REGISTERED COMPANY NUMBER: 03552486 (England and Wales) REGISTERED CHARITY NUMBER: 1071844 Rtport of th• Trusto6s and Flnanclal Statement$ for the Yèar Endod 31 December 2025 Th• Rory Peck Trusl
Th• Rory P•ck Trnst Contents of the Financial Statements for the Year Ended 31 December 2025 Page References and administrative delails Report of the Trustees 2to10 Report of the Independent Examiners ststement of Financial Acb'vrties 12 Charity Balance Sheet 13 Cash Flow Statement 14 Notes to the Financial Statements 151027
Th• Rory P8ck Trust Report of the Trustees for the Year Ended 31 December 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03552486 (England and Wales) R8glst8rèd Charlty numb•r 1071844 Registered office Ashcombè Court Woolsa¢k Way Godalming Surrey GU7 1LQ Tru$to0s Tira Shubart Ben de Pear Madhav Chinnappa Sophi8 Argent William Reeve Clive Myrig Sarah Fitton Timothy Law James Ravine Andres Ilves C8lherin8 Wiggins Ajexander Pe¢k Pia Sarna Chair Resigned on 19 June 2025 Resigned on 16 September 2025 Resigne(l on 19 June 2025 Appointed on 20 March 2025 Appointed on 19 June 2025 Appointed on 19 June 2025 Appointed on 25 September 2025 Appointed on 11 Oeceml)er 2025 Dlr•¢tor Jon Williams Patron Lord Black of Breniwood Independent Examiners A2els Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ Bankers Coutts & Company plc 440 Strand London WC2R OQS Page 1
The Rory Peck Trust Report of the Trustees lor the Year Ended 31 December 2025 The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice ISORPI'Accounling and Reporting by Charities- in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in accordance with the ac£ounting Policies set Dut in the notes to the accounis and comply with the charity's governing dcKument. the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published in O¢lober 2019. STRUCTURE. GOVERNANCE AND MANAGEMENT Legal structure The Rory Peck Trust W8s estsblished 8$ a charity in 1995 and incorporated as a company limited by guarantee in 1998. The Trust's governing dtxuments are its Memorandum and CleS ol Association. Govemanco The Trust is governed by its Board of Trustees, which is ultimately responsible for the policy, strategy, and work ol The Rory Peck Trust and which meets four limes a year. The Board ol Tru5tee5 develops and implements strategies lo guid8 th8 work of the Trust antl ensures that the Trust acts in accordance with its conslilulion lo meet its charitable objectives. Th8 Chair ensures Ihal Ihe Board ol Trustees lullils its responsibilits'es for the governance ol the organisation. The Trust benefits from the 5LlPPOrt of Ihe Associatss of The Rory Peck Trusl. composing former Trustees and international supporters, who are Unable lo attend meetings and play an active role, but whose influence and support can further the aims of the organiSatn. During the pasl year, the Trust fornied an Ajumni Committee of prominent fteelan¢e joumalists who have either been beneficiaries ol the Tnjst or finalists in the organisation's annual Awards honouring the best freelanc8 joumalism. The Alumni repla (he Advisory Commiitee of freelancers. joumalists. organisations and broad¢aslers.11 operates in an advisory capa¢ity with no legal SponsIbl11ty lor the Trust and il exists lo promote and support the Trust's aclivilies. Truste08 The Trustees who served during the year and to the date ol this report are listed on page 1. Clause 21.3 01 the Articles of Assoualion prescribe that the minimum number of directorsltruslees is no less than three bul no more than len unless otheise delem)ined by ordinary reItiOn. No Trustees were employed by the Trust or had a financial interest in any contract wilh the Trust. The Trust does nol enler into any related party transaclions without seeking athice and approval from the Charity Commission. Trustees are selected for their professional skills and experience across a variety of areas to whlch they can contributè towards thè Èff8ctivÈ running of th& charity. When a vacancy occurs, a profile of th8 new Trustee Director is agreed, and various methods of finding suilable candidales are used depending upon the expertise required. References are obtained for any new Trustee Director. Once appointed, Irustees undergo an induction meeting with the Executive Director where the inductv)n pack is explained. Each new Trustee Dire¢tor is appointed lor an initial temi of the years and may then be re-ele¢ted for further periods of three years. The Chair is appointed for a peri(xl of three years. after which new proposals are considered and voted on. Trustees are aware of the resw)nsibilitv&s and the Importan of their strategic role in the future well-being of The Rory Peck Trust. Charity CommissK)n communications regarding training for Trustees and turnt advicg received by the Trust are distributed to the Trustees via the various relevant Trustee SCommittee meetings. Page 2
Tha Rory Peck Trust Report of the Trustees lor the Year Ended 31 December 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Icontlnu8d) Organisational structure The Executive Director. Jon William5. was appointed by the Board in April 2024 and reports directly lo them. The Diredor is responsible for a¢hieving the mission of the organisation by implementing the Trust's poli¢y and strategy for all areas of its operations, induding 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 organisalion's charitsble activities are carried out by a team of world-regional Officer5. Subject lo funding, tho Trust also 8mploys programm8-spe¢rfic shlxl-lemi staff and engages rel8v8nt prof8ssional support. Stat•m8nt on risk revièw 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 2025 resutted in priority being placed upon the following: S8fe and secure granl-making prncle. The Trust helps beneficiaries in many countries and situations where il can be dangerous for freelancers to contact the Trust andlor receive financial help. The Assistsnce ieam continued io review its granl-making and communicalioiis procedures and protoco15, integraling Safety concem5 in 811 discus5ion5 with potential grantees, including al early stages. Digilal security Given the nature of the Trust's charitable work with people under threat, and the constant need for confidentiality when working with its neOrkS, digital and cyber security is a rnajor concern lor all staff. All access lo the Trust's data is protected wilh two-lactOT-authenticalion. Several encrypted communications options are available lo the Assislance team for communications with beneficiaries. Olher Ihan the Executive Director, no staff profiles are listed online lo