2021-03-31-accounts - Premier Christian Media Trust

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Contents			Page
Report ofthe Report ofthe Report ofthe Consolidated	Chair Directors Auditors Statement of Financial	Activities	1-3 4-13 14-15 16
Consolidated	Balance Sheet		17
Consolidated	Cash Flow statement		18
Balance Sheet			19
Notes to the	Financial Statements		20-29

Directors		R Bolton (resigned 20 October 2020)	R Bolton (resigned 20 October 2020)
		A M V Coombs
		J L C Duff (since	23 February 2021)
		L Griffiths
		A Hawkins
		C D Hughes
		D R Lucas (resigned 20 October 2020)
		E C Mbakwe (since 23 February 2021)
		D D McKenzie (since 20 April 2021)
		AW Muirhead
		GJ Potts
		D J Schofield
		M P Wakelin (resigned 20 April 2021)
Registered	office	22 Chapter Street
		London
		SW1P4NP
Registered	number	Company 1743091
		Charity 287610
Auditors		Jacob Cavenagh	8 Skeet
		5 Robin Hood Lane
		Sutton
		Surrey SM1 2SW

Main Objectives	Main Objectives	Main Objectives	Strategies to	Significant Activities	Significant Activities		Performance
			Achieve
To reverse		the	To move our	Premier	Christianity		An immediate
trend in			magazines and	magazine	moved on to		increase in the
magazine read ersi			their associated websites, blogs	the Abacus system which will offer better			average minutes that Premier Christianity
subscription numbers which,			and other multimedia	websites analysis	and e-sends of marketing		magazine website viewers remain on	the
like most publishers,		has	content onto new websites, CMS	activities and offer readers dynamic			site by 50%. The successful
been in decline.			and subscription	websites.	This title is		negotiation of new
			systems.	now also	available in		print contracts which
			To conduct an in-	digital format for UK			will save f18,000pa
			depth print	readers for the first time.			with a highly
			tendering process	Planning	is in progress		reputable UK-based
			to decide on new	for other	magazine titles		company which has
			print contracts	to join Abacus system		in	invested into new
			while reducing	2021.			technology to help	it
			costs. We will ally				reduce carbon
			with printers who				emissions, while
			demonstrate strong carbon				increasing paper recycling.
			reduction and
			recycling
			strategies, plus a
			commitment to
			staff welfare and
			their local
			communit .
To challenge			Investment in	New volunteers recruited,			Passed 1.5m
and equip	the		Premier Lifeline.	trained and supported		in	answered calls to
UK church to respond to				Premier Lifeline.			Lifeline in February 2020. Increase in
increasing				Call 5 and	Call 8 Care		number of hours
loneliness and isolation caused				campaigns	launched.		provided by volunteers during Coronavirus
by the Coronavirus							lockdown to provide 7,500 calls answered
andemic.							in ust one month.

N OBJECTIVES, AR (continued)	N OBJECTIVES, AR (continued)	STR	ATEGIES	, A	CTIVITI	ES, ACHIEVEMENTS AND PERF	ORMANCE DURING T
Main Objectives			Strategies	to		Significant Activities	Performance
			chieve
3.	Continue to		Disaster	recovery		Continued adaptions to	Online listening to
	create output		plan implemented			content and schedules across	Premier Christian
	that meets the		smoothly.	Staff		radio, magazines, websites	Radio saw an
	changed and		working			and e-sends to provide	increase of50%
	particular		productively		from	Coronavirus-relevant news,	during lockdown 1
	needs during		home.			analysis, biblical reflection,	and the click rate for
	Coronavirus					devotionals, resources to use	Premier emails has
	pandemic.					with children, youth, family and wider community.	more than doubled, growing from 14%to
							29% over the last
							ear
	To strengthen church's	the	Developed further 'Big Conversation'			Further development ofthe bespoke unit set up in 2020 to	Over 5.6 million views on YouTube; 600,000
	apologetic activity and to have a		video debate		series.	deliver the 'Big Conversation' series.	downlods per month across our suite of
	more effective		Launch in	the	United		podcasts; and 60%of
	witness to UK	and	States ofAmerica.				this audience is US
	society in other						based.
	English speaking
	nations.

