Dowsign Envelope IO.. AF091 D80-246B-4317-83CC-F436812763CC Registered number.. 04886768 Charity number: 1110263 MEDIA DIVERSITY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID.. AF091D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY CONTENTS Page Reference and Administrative Details of the Company, its Trustees and Advisers Trustees. Report Independent Auditors, Report on the Financial Statements Statement of Financial Activities 10-13 14 Balance Sheet 15-16 Statement of Cash Flows 17 Notes to the Financial Statements 18-31
Docusign Envelope ID.. AF091D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Julian Blake, Trustee (resigned 21 June 2025) Paresh Solanki, Trustee Chrislina Pribichevich - Zoric, Trustee Professor Eric Heinze. Trustee (appointed 6 January 20241 Dr Verica Rupar. Trustee (appointed 6 January 2024) Company registered number 04886768 Charity registered number 1110263 Registered office 85-87 Bayham Street London NW1 OAG Chief executive officer Milica Pesic Independent auditors Desaur LLP Chartered Certified Accountants Statutory Auditor 5 Margaret Road Romford Essex RM2 SSH Bankers Barclay Bank PIC 15 Great Portland Street London WIW 8QA Page 1
t>ocusign Envelope ID.. AF091D80-2468-4317-83CC-F436812763CC MEDIA DIVERSITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial statements of the company for Ihe l January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current slatulory iequiremenls, the requirements of the charitable companls governing document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 20191. Since the company qualifies as small under section 382 of the Companies Act 2006. the Strategic Report required of medium and large companies under the Companies Act 2006 (Slralegic Report and Directors, Report) Regulations 2013 has been omilled. Welcome lo our 2024 Annual Report. The Media Diversity Inslilule (MDI; official name Media Diversity) is a charity that works internationally to encourage accurate and nuanced reporting on race, religion, ethnicity, class, disability, gender. and sexual identity 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 CLfltivating practical skills to combat negative stereotypes and disinformation and to improve media and information literacy. Objectives and activities Policies and objectives The policies adopled in the furtherance of objectives are to provide the education and training of persons who are or who may be engaged in such conflict or potential conflict environments through the activities of the media or othetwise. In addition, the charity advances the education of the public through research, moniloring and analysing the causes and effects of such conflicts, the best means of promoting their prevenlion,managemenl, amelioration and resolution and the best means of educating and training persons in relation thereto and disseminating the useful results of such research, monitoring and analysis. There have been no changes in the year. In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Public benefil.. running a charity (PB2)'. Page 2
DoSigN Envelope ID.. AFO91D80-246B4317-83CC-F436B12763CC MEDIA DIVERSITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities (continued) b. Our key challenges and highlights The year 2024 was another successful year for MDI, which has been going from strength to strength. As planned, we managed to sel up and launch the Diversity and Media Research Center, which, in less than 5 months, produced 3 studies. We obtained new funding for Eastern Europe, including the SoLflh Caucasus, where MDI had been planning to go back to. We also signed a new contract for the Middle East and North Africa. We made full use of Core Funding by organising an Away Day for the whole team, including the staff and contractors of our sister organisations in Brussels and Belgrade. Our Brussels team won a EUR1.8m grant, the biggest ever single grant MDI has ever won, which is a significant sign of MDI Global becoming financially sustainable. We entered Lalin America by holding an event in Santiago de Chile, inilialing a partners, network, and submilling the first grant application for a programme in the region. We continued praclicing a hybrid modus operandi - a combination of remote and office work, which still needs to be assessed. Unfortunately, the e1fth generation of sludenls enrolled in the 2023 Diversity and the Media MA Course al the University of Westminster was the last one. Without consultation, Ihe University of Westminster decided lo close the course due to 'a lack of interest,. The year 2024 was also devoted lo the following activities.. Continuing the implementation, finalisalion, and setting up of new programmes. Exploring funding opportunilies for all three sister organisations, with the focus on MDI Global in 2024 and beyond. In total, 26 applications were submitted lo various funders., 11 were successful, all of Ihem related lo counlries and regions where MDI has