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← The Rory Peck Trust

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 03552486 (England and Wales) REGISTERED CHARITY NUMBER: 1071844

Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 for The Rory Peck Trust

The Rory Peck Trust

Contents of the Financial Statements for the Year Ended 31 December 2024

Page
References and administrative details 1
Report of the Trustees 2 to 9
Report of the Independent Examiners 10
Statement of Financial Activities 11
Charity Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14 to 26

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

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 Resigned on 31 December 2024 Sarah Fitton Jon Williams Resigned on 26 March 2024 Timothy Law Appointed on 13 June 2024 James Ravine Appointed on 20 March 2025

Director

Jon Williams

Patron

Lord Black of Brentwood

Independent Examiners

Azets Audit Services Limited 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 2024

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2024. 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.

During the past year, the Trust formed an Alumni Committee of prominent freelance journalists who have either been beneficiaries of the Trust or finalists in the organisation’s annual Awards honouring the best freelance journalism. The Alumni replace the Advisory Committee of freelancers, journalists’ organisations and broadcasters. It operates in an advisory capacity with no legal responsibility for the Trust and 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.

Page 2

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organisational structure

The Executive Director, Jon Williams, was appointed by the Board in April 2024 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 was supported by a leadership team consisting of a Senior Communications, Marketing & Events Manager, Assistance Manager, Training Manager and a Business Manager. The organisation's charitable activities are carried out by a team of world-regional Officers. 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 2024 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.

• 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 data is protected with two-factor-authentication. Several encrypted communications options are available to the Assistance team for communications with beneficiaries. Other than the Executive Director, no staff profiles are listed online 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 has in the past included a course in Mental Health First Aid, which we are seeking to reintroduce. 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.

Page 3

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

OBJECTIVES AND ACTIVITIES

Aims and objectives

The Rory Peck Trust seeks to protect the independent journalism which underpins democratic societies. During 2024, the Trustees agreed a new strategic framework for the Trust:

Purpose: To build informed and engaged societies by enabling freelance journalists to stay safe producing the flow of essential information. Vision A world where free and reliable information is available to all, provided by journalists reporting without fear and in safety. Mission We empower freelance journalists with the resources, resilience and knowledge they require to remain safe while gathering the facts we need to make sense of the world.

Independent journalism is a public good, and freelance journalists play a vital 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, to building strong democracies. It achieves its objectives through a series of mutually reinforcing support programmes for freelance journalists:

ACHIEVEMENTS AND PERFORMANCE

Overview

The past 15 months have been the deadliest for journalism since records began. At least 124 journalists were killed in 2024, the highest number for more than a decade and the third highest number ever in a calendar year. A post-war record number of global conflicts led to an increase in the number of freelancers seeking support.

The Trust helped nearly 600 freelance journalists in 2024:

In its 30[th] anniversary year, the Trust marked World Press Freedom Day with an event at the US Embassy in London which brought together industry veterans and journalism students to discuss many of the different challenges facing media. We continue 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, and is active in the ACOS Alliance, a coalition of news organisations, press freedom NGOs and freelance journalists’ associations which champion safe and responsible reporting practices.

Page 4

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Overview(continued)

During 2024, the Newsroom Ambassadors programme played a vital role in ensuring the Trust remained in touch with with key decision makers in the main UK broadcasters, deepening levels of engagement with newsroom teams. The support of the Ford Foundation was extended into a second year, enabling the Trust to start a Safety Consultation Desk for freelancers in the Middle East and North Africa, providing bespoke, expert, safety advice. In December, the Doha Forum – a yearly gathering of diplomats, politicians and business leaders – honoured journalists with its annual Award, given to those who best embody the values of diplomacy, dialogue and diversity. To recognise those who work to support journalists in conflict zones, the Award’s funds were presented to Rory Peck Trust.

Training

The Trust makes pre-assignment safety training available to freelancers who, otherwise, would be unable to afford it. During 2024, the Trust helped 195 freelancers access various safety courses in the UK and around the world. 35 journalists from 16 different countries received HEFAT bursaries, enabling them to access hostile environment training – almost half of whom were women.

