2021-06-30-accounts

National Council for the Training of Journalists Annual Report

2020-21

www.nctj.com

Contents

Vital statistics	3
Chairman’s review	4
Chief executive’s report	5
Patron’s address	6
Building our capacity and capability	7
Continuing professional development for journalists and trainers	8
Highly respected industry qualifcations for journalists	10
High-performing accredited journalism courses	12
An efective careers information service	14
Mobilising employer support for journalism training	15
Equality, diversity and inclusion	16
Efective communication and collaboration	18
The future sustainability of quality public interest journalism training	19
Professional research and skills information	20
Business and fnance review	21
Our strategic partners	23
Our people	24

NCTJ values

To grow and develop the NCTJ our values are:

NCTJ mission

To be recognised as the industry charity for attracting, qualifying and developing outstanding journalists who work to the highest professional standards. We provide a world-class education and training system that develops current and future journalists from all walks of life for the demands of a fast-changing media industry.

NCTJ objectives

• Increase resources to build the capacity and capability of the NCTJ to strengthen its role and influence across all media sectors and related sectors where journalism skills are required.

• Ensure there are effective products and services for journalists and journalism trainers at all stages of their careers and foster a culture of continuing professional development.

• Maintain a progressive, flexible and inclusive framework of respected industry ‘gold standard’ journalism qualifications and apprenticeships that embrace digital and other changes in practice.

• Accredit journalism courses of excellence at colleges, universities and independent providers and reward and support them to achieve the media industry’s challenging performance standards.

• Provide an effective careers information service that promotes journalism careers, accredited courses and the industry’s training scheme for professional journalists.

• Take more action on equality, diversity and inclusion to build a journalism workforce that widens participation so that it better reflects its audiences.

• Mobilise employers to ensure the media industry’s professional training scheme produces journalists with high ethical standards to win public confidence and trust in quality journalism.

use of resources

Effective leadership, management and governance

• Communicate and collaborate effectively with all target audiences to increase take-up of NCTJ products and services and to increase awareness of the NCTJ’s brand values, its role, value for money, agenda-setting activities and status as a charity.

• Make a positive and demonstrable contribution to the future sustainability of quality public interest journalism in the UK.

• Provide the industry with substantive research and up-to-date skills information to help us develop our understanding and response to the rapidly changing market place for journalism.

Vital statistics 2021-22

A total of 14,129 NCTJ examinations/assessments were taken throughout 2021-22

These comprised: 9,019 696 1,028 3,269 495 diploma exams national portfolio/coursework shorthand exam sittings Certificate in Foundation exam sittings assessments Journalism assessments 1,313 136 63 students have been distance learners enrolled apprentices were studying on one of on the Certificate in registered Foundation Journalism

accredited 64 courses at 36 approved centres

202 distance learners enrolled on the Diploma in Journalism

134 students were enrolled on non-accredited courses but may have sat NCTJ exams

THE TOTAL NUMBER OF 94 THERE WERE NQJ EXAMS SAT WAS

trainees sat the NQJ and 74 REGISTRATIONS 224 FOR THE NQJ 56

trainees passed Community News Project

the qualification 62 reporters are in post

72 SCHEDULED AND IN-HOUSE SHORTTRAINING COURSES WERE RUN £508,231 in JDF donations from bursaries awarded by the 53 Journalism Diversity Fund 22 supporters and 3 donors

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Chairman’s review

The NCTJ is 70 years old? How did that happen? I know, I know, you can’t believe it either, not when you see our energy and youthfulness and our fleet of foot on the dance floor. You have to say that anyway: no one making a career in journalism ever did a vox pop without simulating astonishment when senior interviewees revealed their age. “No! I don’t believe it. You don’t look it.” Just don’t use the phrase “young at heart”. It only emphasises the wrinkles.

We were sad when plans for a big birthday bash at the Palace of Westminster were stymied by Covid, but even as we put party suits and dresses back in plastic wrappers, we reminded ourselves that much worse things have happened to many people over the last two years. You’ll get no moaning from us – it’s always a mistake when journalists think the story is about them.

I’m pleased to report that, over the last year, in the office, out of the office, half in and half out, the Newport team has been cracking on, led by our indefatigable chief executive, a woman running constantly to embrace the next challenge and to make this organisation as important tomorrow as it is today. Thank you too to members of the board and to so many colleagues from the industry and academia who have taken on time consuming duties appraising all aspects of the work we do.

If many days have seemed to blur into each other, some events stand out with crystalline clarity. The enthusiasm with which Sky News took on our awards cheered everyone. That evening, news and tech teams at Isleworth showed that, if you must make something virtual, you can make it virtually perfect. I think everyone who watched was delighted to see those big names in broadcast give up their time to sprinkle sparkle over the event.

The same enthusiasm was on show at our diversity conference, when the Bloomberg tech team matched Sky digital frame for frame. Yet again, big and busy figures who believe in the industry found the time to join panels to discuss those important issues with which journalism is now getting to grips. It’s so encouraging to have people offering such support and encouragement to a

new generation. It’s striking how much they care about standards.

Of course, we’ve been banging on about standards all our lives, ever since the Royal Commission on the Press identified a problem in 1949, a diagnosis that led to our creation: “The problem of recruiting the right people into journalism, whether from school or from university, and of ensuring that they achieve and maintain the necessary level of education and technical efficiency, is one of the most important facing the Press, because the quality of the individual journalist depends not only on the status of the whole profession of journalism but the possibility of bridging the gap between what society needs from the Press and what the Press is at present giving it.”

“What society needs from the press…” If it seemed all about newspapers back then, it’s now also about everything else that has come along since. As social media explodes, rumours fly around the world and bad people find sophisticated ways to infect the conversation with lies, our society still needs a lot from journalists. The more we are surrounded by information, the more we want to know which bits of it we can trust. If journalists are trained to sift the good from the bad, to bring objectivity to their reporting, to take pride in getting it right, we may all understand the world a little more.

The team believes in the work they do and all of us feel proud to watch a figure from the next generation of journalists take those first confident steps in the trade. We shall never stop adapting and changing at the NCTJ, but we shall never lose sight of that big mission, our primary purpose, high standards.

Kim Fletcher, chairman

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Chief executive’s report

This anniversary year for the NCTJ has been very special for all of us involved in its work.

Although seventy years ago the media world was very different, the core values that have always been at the heart of the NCTJ are still perfectly valid.

Never has it been more important to have trained, qualified and professional journalists that are so vital to our democracy. Quality, trust and diversity are what the NCTJ stands for and values we as a society need to protect and promote more than ever before.

Our role in bringing together all sectors of the media with journalism educators and trainers remains unique.

There really is nothing else quite like the NCTJ and leading our wonderful team, working with all our supporters and overseeing the work of the charity is an absolute privilege.

It’s never been more exciting and rewarding.

We are constantly adapting our qualifications and accreditation standards to keep up with digital developments and with changes in working practices and shifting education and media landscapes. The NCTJ provides the go-to qualifications for contemporary journalism because they are the goldstandard for journalistic training.

We invest in the best research, provide clear and comprehensive information about journalism careers, encourage more professional development, support public interest journalism and are building even more partnerships to increase our resources and our impact.

We have done such a lot to be proud of this year.

The pioneering remote delivery of exams, fit for the digital industry we serve, is transforming our awarding organisation.

The new Journalism Skills Academy, which Google is headlining, is becoming fully established.

The continued support from our friends at Facebook for the brilliant Community News Project is revolutionising careers and the coverage of under-represented communities.

And, of course, the Journalism Diversity Fund is having a growing impact, helping an increasing number of people from different backgrounds into journalism. We are thrilled to have reached our £500k fundraising target thanks to all the enlightened media employers and organisations that are donating to this fantastic cause.

Our ambition as we move into the next decade for the NCTJ, is to place even more emphasis on equality, diversity and inclusion.

It’s not a bolt-on strategy and much more than a series of projects; it’s right at the centre of everything we do and everything we stand for.

We aim to do much more to promote equality of opportunity in journalism by taking action to encourage a diverse and inclusive culture. Changing an entrenched culture is one of the biggest and hardest challenges all of us need to confront.

We need to encourage those from all walks of life into journalism roles, take down the barriers and support people in their careers so they can join the decisionmakers. We must place equal value on alternative, non-graduate entry points and boost recruitment and promotion from this talent pool.

So, let’s all work as hard as we can to ensure that in ten years’ time, when we celebrate our 80th, we are really proud of the make-up of our newsrooms that truly reflect our communities.

Thank you to everyone for supporting the NCTJ and for making a difference

Joanne Butcher, chief executive

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Patron’s address

This year may go down as the year journalists fought back. And my God, they did it in style.

Afghanistan was one of journalism’s significant turning points. Not just for the country and geopolitics – because what happened in August is undoubtedly seismic. But for this generation of journalists, it brought home dramatically and terrifyingly just how much is at stake for our profession. And they rose to the occasion in a quite astonishing and brave way.

Afghanistan during the previous two decades had been ‘heavily reliant on the loyalty and commitment of the Afghan journalists, translators and support staff.’

The letter led to a dramatic u-turn on policy by the British Government and an agreement to issue visa waivers to those Afghan journalists who had helped build a vibrant, independent media – and then there was an almighty scramble to get them on flights. Many of the visiting journalists were reporting on some of the most distressing scenes in their careers – witnessing people being crushed to death in front of them, babies being handed over to soldiers, mass panic and fear – whilst also trying to manage a very personal refugee crisis and help men and women who were now dependent on them for their survival.

Journalists from across the globe watched as our Afghan brothers and sisters fought for their lives in the face of the advancing Taliban. We looked on horrified as they were beaten and tortured by them, much safer in our Western skins and cloaked in a certain security by dint of the foreign passports we hold.

My team interviewed two incredibly courageous young Afghan journalists – both in their mid-twenties – who’d been held for hours by the Taliban and whipped with cables. By the time they were released they could barely walk and had to be helped by colleagues.

How many received frantic phone calls, emails and pleading texts? ‘Please help me, you are a fellow journalist, you are my only hope’ was one I got. ‘I’m going to kill myself if I don’t get out. The Taliban are knocking on every door hunting us down, please help’ was another.

But both were back in the newsroom and at their desks the day after their ordeal. Both determined not to be cowed and to continue to search for and document the truth. Amazing courage. Astounding determination.

What happened in Afghanistan may go down in history as one of the most tragic – and some will argue – perhaps avoidable catastrophes ever but it was also completely and truly inspiring seeing how journalists rallied around each other and did what they could in the most awful of circumstances.

Both seemed to accept they may end up dying for their job eventually – and both were convinced it was a job worth this suffering and terror. They are teaching us lessons in journalistic standards and ethics I hope most of us are never faced with.

And please, let’s remember, there are many more journalists still there who have been left behind in Afghanistan, still in hiding, still fearing for their lives. And there are others determined to continue the fight to tell the truth. We cannot and should not forget them or the terribly difficult and dangerous conditions they are working under.

The events in Afghanistan have also highlighted what a band of brothers and sisters we are and how a common faith and passion in all that the profession stands for has brought out the best in many, at a time when the very worst appears to be unfolding in front of us.

By mid-July, the Guardian ’s Emma Graham-Harrison and The Times ’ Anthony Lloyd had rallied together a coalition of British newspapers and broadcasters to demand help for Afghan journalists who’d worked with British media outlets during the twenty-year-long Coalition campaign.

But as a template for camaraderie and collegiate behaviour in the future, what happened in Afghanistan and beyond should fill all journalists with fire in our bellies to go on – and emulate elsewhere.

Alex Crawford,

special correspondent, Sky News and patron of the NCTJ

The media group wrote a joint open letter to Foreign Secretary Dominic Raab and Boris Johnson insisting our ability to keep the British public informed of events in

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Building our capacity and capability

The NCTJ is growing and we are working hard to increase our impact and to make a measurable difference with everything we do.

Why? There are more journalists than ever before: up from 78,000 in 2018 to 96,000 in 2020. The percentage of qualified journalists who have NCTJ qualifications is increasing.

Recruitment of entry-level journalists is booming, both within and outside the traditional newsroom. Under-representation of diverse groups in journalism and reliance on graduates continues. We recognise that there is a growing number of freelance journalists that need our support. We now have to cater for all types of journalists, way beyond the skillsets of news journalists.

The media industry is undergoing seismic change with declining print circulation and advertising revenue, growing digital revenue and audiences, and threats to the sustainability of public interest local and regional news. Journalism is changing rapidly in terms of the skills required and what journalists are expected to do. This is a time when investment in the quality of trusted and trained journalists is more important than ever to society.

The business direction of the charity reflects all this change. We are committed to alleviating the pressures on funding for training and ensuring journalists and trainers are appropriately skilled in a sector that has been revolutionised by digital developments. The role of the NCTJ has become more important in ensuring quality content and high standards of journalism.

The charity is dedicated to making a positive and demonstrable contribution to the future sustainability of public interest journalism in the UK.

Achieving greater equality, diversity and inclusion in the journalism workforce has become such a vital aspect of the charity’s work.

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This means the NCTJ has to build its capacity and capability in order to achieve its mission and strategic objectives. Key to our success is securing and implementing more high-profile partnerships and projects.

To do this we need to continue to diversify, collaborate and invest. Our industry funding now comes from all media sectors and a much wider range of employers. The contraction of the regional press and the broadening of entry and career paths means that we need to continue to expand our funding streams and range of stakeholder support. The NCTJ’s systems and procedures demand ongoing investment. As a lean organisation we need to build partnerships and collaborate with other like-minded relevant organisations.

Our work to target more of the major employers to more actively participate in our work and to contribute to our resources is reaping rewards for journalism and journalism education and training. We are going even further by engaging the support of more digital media businesses and supporting the new breed of digital content creators, producers and communicators.

To build our capacity and capability, we need the help of all those who appreciate that our society needs trained and qualified journalists to function effectively.

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Continuing professional development for journalists and trainers

Having launched the Journalism Skills Academy (JSA) in the autumn of 2020, the last year has been a period of consolidation and expansion, as we look to make the JSA a one-stop shop for journalists’ development needs throughout their careers.

In July, we were pleased to relaunch our Level 5 Diploma in Journalism programme for distance learners as an e-learning package, with all study materials now available at the click of a button. The transfer of our tried and tested scheme to a modern platform not only enables us to scale up the interactive elements of the course, but also to develop a distance learner community, with a managed forum available for students to communicate with one another and with the NCTJ.

This latest development means that all three of the NCTJ’s main qualifications – the Certificate in Foundation Journalism, the Diploma in Journalism and the National Qualification in Journalism – are now available to study through the JSA in a fully online format, accessible from any internet-enabled device. Learners can truly study at any time, in any place.

A significant number of publishers have used the distance learning option to train or upskill new starters. Some have undertaken the full diploma package, while others with particular needs have studied only for a single module. The flexibility of the programme means it can be used to meet most requirements.

The NCTJ can also create bespoke packages incorporating additional trainer-led support alongside self-study towards a qualification. And we regularly create standalone training courses for a wide range of corporate clients, both within and outside the traditional journalism sector.

Responding to a survey of audience needs conducted over the summer, we have overhauled our programme of scheduled masterclasses to incorporate new webinars on subjects including podcasting, feature writing, smartphone journalism and data journalism. Webinars are available to be booked by any interested parties, or can be booked on a sole-client basis.

The JSA has benefitted very significantly from the ongoing support of the Google News Initiative, to who we are hugely grateful. The scaling up of the initiative to meet industry needs is possible thanks to their generosity.

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John Battle, head of legal and compliance, ITN

“ ITN has been working with the NCTJ for nearly a decade. In that time over 150 members of our staff have passed either or both the NCTJ media law exam and NCTJ court reporting exam. Those who have taken these examined courses come from all parts of ITN (both editorial and non-editorial) and all levels of seniority.

“The students are given significant help and input on the course and syllabus from the NCTJ which is supplemented by inhouse teaching sessions and preparation for the exam.

“The courses achieve many objectives, whether as a refresher/update, an introduction to media law and court reporting for new staff and apprentices and also a path for non-editorial staff to consider transferring into a role in the editorial team.

“The courses help ITN keep our staff up to date with the ever-changing law and industry regulations. The courses provide essential knowledge on the tough legal issues journalists face every day in their work and have direct practical application. “Working with the NCTJ has been a joy. They always provide an excellent service on the course and the exams. We can’t thank them enough. ”

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Fast-track News Associates students presenting news bulletins in front of a green screen

Highly-respected industry qualifications for journalists

Diploma in Journalism

This year has been a challenging one for us all, but the NCTJ has always remained focused on ensuring the Diploma in Journalism remains the industry standard for entry-level journalists. Keeping up-to-date with industry practice is key to ensuring the content and assessments in the diploma are relevant, rigorous, fair and reliable.

During the last 12 months we have conducted comprehensive reviews of the essential journalism mandatory module and the broadcast journalism elective option. Essential journalism was mapped against a revised and updated apprenticeship standard for an entry-level journalist to ensure it continues to deliver current industry practices and provides a valid

test of a new journalist’s reporting skills and knowledge. The wide use of video on social media platforms to find and promote news stories enhanced the video category in the e-portfolio.

Our broadcast journalism elective option covers radio and TV journalism and it was reviewed and updated in consultation with a range of broadcast journalists and employers. A key element in this module is broadcast regulation and the subject has been upgraded to a distinct mandatory module for broadcast journalists with grades listed separately on diploma certificates. Assessing journalism skills for TV in a newsroom environment and accepting podcasts as part of the radio assessments were also designed for introduction in 2021-22.

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The diploma is now a level 5 qualification, raised from level 3 in September 2020. The new level reflects the digital content and ever-evolving technology and tools used by journalists for newsgathering and storytelling in their day-to-day role.

The Diploma in Journalism is a mandated qualification in the level 5 journalist apprenticeship standard and can be studied via distance learning on the NCTJ’s Journalism Skills Academy.

National Qualification in Journalism (NQJ)

This year saw the introduction of a new NQJ pathway for community journalists. Designed specifically for reporters taking part in the Facebook-funded Community News Project (CNP), two sittings of the senior level exams were delivered in March and July 2021. Another important job role, that of a local democracy reporter, has also had a bespoke NQJ pathway developed for it.

Moving away from news, magazine journalists working for specialist brand publishers now have an opportunity to qualify at a senior level through an NQJ specialist brand publishing pathway. Development of the assessments included mirroring the skills and knowledge required in this job role and the NQJ now provides professional development for journalists in the sector.

The NQJ is a mandated qualification in the level 7 senior journalist apprenticeship standard and can be studied via distance learning on the NCTJ’s Journalism Skills Academy.

Journalism apprenticeships

A revised and updated level 5 ‘Journalist’ apprenticeship standard and end-point assessment plan was submitted to the Institute for Apprenticeships and Technical Education (IfATE) in June 2020 and approved for delivery in England.

A wide range of journalist employers make up a government ‘trailblazer group’, and, facilitated by the NCTJ, they design and develop the apprenticeship standards for journalism. Due to become available from 2022, the new level 5 journalist standard will replace the level 3 junior journalist apprenticeship. The revised standard includes the industry ‘gold standard’ Diploma in Journalism qualification as mandatory. Expansion of the journalist apprenticeship development across the nations is under consideration for 2022.

The level 5 journalism standard provides progression to the level 7 senior journalist apprenticeship which launched in 2020 and also includes an NCTJ professional qualification; the National Qualification in Journalism.

End-point assessments (EPAs)

The NCTJ is the approved end-point assessment organisation (EPAO) for both journalism apprenticeship standards. Approved by the Education and Skills Funding Agency, the EPAs are listed as qualifications on the Register of Regulated Qualifications and are regulated by Ofqual. The NCTJ delivers the assessments that complete the apprenticeships. The EPA for the senior journalist apprenticeship is comprised of two assessments: a journalism project with a presentation; and a professional discussion. The EPA for the new level 5 journalist standard also has two assessments: a journalism project and a report with supplementary questioning; and a professional discussion.

Certificate in Foundation Journalism

The Certificate in Foundation Journalism is a level 3 qualification providing basic journalism skills training at an introductory level. It is not designed to prepare learners for employment as a journalist, but can provide a solid stepping stone to the Diploma in Journalism.

It is delivered to a wide range of learners including those with disabilities, through our partnership with Ability Today, and through the government’s Kickstart scheme via News UK. It is studied by prisoners via the Prisoners’ Education Trust and is also delivered as an enrichment programme for sixth formers alongside A-levels. This flexible qualification is available via distance learning on the NCTJ’s Journalism Skills Academy and will be reviewed in 2022.

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High-performing accredited journalism courses

City of Wolverhampton College students celebrate graduating

This year continued to be turbulent for centres running NCTJ-accredited courses as tutors navigated lockdowns and adapted their courses to suit online and hybrid training.

The high-quality practical training students continue to receive, as well as exposure to the world of journalism with work experience opportunities and guest speakers thanks to strong industry links, is a testament to the hard work of the teams running accredited courses.

Supporting centres to ensure that the exacting standards of accreditation continue to be met has been a priority for the NCTJ. A webinar series for tutors to share best practice has continued, with a particular highlight being a session on how to boost students’ confidence and employability, particularly relating to issues faced during the pandemic.

Tutors have responded well to the support offered via these webinars, which will continue, and further sessions are planned for the start of 2021-22 to support tutors who are new to delivering the diploma and need that extra guidance from the NCTJ. Our dedicated tutor Facebook page continues to be a source of collaboration.

The NCTJ has acknowledged the changing situation centres are faced with as the restrictions ease, and has liaised with course leaders via a centre survey on how delivery of their courses will look going forward. The NCTJ’s standards of accreditation will be adapted to take into account remote learning and teaching when required.

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Accreditation forums

Course leaders at undergraduate and postgraduate courses discussed the challenges and opportunities surrounding delivery of NCTJ qualifications at accreditation forums taking place in November 2020. Course leaders of courses run by independent training providers are now invited to separate sessions with the NCTJ, and a forum for Further Education course leaders will be scheduled later in 2021-22.

Accreditation visits and meetings

The NCTJ is continuing to concentrate its efforts on those centres and courses that need it the most, offering targeted support in a rigorous, transparent and risk-based system.

In the 2020-21 academic year, the NCTJ carried out nine visits as either accreditation panel meetings or monitor-

The NCTJ continues to appreciate the support of editors and senior journalists who volunteer their time to take part in accreditation panel visits. Our thanks go to:

Lucie McInerney, commercial editor, The Independent Kim Hewitt, programme and digital editor, ITV Meridian Louise Hastings, managing editor, Sky News Steph Marshall, head, BBC West Keiron Tourish, reporter, BBC Newsline

Centres approved to deliver new diploma modules in 2020-21:

Bournemouth University – videojournalism for digital audiences, photography for journalists, broadcast journalism, practical magazine journalism, journalism for a digital audience and sports journalism

Brunel University – data journalism

Oxford Brookes University – public affairs for journalists

University of Kent – data journalism, journalism for a digital audience and sports journalism

University of Portsmouth – practical magazine journalism

ing meetings, offering that additional support by bringing together panellists and industry advisers to ensure centres are training students to industry expectations. Delivered virtually, these meetings ensure the NCTJ is continuing its support to centres by meeting with course staff, students and involving senior working journalists from all parts of the industry who offer their opinions and guidance to course leaders about how courses can improve.

Industry advisers

Industry advisers continue to offer invaluable support to the centres they are linked with by meeting with heads of journalism, course leaders and students remotely. Advisers have found it beneficial to observe students creating their own original journalism in remote news days or other practical journalism sessions. For the NCTJ, industry advisers help to maintain a link with the centre and provide up-to-date information about the centre in between accreditation visits.

