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 Infom1a￿0n
Structure. Governanco and Managemenl
Constitutlon
Trustees. Responslbllltles
Rlsk Managèmènt and Intemal control
Objectives and ActlvlU•s
Achlavomants and Perf0M￿ne
7-10
Flnanclal Revlgw
11-12
Indep8ndgntAudltorfs Report
13.16
Statements of Flnanclal A¢tlvltles
Consolldated
16
Balance 8hg9ts
Consolldatsd
COm￿nY
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 actiV￿e$ of CTVC Lirniled p￿sent 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 De￿mber2o23I
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 L￿lted)
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¢•n￿r 2023 l¢ontinuedl
Structure, Governance and Managom•nt
Constltutlon
CTVC is a company Ihnited by guarantee {fegi$iered number 13759411 govemed by its Memorandum and Art￿&S of
Associats"on Ilast amended Junè 20201, 8nd 8 registered charily I￿gistered number 2762861. As a company limiled by
guarantee CTVC h88 no 8h8re Gapilal,. the liabilty of members is limited to £1 each in th8 ev￿1 of CTVC being wovnd up.
Parent undertaking
Thè parent ￿MpanY is The Rank Foundation Limited (regi5tei¢d company number 5164341, a registered charity
ITegi&lered number 2769781. whose add￿sS Is.. 19-21 Garden Wal(. Lon(Jon. England. EC2A 3EQ .
CTVC is a wholly controlled subsidiary of The Rank Foundation.. control is by virtue of the Atticles of A5sooa1ion Board
app(MntmÈnts as sel out below. The Rank Foundation prepares consolidated accounts. whjch In(x)rporate the resutts trf
CTVC and ils subsidiary company (Hillside Productions Limited).
Appolntments to the Board
The Rank FDvndalion Limited has the right to appoint a majority of the Trustees and to remove any Trustees it appoints.
AddilK)nal Trustees can bè appointed either by the Board or by the members. The Board has engaged a 5PEcÉali&l
consultancy firm fot the iecruilment of new Trustees.
Tha M8rnoianduTn and Articles ofAssociation allow for T￿￿ee$ to be ￿munera￿d 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*S￿ts lor the yèar is 5htwffl in note 14.
Charfty Go￿rnanCe 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 poliC￿S is currentty underway. Any areas of
non-compliance wilh thè Codè will bÈ identified and high1￿jhtsd 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 pa￿e5. 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 fundraI￿ng 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[t￿5 not do we consider it ne￿sSary 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 pt5fF￿eS ol company lawl are responsible for preparing fhe Tw$1￿.
ReFKJrt and the ffinancial statements in accordan¢e wllh applicable law and regulat￿ns.
Company18w requires the Trustees to prepa(e Iinancial slalem¢nls for each finan￿al year in accordance with United
Kingdom Gener￿ty 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..
sfrl￿t suitaNé #tojunbng policies and apply them consistenyy,"
make judgments and estim*es that8￿ reasonable and prudent.,
state whther appI￿able 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 poSi￿on 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
add￿t￿nal Professi￿￿1 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 FOUndat￿n. 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$ ag￿ed lo e$tsbli*h a new Commk%s10nit¥J Comrnrtte8 to help di5c£rll which avai18bl8 propcts Th88t the ch8ritsbl8
aitns of CTVC and 8re Consistent￿th the wkler mission of the organisaion. The Committee was establisw in earfy 2024 and will
meela minwnutTE of four time5 8 year. The Board that th8 IAanag8ment Commilte8 woufd no longer bè required 2nd that it would
¢easÈ on 31 December2023.
A￿j11 eomrnittee creates a forn￿1 conduit b8knveen th8 8xlemal audilor and the Board and advises on the ¢onten¢
pfesentat.on of the aftnual reports and financial statements. The Cornmillee re¥￿8 audit plans and the external audilorfs
manag8m8nt letter. and monitors implementatron ol actions required and sahsfiès itsèlf a5 to the axtgrnal auditorf5 continuing
Independer￿e. It has the authority to appoirkt. and to fix the remunoration of. Ihe exlemal audltor The risk ￿l$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 knowle￿gE. The
n￿￿rShip of th8 Commiitees is set 0￿1 on page 1 of thi$ reporL
Risk ma￿a￿r￿ent 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$alv)n
Appropria1818vel of 8ala¥ies and b8n8fits- benChMa￿ed wilhin the l￿dUsty
Documentalion of syst8ms and sucetsssion planrriro wh8r@ PDÈsiNe
S8cuFWV comMk55￿S in a difficull bu8iness
en￿ronMent
Con818nt ffloniloring of brtsadcaslers requirements. DevelopmenlaThl submi8SiDn
al Kjeas with trequbnt contaclwith #ll potenti*l commk%sion8rs
Failu￿ of the Rank Foundation Limrted¥ IRFLI
vestment policy Ihrough lack of oversight or
strategic dofici8ncies, causing bs$ of grant
RFL has experi8nced, financially compgtent Trustees in thefr investment
vinm1tt￿ Prole5siDnal advi5eis', Monilofflg and control of RFL budgets and
expendi￿re
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 a￿Or hindrsnce
to CTVCS activities
Hardware protettion and Web sècuiity in place. Any altatks arè monitored by IT
5UPPOrt company. Staff pro¢edure$ aro d0￿M￿nt￿j 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 apptopriately5ki1￿d staft and implement efleclive oper8tional
procedu￿$ to ensure that all pr￿1￿ctiOnS are de[Ne￿d 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 kn￿edge and Understand¥￿ of the other historic world faiths with Signrf￿ant 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 VIe￿r$. I[stene￿ and readers through all medt8 with mattets of religion. falh. morals and ethlcs trom
a pe￿pectiVe 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 sc￿1 strands. We also have our own
pod(%sl p181t0￿1, Th￿9¥ 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 resou￿9 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.

