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2022-06-30-accounts

National Council for the Training of Journalists Annual Report

2021-22

www.nctj.com

Contents

Vital statistics 3
Chairman’s review 4
Chief executive’s report 5
Patron’s address 6
Continuing professional development for journalists and trainers 8
Highly respected industry qualifcations for journalists 10
Cutting-edge journalism training on accredited courses 12
An efective careers information service 14
Mobilising industry 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
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

use of resources

Effective leadership, management and governance

Vital statistics 2021-22

A total of 12,114 NCTJ examinations/assessments were taken throughout 2021-22

These comprised: 7,675 580 1,050 2,701 449 diploma exams national portfolio/coursework shorthand exam sittings Certificate in Foundation exam sittings assessments Journalism assessments

77 124 distance learners enrolled apprentices were on the Certificate in registered Foundation Journalism

1,163 students have been studying on one of

accredited 62 courses at 34 166 approved distance learners enrolled on centres the Diploma in Journalism

139

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

THE TOTAL NUMBER OF 91 THERE WERE NQJ EXAMS SAT WAS

trainees sat the NQJ and 97 REGISTRATIONS 205 FOR THE NQJ 47 trainees passed

the qualification 119

119 Community News Project reporters in post

68 SCHEDULED AND IN-HOUSE SHORTTRAINING COURSES WERE RUN

bursaries awarded by the Journalism Diversity Fund 58

£513,225 in JDF donations from 26 supporters and 2 donors

3

Chairman’s review

Elon Musk has made many comments since spending £37 billion to buy Twitter. Perhaps the boldest was this one: “Twitter needs to become by far the most accurate source of information about the world. That’s our mission.”

Not if we have anything to do with it, Mr Musk.

The richest man in the world should take care, for he is pitting himself against the might of the NCTJ, whose sole purpose is the promotion of the highest standards in journalism. Our enthusiastic team works with teachers, journalists and employers who believe in those standards. We work with trainees who are keen to achieve them. Together, we help equip reporters with the skills they need to work in print, broadcast and – of course – online. We have been at it for more than 70 years and remember when journalists with NCTJ qualifications took The Daily Telegraph online 28 years ago. So we’re not ready to cede moral high ground to newcomers like Mr Musk.

He may believe he is on top because, over the last 30 of our 71 years, newspaper groups and broadcasters have yielded much to new media, even as they have become part of it. The commercial direction of travel is clear when we compare that £37bn price tag – this for a company founded only 16 years ago – with the £665m that the Barclay brothers paid for The Daily Telegraph (founded 1855) in 2004, the £844m Nikkei spent on the Financial Times (1888) in 2015 and the £127m Trinity Mirror found for the Daily Express (1900) in 2018.

But in the face of declining sales and advertising revenues, older established media have had one important advantage online, which is that their coverage is the product of trained journalists, has been seen by more than one pair of eyes and is published according to certain principles. In short, amid the huge amount of stuff that is flying around the internet, stuff that is mischievous, stuff that is malicious, stuff that is rumour, there are pieces that carry greater authority because they appear under the brand of a trusted name. “Citizen journalists” are great, but not when they merely pass on something they heard from that bloke in the pub last night.

There’s a temptation online to use clickbait to compete for attention, to believe being first up is more important than being right and to stir up controversy because it gets page views. Better to stick by principles that attract readers not just for a hit, but to come back again and again because they believe what they are reading, watching and listening to.

We never doubt the public good that is done by journalism and the crucial role it plays in a democracy. We believe too in the difference that is made by reporters who bring to their work a knowledge of basic principles and an understanding of responsibilities. The kind of journalists – but then we would say this – who have an NCTJ qualification.

Mr Musk, inevitably, had further thoughts to offer us: “As Twitter pursues the goal of elevating citizen journalism, media elite will try everything to stop that from happening.” No, we don’t want to stop anything. We are all for a free flow of information and we welcome competition. We just think trained journalists are already ahead on this.

“Mainstream media will still thrive, but increased competition from citizens will cause them to be more accurate, as their oligopoly on information is disrupted.” It’s kind of him to give us a future, not least when the future of Twitter is now in doubt. But the oligopoly is pretty much dismantled already, which means the older companies must win on merit. With the help of trained journalists who care about what they do, we believe they can.

Kim Fletcher, chairman

4

Chief executive’s report

Coming out of a global pandemic, after an exhilarating period of change and innovation, and when many things will never be the same as they were before, we have a lot to celebrate together.

It was wonderful to meet in Manchester to recognise the achievements of new journalists in our Awards for Excellence and to highlight the outstanding work of our accredited course providers and those who make a real and lasting difference to journalism.

Our 70th anniversary year culminated at a reception at the UK Parliament for our loyal supporters, many gathering together for the first time since the restrictions of lockdowns. That memorable event was held against a backdrop of political turmoil – our Prime Minister resigned the following day. How fitting it was that one of the most significant and influential journalism-related organisations in the UK, the standard bearer for quality, trusted journalism and diversity, should celebrate its own ethical base of professional journalism and role in supporting democracy and promoting equality, diversity and inclusion.

We need trained and qualified journalists like never before and we are proud to oversee the ‘gold standard’ for contemporary journalism.

We are operating in a challenging media landscape and at a testing time for journalism. Changing business models and revenue streams, media convergence and a digital revolution, all mean none of us can stand still and we all need to innovate. It makes our responsibility for skills, training and qualifications even more critical.

The groundbreaking Community News Project, which trains and qualifies journalists from diverse backgrounds, was given a huge boost during the year with a further £6m of funds from Meta to expand the scheme to 23 publishers and 100 journalists.

The number of journalists working in the UK is breaking records and recruitment has been booming. It’s hardly surprising that demand is outstripping supply for our highly qualified and dedicated alumni. Expect to see a major effort to boost recruitment for accredited courses and to provide a bigger pool of talent from which employers can hire apprentices and trainees.

We are strengthening our resolve and developing our expertise to equip journalists with the skills and resilience to do their vital work safely and without prejudice.

The Journalism Skills Academy is our offer of expert, quality, professional training for journalists throughout their careers. It supports employers to create highly skilled and motivated teams and leaders who can sustain journalism and win the trust and respect of the public. This is a long-term campaign, of course, and we are thrilled to have the ongoing support of Google News Initiative to provide firm foundations and greater scale.

Once again, fundraising for the Journalism Diversity Fund reached £500,000 during the year thanks to the support of so many forward-looking organisations who want to join forces to take action.

We know from our research how difficult it is for those from poorer backgrounds to get into journalism. While ethnic and gender diversity is gradually improving (although more needs to be done), the number of journalists from wealthier backgrounds is increasing. The lack of working class representation at all levels of journalism and the woeful record of promoting people of colour into senior roles is shameful.

So looking ahead, we are planning to bring as many groups as we can together to take more action to make journalism reflect today’s diverse society. Expect to see an ambitious outreach scheme that casts the net wider to seek out new journalism talent from disadvantaged communities across all nations of the UK.

Addressing the issue of social mobility and helping to break down the barriers was a pledge we made at the end of our anniversary year.

We can only do this and all our other charitable action by working together and sharing our resources and expertise.

Joanne Butcher, chief executive

5

Patron’s address

What a year. Military wars. Political wars. Economic wars. And how journalists and journalism have risen to the challenges constantly being thrown their way.

Surely there can be no better time to enter journalism or work in it.

This year we’ve seen explosive journalism pile pressure on the Prime Minister – with the first sitting PM to be found guilty of breaking the law. We’ve seen journalists investigate war crimes in Europe and be shot, maimed and killed whilst covering the fighting. And we’ve seen journalists navigate the country’s economic chaos, translating complex data into information audiences can easily understand.

They have been a force of nature and it’s been stunning to watch, witness and be part of. I was in either Ukraine or Afghanistan as the ‘Partygate’ scandal played out over weeks and months. But it was gripping watching superb journalists set the political agenda with expose after expose.

Pippa Crerar (Daily Mirror now Guardian) and Paul Brand (ITN) led the way in exposing the mountain of denials over the gatherings in Downing Street during lockdown. Every denial was nailed to the post of truth as they were overturned, picked apart and blown wide open with the journalists’ incontrovertible evidence – every journalists’ dream.

As Pippa Crerar herself said: ‘Right until the end, the PM thought of Partygate as trivial. But it was never about cake or bubbly. It was about there being one set of rules for him, one for everybody else. The Sue Gray report vindicated every single line of our journalism.’

And even when she was picking up the first of no doubt several awards for her sterling work at the inaugural Society of Editors Media Freedom awards in November, Pippa paid tribute on Twitter to her competitors and friends in the lobby. ‘I’m sharing my Investigation of the Year award with Paul Brand of ITV for Partygate.

We may have been first,’ she tweeted, ‘But he also had many scoops on the story. (And we both got so much s*** for it). I’m going to cut it in half and give his to him when I next see him.’ This was a combined assault on obfuscation, denial and deceit at the very heart of Government by journalists whose joint force and determination to speak truth to power, did just that. It’s what we all entered journalism to do, isn’t it?

Like so many other foreign correspondents, I’ve spent much of the year covering the war in Ukraine and watched with admiration and respect at how journalists not only come together in the most dire of times but also how powerful our voices are. And journalists have paid a high price for being on the ground seeing for themselves what is happening. Within weeks of the war starting, far too many journalists were dying, being blown up, shot at and maimed whilst trying to get at the truth.

And as well as dodging bombs and bullets, reporters need to go armed with a sturdy ‘bulls**t shield’….to try to work out what’s true and what is not. And often the only way of doing this is by seeing and getting the evidence yourself. That is easier said than done, even if you have your journalistic boots on the ground.

All sides in this war are pretty coherent media manipulators, none more so than the Ukrainians. The Ukrainian authorities are incredibly media savvy and led by President Zelenskyy himself, they have controlled much of the public agenda by expert use of the media. They are obviously aided by countries such as the UK and USA and those nations’ officials are also drip-feeding information to reporters and outlets which then go onto shape the agenda – but the Ukrainians are top of their field.

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They’ve done much of this by controlling access to the battlefield. It’s becoming more and more challenging to get close to Ukrainian troops on the frontline. Journalists are managing it and that is important to get a sense of how the war is going. But I would argue, it is most definitely not the only way of finding out information and in fact can be downright abused with reporters getting a very skewed view of the war if they rely simply on military movements.

There have been some notable bear traps, for sure. There are in every war. It’s been fantastically difficult to get access in Russia, for a start, with journalists like my Sky News colleague Diana Magnay in Moscow having to dance on a very dangerous tightrope telling the truth whilst working under the country’s strict media laws.

All the journalist teams operating inside Russia are extremely courageous in my opinion and know any single word or consonant out of place could have dire personal consequences. But the Ukrainians too are not above using and misleading journalists. Reporters were effectively kept away from Kherson for instance by the Ukrainian authorities and denied access to the muchheralded southern front counter-offensive.

It very effectively duped the Russians into relocating their troops to the south whilst in fact the Ukrainians were moving on the north-eastern front instead. The Russians were comprehensively duped but so were the journalists. The Ukrainians were then able to launch a lightning blitz on Kharkiv, thereby setting off a chain of events which has so adroitly given them the upper hand right now. So far journalists and editors have passed off the multiple misleading statements by the Ukrainians as part of the ‘fog of war’ or maybe even convinced themselves it was necessary – but misleading, it certainly was.

And against this backdrop of war, the economic turmoil in Britain has been playing out with some outstanding coverage and analysis from a stream of incredibly wellinformed economic journalists such as Sky’s Ed Conway and the BBC’s Faisal Islam. What a time to be a journalist in so many diverse fields and to be at the heart of such seismic events, explaining them, interpreting them and putting them in context for an audience growing ever more eager for informed and dependant reportage.

It’s been a stunning year for journalism with so many different outlets and journalists rising to the challenges with aplomb and creativity. What a year. What a maelstrom of events so no better time to launch the NCTJ’s safety and resilience workshops. It’s a cracking idea and I was desperately disappointed to have missed the inaugural workshop due to some real-life resilience I had to put into action because of an emergency on the home front. Forgive me for missing it – but I fully intend to be part of future discussions on this essential subject. There is so much for us to be inspired about in this industry – and so much for us all to learn.

What a great time to be a journalist. Bring it on 2023. We’re ready for you!

Alex Crawford, special correspondent, Sky News and patron of the NCTJ

While every journalist who’s covering Ukraine knows only too well that battlefield access is phenomenally controlled by a series of Ukrainian military press officers, it’s still possible. However, many have been pouring more resources into finding alternative ways of covering the war.

A lot of focus has been put on investigating war crimes and atrocities carried out by the invading forces – as well as spending time with the volunteers, the medics, and the civilians right at the centre of this invasion and who can often provide the most telling – and most accurate – testimony about exactly what is going on.

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Sportswriter Ian Herbert speaks to News Associates London students

Continuing professional development for journalists and trainers

The Journalism Skills Academy (JSA) has grown in scale and ambition during the last year so that it is well placed to offer expert, quality, professional training and development for journalists throughout their careers.

The JSA is committed to ensuring training and development is at the heart of the industry so that quality standards are maintained which will, in turn, ensure the media is trusted and respected in the eyes of the public.

Furthermore, our vision is to ensure that working journalists are empowered to develop their skills and expertise so that they feel valued and motivated in their jobs.

We continue to develop relevant and engaging training courses for journalists covering a range of skills and disciplines, reflecting the increasing diversity of roles in the industry. From core skills to specialist subjects, the

JSA seeks to meet the needs of as many different people as possible including trainers and tutors at educational centres across the country. We aim to provide different learning experiences including e-learning, virtual training and discussion panels.

The e-learning platform is an important part of the JSA offering, and we invested in a relaunch last year to include improved functionality which provides a better user experience for learners. The Continuous Professional Development (CPD) section has developed significantly with the launch of a range of new courses including investigative journalism, data visualisation, reporting on climate change, business and economics, data and analytics and social media.

Meanwhile, all three of the NCTJ’s main qualifications – the Certificate in Foundation Journalism, the Diploma in Journalism and the National Qualification in Journalism – continue to be available to study through the JSA and the platform development means this is now a more engaging and interactive experience.

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PA Training students honing their interview skills

The JSA also seeks to support and advise journalists by developing campaigns about key industry-wide topics. We were proud to launch the course, safety and resilience for journalists, responding to increasing concern about the issue across the industry. Modules within the course include online safety, staying safe while on the job and mental health and wellbeing. We also hosted a lunchtime discussion panel to coincide with the launch, which was attended by dozens of journalists across the country.

The JSA will continue with its successful run of virtual training sessions on different subjects throughout the next year. These quality sessions include core subjects such as writing skills and media law to specialist subjects including podcasting and investigations. Interactive sessions on safety and resilience will also form part of the programme in 2023. Further campaigns will include supporting freelance journalists and diversity and inclusion.

We continue to be supported by the industry and by the Google News Initiative, whose funding has allowed us to be innovative and bold in our thinking so that training and development continues to be considered central to the overall sustainability of journalism.

Explore the Journalism Skills Academy now CLICK HERE

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PA Training students and apprentices, sharpen their interviewing skills at the London Assembly

Highly-respected industry qualifications for journalists

Diploma in Journalism

The Diploma in Journalism is the industry’s entry-level qualification, recognised by employers and studied through NCTJ-accredited courses, via the level 5 journalist apprenticeship or by distance learning with the NCTJ’s Journalism Skills Academy. Aspiring journalists strive to achieve the ‘gold standard’ which means earning A to C grades for all assessments (and 100 words per minute shorthand, if applicable).

Sports journalism is a popular elective option in the diploma, delivered by 14 NCTJ-accredited course providers and via distance learning. To ensure the content remains up-to-date and continues to reflect industry practice, an extensive review of the programme of study and the exam took place

with sports editors, tutors, trainers and candidates informing changes introduced from September 2022. Contemporary issues in sport, such as diversity and mental health and the rise in prominence of women’s sport were added to the syllabus and a live blog of a sporting event has been added for assessment in the e-portfolio.

The sports journalism exam has been updated and closely mirrors the sports news cycle, strengthening the assessment of a candidate’s digital and interviewing skills. Its core focus continues to be a football match (male or female), from preview to post-match review and follow-ups, but the knowledge and skills that are tested apply to reporting across all sports.

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Podcasting is increasingly an essential tool for trainee journalists and is included in the essential journalism syllabus with all candidates being taught preparation and planning, formats, recording, mixing and editing audio, production and publishing skills, guests and building audiences. Candidates can also submit a podcast for their radio journalism coursework as long as it includes the following elements within the first 15 minutes for assessment: opening music; at least one interview; and at least one minute of content recorded on location.

During the pandemic, temporary arrangements and adaptations for the e-portfolio and video journalism coursework were introduced to support candidates completing their training under lockdown conditions and these arrangements continued during 2021-22 due to lockdowns and government guidance on Covid-19 restrictions. Since September 2022, these arrangements were all removed unless individual reasonable adjustment requests are made.

