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2023-03-31-accounts

PREMIER CHRISTIAN MEDIA TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2023

Company Number 1743091 Charity Number 287610

Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM1 2SW

PREMIER CHRISTIAN MEDIA TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2023

Contents Page
Report of the Chair 1-2
Report of the Directors 3 -10
Report of the Auditors 11-12
Consolidated Statement of Financial Activities 13
Consolidated Balance Sheet 14
Consolidated Cash Flow statement 15
Balance Sheet 16
Notes to the Financial Statements 17-27

PREMIER CHRISTIAN MEDIA TRUST

COMPANY INFORMATION

Directors D H Barclay (appointed 18 October 2022)
A M V Coombs
The Right Reverend J L C Duff
A Hawkins (resigned 18 October2022)
C D Hughes
The Lady Lenzie (appointed 18 October 2022)
E C Mbakwe
A W Muirhead (Chairman)
G J Potts
D J Schofield
M G Spelman (appointed 18 October 2022)
J Templeman (appointed 18 July 2023)
Company secretary D K Legal Ltd
Registered office April Court, Sybron Way
Crowborough, East Sussex
TN6 3DZ
Registered number Company 1743091
Charity 287610
Auditor Jacob Cavenagh & Skeet
5 Robin Hood Lane
Sutton
Surrey SM1 2SW

PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE CHAIR

The year April 2022 to March 2023 was a year of change. In June 2022, Premier was required to move from its studios of 20 years in Westminster to occupy much smaller temporary studios in the City of London. This followed the ending of Premier’s lease and a decision of the landlord to sell the building. Transferring the broadcast of radio stations from one location to another, the creation of new studios and the establishment of transmission uplinks is a very complex task. I am pleased to be able to report that Premier’s broadcasts continued uninterrupted throughout, with listeners largely unaware of the upheaval.

Broadcasting on DAB digital radio, medium wave, Freeview and online, Premier’s largest reach continues to be to its loyal radio listening audience. We serve 1.8 million listeners nationally every week through Premier Christian Radio, Premier Praise and Premier Gospel.

Throughout the year, Premier continued to invest in its digital transformation. In April 2022, we launched the new Premier Unbelievable website. The site showcases the very best of Christian apologetics material across podcasts, video and articles, the aim being to help Christians understand how to share and discuss their faith with confidence. The following month, we launched the new Premier NexGen website. This reimagining of what was previously Youth and Children’s Work magazine comprises a resource centre of parents looking to help their children through life’s challenges, alongside a dedicated section called NexGenPro focussed on providing resources for church youth and children’s groups. By April 2023, both websites had received over 522,000 visits.

We also launched new podcasts including Premier Christian Newscast and a partnered podcast with Compassion. Overall, during the year, we saw monthly downloads grow by 25% to top 1 million per month for the first time.

In May 2022, we held Premier’s first truly hybrid event, the Premier Unbelievable? Conference, ‘God unmuted’, which was held at the British Library, with 200 delegates joining in person with virtually 1,400 online. The event had an array of international speakers and covered topics such as ‘How do I share Jesus in a confused and divided world?’ and ‘How to transform our culture and not be consumed by it’. Premier Unbelievable? also released a fourth series of The Big Conversation which was funded by the John Templeton Foundation. Guests included renowned atheist Richard Dawkins, former Archbishop of Canterbury Rowan Williams and Mikhaila Peterson. Discussions covered a wide variety of topics including reconciling faith and science, robots transhumanism, life beyond earth and whether millennials are ready to believe in God.

As part of our commitment to be the voice of UK Gospel music and to develop this vibrant area of Christian music, Premier Gospel held the first in-person Premier Gospel Awards since the pandemic, in June 2022. The event proved a huge encouragement to the Gospel community. Premier’s leadership in this area has been recognised by Apple, who have asked us to be the official curator of gospel Playlists on Apple Music and invited Premier Gospel to take part in a new store opening. This was followed up by Premier Gospel championing the first ever Gospel Heritage Month in the UK, in September 2022.

Of course, the Death of Her Majesty Queen Elizabeth II was a defining moment of the financial year. Across Premier, we responded immediately to the news, completely changing our radio programming for the next 10 days to help the nation come to terms with her passing and to celebrate her exemplary life of Christian faith. We suspended adverts and featured interviews and stories from people who knew the Queen as well as reflecting on what her legacy will be. Additionally, we produced a special edition of our magazines, a standalone publication called ‘The Christian Queen’.

As part of Premier’s helping the Christian community celebrate key moments in the Christian calendar, over Christmas 2022 we ran a project called Advent Moments, an online Advent calendar taking worshippers to the heart of a caring, sharing Christmas with Bible verses and daily encouraging challenges. Many thousands of people took part in the initiative, which was followed up with ‘Let’s do Lent’ which encouraged people to share their faith, spread a little joy and to devote time to God.

Page 1

PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE CHAIR (continued)

Premier Lifeline, the national Christian helpline, continued to provide a vital service to callers throughout the year. The cost of living crisis and fears about global instability were prevalent amongst callers’ concerns and anxieties. Throughout all of this, Premier Lifeline helped people with a listening ear, taking 46,830 calls through the period.

Since the date of the last Trustee Report, Andrew Hawkins has stood down as a Trustee. He has served Premier with great loyalty and commitment over many years and, in so doing, has given freely and generously of his time and expertise. I would like to take this opportunity to express our gratitude for his invaluable contribution.

We have also been pleased to welcome four new Trustees, The Lady Lenzie, Duncan Barclay, Mark Spelman and Jonathan Templeman. We are grateful for their willingness to take on this vital role and look forward to the important contribution they will make in the years ahead.

Premier would not exist if it were not for its loyal donors, many of whom have stood with us over many years, even as in daily life the pressures of the pandemic gave way to concerns about the cost of living. This support led to total fundraising income increasing by 12% to £8,985,430. This represents a good recovery from the challenges of the previous year with growth across a wide base of donors, from our regular donors, the major Radiothon appeals and with significant individual donations through grants from Trusts. I give my heartfelt thanks to all those who support Premier in this way.

Income from trading activities provides valuable resources for our charitable work. Trading income increased by 27%, with advertising revenues increasing by 20%. Sales from our expanded online shop grew by 50%; the area of e-commerce holds considerable opportunities for Premier to explore in the years ahead.

