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)'.
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Do￿SigN 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.
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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.
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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.
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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.
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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¢ug￿nId 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.
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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.
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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.
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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.
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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 be￿een 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 fO￿ard
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 fO￿ard
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.
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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