REGISTERED COMPANY NUMBER: 03552486 (England and Wales) REGISTERED CHARITY NUMBER: 1071844
Report of the Trustees and Financial Statements for the Year Ended 31 December 2021 for The Rory Peck Trust
The Rory Peck Trust
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| References and administrative details | 1 |
| Report of the Trustees | 2 to 10 |
| Report of the Independent Auditors | 11 to 13 |
| Statement of Financial Activities | 14 |
| Charity Balance Sheet | 15 |
| Cash flow Statement | 16 |
| Notes to the Financial Statements Detailed Statement of Financial Activities |
17 to 30 31 to 35 |
The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03552486 (England and Wales)
Registered Charity number
1071844
Registered office
Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Trustees
Tira Shubart Chair Ben de Pear Andrew Clarke Resigned 23 February 2022 Madhav Chinnappa Sophia Argent William Reeve Clive Myrie Richard Tolkien Appointed 14 October 2021
Director
Clothilde Redfern
Patron
Lord Black of Brentwood
Auditors
Azets Audit Services Limited Statutory Auditors & Chartered Accountants Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Bankers
Adam & Company plc 6 Adelaide Street London WC2N 4HZ
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The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice reparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to Act 2011 and 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 published in October 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal structure
The Rory Peck Trust was established as a charity in 1995 and incorporated as a company limited by guarantee s are its Memorandum and Articles of Association.
Subsidiary
The Rory Peck Trust had a wholly owned trading subsidiary, The Rory Peck Trading Company Limited (incorporated in 1998), through which it had previously run the Awards Ceremony - the Trust's annual major fundraising event; this event is now run by the Trust itself and The Rory Peck Trading Company Limited was dissolved on 19 October 2021. For comparison purposes relevant financial information is shown in Note 13 to the financial statements. The board of Trustees agreed to formally dissolve the Rory Peck Trading Company as at the end of 2019, as the only activity of the Trading Company was the Rory Peck Awards ceremony which as the Trust counting in this way will make for clearer financial reporting to funders and other external stakeholders.
Governance
The Trust is governed by its Board of Trustees, which is ultimately responsible for the policy, strategy and work of The Rory Peck Trust and which meets four times a year. The Board of Trustees develops and implements strategies to guide the work of the Trust and ensures that the Trust acts in accordance with its constitution in order to meet its charitable objectives. The Chair ensures that the Board of Trustees fulfils its responsibilities for the governance of the organisation.
The Trust benefits from the support of the Associates of The Rory Peck Trust, composing former Trustees and international supporters, who are unable to attend meetings and play an active role, but whose influence and support can further the aims of the organisation.
The Trust co organisations and broadcasters. The Committee operates in an advisory capacity with no legal responsibility for the Trust. It exists to promote and sup
Trustees
The Trustees who served during the year and to the date of this report are listed on page 1.
None of the Trustees were employed by the Trust or had a financial interest in any contract with the Trust. The Trust does not enter into any related party transactions without seeking advice and approval from the Charity Commission.
Trustees are selected for their professional skills and experience across a variety of areas to which they can contribute towards the effective running of the charity. When a vacancy occurs, a profile of the new Trustee Director is agreed, and various methods of finding suitable candidates are used depending upon the expertise required. References are obtained for any new Trustee Director.
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The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Trustees (continued)
Each new Trustee Director is appointed for an initial term of three years and may then be re-elected for further periods of three years. The Chair is appointed for a period of three years, after which new proposals are considered and voted on.
Trustee are aware of the responsibilities and the importance of their strategic role in the future well-being of The Rory Peck Trust. Charity Commission communications regarding training for Trustees and current advice received by the Trust are distributed to the Trustees, immediately.
Organisational structure
The Director, Clothilde Redfern, was appointed by the Board and reports directly to them. The Director is responsible for achieving the mission of the organisation by implementing the Tru for all areas of its operations, including fundraising, charitable activities, communications and the Rory Peck Awards. The Director is supported by a leadership team consisting of a Senior Communications, Marketing & Events Manager, a Programmes Manager and a Business Manager. The charitable activities of the organisation are carried out by a team of regional Officers, together with a small team producing online content. Subject to funding, the Trust also employs programme-specific short-term staff and engages relevant professional support.
Statement on risk review
Risks are analysed according to their potential impact together with actions that either have been or will be taken in mitigation. T
The risk management process in 2021 resulted in priority being placed upon the following:
Safe and secure grant-making practice.
The Trust helps beneficiaries in many countries and situations where it can be dangerous for freelancers to contact the Trust and/or receive financial help. In 2021 the Assistance team continued to review its grantmaking and communications procedures and protocol, integrating safety concerns in all discussions with potential grantees, including at early stages.
Grant distribution
Due to increasing challenges in processing international financial transfers, and the resulting delays faced when distributing grants, the Trust now has an account with Wise, a fintech company specializing in online international money transfers, this creates a third option for grant distribution alongside Western Union transfers and direct bank account transfers.
Digital security
confidentiality when working with its networks, digital and cyber security is a major concern for all staff. All -Suite, which houses our files and email accounts, is protected with two-factor-authentication. Several encrypted communications options are available to the Assistance team for communications with beneficiaries. We no longer list staff profiles on our website to limit direct approaches to Assistance Officers on social media.
Trauma awareness - good practice .
there is a significant traumastaff team. The onboarding process for all Assistance Officers now includes a course in Mental Health First Aid and a webinar with Dr Anthony Feinstein, an expert in the study of mental trauma in journalists who work in conflict zones. All RPT employees also have access to a helpline provided by The Printing Charity, which offers telephone counselling.
Travel safety for staff good practice
The Commonwealth and Development Office) travel guidance when planning overseas missions.
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The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
OBJECTIVES AND ACTIVITIES
Aims and objectives
The Rory Peck Trust provides practical and financial support to freelance journalists and their families worldwide, assisting them in times of crisis and helping them to work more safely and professionally. The principal objectives of the Trust are to support the safety and welfare of freelance journalists around the world. Providing assistance to journalists in financial hardship, providing access to training in all areas of safety and security, and raising awareness of the valuable contribution freelance journalists make to the news industry.
