2024-12-31-accounts

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CTVC Limited
Company Registration Number: 1375941
Registered Charity Number: 276286
Report of the Trustees and Financial Statements
for the year ended
31 December 2024
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CTVC Limited

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Contents
Report of the Trustees
Reference and Administration 1-2
- Trustees, Committees and Professional Advisers 1-2
- Company Information 1-2
Structure, Governance and Management
- Constitution 3
- Trustees responsibilites 4
- Risk Management and Internal control 5
Objectives and Activities 6-7
Achievements and Performance 8-9
Financial Review 10-11
Independent Auditor's Report 12-14
Statements of Financial Activities
Consolidated 15
Balance Sheets
Consolidated 16
Company 17
Consolidated Cash Flow Statement 18
Notes to the Financial Statements 19-30
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CTVC Limited

Report of The Trustees for the year ended 31 December 2024

Reference and Administration

The Directors who act as Trustees for the charitable activities of CTVC Limited present to the members their report and financial statements for the year ended 31 December 2024. The report and financial statements have been prepared in accordance with the Charities Statement of Recommended Practice (2019 SORP), ‘Accounting and Reporting by Charities’ effective from 1 January 2019, the Companies Act 2006, the Charities Act 2011 and applicable UK accounting standards, including FRS 102.

Trustee and Council Members:

Chairman

*** Mr A. N. R. Fleming**

*** Ms L. Clay**

• Mr J. R. Newton (resigned 6 March 2025)

*** Mr M. D. B. Simon Mr M. P. Berry Mr J. Crosby Rev C. Jamison** (appointed 1 January 2024)

( * Members appointed by The Rank Foundation Limited)

Registered office:

5th Floor, 16-18 Kirby Street London EC1N 8TS

Website:

www.ctvc.co.uk

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

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Reference and Administration (continued)
Company Information:
Chief Executive Officer: Miss C. C. Matthews
Chief Operating Officer: Miss R. M. Porter
Financial Controller: Miss K. Maitala
Company Secretary: Miss R. M. Porter
Professional Advisers:
Auditor: Crowe U.K. LLP
55 Ludgate Hill, London, ECM4 7JW
Bankers: Barclays Bank plc
27 Soho Square, London, W1D 3QR
Solicitors: Paris Smith LLP
Number 1 London Road, Southampton, SO15 2AE
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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Structure, Governance and Management

Constitution

CTVC is a company limited by guarantee (registered number 1375941) governed by its Memorandum and Articles of Association (last amended June 2020), and a registered charity (registered number 276286). As a company limited by guarantee CTVC has no share capital; the liability of members is limited to £1 each in the event of CTVC being wound up.

Parent undertaking

The parent company is The Rank Foundation Limited (registered company number 516434), a registered charity (registered number 276976), whose address is: 19-21 Garden Walk, London, England, EC2A 3EQ.

CTVC is a wholly controlled subsidiary of The Rank Foundation; control is by virtue of the Articles of Association and Board appointments as set out below. The Rank Foundation prepares consolidated accounts, which incorporate the results of CTVC and its subsidiary company CTVC Media Limited (formerly Hillside Productions Limited).

Appointments to the Board

The Rank Foundation Limited has the right to appoint a majority of the Trustees and to remove any Trustees it appoints. Additional Trustees can be appointed either by the Board or by the members. The Board has engaged a specialist consultancy firm for the recruitment of new Trustees.

The Memorandum and Articles of Association allow for Trustees to be remunerated for professional services they render to CTVC and its subsidiary, see note 5.

Subsidiary undertaking

CTVC has a wholly-owned trading subsidiary company which is incorporated in England and Wales, CTVC Media Limited (registered number 1782130). Its principal activity is the making of media productions. Any taxable profits of CTVC Media Limited are donated to CTVC by way of qualifying charitable donation. A summary of CTVC Media Limited's trading results for the year is shown in note 14.

Charity Governance Code

The Trustees are committed to adopting the principles and recommended practice for good governance as set out in the Code. A review of key policies was delayed due to staffing changes and will be actioned in 2025. Any areas of noncompliance with the Code will be identified and highlighted in future reports.

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fund raising as "soliciting or otherwise procuring money or other property for charitable purposes". Such amounts receivable are presented in the accounts as Income - Donations and include grants. However, CTVC does not undertake fundraising from the general public.

In relation to the above the Trustees confirm that there is no involvement of commercial participators, professional fundraisers, or third parties. The day to day management of all income generation is delegated to the executive team, who are accountable to the Trustees. Any solicitations would be managed internally.

The charity is not bound by any undertaking to any regulatory scheme and the charity does not consider it necessary to comply with any voluntary fundraising codes of practice.

No complaints have been received in relation to fundraising activities. The terms of employment require staff to behave reasonably at all times; as the charity does not approach individuals for funds it does not have a particular reference to fundraising activities nor does it consider it necessary to design specific procedures to monitor such activities.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Structure, Governance and Management (continued)

Trustees' Responsibilities in relation to the Financial Statements

The Trustees (who are also Directors of CTVC for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and apply them consistently;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

None of the Trustees had any beneficial interest in any contract to which the group was party during the year.

So far as each of the Trustees at the date of this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Each Trustee has taken all steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Trustees’ and Executive remuneration

Trustees are not remunerated for their services as a Trustee. Remuneration, if any, is set by the Board and is based on the number of days required to perform their duties and to reflect the skills, knowledge and competences required for the additional professional services they provide. The Trustees’ remuneration is detailed in note 5 of the financial statements.

The remuneration of the senior executive staff is set by the Chairman's Committee of The Rank Foundation. The Trustees and senior executive staff comprise the charity’s key management personnel. Remuneration is set in the context of the charity’s purposes, aims and values and to reflect the skills, knowledge and competences required for executive roles.

Induction and training

On appointment all new Trustees receive an induction pack. This contains copies of the Governing documents, all committee constitutions, the previous year’s annual report and financial statements, a book detailing the history of the charity, and the group, and a profile of all Trustees and senior staff. Formal training is also provided as and when required or appropriate.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Structure, Governance and Management (continued)

The Council of the Association (the Board) and Committees

The Board is responsible for leading and controlling CTVC. The Board achieves this by setting the long-term strategic direction of CTVC, preparing and adopting its medium-term business plans and annual budgets. The Board regularly monitors performance against budget, plans and key performance indicators. The Board is comprised solely of non-executive Trustees.

The Board has established a new Commissioning Committee to help discern which available projects meet the charitable aims of CTVC and are consistent with the wider mission of the organisation. The Committee was established in early 2024 and will meet a minimum of twice a year.

An Audit Committee creates a formal conduit between the external auditor and the Board and advises on the content and presentation of the annual reports and financial statements. The Committee reviews audit plans and the external auditor’s management letter, and monitors implementation of actions required and satisfies itself as to the external auditor’s continuing independence. It has the authority to appoint, and to fix the remuneration of, the external auditor. The risk register is reviewed by the Committee. CTVC has set up its own Audit Committee which is separate from that of The Rank Foundation and meets a minimum of three times a year.