National Qualification in Journalism (NQJ)

We continue to diversify the NQJ, the industry’s senior journalist qualification, and have introduced a professional pathway for journalists working on specialist brands and online magazines. The specialist brand publishing assessment asks candidates to produce, publish and promote an online feature. Candidates prepare a brief, pitch the idea to their employer and plan and prepare their feature meeting specified requirements before sitting the three-hour assessment where a minimum 1500-word feature is produced and published. This is followed up with online promotion of the article. They also sit a tailored media law and ethics in practice exam and produce an e-logbook, again tailored to their job role.

NQJ pathways for journalists working as local democracy reporters or sports journalists have also been developed to meet the needs of employers and reporters working in these fields.

The NQJ is a key element of the level 7 senior journalist apprenticeship. Apprentices must gain the qualification to complete the scheme. The qualification is also available for study via distance learning with the NCTJ’s Journalism Skills Academy providing a flexible study plan for working journalists who have completed the Diploma in Journalism and want to professionally develop their career to senior level.

Journalism apprenticeships

This year has seen a gradual increase in the recruitment of journalist and senior journalist apprentices across a wide range of organisations including regional publishers and national broadcasters. An apprenticeship offers a direct route into the industry encouraging applicants from diverse backgrounds. The schemes offer a combination of both on and off-the-job training and numbers are growing on the level 5 journalist and level 7 senior journalist apprenticeship standards.

End-point assessments (EPAs)

The NCTJ delivers the end-point assessments (EPAs) for the journalist and senior journalist apprenticeship standards. This is a final assessment of an apprentice’s knowledge, skills and competence in the job role. We deliver the EPAs as qualifications and they are both on the Ofqual Register of Regulated Qualifications. The EPAs are assessed by a number of different methods including: a journalism project, project presentation or a report; and taking part in a professional discussion with an independent assessor. The assessment decisions are quality assured by the NCTJ and both EPAs are externally reviewed by our regulator, Ofqual.

In the coming year we intend to widen our scope of recognition for delivering EPAs and apply for approval to offer the assessments for media-related level 3 apprenticeships that could provide progression on to the journalism standards.

Certificate in Foundation Journalism

The Certificate in Foundation Journalism has been reviewed and updated for learners studying via distance learning on the NCTJ’s Journalism Skills Academy. This flexible qualification is delivered in ‘bite-sized’ units and the materials have been designed to create an interactive learning environment. Providing basic journalism skills training, it does not prepare learners for employment, but it will provide a solid stepping stone to the Diploma in Journalism qualification.

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Cutting-edge journalism training on accredited courses

Graduates from News Associates’ School of Journalism celebrate their achievements

As the world comes to terms with the ‘new normal’ post-covid, so have training providers offering NCTJ-accredited courses.

Many adaptations to courses to suit online and hybrid training are continuing. On the other side of the coin, course leaders have returned to in-person teaching for diploma modules that are best taught in centre.

No matter what mode of delivery, students continue to receive cutting-edge and high-quality journalism training and exposure to the industry through work experience placements and guest speakers. This is testament to the hard work of the teams running accredited courses and their industry links, which remain crucial to the student experience.

As always, the NCTJ prioritises its support to centres to ensure that the exacting standards of accreditation are being met. The NCTJ updated its accreditation standards to consider remote learning and teaching when required. The standards include student access to appropriate hardware and software, training on equipment and systems, monitoring of student engagement and support of cohort cohesion.

The 2021-22 academic year also saw a first for the NCTJ: accreditation of the first fully remote courses. The University of Portsmouth began its remote MA programme in September 2022, and News Associates have launched a fully remote part-time course spanning 18 months.

The NCTJ has also shown commitment to arranging better access to courts for journalism students on accredited courses. The NCTJ gathered feedback from course leaders and law tutors who said that they were unable to access court cases in person during the pandemic while Government restrictions were in place.

Only one in five respondents said their students had been able to access cases being heard remotely.

Despite restrictions easing, the NCTJ found that some students were still unable to access local hearings.

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By putting course leaders in contact with the relevant court officials, centres have now been able to give students first-hand experience in allowing students to develop their understanding of court cases, media law and court reporting. Some have been able to access hearings via video link.

Resilience training

The NCTJ has also updated its performance standards for accredited courses to ensure students are adequately supported to deal with challenging scenarios in training and assessments, and to prepare them for what they may encounter in the newsroom.

These updates came after the NCTJ held a webinar with course leaders and tutors to discuss how to support students that may be impacted by these topics.

The updated performance standards were subsequently reviewed and approved by the NCTJ’s accreditation board.

Accreditation seminar

The NCTJ reunited with course leaders again in Manchester in March 2022 before the Awards for Excellence ceremony took place. Course leaders heard

updates from the NCTJ and plans for 2022, including about the awarding organisation, marketing and communications and equality, diversity and inclusion. They also took part in round table discussions reflecting on the challenges, opportunities and issues of teaching in the pandemic and the lessons learnt.

Accreditation visits and meetings

The NCTJ is continuing to concentrate its efforts on centres and courses that need it the most, offering targeted support in a rigorous, transparent and risk-based system. In 2021-22, the NCTJ carried out 13 visits as either accreditation panel meetings or monitoring meetings, offering additional support by bringing together panellists and industry advisers to ensure centres are training students to industry expectations. Carried out in-person in the latter half of the academic year as restrictions eased, 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.

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:

Kimberley Barber, regional editor for Hampshire, Newsquest

Alex Boyd, content editor, SussexLive Maria Breslin, editor, Liverpool Echo Jeremy Clifford, editor-in-chief, Archant Tim Durrans, sports editor, BBC Radio Sussex and BBC Radio Surrey James Gregory, content editor, Essex Live Emily Hewett, head of audience, Archant Kim Hewitt, programme and digital editor, ITV Meridian Michelle Johnson, Vantage Media Group

Andrea Macmillan, news reader and planner, BBC Tees Ian McNeal, editor, Teesside Live

Andrew Mosley, editor, Rotherham Advertiser Gillian Parkinson, former editor, Lancashire Post Mike Shallcross, deputy editor, Men’s Health Phil Spencer, sports writer, TalkSPORT

Darren Thwaites, editor-in-chief, Manchester Evening News Mark Waldron, editor, the News, Portsmouth Joanna Webster, deputy global editor, visuals, Reuters Charlotte Wilkins, reporter, ITV Meridian

Industry advisers continue to offer invaluable support to the centres they are linked with by meeting with heads of journalism, course leaders and students.

New modules and courses

Centres approved to deliver new diploma modules in 2021-22:

City of Liverpool College – sports journalism Liverpool John Moores University – editing skills for journalists PA Training – editing skills for journalists and practical magazine journalism Teesside University – data journalism University of Brighton – practical magazine journalism University of Sheffield – journalism for a digital audience, data journalism, introduction to PR and videojournalism for digital platforms University of Sunderland – journalism for a digital audience

Centres approved to deliver new courses in 2021-22:

Liverpool John Moores University – BA Journalism, BA Journalism with foundation year and BA Sports Journalism News Associates – part-time diploma (remote) University of Portsmouth – MA Journalism (remote)

Centres approved to deliver new NCTJ qualifications in 2021-22: Oxford Brookes University – Practical International Journalism

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An effective careers information service

To help students make a well-informed decision on which journalism course to choose, we have ramped up our careers service this year.

We want to inform and inspire the next generation of journalists, particularly to ensure that students pick the right courses that equip them with the quality skills needed for employment in the industry.

Too often do journalism students make big investments in courses and come to realise that they don’t have the NCTJ qualification and should have done an NCTJaccredited course.

Our aim is to explain the different pathways into journalism careers, the value of studying for an NCTJ qualification and the opportunities available to students.

We regularly engage with national careers weeks, such as National Careers Week and Journalism Matters Week, to encourage young people from a range of backgrounds to consider a career into journalism.

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

Jobs board

We have also listened to the needs of our current students and distance learners, who ask for support in finding their first journalism job.

We aim to position our website, which was re-launched this year, as the ‘go-to’ careers information service for journalism. Therefore, we launched our very own journalism jobs board to signpost opportunities including entry-level and early careers roles, apprenticeships, Community News Project vacancies and internships.

Coinciding with the jobs board, we promote listings via monthly newsletters to those currently studying on NCTJ-accredited courses, plus those studying via distance learning. Opportunities are also promoted via weekly social media round-ups.

A digital version of the guide is available on the NCTJ website. CLICK HERE

Careers guide

Now in its fourth year, our journalism careers guide ‘Do you want to be a journalist?’ is sent to schools and colleges across the UK.

The bumper edition, sponsored by the Financial Times , promotes the different training routes available and features the different paths they took into successful careers.

The guide also features easy-to-navigate listings of all NCTJ-accredited courses, which are a cut about the rest.

BBC Radio London presenter and producer Jacqueline Shepherd, who studied at News Associates in London, is this year’s cover star and talks about how achieving the NCTJ Diploma in Journalism has helped her “level-up” her career.

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Mobilising industry support for journalism training

The NCTJ was set up to work with and for the journalism sector, to set industry standards through our qualifications and to ensure the quality delivery of training towards those qualifications. Securing strong and ongoing industry support for our training schemes is key.

To this end, we have been delighted in the last year to see numerous industry partners taking advantage of both our standard distance learning programmes, as well as bespoke courses, which we are able to develop to meet a partner’s specific needs.

The ongoing growth and development of the Journalism Skills Academy’s e-learning offer has provided an opportunity for several employers – notably DC Thomson and Newsquest – to train previously unqualified new recruits on the job, working towards the Diploma in Journalism alongside learning skills in the newsroom. The Certificate in Foundation Journalism (CFJ) and, for those working towards senior reporter positions, the National Qualification in Journalism (NQJ) are available as distance learning options too. They sit alongside a wide range of short courses devised for working journalists to develop their skills in key areas.

Following the success of a pilot project in 2020-21, in the last year News UK successfully put two further groups of interns through a CFJ programme devised by the NCTJ in partnership with News Associates. There are plans to repeat the exercise in the coming year, and we are encouraging other employers to consider the CFJ as a useful gateway to apprenticeships and to the Diploma in Journalism.

We were very pleased once again in the last year to provide training to a cohort of journalists from the Mark Allen Group towards the Diploma in Magazine Journalism, a qualification specifically designed to develop the skills of those working in the magazine sector. The commitment of Mark Allen Group to the continued professional development of its employers has paid dividends over many years and we are proud to support those efforts.

In partnership with Media Trust, the NCTJ delivered a series of fourteen practical training sessions on the subject of inclusive reporting in the first half of 2021. The webinars set out to equip journalists at a wide range of news media companies – as well as freelancers – with the skills to better engage with subjects and audiences from diverse backgrounds and communities. Feedback from the sessions was very positive.

Following a break during the coronavirus pandemic, we have been delighted to secure an agreement with Sky Sports News to recommence its annual training programme for staff keen to develop their skills and progress their careers. We are also very pleased to be working with Sky Sports News on a new, bespoke Diploma in Journalism programme for new starters.

The NCTJ remains absolutely committed to working with industry partners to find solutions to their particular training and development needs – at whatever level.

NCTJ alumni Fadumo Olow reporting at Silverstone for Sky Sports

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NCTJ Diversity in Journalism report launch event

Equality, diversity and inclusion

The NCTJ is committed to leading radical change in the industry to improve the diversity of newsrooms. Looking forward, we aim to do more to facilitate equality of opportunity in journalism by taking action to encourage a diverse and inclusive culture.

This was highlighted in the NCTJ’s Diversity in Journalism report, published in May, which found ongoing issues with social class which need to be addressed as a priority.

A digital version of the report is available on the NCTJ website. CLICK HERE

Joanne Butcher, chief executive of the NCTJ, said: “We know we need to do more and that is what we are currently debating at the NCTJ and with our partners. Expect to see greater investment and the introduction of more interventions designed to make a difference.”

The report was discussed at the NCTJ’s EDI forum for employers, which brings the media sector together to discuss and advise on the further action needed that will make a difference.

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

In July, the NCTJ launched a best practice guide to work experience and internships for employers.

We have regularly argued that the existence of lengthy, unpaid – and often ad hoc – work experience placements in the media sector is both morally wrong, and can act as a barrier to entry.

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Joanne Butcher said:

“Short placements are fine to see if the job is for you or to hone your skills and training. But we have to work together to stop unpaid internships: they are morally wrong, illegal and unfair. Networks and wealth should not open doors that are shut to hard work and poverty.

“We need to encourage those from all walks of life into journalism roles, take down the barriers and support people in their careers. We must place equal value on alternative, nongraduate entry points and boost recruitment and promotion from this talent pool.”

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

Apprentices complete a journalism bootcamp at PA Training

We are now supported financially by 26 industry partners, who have made it possible to award more than 500 bursaries since the JDF launched in 2005.

In July, five JDF alumni participated in a reporting tour of the United States, thanks to a partnership between the U.S. Embassy in London and the Journalism Diversity Fund.

Anita Langary from BBC News, Rebecca Banovic from Sky News, Thomas Grant, a reporter with the Clydebank Post and other Newsquest titles in Scotland, Joshua Salisbury from the Evening Standard , and Sophia Alexandra Hall from Classic FM spent 10 days in America, visiting sites in Washington DC, Minneapolis in Minnesota and Phoenix, Arizona.

Anita Langary said: “I want to give a massive thank you to JDF for giving me the once in a lifetime opportunity to report in the U.S. There is no denying the barriers to entry for working class ethnic minorities, but this scheme and their support removed those obstacles for me. The trip has given me invaluable tools to progress in my career and without the JDF I would not be where I am today, and for that, I will always be grateful to them.”

The NCTJ has partnered with social enterprise Ability Today since 2020 to offer accessible journalism courses to aspiring journalists with disabilities and longstanding health conditions.

Students enrolled on the courses study remotely towards either the Certificate in Foundation Journalism or the Diploma in Journalism via the NCTJ’s Journalism Skills Academy platform and through interactive online video classes.

Jamie Green, who is completing his diploma training with Ability Today, credits the course for helping him secure a prestigious traineeship with ITV Meridian.

He said: “I wouldn’t have got to this point and got this job without Ability Today or the NCTJ. “One of the biggest attractions of the course was that you don’t have to go to a certain place at a certain time. That’s hard for people with disabilities.”

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Effective communication and collaboration

NCTJ Awards for Excellence 2021

Clear and effective communication is a key focus for the NCTJ, and we continue to engage with stakeholders across social media, e-newsletters and in-person and online events.

We are also establishing new ways of collaborating with our audiences, including an educator panel to formalise links with NCTJ training providers, and an ambassador group to participate in a range of outreach activities.

New website

In May, the NCTJ launched a new website, which aims to improve accessibility and engagement, and offer an improved user experience.

Among the new features is a jobs board, which enables students and alumni to search for opportunities and vacancies.

The student and tutor login area has moved to the Journalism Skills Academy site, which hosts resources and will publish student exam results from 2022-23.

Student Council

Student representatives had their questions answered in a virtual Student Council event on Instagram Stories in March.

The NCTJ Student Council enables students and apprentices from across the UK to communicate their views on their journalism training, and to have their questions answered by the NCTJ team and senior editors.

Representatives from accredited courses, apprenticeships and the NCTJ’s distance learning programme were asked to provide their feedback and ask questions relating to their training, the NCTJ, or journalism careers in an online survey.

Awards for Excellence

Student, trainee and apprentice journalists were honoured at the Awards for Excellence ceremony, which took place at Hallé St Peter’s in Manchester on Thursday, 17 March.

The ceremony was hosted by Nick Powell, Sky Sports News presenter, who said: “The importance of journalism has been thrust into the spotlight once more through the unbelievable courage and bravery of reporters in Ukraine, risking their lives to tell the stories the world needs to know.”

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

Also honoured at the ceremony was Karen Ballam, shorthand tutor at Bournemouth University, who won the Chairman’s Award for her outstanding contribution to journalism training and education.

70th anniversary celebrations

To mark its platinum anniversary, the charity hosted a celebratory reception at UK Parliament in July, joined by supporters from across the media and journalism education and training.

The reception was postponed from November 2021, due to the coronavirus pandemic.

Speaking at the reception, Joanne Butcher, chief executive of the NCTJ, said: “It’s heartening that our charity, in reaching this milestone anniversary, has become such an important journalism organisation that is unique in getting all sectors of the media to work together with all sectors of journalism education and training.”

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The future sustainability of quality public interest journalism training

Following its highly successful pilot period from 2019 to 2020, the Community News Project was expanded at the start of 2021. Meta’s ongoing – and indeed increased – financial commitment to the scheme, meant that the number of community reporter roles could grow from 82 to 100, and could benefit a wider range of publishers.

The NCTJ oversaw a competitive tender process, and ultimately brought a further 14 regional publishers into the project. The quality of tender bids was very high and we were pleased to be able to extend support to several smaller, independent publishers – including the Brighton & Hove News and Congleton Chronicle – as well as bigger players in the market, such as Tindle, Iliffe and DC Thomson.

Recruitment for the new cohort of community reporters progressed very smoothly for the most part, with the project once again offering opportunities to individuals from a wide variety of backgrounds.

The impact of the reporters’ work has continued to be very evident.