limit direct approaches lo Assistance Officgrs on social media. In 2022 we rolled out a new VPN and password manager to all staff and have an ongoing programme of Cyber security compliance which is working towards Cyber Essentials certffication. assisted by our IT partners, Cara Networks. Tr8uma &w8reness - gwd praclKe. The Trust responds to freelancers and f8mllies under extreme stress daily, and there Is a slgnificanl trauma- component in much of the Trust's work which affgcts the whole staff team. The onboarding pro¢es$ for all Assistance Officers has in Ihe pasl included a course in Mental Healih First Aid, which we are seeking to reintroduce. All RPT employee5 also have access to a helpline provided by The Printing Charity, which offer5 telephone counselling. Tr8v&I Safely forslaff- goodpraclice The international nature of the Trust's work leads to oprx)rtunities for staff to participate in overseas proje¢is, missions, or conferences. The Trust carries out a risk assessment for all slaff travelling abroad which is reviewed by our professional risk management truslee. Insufficient funding The Trust maintsins books and records in 8ccord8n(* Mlh Govemmenl and Charity Commission guidelines and provid8s Trustees with quart8rly accounts and cashflows to assist their gov8manc8 and fiduciary dub'ès. Page 3
Th• Rory Peck Trust Report of the Trustees lor the Year Ended 31 December 2025 OBJECTIVES AND ACTIVITIES Aims and objectives The Rory Peck Trust seeks lo empower freelance joumalists with the resources. resilienetr, and expertise needed to gather information and verify fa¢ts. safely and without feai. Independent freelance joumalism plays a critical role in holding power to account, enabling justice, and safeguarding the public's right to reliable information. 8y protecting freelan journalists. the Trust helps to protect the flow of credible information on which informed societies depend. To achieve these objectives, Ihe Trust delivers a set of inlegfated support programmes forfreelancejoumalists, comprising.. Training inilialives lo equip freelancers with the skills required lo op*rale Safely on 8ssignment. Crisis assistance to meet urgenl needs arising from injury. detention. displa¢ement, or targeted threats. Mentsl health support to assist revery from trauma and sustain long-tem profe$sion81 resilience. During 2025 Ihe Trust registered with the Fundraising Regulator, commitbng to fundraising that is legal, op8n, honest and respecfful in line with the Code of Fundraising Practice. ACHIEVEMENTS AND PERFORMANCE Ovorvl•w 2025 was the most dangerous year on record forjoumalisls. According to the Committee to Protect Joumalisls. al least 129 joumalisls and media workers were killed during the year, exceeding the record sel in 2024. Approximately ham of these deaths occurred in Gaza, with ongoing conflicts in Yemen. Sudan. and Ukraine also conlribuling signifi¢anUy lo thg 1011. The Inlemalion81 Committèè of the Red Cross identifies 8mwd eonllicl as 8 defining feature of the current global landscape, eslimaling that more than 120 conflicts are now underway worfdwide-double the number recorded fifteen years ago. These conflicts are increasingly prolracled, complex, and geographically dispersed. Journalists, particularfy freelancers, are among ihose mosl exposed, targeled for documenting violations of human rights and international humanitarian law. Againsl this backdrop, dem8nd for the Trust's sUprt ¢tInued lo grow. In ils fourth decade, the org8nis8tion supportgd 435 frgelance joumalists Ihrotjgh its Ihf88 core programm8$.. Training, Crisis Assistance, ond Therapy. Page 4
Tha Rory Peck Trust Report of the Trustees for the Year Ended 31 December 2025 ACHIEVEMENTS AND PERFORMANCE {continuedl Ovèrvlewl¢ontlnued) Tralnlng Training remains central to the Tnjst's preventative approach lo joumalist safety. By strengthening practical skills and situational awareness, training reduces the likelihood of harni and mitigates the need for later crisis or Iherapeulic inlervenlion. During 2025, moré than 250 frÈelancÈ joum81ists p8rticip8led in in-person and online Irainlng ¢ourses, consultations. and webinars. With the support of The Printing Charity. bursaries were awarded to 36 freelan¢ers to undertake hostile environment training ahead of deployment. The Trust continued to prioritise access beyond London, delivering Nvo public-order training courses in Scotland and the North of England. alongside a third hosti environment course delivered in partnership with the University of Ulster. Internationally, the Trust delivere(l Hostile Environment and Firsl Aid Training in Lebanon for44 joumalists from Yemen, Iraq, Syria, Palestine. Egypt, and Morocco. Complementary workshops and webinars addressing physical safety, digital security, legal risk, and psychok)gical wellbeing reached more Ihan 100 journalists across the MENA region. Through a partnership with Arab Reporters for Investigative Journalism IARIJI, over 80 journalists also received One-lOne safety consultations tailored lo their Specific reporting conlexls. Regional Distribution of HEFAT Recipients Am9n$ UK 19. MENA 65.0% Asla Crlsl$ Programme Freelance journalists continue to operate in exceplionalty dangerous environments, often without th& institutional protection afforded to staff reporters. In 2025, the Trusl provided crisis grants to 71 freelance joumalists, with approximately ha awarded to Palestinian joumalisls in Gaza. These grants supported journalists facing severe and immediale risk. Including injury. delenlion, imprisonment. displa¢èment. exilo. and the destnJ¢tion of essèntial Èquipment. Assistance ¢overed subsislen¢g costs, medical care, and the replament of tools required to continue repong safely and independently. Page 5
The Rory P•ck Trust Report ol the Trustees for the Year Ended 31 December 2025 ACHIEVEMENTS AND PERFORMANCE {continuedl Overvlewl¢ontlnued) Crlsls Programm•lcantlnu•dl Assistance by Type (0/0) Subsisfance Rel¢xatKJn Equlpm•nt M¢dtal 10% 40% Therapy Programm• The Trust recognises psychological wellbeing as lundamental to journalisl safety an(1 sustainability. Exposure lo violence, intimidation, and trauma can have lasting impacts rf left un3$se. In 2025, Ihg Trust facilitated access to spè¢ialist therapy and trauma support for 45 Ireglan¢g journalists, enabling individuals to process trauma, manage stress. and rebuild the resilience necessary to continue their work under difficult and often isolating conditions. Regional Distribution of Therapy Assistance AfriGa 17BC/ MENA 40.0% Arnericas Asia 8.9% EU UK Page 6
