Reglstered number: 04B86768 Charity iiumbor.. 1110263 MEDIA DIVERSITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
MEDIA DIVERSITY CONTENTS Page Referencg and Admlnlstratlve Dètalls of the Companyi Ils Trustees and Advlsers Trustees. Report Independent Audltors. Report on the Flnanclal Statemenls Statement of Flnancial Acllvlllos 9-12 13 Balance Sheet 14-15 Statement of Cash Flows 16 Notes to the Flnanclal Statèmènts 17-30
MEDIA DIVERSITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 31 DECEMBER 2023 Trustees Julian Blake. Trustee Paresh Solanki, Trustee Chrislina Pribichevich - Zoric. Trustee Professor Eric Heinze, Trustee lappoinled 6 January 20241 Dr Verica Rupar, Trustee {appoinled 6 January 20241 Company reglstered number 04886768 Charlty regl$t9rfyd numbgr 1110263 Reglstered offlce 85-87 Bayham Street London NW1 OAG Company secretary Juli8n Blake Chlef gxgcullve offlcer Milica Pesic Independent audltors Desaur LLP Chartered Certified Accountants Slalulory Auditor CEME Campus Marsh Way Rainham Essex RM13 8EU Bankers Barclay Bank PIC 15 Great Portland Slreel London W1W 8QA Page 1
MEDIA DIVERSITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Tfuslees present their annual report logelher with the audited financial slalemenls of the company for the l January 2023 10 31 December 2023. The Annual Report serves the Pufposes of both a Trustees. report and a directors, report under company law. The Trustees confirm that Ihe Annual Report and financial slalemenls of Ihe charitable Company comply wilh the current slalulory requirements. the requirements ol the charilable company's governing document and the provisions ol the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their aceounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of l¥eland IFRS102} {effeclive 1 January 20191. Slnce the company qualifies as small under section 382 01 the Companies Act 2006, the Slralegic Report required ol medium and large companies under the Companies Acl 2006 Islfalegic Report and Diieclors. Report) Regulations 2013 has been omilled. Welcome lo our 2023 Annual Report. The Media Diversity Inslilule IMDI.. official name Medla Dlversltyl is a charity Ihal works inlernalionally lo encourage accurate and nvanced reporiing on race, religion. elhnicily. class, disability, gender. and sexual idenlily issues in media landscapes around the world. While our work is grounded in the principles of freedom of expression and the values of diversity and inclusion, our day-lo-day work focuses on cullivaling practical skills to combat negative slereolypes and (lisinlormalion and lo improve media and Information literacy. Oblectlves and actlvltles a. Pollcles and oblectlve5 The policies adopted in the furtheranc8 of objeclives are to provlde the education and Iraining of person8 who are or who may be engaged in such conflict or potential conflict environments through Ihe aclivilies of the media or olherwise. In addilion, Ihe charity advances the education of the public Ihiough research, monitoring and analysing the causes and effects ol such conllicls, the best means of promoling their prev¢nlion,managemenl, amelioration and resolution and the best means of edu¢aling and training persons in relation thereto and dissemlnaling the useful resulls of su¢h reseafch. monitoring and analysis. There have been no changes in the year. In selling objeclives 8niJ planning for aclivilies. the Trustees have given due conslderalion lo general guidan¢e published by the Charily Commission relating to public benelil, including the guidance 'Public benefil.. running a charity IPB2)'. Page 2
MEDIA DIVERSITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Oblecllves and actSvltles Icontlnued} b. Our key challenges and hlghllghts The year 2023 was much moTe about achievemènts than about challeng6s, 11 was marked by several successes including.. a long-lerm core funding Contract, the second in MDI'S history, bul the very first long-lerm one,. selling up the Media and Diversity Research Cenler {MDRCI'. the celebration ol MDI'S 25th anniversary and lo mark the oceasic>n the publication of Ihe book Diversity ai?d tlie Media.. Tlien, Now and Beyond. There were some challenges loo, such as th8 financial solidification of MDI Global. the MOI'S Brussels-based sislor organisalion,. and MDI'S internal redislribulion of responsibilities, both of them mel wlh appropriate solutions. The MDI leatn is very proud of ils core funding lor the lollowng reasons.. it has allowed us lo do Ihings we were unable lo do before by using project funds such as events lo (aise relevanl Diversity and Media issues, produce publicalions relevant lo our aclivilies. sel up a Research Cenlre. and host an Away Day for the MDI team. We continued pracli¢ing posl-pandemic modus operandi - a combination ol remole and oflice work which wll be assessed once the MDI Research Centre is sel up and ils team hired. Our 25th Anniversary. Novembei 17th, brought 109elher some 120 people who allended in person and more than 300 peoplè who watched the recording ol il. More (Jelails about the event and the book are here.. The e- version of Ihe book is available for free on the MDI website while hard copies wll be available foi pufchasing through plallorms such as Amazon. A decision was lo be taken the follown9 yeai. once diffeient options had been explored. In 2023 the contract wilh the US Slate Departmènt for our flagshlp proSecl Gel the Trdls Oull was extended for