Naomi de Souza was one of the original community reporters, taken on by Reach Plc in 2019. She successfully completed the Diploma in Journalism and was retained in her role to work towards the National Qualification in Journalism, which she completed in March. She also won the Community News Project award at the NCTJ’s Awards for Excellence, for a raft of brilliant stories.

She said: “Getting to represent unheard stories from large swathes of the city was a privilege, you have a special power to bring important stories to the forefront.

“People talk a lot about diversity in the newsroom, but you see its benefits in action on the scheme. Reporting on stories that strike at the heart of diverse communities and resonate with real people not only builds audience, but trust, which has sometimes been lost in newsrooms.

“There is nothing quite like local news, and being a part of the prestigious scheme was truly the best start to my career. I would encourage anyone thinking about it to apply.”

Naomi de Souza wins the Community News Project award 2021

The NCTJ has continued in the last year to work with government and other stakeholders as part of the National Action Plan for the Safety of Journalists. In partnership with tutors on three NCTJ-accredited courses (from the universities of Portsmouth and Ulster, and Leeds Trinity University), we have developed an e-learning resource aimed at working journalists and journalism students alike. The course, to be made available for free on the Journalism Skills Academy (JSA), will offer advice on staying safe, building resilience and covering sensitive stories.

Beyond journalism safety, the JSA offers a range of other courses and resources to develop the skills needed to deliver public interest journalism – from fact-checking and media law, to shorthand and investigative techniques. The ongoing expansion of the JSA will further aid the NCTJ’s work in this key area.

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Professional research and skills information

Apprentices complete a journalism bootcamp at PA Training

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

Now published annually, the Diversity in Journalism report 2021 was launched at an industry event in May.

The report provides a fascinating insight into the characteristics of UK journalists, and is designed to help us monitor progress and change.

It is heartening that there is good progress with gender balance, including at senior editorial levels where there had been concerns that there may be gender disparity. Progress has also been made with the employment of journalists with disabilities and health issues.

To some extent, there has been an improvement in ethnicity representation, although there is still work to be done. What is worrying is that there are clearly issues associated with promoting those from non-white ethnic groups into more senior editorial roles.

The report also identified ongoing issues with social class which need to be addressed as a priority. This is linked to journalism being a ‘graduate-level’ occupation with most new entrants being selected from a highly educated graduate pool.

Joanne Butcher, chief executive of the NCTJ, said: “Our research programme, including reports like this, are vital to present the facts, highlight the real issues and measure progress. It is all important that we all take action.”

The continuing increase in the number of journalists working in the UK is particularly interesting. It suggests that journalism remains a positive choice for a career in terms of the availability of opportunities and competition for talent.

At the industry event, hosted by the Financial Times , a panel of senior editors and journalism educators discussed the key findings of the report and what action should be taken.

Mike Hill, director of the MA News Journalism course at Cardiff University, said the key to tackling socioeconomic diversity was to reach out to students early.

He said: “We do a lot to attract students who could be put off by the course fees by offering bursaries.

“We also do a lot of work in the community. It’s about doing more earlier, it’s offering more money and it’s about working with employers to get paid work experience opportunities.”

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Business and finance review

Although the NCTJ experienced disruption and made adaptations to its operations and activities as a result of the pandemic in 202122, it has continued to innovate and benefit from new ways of working and to deliver a growing range of products and services. The organisation remains financially stable and continues to invest in updating and developing new products and services to support journalists and media organisations.

Operating in a challenging media landscape and at a testing time for journalism, the charity has become one of the most significant and influential journalismrelated organisations in the UK. It is a well-established and robust organisation with a well-known brand in the industry that enjoys high penetration, employer support and recognition. It works actively across digital, social, broadcast and print media and all sectors of journalism education and training.

Resources and funding

Total income to the charity was £7,690,765 and total expenditure was £8,159,532, including an accrual of £4,569,798 for publishers participating in the Community News Project. There was a net expense to the group of £468,767. After the addition of a net reduction in the value of investments of £178,597, there was a total decrease of funds amounting to £647,364. Exclusive of the Journalism Diversity Fund and the Community News Project, there was a trading surplus of £454,264.

The charity continues to work in partnership with Meta (formerly Facebook) and a further donation of £6.01m in December 2021 has extended the project to December 2023 and increased the number of publishers involved from nine to 23.

The Journalism Diversity Fund, an industry charitable fund, is managed and administered by the NCTJ as a

restricted fund. The fund fosters greater diversity in newsrooms by promoting careers in journalism and awarding bursaries to those from diverse backgrounds without the means to attend NCTJ-accredited courses. For the second year, the ambitious fundraising target of £500k has been exceeded. Donations totalling £512,709 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 £339,426.

The charity has 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. With the support of sponsorship from the Google News Initiative, NCTJ has developed a Journalism Skills Academy with an e-learning platform to deliver courses and training online. With funding to develop new products and services the plan is to expand this further to provide career-long support and training to journalists, working in collaboration with the industry and other relevant organisations.

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 £590,000.

At 30 June 2022, the group had funds totalling £3,909,617 of which unrestricted funds amounted to £2,769,981 and restricted funds of £1,139,636. Excluding restricted and designated funds, the charity currently holds free reserves of £1,300,450, including £914,974 in

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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.

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 £25,021 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 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 2021-22 2020-21 2019-20
Incoming resources £7,690,765 £3,855,553 £1,335,196
Expenditure £8,159,532 £3,140,111 £3,380,043
Operating Surplus / (defcit) for the year (£647,364) £942,856 (£2,020,973)
Consisting of:
Restricted fund (defcit) / surplus (1,101,628) £550,000 (£1,822,327)
Trading (defcit) / surplus after taxation £454,264 £392,856 (£198,646)
Balance Sheet as at 30 June 2022
Tangible fxed assets £429,048 £422,159 £401,451
Investments £914,969 £1,093,566 £866,638
Current assets £7,577,243 £3,441,303 £2,569,912
Current liabilities £3,733,159 £400,047 £223,876
Net current assets £3,844,084 £3,041,256 £2,346,036
Net assets £3,909,617 £4,556,981 £3,614,125

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

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Strategic partners

The NCTJ works with partners from across the media landscape, ensuring that everything we do is informed and supported by industry.

Some partnerships are focussed on specific initiatives, such as the Community News Project. Others are built on regular training towards qualifications or bespoke skills development programmes. We always set out to create relationships that have a clear and practical purpose, befitting the particular needs of the applicable partner, and the charitable objectives of the NCTJ.

Representatives from our industry strategic partners are involved with the ongoing evolution of the NCTJ by acting as trustees of the charity or as members of boards and committees. Thanks to their expertise, media

organisations can continue to have complete confidence that the NCTJ’s training programmes – for students, apprentices and working journalists – are preparing and developing journalists to meet the requirements of the modern news environment.

Some of our strategic partners make regular, financial contributions to the NCTJ, while others support the development and delivery of specific courses, deploying bespoke NCTJ training schemes to the benefit of their employees. Such partners can, where their contribution reaches an agreed threshold, benefit from discounted training courses for their staff, as well as unlimited listings on the NCTJ’s online jobs board.

If you would like to find out more about becoming a strategic partner of the NCTJ, or working with us on any particular projects, we’ll be glad to hear from you.

Current strategic partners: BBC DC Thomson Financial Times KM Group National World Mark Allen Group Midland News Association Newsquest Media Group News UK Reach PLC Sky UK

News Associates student Eve Bennett presents on Black Country Radio

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Our people

Trustees

CHAIRMAN: Kim Fletcher, partner, Brunswick Group Lynne Anderson, deputy CEO, News Media Association Abu Bundu-Kamara, senior director of inclusion and diversity, Expedia

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, finance and operations director, The Pace Centre 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 Star

Joanne Butcher, chief executive Chris Dunham, company secretary

Staff

Laura Adams, head of the Journalism Skills Academy Nikki Akinola, senior diversity and inclusion co-ordinator Joanne Butcher, chief executive

Natalie Coleman, quality and standards manager Chris Dunham, head of finance and IT Will Gore, head of partnerships and projects Lyn Jones, head of qualifications Rachel Manby, head of awarding Laura Pilling, project manager Alison Puttock, assessment manager Emma Richens, assessment co-ordinator Sarah Rix, head of marketing and communications Emma Robinson, marketing and communications manager Ellen Sanderson, assessment controller Molly Shand, assessment administrator Rachel Slater, events and training co-ordinator Andy Summers, senior co-ordinator/developer Sophie Talbot, finance officer and administrator

Maria Breslin, executive digital editor, Reach plc Tim Dawson, president, National Union of Journalists Graham Dudman, deputy managing editor News Associates London Louise Hastings, managing editor, Sky News Michelle Johnson, director of editorial, Vantage Media Group Stephanie Marshall, head of BBC West Ian Reeves, director of learning and teaching, University of Kent

Joanne Butcher, chief executive

Natalie Coleman, quality and standards manager Rachel Manby, head of awarding

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

Chris Rushton, chief examiner, PR & communications Dan Townend, chief examiner, media law Laurie Tucker, industry and apprenticeship representative

Quality assurance and standards committee

Lead consultants

Faith Lee, external quality assurance Mark Spilsbury, research

Accreditation board

CHAIRMAN: Abbie Scott, deputy managing editor, Financial Times Karen Ballam, shorthand chief examiner and shorthand tutor, Bournemouth University

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 awarding

NCTJ

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

www.nctj.com

Tel: 01799 544014 Email: info@nctj.com

Registered number: 02720630 Charity number: 1026685

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Directors and advisers 1
Directors' report 2 - 17
Independent auditors' report on the financial statements 18 - 22
Consolidated statement of financial activities 23
Consolidated balance sheet 24 - 25
Charity balance sheet 26 - 27
Consolidated statement of cash flows 28
Notes to the financial statements 29 - 58

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022

Directors Laura Adams (resigned 14 June 2022)
Gavin Allen (resigned 26 August 2021)
Lynne Anderson
Abu Bundu-Kamara
Andy Cairns
Alan Edmunds
Kim Fletcher, Chairman
Toby Granville
Colm Murphy
Jasvinder Nijjar
Neil O'Brien
John Ryley
Abbie Scott
Joanna Webster
Martin Wright
Company registered
number
02720630
Charity registered
number
1026685
Registered office
The New Granary
Station Road
Newport
Saffron Walden
CB11 3PL
Patron
Company secretary
Alex Crawford
Chris Dunham
Chief executive officer
Joanne Butcher
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Investment manager
Investec Wealth and Investment
2 Gresham Street
London
EC2V 7QN

Page 1

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2022

The directors (who are also trustees of the charity for the purposes of the Charities Act 2011) submit their annual report and audited financial statements of National Council for the Training of Journalists (the charity) for the year ended 30 June 2022.

The directors confirm that the annual report and financial statements of the charity and the group comply with current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (second edition October 2019).

Since the company and the group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

Principal activity

The principal activities of the group are the provision, supervision and accreditation of journalism-related training, and the directors intend to continue to develop these activities.

Business direction

The National Council for the Training of Journalists (NCTJ) has become one of the most significant and influential journalism-related organisations in the UK.

It is the standard bearer for quality trusted journalism and equality, diversity and inclusion.

A democratic society needs qualified journalists to function effectively and NCTJ provides the go-to ‘gold standard’ qualifications and apprenticeships for contemporary journalism.

NCTJ is operating in a challenging media landscape and at a testing time for journalism. Business models and revenue streams continue to change, media has converged and journalists are expected to have a wider range of skills and to use technological advances to enhance their journalism.

As the media and journalism have transformed, so has NCTJ. It works actively across digital, social, broadcasting and print media. It is unique in bringing together all sectors of the media and all sectors of journalism education and training.

NCTJ remains financially stable with diversified revenue streams, high impact products and services, robust, ground-breaking research and labour market information, and strong and effective leadership.

The charity is working to become more closely tied into newsrooms and to give its strategic partners and recognised education and training partners and alumni a greater stake in the organisation.

The number of journalists working in the UK has risen markedly from 78,000 in 2018 to 108,000 in 2021. The percentage of qualified journalists who have NCTJ qualifications has also increased; 81 per cent in 2018 and up from 63 per cent in 2012 and 58 per cent in 2002.

The recruitment boom, the need for greater diversity and changes in the ways the public source their news have meant that NCTJ has extended its work to promote journalism careers and to stimulate a wider range of entry routes into journalism.

The charity is committed to providing funding for training and to making a positive and demonstrable contribution

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NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

to the future sustainability of public interest journalism in the UK.

NCTJ is harnessing its expertise, its supporter base and its connections to champion the need for journalism to reflect today’s diverse society and the ethical base of professional journalism and its role in supporting democracy. It is securing and implementing more high-profile partnerships and projects.

The long-term commitment to instil a culture of continuing professional development for journalists is being done under the banner of the Journalism Skills Academy.

Mission

To be recognised as the industry charity for attracting, qualifying and developing outstanding journalists from all backgrounds who work to the highest professional standards.

Purpose

To 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.

Strategies for achieving objectives

In setting objectives, the directors confirm that they have paid due attention to the charity commission guidance on public benefit and section 17 of the Charities Act 2011.

To achieve its purpose, the objectives are to:

Values

The charity’s strategy is based on the distinctive characteristics – the values – of the organisation. The values are:

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NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Priorities

IMPLICATIONS OF COVID-19

NCTJ continued to experience some disruption to its operations and activities during the year. The charity, however, was able to continue to innovate and benefit from new ways of working and to deliver key products and services. Although challenging, overall, the pandemic has been a particularly positive, productive and groundbreaking period for the charity.

The charity has adopted the following priorities and approach throughout the pandemic:

  1. NCTJ’s first concern is the health, safety and well-being of its people.

  2. The needs of learners, centres and strategic partners must also be prioritised.

  3. Although it cannot be ‘business as usual’ , as far as possible, NCTJ should continue with as many of its business objectives and priorities as possible.

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NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

  1. The charity’s response to challenges will be creative, proactive, positive and innovative . The aim is to find solutions to problems and new ways of working in the interests of stakeholders and everyone the charity helps.

  2. A commitment to good communications and flexibility is vitally important for both internal and external stakeholders.

  3. The NCTJ’s financial position must be closely monitored.

Contingency arrangements

NCTJ published its contingency policy and plans which were updated regularly to account for changes in government and regulatory guidance and decisions taken by NCTJ. Accompanying FAQs for centres and learners explained how policies applied directly to them.

Assessments were adapted or delayed rather than estimating grades or asking educators and trainers to make judgments about their candidates’ professional skills and competence.

A priority for NCTJ has been to support accredited course providers to ensure there is effective remote delivery of training and assessments. Regular webinars continued to be organised for heads of journalism and course leaders, and centres and NCTJ have worked together to offer contingencies to mitigate the adverse effects of the pandemic on learners.

NCTJ continued to offer the option of remote exams to allow learners to complete their NCTJ qualifications and to progress in their careers. The costs of proctoring licences were met by the charity and not charged to centres or candidates in order to support them whilst restrictions were in place.

NCTJ’s office remained open for essential activities, team meetings and training.

Regulatory considerations

As a regulated awarding organisation, NCTJ works closely with its regulators, particularly Ofqual, to inform its contingency policy for regulated qualifications and apprenticeships. During the year, NCTJ worked within the Vocational and Technical Qualifications Contingency Regulatory Framework (VCRF). This allowed the Diploma in Journalism and National Qualification in Journalism to be adapted for candidates wishing to progress to employment or senior status. The offer of remote exams fell within this definition of adaptation and supports Ofqual’s policy to deliver as many results as possible to learners. NCTJ responded regularly to the regulators’ consultations about policy and delivery.

Finance

The financial position of the charity remained in a strong position and allowed it to continue its investment in new projects, products and digital developments including a database management system and a new website.

The charity didn’t receive any financial support from government during the pandemic. No staff were furloughed. During the year the number of assessments returned to pre-pandemic levels and there has been a return to some in-person events. All income streams have been satisfactory and costs have been managed appropriately.

Hybrid operations

The charity’s adaptations to new ways of working and other changes made to its operations has resulted in many benefits and advantages that will continue. NCTJ is offering a combination of face-to-face and online meetings, courses and events, a choice of remote and in-centre exams where appropriate, new accreditation standards for hybrid and remote courses, and greater in-office and home-working flexibility. The pandemic has reduced

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NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

paperwork, travel time and some of the charity’s costs.

Summary

The trustees are satisfied with the leadership of the charity and the way it has been managed during the pandemic. They have assessed the impact on the charity’s investments, operations, activities, services, fundraising, staff and volunteers. There are no pressures on the charity’s finances and reserves. The short, medium and longer-term position of the charity remain under regular review.

The trustees use the charity’s risk management approach to assess any uncertainties and concerns that may impact on the charity. They are satisfied that current internal controls remain robust, that there is no significant disruption to maintaining proper and effective accounting records and that increased working from home has not adversely affected the charity and is being managed appropriately.

