Docuslgn Envélop6 ID". F64082FA-CA7E41D3-gE17-CC168CIY4E9D
Reglsteyed number.. 05471322
Charlty number: 1118602
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
(A Company Llmlted by Guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

DorJJslgn Envalopa ID." F64D82FA.CA7E.41D3_9E17_CC16BCI94E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guaranteè)
CONTENTS
Page
Reference and Admlnlstratlve Detalls of the Comp8fiy* Its Trust8os and Advlsers
Trusl•as' Report
Independent Auditors, Rèport on the Flnancial Slalements
statemènt of Flnanclal ActlvSlles
2-10
15
Balance Sheet
16
Statement ol Cash Flows
17
Notes to the Flnanclal Statements
18-28

Docuslon Envek>p8 ID.. F64D82FA-CA7E.4103.gE17.CC16Bcig4EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
{A Company Llmltèd by Guarantee)
REFERENCE AND ADMINISTRATIVE DET￿Ls OF THE COMPANY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Tru8te85
Isabel Nancy Hilton
Allred William Hill lappoinled 31 May 20231
Barbora Bukovska
lona Craig
Gillian Ellzabelh Philllps
Marlin Tomkinson
Andy Muellei-maguhn Iresioned 14 March 2024)
Eyal Weiznian (resigned 14 March 20241
Joseph Anlhony Farrell (resigned 18 Apiil 20241
Stelania Spezzali (appointed 12 July 20241
Company reglstered
number
05471322
Charlly registered
umber
1118602
Registered ofllce
Goldsmiths, University ol London
Department ol Medla. Communlcalions and Cultural SttJdSes
8 Lewisham way
London
SE14 6NW
Independent audltors
Desaur LLP
Chartered Certified Accountants
CEME C8mpus
Marsh way
Rainham
Essex
RM13 8EU
Pag8 1

Docuslgn Envelop8 ID.. F64D82FA-CA7E41D3-gE17-CC168C194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
{A Company Llmltèd by Guaranteal
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The Truslees present their annual report together with the audi18d financial slalemenls of Ihe Company foT th8
year 1 December 2022 10 30 November 2023. The Annual Reporl seNes the purpclses ol bolh a Trusteés,
report and a directors, report under company law. The Trustees confirm that the Annual Repori and financial
stalemenls ol tho charitable ￿MpanY comply wilh the current slatulory requiremenls, the ￿qUIreMentS of Ihe
charit8blé companys governing document and the provisions of the Stat8menl ol Recommended Practice
ISORPI applicable lo cbaiilies prepaiing their accounts in accoidance with the Financial Reporting Siandatd
applicable in the UK and RepubliG of Ireland IFRS102) leflecllve 1 Jsnuary 20191.
Slnce Ihe Company qualifies as small under section 382 of the Companies Act 2006, the SlfÈtegic Report
rgquired ol medium and large compani8s under the Companies Act 2006 Istrat8glc Report and Difector8'
Reportl Regulalians 2013 has been omilled.
Oblectlvas and actlvltles
a. Pollcles and oblectlves
The CIJ is an educational charity. a think-tank and experirrontsl laboratory. set up..
lo traln a new generation ol reporters In the tools of investlgative. in-depth. ond long-form
journalism across all madia.,
lo support investigaliv8 journalism as the lileblood tsf a democTalic society.,
lo incubale promising new investigalivg projects and open out investigalive journ81ism into ferti16
new lercllory
In setling obleclives and planning for aetivilies, the TNslee5 have given due consideration tr) general guidance
published by the Charily Commlssion relallng io public benefit, includlng Ihe guidance'Public benefit.. running a
charity IPB21'.
b. Strategles for aGhievlng objectlves
Achlevements and maln
ro
ects
ro
rammes and actlvit of FY23:
2023 saw the continuation ol CIJ'S in-person events Ènd conferènces while eontinulng lo develop ils onllne
If8ining curricvlvm and programmes..
Tralnlng & Prol8Cts= we conlinued lo expand our portfolio of onllne training subjects delivered Iconvertlng our
in-person Irainln9 lo an online plailortn slarled wlh the lirsi Covid lockdown In Mar¢h 20201, and scaled up
international Iralnlng programmes launched as pilols durlno the pi8vious period wlh the support ol old 8nd new
funders, increasing our audience and wdening our geographic reach in the proce55.
Evènts & Confarences: we kept developing our annual *ICIJSummer InvesligalTrve Journalism Conferencè.
hosting il In person again aller two conseculive years doing it online only, and hosted our annual regional
conference in Glasgow.
Bursarles and Fellowshlps.. we ¢onllnued Ir8ining new gen¢rallor¢s of journalists Ifom underpriviléged and
underrepres6nted backgrounds through a range of fellowships and bursaries Iliat arg now successfully
delivered in an hybrid format. mixing online training and mer)loring. and in-person events. These are the Lyra
MoKee Training Bursary S¢heme and a Collaborative Communily Journalism fellowship.
This yoar's substsnlial progress oan be grouped generally into Training & Inltlatlve5, Events & Conferences,
Anclllary Actlvltles, and Infrastru¢tur6 & Organl$atlon.
Pag8 2

DOcus￿n Envèlow ID.. F64D82FA.CA7E41D3-9EI7.eC16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlt•d by Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
Oblactlves and actlvilies Icontlnuedl
c. Actlvltles undertaken to achlave objeetlves
1.TTalnln
and Snltlatlves
CIJ Cou
Ses sold to thè
ubllc
We continued to expand our onlin8 seheduled Iralnlng, addln9 new courses to our eslablish8d offer of
invesligallve methodology, data journalism, web scraping, and basie open-souree Inlellig8nce IOSINTI, 81101
which ran mullipl8 limes wilh full classes during 2023. The new curricula we identified for Ihls work were..
financial investigations. podcasling skills and advanced OSINT training. The lirst of these courses - Financi81
Inve51igalions
launched at the end 012022 and has run 3 times sinc8. The course comprises 3 onling
modules, covering company accounts, financlal OSINT. and case sludles ol financlal Inv8sligatlons.
Through our scheduled Iraining we were able to reach 426 people through 36 Courses In 2023.
Going into 2024 we plan lo develop several new scheduled courses as well as continuè designing bespoke
Iraininu lor organisations across the world.
anlsations
Bès
oke Tralnln
Sold to or
We worked with 10 bespoke clients to deliver tailored Iralning to 227 people. Specifically designed to address
skills g8ps and slalf developmenl needs, these courses have pushed lorward Snvesiigalive capacity and
Ènhanced stories and repc>rls across several areas. both lopieal and geographic.
The skills these programmgs have covered are as divèrse as the clSents, bul this year w8've built bespoke
courses on:
Investigativè Melhodologiès
All asp8cis of Data Journalism
FinaTICi81 Invesligalions
Open-source Inlelligence
Environmgnlal ancl Supply Chain R8search
Fréedom of Informalion
- Web seraping
Digital Securily
ernatlon81 Investi
allve Practicè
ro
rammè In Latln
erlca
Wilh funding Irom the Reva and David Louan Foundatlon and 81ong wilh our partners Fundacion Gabo and
CLIP. we have consolidated a progranime for Inveslig81ive PraclicÈ In Latin AmerSca that has been renamed
'Taller Logan de Pigcticas Invgsligalivas, Ilormerly 'The Logan Workshop on Invesligalivg PraCti￿S.}. Under
thls new name we embarked on 8n 18.month programme ol Iraining in Investlgative and a550ciated skills for
journalists and researchers across 811 ol Lalin America, Including Brazil.
We comploled Year 101 Ihis Iwo-year programme wilh almost one thovsand people re8¢hed. Thi5 includes Iwo
online workshops and Iwo open le¢ltJres belweon December 2022 and M8y 2023. Our first two workshop
rounds were allended by a total of 32 parti¢ipanls from 14 counlries. while th8 open lectures have been viewed
by more than 952 people from across th8 Tegion. from Mexlco to Argèntlna.
Source Pyotectlon Pro
ramme
Funded by the Reva and Davld Logan Foundatlon. The Source Proteclion Programmo Is an advanced digilal
securily training couise for investlgalors ol all slripss. We focus on skills and methods that help reporiers
Page 3

