## **The Media Trust**
## **(A charitable company limited by guarantee)**
**Report and Financial Statements For the Year Ended 31 March 2022**
**Company number: 02895790 Charity number: 1042733**
**The Media Trust Contents**
## Contents
Reference and administrative information ...................................................................................................... 3 Trustees’ Annual Report ................................................................................................................................... 4 Independent Auditor’s Report to the Trustees’ of The Media Trust ............................................................. 21 Statement of Financial Activities for the year ended 31 March 2022 ............................................................ 25 Balance Sheet as at 31 March 2022 ............................................................................................................... 26 Statement of Cash flows for 31 March 2022 .................................................................................................. 27 Notes forming part of the Financial Statements for the Year ended 31 March 2022 .............................. 28-39
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## **The Media Trust Reference and Administrative Information**
## **Charity Details:**
Charity name: The Media Trust, also known as Media Trust Registered Charity number 1042733 Country of Registration England and Wales Registered Company number 2895790 Country of Incorporation United Kingdom Registered office: c/o Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL Principal office: 123 Buckingham Palace Road, London SW1W 9SH Website: www.mediatrust.org On Twitter: @media_trust
## **Trustees:**
Kamal Ahmed Matt Brittin Retired on 10 February 2022 Eleanor Browne Retired on 10 February 2022 Ed Couchman Satyen Dayal Appointed on 19 March 2021 Ian Edwards (Vice-Chair) Jonathan Goodwin (Chairman) Retired on 10 February 2022 Ronan Harris Appointed on 10 February 2022 Penny Ladkin-Brand Retired on 22 April 2022 Tove Okunniwa Appointed on 10 February 2022 Dominic Shine Philip Thomas (Chairman) Appointed as Chairman on 19 March 2021 Richard Thurston Sam Tomlinson Appointed on 22 April 2022 Andria Vidler Ed Williams Retired on 6 October 2021
## **Chief Executive:**
Su-Mei Thompson
## **Independent Auditor:**
Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL
## **Bankers:**
Co-operative Bank, 1 Islington High Street, London, N1 9TR CAF Bank Ltd, 25 Kings Hill, West Malling, ME19 4QJ
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
## **Chair’s Foreword**
As the world emerges from the ravages of Covid-19, which has had a profound impact on Media Trust and the communities we serve, we are of course facing into an environment with many challenges to come. Media Trust is a small charity with huge impact, and great ambitions, but in these uncertain times your support and help is needed – and appreciated – now more than ever.
As you know, Media Trust performs two critical functions: we help charities with the challenges they face around their communications, and we help level the playing field for under-represented groups in the media. This year saw multiple programmes on both fronts, and you can get a true sense of the impact Media Trust makes within the pages of this report. An important snapshot of our work, though, can be seen through our efforts around climate change (the Weston Communicating Climate programme), mental health (Headlining Mental Health), disability (Reframing Disability in the Media) and our Inclusive Reporting programme. All these efforts, and more, are at the heart of what Media Trust sets out to achieve – to make our society more equal, through the almost boundless power of creativity, communications and the media. They are also about the most pressing issues facing society today - climate change, inclusion, mental health.
This year has seen some significant changes to the make- up of the Board. I’d like to thank Matt Brittin, Eleanor Browne, Jonathan Goodwin, Penny Ladkin-Brand and Ed Williams, for their years of commitment and service to the organisation, and to welcome to the board Sat Dayal, Ronan Harris, Tove Okunniwa and Sam Tomlinson.
My thanks of course also go to Su-Mei Thompson, our CEO, and her amazing team, who with passion, energy and vision make such a difference to so many lives, and to our many supporters, without whom, it goes without saying, none of our work would be possible.
Phil Thomas Media Trust Board Chair
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## **The Media Trust Trustees' annual report for the year ended 31 March 2022**
## **Trustees’ Annual Report: Our Work in 2021/22**
The Trustees present their annual report and audited financial statements of the charity for the year ended 31 March 2022.
## **Our charitable objects**
The objects, for which Media Trust was established, as set out in our Memorandum of Association, are:
- to advance the education and training in all forms of media and communications of the public and in particular, members of charitable organisations and non-charitable voluntary organisations, under-represented groups and communities and young people
- to promote racial and religious harmony and equality and diversity by helping the media and creative sector to advance social responsibility, diversity, inclusion and representation of broader society in their workforce and their output
- to promote the efficient and effective application of resources for charitable and educational purposes by the provision of advice, training, mentoring, volunteering and creative and related services.
## **Our vision and mission**
At Media Trust, we believe that it’s by giving everyone a voice that we’ll get to a more equal society. That’s why we’re proud to be working with hundreds of charities every year to strengthen their story -telling, advocacy and campaigning, press engagement and social media. We do this through media, communications and digital skills training delivered in partnership with our media and creative industry – partners and by matching media industry volunteers with charities looking for communications support because we know non- profit work can’t just be done by non -profits. At the same time, our youth programmes are giving thousands of young people the creative digital media skills, access and mentoring support to break into the media because we know talent is everywhere but opportunities are not.
In this way, we believe we are doing our bit to level the playing field for media representation; thereby contributing to Britain’s levelling up agenda while also helping the media sector to be more responsible, representative and connected.
Our work stron gly aligns with the Government’s Civil Society Strategy and we endorse its conclusion that social value flows from thriving communities. We strongly believe in putting people in charge and providing opportunities for young people; promoting inclusion, empowerment and investment in local communities; supporting charities and social enterprises, including helping the sector to be more confident with digital, to strengthen the voice of civil society; and promoting business and technology for good. All these pillars are reflected in our work.
Our mission is also strongly aligned with the Charity Commission’s Statement of Strategic Intent to prioritise public trust in the charity sector. At Media Trust, we too aspire to be an organisation driven by purpose and to play a part in restoring trust in the charity sector.
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## **The Media Trust Trustees' annual report for the year ended 31 March 2022**
## **Our values**
Our vision and mission are at the heart of all we do. We work to achieve these by:
- Being innovative and creative
- Putting our stakeholders, beneficiaries and customers first
- Being entrepreneurial
- Working with energy, passion and dynamism
- Embracing equality, diversity & inclusion
- Supporting our people to be their authentic and best selves
## **Public Benefit Statement**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.
Media Trust delivers public benefit by delivering free and low-cost media and communications training, mentoring and pro bono support to enable charities, under-represented communities and young people across the UK to have a stronger voice, access new and different audiences, enhance their media and communications skills, and create positive change in their lives and communities.
The charity also receives grant funding and contracts to provide free or low-cost media and communications advice, training and resources to small charities and marginalised communities to enable them to deliver more effectively their own charitable purposes, particularly with respect to disadvantaged and underrepresented individuals and groups, often based in areas of deprivation.
## **Activities and Achievements During the Year**
This section of the report summarises our activities and achievements for 2021/2022 and the progress we made against our main objectives, namely:
- To match good skills with good causes by harnessing media industry volunteers and mentors and pro bono support to help charities, marginalised communities and young people have a stronger voice
- To empower young people from diverse and, in most cases, disadvantaged backgrounds to work in the media
- To build the communications and digital capabilities of charities through training and access to free online resources
- To facilitate greater understanding, empathy and trust between the media sector and charities, under-represented communities and young people
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
## _**Post-Covid Landscape**_
Events of the last 18 months have meant that our work has never felt more urgent or relevant. As a society, we’re still grappling with the inequality that Covid and Black Lives Matter have laid bare and the fact that the most disadvantaged tend to be the least represented. The increase in mental health cases particularly among young people is also extremely concerning. Meanwhile, especially with COP26 taking place in the UK, there’s never been greater awareness of the consequences of not taking action to save our planet.