During the year, Premier continued its negotiations with the Diocese of London to acquire a lease on St Michael Paternoster Royal in the City of London for its new offices and studios. The negotiations to take on a Christopher Wren church, which commenced in 2019, were always going to be a lengthy process requiring the preparation of detailed plans and contracts. However, as it has recently become clear that an agreement on acceptable terms would not be possible in a reasonable timeframe, the Trustees and senior executives decided that it was in the best interests of Premier’s vital Ministry that alternative offices should be sought. During this lengthy process, Premier incurred significant costs for professional design, legal and planning advice. These costs have been written off as an exceptional item in the accounts.

Premier’s vision remains to create a state of the art Christian media centre in Central London, that will serve and enable people to encounter God through a full range of media. Accordingly, we continue to search for appropriate new premises.

Despite significant inflationary increases in operating costs, strong cost control kept the increase in total costs to 6%. The year saw a return to surplus with a consolidated surplus of £65,805 being made.

As we look ahead, we will grow our trading and fundraising revenues, to resource our ministry, invest in new digital capabilities and to enable Premier to secure a new long-term home.

Finally, I would like to thank our wonderfully talented and dedicated staff who together share a strong commitment to Premier’s mission; it is due to their support that Premier has ended the financial year in a strong position and with a robust platform for further exciting growth and investment in developing our core charitable mission.

Sandy Muirhead Chairman 12 December 2023

Page 2

PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS

The directors have pleasure in presenting their annual report and the audited financial statements for the year ended 31 March 2023, which have been prepared in accordance with the Companies Act 2006, The Charities Act 2011, the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The annual report serves the purposes of both a Trustees’ Report and a Directors’ Report under company law.

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees and Directors

The trustees and directors, who served during the year and up to the date the financial statements were signed are as follows:

D H Barclay (appointed 18 October 2022) E C Mbakwe A M V Coombs A W Muirhead The Right Reverend J L C Duff G J Potts A S L Hawkins (resigned 18 October 2022) D J Schofield C D Hughes M G Spelman (appointed 18 October 2022) The Lady Lenzie (appointed 18 October 2022) J Templeman (appointed 18 July 2023)

Key Management Personnel comprise the directors and the following senior executives:

P Kerridge K Bennett A Bellenie M O’Shea

Administration and Professional Advisors

Auditor

The auditor, Jacob Cavenagh & Skeet, 5 Robin Hood Lane, Sutton Surrey, SM1 2SW, has expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the annual general meeting.

Bankers

Barclays Bank plc, 50 Pall Mall, London SW1A 1QD and National Westminster Bank plc, PO Box 549, 1-2 Finsbury Square, London EC2A 1JH

Solicitors

Grant Saw Solicitors LLP, Ground Floor, Wood Wharf Building, Horseferry Place, Greenwich, London, SE10 9BB

Registered office and principal address

April Court, Sybron Way, Crowborough, East Sussex TN6 3DZ

STRUCTURE, GOVERNANCE AND MANAGEMENT

Premier Christian Media Trust is registered as a charity (number 287610) and is a company (number 1743091) limited by guarantee, not having a share capital.

The trustees of the charity are the directors of the charitable company and are appointed in accordance with companies’ legislation. The overseeing of the day to day administration of the company’s affairs is managed by the directors of the company’s wholly-owned subsidiary company, Premier Christian Communications Ltd. (‘PCC’) which only has executive directors, one of whom is the Chief Executive Officer, Peter Kerridge.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

All directors give of their time freely and no director received any remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in Note 15 to the financial statements.

The senior executives, as listed above, are in charge of directing, controlling, running and operating the charity on a day to day basis. The pay of the senior executives is reviewed annually and is normally increased in accordance with average earnings.

The charity has two wholly owned trading subsidiaries, Premier Christian Communications Ltd, company number 02816074, and Christian Communication Partnership Ltd (CCP), company number 03422292. With effect from this year, a US registered 501(c)(3) trust, Premier Insight, is also consolidated by virtue of the charity having the power to appoint the majority of the trust’s board.

Trustees are chosen through recommendation by existing trustees or other persons with a close connection to the charity. After attending a board meeting by invitation, they are appointed by the existing trustee board. New trustees are provided with information about the charity and its subsidiaries. The charity and trading company boards meet on a quarterly basis. Policies and Procedures for the induction of new trustees are contained within a Trustee and Board Members Handbook. Included in the handbook are the constitutional documentation, roles and responsibilities, codes of good practice and annual reports. The directors may make arrangements as they think fit for investments to be held by a corporate body as the nominee of the charity.

The charity is governed by its Memorandum and Articles of Association.

STRATEGIC REPORT

OBJECTIVES AND ACTIVITIES Objects

The Trust’s objects are the promotion of the Christian religion by evangelism and all other means charitable; and the relief of poverty.

Aims

Broadcast the Christian Message

Premier’s aim is to continually provide a strong Christian voice to the UK through radio, on demand video, magazine and digital/web content, enabling Christians to communicate the gospel well in a digital age.

Reach those on the fringes of Faith

Premier is effectively a ‘Church without walls’ breaking out of a traditional mould to reach into people’s lives on an ongoing basis. 24/7 output is received around the world onto people’s mobile devices, in hospitals, prisons, workplaces, homes and cars.

Support the Christian Life

Premier aims to strengthen people in their spiritual life and encourage them to be effective disciples in their families and communities. Premier Lifeline offers a listening ear to hundreds of thousands of people on an ongoing basis as they experience the various challenges of life.

Support the Church

Premier aims to resource the church, irrespective of denomination, by partnering with numerous agencies in a host of activities. Our various channels and platforms provide a constant stream of promotional information of the wide range of work being carried out in every area of the church.