AR (continued)	AR (continued)		,		,
Main Objectives			Strategies to		Significant	Activities				Performance
			chieve
To continue		to	Further		Year Two	ofthe	Leap of Faith			2280k funding raised for
help the UK churches to		share	development to an organisation-wide		campaign which will help resource the UK church to cross					he campaign in the year- 510k received in cash
the Christian		faith	'digital first'	strategy	the digital	divide	and increase			ebinar series: developed
effectively	in	the			their local	impact.		We will:		rom its launch in May '20
digital space.					- raise awareness			on the		o run weekly webinars
					importance of digital mission ministry —provide training opportunities - offer technical support —supply innovative content to use.				and	until Nov '20, and continues with a monthly online workshop complemented by weekly video and blog content. Dr Peter Phillip ofCODEC and the University of Durham was employed as
										Digital Theologian and
										hrough the new position	of
										Head of Digital Theology
										Premier has been able to
										react instantly to the
										enforced digitisation of
										church life across the UK.
										Through the holding of
										eekly online workshops
										bringing together experts
										rom across the globe,
										housands ofchurches
										ere helped in their digital
										ministry. An online
										resource hub containing
										hundreds ofvideos and
										resources was also
										created. Theological
										education in the area of
										digital was also saved and
										re-founded at a new
										academic home at
										Spurgeon's College in
										London with the first cohort
										of MA students already
										studying there.
										The annual Premier Digital
										Conference moved entirely
										online offering training and
										ideas plus exploration on
										he theology of digital
										church —which attracted
										1,400 delegates up over
										100%on the previous
										hi hest attendance.

FOR THE YEAR	EN	DED 31	MARCH 2021
			2021	(12months)			2020	(18months)
			Unrestricted	Restricted	Total	Unrestricted		Restricted		Total
				F			E	F
Income from:
Donations and legacies			7,657,521	420,630	8,078,151		9,239,572	280,844		9,520,416
Charitable activities Other income			2,553,106 158701		2,553,106 158701		4,417,659 31 589			4,417,659 31 589
Total income (note 2)			10369328	420 630 10789958		13688 820		280 844	13969664
Expenditure on:
Raising funds Charitable activities (note 3)			2,992,201 6,601,590	275,923	2,992,201 6,877,513		3,664,958 9,941,494	271 813	3,664,958 10213307
Other expenditure
Total expenditure			9593791	275 923	9869714	13606452		271 813	13878 265
Net gains/(losses) Net income	on investments		2 064 777,6D1	144,707	922,308 2 064	(	78,972 3 396)	- 9,031	(	3396) 88,003
Transfer between	funds
Net movement in	funds		777,601	144,707	922,308		78,972	9,031		88,003
Reconciliation of	funds
Fund balances brought		forward	509281	61435	570 716		430 309	52 404		482 713
Fund balances carried		forward	1 286 882	206 142	1 493 024		5D9 281	61435		570716

						2021
				Note
Fixed assets
Intangible assets Tangible assets Investments				4 5a 6			100,309 119,107 4 861		36,657 108,850 2 797
							224,277		148,304
Current assets
Debtors				7	1,708,410			1,481,525
Cash at bank and	in	hand			1 195045			171446
					2,903,455			1,652,971
Creditors: Amounts		falling	due
within one year				8	(1 612 871)			(1 218911)
Net current assets						1	290 584		434 060
Total assets less	current		liabilities			1,514,861			582,364
Creditors: Amounts		falling	due
after more than	one year					(	21 837)		(11648)
Net assets						1	493 024		570 716
Represented by: Unrestricted funds				10b		1,286,882			509,281
Restricted funds				10a			206 142		61 435
						1	493024		570 716

FOR THE YEAR ENDE	31 MAR	CH 2	021		Company	number:	1743091
				2021	(12months)	2020 (18months)
Net cash provided/(used	in) by
operating activities (see	below)				1,222,192		(263,732)
Cash flows from investing	activities
Receipts on disposal of investment		property				195,780
Payments on fixed asset	additions			(161726)		(118479)
Net cash (used in)/from investing activities					(161,726)		77,301
Cash flows from financing	activities
Loans repaid				(36867)		(107803)
Net cash used in financing	activities				(36,867)		(107,803)
Net cash inflow/(outflow)					1,023,599		(294,234)
Cash and cash equivalents	at start of year				171446		465 680
Cash and cash equivalents	at end ofyear				1 195045		171446
Cash flows from operating	activities
Net income for the year/period					922,308		88,003
Depreciation Amortisation					68,345 19,472		168,044
Net (gains)/losses on investments Loss on disposal of investment property Decrease in debtors Decrease/(increase) in creditors					(2,064) (226,885) 441 016		3,396 4,220 (126,143) (401 252)
Net cash provided by/(used	in) operating		activities		1 222 192		(263732)
Analysis ofchange in net debt
				At	Cash Non-cash		At
				1.4.20f	flowsf changes f		31.03.21 f
Cash Loans falling due within one Loans falling due after more	year (Note 8) than one year (Note 9)			171,446 ( 36,867)	1,023,599 36,867		1,195,045
				134579	1 060466		1 195045

