not bèÈn recewed from branches not visited by us- or the Parent CharitablE Company financial ststements are not in agreement with the accounting records aThJ returns,. cèrtain diyclosures of Trustees. remuneration specified by law are not made-, or we have not reIVed all the informalion and explanatiorts we requirè for OUT audit", or the Trustees weie not enlitl¢d to prepare the ffinanci81 stalemenls in accordance wth the small ¢ompanies regime., or wère not entitled lo lake advantage ol the small companies, exemptions in preparing the director5, ieport and from the requirement to prepare a strategc report. Responslbllltles of Trusteas As explained tnoTe fulty in the TTuslees' responsibilities in relation to the Financial Slalements, Ihe Trustees (who are also Vle dirèctors of the charitable ¢ompany for the purposes of company lawl are responsible for the preparation ol the finano&l statements and for being satisfied that they give a Irue and fair view. and for such Intnal control as the Trustees determines is necessary to enabte the preparation of fbnanck41 statèmènts that are freè from m8taiial mhsstatèmènt. whether due lo fraud or error. In PTeparing the financial slatemènts. the TrustaÈS 8ra regpon5ible for a8se58ing the Group's the P8rent Charitab18 Company's ability to wntinue as a going Goncem. di5dosing. as applicable. matters related to going concem and using the going concèm basis of accounting unless the Trustees either intend to IKiuidale the Gioup or the Parent Chartlable Company or to cease operations. or have no realistic aKemative but to do so. Audltorfs responslbllltles tor the audit of thE financi81 statgments We have been appointed as 8uditor under 58dion 144 of Ihe Charities Act 2011 and report in ac£ordance wth Ihe Act and relnt regulations QT having effecl thereunder. Our objectwes are to obtain reasonable assuranc8 about wh8therthé finan(xal stat8menls as 8 wknole ale free tro matertal misstatement. whetherdue to fraud or etroi, antl to i5sye an audilorfs report Ihat includes our opinion. Reasonable assurance is a high level of assuranc6. but is not 8 guarafttÈe that xn audit conducted Fn accordance with ISAS IUKI wll always detect a materkql misstatement when tt exists. Misslalements can arise from fraud or error and are considered material if, individualty or in the aggreg8ts, they could reasonabty be expected to influence the economic decisions of users t8k8n on thè b8sis of thèse financ£al statements. Extènl to which the auclit was Gapable ofdetecbng Irregul111es, induthng fraud Irregularkies, including fraud. arè instaneÈs of non-cornpliance with laws and regulaltons. We design procedures in line wilh our responsibiltties. outlined above. lo detect material misstalements in respect of Irgu12r1ies. indu(fing fraud. The èxtÈnt to whh Qui Procedures are capable ol detecting irregularities. including traud is det8iled below. Based on our undÈrstanding of the Charity and the industry in which rt operates, we identifred that the principal laws and reguF8lions that diieotty affect Ihe financial statements to be 1he Companies Act 20( and the relev8nl Charities 4¢15 in Ihe UK. We a55essed the exlent of comptiance wth these laws 8nd r8gulatK>ll8 as p8rt of our procedures on the rejaled finanrial sEatemenl items. -14-
CTVC Llmlted Indèpèndènt Auditorfa Rèport to the Members and Trustees of CTVC Limlted Icontinuedl In addition the Charity is subject to many 0th8r laws and règulation8 where the nseqUenceS of non-complHnce could have a material effect on Amounts 01 disdosuies in the financial 8latements. for in81ance through the imposition of fines or IltlgatSon. We 1derf¢d the followin9 are88 as those most like5y to have such an effect-. employment law, data protectlon and heallh and sAfèty legislatitsn. Audthng slandards limit the qUired audit prodS lo identify nOnmplIance with these laws and regulations lo enquiry of the Trustees and other management and inspeclton of regulatory and 18U81 ¢orre$pondsn¢e if any. Audit PredureS performed by the engagement leatn included-. • Oiscussions wth martagement and group audrt commrttaè, inetuding consid8ralK)n of known oi suspected instances of rpcompliance with laws and gUlationS a1 fraud,. Reading minutes of meeling ofthose tharged with govemance, And rèvi&winu tt)tt8spond8nCg wrth HMRC and the various chaity regulators., Challenging 8s$umption$ made by management in their significant accounting estimates in p8rtwl8r in retation lo the e$limalion of costs lo complele of reven contracts and assumplk)ns used in the ¢al¢ulallon the defined benefil pension liabilty. and • In addresslng the rlsk of fraud through manayement Lwermle of conlrols.. testing the appropriateness of ioumal entries and oth&r adjustments. in particu18r anyjoumals wsled by seniot management orwlth unusual accounts comblnallons Ouraudk procedures were deslgned tts spol to risks of material misstatement in the financial statement4 recognising that th8 risk of not detecting 8 maloiial misstatewnent due to Iraud Is higher than the dsk of not delecting one ie$ulUng f¥om eiroi, as fiaud may involve deliberate concealment by, foT example, forgery, misrew•s8ntations Of through Collusion. Th8rg ar8 inherènt limitations in the audit Procedures performed and the furthei Femoved ngn-GotllplIan with laws and regutation8 is from the 8ven18 and transactions reflected in the finantial ststements, the less likèty we are lo become aware ofrt. A further descriptK>n of oui rosponsibililies for the audit of the financial statements is located at the Finanei81 Reporting Coun¢ll's I'FRC's"I webstte at.. httpsJlvMv.frc.org_uklauditorsresponsibiNlles. Thls descrfptlon forms part of our audilofs report. Use of our report This report is made solely to the Charitable Companys tn¢mber8, as a b(xly. in accordan with Chapter 3 of Part 16 of the Companies Act 2L)J6. Our audlt work has been undertaken $0 that we might Stale lo the Chariiable Company's memb$ those matt8rs arè rèquired to slate to them in an auditorfs report and for no other purpose. To lullesl ext&nl peirnttted by law. we do not accept or assume re5ponsibilty lo anyone oth•r than the Ch8ritablÈ Company and th8 charitab Companys members as a body. for our audit woth, for this report. or for the opinions we have formed. DocuSne by.. 23 April 2024 8C8C15A11E97446 Ftona Condron (senlor stalulory audiiorl F(K8nd on bÈh81fof BDO LLP. slalulory au¢thtor London BDO LLP 1$ 8 limitèd Ikibility partnership regISted in England and Walos Iwilh registered number OC30512n. -1&
CTVC Limited Consolidated Statamont of Financial Activities incorporating a Consolldated Income and Expendlturg A¢count for the year ended 31 DeGember 2023 2023 2022 Note Income £'ooo £'ooo rooo £'ooo £'ooo £'ooo Donations Grants - General Pension Reserve Inease 1.332 1,332 1,422 1.422 152 1,574 152 152 1.332 1.332 1,422 Incom• from charltable actlvltles Sales towards pro(luction costs Televislon Audio Digital 2,797 56 78 2,931 2.797 56 220 3.073 874 48 123 1.045 874 48 180 1.102 142 142 57 57 Income from other trading activities Commercial pfoduth'ons 1,996 1,996 1.510 1.510 Other Income Interest received Rale5 reltef 16 16 18 2.030 2,030 1.510 1.510 Total Income 142 Exp8nditure Expenditure on other tradlng a¢tlvltlo$ Commercial productions 14 1,951 1,951 1.368 1.368 Expendltur• on Charitablè activities Televlslon production Audio Oigital 2,964 434 877 4.275 23 2.987 434 92 1,238 292 887 2,417 292 830 2.268 64 87 57 149 4.362 Total expenditure 87 749 Ngt Incomo 67 55 122 341 60 401 Actuarial1108sesl I gains on defined benefrt pension Sckneme Net movement in functs 11 (1041 (1041 3,972 3,972 67 149) 18 341 4,032 4.373 Rgconclliatlon of lunds Total fvnds brought foThvard 992 3.988 4,980 651 {441 607 Total funds carried forw?rd 1,059 3.939 4.998 992 3,988 All InMe and expendlture derive from ts)ntlAuing activities. The Group has no recognised gains or losses oth8r than those shown in the Statement of financial aclivthes.
CTVC Llmlted Consolidated Balanco Sheet 31 Decembèr 2023 Company number 1375941 2023 Total Funds 2022 Totsl Fund8 Not• Unrestricted R•strl¢t•d É'ooo tooo rooo £'oDo FlxÈd assets Tan9ible assèls 25 25 11 Totsl •68•ts 25 11 Current asséts Debtors Cash Èt bank and in hand 357 4.082 4,227 4,824 1,399 4.082 Total curr8nta88ètB 4.439 4.227 LialJilltlBS Amwnts f811ing thJE within on8 year 10 {3.3271 13.32n 15581 N•t CUTrent a88ets 1,172 4,227 5,339 5.665 Tatsi as¥ets le$$ ¢urront Iiabilitig 1.137 4.227 5,676 Amounts fallirvJ due after mor8 than one year N4ta888ts excludlng pon81on Ilablllty 1,137 5.676 Delined t¢nefit perk%ion 8Jpme liability 13661 13661 I) Net0880ts Includkng pen$lon liability 3.861 4.998 The fijnds ofthg charity G8r¢ral Fund Dgfined Benefit Pension Scheme Rgserve Pension ReseNe 13 and 13 12 1,137 1,137 (3661 4.227 {3661 16961 4,684 Total consolSdatèd charlty lund8 The accounts hav8 bean prepared ir¢ aNrdan wilh Ihè 5pEcial provision8 t81atirvJ to small compari8s wthin Part 15 of the C£Vani&S Act 20rk8. The fiftan¢ial statements on pa9es 16 to 31 weto approvecl and authorised for is5u8 by th8 Bgard of Truslees on 16 April 224. Mi A. N. R. F18ming Chairman