another two years, making for a lolal of 10 years of implemenlalion lime. Aller this poriod, wg can slill go lo Ihe same funder wilh Ihe same pioject bul we will need lo look lor appropriate funding opporiunilies. In 2023, the Iwelllh generation of students enrolled in the Dlvèrslly and the Medla MA Course al the University of Weslminsler. Unlortunalely. there was a significant drop in the number ol enrolled sludenls and in Ihe variety of modules on offer, ralslng the question of whelher the laller caused the former. After 14 monlhs, the new Deputy ExecLtlive Direclor IDEDI left MDI. The majority of the respon5ibililies were divided between MDI'S Executive Director and MDI'S Western Balkans Executive Dire¢lor. The Faller was promoted lo MDI Head ol Development and Delivery. One ol the MDI project Managers, who was previously in charge of MDI Communications, look over the DED'S communications responsibilities, thus giving MDI thè spaee and the lime lo hire a new commvnicalions director the following year. The year 2023 was also devoted lo Ihe following aclivilies: a) Th& continua1 Implementation. linalisalion, and selling up of new programmes. b) Exploring funding opportunities for all three sister organisalions, focusing on MDI Global in 2023 and beyond. In lolal. 32 applicalions were submilled lo various funders, ol which 10 were successful, all relating lo countries anrl legions where MDI has alre8dy been operaling previously. cl Use of core lunding. Followng the complex rijles lor the use of this funding, MDI ulilised il for several purposes- lo contribute to staff salaries in instances where they were not fully covered by the projects.. the MDI Anniversary, the away day, and producing the. book. dl Development of MDI'S 5-year Development Strategy. The task was initially the responsibility ol the DED. After several delays and challenges, Ihg work was outsourced lo an exlernal consullanl. and the work scheduleLI for complelion the followng year. e} Development of MDI'S 5-year Communications Slralegy. For the reason listed under item dl, Ihls task Page 3
MEDIA DIVERSITY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Oblectlv6s and actlvltles Icontlnuedl was moved lo the following year when a Communications Director would be hired. O Conlinualion ol efforts lo return lo the South C8ucasus. Though Ihis did not happen as planned, the feedback from the Funder was very positive. prompting MDI lo decide lo resubmit the proposal the following year. g) Building conlacls wilhln the FCDO. Unforlunalely, this did nol happen either. All our efforls lo make our work visible an($ appealing lo the British government ended in the hope that the 2024 Elections would bring into power a party that would have more underslanding for and apprecialion of charitable work in the field of diversity and inclusion. h) Raising Ihe profile of MDI in thè UK and abroad. l Media Diverslty Institute Global, MDI Global 15 a5SOClated publlc benefit charity. It is registered as a not-lor-profit oiganisation In Brussels., Registration No. 554723-046-69. Offlcial address.. Rue d'Edimbourg 26, Ixelles 1050. Belgium. https=l/www.medla-dlverslty.orglcategory/25th-anniversarvl . FUNDRAISING AND IMPLEMENTATION OF THE GRANTS In 2023, a lolal 0110 grants were obtained belween the three sister organisalions, one of them for MDI'S Get the Trolls Outl Phase 6. With the existing funding oblalned before 2023, MOI'S annual lufnover in this given year was £913.07212022 - £1,545.2351. Listed below are projects whose implemenlalion began in earlier years. bul conlinued throughout 2022, as well as projects whose implemenialion started in 2023.. al Implementing and Finalising Phase 4 of the 'Get the Trolls Out, project, 2021-2023. bl Implementing and Finalising the RON2.0 projeel. 2020-2024. cl Implementin9 and Finalising the Incluslve Medla, Cohèslve Soclety project, Lebanon, 2020-2023 dl Implementing the 'Get the Trolls Outl, Srl Lanka project, 2020.2024 el Implemenling and Finalising the MEDIADELCOM proiecl, 2021.2024 f) Implementing and Finolising the MAGIC project, 2021-2023 g} Impl&menling and Finalising Ihe COVINFORM project. 2021-2023 h} Implementing the SALAM ONLINE project, 2022.2005. i) Co-running Ihe MA In DSverslty and the Medla programme al Ihg Universily ol Weslminsler. Page 4
MEDIA DIVERSITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Oblectlves and actlvlll6s Icontlnuedl d. MDI'S CHALLENGES IN 2023 The following challenges were faced in 2023.. Organising MDI'S 25th Anniversary with the team which was already very busy with Ihelr regular WOTk. The team's enthusiasm and creativity resulted in an event we are all very proud of. Significant help was provided by MDI Trustees Peresh Solanki and Julian Blake who helped wlh the agenda, filming the event, and speaking al it. Producing a book lo mark MDI'S 25th anniversary. This was the task of the Executive Director. Having 24 MDI advisors, consullanls, trainers and friends conlribule their essays lo the book was a challenge bul also a joy, since the process proved once mor& how important the role of these people has been in MDI'S success. MDI is very thankful lo MDI Trustee Christina Pribichevich Zoric who helped wlh the translation ol some of the essays. • The Second MDI Team Away Day. MOI is still seaichlno for Ihe right way to organise this practice. Bringing some 15 people Irom MDI sister organisalions lo London and offering the same programme lo ALL MDI stall- some