**REGISTERED COMPANY NUMBER: 03552486 (England and Wales) REGISTERED CHARITY NUMBER: 1071844**
**Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for The Rory Peck Trust**
**The Rory Peck Trust**
## **Contents of the Financial Statements for the Year Ended 31 December 2023**
||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|17 to 29|
|Detailed Statement of Financial Activities|30 to 34|
## **The Rory Peck Trust**
**Report of the Trustees for the Year Ended 31 December 2023**
## **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 Madhav Chinnappa Sophia Argent William Reeve Clive Myrie Richard Tolkien Sarah Fitton Jon Williams Appointed on 20 July 2023
**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**
Coutts & Company plc 440 Strand London WC2R 0QS
Page 1
## **The Rory Peck Trust**
## **Report of the Trustees**
## **for the Year Ended 31 December 2023**
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing 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 the accounts and comply with the charity’s governing document, the Charities Act 2011, the Companies Act 2006 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 in 1998. The Trust’s governing documents are its Memorandum and Articles of Association.
## **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 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 continues to work regularly and closely with its Advisory Committee of freelance journalists, journalists’ organisations, and broadcasters. The Committee operates in an advisory capacity with no legal responsibility for the Trust. It exists to promote and support the Trust’s activities.
## **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.
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.
Trustees 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.
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## **The Rory Peck Trust**
**Report of the Trustees for the Year Ended 31 December 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)**
## **Organisational structure**
The Director, Clothilde Redfern, was appointed by the Board in 2018 and reports directly to them. The Director is responsible for achieving the mission of the organisation by implementing the Trust’s policy and strategy 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 Manager, Marketing & Events Manager, a Programmes Manager, and a Business Manager. The organisation's charitable activities are carried out by a team of world-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. The Trust maintains a business risk register, as recommended by the Charity Commission:
The risk management process in 2023 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. The Assistance team continued to review its grant-making and communications procedures and protocols, integrating safety concerns in all discussions with potential grantees, including at early stages.
## • _Grant distribution_
Due to continued and increasing challenges in processing international financial transfers, and the resulting delays faced when distributing grants, the Trust has an account with Wise, a fintech company specializing in online international money transfers, this creates a third option for grant distribution alongside Convera/Western Union transfers and direct bank account transfers.
## • _Digital security_
Given the nature of the Trust’s charitable work with people under threat, and the constant need for confidentiality when working with its networks, digital and cyber security is a major concern for all staff. All access to the Trust’s server, which houses our files and email accounts, is protected with two-factorauthentication. Several encrypted communications options are available to the Assistance team for communications with beneficiaries. We don’t list staff profiles on our website to limit direct approaches to Assistance Officers on social media. In 2022 we rolled out a new VPN and password manager to all staff.
## • _Trauma awareness - good practice_ .
The Trust responds to freelancers and families under extreme stress daily, and there is a significant traumacomponent in much of the Trust’s work which affects the whole staff 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 international nature of the Trust’s work leads to opportunities for staff to participate in overseas projects, missions, or conferences. The trust carries out a risk assessment for all staff travelling abroad which is reviewed by our professional risk management trustee.
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## **The Rory Peck Trust**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **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. Aiding 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 a growing menu of support programmes for freelance journalists:
1. **Assistance grants:** Our Crisis Fund provides financial assistance to freelance journalists in need, whether they are suffering persecution, exile, imprisonment, or financial hardship because of their work. Assistance is also granted through our Trauma Therapy Fund (launched in Jan 2022) to journalists whose work exposes them to trauma or other psychological risks and for whom professional therapy will support their mental health.
2. **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.
3. **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. These include our Safety Clinics and the newly launched Risk & Safety Helpdesk both of which provide bespoke one-to-one professional security advice consultations.
**4. Online resources:** Free online risk management resources in multiple languages, provide essential information, templates, and advice to freelancers on a range of topics, including safety, insurance, digital security, professional development as well as wellbeing and mental health.
**5. The Rory Peck Awards:** The Trust’s annual awards ceremony both showcases the significant contribution of freelance journalists to the international news agenda and raises awareness of their value to the news industry.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Overview**
2023 was a horrendous year for journalists: As of 17th Dec, at least 64 journalists were killed in the Israel-Gaza war alone, making it the deadliest conflict since the Committee to Protect Journalists records began in 1992. The Rory Peck Trust joined the international journalism community in signing a call for an end to the killing of reporters covering the escalating violence in the region and demanding the protection of all journalists by all parties. During times of war, journalists play an essential role in documenting history and serving the public interest by exposing realities too often obscured by disinformation and misinformation.
The Trust was able to help over 400 journalists across its programmes in 2023:
- 112 journalists received assistance grants from our Crisis Fund or Therapy Fund.