CTVC Limited Company Balance Shegt 31 Doc8mber 2023 Company number 1375941 2023 Total Funds 2022 Total Funds Not• Unr•strlctod Rostrlctod rooo £'ooo £00 rooo Flx•d ass8ts Tangible 858ets Shares in subsidiary Undèrt8[¥j 25 76 25 76 14 Total fixed assgts 101 87 Curr•nt ass•ts Debtors Cash at bank and in hand 514 3.092 4.227 4.741 3.092 Total curr•nt assots 4.227 7.833 5.619 Li•bilitie$ Amounts falling duè within one yÈ8r 10 12.6g71 12.6971 1112) Net current ass•ts 4.227 5.136 5.507 N•t assets •xcludlng pènsion liability 1.010 4.227 5.237 Defined benefft pension scheme Iblty 13661 {3861 16961 Net assets Includlng pon¥lon Ilablllty The fvnds of thè charity GanèrAI Fund Defined Bengrrt Pansion Scheme Re8ewe Pension R88erve 13 11 and13 12 1.010 1.010 13861 4,227 10 1696} 4,684 13661 4,227 Total charlty fund8 3.861 CTVC Ltd has elected to take the exempb.on under Section 408 of the Cotnpanies Act 2006 notto presentthe company Statam8nt of Financial Activities linc1uding th8 inc(Mne a1 gxpenditure a¢count}. net loss of the company for the year was £27k12022'. not income of £4,287kl. The accounts have be8n pr8pared in aecordance wtrth the 5PEcial provtsion5 telatsw to 8mg11 CL¥npanies within Part 15 01 lh& Comp8nias Acl 2006. The fin8nci31 statements on pages 16 to 31 were apwov8d and aLrthorisad fot k*suÈ by tha Board ol Trustéès on 16 April 2024 Mr A. N. R. Fleming Chairman -18-
CTVC Limited Consolidated Cash Flowstatsmonl for the yeaT onfled 31 De¢embor 2023 Noto 2023 £'ooo 2022 Cash flows from operatln9 a¢tivili•s-. Net Eash provldpd by opprating activit 2,708 ¢a$h flows from investing actfvltles Purchase of tangble fixed assèts 1251 191 Net ca8h u58d In investrng a¢tivltle8 25 Chang8 in cash and ¢a$h wuivalents in the roporting 2.683 727 Cash and cash equlval&nts atthe bèginning of the reporting period Total ¢a$h and cash equlvalonts att ènd of tha rèporting period R•con¢iliation of Income to net cash flow from opewatlng activiti85 Not Incomo for th¢ perlod {a8 pBrtho statementof lthanclal aetivittèsl 122 401 Adlu8knÈnts for Pension finan Pension contributions D8precialion charge Decrèase in debtors Incease in creditors 23 14571 11 240 2,769 1457 182 Netcash prov1d by opproting actlvb No tgcanulti0n of netfund8 has been prepared as CTVC onty hohls cash and cash equiv818nls. -19-
CTVC Limited Notss to the Flnanclal Statements for thè ygaT ended 31 December 2023 Accountin policies The prinLypal a(uunting polictes adopted in the preparation of the financial stalèments 8rè sèt bèlt)W. a) Basis of preparatlon The financial statements comprise the d)arlly and its subsldiary. These financial stalemgnts h3ve been prepared Sn accordance with the Finan¢ial Reportiftg Stsndard applicable in th8 UK and Repubtic of Ireland (FRS 102). The Charitable Company and its subsidiaries a publi¢ benefit group for Ihe purpos8s of FRS 102 and thèreforè thé Charity also prepared ils fina[la1 statements in accordance with the statotnenl of Recommended Practice applicable to charthes preparing their accounts in accordanc8 with the Financial Reporting Standar(l applicable in the UK and Republic of Ireland {The FRS 102 Charities SORP), the Companles A¢t 21x6 and the Charilies Act 2011. Advantage has been taken ofthe exempion available under secbon 408 offhe Companies Act 2006 not to sent an individual Slalemenl of Finandal Activities and Income and Expendilure AccThJnt foi the company. The Trust88s have ass8ss8d whether th8 usè of tt)e yoing )ncern basis is approptiats and have nsIdered POS5ible events or condrtions Ihal might cast significant doubl on the ability of the charitable group lo ecM)tinuè 8s a going nceM. The group had a negative balance offvnds al the balance sheet date. As explained in the reserves policy note on page 11, this is the combined effect of the defined benefit pension scheme liability and the pension sd)emè serve. The TrlIeeS have considered the changing nature of pension scheme fund valuations in this process. Th$ Trustees have received a binding ts)mmitrnent from Ihe Rank Foundalion for operational funding via a three- year rolling grant from 27 March 2023, the level of which is lo bp Igviewed ea{* year by ils Grants CommittBe, and furthèr grant to fund thè penston xhetne deficit to 31 March 2033. Furthemiore. the Truslees are aware of the Rank Foundation's intention to provide ongoing SUPPOrt for the foresÈeablè luturè. Considèration has also bèen givon to 1he charitable group's forecasts an(t proiections and have taken account of