ACHIEVEMENTS AND PERFORMANCE

Review of key activities

Diversifying and developing resources

Alongside media convergence and the broadening of entry points and career paths in journalism, NCTJ is continuing its long term commitment to diversification. This strategy includes expanding funding streams and stakeholder support, and providing a wider range of products and services. NCTJ is collaborating with other likeminded and relevant organisations to achieve more impact. The charity’s closest links have been with longstanding news publishers and broadcasters. It is now facilitating partnerships with a wider range of journalism and media companies and employers of digital content creators, producers and communicators. It recognises that there are a growing number of freelance journalists that need the charity’s support and NCTJ is catering for all types of journalists as well as news journalists.

Continuing professional development and the Journalism Skills Academy

Career-long support for journalists so that they can update their skills and develop their careers is a vital service NCTJ is working to provide on a much bigger scale. Given the rapid changes in journalism, particularly related to digital developments and the structural difficulties of funding journalism, and the growth in the number and types of journalists in employment, it is even more important for the charity to focus on the development of the Journalism Skills Academy (the JSA) to alleviate these pressures.

A key feature of the academy is an e-learning platform and 14 new courses have been developed during the year for a growing user-base of more than 5,500 learners with registered accounts.

Another feature of the JSA is to work with partner organisations to benefit from their expertise and to secure funding for new product development. The JSA is supported by Google News Initiative as headline sponsor. JSA partners during the year included: Ability Today; British Polling Council; Full Fact; Grantham Institute; IPSO; Leeds Trinity University; Market Research Society; Media Trust; The Migration Observatory; Ulster University; and University of Portsmouth.

Many employers invest in their training for journalists to gain a competitive advantage in the marketplace and NCTJ plays a role in supporting, delivering and supplementing in-house provision to facilitate quality journalism.

Qualifications and apprenticeships

NCTJ qualifications continue to develop in line with changes to journalism practice and the charity’s diversification strategy whilst retaining the focus on core skills and professional standards. The charity’s awarding organisation must also fully comply with the requirements of its regulators and maintain a positive working relationship with the Institute of Apprenticeships and Technical Education.

Work during the year included major changes to the sports journalism syllabus and assessments, updates to the

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TV news assessment day/radio coursework podcasts, changes to the journalism for a digital audience coursework, and updates to public affairs essential media law and court reporting programmes of study.

The charity continues to play a lead role in the development and assessment of journalism apprenticeships by co-ordinating the work of the media industry’s ‘trailblazer’ and as the recognised End Point Assessment Organisation. The level 5 journalist and level 7 senior journalist apprenticeships were delivered during the year in which the diploma and/or National Qualification in Journalism (NQJ) are mandated. New broadcast and sports journalism pathways have been added to the NQJ.

Accreditation

NCTJ’s risk-based approach to accreditation provides a rigorous, transparent and cost-effective system that also fosters closer collaboration between course providers, employers and NCTJ. It is based on courses meeting seven performance standards:

  1. Quality journalism education, training and results

  2. Close industry links and practical up-to-date journalism experience

  3. Professional delivery of NCTJ qualifications

  4. Commitment to equality, diversity and inclusion

  5. Innovation, ambition and continuous improvement

  6. Employability

  7. Communication, collaboration and contact

During the year, NCTJ introduced a new assessment management system and database which includes a centre log for monitoring risk.

Major updates were made to the accreditation standards. These included new standards for fully remote and hybrid training, with remote courses at the University of Portsmouth and News Associates the first to be awarded accreditation. All centres must now deliver effective resilience training so that students can be adequately supported to deal with challenging scenarios in training and assessments, and to prepare them for what they may encounter in the newsroom.

Journalism schools running accredited courses are assigned industry advisers to provide support and add value. High performing centres considered low risk have less direct intervention from NCTJ. A focus of accreditation is to help attract students to the best courses to supply the industry with a pipeline of trained and qualified talent from all walks of life and backgrounds.

The top performing courses by education and training sector based on students’ results in the diploma were: Cardiff University; University of Central Lancashire; Glasgow Clyde College; and News Associates London.

NCTJ’s Student Council enables students and apprentices from across the UK to communicate their views on their journalism training, and to have their questions answered by NCTJ. Reps were asked to provide their feedback and ask questions relating to their training, NCTJ or journalism careers in an online survey. Questions were answered by the NCTJ team and senior editors in a series of videos posted on Instagram Stories.

NCTJ worked with Her Majesty’s Courts and Tribunals Service to support students on accredited courses gain better access to hearings. This initiative followed a survey among journalism tutors who highlighted how important it was for their students to access court hearings for their training, even if they could not attend in person. Only one in five respondents said their students had been able to access cases being heard remotely.

A seminar for heads of journalism and course leaders in March provided a welcome in-person opportunity for tutors to get together, to talk about the challenges they faced during the pandemic, to look to the future and to receive information and discuss updates from NCTJ.

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Careers information

Competition from other sectors for talent and a competitive education market have made it a priority to promote journalism careers and the importance of training to industry standards. NCTJ has been more proactive in its efforts to encourage people to consider journalism training, qualifications and careers. The charity aims for its digital platforms to be the ‘go-to’ careers information service for journalism. Support for relevant careers initiatives is also provided to selected external organisations.

A major development for the charity during the year was the launch of a new website and jobs board. This has comprehensive careers information and provides an opportunity for the charity’s strategic partners to promote opportunities, including jobs, internships and apprenticeships to NCTJ qualified trainees and alumni.

A new edition of the careers guide, sponsored by the FT, was published during the year and showcases different routes into journalism jobs. The on-going social media campaign, #chooseNCTJ, continues to be successful in promoting accredited courses and NCTJ qualifications.

Equality, diversity and inclusion

Given the vital importance of achieving greater equality, diversity and inclusion, NCTJ is fully committed to helping address these issues for journalism and the media industry. The charity has a track record of success with the establishment, growth and achievements of the Journalism Diversity Fund (the JDF) and other projects and partnerships. It is playing a bigger role in trying to ensure journalists represent their audiences and in supporting media businesses with their efforts to recruit diverse talent and attract a greater range of voices into journalism. NCTJ facilitates a bi-annual forum for employers to come together to share practice and to advise the charity on what can be done to support them.

The JDF fosters greater diversity in the newsroom by promoting careers in journalism and awarding bursaries to those from diverse backgrounds without the financial means to attend NCTJ-accredited courses. It is managed and administered as a restricted fund. NCTJ succeeded in its ambitious fundraising target of £500k for the second year running. Repeat donations to the fund were received from NLA media access, Google News Initiative, Aziz Foundation, BBC, Bloomberg, CNN, Daily Mail and General Trust, Dow Jones, Financial Times, ITV, Insider Inc, Newsquest, News UK, PA Media, The Printing Charity, Reach, Reuters, Sky UK and Yahoo. New contributions were received from Forbes, Telegraph Group and Twitter. Donations were received for the Thomas Read bursary for journalism students with disabilities, including fundraising of more than £7,000 by the NCTJ’s team, and for the Claire Prosser bursary for students studying broadcast journalism.

Five JDF alumni participated in a reporting tour of the United States, thanks to a partnership with the US Embassy in London. Anita Langary, from BBC News, Rebecca Banovic from Sky News, Thomas Grant, a reporter with the Clydebank Post and other Newsquest titles in Scotland, Joshua Salisbury from the Evening Standard, and Sophia Alexandra Hall from Classic FM spent ten days in America, visiting sites in Washington DC, Minneapolis in Minnesota and Phoenix, Arizona.

During the year, the charity extended its mentoring programmes and provided more support for the increasing number of learners with particular needs.

The charity enhanced its successful partnership with Ability Today to deliver introductory and professional level journalism courses for aspiring journalists with disabilities.

News UK works in partnership with NCTJ and News Associates to run a training scheme for unemployed young people to help them break into the media. Trainees complete six months of paid work placements and training for the Certificate in Foundation Journalism.

More than 100 students, journalists, educators and employers registered for the equality, diversity and inclusion conference hosted online in September in partnership with Bloomberg. The challenges and opportunities of covering race, how to attract early talent and develop long-lasting careers were on the agenda.

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In a bid to tackle inequality, NCTJ published a best practice guide on work experience and internships. The guide aims to end the practice of lengthy unpaid work experience and to ensure short placements are appropriate, relevant, accessible and fair.

Communication and collaboration

The charity is investing more resources in marketing and communications to promote the NCTJ brand, activities, values, and why it matters. CT Group was commissioned to help NCTJ develop a new communications strategy and action plan which is being implemented over the next two years. The appointment of a new marketing and communications manager, Emma Robinson, has enhanced the resources and capacity of NCTJ in this area of its work.

The charity staged an in-person Awards for Excellence event at Hallé St Peter’s in Manchester on 17 March. A record number of entries were received across 17 categories. The headline sponsor was News UK and the host was Sky Sports News presenter Nick Powell. Attendees watched a moving report from Sky News special correspondent and NCTJ patron, Alex Crawford, reporting from Ukraine.

Karen Ballam, chief examiner for shorthand and tutor at Bournemouth University, received the chairman’s award for her outstanding contribution to journalism training and education. Jem Collins won the equality, diversity and inclusion award and the University of Sheffield won the innovation award for the launch of a news project module which enabled students to run their own news organisations.

During the year, the charity continued its 70th anniversary celebrations, including the return of Oxdown to the November NQJ and culminating in a celebratory reception at the House of Lords.

Public interest journalism

During the year, the charity continued to manage and quality assure the Community News Project (CNP), a successful partnership between Meta, regional news publishers and NCTJ. Meta made a further charitable donation to extend and expand the project for an additional two years. The significant boost in funding enabled 14 new publishers to join the nine original partners and the creation of up to 100 new roles. The project aims to increase the quantity and quality of news stories in under reported communities in England, Scotland and Wales. It also aims to improve the diversity of new entrants into journalism. Community news reporters all received comprehensive training and worked towards the diploma and/or NQJ.

NCTJ supports relevant external campaigns and industry initiatives, and during the year these included Journalism Matters Week, Behind Local News, National Apprenticeship Week, International Women’s Day and National Careers Week.

Research and publications

The charity’s on-going investment in professional research continued with the publication of a new edition of its annual report on diversity in journalism, examining the characteristics of journalists in the UK. The research, authored by NCTJ research consultant Mark Spilsbury, was based on 2021 Labour Force Survey data and was launched at an industry event hosted for NCTJ by the FT at its London office in May.

During the year, NCTJ conducted several consultations with industry to provide guidance on changing skills needs and to inform accreditation policy and the structure and content of industry qualifications. This work included a survey of 60 employers of journalists in the media about the importance of shorthand. Although only 18 per cent regarded shorthand as not being important, there was a clear divergence of views between sectors, organisations and individuals.

In partnership with Oxford University Press, NCTJ published the 26th edition of McNae’s Essential Law for Journalists, co-edited by Mark Hanna and Sian Harrison. Doughty Street Chambers hosted the book launch at its office in London and Heather Rogers QC, a leading specialist in media law and information, gave the keynote address and spoke about the changing nature of open justice.

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Performance

The results are summarised as follows:

Total income to the charity was £7,690,765 (2021: £3,855,553) and total expenditure was £8,159,532 (2021: £3,140,111), including an accrual of £4,569,798 relating to the commitment made under individual publisher agreements for the Community News Project.

The net expense to the group, before investment gains, amounted to £468,767 (2021: £715,442 net income). Together with net realised and unrealised reductions on investments amounting to £178,597 (2021: gain £226,928) this produced a total decrease in funds of £647,364 (2021: increase of £942,856).

Income generated from the Diploma in Journalism was lower than in 2021, but above pre-pandemic levels, at £479,117 (2021: £523,899). Income in 2021 included revenue from exams cancelled, postponed and deferred in 2020 due to the pandemic.

Income from the National Qualification in Journalism was £32,137 (2021: £30,266) and 104 (2021: 87) trainees sat the exams.

114 Certificate in Foundation Journalism candidates submitted 487 unit assessments during the year (2021: 132 candidates submitted 495 unit assessments).

1,163 (2021: 1,305) journalism students enrolled on NCTJ-accredited courses during the year; this is a return to pre-pandemic levels.

At the end of June 2022 there were 35 (2021: 36) centres approved to run accredited journalism courses across the UK. Income from accreditation was £35,545 (2021: £34,433).

42 (2020: 42) training courses were run during the year. These courses and revenue from training partnerships and newly created online courses generated income of £139,369 (2021: £113,836).

Revenue from events was £6,240 (2021: £8,250).

There were 481 entries in the Awards for Excellence (2020: 417).

Sales of distance learning courses and the sale of books and digital materials were £190,214 (2021: £201,947).

68 (2021: 63) trainee journalists were registered for the NQJ during the year. Income from registrations was £5,985 (2021: £4,949).

102 (2021: 61) apprentices were registered during the year. Income from apprenticeships was £64,539 (2021: £59,235).

Income from strategic partners was £59,500 (2021: £58,000).

Sponsorship income was £77,254 (2021: £66,787). This included part of funds committed by Google UK to be utilised between April 2021 and December 2022 to further develop and promote the Journalism Skills Academy.

Total donations to the Journalism Diversity Fund were £512,709 (2021: £500,331) with expenditure of £339,426 (2021: £442,722) giving a net increase to the fund of £173,799 after the allocation of investment income of £516.

During the year, 48 bursaries from the Journalism Diversity Fund were awarded to students studying NCTJaccredited courses (2021: 60).

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In January 2019, a donation of £4.6m (US $6m) was made by Meta to finance the Community News Project for two years, with a further donation of £2.18m (US $3m) received in December 2020 to extend the project for a year. In December 2021, Meta made two further donations each of US $4m, a total of £6.01m, to fund the project to the end of 2023.

In 2022, £1,834,058 (2021: £1,404,480) was paid to 23 publishers (2021: 9 publishers), of which £544,137 related to the latest tranche of funding. A further accrual of £4,569,798 was made at the year-end to reflect the total commitment of £5,113,935 made between NCTJ and the 23 publishers for funding due in the remainder 2022 and 2023. This leaves the restricted fund with a balance of £688,281 after the allocation of total investment income of £26,901. There is a designated fund held by the charity to deliver the project up to the end of 2023. Expenditure from this fund in the year amounted to £278,240 (2021 £232,308) leaving a balance, after investment income, of £1,097,962.

At the end of June 2022, 90 community news reporters were working in their roles; a total number of 205 reporters have been recruited since the project began. Of the 90 reporters, 56 per cent fall within one or more of the categories designated as diverse.

FINANCIAL REVIEW

Going concern

The directors are satisfied that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Investment policy and performance

Under the memorandum and articles of association, NCTJ has the power to make investments in such securities, property and other investments as the directors see fit.

The portfolio is invested with the advice of Investec Wealth & Investment Ltd and the directors are satisfied with its overall performance in the current market conditions.

Funding

NCTJ has adopted a diversified approach to income generation. The principal funding sources are: donations from strategic partners; income from registrations; apprenticeship and examination fees; sales of publications and training materials; events and training courses; accreditation fees; donations to the Journalism Diversity Fund; sponsorship and donations; and investment income.

The charity’s strategic partners help the charity to innovate, build capacity and ensure it has the resources and support to make a difference in the areas where help is needed most. NCTJ’s team is working to increase the number and value of the stakeholders involved.

The directors have given due consideration to the fundraising regulations and their duties and responsibilities as trustees. During the year, NCTJ did not fundraise from the public and did not engage the services of professional fundraisers or third-party agencies

Reserves policy

It is the aim of the directors to generate surpluses sufficient to maintain a level of resources which, in the opinion of the board, is commensurate with the identified needs of NCTJ. Directors will continue to monitor the future allocation of investments in line with the charity’s reserves policy and development strategy.

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The policy is to maintain a minimum level of funds equal to four months of overhead expenditure and six months’ salary costs. This currently equates to c£590,000 and would allow time for a re-organisation/restructure in the event of a downturn in income, protect ongoing strategic work and allow the charity to fulfil its objectives and commitments.

At 30 June 2022, the group had funds totalling £3,909,617 (2021: £4,556,981) of which unrestricted funds amounted to £2,769,981 (2021: £2,315,717) and restricted funds of £1,139,636 (2021: £2,241,264).

An analysis and purposes of the funds are shown in note 19 to the accounts.

Excluding restricted and designated funds, the charity currently holds free reserves of £1,300,450. After allowing for funds of £50,401 held in its subsidiary, NCTJ Training Ltd, it leaves a balance of £1,250,048, well in excess of the minimum requirement set in its policy. A proportion of this fund, £334,470, was accumulated in 2010 through the extraordinary repayment following the closure of a final salary pension scheme. The fund was further boosted by the exceptional growth in its investment portfolio during previous financial years. The charity has undertaken increased levels of research and development and has invested in enhancing its products and services to meet changing skills needs. It is well placed to continue to meet the changing requirements of both future journalists and industry skills.

PLANS FOR FUTURE PERIODS

NCTJ has a strategy and an action plan of priorities with performance indicators and risk assessments. There are supplementary strategies for qualifications, accreditation, the JSA, research, communications and equality, diversity and inclusion.