C￿c 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 evO￿Ted 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$￿ béen put ouf to tender in 20161.
Despite tough COMPÈtition from some big industry players. all with widespread experience and repulalions. CTVC'S bid was
suecessful we were awartled the ￿ year contract to produce the series commèncing 1 September 2023. The
prggtamme wll continue to be fronted by Ihe shows regular rostèr of pr88enlers. representing Christian worship across the
UK.
Daisy Scalchi. BBC Head of RaIl￿on & Ethics TV, says.- °Songs of Praise is an essenlialpart of religion offerand I
deliglpfedthgt CTVC ar8 bringing Iheirpassion, expertise anrj comnTrlmènt to this much-Iov8d brsnd." I knowrfis tin very
sMf8 h8nd$ 8nd WAII continue to thrive in the years ahead..
Songs of Pralso Is Central ￿ CTVC Founder Lord Rank's vision of COMn￿￿￿￿ting 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 L￿n 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 pla￿S 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$S. who is spiniual.
Since September. CTVC has produced weekty episodes of Son95 of Piaise for BBC One. with progiammes covering
subjects ranging from the Greenbelt Feslival to Canterbury CathÈdrÈl and thÈ power of relig￿US organ music. Our
Remembrance Sunday programme from RAF Cianwell received the series. highest audience ske for the whole of
2023. with 1.3 Mil￿9n viewers, a shale of nearly 2￿ of aw audiences watching TV at the time of broadcast. All
6pis(xJ8s produced by CTVC have scoied above 82 oul of 100 on Ihe 8BC's Audien￿ Appreciatign whiGh
meafjs that under CTVC, Songs of Praise continues to deliver programmès Ihe audlence realty v8luÈs.
Audlo- Radlo
Notable productions in th& year M)dude:_
Witness History.. Sar&levo's Haven of Peace188C Workl S¢rvthl'. Th1$ 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 tra￿lI6d bèiwÈÈn thè warring fadions. territories four sets of idenlity pa￿r$.
Iraq - G￿n￿a￿on Inv8sion." This BBC Wo[￿ documentary is a josaw Of￿1ceS 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 Pr￿￿Èd in the Radio
Times and gwen special on-air promotion, 8nd the CornTh￿sSionlng 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 pod￿81 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 revela￿On of the
Qurfan. Sg does spiritual life, al least in Islam, begin at 40?
The Spir￿1 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 enc￿rage 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 'aUdi￿d￿finIt1On.
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 h￿h￿st 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 ab￿t 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 D￿ember 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 C￿urseS 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
Ca￿er 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& cOnt￿t 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 d81iv*r8d 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 y￿de range of new cornfflissions for Ihg BBC World
Service.
Our DIg￿tal team is fvlly engaged in the continuing development of TrueTube and are actively exploring new
OP￿rtunitieS 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 LThn￿ed, ¢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
m8mb*rs. who may othèrwsè not have Ihè capacity lo a￿9$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 un￿strIcted 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 regul￿Ments. 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 m￿ntain
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.
0￿￿ting income arKI lynding
Income Te￿IVed by CTVC from third partSos for lelevlslon p￿1Ve110n$ 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 re￿Ned 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 pr0dl￿d 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
COm￿eted its review for the year to 31 Dècember 2024 and concluded thÈrè is Curr￿tIy no mat8ri81 uncèrtainty ov81
CTVC'S continuing operaligns. The Rank Foundalion has also confirrned ils granl to support the pension defi￿t 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•¢em￿r 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 8￿JItorS, 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
Ind*￿ndertt 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 Cotnpan*s 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 SI￿111t#￿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 appI￿Ne 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 ac￿rdanCè wth
the ethl¢al ￿QU1￿MentS 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 fIna￿la1 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 Co1￿clIveEy, may cast signfficant doubt on the Group and the Parent Charitable Companls abilty to
conts"nuÈ 8s a going eoneèm for a per￿d 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 re￿Ollt
s&diDns of this report
other infomiation
ThÈ Trustees are responsible forlhe other infolrnalion. The other infomation coffry)rises the inf0m￿tIOn 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 responSi￿e 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, CC￿s1der whether the other infomiation is materialty
inconsistent with the financial stalements or our kno￿edge 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•pend*nt Audltoe$ Roport Its ¢h& Memb*r$ 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 incI￿led 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 acco￿11￿9 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 re￿IVed 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 Int￿nal 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
rel￿nt 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 Irregul￿111es, 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 Ir￿gu12r￿1ies. indu(fing fraud. The èxtÈnt
to wh￿h 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 pro￿d￿￿S lo identify nOn￿mplIance with these
laws and regulations lo enquiry of the Trustees and other management and inspeclton of regulatory and 18U81
¢orre$pondsn¢e if any.