The Trust believes that freelance journalists provide public benefit as they play an important and integral role within the free flow of information. The Trust sees its role in supporting them as a practical and significant contribution to independent journalism and by extension strong democracies.
The Trust achieves its objectives through four principal areas of support to freelance journalists:
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Assistance grants: Our Crisis Fund and Recovery Fund provide financial assistance to freelance journalists in need, whether they are suffering persecution, exile, imprisonment or financial hardship as a result of their work. Assistance is also granted through our Trauma Therapy Fund (launched in Sept 2021) to journalists whose work exposes them to psychological risks and for whom professional therapy will support their mental health.
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Training bursaries: Our Training Fund makes essential safety training affordable, enabling freelance journalists to gain the skills and knowledge needed to work safely making them eligible for commissions in hostile environments.
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Safety Initiatives: small regional or thematic initiatives, run in collaboration with local and international partners, which provide safety support for a defined community of journalists, informed by their specific needs.
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Online resources: provide essential templates on risk assessment and digital security, links to relevant fellowships & reporting grants as well as safe reporting guides.
ACHIEVEMENTS AND PERFORMANCE
At a time of increasing challenges for journalists the Rory Peck Trust continues to respond to the changing demands for support. Two areas of concern that were prioritised in 2021 were mental health and legal attacks. We also did our best to respond to the crisis in Myanmar following the coup in February and the crisis in Afghanistan following the Taliban takeover in August.
The pandemic delivered a heavy psychological toll on freelance journalists. The Trust designed a Resilience Programme to support journalists with their mental health, providing specialist trauma-informed training delivered by Dart Centre Europe to develop awareness and tolls to build resilience when covering traumatic events. The Resilience Programme was launched in September 2021 with funding from Meta and includes a therapy fund providing grants for professional psychological support.
In response to the growing number of legal attacks against journalists, often referred to as SLAPPs (strategic lawsuits against public participation) the Trust launched Defence Fund, which offered financial support to cover legal costs. To raise awareness of the legal risks journalists face the trust organised a webinar with the European Centre for Press and Media Freedom (ECPMF) the recording of which remains freely available on our website.
In 2021, the Trust administered a total of three distinct assistance funds: the General Assistance Fund, The Covid-19 Hardship Fund and the Legal Fund. In addition, the Trauma Therapy Fund opened in January 2022
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The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
The Trust maximises its impact by playing an active role in various media freedom networks. In 2021, the Trust joined the UK Anti-SLAPP Coalition and the Legal Network for Journalists at Risk (LNJAR). The Trust remains on th the organisation to respond quickly to the February coup in Myanmar and the August Taliban takeover in Afghanistan despite not having any staff on-the-ground. The Trust apportioned part of its General Assistance Fund to a Myanmar Rapid Response Fund which provided financial assistance to Burmese journalists who needed support with relocation, safe housing and basic subsistence. In December 2021 the trust received a grant from the King Baudouin Foundation to create a dedicated Trauma Fund for Afghan Journalists to help them rebuild their lives in exile.
The Director of the Trust continues to represents RPT on the board of the ACOS Alliance, a coalition of news responsible reporting practices.
Financial Assistance (assistance grants & training bursaries)
From January 2021 to December 2021, the trust received and processed a total of 843 applications for support. Of these 466 were for assistance grants and 377 requests were for training opportunities including bursaries for Hostile Environment and First Aid Training (HEFAT) as well as Safety Clinics.
In 2021, the Assistance Team provided direct financial support to 120 freelance journalists in more than 25 countries including Azerbaijan, Belarus, Colombia, France, India, Italy, Kenya, Kyrgyzstan, Libya, Morocco, Myanmar, Netherlands, Nicaragua, Palestine, Romania, Russia, Rwanda, Syria, Tajikistan, Tunisia, Turkey, Uganda, U.S.A, Venezuela and Yemen.
The Trust also helped a further 296 freelancers access various safety courses and covered the cost of HEFAT training for 11 journalists.
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The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
ACHIEVEMENTS AND PERFORMANCE (continued)
Safety Initiatives
Travel restrictions associated with the coronavirus pandemic continued to make in-person training difficult, so the trust continued to deliver free online webinars open to all. These centre around two strands; The Business of Freelancing which explores how
journalist; and Resilience and Mental Health which explore strategies for wellbeing in an occupation which often presents psychological challenges. Most of our webinars were recorded and are free to view via our website or on YouTube.
Pitch Perfect: Pitching & Negotiating Skills for Freelancers (March 2021 webinar)
This workshop was led by experienced freelancers Emma Wilkinson and Lily Canter to help equip journalists with the skills to pitch news stories to a range of broadcasters and publications. The online session covered how to find commissioning editors, how to create a great pitch, how to negotiate fair pay and how to build an ongoing relationship with editors.
Navigatin
-op podcast, kes to complete, as well as how to practically push back to ask for those rates. They discussed overcoming the fear of negotiation, and also covered contract negotiation, including elements to consider including in your contracts to protect yourself, and red flags to avoid.
Civil Unrest VR Masterclass (April 2021 online course with VR headsets)
Fund to new courses that will provide additional valuable skills and preparedness to complement traditional hostile environment training. To celebrate the launch of our new partnership with HeadSet, we offered six freelance journalists based in the UK a fully subsidised place on their Civil Unrest VR masterclass. The masterclass is a half-day training course providing a virtual reality experience that is emotionally evocative, basics of ris
have been numerous
those covering the American election and those reporting from Black Lives Matter demonstrations. At the same time, the pandemic has forced us to consider the best way to deliver training online. And HeadSet, co-founded by two journalists who turned to providing training for journalists using the latest technologies, has found a solution.
Managing Your Finances as a Freelance Journalists (June 2021 webinar)
This session looked at ways of getting to grips with your financial situation as a freelance journalist, how to budget for your personal life and how to estimate what you might need to earn for the next year. Topics covered included; why cash flow planning is important for freelancers; how to assess your current situation and budget in your personal life; how to estimate income and spending; how to keep on top of record-keeping. This workshop was delivered by David Thomas, a former BBC journalist who is now helping creative freelancers to be more organised and business-like. He specialises in finance and networking skills training.
