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2022-07-31-accounts

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The Conversation Trust (UK) Limited Report of the Trustees for the year ended 31st July 2022

The Conversation Trust (UK) Limited (the 'Trust') is a charitable company limited by guarantee and incorporated as Company number 08158264 on 26 July 2012 and listed on the Central Register of Charities (England and Wales) under Charity number 1151436. The charitable company registered with the Office of the Scottish Charity Regulator on 3 March 2014 (SC044707).

The Trust was established under, and is governed by, its Articles of Association. The directors of the Trust are its trustees for the purposes of charity law and throughout this report are collectively referred to as 'the trustees'.

As set out in the Articles of Association, the trustees, who shall number not less than three, may be appointed for such terms as thought fit by the trustees.

Reference and administrative information

Trustees Professor Nishan Canagarajah - Chair - appointed 12 November 2021
Professor Colin Bryan Riordan - Chair to resignation - resigned 12 November 2021
Nicholas John Eldred
Dr David Anthony Lipton Levy
Katharine Louise Metzler
Diana Beech
Emily Anne Bunting - appointed 15 September 2022
Vivienne Mary Hunt Parry - appointed 15 September 2022
Kavita Reddi - appointed 15 September 2022
Matthew Peter Walsh - appointed 15 September 2022
Professor David Gordon Sweeney - appointed 1 October 2022
Kirsty Walker - appointed 18 May 2023
Jonathan Julian Hyams - resigned 29 September 2021
David Henry Smith - resigned 25 May 2022
Adrian Neil Monck - resigned 31 July 2022
Dr Joanna Frances Newman MBE - resigned 1 December 2022
Caroline Agnes Morgan Thomson - resigned 1 December 2022
Michael Spence - resigned 18 May 2023
Patron Professor Sir Eric Jackson Thomas
Chief Executive Officer Chris Waiting
Registered Office Shropshire House
Capper Street
London
England
WC1E 6JA
Auditors Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Bankers Co-operative Bank
P.O. Box 250 Delf House
Southway
Skelmersdale
WN8 6WT
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH

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The Conversation Trust (UK) Limited Report of the Trustees for the year ended 31[st] July 2022

The trustees present their report along with the financial statements of the Trust for the year ending 31 July 2022.

The financial statements comply with statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities and have been prepared in accordance with Companies Act 2006 and Charities Act 2011.

Objects, Objectives, Governance and Management

The Objects of the Charity are to promote for the public benefit the advancement of education, including the provision of a platform for the creation, aggregation and communication of news and information services relating to the knowledge industries and the communication of all academic disciplines and their benefits as broadly as possible to enrich society's foundations of knowledge, expertise and solutions. These objects are reviewed by Trustees on an annual basis.

Activities and Achievements

The financial year ending July 2022 saw The Conversation move beyond the COVID-19 pandemic. While our journalism and operations continued to be influenced by it, we find ourselves looking forward, and returning to some of our working patterns from before 2020. Our on-site readership declined slightly but we saw further increases to newsletter subscriptions and podcasts downloads, reflecting our most engaged readers.

Stories published by The Conversation UK were read a total of 153 million times in the year ending July 2022, a 9% decrease on the record-breaking year before. This decline is consistent with those seen by many other news publishers through 2022, with the Reuters Institute for the Study of Journalism identifying ‘covid fatigue’ and ‘news avoidance’ as key drivers of this trend. Stories we published were republished by the BBC, CNN, Scientific American, The Daily Mail and a great many others, and the academics who wrote for us have had their work cited in Parliament, followed up by other media, and led to new partnerships and research opportunities.

After a couple of years of statis, membership numbers returned to growth, with a number of new and returning members signing up. We are aware that the UK HE sector remains braced for a challenging period and so continue to look to diversify our income. However we believe membership continues to provide enormous value to the institutions we work with, and membership continues to be our core funding stream.

While The Conversation’s journalism will always remain free to read and republish, we are grateful that an increasing number of readers are donating to support our work. In the year ending July 2022 we received almost £206k from four thousand readers, an 18% increase on the year before, with almost half now donating monthly. In the coming years we intend to strengthen our relationship with these ‘Friends of The Conversation’ and encourage more of our regular readers to contribute to support our journalism. However as we enter a challenging economic era, we expect the pressures of the cost of living crisis to limit further growth in reader donations.