All of this means that at Media Trust, we have never been busier. Starting from the premise that it’s by giving everyone a voice that we’ll get to a more equal society—we know it’s desperately important to level the playing field for groups that are underrepresented in the media. That’s why we’re working with charities, communities, and young people to give them a stronger voice through training and mentoring and why we’re connecting civil society and the media to co -produce solutions for the underrepresentation of minority groups.
In Spring 2021, City Bridge Trust agreed to fund a second iteration of our Charity Covid Comms survey, in partnership with CharityComms, to gain a better understanding of the communications barriers and challenges faced by UK charities, as they emerged from Covid crisis mode. 75% of respondents reported being busier than before, with 59% shouldering an increased workload. Comms teams told us they were more stretched than ever, and respondents clearly indicated a need for extra support with producing varied forms of digital content (53%), improving stakeholder engagement (44%) and managing workloads and projects (45%). We are so grateful to Meta, who ran two online masterclasses for almost 400 attendees on key topics that were highlighted as priority areas for charities, providing training and tips on creating mobilefirst video and building online communities.
Over the past 12 months, Media Trust has been incredibly busy with all teams working flat out to deliver multiple parallel programmes.
## _**Volunteering**_
By matching good skills with good causes, Media Trust’s volunteering programme continues to provide an essential service to the UK charity sector while helping media organisations expand their purpose-driven CSR activity and media professionals to use their skills to give back.
Our online platform has allowed thousands of charities to search for and connect with volunteers from across the media and creative industry, based on their skill set, location and availability. Alongside this, our bespoke hand-matching service provided 127 charities with digital mentors for three-to-six-month periods across the year.
We’ve also delivered over 100 challenge days, bringing volunteers together with a charity to work on a specific comms brief and action plan. This year, we saw the biggest demonstration of volunteering support by a single agency — MG OMD — who provided over 400 volunteers to support 29 environmental charities.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
Our speed pitching/mentoring events continue to build connections and networks between UK charities and local journalists. This year, we welcomed over 200 charities at these half-day events to build relationships, practise their pitches and receive on-the-spot advice. In turn, the participating editors and journalists strengthened their bonds with civil society and expanded their network of potential sources and contributors.
After a Covid-imposed hiatus, 2021 saw activity resume for our Volunteer Films strand of work, where we match volunteer directors with charities looking to make a film to help with raising funds and awareness, campaigning, recruiting volunteers and other support. Thanks to funding from City Bridge Trust, John Lyon’s Charity and The Mercer’s Company , we are making 30 films for their grantees, with Media Trust overseeing all elements of production and also training the charities in filmmaking, distribution strategies and social media.
## _**Thematic Programmes**_
We launched three successful new programmes in 2021:
Our Weston Communicating Climate Programme, initiated and funded by the Garfield Weston Foundation, supported 30 environmental charities to extend the power, reach
and impact of their communications. Guided by an advisory group of experts working in the climate and media sector, the programme delivered expert-led workshops, a series of #ConqueringClimateComms video resources and masterclasses open to the wider environmental sector, reaching over 400 organisations. At the start of the programme, only 29% of participants felt they knew how to frame complex messages, which increased to 100% by the end of the programme. At COP26, many participants were able to translate their learning into action, hosting events and exhibitions at the summit to showcase stories of climate action and secure media coverage, with others producing resources for schools or increasing their social media following.
Our Headlining Mental Health programme, funded by Bally’s (formerly Gamesy’s) Foundation, supported 20 small mental health charities with their strategic communications, enabling them to more effectively reach people who need support, challenge mental health stigma, and make sure people living with mental health issues are heard. For Mental Health Awareness Week In May 2021, we worked with social media platforms including Instagram, Meta, Snapchat, TikTok and YouTube to deliver six masterclasses open to the wider mental health sector, supporting 140 mental health charities to optimise their social media activity. Participants reported significant improvements to their communications skills as a result of the programme. Many have gone on to secure media coverage, corporate and fundraising partnerships, support from local businesses, awards, and increased engagement with local MPs and councillors.
Our Digital Skills Programme, supported by Google.org, provided free digital communications training, mentoring and resources tailored to over 1,750 charities across 26 regions in the UK, with a focus on supporting those from socio-economically deprived areas. Media Trust also ran our first ever Digital Spring School in April 2021 and our second Digital Summer School in August 2022, both of which were oversubscribed and very well-received.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
## _**Equalities Work**_
In January 2022, Media Trust launched Inclusive Reporting - an exciting new programme, funded by the Meta Journalism Project, to promote a more level playing field for media representation through training workshops for small groups of journalists alongside a number of open sector-wide masterclasses designed and delivered in partnership with the National Council for the Training of Journalists (NCTJ). The initiative is supported by an Advisory Group chaired by Kamal Ahmed (The News Movement, formerly BBC) and made up of senior executives from news organisations and third sector leaders, who provide strategic insights and governance for the programme.
Meanwhile, we have continued working with our corporate partners on ‘Reframing Disability’ in the media, by delivering disability awareness training for their newsrooms and journalists including a session for Paramount’s senior leaders hip team.
In October 2021, we also launched Year 4 of our Stronger Voices programme, in partnership with Equally Ours. Funded by City Bridge Trust, this six-month training and mentoring programme is specifically designed to strengthen the voices of equality organisations across the capital. This year, we reserved 50% of the places for charities working with Black and ethnic minority communities and Deaf & Disabled People’s organisations. Additionally, sector-wide masterclasses were attended by almost 400 organisations, a recordbreaking number for the programme. Stronger Voices has successfully increased participants’ confidence, skills and abilities in strategic communications and media engagement, supporting them to share the impact of their work, attract media coverage and advocate for policy change, at a time when the voices of equalities organisations have never been more vital in the news and in policymaking.
## _**Youth Programmes**_
Throughout 2021, Media Trust has worked with hundreds of young people, providing them with creative digital media skills training, mentoring and pastoral support, as part of our goal to level the playing field in the media and creative sector, both on-screen and off-screen.
Covid-19 has upended the education and employment prospects for so many young people with youth from disadvantaged backgrounds the most impacted.
After only being able to run our youth programmes remotely for such a long time, it was fantastic to resume face to face delivery this year.
## _**Our signature programmes**_
According to figures from the Organisation for Economic Co-operation and Development (OECD), one in seven young people in the UK is unemployed. This figure has likely been exacerbated by the pandemic which led to widespread job losses and a hesitance to offer new opportunities to those just getting started. Our Creativity Works Multimedia Training programme, funded by Mayor’s Fund for London and Citi Foundation, aims to support young Londoners, who are not in employment, education or training, by providing them with the foundational skills and access to get a job in the media and creative sector.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
– We launched Season 12 of Creativity Works in April 2021. Over ten weeks, our group of 16 24-year-olds attended virtual masterclasses, workshops, mentoring and career talks from top talent at leading media and creative industry organisations including; Amazon, BBC, Clear Channel UK, Google, Hearst UK, LinkedIn, Meta, STUDIO BLUP, TikTok, Twitter and WarnerMedia. Trainees were set different creative tasks based on what they’d been learning that week, from recording their own podcasts to working on real campaign briefs. The programme’s graduation event was produced and led by the cohort themselves and attended by masterclass leaders and mentor s. We are immensely proud of all participants throughout the programme’s history, many of whom have gone on to achieve success within the media and creative industry.
This year, we piloted Creativity Works Futures - an extension of Creativity Works focused on future-facing skills. Areas covered over the eight-week programme which kicked off In October 2021 included data and insights, emerging creative tech such as animation, AR and gaming, inclusive storytelling, and multimedia postproduction. We also ran our first ever Charity Challenge Day for the young people taking part in the programme, in which our trainees were tasked with coming up with campaign ideas for Men’s Minds Matter, with mentoring and other support from London creative video agency Preen.