The Rory Pack Trust Report ol the Trustees for the Year Ended 31 December 2025 ACHIEVEMENTS AND PERFORMANCE {continuedl Advocacy In response to escalating threats to joumalists worldwde, the Twsl expanded its advo(3¢y activity in 2025. focusing on the need for stronger physical and legal prolecb'ons in line with intemational law. The Trust engaged with media, policymakers. and civil SIety through public meetings in London and at the Scottish Parfiament, including interventions relating to Ihe srtuation in Gaza. To mark Wodd Press Freedom Day in May. the Trust hosted 8n event al the Swedish Embassy Resiilence. bringing together donor5, partnars, and supporters lo discuss the ¢hallèngÈs lacing Indèpèndenl joum81ism. In November, the Trust ¢onvened a hjrther event with the High Commission of Canada to mark the International Day to End Impunity for Crimes Against Joumalisls. With neady 90 /0 ol killings of jOLJrnalists 90ing unpunished, the event focused on mobilising inlemational action to confront the entrenched culture of impunity. Onlln• R•sour¢•s The Trust wnlinues lo provide online fesources on its website. in various languages. They provide valuable information on safely, security, and professional developmenl, 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 web511e continues lo be aV8i18ble in Ukrainian, English. French. Sp8nish. Russian 8nd Arabic. Awards Thirty years after the first Rory Peck Awards, the 2025 Awards were held at BFI Southbank in November. Hosted by CNN'S Christina Macfartane. the ceremony introduced iwo new honours.. Freelancer ofthe Year and the Rory Peck Fellowship. COgnis1ng an oulslan(Jing contribution lo independent journalism. Palestinian journalists once again won the open categories, honoUd for their courageous coverage of the war in Gaza. The inaugural Fèllowship was awarded to the 88C Persian leam. recognising th8ir sustainèd commitment to independent journalism in the face of prolonged hara$$ment. intimidation, and threats against both journalists and their families by the Iranian authorities. The event also marked the passing ol the former ITN newscaster Sandy Gall, who died in the summer. Sandy was instrumental in helping sel up the Trvsl in 1995 and hosted the very firsl Rory Peck Awards. With his lamlly presenl in the audience, the Chief Executive ol ITN read a profile ol Rory Peck which Sandy had wrillen for their first Awards brochurè- a vrthY tributo to both men. 2025 At a Glance- Our Impact 441 Ielance journalists supported woddwide across training, crlsis assistance, and therapy 250+ frèèlancgrs trained. strerwiening safety, prgparedngss. and resilignce in high-r¢sk environments 71 crisis grants awarde<l, providing urgent support kylMallSts facing injury, delenlion, displacement, or loss of equipment 45 journalis15 accessed trauma-informed Iherapy, helping them recover, cope, and continue reporting Hall of crisis supprxt directed lo Palestinian joumalists, responding to the deadliest confiict for the press Advocacy amplffigd in thè UK and intematKJnally. confronting impunity and prèssing for stronger protections for journalists under inlernational law In a record-breaking year for violence against the press, the Rory Peck Trust helped freelance joumalists survive, recover, and continue telling stones the world need5 to hear. Page 7
The Rory Peck Trust Report ol the Trustees for the Year Ended 31 December 2025 FINANCIAL REVIEW Results The Trust's results for the financial year ending 31 December 2025 are set out in the attached financial statements and notes. Net movement in funds for the year amounted to a deficit of £28,67612024 surplLJS of £84,375). Total fund balances retained at 31 December 2025 were £469,29612024- £497,972), of which £132,77912024 - £89,349) was held as restricted fvnds. There is no material uncertainty to the going concern ol the charity. Re$•Th¢$ The Tnjslees aim to maintain general reserves io provkle around four monlhs. cover of ihe Trust's relevant core costs, enabling core chariiable activities to contsnue in Ihe short term should funding drop significantly. In making this assessment, adjustments to reserves are made to exclude restricted and designated reserves, together with adjuslmenls lo those costs that can be reasonably reduced w¢th such a funding drop in mind. This objective was mel in 2024 8nd 2025. Fundralslng Fundraising continues to be challenging Post Covid-19 pandemic as news broadcasters, whose corporate donations cover much of our core cos15. continue to experience further cuts. however we have al least m8inlain8d our corporate income compared lo the previous year. The Trust will continue working lo increase sustainable support from the media in(luslry as well as exploring lunding opportunities from trusts and foundations. The Trustees would like to thank all of its supporters and fvnders for their continued vital contribution to the work of the Trust. Corporate Support Unreslricled donations were received from the following fvnders: AFP. Advanced Tactic81 Resources, BBC, CBS News, Channo14 Television. CNN, the European Broadcastsng Union. ITN. ITV, NBC, Open Origins. Thomson Reuters, Sky News, Telegraph Media Group and ZDF. Trusts and Foundatlons The Trust received sUPPOrt from the Col. W H lIbrea1] Trust, the Committee lo Protect Joumallsts, Evan Cornish Foundalion, the Fairness Foundation, Ihe Fortl Foundation, the Human Rights Protection Fund, Trusta8s of St J8m8S. 8nd th8 Printing Charity. Governmental, Intergovernmental and partnershlp support No government support was received during the year. Voluntary Income The Trust continues to receive donatsons and grants from individuals. In 2025 The Trust organised charity tickets for runners wishing lo run the London Team Relay and the London Team Triathbn on behalf of Ihe Trust. In addition, a longlime supporter of the Trust ran Ihe London Maralhon lo raise funds. We were grateful lo Ihtr all the journ81ists who participated in these events. an(1 lo the Industry affilialtrs who sponsoreLI the events, a0gether these fundraising events raised around £35,0 for the Ttusl. The Rory Peck Awards The Trusl receives a contribution to its annual unrestricted irthme from ihe Rory Peck Awards. The Rory Peck Awards celebrate Ihe work of freelance cameramen and camerawomen in news and current affairs, raising their profile and helping to promote their work. In 2025 Ihe Awards Night was htrld at BFI Southb8nk. The Freelance Journalist of the Year Awarij was sponsored by Media Insuran¢e Brokers and the Impact Award for Current Affairs was sponsored by Sony while the Associated Press sponsored the Awards Brochure and Oaiaminr UK were general Awards stx)nsors - we are hopeful ihal all sponsors will confimi Iheir suptx)rt for 2026. In addition, the Swedish Embassy in London sponsored the Martin Adler Prize again for the fifth-year running. The Awards ceremony continues lo recewe pro-bono SVPFKJrt from many industry partners. including BBC News, Channel 4 News. ITN, Sky News, including Stoneapple and Zest4fv. - all of which help to keep the production costs of this annual fundraising evenl al a minimum and nurture engagement from the industry. In 2025, a net £30,288 {2024'. £39,784) was raised for Ihe Rory Peck Trusl through the Awards, held on 26th November 2025. Page 8