								2021
					Note
Fixed assets
Tangible assets Investments					5b 6				988 4 861			25,344 2 797
									5,849			28,141
Current assets
Debtors					7		1,045,618				914,472
Cash at bank and	in	hand					729 438				96361
							1,775,056				1,010,833
Creditors: Amounts		falling	due
within one year					8	(	173905)			(	118726)
Net current assets								1	601 161			892 107
Total assets less	current		liabilities					1,607,000				920,248
Creditors: Amounts		falling	due	in more
than one year
Net assets								1	607 000			920 248
Represented by: Unrestricted funds					10c			1,400,858				858,813
Restricted funds					10a				206 142			61 435
TotalFunds								1	607 000			920 248

asset in e	qual annual instalments over the	following exp
Goodwill		5 years
Software	8 website	3years
Leasehold	improvements	5 years
Fixtures,	fittings and office equipment	5 years
Computer	equipment	3years
Studio equipment		5 years

2	INCONIE
			Unrestricted		Restricted	Total		Total
				Funds	Funds	2021		2020
						12m			18m
						E			f
	Donations and legacies Donations		7,605,693		20,000	7,625,693	8,948,477
	Legacies Government grants Other Grant income			41,828 10000	7,500 103,420 289 710	49,328 103,420 299710		343,688 228 251
			7657 521		420 630	8078 151	9	520	416
	Charitable activities
	Broadcasting revenue Magazine revenue		1,721,369 831 737 2 553 106			1,721,369 831 737 2553106	2,982,684 1 434975 4417659
	Other trading activities Transmission income			22,978		22,978		31,589
	CJRS government grant		135723 158 701			135723 158701		31	589
	Total income		10369328		420 630	10789958	13	969	664
3	CHARITABLE ACTIVITIES
a)	Total costs:				2021				2020
			Activities undertaken	Grant funding		Support	Total		Total
			directly		ofactivities	Costs
							12m		18m
	Broadcasting costs Magazine publishing costs Other Christian activities		5,910,610 400,330		63,889	6,231,839 558,547 63,889 321,229 158,217			9,525,100 617,636
	Governance costs					23 238	23	238	70 571
			6 310940		63 889	502 684 6	8?7	513	10213307
b)	Support costs:					2021 12m			2020 18m
	Staffing cost Premises and maintenance					583,088 498,878			667,797 836,916
	General overhead costs					284,898			297,614
	Telecommunications	and IT	costs			374,426			566,064
	Depreciation Legal and professional Bank charges Governance costs					63,460 115,468 77,465 96827			168,045 70,483 81,601 220 536
						2 094	510		2 909 056
	Raising funds Charitable activities					1,591,826 502 684			1,978,158 930898
						2094	510		2 909056

Staff costs:								2021	2020
								12m	18m
Wages and salaries Social security costs Pension								3,308,901 324,623 123953	4,616,922 446,101 150942
Freelance and agency staff Other staff costs								3,757,477 522,979 80484	5,213,965 235,976 169341
								4 360 940	5619282
Wages and salaries	include		redundancy		payments	off22,374 (2020:	ENil).
The average number		ofemployees		during	the year/period			2021	2020
								12m	18m
was made up as follows:								No	No
Administration								9	8
Advertising								11	16
Directors								3	3
Infrastructure, Web and Database								13	11
Lifeline								3	3
Listener and Donor Relations								19	15
Programming								23	31
Magazine production								8	8
								89	95
The following numbers		ofemployees		ofthe group		received emoluments	of	2021	2020
								12m	18m
f60,000 or more as follows:								No	No
F60,000 - 270,000									4
270,000 - F80,000									6
E80,000 - F90,000									2
290,000 —f100,000									4
F100,000 —F110,000									3
2110,000 —f120,000									1
2120,000 - F130,000									2
F130,000 —F140,000									=1
Governance costs comprise:								2021	2020
								12m	18m
Auditors' remuneration		—for audit		services				20,850	20,250
Staff costs		-for other		services				7,230 68 747	13,245 187041
								96 827	220 536