already been operating. bl Further use of core funding. Following the complex rules for Ihe use of this funding, MDI employed it for several purposes.. to contribute to staff salaries in inslances where they were not fully covered by Ihe projects., the Away Day- in addition to all MDI team members, MDI'S trustees were invited as well and, excepi for one, they all attended, which was a great opportunity for Ihe trustees lo meet Ihe team., the launch of the Media Diversity Research Centre., and Ihe celebration of the 1 Oth anniversary of Media Diversity Western Balkans. d) Development of the Media Diversily Research Centre's Strategy with the help of MDI Trustee, Dr Verica Rupar, and an external consultant. Production of three studies by the Research Centre's team and experts. All three studies can be seen here. Continuation of efforis to return to the South Caucasus. which resulted in the new grant enabling MDI to work in this region as well as in Ukraine, Moldova, and Belarus. The focus of the work is on the digital security of the CSOS representing minorities and the independent media. g) Entering a new region. Afler submitting an abstract to UNESCO. MDI was invited to host a panel al the World Press Freedom Day {WPFDI, held in Santiago de Chile. May 2024. MDI'S representative used the opportunity to a) meet journalism academics al six different Chilean universities and b) introduce MDI'S work to the media development organisalions from Latin America, members of the Global Forum for Media Development, gathered al the WPFD side event. Based on these meetings, a new programme was developed with MAGENTA, a Mexican organisation Ihal operates globally, to be submitted to a relevanl funder. Page 3
Docusign Envelope ID." AF091D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continued) Further support lo MDI Global and MDI WB. In addition to offering guidance through membership on the sister organizations, board of trustees, MDI involved the two organizations in project applications it participated in or connected them with organisalions seeking partners in the Western Balkans for Belgium. Raising the profile of MDI in the UK and abroad. c. FUNDRAISING AND IMPLEMENTATION OF THE GRANTS In 2024, a total of 11 grants were obtained between the three sister organisations, two of them for MDI'S SALAM ONLINE'S extension and new funding for the Digital Security project in Eastern Europe. With the existing funding obtained before 2024, MDI'S annual turnover in this given year was £658,783 (2023 £913,072). Listed below are projects whose implementation began in earlier years, but continued through 2024, as well as projects whose implementation started in 2024.. Implementing Phase 5 oflhe 'Get the Trolls Out, project. 2023-2025. b) Implementing and finalising the RDN2.0 project, 2020-2024. Implementing and finalising the 'Get the Trolls Outl. Sri Lanka projecl, 2020-2024 d) Implementing and finalising the MEDIADELCOM project, 2021-2024 Implementing the SALAM ONLINE project, including Extension, 2022-2027. Setting up the Implementation of the Digsec Programme, 2024-2027. gl Looking for new opportunities lo continue the MA in Diversity and the Media programme- al Ihe University of Weslminster or the University of Essex. Page 4
Oocusign Envelope ID". AFO91D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities {continuedl d. MDI'S CHALLENGES IN 2024 The year 2024 ended without any serious challenges apart from the news that the University of Weslminsler unilalerally decided to close the MA course we were so proud of. This was all the more disappointing because MDI had come up with the idea of the MA course and initiated it. Minor challenges can be listed here= The Slate Department's NICRA- provider of MDI'S Core funding- reacted only in December to MDI'S first report {covering Year 2023) submilled to them in June 2024. They questioned some of the expenses that MDI had lo justify, following NICRA'S very complex rules. Still, less than 20/0 of the expenses failed lo receive NICRA'S approval. The MDI leam is still learning the rules, and more timely NICRA responses will help MDI plan better for 2024 expenses Towards the end of the year. it was clear that MDI needed to downsize the role of the Communicalions Director in accordance with MDI'S relevant Budget. It was agreed that the Communications Director's contract would nol be renewed and an internal solution for the Comms Head would be sought. e. MANAGEMENT DECISIONS Several personnel changes occurred this year. MDI Global finally had sufficient funds to hire a full-lime Head of Operations, and so Luc Steinberg, who had been an MDI Contractor for several years, providing different services, was hired for this position. Instead of the full-time Communications Director whose contract expired on December 31, MDI has appointed a part-time Head of Communications lo stari January 2025. Page 5