The Emotional Toll of Reporting from Danger Zones (June 2021 webinar)
Multi-award-winning journalist Clive Myrie and veteran freelancer Tira Shubart (both members of the Board of the Rory Peck Trust) explored how freelance journalists can protect their emotional wellbeing while covering difficult stories, traumatic events, civil unrest and conflict. Clive discussed the psychological pressures of reporting from the frontline whether in a conflict zone or a hospital during the peak of COVID-19. around the world, shared his first-hand experiences on the pressures of reporting from dangerous places and what he does to remain resilient when covering such stories. He offered insight into the emotional impact of working on traumatic and challenging stories, providing practical tips and advice on self-care for freelancers while on the job.
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The Rory Peck Trust
Safety Initiatives(continued)
What to Watch Out For: The Increasing Legal Risks Faced by Journalists (July 2021)
The Director of the Rory Peck Trust and the Legal Advisor at the European Centre for Press and Media Freedom investigative journalist in Montenegro, known for his reporting on organised crime in Europe and war criminals in the Balkans, who has also been the target of abusive criminal proceedings as a result of his work. The discussion outlines what help is available when things go wrong and where to turn if you need assistance (Strategic Lawsuits Against Public Participation) and how these damaging lawsuits suppress free speech by targeting those who speak out on corruption and illegal activity, as well as what needs to be done in the future so that defamation and other legislation cannot be used against journalists.
Trauma & Resilience: How to Protect Yourself and Others (October 2021 webinar)
RPT Director Clothilde Redfern discussed how freelance journalists can cope with the pressures of reporting on traumatic events with Angelina Fusco, Chair of Dart Centre Europe and Ismail Einashe, an investigative journalist who has won various awards for his coverage of migration an issue linked to moral injury and vicarious trauma. The conversation explores what is trauma-aware journalism; how we can be mindful of our contributors, as well as deal with our own exposure to trauma, when reporting on vulnerable individuals and communities.
The intersectionality of 4 primary elements of safety: physical, digital, legal, and psychological (October webinar) In October 2021, RPT chaired a panel, in Arabic, aimed at creating an understanding of the intersectionality of the four main areas of safety and security: physical, digital, psychological and legal, ahead of our participation at the ARIJ Forum 2021. In addition to these four topics, the clinics at ARIJ also included career and development advice.
Online Resources
The Trust continues to develop online resources which are easily accessible to freelance journalists on our website and in various languages. Our resources provide valuable information on safety, security and professional development, including sections on insurance, digital security, budgeting and funding sources as well as useful templates for risk assessments and contract agreements. The trust continues to maintain various language versions of its website which is now available in Ukrainian, Kiswahili, Portuguese and Farsi as well as French, Russian, Spanish and Arabic to reflect the breadth of beneficiaries we support around the world.
Awareness Raising and Knowledge Sharing
uld not attend industry events in person we continued to maintain our visibility both nationally and international through active engagement with freelance journalists, partners and media bodies at online conferences and other digital events where we were - Journalism Assembly and tripling the number of journalists we supported through our Arabic Safety Clinics at the online ARIJ Forum for Arab Investigative Journalists in the MENA region.
To further support our beneficiaries, we continue to produce a sletter which showcases some of the journalists we support and their investigative achievements - we hear anecdotally that news desks use these newsletters as a source of potential field producers for international news stories. Beneficiaries tell us that they really appreciate this type of non-financial support as much as the assistance grants. We believe these individual profiles of our beneficiaries also humanise our impact and strengthen our case for support.
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The Rory Peck Trust
FINANCIAL REVIEW
Results
The Trust's results for the financial year ending 31 December 2021 are set out in the attached financial statements and notes. Net movement in funds for the year amounted to £172,008 (2020 - £225,935). Total fund balances retained at 31 December 2021 were £571,994 (2020 - £399,986) of which £163,926 (2020 - £59,100) was held as restricted funds.
Reserves
The Trustees aim to maintain general reserves to provide around six months core costs, enabling core charitable activities to continue in the short-term should funding drop significantly. In making this assessment, adjustments to reserves are made to exclude restricted and designated reserves, together with adjustments to those costs that can be reasonably reduced with such a funding drop in mind. This objective was met in 2020 and 2021.
Fundraising
Fundraising continues to be challenging due to the Covid-19 pandemic as news broadcasters, whose corporate donations cover our core costs, continue to experience further cuts however we have at least maintained our overall income compared to the previous year. The Trust will continue working to increase sustainable support from the media industry as well as exploring funding opportunities from trusts and foundations.
Corporate Support
Unrestricted donations were received from the following funders: AFP, Al Jazeera, BBC, CBS News, Channel 4 Television, the European Broadcasting Union, Google Ireland, ITN, ITV, NBC, Telegraph Media Group and ZDF. Restricted funds were received from BBC News, Google Ireland, META, and Reuters.
Trusts and Foundations
The Trust received support from the Bertarelli Foundation, the Col. Whitbread Trust, Evan Cornish Foundation, Fairness Foundation, Oakdale Trust, the Open Society Foundation, the Printing Charity and UNESCO.
Governmental, Intergovernmental and partnership support
No government support was received during the year.
Voluntary income
The Trust continues to receive donations and grants from individuals.
The Trust continues to benefit from independent fundraising initiatives on our behalf. In particular we would like to thank Agence France Presse, Aliaume Leroy, Claire Day, Anthony Leon, Hayley Ott, Kate De Pury and Prashant Rao, who together with many others, helped to raise additional support for the Trust various charitable assistance funds.