During 2024, the Trust also organised a ‘protect yourself’ series of in-person events designed to empower freelancers with the knowledge needed to remain safe before, during and after assignments:

Crisis Programme

Sometimes, even with the best planning, things go wrong. The Trust provides financial assistance to freelancers facing financial hardship. It seeks to sustain them so 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.

In 2024, the Trust helped relocate a dozen freelancers from conflict zones, including a number of Palestinian journalists from Gaza. Two thirds of all those applying for assistance were journalists in exile, having been forced to flee their home countries because it was no longer safe for them to remain.

The Assistance Team provided financial support, in the context of supporting democracy, to 60 freelance journalists from nearly two dozen different countries, a quarter of them Palestinian. Others include those from Sudan, Syria, Yemen, Nicaragua, Honduras, Haiti, Myanmar, Russia, Ukraine and Belarus.

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ASSISTANCE BY TYPE (%)
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0 10 20 30 40 50 60
Therapy
Subsistence
Relocation
Equipment
Medical
Legal
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Page 5

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Therapy Programme

Helping freelancers who have faced crisis and trauma get back on their feet is vital to ensuring they can continue in journalism. In 2024, the Therapy Programme provided mental health support to 65 freelancers, matching them with a clinician and covering the cost of treatment. Again most of those supported by the Trust were based in the Middle East and North Africa, the majority of them women.

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ORIGIN OF ASSISTANCE RECEIPIENTS (%)
CRISIS FUND & THERAPY FUND
Eurasia
25%
Mena
Asia 49%
7%
Americas
8%
Africa
11%
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Safety Initiatives

In October, as Israel’s war against Hezbollah intensified, the Trust launched a Safety Consultation Desk for freelancers in the Middle East & North Africa. Building on the lessons of the Risk & Safety Desk pilot, this new service, in partnership with the Ford Foundation, offers bespoke, expert one-to-one safety advice for pre-planned assignments. Together with the pilot project, it supported 57 freelancers in 2024, half of them women and another half of whom were based in the MENA region. The Trust also delivered 70 safety clinics at the Middle East’s largest journalism conference, organised by our partner ARIJ, and Europe’s biggest journalism summit, the International Journalism Festival in Perugia.

Each year the Rory Peck Trust partners with national or regional organisations to deliver safety training directly to local freelance journalists.

Online Resources

The Trust continues to provide online resources on its website, in various languages. They provide valuable information on safety, security, and professional development, including sections on insurance, digital security, risk assessment, budgeting and funding sources. As part of the partnership with the Ford Foundation, a set of specific resources in Arabic were compiled for freelancers in the MENA region. RPT’s website continues to be available in Ukrainian, English, French, Spanish, Russian and Arabic.

Page 6

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

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NATIONALITIES OF HEFAT RECEIPIENTS
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11% 7%
Africa
11%
Americas
5%
Asia
EU
32%
UK
MENA
34%
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Showcasing

The 2024 Rory Peck Awards, at BFI Southbank were presented by RPT Trustee Clive Myrie and Cathy Newman of C4 News. For the first time in its near three-decade history, all the winners covered a single story – the war in Gaza. As part of the event, the Trust also hosted its partner, the Coalition for Women in Journalism’s Kathy Gannon award. 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 2024 are set out in the attached financial statements and notes. Net movement in funds for the year amounted to a surplus of £84,375 (2023 deficit of £100,788). Total fund balances retained at 31 December 2024 were £497,972 (2023 - £413,597), of which £89,349 (2023 - £92,664) 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 2023 and 2024.

Fundraising

Fundraising continues to be challenging post Covid-19 pandemic as news broadcasters, whose corporate donations cover much of 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, BBC, CBS News, Channel 4 Television, CNN, Doha Forum, the European Broadcasting Union, ITN, ITV, LiveU!, NBC, Sky News, Telegraph Media Group and ZDF.

Page 7

The Rory Peck Trust

Report of the Trustees for the Year Ended 31 December 2024

FINANCIAL REVIEW (continued)

Trusts and Foundations

The Trust received support from the Col. W H Whitbread Trust, the Committee to Protect Journalists, the Fairness Foundation, the Ford Foundation, Prisoners of Conscience, and the Printing Charity.