The Rory Peck Trust Report of the Trustees for the Year Ended 31 December 2025 FUTURE PLANS AND ACTVrflnES The past few years have been the deadliestforjoumalism in more than a decade. the result of a record number of conflicts across the globe. making the Trust's role in supporting freelance joumalisls with emergency assistance and safety training more relevant than ever. Technology allows mu¢h of the Trust's work to be performed remotely, ensuring the organisation deliver a unioue contribution to independent jOLJrnalism in the most costoffective way. The Trust will continue working to fulfil its mission as follows= Sècure sustainablè sources for its cofe activities by attracting nèw donors. sèèking to upgradè existing donors and retain the remainder. Advocacy to champion independent joumalism and Ihe conlribution of freelancers, raising the organisalion's profile. Partner with other organisations to deliver outcomes in the most cost-effective and timely manner Relaunch its online services to showcase its work and create a comprehensive 2417 presence, adding additional non-English language contsnl In¢re8se active participation in inlefflation81 collaboralions and slr818gic support groups to benefit freelance journalists and continue lo grow the Twst's visibility nationally and intemationally across 811 mgdia platforms. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are the direclors of The Rory Peck Trust for the purposes of company lawl are responsible for preparing the Annual Report and the financial statemenls in accordance wilh applicable law and United Kingdom Accounting Standards (United King¢Jom Generally Accepted Accounting Pr8Clicel. Comp8ny 18w requires the Trustees lo prepa company financial statements for e8ch financial year, which give a Irue and fair vigw ol the stale of affairs of the charilable company and ol the incoming resources and application of resources, including the income and expenditure. of Ihe ¢haritsble company for the year. In preparing these financial statements, the Tnjstees are required to: select 5Ultable accounting policies 8n¢J Ihen apply them consi$tenUy, observe the methods and principles in the Charilies SORP. make judgements and eslimales that are reasonable and prudent. $18le whether applicable UK Accounting Standards have been lollowed, Subjèct lo any material departures disclosed and explained in the financial statements, prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charitable company will contsnue in operaknon. The Tru51ees are responsible for keeping proper accounting records that are sufficient lo show and explain the charitable company's transactions 8n(I disclose wrth re8$0nable accuracy 818ny lime the financial position of the charitable company and enable them to ensu that the financial statements Comply with thg Companies Act 2006. They are also responsible lor safeguarding Ihe asseis ofthe charitable company and hence for taking reasonable steps for the deteclion and prevenijon of fraud and oiher irregularilies. The Trustees are sponsible for the mainlen8nce and integrity of the corporate an¢J financial information included on the ¢h8ritsble compan$ website. Page 9
Th• Rory Peck Trust Report of the Trustees lor the Year Ended 31 December 2025 PUBLIC BENEFIT STATEMENT The Trustees confirm that they have complied wrth their duty to have due regard to the guidance on public benefit published by the Charity Cofflmission in exercising their powers or dLrties. The public btrnèfil of Ihtr Charity's a¢tivities is ouuined under'Objeth"ves and Activities, above. PREPARATION OF THE REPORT This report of the Board of Trustees has been prepared taking advanlage of the small companies, exemption ol section 415A of the Companies Act 2006. INDEPENDENT EXAMINERS Azets Audit Services Limited. wll be proposed for re-aprK)intmenl at the forthcoming Annual General Meeting. 06 May 2026 Approved by order of the Board of Trustees on ............................ and signed on its behalf by.. Tlra Shubart IMay.6 2026, 8.'iewl Tira Shubart Chair Page 10
Indèpèndènt Examlntes Report to thè Trust•ès of The Rory Peck Trust I report to the charity trustees on my examinatM)n of the lnts of the company for the year ended 31 December 2025 whith are set out on pages 12 to 27. R•sponslbllltl•s and basls of r•port As the charity trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparati'on of the accounts in accordance with Ihe requirements of the Companies Act 20061'the 2006 Act'l. Having Sab'sfied mysew that th6 accounts of the company are not required to be audiltrd under P8rt 16 of tho 2006 Act and are eligible for independenl examinalion, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charilies Act 2011 1.the 2011 Acl'l. In carrying out my examination I have followed the Direcb'ons given by the Charity Commission under section 14515llbl of the 2011 Act. Indgpgndgnl examlnerfs statement Since the company's gross income exceeded £250,000. I confimi that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in EngL2nd and Wales, which is one of the listed bodies. I have completed my examination. I confirm Ihal no maiters have ccmne to my attention in connection with the èxamination giving mo cause lo b81ieve Ihal in any malorial r8spoct'. accounting records were not kepl in respect of the company as raquired by section 386 of the 2006 Acl.. or the accounts do nol accord with those records; or thg accounts do not comply with Ihe accounting requirements of sedion 396 of Ihe 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 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 hav9 no con¢ems and have come across no other mattgrs in conngction wrth tho examinatson lo which altention should be drawn in this report in order to enable a proper understanding of Ihe accounts to ba reached. Debra SaLJnders FCA, Bsc {Honsl Independent Examiner Azets Audit Services Limited Ashcombe Court Woolsa¢k Way Godalming Surrey GU71LQ Date.11 May 2026 Page11 continued...