- 223 journalists completed essential workshops on hostile environments, frontline first aid, digital security or psychological resilience across training courses delivered in the United Kingdom, West Africa, Ukraine, and Lebanon.
- 81 journalists received specialist advice in person through our Safety Clinics in Amman and Johannesburg as well as online via our Risk & Safety Helpdesk.
The increasing number of applications for our assistance and changes to the Trust’s core funding grants, led to a redoubling of fundraising efforts in 2023. The Trust prioritised deeper engagement with its industry partners and approaches to new funders.
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## **The Rory Peck Trust**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **ACHIEVEMENTS AND PERFORMANCE (continued)**
## **Overview(continued)**
The Trust continues to maximise its impact by playing an active role in various media freedom networks, this enables its staff to refer journalists to other organisations for support when we cannot assist directly due to requests outside our mandate. The Trust remains a member of the UK Anti-SLAPP Coalition, the Legal Network for Journalists at Risk (LNJAR), the Council of Europe’s Platform for the Safety of Journalists and the Journalists in Distress (JiD) Network. The Director of the Trust represents RPT on the board of the ACOS Alliance, a coalition of news organisations, press freedom NGOs and freelance journalists’ associations which champion safe and responsible reporting practices.
## **Engagement with industry partners**
In 2023 a committee of Newsroom Ambassadors was created to grow engagement with the Trust’s industry supporters, developing a 30th anniversary campaign that could be communicated internally to staff at the many London newsrooms that support us. The aim of the campaign is to grow income from individual donations as well as participation in various sporting fundraisers.
The Trust presented its work to potential new industry supporters, through meetings at the European Broadcasting Union, an alliance of public service media organisations with members in 56 countries and ENEX, an association of leading commercial TV news broadcasters. Our presentation at the ENEX AGM led to new corporate support from RTL (Radio Television Luxembourg).
## **New funding relationship with Trusts & Foundations**
The Trust also achieved its first ever project grant from the Ford Foundation, one of the largest US foundations supporting civil society programmes worldwide. Its grant funded a 12-month pilot project launched in July 2023 to fight closing civic space in the Middle East and North Africa by bolstering journalists in that region.
## **Financial Assistance (assistance grants & training bursaries)**
The Trust continues to run a Crisis Fund which addresses financial hardship experienced by journalists because of their work; the goal of these grants is to sustain journalists through periods of hardship so that they can keep working in this fragile but important sector. The Trust receives referrals for these funds from national journalists’ associations as well as direct approaches from journalists via its website where application forms are available in English, French, Arabic, Spanish and Russian.
From January 2023 to December 2023, the Trust received and processed a total of 1,444 applications for support. Of these 240 were for assistance grants and 1,204 requests were for training opportunities including bursaries for Hostile Environment and First Aid Training (HEFAT) as well as Safety Clinics.
In 2023, the Assistance Team provided financial support, in the context of supporting democracy, to 178 freelance journalists in more than 30 countries including Belarus, Belgium, Botswana, Columbia, Egypt, France, Germany, Georgia, India, Iraq, Kenya, Kyrgyzstan, Latvia, Mexico, Myanmar, Nigeria, Pakistan, Poland, Rwanda, Serbia, Sri Lanka, Sudan, Sweden, Thailand, Tunisia, Turkey, Uganda, Ukraine, United Kingdom, U.S.A and Zimbabwe.
The Trust also helped a further 293 freelancers access various safety courses and covered the cost of HEFAT training for 41 journalists.
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## **The Rory Peck Trust**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **Financial Assistance (assistance grants & training bursaries) (continued)**
## **Safety Initiatives**
Each year the Rory Peck Trust partners with national or regional organisations to deliver safety training directly to local freelance journalists.
## **Russia/Ukraine region:**
- Psychological safety online webinars for Russian-speaking journalists
- Delivered in partnership with Justice for Journalists
- Hostile environment and first aid course (HEFAT) for freelance journalists in Kyiv
- Delivered in partnership with the Ukrainian journalism emergency fund, The 2402 Foundation
## **West Africa:**
- Digital security training for investigative reporters in West Africa.
- Delivered in partnership with Cenozo a non-profit organisation in Ouagadougou, Burkina Faso.
## **Middle East:**
- Travel & Accommodation to enable journalists from the region to attend a HEFAT course in Beirut delivered by our partner, The Samir Kassir Foundation.
## **Safety Clinics**
In 2023, the Trust delivered its Safety Clinics at the African Investigative Journalists Conference in Johannesburg, South Africa, for the first time. 6 journalists benefitted from one-to-one safety consultations with journalism safety experts. 2023 also saw the Trust’s 6th consecutive year delivering our Safety Clinics at the Arab Investigative Journalists Forum (ARIJ), in Amman, Jordan a partnership which has blossomed thanks to our Arabic speaking Assistance Manager’s attendance at the forum. This year they represented the trust as part of a panel of leaders from global journalist protection organisations.