The Committees may comprise members of the Board and may also include advisers appointed for their specialist knowledge. The membership of the Committees is set out on page 1 of this report.

Risk management and Internal control

The Board has overall responsibility for CTVC's and CTVC Media's systems of risk management, internal control and for monitoring and reviewing the systems in place. Such systems cannot eliminate all risks, but the Board is satisfied that systems are robust and operate effectively. The principal risks identified and a summary of how they are managed are set out below and these are regularly reviewed.

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Risk Management of risk
Appropriate level of salaries and benefits - benchmarked within the industry.
Loss of CEO or key staff in a small organisation. Documentation of systems, cross training implemented and succession planning
to be undertaken as appropriate.
Overspends resulting in additional grant required CTCV prepare regular budgets and forecasts which are reviewed by Trustees to
from RFL. early to identify any potential shortfalls.
CTCV trustees are appointed with appropriate skillsets. In addition, CTVC
In a rapidly evolving media landscape, lack of
recruits from a wide pool of experienced professionals within the industry to
direction strategy and forward planning.
support strategic vision.
Securing commissions in a difficult business Constant monitoring of broadcasters requirements. Development and
environment. submission of ideas with frequent contact with all potential commissioners.
Failure of the Rank Foundation Limited's (RFL) RFL has experienced, financially competent Trustees in their investment
investment policy through lack of oversight or committee; Professional advisers; Monitoring and control of RFL budgets and
strategic deficiencies, causing loss of grant. expenditure.
Appoint appropriately skilled staff and implement effective operational
Loss of reputation leading to loss of business. procedures to ensure that all productions are delivered in line with
commissioning agreements and internal key policies.
Business interruption as a result of pandemics. CTVC works with a specialist H+S consultancy, First Option. This is to ensure
Potential limitations on media production and the ongoing safety of staff and productions including compliance with any
severe disruption to CTVC's business activities. Government guidance and emergency legislation.
Failure of RFL investment strategy -
Regular liaison with CTVC Chairman, RFL and Trustees.
reduction/cancelling of RFL funding.
CTVC, being a small organisation with relatively few personnel has limited
scope for segregation of duties; however, controls have been implemented
where possible. Dual authorisation is in place for banking facilities. Management
accounts are regularly reviewed against budget to identify unusual spending
Financial Fraud or error, possibly due to
collusion. trends. Expense policy is in place and all claims reviewed prior to payment.
Purchase invoices are reviewed dually and there is a set of spending limits and
authorisations in place. Staff culture is developed such that fraud of any kind is
not tolerated. Reviews of system take place regularly by COO and Financial
Controller.
Failure to comply with information commissioner
Ensure registration is updated and personal data is protected. Obtain regulatory
requirements in respect of UK GDPR. Fines for
updates as they occur and seek training where necessary. Constant monitoring
breaches under UK GDPR could be up to EUR
20 million. of retention policy to ensure compliance.
Policy of maintaining cash reserve is not adhered
to, resulting in potential cash flow problems.
Constant monitoring of cash flow, and where required and possible a recovery
Conversely, a risk that holding too much cash
plan.
restricts investment in development and potential
content making activities.
The strategy/production activities approved by The objects of CTVC and associated Memorandum and Articles, which have a
the Trustees is not consistent with the objects of broad scope, allow the Trustees to adjust the strategy as they see fit. CTVC
CTVC and/or RFL. Media is available as a vehicle if the scope isn't wide enough.
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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Objectives and Activities

Objectives and Public Benefit

CTVC Limited is a UK-based charity and independent media production company that creates award-winning television, radio, digital, and educational content focused on religious, ethical, and moral themes, aiming to inspire, educate, and entertain audiences. CTVC's charitable objective is to engage viewers, listeners and readers through all media with matters of religion, faith, morals and ethics. CTVC was established for the advancement of the Christian religion and the promotion of Christian religious education of the public.

CTVC's objects are as follows:

• to promote the understanding of the shared values, traditions and practices of the Christian faith, and faiths referred to above and their application in a secular environment

• to advance the public knowledge and understanding of the other historic world faiths with significant communities in the United Kingdom

• to stimulate and motivate people to think about moral and spiritual issues in their everyday lives.

The Trustees refer to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. CTVC's key objective is to engage viewers, listeners and readers in matters of religion, faith, morals and ethics from a perspective of all faiths and those with none in all media. In 2024, CTVC produced content that is available to millions of people around the UK and world via programming such as Songs of Praise, Pilgrimage, as well as through digital and radio channels. CTVC fulfils its charitable objectives through delivering free educational resources online to teachers and young people across the UK via the TrueTube platform, as well as via free podcasts, free training to students and young persons from disadvantaged and under-represented backgrounds, and by providing free media training courses to other RFL related charities. In 2024, CTVC also provided media training to charities across the UK to support them individually in podcasting, video production and social media strategy.

Activities and Achievements Across the Year

Success in achieving our objectives can be shown in the quantity and quality of our output across all areas. Our faithbased television, audio and digital content is produced in line with the charitable objectives of CTVC and RFL's strategy and direction, has reached bigger audiences than ever. During 2024 across TV, Radio and the Digital departments, CTVC produced 89 pieces of Christian content, in addition to 81 pieces of World faith, moral and ethical content.

Television

In 2024, we aimed to achieve as wide an audience as possible, and programme ideas were submitted to Commissioning Editors of all key broadcasters in the UK and overseas. Across the year, CTVC aimed to fulfil its charitable objectives by successfully delivering the sixth series of Pilgrimage and winning a commission to produce a seventh series of Pilgrimage for the BBC 2. CTVC aimed to deliver the first full series of 51 episodes as part of a two year contract with the BBC, for Songs of Praise. CTVC's subsidiary, CTVC Media Ltd aimed to deliver the second series of 10 episodes of My Friend Misty for the Sky Kids channel.

During the year CTVC's key objectives were met, having continued to successfully produce the first series of its two year contract with the BBC for Songs of Praise. First broadcast on the BBC in October 1961, Songs of Praise is the longest running religious television programme in the world. It is on air every Sunday, 52 weeks of the year. The programme has evolved over the decades and currently consists of 44 standard episodes which is 34 mins of congregational singing and short films (VT’s) of Christianity in action. There is also one contest programme, Young Chorister of the Year. All key Christian festivals are celebrated with special shows around Christmas, Easter, Advent and Remembrance. In 2024, the flagship series continued to be fronted by the show's regular roster of presenters, representing Christian worship across the UK. The series was also distributed to Australia.

Daisy Scalchi, BBC Head of Religion & Ethics TV, said: “Songs of Praise is an essential part of our religion offer and I’m delighted that CTVC are bringing their passion, expertise and commitment to this much-loved brand; I know it is in very safe hands and will continue to thrive in the years ahead.”

Songs of Praise is central to CTVC Founder Lord Rank’s vision of communicating the Christian message to the widest possible audience, therefore fulfilled a large part of CTVC’s core remit, regularly having reached an audience of around one million per week on terrestrial television.