Campaign on issues of concern to the Christian community

Premier is committed to ensuring that a Christian worldview is represented in the Public Square. Our platforms are harnessed to ensure that churches and local and national government are informed and enabled to understand the Christian principles which undergird our common life.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

MAIN OBJECTIVES, STRATEGIES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE DURING THE YEAR

Main Objectives Strategies to Achieve Significant Activities Performance
1. To help parents and
youth workers bring
younger people closer
to God.		 Redevelop our Youth
and Children’s work
magazine into an
online resource hub
for parents and those
in churches.		 Premier NexGen
was launched in
May 2022.		 Over 115,000
people have
accessed the
resources May 22-
Mar 23.
2. To enable people to
grow in their faith
every day.		 Sustain and develop
radio broadcasts and
online media to meet
the needs of our
audiences.
Develop new digital
products to draw
people closer to
God.		 Two new
Podcasts
launched.
Two new
Websites
launched.
Advent Moments
and Let’s do Lent
digital projects.		 Radio listening
remained high at
1.8-million listeners
per week.
Podcast downloads
grew by 25% to
over 1-million a
month.
3. To give people
resources and
confidence to share
their faith.		 Creation of ‘The Big
Conversation’ Series
4.
Relaunch Premier
Unbelievable? as
wide ranging
apologetics ministry.
Creation of new
Training Courses.		 The Big
Conversation
series of 6
video/podcast
episodes.
First ever hybrid
Premier
Unbelievable?
Conference
New Premier
Unbelievable
website launched
in April 2022.
New training
course: Science,
Faith and the
Evidence for God.		 Over 4-million
downloads of
Premier
Unbelievable?
podcasts
Over 500,000
views of Big
Conversation
videos.
1,600 people
registered for the
conference.
Over 226,000
people have
accessed the new
website Apr 22 –
Mar 23.
4. To create a better
informed church on
world events.		 Broaden the offering
of Premier Christian
News.
Develop plans to
grow speech content
on Premier Christian
Radio.		 Creation of new
Premier Christian
Newscast
podcast.
Coverage of HM
Queen Elizabeth’s
passing.		 6.5 million visits to
the Premier
Christian News and
Premier Christianity
sites.
Positive feedback
from listeners on
our content.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

MAIN OBJECTIVES, STRATEGIES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE DURING THE YEAR (continued)

Main Objectives Strategies to Achieve Significant Activities Performance
5. Ensure continuity
of organisation as
we exit Chapter
Street Studios.		 Secure short-term
premises whilst long-
term studios are
found.		 Transition to new
temporary
property
completed in June
2022.
Negotiation to
secure long-term
home
progressing.		 Successfully
broadcasting from
temporary studio
facilities.

Public Benefit

In planning the activities for the year the trustees have had due regard to the Charity Commission’s guidance on public benefit. During our Radiothon on-air appeal we have calls from thousands of our listeners who describe how Premier’s output has helped them in their faith and day-to-day lives. Our radio and web output is free to all and can be accessed easily and widely across the UK by both Christians and non-Christians. Similarly Lifeline and our conferences are open to all.

Fundraising

Premier has continued to invest in fundraising which has both produced a good initial return and has also given us a way of reaching more donors using an established system.

Premier’s fundraising is built on values of honesty, transparency and community. We are registered with the Fundraising Regulator and all our fundraising practices comply with the Code of Fundraising Practice. Fundraising staff within the fundraising department monitor and report regularly to the Trustees. We also provide Fundraising Guidelines to all volunteers who are raising funds.

The Trustees are extremely grateful to the individuals, trusts, churches and other organisations who have donated funds to Premier. We recognise that some supporters may be in vulnerable circumstances, and we take care to serve them appropriately. We will never put anyone under pressure to make a gift. Our Fundraising Complaints Policy is easily accessible on our website.

Premier receives a modest amount of support from several commercial participators, and so we have an agreement in place with each, which fully complies with the Code of Fundraising Practice requirements. We do use professional fundraisers. There have been no serious incidents or material complaints or criticisms during the year about our fundraising activities.

Trading subsidiaries

All of our radio sales income, magazine sales and subscription income and event income is managed through Premier Christian Communications Ltd (PCC). PCC also bears the full cost of the radio broadcast and production and event expenditure, although this primary purpose is in line with the objects of the charity. Christian Communications Partnership Ltd (CCP) carries out the AM transmission for both PCC and external broadcasters.

Related party

A separate US Trust, Premier Christian Media (‘PCM’) has been granted a licence to use various Premier marks and materials in marketing activity in the US in return for royalty payments arising from donations made to the US trust. For accounting purposes this trust is a subsidiary, and has been consolidated this year on the basis that is now material. PCMT has made loans of $68,000 to PCM for working capital purposes and it is expected that these loans will be repaid within 36-48 months.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

Volunteers

The main use of volunteers is in the Lifeline team. The Lifeline team of volunteers actively taking calls during the year was 132, who on average each gave over 161 hours on the telephone lines during the year. Volunteers also help at events and on administrative work in the office. We continue to support volunteers with regular training and mentoring. The support and help they provide is invaluable and much appreciated.

Efficient use of resources and governance

Given the cost of living crisis, the war in Ukraine, the increase in inflation and the economic climate over the past 12 months has been difficult. Premier has been overwhelmed by the generosity of our supporters during this time of financial struggle, and has been dedicated to being faithful stewards of the resources, people and donations that we have been fortunate enough to receive.

PLANS FOR THE FUTURE

Our plans for the following year include:

FINANCIAL REVIEW

Premier is a supporter enabled charity: three quarters of our funding continues to come from donations and legacies. We rely on Christians across the UK to stand with us in this God-given mission.

Income

Our fundraising has grown significantly over the years from the small network of relationships who stood with us to fund Premier Christian Radio into existence, back in 1995. A quarter of a century on, Premier is much more than most people imagine. With three radio stations, a suite of over 10 websites, four magazines, a national events programme, as well as Premier Lifeline: the National Christian Helpline Premier’s ministry has grown considerably over its 25 years.

Premier’s audiences for its media content, events and phone helpline ministry have also grown rapidly. We should be seeing the supporter base keeping pace; however, this is not always the case, with new radio listeners and web visitors assuming that as these services free and that it doesn’t cost a lot to create and transmit good quality content. We continue to attempt to communicate the need for funding, while making the vast majority of our content free to access.

Premier has three well-established income streams. In addition to donations and committed giving, we also generate commercial revenue from advertising, sponsorship, magazine subscriptions, publishing, digital content, events and online sales. This helps the charity spread the risk of external influences which could negatively impact funding and so helps build stronger financial viability for the organisation.