Th• Rory Peck Trust {R•glst•r8d nuMr.035s2486l Statement of Financial Activities for the Year Ended 31 December 2025 Unrestricted funds 2025 Rèstricted funds 2025 Total Funds 2025 Total Funds 2024 Nots$ INCOME FROM: Don8lions and legacies Charitablè aclivilies Other trading a¢tivities Bank interest receivable 429.526 429.526 197.679 122,692 770 566.195 237,533 118.730 1.536 197,679 122,692 770 Total Income 552,988 197,679 750,667 923.994 EXPENDITURE ON: Raising funds Charitable activities 257.680 287.679 257,680 521,663 272.914 566.705 233.984 Total •xp•ndlture 545,359 233.984 779,343 839.619 NET EXPENDITURE BEFORE TRANSFERS 7.629 136.3051 128,6761 84.375 Tran$f¢r$ between fund• 15 79,735 79,735 NET MOVEMENT IN FUNDS 172.1061 43.430 128.6761 84,375 RECONCILIATION OF FUNDS Total fund8 brought forward 408.623 89,349 497,972 413,597 TOTAL FUNDS CARRIED FORWARD 336,517 132 779 469,296 497 972 The notes fomi part of these finanaal statements Page 12 continued...
Th• Rory Peck Trust {Reglst•r8d numbgr:035524861 Balance Sheet At 31 December 2025 2025 2024 FIXED ASSETS Tangible assets 12 975 2,361 CURRENT ASSETS Debtor5 Cash al bank 13 11.753 538,582 550,335 43.058 510,806 553,864 CREDITORS Amounts falling due within one ye8r 14 182,0141 158,2531 NET CURRENT ASSETS 468,321 495,611 NET ASSETS 469,296 497,972 FUNDS Unreslricled funds Designated funds General fund 15 15 75,975 260.542 336,517 152,361 256.262 408,623 Restricted funds 15 132,779 89,349 NET FUNDS 469,296 497,972 The company is enlilled lo the exemption from the audit requirement conlained in section 477 of the Cornpanies Act 2006, for the year ended 31 December 2025. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2tyJ6 with respect lo accounting records and the preparatn of financial slatemenls. The members have not require(I the ¢x>mp8ny to obtsin an au¢Jil of Its financial slalemonts for the year In question in accordance with section 476. These financial ststements have been prepare(l in accordance with the provisions applicable to companies subjecl to the small companies. regime. 06 May 2026 The Financial Statements were approved, ar authori5ed for issue, by the TTuslee5 on and signed on their behaff by.. Ir Tira Shubart- Chair Catherine rnS"wèY7-26 9 22aMI iggins- Trustee The notes fomi part of these financial statements Page 13 continued...
Th• Rory Peck Trust {Reglst•r8d number:035524861 Cash Flow Statement For the year ended 31 December 2025 2025 2024 Cash flows frorn operatlng actbvltles Net movement in fun¢Js Adjustments for". Depreciation of fixed assets Interest receivable Decreaselllncreasel in receivable5 Incré8sèIIDècr8asèl in p8yablés Nat cash g8n8rat8d by opèrating actl¥itl•s 128.6761 84,375 1,386 17701 31.305 23,761 27,006 1,866 11,5361 13311 36,804 47,570 Cash flows from investing activities Purchase of fixed assets Inlergst received Nel cash from investing activities 19501 1,536 588 770 770 Cash flows from financing activities Sale ol fixed assets Net increase in cash and cash equivalent$ Cash and cash equivalents al beginning of year Cash and cash •qulvalent• at ond of y•ar 27,776 510,806 48,156 462,650 17 17 538,582 510,806 The notes fomi part of these finanaal statements Page 14 continued...
The Rory P•ck Trust Notes to the Financial Statements ft>r the Year Ended 31 December 2025 ACCOUNTING POLICIES The Rory Peck Trust is a company limited by guarantee. incorporated in England. The registered office is Ashcombe Court, Woolsack Way. G¢yJalming. Surrey. GU7 1 La. The nature of the Charity's operations is set out in the Report of the Tiustees. a) Basls of preparatlon The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wrth Accounting and RepO.g by Charities.. Stalefflenl of Rècomménd8d Practicè applieAble to ¢hariliés preparing their 8c¢ounts in a¢cordancé with the Finan¢ial Reporting Standard appli¢able in the UK and Republic of Ireland issued in O¢tober 2019, the Financial Reporting Standard applicable in the Uniled Kingdom and Republic ol Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounling Practice. bl Pr•pJrotion of finan¢lal 8tstoments on golng ¢on¢om b8818 There are no material uncertainties about the Charity's ability lo continue 8s 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 conflicls around the world and their effects on freelance joumalists, the general downward pressure on the media industry's tradits'onal advertising revenues, inflationary pressures. the level of fun(Js held anij the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted income and &xpendilure is sufficient with Ihelgvel ol reseNe$ for the ¢harily to b able to continu as a going nc&m. ¢1 Relatèd party transactlon$ The Charity considers the Trustees as related parties and. in this respecl. asks each of them to formally declare any suth transactions on an annual basis. dl Forelgn exchange Monetsry assets and liabilities denominated in fol9n currencies are translated into sterling at rates of exchange ruling at th8 balance sh8el dat8. Transactions in lor8ign currencies ar8 translated into sterting al the rate ruling on the dale of Ihe receipt or payment. Exchange gains and losses arg recognised in the SOFA. •) Incom• r•¢ognltlon All income is included in the SOFA vthen the Charity is legally enlille¢J 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 ¢redited lo the SOFA when recgivable. Incom8 is only def8rr8d wherg Iherg are lime constraints imposed by the donor or if the funding is perfomiance related. Where ents'tlement to grants receivable is dependenl upon Ihe hjifilmenl ol condilions within (he Charity's control. the income is recognised when there is sufficienl evidence Ihat condilions will be met. Granls supporting the core activities of the Charity and with no specrfic reslriclions placed upon their use are included within voluntsry income. Grants that have specific $1CtIOrbs pla¢ed upon their use are included within income from charitable activitlgs. Page 15