of them Londoners- while making il exciting and valuable lor each of us turned into a memorable gathering. thanks lo Ms. Pribichevich Zoric. who hosted part of the Away Day. Support our Brussels-based sister organisalion, Media Diversily Inslilule Global {MDIG}, so that il becomes financially viable, and has enough funds lo hire a full.lime Head of Operations. Negoli81ing and understandin9 the core fundlng procedures and use of it. This complex and lime-consuming process started in September 2022 and finished in September 2023. resulting in 26.82% of each US grant lo be used as Core funding. Some of the questions regarding how lo use il remain open and V11 be clarified only once the 2023 Narrative and Financial reports are submilled lo Ihe funder l June 20241. e. MANAGEMENT DECISIONS Personnel changes Aller 14 monlhs wlh the MDI. the Deputy Executive Director IDEDI left the organisalion by mulual agreement, This posed several challenges.. finding an expert lo do MDI Strategy 2024-2029, and finding interna1 personnel solutions lo lake on other DED responsibilities. An inspiring strategy and 10 new grants enabled the challenge to turn into the success that MDI deserves. MDI also concluded that each new job should lirsl be offered lo those who know MDI and shafe ils values. The Project Manager ol Gel Ihe Trolls Oull IGTTOI left the organisalion one month after the new conlfacl for GTTO Phase Five was signed. The bridging solution was found in collaboration with the funder who agreed lor MDI'S Executive Director lo assume the fole ol GTTO Project M8nager while looking for a long-lerm solution. Page 5
MEDIA DIVERSITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objectlves and actlvllles Icontlnued} f. RAISING THE PROFILE OF MDI IN THE UK AND ABROAD Represenlalives ol MDI were invited lo join several high-level events, as speakers. trainers, jurors, or conlribulors. Some of the most important events allended were the followng.. al EC Media Literacy Expert Group Conference, Brussels, 16th February. Speaker. bl Guesl on BBC Radio. London, 2nd April- Commenlalor. c) Wroclaw University, Journalism MA, 25th May. online. Speaker. dl Civil So¢iely Hackalhon, Chisinau, 23r(J-251h June. SpeakerlJuror. el Brussels Afternoon Tea for UK Associations, Embassy of Belgium, London, 5th October. Allendance. fj Wellbeing Forum, London, 9th October. Participants. g) Conference on Ihe Pfevenlion of Intolerance. Dlscfiminalion, and Hale. The European Parliament, Brussels. 24th October. Speaker. h) CAICIID 5th European Policy Dialogue Forum. Rollerdam, 131h-151h November. Speaker. il Egyptian Inlernalional Media Forum, Cairo. 261h-27th November. Speaker. j} Universily ol Weslminsler Journallsm Covrse, London. 30th November. Speaker. kl Arab Reporters for Investigative Journalism IARIJI Annual Forum, Amman. 1sl.3rd December. Allendance. Achlevements and performancè a. Maln achlèvements ofthg Company The Charills 8cheivemenls and performance are lully deiailed in the section above. b. Revlew of actlvltles The Slalemenl of Financial Aclivilies shows grants received of £912,58812022.' £1,535.9081 and expenditure of £1,082.918 {2022'. £1,524.0371. This has resulted in a nel delic51 of 169,846 12022.. Surplus 01 £21,1981211er laking into aecounl the amounts received as inveslmenl and other income. 51 is the policy of the charity that funds are sought well in advance of ils activities in order lo ensure Ihal il wll be able lo continue the charills current objectives whlle consideration is given lo ways in which additional fund8 may be raised. Flnanclal revlew a. Golng concern Aller making appiopriale enquiries. the Trustees have a reasonabl& expectation that the company has adequate resources to continue in operational existence lor the foreseeable future. For this feason, they continue lo adopt the going concern basis in preparing the financial slalemenls. Further details fegarding the adoption ol the going concern basis can be found in the accountin9 policies. Page 6
MEDIA DIVERSITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 b. Reserves pollcy The Trustees have examined Ihe charills requifements for reserves needeij lo meet the working capital requiremenls ol Ihe charity and Ihey are conlidenl Ihal Ihe chaiity is able to continue the Cufrenl charitable aclivilies. Structure. governance and management a. Constllutlon Media Diversity is registered as a charitable company limited by gu8ranlee and was sel up by a Memorandum of A550cialion. b. Methods of appolntment or electlon of Truste6s The management of the company is the responsibility of the Truslees who are elected and co-opled under the terms of the Articles ol Association. c. Flnanclal rlsk management The Trustees have assessed Ihe majoi risks lo which the company is exposed, in particular those related lo the operations and finances of Ihè company. and 8re satisfied that systems and procedures are In place lo miligale exposure lo the major risks. Plans for future perlods KEY 2024 OBJECTIVES a) Sellin9 up the Diversity and Media Research Cenler b) Bringing new lundlng lo MDI c} Entering a new region - Latin AmerSca dl Making lull use of Core Funding el Further support lo MDI Global and MDI WB f> Returning lo the Soulh Caucasus gl The search for a Communications Director h) Building contacts wlhin the FCDO Members. Ilablllty The Members ol the company guarantee lo contribute an amount not exceeding £1 to the assets ol the company in the event of winding up. Page 7