Additionally in 2024, CTVC successfully delivered the sixth series of Pilgrimage to the BBC, The Road Through North Wales, where it aired over Easter on BBC 2, and can be viewed on BBC iPlayer. 2024 saw the BBC re-commission a seventh series of Pilgrimage; The Road through the Alps, which saw the team head off to Austria and Switzerland to begin their Camino in the picturesque village of Inzing. 7 celebrities of all faiths and none, followed the ancient path west across the Arlberg pass and continued to their final destination in the foothills of Swiss Alps to the Einsiedeln Abbey which attracts almost 1 million pilgrims each year. The Pilgrimage brand is distributed worldwide.

CTVC's subsidiary, CTVC Media, successfully delivered the second series of 10 episodes of My Friend Misty for Sky Kids. The series is a mixture of live action and animation. With the character Misty surprising a group of children around the ages of 7 years, with magical visits helping them to deal with their feelings both good and bad by providing a series of tips and practical exercises to help them in difficult situations.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Objectives and Activities (continued)

Audio (Broadcast and Podcasts)

Our multi award-winning team produce compelling content for outlets including BBC Radio 4, Radio 3, the BBC World Service, and most notably for the BBC Witness History and Heart and Soul strands. In 2024, we aimed to achieve our charitable objectives by continuing to win commissions to produce radio documentaries that can be heard worldwide. CTVC aimed to also to continue producing content for it's own podcast platform, Things Unseen, which is a thought provoking podcast for people of faith and those who feel there is more to life than meets the eye.

In 2024, our radio team delivered a range of gripping documentaries. Most notably, as part of the BBC strand The Right Thing, CTVC delivered The Human Shield, where a committed Christian opposed to war and staunch advocate of nonviolent action, travelled to Baghdad to join hundreds of volunteers from around the world. The documentary, Arab Holocaust Museum, as part of the same strand, saw a lawyer from Nazareth take matters into his own hands 20 years ago to educate Arab Israelis on the ongoing psychological effects of the Holocaust. The team also delivered the hard hitting documentaries, El Salvador's Missing Children, Iraq's Secret Women's Shelters, and Blood Matters which is a 5- part series about the devastation caused to thousands of people in the UK who were suffering from haemophilia and received a new treatment that was a contaminated blood product. CTVC continued to produce podcasts for the platform, Things Unseen. Notable podcast highlights produced across 2024 included; A Carol for the Soul, The Toughest Christmas, Faith time with Bobby Seagull, Faith time with Swarzy, Passover: when your enemy falls, Pontius Pilate: a man like us, Ramadan: in the shadow of Gaza, amongst others.

Digital (Education / New Media / Training)

TrueTube.co.uk is a BAFTA award-winning website which provides free films for secondary schools about moral, social and religious issues for use in form times, assemblies, PSHE, Citizenship, and Religious Education lessons. In 2024 CTVC aimed to continue creating short films, to provoke discussion and ignite students’ imaginations. Additionally in 2024, CTVC aimed to continue producing teachers’ notes, lesson plans, assembly scripts and interactive resources to assist in using the films in a creative way. CTVC intended to produce short films and online resources for external customers as well as to support other charitable organisations and community outreach programmes. CTVC is committed to supporting students and young persons from all backgrounds and believes everyone should have access to further education. To support the next generation getting in to the industry, CTVC aimed to open up opportunities in 2024, by offering media training via contracts predominantly for the British Film Institute. The Digital team aimed to win other business from the BBC for their educational platforms. For the first time, CTVC also intended to offer a new Rank Media training programme; a bespoke offering to 10 charities to support their social media strategies.

2024 was the first year that saw CTVC awarded the main London lead contract by the BFI. Working with a consortium of partners, CTVC provided a short course of free training to 80 students aged 16-19 years, via a series of media masterclasses. During the course, skills training was provided by several industry peers and culminated in a wonderful final showcase at the BFI on the Southbank where the students each showcased their film to an audience of 350. During the year, the Digital team notably won a commission from BBC Teach, to produce a series called Super Movers. Super Movers, for Every Body is the inclusive sport initiative from the BBC, Premier League and the ParalympicsGB. The series launched on BBC Bitesize to coincide with the start of the Paralympics and can be viewed on BBC online. In 2024, CTVC successfully launched a new training scheme called The Rank Media Training Programme, which was a bespoke offering to 10 charities to provide training and support for their social media strategies. The charities supported were, Reaching Higher, St Paul's Forum, Street Soccor Scotland, Cancer Fund for Children, Junction 42, Wellbeing Works, Country Trust, CAN Compass, Ethos and Empowerment Charity.

Notable Awards:

The Digital team were runners up in the prestigious Sandford St Martins Awards for their short film Climate Anxiety which shows the emotional impact of one individual's exploration around climate change.

The Radio team were also runners up in the Sandford St Martin's Awards for their documentary, The Right Thing; Follow God not People, which centres around one of Uganda's most prominent LGBTQ+ campaigners. The team also secured a nomination from the Association for International Broadcasting, under their sustainability award for the BBC World Service documentary, Bangladesh's Clothing Conundrum, which investigates whether clothing can be produced both sustainably and cheaply.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Achievements and Performance

Performance - Some of our programmes: Television

• We were delighted to be commissioned to produce a further series of Pilgrimage for the BBC. It was the seventh series to be re-commissioned, which is in itself a huge accomplishment for the CTVC team and testament to the enduring popularity of the programme.

• Pilgrimage: the Road through the Alps, saw seven well known personalities of differing faiths and beliefs, meet in Austria as they took a personal journey along a revived medieval Catholic route, travelling along the Camino. The pilgrims travelled over 200km to reach their destination in the foothills of the Swiss Alps. Immersed on the spiritual journey were; agnostic boyband singer Jay McGuiness, actor and comedy legend Helen Lederer, Catholic Harry Clark from The Traitors, stand-up comedian Daliso Chaponda exploring Baha'i faith, presenter Jeff Brazier, retired paralympian and practising Christian Stef Reid along with journalist Nelufar Hedayat, a modern Muslim.

• CTVC produced weekly episodes of Songs of Praise for BBC One, covering inspirational Christian stories from over 50 communities across the UK which reached a mass audience of nearly one million people each week. All episodes produced by CTVC scored above 82 out of 100 on the BBC's Audience Appreciation index, with some having reached the highest rating in six years, which means that under CTVC, Songs of Praise continues to deliver programmes the audience really values.

Digital - selected highlights

• For over ten years CTVC has been a provider of training courses to the BFI as part of their Screenskills programme for young people. These courses help train and inspire the next generation of UK filmmakers and production crew, supporting 16 to 19-year-olds to develop new skills and gain commercial and cultural knowledge to help build a career in the screen industries. In September, CTVC began its new role as Lead London Partner for the BFI Film Academy, alongside delivery of our own course for 20 students, alongside three external partners, serving a further sixty 16-19 yr olds.

• CTVC began its pilot year of the newly formed Rank Media Support Programme, where CTVC offered a variety of media support opportunities to ten selected charities.