Sally Hampton, consumer magazines publisher, DC Thomson

Laura Paterson, Scotland editor, PA Media Gregor Kyle, content editor, Frame PR

Peter MacRae, deputy head of news and managing editor, BBC Scotland

Gary Stewart, audience editor, Liverpool Echo

Laurie Tucker, day editor, Sky Sports News Michelle Johnson, director of digital media, Vantage Media Group

Glasgow Clyde College – practical magazine journalism (replacing introduction to PR)

University of Central Lancashire – broadcast journalism (replacing photography for journalists)

Harlow College – journalism for a digital audience

Centres approved to deliver new courses in 2020-21:

The NCTJ is delighted to welcome Oxford Brookes University, which has been approved to deliver an NCTJ-accredited journalism pathway on their BA Media, Journalism and Publishing course, as well as an NCTJaccredited MA Journalism programme

Bournemouth University – BA Sports Journalism

Highbury College – sports journalism, radio journalism and practical magazine journalism

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An effective careers information service

With so many courses to choose from, it is important that aspiring journalists are able to make an informed decision before embarking on their studies.

The NCTJ aims to arm prospective students with the facts so they can avoid making investments in nonaccredited courses that will not equip them with the right skills for employment.

• We regularly engage with national career awareness

weeks, such as National Careers Week and Journalism Matters Week, to inform and inspire the next generation of journalists.

It is also important that we encourage young people from a range of backgrounds to consider a career in journalism, and spread awareness of non-traditional entry routes into journalism, such as apprenticeships.

The Journalism Skills Academy hosts a number of free careers resources, such as video masterclasses on a wide range of subjects, presentations on digital tools, tips and advice from editors and employers, and interactive quizzes.

The third edition of the NCTJ’s journalism careers guide, sponsored by the Financial Times , was published this year, and was sent to secondary schools, colleges and job centres across the UK.

Aspiring journalists can consider their training options by hearing from alumni about the different paths they took to successful careers.

Also in the guide are tips on how to start out in journalism, an introduction to podcasting and a spotlight on investigative journalism.

The guide also features easy-to-navigate listings of all NCTJ-accredited courses. A digital version is available on the NCTJ website.

Emma Robinson, accreditation manager at the NCTJ, said: “Sending out this annual careers guide to schools and colleges means we can reach out to students about the exciting prospect of making that first leap into their journalism career.

“We want students to choose the right journalism course with the NCTJ to give them the cutting-edge skills and knowledge to operate in the newsroom to professional standards.”

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Mobilising employer support for journalism training

The NCTJ is, and has always been, an industryled organisation. We exist to respond to the changing needs of the journalism sector, which is why the story of the NCTJ is one of constant evolution.

Collaboration with news providers is therefore critical to everything we do, and we continue to work hard to deepen our relationships with our partners, and to bring more media organisations into our network.

Companies which support the NCTJ financially as strategic partners receive a discounted rate on distance learning programmes booked through our Journalism Skills Academy (JSA), which continues to be backed by the Google News Initiative.

The last year has seen a significant recruitment drive by several major publishers, and it has been positive to see how the JSA has been used by employers to ensure that new starters who require additional training to achieve applicable qualifications can access courses in a flexible way.

A notable new partnership has been developed with News UK, with the NCTJ working alongside their team and one of our accredited training centres, News Associates, to develop a Certificate in Foundation Journalism course for a group of interns with no previous experience of news. The scheme, backed by the government’s Kickstart

programme, proved a huge success and demonstrated once again the value of our collaborative approach – and the importance of rigorous training.

Following the introduction last year of a senior journalism apprenticeship standard, we have been pleased in 2021 to welcome the first cohort of candidates to the qualification. Led by employers, the development of the senior standard means there is now a complete apprentice journey from raw talent to fully-fledged senior reporter, and we look forward to working with a growing number of news providers in the coming year as they develop the skills of their staff.

Indeed, the engagement of employers with our apprentice schemes is a further demonstration of the value placed on NCTJ qualifications, which are now more accessible than ever before. Eighty-one per cent of qualified journalists in the UK hold an NCTJ qualification, and we aim to increase that number with the support of the industry.

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Journalism Diversity Fund recipients

Equality, diversity and inclusion

It is so important that journalists reflect the communities they serve, and we are committed to leading radical change in the industry to improve the diversity of newsrooms.

We know that, for many, the costs of studying on an NCTJ-accredited course can be out of reach. This is why we set up the Journalism Diversity Fund (JDF), which awards bursaries to help with the costs of NCTJ course fees and/or living expenses while studying.

Thanks to the financial support of our industry partners, the JDF has awarded more than 440 bursaries since its launch in 2005.

“It would have been impossible for me to study without the JDF. The JDF helped me to be able to bring my different outlook and experiences to the newsroom.”

Sanny Rudravajhala, JDF recipient

Despite the challenges faced by the industry this year, eight new partners have come on board, helping us reach our ambitious goal of raising the annual value of the fund to half a million pounds.

In July, the Journalism Diversity Fund was honoured with a special award from the Press Awards.

Joanne Butcher, chief executive of the NCTJ, said:

“This award is recognition of the JDF’s achievements since it was established, and of the significant amount of work that remains to be done to make the news media sector more diverse and inclusive.

“We know from our regular research that there is so much more to do to make the journalism industry accessible and truly representative: and we want the JDF to be at the heart of that ongoing effort.”

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Sanny Rudravajhala Victoria Scholes Mark Hudson

Our annual equality, diversity and inclusion conference provides an opportunity to bring JDF students, educators and industry supporters together. This year’s event was hosted remotely by Bloomberg and featured panels on the challenges and opportunities of covering race and how to attract early talent and develop long-lasting careers.

We recognise that tackling inequalities and making journalism better reflect our audiences needs the combined efforts of the industry, businesses, employers and journalists.

This is why our forum for employers from across the media sector regularly meets to discuss and advise on the further action needed that will make a difference to the equality, diversity and inclusion of newsrooms.

Chaired by NCTJ trustee Abu Bundu-Kamara, global diversity and inclusion lead for Boeing, the forum also provides an opportunity for businesses to share and promote good practice.

In March, Victoria Scholes celebrated being the first student from Ability Today’s Academy for Disabled Journalists to pass the NCTJ Certificate in Journalism.

The NCTJ partnered with the social enterprise last year to launch an introductory course for aspiring journalists with disabilities.

Victoria, who passed all of her assessments first time, said:

“I am really happy to have passed, it feels like a great achievement and to know I did it first time means that it can be done.

“It takes a lot more than that of an average person to get where I am, and lots of hard work and I need a lot of assistance, but it shows that just

• because you are disabled you can still achieve things.

“Ability Today have been so supportive of my needs and studying in a group of people who understood me helped me to succeed.”

A new course is now underway, with the cohort studying for the NCTJ’s Diploma in Journalism qualification.

Also in March, we partnered with News UK to train up to 100 out-of-work young people through the Government’s Kickstart Scheme.

The paid placements are designed to offer young people a head start in a career in the media, and recruits are studying towards the Certificate in Foundation Journalism with News Associates.

In addition, the interns are also given a mentor from News UK, career support from The Media Trust, and pastoral support from Barnados.

Mark Hudson, head of early talent at News UK, said:

“You shouldn’t have to fight so hard to get a foot in the door in the media industry. Through this scheme, we’re blowing that door right off, and giving young people the tools, experience and confidence they need to land a job in journalism.”

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Effective communication and collaboration

During such an uncertain period, and at a time in which the NCTJ continues to grow, clear and effective communication has never been more important.

As the coronavirus pandemic continued to present challenges, we have kept all stakeholders well-informed about the NCTJ’s contingency plans, and any updates.

We have continued to encourage collaboration and the sharing of ideas through a regular webinar series around delivering training remotely.

We have also launched two new regular e-newsletters this year, to help us strengthen our communications with Journalism Diversity Fund recipients and distance learners.

The virtual ceremony, which was live streamed on YouTube, was presented by Sky News presenter Anna Botting.

Anna announced each category and the shortlisted entrants before cutting to Sky News and Sky Sports presenters from all over the world to announce each winner. Some famous names included Alex Crawford, Dharmesh Sheth, John Sparks and Sophy Ridge.

Journalists, employers and trainers who have gone the extra mile were also celebrated with two awards to recognise achievements in innovation and diversity.

Also honoured at the ceremony was Mark Hanna, co-author of McNae’s Essential Law for Journalists , who won the Chairman’s Award for his outstanding contribution to journalism training and education.

Student Council

Student representatives were able to meet with each other, quiz editors and give feedback to the NCTJ team thanks to a selection of remote Student Council events in early 2021.

Students attended the events via Zoom according to which sector they are studying in, giving them the opportunity to connect with peers on similar courses or training programmes.

Senior journalists and editors, representing roles in TV, magazines, radio, national and regional newspapers, digital and social media also joined the meetings to give advice to students.

Awards for Excellence

Outstanding student, trainee and apprentice journalists were honoured in a virtual Awards for Excellence ceremony, hosted by Sky News in March.

Student handbook

The NCTJ continues to send the NCTJ student handbook to students starting accredited courses, in a bid to help make their relationship with the NCTJ more tangible and longer lasting.

The 24-page booklet provides an introduction to the NCTJ, and information about the Diploma in Journalism and assessments. It also provides comprehensive careers advice and tips on applying for, and succeeding in, their first journalism jobs.

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The future sustainability of quality public interest journalism training

We were delighted that in December 2020, Facebook confirmed it was to extend funding for the Community News Project (CNP), the scheme launched in 2019 to fund new community reporter roles in newsrooms across England, Scotland and Wales.

The renewed backing of this ground-breaking, NCTJmanaged scheme enabled many reporters to continue in their role – moving on to work towards the NQJ, having previously completed their Diploma in Journalism during their time as CNP journalists. Other CNP reporters moved into full-time journalism roles after completing their qualifications, and a new cohort was recruited to take their place.

Among the many CNP success stories was Natasha Meek, who in 2021 moved into a full-time reporting job with Newsquest. Reflecting on her experience of the project, Natasha said: “Being a community reporter was more than just a job to me, you become a part of the city’s hustle and bustle with your contacts reaching every street corner of the patch.

“By the time coronavirus took hold of our lives and left Bradford damaged not only by grief but loneliness, food poverty, youth unemployment and mental struggles, the role became more important than ever.”

The NCTJ’s commitment to high quality training is driven by an understanding that public interest journalism is at the heart of the news media’s democratic function. All of our qualifications are designed to set journalists on the path to producing news that holds power to account and searches out truth in challenging places.

One consequence of the coronavirus pandemic has been that journalists have not had their usual access to court hearings. The NCTJ, via its membership of a media working group set up by HM Courts & Tribunals Service (HMCTS), has raised questions about similar challenges facing journalism students.

the Ministry of Justice in their work to improve accessibility, the NCTJ undertook a survey of its accredited centres last summer, which showed that all bar one of the 31 respondents considered direct observation of real court cases to be ‘very important’ for students working towards the NCTJ diploma. Yet in-person access to cases during the pandemic had been impossible for every centre; and only 6 out of 31 had been able to gain remote access to hearings for their students.

It was clear from the research that almost every NCTJ teaching centre was keen to have virtual access if it was not possible to arrange physical visits.

Tutors who had been able to observe cases remotely had found the experience beneficial for their students.

The NCTJ has also this year worked closely with government and other industry stakeholders in relation to the National Action Plan for the Safety of Journalists.

Keeping journalists safe is plainly vital if they are successfully to carry out their work, and the threats they face have become more significant and varied in recent years.

The NCTJ worked with the University of Portsmouth and Surrey Police to develop pilot workshops, and will develop an e-learning programme on this subject in early 2022.

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Professional research and skills information

The NCTJ is committed to an ongoing programme of research to provide the industry with up-to-date labour market information about journalism.

Research conducted is also used to inform our current and future strategy and to help us develop our projects and services so that they benefit everyone the charity helps.

Diversity in Journalism

In May, we published a new report on diversity in journalism, examining the characteristics of journalists in the UK.

The report, authored by research consultant Mark Spilsbury, was unveiled at an employer forum on equality, diversity and inclusion.

The research is based on 2020 Labour Force Survey (LFS) data, which suggests that the journalism workforce is getting younger, with the proportion aged below 30 increasing from 16 per cent in 2020.

The most notable feature of the 2020 data relates to the number of working journalists in the UK which is estimated at 96,000, an increase of 18,000 over the 2018 level of 78,000.

The report also noted a continuing increase in the ‘graduatisation’ of journalism, which could be acting against attempts to increase some aspects of diversity.

Joanne Butcher, chief executive of the NCTJ, said: “The headline result for the NCTJ in this really useful report is that under-representation of diverse groups in journalism and reliance on graduates continues.

“We need to do more to encourage and support those diverse groups into journalism, promote alternative, non-graduate entry points and encourage employers to recruit from this talent pool. Apprenticeships, foundation courses and initiatives like the Community News Project are becoming even more important.

“At the same time, we will encourage those who share our values in the higher education sector to recruit a more diverse intake and to offer NCTJ-accredited courses and qualifications.”

Emerging skills for journalists

The NCTJ is commissioning a follow-up to its 2014 report: Emerging Skills for Journalists.

The world in which journalists work is fast-changing, therefore it is vital that we understand what is happening, and what will happen, to the skills needs of journalists.

The research will feed directly into the provision of journalism training, via our development strategy, and will also contribute to the wider discussion on the development of journalistic skills.

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Business and finance review

Despite the challenges of the pandemic, particularly in the charity, awarding organisation and media sectors in which the NCTJ operates, the organisation remains financially stable and continues to invest in its products and services to support journalists and media organisations.

The charity is a well-established and robust organisation with a well-known brand in the industry that enjoys high penetration, employer support and recognition. It is committed to alleviating the pressures on funding for training and supporting journalists in the digital journalism skills revolution.

A long-term commitment has been made to foster a culture of continuing professional development for journalists to ensure there is public confidence in journalism standards and ethics.

Resources and funding

The net income to the group amounted to £715,442. After the addition of net realised and unrealised gains on investments of £226,928, there was a total increase of funds amounting to £942,856. There was, exclusive of the Journalism Diversity Fund and the Community News Project, a trading surplus of £112,223.

The charity continues to work in partnership with Facebook and nine regional news publishers on the Community News Project. The Initial two-year programme with funding of £4.6m was extended by Facebook with a further donation of £2.18m in the year and is designed to support local journalism and improve the diversity of journalists in the UK.

The Journalism Diversity Fund, an industry charitable fund, is managed and administered by the NCTJ as a restricted fund. With an increasing demand for bursaries, NCTJ marked the fund’s 15th anniversary by setting an ambitious fundraising target of £500k. Donations totalling

£508,231 were received from the media industry along with private donations of funds raised by the Thomas Read and Claire Prosser families. Expenditure from the fund amounted to £413,077.

The charity has adopted a diversified approach to income generation. The principal funding sources are: donations from strategic partners; income from registrations; apprenticeships and examination fees; sales of publications and training materials; events and training courses; accreditation fees; sponsorship and donations, and investment income. The charity’s portfolio is invested with the advice of Investec Wealth and Investment.

Reserves and going concern

It is the aim of the directors to maintain a level of resources which, in the opinion of the board, is commensurate with the identified needs of NCTJ. The policy is to maintain a minimum level of funds that would allow time for re-organisation and restructuring in the event of a downturn in income, protect ongoing strategic work and allow the charity to fulfil its objectives and commitments. This currently equates to c£420,000.

At 30 June 2021, the group had funds totalling £4,556,981 of which unrestricted funds amounted to £2,315,717 and restricted funds of £2,241,264. Excluding restricted and designated funds, the charity currently holds free reserves of £1,463,746, including £1,093,571 in a capital fund. Under the instruction of its trustees, this fund can be accessed, should the need arise, to meet the charity’s obligations under the relevant conditions of recognition set by the regulators in relation to protecting the interests of learners. This ensures sufficient funds and resources are available to enable the charity to develop, deliver and award qualifications so that every learner has the opportunity to complete any qualification commenced. The directors are satisfied that the charity has adequate resources to continue in operational existence for the foreseeable future.

21

Risk management

The directors have assessed the major risks to which the group is exposed, in particular those related to the operations and finances of the charity and its trading subsidiary, and compliance with the regulators’ conditions of recognition for awarding organisations. The importance of effective risk management operates at all levels of the organisation.

Safeguarding and whistleblowing

The charity has safeguarding and whistleblowing policies in place which reflect the services it provides and the people it supports and employs. The charity takes its responsibilities in these areas extremely seriously and requires journalism education and training centres to have their own effective policies and procedures in place. Policies are reviewed in line with changes in policy or guidance from our regulators and other relevant bodies including the Charities Commission.

Structure, governance and decision making

The National Council for the Training of Journalists is a registered charity (No: 1026685). The training activities of the group are carried out by NCTJ Training Limited, a wholly-owned subsidiary. During the year, NCTJ Training Ltd made a charitable donation under deed of covenant of £163,252 to its holding company, The National Council for the Training of Journalists.

In common with all charities, the NCTJ exists to help create a better society. The principal objective of the charity is the provision, supervision and accreditation of journalism-related training.

The directors have the ultimate responsibility for running the charity and exercising all the powers of the council, and in particular, for its property, finances, strategy and accountability. Operations are delegated to the chief executive, who is appointed by, and reports to, the board and her management team. Stakeholders are involved through focus groups of editors and trainers, accreditation forums and seminars, the Journalism Skills Conference and the Student Council.

Charitable contribution

Statement of accounts	2020-21	2019-20	2018-19
Incoming resources	£3,855,553	£1,335,196	£5,870,808
Expenditure	£3,140,111	£3,380,043	£2,012,677
Operating Surplus / (defcit) for the year	£942,856	(£2,020,973)	£3,865,168
Consisting of:
Restricted fund (defcit) / surplus	£550,000	(£1,822,327)	£4,046,424
Trading (defcit) / surplus after taxation	£392,856	(£198,646)	(£181,256)
Balance Sheet as at 30 June 2020
Tangible fxed assets	£422,159	£401,451	£414,391
Investments	£1,093,566	£866,638	£840,911
Current assets	£3,441,303	£2,569,912	£4,536,341
Current liabilities	£400,047	£223,876	£156,545
Net current assets	£3,041,256	£2,346,036	£4,379,796
Net assets	£4,556,981	£3,614,125	£5,635,098

Notes

1. This financial information does not constitute statutory accounts within the meaning of Section 394 of the Companies Act 2006

2. Copies of the full statutory accounts are available on request

22

Strategic partners

The NCTJ works with journalism producers in every part of the industry. Our strategic partners play an especially important role, enabling our work, and benefitting from a close relationship with our activities. Strategic partners help us to innovate, and – by their generosity – build our capacity so that we have the necessary resources to make a difference in the areas where our help is needed most.

Some strategic partners make regular charitable donations to the NCTJ and the Journalism Diversity Fund;

others support the development of specific products and services – for instance by running regular bespoke courses or qualifications for their staff. Others make inkind contributions to the NCTJ’s work, joining our boards and forums, hosting events, or judging awards.

Thanks to the direct and indirect support of our industry partners, the NCTJ is able to develop its role in a way that serves the needs of the industry.

We are always glad to hear from journalistic organisations which would be interested in becoming a strategic partner of the charity.

Current strategic partners:

Archant Barnsley Chronicle BBC Bloomberg Bullivant Media Chronicle Publications Congleton Chronicle DMG Media DC Thomson ESI Media Facebook Financial Times Google News Initiative Henley & South Oxfordshire Standard KM Group JPIMedia

Maidenhead Advertiser

Mark Allen Group Methodist Recorder Midland News Association Newbury Weekly News Group Newsquest Media Group News UK NLA media access Portfolio Publishing PA Media The Printing Charity Reach PLC Rotherham & South Yorkshire Advertiser Shetland Times Sky UK Teesdale Mercury Thomson Reuters Twitter

23

Our people

Trustees

CHAIRMAN: Kim Fletcher, partner, Brunswick Group VICE-CHAIRMAN: Laura Adams, client editorial director, Archant Lynne Anderson, deputy CEO, News Media Association Abu Bundu-Kamara, global diversity and inclusion lead, Boeing Andy Cairns, former executive editor, Sky Sports News Alan Edmunds, group chief operating officer, Reach plc Toby Granville, editorial director, Newsquest Colm Murphy, head of media, film and journalism school, Ulster University Jas Nijjar, charity finance, Target Ovarian Cancer Neil O’Brien, commercial director, NLA media access John Ryley, head of Sky News Abbie Scott, deputy managing editor, Financial Times Jo Webster, deputy global editor for visuals, Reuters Martin Wright, editor, Shropshire Sta r

Joanne Butcher, chief executive Chris Dunham, company secretary

Staff

Nikki Akinola, diversity and inclusion co-ordinator Christina Borg, Journalism Skills Academy manager Joanne Butcher, chief executive Chris Dunham, head of finance and IT Kathryn Fladgate, project manager Kat Hendry, training co-ordinator Will Gore, head of partnerships and projects Lyn Jones, head of qualifications Rachel Manby, head of quality and assessment Kimberley Mason, assessment co-ordinator Alison Puttock, assessment manager Sarah Rix, head of marketing and communications Emma Robinson, accreditation manager Ellen Sanderson, assessment administrator Andy Summers, senior co-ordinator/developer Sophie Talbot, finance officer and administrator

Lead consultants

Faith Lee, external quality assurance Mark Spilsbury, research Paul Watson, editorial

Accreditation board

CHAIRMAN: Abbie Scott, deputy managing editor, Financial Times Karen Ballam, shorthand chief examiner and shorthand tutor, Bournemouth University Maria Breslin, executive digital editor, Reach plc Tim Dawson, president, National Union of Journalists

Graham Dudman, deputy managing editor, News Associates London Ben Green, head of digital, The Star, Sheffield Louise Hastings, managing editor, Sky News Mike Hill, course director for MA News Journalism, Cardiff University

Michelle Johnson, director of editorial, Vantage Media Group Roy Lee, vocational curriculum leader, Sutton College Stephanie Marshall, head of BBC West Ian Reeves, director of learning and teaching, University of Kent

Joanne Butcher, chief executive

Rachel Manby, head of quality and assessment Emma Robinson, accreditation manager

Journalism qualifications board

CHAIRMAN: Laura Adams, client editorial director, Archant Gavin Allen, chief examiner, journalism for a digital audience Amanda Ball, NCTJ principal examiner and chief examiner, public affairs

Karen Ballam, chief examiner, shorthand and further education representative

John Dilley, chief examiner, production journalism and practical magazine journalism

Vanessa Edwards, chief examiner, videojournalism for digital platforms

Mark Hanna, chief examiner, media law Catherine Houlihan, chief examiner, broadcast journalism Andy Martin, chief examiner, National Qualification in Journalism Simon McEnnis, chief examiner, sports journalism Rosalind McKenzie, education representative Nick Nunn, chief examiner, essential journalism Steve Phillips, chief examiner, press photography and photojournalism

James Porter, journalism training manager, news group partner, BBC Academy David Rowell, industry representative Chris Rushton, chief examiner, PR & communications Laurie Tucker, industry and apprenticeship representative

Quality assurance and standards committee

CHAIRMAN: Sean Dooley

Michael Adkins, group editor London and Kent, Archant Amanda Ball, NCTJ principal examiner Sarah Cassidy, programme administrator journalism, University of Salford

Joanne Butcher, chief executive Lyn Jones, head of qualifications Rachel Manby, head of quality and assessment

NCTJ

The New Granary, Station Road, Newport, Saffron Walden, Essex CB11 3PL

www.nctj.com

Tel: [phone] Email: [e-mail]

Reglslered number. 02720630 Charity numb•r: 1026685 NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee> DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NATIONAL COVNCIL FOR THE TRAINING OF JOURNALISTS (A ¢txn￿nY Ilmlted by guarnnt••) CONTENTS Page Ref•renc• and admlnlstratlv• d•tslls ot th• Chwlty. Its Dlroctorn and advls•rB Dlr•ctors' report 2-18 Ind•p•nd•nt audStors' rnport on th• financlal stat•Fnents 19-23 Consolldat•d statem•nt of flnanclal actlvttl 24 Consolldatad balanc? shoot Charlty balanco sh•et Consolldat•d ststom•nt of flows 27 Note# to the Ilnanclal stat•M￿ts 28-56