MEDIA DIVERSITY TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Truste6s' responslbllltles The Trustees (who are also the directors of the company for the purposes of company law} are responsible lor preparing the Tfuslees, Reporl and the f1nanci81 slalemenls in accordance wlh applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. Company law requlres the Trustees lo prepare financial slalemenls lor each financial year. Under company law Ihe Trustees musl not approve the linancial slalemenls unless they are salisfied that they give a liue and fair view of the slate ol affairs of the company and of ils incoming resources and application ol resources, including ils income and expendilufe. lor Ihal period. In pieparing these financial slalemenls. the Truslees are required lo.. gelecl suitable accounting policies and then apply them consislenlly.. observe the methods and principles of the Chari118s SORP {FRS 1021.. make judgments and accounting e51imales Ihal are reasonable and prudent.. slate whether applicable UK Accounting Slandards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going coneern basis unless il is inappropriate lo presume Ihal the ¢ompanywill continue in business. The Trustees are responsible for keeplno adequate a¢Gounling records that are sulficienl lo show and explain the companys transactions and dis¢lose with reasonable accuracy al any lime the financial pos11ion of the company and enable Ihem lo ensure Ihal the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for Ihè prevention and dele¢lion of fraud and other irregulaiilies. Dlsclosure of Informatlon to audltors Each of the persons who are Trustees al the lime when this Trustees. Report is approved has Confirmed Ihal: $0 far as that Trustee is aware, Ihere is no relevant audit information of which the charilvs auditors are unaware. and that Trusle8 has taken all the steps that ought lo have been taken as a Trustee In order lo be aware of any relevanl audit information an($ lo establish that Ihe charills auditors are aware of that informalion. Audltors The auditors. Desaur LLP, have indicaled their willingness lo continue in office. The designated Tiuslees wll propose a motion reappointing Ihe auditors al a meeting of the Trustees. Approved by ord&r of the members of the board of Trustees on 19 September 2024 and signed on their behalf by.. JLJlla {Tru$le ake Page 8
MEDIA DIVERSITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDIA DIVERSITY Oplnlon We have audited Ihe financial slalemenls of Media Diversity Ilhe 'charilable company) for the Year ended 31 December 2023 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet, the Slatemenl of Cash Flows and the related notes, including a summary of signifi¢anl accounting policies. The linancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandald 102 'The Financial Reporting Standard applicable in the UK and Republic of Ifeland, (United Kingdom Generally Accepted Accounling Practice). In our opinion Ihe financial slalemenl8'. give a Irue and lair view of the stale of the charitable companys allairs as al 31 December 2023 and of ils incoming resouices and applicalion ol resource5, includin9 ils income and expendilure for the Year then ended.. have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounllng Praclice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance wlh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the eharilable company in accordance wlh the ethical requiiemenls that ale relevant to our audit of the linanclal slalemenls In the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have lullilled our other ethical re5pDnsibililies in accordance with these requirements. We believe Ihal the audil evidence we have obtained is sufficient and appiopriale lo provide a basis foi our opinion. ConGluslon5 relatlng to golng ¢on¢ern In auditing Ihe financial slalerrenls, we have concluded Ihal the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on (he work we have performed, we have not idenlified any material uncertainties relating lo events or conditions that, individually or collectively. may cast significant doubl on the charitable companys ability lo continue as a going concern lor a period of al least twelve months from when the financial slalemenls are aulhoiised for issue. Our responsibililios and the fesponsibililies of the Tiuslees wilh respect lo going concern afe (iescribed in the relevant sections of this report. Page 9
MEDIA DIVERSITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEOIA DIVERSITY ICONTINUEDI Other Informatlon The other information comprises thè information included in the Annual Report other than the financial slalemenls and our Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl olherwse explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilily is lo read the olhel information and, in doing so. consider whether the other information is materially inconsislenl with Ihe linanclal slalemenls or our kno¥edge obtained in the course of the audit, or olherwse appears lo be materially misslaled. 11 wfj idenlily such material inconsislencies or apparent material misslalemenls, we are required to determine whether Ihis 9ives rise lo a material misslalemenl in the financial slalemenls themselves. 