Docuslgn Envelo￿ ID.. F64D82FA.CA7E41D3.9E17_CC16BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Gu8ran¢eel
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
Objectives and aetlvlties leonlinu4dl
prolecl both themselves and their sourees. 2023 was a big year for thè programme, a$ we sought to fully
eslabli5h our work and start lo oller bespoke programmes to meet Ihe dillerent needs ol reporters and
organisallons. We Irained mor8 Ihan 550 Sourn81ists from over 40 countries in a variety ol dillerenl sellings.
including onlin9 charitable and commercial programmes and in-person workshops al conlerenc8s around Ihe
world. The end of 2023 marks Ihe close of Ihe first two years ol runnin9 the programme. The Reva and Davld
Logan Foundalion r8n6wed Iheir suppori lor anolher two years12024-20251.
en Cllmat9 R•
Inltlativè
Tho CIJ'S newest inllialive- Ihe Open Climatè Reporting Initiative IOCRI}- began In Junè 2021 with a scoplng
ph85e and continued in lull force in 2022 with its first delivery phase. 11 Is funded by auad¥alur8
Cllmate Foundatlon. The objective ol OCRI is lo raise the standard ol environmental investigations. enabling
Ihorou9hly ￿searched public inleresl reportin9 and evidence-based advocacy. Thls is in response to challenges
in using invesli9ativè research to address climate change impacts.
2023 was a ro51ercoast6r year lor OCRI 8t th8 CIJ. We bulll on 8 successful Year One (April 2022 - March
202318nd moved into 3 new regions for Year Two Ihal runs until March 2024. Our big bel on th8
implemenlalion slfalegy for the regions. Brazil and Lusophone Africa, South Asia and ihe Middle East and North
Africa IMENAI. is proving lo be a valid one, wth mor& Ihan 300 people directly Iralned from 16 countries. and
over 1000 r8ached indirectly. By the 8nd of Year Two. OCRI réached journalists, researchers, 8cademi¢s.
aclivists. environmentalists. stale and civil society aclors in 53 counlries. Thal Is a big deal and we are proud of
how far we hav8 come. The rnulli-layered Impact of OCRI is what makes St a unique inlervenlion. One
advantage ol this is seeing Ihe improvem8nis due to the training and skill-sharing nearly inslanlly, with
Investigative projects numbering more than 80 so lar. These prolecls have been able lo go deeper into the
subjecls covered and achieved wder impacl by incorporating innovations such as data analysis, op8n-sourcg
intelligence and satellile irnaoery into their melhodologSes.
ate Chan
e In News Me
This parlnership wlh UNESCO in 2023 wenl beyond regular news coverage and slrenglhened the capacily of
the media to hold powerful actors to accounl, use digital methodologies for news gathering and produclion. and
pracbse solutions journalism lo comb8t climate chang8. Wilh UNESCO we worked from Decembèr 2022 until
July 2023 by collaborating with Adisi-cameroon lor Francophone Africa and the C&nlre lor Journalism,
Innovation and Development ICJID} loi Anglophone Africa. Through th8 project, we directly Irained 40
journalisls from 14 media organisallons in 4 counlries. namely Cameroon. Gabon. Ghana and Nigeria between
March and May. The posl-lraining support lo the newsrooms welded an unprecedented impacl. Over 80 more
journalisls were trained in their organi5alions. whi18 at least 6 01 the newsrooms sel up a clitnale change
reporllng d&sk by participaling in the projecl. This has led lo the publicationlbroadc8sI ol over 1QO stories.
tswshl
ortin
Burs
Scheme and Local Communli Journallsm Fel
and Mentorln
CIJ L ra McKee Investl
The CIJ Lyra McKee Investigative Jouinalism Trainin9 Bursary Scheme was established in memory ol a young
and courageous Irish investigative journ8llst LyrA McKee. who was shot dèad by dissident republicans in Derry
in April 2019. The CIJ Lyra M¢Kee Buisary stheme is funded by the LoTana Sullivan UK Foundation and tho
Lyra McKee Foundation.
The aim ol our live-month Lyra McKee bursary scheme is lo train and mentor people frorn underprivileged
backgrounds. who 8spire lo beeomg joumalists or who are at the very early slages of their journalism career.
In 2023. ten people from all over the UK took part. They at￿nded Iraining courses and the CIJSummer
Ive Journallsm Bursa
Scheme
Page 4

0￿$59Th Envebp6 ID.. F64D82FA_CA7E.41D3.9E17.CCI68¢194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llinlted by Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
Ob5e¢tlves and activili•s Iconllnuedl
Invesligalive Journalism Conference. th8y also allended online mentoring sessions wllh Jenn8 Corderoy
{openDemocracyl and Emma Youle Iformerfy ol HullPoslUKI. Al the end ol Ihe programme they pitched their
invesligallve stori8S to working editors.
While participating in th8 CIJ Lyra McKee scheme, and assisled by the menlors, many applied for worklfurther
study and are now doing paid shills at Thè Belfast Telegraph and The Scollish Sun,. another trainee has
secured the position ol an Apprentice Reporter lor The Northern Echo., one trainee received a bursary to attend
IRE AccessFes123 IUS data journalism training).. another is pursuing the NCTJ Level 5 Diploma land slfU9gling
with shorthandll.. and one traince received funding from the Journalism Diversity Fund lo sludy al City
Unlversily.
Coll&boratlve Co
unlt Journallsm Pro
ect
December 2022 saw the conclusion of thSs Iwo-year programrne. We wrapped Ltp our work supporting
co1￿m￿nity10ufna1lsM oull8ts across London. Supported by the Trust foT London, wg've been delighted to work
with four oullels during Ihe final year ol the programrne. helping Ihem dig into Ihe issues thal matter lo
communllles in lour boroughs-.
Newham- Newham Voices
Lambeth- Brixton Bugle
Barnel- Barnet Post
Tower Hamlets- Soci81 Streets
Tha prolecl has loc￿Sed on losterino collaborative work belween young. up-and-comSng journalists
our
Investigalive Fellows- (rom each area with eslablished Community journalism organisations there. We've bean
able lo provide a full rg#ge ol training opporiunities for the Investigative Fellows, taking in the Slory.8asèd
Inquiry inv&sligalive methodology, Data Journalism skills, Freedom ol Inlormalion use and Open-source
Inlelligence. The Trust lor London's support ftsr Ihe project has also allowed us lo provide financial backing lo
research projects Ihal conslilul8d the second phase of the project. Time has been covgred lor both the Fèllows
and an editor from each oullel while they work on researching a topic of imporiance lo their readership.
Page 5