The Rory Peck Trust Notes to the Financial Statements ft>r the Year Ended 31 December 2025 ACCOUNTING POLICIES- continued Restrlcted income Income received that has specific restri¢tions placed upon its use is Credited to restricted income within the SOFA on a reIV3b1e basis. Unspent balances are carried lorward within the relevant restricted fund. Donated services and facilities Facilities and services donated for the Charity's use. where the benefil is quantifiable and the goods or service5 would otherwise have had lo be purchased. are recognised in the financial slalemenls, a5 both income and expendilurts, al a r6asonable estimate of theii value in the period in whi¢h Ihoy are donated. Income tax recoverable Income tax recoverable in relation to Gift Aid donations is recognised al the time the relevant income is receivable. Def¢rr•d In¢ome Where income relating lo a futurg peric4J has been r1¥8. it 1$ deferred and subsequgntly recognised in the period in which the Charity becomes entided to the income. fj Expenditur• Expenditure is rectranised in the periofj in which they are incued on an a¢cru81s basis. ExndItuTe includes allributable VAT, which can11 be recovered. Grants and bursaries are recognised in the period in which they are committed. Grants payable are attributed to tho rglated clas$rfalion hoadgr in the SOFA. The costs of generating lunds relate to the costs incurred by Ihe group and charitsble company in raising funds for the charitable work. Governance costs are those associaled with the governan arrangements relating to the strategic operations of the Charity as opposed lo those costs associated wilh the general running of the Charity, fundraising or chariiable actsvity. These govemance costs include exlemal audit costs and allocation ol support costs. Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support costs which cannot be directly attributed lo parts'cular aclivilies, have been apportioned proportionately lo the dire¢l staff costs allocated lo the acts"vits"es. gl Fund accountlng General funds thal are unrestricied are available lor use at the discretion of the Trustees in furtherance of the general objectives of the Charity and where Ihey have not been deSnated for other purposes. Designaled funds comprise unrestricted funds that h8ve been sel aside by the Trustees for p8rticul8r purposes. The aim and use of each (leswJnate(J fund a set oul in the notes lo the fin8n¢i81 statements. Restricled funds are those to be used in accordance wlh specific restriclions imposed by donors or which have been raised by the Charity for particular Purposes. The cost of raising and administering such fund5 is charged against the specific fund. The aim and use of each Te51ricled fund are sel out in the notes to the financial ststements. Where there is an overspend on a particular reslricted fund, a yearond transfer is made from General Funds to the respective fund to cover the shorttall. Page 16
The Rory Peck Trust Notes to the Financial Statements ft>r the Year Ended 31 December 2025 ACCOUNTING POLICIES- continued hl Tanglbl¢ flxod ass•ts and dopr¢¢latlon Depreciation is provided at rales calculated lo vrrite down the cost ol each assèt to its èstimated residual value over its expected useful lie. The depreaation rates used are as follows= Computer equipment 33% on a str8ight-line b8515 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. 51 Operating leases R8nt81s payable und8r 0rating 168ses. where substanli8lly 811 the risks 8nd r8war(Is of ownership remain with the lessor, are Charged to the SOFA in the year in which they fall due. The Trust doesn't currently have any operating lease paymenis. Jl Short4erm debtors and credltors Debtor5 and creditors with no Staled interest rate and receivable or pay8ble within one year are recorded al the transaction price. Any losses arising from impaimenl are recognised in the slalemenl ol financial 8clivitses. kl Summary of signSflcant judgem•nts and kèy accounting estimates The preparation of the financial statements requires management to make judgements. estimates and assumptions th81 affect the amounts repx)rted lor assets and liabilities as al the balance sheet dale and the amounts reported lor income and expenses during the year. However. the nature ol estimation means thal actual OutMe$ could drffèr from those estimatès. Therg are no signfficant judgements and estimates that affed the amounts reported in the accounts. 11 Taxatlon The Charity is a registered charity and is tentIallY exempl from tsxatlon on income and galns, provided they are applied lo our charitsble obj'ectives. Page 17
The Rory Peck Trust Notes to the Financial Statements for the Year Ended 31 December 2025 INCOME FROM DONATIONS AND LEGACIES Total Total Unrestricted Unrestricted Funds Fund$ 202S 2024 Industry and Individuals donation5 ITN BBC ITV plc Channel 4 TV Google Ireland NBC Sky Agen¢e France Presse European Broadcasting Union Reuters CBS News Open Origins Telegraph Media ZDF CNN Advanced Tactical Resource5 Doha Forum Award 30tr Anniversary appe81 Fundraising events and appeals Other donations Regular givin9 and other donations Legacy donation 10,000 30,000 30,000 25,000 33,000 11.107 15,000 10,000 10,000 10,000 10,000 7,000 5,000 5,000 5,000 1,200 10,000 30.000 60,000 25,000 15.790 15,000 10.000 10.000 10,000 5.000 4.308 6.203 215.760 13.589 15.278 24,705 5,050 9,135 11.431 2S9.197 457,359 Foundatlon donatlons Anonymous donation Trustees of Sl James Col W H Whitbread Charitsble Trust Persula Foundation Association ol Foreign Press Correspondents 52,500 10.000 5,000 4,000 5.000 1,875 73,375 5,000 Donatlons servSces and facilitoes Publicity IT Licenses and other office costs Fundraising Conference and evenls Awards related 36.000 9,714 26,250 1,160 23,830 31,000 29.789 15,600 27,447 96,954 103,836 429,526 566,195 Page 18