pressures on donation and investment income. Certain Trustees of CTVC are also Twstees of The Rank Foundalion and are aware of The Rank Foundation's finan and are able to concfu¢Je ihat there is a reasonable expectation that rh8 charitable group has adequate soUr¢¢$ lo ¢onlinue in operational existen for the foieseeable future. The Trustees have concluded that it 1$ appropriate for the charitable group lo conttnue lo adopt Ihe going ¢onwn basis in preparirwJ ils finanGial slatements. bl Fund$ Unrestricted - General Fund All transactions not requiring the use of other specific funds are recorded here. RestriGt8d . Gongral Fund Contains funds that can only be used foi specific purposes. Restrictsd- Dellned Beneflt Penslon Schèmè Ro$grvo The IlabllNy of the penslon scheme as per the FRS 102 valuatKJn as at 00 January 1900. Re$tri¢tsd - Pension Resprve Tho atnount sel aside by The Rank Foundation to clearthe outstanding balance of Iha pènsion seth8m8 deficit as defined in the Irienn501 pension valuation. The remaining period is nine yeats, three Inths. -20-
CTVC Llmited Notes lo the Flnanclal Statements for the year ended {contlnued} 31 December 2023 1. Ateountin olicies contlnued cl Income AJI income rg recogni3 when there is entsuement to the fuThJs, the receipt is prob8bl$ and Ihe amount e3n be measured rdiabty. For income relating to the rendering of services which are p8rt18lly cornplete at the balan(e sheet dale. the in¢ome récognised in the statement of financial activitie3 is calGulaled by the percentsge completion method, in line with FRS102 - Accounting for Long Term Contracts. In the case of Progrsmrne Production Agreements which have a phased dglNery over a period ol time gwter than one year. the percentage completion calculation is based on the overall operydtiona budget as defined in the Agreement which is tyGallY subdivided into one or more'series" budgeis. d) Expgndlture Liabilitie8 are fecognised an there is a legal or constructive oblNJation lo transfer economic benelitto a third party, it i probable that a transfer of economic benefits will bE required in settlement and Ihe amount ol tr* obligation can be measured reliably. All eJpenditure is accounted for on an ac¢ruals basis and has been classffied under headings that aggregate all (St$ related to the category. Costs of CharItab activities Costs of active$ in furtherance ol the charitys obpcts include al costs iel8bng lo Ihg production, 8ale and distributic ol programm88 and attllbutable ovwheads plus an apporNonmenl ofov$rhead. support and govemance costs. Allocation of overh•ad. support and govèrnance costs Costs arè allocated befyveen the cost of raising funds and charitsble acbvilies. Costs relating to charitable activities hsve been apportioned betsveen acbvibes on the basis of h&adcount. el CrStleal accountlng ègtimatgs and area3 of judgement In the view ol the Trustees in applyln9 Ihe ac¢oLJnting policies adopted, with the exception of the Defined Pensio Scheme Isee below), no judg8m8nts re rèquirèd thal have a significanl effecl on the amounls recognised in the financial statements nor do any estimates or 0s5umplions rnade cary a significant risk ol material adjustment in tt) xtffinancial year. The percentage compleiion method revenue recowition requires an estimab.on offv overall 81 of the PT0duct. including futur8 costs. atthe wint of d81ivery,' this estimate is based on establised productfjon management and control systems, supported by the judg8Tnent of senior production executs"ves. In accordancè with FRS102- Accounting For Long Term Contracts, this method is used only when the outcorne of a contractcan be mea5Uted reliably. 11 il is probable that a loss will (Cur on a ccx1tr8Ct. Ihi8 is will be recognised in lull immediately as an onerous contract piovision. The annual budget estimates the gutpkJ8 required frorn programme funding to supplement the grant in Coring salari88 and ovetheads. Assumptions in relalion to the estimate of the 06finÈd BÉnefit Pension Scheme Reserve obligaknn such as standard iales ol inflation. mortality and discount rate. Variations in thg8e assurnplions have the ability signrficantyto influence thÈ value of the liability recorded and annual defin benofil expense. A85umptions are based on actuarial advice. -21-