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## **The Rory Peck Trust**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **ACHIEVEMENTS AND PERFORMANCE (continued)**
## **Risk & Safety Helpdesk**
The Trust launched a Risk & Safety Helpdesk on International World Press Freedom Day, 3rd May 2023. The Helpdesk offers a unique safety resource to freelance journalists around the world. Developed in collaboration with Riskpal and thanks to the generous support of the Google News Initiative, the Risk and Safety Helpdesk offers bespoke, expert one-to-one advice when it’s needed. Participants are matched with an expert to discuss the best safety protocol for their assignment or simply to answer any risk and safety related questions they may have. This invaluable resource has already supported freelance journalists travelling to Kenya, West Bank, Turkey, Niger, and Ukraine.
**Launch of in-person events:** _**Surviving as a Freelance Journalist**_ **at the Frontline Club, London, UK.** In September the Rory Peck Trust launched a new series of in-person events aimed at freelance journalists to equip them with the skills and knowledge to plan safe assignments and manage the business of freelancing.
● _Who’s Got Your Back? Essential Insurance Tips for Freelancers_ Our first event in September looked at the much-misunderstood, complex issue of insurance. We heard from experts who outlined what every freelancer needs to know about insurance and who harbours the risks when freelancers report from the frontline or other hostile environments.
● _Frontline First Aid for Freelancers_ Feedback from freelance journalists consistently shows that first aid is the most useful element of HEFAT training; we responded by offering a fully funded workshop and free professional first aid kits to those attending. Participants were taught practical, hands-on skills, giving them confidence to use first aid in a real-life situation far from paramedic support.
● _Protect Yourself: Digital & Physical Safety for Women Journalists_
A recent survey revealed that 75% of women journalists have experienced a threat or challenge to their safety either in person or online – resulting in a fifth of them considering leaving the industry altogether. Our October workshop for female and non-binary journalists focused on how to deal with online harassment, trolls and the threat of doxing, as well as essential self-defence techniques to protect themselves in the field.
● _The Psychological Toll of Journalism & How to Build Resilience_ Guilt, shame, anger, vicarious trauma, moral dilemmas...are all challenges that journalists are increasingly grappling with. This panel discussion addressed the growing psychological load journalists experience and how to support themselves and colleagues.
## **Resilience Programme**
RPT’s Resilience Programme launched in September 2021, was a 12-month pilot funded by META. It provided specialist trauma-informed training and access to psychological treatment, enabling freelance journalists to develop the skills they need to build the resilience to report on traumatic events as well as access grants to cover the cost of professional psychological support. The Resilience Programme concluded in August 2022 but the Trauma Therapy Fund, launched in January 2022 as part of the programme continues thanks to subgrants from the Committee to Protect Journalists. In 2023 the Trauma Therapy Fund supported 33 journalists in need of professional psychological support by matching them with a clinician from its growing pool of trauma aware psychotherapists and covering the cost of treatment.
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## **The Rory Peck Trust**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **ACHIEVEMENTS AND PERFORMANCE (continued)**
## **Online Resources**
The Trust continues to host online resources which are easily accessible to freelance journalists on its website and in various languages. RPT’s resources provide valuable information on safety, security, and professional development, including sections on insurance, digital security, risk assessment, budgeting and funding sources as well as useful templates for contract agreements. In addition, RPT has produced two strands of online webinars: _The Business of Freelancing_ which explores how to manage the precarity of making a living as a freelance journalist; and _Resilience and Mental Health_ which explores strategies for wellbeing in an occupation which often presents psychological challenges. RPT’s webinars are free to view via its website and on its YouTube channel. In 2023, RPT’s website is available in Ukrainian, English, French, Spanish, Russian and Arabic versions.
## **Showcasing**
For nearly 30 years, the Rory Peck Awards have recognised the talent and dedication of journalists and filmmakers working in news and current affairs worldwide. It is one of the only Awards ceremonies exclusively highlighting the work of freelancers. The 2023 Rory Peck Awards ceremony took place in person at the British Academy of Film & Television Arts (BAFTA) on November 15[th] . The award presenters were the BBC Politics & Economics Editor, Faisal Islam, and Director & CEO of Chatham House Bronwen Maddox. The event was sold out and the work highlighted shone a light on the impact of conflict, oppression, and climate change on communities around the world through powerful and revealing footage from Ukraine to Madagascar, Mexico to India. Testimonials from award nominees and winners showed that the recognition the awards represent offers valuable moral support to a community of journalists who, for the most part, work independently and through much adversity.
## **FINANCIAL REVIEW**
## **Results**
The Trust’s results for the financial year ending 31 December 2023 are set out in the attached financial statements and notes. Net movement in funds for the year amounted to a deficit of £100,788 (2022 deficit of £57,609). Total fund balances retained at 31 December 2023 were £413,597 (2022 - £514,385), of which £92,664 (2022 - £91,860) was held as restricted funds.
