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 V￿11 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 aUd￿lOr 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 Ba￿aM 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[he￿i$￿ 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 CoMpan￿S 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