CTVC Llmltsd Not•s to the Financlal statèments for the yearendod {continuod) 31 Oecembèr 2023 A¢countin9 policies IcontlnLb8dl fi Bas15 of con801rdatlon The consolidaie(I financial 5tat8ments c(mprise mc Litnrted I'CTVC,) and its trad subsidiary. Hillside Productions Limitsd A 5umrnarised profit and lo$s a¢count and balance Sheet of Hillside Produthons Limited are given in n¢ 14. gl Bas15 of capitali8ation Amounts capitalised rejate to 5t5 of 8CqUi8ition of assets exp£cled fo be LF5ed by CTVC in the long lerm. Only piec6s of 8quipment that have a tost price of morg Ihan £1,000 are capitalised. Oepreclatlon - Assets for the Ch•rfty'$ ovm uso Tangib f8d assets 8r8 Stated al ¢ost less a¢eumUlal depre¢iab"on. Oepre¢iation fixed assets is lcUlated by raferen to Cost at rates •slimat8d to WTite ofl Ihe relevant assèts overtheir expe¢ted vselul ve$. taking into 8ccoiJnt no8] commerdal and technical obso18scence. Tttè annual raies used are.. Plant and equipment Fixtures and fitbngs.. Technical to 50% ofcost 10% 10 50% 01 Cost 10% to 20% 01 cost Any assets considered impaired 80 wrilt8n down to th8w r8COV8rabte wnount. hl Operntlng L•as•s Rènlals paid umlei operabng18ase8 are d)ar9ed to thtr itKorne and 8yndiknre accnunt on a straight-llne ba&s ovèr Ihe lease t&rm. Benefits recéiv and as an tncantive to sign an ope¥atir¥J ar8 recognised Dn a straht-IITrQ basls overthe lease tem. il Oefin&d banèfit P010 s¢h•m• Thg heme was dosod to newjoin8rs dUr£r 2002. In 2023 £457k was paid into this 8cheme in line with $culE ol contributions. The amount charged to Ihe statement of financial activthes in respect of this s¢heme, is the &slimated incr8a88d rA)St of providing the historical benefits acuued. Thè interest C08t aTrJ expected retum on assets are in(audad wthin other finance costs iwb SUPPOrtcosts. Th8 assets olthe schemè arè h81d 88p8rateIy from the 9r(NJp in 58patate truste8 administed lun(Is. Full actuaiial valuation¥. by a profe55ionaltyqualified acknjary. are obtsine(l atloast 8very three years, and updated to fleCt(UrrentcondltiDnS at the balancts sheetdate. Th8 pension scheme assets moasured atfair value. Thè pèn$ion schprne liabilities ale m88sured using the proJecied unitm81h(xl and discounted al the ujrrent rate of retum on a hvJh qualify corpotale bond of equivalent and currency. A pension liabilty is recognised on th8 balan 8heetto Ihtr •xt8ththat the group has accepted thE obligation to $el¢le the ests"maled liabilty. jl Oefirtod contiibutiDn pension 8chgme Employerts contribubons are tharged to th8 Staternenl of financial activthes and acctu&l as they b8com8 payable. kl tli¢lo8ur• •x•mptiong The cornpany has 18k8n advantage of the following di5do8Ut8 exemptions avaIlab in FRS 102 when prwaring separat8 Financial Statements of tha Parent Company. Key managem•nt Personnel crmna1Itin Ibut company law th5dosures forTnBtess' r8mun8tation still apply) No c8sh flow statement ha5 been WBpar8d for the parent company
CTVC Llmlted Notes trj the Flnanclal Statements for the year ended {conUnued) 31 December 2023 2. Parent undertakln . Grant The grant is from the immediate and ultimale parent comp8ny, The Rank Found81ion Limited15164341, 8 registered chaiity1276976) whose a(Idress Is.. 121 Garden Walk. Lon(kJn, En9land, EC2A 3EQ. Thè Rank Foundation Limited has provkled a guarantee that it wll fund the defKAt of the Defined Beneffil Pension Sckneme. In addition, it has awarded CTVC a three year rolling grant frorn 27 2023, the level ofwhich is revWed annualty., the operational gr8nt has been approved al £1.219m for 2024. The Rank Foundation Limited prepares consolidated accounts, which comprise the results ofThe Rank Foundation and ils subsidlary companies whkji Include CTVC and HillsKle Productions. 3. Analysis of totsl expondltur• 2023 Dlrect Costs £'ooo Staff Cts O¢¢upancy Depreclation £'ooo £000 £'OOD Support Costs rooo Other rooo Total £'ooo Costs of trading activitie¥ Charitable activities Television Radio Dull Totsl Charltable actlvltles 1.947 1,951 2.052 64 268 2.384 227 178 287 690 708 194 2,987 434 1,288 4,362 Anatysis tsf support COgt8 Govemance cosls 714 22 248 236 11.2111 (77) 11,2881 Total Support and Governance costs 736 11 293 Total expenditur• 4.331 11 297 2022 Costs of Iradlng a¢Yvitie8 Charitabl• aetlvltl•s Television Radio Digital Total Charltablè aeiivltlÈ8 1.364 800 13 280 178 497 1.238 292 887 220 1,072 375 15 955 2,417 Analysis of support costs Governancè costs 632 14 84 188 32 220 I9) Total Support arKI Governance costs 84 {955) T¢trl expendlture 2.436 1.021 239 3.785 Induded above In Charflable act6vllies- TeVISion, is £23k12022.' £92k), which relates to pensKJn finanee costs and a adjustment for past servicè costs in the restricted fvnds- Note 11. 8xpendIlu above includes co¥ts InrrEd by Hillside Productions under'costs of trading activth"&s' and this Ib)è ts the differen betsveon Consolidat and CTVC only expenditure. Tot81 Supp(wt and Govemance costs have been apporthjned over Charitable a¢iivibes vsing staff nurnbers as the basis forthe apportionment. -2