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 2024 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 24 journalists who signed up, and to the two industry affiliates who sponsored the race, altogether this fundraising event raised £15,278 for the Trust.

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 2024 the Awards Night was held at BFI Southbank. 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 and Dataminr UK sponsored the Awards Night reception – we are hopeful that all four sponsors will confirm their support for 2025. 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, 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 2024, a net £39,784 (2023: £33,180) was raised for the Rory Peck Trust through the Awards, held on 28[th] November 2024.

FUTURE PLANS AND ACTIVITIES

The past year has been the deadliest for journalism in more than a decade, the result of a record number of conflicts across the globe, making the Trust’s role in supporting freelance journalists with emergency assistance and safety training more relevant than ever. Technology allows much of the Trust’s work to be performed remotely, ensuring the organisation deliver a unique contribution to independent journalism in the most costeffective way.

The Trust will continue working to fulfil its mission as follows:

Page 8

The Rory Peck Trust

Report of the Trustees

for the Year Ended 31 December 2024

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:

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.

INDEPENDENT EXAMINERS

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 15[th] April 2025 and signed on its behalf by:

……………………… Tira Shubart Chair

Page 9

Independent Examiner's Report to the Trustees of

The Rory Peck Trust

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 11 to 26

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’).

In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Debra Saunders FCA, BSc (Hons) Independent Examiner Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Date………………………………..

Page 10

continued...

The Rory Peck Trust (Registered number:03552486)

Statement of Financial Activities for the Year Ended 31 December 2024

Unrestricted
funds
2024
Restricted
funds
2024
Notes
£
£
INCOME FROM:
Donations and legacies
2
566,195
-
Charitable activities
3
-
237,533
Other trading activities
4
118,730
-
Bank interest receivable
1,536
-
Total income
686,461
237,533
EXPENDITURE ON:
Raising funds
5
272,914
-
Charitable activities
6
279,312
287,393
Total expenditure
552,226
287,393
NET EXPENDITURE BEFORE
TRANSFERS
134,235
(49,860)
Transfers between funds
15
(46,545)
46,545
NET MOVEMENT IN FUNDS
87,690
(3,315)
RECONCILIATION OF FUNDS
Total funds brought forward
320,933
92,664
TOTAL FUNDS CARRIED FORWARD
408,623
89,349		 Total
Funds
2024
£
566,195
237,533
118,730
1,536
923,994
272,914
566,705
839,619
84,375
-
84,375
413,597
497,972		 Total
Funds
2023
£
337,098
263,146
110,307
3,325
713,876
244,264
570,400
814,664
(100,788)
-
(100,788)
514,385
413,597

The notes form part of these financial statements

Page 11

continued...

The Rory Peck Trust (Registered number:03552486)

Balance Sheet At 31 December 2024

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		 2024
£
2,361
43,058
510,806
553,864
(58,253)
495,611
497,972
152,361
256,262
408,623
89,349
497,972		 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

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The Financial Statements were approved, and authorised for issue, by the Trustees on 15[th] April 2025 and signed on their behalf by:

……………………………. Tira Shubart – Chair

………………………. William Reeve - Trustee

The notes form part of these financial statements

Page 12

continued...

The Rory Peck Trust (Registered number:03552486)

Cash Flow Statement

For the year ended 31 December 2024

Notes
Cash flows from operating activities
Net movement in funds
Adjustments for:
Depreciation of fixed assets
Profit on disposal of fixed assets
Interest receivable
(Increase)/Decrease in receivables
Decrease 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 increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
17
Cash and cash equivalents at end of year
17		 2024
£
84,375
1,866
-
(1,536)
(331)
(36,804)
47,570
(950)
1,536
586
-
48,156
462,650
510,806		 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

The notes form part of these financial statements

Page 13

continued...