## **Reserves**
The Trustees aim to maintain general reserves to provide around six months’ cover of the Trust’s 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 2022 and 2023.
## **Fundraising**
Fundraising continues to be challenging post 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 corporate income compared to the previous year, however the loss of core income from the Open Society Foundation has had an unwelcome impact. 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, CNN, Dataminr UK Ltd, the European Broadcasting Union, Google Ireland, ITN, ITV, LiveU!, NBC, Pangolin Group, RTL, Sky News, Telegraph Media Group, Wolftech Broadcast Solutions and ZDF. Restricted funds were received from BBC News, Google Ireland, and Reuters.
## _**Trusts and Foundations**_
The Trust received support from the Bertarelli Foundation, the Col. W H Whitbread Trust, the Committee to Protect Journalists, the Fairness Foundation, the Ford Foundation, Prisoners of Conscience, and the Printing Charity.
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## **The Rory Peck Trust**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **FINANCIAL REVIEW (continued)**
## _**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. In 2023 The Trust organised charity tickets for runners wishing to run the London Royal Parks Half Marathon race on behalf of the Trust. We were grateful to the 60 journalists who signed up, and to the two industry affiliates who sponsored the race, altogether this fundraising event raised £31,243 for the Trust, which is one of the largest fundraising totals for a single event the Trust has taken part in.
## **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 2023 the Awards Night was held at BAFTA. 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 2024. In addition, the Swedish Embassy in London sponsored the Martin Adler Prize again for the fourth year running. The Awards ceremony continues to receive pro-bono support from many industry partners, including BBC News, Channel 4 News, ITN, Sky News and Richard Martin Lighting and greatly reduced costs from other companies, including Stoneapple and Zest4tv. - all of which help to keep the production costs of this annual fundraising event at a minimum and nurture engagement from the industry. In 2023, a net £33,180 (2022: £35,965) was raised for the Rory Peck Trust through the Awards, held on 15[th] November 2023.
## **FUTURE PLANS AND ACTIVITIES**
The past six years have been a challenging time for media freedom and journalists’ safety. 2018 was widely reported as the worst year on record for the number of journalists killed or incarcerated for doing their jobs - making the Trust’s primary purpose of supporting freelance journalists with emergency assistance and safety training more relevant than ever. 2019 and 2020 saw much change at the Trust, with a restructuring 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:
- Secure sustainable sources of support from existing partnerships and from new funding sources to support the Trust’s core charitable work and sustain healthy reserves.
- 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
- Support programme development, fundraising and communications by increasing the Trust’s ability to measure and evaluate the impact and efficiency of its work.
- Increase active participation in international collaborations and strategic support groups to benefit freelance journalists and continue to grow the Trust’s visibility nationally and internationally across all media platforms.
- Continue to develop the online resources into an accessible, comprehensive source of freelance support, especially with non-English language users and the under-resourced.
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## **The Rory Peck Trust**
## **Report of the Trustees**
**for the Year Ended 31 December 2023**
## **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 charitable company for the year. 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 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 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.
## **AUDITORS**
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 7 March 2024 and signed on its behalf by:
## Tira Shubart
Tira Shubart (Mar 11, 2024, 12:07pm)
………………………
Tira Shubart Chair
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## **Independent Auditor’s Report to the Members of**
## **The Rory Peck Trust**
## **Opinion**
We have audited the financial statements of The Rory Peck Trust (the ‘charitable company’) for the year ended 31 December 2023, 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023, 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; and
- 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 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 the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the 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 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.
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continued...
## **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:
- the information given in the trustees' report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In 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’ report. 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:
- 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
- the charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- 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 small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities 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 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 financial statements**
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 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website 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 auditor’s report.
## **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:
Page 12
continued...
## **Independent Auditor’s Report to the Members of**
## **The Rory Peck Trust**
## **Auditor’s responsibilities for the 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 company and charity 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;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- 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 regulations. 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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an 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.
Alex Temlett CA ACA CTA (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
11 March 2024 Date………….
Page 13
continued...
## **The Rory Peck Trust (Registered number:03552486)**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|**Unrestricted**
**funds**
**2023**
**Restricted**
**funds**
**2023**
**Total**
**Funds**
**2023**
**Notes**
**£**
**£**
**£**
**INCOME FROM:**
Donations and legacies
2
337,098
-
337,098
Charitable activities
3
-
263,146
263,146
Other trading activities
4
110,307
-
110,307
Bank interest receivable
3,325
-
3,325
**Total income**
450,730
263,146
713,876
**EXPENDITURE ON:**
Raising funds
5
244,264
-
244,264
Charitable activities
6
306,291
264,109
570,400
**Total expenditure**
550,555
264,109
814,664
**NET EXPENDITURE BEFORE**
**TRANSFERS**
(99,825)
(963)
(100,788)
**Transfers between funds**
15
(1,767)
1,767
-
**NET MOVEMENT IN FUNDS**
(101,592)
804
(100,788)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
422,525
91,860
514,385
**TOTAL FUNDS CARRIED FORWARD**
320,933
92,664
413,597|**Total**
**Funds**
**2022**
**£**
511,534
175,936
112,284
602
800,356
244,618
613,347
857,965
(57,609)
-
(57,609)
571,994
514,385|
|---|---|
The notes form part of these financial statements
Page 14
continued...