CTVC Llmlted Notes to thÈ Financial Statements for the year ended (continued) 31 De¢ember 2023 4. Analysis of Govemanco costs 2023 rooo 2022 rooo Audilorts remuneraiion Legal and professional fee8 Senior managèment- remuneration alhxation 35 20 22 77 21 11 14 Gov¢mancg G05ts for the Group indude an allocai(on ofths operating costs lating to the CEO and the FD. They represent thè support necessary lo deli¥er the management and reporting requirem¢nls foFthe Boar(58 within the wider Group. Trustees and Employees Average number employ•d 2023 2022 Employèd in eharitable actbvrtlgs lexcludlng Trustees) Dit charitable Support 15 25 18 Employtès. emolurnants Number ofstaff earning £70.00110 £80,IXJO Number ol Staff earning £80.001 10 £90.000 Nufflber ol Staff earning £90.001 to £1().000 Number of Slaff eaming £100,001 to £110.000 Nuwnber ol Slaff eaming £120.001 to £130,000 Number of Staff eaming £130,001 to £140,000 Nurnber of Staff earning £140,00110 £150,000 Employer contributions to the mney purchase schemes were p8id in respecl of the above employees £30k {2022.' £22kl. The key managernent personnel ofthe group are the Chief Executive OffIr and the Finance Director whose employ8è benefits totalled £252,570120Z2.' £166.034}. Thè movement in the yeai includes a full year of the Finance Diteclor which was a vacant post for part of 21Y22. Staff ¢o$ts In¢ludlno Trustees, emolumgnts £'ooo Wages and salaries Redundancy paywnents Soaal security costs Personal Insurance IPHI. DIS) Pension Scheme Contdbuth)n$ Pension Scheme Costs 1.18S 20 105 110 42 63 48 21 1.201 1.410 -24-
CTVC Limited Note5 to th• Fln?ftcial Statements for th& year ended (eontinued) 31 Oecember 2023 S. Trusto8s and Employeès Icontinugdl Tru8te9$' emoluments Penslon Contrtjutlons Emoluments exduding pension sthamè contribution8 Chairman G. C. King . A. Booth 16 10 16 10 26 Related Patty Tran5a¢tlon8 The above menttot)ed Trustees are not entitled lo pertsion benefits Bnd remuneialed wlety foi the professional seNces thoy rendèr to CTVC 8nd f($ 8ubsidiary as allowed for In wr Memorandum and Artides of Association. The other 5 Trust8ès rècèived no remuneration. Reimbuisement of expenses tr) 2 TrustsÈs {2022- 21 incurred in reLaton to dules as Truslees. 458 2¥2 Net Income Group cTvc Net income Is stated after charging I Icredttlngl: 2023 £'ooo 2022 £'ooo 2023 eooo 2022 £'o Depreciation of taNJible fixed asset¥ Hir8 of 8quipmenl Rental of premises 12 12 124 124 Auditors rÉmuneration- audit Audilorfs remuneration- olher 35 21 31 17 Durin9 the year CTVC purchased Trustees, and Offi¢ers' insuran¢e Loss I (gain) on curtenLy exchange rate 7. Contlngent liability CTVC ts includèd tn a UK group reglstratton wlth rts subsfidlary undertaking foi VAT purposes and is therèft%ie JU1 and severally liable for all group ccrfnpan*s' unpaid nèt dÉbts in this wnnectton amountlng to £nll12022'. £185.998) as at 31 Decèmber 2023. -25-
CTVC Limlted Notes to the Flnancial Statements forthe year ended {contlnuedl 31 December 2023 8. Tanylble fixed assets - Ass•ts for th• Charity's own use Group and CTVC As8t l January 2023 £'ooo Asat 31 De¢ember 2023 Addltlons Cost fooo Plant and equipment Fsxtures and fitti$ 44 33 77 25 25 102 Depreciation Plant and •quipmenl Fixtures and fittings 38 28 40 37 77 11 Net book value Plant and equipment FtureS and fth"ThJs 121 16 14 21 25 11 Arehiv¢ CTVC owns a Film and Telewsion progiamrne archive. which may have potential forfurther exploration to the benefrt Df the company. The unique nature ol the archiv& means Ihat tt is only in dryand IntEnittentIY depen(ting worl¢J event5 etc. We therefore do not think a reasonablelreliablE valuation coukl be perfoned due to tIE uncertainty ol its use. 9. 08btors Group 2023 £'ooo ¢TV¢ 2022 £Y)00 2023 £'ooo 2022 £00 Ttad8 d8btors other tsxalion and social Security ATnount due trom paient undertaking Ipensionl Amount due from subsidiary undertaking other debtors Accrued In(xj and prepayrr*nts 22 4.227 4,684 4,227 157 171 164 4,684 139 171 e2 82 Incfurjed in the 8fTK)unt du8 from parent undertaking Ipensionl is an amount of £3.770,25412022.' £4,074,925) due In more than one year. 10.Amounts falllng duè within one year Group 2023 CTVC 2022 TOOO 2023 £'ooo 2022 rooo Trade creditors Other taxalion atxl social secuwity Amount due to parent undertaking Accruals and deferred income Other creditors 67 72 12 2.751 425 109 184 16 55 109 12 2.480 41 37 15 16 153 3,¥27 5S8 2,697 112 -26-