Do¢JJslgn Envalopts10.' F64DB2FA_CA7E4103.9E17_CC16BC194EgD
¢ENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarant8&}
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
OblectlV85 and acllvltios {continiièdl
d, Events and conferences
Jsummer Invèstl atlve Journallsm Conferenc8 2023
Our annual flagship tralning évent the CIJSummer Investigalive JouTnBlism Conference took plAce al
Goldsmiths, University of London on 28-29 June 2023. 11 Is the UK'S only conference wlh a focijs on
invesligative skills. Ov&r 170 people 811ended and this year we had 53 speakers. We were deli9hted lo welcome
our Open Clirnale Reportin9 Initialive partners and trainees as both delegates and speakers al the conference.
This year's keynote speakers were Olga Rudenko, edilor ol the Kyv Independenl., 'Fi5ayo Soyombo, Nigerian
inv8Stl9ative journalist. specialising In undercover Investlg8tions-. legendary Spanisl) inv88bg8live journalist José
Maria Irujo- and courageous Norihern Iiish invesligalive journalist Patricia Oevlin.
CIJSummer Conf6rence's costs are cov8red by tickets sales and The Lorana Sullivan UK Foundatlon covers
the shortfall.
Re
lonal Investl atl e Journalism Conferencè 2023 In Gl
ow
Thanks also to generous funding Iiom Ihe Loiana Sullivan Foundalion, we held our fourth regional conf6rence
In Glasgow on 21 October 2023. Held in partnership with the National Llbrary of Scotland at Glasgows
prestigious Kelvin Hall, places filled quiekly. Unfortunately siorm Babet diswpted Ihe travel of tllany. bul we had
around 50 dtslegales who wére treated to a day ol talks and hands-on workshops. The day was rounded olf with
networkSng drinks.
Anellllary activitias
Handbooks sales
£3,504 revénue was g8n4Yated In FY23 - 349 books sold.
en Memorlal Llbra
The Gavln MacFad
Since our founder Gavin MacFady¢n's death, we've buS11 a Gavin MacFadyen Memorial Library. which offers an
8nlirely original resourcg ol materials on Investigative lournalistn, social and polilical theory, and anli-fasast
campalgning work.
The physical curalion ol our catalogue had lo be put on hold. and the collection put in storage until such time we
could find il an adequate space and resume Ihat work.
f. Infrastructure and organlsatlon
The CIJ team is made 015 full-time employees. 2 part-time employees. 1 full-lime freelancer and a network ol
Iralners and freelance programmo ¢o.ordinators.
The CIJ'S Board of Trustees. chaired by Isabel Hillon. counted 9 membgrs In 2023 and on6 Board °obseNe
Ifom our hosts al Goldsmiths, University ol London.
On 31 May 2023. All Hill joined the ranks of our e long-standing trustees as TreaSUrer￿r￿stee. Alf brings
significant f1nancial experignGe to Ihe role, having worked as an accounlanl in the public and private sectors,
and is a welcome addllion lo the board.
Page 6

Docuslgn Envèlop8 ID.. F64D82FA-CA7E4103.9E17.CC16BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
Aehlevements and performancè
Flnanclal review
a. GoSng concern
After making appropriate enqulries, Ihe Trustees hav8 8 rèasonable expectation Ihal th8 C(bmp8ny h8S
adequate resources lo continue in operational existence lor th8 foreseeable future. For this reason, they
continue to adopl the going ¢oncern basis In preparing the financial stat8m8nls. Further details fegarding the
adoption of the going concern basis can b8 found irh the accounting policies.
b. Flnancial Rèvièw
Result for tha year.. Total income for th8 year was £1,394,726 {FY 2022.. £958,114) of whi¢h £1.193.12g was
from donated grants IFY 2022.. £784.1661, wrylhout which Ihe CIJ would have been unable lo generate the
eurrenl range and volume ol iiaining aiid educational acliwty.
The Charills principal sources of unrestrictèd fLsndlng fo¥ the year consisted of an uniestricted grant from the
Reva & David Logan Foundalion. as well as a re51ricl8d-granl tranche coveiing support costs associatéd wlh
Irainlng programmes funded by Quadrature Climate Foundation {Open Climate Reporting Inilialivel.
Addilion81 unreslricled income was gtsnèraled from CIJ'S producls & services..
Income from CIJ'S $¢heduled & bespoke training provision1£118.599 In FY23 vs £130,149 in FY221
Incom& from CIJSummer investigative journalism conleren¢e1£43.727 in FY23 vs £40.452 irs FY221
- In¢om8 from CIJ handbooks1£3.504 in FY23 vs £3,346 in FY221
Despite the sleady increase in scheduled Iraining revenu8 sold to the public (thanks lo Ihe crfjalion of new
courses added lo CIJ'S IraiDing curriculum). Ihe overall incorne from Clj's products & seNces decreased IrDm
the pr8vious year Ilrom £173,948 to £170.2071 due to a decre889in bèspoke Iralnlng demand from
organisalions.
A very small proportion ol incoma came from individual donations.
The Charills sources ol ¥estri¢led funding for Ihe year were the Reva and David Logan Foundation. Quadrature
Climate Foundation IQCF). UNESCO, Ihe Lorana Sullivan UK Foundation and Trust lor London.
Total expenditure for thts ￿ar was £1.051,889 Ivs FY22- £921.3341. The increase in expenditure was mainly
du8 to the delivery phase ol our QCF-lunded Open Climate Reporting Inilialive.
The Ch8ril¥s unrestricled surplus balance at thè end of FY23 is made of..
£213.585 of Ire8 unrestricted surplus
- £30.779 01 Source Prot8ction Programme's Commercigl fund balance
£9.038 of Lyra McKee Investigative Journalism Training Bursary fund balance
£150,000 of a CORE Qperational Conllngency lund If1nancial reserv981
Page 7