• Working with BBC Bitesize, the digital team produced a series of vodcasts, aimed at students who are considering career options which were designed to feel inclusive and offer hope as well as vital support.

• Super Movers for Every Body was a new initiative for primary school pupils and teachers from BBC Teach, the Premier League and ParalympicsGB. The digital team produced a set of inspiring films and resources with the help of Activity Alliance, BBC Sport, Boccia England, Channel 4, and the Youth Sport Trust, in the hope of every primary school pupil being able to join in and take part in inclusive activities at home, and school.

CTVC Media

• In 2024, CTVC's subsidiary CTVC Media, delivered a second 10-part series to SKY Kids called My Friend Misty. The children's drama series was specifically devised to help children cope with moral and social dilemmas. Each episode mixed live action with state-of-the-art animation as our lovable animated character Misty popped up with magical visits throughout the show to help children with their feelings. The second series was available to view and download on the Sky Kids channel from February 2024.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Achievements and Performance (continued)

Future Plans

CTVC will continue to expand our portfolio of content, brands and support programmes, working with new partners to maximise and diversify reach across the UK and world. We continue to be fully focused on delivering our vision for the series Songs of Praise, with the aim of securing the commission for the long term.

Having successfully delivered the sixth series of Pilgrimage, and secured a re-commission for series seven of our prime time religious programme for BBC2, we hope the quality of the seven series produced will stand us in good stead in seeking the commission for and eighth, and perhaps more, series. We are focusing on development, and new areas of growth in 2025 and continue to develop our slate of ideas for pitching to commissioners both in the UK

Having successfully delivered the second series of My Friend Misty, we are aiming to build on the success of the brand and key relationship with the channel commissioner.

Our Radio team will continue to win a wide range of new commissions for the BBC World Service, Radio 3 and 4 as well as continue to pitch ideas to new potential clients.

The Digital team is fully engaged in the continued development of TrueTube and are actively exploring new opportunities to produce digital content. Our BFI Training Courses continue to offer young people an excellent insight into documentary film making and we hope to resume being the London Lead for the courses.

We continue to work closely with our parent charity The Rank Foundation Limited (RFL) exploring ways in which to provide media and training support for both RFL & RFL’s funded charities. We look forward to building on the success of the newly created RFL & CTVC Media Support Programme which will utilise CTVC’s in-house media skills and resources to deliver a range of services to RankNet members. RankNet members might not otherwise have the capacity to access high-level media provision, to help them refine or create fresh new communication tools. We are discussing further opportunities for 2025.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Financial Review

Reserves policy

At 31 December 2024, the group held total funds of £4.9m (2023: £5m). Funds comprised of restricted funds of £3.8m (2023: £4.2m), designated funds of £15k (2023: £341k (deficit)) and general funds of £1.1m (2023: £1.1m).

After removal of fixed assets and other designated funds, free reserves at the end of 2024 were £1.1m (2023: £1.1m). The Trustees have set the group's reserve policy to achieve a balanced budget in the long term and to retain sufficient reserves to meet working capital requirements. Trustees consider an appropriate target for free reserves to be 4.5 months core staff and 6 months overhead costs which equated to £1,301k in 2024. At year end, free reserves were £1,133k which is £168k below this target.

Having considered budgets and forecasts prepared for the period to July 2026, the buy-in arrangement with Aviva, finalised in January 2025, which eliminates future cash flow risk surrounding the defined benefit pension scheme and the security of future financial support from Rank Foundation, trustees are satisfied that there are no material uncertainties surrounding the ability of CTVC Limited to continue as a going concern.

Trustees are mindful of the current deficit on free reserves against target and have initiated plans to return the Charity to a sustainable operating model in the years ahead.

Operating income and funding

Income received by CTVC from third parties for television productions was £4,689k (2023: £2,797k), for Digital £411k (2023: £220k) and for Audio programmes £90k (2023: £56k). CTVC Media generated income of £307k (2023: £1,996k) from television production; this is set out in detail in Note 14.

Grants were received from our parent undertaking, The Rank Foundation, of £1,219k (2023: £1,332k). The operational grant has been approved at £1,219k for 2025. The Rank Foundation also provided a grant in respect of the liability arising from the CTVC Defined Pension Scheme of £457k (2023: £457k). The funding requirement for the Defined Benefit Pensions Scheme will in future be paid directly from The Rank Foundation to the scheme following a buy-in from Aviva in January 2025.

Overall performance

Overall performance for the year was a net loss of £468k after pension contributions of £457k (2023: profit £122k).The year-end valuation of the Defined Benefit Pension Scheme liability under the FRS102 accounting rules produced a net pension asset of £718k. During 2024 the fund increased in value sufficiently to recoup the 2023 deficit (£366k). Additional increases in the fund are not recognised as these are no longer recoverable by the Charity following the Aviva buy-in in January 2025. Consequently, no pension asset has been recognized in the financial statements in line with the requirements of FRS102.

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CTVC Limited

Report of The Trustees for the year ended 31 December 2024 (continued)

Financial Review (continued)

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

Other

A full copy of the annual report and accounts for CTVC Limited can be obtained from 5th Floor, 16-18 Kirby Street, London EC1N 8TS.

Provision of Information to our Auditor

So far as the Trustees are aware at the time the report is approved,

• There is no relevant audit information of which the company's auditors are unaware, and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Auditor

Crowe U.K.LLP were appointed under section 485 of the Companies Act 2026 for the year ended 31 December 2024 and are deemed reappointed under section 487(2) of the Companies Act 2026.

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On behalf of the Board.
18 June 2025
5th Floor
16-18 Kirby Street
London
EC1N 8TS Mr A. N. R. Fleming
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CTVC Limited

Independent Auditor's Report to the Members and Trustees of CTVC Limited

Opinion

We have audited the financial statements of CTVC Limited (the “charitable company”) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities incorporating a Consolidated Income and Expenditure Account, Consolidated and Company Balance Sheets, Consolidated Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then

• • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

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

Conclusions related to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

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CTVC Limited

Independent Auditor's Report to the Members and Trustees of CTVC Limited (continued)

Opinions on ither matters prescribed by the Companies Act 2006

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

• the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Directors’ Report, which is included in the Trustees’ Report, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

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

• the parent company has not kept adequate accounting records; or

• • the parent company financial statements are not in agreement with the accounting records and returns; or • certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report.