CTVC Limited Not•s to thè Financial Statsmènts tor tho year ended Icontlnued) 31 Decemb&r 2023 11. Pensions Al D•finÈd benefit schgme- closed April 2002 CTVC Limited (Ihe'company'l tspèrates a d&fin8d benefit pension arrangement called the FoundatKJn for Christian communication Pension Scheme (the 'Schémè°l. Thè Schème provides beneffts based on final salary and length of servt¢e on rgliiemenl. leaving service or death. The following diselosures èxclude any 8llowan¢8 for Defined Contribubon schemes operated by the Company. The Scheme is subFct to the Statutory Funding ObJe¢tive Urer the Pensions Act 2004. A valuation ofthe Scheme is carried out al least On every three years to dÈtemiine whether the Statutory Funding Objective is met. AS p8rt of the process the Company must agree wilh th8 Trustèès ofthè Scheme the contributions to be paid lo meet the Statutory Funding Objective. The most went ¢omprehensSve actuarial v*luation of the Scheme was carried out as 8t 30 Soplember 2021 8nd the next valuation of the Scheme is due as at 30 September 2024. In the event that the valuation reve$ a larger dèficit than expectsd the Company may be wuired to irKrease wnlributions above those sel out in the existing Schedule of Contribution$. Conversety. if the position is better than expthd, ttls possiL4e that contributions may be reduced. The Scheme is rnanaged by a board of Truste8 appointed in part by the Company and in part from e18ctions by mambèrs of the Sehème. The Trustees have responsibilty for obtaining valuations of the fund. administering benefft paymants and invèsb.ng thÈ S¢heme's assets. The Trustees delegate some of th¢ fun¢b"orB to their professional advi$ers where appropriate. The Company expects to pay contributions of £457.000 in the year lo 31 December 2024. There were no plan amendments, curtailments or settlements during the period. The weighted average duration of the defined benefft gbll9alion15 12 years. The Rank Foundation has formalised fheir ¢ommitrnent lo the funding of this scheme by putting place a legal gua¢tee that has been accepted by the P8nsion8 Regulator_ The Rank Foundaliun seeks independent actuarial advice from time to time to manage the strategic risks of frjnding the s¢heme. Thg management of the funding. investment. and compliance risks is undert8ken by th& pension scheme Trustees. whg havo appointed thr own independent professional actuarial advisers, adrninislralors. and investment manager. The Trustees have appointed the scheme actuary lo prepare the following dètail dis¢losures and they have relied on the aGtU8ry's expertise in thi5 regard. Amounts rèeogni$ed in the 8alance Sheet at 31 December 2023 31 December 2023 £'ooo 31 December 2022 £'ooo Fair value of assets Present value of funded obligations Nèt dgfined benefit Ilablllty 10.824 10.147 10,843 696 13661 Amounts recognlsed In In¢ome and Expgnditure account over tho year Isoo not8 41 31 Decembor 2023 31 D&cember 2022 £'ooo £'ooo Interest on liabili118S Interest on assets Total 523 500 23 307 215 92 Actuarial losses l (galns) over the yeat 31 December 2023 £'ooo 31 December 2022 £'ooo (Gains) I losses on scheme assets in excess of intere$t Lossés J Igainsl from changes to financial assumptions Total aetuarial movemgnt 12701 374 104 1.371 .27-
CTVC Limited Notes to thè Finan¢lal Statem•nts for the year ended Icontlnuedl 31 December 2023 11. Pensions conunuad Raeonelllatlon of assets and deflngd bon6fit obligation The changg in the assets ovgr tho poriod was- Valug at 31 Dècombgr 2023 £'ooo Valu• al 31 Decembor 2022 £'ooo Fair value of assets at the beginning of the period 10.147 11,366 Interest on assets Employer COntrTbulions Benefits paid Return on scheme assets less Interest Fa5r valug of ass•ts at the end of the period 500 457 15501 270 10.824 215 457 15201 1.371 The changè In th& Defined Benefit obligation over the perlod was: 31 09¢8mber 2023 £'ooo 31 December 2022 £'ooo D8fin8d Bgnafit obligatlon at thè beginning of the pgrlod 10.843 16,399 Interest on liabilities Benefits paid Losses l (gains) from changes to financial assumptions Definod Bonefit obligation at the Bnd of tha pariod 523 (5501 374 11.190 3117 (5201 5,343 Asset5 31 December 2023 £'ooo 31 D¢cember 2022 £'ooo Fixed Interest Govemment Bonds Fixed Interest Corporate Bonds Index.linked Bonds Equities Fixed interest Alternatives Cash Totsl 5.041 5,615 109 7.194 1.005 1.429 519 10.147 59 10,824 Actual return on assets 770 {1,1561 -28-
