Prayer waves: Spirit FM’s losses reduced by charitable donations
THE company behind Christian radio station Spirit FM last year recorded a modest loss of €12,437 – but only after receiving charitable donations totalling €405,050
New accounts lodged by the Bray based Spirit Radio Company Ltd show that last year’s loss was only a slight increase on the loss of €12,297 recorded in 2018.
The figures show that donations are the main driver behind the station’s revenues, accounting for 73pc of the station’s total income of €551,874.
Spirit plays what it says is a mix of “the best contemporary Christian music” and hit music as well as providing domestic and international news and comment.
The directors said that they believe the financial consequences on the company from the Covid-19 restrictions “are negligible”.
Last year, donations to Spirit FM were made up of €250,784 in standing order donations; €88,877 in oneoff donations and charitable donation scheme donations totalling €65,389.
The station’s advertising sales of €101,824 accounted for only 18.5pc of revenues which also include a capital contribution of €45,000.
Spirit Radio first went on air in December 2010 through an FM-band contract covering the cities of Dublin, Cork, Limerick, Galway and Waterford. In 2012, it signed a qua sinational contract that is due to expire at the end of 2020. Last year, the station applied for an extension and no other entity applied to operate a Christian station.
Wages and salaries are the company’s largest expense at €245,299 and last year the workforce expanded by just two to 14.
Spirit Radio paid out €117,547 in AM/FM costs last year while its third largest area of spending was €69,138 spent on consultancy fees.