2022 marked the final year of our annual vlog training and competition, Vlogstar Challenge, powered by the Jack Petchey Foundation. Across six inspirational years, we have helped almost 10,000 16 to 25-year-olds in London and Essex find their voice and gain valuable media skills and contacts. Working with over 400 schools and youth organisations, we arranged almost 500 film-making workshops and our programme participants created around 1,500 impactful videos on topics that matter most to young people ranging from racism to transphobia, mental health to climate action. This year’s winner was Suhaila, whose video ‘Dear…’ was about her experience of living with scoliosis.
## _**Supporting diverse creative talent**_
This year, Media Trust has run five mentoring programmes, supported by ScreenSkills, aimed at providing the UK’s screen industries with a more diverse behind -the-camera talent pool. We are proud to have supported 167 mentees ranging from entry-level to early stage to mid-level talent, matching them with mentors for a six- month mentoring partnership. We exceeded all diversity targets in terms of our mentees’ gender identity, ethnicity, geographical location, sexuality and socioeconomic background. Meanwhile, our Media Trust & ScreenSkills Reframing Disability
– Programme is another industry first every one of our mentees and mentors is disabled with an impairment, learning difference or long-term condition. We are very grateful to our anchor media industry partners - the BBC, Discovery, ITV, Sky and Warner Media - for securing mentors and providing in-kind support for the programmes, as well as the many production companies including Plimsoll Productions and RAW TV who provided enthusiastic mentors.
## _**Kickstarting Career Opportunities**_
Over the past year, we have been working closely with a number of industry partners including Hearst, Future, Paramount and Warner Media, to provide nearly 90 unemployed young people with 6-month paid work placements as part of the Government’s Kickstart programme. We also provided orientation training and support for a further 80 Kickstart placements at News UK.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
## _**KPIs**_
Media Trust uses a set of KPIs to assess our impact, which are reviewed on an ongoing basis by the Senior Management Team and Board. Alongside this, more detailed performance and impact measurement is carried out on individual projects, based on an outcomes framework of the impact we aim to effect. This includes conducting interviews and follow-up surveys with charities and volunteers to gather evidence of the impact they in turn create with our support. Media Trust also monitors our financial position through monthly financial reporting.
Overall in the past year, Media Trust has:
- provided training, help and advice on communications challenges from content production to social media strategy to nearly 4,200 charities and community groups across the UK
- provided communications support to over 4,600 charity staff, volunteers and beneficiaries
- engaged over 1,000 media professionals as trainers, speakers, mentors and film-makers - offering over 6,400 hours of volunteer support
- supported over 1,500 young people to improve their multi-media skills and employability by the media sector
- collaborated with dozens of corporate partners who offer Media Trust financial support, with many more media companies providing in kind support
- run 346 (51% inc.YoY) training and other events, to support all regions across the UK
We were also delighted to receive external recognition for our work. Media Trust and MG OMD's Climate Charity Challenge Partnership was Highly Commended at the 2022 Third Sector Business Chaity Awards and Media Trust charity film “Growing up as a Somali in the UK” was a 2022 Charity Film Awards Finalist.
## **Our people and our infrastructure**
Our small and dynamic team of 29 staff, alongside our many volunteers, come from across the charity and business sectors, bringing a strong mix of experience and knowledge to support our work across the charity and media sectors. There is a close and collaborative team culture and we collectively take pride in the quality of our programmes and how we are empowering individuals and communities, giving them the tools to tell their own stories. We are very grateful to have received grant funding from Fidelity Foundation, which enabled us to fill two senior posts, strengthening our leadership bench and supporting our long-term strategic development.
Our board of trustees saw five trustee retirements (Matt Brittin, Ellie Browne, Jonnie Goodwin, Penny Ladkin-Brand and Ed Williams). We are extremely grateful to all our former trustees, for their invaluable guidance and support, most notably to Matt, who served on our Board for 10 years.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
Under the strong leadership of our new Board Chair, Philip Thomas, who had previously been involved with Media Trust for over a decade, we have taken the opportunity to explore how we can add different perspectives and areas of expertise to the Board, to complement and strengthen its existing skill set and – experience. We were delighted to welcome four new trustees Satyen Dayal from Edelman, Ronan Harris from Google, Sam Tomlinson from PwC, and Tove Okunniwa from the BBC.
Media Trust is committed to diversity and inclusion and to being an equal opportunities employer. Our Chief Executive, Su-Mei Thompson, was appointed as a Commissioner to the Equalities & Human Rights Commission at the end of 2020. She was also recognised by Charity Times on International Women’s Day 2022 as one of 15 women leaders making a difference and inspiring other leaders in the charity sector.
Media Trust was invited to host the opening session of the BBC’s 50:50 Festival in April, with a panel - discussion on how we’ve been working with the BBC to improve disability representation in the news. Su Mei also chaired a panel at the IPPR Oxford Media Convention 2021 on building an anti-racist media.
Over the past four years, Media Trust has also been very focused on updating its data capture and storage systems and policies to ensure it is GDPR compliant.
The organisation is also continuing to pursue the review and upgrade of its IT systems and support that started in 2018 with the help of Dentsu’s IT department and led to the successful migration of data, applications and IT processes to the cloud at the beginning of 2019.
## **Future Developments**
Media Trust believes we have a huge opportunity to capitalise on our unique position as a connecting force between the media, creative and technology sectors on the one hand and on the other hand, charities, local communities and young people.
With the guidance and insights of both long-standing and several brand new trustees on our board, as well as the wealth of knowledge from the advisory groups that support each of our main programmes, we continue to learn, evolve and forge even closer ties with our industry partners, the funders, charities and young people we work with.
We will continue to expand how we work with industry partners on their ED&I agenda, such as via our inclusive reporting programme which launched in Autumn 2021, with funding support from Meta and the Joseph Rowntree Charitable Trust.
We are also very excited to develop a new programme focused on Empowering Young Voices, supported by Kusuma Trust.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
## **REVIEW OF FINANCIAL POSITION**
## **Overview**
This financial year saw Media Trust build on the success of the last three years in terms of a sustained return to a positive financial position after two successive years of losses in 2016-2018 due in large part to the transition of leadership and spin off of the Community Channel.
We strengthened our position as a leading provider of digital skills training for charities with continued funding from Google.org and Marketing Trust.
Income was £226k higher that in the previous year (£1,847k in 2021/22 vs £1,621k in 2020/21). Income levels are now almost recovered to pre-covid levels (£1,930k in 2019/20). We saw a slight recovery in Gifts in Kind (£24.8k compared with £8.7k) with the gradual increase in face to face activities. We hope to see a sharp rise in Gifts in Kind for the next financial year with the anticipated return of live fundraising events. The main drivers for the increase in income were the successful conversion of ad inventory donations, and increased grant income for charity capacity building programmes. Ad inventory is donated by media owners and converted into cash funding for Media Trust by our partner media agencies (Havas and MGOMD) who allocate the ad inventory to campaigns for which they are the media buyers. We also ran grant funded programmes throughout the financial year following the pausing of some programmes in the previous financial year.
Costs increased by £341k (£1,696k in 2021/22 vs £1,355 in 2020/21). This reflects the increase in both programme delivery and associated staff, the expansion of the digital and volunteering teams in line with our organisational strategy, and the successful recruitment for roles that had previously been vacant for some time.
This has resulted in an overall surplus of £152k compared with £266k in the previous year, comprising £98k towards core reserves and £54k additional restricted funds carried forward, to support programmes that will continue into the next financial year. We expected to see this variance, as greater amounts of funds were carried forward in the previous financial year due to the Covid-induced pausing and delaying of programmes.