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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 14

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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 15

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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 16

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

2. INCOME FROM DONATIONS AND LEGACIES

Total Total
Unrestricted
Unrestricted
Funds Funds
2024 2023
£ £
Donations
ITN 10,000 10,000
BBC 30,000 30,000
ITV plc 60,000 30,000
Channel 4 TV 25,000 25,000
Google Ireland - 10,000
NBC 15,790 15,790
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 10,000 5,000
Al Jazeera - 8,200
Telegraph Media 5,000 5,000
ZDF 4,308 4,308
CNN 6,203 5,817
LiveU! - 4,070
Pangolin Group - 3,500
Wolftech Broadcast Solutions - 1,000
Doha Forum Award 215,760 -
30thAnniversary appeals 13,589 -
Royal Parks half marathon 15,278 31,243
Other - 212
Regular giving and other donations 11,431 11,967
457,359 251,807
Grants
Col W H Whitbread Charitable Trust 5,000 5,000
5,000 5,000
Donations services and facilities
Publicity 31,000 31,000
IT Licenses and other office costs 29,789 11,044
Fundraising 15,600 8,000
Conference and events - 2,000
Awards related 27,447 28,247
103,836 80,291
566,195 337,098

Page 17

The Rory Peck Trust

Notes to the Financial Statements

for the Year Ended 31 December 2024

3. INCOME FROM CHARITABLE ACTIVITIES

Grant funding for specific charitable activities

3.
INCOME FROM CHARITABLE ACTIVITIES
Grant funding for specific charitable activities
Supporting the Freelance Assistance Programme:
BBC News
Committee to Protect Journalists
Evan Cornish
Fairness Foundation
Ford Foundation
Google Ireland
Prisoners of Conscience
Reuters
The Printing Charity
Urgent Crisis Appeal
Support Freelance Journalists campaign		 Total
Restricted
Funds
2024
£
6,000
39,250
10,000
3,000
111,829
-
10,403
10,000
40,000
7,051
-
237,533		 Total
Restricted
Funds
2023
£
6,000
11,985
-
3,000
117,666
60,000
9,991
10,000
40,000
-
4,504
263,146

4. INCOME FROM OTHER TRADING ACTIVITIES

Trading income
Awards sponsorship:
Sony
Google
Dataminr
Associated Press
LiveU!
Swedish Embassy
Awards category entry fees
Advertising income
Award ticket sales
Facility income		 Total
Unrestricted
Funds
2024
£
18,000
30,000
10,000
8,000
-
3,000
4,140
24,330
16,260
5,000
118,730		 Total
Unrestricted
Funds
2023
£
18,000
30,000
-
10,000
1,228
3,000
2,300
23,550
17,229
5,000
110,307

Page 18

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

5. EXPENDITURE ON RAISING FUNDS

Total Total
Unrestricted Unrestricted
Funds Funds
2024 2023
£ £
Direct costs
Marketing and promotion 529 14,903
Direct fundraising fees 6,243 928
Allocation of salary costs 127,530 102,800
Allocation of support costs 59,666 48,506
Direct Awards expenditure 78,946 77,127
272,914 244,264

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted
Funds
2024
£
Restricted
Funds
2024
£
Freelance assistance programme
201,950
287,393
Advocacy and awareness
60,449
-
Governance costs
16,913
-
279,312
287,393		 Total
Funds
2024
£
489,343
60,449
16,913
566,705		 Total
Funds
2023
£
493,050
57,299
20,051
570,400

Expenditure on charitable activities was £570,400 in 2023 of which £306,291 was from unrestricted funds and £264,109 was from restricted funds.

Freelance Assistance Programme
Unrestricted
Funds
2024
£
Restricted
Funds
2024
£
Charitable grants to individuals
-
73,764
Training bursaries and surgeries
-
61,459
Trauma therapy fees
-
35,058
MENA project
-
72,015
Safety helpdesk advice
-
7,672
Online resources
-
2076
Bank charges
-
761
Other direct costs:
Office costs
-
339
Travel
-
-
Subscriptions
-
84
Telecommunications
-
291
IT costs
-
1,112
Website
-
430
Staff training
-
-
Annual audit
-
1,359
Allocation of salary costs
127,769
30,973
Allocation of support costs
74,181
-
201,950
287,393		 Total
Funds
2024
£
73,764
61,459
35,058
72,015
7,672
2,076
761
339
-
84
291
1,112
430
-
1,359
158,742
74,181
489,343		 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