## **The Rory Peck Trust (Registered number:03552486)**
## **Balance Sheet At 31 December 2023**
|**Notes**
**FIXED ASSETS**
Tangible assets
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Unrestricted funds
Designated funds
15
General fund
15
Restricted funds
15
**NET FUNDS**|**2023**
**£**
3,277
42,727
462,650
505,377
(95,057)
410,320
413,597
3,277
317,656
320,933
92,664
413,597|**2022**
**£**
4,217
57,633
566,050|
|---|---|---|
|||623,683
(113,515)|
|||510,168|
|||514,385|
|||4,217
418,308|
|||422,525
91,860|
|||514,385|
The Financial Statements were approved, and authorised for issue, by the Trustees on 7 March 2024 and signed on their behalf by:
Tira Shubart ……………………………. Tira Shubart (Mar 11, 2024, 12:07pm) Tira Shubart – Chair
## W.J.Reeve
………………………. William Reeve (Mar 11, 2024, 12:01pm) William Reeve - Trustee
The notes form part of these financial statements
Page 15
continued...
## **The Rory Peck Trust (Registered number:03552486)**
## **Cash Flow Statement**
## **For the year ended 31 December 2023**
|**Notes**
**Cash flows from operating activities**
Net movement in funds
Adjustments for:
Depreciation of fixed assets
(Profit)/loss on disposal of fixed assets
Interest receivable
Decrease in receivables
(Decrease)/Increase in payables
**Net cash (employed)/generated by operating activities**
**Cash flows from investing activities**
Purchase of fixed assets
Interest received
Net cash from investing activities
**Cash flows from financing activities**
Sale of fixed assets
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
17
**Cash and cash equivalents at end of year**
17|**2023**
**£**
(100,788)
2,639
(360)
(3,325)
14,906
(18,458)
(105,386)
(1,699)
3,325
1,626
360
(103,400)
566,050
462,650|**2022**
**£**
(57,609)
2,970
-
(602)
106,291
50,134|
|---|---|---|
|||101,184
(2,272)
602|
|||(1,670)
-|
|||99,514
466,536|
|||566,050|
The notes form part of these financial statements
Page 16
continued...
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **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 Charity’s 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 financial statements on going concern basis**
There are no material uncertainties about the Charity’s ability to continue as a going concern and therefore, the financial statements have been prepared on this basis. The Trustees have paid particular attention to the likely effect on the charity of the COVID-19 outbreak, the Ukraine conflict, inflationary pressures, 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 considers the Trustees as related parties and, in this respect, asks each of them to formerly declare any such transactions on an annual basis.
## **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, the 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 receivable is dependent upon the fulfilment of conditions within the Charity’s control, the income 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 2023**
## **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 the Charity’s use, where the benefit is quantifiable and the goods or 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 the 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 have 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 are 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 is charged against the specific fund. The aim and use of each restricted fund are 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 2023**
## **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:
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 2023**
## **2. INCOME FROM DONATIONS AND LEGACIES**
||**Total**|**Total**|