Docu8lgn EnValo￿l0.. F640B2FA.CA7E.41D3-SE17.CC18BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee}
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
c. Funding for FY23
The R•va anil David Logan Foundation renewed their long-st8ndlno unrestrieted financi81 support with
another three years at the rale of $100,000 pèr year starting In FY23. In addition, lor FY23, we received from the
Foundalion a restric18d granl of S125,000 to run Year 2 lout of 21 of our Source Prot8elSon Programme and a
r8Stricled granl of $32,160 to run Y88r 1 lout of 21 ol our Inlernalional Investigative Praclice programm8 in Latin
America.
Decembèr 2022 was the last month of a two-year restrioted grant or £60,000 from Trust for London to fund our
new Coll8bor81Sve Communlly Journalism Inllialiv8 over iwo years {calendar years 2021 and 20221.
T118 Lorana Sulllvan UK Foundatlon conllnued it8 annual comrnitment to support our annual Lyra McKee
Inveslig8tive Journalism Trailling Bursary sch8me1£13,000 in 20231. Tha programtne is a 5-monlh training and
mentoririg programme delivered onllne with In.person particlpalion 81 our annual summer investlgative
journalism conference in London.
In April 2023. we T8celved tho thlrd tranche ol our £1.3M mtjlli-year Open Clim818 Reporting InilialSve IOCRII
orant from Quadraturè Cllmate Foundation lo cover thè last 12 months ol the project endin9 April 2024.
£808,805 of QCF funding were used to covei OCRI project direct costs and £80.200 to cover our support costs
over the period ol our f1nancial year 2023. covering Ihe end of our Open Climale Initiative'5 second dalivery
phase (May 2022-April 2023) and the start of Ils third and last delivery phase (May 2023-April 20241.
J fundln
funds..
conslsls of Ihe followin
Reslrieted fund Funds wher8 use is limited to a spe¢ifi¢ purpose. These purposes are delemlned in proposals
to donors. Reslficled income h8S to be spent on the speciltc project or programm6 for which il was raised. Any
such money lell unspent al Ihe end ol the project is returned lo the donor. unless agreed otherwise.
Oesi
nated funds.. Reserves sel aside from unrestricted lunds lor potential or known fulure cosls. This is
decided by Truslees based on advlce from management.
restricted funds.. Reserves availablè lor any a¢livily within CIJ to support its char*labl& oblecllves.
The need lor Ir88 financial reserves.. In addltion lo Ihé financial reseNes placèd in a designated fund. the
Truslees bellevp the leve10l free financial reserves will 8nable the charily to continue to grow, pres6Ne working
¢apilal and cover short-leim risks and uncertaintie5 and other eonlraclual obligations.
Al the close ol FY23, the CIJ trustees approved lh8 increase of our flnancial reseNes fund from £100,0(X) Io
£150,000. This sum taken from our nel unrestricted surplus is the eslimaled equivalent ol six months ol
operating costs and is the taiget set by the CIJ'S Reserves Pollcy. This CORE Operatlonal Contlngency fund.
As lor our olher exisling d¢sSgnaled fvnds. we spe￿( the remaining balanc8 ol tsur Gavin MacFadyen M•morlal
Llbrary fund Itfj,6421 on slorage costs. withdrew £1.000 from our Lyra McKee Investigalive Journalism
Training Bursary fund lo supplement Ihe Lorana Sullivan's grant in covering the costs ol our Lyra M¢Kee
InvesligalSve Journallsm Training programme of 2023.
Flnally, we crealed 8 nèw designaled fund.. 'Source ProleGllon Programme's Commercial Fund" and put i
£30.779 into the lund. Thls lund is fueled by prolils made from any bospoke Sourcè Protection Programme
training to organisalions and ils aim is lo help covei lulure costs ol our charitable Source Pfoteclion, which is
currèntly enlirelyfunded by the Reva and David Log8A Foundalion.
Balances ol our designated funds as of 0111212023:
Page 8

Oo¢v$lgn Envelop6 ID.. F64D82FA.CA7E.41D3.9E17.CC16BCI94E90
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantèè)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
G8vin MacFadyen Memorial Library fund.. £NS1
Lyra McKee Investigalive Journ8llsm Training Bursary fund.. £9.038
- Sour¢8 Protection Programmg's Commercial fund.. £30,779
Core operations contingency {financial reserves).. £150.000
Total balancè- £189.817
d. Investment Powers
As 0130 November 2023, CIJ has no Inveslmenl assets and lis cash funds are held In B CAF B8nk eurrenl
account as wall as in a 40-day notice savings acwunt and a 200-day notic8 savings account held in United
Trust Bank.
Structum, governance and management
a. Constllutlon
Th8 Cenlie for Invesllgalive Journalism Limited {ClJ) is a company limited by guarantee. 11 was Incorporated on
3rd J(Jn8 2005 and registered as a charily on 29 March 2007. Th8 serving trustees agree to contributo an
atnount not exceeding £10 in the evenl of the company being dissolved while he or sh8 is a member, or wlhin
twelve months after he or sh8 eeases lo be a membér.
b. Management and Control
Th8 Board ol Trustees Is responsible for the overall management and control ol the Charity. Operationally. day
to day responsibilily for running th6 CIJ lies wlh the Charily Direclor James Harkin supported by slalf.
c. Flnanelal rlsk manAgement
The Trustees acliv81y and regularly review lh8 maln risks whlch Ihe CIJ faces. B8ing able lo leach the target sel
by CIJ'S Financial Reserves Policy of six months, worth ol operating cosis addresses Ihe principal rlsk identified
by Ihe Trust88s al the end of FY17.
The CIJ maintains a Rlsk Register. Main risks are reviewed regularly al Board Meetings.
Page 9

t>ocu*gn Envelope ID.. F64D62FA.CA7E-41D>gE17-CC16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Limiled by Guarantee)
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 NOVEMBER 2023
Statèment of Trustees. rèsponslbllities
The Trustees (who ale also the directors ol the Company lor the purpos85 01 company lawl arè responslble for
prep8rlng the Tiustees, Report and the financial statements in accordance will) applicable law and United
Kingdom Accountlng Standards Iuniled Kingdorn Generally A0￿pIed Accounting Praclic61.
Company law feouires th8 Trustees to prepare financial statemenls lor each financial year. Under company law,
the Trustees musl not approve the f1nancial slatemenls unless Iliey are satisfied that they give a true and fair
ew ol the slate ol allairs ol the Company and of its incorning resources and applicaliorn ol resources, includin9
ils Income and expendilure, lor that period. In preparlng these financial statemenls. Ihe Trustees a18 required
to:
select sullable accoiinting pollcies and then apply Ihem consislenlly.,
observe Ihe nielhods and principles ol the Charlties SORP IFRS 1021.,
make judgments and accounliiig eslimales Ilial are reasonable and prudent.,
state whelher applicable Ul< Accounling Standards IFRS 1021 have been lollowèd. subject to any
material deparlures disclosed and explained in Ihe linaricial slalenieiils.,
prepare 11)e financial slalemenls on the going concern basis unless il is inappTopriat8 to presume Ihal th6
Company will continue in business.
The Truslees are responsible for keeping adequate accounting records that ale sullicienl lo show and explain
Ihe Cornpanls Iiansaclions and disclose with reasonabl8 accuracy al any lin)e 11)e financial posilion ol Ihe
Company and enablè them lo ensure that the financial slal&menls con)ply with the Companies Act 2006. Thtry
ar8 also responsible lor safeguaiding Ihe assels ol tho Company and hence foi taking reasonable steps for the
prevention and deleclion ol fraud and olher irregularilies.
Disclosure of information to auditors
Each of Ihe persons who gre Trus18es al the lime when Ihis Tru51ees' Repoil is approved has confirmed Ihal..
so far as that Trustee is aware. therè is no relevant audit inlorniation of whlch the charills audllors are
unaware, and
thal Tiuslee has taken all the steps thal oughl lo hav8 been taken as a Truslee in order lo b6 aware ol
any relevant audit information and lo establish Ihal the charills auditors a18 aware ol that inlornialion.
Auditors
The audilois, Desaui LLP, have indicated their wlllingness to continiie in olfi¢è. The dgslgnated Trustees wll
propose a Inolion reappointing the auditors al a nieeling ol the Trustees.
Approved by order ol Ihe mambers ol the boa¥d ol Trustees and slgned on their behalf by:
SbJncdby'.
Isabel Nancy Hilton
(Chair ol Truslee51
Dale.. 2 August 2024
Page 10