Responsibilities of Trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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CTVC Limited

Independent Auditor's Report to the Members and Trustees of CTVC Limited (continued)

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing surrounding recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

	For and on behalf of CROWE U.K. LLP, Statutory Auditor London Tina Allison (senior statutory auditor)	18 July2025
		Date:

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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CTVC Limited

Consolidated Statement of Financial Activities incorporating a Consolidated Income and Expenditure Account for the year ended 31 December 2024

----- Start of picture text -----
2024 2023
Note
Income £'000 £'000 £'000 £'000 £'000 £'000
Donations
Grants - General 2 1,219 - 1,219 1,332 - 1,332
1,219 - 1,219 1,332 - 1,332
Income from charitable activities
Sales towards production costs
Television 4,689 - 4,689 2,797 - 2,797
Audio 90 - 90 56 - 56
Digital 266 145 411 78 142 220
5,045 145 5,190 2,931 142 3,073
Income from other trading activities
Commercial productions 307 - 307 1,996 - 1,996
Other Income
Interest received 36 - 36 16 - 16
Rates relief 25 - 25 18 - 18
368 - 368 2,030 - 2,030
Total Income 6,632 145 6,777 6,293 142 6,435
Expenditure
Expenditure on other trading activities
Commercial productions 12 317 - 317 1,951 - 1,951
Expenditure on charitable activities
Television production 5,086 457 5,543 2,964 23 2,987
Audio 475 - 475 434 - 434
Digital 765 145 910 877 64 941
6,326 602 6,928 4,275 87 4,362
Total expenditure 3 6,643 602 7,245 6,226 87 6,313
Net (Expenditure) / Income (11) (457) (468) 67 55 122
Actuarial gains / (losses) on defined 10 373 - 373 (288) 184 (104)
benefit pension scheme
Net movement in funds 362 (457) (95) (221) 239 18
Reconciliation of funds
Total funds brought forward 771 4,227 4,998 992 3,988 4,980
Total funds carried forward 1,133 3,770 4,903 771 4,227 4,998
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
----- End of picture text -----

All income and expenditure derive from continuing activities.

The Group has no recognised gains or losses other than those shown in the statement of financial activities.

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CTVC Limited

Consolidated Balance Sheet 31 December 2024

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31 December 2024 Company number 1375941
2024 2023
Total Total
Note Unrestricted Restricted Funds Funds
£'000 £'000 £'000 £'000
Fixed assets
Tangible assets 7 15 - 15 25
Total fixed assets 15 - 15 25
Current assets
Debtors 8 367 3,770 4,137 4,584
Cash at bank and in hand 2,627 - 2,627 4,082
Total current assets 2,994 3,770 6,764 8,666
Liabilities
Amounts falling due within one year 9 (1,876) - (1,876) (3,327)
Net current assets 1,118 3,770 4,888 5,339
Total assets less current liabilities 1,133 3,770 4,903 5,364
Amounts falling due after more than one year - - - -
Net assets excluding pension liability 1,133 3,770 4,903 5,364
Defined benefit pension scheme liability 10 - - - (366)
Net assets including pension liability 1,133 3,770 4,903 4,998
The funds of the charity
General Fund 11 1,133 - 1,133 1,137
Defined Benefit Pension Scheme Reserve 10 and 11 - - - (366)
Pension Reserve 11 - 3,770 3,770 4,227
Total consolidated charity funds 1,133 3,770 4,903 4,998
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CTVC Ltd has elected to take the exemption under section 408 of the Companies Act 2006 not to present the company Statement of Financial Activities (including the income and expenditure account).

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

The financial statements on pages 15 to 30 were approved and authorised for issue by the Board of Trustees on 18 June 2025.

Mr A. N. R. Fleming Chairman

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CTVC Limited

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Company Balance Sheet
31 December 2024 Company number 1375941
2024 2023
Total Total
Note Unrestricted Restricted Funds Funds
£'000 £'000 £'000 £'000
Fixed assets
Tangible assets 7 15 - 15 25
Shares in subsidiary undertaking 12 76 - 76 76
Total fixed assets 91 - 91 101
Current assets
Debtors 8 506 3,770 4,276 4,741
Cash at bank and in hand 2,088 - 2,088 3,092
Total current assets 2,594 3,770 6,364 7,833
Liabilities
Amounts falling due within one year 9 (1,668) - (1,668) (2,697)
Net current assets 926 3,770 4,696 5,136
Net assets excluding pension liability 1,017 3,770 4,787 5,237
Defined benefit pension scheme liability 10 - - - (366)
Net assets including pension liability 1,017 3,770 4,787 4,871
The funds of the charity
General Fund 11 1,017 - 1,017 1,010
Defined Benefit Pension Scheme Reserve 10 and 11 - - - (366)
Pension Reserve 11 - 3,770 3,770 4,227
Total charity funds 1,017 3,770 4,787 4,871
----- End of picture text -----

CTVC has elected to take the exemption under section 408 of the Companies Act 2006 not to present the company statement of Financial Activities (including the income and expenditure account).

Before consolidation, the Charity made a deficit of £84k in 2024 (2023: deficit of £27K)

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

The financial statements on pages 15 to 30 were approved and authorised for issue by the Board of Trustees on 18 June 2025.

Mr A. N. R. Fleming Chairman

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CTVC Limited

Consolidated Cash Flow Statement for the year ended 31 December 2024

Note Cash flows from operating activities: Net cash (used in) / provided by operating activities A Cash flows from investing activities Purchase of tangible fixed assets Net cash (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Total cash and cash equivalents at the end of the reporting period A. Reconciliation of income to net cash flow from operating activities Net (expenditure) / income for the period (as per the statement of financial activities) Adjustments for Pension finance Defined benefit pension scheme reserve movement Depreciation charge Decrease in debtors (Increase) / Decrease in creditors Net cash (used in) / provided by operating activities	2024 £'000 (1,452) (3) (3) (1,455) 4,082 2,627 (468) 7 - 13 447 (1,451) (1,452)	2023 £'000 2,708 (25) (25) 2,683 1,399 4,082 122 23 (457) 11 240 2,769 2,708

No reconciliation of net funds has been prepared as CTVC only holds cash and cash equivalents.

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CTVC Limited

Notes to the Financial Statements for the year ended 31 December 2024

1. Accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below.

a) Basis of preparation

The financial statements comprise the charity and its subsidiary. CTVC Limited is a public benefit entity and is registered with the Charity Commission in England and Wales (Charity number: 276286).

These financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

Advantage has been taken of the exemption available under section 408 of the Companies Act 2006 not to present an individual Statement of Financial Activities and Income and Expenditure Account for the company.

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. Unrestricted funds include grants from the parent charity, income from charitable activities, commercial productions and other income received or generated for the objects of the charity without further specified purpose and are available as general funds. Restricted funds have arisen from restrictions applied by donors. Expenditure that meets these criteria is identified to the fund, together with a fair allocation of support and charity administration costs where appropriate.

The Trustees have received a binding commitment from the Rank Foundation for operational funding via a threeyear rolling grant from 27 March 2023, the level of which is to be reviewed each year by its Grants Committee. Trustees entered into a bulk annuity buy-in policy in January 2025 and future commitments are now considered settled. Furthermore, the Trustees are aware of the Rank Foundation’s intention to provide ongoing support for the foreseeable future. Consideration has also been given to the charitable group’s forecasts and projections covering the period to 31 July 2026 and have taken account of grants and investment income. Certain Trustees of CTVC are also Trustees of The Rank Foundation and are aware of The Rank Foundation's finances and are able to conclude that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The Trustees have concluded that it is appropriate for the charitable group to continue to adopt the going concern basis in preparing its financial statements.

b) Funds

Unrestricted - General Fund

Unrestricted funds represent funds available for general use by the Charity to further its charitable objectives.