|---|---|---|
||**Unrestricted**|
**Unrestricted**|
||**Funds**|**Funds**|
||**2023**|**2022**|
||**£**|**£**|
|**Donations**|||
|ITN|10,000|10,000|
|BBC|30,000|30,000|
|ITV plc|30,000|30,000|
|Channel 4 TV|25,000|25,000|
|Google Ireland|10,000|10,000|
|NBC|15,790|16,890|
|Sky|15,000|15,000|
|Agence France Presse|10,000|10,000|
|European Broadcasting Union|10,000|10,000|
|RTL|8,700|-|
|Dataminr UK|7,000|-|
|CBS News|5,000|4,450|
|Al Jazeera|8,200|8,000|
|Telegraph Media|5,000|5,000|
|ZDF|4,308|4,463|
|CNN|5,817|8,044|
|LiveU!|4,070|-|
|Pangolin Group|3,500|-|
|Wolftech Broadcast Solutions|1,000|-|
|Rockefeller Philanthropy|-|2,500|
|Royal Parks half marathon|31,243|35,455|
|Others|212|100|
|Regular giving and other donations|11,967|16,465|
||251,807|241,367|
|**Grants**|||
|Col W H Whitbread Charitable Trust|5,000|10,000|
|Open Society Foundation|-|117,041|
|Invigorate Charitable Trust|-|5,000|
|International Women’s Media|||
|Foundation|-|2,855|
|Bertarelli Foundation|-|50,000|
||5,000|184,896|
|**Donations services and facilities**|||
|Publicity|31,000|31,000|
|Licenses and IT|11,044|10,447|
|Fundraising|8,000|1,000|
|Conference and events|2,000|1,383|
|Awards related|28,247|41,441|
||80,291|85,271|
||337,098|511,534|
Page 20
## **The Rory Peck Trust**
## **Notes to the Financial Statements**
## **for the Year Ended 31 December 2023**
## **3. INCOME FROM CHARITABLE ACTIVITIES**
Grant funding for specific charitable activities
|**Supporting the Freelance Assistance Programme:**
META
Google Ireland
Reuters
BBC News
The Prisoners of Conscience
The Printing Charity
Jane Gibson Charitable Trust
Ford Foundation
UNESCO (clawed back)
Fairness Foundation
Oakdale Trust
Ukraine relief campaign
Committee for the Protection of Journalists
AFP Afghanistan campaign
KBF Afghanistan fund
Support Freelance Journalists campaign|**Total**
**Restricted**
**Funds**
**2023**
**£**
-
60,000
10,000
6,000
9,991
40,000
-
117,666
-
3,000
-
-
11,985
-
-
4,504
263,146|**Total**
**Restricted**
**Funds**
**2022**
**£**
1,903
60,000
10,000
6,000
5,000
40,000
10,000
-
(1,815)
-
-
20,254
12,144
-
5,714
6,736|
|---|---|---|
|||175,936|
## **4. INCOME FROM OTHER TRADING ACTIVITIES**
|Trading income
Awards sponsorship:
Sony
Google
Associated Press
LiveU!
Swedish Embassy
Awards category entry fees
Advertising income
Award ticket sales
Facility income|**Total**
**Unrestricted**
**Funds**
**2023**
**£**
18,000
30,000
10,000
1,228
3,000
2,300
23,550
17,229
5,000
110,307|**Total**
**Unrestricted**
**Funds**
**2022**
**£**
20,000
30,000
10,000
-
2,000
1,475
24,339
19,470
5,000|
|---|---|---|
|||112,284|
Page 21
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **5. EXPENDITURE ON RAISING FUNDS**
||**Total**|**Total**|
|---|---|---|
||**Unrestricted**|**Unrestricted**|
||**Funds**|**Funds**|
||**2023**|**2022**|
||**£**|**£**|
|**Direct costs**|||
|Marketing and promotion|14,903|16,690|
|Giving platform fees|928|-|
|Allocation of salary costs|102,800|105,300|
|Allocation of support costs|48,506|46,309|
|Direct Awards expenditure|77,127|76,319|
||244,264|244,618|
## **6. EXPENDITURE ON CHARITABLE ACTIVITIES**
|**Unrestricted**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
Freelance assistance programme
228,941
264,109
Advocacy and awareness
57,299
-
Governance costs
20,051
-
306,291
264,109|**Total**
**Funds**
**2023**
**£**
493,050
57,299
20,051
570,400|**Total**
**Funds**
**2022**
**£**
544,170
51,973
17,204
613,347|
|---|---|---|
Expenditure on charitable activities was £613,347 in 2022 of which £319,997 was from unrestricted funds and £293,350 was from restricted funds.