The overall strategy for the next year will focus on the priorities agreed by the trustees and will continue the work to ensure NCTJ has the expertise, support, products and resources to operate effectively as an industry charity for all media sectors and journalists. The current strategy and plan aim for NCTJ to be:

The charity continues to review and update its five-year development strategy to reflect its latest research findings, changes to journalism and the impact of the pandemic and economic uncertainty.

The directors remain focussed on the need to manage expenditure appropriately and in line with its charitable objectives.

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For the year ahead, the directors have identified the following areas for further investment to take the charity to the next stage of its development:

  1. Implementation of a new two-year marketing and communications strategy and plan, including a focus on public affairs.

  2. Growth and development of the Journalism Skills Academy, including the appointment of a senior editorial manager to lead the academy for the next two years.

  3. A greater emphasis on equality, diversity and inclusion with a priority to provide thought leadership and take action on the issue of social mobility that was highlighted in the charity’s research report.

  4. Action to increase the supply, recruitment and retention of trained and qualified journalists.

  5. A business and marketplace review of NCTJ’s awarding organisation.

  6. Further research projects to provide detailed labour market information for NCTJ and its stakeholders.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

NCTJ is registered as a charitable company limited by guarantee and was incorporated by trust deed on 5 June 1992.

The charity is constituted under a trust deed dated 5 June 1992 and is a registered charity number 1026685.

The principal object of the charity is the provision, supervision and accreditation of journalism-related training, and the directors intend to continue to develop these activities.

Method of appointment or election of directors

New directors are recommended and appointed by the directors. Nominations are vetted carefully and considerations include skills and experience, representation of stakeholders, eligibility and conflicts of interest.

The chairman and chief executive are responsible for the induction and training of new directors and formal training is available covering the role of a trustee, governance, finance, chairing committees and board leadership.

The number of directors is not subject to any maximum but is not less than three. A director's term of office is normally for at least three years and a period of up to nine years. Thereafter the term of office of individual directors will be reviewed and may be extended further by the directors if it is in the interests of the charity.

Key management personnel and remuneration policy

Members of the senior management team during the year were: the chief executive; the head of finance and IT; the head of quality and assessment; the head of partnerships and projects; and the head of qualifications. Total costs for the year amounted to £479,646 (2020: £402,182).

NCTJ recognises that motivated staff are vital to the success of the organisation. NCTJ is committed to a policy that rewards and recognises staff both formally and informally, and in financial and non-financial ways.

Arrangements are in place to recognise company, team and individual achievements and to celebrate success.

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NCTJ wants its staff to feel that, in return for high performance and meeting objectives, it is a great place to work and that their contributions make a difference and are appreciated.

NCTJ approach to reward and recognition is based on the general principles of:

All staff have agreed job descriptions, ‘smart’ objectives and regular reviews. There are shared and understood company values, objectives and priorities.

The reward and governance committee (RGC) is a sub-committee of the board (previously the reward and recognition committee), appointed by the directors, which meets twice a year to approve remuneration and reward arrangements and to consider nominations for trustees and other governance matters. Meetings are chaired by the chairman or vice-chairman, with at least two other directors present. During the year, the committee awarded some ex-gratia payments to staff for their outstanding performance, their on-going commitment during the pandemic and to help with the increase in the cost of living.

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.

Organisational structure and decision making

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/webinars, events, the EDI employers' forum and the Student Council.

The charity’s professional awarding organisation function, including apprenticeship end-point assessments, is recognised in England by Ofqual, the Office of the Qualifications and Examinations Regulator. In Northern Ireland the regulator is the Council for the Curriculum, Examinations and Assessment, and in Wales it is Qualifications Wales.

The directors provide external guidance, advice and oversight for NCTJ staff and examiners in relation to the charity’s activities as an awarding organisation. Their purpose is to ensure the maintenance of the credibility and relevance of NCTJ qualifications and awards. The directors oversee the annual self-evaluation process for monitoring compliance with the regulators’ conditions of recognition and submit annual statements of

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compliance. The journalism qualifications board reports to the board of directors to provide external guidance, advice and oversight of NCTJ syllabuses, examinations and awards. The chairman of the quality assurance and standards committee is the independent arbiter of NCTJ awards and the committee oversees the work of the principal examiner and chief examiners. The committee publishes its annual report in December. There is an independent ombudsman, Sir Clive Jones, to rule on final stage appeals.

The accreditation board develops and implements the industry standard for accrediting pre-entry journalism training courses. It plays an important role in monitoring centres and managing risk.

The Journalism Diversity Fund is managed by an advisory committee appointed by the directors. Members of the committee include representatives from companies that make financial contributions for the awarding of bursaries.

To manage potential conflicts of interest, the Community News Project is overseen by a sub-committee of the board.

The finance and audit committee is a sub-committee of the NCTJ board. This ensures sufficient time and expertise is dedicated to scrutiny and oversight of the accounts, the annual audit, the charity’s investments and financial policies and controls, the financial management of larger-scale projects, plans for further growth, effective risk management and compliance.

NCTJ has agreed terms of reference for directors and all its subsidiary boards and committees. These are reviewed annually to ensure good governance and best practice. The directors’ terms of reference cover the organisation’s purpose and structure, responsibilities, membership of the board, meetings and decision-making protocol.

NCTJ’s patron, Alex Crawford, assists the charity in the achievement of its mission and objectives. The patron is the person who most embodies the values of journalism that journalists respect and adhere to. In her role as patron, Alex is giving talks, running workshops, writing articles, helping with fundraising events and doing all she can to highlight the importance of professional journalism and to promote the NCTJ’s values.

NCTJ uses the Charity Governance Code to support its commitment to continuous improvement. The directors recognise that as a charity that is growing and changing, NCTJ needs to regularly review its performance and practice. This ensures the organisation has a clear purpose, strategic leadership, integrity, sound decisionmaking, risk and control, board effectiveness, diversity, and openness and accountability.

Related party relationships

The trading activities of the group are carried out by NCTJ Training Limited, a wholly-owned subsidiary. NCTJ Training Limited, providing it has sufficient reserves, has undertaken to pass all its taxable profits to the holding company under deed of covenant.

The trustees have noted and applied the Charity Commission’s guidance for charities with close links with noncharitable organisations, including ownership of trading subsidiaries. The NCTJ’s relationship with NCTJ Training Ltd is considered to be crucial in helping the charity deliver its charitable purpose for the public benefit. The charity controls how NCTJ Training Ltd spends funds and uses resources. The trustees understand the purpose of its trading company and they ensure the connection is always in the charity’s best interests. The trading company must uphold the reputation of the charity and there must be no private benefit from the company for those connected with the charity.

The charity is precluded by its memorandum and articles of association from the payment of dividends.

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People with significant control

The directors have considered the rules concerning people with significant control (PSC). They have concluded there is no PSC; all the trustees are responsible collectively and no single individual has a controlling interest.

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. The directors are responsible for managing risk at a strategic level and monitor risk on a quarterly basis. The chief executive and management team have primary responsibility for managing risk at an operational level and building a risk awareness culture within the organisation. Individuals and teams are responsible for identifying and managing risk on a day-to-day basis.

The key risks identified and monitored by the organisation during the year relate to:

Impact of the pandemic and economic uncertainty : adaptations to the activities and operations of the charity; the economic and structural challenges to the media industry; the uncertainties in the education and training marketplace; reputational damage caused by the actions of the charity’s regulator(s); and rising inflation and increasing costs. Actions taken to mitigate the impact of the pandemic are described above and the finance and audit committee is monitoring any notable increases in costs and expenditure.

Sufficient skilled staff and management to deliver objectives : this has a potential impact on productivity and the ability to deliver services. Actions taken to mitigate this have been the continued employment of staff to manage the Community News Project, the appointment of staff and the allocation of extra resources to cover the increase in the charity’s work on marketing and communications, equality, diversity and inclusion, and the Journalism Skills Academy. Extra resources have been allocated for the exams administration team during the pandemic and the introduction of new exams systems. The charity is succession planning to alleviate the pressures of staff churn and planning ahead for retirements, provision of maternity cover, training, development and multi-skilling of staff.

Adherence to operational procedures and meeting quality assurance levels and standards . Actions taken to mitigate these involve staff training and communication of policies and procedures through meetings and communications with key stakeholders and the use of external consultants.

IT, potentially impacting on productivity and delivery of services . Strong contingency measures are in place

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to minimise any impact, with full data back-up in multiple offsite locations.

The directors are satisfied that systems and procedures are in place to mitigate these risks.

CHARITABLE CONTRIBUTIONS

NCTJ Training Limited made a profit of £57,965 before tax (2021: £170,274); during the year NCTJ Training Limited made a charitable donation of £25,021 (2021: £163,252) under deed of covenant to its holding company, National Council for the Training of Journalists.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors (who are also directors of National Council for the Training of Journalists for the purposes of company law) are responsible for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure of the charitable group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

DISCLOSURE OF INFORMATION TO AUDITOR

So far as each of the directors is aware at the time the report is approved:

Approved by order of the members of the board of Directors and signed on their behalf by:

................................................ Kim Fletcher, Chairman

Page 17

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

OPINION

We have audited the financial statements of National Council for the Training of Journalists (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2022 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 18

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 19

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (CONTINUED)

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the directors' responsibilities statement, the Directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 20

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 21

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (CONTINUED)

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kelly Bretherick (senior statutory auditor) for and on behalf of

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date:

Page 22

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022

Note
INCOME FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
7
Charitable activities
8
TOTAL EXPENDITURE
NET INCOME BEFORE NET
(LOSSES) GAINS ON
INVESTMENTS
Net (losses)/gains on investments
14
NET INCOME/(EXPENDITURE)
BEFORE TAXATION
Taxation
NET INCOME/(EXPENDITURE)
AFTER TAXATION
Transfers between funds
19
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
19
Net movement in funds
TOTAL FUNDS CARRIED FORWARD
19		 Unrestricted
funds
2022
£
917,020
1,012,966
21,609
83,117
2,034,712
26,302
1,414,002
1,440,304
594,408
(178,597)
415,811
-
415,811
38,453
454,264
2,315,717
454,264
2,769,981		 Restricted
funds
2022
£
5,640,545
-
15,508
-
5,656,053
-
6,719,228
6,719,228
(1,063,175)
-
(1,063,175)
-
(1,063,175)
(38,453)
(1,101,628)
2,241,264
(1,101,628)
1,139,636		 Total
funds
2022
£
6,557,565
1,012,966
37,117
83,117
7,690,765
26,302
8,133,230
8,159,532
(468,767)
(178,597)
(647,364)
-
(647,364)
-
(647,364)
4,556,981
(647,364)
3,909,617		 Total
funds
2021
£
2,725,811
1,041,141
19,387
69,214
3,855,553
20,817
3,119,294
3,140,111
715,442
226,928
942,370
486
942,856
-
942,856
3,614,125
942,856
4,556,981

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 29 to 59 form part of these financial statements.

Page 23

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee) REGISTERED NUMBER: 02720630

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2022

Note
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
NET CURRENT ASSETS
Creditors: amounts falling due after more
than one year
18
NET ASSETS EXCLUDING PENSION
ASSET
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 7,383
270,015
7,299,845
7,577,243
(3,733,159)		 2022
£
429,048
914,969
1,344,017
3,844,084
(1,278,484)
3,909,617
3,909,617
1,139,636
2,769,981
3,909,617		 7,592
314,829
3,118,882
3,441,303
(400,047)		 2021
£
422,159
1,093,566
1,515,725
3,041,256
-
4,556,981
4,556,981
2,241,264
2,315,717
4,556,981

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 24

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee) REGISTERED NUMBER: 02720630

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2022

The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:

................................................

Kim Fletcher, Chairman

Date:

The notes on pages 29 to 59 form part of these financial statements.

Page 25

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee) REGISTERED NUMBER: 02720630

CHARITY BALANCE SHEET AS AT 30 JUNE 2022

Note
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
NET CURRENT ASSETS
Creditors: amounts falling due after more
than one year
18
NET ASSETS EXCLUDING PENSION
ASSET
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
19
Unrestricted funds
19
TOTAL FUNDS		 140,758
7,161,262
7,302,020
(3,460,356)		 2022
£
381,066
914,970
1,296,036
3,841,664
(1,278,484)
3,859,216
3,859,216
1,139,636
2,719,580
3,859,216		 358,008
2,798,376
3,156,384
(90,572)		 2021
£
380,145
1,093,567
1,473,712
3,065,812
-
4,539,524
4,539,524
2,241,264
2,298,260
4,539,524

The Charity's net movement in funds for the year was £(680,308) (2021 - £935,348).

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 26

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee) REGISTERED NUMBER: 02720630

CHARITY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2022

The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:

................................................

Kim Fletcher, Chairman

Date:

The notes on pages 29 to 59 form part of these financial statements.

Page 27

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
21
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Purchase of tangible fixed assets
NET CASH USED IN INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
22
The notes on pages 29 to 59 form part of these financial statements		 2022
£
4,203,209
20,441
(42,687)
(22,246)
4,180,963
3,118,882
7,299,845		 2021
£
787,544
20,055
(38,396)
(18,341)
769,203
2,349,679
3,118,882

Page 28

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

National Council for the Training of Journalists meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

No significant estimates were made by management in preparing these financial statements.

1.2 Going concern

The Directors have prepared forecasts to June 2024. Based on these forecasts, the Directors believe that the Group will have sufficient resources to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt a going concern basis in preparing the financial statements.

1.3 COMPANY STATUS

The charitable company is a company limited by guarantee. The members are the Directors named on page 1. In the event of the charity being wound up, the liability of the guarentee is limited to £1 per member.

Page 29

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The turnover in the trading subsidiary comprises revenue recognised in respect of training courses and examination fees. Income is recognised when the exam or course takes place.

Interest on funds held on deposit is included when receivable and the amount can be measured reliabily by the charity; this is normally upon notification of the interest paid or payable by the Bank.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 30

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities includes expenditure associated with running the various qualifications and include both the direct and support costs relating to these activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Management and administration costs include central functions and support costs and have been allocated to expenditure catagories of the SOFA on a basis designed to reflect the use of the resource, which is in proportion to direct costs incurred.

1.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% straight line. Freehold land is not depreciated. Fixtures and fittings - 25% reducing balance and 3-4 years straight line.

Page 31

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

1.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

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

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

1.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 32

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES (CONTINUED)

1.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

1.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Grant Commitments – this is an area of significant judgement due to the value involved. Contracts with the publishers state the amounts NCTJ are committed to pay up to and as such the grant commitment should reflect the best estimate of the total amount payable to the publishers. Management acknowledge recruitment at the publishers is outside their control and as such it would be an arbitrary percentage based on a best guess scenario. Therefore the full liability and income from META for 2022 and 2023 has been included and recognised in the financial statements.

Page 33

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

3. INCOME FROM DONATIONS

Unrestricted
funds
2022
£
Sponsorship/Diversity fund
-
Other donations
-
Community News Project
902,459
In Kind income
14,561
917,020
Total 2021
358,307		 Restricted
funds
2022
£
512,709
250
5,113,936
13,650
5,640,545
2,367,504		 Total
funds
2022
£
512,709
250
6,016,395
28,211
6,557,565
2,725,811		 Total
funds
2021
£
500,331
-
2,187,380
38,100
2,725,811

Included within donations are gifts in kind amounting to £28,211 (2021: £38,100). Of this amount, £3,061 (2021: £27,500) relates to conferences and events, £5,000 (2021: £2,700) relates to accreditations, £5,000 relates to qualifications (2021: £nil) and £1,500 relates to board meetings (2021: £nil). The remaining £13,650 (2021: £7,900) relates to interviews and meetings.

Page 34

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2022
£
Strategic partners
59,500
Registrations
5,985
Short courses
139,369
NQJ
32,137
Diploma in Journalism (Prelims)
479,117
Distance learning and publications
184,122
Accreditations
35,545
Events
6,240
Apprenticeships
64,539
Conferences
3,005
Royalties
3,407
Qualifications development
-
1,012,966
Total 2021
1,041,141
5.
INVESTMENT INCOME		 Total
funds
2022
£
59,500
5,985
139,369
32,137
479,117
184,122
35,545
6,240
64,539
3,005
3,407
-
1,012,966
1,041,141		 Total
funds
2021
£
58,000
4,949
113,836
30,266
523,900
199,682
34,433
8,250
59,235
-
2,265
6,325
1,041,141
Unrestricted
funds
2022
£
Investment income
19,643
Bank interest
1,966
21,609
Total 2021
18,564		 Restricted
funds
2022
£
-
15,508
15,508
823		 Total
funds
2022
£
19,643
17,474
37,117
19,387		 Total
funds
2021
£
18,342
1,045
19,387

Page 35

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

6. OTHER INCOMING RESOURCES

Website advertising
Sponsorship income
Postage and packing income
Royalties
Total 2021
7.
EXPENDITURE ON RAISING FUNDS
Costs of raising voluntary income
Investment management fee
Publicity and advertising
Total 2021		 Unrestricted
funds
2022
£
150
77,830
2,452
2,685
83,117
69,214
Unrestricted
funds
2022
£
10,890
15,412
26,302
20,817		 Total
funds
2022
£
150
77,830
2,452
2,685
83,117
69,214
Total
funds
2022
£
10,890
15,412
26,302
20,817		 Total
funds
2021
£
-
67,480
1,734
-
69,214
Total
funds
2021
£
7,988
12,829
20,817

Page 36

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Conferences and courses
Costs of exams
Publication costs
Sponsorship/diversity fund
Community News Project
Total 2021		 Activities
undertaken
directly
2022
£
107,399
199,648
28,305
14,329
148,321
498,002
512,101		 Grant
funding of
activities
(note 9)
2022
£
-
-
-
284,227
6,403,855
6,688,082
1,794,353		 Support
costs
2022
£
283,035
526,143
74,594
16,067
47,307
947,146
812,840		 Total
funds
2022
£
390,434
725,791
102,899
314,623
6,599,483
8,133,230
3,119,294		 Total
funds
2021
£
352,553
705,615
77,656
413,097
1,570,373
3,119,294

Expenditure on charitable activities attributable to restricted funds amounted to £2,149,431 (2021: £1,818,327).