Designated - General Fund

Designated funds represent resources which have been set aside by trustees for a specific charitable purpose as follows:

Defined benefit pension reserve - represents the value of the defined benefit pension scheme liability and subsequent movements on valuation through the year.

Fixed assets - the net book value of fixed assets is also considered a designated fund as the assets are not readily convertible to working capital so do not form part of free reserves.

Restricted - General Fund

Restricted funds represent resources where donors have attached specific conditions to the end use of funds which must be applied for a specific purpose within the charity.

Comparatives have been adjusted where required to provide a clearer split between unrestricted and restricted funds.

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

1. Accounting policies (continued)

c) Income

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Sources of income across the year are from grants from BFI and parent company The Rank Foundation, media production delivered to clients including from multiple BBC platforms, SKY, BBC Radio 3 and 4, as well as the charities British Heart Foundation, Cancer Research and The Salters' Institute. Grants from the parent company are recognised annually in line with terms of the agreement. Funding has been secured to 2026 with the intention to further fund to 2029.

For income relating to the rendering of services which are partially complete at the balance sheet date, the income recognised in the statement of financial activities is calculated by the percentage completion method, in line with FRS102 - Accounting for Long Term Contracts. In the case of Programme Production Agreements which have a phased delivery over a period of time greater than one year, the percentage completion calculation is based on the overall operational budget as defined in the Agreement which is typically subdivided into one or more "series" budgets.

The timing of Media income is calculated with reference to the costs incurred. Grant income and royalty income are recognised upon receipt.

d) Expenditure

Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of charitable activities

Costs of activities in furtherance of the charity's objects include all costs relating to the production, sale and distribution of programmes and attributable overheads plus an apportionment of overhead, support and governance costs.

Allocation of overhead, support and governance costs

Costs are allocated between the cost of raising funds and charitable activities. Costs relating to charitable activities have been apportioned between activities on the basis of headcount.

e) Critical accounting estimates and areas of judgement

In the view of the Trustees in applying the accounting policies adopted, with the exception of the Defined Pension Scheme (see below), no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

The percentage completion method for revenue recognition requires an estimation of the overall cost of the production, including future costs, at the point of delivery; this estimate is based on established production management and control systems, supported by the judgement of senior production executives. In accordance with FRS102 - Accounting For Long Term Contracts, this method is used only when the outcome of a contract can be measured reliably. If it is probable that a loss will occur on a contract, this will be recognised in full immediately as an onerous contract provision.

The annual budget estimates the surplus required from programme funding to supplement the grant in covering salaries and overheads.

Assumptions in relation to the estimate of the Defined Benefit Pension Scheme Reserve obligation such as standard rates of inflation, mortality and discount rate. Variations in these assumptions have the ability significantly to influence the value of the liability recorded and annual defined benefit expense. Assumptions are based on actuarial advice.

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

1. Accounting policies (continued)

f) Basis of consolidation

The consolidated financial statements comprise CTVC Limited ("CTVC") and its trading subsidiary, CTVC Media Limited. A summarised profit and loss account and balance sheet of CTVC Media Limited are given in note 12.

g) Basis of capitalisation

Amounts capitalised relate to costs of acquisition of assets expected to be used by CTVC in the longer term. Only pieces of equipment that have a cost price of more than £1,000 are capitalised.

h) Depreciation - Assets for the Charity's own use

Tangible fixed assets are stated at cost less accumulated depreciation.

Depreciation of fixed assets is calculated by reference to cost at rates estimated to write off the relevant assets over their expected useful lives, taking into account normal commercial and technical obsolescence.

Plant and equipment 20% and 33.3% Office equipment: 33.3%

Any assets considered impaired are written down to their recoverable amount.

i) Operating Leases

Rentals paid under operating leases are charged to the income and expenditure account on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

j) Defined benefit pension scheme

The scheme was closed to new joiners during 2002. In 2024 £457k was paid into this scheme in line with the schedule of contributions. The amount charged to the statement of financial activities in respect of this scheme, is the estimated increased cost of providing the historical benefits accrued. The interest cost and expected return on assets are included within other finance costs in support costs.

The assets of the scheme are held separately from the group in separate trustee administered funds. Full actuarial valuations, by a professionally qualified actuary, are obtained at least every three years, and updated to reflect current conditions at the balance sheet date. The pension scheme assets are measured at fair value. The pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency. A pension liability is recognised on the balance sheet to the extent that the group has accepted the obligation to settle the estimated liability. Net pension assets are not recognised in the financial statements on the basis that the funds are not recoverable by the employer in future.

k) Defined contribution pension scheme

Employer ' s contributions are charged to the statement of financial activities and accrued as they become payable.

l) Disclosure exemptions

The company has taken advantage of the following disclosure exemptions available in FRS 102 when preparing the separate financial statements of the parent company:

• No cash flow statement has been presented for the parent company

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

2. Parent undertaking - Grant

The grant of £1,219K in 2024 (2023: £1,332) is from the immediate and ultimate parent company, The Rank Foundation Limited (516434), a registered charity (276976) whose address is: 19-21 Garden Walk, London, England, EC2A 3EQ.

The Rank Foundation Limited provided a guarantee that it will fund the deficit of the Defined Benefit Pension Scheme. In addition, it has awarded CTVC a three year rolling grant to 2026, with the indication to fund to 2029. The level of which is reviewed annually.

The Rank Foundation Limited prepares consolidated accounts, which comprise the results of The Rank Foundation and its subsidiary companies which include CTVC and CTVC Media.

3. Analysis of total expenditure

----- Start of picture text -----
2024 Direct Staff Support
Costs Costs Occupancy Depreciation Other Costs Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Costs of trading activities 312 - - - 5 - 317
Charitable activities
Television 3,260 1,102 - - 79 1,097 5,543
Radio 66 218 - - - 191 475
Digital 384 289 - - - 237 910
Total Charitable activities 3,710 1,609 - - 79 1,525 6,928
Analysis of support costs - 922 256 13 258 (1,449) -
Governance costs - 20 - - 57 (77) -
Total Support and - 942 256 13 314 (1,525) -
Governance costs
Total expenditure 4,022 2,551 256 13 398 - 7,245
2023
Costs of trading activities 1,947 - - - 4 - 1,951
Charitable activities
Television 2,049 227 - - - 708 2,987
Radio 64 176 - - - 194 434
Digital 268 287 - - - 386 941
Total Charitable activities 2,381 690 - - - 1,288 4,362
Analysis of support costs - 714 248 11 238 (1,211) -
Governance costs - 22 - - 55 (77) -
Total Support and - 736 248 11 293 (1,288) -
Governance costs
Total expenditure 4,328 1,426 248 11 297 - 6,313
----- End of picture text -----

Included above in Charitable activities - Television, is £7k (2023: £23k), which relates to pension finance costs and an adjustment for past service costs in the restricted funds - Note 11.