Docuslgn Envèlapa ID., F64D82FA.CA7E4103-gE17.CC168C194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee)
INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF CENTRE FOR INVESTIGATIVE
JOURNALISM LIMITED
Oplnlon
We have audited the financial statements ol Cenlre for Investlgative Journalism Llmiled (Ihe 'charitablè
company) lor the y88r ended 30 November 2023 whlch comprise the Statement of Financial Activities. thg
Balance Sheet, the Slalemeni ol Cash Flows and the related notes, including a summary ol signllicanl
a￿aUntIng policles. The financial rgporting framework that has been Èpplied in thelr preparation is applicable
law and United Kingdom Accounting Standards, including Financial R8POrting Standard 102 'The Financ4al
Reporling Standard applicab16 In the UK and Republic ol Irèland. (United Kingdom Generally Accepted
Accounling Praclicel.
In our opinion the fin8nelal slat8m8nts'.
give a true ar￿ fgir view of the state of the charitable companls allairs as al 30 November 2023 and ol
ils ineoming resources and application ol resources, Including Ils irwme and expenditure for the year
then Énded.,
have been property prepared in accordance wlh United Kingdom Generally Accepted Accounting
Praclice.. and
have been prepared in accordance wth the requirements ol the Charities Act 2011.
Basls for oplnlon
We conductéd our audit in accordance wilh IrTrternational Slandards on Audiling IUKI {ISAs IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for th8 audit
of the linancial slatemenls séction of our report. We are independenl of the charitable company in accordance
wlh the 81hlcal requirements Ih81 are relevant lo our audil ol th8 financi81 sialements In the United Kingdom.
inGluding the Financi81 Reportlng Council'5 Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance wilh ￿ese requirÉments. We believe that the audit èvidence we have oblÈined Is
sufficienl and appiopriale to provide a basis for our opinion.
Concluslons relating to gotng concern
In auditing the financial slaléments, we have wncluded thal Ihe Trustèes, use of the going concern basis of
accounting in Ihe preparalion of the lin8ncial statements is appropriate.
Based on the work we have performed, we have not identifsed any malerlal uncertaintles relating to events or
conditions that, individually or colleclively. may cast slgnificant doubt on the charitable companls abilily lo
conllnue as a going concern lor a period of al least twelve months from when ihe financial slalernents are
aulhorlsed lor issue.
Our responsibllities and the responsibilities of the Trust8es with respect lo golng conceTn are described In the
relevant sections ol Ihis report.
Page11

D￿sIgn Envélop6 ID.. F64D82FA.CA7E41DJ_9E17.CC168C194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantoel
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CENTRE FOR INVESTIGATIVE
JOURNALISM LIMITED ICONTINUEDI
othèr Informatlon
The other information comprises th8 Informatlon included in the Annual Report olher th8n the financial
sta18menls and our Auditors. R8PDrt Ihereon. Th9 Trusle8s are responslble for the olher Information contalned
wilhin the Annual Report. Our opinlon on the financlal statements does noi Cover the olher inloimation and,
èxcept to the gxlent olhetwise explicilly slated in our report. we do not express any form of assurance
conclusion thereon. Our responsibility is lo read the othar informalion 2nd. in doing so. consider wh81her the
olher Inforrnation is rnalerially inconsislenl with Ihe financial stat8menls or our knowledge obtained in Ihè Course
of the audit, or olheTwise appears lo be malerially misstated. 11 we idenlily such rn8lerial in¢onsislellcies or
8ppar8nt malerial misst8temenls, we are required lo determine whelhor Ihls gives rise to a m8lerlal
misstatement in the Ilnancial statements thernselves. 11. based on the work we have performed, wa conclud8
Ihal there Is a material misstatement of Ihls othgl Information. we are required lo report Ihal fact.
We have nolhlng to report in Ihls regard.
Matters on whlch we are requlred to report by exceptlon
We have nothlng to report in respect of the following rnallers where the ChaTltles {Accounts and Reports)
Regulatlons 2008 requires us to report to you 51, in our opinion..
the infoTrnatSon givèn in the Trusie8$' Report is inconslstenl in any material respect with ihe financial
stalements., or
S￿lI1Cle￿I Éccounting records have not been kept.. or
the financlal slalemenls are not in 8greemenl wllh thè 8ccouriting records and r8turns- or
we havg not received all the information and èxplanalions w8 raquire for our audil.
Responslbllilles of trusta6s
As explained more fully in Ihe Truglees. Responsibilities Slalement, lh8 Truste65 (who are also the directors ol
Ihe charitable company for the purposes of company lawl are responsible lor the preparallon of the financSal
slalements and lor being satisfied that they 9ivè a true and lair view. and IOT such int8rnal control as the
Trustees determine necessary to enable the PTeparalion ol finanual statements that are freè frorn malerial
misst8lèmenl, whelher due lo l¥aud or error.
In préparing Ihè financial statements, the Trustees are rèsponslble for assessin9 the charitable ¢ompen¥s
8bility lo continu8 as a going concern. disclosing, as applicable, Mallers related lo going concern and using the
going concern basls of accounting unless Ihe Trustees eilher Intend lo liquidate the Charitable company or to
csase OP8Tallons, or have no realiS￿C aliernalive bul lo do so.
Page 12

DoGu$ion Envek)pJ ID.. F64D82FA.CA7E.41D3.9E17.CC16BC194ESD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CENTRE FOR INVESTIGATIVE
JOURNALISM LIMITED ICONTINUEDI
Auditors, responsibllltles for the audlt of th• flnanclal stataments
W8 have been appolnted as 8udltor under secllon 144 of Ihe Charit18s Act 2011 and report in aceordance wth
Ihe Act and relevant regulations made or having affect th8reunder.
Our objectives are lo obtain reasonable assurance about whèiher Ihe financlal statemènls as a whole are free
from material misslalernent. whelher due lo ffaud or error, and to issue an Audilors, Report that includes our
oplnion. Reasonable assuiance is a hi9h level ol assurance, bul is not a guarantee that an audlt conducted In
accordance wih ISAS IUKI will always delect a material misslalemenl when it exists. Misstalem6nts can arise
from fraud or error and are considered malerial 11. individuslly or in the aggregate, they cauld rèasonabSy be
expected lo influence the economic decisions of users taken on the basis ol these financial slalements.
Irregularilies. including fraud. are instances of non-compliance wth lllws and règulations. We design
procedures in line with our responsibilitles. ouilined above, to detecl malerial misslal¢menls in respect of
irregularities, incl￿dIng fraud. The exlenl to uthich our procedures are ¢apab16 01 d818Cting Irregularitiès,
including fraud is detailed below..
Based on our understanding of the company and industry. we id•nllfied the PTincipal risks of non-compliance
with laws and regulations. We also considered Ihos818ws and regulations that have both a direct and non-direcl
impact on Ihe linanciAI slatem8nts.
Audll proc8dures performod Induded:
Enquiring wth management includlng considèration of known OT SUSPaCted inslances of non- compliance wth
laws and regulation and fraud.
Id8nlilying and lesting journal enlri88, In pariicular anylournal 8nlries posted with unusual
account combinations.
Because of the inherent lirnilalions of an audit. there is 8 risk Ihal we will not delect all irregularllies, includlng
Ihose leadlng to a malerial misstatement in the financial slalemenls or non-compliance wlih regulation. This iisk
increases the more Ihal compliance with a law or regulation 15 removed from the evenls and Iransaclions
reflected in the flnancial Statements, as we ￿111 be less likely lo become awarè of instances ol non-complianTr.
Th8 risk is also greater regarding irregularities occuriing due to fraud raih9r than erfor. xs fraud involves
Intentional concealment, forgery. collusion, omission or misrepresenlatlon.
A further descripllon ol our fesponsibililieg for the audit of the linanclal slatemÈnts is located on Ihe Finandal
Reporting Coiinoil's websile al.. w%ww.frc.or
.uklaudilorsres
onsibililies. This deserlpllon forms part of our
Auditors. Report.
Use of our report
This Teport is mad¢ solely to the charitable companls trustees, 88 a body, In accordance wlth Part 4 01 the
Charilias (Accounls and Reports) Regulalion5 2008. Our audll work has been undertaken so that we mighl st8te
to the charitable cornpanvs trustees those rH8tt8rs we are required to state to Ihem in an Auditors, Report and
lor no olher purpose. To the fullesl extent permilled by law, we do not accepl or assume responsibility lo
anyone olher than th8 chafilable company and its members. as 8 body, lor our audil work. for Ihis report. or for
thè opinions we have formed.
Page 13