11, baseL% on the work we have perfoTmed, we conclude that there is a material misslalemenl of this other information. we are iequifed lo report that fact. We have nothin9 to report In this regard. Matters on whlch we are requlred to report by exceptlon We have nolhin9 to reptsrt in respect ol the following mallers where the Cha¥ilies (Accoun18 and Reports) Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in Ihe Trustees. Report is inconsislenl in any material respect wilh the financial slalemenls., or sufficient accounting records have not been kept., or the linancial slalemenls are not in agreement wilh the accounllng records and returns., or we have not received all the Information and explanalions we require for Ouf audit. Responslbllllles of trustees As explained more fully in Ihe Trustees. Responsibililies Slalemenl, the Trustees (who are also the directors of the charitable company lor the purposes of company lawl are responsible for the preparation of the financial slalemenls and lor being salislied that they give a true and fair view, and for such inlernal control as the Trustees determine is necessary lo enable Ihe preparation ol financial slalemenls Ihal are free Irom maleiial misslalemenl, whether due lo frauij or error. In preparing the financial slalemenls, the Tfuslees are responsible for assessing the charitable Companls ability lo continue as a going concern, disclosing. as applicable, malleis related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the chafilable company or lo cease operations, or have no realistic allernalive bul lo do so. Page 10
MEDIA DIVERSITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MEDIA DIVERSITY ICONTINUEDI Audltors, responslbllltles for the audlt of the flnanclal statements We have been appolnled as aUdlOr unde¥ secllon 145 ol lh8 Charities Act 2011 and report in accordance wilh the Act and relevanl regulations made or having ellecl Ihereunder. Our objectives are lo obtain reasonable assur8nce about whether the linancial slatemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and lo issue an Audilors, Report Ihal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wlh ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise Irom fiaud or error and are considered material il, individually or in the aggregate, they COLtld reasonably be expected lo influence the economic decisions ol users taken on the basis of these financial slatemenls. Irregularities. includin9 fiaud. are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, OLillined above. lo delecl malerial misslalemenls in respect of irregularities, includin9 fraud. The exlenl lo which our procedures are capable of delecling irfegularilies, including fraud is detailed below.. Based on our understanding of the company and industry, we identified the principal risks ol non-compliance with laws and regulations. We also considered those laws an(J regulations that have both a direct and non-direcl Impact on Ihe financial slalemenls. Audit procedures performed included: Enquiring with management including consideration of known or suspected instances of non- compliance vilh laws and re9ulalion and fraud. Idenlilyng and lesling journal entries, in particular any journal entries ptssled wlh unusual account cornbinalions. Because of the inherent limitations ol an aydil, there is a risk that we will not detect all iriegularilies. including those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulalion. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in Ihe financial slalemenls. as we will be less likely lo become aware ol instances of non-compliance. The risk is also giealei regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omissiL)n or misrepresenlalion A furtheT descrlpllon of our responslbllllles for the audit of the financS8l slalemenls is located on the Financial Reportin9 Council's website al.. www.fr .or .uklaudilorsres onsibililies. This description forms part ol our Audilers, Report. Use of our report This report Is made solely to the charitable eompanls Iruslees, as a l)ody, in accordance wilh Part 4 01 th8 Charities (Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charitable companys Iruslees those mallers we are required lo slate lo them in an Auditors, Report and for no other purpose. To the fullest exlenl permilled by law. we do not accept or assume responsibility lo anyone other than Ihe charitable company and ils members. as a body, for our audit work, for this report, or foi the opinions we have formed. Page11
MEDIA DIVERSITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDIA DIVERSITY ICONTINUEDI Desaur LLP Chartered Certified Accounlanls Slalulory Auditor CEME Campus Marsh Way Rainham Essex RM138EU 19 Seplember 2024 Desaur LLP are ellgible lo act as auditors in terms of seclion 1212 of the Companies Act 20(K. Page 12
MEDIA DIVERSITY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Re$lrlcted funds 2023 Total funds 2023 Tol81 lunds 2022 Note Income from: Donations and legacies Inveslmenl8 Other income 71,811 187 297 840,777 912,588 187 1,535,908 89 9.238 297 Total Income 72,296 840.777 913,072 1.545.235 Expendlture on.. Raising lunds Chari18ble aclivilies 72.533 200.328 84,355 725.702 156.888 926,030 111,597 1,412,440 Total expendlture 272.B61 810,057 1,082,918 1.524,037 Net16xpendllurelllncome Transfers beNveen funds 1200.6661 307.338 30,720 1307,3381 1169.8461 21, 198 14 Net movement In funds 106.772 1276,6181 1169,8461 21, 198 Reconclllatlon of funds: Total funds brought forward Nel movement in funds 1,083,104 106.772 551,208 {276,618} 1.634,312 169.8461 1,613, Iq4 21, 198 Total funds carrled foNard 1.189.876 274,590 1,464.466 1.634,312 The Slalemenl of Financial Activities Includes all gains and losses reeognlsed In Ihe Year. The notes on pages 1710 30 form part of Ihe¥e linancial slalemenls. Page13