NATIONAL COUNCIL FOR THE TrAINING OF JOURNAUSTS A Company Ilmlt•d by guar•nts•) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021 Dlrodors Laura Adams Gawn Allen Lynne Anders Bundu4(aThnara Andy Calms Jeremy Clrffor(l (r￿n￿ 19 January 2021) Alan Edmunds Kim Fletther. Chaimwi Toby Gfanville Colm Murphy Jasvinder Ni￿r Neil O'Brien John Wey Abbie St4)tt Joanna W8bst8r Martill Wrtht Company regl$tered number 02720630 Charfty rnglsl•red nUM￿r 1026685 Roglsterod ¢)fflc• The New Granary Ststion Road Saffron Wahjén CB11 3PL Patron Ajex Cra Company s•er•tary Chris Dunham Ch1￿ ￿9¢￿tIva offlc•r Joanne Butch Indop•nd•nt •udlto Peters E￿¥Orthy & Chartered Ac(xJuntants Salisbury Hous6 Cambridge CB12LA Investm￿t rTh•ftag•r Investec Weahh and Invastmant 2 Gr8sham Street London EC2V 7QN Page 1

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A Com￿nY Ilmllod by 9￿[8￿1•trI DIRECTORS. REPORT FOR THE YEAR ENDED 30 JUNE 2021 Th8 direcaors (who are also trustegs the charity forth8 purp)ses of the Charitie5 Act 2011) submil their annual report and audited finanoal statements of Natk)nal Couridl for the TraiThrwJ of Joumalists (the Charity) for the year ended 30 June 2021. The directors confimi that the annual r8tM)rt and ￿en￿al statements of the charity and the group comply wth current slalLrtory requirements, the requirements of the dwritrfs goveming docum8nt and the provisions of the Statement ol R8comm&nded Prnclice ISORPI "Accounting and Rewjrting by Charit19s" applicable lo chartties preparing their accounts in accordance with Finanuol Rewting Standards 8ppli(gbJ8 in thè UK and Republic of Ireland {FRS102) (second ed￿On October 2019). Since the compary and the group qualif9 as small urKler sect)n 383. the stratsgic report required of medium and large companie5 under The Companies Act 21))6 (Strategic R8tK)rt and Directors. Rep¢Nt) Regulations 2013 FS not required. OBJECTIVES AND ACTivmES Prlnclpal acdvlty The principal acliwlies of the group are the proNISK)n. super￿￿)n and accreditatton of ioumali$m48181ed training, and the diTeCtors intslld to conlinue to devdcp these ath¥ities. Busln•ss dlr•ctlon The NatN)nal Council fly the Trairung of Jownalists (NCTJ) has become of the most important journalism- related Organisations in the UK arKI is unKlUe ￿ txin&Hr#J toggther 811 sactots of the madia and #ll sedors of joumalism education and trainm￿. Trained, qualified 8nd InJ$ted Joumalists ¥e vital in our dem(xncy arKI NCTJ plays the lead role In athieving this. Tho charity is a ¥4plE-eststrJish￿I arKI robust ¢xganisabon wilh a wdkknown and trusted brand in th& media that enloys high penetr8t)n, employer support and rec4)gnition for quality jOLtmalism and high standards. It rernains financAalty stable with diversif￿d r8v8nu8 streams ￿¥0[ln9 8 rango of products and sèrvices. The number of jLwmalists w(king in the UK has risen rnarked￿ from 78.IXIO in 2018 10 96,000 in 2020. The peicentage of qualffied joumalisls who have NCTJ qua￿fiCatIOnS is abso increasiry", 81 per cent in 2018 and up from 63 per ￿nI in 2012 arKI 58 per cent in 2¢M2. Recfuilment ofenlry-level joumalists is bc4)ming. both and outside the tradiliond news1￿m. Under.representation ofdiversa ￿pS in journalism and re￿(* on graduatss ￿ntinueS. The media industy is undergoing significant charwe with dedining prinl tirculation and adv&rtising rev6nue, growing dlgilal revenue and audiences. and threats to th8 suslainabilty of public interest l¢xal and regional nèws. Journalism 15 changing rapidty in terms of the 5kilb required and Joumalists are expected to do. This is time when investment in the quality of Intsted arKI train￿ pumalists is more important than ever lo society. The business direclion ol the charity reflects all this chan98. NCTJ is committed to allevlating the pressures on funding for training and ensurtng i￿rnalISts trainers are appropriately skilled in a sector that has b88n revoluti(Mised by dwjital d8velopments. Th8 rol8 of NCTJ has bet4)m more important in 8nsuring quality contsnt and high stsndards of loumallsm. Thè tharity is dedicata to mathg o t￿lts￿ and dem(￿$trab1a contributy)n to the future sustainabilty of public int8r8st joumalism in the UK. Page 2

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA company limlt•d by guar•Dt•o1 DIRECTORS. REPORT {CONTINVED) FOR THE YEAR ENDED 30 JUNE 2021 Athiovin9 greater equality. dNer3ity and wKlusion in the ioumali%m Worl([￿ has 8 more important aspect of the charitls Wofk. This Wofk aims to encc¥Jrage and support those from diverse groups into journalism roles and coreers. It invofves promoting all8matNe. non-graduate enty points and boosting rocrultinent from this lalent pod by employers. Iniliatives to achieve thi8 indude the J¢JJmalism Diversty Fund. apprènticeships, foundatson couws and the Community News Project NCTJ is also working With the higher oducation sector to recrnit a more divetse intake and to offer atxredited courses and prof￿$lOnal qualifications. To build ils capacty and capability in older to achieve the mission and Strateg￿ obieGtiv8$. Ihe Gharity 15 securing and impl8menting mofe high-profile partnership5 and woiects. The charity continues to invest ￿ the dov8kw￿t of a broad r8ThJg of pr(Klucts and services for 811 ioumalisls. media organisations and fr)umalism trdiners. A kJi)g4em commTimènt has been made to foster a culture of continuing professional development for ioumalists to ensure there 15 Publ￿ Confide￿ in joumdism standard8 and èthics. This work is bng under the banner of the Joumalism Skills Academy. In a fast-changing mathet ￿0¢8 and 7Aryth d￿lts1 develowents it means th& tharity has a vital rola to play in en￿ring thwe is Upl￿te and rnlkgble lab￿r market informalion aboutpumalism. Mlsslon To be recwnised as tha industy chaity for attra￿ng. qualrfjww and d8vebwJ ￿tstandIng loumalists from all backgrounds whts work to the highest professional standards. Purp￿0 To provwje 8 world-class educalion and traintng system that develops curr8nt and future Icrtjmallsls from all walks of Irf& forthè demands of a fast-chaThing media irKlusty Stratsgl•s for a¢hlwlng Ob￿CtIveS In setting objectNés. the directLYs confinn that they havo paka due attention lo the charlty commission guidance on pU￿1C bonefft and sectb)n 19 of th8 Charitb8s Ad 2011. To achieve its purr•)se, the obiectN8S are to: Offer outsL2llding wofession￿ qu￿1r￿al￿S which guwantee the hKJh standards ofjoumokn nwded in the workplace and trust wi ￿maIlSts by the publ Facilitate equalty of oPF￿ynty in the journalism prof&swn bylaking actton to a diverse and in¢lu$Ne cU￿Ur￿ Accredtt hFgh quality (J￿rge$ delNered by educat)n and training pro%ryders and recogni￿ courses of eX￿UenCe Foster continutrvJ professional devek)tx1￿rt f￿N)uMa￿$ts and ioumalism trainers throughout th￿r careers Provrde sor¥Kes WKI prcxlucts thatare denKX￿ he[￿ul and relevant to stakéholde Pag8 3

NATIOMAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A compw lknltsd by 9￿M￿teel DIRECTORS. REPORT (COMTINUEDI FOR THE YEAR ENDED 30 JUNE 2021 V•lu The chari￿s strategy is based on the dFslinctive d￿ractarist￿S - the vaW - of the oryanlsatK)n. The valu95 are-. Fair. accessible ond trar6parent Strong, sustainable growth and test use of reswrc8s Effective leadorship. manawient and £￿ernan Equality. dNetsty and inclus•Jn High profile. rgSPgCtgd and infiuwrtial Upholding qualty. high standards and best wacce Open. roceptive arKI responsw to charKJ8 Prfolllles Divorsity and increase resources to build the ca￿9(>ty ar￿ (apabl￿ty of NCTJ to Strengt￿ its role arnj influence across all media Secto￿ and related sectors where ioumalism skills are r8quire(l. Establish tha Jwmalism Skills A￿erny as ts one-slop shop f￿j0￿m8￿Sts and joumalism train8rs al all stage$ oftheir Careers to devakf) th8ir skdls thanc their kn¢A￿d98. Maintain a progre55ive. fiexible and indusive fram8work of respeded industry'gold standard, joumali5m qualifital￿n5 and appren1lcesh¥￿ lh errtxace digilal and ottw develcoments. Acmditioumalism courses of excellence at CO1￿5. unNer5ities and ind8p8ndent providers and reward and support them to achieve the medta ind￿S challengng perf0m￿nCe stsndards. Provide an 8ff8ctiV8 car88rs inf0miatlc￿ semce that pr￿te$JOurnalISM ￿ro￿T$. accredited courses and the indust￿$ trainiNJ scheme for wofessk)nal p)umali5ts. Take more action on oqualty. drversity and indusi(m to buld a iownalism workforce that wid￿8 partiapath)n w that it better Tetlects its audience Motsli86 ￿pIO￿tr$ to enwJrn the media industys prOfeSs￿al trainiry scheme Pfoduce5 joumalists with hiqh ethical starKlards to win publ￿ confthnce and tntst in qUa￿ty ScyJmali8m. Communicate and collabrxal8 effecfivety WFth all target audiences to in￿8$e take-up of NCTJ products and seryices and to increase awareness of the NCTJ'$ br•xJ values, its rol8, value for monèy. agenda •S8tting activ￿aS and slalus as a chafity. M8ke 8 posibve 8nd demonstrable t￿tri￿N￿lI0n to the fuknre SLBlainabilty of qU￿lty public interest umalism in the UK. Providg the industywilh subslantiV8 reseafch and uptothie skilL8 infomiation to (lev8W our unde￿￿nding and response to the Ta￿d￿ changiry rna￿¢1 p*e for ioumalism. Page 4

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA compary lknltod by guarante8) DIRECTORS. REPORT (CONTINUED) FOR ThE YEAR ENDED 30 JUNE 2021 IMPUCATIONS OF COVKI.19 NCTJ has experfented some disruptron to tts Operati￿ and aGvits95 sÈnce March 2020. The charty had the advantage of a pr￿isting business contingency plan. It was able to move quickly and smoothly tr) rerrw)te working and adapted to new ways of V4rJrkirwJ and delivering key produds and s8rvices. In fad. although challenging, over811, th8 pandemic has begn a parficulaty positive. productive and innovatNe period for the charity in its 70-year history. The charity has a(lopted Ihe fotknmng and aFPToath throughLMrt the pandemic: NCTJ'S firsl 15 the health, saf•ty and I￿114)eIng of its p•. The no8ds of l•amors. Contr￿ •nd strat8gk partnors rwst 8180 be prh)ritrs8d. Ahhough it cannot be 'buslness as usual.. as far as [x)Ss￿)￿. NCTJ should c￿tinue wlth as many of its buslness objectives and Pfiorities as possible. Tho charivs fesponse to that1￿￿jeS will be er••Uve. proactl¥. p05111v• and Innovatlve. The aim is to flnd solutions lo prot4ems and new ways of wo￿1￿9 in the interests of stak8holders and everyone th& chartty halps. A commitment to good COMMU￿CatIOnS and Ilexlblllty is vltally imp)rtant for both intemal and extamal stakeholders. T￿ NCTJ'S finan¢lal posltlon must be dosdy monitored. Contlng•nry pollcles and plans NCTJ has a published ¢￿tingencY wlKy and plan which are updated regulady lo ac￿nt for thange5 in government and r8gulJry guidance and decisK)ns taken by NCTJ. There are accomponwrwJ FAQS for ￿ntro$ and Eeainers to explain how poficies ap￿ dir8ctty to them. Regarding delNery of qualffi¢aIiL￿S, NCTJ has adapted and delaye(l assessments rathgr than estimating grades based on previous perfom)ance or asktng educat(￿$ and trdiners to make judgmenls 8bout their candidatos. professional skiHs aml (x)mpelence. Published p)licy makes it clear that NCTJ does rbot accept oxempti(ms. aquN8lerw Of recx)gnised prior 18aming for any part of ils qu8llfi¢alions. No sp9cTral consid8r8tion5 are made and the awarding of predicted grades or mock assessment5. the substituti(￿ of exams for another of a￿ssMent. or any adjustment lo marking $￿Th￿ardS aré not all¢￿ved. This ¢s to ensurn vi)Cati￿1 and 8mployer wuirements ore met, to ensure assessments are fair auo$s all candidates. to maintain the integrity and valÉdty of NCTJ quabfications, and to uphold the industy standard In relation to currenthwmalism w8ctice. A pricAity for NCTJ has been to supkkn accr￿lIted 0)u￿e provwkn to ensure there is effective remoie d81fv8ry of training and ass8ssmanls. Regular webinars have been oryanised for heads of journalism and course leaders throughout the year. c￿ and NCTJ have Vffjthed knjether to offer conting&nci8s to mikngate the advers8 effects of the pandemic on leamers. NCTJ continues to offer remote 8xams to alk￿ leameES to Comp￿ trir NCTJ qualrfications and to progress in their careers. During the pandemio the costs of pr(K#oring lthnces havo been mel by the charity and not charged lo centres or candidates. This decisKsn was made because NCTJ cx)tsld afford to and in order to support our centres and leam¢rs during the pandemic whilst e¢)rcrf￿￿nB rest￿t￿m$ wera in place. Pag& 5

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA ¢omp•ry 1hn1t￿ by gullrnt••l DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Add￿onal admknistrative suppcwt has W recruited to help the exam5 team cover tho extra wcM of remte invigilation. to Tun both remote and inw[￿19 exams, to with dderTaLs and to meet th8 neetj for greater flexibilty cl the exams service. Dur¢ng the year. Changes V+ere made to the arTangemgnts for ¢8ndidates with particU￿r needs lo alh)w them to sf( exams at home wth breaks and addition￿ exam dates y￿re offered to meel demand from Cenlres. NCTJ'S office h8s rem8ine(l open thrTh￿t the pandemtcfor essonlial aclwitles. team meetings arbd training. gulatory consld•ratlons As 8 rgguLqled awarding organisaiion. NCTJ works closety wilh ils regulators. particLElarfy Ofqual. to infomi its contingency pollcy for regulated qualthcations and apprenti￿h1)s. During the year. NCTJ work9d within the Vocational and Technical QualrfiCa￿nS Contingency Reguiatcwy Fra￿￿￿ork (VCRF). This allows the Diploma In Journalism and National QualificatK>n in Joumalism to be adapted for candidates wtshing to prOgr￿S to 8mployTn8nl or senior ststus. The offer of remte exams fa115 Within this definition of adaptstion and supports Ofqu81's KKJlicy lo deliver a5 many results as [￿bE0 10 18amers. NCTJ has responded rggularty to the regulatots, ts)nsuMations about and dglivgry includiThJ its pimring work on remota 8xams. Flnan The financlal positlon of Ihe charrty remains in a strong p)sibon aThJ has allowed the charity to continue its investment in digtal dov8lopm8nts in￿thn9 frieaming W(￿¢13. a datsbase management system and upgrades lo the website. The charity hasn't rèceived any fin￿191 suppl￿ from sY)vemment duiing the pandemi¢. No staff have been fuTloughed. Duriro the year thafe has been a signrficant inrxease in income from assessments compared to 2020 when some exams were rKJstponed and dela￿. Distance leaming course sales have also increased. There h8s been a drop in income from In-pe￿On events. All other income stre8ms have been satisfactory and ¢￿ts have been man8gèd appropriatety. NCTJ keep its resources under rnvi8w and any IW wnpact on the ftrture aims and athitles of the chartty. A h￿d future By compelling the carity to adapt to rw ways of W￿g. to make changes lo its operations and to innovate, the pandemic has resul￿￿ in many beneffts and advantsges that wll continue. In a suNey of c&ntres, 64 per cènt were planning to relain elements of ren￿te beaming for fubjre ￿hOrtS and 77 per cnt would like to offer remote gxams if NCTJ offers this ￿tIOn. The general conduston is that the future hjtsid and the dwrity Is likely to offer a combination of f8ce40-face arkd online meotings. courses and events, a choic of remote and invC8ntre exams, accredltalion for hybrid courses and remote coyrses, and 9￿ater ar￿ homethY)rkÉng flexibility. The pandemic has gr8aUy reduced paper¥w￿. travel thne and some ofthe charitys ojsts. Summary The Iruslees arn satisfied with the readership of the c*arity and the way il has been managed during the pandemic. They have assessod the impact of COVID-19 M the charivs investrnents, 0￿rationS. activitlas. servicos. fundraising, staff and vduntsers. There are no immedk?te threats to the charitys fInan￿S and reserves. The short, me(lium ￿ k)nger4emi prioribes ofth9 Charity remain u￿je1 ￿ular remew. The trustees use the charitys risk management approach (see bekMT) to assess any uncertainties and concems Page 6

NATIOPIAL COUNCIL FOR THE TrAINING OF JOURNALISTS {A company Ilmitthl by guarant••l DIRECTORS. REPORT (cop¥fiNUED) FOR THE YEAR ENDED 30 JUNE 2021 that may impact on the charity. Tlw arg Satisfi￿ Ih8t t)Jr￿nt ￿ternal controls remain robust. that the￿ Is no significant diSrUp￿n to maintsining Pfoper and effectNe accounting roo)rds and that increased working from home has not adversely affected tha carity arKI is b￿n9 mana98d appropriately. ACHIEVEMENTS AND PERFORMANCE Revl•w of k8y a¢tlvltles Dlver&fylng and increa￿9 rnSOUffCgS Work lo increase the number of strategic pariners tyi¥otved in the charity is o)ntinuing and morè media and rdaled wnpanigs and wganisations are Kivolved in the chariws work than ever before. This is helping lo boost fvnding, support and recognilion fortha caTity so thal it can achtev& 113 objectives. The divèTStfIcat￿sn strategy invofves buikling le￿￿)nshIpS and partnerships in Th)n-tr8dition81 and ioumalism- related sectors. and increasing the range of 5er¥ices and pTc4Jucts to meet the needs of all stakeholders and thg increasing number of loumalists. The charity continued ts Invest￿nI in dtJ( ital toot5 and resources to meet the needs of th6 charnJing media industy and Ma￿ forNiumalism skill5. Continuing profes￿1 dav8lopment8rtd the JwmaATsm Slulls Academy In a malor strategic develOpm￿t for the charity. the Joumalism Skills Acadwny (JSAI launched in September 2020. There has been strong suP￿rt for th& JSA and recognilion that this offers an optKJrtunity lo provide mor costffective training and career iknjopment opw)rtuniiies for i(MFmalists direcdy and In partnership vith employers and other organisaons that share MCTJ vduès. Centred on a new e-leaming plafform and supported ¥￿th funding from Google Nows Initiall￿, the JSA provides a (ffie4top shop for joumali$ts at all sts98s of their to develop tr￿]r sknlls and advance their knovAedge of the industy. It aims to rewWi8e a cUlttj￿ of IX￿￿1ThJ professional development across the journalism industy and lo thange the perC￿￿10n of NCTJ from an entyknl focused organisa￿n to one that advances joumalism skills and knowledge at every level and across all sectors of the modia. NCTJ qualificat*)ns are nrx¥ avaiLgble to on the JSA e&aming ￿aIfOrnI IndudirKJ the Certificate in Foundati￿ Joumalism, the Diploma in Joumali8m and tha National Qu81ifThtion in Joumalism. With the impact of COVID restricting trainirwJ. the majority of JSA tra#iirKJ and cL)urse materials have tn adapt8d for online dolbverythr0L￿ y￿bInats. NCTJ is playing a key role in the govemmenfs natM)nal tAan. putAished in March 2021. to tyotecl Boumalt8ts from threats of violence and intimidatKm. The plan. supp￿ed by au the industys key slakeholder3 and the police, indudes a pledgo Io Pfovide training for joumalists in managing threats to thwr safety. In partnership with Surrey Polic8 and th& Untversty of Portsrnuth. the first PTOi8Ct invow rxlothwJ a workthp on sof8ty and the tera(aion betrween wllce and joumalists. QUalif￿lI0nS and apprgnticeships NCTJ qualffic8tions continue to dfftlop in fjne changes to joumalism practice ond the tharitsls diversfficalion strategy whitst retaIr￿n9 th8 fr￿5 on (xxe skills and slarthThls. Thts work i￿1[#19d a review of the structure of the Diploma in Joumalism. I￿1¢h upgradgd tho qualification from level 3 to 5, and updates to the essential Tr)urnalism aThJ broa￿1 units. The first tevel 6 National 12ualrficalion in Journalism INQJ) exams for (x)mmunity Soumali5ts wgrg sal in Mar 2021. Further sp8cialist P8thway5 are in development. The cl)8rity continues to play a 18ad rdg in th8 deveh)pment and 85sess￿nI of loumallsm 8pprenticeshlps by CO4ordirkitiro the Wofk of the media industys IrailbLazerf and as the re￿niSed End Point Assessment Page 7

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A company 1kn11￿ by guamtse) DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 oryanlsa￿n. The level 7 senior pjumalist apwgnticeship was appn)ved by the Instrtute for Appronticeship atNI Technical Education and the NQJ is the mandated qu81If￿tK)n. The level 3 apPrent￿eS￿lP for lunK)rSoumalists was updated during tho ￿r and proposals f(K chawe submitted to IFATE. Accredilalion NCTJ'S risk4>ased approach to accr8ditalion provth 8 iTrJorous. transparent and cost-gffoctive Wem that also fosters doser collaborabon betsveen course pThklets. emploiw5 and NCTJ. Et is basgd on courses meeting seven perfomiance stsnd8rds: Qualityjoumalism education. training and resulls Close industy links and practi￿1 UptrTrdate￿vrnaI1$m exper￿ce Professional delivery of NCTJ qualifThfions Commitment to equality. dNersty and H￿USI)n Innovat￿￿, arnb￿0n and continuous improvement EmploYab￿ty Communication, CollatrKjrai￿ aml contaca l joumal¢sm sch¢Jok running accredited courses are assKJned IndLthy thi5ers to support cenlres and add value. Hiqh perfomiing centras Con￿der&I r(%k have less direct inlerventton from NCTJ. A focus of accroditation is to help attrac# students lo the best ￿￿T5&S to gjpply tho industy with a p¢￿in6 of Iralnèd and qualrfied talent from all walks of lrfe and backgrounds. New cenlres vthh courses accT8dit8d by NCTJ during the ￿ar were: Glasg(yw Cwe col￿e., Uverpool John Moores UnNersity, and Oxford Brookes Univetsity. Former centres no long8T running acwliled ￿￿r$8$ were.. De Monffort UnNersty. Falmouth Univetsitr. and staff￿d$hiTe Umetwty. The top performing courses by aducotion and trwning se(knr based on sludent5' rosults ift the dlF4oma wera.. Cardiff University, University of Kent News Asso(ies LorKkn' aTrJ Wofverhamplon College. Caffters inf0mlat￿n As a resLFIt of demand from othor se(tss forj0umalt￿ talent as well as inry9asirwJty competiti￿ recruitment and edu¢at)n mafk9t, induding the need f￿ greater diversity and indusion, the charitys work to promolg joum81i$m and a¢¢r&JTted courses has bew))g vtlal. A new edition of the careers guid8, sponsored by the FT. was published during the year and showcas8s different routes Hito pumalism jobs. The on-going social media campaign. #chrJ)seNCTJ. r￿tinUeS to t Su￿8$$fUl in promting accrlited ￿1r8e$ 8nd NCTJ qualifications. Equalty. dNersty and inolusA In September 2020. NCTJ announced its plans to bmaden and scal8 up its work (m equality. dlverslty and indusion. This induded the apwintrnent of the thariWs first dNersity and indusicm ciFordin8tor. Nikki AkinoFa. The areas i(lentffied for further investment and supyt cover car8ers promotton and infomiation. research, entylevel training. m8ntoring. and continuiry skills and career de¥ebpment support. NCTJ'S work on 8qu81ity, diversity and inchJsw)n is irrf0M￿ by a group of more th8n 30 employers from across the media Sector vtho advise on tho fvrthw action negded that will mède a difference to thg make-up of newsrooms. This foium is also an opportun¢ty for bu$Hwsses to share and promot8 good practice. NCTJ continues to run the industys JcoJmafL%m Dwwsity Fund by encouraglng the awarding of bursaries for those who cannot afft)rd their training. The fvnd fost8TS gr88ter div8rsty in the newsroom by promoting Careers in journalism and awarding bursarigs to those from i*verse ba￿grOund5 Mfjthoul the fmancial means to attend NCTJ-accr8ditgd ¢ours8S. The Joumallsm Diversity Fund is rnanaged and administered by NCTJ as a rèstFicied fijnd. Repeat donation5 to thè fund were re￿ved from NLA media access. The Printing Charity. (kJog18. Sky UK, BBC, Bl¢x)mberg. Daily Page 8