## **Income**
Support from the media industry decreased from £598k in 2020/21 to £350k 2021/22. We were able to claim furlough and repurpose the Media Trust World Cup entrance fees in 2020/21 which was not the case in 2021/22.
Income from Charitable Activities increased to £1,497k in 2021/22 from £1,034k in 2020/21
With the continued absence of fundraising events, we have seen success in our strategy to diversify beyond the membership & fundraising model. Ad inventory accounted for £120k, through partnerships with Havas and MGOMD and the government’s Kickstarter scheme allowed us to further deepen our relationships with Corporate Partners, generating £87k of income across eight partners.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
The number of direct paid corporate partners members in 2021/22 was 16, down from 26 in 2020/21, though this does not account for donations to ad inventory.
## **Costs**
The cost of raising funds decreased further from to £70k in 2020/21 to £12k in 2021/22, as a result of the lack of fundraising events. Overall support costs increased from £240k in 2020/21 to £430k in 2021/22. This was due to investment into our digital department and systems and also the increase in staff costs and overall expenditure, both of which had been significantly lower during the lockdown and furlough period across 2020/21.
## **Reserves**
Media Trust carried forward total funds of £1,286k at 31 March 2022. This represents an increase of £152k (£1,134k as at 31 March 2021). Unrestricted reserves comprised £350k (£252k in 2020/21). However this includes £60k of designated funding that is delegated towards the Kickstarter programme which will be completed In 2022/23. Therefore the free unrestricted reserves for 2021/22 Is £290k. Meanwhile, restricted reserves were £936k (£882k in 2020/21).
Going forward, we will continue to monitor carefully actual and forecast income and expenditure and continue to seek cost efficiencies where possible.
## **Principal funding sources**
Donations, corporate membership, sponsorship, ad inventory and marketing contributions are received from media industry corporate partners and media professionals. The number of corporate partners decreased from 25 at 1 April 2021 to 16 at 31 March 2022 and unfortunately all fundraising events had to be cancelled, due to Covid-19, for a second consecutive year.
Grants and contracts to fund specific activities are received from a range of charitable trusts, public and corporate sector bodies, including Bally (formerly Gamesy’s) Foundation, Garfield Weston Foundation, City Bridge Trust, FASTN, Golden Bottle Trust, Google.org, The Jack Petchey Foundation, John Lyon’s Charity, London Community Foundation, Marketing Trust, Mayor’s Fund for London, The Mercer’s Company, National Heritage Lottery Fund and ScreenSkills. Fees are charged to charities and educational bodies for media and communications training, consultancy projects and film production.
Media Trust is focused on diversifying our income mix by continuing to grow our revenue from the media industry to reduce our reliance on grants. We know that many parts of the media industry have been negatively impacted by the downturn in advertising caused by Covid so we need to be realistic about how much we can rely on the media industry for financial support in the coming year. We have already had some success in securing donations of advertising inventory from media platforms that we have been able to sell and convert into cash, and hope to be able to increase the contribution from this new revenue stream going forward.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
Although we sometimes charge charities for training, we aim to deliver an increasing amount of our services at free or at low cost to the charity sector, particularly to smaller charities. Our hope is to be able to persuade more funders to pay for charities to pursue Media Trust training and tap our film-making and other services.
We do not use professional fundraisers. Other commercial organisations are only involved as partner organisations fundraising from their own staff or encouraging their staff to fundraise on our behalf on a personal level.
We have undertaken to comply with the latest fundraising guidelines from the Fundraising Regulator and the Charity Commission, including the Code of Fundraising Practice for the UK. In the year to 31 March 2022, we received no complaints in relation to our fundraising activities. Where people or organisations raise funds on our behalf, we require that they also comply with these standards. The Trustees are of the view that during the year to 31 March 2022, we have been compliant with these standards. We are not aware of any instances where those acting on our behalf have failed to comply.
In order to protect vulnerable people and other members of the public, Media Trust is careful to protect the private data of supporters and we give them clear options to stop being contacted by us. As part of our compliance with the Code of Fundraising Practice, we ensure our approach to fundraising is not unreasonably intrusive or persistent and does not aim to solicit donations by pressurising potential supporters.
## **Investment policy**
Apart from retaining a prudent amount in reserves each year, most of the charity’s funds are to be spent in the short term, so there are few funds for long term investment. Having considered the options available, the Trustees have decided to invest excess cash balances in interest bearing deposit accounts with an ethical bank.
## **Reserves policy**
Media Trust’s risk and reserves policies are inter -dependent. Our risk management processes help identify where we might need reserves.
Reserves are currently maintained at a level that enables the organisation to manage operational financial risks and short-term income volatility, ensuing financial commitments can be met as they fall due.
For these purposes, reserves are unrestricted funds which are freely available to be spent on any of the charity’s purposes and exclude funds which are ring -fenced for specific programmes.
At current levels of activity, the Trustees believe in order to mitigate against risks of significant variations in income and to be able to bridge short-term shortfalls in working capital, target reserves should be £300,000 (approximately four and a half months of core salaries and overhead costs). As at 31 March 2022, unrestricted reserves (less designated funds) were on target at £289k. The Trustees are considering ways of reducing the charity’s dependence on volatile forms of income and securing more reliable funding streams which has, for example, resulted in the charity applying for more multi-year grant funding.
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**The Media Trust Trustees' annual report for the year ended 31 March 2022**
The Trustees review the policy and progress towards meeting the target level of reserves annually and the Finance & Audit Committee meet quarterly to ensure income and expenditure targets are being met in order to reach this goal in future.
## **Risk management**
The Board of Trustees is responsible for overseeing the charity’s risk management activities. Detailed consideration of risk is delegated to the Finance and Audit Committee, which is assisted by the charity’s Senior Management Team in continually reviewing this matter and reporting thereon to the Board. Trustees review the risks to which the organisation is exposed throughout the year, both at the Finance and Audit Committee and again at full Board meetings. A risk register is regularly reviewed by management and Trustees, and updated as appropriate. The risks cover all potential threats to the business including financial, legal, operational, governance and reputational. Mitigating strategies and/or contingency plans, controls and actions are in place for these, and other risks identified.
The Finance and Audit Committee meet ahead of each Board meeting, to assess our financial position and review the principal risks and uncertainties facing the organisation. The Committee continues to work closely with the senior management team to review and agree steps to mitigate any risks.
The three key risks that were identified and the steps being taken to mitigate them are as follows:
– Financial sustainability this is a concern particularly in light of the erosion in media industry funding support due to Covid. To compensate for the loss in industry funding support, Media Trust is looking to increase donations of advertising inventory from media platforms which the charity can sell on while applying for more grant funding from trusts and foundations. At the same time, the charity will continue to exercise tight cost controls.
– Technology platforms in light of Covid, we need IT platforms and systems that will allow us to pivot even more of our face to face programme delivery online and to scale the matching of media industry volunteers with charities looking for digital and communications support. As a small charity, our IT platforms and systems have been under-funded to date. We currently have a programme of work underway to strengthen our digital capability and upgrade our CRM and online matching platform, and we are fortunate to have the Global IT team of Dentsu Aegis Network helping us to scope and manage the development work we are doing on a pro bono basis. We are also fortunate to a charity beneficiary of JP Morgan's Tech For Good programme.
– People capability and capacity The charity was already very lean in terms of headcount and was even more stretched after many positions were furloughed last year. The stretched team have been working harder than ever to deliver a wide range of services, and there is concern for potential risk of burn out and/or loss of key staff. The senior management team have been doing their best to keep staff feeling connected, motivated and positive, which has been more challenging given remote working but the introduction of Microsoft Teams has greatly helped. Additional funding also meant we could recruit more programme coordinators to provide our stretched programme managers with additional support.