Audit Pr￿edureS performed by the engagement leatn included-.
• Oiscussions wth martagement and group audrt commrttaè, inetuding consid8ralK)n of known oi suspected instances of
rpcompliance with laws and ￿gUlationS a￿1 fraud,.
Reading minutes of meeling ofthose tharged with govemance, And rèvi&winu tt)tt8spond8nCg wrth HMRC and the
various chaity regulators.,
Challenging 8s$umption$ made by management in their significant accounting estimates in p8rtwl8r in retation lo the
e$limalion of costs lo complele of reven￿ contracts and assumplk)ns used in the ¢al¢ulallon ￿the defined benefil
pension liabilty. and
• In addresslng the rlsk of fraud through manayement Lwermle of conlrols.. testing the appropriateness of ioumal entries
and oth&r adjustments. in particu18r anyjoumals wsled by seniot management orwlth unusual accounts comblnallons
Ouraudk procedures were deslgned tts ￿spo￿l to risks of material misstatement in the financial statement4 recognising
that th8 risk of not detecting 8 maloiial misstatewnent due to Iraud Is higher than the dsk of not delecting one ie$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.
DocuS￿ne￿ 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 regISte￿d 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 In￿ease
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 In￿Me 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¢ aN￿rdan￿ 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
2￿24.
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 I￿￿b￿lty
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 a￿1 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 tgcanul￿ti0n 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 Trl￿IeeS 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 I￿nths.
-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 ty￿GallY 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 activ￿e$ 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 Co￿ring 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￿ f￿8d assets 8r8 Stated al ¢ost less a¢eumUla￿l 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 no￿8] 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 stra￿ht-IITrQ basls overthe
lease tem.
il Oefin&d banèfit P￿010￿ s¢h•m•
Thg ￿heme was dosod to newjoin8rs dUr£r￿ 2002. In 2023 £457k was paid into this 8cheme in line with $c￿ulE ol
contributions. The amount charged to Ihe statement of financial activthes in respect of this s¢heme, is the &slimated incr8a88d
rA)St of providing the historical benefits acuued. Thè interest C08t aTrJ expected retum on assets are in(audad wthin other
finance costs iwb SUPPOrtcosts.
Th8 assets olthe schemè arè h81d 88p8rateIy from the 9r(NJp in 58patate truste8 administe￿d lun(Is. Full actuaiial valuation¥.
by a profe55ionaltyqualified acknjary. are obtsine(l atloast 8very three years, and updated to ￿fleCt(UrrentcondltiDnS at the
balancts sheetdate. Th8 pension scheme assets moasured atfair value. Thè pèn$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 crm￿n￿a1Itin 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.. 1￿21 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 rev￿Wed
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
C￿ts 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
I￿9)
Total Support arKI
Governance costs
84
{955)
T¢trl expendlture
2.436
1.021
239
3.785
Induded above In Charflable act6vllies- Te￿VISion, 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 In￿rrEd 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)
Di￿t 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 OffI￿r 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 JU￿1￿ 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
F￿tureS 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 d￿ryand IntE￿nittentIY depen(ting worl¢J event5 etc. We
therefore do not think a reasonablelreliablE valuation coukl be perfo￿ned 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 Ur￿er 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$. Conversety. if the position is better than expthd, ttls possiL4e that contributions may
be reduced.
The Scheme is rnanaged by a board of Truste￿8 appointed in part by the Company and in part from e18ctions by
mambèrs of the Sehème. The Trustees have responsibilty for obtaining valuations of the fund. administering
benefft paymants and invèsb.ng thÈ S¢heme's assets. The Trustees delegate some of th￿¢ fun¢b"orB to their
professional advi$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 th￿r 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$￿unt rate
Retail PriTrs Index IRPI} tnflalion
Revaluatlon in defèmient-
Pre M3y 2001 benefrts
Post May 2(MJ1 benefit8
Pension increases
GMP eamed belore 06104188
GMP &arned 8fter OW04188
Pension earned before 01110192 in ex￿S$ of GMP
Pension earned between 01110192 8nd 31105101 in eX￿sS 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 t￿ning courses for young people. An 8pproptiatE aoreed
0￿rhead 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 ca￿tal of that CoM￿ny.
-31-

CTVC Limited
5th Floor
16-18 Kirby Str8et
London
EC1N 8TS