Docuslgn Envelopg ID.. F64082FA.CA7E41t)3.9E17.CC168C194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
{A Company Llmlted by Guaranleel
INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF CENTRE FOR INVESTIGATIVE
JOURNALISM LIMITED {CONTINUEDI
Dèsaur LLP
Chartered Certllled Accounlanls
Stalulory Auditor
CEME Campus
Marsh way
Rainham
Essex
RM138EU
2 Auuug12024
Desaur LLP are eligible to act as audilt)rs in 18rffls of sect￿n 1212 of the Companies Act 2006.
Page 14

D(￿s]gn Envélope ID.. F64082FA.CA7E.4103_gE17.CC16BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Gu8ranteel
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 30 NOVEM8ER2023
Restrlc18d Unrestricted
funds
funds
2023
2023
Total
funds
2023
Tolal
2022
Note
Incomè from:
Oonations and legacies
Olhei aclivities
Other income
1.031,973
10,000
161,156
160.207
31,389
1,193,129
170,207
31,389
784. 166
173,948
Total Income
1.041,973
352,752
1,394,725
958.114
Expendlture on..
Charilable a¢liwliès'.
CIJ Summer & CIJ Regional
conferences
Products & SeFvices.' Schedul8d &
Bespoké Training
Product & Service8-. Handbooks &
Mlsc
Open Climate Reporiing Inllialive
Climatè Change in N6ws and Media
Inv8Stigatlve Practices
Sourcè Prote¢lion Piogram
Collaborative Communily Journalism
Project & Lyra Mckee Bursary Schem8
Management. Fundraising and
Operalions cosls
10,000
11.539
21,539
49,025
25,279
25,279
95.799
1.705
1.705
748.903
69,772
25,037
98,355
2,392
524,279
748,903
69,772
25,037
98,355
5,202
92.587
1,302
1,302
41,513
59,997
59.997
170,540
Total expandllure
953.369
98.520
1.051,889
921.337
N&t movement In funds
88,604
254,232
342,836
36,777
Reconciliatlon of funds-
Total funds brought f0m￿ard
Nel movemenl in funds
186,982
88,604
149,170
254.232
336,152
342,836
299.375
36.777
Total funds carrlod fo￿ard
275,586
403,402
678,988
336,152
The Stalement ol Financial Acliwties includès all gain8 and losses recognised in the yèar.
The notes on pagès 18 to 28 fomi part of Ihgse financlal slatèmenls.
P8ge 15

DKu5van Enveknpe ID." F64D62FA-CA7E-41D>9E17-CC16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA conipany Limlted by Guaraijteel
REGISTERED NUMBER: 05471322
BALANCE SHEET
AS AT 30 NOVEMBER 2023
2023
2022
Note
Curienl assets
Debtors
Cash al bank and in haiid
88,076
664,975
32,135
553,720
753,051
585.855
Creditors.. arnovnts falling due within one
yeai
10
174.0631
(249,703)
Nel current assels
678,988
336. 152
Total a55èts less currènt liabilities
678,988
336, 152
Net assets excluding pènsion asset
678.988
336. 152
Total net assets
678,988
336, 152
Charity funds
Rèstricted funds
Unrestricted funds
275,586
403,402
186.982
149, 170
Total funds
678,988
336, 152
The enlily was enlillèd to exemption (rom audit under seclion 477 01 thg Companies Act 2006.
The members have nol reqLiired the enlity to oblaln an audil lor the year in queslion in ao¢ordance wilh saclion
476 01 Ihe Companies Acl 2006.
However, an audlt is required In accordanoe wllh seolion 144 01 the Charllies Act 2011.
The Trustees acknowledge Ihelr responsibilities for complyng with Ihe rèquirements ol the Acl with respect to
acoounlino records and preparation ol financial slatamenls.
The financial 51alements have been prepared in aowrdance wilh thè provisions applicable lo enlllies subjèel to
Ihe small companies regiine.
The linanual slalemei)Is were 8pproved and aulliorised for Issue by the Trvslees on 02 August 2024 and
signed o
bshall by..
Isrtl,LL thllb
isabel Nancy
iam
The nolès on pages 18 to 28 form part of Ihesg financial sta18menls.
Page 16

Docusl9n Ellvelop6 ID.. F64D82FA.CA7E.41D3-gE17.CC16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2023
2022
Cash flows from op8ratlng actlvltlès
N$1 cash used in operating a¢liv*ties
111,255
136.259
Cash flows from Investlng actlvltles
Nèt cash providèd by investing a¢llvities
Cash flows from flnancing actlvlties
Net cash provlded by finanelng acllvltles
Change In cash and cash equlvalents In the ytrar
Cash and cash èquivalents al Ihè beginning ol the year
111,255
136,259
553,720
417.461
Cash and cash equlvalents at thè end of thè yaar
6fj4,975
553,720
The notes on paoes 18 10 28 form parl ol these financial statements
Page 17