Page: 16
**The Media Trust Trustees' annual report for the year ended 31 March 2022**
There are now more weekly team meetings and check-ins and we have a Health and Well-being Committee comprising staff volunteers who make recommendations and run activities to enhance mental health and well-being.
Through the risk management process established for the charity, the Trustees are satisfied that the major risks have been identified and processes for addressing them have been implemented. It is recognised that any control systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
## **Going concern**
Having reviewed the strategic risks facing the charity, the forecasts for the period to 31 March 2022, and the cash and investments committed and forecast over the same period, the Board of Trustees considers that there are sufficient commitments and reserves held at 31 March 2022 to manage those risks successfully, despite the current uncertain economic outlook. The Trustees consider that there is a reasonable expectation that Media Trust has adequate resources to continue in operational existence for the foreseeable future. According ly, they continue to adopt the ‘going concern’ basis in preparing the annual report and accounts. The pandemic has led to increased demand for Media Trust’s services for charities and young people and validated the need for an organisation that does the work we do. Based on a thorough review of the best, medium and worst-case scenarios for a post-Covid recession and recovery and the likely impact of this on the charity’s cashflow forecast, the Trustees are of the view that even in the worst case, Media Trust should have sufficient financial resources for at least the twelve-month period from the date of approval of these financial statements to enable the charity to fund its ongoing operations and to meet its commitments.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Media Trust is a charitable company limited by guarantee, incorporated on 8 February 1994 and registered as a charity on 12 December 1994. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. The company has no share capital, and in the event of the company being wound up each member is required to contribute an amount not exceeding £1. The members of the Board of Trustees are the Directors of the company.
Under the requirements of the Memorandum and Articles of Association, each year at the Annual General meeting a third of the members of the Board of Trustees retire by rotation and are eligible for re-election. The maximum number of Trustees is 15, which can be changed from time to time by ordinary resolution.
Trustees of Media Trust are invited to stand for election by the Board to ensure a range of media and charity sector skills are represented. The Trustees, from among their number, appoint the Chairman and Deputy Chairman (if any). The Board convenes at least four times each year and there are supporting committees covering Finance, Risk and Audit, and Nominations.
Page: 17
**The Media Trust Trustees' annual report for the year ended 31 March 2022**
All Trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the financial statements.
On appointment, Trustees sign a register of interests, which is renewed annually. Trustees’ induction and ongoing involvement includes visits to the projects and activities delivered by the charity, engagement with beneficiaries, and meetings with project managers, senior staff, volunteers and stakeholders, including funders and corporate members.
Trustees receive regular updates, including full reports on activities, targets, impact, research and evaluation reports, and financial information, in advance of each quarterly board meeting and committee meeting. Trustees attend external meetings with funders, donors and partners, as wel l as a range of the charity’s activities to experience the charity’s services directly and to meet with beneficiaries.
The Trustees are responsible for agreeing the overall strategy and direction of the company. Business plans and strategic plans are discussed, agreed, amended and revised by the Trustees at Board meetings and away days. To facilitate effective operations, the Chief Executive has delegated authority, within the terms of delegation approved by the Trustees, for the operational matters of the charity, and reports on the performance against the strategic and operational plans approved by the Board. The Board receives management accounts quarterly. The Chief Executive meets with the Chairman on a regular basis.
## **Supporting committees:**
**Finance and Audit Committee:** Sam Tomlinson (Chair, successor to Penny Ladkin-Brand), Ian Edwards and Dominic Shine. The Finance and Audit Committee meets around four times a year and reports to the full Board meeting.
**Nominations and Remuneration Committee:** Richard Thurston (Chairman), Su-Mei Thompson and Andria Vidler. This committee is responsible for appointing the new trustees, trustee officers, the Chief Executive and for advising on the recruitment and remuneration of senior staff.
## **Management structure**
The Chief Executive has responsibility for planning and developing the strategies and services for Media Trust within an overall strategic direction agreed by the Board of Trustees. The Chief Executive has responsibility for recruitment and management of the senior staff team to ensure that Media Trust’s services and values are delivered and upheld against plans and priorities agreed by the Board. The Senior Management Team has experience in charity communications and marketing, media and advertising, youth media, finance, HR and operations and meets on a regular basis with the Chief Executive to discuss operations and strategy.
Remuneration for management personnel is scored on a range of competencies and graded accordingly. Salaries are then benchmarked against market rates for each role. Organisational annual pay rises are approved by the Chairman and Chair of the Finance and Audit Committee, with senior staff salary changes also being approved by the Nominations and Remuneration Committee.
Page: 18
## **The Media Trust Trustees' annual report for the year ended 31 March 2022**
## **Volunteer policy**
We offer a range of volunteering opportunities both within the Media Trust team, across our services, and with charities, communities and young people across the UK. We have a formal volunteering policy, and our programme managers are provided with training, appropriate checks and advice to maximise positive outcomes and impact for our volunteers and for the projects and people they support.
## **Trustees’ responsibilities**
The trustees (who are also directors of Media Trust for the purposes of company law) are responsible for preparing the trustees’ annual 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- There is no relevant audit information of which the charitable company’s auditor is unaware
- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page: 19
## **The Media Trust Trustees' annual report for the year ended 31 March 2022**
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at Year End was 12 (2018:10). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
## **Auditor**
At the last Annual General Meeting, the Trustees approved the re-appointment of Sayer Vincent as the Charity's auditor.
A resolution for the re-appointment of Sayer Vincent will be proposed at the forthcoming Annual General Meeting.
The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
## **On behalf of the Board of Trustees**
##
## **________________________**
## **_ Chairman**
Philip Thomas **28 September 2022Date**
## **Vice Chair**
Ian Edwards
**Date 28 September 2022**
Page: 20
**The Media Trust Independent auditor's report to the members for the year ended 31 March 2022**
## Opinion
We have audited the financial statements of Media Trust (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Companies Act 2006
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' 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 Media Trust’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 trustees with respect to going concern are described in the relevant sections of this report.
Page: 21
## **The Media Trust Independent auditor's report to the members for the year ended 31 March 2022**
## Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
The information given in the trustees’ annual report, for the financial year for which the f inancial statements are prepared is consistent with the financial statements; and
The trustees’ annual report, has been prepared in accordance with applicable legal requirements.
## Matters on which we are required to report by exception
In the light of the 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 trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- The financial statements are not in agreement with the accounting records and returns; or
- Certain disclosures of trustees’ remuneration specified by law are not made; or
- We have not received all the information and explanations we require for our audit; or
- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.
Page: 22
## **The Media Trust Independent auditor's report to the members for the year ended 31 March 2022**
## Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (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 trustees 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 trustees are responsible for assessing the 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the fin ancial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 are set out below.
## Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management the audit and risk committee, which included obtaining and reviewing supporting documentation, concernin g the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in,
- focusing on those laws and regulations that had a material effect on the financial statements or that
Page: 23
## **The Media Trust Independent auditor's report to the members for the year ended 31 March 2022**
had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## Use of our report
This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
## **__________________________________**
Fleur Holden (Senior statutory auditor) Date:
for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Page: 24
## **The Media Trust**
## **Statement of Financial Activities for the year ended 31 March 2022 (incorporating Income and Expenditure Statement)**
|**Notes**
**Income from:**
Donations
**2**
**Charitable activities:**
**3**
Communication Services
Youth Media
Engagement of Media Industry
Investment income
**Total income**
**Expenditure on:**
Raising funds
**Charitable activities**
**4**
Communication Services
Youth Media
Engagement of Media Industry
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
**Net movement of funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Total**
**Funds**
**2022**
**2022**
**2022**
**2021**
**£**
**£**
**£**
**£**
283,776
66,234
**350,010**
586,239
160,625
942,521
**1,103,146**
728,889
20,825
125,976
**146,801**
305,362
212,217
35,420
**247,637**
-
14
-
**14**
196|
|---|---|
||677,457
1,170,151
**1,847,608**
1,620,686|
||10,445
1,816
**12,261**
70,462
221,521
876,502
**1,098,023**
745,808
153,132
171,785
**324,917**
353,607
194,761
66,034
**260,795**
184,940|
||579,859
1,116,137
**1,695,996**
1,354,817|
|||
||97,598
54,014
**151,612**
265,869|
||-
-
**-**
-|
||97,598
54,014
**151,612**
265,869|
||252,080
882,051
**1,134,131**
868,262|
||349,678
936,065
**1,285,743**
1,134,131|
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
Page: 25
**The Media Trust (02895790) Balance Sheet as at 31 March 2022**
|**Notes**
**Fixed Assets**
**9**
**Current Assets**
Debtors
**10**
Cash at Bank and in Hand
**Creditors**
Amounts falling due with one year
**11**
**Net Current Assets**
**Total Assets Less Current Liabilities**
**Funds**
Restricted
**15a**
Unrestricted
**15a**
Designated
**15a**
**Total Funds**|**2022**
**2021**
**£**
**£**
-
-
577,276
589,151
899,743
738,332|
|---|---|
||**1,477,019**
1,327,483
(191,276)
(193,352)|
||**1,285,743**
1,134,131|
||**1,285,743**
**1,134,131 **|
||936,065
882,051
289,277
252,080
60,401
-|
||**1,285,743**
**1,134,131**|
Approved by the Board of Directors on___________________________ and signed on their behalf by: **28 September 2022**
________________________ **Sam Tomlinson ffwefew** Director **fewfwefew**
**Ian Edwards** Director
Page: 26
## **The Media Trust Statement of Cash Flows for the year ended 31 March 2022**
|**Note**
**Cash flows from operating activities::**
Net cash provided by operating activities
**Cash flows from investing activities:**
Interest received
**Net cash provided by investing**
**Change in cash and cash equivalents in the reporting**
**period**
Cash and cash equivalents at the beginning of the reporting
period
**Cash and cash equivalents at 31 March 2022**
**Analysis of Cash and Cash Equivalents**
Cash in hand and at bank
**Total cash and cash equivalents**
**Reconciliation of net income/(expenditure) to net cash flow from operating**
**activities**
Net income/(expenditure) for year
Interest from investments
Decrease / (Increase) in debtors
(Decrease) / Increase in creditors
**Net cash flow from operating activities**|**2022**
**2021**
**£**
**£**
**161,397**
**40,160**
14
196|
|---|---|
||**14**
196
161,411
40,356
738,332
697,976|
||**899,743**
**738,332 **|
||**2022**
**2021**
**£**
**£**
899,743
738,332|
||**899,743**
**738,332 **|
||**2022**
**2021**
**£**
**£**
151,612
265,869
(14)
(196)
11,875
(257,659)
(2,076)
32,146|
||**161,397**
**40,160**|
Page: 27
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **1) Accounting Policies**
## **(a) Statutory information**
The Media Trust is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office is c/o Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL and the principal place of business is WeWork, 123 Buckingham Palace Road, London SW1W 9SH.
## **(b) Basis of preparation**
The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006/Charities Act 2011.
## **(c) Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## **(d) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. Except for corporate partner membership income which is always recognised in the period it has been invoiced in.
## **(e) Donation of gifts, services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **(f) Fund accounting**
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Page: 28
**The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **(g) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose
- Expenditure on charitable activities includes the costs of awareness and production undertaken to further the purposes of the charity and their associated support costs
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **(h) Allocation of support costs**
Support costs represent general management costs (including finance and human resources) and premises and facilities costs (including IT). These are allocated by reference to the resources allocated to the staff and volunteers for each area and the percentage of time spent by the relevant employees.
## **(i) Operating lease**
Rental charges are charged on a straight-line basis over the term of the lease.
- **(j) Tangible fixed assets** Assets at a cost in excess of £5,000 intended to be ongoing use in carrying out activities are capitalised as fixed assets. Depreciation charged on tangible fixed assets is calculated to write off the cost of fixed assets on a straight-line basis over the useful economic lives of the assets concerned which are predominately 3 years.
## **(k) Debtors**
- Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
- **(l) Cash at bank and in hand**
Cash at bank and cash 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.
## **(m) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **(n) Financial instruments**
The charity 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.
Page: 29
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
|**2) Donations**
Corporate Donations
Fundraising Events
Other Donations
Grants
Other income
Gifts in Kind|**Unrestricted**
**Restricted**
**2022 Total**
**2021 Total**
**£**
**£**
**£**
**£**
251,528
-
**251,528**
334,117
20
-
**20**
(2,483)
2,816
-
**2,816**
1,313
-
66,234
**66,234**
95,720
17,812
-
**17,812**
148,878
11,600
-
**11,600**
8,694|
|---|---|
||283,776
66,234
**350,010**
586,239|
Income from donations and legacies was £350,010 (2021 - £586,239) of which £66,234 (2021 - £95,720) was attributable to restricted funds and £283,776 (2021 - £490,519) attributable to unrestricted funds. Other income includes income received from the Coronavirus Job Retention Scheme (CRJS) to the value of £6,100 (2021 - £144,273).
Page: 30
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **3) Income from Charitable Activities**
|Bloomberg
City Bridge Trust
Change Foundation
John Lyons Charity
Mayor's Fund for London
Garfield Weston Foundation
Gamesys
Google
Marketing Trust
National Heritage Lottery Fund
Gifts in Kind
Other grants and contracts
National Lottery Community Fund
Screenskills
Joseph Rowntree Charitable Trust
The Mercers Company
**Charitable income for**
**Communication Services**
Jack Petchey Foundation
FASTN
Mayor's Fund for London
Screenskills
Other grants and contracts
Kusuma Trust
**Charitable income for Youth**
**Media**
Other grants and contracts
Facebook
**Charitable income for**
**Engagement of Media Industry**
**Total income from charitable**
**activities**|**Unrestricted**
**Restricted**
**Total 2022**
**Unrestricted**
**Restricted**
**Total 2021**
**£**
**£**
**£**
**£**
**£**
**£**
-
-
**-**
-
15,000
15,000
-
106,218
**106,218**
-
169,650
169,650
-
-
**-**
12,000
-
12,000
-