ES TO THE FINANCIAL STATEMENTS THE YEAR ENDED 31 MARCH 2021 (cont	inued)
INTANGIBLE ASSETS:group	Goodwill	Software	Websites	Total
Cost
At 1 April 2020 Additions	474,058	188,900 67,014	162,407 16,110	825,365 83,124
Disposals At 31 March 2021	474 058	255 914	178517	908489
Amortisation
At 1 April 2020 Provided	474,058	171,807 9,506	142,843 9,966	788,708 19,472
Released on disposal At 31 March 2021	474 058	181313	152809	808 180
Net book value
At 31 March 2021		74601	25 708	100309
At 31 March 2020		17093	19564	36657

a) TANGIBLE FIXEDA	SSETS:group
	Leasehold	Leased	Computer	Studio	Office
	Improvements	equipment	equipment	equipment	equipment	Total
Cost
At 1 April 2020 Additions	151,604	67,984 3,839	195,100 71,695	241,467 2,824	142,219 244	798,374 78,602
Disposals At 31 March 2021	151604	71 823	266 795	244 291	142463	876 976
Depreciation At 1 April 2020 Provided	145,444 2,761	34,909 10,886	176,215 22,460	196,324 29,996	136,632 2,242	689,524 68,345
Released on disposal At 31 March 2021	148205	45 795	198675	226 320	138874	757 869
Net book value
At 31 March 2021	3399	26 028	68 120	17971	3589	119107
At 31 March 2020	6 160	33 075	18885	45 143	5 587	108 850

Company Premier Christian Media Trust owns the whole of the issued share capital of Premier Christian Communications Limited (Company number 2816074) and Christian Communications Partnership Limited (Company number 3422292). Both companies are UK companies.	Company Premier Christian Media Trust owns the whole of the issued share capital of Premier Christian Communications Limited (Company number 2816074) and Christian Communications Partnership Limited (Company number 3422292). Both companies are UK companies.	Company Premier Christian Media Trust owns the whole of the issued share capital of Premier Christian Communications Limited (Company number 2816074) and Christian Communications Partnership Limited (Company number 3422292). Both companies are UK companies.	Company Premier Christian Media Trust owns the whole of the issued share capital of Premier Christian Communications Limited (Company number 2816074) and Christian Communications Partnership Limited (Company number 3422292). Both companies are UK companies.	Company Premier Christian Media Trust owns the whole of the issued share capital of Premier Christian Communications Limited (Company number 2816074) and Christian Communications Partnership Limited (Company number 3422292). Both companies are UK companies.	Company Premier Christian Media Trust owns the whole of the issued share capital of Premier Christian Communications Limited (Company number 2816074) and Christian Communications Partnership Limited (Company number 3422292). Both companies are UK companies.
The principal activity of the Premier Christian Media Trust has been to fulfil the objects of promoting the Christian faith through media activities. It does this through Premier Christian Communications Limited, which operates a radio station broadcasting nationwide and produces magazines. Christian Communication Partnership operates transmission sites.
f1 ordinary shares		202$			2020 E
Premier Christian Communications Limited:
Christian Communications Partnership	Limited:
Value at 31 March 2021 and 31 March 2020
Group and company
Listed investments:
Market value at 1 April 2020/1 October 2018 Additions		2,797			6,193
Revaluation Market value at 31 March 2021		2 4	064 861		(3396) 2 797
Cost		9	944		9944
Group and company
Investment property:
Market value at 1 April 2020/1 October 2018					200,000
Addition
Disposal Revaluation				(200,000)
Market value at 31 March 2021

At 31 March 20	21 a summary ofthe financial	information ofthe subsidiaries is as follo	ws:
		Premier		Christian
		Christian		Communications
		Communications	Ltd	Partnership Ltd
Assets		1,479,846		206,467
Liabilities Net (Liabilities)/assets		(7 024 716) (5 544 870)		(196629) 9838
Turnover Other operating	income	10,162,672 135,756		168,320
Expenditure Profit /(loss)		(9700 012) 598416		(168358) ( 38)