OoGusign Envoltspa ID. F64DB2FA¢A7E.41D3.9E174C16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmltèd by Guarant8è1
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
General Informatlon
Cenlrè for Invesligallve Journalism Limlted is a privatè company limiled by guarantee incorporated In
Ellgland and Wales. The regislered aifice is Goldsmilhs, Unlversily Of London 8 Lewsham Way, Depi 01
Media. Communications And Cultural Studies. London, Engl8nd. SE14 6NW
The members of the company are the Trustees named on page 1. In the event of the Company b8ing
wound up, Ihe liabilily in respect ol the guaran18e is limited to £10 p8r tnember of the company.
Accountlng pollcle$
2.1 Basis of praparation of financlal statemants
The financial statements hav8 been prepared in accordance with the Charilies SORP IFRS 102) -
Accounting and R8POrting by Charili8s.. Stalement of R6commended Practice applic8ble to charilies
preparing their accounts in accordanco wth the FinanciAI Reporting Standard applicable in Ihe UK
and Republic of Ireland (FRS 1021 lelfeotive 1 January 20191. the Financial Reporting Standard
applicable in the UK and Republi¢ ol Ireland {FRS 1021 and the Companies Act 2006.
Centre for Investigativ8 Journalism Limited meets Ihe definition of a public benelil entity under FRS
102. Assets and liabilitigs are InStially r8cognSsed at historical cost or Iransacllon value unless
otherwise slated in the relevant accounling policy.
2.2 Incom8
All Sncome is r6cognised once the Company has enlillemenl to the Income. il is probable Ihal Ihe
income wll be receSved and the amount ol inc<)me recelvable can b8 measured reliably.
Grants arè Included in the Statement ol Financial Aclivi118s on a receivable basis. The balance of
Income received for specific purposes but nol expended during the period is shown in the relevant
funds on the Balance Sheel. Where income is received in advÈnce ol enli118ménl ol receipt, its
recognition is doferred and included In creditors as deferred income. Where enlillemenl occurs
b8fore income is received. the income 15 accrued.
2.3 Expendllur8
Expendlture is re¢ognised onc& th8re Is a leoal or constructive obllgation to Iransler economic
benefit ttr 8 Ihird pariy. it is probab18 that a Iransfei ol economic benefits will b8 required in
selllement and the amount ol Ihe obligalion can be measured reliably. Expendllure is classllied by
activity. The costs ol each aclivity are made up ol the lol81 ol direct Costs and shared costs,
Including support cosls involved in undertakirig each aclivily. Direcl costs altribulable to a single
acltvily are allocated dlrectly to that activity. Shared costs which conlribule to rnore than orne activity
and support cosls which are nol allribulable lo a single aclivily ale apportioned b¢tween Ihose
aclivities on a basis Consistent with the use ol resources. Cenlral staff cosls are alloc8led on the
basis of lime spent, and deprecialion Charges allocated on the portion of tha assel's use.
Expenditur• on charitable actiwtias is incurred on dlreclly undÈrt8klng ihe aclivibes which furlher the
Companls oble¢tives, as well as any associated support costs.
All expendiiure is inclusive of irrecover8ble VAT.
Page 18

DDcuslgn Envalope10. F64D62FA.CA7E41D3.9E17.CC16DC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Compttny Llmlted by Guaranteè}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Accounting poli¢185 {contlnuedl
2.4 D8btors
Trade and otheT debtors are recognlsed al the selllement 8mounl alteT any trade di$count olfered.
Prepayments are valued at the amount prepaid net ol any trade dlscounls due.
2.5 Cash at bank and In hand
Cash at bank and in hand includes cash 8nd short.t8rm highly liquid Inveslmenls wilh a short
maturily ol three months or less from Ihe dal& ol acquisition or opening of the deposil or similar
ccount.
2.6 Liabllltles and provlslons
Liabllilies arè recognIs￿ when there is an obligation at the Balance Sheet da18 as a result of a past
gvenl. il is probable Ihal a transfer ol economic benefit will bg required in s8tllemenl, gnd Ihe
amount ol the settlement can b6 eslimaled reliably.
Llabililies are recognised al the amounl that the Compally anli¢ipales il will pay to settle thè debt OT
the amount il has received as advanced payments lor the goods or services it musl provide.
Provislons are measured al the best estimate ol Ihe arnounts required to settle the oblioatlon. Where
Ihe elfecl ol the lime value ol mon8y is malerial. tho provision is based on thè present valuè ol those
amounts, discounted al the pre-tax discount rate ihal reflects th8 rlsks specific to the li8bilily. The
unwnding of the discounl is recognlsed in the Statement of FSnancial Aelivities as 8 finance cost.
2.7 Flnanclal Instruments
The Company only has fin8nci81 assets and financr81 liabililles ol a kind thal qu81ify as basic financial
inslrumenis. Ba51c financial inslrumenls are initially recognised al transaclion value and
subsequently measured al their selllemelll value with the exceplion ol bank loans which aTe
subsequ8ntly measured at amorlised Cost using the effective interest method.
2.8 P8nsions
The Comphny oper8tès a defined contrlbulion pension scheme and the penslon ch8rg8 represents
Ihe amounts payable by the Company io the lund in respect of tha year.
2.9 Fund accounting
GeneTal funds are unrestrScled funds which are avallable lor use al the discretion ol the Truslees in
lurtheranca ol the general objeclivgs of the Company and whi¢h have not been designated for other
purposes.
Deslgnated funds ¢ompTise unrestricted funds Ihal have been sel asldo by the Trustees lor
particular purposas. The aim and use of each designated fund is sel out in the notes lo the lin8n¢lal
slalemenls.
Reslricled funds are funds which are lo be used in accordanco wlh specific reslriclions imposed by
donors or whlch have been raised by the Company lor particular purposes. The costs of ra￿SIng and
adtninislering such lunds aro eharged againsl Ihe specific fL¢nd. The aim and u88 01 each reslrictad
fund is sel oul in the notes to the financial statemenls.
Page 19

Envalope ID.. F64D82FAIA7E.41D3-gE17.CC16BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
{A Company Llmltéd by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Incom8 from donatlons and lègac188
RÈstrlcted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Grants
Quadrature Climate Found8tion
UNESCO
Inv8StigAliv8 PractSce
The Rova & Davld Log8n Foundation
Olher donations
808.805
69.771
25.037
127.057
1,303
80,200
889,005
69,771
25,037
204,908
4,408
77,851
3.105
Total Grants 2023
1.031,973
161.156
1,193.129
Total 2023
1,031,973
161.156
1,193,129
Re$lricled UnreslriG18d
funds
funds
2022
2022
Tolal
funds
2022
Grants
Quadrature Climate Foundation
Bertha Foundalion
Google N8ws Initiativè- Access to Tods Tralnlng
Programme
Th8 Reva & David Logan Foundation
Olher donations
524,279
5,202
72.747
597,026
5,202
6,000
86,130
58,370
6,000
116,700
59,238
30.570
868
Total Grants 2022
679.981
104,185
784. 166
Tolo12022
679.981
104,185
784. 166
Page 20

Docuslgn Envelop8 ID.. F64D82FA.CA7E41D3.9E17.CC18BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
{A Company Llmltod by Guarantèe)
NOTES ro THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Income from olher acllvlt188
Incom• from fundralslng events
Restrlcled Unr85lrlcted
funds
funds
2023
2023
Total
funds
2023
Inl8rn$lionall Regional Conlerence
CIJ Conference lickfjl sales
Scheduled and Bespoke Training incom8
10,000
10,000
41.668
118,539
41,668
118,539
10.000
160,207
170,207
Unreslricted
funds
2022
Total
funds
2022
CIJ Conference ticket sales
Scheduled and Bespokè Tralning incom
40,452
133,496
40.452
133,496
173,948
173,948
Other incomlng resource8
Unrestricted
funds
2023
Total
funds
2023
Tot&1
lunds
2022
Handbook Sales and donalions
31.389
31,389
Auditors. remunerallo
2023
2022
Fees payable lo the Companvs auditor for Ihè audit of th8 C¢)mpanYs
annual 8ocounis
2,700
Pag6 21

DO(￿5[9￿ Ellv8lopa10.' F64D82FA-CA7E41D3-9E17-CC168C194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantèe)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Staff costs
2023
2Q22
Wages and salaries
Soc181 security costs
Contrfbulion lo definèd conlrlbullon peT)sion schemès
206,555
81,901
23.192
207,262
91,254
19.87g
311,648
518,395
The average number of persons ernployéd by the Company during the year was as follows..
2023
No.
2022
Execulive Director
Adminislralive slafl
No employee received remun8ralion amounting to than £60.000 in either y8ar.
Trust8•s' remuneratlon and èxpènses
During Ihg year, no Trustees received ¥Thy remuneration or oth8r ￿nefits (2022- £NILI.
ljuring Ihe year ended 30 November 2023, Trustee expenses have beèn Incurred (2022- £NIL).
Page 22