Page 19

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

6. EXPENDITURE ON CHARITABLE ACTIVITIES - continued

Grants to individuals and other expenditure, included in the above are as follows:

2024
No
Total
Funds
2024
£
Freelance assistance
Funded by Google
-
-
Funded by Reuters
7
10,068
Funded by Printing Charity
1
1,000
Funded by Evan Cornish
8
10,116
Funded by Prisoners of Conscience
10
10,428
Funded by Fairness Foundation
3
2,915
Funded by Urgent Crisis Appeal
5
5,024
Funded by unrestricted funds
26
34,974
Funded by others
-
-
60
74,525
Training fund
195
61,459
Trauma therapy
65
35,058
Online resources
-
2,076
MENA project
202
72,015
Safety helpdesk advice
57
7,672
Total beneficiaries
579
252,805
Advocacy and awareness
Unrestricted
Funds
2024
£
Restricted
Funds
2024
£
Rent
-
-
Travel
864
-
Subscription
-
-
Website expenditure
-
-
Marketing and promotion
1,303
-
30thAnniversary promotion
13,569
-
Allocation of salary costs
30,200
-
Allocation of support cost
14,513
-
60,449
-		 2023
No
47
7
8
-
8
3
-
-
3
76
287
33
-
69
6
471
Total
Funds
2024
£
-
864
-
-
1,303
13,569
30,200
14,513
60,449		 Total
Funds
2023
£
76,774
9,945
6,330
-
9,990
3,000
-
-
4,344
110,383
62,429
28,702
-
40,792
4,994
247,300
Total
Funds
2023
£
730
7,627
646
3,139
3,015
-
28,500
13,642
57,299

Page 20

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

6. EXPENDITURE ON CHARITABLE ACTIVITIES - continued

Governance costs
Unrestricted
Funds
2024
£
Restricted
Funds
2024
£
Direct costs
Independent Examination/Audit fees
Legal and professional advice
6,057
217
-
-
Trustee expenses
171
-
Allocation of salary costs
7,240
-
Allocation of support costs
3,228
-
16,913
-
7.
EXPENDITURE		 Total
Funds
2024
6,057
217
171
7,240
3,228
16,913		 Total
Funds
2023
10,325
13
180
6,500
3,033
20,051
Grant
Activities
Allocation
funding of
undertaken
of support
activities
Staff costs
directly
costs
£
£
£
£
Costs of generating
voluntary income
-
86,320
6,772
40,315
Fundraising event
-
41,210
78,946
19,351
_
_
_
_
Raising funds
-
127,530
85,718
59,666
_
_
_
_
Freelance assistance
250,663
158,742
5,757
74,181
Advocacy and awareness
-
30,200
15,736
14,513
Governance costs
-
7,240
6,445
3,228
Support costs
-
21,650
129,938
(151,588)
_
_
_
_
Charitable activities
250,663
217,832
157,876
(59,666)
_
_
_
_
Total expenditure
250,663
345,362
243,594
-



 Total
2024
£
133,407
139,507
_
272,914
_
489,343
60,449
16,913
-
_
566,705
_
839,619

Page 21

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

8. NET INCOME/(EXPENDITURE)

Net income/(Expenditure) is stated after charging:

Auditors’ remuneration:
Independent Examination
Independent Audit fee
(Profit)/Loss on disposal of fixed assets
Depreciation		 2024
£
6,000
-
-
1,866		 2023
£
-
9,480
(360)
2,639

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 (2023 - £nil).

Trustees' expenses

The Trust paid £552 (2023 - £1,080) on behalf of one (2023 – two) Trustees in respect of travel and accommodation. These amounts were necessarily incurred whilst the Trustee was 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
Profit on disposal of fixed assets
Loss/(Profit) on currency exchange
Depreciation
Donated services – licenses, advertising, publicity, and events		 2024
£
21,650
1,405
13
489
5,248
2,003
252
8,410
863
3,496
13
1,489
-
555
1,866
47,752
103,836
151,588		 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

Support costs that cannot be directly attributed to particular activities, have been apportioned proportionately to the direct staff costs allocated to the activities.