MEDIA DIVERSITY REGISTERED NUMBER.. 04886768 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangible assets 11 1,743 2,653 1,743 2,653 Current a880ts Debtors 12 606,361 958.719 85.079 1,613.828 Cash al bank and in hand 1.664.080 1.698,907 Creditors.. amounts falling due wlhin one year 13 {101.3671 f67.248) Net current assets 1.462,723 1.631.659 Total assgts le$$ current Ilabllltles 1.464,466 1,634,312 Not ass6ts &xcludlng penslon assat 1,464,466 1,634,312 Total net as8&ts 1,464,466 1, 634,312 Charlty funds Reslricled funds Unreslricled funds 14 14 274,590 1,189,876 551.208 1,083, 104 Total funds 1,464,466 1,634,312 The enlily was enlilled lo exemption from audit und8r section 477 of Ihè Companies Act 2006. The members have nol required the enlily lo oblaln an audit for the Year in question In accordance with section 476 01 the Companies A¢1 2006. However. an audil is required in accordance with section 145 01 the Ch8rilios Acl 2011. The Trustees acknowledge their responsibililies lor Complying wlh th8 requiiemenls of Ihe Act wilh respect lo accounting records and preparation ol financial slalemenls. The financial $lalemenls have been prepared in accordance wlh the provisions applicable lo enlilies subject lo Ihe small Companies re9iMe. Page 14
MEDIA DIVERSITY REGISTERED NUMBER.. 04886768 BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2023 The financial slalemenls were approved and 8ulhoiised foi issue by Ihe Trustee$ on 19 Seplember 2024 and signed on their behalf by.. Julla {Trusl ke The notes on pages 17 to 30 form part of these financial slalemenls. Page 15
MEDIA DIVERSITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operatlng actlvllie$ Nel cash used in operating activities 1666,1091 16.651 Cash flows from Investlng actlvStles Ng1 cash provlded by Invèstlng acllvltl88 Cash flows from flnanclng actlvltl Net cash provlded by flnanclng actlvllles Change In cash and cash equlvalents In the Year Cash anLI cash equivalents al the beginning of the Year 1665,1091 1,613,828 16.6S1 1,597, 177 Cash and cash equlvalents at the end of th9 Year 958.719 1,613.828 The notes on pages 17 10 30 form part of these financial slalemenls Page 16
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General Informatlon Media Diversity is a private company limited by guafanlee incorporated in England and Wales. The reglslered office is 85-87 BaaM Street. London. NWI OAG. The members of th& company are the Trustees named on page 1. In Ihe event ol the company being wound up, Ihe liability in respect of Ihe guaianlee is limited lo £1 per member of the company. Accountlng pollcles 2.1 Basls of preparatlon of flnanclal statements The financial slalemenls have been prepared in accordance wlh Ihe Charities SORP IFRS 1021 Ac¢ounling and Reporting by Charities." Slalemenl of Recommended Pra¢lice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20151. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and Ihe Companies Act 2006. Media Diversity meets Ihe delinilion ol a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or Iiansaclion value unless o[hei$ staled in Ihe relevant aecounling policy. 2.2 Golng concern Al the lime of approving Ihe accounts, the Iruslees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the forseeable future. Despite the impact of COVID-19, the charity continues lo generate income and plans on continuing business as normal following the gradual return lo operations aller the nalional lockdown period. On this basis. the Iruslees continue lo adopt the going concern basis of accounting in prepaiing Ihe accounts. 2.3 Income All income is recognised once the company has enlillemenl to the income. il is probable that the income wll be received and the amount of income receivable can be measufed reliably. Income Irom granls is recognised when the charily has enlillemenls lo the funds, any performance conditions allached lo the grants have been mel. the receipt ol economic benefit from the use ol the company of the ilem is piobable and that economic benefit Can be measured reliably.. Olher income includes reimbursed expenses and renlal income which are recognised in the period in which il is receivable. Page 17
MEOIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng pollcles Iconllnu&dl 2.4 Expendlture Expenditure is recogniseLI once Ihere is a legal or conslruclive obligation lo Irar)sfer economi benefit lo a Ihiid patty. il is probable that a transfer of economic benefits will be required in selllemenl and the amounl of the obligation can be measured reliably. Expenditure is acounted lor on an accrual basis and has been classified under headings that aggregate all cosls related lo Ihal calegory.Where costs cannot be directly allribuled lo particular headings they have been allo¢aled lo activities on a basis consislenl wilh Ihe use of the resources.Cenlral staff costs are allocated on the basis of lime spent, anrl depre¢ialion charges allocated on Ihe portion of the asset's use. Fundraising costs are those incurred Sn seeking voluntary contributions and do not Include the costs of disseminating information in support of the charitable aclivilies. Support costs include governance costs incurred difeclly in support of expenditure and 8dminislralion of the company irb conneclion for complian¢e with conslilulional and slalulory requirements. Expenditure on raising funds includes all expendilure incurred by Ihe company lo raise funds for Its charitable purposes and includes eosls of all fundiaising activities events and non-charilable trading. Expenditure on charilable activities is incurred on directly undertaking Ihe aclivilies which further the companys gbjeclives, as well as any associated support costs. 