Docusign Envebpelo.. F64082FA-CA7E.41D34É17-CC16BCI94EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlled by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
D•lJtors
2023
2022
Due wlthln one year
Othe¥ debtors
86.627
1.449
31.531
604
Prepayments and accrued Sncome
88.076
32. 135
10. Crodltors: Amounts falllng due wlthln on8 year
2023
2022
Ti8de credlloT5
Olhei credliors
Accruals and delerfed Income
56,890
11,329
5,844
364
18.870
230,469
74,063
249,7Q3
Page 23

DDcuslgn Enwebpalo.. F64D62FAiA7E4103.gE17.CC16BCI94E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarante8)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
11. Statement of funds
Stgtament of funds . Current year
Balanc8 at
30
NovembBr
2023
Balance at 1
Decembar
2022
Incom• Expenditure
Unraslricted funds
Designated funds
GavinMacFayden Memorial Library
Lyra McKn8e Investigalive Journalism
Training Bursary
CORE Operational Contingèncy
Souice Sele¢lion progratnme
1.642
11,6421
10,038
loo.000
{1,0001
9,038
150,000
30.779
50.000
30,779
111.680
80,779
12,6421
189.817
G$nèral funds
General Funds
37,490
271,973
195,8781
213,585
Total Unr85trlcled funds
149,170
352.752
{98,5201
403.402
Restrictèd funds
Thg Reva & D8vid Logan- lalks, SPP
Training, Investigative Practice and
Symposium
Quadralure Climatè Foundation
Trust for London
CIJ Regional conference 2023
UNESCO
The Reva & David Logan Foundation-
Investigalive Practice ftsr LATAM 2023-24
22,888
162,792
1.302
127,057
808,805
1,303
10.000
69,772
1121.2431
1724,713)
12,6051
110,0001
169.772)
28.702
246,884
25,036
125,036}
186,982
1,041.973
1953,3691
275,588
Total of funds
336,152
1,394,725 11,051,889)
678.988
Page 24

D￿S￿n Env£lopg ID.. F64082FA.CA7E41D3.9E17.CC1e8C194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmltèd by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
11. Statement of lunds Icontlnuedl
Stat$m•nt of funds- prlor y8ar
alanc8 81
Jo
November
2022
88lap)ce al
l Deeembe
2021
Income Expendilure
Unrestrlcted funds
Designated funds
GavlnMacFayden Memorial LibT8ry
Lyra McKnee Invesiigalive Journalism
Training Bursary
CORE Operalional Conlingency
5,010
(3,368)
1.642
11,470
87.000
13,000
13.000
(14.432)
10.038
loo,000
103,480
26.000
(17,800J
111.680
G8n6ral funds
General Funds- all funds
103,097
252, 133
(317,740)
37,490
Total Unrestricted funds
206,577
278, 133
(335.540)
749,170
Reslricled funds
Th8 Reva & David Logan- talks, SPP
Training. Invesligalive Pracliee and
Swnposium
Quadralure Climate Foundation
Trust lor London
Bertha Foundation- Inv8sligaliv8 Practice for
South Asia and Francophone Afriea
CIJ Reglonal Conference 22
Google News Inilialive- AGcess to Tools
Training Programme
Olh6r donalions
69.463
(16)
14, 100
86,130
524.278
28.513
(132.705)
(361,477)
(47,310)
22.888
162.791
1.303
5.202
23,OQO
(5,202)
(23.280)
28Q
8,968
6.000
6.857
(14,968)
(6,857)
92.795
679,980
(585,793)
186,982
Page 25

Docuslgn Envdope ID.. F64D82FA.CA7E_41034E17-CC16BC194E9D
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llm5ted kjy Guaranleel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
11. Statem9nl of funds Icontlnuedl
Total of funds
299,372
958,113
(921,333)
336, 152
12. Summary offunds
Summary of funds- current year
Balanc8 at
30
November
2023
Balance at 1
December
2022
Income Expendlture
Designated funds
General funds
Resliicled funds
111.680
37,490
186,982
BO,779
271,973
1,041.973
12,6421
195,8781
1953,3691
189.817
213,585
275,586
336,152
1,394,725 11,051,889}
678,988
Summary of funds . prior year
Balance 81
30
November
2022
Balance al
l December
2021
Income Exp8ntlilure
Designa18d funds
General funds
Reslficl¢d funds
103.480
103.097
92.795
26.OQO
252. 133
679.980
117.800)
(317.740J
f585.793)
111.680
37,49Q
186,982
299.372
958,113
(921,333)
336, 152
Page 26

t>ows￿￿ Ellv81optr ID.. F64D62FA.CA7E4103-gE17-CC16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
13. Analysls of net asse15 bbtwaan fLsnds
Analysls of net assets between funds. currant year
Rastrlctèd Unrestrlcted
funds
funds
2023
2023
Total
funds
2023
Current ass81s
Creditors due wlhin one year
551.173
{275.5871
201.878
201.524
753,051
174,0631
Total
275,586
403,402
678.988
AnalysSs of net asset5 belween funds- prlor year
Reslricled Unreslricled
lunds
funds
2022
2022
Tol&l
lunds
2022
Current ass8ts
CTedilois due wlhln one year
373.966
(186.984)
211,889
585,855
(62,719) (249, 703)
Total
186.982
149, 170
336,152
14. Reconcillallon of net movement In funds to net cash flow from optrratlng actlvltles
2023
2022
Nel Income for the year las per Statement of Flrtanclal Acllvltiesl
342,836
36. 717
Adjuslmenls for.,
Inciease in debltsrs
Increaselld8cr&asel In creditors
155.9411
1175.6401
(75,008)
114.490
Nel cash provlded by operatlng actlvllies
111,255
136,259
Page 27

D[￿$10Th EThv810￿ ID.. F64D82FA-CA7E41D3-9E17-CC16BC194EgD
CENTRE FOR INVESTIGATIVE JOURNALISM LIMITED
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
15. Analy81s of cash and cash equlvalents
2023
2022
Cash in hand
414,975
250,000
453,720
loo,000
Notice deposits (less than 3 months)
Total cash and cash equlvalents
664,97S
553.720
16. Analysis of changès In nat dèbt
At1
December
2022 Cash flows
At30
November
2023
Cash at bank and In hand
553,720
111,255
664,975
553,720
111,255
664,975
17. P•nslon eommltmènts
CIJ Limlled operates a defined conlribulion pension scheme. The assets of the scheme are held
separately in an independently admlnlstered fund. The penslon cost charge represents conlribulions
P3y3ble lo the ILJnd and aTnOtJnled lo £23,192 12022- £19,879). Th8rg were oulslanding conlribulions
payable to the fund at the balan08 sheet d918 of £3,89412022.' £2,399) and ar8 induded in creditors.
18. Related party transactions
The Company has not enlered into any relaled party Iransaclion during (he year. nor are there any
oulslanding balances owng between related parties and the Company at 30 November 2023.
P8g8 28