Page 22

The Rory Peck Trust

Notes to the Financial Statements

for the Year Ended 31 December 2024

11. STAFF COSTS

Wages and salaries
Employers’ pension costs
Employers’ 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		 2024
£
315,725
5,495
24,142
345,362
2024
Number
2.5
1.2
0.2
4.4
0.9
0.6
9.8		 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

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 £140,230 (2023 - £126,956)

12. TANGIBLE FIXED ASSETS

BLE FIXED ASSETS
Computer
Equipment
£
Cost
At 1 January 2024 9,995
Additions during the year 950
Disposals during the year (2,572)
At 31 December 2024 8,373
Depreciation
At 1 January 2024 6,718
Charge for the year 1,866
Disposals during the year (2,572)
At 31 December 2024 6,012
Net book value
At 31 December 2024 2,361
At 31 December 2023 3,277

Page 23

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

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		 2024
£
4,695
1,795
36,568
43,058
2024
£
11,332
6,396
40,525
-
58,253
30,000
(30,000)
-
-		 2023
£
4,112
3,828
34,787
42,727
2023
£
13,395
7,384
44,278
30,000
95,057
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 24

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

15. STATEMENT OF FUNDS

RESTRICTED FUNDS
Assistance grants
Training fund
Trauma therapy fund
Ford MENA project
Online resources
Risk & safety desk
SUMMARY OF FUNDS
Designated fixed asset fund
Designated Doha Award
General funds
Restricted funds(above)		 Brought
Forward
£
2,112
9,031
4,683
61,832
-
15,006
_
92,664
_
3,277
-
317,656
_
320,933
92,664
_
413,597
 Income Expenditure
Transfers
£
£
£
40,454
(74,525)
34,131
36,000
(61,459)
19,161
49,250
(35,058)
(225)
111,829
(106,603)
(1,264)
-
(2,076)
2,076
-
(7,672)
(7,334)
_
_
_
237,533
(287,393)
46,545
_
_
_
-
-
(916)
-
-
150,000
686,461
(552,226)
(195,629)
_
_
_
686,461
(552,226)
(46,545)
237,533
(287,393)
46,545
_
_
_
923,994
(839,619)
-


 Carried
Forward
£
2,172
2,733
18,650
65,794
-
-
_
89,349
_
2,361
150,000
256,262
_
408,623
89,349
_
497,972

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. A transfer of £916 (2023: £940) was made to designated funds from general funds, which matched the change in net book value of tangible fixed assets. The balance carried forward is equal to the year-end net book value of fixed assets.

Doha Forum Award Fund: An unrestricted Award was received at the end of 2024 and £150,000 has been set aside to be used over 2025 and 2026 to support our charitable programmes.

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 and The Printing Charity.

Trauma therapy fund : This fund provides trauma therapy grants for appropriate freelance newsgatherers. During the year, the Trust received funding from The Printing Charity and Committee to Protect Journalists.

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.

Online Resources : Resources are made available to freelance journalists via our website in many languages.

Risk and safety desk : In 2023 we received £20,000 from Google to start up a Risk and Safety desk project for freelance journalists around the world. This programme ended in 2024.

Page 25

The Rory Peck Trust

Notes to the Financial Statements for the Year Ended 31 December 2024

16. ANALYSIS OF NET ASSETS

Tangible fixed assets
Current assets
Current liabilities		 General
Fund
£
Designated
Fund
£
Restricted
Fund
£
-
2,361
-
279,511
150,000
124,353
(23,249)
-
(35,004)
256,262
152,361
89,349		 Total
Funds
£
2,361
553,864
(58,253)
497,972

17. COMPONENTS OF CASH AND CASH EQUIVALENTS

Bank current account
Bank reserve account
Bank dollar account
Bank euro account
PayPal account
Wise account		 2024
£
5,000
97,359
399,888
4,998
3,180
381
510,806		 2023
£
5,000
246,765
192,084
15,091
3,329
381
462,650

18. OTHER FINANCIAL COMMITMENTS

At 31 December 2024, 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 26