The company behind Christian radio station, Spirit FM last year recorded a modest loss of €12,437 - but only after receiving charitable donations totaling €405,050.
New accounts lodged by the Bray based Spirit Radio Company Ltd show that the loss of €12,437 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 73% of the station's total income of €551,874.
The principle activity of the company is the operation of a Christian radio station with the aim of advancing religion through the medium of radio.
The directors state that they have concluded that the financial effects on the company from the potential consequences of Covid 19 "are negligible".
Last year, the station company's donations were made up of €250,784 in standing order donations; €88,877 in one-off donations; and charitable donation scheme donations totaling €65,389.
The station’s advertising sales of €101,824 accounted for only 18.5% of revenues. The revenues also include a capital contribution of €45,000.
The directors state that the results and financial position for the period were considered satisfactory.
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 quasi-national contract that is due to expire at the end of 2020 and last year, the station applied for an extension - no other entity applied to operate a Christian station.
Numbers employed by the company last year increased from 12 to 14 with wages and salaries being the company’s largest expense at €245,299.
The company also paid out €117,547 in AM/FM costs while the third largest area of spending was the pay of €69,138 on consultancy fees.
The station firm’s total reserves at the end of 2019 totaled €19,535.