Donations

Almost two thirds of income in the past year came from one-off gifts and committed giving.

Our three-year pledge programme continues to fuel many of our income streams. A small Major Donor Team continues to work with individuals and families who have the desire and capacity to make gifts that will have a significant impact on the work of the ministry.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

FINANCIAL REVIEW (continued)

Life has changed:

Commercial Income

The remaining third of income came from commercial sources including advertising, sponsorship, magazine subscriptions, online sales, event tickets and ministry sales.

Premier attracts a wide range of advertisers from businesses, charities, churches and ministries who consider raising the profile of Christian ministries, ethical businesses and services as core to its ministry objectives or who simply recognise the potential impact of marketing their brand to the massive audiences that Premier attracts.

We are pleased that trading income increased by 27% on the prior year, with strong growth in advertising revenues. Digital revenues from Premier’s suite of websites grew by 20% and are currently accounts for 31% of total trading income.

Subscriptions to Premier’s three monthly magazines generated £574k in subscription income and Premier Christianity magazine remains the biggest-selling monthly Christian publication in the UK. Revenue from magazines dropped by 10% with an increasing shift to lower priced digital only subscriptions.

Legacies

Premier continues to be blessed with a number of legacy gifts, which have often been incredibly timely – arriving just when we needed a financial boost. We are pleased that revenue from legacies increased by 266% in the year.

Expenditure

We continue to prioritise digital developments within our Digital First strategy and with most staff working mostly from home, investment in our digital infrastructure has and will continue.

Premier always strains to be as efficient and to achieve the best value for money as we can. However we faced unavoidable inflationary increases in production costs resulting in an increase in total costs of 6%. As a result of strong cost controls, operating overheads only increased by 1%. We benefitted from a major reduction in property costs following the move from Chapter Street and into temporary smaller offices in the City of London.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

FINANCIAL REVIEW (continued)

We are pleased the year saw a return to surplus, with a consolidated surplus of £65,805. This is an improvement on the prior year deficit of £225,699.

The surplus on our core operations improved by 200%.

Reserves Policy

The directors carry out an annual review of the reserves policy, taking account of the charity’s circumstances and the environment in which it is operating. At the year end, the group had total funds of £1,333k of which £94k were restricted and £1,239k were unrestricted. The board believes that the balance on free reserves is sufficient for the current activities on the charity to continue, not least due to the resilience and diversity of its income base and the structure of its assets and liabilities.

Our aim is to increase unrestricted reserves to three months’ worth of fixed overheads, being in the order of £2.1m. We aim to complete this within four years.

Investment Policy

The charity has invested in its subsidiary undertakings, Premier Christian Communications Limited and Christian Communications Partnership Limited. PCMT has made a loan of $68,000 for working capital purposes to PCM, the separate US Trust. The Board believe that these investments enable them to achieve their primary objects.

The trustees do not consider it appropriate for the charity to take any market risk with its investment funds (including its reserves); accordingly, these are maintained entirely in cash.

PRINCIPAL RISKS AND UNCERTAINTIES

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.

One of the principal risks looking into the future is the location of our main office as we are currently in temporary offices. We are currently progressing various options for relocating to a permanent new base, having relocated temporarily to serviced offices in the City of London.

Our cashflow has been well controlled during the year.

The main operational risk is a failure of our IT and broadcasting systems. We mitigate against these risks by having robust IT and back-up policies and have built redundancy into our systems. We update our business continuity scenario planning and have a policy of how we would respond to a disaster.

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PREMIER CHRISTIAN MEDIA TRUST

REPORT OF THE DIRECTORS (continued)

DIRECTORS’ RESPONSIBILITIES

The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping proper accounting records which 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 of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

To the best of the knowledge and belief of the directors, there is no relevant information that the company's auditors are not aware of, and the directors have taken all the steps necessary to ensure that the directors are aware of any relevant information, and to establish that the company's auditors are aware of the information.

BY ORDER OF THE BOARD

Jonathan Templeman Chairman – Finance, Risk & Audit Committee

12[th] December 2023

Page 10

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PREMIER CHRISTIAN MEDIA TRUST

Opinion

We have audited the financial statements of Premier Christian Media Trust Limited (the ‘parent company’) and its subsidiaries (‘the group’) for the year ended 31 March 2023 which comprise the consolidated Statement of Financial Activities, the consolidated and parent Balance Sheets, the consolidated Cash Flow statement 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 FRS 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:

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 relating to going concern

In auditing the financial statements, we have concluded that the director’s 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 charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report or strategic 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:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PREMIER CHRISTIAN MEDIA TRUST (continued)

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the group’s and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.

We determined that the principal risks were related to management bias in accounting estimates, presentation of separately disclosed items, and management override of controls.

In response to the risks identified we designed procedures which included, but were not limited to challenging significant accounting estimates, agreeing financial statement disclosures to underlying supporting documentation, reviewing trustees minutes, evaluating the group internal controls and identifying and testing journal entries.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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 company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Miriam Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor

Chartered Accountants

Dated: .........................

5 Robin Hood Lane Sutton Surrey SM1 2SW

Page 12

PREMIER CHRISTIAN MEDIA TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2023

_2023______ _2023______ _2023______ ___2022____ ___2022____ ___2022____
Unrestricted Restricted
Total		 Unrestricted Restricted Total
£ £ £ £ £ £
Income from:
Donations and legacies 8,720,720 264,710 8,985,430 7,699,308 350,154 8,049,462
Charitable activities 2,632,876 - 2,632,876 2,423,514 - 2,423,514
Other income 42,447 - 42,447 38,018 - 38,018
Total income(note 2) 11,396,043 264,710 11,660,753 10,160,840 350,154 10,510,994
Expenditure on:
(see note 3)
Raising funds
In the United Kingdom 1,620,818 - 1,620,818 1,906,224 - 1,906,224
In the United States 209,752 - 209,752 130,573 - 130,573
1,830,570 - 1,830,570 2,036,797 - 2,036,797
Charitable activities
Broadcasting 7,971,120 375,872 8,346,992 7,181,086 350,783 7,531,869
Magazine publishing 1,110,644 - 1,110,644 953,514 - 953,514
Spurgeon’s course 50,000 - 50,000 - - -
Office relocation - - - 213,000 - 213,000
Grants 6,684 - 6,684 2,000 - 2,000
Aborted relocation project 251,244 - 251,244 - - -
9,389,692 375,872 9,765,564 8,349,600 350,783 8,700,383
Total expenditure 11,220,262 375,872 11,596,134 10,386,397 350,783 10,737,180
Net gains on investments (note 6)1,186 - 1,186 487 - 487
Net income/(expenditure) 176,967 (111,162)
65,805		 ( 225,070) (629) ( 225,699)
Transfer between funds - - - - - -
Net movement in funds 176,967 (111,162)
65,805		 ( 225,070) (629) ( 225,699)
Reconciliation of funds
Fund balances brought forward
1,061,812		 205,513 1,267,325 1,286,882 206,142 1,493,024
Fund balances carried forward 1,238,779 94,351 1,333,130 1,061,812 205,513 1,267,325