Direct costs include gifts in kind of £28,211 (2021: £38,100). Of this amount, £3,061 (2021: £27,500) relates to conferences and events, £5,000 (2021: £2,700) relates to accreditations, £5,000 relates to qualifications (2021: £nil) and £1,500 relates to board meetings (2021: £nil). The remaining £13,650 (2021: £7,900) relates to interviews and meetings.

Support costs include £16,626 (2021 - £12,880) which relates to governance costs. Directly attributable support costs have been allocated to the Community News Projects fund, the remaining support and governance costs have been allocated based on the proportion of direct costs to each activity.

Page 37

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Analysis of direct costs

Staff costs
NQJ
Diploma in Journalism (Prelims)
Short courses and events
Meetings
Qualification development
Distance learning and publication costs
Sponsorship/Diversity - other direct costs
TOTAL 2021		 Conferences
and courses
2022
Cost of
Exams
2022
£
£
-
-
-
25,651
-
165,405
87,390
-
2,128
-
17,881
8,592
-
-
-
-		 Publication
Costs
2022
£
-

-

-
-
-

-
28,305
-		 Sponsorship /
Diversity
Fund
2022
£
-
-
-
-
-
-

-
14,329		 Community
News Project
2022
£
148,321
-

-

-

-

-

-


-
 Total
funds
2022
Total
funds
2021
£
£
148,321
139,916
25,651
17,399
165,405
187,140
87,390
114,577
2,128
36
26,473
20,910
28,305
23,687
14,329
8,436
107,399
199,648		 28,305 14,329 148,321 498,002
512,101
124,835
215,227		 23,687 8,436 139,916 512,101

Page 38

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

Analysis of support costs

Staff costs
Depreciation
Governance, audit, legal & consultancy
Research
Office expenses
IT costs
Bank charges
Premises expenses
Recruitment & training
Management & admin - Community News Project
Miscellaneous
Copyright expenses
TOTAL 2021		 Conferences
and courses
2022
Cost of
Exams
2022
Publication
Costs
2022
Sponsorship /
Diversity
Fund
2022
Community
News Project
2022
Total
funds
2022
Total
funds
2021
£
£
£
£
£
£
£
202,163
375,807
53,280
16,067
-

647,317
573,862
9,944
18,486
2,621
-
4,748
35,799
17,688
6,558
12,192
1,728
-
-
20,478
14,630
5,022
9,335
1,323
-
-

15,680
7,100
8,511
15,822
2,244
-
-

26,577
20,753
32,712
60,890
8,621
-
4,278
106,420
85,924
1,904
3,539
502
-
-

5,945
6,533
8,936
16,610
2,355
-
-

27,901
24,222
2,283
4,245
602
-
10,407
17,537
13,079
-
-
-
-
27,564
27,564
9,749
5,002
9,298
1,318
-
310
15,928
26,471
-
-
-
-
-
-
12,829
283,035
526,143
74,594
16,067
47,307
947,146
812,840

227,718
490,388
53,969
14,788
25,977
812,840

Page 39

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

9. ANALYSIS OF GRANTS

Bursaries to individuals
Grants to organisations
Total 2021		 Grants to
Institutions
2022
£
-
6,403,855
6,403,855
1,404,480		 Bursaries to
individuals
2022
£
284,227
-
284,227
389,873		 Total
funds
2022
£
284,227
6,403,855
6,688,082
1,794,353		 Total
funds
2021
£
389,873
1,404,480
1,794,353

During the year 48 (2021: 69) bursaries were awarded to individuals.

The Group has made the following material grants to institutions during the year:

Name of institution
Archant
Barnsley Chronicle
Baylis Media Ltd
JPIMedia
KM Media Group Ltd
MNA
Newbury News & Media Ltd
Newsquest
Reach PLC
Tindle
DC Thomson
Wokingham Today
Higgs & Co (Holdings) Ltd
Annandale Observer Ltd
Social Spider
Argyll Media Ltd
Iliffe Media Publishing Ltd
OTHER GRANTS TO INSTITUTIONS (< £50,000)		 2022
£
270,526
70,966
63,294
1,169,962
132,186
211,559
56,819
1,637,183
1,869,968
203,716
101,858
50,929
50,929
50,929
52,316
50,929
50,929
308,857
6,403,855		 2021
£
59,582
15,060
20,697
300,940
39,996
50,342
20,697
376,176
520,990
-
-
-
-
-
-
-
-
-
1,404,480

Page 40

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

GRANT COMMITMENTS

Grant commitments at 1 July 2021
Grants committed
Grants paid
Grants withdrawn
Grant commitments carried forward		 2022
£
58,106
6,688,082
(2,078,972)
-
4,667,216		 2021
£
-
389,873
(331,767)
-
58,106

Grant committments carried forward comprise of bursaries to indivduals amounting to £97,418 and Community News porject committments of £4,569,797 as detailed in note 17 and 18.

10. AUDITORS' REMUNERATION

2022 2021
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 13,900 12,955
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above 1,260 1,200

11. TAXATION

Unrestricted
funds
2022
£
Corporation tax payable by trading subsidiary
-
TOTAL 2021
(486)		 Total
funds
2022
£
-
(486)		 Total
funds
2021
£
(486)

Page 41

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

12. STAFF COSTS

Group
Group
Charity
2022
2021
2022
£
£
£
Wages and salaries
703,863
610,841
347,493
Social security costs
60,366
67,094
22,351
Contribution to defined contribution pension
schemes
31,409
35,843
15,722
795,638
713,778
385,566
During the year, staff received ex-gratia payments totalling £10,080. The Trustees have
payments to reward staff for exceptional performance.
The average number of persons employed by the Charity during the year was as follows:
Group
Group
Charity
2022
2021
2022
No.
No.
No.
Management and administration
16
14
6		 Charity
2021
£
299,397
35,738
21,432
356,567
made these
Charity
2021
No.
5

During the year, staff received ex-gratia payments totalling £10,080. The Trustees have made these payments to reward staff for exceptional performance.

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No. No.
In the band £80,001 - £90,000 1 1
In the band £110,001 - £120,000 1 1

The key management personnel of the charity comprise the Directors, Chief Executive Officer, Head of Finance & IT, Head of Qualifications, Head of Partnerships & Projects, Head of Marketing & Communications, and Head of Awarding (2021: Directors, Chief Executive Officer, Head of Finance & IT, Head of Qualification Development, Head of Partnerships & Projects and Head of Quality & Assessment).

Total employment benefits including employer pension contributions of key management personnel were £479,646 (2021: £402,182).

During the year, no Directors of the Charity received remuneration or benefits (2021: £Nil).

During the year, the Charity paid directly or reimbursed two Trustees for expenses amounting to £114 (2021: £nil).

Page 42

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

13. TANGIBLE FIXED ASSETS

Group

Cost
At 1 July 2021
Additions
Disposals
Transfers between classes
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
On disposals
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Freehold
property
£
508,745
-
-
-
508,745
128,600
8,575
-
137,175
371,570
380,145		 Fixtures and
fittings
Assets
under
construction
£
£
199,713
26,150
42,687
-
(4,961)
-
26,150
(26,150)
263,589
-
183,849
-
27,223
-
(4,961)
-
206,111
-
57,478
-
15,864
26,150		 Total
£
734,608
42,687
(4,961)
-
772,334
312,449
35,798
(4,961)
343,286
429,048
422,159

Page 43

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

13. TANGIBLE FIXED ASSETS (CONTINUED)

Charity

Cost
At 1 July 2021
Additions
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Freehold
property
£
508,745
-
508,745
128,600
8,575
137,175
371,570
380,145		 Fixtures and
fittings
£
50,900
14,243
65,143
50,900
4,747
55,647
9,496
-		 Total
£
559,645
14,243
573,888
179,500
13,322
192,822
381,066
380,145

Included within freehold property is freehold land at a cost of £80,000 (2021: £80,000) which is not depreciated.

14. FIXED ASSET INVESTMENTS

Group
Valuation
At 1 July 2021
Revaluations
AT 30 JUNE 2022		 Listed
investments
£
1,093,566
(178,597)
914,969

Page 44

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

14. FIXED ASSET INVESTMENTS (CONTINUED)

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily in the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The charity is operating an investment policy that provides for a degree of diversification of holdings with different common investment funds. The charity has a reasonably large fixed interest section (14%) to provide a level of income on a regular basis, although is not reliant upon this to undertake its normal activities. The remainder is invested in equities spread across the; UK (22%); Europe (4%); North America (9%); the Far East and Australasia (5%); and other international markets (46%). This helps to mitigate the impact of significant movements in exchange rates and localised economic issues affecting the value of the portfolio.

The charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term growth and annual income.

The charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

Investments
in
subsidiary Listed
companies investments Total
Charity £ £ £
Cost or valuation
At 1 July 2021 1 1,093,566 1,093,567
Revaluations - (178,597) (178,597)
AT 30 JUNE 2022 1 914,969 914,970
PRINCIPAL SUBSIDIARIES
The following was a subsidiary undertaking of the Charity:
Name Company Registered office or principal Principal activity
number place of business
NCTJ Training Limited 02962694 New Granary, Station Road, The provision and
Newport, Saffron Walden, supervision of
Essex, CB11 3PL journalism-related
training.

Page 45

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

14. FIXED ASSET INVESTMENTS (CONTINUED)

Class of Holding Included in shares consolidation

Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name
Income
£
Expenditure
£
Profit/(Loss)
for the year
£
NCTJ Training Limited
1,079,513
(1,021,548)
57,965
15.
STOCKS
Group
2022
£
Finished goods and goods for resale
7,383
16.
DEBTORS		 Net assets
£
50,402
Group
2021
£
7,592
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2022
£
241,090
-
3,895
25,030
270,015		 Group
2021
£
280,033
-
4,856
29,940
314,829		 Charity
2022
£
90,250
25,021
3,895
21,592
140,758		 Charity
2021
£
158,500
165,502
4,856
29,150
358,008

Page 46

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grants accrued - individual
Accrued grants payable to organisations		 Group
2022
£
54,121
92,603
6,986
190,718
97,418
3,291,313
3,733,159		 Group
2021
£
39,802
99,324
6,086
196,729
58,106
-
400,047		 Charity
2022
£
16,205
25,238
1,621
28,561
97,418
3,291,313
3,460,356		 Charity
2021
£
-
10,154
1,604
20,708
58,106
-
90,572

Income is received in advance of NQJ and Diploma in Journalism (Prelims) exams. These amounts are deferred to be recognised when the course or exam takes place.

DEFERRED INCOME
Deferred income at 1 July 2021
Resources deferred during the year
Amounts released from previous periods
Deferred income carried forward
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Group
2022
2021
£
£
Accrued grants payable to organisations
1,278,484
-		 Group
2022
£
128,921
117,907
(128,921)
117,907
Charity
2022
£
1,278,484		 Group
2021
£
58,481
128,921
(58,481)
128,921
Charity
2021
£
-

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Page 47

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Unrestricted funds
Designated funds
Property fund
Community News Project
General funds
Income fund
Capital fund
Subsidiary undertaking
Total Unrestricted funds		 Balance at 1
July 2021
£
380,144
471,827
851,971
352,717
1,093,571
17,458
1,463,746
2,315,717		 Income
£
-
904,374
904,374
50,825
-
1,079,513
1,130,338
2,034,712		 Expenditure
£
(8,575)
(195,628)
(204,203)
(214,553)
-
(1,021,548)
(1,236,101)
(1,440,304)		 Transfers
in/out
£
-
(82,611)
(82,611)
146,085
-
(25,021)
121,064
38,453		 Gains/
(Losses)
£
-
-
-
-
(178,597)
-
(178,597)
(178,597)		 Balance at
30 June
2022
£
371,569
1,097,962
1,469,531
335,074
914,974
50,402
1,300,450
2,769,981

Page 48

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

19. STATEMENT OF FUNDS (CONTINUED)

Restricted funds
Diversity fund
Gannett Foundation
Community News Project
Total of funds		 Balance at 1
July 2021
£
277,556
500
1,963,208
2,241,264
4,556,981		 Income
£
526,875
250
5,128,928
5,656,053
7,690,765		 Expenditure
£
(314,623)
(750)
(6,403,855)
(6,719,228)
(8,159,532)		 Transfers
in/out
£
(38,453)
-
-
(38,453)
-		 Gains/
(Losses)
£
-
-
-
-
(178,597)		 Balance at
30 June
2022
£
451,355
-
688,281
1,139,636
3,909,617

Page 49

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

19. STATEMENT OF FUNDS (CONTINUED)

PURPOSE OF FUNDS

Designated Funds

Property fund - The fund represents the sums expended on the charity's freehold property less accumulated depreciation.

Community News Project - The fund represents the funds permitted to be used for third party administration, including training and events.

General Fund

Capital fund - The fund represents the market value of investments.

Restricted Funds

Journalism Diversity Fund - The fund is used to foster greater diversity in the newsroom by promoting careers in journalism and awarding bursaries to those from minority ethnic and social communities without the financial means to attend NCTJ pre-entry courses.

Gannett Foundation - The fund is for the sponsorship of awards.

Community News Project - The fund is designed to help diversity in local newsrooms across the United Kingdom and to support local news organisations by identifying and placing community journalists including a focus on developing a training scheme/qualification.

Transfer between funds

The transfer between restricted and unrestricted funds represents management fees charged by the charity in administering restricted funds and further sums added to the investment portfolio. The transfer from the subsidiary company represents the donation under Gift Aid.

Page 50

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

19. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

Unrestricted funds
Designated funds
Property fund
Community News Project
General funds
Income fund
Capital fund
Subsidiary undertaking
Total Unrestricted funds		 Balance at
1 July 2020
£
388,719
340,622
729,341
279,402
866,643
9,950
1,155,995
1,885,336		 Income
£
-
328,239
328,239
71,329
-
1,087,658
1,158,987
1,487,226		 Expenditure
£
(8,575)
(165,893)
(174,468)
(232,247)
-
(915,069)
(1,147,316)
(1,321,784)		 Taxation
£
-
-
-
-
-
486
486
486		 Transfers
in/out
£
-
(31,141)
(31,141)
234,233
-
(165,567)
68,666
37,525		 Gains/
(Losses)
£
-
-
-
-
226,928
-
226,928
226,928		 Balance at
30 June
2021
£
380,144
471,827
851,971
352,717
1,093,571
17,458
1,463,746
2,315,717

Page 51

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

19. STATEMENT OF FUNDS (CONTINUED)

Restricted funds
Diversity fund
Gannett Foundation
Community News Project
Total of funds		 Balance at
1 July 2020
£
219,896
1,250
1,507,643
1,728,789
3,614,125		 Income
£
508,282
-
1,860,045
2,368,327
3,855,553		 Expenditure
£
(413,097)
(750)
(1,404,480)
(1,818,327)
(3,140,111)		 Taxation
£
-
-
-
-
486		 Transfers
in/out
£
(37,525)
-
-
(37,525)
-		 Gains/
(Losses)
£
-
-
-
-
226,928		 Balance at
30 June
2021
£
277,556
500
1,963,208
2,241,264
4,556,981

Page 52

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

PARENT STATEMENT OF FUNDS - CURRENT YEAR

Balance at
1 July 2021		 Income Expenditure Transfers
in/out		 Gains/
(losses)		 Balance at
30 June
2022
£ £ £ £ £ £
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Property fund 380,145 - (8,575) - - 371,570
Community News
Project		 436,552 904,374 (241,223) (1,740) - 1,097,963
816,697 904,374 (249,798) (1,740) - 1,469,533
GENERAL
FUNDS
Income fund 387,992 186,261 (279,373) 40,193 - 335,073
Capital fund 1,093,571 - - - (178,597) 914,974
1,481,563 186,261 (279,373) 40,193 (178,597) 1,250,047
TOTAL
UNRESTRICTE
D FUNDS		 2,298,260 1,090,635 (529,171) 38,453 (178,597) 2,719,580
RESTRICTED
FUNDS
Diversity fund 277,556 526,875 (314,623) (38,453) - 451,355
Gannett
Foundation		 500 250 (750) - - -
Community News
Project		 1,963,208 5,128,928 (6,403,855) - - 688,281
2,241,264 5,656,053 (6,719,228) (38,453) - 1,139,636
TOTAL OF
FUNDS		 4,539,524 6,746,688 (7,248,399) - (178,597) 3,859,216