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The Rory Peck Trust
FINANCIAL REVIEW (continued)
The Rory Peck Awards
The Trust receives a contribution to its annual unrestricted income from the Rory Peck Awards. The Rory Peck Awards celebrate the work of freelance cameramen and camerawomen in news and current affairs, raising their profile and helping to promote their work. In 2021 the Awards night returned to the British Film Institute as an in-person event, after the entirely online event in 2020 due to the Covid-19 pandemic. The News Award was sponsored by Google and the Impact Award for Current Affairs was sponsored by Sony while the Associated Press sponsored the Awards Brochure we are hopeful that all three sponsors will confirm their support for 2022. In addition, the Swedish Embassy in London sponsored the Martin Adler Prize again for the second year running. The Awards ceremony continues to receive pro-bono support from many industry partners including BBC News, ITN and Richard Martin Lighting and greatly reduced costs from other companies including Groovy Gecko, Portaprompt, Stoneapple and Zest4tv. - all of which helps to keep the production costs of this annual fundraising event at a minimum and nurtures engagement from the industry. In 2021, a net £39,820 (2020: £72,880) was raised for the Rory Peck Trust through the Awards, held on 16[th] November 2021.
FUTURE PLANS AND ACTIVITIES
The past four years have been a challenging time 2018 was widely reported as the worst year on record for the number of journalists killed or incarcerated for doing their jobs - training more relevant than ever. 2019 and 2020 saw much change at the Trust, with a restructure of the staff team, a new website and an office move, all of which reduced core costs. The pandemic showed us that we can deliver our charitable support remotely and do not need a London office, reducing our core costs further. We have also been reviewing our operations and now have grant management software in place which should reduce the staff time needed to process applications as well as streamline monitoring and evaluation to better show our impact. In this way, the Trust can continue to make its unique contribution to independent journalism with the most cost-effective use of resources.
The Trust will continue working to fulfil its mission as follows:
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Secure sustainable sources of support from existing partnerships, and from new funding sources in order and sustain healthy reserves.
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Review operations and develop partnerships with in-country national organisations to inform needsbased programme development making the best use of resources and partnerships, to deliver effective and timely support to freelancers and their families
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Support programme development, fundraising and communications through
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to measure and evaluate the impact and efficiency of its work.
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Increase active participation in international collaborations and strategic support groups to benefit freelance journalists and continue to grow the media platforms.
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Continue to develop the online resources into an accessible, comprehensive source of freelance support, especially with non-English language users and the under-resourced.
LASTING IMPACT OF CORONAVIRUS (COVID-19)
We were delighted to be able to bring the Rory Peck Trust community together in person again at our November awards ceremony at the British Film Institute in central London.
The Trustees have again paid particular attention to the likely effect on the charity of the current COVID-19 outbreak, the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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The Rory Peck Trust
Report of the Trustees for the Year Ended 31 December 2021
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees (who are the directors of The Rory Peck Trust for the purposes of company law) are responsible for preparing the 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 company 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 company for the year. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP,
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make judgements and estimates that are reasonable and prudent,
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company's transactions and 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 detection and prevention of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.
PUBLIC BENEFIT STATEMENT
The Trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The public benefit of the Charity's activities is outlined under 'Objectives and Activities' above.
PREPARATION OF THE REPORT
This report of the Board of Trustees has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.
AUDTORS
The auditors, Azets Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the Board of Trustees on 16 June 2022 and signed on its behalf by:
Tira Shubart Chair
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The Rory Peck Trust
Opinion
31 December 2021 which comprise Statement of Financial Activities, Balance Sheet, and Cash Flow Statement 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 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:
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2021, and of
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its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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, 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 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.
Other information
The other information comprises the information included in the trustees annual report, other than the financial 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.
The notes form part of these financial statements
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Independent Auditor s Report to the members of
The Rory Peck Trust
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the
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which the financial statements are prepared is consistent with the financial statements; and
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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
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
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returns; or
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ce
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we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the
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the requirement to prepare a strategic report.
Responsibilities of trustees
statement, 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 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.
We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with these.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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.
ebsite at:
https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below:
The notes form part of these financial statements
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The Rory Peck Trust
audit of the financial statements (continued)
Based on our understanding of the company and industry, we identified that the principal risk of noncompliance with laws and regulations related to breaches of health and safety and employee laws and regulations. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on those that had a direct effect on material figures and disclosures in the financial statements, the main regulations considered in this context included the UK Companies Act 2006, Charities Act 2011, FRS 102 and the Charities SORP.
We evaluated the incentives and opportunities for fraud in the financial statements, including, but not limited to, the risk of override of controls, and designed procedures in response to these risks as follows;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
testing the appropriateness of journal entries and other adjustments;
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assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
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evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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.
Use of our report
This report is made solely to the c Part 16 of the Companies Act Part 4 of the Charities (Accounts and Reports) Regulations 2008 . Our audit work has been undertaken so that e required to state to them in an To the fullest extent permitted by law, we do not accept or assume for our audit work, for this report, or for the opinions we have formed.
Alex Temlett CA ACA CAT (Senior Statutory Auditor) For and on behalf of Azets Audit Services Limited Statutory Auditor and Chartered Accountants Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Date
The notes form part of these financial statements
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The Rory Peck Trust (Registered number:03552486)
Statement of Financial Activities for the Year Ended 31 December 2021
| Unrestricted funds 2021 Restricted funds 2021 Notes £ £ INCOME FROM: Donations and legacies 2 431,361 - Charitable activities 3 - 239,044 Other trading activities 4 110,556 - Bank interest receivable 23 - Total income 541,940 233,944 EXPENDITURE ON: Raising funds 5 204,700 - Charitable activities 6 254,135 150,141 Total expenditure 458,835 150,141 NET INCOME/EXPENDITURE BEFORE TRANSFERS 83,105 88,903 Transfers between funds 16 (15,923) 15,923 NET MOVEMENT IN FUNDS 67,182 104,826 RECONCILIATION OF FUNDS Total funds brought forward 340,886 59,100 TOTAL FUNDS CARRIED FORWARD 408,068 163,926 |
Total Funds 2021 £ 431,361 239,044 110,556 23 780,984 204,700 404,276 608,976 172,008 - 172,008 399,986 571,994 |
Total Funds 2020 £ 340,836 276,808 134,323 118 |
|---|---|---|
| 752,085 | ||
| 146,962 379,188 |
||
| 526,150 | ||
| 225,935 - |
||
| 225,935 174,051 |
||
| 399,986 |
The notes form part of these financial statements
Page 14
continued...