Page 13

PREMIER CHRISTIAN MEDIA TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Company number: 1743091

Note
Fixed assets
Intangible assets
4a
Tangible assets
5a
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: Amounts falling due
within one year
8

Net current assets
Total assets less current liabilities
Creditors:Amounts falling due
after more than one year
9
Provisions for liabilities
10
Net assets
Represented by:
Unrestricted funds
11b
Restricted funds
11a		 2023
£
£
170,137
107,574
6,534
284,245
1,494,055
1,065,523
2,559,578
(1,460,693)

1,098,885
1,383,130
-
(50,000)
1,333,130
1,238,779
94,351
1,333,130		 2022
£
£
128,571
129,571
5,348
263,490
1,688,665
712,036
2,400,701
(1,390,327)
1,010,374
1,273,864
( 6,539)
( -)
1,267,325
1,061,812
205,513
1,267,325

These financial statements were approved by the directors on 12 December 2023 and signed on their behalf by:

Sandy Muirhead Director

Jonathan Templeman Director

Page 14

PREMIER CHRISTIAN MEDIA TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023		 Company number: 1743091
Net cash provided by/(used in)
operating activities(see below)
Cash flows used in investing activities
Payments on fixed asset additions

Net cash used in investing activities
Cash flows used in financing activities
Payments of finance leases
Net cash used in financing activities
Net cash inflow/(outflow)
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year
Cash flows from operating activities
Net income/(expenditure) for the year
Depreciation
Amortisation
Net gains on investments
Loss on disposal of fixed assets
Decrease in debtors
Increase/(decrease) in creditors
Increase in provisions
Net cash provided by/(used in) operating activities
Analysis of change in net debt
Cash
Finance lease obligations
 2023
2022
£
£
£
£
509,545
(297,913)
(140,524)
(169,562)
(140,524)
(169,562)
(15,534)
(15,534)
(15,534)
(15,534)

353,487
(483,009)
712,036
1,195,045
1,065,523
712,036
65,805
(225,699)
62,178
62,339
58,777
50,855
(1,186)
(487)
-
17,642
194,610
19,745
79,361
(222,308)
50,000
-
509,545
(297,913)
At
Cash
Non-cash
At
1.4.22
flows
changes
31.03.23
£
£
£
£
712,036
353,487
-
1,065,523
(21,122)
15,534
(951)
(6,539)
690,914
369,021
(951)
1,058,984

Page 15

PREMIER CHRISTIAN MEDIA TRUST

BALANCE SHEET
AS AT 31 MARCH 2023		 Company number: 1743091 Company number: 1743091
Note
Fixed assets
Intangible assets
4b
Tangible assets
5b
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: Amounts falling due
within one year
8

Net current assets
Total assets less current liabilities
Creditors:Amounts falling due in more
9
than one year
Net assets
Represented by:
Unrestricted funds
11c
Restricted funds
11a
Total Funds		 2023
£
£
14,000
-
6,534
20,534
1,175,791
729,098
1,904,889
(240,343)

1,664,546
1,685,080
-
1,685,080
1,590,729
94,351
1,685,080		 2022
£
£
18,000
-
5,348
23,348
1,046,102
487,071
1,533,173
(257,592)
1,275,581
1,298,929
-
1,298,929
1,093,416
205,513
1,298,929

The company’s net income for the year ended 31 March 2023 was £386,151 (2022: net expenditure £308,071).

These financial statements were approved by the directors on 12[th] December 2023 and signed on their behalf by:

Sandy Muirhead Jonathan Templeman Director Director

Page 16

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Accounting convention

These accounts have been prepared under the Companies Act 2006, the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). They are prepared under the historical cost accounting basis as modified for the revaluation of investments and presented in sterling to the nearest pound.

Premier Christian Media Trust meets the definition of a public benefit entity under FRS 102. It is a company limited by guarantee, incorporated in England & Wales with registered office of 6 April Court, Sybron Way, Crowborough, TN6 3DZ.

Going concern

The directors have considered the net income and cashflow forecasts for a period of twelve months from the date the accounts were approved. They believe that sufficient resources exist for the group to continue its activities and meet all liabilities as they fall due for that period and therefore deem it appropriate to prepare the financial statements on a going concern basis.

Consolidation

The group financial statements combine the results of the trust and its subsidiary undertakings, Premier Christian Communications Limited (a Christian media company), Christian Communications Partnership Limited (a provider of radio transmission services) and Premier Insight, a separate USA Trust. Premier Christian Media Trust has the power to appoint the majority of the board of Premier Insight. The accounts have been consolidated on a line by line basis and the US figures have been translated at the year end rate.

A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006.

Income

All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income, it is probable that the income will be received and the amount can be reliably measured.

Donations and gifts, including the associated income tax recoverable, are credited to the SOFA on receipt. Legacies are accounted for as soon as the charity is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the charity is probable.

Grants received for expenditure that must take place in future periods are deferred until the expenditure occurs. Where grant agreements contain conditions that specify the services to be performed, income is recognised only to the extent that the charity has provided the specific services.

Investment income is recognised on an accruals basis.

Broadcasting revenue is recognised when the programme or advertisement has been transmitted. Magazine revenue is recognised when the material or advertisement is published. Broadcasting and magazine revenue received in advance of transmission or publication is deferred.