Docusign Envelope ID". AF091D80-2468-4317-83CC-F436B12763CC MEDIA DIVERSITY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities Icontinuedl f. RAISING THE PROFILE OF MDI IN THE UK AND ABROAD Represenlalives of MDI were invited to join several high_level evenls, as speakers, trainers, jurors, or contributors. Some of the most important events attended included the following.. a) Media Development Funding Conference. The FCDO, London, March 261h. Speaker. b) Religious Freedom Belvedere Event. The UK Parliamenl. London, April 18th. Attendee. c) Environmental Journalism Conference. UNESCO WPFD, Santiago de Chile, May 3-5. MDI panel on Art, Climate Change, Media, and Diversity. d) International Religious Freedom Stakeholder Conference. The FCDO, Wilton Park, May 29-31. Speaker. e) Academia and NGO Cooperation Conference. The University of Weslminsler, May 31st. Speaker. n Western Balkans Journalism Award Ceremony. The EUD and ARTICLE 19, London, June 19th. Attendee. g) Media and Human Rights Summer ONLINE School. Human Rights Cenlre, Essex University, June 1 Oth. Speakers. h) 'Equality, Diversity and Inclusion in Journalism Teaching, Conference. John Moore University, Liverpool, June 26th. Speaker. i) Academia and Civil Society Activism Conference. Human Rights Cenlre, Essex University, September 12th. Speaker. j) International Religious Freedom Ministerial. The German and US Governments, Berlin. Ocl 9-11. MDI panel. k) Berlin Process Conference. The German Government, Berlin, October 9-10. Attendee. l) Reclaiming Our Shared Humanity Conference. IEMed, Barcelona, October 26-27. Moderator of Iwo sessions. m) "Building New Solidarilies" Conference. The US Government, Cape Town, November 4-8. Allendee. n) 'Whal's Working.. Responding lo Al-lnduced Volatility in the Media,. Prague Media Days, Prague, November 29th. MDI Panel. o)'Combalting Anti-muslim hatred and discrimination in Europe, Conference. The EC, The Hague, November 20th. Speaker. p) 'Journalism Unbound,, ARIJ'S 17th Annual Forum. ARIJ, Amman, Dec 6-8. Speaker. Achievements and perfomiance Page 6
Docusign Envelope ID.. AF091D80-2468-4317-83CC-F436812763CC MEDIA DIVERSITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfomiance {continuedl . Main achievements of the company The Charills acheivements and performance are fully detailed in the section above. b. Review of activities The Statement of Financial Actimlies shows grants received of £658,546 {2023-. £912,588) and expenditure of £1,021,568 {2023.- £1,082,918). This has resulted in a nel deficit of 362,785 (2023-.£169,846) afler taking into account Ihe amounts received as inveslment and other income. 11 is Ihe policy of the charity that funds are sought well in advance of its activities in order lo ensure that il will be able to conlinue Ihe charity's current objectives while consideration is given lo ways in which additional funds may be raised. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopi the going concern basis in preparing the financial slatemenls. Furlher details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trustees have examined the charity's requirements for reserves needed lo meet Ihe working capital requirements of the charity and they are confident that the charity is able lo continue the current charitable aclivilies. Structure, governance and management a. Constitutlon Media Diversity is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association. b. Methods of appointment or election of Trustees The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. c. Financial risk management The Trustees have assessed the major risks to which the company is exposed, in particular Ihose related to the operations and finances of the company, and are satisfied that systems and procedures are in place lo mitigate exposure to the major risks. Page 7
Docusign Env8lope ID.. AF091 D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods KEY 2025 OBJECTIVES a) Hiring the head of the Diversity and Media Research Centre and tending to its further development b) Bringing new funding to MDI c) Further development of the MDI Latin America network and programme, including assessing funding opportunities d) Full familiarity wilh the use of Core Funding e) Further support to MDI Global and MDI WB Q Revision of MDI'S Communications Strategy as a priority of the new Communications team leader. Members, liability The Members of the company guarantee lo contribute an amounl not exceeding £1 to the assets of the company in the evenl ofwinding up. Statement of Trustees. responsibilities The Trustees (who are also the direclors of the company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the slate of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. obseTve the melhods and principles of Ihe Charities SORP (FRS 102); make judgments and accounting eslimales that are reasonable and prudent-, slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going Concern basis unless it is inappropriate lo presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the companvs transactions and disclose wilh reasonable accuracy at any lime the financial position of the company and enable Ihem to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