NATIONAL COUNCIL FOR THE TrAINING OF JOURNAUM (A com￿nY limltod by guarantso DIRECTORS. REPORT IcoimNUED) FOR THE YEAR ENDED 30 JUNE 2021 Mail an(1 General Trust, Reach. Reuters. Finarml Mmes. Press As￿3a￿on. and Dchv Jongs. New donations were ￿CeIved from y3￿, ITV. Insider In& A2iz Foundation. Joumalists. Charity. S￿￿9ty of Editors, British Medical Joumal and On AG. Donations totallirg £5.IA1 wgrg T￿e1Ved for th8 Thomas Read bursary for joumalism stud8nts th disabilitw and £6.OW for the CLqire Prosser butsary for students studying broadcasl umalism. With an increasing demand for bur5aiies. NCTJ marked the JDFS 15th anniv8rs8ry by setting an ambitic￿S fundraising target of £500k for the year, whith was met in June 2021. Th8 JDF received a sp8cial award in ts 2020 Preyy Awards for he￿Ing more than 4(Kl peotAe from financial disadvantag8d backgrounds train to b8 PUTnali5ts. The tharity partnwgd with Atilty Today to deliver a succassful introductory joumalism course for aspiring joumalists y￿th disabilities. News UK workéd kn partrlotship ¥￿th NCTJ and P$$￿￿185 to run a trainlng schemè for up to 100 unemployed youry paople to help them break into Ihe media. Traineès viN complete six months of paid work placements and training for the Certificate in F￿ndati0ft JoumalÈsm. Communicatw) ar￿ collaboration In the fight against misinf0m￿tIOn and fake rws. NCTJ'S role in ensuring quallty twsted ioumalism is becoming more important and high profile. The charity made a commitment during the ￿al lo invest more resources In marketing and ￿)MMunICatIOnS lo promote Ihe NCTJ brand and its values. and vthy it matt8rs. The chailty has engaged the seFvlces of CT Grwp to hdp it deveh)p a nff4¥ wnmunKabons strategy and action plan. The charity de¢id8d ￿1 lo run the Joumakn Skllls Conference in 2020. Instead. Sky Naws hosted the awards for excellen￿ in an exceptional live-streamed event broadcast on YouTube on 18 March. A record-breakirig 417 entrtes were received across 15 categories, in addit*)n to th& 1,161 sludents and trainees eligible for perforniance awards. Anna Botting introduced each category and the shortlisted entrants before cutting to Sky News and Sky Sports News presenters from all over wodd to arbnourTh each winner. Some famous names include(l NCTJ patron Alex Crath. DharwÉsh Shèth, John Sparks and Sophy Rid98. Mark Hanna, co4vthor of McNw's Essential Law for Joumalists, receNed the chaimian's award for his outstsnding ￿ntr1t￿lI1On to joum81ism training and educatbjn. Mark was a senior lerturer in journalism at the UnN8rsity of Sheffield until hls retirement in 2020. and is also NCTJ'S chtef examiner and chair of the mèdla18W and regulatFon examinations board. Rather than oné iiwrson Sttjdenl Councl even( smaler group ￿￿Inars were for S￿dent representatives lo glve feedback on the NCTJ'S training scheme. In 2021, the charity began its 7LIth annrvgrsary by becomiNJ the new home ofT8elin8 Shorthand. In tsking over the cx)pyrigM from the Teeline Rordlties Partnetship. NCTJ has removed licence fees to provide frea access for the commeNal use of Teeline oulines by trainers and providers. This movè has brought Teeline out of copyright 20 year5 early and made it avaibNe for the public benefit and to support journalism training and standards. Public inl8r&stjoum81ism During the year. the charity continued to manage 8nd qualty assure the Communty News Proj8Ct {CNP). successful partnership bgtW8on Fac&trthk, nin8 reg￿nal news publishers and NCTJ. Facebook made a further donation lo exten(I the prolect for one year. The CNP has invo￿ad th& r8Cfuitmgnt and training of more than 100 community iournalists working for the nin8 publishers. Th8 Proied aims lo increase the quantity and quality of news stories in under reported Commun￿8$ in EWand. So)Iland and Wales. It also aims to improve the divarsity of nèw 8ntrants into ioumalism. Pag8 9

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company Umltsd by gu•rantee) DIRECTORS. REPORT {copillNUED FOR THE YEAR ENDED 30 JUNE 2021 Communhy news reportas thed toward5 the drploma or NQI aThJ the training was provided by Bauer. Boume¥nouth Llniver5ity. DarfIng￿ Colknge, Glasww Caledonian Unrve￿ity. and Sheffigld College. Oth&r formal training included a 'boot¢amp' run by F￿b[%)k and nine ￿EbInarS organised ty NCTJ. In December 2020. the BBC and NCTJ announc8d Ih8y had iclned forces lo cxeate a bespoke training pathway in the NQJ to alk)w hwJh-qualty junior rewters to be rewitetl for L(￿1 Demlwacy Reporting S8rvice ILDRSI positions. This aims to attrad a diverse of higtpqtsalityi￿m&￿L8ts. Whi￿ gNing reportefs a ctear career d8velopmont path. NCTJ supwrts relevant extemal campai￿$ and industry iniliaths. and during the year th058 included Joumalism Matters Week. Behind Local News, Apprenticesh￿) Week. Intemational Women's Day and Nallonal Careers Woe Re￿rth andpUbl￿allOrt$ The charivs on4Joirbg investrnant in professional research contsnued wlth the publution of a new report on diversity in I￿rnatisM. examining the charactsristst% of joumalists in tho UK. Th& roseaich. auihored by NCTJ research consullanl Mark Spdsbury. was based C￿ 2020 Latr￿￿r Force SuNey data. NCTJ published books durin9 the spar, Essential Joum81ism. by J¢)nathan Bakor. in partnership whh Roulledge and the seventh od11￿ of Essential Pub￿¢ Affairs for Joumalists. by Jam8s MoNison, li partnershlp th Oxford University Prass. Fol1Dv￿r￿j the retirement of Mike DcJd. &an Harrison was appoinled to Work with ma￿ Hanna on the 26th edftlon of McNae's Essential Law forJ(bumaI￿ts. due for putAir2lion in 2022. Sian is law service of PA Media. Perfom)anc• The results are siwnmwised as folkws: Totsl income to the charity Ivas £3.855.553 (2020: £1.335.1￿) and lolal eX￿r￿lItUr8 was £3.140.111 (2020.. £3.380,0431. The net In￿Me to the group. before Irwe$tTh￿ gans. amounted to £715.442 (2020.. net expense £2.044.8471. Together with net rt￿1￿ed and unrealised gains on irwestrnents amounting lo £226.928 {2020: £25.7271 this produthd a total inrxease in funts. bef￿? taxaticm of £942.370 (2020: Feduction of £2.019,1201. Income g8nerateil from the Dipltxna in Joumali%m was siwthcantly hMJhof than in 2020 and income for the year amounted to £523.899 (2020.. £345.2871. The increase was due to exams cancelled. p)stponod and deferred in 2020 and an increase in the numbgr of leamers in 2021. Income from the Nalional Qualification In Joumalism was £30.26612020'. £33,813) and 87 {2tr20.. 100) trainees sat th8 exams. 132 C8rtsficate in Foundation Joumalism cand¥Jates submitted 495 unit assessments during th8 ￿ar12020. 60 candidates submitted 317 unf( asse&sments). 1.30512020: 1.1921 joumalism studgnts enrolle(l on NCTJ-accredrted surses during the year. At the end of June 2021 there were 36 {2020: 36) ontres approved to run amdited joumali8m courses across the UK. Income from accreditation was £34.43312020: £34.7141. 4212020.. 42) IrainirvJ r￿u[s•S vwe run during the Jwr. These courses and rgvenue from training patherships generete(l inc(*me (rf £113,836 (2020.. £115.549). Revènue from events was £8.250 (2020.. £18.928). Page 10

NATIONAL COUNCIL FOR THE TrAINING OF JOURNALISTS IA ¢omp•ny lkn11￿ by gu•rnnlo0) DIRECTORS. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 There wer8 417 entrios In Ihe AwaY(Is for ExLxllance (2019: 395). Salos of distsnce leaming courses and ￿ SO￿ of books and digital matorials Sncreased by 16 per cant lo £201,947 (2020.. £173,946). 73 12020: 931 trainee jouMa￿Sts V+ere registered for the NQJ during the year. Incor￿ from rggi8lrations was £4.96912020.. £6.3641. 61 {2020: 951 apprentres slwe regFStered dur￿￿ th& ￿ar. Income from apprenticeships wa5 £59.235 (2020: £62.315}. Income ffom Strateg￿ partners was £58.0(K) {2020". £58.0001. In-kind income was lower thi5 year at £38.100. refiecting the reduced numbef offac&tt>ts¢e events12020.' £56.￿51. Sponsorship income was £66.787 (2020.. £21.550). This ir￿ded part of funds committed by Google UK to be ulilised bglween April 2021 arKI Mwch 2022 lo furfher deve￿ and wmte the Joumalism Ski115 Academy. Total donations to the Jwmalism thversity FurKJ V•ffj £SJ8.231 lindudirwJ £7.900 of gits in kind) (2020: £374.907. induding £26.440 of gifts in kindl) arKI total experKlitiJre Was £413,07712020: £327,378) giving a not in¢Toas¢ to the of £57.660 after the allo¢albon of investment income 01£52 and transfeTr. Durfng the SBar, 69 bursaries from the Joumalism DiveFW Fund were awarded to sludants studwng NCTJ- accredtted e4)UFses (2020.. 451. In January 2019, a don8tion of £4.6m (US $6ml was made by Facebook to finance thé Community Ngws Project for two ￿ar$. A further donati(m of £2.18m {US $3m} was recived from Facebcok in D8C8mb8r 2020 to axlend the project for a year. In 2021. £1,404,480 (2020: £1.905,512} was paid to nine publishe￿ leawng a balan￿ of £1.963.207 after the 811ocalion of investm8nt Incom& of £771. There a desHJnated fund hekt by the tharity to deliver the project. Expendrture in the year fffjm thi8 amounted to £232.308 (2020 £212.163> leaving a baknce of £436,553. At the end of June 2021. 55 communty rep￿tsr$ were workiNJ in their roles.. a total number of 111 TepKSrters h8ve been recruited ￿nce Ihe prDiect began. Of the 55 repcrters. 38 (69 per cent) lall wthin on8 or mofè of the categories designated as d￿e￿e and 25 Fer cent of the rew>rters identify as BAME. The reporters completad 250 diploma assessmwts ond 48 NQJ ossessments during the year. FINANCIAL REVIEW Golng ¢onc•rn The directors are satis￿ that the charity has adequate resourtss to continue in operational exlstence for the foreseeable future. For this reason. they continue to adopt the goirvJ con(*m basis in preparing the finanaal statsments. Further deta￿S regardir¥J the a(knp1￿ of the g)ing txMKxm basis can ba found in the accounting poliues. Inv•stm•nt pollcy and porforrnanc• Under the memor8ndum and artides of associaknn. NCTJ has the power to make investments in such securities. property and other investments as the directors see fit. Tho Portfol￿ 15 invested wilh the ad￿ce of Inv8Ste¢ Wealth & Inv851ment Ltd and the directors ar8 satisfied with its overall performance in the Cuffent market conditions. Page11

14ATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA cl>m￿nY UM1t￿ by g￿ron￿o) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Fundlng NCTJ has adopted a dNersffjed opproath to inLxme ￿￿ernt￿. Th8 principal funding sources are.. donations from 5tratQ9i¢ partners. income from wi5trations: apwenticeship and examination fees: sales of publications and training malerlals: events and training courses: accreditation fee5.. donalh)ns to the Joymalism Dlversty Fund., s￿nSorship and donatJns: and invostrnenl rncom. The chariws strategic pathars help the charity to innovate. build capa¢ty and ensure tt has the resources antl support to make a dtrfference in the areas where he￿) is needgd most. NCTJ'S team WO￿￿￿9 to increas8 the number and value of the stskeholders in}￿￿ed. The directo￿ have given due ￿)nSideratIOn to thè fundraising regulations and their duties aTKt responsrbilths as I￿￿tees. During Ihe year, NCTJ did not furKlraise from the public and did not engage the services of professlonal fundmsers or Ihinl-P8rty agena R•sorv•s pollcy It is Ihe aim of the dir￿15 to generate surplusgs suffiaent to maintain a level of resources which, in the C¢slnion of the board. is commensurate with tho id8ntified needs of NCTJ. Directh wtll continue to monitor the fvture allocation of investments lino with the charit￿$ reserve5 policy and dov8k)pm8nt str8tegy. Th8 pdicy is lo maintain a minifnum level of funds equal to four months of overtb8ad expenditure and slx mnths, Salary costs. This currenuy equates to c£420,000 and y+￿1d al￿￿ Iwne for a re-organisationlrestructure in th8 l of a downtum in income, protecl rry)ing strdtegc work arKI allcm th8 L81ity to fvlfil rts ijbjectwes and mmitments. At 30 June 2021 the group had funds tolalling £4,556.981 (2020: £3.614.1251 of which Unrestrict￿ funds amounted to £2.315.717 (2020." £1,885.336) and rastrtrknl ffijnds of £2.241.264 {2020.. £1,728.7891. An 8natysis and purposes of th6 funds are shcAvn in notg 17 to the a￿￿unts. Exduding restrrcted and designated funds. the charrty ￿rrenty hL4ds free ￿seNe9 of £1.463.746, well in excess of the minimum r8quirement sel in its policy. A PrO￿rth)n of this fund, £334.470. was accumulated in 2010 through the gxtraordinary repayTrent following the cktsurg of a ffin81 salary pension schemo. The fund was further bLK)Sted by the exceptional growth in its invesknent wtf(Aio during prav•)us financial years. The charity has undertaken increas¢d l&vels of resoar¢h arKI development and has invested in enhancing rts products and servicas lo ma8t thanging skills needs. It is placed to c￿tInue to meèt the changing requirements of both luture loijmalists and industy skills. PLANS FOR FUTURE PERIODS NCTJ has a strategy and an ad*Jn plan of p￿l￿eS ¥Ath perf(Kmance incficath and risk 8ssessments. Thwe are supplementary stratsgies for qualrfications. aw￿rtaI￿n. the JSA. research, communications and equality. diversity and indusion. The overall stratsgy for the next ￿ar wll focus on wKxibes agreed by tho trusteas and will continue the work to ensure NCTJ has Ihe expefbse, supp)rt. woducts and resources to operale effeclivèty as an industy tharity for all m8dia s8ctors and joumalists. The current strategy and pkn aim for NCTJ lo be.. - A fully o)nverged profess￿r￿1 organisation supp(￿ed and fund8d by am the18ading m￿la organisations Th8 first choic8 'gokl standard, for professional. hwJh qUa￿ty N)umalism tareors. courses, continuing professional developm8nt. 8ppienticeship5 and qUatif￿all0ns Pagè 12

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA ¢ompany Ilmlt•d by guarantso) DIRECTORS, REPORT {CONnNUED> FOR THE YEAR ENDED 30 JUNE 2021 . Focused on hs charflable adivitses 8rKI generating incAJme str8ams to P8yfrK these activitles . Kn¢)wn for the tskwi an(1 the Fgrtnerships d8veW to wonb)te th]ualty. dtver5ty and incluslon - Recognised acling in the best interests of trusted quakty ioumalism, (￿)ntinu￿￿ evolving and adapting products and seNices Ml response to thange - High rKofile with w*Jer public rec()Jni - Responsible for accreditlng and pr￿ntilln9 qualty. inngvalive journalism tra¥)ing and careers - Successful in developing partnerships arKI proiecas to sustain qualty public interesl ioum81ism The charitls detailed review of its five-year devglownenl $tTatggy b on-going to refflect its latest research finding5. changes to jOLFmaltsm arKI the impaca of the pandemi In th& ahead the charity will scale up the ￿rnIng resources of the JSA. evaluate and improve current provlsKJll and user engagement. commiSs￿n and use res8arch to Inf￿ the devebpment of new courses, materials and r&gJurce5. PrO[￿ting th8 JSA to kay aw118n￿S and wth¢ng with partne￿ is another koy activlty. Work will continue to buikl effectNe stratty￿ parIne￿h4ps vthh Ske-minded organisatlons. We aim to develop partnerships with thos8 who can assi51 us in our mission to attrac¢ qualfy and develop OL51standing joumalists from all walks of lrfè who WO￿ to Ihe h￿Jhest prOf￿10nal stsndards. In tho ch8ritys wort to supp(vt Ihe fubjre sustanabilty of Wb1￿ in19￿1 ￿Uma11$M, NCTJ WIM ensure thè Community News Pr¢¥ecL remain5 a Success. it ￿Tr11 emb8d the nthv trainin9 scheme for the BBC-fvnded Lo￿1 Democracy Reportérs and wll work with partngrs io dgmse and delvw furthw projects in line V￿th its charitsblo objectives and PTioriIi8S. The ch8riVs umnmitmenl to equ￿ty. diversity indusion [5 a top PTK¥ity. Thls invoEves hefping more poop19 from different backgrounds to train and devolop their Careers as loumalists and to tackle under r8presentstion in SP8cific joumalism sectors. By exlending the charitls c4)mmitment to mid•career skills. il aims to achieve greater diversty amongst newsroom editors and manager5. NCTJ ￿11 us& ils 8mployars' forum to prowd6 advicè on further ac￿on needed and hjeas for frJndrai5ing to w Iha JDF and tts remit. The charws 70th anniversary c8lebratx)ns in 2021 wal indude IVL) map)r events: tho equallty, dlversity and inclusion conference. hosted by 8kx)mbwg. arKI the Joumalism Skills Conference in a new fomat. The charity will continue its investment in dwJital tools and resources as well as making further developments to its operations. pmducts and seMc8s to meet the needs of the changing m9dia and educ¥tion and tratning sectors, and to serve new markets forp)umali5m thl15 in line with tts diveTsfficatM)n strategy. A new website and exams managem8nt syst8m b818unched18ter in 2021. During the Jear ahead. expect to completè the d8velownont of a ￿MmunIt4110nS strategy aThJ to start plem8ntMig the agreed actK>n ￿n. Further develcpments lo NCTJ qua1lfKatr￿ wll be made. irKludiTrJ NQJ p8thw8yS, 8nd plans are kn place to kncre8s8 the numbèr of apprentr8p)umali5ts. Th8 charitys reSea￿h programme during ts year wll inclLKJe ￿￿￿tIOn of thg SecC￿d edition of Emerging SkTrlb for Joumalists. Page 13

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company Ilmlted by guarantoe) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 The directors renkqin focussed need to manage exp￿ILUre appropriatety and in line vrith lis charitable obl8ctfves. STRUCTURE, GOVERNANCE AND MANAGEMEKr Constltullon NCTJ is registered as a charitabl8 corrwny knited by guarantee and was incorwatèd by t￿￿ deed on 5 June 1992. The charlty is ConS￿bJ18d under a trust deed dated 5 jur￿ 1992 and 15 a rggistered charity number 1026685. The Principal obied of the tharity vs the provisK)n. supervisKJn arKI acueditation of ioumaltsTrr8laled training. and the directors intend to wntinue to devek)p these activrtiès. Method of appolntm•nt or •lKtlon of dtr•ctors New directrms are r8cDmm8nded and apwinled by Ihe directors. Ntjminatsns are vettad carefully 8nd consideralions indLtd8 skills and experience. representation of stakeholders. elh3ibilty and conflicts of Interest. The chairman and chief 8xecutTrve are respo￿blo for tho induc11￿ and tramiing of directh aThJ formal training is availalle covering the role of a Iwstee. ￿)VeMan￿. finance. chairing committ88s and tr)8rd 18&lership. The number of directo￿ is not suty'ect to any M￿muM IXA i8 ￿t less than three. A di￿10¢S tgrm of office Fs rrf)ffnally for at least three years and a peiicKI of up to nine years. Thereafter the term of office of individual directors will b8 r8vi8wed and may be extsnded further by the dire¢kns rf It is in the interosts of the charity. K•y manag•mgnt p•rnonTr￿ •nd rwnuTh•radon poll¢y Memb8rs of the senior m8n8gement leam durfftg Ihe ￿Ere. the chief exwtiv&', the head offinance IT., the head of quality aThJ 8S58ssment" the head of partne￿h[p5 and proi8rt8', and the head of quallfications. Total tsjsts for the yaar am￿nted to £402.171.12020.. É392.476). NCTJ recowises that motivated staff are vital to the SU￿5$ of the ￿anISation. NCTJ is committed lo a policy that rewards and recwuses Staff both formally and informalty. and in financial and nO￿fina￿al ways. Arrangerrnnts ar8 in pFac8 to r80)3nis& ujmpany. leam and indivwjual athievemants and to ￿ebrate Su￿$5. NCTJ wants its staff lo feel that. in return high performan￿ and nwting ob5ectives. rt is a great place to Work and that their wntributions make a difforen¢e aThJ arg appreciated. NCTJ approach to rewar(l and re(tyJnil#)n Is based the g￿￿al princsples th. - Foimess. integrity. value arKI aqualty of OFP)rtunty - sL￿port fOr￿b and career devek)pmnt - Training. mentoring and coathing - A team culbJr8 of openness, trust and stspwt combinad wilh indNiduo1 responsbdty and measurab perfonnance - Lgadwship and managennl effectivwess Page 14