The Rory P•ck Trust Notes to the Financial Statements ft>r the Year Ended 31 December 2025 INCOME FROM CHARITABLE ACTIVITIES Grant funding for specrfic charitable activities Total Restricted Funds 2025 Total Restricted Funds 2024 Supporting the Freelance Assistance Programme: BBC News Committèe to Protect Journalists Evan Comish Fairness Foundation Ford Found81ion Human Rights Protection Fundlfomierly Prisoner of ConScnCe) Thomson Reulers The Printin9 Charity Crisis Appeals 6.000 47.126 10,000 6.000 39,250 10,000 3,000 111,829 10,403 10,000 40,000 7,051 237,533 75,553 8.323 40,000 10.677 197,679 INCOME FROM OTHER TRADING ACTIVITIES Total Total Unr*strlct•d Unrostrletod Funds Funds 2025 2024 Trading income Awards sponsorship.. Sony Media Insurance Brokers Google Ireland Dataminr Associated Press AlJazeera Swedish Embassy Awards category entry fees Sundry income Advertising income Award licket sales Facility incoma 18,000 30,000 18,000 30,000 10,000 8,000 5,000 6,000 3,802 3.000 4,938 117 25.595 26,240 3,000 4,140 24,330 16,260 5,000 118,730 122,692 Page 19
Th• Rory Pack Trust Notes to the Financial Statements for the Year Ended 31 December 2025 EXPENDITURE ON RAISING FUNDS Total Total Unrestrithd Unrestricted Funds Fund$ 202S 2024 Direct costs Marketing promotion Diréct fundraising fees Allo¢ation ol salary costs Allocation of support cosis Direct Awards expenditure 230 7.951 98,901 58,194 92,404 529 6,243 127.530 59,666 78,946 257,680 272,914 EXPENDITURE ON CHARITABLE ACTMTIES Unrestrl¢tod R•$trlct•d Fund$ Funds 2025 2025 Total Fund$ 202S Total Funds 2024 Freelance assistance programme Advocacy and awareness Govemance costs 208.375 49.259 30.045 233,984 442,359 49,259 30,045 489,343 60,449 16.913 287,679 233,984 521,663 566,705 Expen¢Jllure on chadtable actlvilies w8s £6.705 In 2024 of which £279,312 was from unresldcled funds and £287,393 was from $tricted funds. Fr•elance A8sl8tance Progrnmm• Unr•strlct•d Funds 202$ Restrlcted Funds 2025 Total Funds 202$ Total Funds 2024 Ch8ritable grants to individuals Training bursaries and surgerias Trauma therapy lees MENA project Safety helpdesk advice Online resourcès Bank charges Other dlr•ct costs.. Office costs Sundry costs Subscriptions Tele¢ommunications IT costs Website Loss on exchange Annu81 audit Allocation of salary costs Allocation of support costs 72.882 55,143 40,994 47,836 72,882 55,143 40,994 47.836 73.764 61,459 35.058 72,015 7.672 2.076 761 1.735 838 1,735 838 170 63 26 138 645 170 63 26 138 645 339 84 291 1,112 430 1,220 487 11.807 1,220 487 139,736 80,446 1,359 158,742 74,181 127,929 80,446 208,375 233,984 442,359 489,343 Page 20
Tha Rory Peck Trust Notes to the Financial Statements for the Year Ended 31 December 2025 EXPENDITURE ON CHARITABLE ACTMTIES - contlnued Grants to individuals and other expenditure. included in the above are as follows: Expendlturt 2025 Expendltur• 2024 2025 No 2024 No Crisi5 fund grants Training fund Trauma therapy Online resources MENA project Safety helpdesk advice 71 100 45 74.987 55,143 41.009 1,735 61,110 60 195 65 74.525 61,459 35.058 2.076 106.603 7,672 225 202 57 Total for beneficiaries 441 233.984 S79 287.393 Unre$trl¢ted R*strl¢ttd Funds Fund$ 2025 2025 Total Fund$ 2025 Tot81 Funds 2024 Advocacy and awarnn•8s Travel Marketing and promotion 30th Anniversary promotion Allocation of salary costs Allocation ol support cost 864 1,215 864 1,215 864 1,303 13,569 30.200 14.513 30,064 17,116 30,064 17,116 49,259 49,259 60.449 Unrostrlctad Funds 2025 R•strtctod Funds 2025 Total Fund 2025 Total Funds 2024 Gov¢rnan¢• ¢osls Direct costs Independent Examination fee Prolessional advice Trustee expenses Lggal f88S Allocation of salary costs location of support cosis 6.713 2,674 1.460 6,281 7,780 5,137 6,713 2,674 1,460 6,281 7,780 5,137 6.057 217 171 7.240 3,228 30,045 30,045 16,913 Page 21
Tha Rory Peck Trust Notes to the Financial Statements for the Year Ended 31 December 2025 EXPENDITURE Grant fvndlng of actlvitlès Activltles undertsken dlr8etly Allocation of$upport costs Total 202S Staff costs Costs of generating voluntary income Fundraising ev8nl 81.676 17.225 8,181 92,404 47.925 10.269 137,782 119,898 Raising funds 98.901 I,585 58.194 257,680 Freelance assistance Advocacy and awareness Governance costs Support cost$ 217,693 139.736 30.064 7.780 18.237 4,484 2,079 17,128 142,656 80.446 17.116 5.137 1160.8931 442,359 49,259 30,045 Chantable activities 217,693 195,817 166,347 158,1941 521,663 Total expenditure 217,693 294.718 266,932 779,343 NET INCOMEIIEXPENDITUREI Nel income1lEXp8rIlUreI is stated after chargin9= 2025 2024 Independent Examination Fee Depreciation 4,500 6,000 Page 22
Tha Rory Peck Trust Note5 to the Financial Statements for the Year Ended 31 December 2025 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other beneffts for the year ended 31 December 202512024 - Trusteo$' expens•$ The Trust paid £2,757 {2024 - £552) on behalf of three12024- one) Trustees in respect of travel and accommodation and meetings. These amounts were necessarily incurred by the Trustees whilst accompanying the Director on fundraising trips and meetings to further the awareness of the Trust's charitable work and govemance. 10. SUPPORT COSTS 2025 2024 Staff Costs Recruitment costs Printing, postage and stationery Bank charges Rent and rates Travel and accommcialion Insurance Computer and IT Website Telephone and communications Staff training Sundry expenses Markgling and promotion Profit on disposal of fixed assets LossllProfill on currency exchange Dèpre¢ialion 18.237 21,650 1,405 13 489 5,248 2,003 252 7,734 676 863 3,496 13 1.489 75 283 5.189 5.698 247 8.810 12.690 937 3.576 706 3.439 2.666 1.386 63.939 555 47.752 Donate¢J servlces- Ilcenses, advertising, publicty. and events 96.954 103 836 160,893 151,588 Support costs that cannot be directty attributed lo particular activities, have been apportioned proportionalely io the direct stsff cosis allocaled to the aciivilies. Page 23