Docusign Envelope ID.. AF091D80-24684317-83CC-F436812763CC MEDIA DIVERSITY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of information to auditors Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed Ihat.. so far as that Trustee is aware, there is no relevant audit information of which the charity's audilors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish thal the charity's auditors are aware of that information. Auditors The auditors, Desaur LLP, have indicated their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 23 September 2025 and signed on their behalf by.. Do¢ugnId br. IrThe3AWE4491... Paresh Solanki {Chair of Trustees) Page 9
Docusign Envelope ID.. AF091080-2468-4317-83CC-F436812763CC MEDIA DIVERSITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDIA DIVERSITY Opinion We have audited the financial statements of Media Diversity (the 'charilable company,) for the Year ended 31 December 2024 which comprise the Slalemenl of Financial Activities, the Balance Sheel, the Statement of Cash Flows and Ihe related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the stale of Ihe charitable company's affairs as al 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the Year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Inlemational Standards on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for the audit of the financial stalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of Ihe financial stalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing Ihe financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of Ihe financial slalements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating lo evenls or conditions that, individually or collectively, may cast significant doubl on the charitable companvs abilily to continue as a going concern for a period of at least Iwelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 10
Docusign Envelope ID.. AF091 D80-2468-4317-83CC-F436812763CC MEDIA DIVERSITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDIA DIVERSITY {CONTINUED} Other information The other information comprises the information included in the Annual Report other than the financial statements and our Audilors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other informalion and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or olhetwise appears lo be malerially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misslalemenl of this olher information, we are required to report that fact. We have nothing to report in Ihis regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the infomalion given in the Trustees. Report is inconsislenl in any material respect with Ihe financial statements., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanalions we require for our audit. Responsibilitles of trustees As explained more fully in the Trustees, Responsibililies Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Truslees delermine is necessary to enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companys ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Page 11
Docusign Envelope ID.. AF091 D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDIA DIVERSITY ICONTINUEDI Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the A¢1 and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whelher due to fraud or error, and to issue an Audilors, Report Ihal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an alsdil conducted in accordance with ISAS (UK) will always detect a material misstalemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, lo delecl material misstalemenls in respecl of irregularities, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations. We also considered those laws and regulations that have both a direct and non-direct impact on the financial stalemenls. Audit procedures performed included.. Enquiring with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud. Sdentifying and lesling journal entries, in particular any journal entries posted with unusual account combinations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more Ihal compliance with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves inlenlional concealment, forgery, collusion, omission or misrepresentation A further descripiion of our responsibilities for the audit of the financial stalemenls is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres onsibililies. This description forms part of our Auditors, Report. Other matters We draw attention lo the fact that the circumstances of a repaid loan made in 2018 are currently the subject of an internal investigation. The Truslees have clarified that this invesligation relales to a staff complaint, which is currently under review. Our opinion is not modified in respect of this matter. Page 12