Page 17

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

1 ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is discounted to present value for longer term liabilities. All expenditure is accounted for on an accruals basis, and is allocated as follows:

Raising funds – All expenditure to publicise the charity and raise funds.

Charitable activities – All expenditure directly related to the objects of the charity as follows:

Support costs are allocated according to staff time and resources expended on each separate activity. The basis of allocation was updated from the previous method of allocation based on income. The comparative figures have been altered accordingly. Governance costs comprises expenditure on compliance with statutory legal requirements and is included in charitable activities.

Grants payable are accounted for when paid over or when awarded if that creates a binding obligation on the charity.

Investments

Investments are shown in the balance sheet at fair value. Where the fair value is not readily ascertainable, the directors’ best estimate is used. Gains or losses arising from revaluation are recognised in the Statement of Financial Activities as appropriate.

Intangible and tangible fixed assets

Fixed assets costing £1,000 or more are capitalised at cost. Provision is made for depreciation on all tangible assets and amortisation on all intangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset in equal annual instalments over the following expected useful lives:

Goodwill – 5 years
Software & websites – 3 years
Leasehold improvements – 5 years
Fixtures, fittings and office equipment – 5 years
Computer equipment – 3 years
Studio equipment – 5 years

Debtors

Fees and extras receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.

Creditors

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. Concessionary loans are included at historic cost.

Page 18

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

1 ACCOUNTING POLICIES (continued)

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Deferred taxation

Deferred taxation is provided for on the full liability method in relation to accelerated capital allowances. Substantial tax losses exist, which are expected to take many years to be relieved. In such circumstances, it is considered inappropriate to recognise a deferred tax asset beyond the level of deferred tax liability created by accelerated capital allowances. If it were certain that the tax losses will be utilised, a deferred tax asset would be recognised.

Pension costs

The group operates a defined contribution pension scheme. Contributions are accounted for when they fall due.

Operating lease commitments

These are charged to the Statement of Financial Activities on an accruals basis.

Hire purchase and finance lease transactions

Assets acquired under hire purchase agreements and finance leases are capitalised in the balance sheet and are depreciated in accordance with the company’s normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account over the term of each agreement and represents a constant proportion of the balance of capital repayments outstanding.

Page 19

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

2 INCOME
Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Donations and legacies
Donations 8,152,182 - 8,152,182 7,603,952
Legacies 441,948 - 441,948 120,800
Grant income 126,590 264,710 391,300 324,710
8,720,720 264,710 8,985,430 8,049,462
Charitable activities
Broadcasting revenue 2,183,863 - 2,183,863 1,895,177
Magazine revenue 449,013 - 449,013 528,337
2,632,876 - 2,632,876 2,423,514
Other trading activities
Transmission income 42,447 - 42,447 38,018
42,447 - 42,447 38,018

Total income		 11,396,043 264,710 11,660,753 10,510,994
3 EXPENDITURE
a) Total costs:
2023 2022
Activities undertaken
Support		 Total Total
directly Costs
£ £ £ £
Raising funds
In the United Kingdom 1,303,916 316,902 1,620,818 1,906,224
In the United States 209,752 - 209,752 130,573
1,513,668 316,902 1,830,570 2,036,797
Charitable activities
Broadcasting 7,141,979 1,205,013 8,346,992 7,531,869
Magazine publishing 517,130 593,514 1,110,644 953,514
Spurgeon’s course 50,000 - 50,000 -
Office relocation - - - 213,000
Grants paid 6,684 - 6,684 2,000
Aborted relocation project 251,244 - 251,244 -
7,967,037 1,798,527 9,765,564 8,700,383
Total 9,480,705 2,115,429 11,596,134 10,737,180

Page 20

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

3 CHARITABLE ACTIVITIES (continued) b) Support costs: -

b)
Support costs: -
Staffing cost

Premises and maintenance

General overhead costs

Telecommunications and IT costs

Depreciation

Legal and professional
Bank charges
Governance costs (note 3d)


Raising funds

Charitable activities


c)
Staff costs:
Wages and salaries
Social security costs
Pension
Freelance and agency staff
Other staff costs		 2023
£
684,854
231,618
315,373
502,601
116,955
75,072
77,472
111,484
2,115,429
316,902
1,798,527
2,115,429
2023
£
3,646,808
372,828
125,683
4,145,319
777,836
135,707
5,058,862		 2022
£
612,652
487,688
339,221
437,145
128,837
73,787
71,053
84,388
2,234,771
343,401
1,891,370
2,234,771
2022
£
3,467,567
357,642
118,867
3,944,076
784,556
172,634
4,901,266		 2022
£
612,652
487,688
339,221
437,145
128,837
73,787
71,053
84,388
2,234,771
343,401
1,891,370
2,234,771
2022
£
3,467,567
357,642
118,867
3,944,076
784,556
172,634
4,901,266

3,944,076
784,556
172,634

4,901,266

Wages and salaries include termination payments of £8,173 (2022: redundancy payments of £41,163).

The average number of employees during the year was made up as follows:
Administration
Advertising
Directors
Infrastructure, Web and Database
Lifeline
Listener and Donor Relations
Programming
Magazine production
Employees of the group who received emoluments of £60,000 or more are as follows

£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£90,000 – £100,000
£110,000 - £120,000
£120,000 - £130,000
£130,000 - £140,000
d)
Governance costs comprise:
Auditors' remuneration
- for audit services
- for other services
Staff costs		 2023
No
11
12
5
15
3
18
23
6
93
2023
No
3
3
1
2
-
1
-
2023
£
30,200
13,464
67,820
111,484		 2022
No
14
14
3
12
3
20
32
5
103
2022
No
4
1
2
1
-
1
1
2022
£
21,900
6,521
55,967
84,388

Page 21

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

4
a) INTANGIBLE ASSETS: group
Goodwill
Software
Websites
£
£
£
Cost
At 1 April 2022
494,058
277,816
193,596
Additions
-
-
100,343
Disposals
-
-
-