Th• Rory Pack Trust Notes to the Financial Statements for the Year Ended 31 December 2025 11. STAFF COSTS 2025 2024 Wages and salaries Employers, pension costs Employers, social SeCLJrity costs 268,005 5,064 21,649 315,725 5,495 24,142 294,718 345,362 The average monthly number of empyeeS during the year was as follows.. 2025 Number 2024 Number Costs of generating voluntary income Awards ceremony Governance costs Freelance pro9rammè Advocacy and awareness Support costs One employee received remuneralion in excess of £60.(KKI and their gr¢$ pay and employers contribulion to their p8nsion was £68,270. Kèy Manag•m•nt Remunèratlon The 10181 employee remuneration in the year attriixjtsble lo key management was £146,878 12024 - £140,230) 12. TANGIBLE FIXED ASSETS Computer Equipmonl Cost Al 1 January 2025 Additions during the year Disposals during the year 8,373 Al 31 December 2025 8.373 D•prèciation At 1 January 2025 Charge for the year Disposals during the year 6.012 1,386 At 31 DeMtser 2025 7,398 Net book value Al 31 December 2025 975 Al 31 December 2024 2,361 Page 24
Th• Rory Pack Trust Notes to the Financial Statements for the Year Ended 31 December 2025 13. DEBTORS: AMOUNTS FALLING DUE YIITHIN ONE YEAR 2025 2024 Due wlthln on• year Prèpaymènts A¢crued income Sundry debtOTS 5,360 343 6,050 4,695 1,795 36,568 11,753 43,058 14. CREDITORS: AMOUNTS FALLING DUE H1N ONE YEAR 2025 2024 Other creditors Other tsxes and la1 security Accruals Deferred grant income 10,350 7.817 58.597 5.250 11,332 6.396 40,525 82,014 58,253 Deferred Income Balance al 1 January Amount relèased to incoming resources Amount deferred in the year 30,000 130,0001 5,250 Balance at 31 December 5,250 Income received is deferred rf there is in place a contract OT agreement with the source of the income which specifies the lime period over which the expenditure of re50urce5 on a service can lake place. Page 25
The Rory P•ck Trust Notes to the Financial Statements ft>r the Year Ended 31 December 2025 15. STATEMENT OF FUNDS Brought Forward Carried Forward Income Expenditure Transfers RESTRICTED FUNDS Assistance grants Training fund Trauma therapy fund Ford MENA project Online resourcgs 2,172 2.733 18.650 65,794 26.571 40.929 54.626 75.553 {74,987} 155.143) 141.009) 161,110) 11.735} 58.000 27,670 17,6701 11,756 16.189 24.597 80.237 1.735 89,349 197.679 (233,984) 79,735 132,779 SUMMARY OF FUNDS D&signaled fixed assel fund Designatgd Doha Award General funds 2,361 150,000 256,262 11,3861 175,0001 13,3491 975 75,000 260,542 552.988 (545,359} 408,623 89,349 552,988 197,679 (545,359} 233.984) 179,7351 79,735 336,517 132,779 Restricted fundslabovel 497,972 750,667 779,3431 469,296 De8lgn8ted funds Fixed asset fund.. The fixed assets of an organisalKsn are considered lo be not easily realisable and therefore should not be r8pr8S8nt8d by th8 General fvnd. A transfer of £1.38612024.' £9161 was made to designated funds from general funds, which malched the change in net book value of tangible fixed assets. The balance carried forward is equal lo the Year*r net book value of fixed 8ssels. Doha Forum Award Fund.. An UnStricted Award was received al the end of 2024 an¢J £150.000 was set aside to be used equally over 2025 and 2026 to supp( our Charitsble programmgs. Rgstrlcted funds Assistance grants.. This includes funds reraived from various organisations lo support freelance news gatherers who need help as a resutt of Iheir involvement in ¢XJnflict, civil disorder or reporting human rights abuse5. Trainirtg fund.. The Training fund provi(les buwsaries and project funding to enable freelan¢e medi8 workgrs worldwid8 to und8rt3ke hostslè gnvironment training. During the ygar. the Trust re1Ved funding from BBC News, the designated Doha fund and The Printing Charity. Trauma therapy lund.. This lund provides trauma therapy grants for appropriate freelance newsgalherers. During the year. the Trust received funding from The Printing Chanty and Committee to Protect Joum81ists. Ford MENA Projectr. The Ford Foundation has funded a projed in the Middle East and North Africa region in supwrt of bolslering freelance journalism Ihrough providing physical, psychological, legal and digital safety trainings leading lo strengthened civic space. Online Resources: Resources are made available to freelance joumalisls via our website in many 18ngu8ges. Page 26
Th• Rory P•ck Trust Notes to the Financial Statements for the Year Ended 31 December 2025 16. ANALYSIS OF NET ASSETS General Designated Fund Fund Restricted Fund Total Funds Tangible fixed assets Current assets Current liabilities 975 75.000 975 550,335 82,0141 296,377 35,835 178,958 46,1791 260,542 75,975 132,779 469,296 17. COMPONENTS OF CASH AND CASH EQUIVALENTS 2025 2024 Bank current account Bank reseNe account Bank dollar account Bank euro account PayPal account Wise 8c¢ounl 5,000 134,114 343,812 55,606 so 5,000 97,359 399,888 4.998 3,180 381 538,582 510,806 18. OTHER FINANCIAL COMMITMENTS Al 31 December 2025, the Trust had no annu81 eommitments under non-cancellable operating leases. 19. ULTIMATE CONTROLLING PARTY The Trustees do not consider there to be an ultimate controlling party. Page 27