Docusign Envelope ID.. AF091D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MEDIA DIVERSITY {CONTINUEDI Use of our report This report is made solely lo the charitable companvs Iruslees, as a body, in accordance with Part 4 of the Charities (Accounls and Reports} Regulations 2008. Our audit work has been undertaken so that we might stale to the charitable company's trustees those matters we are required to slate to Ihem in an Auditors, Report and for no other purpose. To the fullest extenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Desaur LLP Chartered Certified Accountants Statutory Auditor 5 Margaret Road Romford Essex RM2 SSH 23 September 2025 Desaur LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 13
Docusign Envelope ID.. AF091 D80-246B-4317-83CC-F436512763CC MEDIA DIVERSITY STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments other income 658,546 658,546 237 912,588 187 237 297 Total income 237 658,546 658,783 913,072 Expenditure on: Raising funds Charilable activities 155,693 173,614 155,693 865,875 156,888 926,030 692,261 Total expenditure 329,307 692,261 1,021,568 1,082,918 Net expenditure Transfers beeen funds 1329,0701 62,848 {33,7151 {62,8481 {362,785) {169,846) 14 Net movement in funds (266,2221 196.563) 1362,7851 (169, 846) Reconciliation of funds: Tolal funds broughl fOard Nel movemenl in funds 1,189,876 {266,222) 274,590 (96,5631 1,464,466 (362,7851 1,634,312 (169,846) Total funds carried fOard 923,654 178,027 1,101,681 1,464,466 The Statement of Financial Activities includes all gains and losses recognised in the Year. The noles on pages 18 10 31 form part of these financial stalemenls. Page 14
Docusign Env8lope ID.. AF091 D80-2468-4317-83CC-F436812763CC MEDIA DIVERSITY REGISTERED NUMBER: 04886768 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets 1,308 1, 743 1,308 1,743 Current assets Debtors Cash at bank and in hand 12 734,680 516,449 605,361 958, 719 1,251,129 1, 564, 080 Current liabilities Creditors: amounts falling due within one year 13 (150,7561 (101,357) Net Current assets 1,100,373 1.462,723 Total assets less current liabilities 1,101,681 1,464,466 Net assets excluding pension asset 1,101,681 1,464, 466 Total net assets 1,101,681 1,464,466 Charity funds Restricted funds Unrestricted funds 14 14 178,027 923,654 274, 590 1,789,876 Total funds 1.101,681 1,464,466 The entity was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the Year in question in accordance with section 476 of the Companies Act 2006. However, an audil is required in accordance with section 345 of Ihe Charities Act 2011. The Truslees acknowledge their responsibilities for complwng with the requirements of the Act with respect to accounting records and preparation of financial statemenls. The financial stalemenls have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees on 23 September 2025 and signed on their behalf by.. Page 15
Docusign Envelope ID.. AF091D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY REGISTERED NUMBER: 04886768 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 DocyllbJn by.. IODBC3AUSE4481... Paresh Solanki {Chair of Trustees) The notes on pages 18 to 31 form part of these financial slalements. Page 16
Docusign Envelope ID.. AF091D80-2468-4317.83CC-F436B12763CC MEDIA DIVERSITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities {442,270) (655, 109) Cash flows from investing activities Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the Year Cash and cash equivalents at the beginning of Ihe Year {442.270) 958,719 1655,109) 1,613,828 Cash and cash equivalents at the end of the Year 516,449 958,719 The notes on pages 18 10 31 form part of these financial slatemenls Page 17
Docusign Envelope ID.. AF091 D80-246B4317-83CC-F436512763GC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General infomiation Media Diversity is a private company limited by guarantee incorporated in England and Wales. The registered office is 85-87 Bayham Street, London, NW1 OAG. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effeclive 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Media Diversity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhewise slated in the relevant accounling policy. 2.2 Going concem At the lime of approving the accounts, the Iruslees have reasonable expectation that the charity has adequate resources lo conlinue in operational exislence for the forseeable future. Despite the impact of COVID-19, the charity continues to generale income and plans on continuing business as normal following the gradual relurn to operations after the national lockdown period. On this basis, the Iruslees continue lo adopt the going concern basis of accounting in preparing the accounls. 2.3 Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amounl of income receivable can be measured reliably. Income from grants is recognised when the charity has enlillements to the funds, any performance conditions attached lo the grants have been met, Ihe receipt of economic benefil from the use of the company of the item is probable and that economic benefit can be measured reliably.. Other income includes reimbursed expenses and rental income which are recognised in the period in which it is receivable. Page 18