|**Freelance Assistance Programme**
**Unrestricted**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
Charitable grants to individuals
-
109,660
Training bursaries and surgeries
-
62,429
Trauma therapy fees
-
28,702
Resilience workshops
-
-
MENA project
-
40,792
Safety helpdesk advice
-
4,994
Ukraine relief equipment
-
-
Bank charges
-
723
**Other direct costs**:
Office costs
-
199
Travel
-
1,767
Subscriptions
-
35
Telecommunications
-
44
IT costs
-
332
Website
-
96
Staff training
-
14
Annual audit
-
455
Allocation of salary costs
151,633
13,867
Allocation of support costs
77,308
-
228,941
264,109|**Total**
**Funds**
**2023**
**£**
109,660
62,429
28,702
-
40,792
4,994
-
723
199
1,767
35
44
332
96
14
455
165,500
77,308
493,050|**Total**
**Funds**
**2022**
**£**
105,547
58,818
82,628
21,743
-
-
19,811
843
-
3,451
-
-
-
-
510
-
174,632
76,187
544,170|
|---|---|---|
Page 22
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **6. EXPENDITURE ON CHARITABLE ACTIVITIES - continued**
## **Grants to individuals and other expenditure, included in the above are as follows:**
|**2023**
**No**
**Total**
**Funds**
**2023**
**£**
Freelance assistance
Funded by Google
47
76,774
Funded by Reuters
7
9,945
Funded by Printing Charity
8
6,330
Funded by YouTube
-
-
Funded by Prisoners of Conscience
8
9,990
Funded by Fairness Foundation
3
3,000
Funded by Oakdale Trust
-
-
Funded by unrestricted funds
-
-
Funded by others
3
4,344
76
110,383
Training fund
287
62,429
Trauma therapy
33
28,702
Trauma resilience workshops
-
-
Ukraine safety & first aid equipment
-
-
MENA project
69
40,792
Safety helpdesk advice
6
4,994
Total beneficiaries
471
247,300
**Advocacy and awareness**
**Unrestricted**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
Rent
730
-
Travel
7,627
-
Subscription
646
-
Website expenditure
3,139
-
Marketing and promotion
3,015
-
Allocation of salary costs
28,500
-
Allocation of support cost
13,642
-
57,299
-|**2022**
**No**
26
-
10
15
5
3
2
13
9
83
445
79
108
107
-
-
822
**Total**
**Funds**
**2023**
**£**
730
7,627
646
3,139
3,015
28,500
13,642
57,299|**Total**
**Funds**
**2022**
**£**
33,635
-
13,207
19,902
5,000
3,000
2,000
19,439
9,364
105,547
58,818
82,628
21,743
19,811
-
-
288,547
**Total**
**Funds**
**2022**
**£**
650
6,132
328
400
319
30,700
13,444
51,973|
|---|---|---|
Page 23
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **6. EXPENDITURE ON CHARITABLE ACTIVITIES - continued**
|**Governance costs**
**Unrestricted**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
Direct costs
Audit fees
Legal and professional advice
10,325
13
-
-
Trustee expenses
180
-
Allocation of salary costs
6,500
-
Allocation of support costs
3,033
-
20,051
-
**7.**
**EXPENDITURE**|**Total**
**Funds**
**2023**
10,325
13
180
6,500
3,033
20,051|**Total**
**Funds**
**2022**
7,900
13
-
6,300
2,991
17,204|
|---|---|---|
|**Grant**
**Activities**
**Allocation**
**funding of**
**undertaken**
**of support**
**activities**
**Staff costs**
**directly**
**costs**
**£**
**£**
**£**
**£**
Costs of generating
voluntary income
-
64,600
15,831
30,316
Fundraising event
-
38,200
77,127
18,190
_______
_______
_______
_______
Raising funds
-
102,800
92,958
48,506
_______
_______
_______
_______
Freelance assistance
247,300
165,500
2,942
77,308
Advocacy and awareness
-
28,500
15,157
13,642
Governance costs
-
6,500
10,518
3,033
Support costs
-
19,900
122,589
(142,489)
_______
_______
_______
_______
Charitable activities
247,300
220,400
151,206
(48,506)
_______
_______
_______
_______
Total expenditure
247,300
323,200
244,164
-
|**Total**
**2023**
**£**
110,747
133,517
_______
244,264
_______
493,050
57,299
20,051
-
_______
570,400
_______
814,664
|
|---|---|
Page 24
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **8. NET INCOME/(EXPENDITURE)**
Net income/(Expenditure) is stated after charging:
|Auditors’ remuneration:
Independent Audit fee/Accountant fee
(Profit)/Loss on disposal of fixed assets
Depreciation|**2023**
**£**
9,480
(360)
2,639|**2022**
**£**
7,900
-
2,970|
|---|---|---|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 (2022 - £nil).
## **Trustees' expenses**
The Trust paid £1,080 (2022 - £122) on behalf of two (2022 – one) Trustees in respect of travel and accommodation. These amounts were necessarily incurred whilst the Trustees were accompanying the Director on fundraising trips and to further the awareness of the Trust’s charitable work.
## **10. SUPPORT COSTS**
|Staff costs
Recruitment costs
Printing, postage and stationery
Bank charges
Rent and rates
Travel and accommodation
Insurance
Computer and website costs
Telephone
Staff training
Sundry expenses
Marketing and promotion
Consultancy
Profit on disposal of fixed assets
Loss/(Profit) on currency exchange
Depreciation
Donated services – licenses, advertising, publicity, and events|**2023**
**£**
19,900
541
47
137
21,458
4,338
249
8,249
1,080
3,290
79
-
-
(360)
551
2,639
62,198
80,291
142,489|**2022**
**£**
23,700
-
33
1,912
22,663
8,456
246
13,132
1,388
1,780
107
3,530
235
-
(26,492)
2,970
53,660
85,271
138,931|
|---|---|---|
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 2023**
## **11. STAFF COSTS**
|Wages, salaries, and pension contributions
Pension costs
Social security costs
The average monthly number of employees during the year was as follows:
Costs of generating voluntary income
Fundraising activities
Governance costs
Freelance assistance
Advocacy and awareness
Support costs|**2023**
**£**
293,548
6,257
23,395
323,200
**2023**
**Number**
1.9
1.1
0.2
4.9
0.8
0.6
9.5|**2022**
**£**
311,810
6,043
22,779
340,632
**2022**
**Number**
2.0
1.3
0.2
5.3
0.9
0.7
10.4|
|---|---|---|
The average monthly number of employees during the year was as follows:
No employees received remuneration in excess of £60,000.