The Rory Peck Trust (Registered number:03552486)
Balance Sheet At 31 December 2021
| Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS NET ASSETS FUNDS Unrestricted funds Designated funds 16 General fund 16 Restricted funds 16 NET FUNDS |
2021 £ 4,915 - 4,915 163,924 466,536 630,460 (63,381) 567,079 571,994 4,915 403,153 408,068 163,926 571,994 |
2020 £ 4,915 5,100 |
|---|---|---|
| 10,015 93,282 370,304 |
||
| 463,586 (73,615) 389,971 399,986 |
||
| 4,915 335,971 |
||
| 340,886 59,100 399,986 |
The Financial Statements were approved, and authorised for issue, by the Trustees on 16 June 2022 and signed on their behalf by:
Tira Shubart Chair ~~William Reeve - Trustee~~
The notes form part of these financial statements
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continued...
The Rory Peck Trust (Registered number:03552486)
Cash Flow Statement For the year ended 31 December 2021
| Notes Cash flows from operating activities Net movement in funds Adjustments for: Depreciation of fixed assets Diminution in value of investments (Profit)/loss on disposal of fixed assets Interest receivable (Increase)/decrease in receivables (Decrease)/increase in payables Net cash generated by operating activities Cash flows from investing activities Purchase of equipment Interest received Net cash from investing activities Cash flows from financing activities Sale of fixed assets Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year 18 Cash and cash equivalents at end of year 18 |
2021 £ 172,008 2,547 5,100 (789) (23) (70,642) (10,234) 97,967 (2,547) 23 (2,524) - 789 96,232 370,304 466,536 |
2020 £ 225,935 1,157 - 64 (118) 40,303 5,061 |
|---|---|---|
| 272,402 (5,633) 118 |
||
| (5,515) - - |
||
| 266,887 103,417 370,304 |
The notes form part of these financial statements
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continued...
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
The Rory Peck Trust is a company limited by guarantee, incorporated in England. The registered office is Ashcombe Court, Woolsack Way, Godalming, Surrey, GU7 1LQ. The nature of the Charit operations is set out in the Report of the Trustees.
a) Basis of preparation
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
b) Preparation of accounts on going concern basis
There are no material uncertainties about the ability to continue as a going concern and therefore the accounts have been prepared on this basis. The Trustees have paid particular attention to the likely effect on the charity of the current COVID-19 outbreak, the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
c) Related party transactions
The Charity has taken advantage of the exemption set out in FRS 102 Section 33 not to disclose any transactions between itself and the subsidiary for 2020 and up until the date the subsidiary was dissolved in 2021.
d) Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the receipt or payment. Exchange gains and losses are recognised in the SoFA.
e) Income recognition
All income is included in the SoFA when the Charity is legally entitled to it, receipt is probable and the amount can be measured with sufficient reliability.
Voluntary income
Donations are recognised in the period in which they are received.
Grants receivable
Grants are credited to the SoFA when receivable. Income is only deferred where there are time constraints imposed by the donor or if the funding is performance related. Where entitlement to grants e is recognised when there is sufficient evidence that conditions will be met. Grants supporting the core activities of the Charity and with no specific restrictions placed upon their use are included within voluntary income. Grants that have specific restrictions placed upon their use are included within income from charitable activities.
Page 17
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES continued
Restricted income
Income received that has specific restrictions placed upon its use is credited to restricted income within the SoFA on a receivable basis. Unspent balances are carried forward within the relevant restricted fund.
Donated services and facilities
Facilities and services donated for services would otherwise have had to be purchased, are recognised in the financial statements, as both income and expenditure, at a reasonable estimate of their value in the period in which they are donated.
Income tax recoverable
Income tax recoverable in relation to Gift Aid donations is recognised at the time the relevant income is receivable.
Deferred income
Where income relating to a future period has been received, it is deferred and subsequently recognised in the period in which the Charity becomes entitled to the income.
f) Expenditure
Expenditure is recognised in the period in which they are incurred on an accruals basis. Expenditure includes attributable VAT which cannot be recovered.
Grants and bursaries are recognised in the period in which they are committed. Grants payable are attributed to the related classification header in the SoFA.
The costs of generating funds relate to the costs incurred by the group and charitable company in raising funds for the charitable work.
Governance costs are those associated with the governance arrangements relating to the strategic operations of the Charity as opposed to those costs associated with general running of the Charity, fundraising or charitable activity. These governance costs include external audit costs and allocation of support costs.
Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support costs which cannot be directly attributed to particular activities, have been apportioned proportionately to the direct staff costs allocated to the activities.
g) Fund accounting
General funds that are unrestricted are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and where they not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are those to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost 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.
Where there is an overspend on a particular restricted fund, a year end transfer is made from General Funds to the respective fund to cover the shortfall.
Page 18
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES continued
h) Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful lie. The depreciation rates used are as follows:
Office equipment 25% on a straight line basis Computer equipment 33% on a straight line basis
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities.
i) Operating leases
Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the SoFA in the year in which they fall due.
j) Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. Any losses arising from impairment are recognised in the statement of financial activities.
k) Summary of significant judgements and key accounting estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no significant judgements and estimates that affect the amounts reported in the accounts.