FOR	THE YEAR ENDED	3	1 MARCH 2021 (continue	d)
7	DEBTORS				Group		Company
				2021		2020	2021	2020
	Trade debtors			314,046		323,444
	Due from group undertaking Other debtors			38,527 799,227		740,680	208,946 657,662	135,345 656,210
	income tax recoverable			179,010		122,917	179,010	122,917
	Prepayments			377600 1 708410	1	294 484 481 525	1 045618	914472
8	CREDITORS: Amounts		falling due within one year		Group			Company
				202I		2020	2021	2020
	Trade creditors			599,707		384,782	44
	Accruals and deferred	income		829,824		511,615	141,011	81,859
	Taxation and social security			86,047		86,36'1
	SITR loan					36,867		36,867
	Other creditors			97293		199286	32 850
				1 612871	1	218911	173905	118726
9	CREDITORS: Amounts		falling due after more than	one year
					Group		Company
				2021		2020	2021	2020
	Other creditors			21 837		11648
10a	RESTRICTED FUNDS		—Group and Company
			Balance blf at'	Income	Expenditure		Transfers	Balance clfat
			01.04.2020					31.03.2021
	Unbelievable			289,710	(	95,058)		194,652
	Digital Literacy Project			20,000	(	20,000)
	Lifeline			7,500	(	7,500)
	Call and Care			103,420	(103,420)
	Archivist		28,347		(	16,857)		11,490
	Premier US		33088		(	33088)
			~614 5	420 630	(275 923)			206 142
			Balance blfat	Income	Expenditure		Transfers	Balance clfat
			01.10.2018					31.03.2020
	Unbelievable		4,684	193,251	(197,935)
	Archivist Premier US		47,720 52 404	35,000 52 593 280 844	( 54,373) ( 19505) (271 813)			28,347 33088 61435

				Balance blfat 01.04.2020	Income	Expendi ture	Investment gains	Balance clfat' 31.03.2021
General Designated	—Leap	of	Faith	727,478 (218 197) 509 281	9,937,338 431 990 10369 328	(9,189,422) ( 404 369) (9593791)	2,064 2 064	1,477,458 ( 190 576) 1 286 882
				Balance blfat 01.10.2018	Income	Expenditure	Investment losses	Balance clfat 31.03.2020
						E
General Designated	—Leap	of	Faith	430,309 43D 309	13,590,064 98756 13688 820	(13,289,499) ( 316953) (~3606452)	(3,396) (3396)	727,478 (218 197) 509281

				Balance blfat 01.04.2020	Income	Expenditure	Investment gains	Balance clfat 31.03.2021
						E
General Designated	—Leap	of	Faith	1,077,010 (218197) 858 813	7,245,084 431 990 7677074	(6,732,724) ( 404 369) (7 137 093)	2,064 2 064	1,591,434 ( 190576) 1 4DD 858
				Balance b!fat 01.10.2018	Income	Expenditure	investment losses	Balance clfat 31.03.2020
								E
General Designated	—Leap	of	Faith	834,874 834 874	9,170,382 98756 9 269 138	(8,924,850) ( 316953) (9241 803)	(3,396) (3396)	1,077,010 ( 218 197) 858 813

1 ANALYSIS OF NET A (Group)	SSETS BETWE	EN FUNDS
	Restricted	Unrestricted		Total	Restricted	Unrestricted	Total
	Funds	Funds		2021	Funds	Funds	2020
Intangible assets Tangible assets Investments		100,309 119,107 4,861		100,309 119,107 4,861		36,657 108,850 2,797	36,657 108,850 2,797
Net current assets	206,142	1,084,442	1,290,584		61,435	372,625	434,060
Creditors due after more than one year Totals	206 142	( 21 837) 1 286 882	( 1	21 837) 493 D24	61 435	( 11648) 5D9 281	(11648) 570 716

(Company)	Restricted	Unrestri cted	Total	Restricted	Unrestricted	Total
	Funds	Funds	2021	Funds	Funds	2020
						E
Intangible assets Tangible assets Investments Net current assets	206,142	988 4,861 1,395,009	988 4,861 1,601,151	61,435	25,344 2,797 830,672	25,344 2,797 892,107
Creditors due after more
than one year	206 142	1 400 858	1 607 000	61435	858 813	92D 248