## **Key Management Remuneration**
The total employee remuneration in the year attributable to key management was £126,956 (2022 - £122,239)
## **12. TANGIBLE FIXED ASSETS**
|**BLE FIXED ASSETS**||
|---|---|
||**Computer**|
||**Equipment**|
||**£**|
|**Cost**||
|At 1 January 2023|10,453|
|Additions during the year|1,699|
|Disposals during the year|(2,157)|
|At 31 December 2023|9,995|
|**Depreciation**||
|At 1 January 2023|6,236|
|Charge for the year|2,639|
|Disposals during the year|(2,157)|
|At 31 December 2023|6,718|
|**Net book value**||
|At 31 December 2023|3,277|
|At 31 December 2022|4,217|
Page 26
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**Due within one year**
Prepayments
Accrued income
Sundry debtors
**TORS: 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|**2023**
**£**
**2022**
**£**
4,112
4,036
3,828
18,258
34,787
35,339
42,727
57,633
**2023**
**£**
**2022**
**£**
13,395
16,033
7,384
6,885
44,278
60,597
30,000
30,000
95,057
113,515
30,000
30,000
(30,000)
(30,000)
30,000
30,000
30,000
30,000|
|---|---|
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
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 27
## **The Rory Peck Trust**
**Notes to the Financial Statements for the Year Ended 31 December 2023**
## **15. STATEMENT OF FUNDS**
|**RESTRICTED FUNDS**
Assistance grants
Training fund
Trauma therapy fund
Ford MENA project
Risk & safety desk
**SUMMARY OF FUNDS**
Designated funds
General funds
Restricted funds|**Brought**
**Forward**
**£**
41,100
22,960
7,800
-
20,000
_______
91,860
_______
4,217
418,308
_______
422,525
91,860
_______
514,385
|**Income Expenditure**
**Transfers**
**£**
**£**
**£**
71,395
(110,383)
-
48,500
(64,196)
1,767
25,585
(28,702)
-
117,666
(55,834)
-
-
(4,994)
-
_______
_______
_______
263,146
(264,109)
1,767
_______
_______
_______
-
-
(940)
450,730
(550,555)
(827)
_______
_______
_______
450,730
(550,555)
(1,767)
263,146
(264,109)
1,767
_______
_______
_______
713,876
(814,664)
-
|**Carried**
**Forward**
**£**
2,112
9,031
4,683
61,832
15,006
_______
92,664
_______
3,277
317,656
_______
320,933
92,664
_______
413,597
|
|---|---|---|---|
## **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. Transfers between funds: A transfer of £940 (2022: £698) was made to designated funds from general funds, which matched the change in net book value of tangible 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.
_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, The Printing Charity and Google.
_Trauma therapy fund_ : This fund provides resilience workshops and trauma therapy for appropriate freelance newsgatherers. During the year, the Trust received funding from The Printing Charity, CPJ and Google.
_Ford MENA Project_ : The Ford Foundation has funded a project in the Middle East and North Africa region in support of bolstering freelance journalism through providing physical, psychological, legal and digital safety trainings leading to strengthened civic space.
_Risk and safety desk_ : In 2022 we received £20,000 from Google to start up a Risk and Safety desk project for freelance journalists around the world.
Page 28
## **The Rory Peck Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **16. ANALYSIS OF NET ASSETS**
|Tangible fixed assets
Current assets
Current liabilities|**General**
**Fund**
**£**
**Designated**
**Fund**
**£**
**Restricted**
**Fund**
**£**
-
3,277
-
412,713
-
92,664
(95,057)
-
-
317,656
3,277
92,664|**Total**
**Funds**
**£**
3,277
505,377
(95,057)
413,597|
|---|---|---|
## **17. COMPONENTS OF CASH AND CASH EQUIVALENTS**
|Bank current account
Bank reserve account
Bank dollar account
Bank euro account
PayPal account
Wise account|**2023**
**£**
5,000
246,765
192,084
15,091
3,329
381
462,650|**2022**
**£**
5,000
455,162
98,871
772
5,864
381|
|---|---|---|
|||566,050|
## **18. OTHER FINANCIAL COMMITMENTS**
At 31 December 2023, the Trust had no annual commitments under non-cancellable operating leases.
## **19. ULTIMATE CONTROLLING PARTY**
The trustees do not consider there to be an ultimate controlling party.
Page 29