Page 19
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
2. INCOME FROM DONATIONS AND LEGACIES
| Total Unrestricted Funds 2021 £ Total Unrestricted Funds 2020 £ Donations ITN 10,000 10,000 BBC 30,000 20,000 ITV plc 30,000 30,000 Channel 4 TV 25,000 25,000 Google Ireland - Youtube 75,470 - NBC 15,790 15,790 Agence France Presse 10,000 10,000 European Broadcasting Union 10,000 10,000 CBS News 7,395 11,754 Al Jazeera Telegraph Media 8,000 5,000 8,000 5,000 ZDF 4,296 4,386 CNN - 5,000 Other small donations - 114 Regular giving and other donations 11,416 14,543 242,367 169,587 Grants Col W H Whitbread Charitable Trust 10,000 10,000 Open Society Foundation 89,894 95,859 Invigorate Charitable Trust - 5,000 Bertarelli Foundation 30,000 - 129,894 110,859 Donations services and facilities Publicity 31,000 31,000 Licenses and IT 9,971 12,236 Consultancy and advice - 17,000 Conference and events 2,559 154 Awards related 15,570 - 59,100 60,390 431,361 340,836 |
Total Unrestricted Funds 2021 £ Total Unrestricted Funds 2020 £ Donations ITN 10,000 10,000 BBC 30,000 20,000 ITV plc 30,000 30,000 Channel 4 TV 25,000 25,000 Google Ireland - Youtube 75,470 - NBC 15,790 15,790 Agence France Presse 10,000 10,000 European Broadcasting Union 10,000 10,000 CBS News 7,395 11,754 Al Jazeera Telegraph Media 8,000 5,000 8,000 5,000 ZDF 4,296 4,386 CNN - 5,000 Other small donations - 114 Regular giving and other donations 11,416 14,543 242,367 169,587 Grants Col W H Whitbread Charitable Trust 10,000 10,000 Open Society Foundation 89,894 95,859 Invigorate Charitable Trust - 5,000 Bertarelli Foundation 30,000 - 129,894 110,859 Donations services and facilities Publicity 31,000 31,000 Licenses and IT 9,971 12,236 Consultancy and advice - 17,000 Conference and events 2,559 154 Awards related 15,570 - 59,100 60,390 431,361 340,836 |
Total Unrestricted Funds 2021 £ Total Unrestricted Funds 2020 £ Donations ITN 10,000 10,000 BBC 30,000 20,000 ITV plc 30,000 30,000 Channel 4 TV 25,000 25,000 Google Ireland - Youtube 75,470 - NBC 15,790 15,790 Agence France Presse 10,000 10,000 European Broadcasting Union 10,000 10,000 CBS News 7,395 11,754 Al Jazeera Telegraph Media 8,000 5,000 8,000 5,000 ZDF 4,296 4,386 CNN - 5,000 Other small donations - 114 Regular giving and other donations 11,416 14,543 242,367 169,587 Grants Col W H Whitbread Charitable Trust 10,000 10,000 Open Society Foundation 89,894 95,859 Invigorate Charitable Trust - 5,000 Bertarelli Foundation 30,000 - 129,894 110,859 Donations services and facilities Publicity 31,000 31,000 Licenses and IT 9,971 12,236 Consultancy and advice - 17,000 Conference and events 2,559 154 Awards related 15,570 - 59,100 60,390 431,361 340,836 |
|---|---|---|
| 169,587 | ||
| 10,000 95,859 5,000 - |
||
| 110,859 | ||
| 31,000 9,971 - 2,559 15,570 59,100 431,361 |
31,000 12,236 17,000 154 - |
|
| 60,390 | ||
| 340,836 |
Page 20
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
3. INCOME FROM CHARITABLE ACTIVITIES
Grant funding for specific charitable activities
| Supporting the Freelance Assistance Programme: META Google Ireland Reuters BBC News Open Society Foundation The Printing Charity Evan Cornish Foundation UNESCO Fairness Foundation Oakdale Trust Soutter Trust Committee for the Protection of Journalists AFP Afghanistan campaign Support Freelance Journalists campaign |
Total Restricted Funds 2021 £ 100,272 40,000 10,000 6,000 - 40,000 10,000 16,773 6,000 2,000 - - 3,345 4,654 239,044 |
Total Restricted Funds 2020 £ 30,000 - 10,000 6,000 104,034 40,000 10,000 8,500 - - 3,000 38,747 - 26,527 276,808 |
|---|---|---|
4. INCOME FROM OTHER TRADING ACTIVITIES
| Trading income Awards sponsorship: Sony Associated Press Swedish Embassy Awards category entry fees Advertising income Award ticket sales Facility income |
Total Unrestricted Funds 2021 £ 20,000 30,036 10,000 3,000 1,725 25,840 14,955 5,000 110,556 |
Total Unrestricted Funds 2020 £ 30,000 57,555 10,000 2,000 - 20,778 8,990 5,000 134,323 |
|---|---|---|
Page 21
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
5. EXPENDITURE ON RAISING FUNDS
| Total | Total | |
|---|---|---|
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| 2021 | 2020 | |
| £ | £ | |
| Direct costs | ||
| Marketing and promotion | 290 | 86 |
| Allocation of salary costs | 93,750 | 77,010 |
| Allocation of support costs | 39,924 | 48,694 |
| Trading expenditure | 70,736 | 21,172 |
| 204,700 | 146,962 |
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted Funds 2021 £ Restricted Funds 2021 £ Freelance assistance programme 194,522 150,141 Advocacy and awareness 41,502 - Governance costs 18,111 - 254,135 150,141 |
Total Funds 2021 £ 344,663 41,502 18,111 404,276 |
Total Funds 2020 £ 316,197 43,117 19,874 |
|---|---|---|
| 379,188 |
Expenditure on charitable activities was £379,188 in 2020 of which £155,045 was unrestricted and £224,143 was restricted.