Docusign Envelope ID". AF091 D80-2468-4317-83CC-F436812763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {continuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is acounted for on an accrual basis and has been classified under headings Ihat aggregate all costs related to that calegory.Where costs cannot be directly atlribuled lo particular headings they have been allocated to activities on a basis consistent with the use of the resources.Cenlral staff costs are allo¢aled on the basis of time spent. and depreciation charges allocaled on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating inform3lion in support of the charitable activities. Support costs include governance costs incurred direclly in support of expenditure and adminislralion of the company in connection for compliance with constitutional and statutory requirements. Expenditure on raising funds includes all expendilure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cosl. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All oosls in¢urred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Plant and machinery Fixtures and fittings 25 % reducing balance 250/0 reducing balance 2.6 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of Ihree months or less from the date of acquisition or opening of the deposit or similar account. Page 19
Docusign Envelope ID.. AF091 D80-2468-4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.8 Liabilities and provisions Liabilities are recognised when Ihere is an obligation al the 8alance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised al the amount Ihal the company anticipates it will pay to settle the debt or Ihe amount il has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounled al the pre-lax discounl rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Stalemenl of Financial Activities as a finance cost. 2.9 Financial instruments The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.10 Pensions The company operates a defined contribution pension scheme and the pension charge represenls the amounts payable by the company lo the fund in respect of the Year. 2.11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objeclives of the company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which 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 use of each restricted fund is sel out in the notes to the financial stalemenls. Investment income, gains and losses are allocaled to the appropriate fund. Page 20
Docusign Envelope ID.. AF091D80-2468-4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Grants 658,546 658,546 912,588 Total 2023 71,811 840, 777 912,588 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank interest 237 237 187 Total 2023 187 187 Other incoming resources Unrestricted funds 2024 Total funds 2024 Tol81 funds 2023 Other operating income 297 Total 2023 297 297 Page 21
Docusign Envelope ID.. AF091D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Consultation costs 155,693 155,693 156,888 Total 2023 72,533 84,355 156,888 Analysis of expendFture by activities Activities undertaken directly 2024 Support costs 2024 Totsl funds 2024 Total funds 2023 Training workshops and conferences 692,261 173,614 865,875 926,030 Tolal 2023 499, 157 426, 873 926,030 Analysis of direct costs Total funds 2024 Total funds 2023 Project expenses 692,261 499,157 Page 22
Docusign Envelope ID.. AF091 D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of expenditure by activities {continued) Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Staff costs Depreciation Audil fees Rental expense Consultancy fees IT Costs Finance costs Office costs Exchange differences 94,598 436 94,598 436 263,446 910 3.000 20,865 1,331 6,243 4,195 49,832 (6,886) 3,000 20,865 1,331 6,243 4,195 49,832 (6,8861 3,000 17,326 3,570 9,943 3,341 113,920 11,477 173,614 173,614 426,873 Total 2023 426,873 426,873 Auditors. remuneration 2024 2023 Fees payable to the companls auditor for the audit of the company's annual accounts 3,000 3, 000 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 74,408 16,550 3,640 234,921 25,088 3,437 94,598 263, 446 Page 23
D(USIgn Envelope ID.. AF091D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff costs (continued) The average number of persons employed by the company during Ihe Year was as follows.. 2024 2023 No. Execulive Director and Co-ordinator Project Manager Fundraising and charitable activities The number of employees whose employee benefits {excluding employer pension cosls) exceeded £60,000 was.. 2024 2023 In the band £90,001- £100,000 10. Trustees. remuneration and expenses During the Year, no Trustees received any remuneration or other benefits (2023- £NILJ. During the Year ended 31 December 2024, no Trustee expenses have been incurred (2023- £NIL). Page 24