129,000
**129,000**
-
97,000
97,000
-
-
**-**
-
-
-
-
118,000
**118,000**
-
88,401
88,401
-
138,952
**138,952**
-
150,000
150,000
-
74,250
**74,250**
-
-
-
-
26,640
**26,640**
-
24,200
24,200
-
132,367
**132,367**
-
110,568
110,568
13,219
-
**13,219**
-
-
-
147,406
8,173
**155,579**
62,070
-
62,070
-
3,000
**3,000**
-
-
-
-
41,139
**41,139**
-
-
-
-
100,000
**100,000**
-
-
-
-
64,782
**64,782**
-
-
-|
|---|---|
||**160,625**
**942,521**
**1,103,146**
74,070
654,819
728,889|
||-
976
**976**
-
132,186
132,186
-
10,000
**10,000**
-
10,000
10,000
-
45,000
**45,000**
-
90,000
90,000
-
20,000
**20,000**
-
32,000
32,000
20,825
-
**20,825**
41,176
-
41,176
-
50,000
**50,000**
-
-
-|
||**20,825**
**125,976**
**146,801 **
41,176
264,186
305,362|
||212,217
-
**212,217**
-
-
-
-
35,420
**35,420**
-
-
-|
||**212,217**
**35,420**
**247,637**
-
-
-|
|||
||**393,667 **
**1,103,917**
**1,497,584 **
115,246
919,005
1,034,251|
Page: 31
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **4a) Analysis of expenditure on charitable activities (current year)**
|Raising Funds
Communication Services
Youth Media
Engagement of Media Industry in Voluntary Section|**Direct and**
**Staff Costs**
**Support**
**costs**
**2022 Total**
**2021 Total**
**£**
**£**
**£**
**£**
34
12,227
**12,261**
70,462
994,534
103,489
**1,098,023**
745,808
221,011
103,906
**324,917**
353,607
49,791
211,004
**260,795**
184,940|
|---|---|
||1,265,370
430,626
**1,695,996**
1,354,817|
## **4b) Analysis of expenditure on charitable activities (prior year)**
|Raising Funds
Communication Services
Youth Media
Engagement of Media Industry in Voluntary Section|**Direct and**
**Staff Costs**
**Support**
**costs**
**2021 Total**
**£**
**£**
**£**
40,305
30,157
**70,462**
673,428
72,380
**745,808**
280,760
72,847
**353,607**
120,790
64,150
**184,940**|
|---|---|
||1,115,283
239,534
**1,354,817**|
## **5a) Analysis of support costs (current year)**
|Governance
General management
Premises & facilities|**Raising**
**Funds**
**Communication**
**Services**
**Youth**
**Media**
**Engagement**
**of Media**
**Industry in**
**Voluntary**
**Sector**
**2022 Total**
**2021 Total**
**£**
**£**
**£**
**£**
**£**
**£**
9,538
9,538
9,538
9,538
**38,150**
**40,896**
429
68,120
68,429
147,866
**284,844**
**80,119**
2,260
25,831
25,939
53,600
**107,630**
**118,519**|
|---|---|
||12,227
103,489
103,906
211,004
**430,624**
**239,534**|
***** Support cost allocation is based on staff time
Page: 32
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **5b) Analysis of support costs (prior year)**
|Governance
General management
Premises & facilities|**Raising**
**Funds**
**Communication**
**Services**
**Youth**
**Media**
**Engagement**
**of Media**
**Industry in**
**Voluntary**
**Sector**
**2021 Total**
**£**
**£**
**£**
**£**
**£**
10,224
10,224
10,224
10,224
**40,896**
4,242
25,425
30,609
19,843
**80,119**
15,691
36,731
32,014
34,083
**118,519**|
|---|---|
||30,157
72,380
72,847
64,150
**239,534 **|
## **6) Governance Costs**
|Staff costs
Audit fees
Bank Charges
Other|**Total 2022**
**Total 2021**
**£**
**£**
**24,245**
**31,462**
**11,344**
**8,658**
**825**
**750**
**1,736**
**26**|
|---|---|
||**38,150**
**40,896**|
All governance costs are unrestricted for the current and prior year.
## **7) Net income for the year is stated after charging**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Depreciation|**17,365**|10,792|
|Auditor's remuneration|**8,500**|8,100|
Page: 33
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **8) Staff costs**
|Salaries
Social security
Pension costs
The average number of staff employed during the year was:
The number of employees whose salaries for the year fell within the following bands
were:
£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000|**2022**
**2021**
**£**
**£**
**952,385**
782,773
**91,020**
72,617
**20,950**
20,735|
|---|---|
||**1,064,355**
876,125|
||**2022**
**2021**
**No.**
**No.**
27
23
**1**
-
**-**
-
**1**
1|
The total emoluments (including pension contributions and employer’s national insurance) received by key management personnel were £201,991 (2021 - £200,952).
Key management personnel consist of 3 employees (2021 - 3).
No remuneration was paid or expenses reimbursed to the Trustees during the year (2021 - £0).
Page: 34
## **The Media Trust**
## **Notes to the Financial Statements for the year ended 31 March 2022**
## **9) Fixed Assets**
|**Cost**
At 1 April 2021
Additions
At 31 March 2022
**Accumulated Depreciation**
At 1 April 2021
Depreciation
At 31 March 2022
**Net book value**
At 31 March 2021
At 31 March 2022|**Company**
**Equipment**
**Computer**
**Equipment**
**Total**
**£**
**£**
**£**
64,234
10,792
**75,026**
-
17,365
**17,365**|
|---|---|
||64,234
28,157
**92,391 **|
||64,234
10,792
**75,026**
-
17,365
**17,365**|
||64,234
28,157
**92,391**|
|||
||-
-
**-**|
|||
||-
-
**-**|
## **10) Debtors**
|Trade Debtors
Other debtors
Prepayments and accrued income|**2022**
**2021**
**£**
**£**
**162,695**
202,347
**298**
21,125
**414,283**
365,679|
|---|---|
||**577,276**
589,151|
Page: 35
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **11) Creditors**
|Trade Creditors
Other creditors
Taxation and social security
Accruals & deferred income|**2022**
**2021**
**£**
**£**
**27,472**
11,725
**6,153**
13,920
**26,528**
36,573
**131,123**
131,134|
|---|---|
||**191,276**
193,352|
## **12) Deferred Income**
|Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year|**2022**
**2021**
**£**
**£**
**47,800**
37,937
**(47,800)**
(37,937)
**75,700**
47,800|
|---|---|
||**75,700**
47,800|
## **13) Operating Leases**
At 31 March 2022 the company had future minimum lease payments under operating leases as follows:
|**Land & Buildings:**
Within one year
Between one and five years|**2022**
**2021**
**£**
**£**
**-**
8,820
**-**
-|
|---|---|
||**-**
8,820|
## **14) Share Capital**
The company is limited by guarantee and has no share capital. The liability of the members is limited to £1 per member.
Page: 36
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **15a) Movement in Funds (current year)**
|**Restricted Funds**
**Communication services**
Garfield Weston Foundation
City Bridge Trust
John Lyons Charity
Google
Gamesys
Marketing Trust
National Heritage Lottery Fund
National Lottery Community Fund
ScreenSkills
Joseph Rowntree Charitable Trust
The Mercers Company
Edelman
**Youth Media**
Jack Petchey Foundation
FATSN
ScreenSkills
The Mayors Fund
Kusuma Trust
**Support costs**
Fidelity
**Engagement of Media industry**
Facebook
**Total Restricted Funds**
Unrestricted
Designated
**Total Unrestricted Funds**
**Total Funds**|**At 1 April**
**2021**
**Income &**
**Gains**
**Expenditure**
**& losses**
**Transfers**
**At 31 March**
**2022**
**£**
**£**
**£**
**£**
**£**
107,566
118,000
136,029
-
**89,537**
164,731
106,218
119,473
-
**151,476**
94,677
129,000
116,861
-
**106,816**
120,023
74,250
101,850
-
**92,423**
118,572
138,952
142,864
-
**114,660**
8
26,640
26,648
-
**-**
30,171
132,367
140,895
-
**21,643**
-
3,000
3,000
-
**-**
-
41,139
53,317
-
**(12,178)**
-
100,000
-
-
**100,000**
-
64,782
7,258
-
**57,524**
-
8,173
7,549
-
**624**|
|---|---|
||**635,748**
**942,521**
**855,744**
**-**
**722,525**|
||103,141
976
104,117
-
**-**
-
10,000
10,000
-
**-**
11,978
20,000
-
-
**31,978**
36,822
45,000
36,824
-
**44,998**
-
50,000
-
-
**50,000**|
||**151,941**
**125,976**
**150,941**
**-**
**126,976**|
||94,362
66,234
86,490
-
**74,106**|
||**94,362**
**66,234**
**86,490**
**-**
**74,106**|
||**-**
35,420
22,962
-
**12,458**|
||**-**
**35,420**
**22,962 **
**-**
**12,458**|
||**-**|
||**882,051**
**1,170,151**
**1,116,137**
**-**
**936,065**|
||252,080
590,227
553,030
-
**289,277**
-
87,230
26,829
-
**60,401**|
||**252,080**
**677,457**
**579,859**
**-**
**349,678**|
|||
||**1,134,131**
**1,847,608**
**1,695,996**
**-**
**1,285,743**|
Page: 37
**The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **Purpose of restricted funds**
**Garfield Weston Foundation** - Volunteering programme & capacity building for Climate Change Charities - cost restricted to programme costs, volunteer platform costs, programme staff, marketing staff and core staff plus contribution to core.