| Freelance Assistance Programme Unrestricted Funds 2021 £ Restricted Funds 2021 £ Charitable grants to individuals - 98,706 Training bursaries and surgeries - 15,910 Online resource - 1,050 UNESCO Fund legal grants - 24,667 Resilience workshops - 3,360 Bank charges - 1,535 Other direct costs: Other bank charges - 76 Promo media campaign - 2,222 Website costs - 2,615 Allocation of salary costs 136,449 - Allocation of support costs 58,073 - 194,522 150,141 |
Total Funds 2021 £ 98,706 15,910 1,050 24,667 3,360 1,535 76 2,222 2,615 136,449 58,073 344,663 |
Total Funds 2020 £ 106,791 9,011 550 - - 1,767 - 1,990 - 119,119 76,969 |
|---|---|---|
| 316,197 |
Page 22
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
6. EXPENDITURE ON CHARITABLE ACTIVITIES - continued
Grants to individuals, included in above are as follows:
| 2021 No Total Funds 2021 £ Freelance assistance Funded by Google 23 25,000 Funded by Reuters 12 10,000 Funded by Printing Charity 20 23,620 Funded by Facebook - - Funded by CPJ 7 5,076 Funded by Evan Cornish Foundation 8 9,043 Funded by 25th anniversary campaign 34 20,547 Funded by others 7 5,420 111 98,706 Training fund 307 15,910 UNESCO legal fund 9 24,667 Total grants distributed 427 139,283 Advocacy and awareness Unrestricted Funds 2021 £ Restricted Funds 2021 £ Travel 714 - Website expenditure 4,318 - Marketing and promotion 32 - Allocation of salary costs 25,550 - Allocation of support cost 10,888 - 41,502 - Governance costs Unrestricted Funds 2021 £ Restricted Funds 2021 £ Direct costs Audit fees Legal and professional advice 8,400 1,476 - - Staff training - - Committee expenses 163 - Allocation of salary costs 5,650 - Allocation of support costs 2,422 - 18,111 - |
2020 No - 13 35 39 41 14 - - 142 143 - 285 Total Funds 2021 £ 714 4,318 32 25,550 10,888 41,502 Total Funds 2021 8,400 1,476 - 163 5,650 2,422 18,111 |
Total Funds 2020 £ - 9,628 23,405 30,000 33,758 10,000 - - |
|---|---|---|
| 106,791 | ||
| 9,011 - |
||
| 115,802 | ||
| Total Funds 2020 £ 779 4,994 17 23,190 14,137 |
||
| 43,117 | ||
| Total Funds 2020 8,000 3,266 201 94 5,170 3,143 |
||
| 19,874 |
Page 23
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
7. EXPENDITURE
| Grant Activities Allocation funding of undertaken of support activities Staff costs directly costs £ £ £ £ Costs of generating voluntary income - 59,650 290 25,406 Fundraising event - 34,100 70,736 14,518 _ _ _ _ Raising funds 93,750 71,026 39,924 _ _ _ _ Freelance assistance 145,228 136,449 4,913 58,073 Advocacy and awareness - 25,550 5,064 10,888 Governance costs - 5,650 10,039 2,422 Support costs - 22,700 88,607 (111,307) _ _ _ _ Charitable activities 145,228 190,349 108,623 (39,924) _ _ _ _ Total expenditure 145,228 284,099 179,649 - |
Total 2021 £ 85,346 119,354 _ 204,700 _ 344,663 41,502 18,111 - _ 404,276 _ 608,976 |
|---|---|
8. NET INCOME/(EXPENDITURE)
Net income/(Expenditure) is stated after charging:
| Independent Audit fee/Accountant fee Operating lease rental land and buildings (Profit)/Loss on disposal of fixed assets Depreciation |
2021 £ 8,400 88 (789) 2,547 |
2020 £ 8,000 32,439 64 1,157 |
|---|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 (2020 - £nil).
Trustees' expenses
The Trust paid £258 on behalf of the Chair of Trustee to the Prix Bayeux event in France by the Director and the Chair. Attendance at the event by the Chair was to introduce the of international journalists to further the awareness charitable work. These amounts are included under Advocacy and Awareness in note 6 to the accounts. There were no trustees' expenses in the year ended 31 December 2020.
Page 24
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
10. SUPPORT COSTS
| Staff costs Recruitment costs Printing, postage and stationery Bank charges Rent and rates Relocation costs Travel and accommodation Insurance Computer and website costs Telephone Staff training Sundry expenses Premises cleaning and repairs Marketing and promotion Disposal of fixed assets Depreciation Donated services licenses, advertising, publicity and events |
2021 £ 22,700 290 64 2,252 9,621 465 52 240 6,618 1,574 4,099 108 120 2,246 (789) 2,547 52,207 59,100 111,307 |
2020 £ 20,800 331 171 5,107 43,473 829 673 373 4,778 2,246 551 524 566 910 64 1,157 |
|---|---|---|
| 82,553 60,390 |
||
| 142,943 |
Support costs that cannot be directly attributed to particular activities, have been apportioned proportionately to the direct staff costs allocated to the activities.
Page 25
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
11. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages, salaries and pension contributions Pension costs Social security costs |
2021 £ 258,975 5,507 19,617 284,099 |
2020 £ 224,066 4,807 16,416 |
| 245,289 |
The average monthly number of employees during the year was as follows:
| Costs of generating voluntary income Fundraising trading Governance costs Freelance assistance Advocacy and awareness Support costs |
2021 Number 2.1 1.2 0.2 4.8 0.9 0.8 10.0 |
2020 Number 1.5 1.0 0.2 3.9 0.7 0.7 |
|---|---|---|
| 8.0 |
No employees received remuneration in excess of £60,000.