Page 53

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

PARENT STATEMENT OF FUNDS - PRIOR YEAR

Balance at
1 July 2020		 Income Expenditure Transfers
in/out		 Gains/
(losses)		 Balance at
30 June
2021
£ £ £ £ £ £
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Property fund 388,719 - (8,574) - - 380,145
Community News Project 340,622 328,239 (201,168) (31,141) - 436,552
729,341 328,239 (209,742) (31,141) - 816,697
GENERAL FUNDS
Income fund 279,403 331,381 (291,458) 68,666 - 387,992
Capital fund 866,643 - - - 226,928 1,093,571
1,146,046 331,381 (291,458) 68,666 226,928 1,481,563
TOTAL UNRESTRICTED
FUNDS		 1,875,387 659,620 (501,200) 37,525 226,928 2,298,260
RESTRICTED FUNDS
Diversity fund 219,896 508,282 (413,097) (37,525) - 277,556
Gannett Foundation 1,250 - (750) - - 500
Community News Project 1,507,643 1,860,045 (1,404,480) - - 1,963,208
1,728,789 2,368,327 (1,818,327) (37,525) - 2,241,264
TOTAL OF FUNDS 3,604,176 3,027,947 (2,319,527) - 226,928 4,539,524

Page 54

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2022
£
Tangible fixed assets
429,048
Fixed asset investments
914,969
Current assets
1,770,392
Creditors due within one year
(344,428)
Creditors due in more than one year
-
Total
2,769,981
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2021
£
Tangible fixed assets
422,159
Fixed asset investments
1,093,566
Current assets
1,200,039
Creditors due within one year
(400,047)
Total
2,315,717		 Restricted
funds
2022
£
-
-
5,806,851
(2,654,385)
(2,012,830)
1,139,636
Restricted
funds
2021
£
-
-
2,241,264
-
2,241,264		 Total
funds
2022
£
429,048
914,969
7,577,243
(2,998,813)
(2,012,830)
3,909,617
Total
funds
2021
£
422,159
1,093,566
3,441,303
(400,047)
4,556,981
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total

Page 55

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

PARENT ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds		 Unrestricted
funds		 Restricted
funds		 Total funds
2022 2022 2022
£ £ £
Tangible fixed assets 381,066 - 381,066
Fixed asset investments 914,970 - 914,970
Current assets 1,592,587 5,806,851 7,399,438
Creditors due within one year (169,043) (2,654,385) (2,823,428)
Creditors due after one year - (2,012,830) (2,012,830)
TOTAL 2,719,580 1,139,636 3,859,216
Restricted
funds		 Total funds
PARENT ANALYSIS OF NET ASSETS BETWEEN FUNDS -
2021 2021 2021
£ £ £
Tangible fixed assets 380,145 - 380,145
Fixed asset investments 1,093,567 - 1,093,567
Current assets 915,120 2,241,264 3,156,384
Creditors due within one year (90,572) - (90,572)
Creditors due after one year - - -
2,298,260 2,241,264 4,539,524

PARENT ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

TOTAL

Page 56

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 21. ACTIVITIES

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Losses/(gains) on investments
Dividends, interests and rents from investments
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
22.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents
23.
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand		 of Financial
At 1 July
2021
£
3,118,882
3,118,882		 Group
2022
£
(647,364)
35,798
178,597
(37,117)
209
61,490
4,611,596
4,203,209
Group
2022
£
7,299,845
7,299,845
Cash flows
£
4,180,963
4,180,963		 Group
2021
£
942,856
17,688
(226,928)
(19,387)
(1,364)
(101,492)
176,171
787,544
Group
2021
£
3,118,882
3,118,882
At 30 June
2022
£
7,299,845
7,299,845

Page 57

NATIONAL COUNCIL FOR THE TRAINING OF JOURNALISTS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

24. PENSION COMMITMENTS

EMPLOYEE PENSIONS

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost for the year amounted to £21,056 (2021: £24,943). At the year end £4,273 (2021: £4,453) of both employee and employer contributions were outstanding.

EXECUTIVE PERSONAL PENSION ARRANGEMENT

NCTJ contributes to the personal pension arrangement in respect of the chief executive. The pension cost charge relating to this arrangement for the year amounted to £10,353 (2021: £10,250) and contributions of £1,621 (2021: £854) were due to the scheme at the year end.

25. OPERATING LEASE COMMITMENTS

At 30 June 2022 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2022
£
11,377
1,319
12,696		 Group
2021
£
4,374
1,815
6,189

26. RELATED PARTY TRANSACTIONS

During the year the charity charged its trading subsidiary a management fee of £40,820 (2021: £37,525) and rent of the premises of £24,000 (2021: £24,000).

During the year the charity was charged by its trading subsidiary for staff costs in relation to the Community News Project of £45,595 (2021: £35,275).

The trading subsidiary donated by way of deed of covenant £25,021 (2021: £163,252) to the charity. At 30 June 2022 the trading subsidiary owed the charity £25,021 (2021: £165,502).

Page 58

Reyistered number: 02962694 NCTJ TRAINING LIMITED DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

NCTJ TRAINING UMITED COMPANY INFORMATION DIRECTORS Abv-B*rr Bundu-Kanara Joanne Butcher Andr&¥ Calms Ajan Edmunds lfjm Fletc￿1 Toby Granwlle C(dm Murphy Jaswndef Nijiar Neil O'Brien John R Abbie SccAt Joanna Webster Martin Wright COPIIPANY SECRETARY Mr C Dunham REGISTERED NUMBER 02Th94 REGISTERED OFFICE The New Granary ststion Road Newport CB113PL INDEPENDENT AUDITORS Peters Eknrthy & Moofe Chartered Accountsnts & Stslulory Audrtors Salisbury House Stsiion Road Cambrbjge CB12LA BANKERS Bardays Bank PLC 183 High Street Eppivd Essex CB16 4BH

NCTJ TRAINING LIMITED CONTENTS Page Olr8ctors' Report Independent Audltots, Report Statement of Income and Retsined Earnlngs Balanco Shggt 10 Notss to the Flnanctal Statements The foll￿1ng pages do not form part of the statylory financial stslemenls: Detailed PTofrt and Loss Account and Summaries 17-19

NCTJ TRAINING UMITED DIRECTORS. REPORT FOR THE YEAR ENDED 30JUNE 2022 The directOT5 present their report and the financial statements for the year end￿j 30 June 2022. PRINCIPAL ACTIVITY The principal activrty of the company is the provision and supervision of joumalism-rel*ed training arKI the directors intend lo continue to deveb)p this activity. DIRECTORS The director5 who served durirMJ the year wwe: Lynna Anderson Abu-Bakarr Bundu-Kamara Joanne Butcher Andrew Calms Alan Edmunds Kim Fletcher Toby Granville Colm Murphy Jasvinder Nillar Neil O'Biien John Ryley Abbie Scott Joanna Webster Martin Wrwjhl The company r3 a wholty-￿￿￿ed subswjiary of the Charity. Nati￿al Counul fof the Training of Journalists INCTJI and the directors. interests in Ihe group a￿ disclosed in the financial statements of the parent charitable company- No rights were granted to or exe￿ISed by the direclors in resFecl of any rKJht to subscribe for shares in the company during Ihe year. CHARITABLE CONTRIBUTIONS The eompany made a profÈt after tax of £57.￿. The company has ab￿ to grfl aid £25.0211o the National Council fof the Training of Journalists. Page 1

NCTJ TRAINING UMITED DIRECTORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 DIRECTORS. RESPONSIBIUTIES STATEMENT The directors are responsible for preparing the Directors. report and the financial sLitemenls in accordance with applicable law and regulations. cc￿panY law requi￿6 the dir&tOF5 to prepare financ￿1 statements for each financial year. Under that law tho directors have elect￿ lo prepare the financial slatements in accordance wrth applicable law and United Kingdom Accounting Standards IUnf(ed lfjngdom G￿ralty Accepted Actounling Practice). including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of Ihe profil or loss of the Company for that period. In preparing these financial state￿nIs, the directors are requir&J to: seknt Suitab￿ accountirwj pdic*s for the c￿an￿$ financial S￿te￿nIS and then apply them consistently.. make judgements and accountiwJ estmnates th81 are reasonabk and prudent.. prepare the ffinan￿aI statements on the going wicÉm basis unless it B inapprc4)riate to presume that the Company wll wilinue in tAtsiness. The directors are responsib￿ for keeping a(lequate accounting records that are sufficienl lo show and explain the CoMpan￿S tsarisaclions and disclose with reasonab￿ acc¥Jracy at any time the financial position of the Company and lo enable them to ensure that the finanaal statemenls comply with the Companies Act 2006. They are also reskK)nsible for safeguarding the assets of the Ccfflpany and he￿e for taking reasonabl8 steps for the prevention and detectk)n of fraud and other irregularities. OISCLOSURE OF INFORMATION TO AUDITORS Each of Ihe persons who are directors at the time when this Direclors. Fs approved has ¢onffim￿d that.. so fai as the director is aware. there is no relevant audit informab.on of which the Companls auditors are unaware. and the director has taken all the steps th81 ought to have been taken as a director in order lo be aware of any relevant audit infomialion and lo establish that the Companls auditors are awaie of that infomalion. Page 2

NCTJ TRAINING UMITED DIRECTORS. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2022 AUDITORS The auditors, Peters E￿rthY & Moore. wim be prcwsed for T￿pPoin￿ent Mi accordance WTth section 485 of the Companies Act 20(E. SMALL COMPANIES NOTE In preparing this report. the directors have laken advantaoe of the small ¢(npan￿S exemptions provided by section 415A of the Cowwnies Aet 2006. Thts report was approved by the t¥)ard and s3ned on its behalf. Kim Fletcher Director Dale.. Page 3

NCTJ TRAINING LIMITED INDEPENDENT AUIXTORS. REPORT TO THE MEMBERS OF NCTJ TRAINING UMITED OPINION We have audited the financtal statemenls of NCTJ Training Limited Ilhe'CompanYI for the year ended 30 June 2022, which comprise the Statement of inC(￿e and retained earnings. the Balance sheet and the related notes, including a summary of significant accounting poli￿. The financial rew)rting ftamework that has been applhgj in their preparation is applicable law and United Kingdom Accounting Standards. induding Finan￿31 Reporting Stsndard 102 'The Financial Reporting Standard appliGabie ￿ the UK and Republtc of Ireland, (United Kingdom Generally Accepted A￿untIng Practul. In our opinion the financ¢al statements- give a true and far Wi￿ of the state of the Companrfs affairs os at 30 June 2022 and of its profil for the year then ended. have been propety prepared in ￿cOrdan￿ WFth Unrted Kingdom Gen8ralty Accepted Accounting Practic&,' and have been prepared in &cordance with the requirements ofthe compan￿ Act 2006. 8ASIS FOR OPINION We ¢onduded our audit in ￿Cordance with Intemational StarKlards on AudilHig IUKI {ISAs (UKI} and applicable law. Our resrKJnsibilities under those standards are further described in the Audttors. responsibilities lor the audit of the financial statement5 section of our report. We at8 wHJependent of the Ccffipany in accordance with the ethical requirements that are relevant to our audit of fina￿lat slalewnents in the United Kingdom. including the Financial Reporting Council's Elhical Standanl and we have fulfilled our other ethical responsibilities in accordance with Ihese requ1￿mentS. We belve that the audit wden¢e we have dilained 15 sufficient and appropriate to prowde a basis for our opinw)n. CONCLUSIONS RELATING TO GOING CONCERN Ir auditing the financial slalements, have concluded that the direct<￿$. use of Ihe going concern basis of ac¢ounting in the preparation of the financi￿ statements is approprTrate. Based on the work we have perfomRd, we have not th11f￿d any material uncertainties relating to events or conditions thal. individually Of collectwdy, may Ca515￿nIficant doubl on the Companls ability to continue as a going concem for a pericrtj of at least months from when the finanual statemellls are authoriseLI for issue. Our responsibilrties and the responsfoilities of the directors wilh respect to goiThJ concern are described in the relevant sedion$ of this ieport. Page 4

NCTJ TFIAINING UMITED INDEPENDENT AUDITORS. REPORT TO THE MEIABERS OF NCTJ TRAINING LIMITED ICONTINUEDI OTHER INFORMATION The other infomwtion comprises the inf0M￿tion induded in the Annual Rep)rt othèr than the financial stslements and our AL￿ttOr$, report thereon. The directots are responsEbie for the other infom)alion contained within the Annual Report. Our opin￿￿ on the financi￿ statements does not cover the other infomalion and, except to the extent othenwise expliatly stated in our rewrt we do not express any foTm of aSSurar￿e conclusion there(￿. Our responsibility is lo read the othef infoTrnation and. in doing so, consider whether the other (nfomialion is materially inconsistent wlh the finaneial statements or our knoMedge oblained in the course of the audtt, or othernise appea¥s to be materialty misstate4J. If we identify suth material inconsistencies or apparent material missLements. are required lo detemiine whether this gives rise to a material misststement in the finan￿al slatemenls themsefves. If. based on the WO￿ we have perfomwd, we conclude that there is a material misstatement of this other infom￿0￿. we arE required to report that fact. We have nothing to rep)rt in this ￿gard. OPINION ON OTHER MATTERS PRESCR18ED BY THE COMPANIES ACT 2006 In our cpinion. based on undertaken in the ofthe audit: Ihe information given in Ihe Directors, rep￿1 ￿ the financial ￿ar for which the financtal statements are preparecf is consistent with the financial statements.. and the Directors. report has been prepared in accordance with aprAicable14al requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Company and its envbronmenl obtained in the course of the audit. we have not idenlffied material misstatements in the Directors, TeporL We have nothing to in respect of the f01b￿"n9 matters in relation to the Companies Act 2006 requires us lo report to you rf. in our O￿niOn. 8dequate acccNJnting records have not been kepl. or retums adeqL￿te for our audit have not been received from branches not wsited by u5: or the firiancial $18lemer¢ts are not in agre￿nI with the accounting le￿dS a￿1 relums" or certain disclosures of directors. remuneratKsn specified by L*¥ are not made.. or we have not received all the lnfomia￿n and explanations requi￿ for OLFF audit,. or the directors were not entrtEed to prepare the financial statements in accordan￿ wlh the small companies regime and take advant&Je of the small companies, exemptions in preparing the Directors, report and from the requirwnent to prepare a strateg￿ report. Page S

NCTJ TRAINING UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NCTJ TRAINING UMITED ICONTINUEDI RESPONSIBIUTIES OF DIRECTORS explained mC￿e ful￿ in the Directors. resFrt)nsibilibes statemenl set out on page 2. the directors are responsible for Ihe preparation of lh¢ ffinanoal ststemenls and for being 5att5fied that they gwe a Irue and fail view. and for such intemal ￿)ntrol as the direclors detemiine is nssary lo enabk the preparation of financial slalements that are free fmm material misstatement. whether due to fraud or error. In preparing the financial statements, the direclors are re¥￿nsIble for assessing the Companls abilty to cortinue as a goin9 con￿rn, disclosing. as apPI￿ab￿. malters related lo g(ing coneern and using the going n￿rn basis of accounting unkss the directors either In￿)d to IvJuKlate the Company or to cease operations. or have no realistlc 8ftemalNe but lo do so. AUDITORS. RESPONS181UTIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance aix)ut whether the financial statements as a whole are free from material misstatement. whether due to fraud ot errol, and to issue an Auditors. report th includes our opinion. Reasonable assurance is 8 high level of assLtrance, bul is not a guarantee that an aud(( conducted in accordance with ISAS IUKI wll a￿ayS detect a material misstatement when it exists. Mis518tements can arise from fraud Of error and are considered material rf, ifKINxlualty or in the aggregate. they could reasonably be exPe￿ed to inftuence the econom￿ deci8ifffiS of users taken on the basi8 of these financial statements. Irregularities, including fraLKI, are instsnces crf non-cory11an￿ with l•vs and regulations. We design procedures in line with our Tesponsibilities. outEined atw, lo detect m8terial misstatements in respect of irregularrties, including fraud. The extent to which our PrrX￿uTeS are capable of detecting irregulariltes, inclsjding fra￿￿ is detailed bekAv.' Our approach lo identty'ng and assessing the risks of malerial misstatement in respect of irregularities. ineluding fraud and non-compliafKe ￿ kws and regulatKmS. was as folkr•ts: the engagement partner ensured that the e￿Jage￿EnI team collectivety had the appropriate competence, capabilities and skilL8 to identsfy or ieccgnise nort-compliance with appl￿ble laws and legulat￿)ns. we idenlrfied the laws and Tegulaticms applÉcaile lo the c(¥npany through discussions with directo￿ and other management. and from our kncTrv￿ge of c(ryany and experien￿. we focused on specrfK laws and r8gulaticMis which we considered may have a direct matertal effect on the financial statements or the cyerations of the company. including the Companies Act 2006, health and safety, taXal￿n. dats protect¥)n. anti&ribery and emptoyment legr8￿tM)n. we assessed the extent of o)mpliance with the and regula￿A$ identsfied above through makir>g enquiries of management and inspeding legal correspondence: identified laws and reguL8tiorb5 were communicated wÈthin the audit team regular￿ and the team remained alert to instances of non-ccmmpliance through¢xrt the audrt.. ar W8 revvwed the minules ofdirectors, meetings to Ktentfy any refererw to non-conwliances with laws and ￿gUlatiOns. We assessed the susceplibilty of the companW5 financial Statements to merial misstat￿nt, including cl)twning an understanding of how fraud might rKcur. ty. making enquiries of management as to vthere tw conshjered the￿ vrds yjsceptibility to fraud, their kno￿edge of a￿ual. suspeded and alleged fraud.. and Page 6