At 31 March 2023
494,058
277,816
293,939
Amortisation
At 1 April 2022
476,058
209,998
150,843
Provided
4,000
31,723
23,054
Released on disposal
-
-
-
At 31 March 2023
480,058
241,721
173,897
Net book value
At 31 March 2023
14,000
36,095
120,042
At 31 March 2022
18,000
67,818
42,753
b) INTANGIBLE ASSETS: company
Cost
At 1 April 2022
Additions
At 31 March 2023
Amortisation
At 1 April 2022
Provided
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Total
£
965,470
100,343
-
1,065,813
836,899
58,777
-
895,676
170,137
128,571
Goodwill
£
20,000
-
20,000
2,000
4,000
6,000
14,000
18,000

5 a) TANGIBLE FIXED ASSETS: group

Leasehold
Leased
Computer
Studio
Office
Improvements equipment
equipment equipment equipment
£
£
£
£
£
Cost
At 1 April 2022
151,604
32,001
287,975
304,020
52,335
Additions
-
-
21,525
18,656
-
Disposals
-
-
-
(165,751) -
At 31 March 2023
151,604
32,001
309,500
156,925
52,335
Depreciation
At 1 April 2022
150,379
32,001
224,129
239,520
52,335
Provided
1,098
-
41,166
19,914
-
Released on disposal
-
-
-
(165,751)
-
At 31 March 2023
151,477
32,001
265,295
93,683
52,335
Net book value
At 31 March 2023
127
-
44,205
63,242
-
At 31 March 2022
1,225
-
63,846
64,500
-		 Total
£
827,935
40,181
(165,751)
702,365
698,364
62,178
(165,751)
594,791
107,574
129,571

Page 22

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

5 b) TANGIBLE FIXED ASSETS: company
b) TANGIBLE FIXED ASSETS: company Studio
equipment
Cost £
At 1 April 2022 165,751
Disposals (165,751)
At 31 March 2023 -
Depreciation
At 1 April 2022 165,751
Provided (165,751)
At 31 March 2023 -
Net book value
At 31 March 2023 -
At 31 March 2022 -

6 FIXED AND CURRENT ASSET INVESTMENTS

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.


£1 ordinary shares
Premier Christian Communications Limited:
Christian Communications Partnership Limited:
Value at 31 March 2023 and 31 March 2022
Group and company
Listed investments:
Market value at 1 April 2022
Revaluation
Market value at 31 March 2023
Cost		 2023
2022
£
£
-
-
-
-
5,348
4,861
1,186
487
6,534
5,348
9,944
9,944

At 31 March 2023 a summary of the financial information of the subsidiaries is as follows:

Premier Christian
Christian Communications
Communications Ltd Partnership Ltd
£ £
Assets 1,318,934 447,613
Liabilities (6,554,135) (409,887)
Net (liabilities)/assets (5,235,201) 37,726
Turnover 10,857,898 168,376
Expenditure (10,738,928) (145,002)
Profit 118,970 23,374

Page 23

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023 (continued)

7
DEBTORS
Group
2023
2022
£
£
Trade debtors
285,129
318,010
Due from group undertakings
-
-
Other debtors
665,443
675,850
Income tax recoverable
250,388
179,181
Prepayments
293,095
515,624
1,494,055
1,688,665
8
CREDITORS: Amounts falling due within one year
Group
2023
2022
£
£
Trade creditors
557,591
354,049
Accruals and deferred income
721,145
877,624
Taxation and social security
91,353
95,877
Other creditors
90,604
62,777
1,460,693
1,390,327
9
CREDITORS:Amounts falling due after more than one year
Group
2023
2022
£
£
Other creditors
-
6,539
10
PROVISIONS FOR LIABILITIES
Group
2023
2022
£
£
Other provisions
50,000
-
Movement on provisions:
Additional provisions in the year:		 Company
2023
2022
£
£
-
-
433,092
348,478
491,711
500,059
250,388
179,181
600
18,384
1,175,791
1,046,102
Company
2023
2022
£
£
17,726
31,657
222,617
225,935
-
-
- -
240,343
257,592
Company
2023
2022
£
£
-
-
Company
2023
2022
£
£
50,000
-
Other provisions
£
50,000		 Company
2023
2022
£
£
-
-
433,092
348,478
491,711
500,059
250,388
179,181
600
18,384
1,175,791
1,046,102
Company
2023
2022
£
£
17,726
31,657
222,617
225,935
-
-
- -
240,343
257,592
Company
2023
2022
£
£
-
-
Company
2023
2022
£
£
50,000
-
Other provisions
£
50,000

A provision has been included for payments that may be due under an agreement with Spurgeon's College regarding the running of the course entitled "Masters in Digital Theology". The figure that is due to Spurgeon's has not been finally agreed and it is not known when payment may occur.

Page 24

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

11a RESTRICTED FUNDS – Group and Company

Balance b/f at
01.04.2022
£
Unbelievable
201,137
Unbelievable Conference
2,744
Archivist
1,632
205,513

Balance b/f at
01.04.2021
£
Unbelievable
194,652
Unbelievable Conference
-
Lifeline
-
Archivist
11,490
206,142
 Income
Expenditure
Transfers
Balance c/f at
31.03.2023
£
£
£
£
264,710
(371,496)
-
94,351
-
( 2,744)
-
-
-
(1,632)
-
-
264,710
(375,872)
-
94,351
Income
Expenditure
Transfers
Balance c/f at
31.03.2022
£
£
£
£
289,710
(283,225)
-
201,137
17,500
( 14,756)
-
2,744
42,944
( 42,944)
-
-
-
(9,858)
-
1,632
350,154
(350,783)
-
205,513

A grant was received to develop the Unbelievable Programme in the form of ‘Unbelievable – Big Questions’ series online.

A gift was received to assist the operational costs of Lifeline .

Donations were received towards the cost of employing an Archivist to review our catalogue of radio and magazine content to allow us to repurpose this material for a future website focussing on wellbeing issues.

11b UNRESTRICTED FUNDS - Group

Balance b/f at
01.04.2022
£
General
1,263,709
Designated – Leap of Faith
(201,897)
1,061,812
Balance b/f at
01.04.2021
£
General
1,477,458
Designated – Leap of Faith
(190,576)
1,286,882		 Income
Expenditure
Transfer &
Balance c/f at
gains
31.03.2023
£
£
£
£
11,396,043
(11,220,262)
(200,711)
1,238,779
-
-
201,897
-
11,396,043
(11,220,262)
1,186
1,238,779
Income
Expenditure
Investment
Balance c/f at
gains
31.03.2022
£
£
£
£
10,006,506
(10,220,742)
487
1,263,709
154,334
(165,655)
-
(201,897)
10,160,840
(10,386,397)
487
1,061,812

The Leap of Faith Fund has been established to raise funds to finance the Charity’s move to new premises following the expiry of its previous lease and to enable it to invest in its digital development.