2,6 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £NIL or more are capitalised and recognised when fulufe economic bonefils are probable and the cosl or valuè of the asset can be measured reliably. Tangible fixed assets are ir)ilially reco9nised al cost. After recognition, under the cost model, tangible fixed as$el$ are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bTing a tangible fixed asset into ils intended working eondilion should be included in the measurement ol cost. Depreciation is charged so as 10 811ocale Ihe cost ol tangible fixed assets less their residual value over their eslimaled useful lives. Depiecialion is provided on the follomng bases.. Plant and machinery Fixtures and fillings 250A reducing balance 250A reducing balance 2.6 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2,7 Cash at bank and In hand Cash al bank and in hand includes ¢ash and short-lerm highly liquld investments with 8 short malurily of three months or less from the dale ol acquisition or opening ol the deposit or similar account. Page 18
MEOIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 2.B Llabllltles and provlslons Liabililieg are reco9nised when there is an obligation al the Balance Sheet dale as a result ol a past event, il is probable that a transfer ol economic benefit wll be required in selllemenl, and the amount of the settlement Can be eslimaled reliably. Liabilities are re¢ognise(J al the amount that Ihe company anticipates il wi11 pay lo sell1& the debt or the amount il has received as advanced payments for thè goods or services il rnusl provide. Provisions are measured al the best estimate ol Ihe amounts required lo sellle the obligation. Where the eff&cl of the lime value ol money is material, the provision is based on the present value ol those amounts, discounled al the pre-tax discount rale Ihal reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Aclivilies as a finance cost. 2.9 Flnanclal Instruments The company only has financial assels and financial liabilities ol a kind Ihal qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al Iransaelion value and subsequently measured al Iheir selll6menl value with the exception ol bank loans which are svbsequenlly measured al amortised cost using the effective interest method. 2.10 Penslons Tha company ope¥ales a defined conlribulion pension scheme and Ihe pension charge repiesenls the amounts payable by Ihe company lo the fund in respect of the Year. 2.11 Fund accountlng General funds are unreslricled funds which are available for use al the discretion ol the Truslees in furtherance ol the general obj&clives of the company and which have not been designated for olher purposes. Reslricled lunds are funds which afe to be used in accordance with specific reslriclions imposed by donors or whlch have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and vse of each restricted lunLI is sel out in the notes to the financial slalemenls. Investment income, gains and lossgs are allocated lo the appropriate fund. Page 19
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlon$ and legacl&s Unrestrlcted Restrlcted funds funds 2023 2023 Total fundy 2023 Tolal funds 2022 G(anl$ 71,811 840.777 912,588 1,535,908 Total 2022 532,752 1,003, 156 1,535,908 Investment Income Unrestrlcted funds 2023 Total funds 2023 Total lunds 2022 Bank interest 187 187 89 Tolal 2022 89 89 Other Incomlng resources Unrestrlcted funds 2023 Total funds 2023 Total luiids 2022 Other operating income 297 297 9,238 Tolal 2022 9,238 9,238 Page 20
MEOIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expendllure on ra5slng funds Costs of Yalslng voluntary Income Unrestrlcted funds 2023 Restrlcted funds 2023 Total funds 2023 Total luiids 2022 Consullalion costs 72,533 84.355 166.888 111.597 Total 2022 111,597 111.597 Analysls of expendllure by actlvltles Actlvllles undertakèn dlrectly 2023 Support costs 2023 Total funds 2023 Tolal riiiids 2022 Training workshops and conferences 499,157 426,873 926.030 1,412.440 Total 2022 1,092,375 320,065 1,412,440 Analysls of dlrect costs Total funds 2023 To181 fuipds 2022 Project expenses 499,157 1,092,375 Page21
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvllles Icontlnuedl Analysls of support costs Total funds 2023 Total funds 2022 Actlvltles 2023 Staff costs Depreciation Audit fees Rental expense Consultancy lees IT Costs Finance costs Office costs Exchange differences 263.446 910 263.446 910 3.000 17.326 3.510 9,943 3,341 113,920 11,477 258,643 885 2.500 9.645 4. 707 2.094 2.912 97,423 (58. 744) 3,000 17,326 3.510 9.943 3,341 113,920 11,477 428,873 426,873 320.065 Tol812022 320,065 320,065 Audllors. remuneratlon 2023 2022 Fees payable lo the CoMpanS auditor for Ihe audit of the eompanls annual accounts 3.000 2,500 Staff costs 2023 2022 Wages and salaries Social security costs Contribution lo defined conlribulion pension schemes 234.921 25.088 3,437 229,822 25,211 3,610 263,446 258,643 Page 22