Key Management Remuneration
- The total employee remuneration in the year attributable to key management was £124,295 (2020 £121,936)
Page 26
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
12. TANGIBLE FIXED ASSETS
| Computer Equipment £ Office Equipment £ Trust and Group Cost At 1 January 2021 7,781 1,324 Additions during the year 2,547 - Disposals during the year - (1,324) At 31 December 2021 10,328 - Depreciation At 1 January 2021 2,866 1,324 Charge for the year 2,547 - Disposals during the year - (1,324) At 31 December 2021 5,413 - Net book value At 31 December 2021 4,915 - At 31 December 2020 4,915 - 13. INVESTMENT IN SUBSIDIARY UNDERTAKING The result and capital of The Rory Peck Trading Company Limited were as follows: 2021 £ a) Summary profit and loss account Turnover - Awards expenditure - Operating profit - Bank interest receivable - Profit on ordinary activities - Covenanted donation to The Rory Peck Trust - Retained earnings £Nil 2021 £ b) Assets and liabilities of subsidiary Current assets - Current liabilities - Net assets - Share capital - Profit and loss account - Capital and reserves - |
Total £ 9,105 2,547 (1,324) 10,328 4,190 2,547 (1,324) 5,413 4,915 4,915 2020 £ - - - - - - £Nil 2020 £ 6,488 (1,388) 5,100 100 5,000 5,100 |
|---|---|
Page 27
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
13. INVESTMENT IN SUBSIDIARY UNDERTAKING continued
The Trust held a 100% interest in The Rory Peck Trading Company Limited (Company number: 03582017), which was incorporated in England and Wales and paid all of its profit to the Trust through a covenanted donation. The Trading Company was dormant throughout 2020 and up until it was dissolved on 15 October 2021. The main activities of The Rory Peck Trading Company have been absorbed into The Rory Peck Trust.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Due within one year Amounts owed by group undertakings Prepayments Sundry debtors |
2021 £ - 4,354 159,570 163,924 |
2020 £ 1,388 704 91,190 |
|---|---|---|
| 93,282 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Other taxes and social security Accruals Deferred grant income Deferred income Balance at 1 January Amount released to incoming resources Amount deferred in the year Balance at 31 December |
2021 £ 7,598 2,476 23,307 30,000 63,381 47,395 (47,395) 30,000 30,000 |
2020 £ 3,035 - 23,185 47,395 |
|---|---|---|
| 73,615 | ||
| 41,754 (41,754) 47,395 |
||
| 47,395 |
Income received is deferred if there is in place a contract or agreement with the source of the income which specifies the time period over which the expenditure of resources on a service can take place.
Page 28
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
16. STATEMENT OF FUNDS
| RESTRICTED FUNDS Assistance grants Training fund Resilience & trauma fund UNESCO legal fund Online resources Media campaign SUMMARY OF FUNDS Designated funds General funds Restricted funds |
Brought Forward £ 34,276 14,138 - 8,465 - 2,221 _ 59,100 _ 4,915 335,971 _ 340,886 59,100 _ 399,986 |
Income Expenditure Transfers £ £ £ 102,655 (100,204) 21,335 16,000 (15,988) 1,493 103,616 (3,395) (10,000) 16,773 (24,667) (571) - (3,665) 3,665 - (2,222) 1 _ _ _ 239,044 (150,141) 15,923 |
Income Expenditure Transfers £ £ £ 102,655 (100,204) 21,335 16,000 (15,988) 1,493 103,616 (3,395) (10,000) 16,773 (24,667) (571) - (3,665) 3,665 - (2,222) 1 _ _ _ 239,044 (150,141) 15,923 |
Income Expenditure Transfers £ £ £ 102,655 (100,204) 21,335 16,000 (15,988) 1,493 103,616 (3,395) (10,000) 16,773 (24,667) (571) - (3,665) 3,665 - (2,222) 1 _ _ _ 239,044 (150,141) 15,923 |
Carried Forward £ 58,062 15,643 90,221 - - - _ 163,926 |
|---|---|---|---|---|---|
| _ - 546,840 _ 546,840 239,044 _ 785,884 |
_ - (463,735) _ (463,735) (150,141) _ (613,876) |
_ - (15,923) _ (15,923) 15,923 _ - |
_ 4,915 403,153 _ 408,068 163,926 _ 571,994 |
Designated funds
Fixed asset fund: The fixed assets of an organisation are considered to be not easily realisable and therefore should not be represented by the General fund. The balance carried forward is equal to the year-end net book value of fixed assets.
Restricted funds
Assistance grants : This includes funds received from various organisations to support freelance news gatherers who need help as a result of their involvement in conflict, civil disorder or reporting human rights abuses, in addition in 2021 this fund has also been used to help those affected by Covid-19. Training fund : The Training fund provides bursaries and project funding to enable freelance media workers worldwide to undertake hostile environment training. During the year, the Trust received funding from BBC News and The Printing Charity.
Resilience & trauma fund : This fund provides resilience workshops and trauma therapy for appropriate freelance newsgatherers. This has been funded by META and a separate fundraising campaign by Agence France Presse for specific use in relation to freelancers from Afghanistan. The transfer to general funds of £10,000 represents an amount that META have agreed can be deducted from their grant to go towards our core costs.
UNESCO legal fund : The Trust received funding from UNESCO to provide legal assistance to Freelance Journalists around the world. This funding was fully spent within the year. Online resources : We regularly update the resources for Freelance Journalists that exist on our website use our unrestricted funds.
Media campaign : Facebook provided the Trust with £10,000 in 2018 to spend on highlighting the work of the Trust, over the three-year period 2018 to 2020. This funding has now been fully spent.
Transfers between funds: A transfer of £nil (2020: £4,412) was made to designated funds from general funds which matched the change in net book value of tangible fixed assets.
Page 29
The Rory Peck Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
17. ANALYSIS OF NET ASSETS
| Tangible fixed assets Current assets Current liabilities |
General Fund £ Designated Fund £ Restricted Fund £ - 4,915 - 466,534 - 163,926 (63,381) - - 403,153 4,915 163,926 |
Total Funds £ 4,915 630,460 (63,381) |
|---|---|---|
| 571,994 |
18. COMPONENTS OF CASH AND CASH EQUIVALENTS
| Bank current account Bank reserve account Bank dollar account Paypal Cash |
2021 £ 5,000 330,199 125,577 5,739 21 466,536 |
2020 £ 5,000 337,443 27,841 - 20 |
|---|---|---|
| 370,304 |
19. OTHER FINANCIAL COMMITMENTS
At 31 December 2021, the Trust had annual commitments under non-cancellable operating leases (all for land and buildings) as set out below:
| Within 1 year Between 1 and five years The cost of operating leases during the year was as follows: Office lease charges for the year |
2021 £ - - 88 |
2020 £ 88 - |
|---|---|---|
| 32,439 |
The office space lease was committed to after 31 December 2018 for a period of three years from 10 June 2019 and was renewable by negotiation. The Trust surrendered the lease for office space on 1[st] January 2021.
20. ULTIMATE CONTROLLING PARTY
The trustees do not consider there to be an ultimate controlling party.
Page 30