**City Bridge Trust** - Volunteer films and capacity building. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
**John Lyons Charity** - Volunteer films and capacity building. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
**Google** - Digital Skills - training charity in digital skills. Costs restricted to programme costs, programme staff and department staff plus contribution to core.
**Marketing Trust** - Marketing Skills Training - training decision makers. Costs restricted to programme costs, programme staff, department staff plus contribution to core.
– **Gamesys** Capacity Building for Mental Health Charities - Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
– **Jack Petchey** Vlogging training for Young People. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
– **Mayor Fund for London** Intensive 10 week training programme, twice a year for young people. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
**NESTA** - Reframing Disability in the News Programme, funding restricted to the salary costs and programme costs plus contribution to core.
– **National Heritage Lottery Fund** Capacity Building for Heritage Charites. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
**London Community Fund Grant (Bloomberg & CBT)** Three waves of funding to support volunteering platform and comms survey Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
**FASTN** – Regional Vlogging Training for Young People. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
**ScreenSkills** – Mentoring matching programmes. Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
– **Fidelity** Funding of core staff. Costs restricted to salaries and equipment
– **National Lottery Community Fund** Creation of Communications Tool kit. Costs restricted to staff costs, department costs and contribution to core.
– **Joseph Rowntree Charitable Trust** Intersectional reporting training for Equalities organisations and Newsrooms/Journalists. Costs restricted to programme costs, programme staff costs, department costs and contribution to core
**The Mercers Company -** Volunteer films. Costs restricted to programme costs, programme staff costs, department costs and contribution to core
**Edelman** – Volunteering programme for Edelman staff. Costs restricted to programme costs, programme staff costs, department costs and contribution to core
**Kusuma Trust** – Creative Digital Media Training for young people. Costs restricted to programme costs, programme staff costs, department costs and contribution to core
**Facebook** – Intersectional reporting training for Newsrooms and Journalists. Costs restricted to programme costs, programme staff costs, department costs and contribution to core
Page: 38
## **The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **Purpose of designated funds**
**– Corporate Partners Kickstarter Onboarding, training and support for 16-24 year olds on universal credit for Corporate Partners utilising the Kickstarter Scheme.** Costs restricted to programme costs, programme staff costs, department costs and contribution to core.
Page: 39
**The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **15b) Movement in Funds (prior year)**
|**Restricted Funds**
**Communication services**
Garfield Weston Foundation
Bloomberg
City Bridge Trust
Change Foundation
John Lyons Charity
Google
Gamseys
DCMS
Marketing Trust
National Heritage Lottery Fund
NESTA
**Youth Media**
Jack Petchley Foundation
Comic Relief
FATSIN
Screenskills
The Mayors Fund
**Support Costs**
Fidelity
**Total Restricted Funds**
General reserve
**Total Unrestricted Funds**
**Total Funds**|**At 1 April**
**2020**
**Income &**
**Gains**
**Expenditure**
**& losses**
**Transfers**
**At 31**
**March 2021**
**£**
**£**
**£**
**£**
**£**
81,602
88,401
62,437
-
**107,566**
-
15,000
15,000
-
**-**
118,409
169,650
123,328
-
**164,731**
-
-
-
-
**-**
61,536
97,000
63,859
-
**94,677**
221,102
-
101,079
-
**120,023**
-
150,000
31,428
-
**118,572**
-
-
-
-
**-**
-
24,200
24,192
-
**8**
-
110,568
80,397
-
**30,171**
48,818
-
48,818
-
**-**|
|---|---|
||**531,467**
**654,819**
**550,538**
**-**
**635,748**|
||81,915
132,186
110,960
-
**103,141**
-
-
-
-
**-**
-
10,000
10,000
-
**-**
-
32,000
20,022
-
**11,978**
22,200
90,000
75,378
-
**36,822**|
||**104,115**
**264,186**
**216,360**
**-**
**151,941**|
||-
95,720
1,358
-
**94,362**|
||**-**
**95,720**
**1,358**
**-**
**94,362**|
||**-**|
||**635,582**
**1,014,725**
**768,256**
**-**
**882,051**|
||232,680
605,960
586,560
-
**252,080**|
||**232,680**
**605,960**
**586,560**
**-**
**252,080**|
|||
||**868,262**
**1,620,685**
**1,354,816**
**-**
**1,134,131**|
Page: 40
**The Media Trust Notes to the Financial Statements for the year ended 31 March 2022**
## **16a) Analysis of net assets between funds (current year)**
|Fund balances at**31 March 2022**are represented by:
Net Current Assets|**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Funds**
**Total**
**£**
**£**
**£**
289,277
60,401
936,065
**1,285,743**|
|---|---|
||289,277
60,401
936,065
**1,285,743**|
## **16b) Analysis of net assets between funds (prior year)**
|Fund balances at**31 March 2021**are represented by:
Net Current Assets|**Unrestricted**
**funds**
**Restricted**
**funds**
**Funds**
**Total**
**£**
**£**
**£**
252,080
882,051
**1,134,131 **|
|---|---|
||252,080
882,051
**1,134,131**|
## **17) Taxation**
The company, as a registered charity, is not liable for Income Tax or Corporation Tax because its income falls within the various exemptions available to registered charities.
## **18) Capital Commitments**
At 31 March 2022, The Media Trust, had a capital commitment of £10,980 for a CRM system being designed for use (2021: £nil).
## **19) Subsidiary Companies**
Media Trust Trading Limited, a wholly owned subsidiary, was incorporated on 1 September 2017 (company no. 10942812 England & Wales) and remained dormant during the period to 31 March 2022. Dormant accounts will be filed at Companies House in due course.
Consolidated accounts have not been prepared as the only subsidiary controlled by The Media Trust as at 31 March 2022 was dormant.
## **20) Industry Contributors**
As described in note 2, The Media Trust is supported by a number of major media organisations (including Google). The non-executive directors of The Media Trust include directors and senior managers of some of these media organisations who have been appointed because of their experience and knowledge of the sector. The directors do not believe that
Page: 41
## **The Media Trust**
## **Notes to the Financial Statements for the year ended 31 March 2022**
these organisations are related to The Media Trust and absent themselves from any financial transaction involving the media organisation to which they are connected.
## **21) Related Party Transactions**
There were no related party transactions for the year (2021: Nil).
## **22) Comparatives for the statement of financial activities**
|**Income and endowments from:**
Donations and legacies
Investment income
**Charitable activities:**
Communication Services
Youth Media
Engagement of Media Industry
**Total income and endowments**
**Expenditure on:**
Raising funds
**Charitable activities**
Communication Services
Youth Media
Engagement of Media Industry
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
**Net movement of funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Restricted**
**Total Funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
490,519
95,720
**586,239**
196
-
**196**
**-**
74,070
654,819
**728,889**
41,176
264,186
**305,362**
-
-
**-**|
|---|---|
||605,961
1,014,725
**1,620,686**|
||69,104
1,358
**70,462**
195,269
550,539
**745,808**
137,248
216,359
**353,607**
184,940
-
**184,940**|
||586,561
768,256
**1,354,817**|
|||
||19,400
246,469
**265,869**|
||-
-
**-**|
||19,400
246,469
**265,869**|
||232,680
635,582
**868,262**|
||252,080
882,051
**1,134,131**|
Page: 42