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA ¢Mipany Ilmit￿ by guaranto01 DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 - Effectivè communication JI stsff have agreed ￿b desL¥iptions. 'smarY Obl￿￿Ve$ 8nd rnyular re4ry6ws. There are shared and understood company Vall￿5. ￿]eCtiVeS and w[￿￿95. A reward and rocogniknon sutr￿mIlle8 of the ih)aTd rr￿ts timce a to approve remuneration and reward arrangements. Meetings are chair&J by the chaimian or ￿￿ha1￿n8n. wilh at least two other directo￿ pres8nt. During the year. the committee awarded ex-gratia payments Io some staff for their oulstsnding pèrformance and on-going commitment during the pwldemic. S•f•guoTdlng and whlsdoblowlng The charlty has safeguarding and whistlgbbvmg rAaee vthith refloct the swvlcas it prowdes and the people it supports and employs. The charity tskes it5 reS￿nsIbIlitIeS in these areas extremely Seriously and rgqLtires joumalism edu￿￿On and tratning centres to have their own effective poli￿eS and procedures in placè. Policies 8re rewewed in line ￿ changes or guKlanc from c￿r regulators and other relevant bod￿$ includlng th6 Charitie5 Commission. Oryanls•U¢)nal slructuro and d•clslon maklng The directors have the uttimate resFKJrtsiblty for nJnniNJ the (arity and exercising all the powets of thè council. and. in particular. lor ts IYCY￿, ffinances, st18tegy arKI accountability. Operations are delegalad to the chiof executive. who is appointed by, arKI rekM)rls to. the board. and her management team. StakeholdOTS are invotved Ihrough focus groups of ￿[loTS and trainers. aoyedttaim forums arKI seTh￿nar$. the Joumalism Skllls Conference and the Sludènl Council. The charitys professional awanjing organi5ation lunction. incFLuling apprenticeship end-point assessm8nts. is re￿niS0(1 in England by Ofqual. the Office of the Qualffications and Examinations Ragulator. In NoTihem Ireland the regulator i8 the Council fly th& Currulum, Examm￿￿ and Assessment, and Wales it is Quallficatlons Wale5. The directors provmae extemd guhjance. advice overSi￿t for NCTJ staff and 8xaminers pi reLgtion to the charitys activi1Ses as an awdrding onJanisation. Their purpose is to ensure the maintenance of tha credibility and relevance of NCTJ qualifications and awards. The directors oversge the annual setf-evahjation process frIT monitoring complwnce with the reg￿￿tOrS, cOnd[tK￿ of recwnitw)n and submit annual statements of complianc8. The ioumaltsm qualif￿ationS Eoard reFK)Ns to the board of directors to provtde exiemal guidan￿. advi(* and oversight of NCTJ s￿labUSes, examinations and awards. The chaimian of the quality assuran￿ and standards committee is the independent arbiter of NCTJ awards and tha committee oversèes the work of the principal oxaminer chief examiner5. The committee publishes its annual re￿t in D9¢emb8r. Th8re 18 an independent ￿b￿JSMan. Slr Clive Jones. to rule on final stsge appeals. The ac¢reditsli¢)n board d8velops and impkn)ents the industy slandard for a¢cre￿itIng prwnty ioumalism training courses. It plays an important Tole in monitoring centr8s and managing risk. The Joumalism DiveT5ity Fund is managed by an ts)￿4￿1tt￿ app)inted by the Llirectors. membe￿ of tho committee ￿clude represgntstives from Companies Ihat mak8 finan￿81 fX)ntributions for the awarding of bursarios. To manage pthtial confiicts of interest, the C(ffimunty Proigct overseen by a sub-commrttee of the DuriNJ the year, the diractors daudad to eslablish a fomial financé and al￿11 sub-committae of the NCTJ board. This is to ensure sufficient time and expertise is dedKated to scrutiny and oversight of thè accounts. 11 reflects pa￿15

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA ¢¢ynp•ny Ilmlt•d by gu•r•nt••) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 the growth of the NCTJ in rexent >Yars. the increasing comploxity of its finances, tho management of larger- scale projects. and Fdans and the potential for further growth. The Iwstees recognise rt Is ￿ts1 to Yuture proor th8 charitys long4emi financial security and to ensure effective rtsk management and finan¢ial controls and procedures are In place. NCTJ has agreed teffl￿ of reference for directors and are rev10v￿d annualty to ensure good govwnance and best pradica. Th8se cover tha organisation's purrKJs8 and strutJra, ffjsponsibililies. membership of the board. meetings and detision-mthng proto(xA. NCTJ'S patron. Alex Cravrford. assists the charity in thg athigvomont of its mission and ob￿tiveS. The patron is tho person most embc4lies th8 values of ioumalism that ioumalists respect and adhe￿ to. In her role as patron. A￿X is grving tslks, running workshops. wilbng arttcles. helping with fundraising 8vants and doing 8118h8 can to hwJhlighl the smportan¢e of profeSsicK￿l p￿rna￿$M and to promote the NCTJ'S values. NCTJ usas the Charity Gov8manc8 Crmle ￿ suppcKt its ¢ommilment to o)ntinuoug improvement. The dirgctors recognise Ihat as a charity that is grcwing and changing, NCTJ needs to regU￿rIY review its perfomiancg and practice. This ensures the ¢)rganisation has a clear purpose, strategic leadefship, integrity, sound decision- maknng. risk and control. board effectiveness. divorgty. and opennoss and accountability. Rolated ￿rtY rol•tlonshlps The trading ￿ti￿the5 of the group are carried ¢yJt by NCTJ Training Limited. 8 WhOlty￿le￿ subsidiary. NCTJ Training Limiied. prO￿dIng it has suffi¢bent reseNes. has undwtaken to pass au Ils taxablo profits to the holding company und8r deed of covenant The Iruslees have noted and applied thè Chaiity Commisshjn's guidance for chaTilies wtth close lknk8 wlth non- charitable organisatic￿S. induding oWn￿hiP of trading subsidiaries. The NCTJ'S relationship wtth NCTJ Training Ltd is considwed to ba cnjctal in helpiNJ the charity deliver its Charitab￿ purpose for the public b&nefft. The ch8rlty conlmls h(w NCTJ Tralning Ltd spends funds and uses resources. The trusle8s understand the purpose of its trading comp8ny and they ensuré the connect)n is aw in the best intsrests. The trading company musl uphold the reputatton of the dHrity and thore must t prwate benefft from the Company for those conn8Ct8d wth the charity. The eharity is weduded by its mèmorandum arKI arlides of assc#iatb)n from the payment of dl¥Klends. P•opl• wlth slgnIfl￿1 control The dlrectots have considered the rules concerning Fwpte Mryih signnlcant contrd {PSC). They have conduded there is no PSC: all the trustees are responsibl8 ccAl￿ti¥&ty and no single individual has a controlling interest. Rl¥k manag•m•nt The directots have assessed the majcf r￿kS to whth the group Ès exposed, in p8rticul8r. those related to the OP8rations and financ8s of the tharity and its lrnding stjbsidiary. and compliance the regUlatC￿$. conditK)ns of rec(jni￿n for awarding organisallons. The importance of effectwp risk management operates at aN lgmpls of the rxganisation. The directors are r95ponsitA& for managing risk at a stratsgic levd and monitr risk on a quarterfy basis. The chief executive and management team have primary responsibilty for managing risk at an op8rational level and building a risk awareness Cultu￿ within thè ¢xganisation. IndTriiduals and teams arg responsib￿ for iden￿￿n9 and managing risk on a da￿l￿aY basis. The rtsk anaws Is undertaken in rm areas under the fdl(Ming cat8gori8s: P8ge 16

NAnoNAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A compary Ilmlt•d by guar•nts•) DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDEO 30 JUNE 2021 . Strat•gl¢- these COfKem the I￿￿TM strategic oty8ctives of NCTJ. - Oyratlonal- these concem the da￿t(￿daY i4ues that may VthI￿ d8￿vering seNces and products. - Flnanclal - th8S8 ccmcem the 8ffecthe fflan￿￿t and c(mtrd of NCTJ'S financs. - Knowledg• - and intellectual property. Compllance these concem issu￿ suth as health and safety, data protection. regulatory issuos or environmental issues. The key risks identifie(18n¢J monitored by thè ￿ganIsa1￿)n during the ypar rdate to.. - Impact of COV1[￿19. changes io the activiljes and operatK>ns of the chaTtty.' the economic and slructs&ral challenges to the medk? industy, the Un￿rtain￿85 in th& eduralion and training Ma￿etpLace. and raputational damage caused by the actions of the charivs regulatovls). Actions tsken lo mitigate the impact of COVID-19 ar& deScri￿d above. - Sufflcl8nt sklll•d staff and managament to dollver obJ•¢tlves: this has a potential impact on productivhy and the ability to delNer seNces. Alxions taken to mFbgale this hava b8en the continued employment of staff to manage the Community New5 Proiect. the ap￿Intment crf staff and the allctation of extra resources to cover Ihg increase in the work on equalty. divgrsty and inclusion. the launth of the Joumalism Skills Academy, extra resources for the exams adminislration team during the pandemic and the Intr￿Ju￿1￿ of new exams systems, and su(%ession planning. tralning. develownent and MUl￿skIN1n9 of staff. - Adherence to operatlonal procedurns and mg•llng quallty assuTance leve15 and standard$. Actions taken to mrttgate these involve stsff trainvig and LX)mmuni¢atFon of policies and procgtsvres through meetings and communications with key st8keholdeTS and the use of ext8mal i¥msultants. - IT. potèntlally Impactlng on pnxluGtMty and d￿1Vory of StrcrfKJ ￿nting￿n￿ m&asures are in place to minimise any impact. with fvll dats bad(-up in multiple offsite k)c4ttons. The directors are satlsfia that $￿emS and ¥￿￿edureS are in yace to mitsgate the8e risks. CHAR￿ABLE CONTRIBUTIONS NCTJ Training Llmlted made 8 profft of £170.274 bef(￿ tax (2020.. £36,498),. durlng the year NCTJ Training Limited made a charitable donation irf £163.25212020.. £29,556) under deed of covenant lo its holding cnmpany. Nati¢)nal CoLFncil for the Training of Joumalists. DIRECTORV RESPONSIBILMES sfATEMEP The diredoTS (who are also directors of NatM)nal Council for tho Training of Joumafists forthe purKK)ses of company law} are reSponsi￿e for prewing the direc1￿5, rem and the finan(ial sl8lernents in accordance wlh applicable law and United Kingdom Accourkting Slandards (United Kingth)m Generalty Acceptod AC￿nting Pr8cttcè). Company law reqvires the directors to prepare financial statonwnts eath fin8nci81 ￿ar. Under cK>mpany law the directors must not ap[￿0Ve the financial statem8nts LEnEess they are satlsfied that they give a true and fair view of the state of affair5 of the tharitable o)mpany and the group and of the income and expenditure of the charitable group for that poriod. In PfgP8ring these fin8n¢ial statements. the directors 8re r8qulred to: ' select suitable alxounting arKI IhM apptythem t￿n$￿tenty. Page 17

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company Ilmited by guaran￿1 DIRECTORS. REPORT {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2021 • observe the melhcmls and princples in th8 Charthas SORP.. ' make jUdg￿ntS and accounting eslimales thal are reasonable and pnwjent.. • stste whether appliCatr￿e UK Accounting Standards have been folk)v￿d. SU￿.￿1 lo ary material departures disclosed and explauied in the finanaal statements: ' prepare the financial stalements on the going concem basis unbss rt is inappropriate to presume that the charitable group will corrtinue in operatKJn. The directo￿ are responsible for keeping ￿leqL5ate accounting reCo￿S that are suffirjent to show and explain the charitable company and the group's trans￿t￿nS and dL8close wsth reasonable accuracy at any lime the financial position of the charitable group and enable them lo ensure that the fina￿la1 ststements comply wtth the Companies Act 2006. They are also responsible for safegtjardtng the assets of the charitable eompany and the gr(yJp and hence for tsking reasonable steps for tt)e prevention and det&tion of fraud and other irregularities. The directors are responsible for the maintenance and inlegrty of the corporate and financkal informab.on induded on the charitaWe groLtp's website. Legislati¢)n in the unit￿ Kingdom goveming the preparation and dissemination of finarKial slalements may differ frcm isIal￿n in crtherjurisdictions. DISCLOSURE OF INFORMATION TO AUDITOR So far as each of the directors is wware at the report is approved.. . there is no re￿vant audit infomatpm ofwhith the eompany and the group's auditors aTe unaware. and • the directors have taken all steps that they ought to have taken tr) make themselves aware of any relewant audit infoTmion and to establish th* the a￿J￿IN5 are aware of that infomwtion. Approved by order of the members ofthe board of Dir￿)r5 arKI signed on their behaw by. Klm Fletcher (Chair of Trustees) Page 18

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A company lknltod by 9uaran••) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS Oplnlon We have aLtsJÈted finarml sLments d Nalional Crwnol for the Trainiry ol Joumalists {th8 'parent charitstAe companll and its subsidrarres Ilhe 'group'l for the year ended 30 June 2021 ￿1¢h compris6 the Consolidated stal8m8nt of fmancial acbwbes. the Ixnsolwjabd balance sheeL the ch8rity balance sheel. the consolhlated ststem8nt of cash fk)ws and the related notes. induding a summary of stgnthcant a¢￿￿nting liues. The finanual reporting Irdmework that has been applied in thwr preparation is applicabl8 law and United Ki￿d0M Accounting StarKlards, induding Financial R8tN)rtiry Stw¢dard 102 Yhe Finanual Reporting Stsndard app11ca￿e in the UK Republic of Ireland. {Uniled Kir¥jd￿ Generalty Awited Accounting Practical. In our opIn￿n the financial slaten￿nts. give a true and fair view of the state of th8 Gw's and of lh8 paronl chari18ble ccXnpan￿3 affairs as at 30 June 2021 and of the Group's in￿ming Tesources and application of r&sources. Hiduding its income and 8XP8nditura for the ye8r then ended.. have been properfy prepared in ac(x)thrKe ¥rilh Unl￿￿ Kingdom Generaly Accepted A￿untIng PfactiC8.' and have l)een prepared in ￿￿rdan￿ with the requirerr• of tho Companies Ad 2006 and the Ch8ritles Act2011. Basls for oplnlon We conducted our audit in acrAYdan￿ wilh lnIemati￿1 Standards on Auditing (UK) (ISAS IUKII and applicable law. OUT responsi￿11111es under those standards are further described in the Audttors, fesponsibilitios for th8 audit of the financlal statements section of our reporL We afg indwdent of the Group in accordance the ethical requirements that are relevant to cHJr audit of the finanaal statements in the United Kin￿Orn. including the Financial RepOrt￿g Councifs EthKal Stand8rd. arKI we have fulfilE8d our (thr elh6c81 responsibilitios in aC￿rdanCe with th8s8 requirements. We beliève that the audit ovidence we hav& obtsined is SLfficient and appfopriata to provide a basbs for our Opin•￿. Concluslons relatlng to golng Mn¢•rn In auditrng the financial slatsments. have conduded that th8 Directorn, use of the going ￿ncern basss of accounting in th6 preparat￿￿ of ltr￿ financqal slatem8nts is approwats. Based on t￿ wcffk have porf0M￿d. ￿ have not iden11￿ any mater￿1 Un￿rtaInlieS retating to events or conditions thal. indmdualty or (x4le¢tively. may t2st slgnrf￿anI doubt on the Group's or the parent ¢harilable companYs 8b51ty lo ¢ontinu8 as 8 going ts)ncem for a of at least Iwelv6 months from whgn tho fin8naal statsments are authorised for issue. Our responsibilitigs and the responsibilitses of the DireCt￿S ilh Tesped lo gc4ng concem are describod in Ihg r￿0Vant S8ctions ofthis repl￿. Page 19

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA cornp•ny lknlt•d by guarant••) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR ThE TRAINING OF JOURPIALISTS {CONTINUED) Olhèr Inlormatlon Thè other infomwtion comptises the inf0m￿lI¢m in(Jtsd in the annual rep￿ other than the financial statemènts and our auditors, report thefeon. The Directors are responsible for the other information ccmtsinad wthin the annual report. Our OPinKffi on the financial stemgnts (logs not ￿Ver Ihe other infoThnation and. ex￿P1 lo the extent otherwise explicitly stated in our T8por( we do not express anyfom of assurance condu5ion thereon. Our Tesponsibilty is to read the other inf0M￿tiOn and. in dow so. ccrtsider whether the other infomiation is materialty inconsistent wilh thg financial ststemènts or our kntr obiaingd in the course of the audiL or othemse appears to ￿ materially misstated. If ￿ Jentify such mat8lTal inconsistenciès or appaTent matgrial misstatements. we are required to detemiine vthether gives rise to 8 material misstatement in the financi81 statements themsolvos. If. based on the work have performed. we condude that there is a material misslatam8nt of this other informatK)n, are required to rewt that fact. We have nothing to rèwt in this regd. Oplnlon on oth•r matt•rs pr•scrlb•d by th• Comp•nl•• Act 2006 In our opinion. based on the undertaken in the xurne ofthè aLKIIt tho information givgn in the Dtrectots, r8w)rt for the fnanLyal yaar for the finanual stslom6nts are prepared is consistent with the financial ststements. the Directors. report has boen prepared in 8c¢x)rtho with appfic4tAe legal reqUirem￿ts. Mattors on whlch TW• are r•qulr•d to r•port by •xcWlon In the light of our kr￿ and understanding of th8 charitsbte (xjmpany and its environmenl obtsIn￿ in th& )urse ol the audit we have not Mjentified matetial misstatements in the ￿TectrI[s, report. We have nothing to report in respect of the matters in Tdatw)n to whth Companies Act 2006 requires tss lo report lo you rf. in (wjr opinwjn: the parent tharttable company has not kepi adequate and suffioent acctsjnling records. or retums adequate for our audit have not been receNed from branches not vis¢ted by us" or the parènt tharitab￿ company financial ststwments ar8 r#)t in agrèement kntyth the account￿￿ records and rèturns., or certain disdosur8s of Dir8(arMs' rgmuneralKfft sp8U￿ by law are not made." or we have not recebved all the information and explanations we require for our audit" or the Dwectors were not ontiuod to prepare the fmancial statements in accordanco with tho small comp8nl8s regimg ond tske advantage of the small rJ)mp8ni8s' exemptions in preparing the Directo￿, report and from thg Tequiremenl to prepare a Strategc report. Pago 20

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA company lknlted by wrant•• INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TrAINING OF JOURNAUSTS ICONTINUEDI R•$ponslbllltl•s of trustsas As 8xplain8d mor8 fulty in th8 directors. r8SkM)wbÉlibes slatemen( the Directorg Iwho are also the directors of the tharitsble company for the pu￿$se$ of ￿MpanY lawl are responsible lor th8 preparation of the finawal statements and lor b￿n9 SatiSf￿d that they grve a true arKI fair vw. and for suth inlemal control as the Diroctors detennine is necessary lo gnablo preparab¢)n of financial statgmonls that 8re free from material misstatgmont, du8 to fr8ud or error. In preparfng the finanoal statements. the DirnLots are resk)nsit4e for assessing the Group's and the parent charitable companls ability to continue as a gowy concern. disdosbng. as applicabl8, m8tters related to going cijncem and using the g￿ng concm basks of accounting unEess the D￿tOrS eitt)er intend to liquidate the Group ￿ the pargnl thaiitablg company orlo cease (4)erations. ￿ have no wlistic altemative but lo do so. Audllors. rn8pon•lbllltle for th• audli of the flnandal slatements Our objectives are to obtain reasonabb assurance about whethgr the fmanci81 ststements a5 a whole are flee from malarial misstatement. whether due lo fraud or erny, and lo wue an audSlors' report that indudes our opinion. ReasonaNe assurance is a high level of assurance, twt is not 8 guarantee that an audit conducted in accordance ￿ ISAS {UKI wll a14V8ys detect a material misststement vthen it exists. Misstatemnts can arise from fraud or error and are ujnsidered material rf. iThdwJualty or in the aggregat8. Ihey could r88sonably b6 8XP8Ctod to influertco th8 8conowic dOCiSK)ns of users 18ken on the bas￿ of these finand81 statements. Irregularitios. induding fraud, are instant￿ of non￿[￿lan[￿ 7Mth laws and regulations. We design prowlurgs in line vath our responsibilities, outlined above, lo de￿t mateTk31 Mi55L￿eMents in f8SP8Ct of irregularttiOS, induding Iraud. The extent to which our procedures are capable of detectiNJ irregularities. including fraud is detailgd belw. Our approach to Klentifying and assessing the risks of material mksstatement in respad of irT8wlarities, Ind￿1￿ng fraud and norkcompliance w7th Laws and reguk1K￿$. was as folkM". the engagement partner ensured th8t the eng8gement leam ￿lleCtive￿ had the appropriate compglgnce. I￿pabil￿e5 and skills to identify or reojgnkse th)rK(￿PI1ance vmh applicabl8 laws and rogulations" we idanlifiod tho laws and r8gulatÈons appli￿ to th8 group through discJJssion$ Directors and other management, and from our knowledge of charity and company law and experience.. we focused on Speci￿ laws and regulaiws we considered may have a direct material effect on th8 finanaal stat8ments or th8 operatKJns of th8 charitsble company. includlng the Companies Act 2006, Charities 2011. taxation ￿ls1all￿ and data w(rtectknn. anli-bribery and empknyment ￿ls1OtiOn,. we assess&J the ext8nt of complrance V￿th laws arKI regula¢KmS thntifd 8bove through maklng onquirtfjs of management army inspectiny kgal correspoThlence: tdentified laws arKI regulaly)ns V•*re communicated within the audil team rg3ulady aThJ the team remained alert to instances d nonthC4Jmpliance thfoughoLrt tho a￿￿bt.. and we revwml the minutes of Directofs meetwy to thntify any refer8n(xs to non-Q)mpli8nces with laws and regulations. We assessed the SU￿p￿till￿ of the group's financial statements to material mi8staterMnL induding obtain￿9 an understanding of how fraud might occur. by. Pagp 21

NATIONAL COUNCIL FOR ThE TRAINING OF JOURNALISTS (A company Ilmltod by guaTants•) INDEPENDENT AVDrroRS' REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS ICONTINUED) making erquiries of managwnenl as to where they u)nsidered there was SUSC8ptibilty to fraud, their knry4vledge ofactyal, suspethd and alleged fraud: and considering the intemal ￿ntr[￿S in ￿ace to mitsgata risks of fraud arnl non-compliance law5 and regulations. To address the risk of fraud thmugh manag￿t bias and ovenido d c￿[015, w; performed anatyti￿l procedures to idenbfy any unusual or uneNpecbJ relationships.. tested ioumal entries to i￿en￿fy unusual transacaJns: we eVdUat￿ the aSsuMp￿n5 and judgements used by management wlthin significant accounUng estimates and assessed whether these indi￿ted evidence of management bias.. and perfomied audit wcrfk over the risk of management oveTrtd8 of controls, indudlng testing of ioumal 8ntri0s and other adjustments for approprialen8SS. 8valuating tha business rationale of stgnificant transactions outside the nomial course of twsiness end reviewing accounting estimates for bias. In response to the risk of irregularitles and nonrycMWIar￿e with laws aThJ regulati(￿5, we designed prwoduras which induded, but were r￿1 limited to: agreeing financial statement dthurns to und8rt>iNJ yJpwting documentthn; readifWJ the minutes of meetings of those charg•J with 9Jv8ma￿,. enquiring of Managen￿nI as to 8clu81 arnj K￿ential lrt•Jalh)n and daims; aThJ reviewrMJ CAJrrespondence wth relevant regulators such as the Charity commk￿lo￿. Th8r8 ar8 inhwent limitalx)ns in our audit procedu￿ desuibgj above. The more removed that laws and regulations are from financ4al transactions. Ihe less likety it is that wo woukl becc#ne aware of norvcompliance. Audi(ing standards also limit the audit wocedures required to identify non-compliance with laws and f8gulalion$ to enquiry of the Directys and other management and the InSpeL*'c￿ of regulatory and legal corresponden￿. if any. Malarial misststements that arise due to fraud bg hardor to delocl than those that arise from 8rror as th8y may invofve deliberate concedment or fJ)Uusion. A further descrip￿￿ of our responsibilities for the audrt of the financial statements ￿ located on the Financial Reporting Councifs website aL" wNw.frc. .Lsklaudi sibilitsgs. Thls de5C￿ptiOn forms part of our auditors. reForL Page 22