CTVC Lirnited Notes to the Financial Statgments for the year ended Icontlnu8dl 31 Derember 2023 11. Pension9 leontinu?d) Thè principal actuartal assumptions used to lculats the Scheme's Ilabllltles Includo. 2023 2022 DI$unt rate Retail PriTrs Index IRPI} tnflalion Revaluatlon in defèmient- Pre M3y 2001 benefrts Post May 2(MJ1 benefit8 Pension increases GMP eamed belore 06104188 GMP &arned 8fter OW04188 Pension earned before 01110192 in exS$ of GMP Pension earned between 01110192 8nd 31105101 in eXsS ofGMP Ponsbon earned after 011(1 4.65% 3.45% 4.95% 3.45% 5.0 33 5.CM)% 3.30% 3.00% 3.00% 5.OOYo 3.30% 3.00% 3.000/0 s.ooo 3.30P Lrfè èxpeclanGy al age 65 of male aged 45 Lrfe expectancy at age 65 of male 8ged 85 Lile expectant¥ al age 85 of female aged 45 Life 8XPÈCtancy at age 65 01 female aged 65 Bl Deflned contrlbullon $¢hemes The Group mns aLrto*wolmenl compllant. salary sacrffice defined contribution pension 5ch¢rne'. the CTVC scheme is admintst8reil by The Crethe Pension Trust aftd the Hillslde sehèmè is administered by Nest. Pensh?n charge for the pefiod Balance to Ihe schemes as at year end 22.8 21.4 26.1 24.S 22.7 21.4 26.0 24.6 2Q23 £'ooo 2022 £'ooo 83 16 48 15 Sen8ltl¥lty placed on thè valuè of thè liabllitles 2023 £'ooo 2022 £'ooo ADDroximale affect on liabiti D18count Rats Discount rata-0.10% Cash Commutatlon Assurne membe(s exchange 15% of pension for cash Mortallty Mortality loading increased by 5% for malejs and female5 1100% of S3PklA and 90% of S3PFAI 129 126 100 195 17S 12. Movement in triennlal valuation £'ooo £'ooo £'ooo 08fvt 98 per triennial vahjatton al 30 S8plember 2018 Estimate for loss of Incm 5.140 6.474 {1141 {1.828} (4571 152 Payments rnade into the fun¢J during 2018 {pre valuation) Payments mad8 into the fitnd during 2019 to 2022 Payments tnade into the fvnd during 2023 Increase based on valuatron at 30 Seplember 2021 Balan ¢anied forward The current Seh8dule of Contrlbutlons requlres an annual paymenl of £457.(MX) foi 8 further 9 years 3 months (March 20331. -2
CTVC Llmlted Notes to thg Flnanclal Statement$ for the year ended {contlnuedl 31 December 2023 13. Reserves 2023 Note Asat 1 January £'ooo Other I Asat translers 31 December £'ooo rooo Ineomg rooo Exp•ndlture rooo Unre8trlcted Funds General 992 6.293 6,226 78 1,137 Re8tr1cted Funds Training grants- BFI Tot81- General 142 {641 1641 1781 {78) 142 P•n&lon Re8eTve$ D&fin8d B8n&fjt Pènsion Scheme Reserve Pension Reserve 14 {6961 1231 353 1366) 4,227 3,861 3.861 15 4,884 3.988 3.988 145n 11041 182 Total- Penstons 1231 87 Total- Restrided Funds 142 Total Funds 104 The Britlsh Fllm Instltute IBFII grant funds film making tning courses for young people. An 8pproptiatE aoreed 0rhead is alkjcaled to the fund. 2022 Asat 1 January eooo other I Asat transfers 31 Doeèmb•r £'ooo £'ooo Income eooo Expendlture rooo Unro$lrlctgd Funds General 651 3,977 3.638 992 Restrlcted Fund$ Training grants- BFI Total- Genera] 57 1581 57 1581 Pen8lon Defined Benefrt Pension Scheme Reserve Pènsion Re88rve 14 {5.0331 4.989 1921 4.429 1696) 15 152 {4571 3.972 4.e84 Total- PensIc$ 1441 152 {92) 150 3.988 Total- Re3lricted Funds 209 3,973 3.988 Total Funds Analysis of net assets b8lweèn funds Unr•strlct•d Restrletsd Gèneral General Pgnslon Totsl 2022 efy)o tooo £'fy)o Fixed ass8ts Currenl a8sels Creditors.. Amounts faS1ing due wifhin on8 Y881 Defined benefft pension scheme liability 11 6,223 15581 16981 1.539 {5561 4,684 16981 Total net asgets 992 40-
CTVC Limited Notes to the Finaneial Stat&mgnts for the year ended (contlnuodl 31 Deeémbèr 2023 14. Net in¢ome from tradlng activities of subsldlary CTVC has a wholly-owned trading subsidiary. Hillside Productions Limited, which is incoiporated in England and Wales. The principal actwity of Hillside Productions Lirnited is the making of media prcxjuclions. Any profits of HTllside Productions Lirnrted are donated to CTVC byway ol 8 Qualifying charit8ble donation. A sumtnary of Hillside Productions Mited'S tradi r8suK8 fot the year 18 shown below. Profit and loss aeeount 2023 £'ooo 2022 £,0) Turnover 1,995 Cosl of sales Gross profil 1.946 Administration expens&s Oparatlng profit 45 142 Profft forthe year 45 142 Summarised balance sh•ot Current asset CTeditors'. amounts falling due within onè yéai 746 88 Net assets 203 Eqi*ty 8hareholders' funds 203 162 CTVC'S investm8nt in Hillsidè Pro¢¢br Lirnited is 75.000 ordinary shares of£1 &ach, bèin9 thè Who issued equity share catal of that CoMny. -31-
CTVC Limited 5th Floor 16-18 Kirby Str8et London EC1N 8TS