NCTJ TRAINING UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NCTJ TRAINING LIMITEO (CONTINUED) considering the intemal ujntrds in pL¥e to mib3ate risks of fraud and non-eomph'ance with taws and regulaiions. To address the risk of fra￿ through management bias and ovarride of conlrols. we., perfomigj an01￿1¢al Pr￿ed￿re$ to identify any unusual or unexpeded relalionships., tested joumal entrie5 to Njentrfy unusual tran&7ctk￿s'. we evaluated the assumptions and I￿3￿ments used by management within swJnrfunt a￿UntIng eslimaes and assessed whetlw these Ind￿ated ewdence of manaJement bias,. and perfomed audit work over the rFsk of management override of Controls. includin9 testing of journal entries and other adjustments for approprialeness. evaluating the business rationate of significant transactions oulslde the nomwl course of business and reV1th￿ng accounting estimates for bias. In response to the risk of irwularit￿s arKI non-comp11ar￿ wilh Iwws and regulations, we designed procedures which included. but were nol limited to.. agreeing ftnancFal statement disch)SUTes lo undety.ng sup￿0"ng dcumentstion., reading the minutes of meetings: enquiring of management as to actual and rthlial lth"gat•Jn and claims., and reviewng correspondence ￿￿th reknnt regulalors. s￿h as the Office of Qualificaticxls and Examinations Regulalion IOFQUAL). There are inherent limitalior$5 in our audit Prctedures described alx)ve. The more removed that laws and regulations are from financial tran&￿tiOnS. the tess likety rt is that we woukl become aware of non.compliance. Auditing standards also limit the audit procedures fequired to identty non<ompliance wth laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal wespondence, if any. Matellal misstatements Ihal arise due to fraud be harder to detect than those that arise from error as they may involve deliberale concealment or collu￿n. A further deSCript￿n of our respons￿lI11]eS foT the audrt of the financial stslements is lo(zted on the Financial Reporting CounrAfs website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our Audf(ors' report. Page 7

NCTJ TRAINING UMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NCTJ TRAINING LIMITEO ICONTINUEDI USE OF OUR REPORT This report is made SO￿lY to the Ccrfnpan￿s members. as a in accordance wrth Chapter 3 of Part 16 of the CompanÈe5 Act 2006. Our audit vth has t￿en urnlertaen so that we mKJhl state lo the Companws members Ihose mallers we are required to state lo them in an Auditors. report and foi no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the Company and the Companvs membets. as a tody. for our audrt work. for this report, or for the opinion5 we have fomied. Kdly Bretherick {SenKJr Statutory ALbJitor) for and on behaN of Peters Elworthy & Moore Chartered Accounlants Statutory Al￿￿or8 Salisbury House Station Road Cambridge CB12LA Date.. Page 8

NCTJ TRAINING UMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Tumover 998,106 1.017.88S 1314.4471 1322.8611 Cost of ￿leS GROSS PROFIT 683,659 1707.1011 {594,5231 81.387 69,745 695,024 Administrative expenses Other op8rab"rwJ income OPERATING PROFIT 57.945 170,246 Interest receivable and similar incoTr 28 PROFIT BEFORE TAX 57.966 170,274 Tax on profrt PROFIT AFTER TAX 57,965 170,760 Retained eamings at the beginning of the year 17,457 9,949 17A57 9.949 Profil for the year Deed of Covenant 57,965 125,0211 170,760 (le￿.252) R￿AINED EARNINGS AT THE END OF THE YEAR 50.401 17,457 The notes on pages 11 to 16 fom) part of these ffinanual statements. Page 9

NCTJ TRAtNING UMITED REGISTERED NUMBER: 02962694 BALANCE SHEET AS AT 30 JUNE 2022 2022 2021 Note FIXED ASSErs Tangibte assets 47.982 42,014 47.982 42,014 CURRENT ASSETS SlrKk$ Debtors.. amounts falling due within c￿ year Cash at bank and in hand 7.592 122,323 320,506 154.278 138.583 300.244 450,421 Creditors.. amounts falling due vAthin one 1297.824 (474,9771 NET CURRENT ASSETSI{UABILITIESI TOTAL ASSETS LESS CURRENT LIABIUTIES 2.420 124,5561 50.402 17,458 NET ASSETS 50.402 17.458 CAPITAL AND RESERVES Called up share wital Pfofit and k)ss acctyjnt 50.401 17.457 50,402 17.458 The financial statements have been prepared in &cordanee with the provtsions applicable to Companies subject lo the small companies regime and in ￿CordanCe wrth the Pro￿lonS of FRS 102 Section IA- small entities. The finon¢ral stalwr*nts were approved and authori￿ for issue by the board and were signed on tts behalf by. Kim Flotcher Dlrector anne Butcher Director Date." Li SytAMbv Iwzi The notes on pages 11 to 16 fomi part of these financk21 statements. 21 Sy4_kn Page 10

NCTJ TRAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 GENERAL INFORMATION NCTJ Training Limited is a private ¢C￿panY limited by shares and Ir￿orporated in England and Wales. Its registered office is disckjsed on the companls infomWt￿n page. The parent undertaking of the smallest group to consOl￿ale these financial statements is National Counryl for the Training of Joumalists. a Company limited by guarantee and a registered charity. The compan¥s regislered office is Nth¥ Grnnw. Station Ro&J, Nthwt, Saffton Waklen. Essex. CB113PL. The companrfs functbonal arKI presertstiOT￿I CUFrency is GBP. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared under Ihe historical cost Gonvention unless otherwise specified within these accounting policw and in a¢(tsrdance with Section 1A of Financial Reporting Standard 102, the Financtal ReF4Jb'ng Standard applicable in the UK and the Republic of Ireland and the C¢xnpanies Act 20(￿. The following pr￿cipal accounting poI￿leS have been 84)pld." 2.2 GOING CONCERN The DirecloTS have Prepared fwasls to June 2024_ Based on their assessment of these forecasts, the Directors believe that the ccrfnpany will have sUffic￿nt resources lo meet ils liabilities as they fall ly￿ for the fC￿Seeab1e fiJture and thefefore continue to adopt a going con¢em b8515 in preparing the finaftcial sLements. 2.3 TURNOVER Turnovw is recognised to the extenl that it is Prob￿e thal the econom￿ bènefits will flow to the Company and the turnover can ￿1abty measured. TumoveT is measured as the fair value of the onsideralton T￿e1Ved ￿ receivable. exduding discounts. Tebales, value added lax and other sales tsxes. Tumover comprises revenue recognFsed by the company in ￿SpeCt of training courses and exafflinatK)n fees during the year and i8 recognised when a couiselexam lakes p￿￿. 2A OPERATING LEASES: THE COMPANY AS LESSEE Rentals paid under operatiThJ leases are chargeil to profft or loss on a straighl-line basis over the lease term. 2.5 INTEREST INCOME Interest income is iecc43nise(l in profft or k)ss using the effective interest method. 2.6 PENSIONS The company operates a defined contributton plan for its employees. A defined conlribulion plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the cOntribut￿)￿S have been paid the company has no further pawnent obligations. The contributions are iecognisefj as an expense in the Statement of Income and Retained Eamings when Ihey fall due. Amounts not paid are shry4Vn in accNals as a liabilty in the Balance sheet. The assets of the plan are hehj separately from the company in Fndependenlly administered funds. Page 11

NCTJ TRAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POLICIES {CONTINUED) 2.7 TAXATION Tax is recognised in profft or l¢)ss except that a charge altributable lo an ilem of income and expense recognised as other comprehensive income or lo an ilem re¢c3nised direct￿ in equity is also recognised in other comprehensive income or dir@¢ty in equity respective￿. The current In￿r￿ tsx chafge is ￿l¢￿Ialed on the basis of tax rates and laws that have been enacted or substantivety enacted by Ihe balan￿ sheet dale in the ￿untr￿S Whe￿ the Company operates and generates Trr￿￿e. 2.8 TANGIBLE FIXED ASSETS Tangible fixed assets urKler the cost mc#Jel are state(1 at historical cost less accumulated depretiation and any accumuLated vnpaimpnt losses. HIStor￿al c051 includes expenditure that is dweclly attributable to bringing Ihe assel lo the tsation and tthd1l￿ft necessary for it to be capable of operatsng in the manner intended by management. Depreeialin ts charged so as to albcate the cost of assets less theJT resmdual value over their estimated useful lives. using both the stra¥3h14ine metw and the reducing bak3n¢e basis. Dgprecialton is provKled on the fdknwing basis: Fixtures and frttirKJs offi￿ equipmenl - 25% reducing balance - 25% redvciThJ balancelstra1ghl-￿.ne The assets, residual values. usehjl lives and depreciatk)n methods are reviewed, and adjusled pr05P￿tNe1Y rf approprth. or rf there is an Indicati(￿ of a significant change since the last reporting date. Gains and losses on disposa15 are deteFmined by compaTiTrJ the prcKeeds with the earrying amount and are reeognised in profrt or bss. 2.9 STOCKS Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slcp•4 moving st(Kk. Cost includes all direct costs and an appropriate proportion ol fixed and variable overheads. 2.10 DEBTORS short.leim debtors are measured at transaction prKe. ths any impalm￿nt. Loans rtteivable are measured inthalty at fair value. net of transaction costs. and are measured subsequently at amortised c05t using the effeclive inleresl method. less any impaimienl. 2.11 CREDITORS Short-temi creditoF5 are measured at the transachon price. Other finaneial liabilrties. including bank loans, are measured in￿alty at fair value. net of transathn ￿$ts. and are measure(I subsequently at anTrybsed cost using the eff￿tiVe interest methcJ. Page 12

NCTJ TRAINING UMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR Etr4DED 30 JUNE 2022 ACCOUNTING POUCIES (CONTINUED 2.12 DEED OF COVENANT Gift a*J payrnenls to the parent. Nat￿al Counal for the Training d Joumalrsts. are Irealed as a distribution rather than an expense in the financia stalemenls. Where a deed of covenant has been enteied into belween the parent arKI the company. the obligation is Tecognised in line with the deed. EMPLOYEES The average monthty number oferyloyees. induding directors. during the year was 10 {2021-9>. TAXATION 2022 2021 CORPORATION TAX Current on profrts for the year 1486) 1486) TOTAL CURRENT TAX 14861 Page 13

NCTJ TRAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 TAXATION ICONTINUEDI FACTORS AFFECTING TAX CHARGE FOR THE YEAR The lax assessgd for the year is lower than12021-knwer than) the standard rale of corporation lax in the UK of 1￿1012021- 1￿￿). The drfferences are explained belw.. 2022 2021 Profrt on ordinary &i1vil￿S before tax 57,965 170.274 Profit on ordinary actNities multipl￿d by standard re of corp)ratK)n tax in the UK of 190A12021 -19%) EFFECTS OF: 11.013 32.352 Capftal allowances for year in excess of deprecration Expenses not deductable for tax pUr￿seS Changes in PFDvisions leading to an increase {deuease) in tr tsx charge Deed of wvenanl POyTnent Adjustments to lax charge in iespecl to prior peficds 16.886) 627 11.3831 489 131.458) 14861 14,754) TOTAL TAX CHARGE FOR THE YEAR 14861 Page 14

NCTJ TRAINING UPAITED NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 30 JUNE 2022 TANG18LE FIXED ASSETS Assets Office under equlpment construction Fixtures and ffttings Total COST OR VALUATION At 1 July 2021 Additions Disposa15 Transfers be￿een classes 140,250 26.150 I74.￿3 28,444 14.9611 (4,961) 26.150 126.1501 At 30 June 2022 189,B83 198.446 DEPRECIATION At 1 Juty 2021 Charge for the year on (Avr*d a55els Disposals 5.707 715 127,242 21.761 14.9611 132.949 22,476 14,961) At 30 June 2022 6.422 144,042 150.464 NET BOOK VALUE At 30 June 2022 1141 45.841 47.982 At 30 June 2021 2,856 13,1)08 26,150 42.014 DEBTORS 2022 2021 T￿de debtors 150,840 3A38 121,533 790 Prepaymonls and acwed inc( 154,278 122.323 P?ge 15

NCTJ TRAINING UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 CASH AND CASH EQUIVALENTS 2022 2021 Cash at bank ￿bd in hand 138.583 320,506 138.$83 320,506 CREDITORS: AMOUNTS FALUNG DUE vKfHIN ONE YEAR 2022 2021 Trade Creditors Amounts owed lo group undertakings Other tak￿lon and S￿la1 security Other ¢red¢tors Accruals and deferred income 37.916 25.021 67,365 5,365 162,157 39.802 165.502 89,170 4,482 176,021 297,824 474,977 Other creditors include amounts due to defined eontrtsut￿n Fen$￿￿ ￿h￿ne5 of£4,273 (2021.. £3,703). SHARE CAPITAL 2022 2021 ALLOTTED. CALLED UP AND FULLY PAID 1 12021 -11 Fulty pa¥J share capilal share of £1.f 10. FINANCIAL COMMITMENTS Total financFal commitments. guaTantees and contingencses that are not includ&J in the balance sheet amount to £68,17112021.' £6.189) 11. RELATED PARTY TRANSACTIONS The company is exempl from disthsing the transactions with rts parent, Nalional Council for Ihe Training of Journalists, on the basis that the company is included in the conscAbYated financial statements of the parent. Page 16

NCTJ TRAINING UMITED DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 Tumover 998.106 (314.447) 1.017,885 (322,8611 Cost Of Sales GROSS PROFIT 683.659 695,024 Other OFerakn"ng inwne Administrati￿ expenses 81.387 69,745 {707.101) 1594,5231 OPERATING PROFIT 57,945 170.246 InteTesl receivab Tax on profit on ordinary aclivittes 20 28 PROFIT FOR THE YEAR 57,965 170,760 Page 17

NCTJ TRAINING LIMITED SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022 2022 21T21 TURNOVER Short courses NQJ Diploma in Jouinalism {Prelims) Distsnce learning and publKMs Ac¢reditatK)ns Events Qualthcalions devel¢¥ment Apprenticeships Man8gement fees JSA fees 138.701 38,122 479,117 186,574 35.545 9.24S 113,836 35.215 523,900 201,416 34.433 8,250 6,325 59,235 35,275 64,539 45.595 668 998.106 1,017,885 2022 2021 COST OF SALES Conference and courses NQJ Diploma in Joumalism (Prelims) Distance leaming and publI¢￿n$ Honoraria Events Online assessment 73.653 11.716 116.707 48.695 7.100 71.249 9.221 127.055 36,257 7.400 2.853 59.409 32A57 17.831 5.488 Awards and accreditslh)n semirtar Apprenti￿ShipS 9,417 314.447 322,861 2022 2021 OTHER OPERATING INCOME Sponsorship Royalty receD￿lIe Miscellaneous Website advertising 77.254 3A07 576 1S0 66.787 2.265 693 81.387 69,745 Page18

NCTJ TRAJNING UMITED SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2022 2022 2021 ADMINISTRATION EXPENSES Staff salaries Staff natK)nal insuran Staff pensron costs. mcffley PLrrchase schw Staff IrainiThJ Staff wetfar8 356,370 38,015 15,687 1,110 3,980 370 11.644 14.787 10.867 84.732 24.857 57S 311,444 31,356 14,411 1,000 3.921 103 10,688 12.691 7,312 51.701 21.429 575 6.165 875 6.216 7.561 24.000 3,169 4,142 12,632 6,247 7,950 37,52S 5.085 8,325 Holels, travel and SUb￿stence Qualtficatt'on and developmenl cost Printing, stationery and postage Telephone Computer costs Advertising and pronw)tion Subscllptions Auditors. remUneral￿n Auditors, remunerati¢)n - nork4udil Bank charges Sundry exFenses Rent and rales Light and heat Insurance5 6.508 6,T16 24.000 3.991 4.311 14.810 22.476 6,020 40,820 7.965 Repairs and maintenance Depreuion - Offi￿ equipment Recruitinent costs Management charges payable Product development Research 707,101 594,523 2022 2021 INTEREST RECEIVABLE Bank interest receivable 28 20 28 Page 19