NATIONAL COUNCIL FOR THE TRAJNING OF JoURN￿lSTs (A compgny ltsnmed by gu•rnnt•8) INDEPENDENT AUDITORS. REPORTTO THE MEM8ERS OF NAMONAL COUNCIL FOR THE TRAINING OF JOURNALISTS {CONTINUED) Us• of our rnport This rgport is made solety to the charitable ojmpansls members, os 8 boty. in attOrdan￿ with Chapter 3 of Part 16 of the Companies Act 2￿6. and to the charitaw companls trustees. as a bcJy. Part 4 of the Charltles (Acwunts arKI Reports) Regulations 2008. audit work has been Ltndertaken so that we might Stats to th8 charitable compan￿$ members those matters we are required to slat8 to tham in an auditors, report and for no oh9r purpose. To the ful￿St extent permitted by law. we do not accept or assume responsibility to anyon8 other than Ihe Charitab￿ company and hs members. as a tvjy. for our aLKlil work. for thi5 rewt, or for the opinions we have formed. BrethoTlck {senlor statutory audltor) for and on bohaEf ol P•t8rs Elworthy & Moor• Chartered Accountants Stslulory Audito Salisbury Hous8 stst￿n Road Cambridge CB1 2LA Dale= 8 Trlcrfe(VLbe( Page 23

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company Ilmlt•d by guarnntse) CONSOLIDATED STATEMENT OF FINANCFAL ACTMTIES (INCORPORATING INCOME AND &YPENDmlRE ACCOUNri FOR THE YEAR ENDED 30 JUNE 2021 Unre8lrfct•d funds 20X Total tunds 2D21 Total funds 2020 funds INCOME FROM: Donations and legacies Charit8ble 8ctiwbes Investments 358.307 1J141.141 18.sfA 69.214 2,367.$04 2.n5.811 1.041.141 19,387 69.214 431.812 848,917 29,973 24.494 823 TOTAL INCOME 1,487,226 2.368J27 3.855.553 1.335,196 EXPENOITVRE ON: Raising funds Chafitab16 activitie5 20.817 1.300.967 20.817 1119,294 11,459 3.368.$84 1￿18.327 TOTAL EXPENDITURE 1,321,784 1￿18.327 3.140.111 3.380.043 NET INCOMEI(EXPENDmJRE) BEFORE NET GAINS ON INVESTMENTS 165,442 715.442 (2.044.847) Not gains on inv•stThnts NET INCOMEIIEXPENDITURE) BEFORE TAXATION 13 226.928 25.727 392.370 942.370 (2.019.120) 11,8531 Taxation NET INCOMEIIEXPENDITURP AFTER TAXATION Transfe￿ between funds 391856 37.525 550.000 (37.5251 942,856 12.020.973) 17 NEf MOVEMENT IN FUNDS 430.381 512A75 942,856 12.020.973) RECONCILIATION OF FUNI)S: Total ftFnds brought lo￿ard Not mov8m8nt in fvnds 1.885.336 430.381 1.m.789 511475 3,614.125 5,635,098 942.856 (2,020.973) TOTAL FUNDS CPJiRIED FORWARD 2.315.717 1241.264 4.556,981 3.614,125 The ConsolNlated statement of financial athitses indudes all gan$ and kn590s rgc<NJnisod in the ￿ar. The not8s on pag8s 28 to 56 frym part ofthese finanaal ststemgnts. Page 24

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA company limited by guarantee) REGISTERED NUPABER: 02720630 CONSOUDATED BALANCE SHEEr AS AT 30 JUNE 2021 2021 2020 FIXED ASSETS Tangible assets Invesbnents 12 13 4211S9 1,093.566 401,451 866,638 1.515.725 1.268,089 CLIRRENT ASSETS stocks Debtors Cash at bank and in hand 14 7,592 314.829 3.118.882 6.228 214,005 2,349.679 15 3.441.303 2.569,912 Creditors.. amounts fal￿fig due within one 16 (223.8761 NET CURRENT ASSETS 3.041.256 2,346.036 TOTAL NET ASSETS 4.556.981 3,614,125 CHARrrY FUNDS Restricted funds Unreslrthd funds 17 2.241.264 2.315.717 1.728,789 1,885,336 17 TOTAL FUNDS 4,556.981 3,614,125 The D￿eCtOrS acknokndge their responsibilities for CLYnp￿'r4j I￿1h the Tequirements of the Act with re¥ecl lo ac¢ountirKJ records and preparation of financial statements. The finan¢io1 statements have been prepared in ￿dance wfth the pr¢)vi5w)n$ applicab￿ lo entities subpct to the small companies regime. The financial statements were approved arKI authorised for issue by the Directors and 5igngJ on their behalf by.. Mr K T Flelcher, Chalman -fy*/6 ?02 1 The notes on pages 28 to 56 fomi part ofthese fina￿la1 statwnents. Page 25

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A company limited by guarantee} REGISTERED NUMBER: 02720630 CHARITY BALANCE SHEEr AS AT 30 JUNE 2021 2021 2020 FIXED ASSETS Tangible assets Investments 12 13 380,145 1.093.567 391.586 866.639 IA73.712 1.258.225 CURRENT ASSETS Debtors 15 102.092 2.266.877 Cash at bank and in hand 2.798.376 3.156.384 2,368,969 Credrtors.. amounts falling due wihin one year 16 I90￿72> 123.018) NET CURRENT ASSETS 3,1)65,812 2.345,951 TOTAL NET ASSErs 4.539.524 3,604,176 CHARITY FUNDS Restncted funds un￿striCted funds 17 17 2.241.264 2,298.260 1,728.789 1,875,387 TOTAL FUNDS 4.539.524 3,604,176 The Charws nel MOV￿)ent in funds for the year vras £935,34812020- £(2,026.Cfi5)). The DirectOTS acknchvledge their responsibilitie5 for ¢￿Ap1￿￿j with the requ1￿MeNtS of the Act with Tespe¢t to accounting records anil p￿paratiOn of financial statements. The financial sLements have been prepared in ￿CO[dan￿ with the provisions appI￿able lo entities subject lo the small Companies regime. The financial Statem￿ts were approv&J arKI authtirised for issue by the Directors and swJned on their behaw by.. Mr K T Fletcher, Chalrm•n ,&p- 1& 202 1 The notes on pages 28 to 56 fomi part ofth8se financial statements. Page 26

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A ¢Mi￿nY Ilmfted by guarant•o1 CONSOLIDATED STATEMENT OF C￿H FLOWS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 CASH FLOWS FROM OPERATING ACTivmES Nel cash used in opeiating 8Ctlvili8S 19 787.544 12.055.249) CASH FLOWS FROPA INVESTING ACTivmES Dividgnds. intgrg$1s and rents fr￿ ￿VeStMents Purchase of tangible fixed 8ssots 20.055 (38.396) 29.973 {2.615) NET CASH (USED INVPROVIDED BY INVESTING ACTivmES (18,3411 27.358 CHANGE IN CASH AND CASH EQUNALEPITS IN THE YEAR 769.203 (2,027.8911 2.349,679 4,377,570 Cash and cash equivalents at the beginnirwJ of the CASH AND CASH EQUIVALENTS AT THE END OF THE YE*R 3.118.882 2.349.679 The notes on pages 28 to 56 fom part of thèse financial ststem Page 27

NATIONAL COUNCIL FOR THE TRAINING OF JOURN￿STs IA company Ilmit￿ by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ACCOUNTING PoLIC￿s 1.1 Ba$ls of prwratlon of Ilnanclal statem￿ts The financial statements have been prepared in aLV)FdanL the Charilias SORP {FRS 1021- A¢￿untIng and Rewrtrng by Charitie5.' Stslement of Recommended Pradice applicable to charities preparing their accL)unls in accordan￿ Financtal Re[K)rt[r￿ Standard applicable in the UK and Republic of Ireland {FRS 102) {s9c￿l editKsn 2019). the Financial Reporting Standard applicable in the UK an(1 ReputAÈc of Ireland {FRS 102) and the Compantes Act 2006. NatK)nal CO￿￿1 for the TrduiirKJ of J(NJmafjsts mp8ts tho dofinilion of a publ￿ bènefrt ent4ty under FRS 102. Assets and Irdbilrti8s are iniliamy recTrJnised 81 hlstorical cost or transadion valLse unless Othe￿iSe stated in the relgvanl accounl¥ig pol¢cy. The consolidated ststement of finan¢ial athiknes {SOFA) and consolidated balance sheèt consolidate the financAal statements of the Charity and its subsidiary urnlertakrng. The ￿Ults of thg subsidiary are consolidated on a line by ling basis. The Charity has taken advanlage of the exempti￿ allcrwed und8r $8CtK)n 408 of the Companiès Act 20C6 and has not presented its avn stalen￿rt￿finanCiaI ￿￿1VItIeS in th&8e finar￿la1 stat8m8nts. No significant est¥nates ￿re rrode by management in preparing thos& financial statements. 1.2 Golng c¢)n¢em The DireGtrKs have prepared fr￿asts to December 2022 and ccrtsMd8r8d th8 trading p8riod beyond this. In li￿1 of the glob81 pandemic ocrjjrring in 2020 and throughout 2021, the Directors hav6 stre tested forecasts. which Ch￿ty comparg drftering leveb of I￿￿￿}e being genera￿j by thffj Group depending on wh8lh8r Courses are ab￿ to be offered physically. online or p051poned. Upon their revl8w, the I￿re(lo￿ bellevo that tho Group wdl have sufficient resources to meet ts liabilit￿$ as they f811 due for the fi>reseeable future and thereth c￿nt￿nUe to adopt a going concem basis in prepariThJ th• financial slaterwits. 1.3 COMPANY STATUS The charitsble company is a crthpany limiled by guarantee. The membars ar8 th8 Direct￿$ named on pago 1. In the event of the chaiity vHyJnd up. the liabilty of ts guarentee 18 Ilmlled to £1 per Mem￿r. Pagg 28

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA ¢ompny Umlted by g￿rantse) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 30 JUNE 2021 ACCOUNTING POLICIES (CONTINUED) 1.4 Income l ints)m is retsjgnised once the Chaiity has entiU8ment to the income. it is prcthble that tha income b& r8C8iV8d al￿ the wiwunt of Mieome rnceNable can bg mgasured rellabty. The tumover in the trading subsidiary comprises revenue reccontsed in respect of training cours8S and examination fees. Inc4Jme is recoJnised ￿ the exam or courne takes plaGg. Inlerest on fvnds hekj on deposit is inchjded wh)en receivab￿ and the amount can be measurg(1 reliality bylhe charity, this is normalty upon rKAifiration of the interest Paid or paydble by the Bank. Incom8 tax recovwable in relat￿ lo invesknent Income is roGognised al the Ilme the Investmènt incoTh is rgcwvable. Other Inu)m8 is reL%Wi5ed in the PelKxJ in wthi¢h it is receivable and to thè extent the gwds have bean provided or on Complet￿)n of the seplice. 1.5 Expondlture Expenditure is tecognised once ttwe is a legal or (x)nstnKtive oblybon to transfer ￿onoMiC benefit to a thiid paty. it is prnbaue th8t a transfer of econcffitc be￿fts wll be required in setuemenl arKI the amount of the obligation tan be measured reliabty. ExperKlÉture on Taising funds indudes att expenditure incurred by the Group to rai58 funds for ils tharitable purFx)s&s and indudes ¢￿ts of 811 fundraising actmties events and non-carTtable trading. ExperHJiture on charitabte actNibes indudes ex￿ndIll1r8 assocrated ith running the various qualificatic￿S and include both the direct and support costs rdating lo these actmtigs. Grants parab￿ are charged in the year T*hen the offer is mad8 except in those cases vlhere the offer Is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered suty'ed to ￿ndit￿)n$ which ha￿ rKrt been met at the year end noted as a commitment, but not accrued as expenditure. ma￿￿eMent and admuiistratN costs indude central funclkx)s and support r￿sts and have been allocated to expenditure catagms of the SOFA on a basi% designed to refflecl the us& of the resource. which ¥) kYow)rtion to dir&t Lxists in(JJrred. 1.6 Taxatlon Th& Charity is cMsMJered to pass the tests set out in Paragraph 1 Sthedu￿ 6 of thè Financo A 2010 arHJ therefore rt meets the definibon of a charitable ¢x)mpany UK ￿r￿OratiOn tax purposes. Accordingty, the Charity is potgntialty exempt from taXa￿n in respect of income or c8Pit81 gains received within ca18gori8S ￿)vered by Chapter 3 Part 11 of the co￿TatIon Tax Act 2010 or Section 256 of the Taxati￿ of Chargeable Gains Act 1992. to the 8xlent that Such income or gains are appl￿d exdLtsivety to dMritable PUTposes. Pag8 29

NATIONAL COUNCIL FOR THE TrAINING OF JOURNALISTS IA comp•ny Ilmlted by guar•nt•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ACCOUNTING POLICIES (COIMNUED) 1.7 Tanglbl• fix•d assèts and depr•cltlon Tangible fixed assets are initially recognisgd ot (xxgL After Yewn6knon. underthe o)st mc4Jg1. tangible fixed assets ar8 measured at ￿)StleSS a(umLtlated depTe(xation and any accumulated impairment losses. All costs incurred to bring a tangibte fixe4J asset into its intended workSng conditK)n should be Includ￿ in the measurement of cost. DepreuatK)n is charyed so as to alkNxts thB c05t of tangiblo fixed assets less their resKJual value over their estimabj usthl lfvtt. Dèprttiatbjn is provhled on the fOlkn￿ng basis: Freehold propety Fixtures arKI fftlings VA stravJhl lu￿. Frgghold laMI Is f￿1 depreuated. 25% redu(ing b818nL% and >4 ￿ar5 strawjhl ling. 1A Inv•$tm•nts Fixed asset inveslments are a lorni of finaT￿l Instru￿ and are Inliially recOgn￿d at their transactson cost ar￿ subsequentty mgasufed al fair value al the balarKe sheet date. unless the value cannot b8 measured roliabty in whth case it is measured at cost less impalm￿nI. Inv8slmenl gains and losses. whether realised or unrealised. are combined and prèsented as 'Gainsl(Losses) on investments. in the ￿ns￿Idated statement of ffinancial actNitios. Investments in subsidiari8s ar8 valued at cosl18ss w0vis￿n for impainnenl. 1.9 Stocks Stocks are valu8d at thg k)w of cost aThl net mlisable vabje after making due allowance for obsolete and slLYw-moving strxks. C05t In(aUd￿ all direct costs and an appropriala proporuon of fixgd and variable overt*ad$. 1.10 D8btors Trade and other debtors are recogn15e(l al the setdgment amount after any trade discount off8r8d. Piepayments aro valued al th8 amount pr8paKI net of any trade disLX)unts due. 1.11 Cash at bank and In h•nd Cash at bank and in hand indud8s ￿$h and short-tenn highly liquid investments ￿ a short maturity of thrge months or less from the date of ac4uisrfx)n or opening of the deposit or similar account. Pago 30

NATEONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA o)mp•ny Ilml¢ed by gu•rantsè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ACCOUMTING POUCES (COPMNUED) 1.12 Llabllltl•s and provknlons Lrat4lties arg reccgniwj vthen there is an at the ba18nce sheet date as a r8suIt of 8 past even( il is pmbable that a traft￿er of economtc b&nefft will be rewired in settlement, and the amunl ofthe sethement can be estimated feliabty. Lialylbt￿s are recognised at the amount that the Ch817ty antwates it wll pay lo settle the dabt or Iho amount it has r￿fved as a(fvanwJ pa￿fi￿nts for the goc#Js or S￿VI￿ il must provKIe. Prowsions are measured at the best estÉmate of tho amunts required lo settle the obli9ation. Wher thg effect of the time value of money is material, thg prowsion is based on the present valu8 of thos& amounts, dlscounted at the dist￿nI rate that rdects the risks S￿1￿C to th& liability. The unwinding of the dis￿Unt is rewJnis&J in the cKM￿￿￿at8d statgmenl of fin8nfAal a￿VItIeS as a nce cost. 1.13 Flnan¢lal Instruments The Group onty has financia5 assets and fmancid liablitigs of a ￿nd that qualrfy as basic financial inslTum8nts. Basic financial instruments are inibdly reccJntsed at tranSactIc￿ value and subsequendy measured at thei settlemenl value wilh the exceptL)n of bank klans which or8 subsequently M￿ured at amc¥tised C•)St using thè èffective interest Fnethc￿. 1.14 P•nslons The Group operates a Lx)ntslt￿tb)n pens￿ scheme and the pgnsion Char￿ represents th& amounts payable by the Group to the fijnd in rgspg¢t of thg ￿r. 1.15 Fund a¢¢ounllng General fuTrJs are urbvestrl￿ funds ar8 avaiL4bl& for us8 at Ih8 d1S¢rekn￿ of thè Directcrt irb fvrtherance of the g￿eral o14ecbves of the Gro￿ and vthich have not been designated for olhar ptsrposes. Designated fvnds c4Jmpris@ unrestricted fUr￿S thal have be8n sel asxle by the Directots for partÈuJlar purposos. The aim and us& of each designated fund h8 set out in the notes to the financial ststaments. Reslrict8d funds ar8 furKls which are to be in a(￿[dan($ Spe￿ re5triction$ imposed by d￿0T5 or which have been raised by the Group for p8rticular purposes. The costs of raising and administering such funds are tharged against the srcific fund. The awn and use of each resthcted fund 15 set out in the notes to th8 financtal statements. Page 31

NATIONAL COUNCIL FOR THE TRAINING OF JOuRN￿lSTs (A ¢¢ympany Ilffllted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 INCOME FROM DONATIONS Total fvnds 2021 Total funds 2020 funds 2021 funds 2021 SponSo￿h1pIDr¥e￿ity fund Communty N8ws Proj8d In lfjnd income 51x1,331 1,859,273 7.￿0 500.331 2.187.380 38.100 374.907 328,107 30,2C 50.905 358.307 2.367.504 2.725.811 431.812 Total 2020 30,465 401.347 431.812 Inckjded within don8￿nS are in kind amountirwj to £38.100 {2020.. £56.9051. Of this amount, £27.5￿ {2020: £21,715) relates to C0rrferen￿S and events and £2.700 {2020: £8.500) is ￿ relation lo a¢cr￿rtatIon$. The remaining £7.￿ (2020: £26.6901 Telates to inlervws and mgetings. INCOME FROM CHARITABLE ACTIVTnES Vnrnstrfcted nds 2021 Total funds 2021 Total funds 2020 Stratsgic partners Registrations Short courses NQJ Dlploma In Jtyjmdism {Prelim) Distance leaming and publicalions A¢¢rgdilations Events Apprenticeships Conf8renG8S Royalbes Qualifications development 58,000 4949 113.836 30.266 523.90D 199.682 58,000 6.364 115.549 33.813 345,288 171.198 34.714 4,949 113,836 523.9)0 199.682 34,433 ill 8.250 59.235 8.250 59.235 5,620 62.315 13.308 2.748 2.265 6.325 2.265 6,325 1,041.141 1,041,141 848,917 Total 2020 848.917 848,917 Page 32

NATIONAL COUNCIL FOR THE TrAINING OF JOURNAUSTS IA ¢omp•ny Umlted by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 INVESTMENT INCOME Total funds 2021 Total funds 2020 funds 2021 funds 2021 Investment Ir￿me Bank inlerest 18.342 18,342 18,051 11,922 18,564 823 19.387 29.973 Total 2020 20.007 29,973 OTHER INCOIAING RESOURCES Unrnstrlct•d funds 2021 Total funds 2021 Totsl fijnds 2020 Sponsorship income Postage and packing Ir￿0￿ 67,480 1.734 67.480 1.734 22.928 69.214 69.214 24,494 Tatal 2020 24.494 24.494 Page 33

NATIONAL COUNCIL FOR THE TRAJNING OF JOURNAUSTS (A cOM￿nY Ilmlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 30 JUNE 2021 EXPENDITURE ON RAISING FUNDS Costs of ralslng voluntary Income Unr•slrtct funds 2021 Total funds 2020 funds 2021 Investrnent m8nagem8nt fee Publictty adVer￿S￿ng 7,988 12.829 7.988 12,829 6.984 4,475 20.817 20.817 11.459 Tot812020 11.459 11.459 ANALYSIS OF EXPENDrruRE BY ACTMrtES Grant Actlvltles fundlng of und•rtak•n actl¥ltlos dlrectly (note 8 2021 2021 Support costs 2021 Total lunds 2021 funds 2020 Conferences 8nd tYJurse8 Costs 0f￿m8 Publicatrthn costs Swfflsorshipldiver*tyfund CommunEty News ProAect 124.835 215.227 23,687 227.718 490.388 53.969 14.788 25.977 352,553 705.615 77.656 413.097 1.570.373 337.855 581.531 62.175 327,378 2,059,645 389.873 1.404.480 139.916 512,101 1.794,353 812.840 3.119,294 3,368,584 Total 2020 471.989 2.183.760 712.835 3,368,584 Pagè 34

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A ￿nPary Ilmited by gu•rants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ANALYSIS OF EXPENDITURE BY ACTivmES (COPffiNVED Expenditure on charitsb￿ aclivilw altrilxrtabte to restricled funds amcwnted to £1.818,327 {2020.. £2,233.6401. Dir8Ct costs include gifts in kind of £38.100 (2020: £56.655) of whKh £27,500 (2020: £21,715) is included within conferences and events, £2.7(KJ12020: £8.500) wihin accredilations aThJ £7.90012020'. £26,440) within 'Sponsofslwpl DNersiW. l&ft in kind ¢xssts indwJ8tJ in supwjrt costs amount to £nil (2020.. £250). Suppjrt costs indude £12.880 {2020 - £13.9591 vthich r8lates to gov8mBnc8 Costs. Dife¢ty attributst48 support costs have been allocated lo the C(Mnmunity News Projects fund. the remaining support and govemance costs have be8n 81kyxtsd based on th8 PfOW)rbon ofdire(* costs to 88ch activity. Page 35

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NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A company Ilmltod by gu•rnnts•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ANALYSIS OF GRANTS Grants to Oryanls•tloBurnarles to Individuals 2021 Total fund$ 2021 Total fund8 2020 2021 Bursari8S to indivbluals Grants to organisations 389.873 389.873 1,404.480 278.248 1,905,512 1.404.480 1,404.480 389.873 1,794,353 2,183,760 Total 2020 1.g)5.512 278,248 2.183.760 During the ￿r69 (2020: 45) bursaries **re tr￿ard￿ to iThJNtdual$. The Group has made the fdkxing material grants to durtw the ￿ar. 2021 2020 Ar¢hanl Bamsley Chronide Baylis Media Ltd JPIMedia KM Media Group Ltd MNA Newbury Newy & Media Ltd Newsquest Rgach 109,029 15.060 26.700 20.697 28.246 300.940 436.633 39.996 35,447 50,342 65,798 20.697 28,210 Ji 376,176 520,990 488,672 686,777 1.404,480 1,905,512 Page 38

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA ¢ornpany Ilmlt•d by guaraDts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 30 JUNE 2021 AUDITORS, REMUNERATION 2021 2020 Fges payable to Ihe Charitys a￿JIty for the audit of the Chaiivs annual accounts 12,955 12,570 payaNe to the Charitys 8L5ditor in resp8c* of: All non4udit services r￿rt induded abjve 1.200 1.186 10. TAXATION Unrestrlcled funds 2021 Total funds 2021 Total frJnds 2020 COr￿a￿On L7x payable by tradwu substdiary {4861 {486) 1.853 TOTAL 2020 1.853 1.853 11. STAFF COSTS Group 2021 Group 2020 Charlty 2021 Charty 2020 Wages and salarÉ8S Soryal secuitty costs Contribution to defined ￿nSIon schemes 610.841 67.094 585.063 42.383 299,39Y 35.738 293.653 17.532 35.843 27.646 21.432 13.712 713.TT8 655.092 35Q567 324,897 Durlng the year. stsff re￿Ved ex%ratia payThents totalling £4.0(Kl. The Trustaes have made these payments to rewdrd slaff 8x(¥ptK)nal p8rfomwce. Tha average number of persons enwkjytd by thè Charity during Ihe year was as follo￿.. Group 2021 Group 2020 No. Ch•r 2021 No. Chaiity 2020 No. Management and adminthtw)n 14 13 Pag8 39