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 staff costs Icoritlnuedl The average number of persons employed by the company during Ihe Year was as follows.. 2023 No. 2022 No. Executive Direclor anil Co-ordinator Pfojecl Manager Fundraising and charitable activities The number of employees whose employee benefits (excluding employer pension costs) exceeded £80,000 was.. 2023 No. 2022 In the band £90.001- £100.000 10. Tru$tees' remuneratlon and expense5 During the Year, no Trustees received any remuneralion or othèr benefits (2022- £NIL). During the Year ended 31 December 2023, no Trusl8e expenses have been incurred (2022. £NILJ. Page 23
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangll)1g flxgd assets Plant and Flxtures and machlnery fllllngs Total Cost or valuatlon Al l January 2023 2,305 9,186 11,491 Al 31 Deeembei 2023 2,305 9,186 11.491 Depreclatlon Al 1 January 2023 Charge lor the Year 2,139 42 6,699 868 8,838 910 Al 31 December 2023 2,18q 7,567 9,748 Nèl book valuè Al 31 Decembei 2023 124 1,619 1,743 Al 31 December 2022 166 2,487 2,653 Page 24
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Debtors 2023 2022 Due wllhln one yÈar Other debtors Prepayments and accrued income 601,638 3.723 79.315 5, 764 605.361 85,079 13, Credltors.. Amounts falllng du& wlthln one year 2023 2022 Other laxalion and social security Olhei creditors Accrual$ and deferred income 11,887 82.641 6.929 15,028 46,833 5,387 101.357 67,248 Page 25
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statement of funds stat9ment of funds - current Year Balance at 31 December 2023 Balance at 1 January 2023 Transfers Ir71oul Income Expendlture Unrestrlcted funds General Funds 1,083,104 72,295 1272,8611 307,338 1,189,876 Restrlcted funds European Union US Slate Department Others 307.296 233.619 10.293 329.709 511.068 1408,0901 1128.8101 1401,9671 1168.2351 110.2931 100.105 174,4BS SS1.208 840,777 1810,0571 1307.3381 274.590 Total of funds 1,634.312 913.072 11.082,9181 1,464,466 Page 26
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statem&nt of funds Icontlnued} statemèiit of funds - prlor Year Balance al 31 Deceinbei 2022 Balaiice 81 l JÉJniiary 2022 Transfe Income ExpeiFdiliire Unrestrlcted fund5 General Funds 954,993 542,079 (834,586) 420,618 1,083. 104 Restrlcted funds European Union US Stale Department Others 552,9fj2 94,866 10,293 384,036 619, Y20 (439.633) (190,069) (249,818} (230,549) 307,296 233,619 10,293 658, 121 1,003, 156 (689,451) (420,618) 551,208 Total of funds 1,613,114 1,545,235 fl,524,037) 1,634.3t2 15. Summary offunds Summary of funds. current Year Balance at 31 December 2023 Balance at 1 January 2023 Transfers Inlout Income Expendlture General funds Reslricled funds 1,OB3,104 551,208 72,295 840.777 1272,B611 307,338 1810,0671 1307,3381 1,189.876 274,690 1,634,312 913,072 {1.OB2,9181 1,464,466 Page 27
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Summary of funds Icontlnuedl Summary offunds. prlor Year Balance al 31 Deceinbei 2022 Balance al l J81111ary 2022 Traipsfers in/oiil lii¢omg Expendilure General lunds Reslri¢lod funds 954,993 658, 121 542,079 1,003, 156 (834,586) (689,451) 420,618 f420.618) 1,083, 104 551,208 1.613, 114 1,545,235 (1.524.037J 1,634,312 16. Analysls of net assets between funds Analys1$ of net assets between funds - current year Unrestricted funds 2023 Restrlcled funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due wlhin one year 1.743 1,289,490 {101,3571 1,743 1,564,080 1101,3571 274,590 Total 1,189,876 274,590 1,464.466 Analysls of net assets between funds - prlor year Unreslricled Reslricled funds 2022 Tolal funds 2022 2022 Tangibl8 fixed assets Curienl assets Creditors due within one year 2,653 1, 147,699 (67,248) 2,653 1,698,907 (67,248) 551,208 Total 1,083, 104 551,208 1,634,312 Pago 28
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Reconclllatlon of n6t movement In fund$ to net cash flow from operatlng actlvltles 2023 2022 Nel incomelexpendllure for the year las pei Slalemenl of Financlal Acliviliesl 1169,8461 21, 198 Adjustments for., Depiecialion charges Increase in debtors Increase in creditors 910 1522,3231 36,150 885 f44, 106) 38.674 Net cash provldBd byllused In) operatlng acllvltles 1655.109) 16,651 18. Analysls of cash and cash equlvalents 2023 2022 Cash in hand 958,719 1,613.828 Total cash and cash 6qulvalents 9S8,719 1,613,828 19. Analysls of changes In net debt At1 January 2020 Cash flows At31 December 2020 Cash al bank and in hand 1,613,828 1655.1091 958,719 1,613,828 1665.1091 958,719 20. Contlnggnt Ilabllllles The accounts do nol Include any piovision In iespecl of a renl review increase claimed by MDI'S previous landlord, which was challenged by MDI and iemains unresolved. The company is also wailing for the outcome of a fraud Investigation where funds remilled were not received by the associaled partner. Poge 29
MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. P&n$lon commltments "The company operates a defined contribution penslon scheme. The assets ol the scheme are held separately from those of the company in an independerblly administered fund. The pension cost charge represents conliibulions payable by the company lo the fund and amounted lo £3,437 12022.. £3,610) were payable lo the fund. 22, Operatlng lèase commSlments The company had no commitments under non-cancellable operating leases al 31 December 2023. 23. Related party transactlon$ 2023 2022 MDI Global 110.2161 5.323 110,216) 5,323 24. Controlllng party The charily is under the control of ils Iruslees. Page 30