The expenditure above includes costs incurred by CTVC Media Limited under 'Costs of trading activities' and this line is the difference between consolidated and CTVC only expenditure.

Total Support and Governance costs have been apportioned over the Charitable activities using staff numbers as the basis for the apportionment.

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

4. Analysis of Governance costs

Auditor's remuneration - Current auditor Auditor's remuneration - Prior auditor Legal and professional fees Senior management- remuneration allocation	2024 £'000 24 4 29 20 77	2023 £'000 - 35 20 22 77

Governance costs for the Group include an allocation of the operating costs relating to the CEO and the COO. They represent the support necessary to deliver the management and reporting requirements for the Boards within the wider Group.

5. Trustees and Employees

Average number employed Employed in charitable activities (excluding Trustees) Direct charitable Support Employees' emoluments Number of Staff earning £20,000 to £30,000 Number of Staff earning £60,000 to £70,000 Number of Staff earning £70,001 to £80,000 Number of Staff earning £80,001 to £90,000 Number of Staff earning £120,001 to £130,000 Number of Staff earning £190,001 to £200,000	2024 31 8 39 1 2 1 - - 1	2023 20 5 25
		- - - 1 1 -

In 2024, total key management remuneration, comprising Salary, benefits, redundancy, bonuses, employer pension contributions and employer national insurance was £469K (2023: £253K). Redundancy costs are charged in the year incurred.

During the year, redundancy and termination costs of £28K were incurred (2023:£nil).

Staff costs including Trustees' emoluments Wages and salaries Termination payments Social security costs Personal Insurance (PHI, DIS) Pension Scheme Contributions - money purchase Pension Scheme Costs Recruitment, Training and Professional Memberships	£'000 2,224 28 128 51 63 6 51 2,551	£'000 1,182 - 110 42 63 6 23 1,426

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

5. Trustees and Employees (continued)
Trustees' emoluments Pension Contributions Emoluments excluding pension scheme contributions Chairman G. C. King (resigned 31 December 2023) Rev'd M. A. Booth (resigned 31 December 2023)	2024 £'000 Nil Nil Nil Nil -	2023 £'000 Nil Nil 16 10 26

Related Party Transactions

The above mentioned Trustees are not entitled to pension benefits and remunerated solely for the professional services they render to CTVC and its subsidiary as allowed for in CTVC's Memorandum and Articles of Association. These payments represent the acknowledgement of time and experience given to supporting the running of the The other Trustees received no remuneration.

Reimbursement of expenses (2023: to 2 Trustees incurred in relation to duties as Trustees)	£ Nil	£ 458

6. Net income

Net income is stated after charging / (crediting): Depreciation of tangible fixed assets Hire of equipment Rental of premises Auditor's remuneration - Current auditor Auditor's remuneration - Prior auditor Trustees' and Officers' insurance Loss / (gain) on currency exchange rate	2024 2023 £'000 £'000 13 11 1 1 113 124 24 4 35 1 1 - 2 Group	2024 2023 £'000 £'000 13 11 1 1 113 124 19 31 1 1 - 2 CTVC

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

7. Tangible fixed assets - Assets for the Charity's own use

Group and CTVC Cost Plant and equipment Fixtures and fittings Depreciation Plant and equipment Fixtures and fittings Net book value Plant and equipment Fixtures and fittings	As at 1 January 2024 £'000 44 58 102 40 37 77 4 21 25	Additions £'000 - 3 3 2 11 13 Movement (2) (8) (10)	As at £'000 44 61 105 42 48 90 2 13 15 31 December 2024

8. Debtors

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Group CTVC
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade debtors 43 22 43 22
Other taxation and social security 32 - 32 -
Amount due from parent undertaking (pension) 3,770 4,227 3,770 4,227
Amount due from parent undertaking (non pension) - - - -
Amount due from subsidiary undertaking - - 139 157
Other debtors 97 171 97 171
Accrued income and prepayments 195 164 195 164
4,137 4,584 4,276 4,741
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Included in the amount due from parent undertaking (pension) is an amount of £3,313,254 (2023: £3,770,254) due in more than one year. This relates to the Defined Benefit Pension Scheme and Aviva undertook a buy-in in January 2025; see note 14.

9. Amounts falling due within one year

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Group CTVC
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade creditors 98 67 98 55
Other taxation and social security - 72 - 109
Amount due to parent undertaking 97 12 97 12
Accruals and deferred income 1,520 2,751 1,450 2,480
Other creditors 161 425 23 41
1,876 3,327 1,668 2,697
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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

10. Pensions

A) Defined benefit scheme - closed April 2002

CTVC Limited (the “Company”) operates a defined benefit pension arrangement called the Foundation for Christian Communication Pension Scheme (the “Scheme”). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The following disclosures exclude any allowance for Defined Contribution schemes operated by the Company.

The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective.

The most recent comprehensive actuarial valuation of the Scheme was carried out as at 30 September 2021 and the next valuation date was due on 30 September 2024. However this was not carried out as the transfer to Aviva obviated the need.

The Scheme is managed by a board of Trustees appointed in part by the Company and in part from elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate.

The Company paid contributions of £457,000 in the year to 31 December 2024. There were no plan amendments, curtailments or settlements during the period. The weighted average duration of the defined benefit obligation is 12 years. The Rank Foundation has formalised their commitment to the funding of this scheme by putting in place a legal guarantee that has been accepted by the Pensions Regulator. The Pension Scheme Trustees have entered into a bulk annuity buy-in with Aviva and are working to secure a buyout and to wind up the scheme. This will take up to 2 years to complete. The transaction occurred after 31 December 2024.

The Rank Foundation seeks independent actuarial advice from time to time to manage the strategic risks of funding the scheme. The management of the funding, investment, and compliance risks is undertaken by the pension scheme Trustees, who have appointed their own independent professional actuarial advisers, administrators, and investment manager. The Trustees have appointed the scheme actuary to prepare the following detailed disclosures and they have relied on the actuary's expertise in this regard.

Amounts recognised in the Balance Sheet at 31 December 2024

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31 December 2024 31 December 2023
£'000 £'000
Fair value of assets 10,429 10,824
Present value of funded obligations (9,711) (11,190)
Effect of unrecognised surplus Note 14 (718)
-
Net defined benefit liability / (Asset) (366)
Amounts recognised in the Income and Expenditure account over the year (see note 3)
31 December 2024 31 December 2023
£'000 £'000
Interest on liabilities 508 523
Interest on assets (501) (500)
Total 7 23
Actuarial (gains) / losses over the year
31 December 2024 31 December 2023
£'000 £'000
Losses / (gains) on scheme assets in excess of interest 805 (270)
-
Experience losses/(gains) on liabilities (566)
Losses / (gains) from changes to financial assumptions (1,330) 374
Effect of unrecognised surplus 718
Total actuarial loss (373) 104
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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

10. Pensions (continued)

Reconciliation of assets and defined benefit obligation

The change in the assets over the period was:

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Value at Value at
31 December 2024 31 December 2023
£'000 £'000
Fair value of assets at the beginning of the period 10,824 10,147
Interest on assets 501 500
Employer contributions 457 457
Benefits paid (548) (550)
Return on scheme assets less interest (805) 270
Fair value of assets at the end of the period 10,429 10,824
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The change in the Defined Benefit obligation over the period was:

£'000 31 December 2024	£'000 31 December 2024	£'000 31 December 2023	£'000 31 December 2023
Defined Benefit obligation at the beginning of the period Interest on liabilities Benefits paid Experience (gain)/loss on defined benefit obligation Changes to demographic assumptions (Gains) / losses from changes to financial assumptions Defined Benefit obligation at the end of the period	11,190 508 (548) (566) - (873) 9,711		10,843 523 (550) - - 374 11,190

Assets

	£'000 31 December 2024	£'000 31 December 2024	£'000 31 December 2023	£'000 31 December 2023
	Fixed Interest Government Bonds Fixed Interest Corporate Bonds Index-linked Bonds Equities Fixed interest Alternatives Cash	4,555 5,738 97 - - - 39		5,041 5,615 109 - - - 59
	Total Actual return on assets	10,429 (304)		10,824 770

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

10. Pensions (continued)

The principal actuarial assumptions used to calculate the Scheme's liabilities include:

Discount rate Retail Prices Index (RPI) inflation Revaluation in deferment: Pre May 2001 benefits Post May 2001 benefits Pension increases GMP earned before 06/04/88 GMP earned after 06/04/88 Pension earned before 01/10/92 in excess of GMP Pension earned between 01/10/92 and 31/05/01 in excess of GMP Pension earned after 01/06/01 Life expectancy at age 65 of male aged 45 Life expectancy at age 65 of male aged 65 Life expectancy at age 65 of female aged 45 Life expectancy at age 65 of female aged 65 B) Defined contribution schemes Pension charge for the period Balance due to the schemes as at the year end The Group runs an auto-enrolment compliant, salary sacrifice defined contribution pension scheme; the CTVC scheme is administered by The Creative Pension Trust and the CTVC Media Ltd scheme is administered by Nest.	2024 5.45% 3.50% 5.00% 3.50% 3.00% 3.00% 5.00% 3.35% 22.8 21.5 26.1 24.7 2024 £'000 63 15	2023 4.65% 3.45% 5.00% 3.30% 3.00% 3.00% 5.00% 3.30% 22.8 21.4 26.1 24.6 2023 £'000 83 16

Sensitivity placed on the value of the liabilities

	2024	2023
	£'000	£'000
	Approximate affect on liability
Discount Rate
Discount rate -0.10%	102	129
Mortality
Mortality loading increased by 5% for males and females	170	195
(100% of S3PMA and 90% of S3PFA)
Mortality projections - core CMI_2023 model	(155)

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

11. Reserves

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2024 Note As at Other As at
gains and
1 January Income Expenditure losses Transfers 31 December
Unrestricted Funds £'000 £'000 £'000 £'000 £'000 £'000
General 1,112 6,632 (6,623) - (3) 1,118
Designated funds:
Defined benefit pension scheme reserve 11 (366) - (7) 373 - -
Fixed asset reserve 25 - (13) - 3 15
Total Unrestricted Funds 771 6,632 (6,643) 373 - 1,133
Restricted Funds
Training grants - BFI - 145 (145) - - -
Total - Restricted Funds - 145 (145) - - -
Pension Reserves
Pension Reserve 12 4,227 - (457) - - 3,770
Total - Pensions 4,227 - (457) - - 3,770
Total - Restricted Funds 4,227 145 (602) - - 3,770
Total Funds 4,998 6,777 (7,245) 373 - 4,903
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The British Film Institute (BFI) grants funds for film making training courses for young people and includes appropriate agreed overheads. Rank Foundation, the parent company, contributed £457K (2023: £457K) directly to the defined benefit pension scheme. The Defined Benefit Pension Scheme Reserve net increase in fund assets for the period of £1,091K less an unrecognised increase of £718K leaves an increase of £373K which offsets the opening deficit and expenditure in the year. This treatment follows the Aviva buy-in of the fund in January 2025; see note 14.

Unrestricted Funds General Designated funds: Defined benefit pension scheme reserve 14 Fixed asset reserve Total Unrestricted Funds Restricted Funds Training grants -BFI Total - Restricted Funds Pension 2023	As at 1 January £'000 981 (696) 11 296 - -	Income £'000 6,293 - - 6,293 142 142	Expenditure £'000 (6,137) 434 (11) (5,714) (142) (142)	£'000 (104) - (104) - - Other gains and losses	As at Transfers 31 December £'000 £'000 (25) 1,112 - - (366) 25 25 - 771 - - - -	As at Transfers 31 December £'000 £'000 (25) 1,112 - - (366) 25 25 - 771 - - - -
Pension Reserve	4,684	-	(457)	-	-	4,227
Total - Pensions Total - Restricted Funds Total Funds	4,684 4,684 4,980	- 142 6,435	(457) (599) (6,313)	- - (104)	- - -	4,227 4,227 4,998

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CTVC Limited

Notes to the Financial Statements for the year ended (continued) 31 December 2024

12. Related Party Transactions

CTVC has a wholly-owned trading subsidiary, CTVC Media Limited, which is incorporated in England and Wales. The principal activity of CTVC Media Limited is the making of media productions.

Any profits of CTVC Media Limited are donated to CTVC by way of a qualifying charitable donation.

A summary of CTVC Media Limited's trading results for the year is shown below.

Profit and loss account Turnover Cost of sales Gross (loss) / profit Administration expenses Operating (loss) / profit (Loss) / profit for the year Summarised balance sheet Current assets Creditors: amounts falling due within one year Net assets Equity shareholders' funds	2024 £'000 307 (312) (5) (5) (10) (10) 539 (346) 193 193	2023 £'000 1,995 (1,946) 49 (4) 45 45 991 (788) 203 203

CTVC’s investment in CTVC Media Limited is 75,000 ordinary shares of £1 each, being the whole issued equity share capital of that company.

During 2024, CTVC Media Ltd invoiced the CTVC Ltd £288K for work carried out which was paid during the year. At 31 December 2024, CTVC Media Ltd owed CTVC Ltd £138K.

During 2024, The Rank Foundation charged £83K to CTVC Ltd for insurance. The balance owed to The Rank Foundation was £97K at the year end. Aditionally, The Rank Foundation owed CTVC Limited pension contributions of £3,770K at the year end.

13. Operating Lease

At 31 December 2024 the company had annual commitments under non-cancellable operating leases for each of the following periods:

Operating lease payments due Within one year Within two to five	Land and Buildings 2024 2023 £'000 £'000 113 113 203 316 316 429

14. Post Balance Sheet Event

In January 2025, the parent Charity entered a buy-in arrangement with Aviva which resulted in a final payment to settle the defined benefit pension scheme deficit. As part of this arrangement, the pension debtor is no longer recoverable from The Rank Foundation. This is considered a non-adjusting post-balance sheet event as these conditions did not exist at year end.

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