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA company 11m1t￿ by gu•rant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 11. STAFF COSTS (CONTINUED} The number of emptosws whose omrlwe bgneffts (excluding emplO￿r pen8i¢M costs) eX￿de(l £60.000 was". Group 2021 No. Group 2020 No. In the band £￿,001- £1￿),1x7o In the b8nd £120.001- £130.000 Th8 key management personnol of tho chaEity comwise the Directots, chief exetyJbve offiw. head of f#)anc8 & IT. head of qualffication devek)pment. twd of partnerships & projects 8nd h8ad of quality & assessment. Total emrAoyment benefits ir￿￿ling emffi penS￿n contiibutions of key man8gpmeTrt pewnnel were £402.182 (2020: £392.4761. During the year. no Directors of the Charity recaved any rerNneratic￿ or beneffts in kind12020: £NII}. During the year, the Charity paKI reimbuTS8d trav81lng and subsi8tenf* expenses to no12020: 31 Directors (2020.. £867). 12. TANGIBLE FIXED ASSETS Group Assets Fr••hold Flxtures and under property frttlngs ¢on$tructlon Tolal Cost or valuatlon Al 1 July 2020 Additions Dlsposals 508.745 189.274 12,246 {1.807) 698,019 38.396 11.8071 26.1SO At 30 June 2021 508.745 199.713 26,150 734.608 Dtprn¢latlon At 1 July 2020 Charg& for tha y88r On di8posal8 120.025 8.575 176.543 9,113 (1,807} 296,5fj8 17.688 11.80n At 30 June 2021 128.600 183.849 311449 Page 40

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS {A company Ilmlt•d by guaTante•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 11 TANGIBLE RXED ￿&￿ETS IcopifiNUED) Group (C014TINUED) Assets und•r prop•rty Ilttlngs canstrucllon Total Net book valu• AI 30 Jun8 2021 380,145 15.864 26.150 422.159 At 30 June 2020 388.720 12,731 401,451 Charlty Freehold Flxtures and propwty fittlng5 Totsl Cost or valuatlon At 1 July 2020 508.74S 50.900 ,645 At 30 Jung 2021 5(A.745 50,900 559.645 Deprèclatlon At 1 JLtly 2020 Charge for the 120.025 8.515 48.034 2.866 168.059 At 30 Junè 2021 128.600 $0.900 179,500 Not book valuo At 30 June 2021 380.145 380,145 At 30 June 2020 388.720 2.866 391,586 Indudgd Within fre8h(Ad propety i8 freehotd land * a cost of £80.000 (2020: £80.000) which is not deprec48ted. Page41

NATIONAL COUNCIL FOR THE TRAJNING OF JOURNLISTS (A company Ilmited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13. FIXED ASSET INVESTMEKrs Usted Inv•stm•nts Group Cosl or valuatlon At 1 JLty2020 Add￿OnS 866.638 216,577 1189.6671 200.018 Disposals Iproceds £216.577) Revaluat￿$ AT 30 JUNE 2021 1,093.566 N•t book value AT30 JUNE 2021 1.093.566 At 30 June 2020 866.638 All Invostments are Ca￿led at their fair Ydlu8. Inv&str￿1 in •]uities and fixed interest $9CUlitios are all traded in quoted publ￿ markets, primarity in the London Stock Exchange. Holdings in common investmont funds. unri trusts and op8n•ded investment companies are al the bid prfce. The basis of fair value for quoted investments FS equNalent to thg market value, using the bid pric8. Asset sales and purchases are recognised al the date of tradè at Ixjst (that is their transaction value). The Charity is operating an investment ￿￿1¢Y that prov*J85 for a degree of diversffication of holdings with drfferent CoMn￿n investment funds. The charity has a reasonably largè frxed interest section 112%) to provide a levd of income on a r8gu￿r bas￿, atthwgh i8 not ￿l￿dnt upon lo und&rtake its normal a¢bvities. The remainder is invested in equiiies spread ac¥oss the" UK {27%)" Europe I4%}" North Arnerica (7%)", the Far East and Australasia {S%): and other iniemational markets {45%). This helps to mitigate the impact of sign[￿ant movements in gxchangè rates and ktaIL8￿ economic issues afferAing the value ofthe [￿￿[10. The charity do8s not make use of derivallves and similar corrplgx financlal instruments as it tak8s tha view thal investrnents arn held for their longer term growth and annual oicnme. The charity has no Materi￿ inveskn8nt hoklw in markets subject to exchange Contro￿ or trading restrictions. P￿8 42

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA ¢ompary Hmlted by guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13. FIXED A8SEf INVESTME1￿s (CONTINUED) Invollments In subsldlary Llstod companles Invèstments Total Char Cost or valu•tlon At 1 Juty 2020 Additsc￿5 Disposals Revaluations 866.638 216.577 1189.6671 200.018 866,639 216.577 {189.667) 200,018 AT 30 JUNE 2021 1.093.566 1.093.567 Net book valu• AT 30 JUNE 2021 1.093.566 1,093,567 At30 June 2020 866.638 866.639 PRJNCIPAL SUBSIDIARIES The followng was a subs¥Jkiry undwtsking ￿ th8 Charity. Nama Company number RèglJtered offt¢• or prfndpttl Prlnclpal actlvlty plx• of bu$ln•ss NCTJ Trdining Llmitsd The provb5ion and SUP8rvision of pumalism-relaled Iraining. Newp)rt SaffTon Walden, Essex, CBI 1 3PL Class ol sharns Holdlng Indud•d In consolldallon Ordinary 1(X)% Yes Pag8 43

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS (A ¢ompany limlt•d by guaraThta•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13. FIXED ASSEf INVESTIIEKrs IcoiinNUED) The financial results of the subsidi8ryfortho ￿ar ere.' Nam• In¢om• Eyndlture Pnrfltl(Los$) Not assets I Surplu81 IDgfi¢ft) for th• year NCTJ Training Limf(8d 1.0￿.144 (91&069) 173.075 17.457 1& STOCKS Group 2021 Group 2020 Finished good5 and goods for resal& 7.592 6.228 15. DEBTORS Group 2021 Group 2020 Char 2021 Charity 2020 Du• wlthln on• year Trade debto Amounts owed by gri)up underlthrwJs Oihgr d&btors Prepayments and accued in(*me 280.033 169224 158.51JO 185.502 4.856 29.150 38,0 28,363 4.479 31.250 4.856 4.479 40.302 314.829 214.￿5 358.008 102,092 Pagg 44

NATIONAL COUNCIL FOR THE TRAINING OF JOURNAUSTS IA company Ilmlt•d by guarantao) MOTES TO THE FINANCIAL STATEMEwf8 FOR THE YEAR ENDED 30 JUNE 2021 1& CREDITORS: AMouKfs FALUNG DUE WIThIN ONE YEAR Group 2021 Group 2020 Charlty 2021 Charity 2020 Trade creditoTS CoTporatÈon tax Other taxation and so(aal se￿rity Other creditors 21.573 1,853 102.801 5.036 92,613 1,200 10.154 1.604 78.814 13,166 1,538 7,114 400.047 223.876 90,572 23,018 Income ss receNed in advance of NQJ and Dipk¥na in Joumalism (Prelims) exams. Th9$0 amwnts are deferr￿ to ￿ recogni8éd whon the course ey2m takes plw. Group 2021 Group 2020 DEFERRED INCOME Deferred in¢om8 at 1 J￿Y 2020 Resources deferred during the ye8r Amounts reteasad from preV￿￿S peric*Js 58.481 128.921 (58.481) 38,620 58,481 (38.6201 128,921 58,481 Pw45

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NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A comparry lunlt•d by g￿ra￿￿9? NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 PARENT STATEMEHf OF FUNDS. CURRENT YEAR Balance at 30 Junè 2021 8alanc• at l Juty 2020 Inwbm• Exwdltur• Transf•rs Irdout Galn (10s8es} UNRESTRICTED FUNDS DESIGNATED FUNDS Propety fund Communty Nthys Project 388.719 (8,574) 380.145 340.622 328.239 (201.168) 131.141) 436,552 729.341 328.239 (209.742) 131.141) 816.697 GENERAL FUNDS Income fijnd Capttsl fund 279,403 331.381 <291.4581 387,992 866.643 226.928 1.093,571 1.146,046 331.381 (291.4581 68,666 226.928 1.481.563 TOTAL UNRESTRICTE D FUNDS 1.875.387 659.620 (501.200) 37,525 226.928 2.298.260 RESTRICTED FUNDS Drv8rsty fund Gannett FoundatK)n 219.896 $08.282 (413.0971 {37.525) 277.556 1.250 17501 500 Community News Proiect 1.507,643 1,860.Cb15 (1,404,480> 1.963.208 1.n8.789 2.368.327 {1.818.327) 137,5251 2,241,264 TOTAL OF FUNDS 3.eAM.176 3.1)27.947 {2.319.527) 226.928 4.539,524 Paga 51

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALFSTS (A company lknlted by guarant•• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 PARENT STATEMENT OF FUNDS . PRIOR YER Bal•n￿ at 30 June 2020 Balanc• at 1 July 2019 Transf•rs Inlout G•ln {10ss05 Income Exp•ndI￿rO UNRESTrICTED FUNDS DESIGNATED FUNDS Property fund 397.294 551,213 {8.575) (151.2671 388,719 340,622 Community New5 Pro￿ 1.572 (60.8￿> 948.507 1.572 {159.8421 160,8%) 729.341 GENERAL FUNDS Income fLtnd Capitai fund 261.659 196.384 1267.579) 88.939 279.403 840.916 25,727 866,643 1.102.575 196.384 (267.579) 88,939 25.727 1,f46.046 TOTAL UNRESTRICTED FUNDS 2.051.082 197.956 (427.421) 28,043 25.727 1.875.387 RESTRICTED FUNDS D￿&r$ty fund Gannett Foundation 173.654 401.663 (327.378> {79)) (1.9)5.512> 128.0431 219.896 1.250 1.507.643 Community News Proiect 3.403.505 9.650 3,579,159 411,313 (2.233.640) (28.043) 1,728.789 TOTAL OF FUNDS 5,630241 609.269 P.661.C61) 25.727 3.804.176 Pa98 52

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS A ¢ompAny lknlt•d by guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 18. ANALYSIS OF NET ASSETS BEfwEEN FUNDS ANALYSIS OF NEf A8SEf8 BEYWEEN FUNDS. CURRENT YEAR unreStrfct￿ Restrict8d nds funds 2021 2021 Total lunds 2021 Tangible fixed assets Fixed assèt investments Current assets Creditors due willun one 422.159 1,093.566 1.200.039 1400,0471 422.159 1.093.566 3.441,303 (400.0471 2.241.264 Total 2.315.717 2,241,264 4.556.981 ANALYSIS OF NEf ￿SErs BEfwEEN FUNDS- PRIOR YEAR Unrestrided Restricted fuThY$ funds 2020 2020 Totsl funds 2020 Tangible assets Fixed asso1 investments Current assets Creditots due ￿th[ft orn 398,585 2,866 401.451 866.638 1.727.123 2.569,912 11.2(M)) {223,876) 842.789 (222.6761 Total 1.885.336 1.728.789 3,614.125 PARENT ANALYSIS OF NET ASSETS BETWEEN FUNDS. CLFRRENT YEAR Unrostrlcl•d Restricted funds fund$ Total funds 2021 2021 2021 Tangible fixed assets Fixed asset investments 380.145 1.093,567 915,120 {￿.572) 380.145 1.093,567 3.156,384 (90,572) Cufrent assets 2241.264 Creditors du8 within one TOTAL 2,298.260 2.241.264 4.539.524 Pag8 53

NATIIY4AL COUNCIL FOR THE TRAINING OF JOURNALISTS {A wnp•ny Ilmltod by guarantè•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 PARE￿￿ ANALYSIS OF NET ASSETS BEfwEEN FUNDS . PRIOR YEAR UnrMtrl¢ted Restrlcted funds funds Total funds 2020 2020 2020 TangitrAe ffix￿ assets Fixed 88s8t investments Current ossets 391,586 866.639 640.180 {23.0181 391.S86 866,639 2,368,969 123,0181 1,728.789 Creditors duè wlihin cth 1.875.387 TOTAL 1,728,789 3,604.176 RECONCIUATION OF NEf MOVEMENT IN FUNOS TO NEf CASH FLOW FROM OPERATING ACTlVtnES 19. Group 2021 Group 2020 Net incomelexpendituye th8 yèar (as per Slatement of Financial Activiiiesl 942.856 12.020.973) Adlusknents for. Deprecialion cha Gains on investments 17,688 (226,928) {19,387) 11,364) (101.492) 176.171 15,555 125.727) 129,973) 1,428 (62.888) 67.331 Dividends. ￿terests and rents from Nwostrftenls (InCreaseydo￿9a$0 in St￿kS In¢x8ase in deblo Increase in creditors N•t cah provldod byl(uwl In) operatlng actlvl 787,544 {2,055,2491 20. AIIALYSIS OF AND CASH EQUIVALEiirs Gmup 2021 Group 2020 Cash In han(1 3,118,882 2,349,679 Tptsl ¢a¥h and ush •qulv*onts 3.118,882 2,349.679 Pag& 54

NATIONAL COUNCIL FOR THE TrAINING OF JOURNAUSTS (A ¢ompany Ilmltsd by gU•Tanto8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 21. ANALYSIS OF CHV4GES IN NET DEBT At1Juty 2020 Cash Il¢ws At 30 Juno 2021 Cash at bank and in harKI 1349.679 769,203 3,118.882 2.349.679 769.203 3.118.882 PENSION COMMrrMENTS EMPLOYEE PENSIONS The charity opeyales a defined contribution pension $¢hgme. The assets of the scheme are held Separately from those of the charity ￿ an ind8tMdentty administered fund. The pgnsion cost for the year amounted lo £24,943 {2020: £17,521). At the year end £4.453 {2020". £3.498) of both employee and EXECUTNE PERSONAL PENSION ARRANGEMENT NCTJ contributes to the p8rsonal pensp)n affangern￿t in respect of the thief executive. Th& pension cost chaige relating to this arrangement for the yEar arnunted to £10250 (2020: £10.1251 and contributions of £854 {2020: £1.538) weye due to th8 Schen￿ al the year end. OPERATING LEASE COMMIThIEp¥rs At 30 June 2021 the Group and the ch￿ had commitments to make luture minynum lease payments under non-canCdlatr￿e operating lea￿ as folltrws: Group 2021 Group 2020 Not later than 1 yBar Latèr than l year and not Fater than 5 Jpars 4,374 1.815 4,257 3,648 6.180 7.905 At 30 June 2021. th8 Charity had onterwJ irrto 8 finan1)￿ o)mmitment amounting to £nil (2020- £1,792). Pagg 55

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS IA com￿nY limlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 RELATED PARTY TR￿sACTIONs During the year the charity tharyed ils tradBig subsmliary a m8n•Jement fee of £37.52512020: £35,938) and rent ofthe premw of£24.[￿ P020: £24.0(KJ). During the year the charity vras charged by its tradtng subwdiary for staff u)sts in relalion to the Community N8ws Proj8Ct of £35275 {2020." £37,131). The trading subsidiary donated by way of deed of covenant £163,252 (2020: £29,556) to the charity. Al 30 June 2021 the trading subsidiary owed the charity £165.502 {2020: £28.363). Page 56

R•gl$ler￿ nurnber: 02962094 NCTJ TRAINING LIMITED DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

NCTJ TRAINING LNrrED COMPANY INFORIAATION DIRECTORS Gawn All8n Laura Adams Lyn￿ AndefS( Abu BurKlu.Kamara Joanne Butcher Anty Calms lfjm Fletcher Toby Granville John ROey Cdm Murphy larttn Wil￿t Abbie S(xAI JasvirKler Niit Ajan Edmunds Joanna Webster Nell 0,￿18n COMPANY SECREfRY Mr C t￿nhaM REGISTERED NUMBER 02962694 REGISTERED OFFICE New Granary SL*ion Road Essex CB113PL INDEPENDENT AUDITORS Petws Elworthy & Moore Chartered Accountsnts & Slatuw Audito Salistyjry House Station Road C812LA eard8ys Bank PLC 183 High Street Epping Essex CM16 48H

NCTJ TRAINING UMfTED Page Dlrodors. roport Inde￿ndent audltors. rwrt st3tem•nt of Incomo and rttalned eamlrys Balanco ¥he•t 10 NotOS to th• flnanclal $t•tom•nts The follwng pages do fomi p8rt ofthè ststutoryfinancial stalwnents: Detall￿ profit and Ioss account and sununarlos 17-19

NCTJ TRAINING uMrrED DIRECTORS. REPORT FOR THE YEAR ENDED 30 JUNE 2021 Th8 directors present their rerth and the )Inancial statements forthe year ended 30 June 2021. PRINCIPAL ACTMTY The principal actNity of the company is the prow5￿ and supervisKJn of loumallsm-related training and the directors intend to Continue lo devebp this activity. DIRECTORS The dYe¢tors seNed durry the ￿ were: Gawn Amen Laura Adams L￿ne Anderson Abu Bundu-Kamara Joanne 8ulcher Andy Calms J8r8my Clrfford Iresign8d 19 JanLHry 2￿21) Kim Fletcher Toby Granville Colm Murphy John Rwey Martin Wrtght Abbie Scott Alan EdmurKIs Jasvinder Niiiar Joanna W8bster Neil O'Brien The company is a wholWed SLtbsidiary of the tharity. Nattonal Council for the Tr8iniNJ of Joumalists INCTJI and the directors, interests in the group are disdosed in the fffianual statements of th8 parenl charitab company. No righ15 were granted to or exerowj by the dirgclors in respect of any r￿ht to subscribe for shares in the company during the ￿ar. CHARITABLE coirfRIBUTIONS Th& company made a after tsx. prity tt) gift wd, for swr of £173.075. The company has b8en ablo to gtft aid £163,252 to National Councal forthe TrdiniThJ of Joumalisis. Pag8 1

NCTJ TRAINING UPAITED DIRECTORS. REPORT {copmNUED) FOR THE YEAR ENDED 30 JUNE 2021 DIRECTORS, RESPQNSIBIUTIES STATEMEKr The directors a￿ reS￿nSitde for preparirwJ the Dirwxors. retmjt 8T￿ the finanThal statomgnts in accordance wth applicable law and regulations. Company law requffes the directorn to prepare finanrial statements for each financial year. Und8r that law the directors have ele(aed to prepare the finanaal stat9m8nts hi afy￿rdar￿ with applicable law and United lfjngdom Accounting Stsndards {UnÉled lfjngdom G8ngralty Ac(pted Accounting Practice). induding Finanual Reporting Stsndard 102 'The Finanaal Reporbng Stsndard applicable in the UK and Republ￿ of Ireland,. Under company law the dir8Ctors must t￿1 8pprove the finanual stat￿ents unless they are satisfied that they give a trug 8nd fair view of the state of affairs of the rJ)mpany ond of tho profit or k)ss ￿ tho CCAxpany for that P￿10d. In preparing these financial statgmenls, the direcaots are required to: select suitabfe accAJunting for the LX)mpanJls finan￿al ststements and then apply them consistgnlty" mako judgm8nts and ac￿nting estimates that are reasonat4e and prudentr pr8pare tho financial ststements on the gjing ccrfKorn bags unless ￿t is inappropriate to pr8$yme that th& companywill continue in business. The directors are rnsponsible for kwyng adequate a¢cwntiru records thal are suffiijent to 5hcw and 8xplain the CoMpan￿S transactions antl disck)se with reasonable accuracy at any time the finaneial position of th8 ompany and to gnable them lo an￿jre that the financial statements comply with the Compani8s Act 20(￿. They are also responSi￿e for safeguarding the assets of the company and hence for taking reasonable steps for the prevenlKJn and d818ct)n of fraud and (rther irregufarilies. DISCLOSURE OF INFORMATION TO AUDrroRS Each of the pe￿)nS who ar8 directors at the twne when direct￿5, rop(wt is approved has COnfm￿ that: so far as the director is aware, there relevant InftXma￿n of which the companvs auditors are unawaro. and the director has tak8n all the sl&ps that ought to have been taken as a drector in order to be aware of any relevant audil ￿0Th￿allOn and to establt5h that the cijmpanys a￿lit￿S are aware of that infonnation. Page 2

NCTJ TRAINING UWTED riRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 AUDITORS The auditors, Peters Elworthy & Moore. will be propowj for reaFpointment in accrydanee with section 485 of the Companies Act 20C6. SMALL COMPANIES NOTE In PTepafing this report. Ihe ditoT5 taken of the small companies exemptions provtded by Se￿￿￿ 415A ofthe compan￿ Acl 2(￿. This report was approved by the bjard and on its behalf. Klm Fletcher /& 20 21 Dale.. Page 3

NCTJ TRAINING UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NCTJ TRAINING UMITED OPINION We have audited the financAal statomgnts of NCTJ Training Llmited (the 'COmpan￿) for the yBar erKled 30 June 2021. which ￿mprIse the Sta18ment of Inc(me 8nd Retained Eamings, the Balance Sheet and th8 ￿lated notes. induding a summary ol sKJnificant aco)unting p0￿CleS. Th8 finanryal reporting framework that has be8n applied in their pr8p8r8tion is ap￿ICable and United Kingdom ALxounling Standards, induding Financial Repo￿ng Standard 102 The Financial Rgporting Standard apylicable in the UK aThJ Rewbllc of Ireland, {Unit8d Kingdom Generally Accepted A￿oUnting Practse). In our opinion the financi￿ statements: give a true and fair view of the state of the Companls affairs as ai 30 June 21Y21 and of its profit for the year then ende(J', have b88n propoty prepared in acc)rdance ￿ry1h United Kiwdom Generally Accopted Accounting Pradice: hav8 b8en pr8par8d in acfxjrdance with the requirements ofthg C￿panieS Act 20C6. BASIS FOR OPINION We conducted our aLKlit in a¢c¢ydance with Inlemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our rgsponsibilits8s under those stsndards aro further described in the Auditors, resp)nsibiltte$ for the audit of the finanual slal8ments section of our report. We are indepen(lent of the Company in aCcOrdar￿ with the ethtcal requirements that are relevant lo wr audil of the financial statements in the Unrted Kingdom. including the Financial Reporting Councifs Ethical Standard and we have fuhlllad our other elhlcal responsibilities in a￿rdance with these reqUI￿￿￿￿tS. We b￿￿e that the audil evidence we have obtBin8d is $uffiu8nl and approprÉale to prowd8 a basls for opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing th8 financial stateThnts. we have conduded that the directors, use of thè going COn￿M basls of a¢wunting in the preparntion of the ffinallC￿ statements is appropriate. Based on the work we have p8rfofm8d, ￿ h8Np Identi￿ any material Uncertain￿8$ relatW￿ to &vents or corHJi(ions that. individualty or rdlectivety, may cast signfficant doubt on th8 Compan(s ability to ¢onlinue as a ing CA￿Cern for a pgrio(l of 8t18ast twelve Mon￿ from 4¥h8n financ￿1 statements are aLthorised for issue. Our responsibilitles arNJ the reS[￿nsI￿lEtlOS rrf th& dir8Ctrys rnspéct to going concem are described in the relevant sections of this re￿rt. Pago 4