Docusign Envelope ID.. AF091 D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Tangible fixed assets Plant and Fixtures and machinery fittings Total Cost or valuation At 1 January 2024 2,305 9,186 11,491 At 31 December 2024 2,305 9,186 11,491 Depreciation Al 1 January 2024 Charge for the Year 2,181 31 7,566 405 9,747 436 At 31 December 2024 2,212 7.971 10,183 Net book value Al 31 December 2024 93 1,215 1,308 At 31 Decemb8r 2023 124 1,620 1,744 Page 25
Docusign Envelope ID.. AF091D80-2468-4317-83CC-F436812763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Debtors 2024 2023 Due within one year Other debtors Prepayments and accrued income 728,598 6,082 601,638 3, 723 734,680 605,361 13. Creditors: Amounts falling due withSn one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 5,737 139,713 5,306 11,887 82,541 6,929 150,756 101,357 Page 26
Docusign Envelope ID.. AF091 D80-246B-431743CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Statement of funds Statement of funds- current Year Balance at 31 December 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds 1,189,876 237 1329.307) 62,848 923,654 Restricted funds European Union US Slate Department 100,105 174,485 109,417 549,129 {104,7051 {587,5561 104,817 73,210 {62,848) 274,590 658,546 1692,261) {62,848) 178,027 Total of funds 1,464,466 658,783 11,021,568) 1,101,681 Page 27
Docusign Envelope ID.. AF091 D80-246B-4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Statement of funds {¢ontinued) Statement of funds - prior Year Balance al 31 Decemb8r 2023 Balance al l January 2023 Transfers in/oul Income Exp8ndiEure Unrestricted funds General Funds 1,083, 104 72,295 (272,861) 307,338 1,189,876 Restrlcted funds European Union US Slate Department Others 307,296 233,619 10,293 329, 709 511,068 (408,ogo) {401,967J (128,810) (168,235) (10,293) 100, 105 174,485 551,208 840, 777 (810,057) (307,338) 274,590 Total of funds 1,634,312 913,072 (1,082,g18) 1,464,466 15. Summary offunds Summary of funds- current Year Balance at 31 December 2024 Balance at 1 January 2024 Transfers inlout Income Expenditure General funds Reslricled funds 1.189,876 274,590 237 658,546 1329,3071 {692,2611 62,848 162,8481 923,654 178.027 1,464,466 658,783 (1,021,568) 1,101,681 Page 28
Docusign Envelope ID.. AF091 D80-246B-4317-83CC-F436812763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Summary of funds (continued) Summary of funds - prior Year Balance al 31 Decemb8r 2023 Balance al 1 January 2023 Transf8rs in/oul Income Exp8nditiire General funds Reslricled funds 1,083, 104 551,208 72,295 840,777 (272,861) (810,057) 307,338 (307,338J 1, 189,876 274,590 1,634,312 913,072 (1,082,918) 1,464,466 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 1,308 1,073,102 {150,756) 1,308 1,251,129 {150,7561 178,027 Total 923,654 178,027 1,101,681 Analysis of net assets between funds - prior period Unreslrict8d funds 2023 Reslricled funds 2023 Total fuipds 2023 Tangible fixed assets Current assels Creditors due within one year 1,743 1,289,490 (101,357) 1, 743 1,564,080 (107,357) 274,590 Total 1, 189,876 274, 590 1,464,466 Page 29
Docusign Envelope ID." AF091 D80-246B4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net expenditure for the period (as per Slalement of Financial Activities) (362,785) (f69,846) Adjustments for: Depreciation charges Increase in debtors Increase in creditors 436 1126,960) 47,039 910 (522,323) 36,150 Net cash used In operating activities 1442,270) (655, 109) 18. Analysis of cash and cash equivalents 2024 2023 Cash in hand 516,449 958, 71g Total cash and cash equivalents 516,449 958, 719 19. Analysls of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 958.719 1442,270) 516,449 958,719 {442,2701 516,449 20. Contingent liabilities The accounts do not include any provision in respecl of a renl review increase claimed by MDI'S previou5 landlord, which was challenged by MDI and remains unresolved. The circumstances of a repaid loan made in 2018 are currently the subject of an internal invesligalion. 21. Pension commitments "The company operates a defined contribution pension scheme. The assets of the scheme are held Page 30
Docusign Envelope ID". AF091D80-246B.4317-83CC-F436B12763CC MEDIA DIVERSITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Pension commitments {continuedl separately from Ihose of the company in an independently administered fund. The pension cost charge represents conlribulions payable by the company lo the fund and amounted lo £3,640 12023.. £3,437) were payable to the fund. 22. Operating lease commitments The company had no commitments under non-cancellable operating leases at 31 December 2024. 23. Related party transactions 2024 2023 MDI Global (52.102) (10,216) {52,102) (10,216) 24. Controlling party The charity is under the control of its trustees. Page 31