Page 25

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

11c UNRESTRICTED FUNDS - Company

Balance b/f at
01.04.2022
£
General
1,295,313
Designated – Leap of Faith
(201,897)
1,093,416
Balance b/f at
01.04.2021
£
General
1,591,434
Designated – Leap of Faith
(190,576)
1,400,858		 Income
Expenditure
Transfer &
Balance c/f at
gains
31.03.2023
£
£
£
£
8,556,234
(8,060,107)
(200,711)
1,590,729
-
-
201,897
-
8,556,234
(8,060,107)
1,186
1,590,729
Income
Expenditure
Investment
Balance c/f at
gains
31.03.2022
£
£
£
£
7,505,421
(7,802,029)
487
1,295,313
154,334
(165,655)
-
(201,897)
7,659,755
(7,967,684)
487
1,093,416

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS (Group)

Restricted
Unrestricted
Funds
Funds
£
£
Intangible assets
-
170,137
Tangible assets
-
107,574
Investments
-
6,534
Net current assets
94,351
1,004,534
Creditors due after more
than one year
-
-
Provision for liabilities
-
(50,000)
Totals
94,351
1,238,779		 Total
2023
£
170,137
107,574
6,534
1,098,885
-
(50,000)
1,333,130		 Restricted Unrestricted
Funds
Funds
£
£
-
128,571
-
129,571
-
5,348
205,513
804,861
-
( 6,539)
-
-
205,513
1,061,812
Total
2022
£
128,571
129,571
5,348
1,010,374
( 6,539)
-
1,267,325
(Company)
Restricted
Unrestricted
Funds
Funds
£
£
Intangible assets
-
14,000
Investments
-
6,534
Net current assets
94,351
1,570,195
Provision for liabilities
-
-
94,351
1,590,729		 Total
2023
£
14,000
6,534
1,664,546
-
1,685,080		 Restricted Unrestricted
Funds
Funds
£
£
-
18,000
-
5,348
205,513
1,070,068
-
-
205,513
1,093,416
Total
2022
£
18,000
5,348
1,275,581
-
1,298,929

Page 26

PREMIER CHRISTIAN MEDIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

13 FINANCIAL COMMITMENTS

The group has financial commitments in respect of non-cancellable operating leases as follows:

Within one year
Between two and five years
More than five years		 2023
£
158,617
126,798
213,494
498,909		 2022
£
261,990
155,788
-
417,778

The lease expense charged for the year was £299,232 (2022: £456,621).

14 PENSION COMMITMENTS AND OTHER POST-RETIREMENT BENEFITS

Defined contribution scheme

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently-administered fund. The pension cost and charge represents contributions payable by the group to the fund and amounted to £125,683 (2022: £118,867). Contributions totalling £20,357 (2022: £18,803) were outstanding at the balance sheet date.

15 RELATED PARTY TRANSACTIONS

The total employee benefits of the key management personnel of the subsidiaries were £501,421 (2022: £449,640).

No remuneration was paid to Trustees during the year or the previous year. Trustees were reimbursed expenses or had expenses paid to third parties on their behalf of £Nil (2022: £Nil) during the year.

Page 27

PREMIER CHRISTIAN MEDIA TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT - PCMT ONLY FOR THE YEAR ENDED 31 MARCH 2023

Income
General donations
Grants
Legacies
Income tax recoverable
Management charge
Interest receivable
Expenditure
Restricted funds expenditure
Unbelievable
Lifeline
Archivist


Direct costs
Magazine Costs
Event Costs
Grants
Donation – London Gospel Choir
Overheads
Administrative expenses
Bank and credit charges
Audit and accountancy
Amortisation of goodwill
Legal & professional
PCC Cost recovery
Other
Aborted relocation project
Release of provision against intercompany debt
Net income/(expenditure) pre investment gains
Gain on revaluation of investments
Net income/(expenditure) for the year		 2023
£
£
6,984,823
264,710
441,948
1,114,129
14,614
720
8,820,944
374,240
-
1,632
375,872
239,953
-
239,953
-
-
6,684
61,142
26,805
4,000
53,113
7,848,405
8,000,149
251,244
(431,239)
(179,995)
(8,435,979)
384,965
1,186
386,151		 2022
£
£
6,472,110
307,210
120,800
1,079,692
29,996
101
8,009,909
283,225
42,944
9,858
336,027
86,352
17,500
103,852
2,000
2,000
988
58,533
13,930
2,000
29,788
8,033,702
8,138,941
-
(262,353)
(262,353)
(8,318,467)
( 308,558)
487
( 308,071)




Page 28

PREMIER CHRISTIAN MEDIA TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT - CONSOLIDATED FOR THE YEAR ENDED 31 MARCH 2023

Income
Broadcasting
Magazines
Transmission
Donations, legacies and grant income
Expenditure
Staff costs
Transmission & broadcasting
Legal & professional (incl. audit)
Depreciation & amortisation
Finance charges
Premises & maintenance
General overheads
Licence & copyright fees
Commercial production
Listener & donor relations
Web, software & comms
Spurgeon’s course costs
US Subsidiary
Events
Magazines
Aborted relocation project
Net income/(expenditure) pre investment gains
Gain on revaluation of investments
Net income/(expenditure) for the year		 2023
£
£
2,183,863
449,013
42,447
8,985,430
11,660,753
4,780,346
2,343,170
118,736
120,955
81,433
339,915
686,740
212,056
81,021
1,206,703
600,933
50,000
209,752
-
513,130
251,244
(11,596,134)
64,619
1,186
65,805		 2022
£
£
1,895,177
528,337
38,018
8,049,462
10,510,994
4,901,265
1,959,229
131,960
130,837
75,019
695,340
460,906
121,837
66,449
1,218,430
500,473
-
130,573
17,500
327,362
-
(10,737,180)
( 226,186)
487
( 225,699)
(
(

Page 29