NCTJ TRAINING LIMrrED INDEPENDEpif AUDrroRS' REPORT TO THE MEMBERS OF NCTJ TRAINING UMITED (CONTINUED} OTHER INFORMATION The other Informati￿ Compri￿ the Informati￿ indwjed wi the Annual Repryt olher than th8 fin8nry81 stat8ments and our Aurfrtors, report thereon. The di￿¢10￿ ar8 responstblé f¢X the olh8r InfC￿rnatlQn contalned thin the Annual Report. Our opinion on the finaniial statements does not cO￿r th8 other infomiation and. except lo the extsnt otherwise èxplirAty stated in wr reporL do not expr8ss any fonn of assurance conclusion Ihereon. Our responsibilty 1$ to read ts Othgr infonnation and. in doing so, CCfflSKler whether the olher infomiation is mat8ri81ty inconsistent vthh the finanual ststemnts or ¢JJr knthvledge obtaingd in thg wurse of the audit, or otherwlse appears lo be malerialty m￿Stated. If we Klenlify such material inconststenry&s or apparent matèrial misstatements. we are required lo determine vthether this gives rise lo a material misstatement in th finanual slalements themse￿8s. If. based on tho work ￿ hav8 ￿rfOrmed, we concludé that there is a matwial misststement of this other information. are TOqU¢Ted to report that faL We have nothing to reFth in this rega￿. OPINION ON OTHER MAThERS PRESCRIBED BY THE Comp￿11Es ACT 2006 In our opinion, basad on th8 undertkn in lh8 ￿)urSe ofthe a￿lit the information given irb the DKectors' report for the finonry81 yoar for which the financial ststemenls aro prepared is ￿nsiStent wrth thg )Inan¢ial statements,. and the Directors. f8POrt has b80n prepared in accordan￿ t•Mlh applIca￿e legal req￿￿eMents. MATfERS ON WHICH WE ARE REQUIRED TO REPOIU BY EXCEPTION In the light of the knovA&Jge and urKleTstanding of th& Ccmpany and its environm&)t obtained in thfj CQUTSg of tho audit. ￿ have not bJ8ntifd material misslatwn8nts in the DiroLaors' report We ha￿ nothlng to rep¢xt in respect of the fofThiirMJ Matte￿ in relation to ￿thIch the Companies Act 2006 requires us lo rèport to ￿ rf. in <Jur cyinion". adequate a¢￿Unting ￿e0rd$ have T￿1 bean kepL or retums adequats for our audit have not been received from brances not visited by us" or thè finanual stslements are not in agreerrtht with the accounting reconts and relums" or certain disclosures of directors, reMun8ra￿n sp8crfied by law are not made.. or we have not received all the infomiation and eWanath)ns V+e requio for our audit: or the directors were not ents'lled to prepare the financial statements in accordance the small ￿mpanieS regime and take advantago of thg small companies. exemptio￿ Sn preparing the Directors. rewrt and from th8 requirement lo preparg a Strategic re P￿5

NCTJ Th￿NING UMITED INDEPENDEKf AUDITORS, REPORT TO THE MEMBERS OF NCTJ TRAINING LIMITED {CONTINUED) RESPONSIBILITIES OF DIRECTORS As explained morg fvlty in the Directors. respowblities StateTh￿nI set out on pag8 2, the directors are responsible for the preparafion of the financial statements and for being salisfiod Ihoy gNe 8 true and fair view, and for such inlemal control as tho director5 determine is necessary to &nable the preparation of financial statements that arè free from matsrial missLiterf thether due to fraud or ertt. In proparing tho )Inancial statements. the direct(Ys are resp(msiblè for assessing the C¢)mpanVs abillty to <)ntinue as a going concem, disck)sing. as a￿l￿able, mattws Trlated to going o)nc8m and using the going concem basis of acts)untithJ unless the directcrt erfther intend io liquidate the Company or to eease operalwjns, or have no r881istic ahemative but to do so. AUDITORS, RESPONSIBILMES FOR THE AUDrr OF THE FINANCIAL STATEIIENTS Our objectives to obtain reasonable assuranlx about vthether the financial slatements as a vthole are fre from materi81 misst8tefflenl. whether due to fraud or error. and to issue an Auditors, re￿1 that inctudes our opinion. Reasonable assurance is a high thl of assurance. tmrt is not a guarantee that an audit conducted in accordanc8 ISAS (UK} Vill afvffty5 detecl a matwial misststemenl %then it exists. Misststgments can aris8 from fraud or error and are considered material rf. individually or in the agJr8gate. they could reasonably b8 expected to ¥illuence the eCor￿nIC decisknns rf Use￿ taken on lh8 basis of these financial statements. Irregularitios. induding fraud. are instancas of non-compliance with Lqws and regulat)ns. Wo d&sign Procedures in fine wilh our responsibilibes. OLrfined aly)ve, to detect material misslateThnts in respect of i￿ag￿la￿ti&$. induding fraud. Th8 extent lo our procedures are tspab￿ of detecting ifregulaiiti8s. Induding fraud is (letsiled belw. Our approach lo identstyng and assessiThJ the risks of materHI misstatement r8SP8Ct of irrggutarilies, includlng froud and non-conwlionce laws and regulations. was as foH¢hvs". the erbgagement partner ensured that Ihe eThJagement team c(4￿(Vefy had the appropriate competence, opabilitw and skills to identify w le￿3n￿o nOn-t￿MplIance with applKablg laws and regulations. w8 Identilled th8 laws and regulations applica￿8 lo th8 company through d¢s(￿ssIOnS V•4th directors and other management, and from our kno￿edge of ¢ynpany law 8fKS experience: w& f(Kvsed on Specif￿ laws and regulations vthrch consrdored may have a direct material effect on tha finanual s18tements or the operattons of the company. induding the Companies Act 2006, health and safety. taxation. data prots¢ti￿. anti￿1b￿ry and I&iSk￿￿. we assessed the exlent of ￿mplianCe vAth the laws and r8gULatic￿S Klentifiod abov8 through making enquiries of management and nspecting legal corresFxindonce; id8ntrfied laws and regula￿n$ were communicated within the audi¢ team regularly and the team ￿rnaIned alert lo instances of non-compliance throughout the aud( and we reviewed the minutss rf direct￿. meetings to #knbfy ary referentss to nonvcomplian¢es with laws and regulations. W8 assessed thè susctiptibilty of the fuHncial slatements to material misstatement, including obtaining an understanding of how fraLKI might oxjr, by. making 8nquirl88 of managèment as to where they considered ther8 was 8usceptibi￿ty to fraud. their knowladge ofactual. SU5Fed&J and alrygd fraud. arwj P8g6 6

NCTJ TRAINING UMFtED INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF NCTJ TRAINING LIMITED {CONTINUED) Con￿dering the inlemal controls in plw lo mibgato ri8ks of fraud and non-(xryliance %wth laws and regulatK)ns. To address the rfsk cl fraud through management lyas and overrkJ8 of contro15. we" parfomwd ana￿lC81 prrKedures to identify any unusual C￿ Un•xF￿ct8d relatic￿shIps. tested ￿￿rnal entsles to lj￿tify unusual transadb)ns: we evaluated the assumptions and judgements used by managgment wthin sbntficant accounting estimates ond assessed I￿ther these irKlThted evKlence of managemènt bias" and performed audit work over the risk of management override of r>)ntrols. including testing of joumal entries and othgr adjuslments for 8ppropri8ten&ss. evaluating th8 business rat#)nale of signffiL¥nt transadions outside the nomial course of business 8rKI reVIe￿n9 a¢￿untIng esbmat&s for bia5. In response to the risk of iTheguIar￿8s and non-conwliance with lavts and regulations. we dgsigned procedures which induded. tyjt were limited to: agreeing fin8ncl81 statement disdosures to und8TtyYig sUppOrtr￿ documèntation: reading the minLrtes of mgQtir¥Js: enqu¢rfng of manag￿rtt a5 to atAual arKI p￿tial ltyatÉon and daims". ar reviewing correspondence with r81Bvant rewbtor8, such as the Office of Qualffications and Examinations Regulalion IOFQUAL). There are inherent limitations ￿ our audri pro¢eduw d8scritd above. The more removed that laws and regulations are from financial transactions. the less Ikely it is that we would boccrfne aware of non-compliance. Auditing standards also limit the au(lit procedures required to identify rn)n-complk8ncé with laws and regulations to enquiry of the directors and other fflanagem￿t and thg inspection of regulatory and 18gal correspond8nce, rf any. Material misstatements that arise dua to fraud can be harder to detecl th8n those that arise from error as they may invofvo ddiber8te concealment or tt41UsK￿. A further d&srAiptKin of our reSE￿I￿litIeS for the audit of the financial state￿￿nts 15 located on the Financlal Reporting CourKif$ websits at: WKw.fr&org.ukJaudilc￿e￿￿b1lrtÉ$S. This d6￿p￿on lo￿n$ part of our Auditors, r8PfKt. Pa￿7

NCTJ TRAINING UMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NCTJ TRAINING UMITED ICONTINUED) USE OF OUR REPORT This report is made scAdy lo the ￿mPan￿$ m￿nbel$. as a ￿. in acojrdance with Chapler 3 of Part 16 of Ihg Compani8s Act 2006. Our audil w(ffk has been undertaken so that V*V might state lo the CoMpa￿S members those matters we a￿ rw4uire(I to stale to them in an Audrtors. report and for no other wrpose. To the fullest extent permtited by law. we do not accept or assume ￿SponsIbl11ty to an)Dne other than tha company and the companls members. as a b￿. for our audit worK for this rew)r( or f¢x the opinions w8 have fomwd. Kel￿ Bretherick {Sanicff statutory audity) for and on behaw of P•t•rs Elworthy & Moofo Chartered Acc4yJntants Stabjtory Audbt Salisbury House Station Road Cambridge CB12LA Dat8.. l aol I Pago 8

N¢TJ TRAINING uMrrED STATEMENT OF INCOME AND REfAINED EARNINGS FOR ThE YEAR ENDED 30 JUNE 2021 2021 2020 Tumov8r 1.017.885 826,866 1322.8611 (261.7421 Cost of sales GROSS PROF 695,024 565.124 Administrative expenses Other operallrvJ In(xJm8 (594.523) (554.3121 69.745 25.538 OPERATING PROFIT 170246 Intar8st receivabb and gmilar incom PROFIT BEFORE TAX 170.274 36,498 Tax on profit {1,8531 PROFIT AFfER TAX 170.760 34.645 Rgtaingd eamings at Ihe beginnirvJ of the Jear 4.860 4.860 Profit lor the year D88d of Covornant 170.760 (163.252) 34,645 129,5561 RETAINED EARNINGS AT THE END OF THE YEIJI 17.457 9.949 The not6s on page$ 11 to 16 form part oftheso fmancial slalements. Page 9

NCTJ TPAINING UMITED REGISTERED NUMBER: 02962694 BALANCE SHEET AS AT 30 JUNE 2021 2021 2020 FIXED ASSETS Tangible assets 42.014 9,865 42.014 9,865 CURRENT ASSETS st￿ks Debtors.. amounts falling due within one year Cash at bank and in hand 7.592 122.323 320.506 6.228 140.276 82,802 450.421 229.306 Creditors.. amounts falling due within one (474,9rn 1229.2211 NET CURRENT (UABIUTIESVASSErs TOTAL ASSETS LESS CURRENT UABILITIES 124.5561 85 17.458 9.950 NET ASSETS 17.458 9.950 CAPITAL AND RESERVES Called up share capilal Profit and loss account 17,457 9.949 17N58 9.950 The financi81 statements have been prepared in &cordarKe with Ihe provisions applicable to eompanies subject to the small Compan￿ regime and in ￿dance Wbth the provtsions of FRS 102 Saction 1A- small entities. The financial slatonwsts were approved and authorised for issue by the board and were signed on its behalf by by. Klm Fletcher Joanne Butsher /6 942/ Date.. The notes on p4es 11 to 16 fomi part of these financial slatements. Page 10

NCTJ TRAINING uMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YE￿1 ENDED 30 JUNE 2021 GENERAL INFORMATION NCTJ Training Limit8d is a prÉvats company Imited by shares and inwofated in England and Walas. Its registered office is disdosed on the companys inf0m￿tiOn pagg. The parent urKlertaknng of the smallest grwp to (yxsolKlate these ffftancial st81ements is National Council for th8 Training ol JoLtrm81ists, a company limlted by guarantee and a regast8re¢J charity. The componY$ registerwj office is New Grdnary. Stalion Road. &iffron Waklen, Essex. CB113PL. The companys functi￿01 and prgsentstK)nal ¢xJrrw)cy is GBP. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS Tho finanoal stements have ￿en ￿er￿r￿1 undèr tha hIstor￿al cost u)nVen￿on unless OtheFWiSO specified within these alxounting policies and in acwdance with Sedion 1A of Financial Reporting Stsndard 102. tt Finanaal Reportin9 Slandard appkcable in the UK and the Ropubli¢ of Ireland and the Companies Act 2(￿. The f￿kYIng principal aLxMJntirKJ h•w been apFdigd: 22 GOING CONCERN The Direcl(Ys have prepared f(￿sts to December 2022 and ¢))nsidered thè trading poriod bew)nd this. In light of the global pandemic OCCUfTirvJ in 2020 and throughout 2021. the Dir8Ctors have stress- tested forecasts, which ch￿ty ￿Mpare dtffering leve15 of income teiro generatsd by the ￿MpanY depending on wh8th8r courses are able to be offered physully, Onli￿ or tp)stpon8d. Upon their review. the Otrectors tel￿ve that the c(Mnpany wll have suffbcAent rasourcgs to meet its liabdriies as they fall due for thg fwseeabje fulure and therefore tontinue to adopt a going concem basis in preparing th8 financial stslements. 2.3 TURNOVER Tumover is reCOgn￿ed to the eytent that it Is pTcknb￿ that th8 8conomic bonefrts will flow to the company and the IufTW can be relia￿ measured. Tumover is measurad as the fair valu8 of the ConsKlera￿O￿ re￿Ived or receÉVa￿o. oxdudirMJ dist￿ts, rebates. value added tax and other sales tsxes. Tumover comprises revenue r8cognis8d by the ts)mpany in respgcl of training courses and examlna1K￿S fees during and Is re¢ognis&J when a rKyJrs8 1 exam tskes place. 2.4 OPERATING LEASES Rerrtals paKI under operaliThJ leases are carpJ to proffl or loss (m a Stra￿ht line basis ovèr thé 2.5 INTEREST INCOME Interast fftC0￿ i8 recconised in profil or10sS Using the eifeclive intwest methcd. Page11

NCTJ TRAINING UMrtED NOTES TO ThE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 30 JUNE 2021 ACCOUP4TING POLICIES Icoi¥llNUED) 2.6 PENSIONS Th@ company op8re$ 8 defined conlrmion plan for its empbyoos. A contributK)n plan 15 a pension plan under which the company pay3 fixad contributK)ns into a separate entrty. Once the contn"buknns have been paid Ihe o)mpany has no further pawnent obligations. The contribulions atg recognised 88 an exw)se in the Statement of and Retained Eamings when fall due. Amounts not pahj are shown in accnjals as a Ikqbility in the Balan￿ sheet. The assets of thè plan arè hehj separatetyfr(Kn the company in independeft￿y administered funds. 2.7 TAXATION Tax is recognised in prrth or loss except that a tharge attrlbutsblè to an item of income and axpense recognised as other compr8h8nsiv8 income or to an item recognised dIre￿Y in gquty is also recognised in other comprehensive income or direcuy in equty respactwety. The current income tax charge is CalcU￿ted on the basis of tax rates and laws that have been enacted or substantNety 8nacted by th8 balan￿ sheet date In the countries whgrg the company operates and ggngrales inc(rn. 2.8 TANGIBLE FIXED ASSETS Tangible fixgj assets the (J)st modd arè 8tated at histor￿31 ￿$t Igss attumulated d8preaatK)n and any acLxJmtslated 4npaimnt losses. Historul cost indudes eXp￿diture that is diredy attTsbutable to bringing the asset to tho hxation and cornlition necessary for it to be wabte of operating in the manner intended by manageThnl. Dgpr8ciation is tharg•J so as to akrtate the Lx)st of assets 1gs$ Iheir resldual value over their estimated useful lives. using toth tho straight4ne and reducing balance basis. Dopreaatb)n is provNled ￿ the folk)wing basls: Frxlure5 & fittings Office equipment . 25% raducing balanc - 25% reducing balanrlstraight4ine The assets. residu81 values. useful INes and depreuakn mglh)ds 818 reviewed. and adjustad prD5P8ctively it appmpriate. or rf th8re is an indicatti)n of a SkJnff￿8nt change sinGe thg last reporti date. Gains and losses on disp(tsals are d8twmined by ￿rnparing th8 proceeds w￿th th8 Carryng amount and 8r8 recconis&J in profit or h)ss. 19 STOCKS Stocks are stated at the lo*Er of cost net reahsat48 va￿8 after making due allowanc8 for obsolel8 and moving slodt. Cost indudes 811 direct costs and an appropriate proportion of fixed aNI variable overheads. Paga 12

MCTJ TRAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ACCOUNTING POUCIES (CONTINUED) 2.10 DEBTORS shC￿ tomi debtor5 are m&3sured at transaclv)n wi￿, any impaTh8nt. Loans receNabla ara measured In￿allY at fair value. net of tranSactIc￿ ts)sts, and are moasured subsequently at amortised cost using tho eff￿￿ve inteF8St meihod. kn any Impai￿nt 2.11 CREDrroRS Short tenn creditofs are measured at the transadion price. Other financial Ilabllities. ir￿luding bank loans, 8r8 ft￿ured initialty 8t fair value. net of transartion costs. and are measured subsaqu8nlty 8t amortised cost Uslllg the effective interest method. 2.12 DEED OF COVENANT Gtft akl pawnents to Ihe parent. National cr￿n￿ for the Trnininy of Joumafists. are treated 8s a di51ribjtion rather than on expense in the ffinan¢ial st8tew￿nts. Whor8 a dead of covenant has been gnterod into between th8 paiert and the company. the obligatK)n FS re￿]Tr￿d in line with the dg8d. EMPLOYEES Th8 averago rrKtrnthly number ofemplosws. ind￿ing diroctors. durfng the Jtar was 9 {2020- 10). T￿￿ATION 2021 2020 CORPORATION TAX Current tsx on profits for the >tar {486) 1,853 (486) 1.853 TOTAL CURRENT TAX {486) 1.853 Page 13

NCTJ TRAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 TAXATION (cowfiNUED) FACTORS AFFECTING TAX CHARGE FOR THE YEAR The tsx assessed for the y8ar is bwor than12020- h)wer than) the stsndard rate of corporation tax in the UK of 19%12020. 19%). The differences ar8 e*ined beh)w'. 2021 2020 Profrt on ordinary actwtsgs bth tsx 170.274 36.498 Profrt on ordinary adiwties m￿￿phed by standard rate of o)rwation tax in thg UK of 19%12020- 19%) EFFECTS OF: 32,352 6,935 Expenses not deductible for tsx wryx)ses. other than goothAryll a￿￿tI and Impalm￿nI Capitsl 8llowances for y88r n) exc￿$ of depTecialiL Change8 in provision teading to an inuease {deuease} h) thè tharga Deod of covenant payinent Adjustments to tax charge in respecl of wM)r 79 12 443 15,616) (1.383) (31.458) 1486) TOTAL TAX CHARGE FOR THE YEAR 1486) 1.853 Page 14

NCTJ TRAINING uMrrED NOTES TO THE FIP4ANCIAL STATEMEPITS FOR THE YEAR ENDED 30 JUNE 2021 TANGIBLE FIXED ASSErs Furnlture. flltlngs and und•r equlpment ¢onstwctlon Total COST OR VALUATION At 1 July 2020 Add￿1￿5 Disposals 138.374 11246 (1,807} 138.374 38.396 (1,8071 26.150 At 30 June 2021 148.813 26,150 174963 DEPRECIATION At 1 July 2020 Charg8 for tha sear on owned assets Disposals 128.509 6.247 {1.807) 128.509 6.247 {1.807) At 30 June 2021 132.949 132.949 NET BOOK VALUE At 30 June 2021 15.864 26.150 42,014 At 30 June 2020 9,865 9,865 DEBTORS 2021 2020 Trade debt(￿$ PrepayThents and acCn￿l ￿l(￿ne 121.533 790 131.224 9.052 122.323 140.276 Paga 15

NCTJ TrAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 CASH AND CASH EQUIVALEP 2021 2020 Cash at bank and in hand 320.506 82.802 320,506 82,802 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade creditors Amounts owed to group undertakings CorpoTabcm lax Other taxa￿￿ aThl soclal Se￿￿ty Other credito Accruals and deferred inc 20,373 28.363 1,853 89,635 3.498 85.W39 165.502 89,170 4.482 176.021 474.977 229,221 Other creditOfS are anb)unts due to defin•J contributiC￿ pension schemts of £3.703 (2020. £3,498). SHARE CAPITAL 2021 2020 ALLOTTED. CALLED UP AND FULLY PAID 112020- 11 Ordinary Shares of £1.00 10. FINANCIAL COMMrrMENTS Total finanual commitments. guaraniaos and ca￿tyngen¢I￿ that are not indud8d in the balance sheet amourkt lo £6,189 {2020- £9.6961. 11. RELATED PARTY TRANSACTIONS The company is exempt from di8dosing the transadion5 V•ith its parent. National Council for the TrainirKJ of Joumallsts. on the basis Ihat the company is induded In thè ctrtsol*latod financial ststements of the parent. Pag8 16

NCTJ TRAINING UMITED DEfAILED PROFrf AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 TumoveT Cost Of Sal8S 1.017.885 826.866 (322.861> (261.742) GROSS PROFIT 695.024 565,124 Othar op8rnting inco Admlnistration expanses 69.745 25.538 (594.523) (554.312) OPERATING PROFIT 170,246 36,350 Inter8st rewvable Tax on profrt on ordinary act1w1￿$ 148 11.8531 PROFIT FOR THE YEAR 170.760 34,645 Pago17

NCTJ TIIAINING UPArrED SCHEDULE TO THE DETAILED ACCOUNTS FOR ThE YEAR ENDEO 30 JUNE 2021 2021 2020 TURNOVER Short courses NQJ Diploma in Joumalism (Prelims) Distanc8 Leaming and public8knns Accredit81ions Events Qualifications development In￿ Apprenticeships Manag8ment fees 113.836 35.215 523,900 201.416 34.433 8.250 6.325 59.235 35.275 115.549 40.177 345.288 172.764 34,714 18,928 62.315 37,131 1.017.885 826.866 2021 2020 COST OF SALES Conference and CoU￿eS 71,249 9.221 127.055 36.257 64.$57 12.788 100.985 26,062 6,500 21.349 21.874 7,627 NQJ Diplc#na in Jwmalism (Prdimsl Distanc& Learning and pub&catKms Honorarta Events 2.853 59.409 9,417 Online Assessment Awrenticeships 322.861 261.742 2021 2020 OTHER OPERATING INCOME Sponsorship Royalty receNable Miscellaneous income 66.787 2,265 693 21,550 2,748 1.240 69.745 25.538 Page 18

NCTJ TRAINING UMtrED SCHEDULE TO THE DET￿LED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 ADMINISTrATION EXPENSES Staff salaries Staff notional insurance Stsff pgnsion costs. money purth8se sthe Stsff training staff welfare 311.441 31.356 291.413 24,B51 13,934 7,708 4.300 416 1,000 3.921 Ent8rt8inm8nl Travel and subsL8tenc* Qua1ffi¢al￿n ar￿ d8velopment cost Prlnling, stationery and postagg Telephone Computer costs Advertising arbd promotion SubscriptKin$ Legal and prof8SW￿laI AuditcKs' remunerati( Auditors. remuneration - non•audit Bank charg8S Sundry expenses Rent and rates Light and heat Insuranw Repai￿ 8nd mainten8nce DepTeciation- offit£ eqLtipment Recruitrnenl Costs Managemgnt charges paydble Product development Research 103 615 16,259 18.007 6.632 49,485 13.855 1.945 500 10.688 12.691 7.312 51.701 21,429 575 6.165 875 5,590 850 5.714 7.721 24.QOO 3.477 4.116 9,021 4,115 3.850 35,938 6.216 7.561 24.000 3,169 4.142 12.632 6.247 7.950 37.525 5,085 6.325 594.523 554.312 2020 IpirEREST RECEIVABLE Bank interest receivable 28 148 Page 19