We’re grateful to Research England for its continued support, as our long running Insights project, and the pandemic-related Covid-Insights project have merged into a new three-year initiative, Insights & Applications. This project commissions longer-read stories which can explore topics more fully – and has led to significant coverage in other media. The new ‘Applications’ side considered the ways that research impacts society, ranging from discoveries and innovations developed during the pandemic, to other ways research is shaping the UK economy.

FY22 was a transition year, with the appointment of a new Editor, Jo Adetunji, and a new Chair, Professor Nishan Canagarajah, Vice Chancellor of the University of Leicester, along with a number of new Trustees. Together with the Chief Executive, senior leadership, they are working on a new strategic review, establishing our priorities for the next three years, building on those we agreed in 2019:

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The Conversation Trust (UK) Limited Report of the Trustees for the year ended 31[st] July 2022

We are grateful to the Trustees who have left the board over the last 12 months for their work throughout their terms.

We continue to work closely with the other editions of The Conversation around the world, looking for opportunities for greater impact and improved efficiency.

Public Benefit

As required by the Charities Act 2011, the trustees have referred to the Charity Commission's general guidance on public benefit when setting up the Trust. The trustees will have due regard to the Charity Commission's general guidance on public benefit when making grants in future. In shaping our objectives for the year and planning our activities, the trustees have also considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

Financial Review

During the period, the charity received total income of £2.2m for use by the charity in pursuing its charitable objects. As per the Statement of Financial Activities on page 9 this resulted in a surplus for the year of £195k. This was in line with forecast, before the impact of the backlog of gift aid claims.

This surplus allows the charity to grow its reserves and places it in a stronger position in facing the uncertain period ahead.

Risk Management

1. Universities are not prepared or able to fund the project:

Even before COVID-19, the Higher Education sector was experiencing considerable external pressure and uncertainty. As a result, many institutions are reviewing all costs, which could lead to existing members failing to renew while new members prove hard to attract. To mitigate this risk, the company’s retention strategy involves a focus on the benefits delivered to members, active monitoring of engagement and targeted increases to staff capacity to meet demand. We are also exploring appropriate diversification of revenue to help us mitigate sectoral shocks. Finally, we have considered a range of options to reduce our costs should a significant number of universities fail to renew.

2. Readership collapse:

Breakdown of re-publishing relationships, SEO problems, poor content quality or relevance, or failure in marketing/social media efforts could halt growth, and diminish the power of the project. To mitigate this, normal editorial processes ensure that content is of a consistently high quality. We actively engage with republishers to help our stories reach a wider audience, and encourage regular readers to sign up for our newsletters.

3. Staffing problems:

Difficulty in attracting or retaining staff could make the editorial product difficult to deliver. This is mitigated by fostering an open and approachable management style allowing problems to be raised at an early stage and encouraging staff growth. Achievement is rewarded where appropriate.

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The Conversation Trust (UK) Limited Report of the Trustees for the year ended 31[st] July 2022

4. Editorial issues:

With greater readership comes greater scrutiny of our stories, and an increased risk of legal action. TCUK’s model depends on high quality content written by experts, so our stories are lower risk than other news outlets. To mitigate, we follow journalism best-practice, all editors receive training from media law experts, and potentially higher risk stories receive external legal scrutiny. In September 2019, TCUK joined IMPRESS, a press regulator which provides an external complaints management process, further reducing the risk of legal action.

5. Office Health & Safety:

An employee could be injured onsite or when working offsite. To mitigate, employer’s liability insurance is up-to-date, staff are trained as fire marshals and health and safety officers as appropriate, and trained emergency first-aiders available onsite. The Health & Safety risk-assessment will continue to be kept up-to-date and actioned appropriately.

Future Plans

The charity has attracted the majority of research-intensive UK universities as members. Future plans will focus on the value delivered to member institutions and the impact delivered by our journalism. Trust, Foundation and public (donation) funding will be explored further, but will remain secondary to membership revenue. We will continue to support the UK Higher Education sector through the challenges it faces – helping them engage with the public, to demonstrate the value of research, and helping that research reach new audiences. In the longer term, our commercial trading subsidiary, Universal Impact, will help us broaden the ways we work with research institutions, providing additional income to support our core charitable mission.

Remuneration Policy

Salaries are benchmarked against similar organisations with final sign off being made by the Remuneration Committee of the Board of Trustees.

Reserves Policy

Unrestricted funds totalled £709,469 as at 31 July 2022 (2021 as restated: £512,740). Restricted funds totalled £127,569 as at 31 July 2022 (2019: £129,477). It is the policy of the Trust to maintain a reserve level equivalent to a minimum of four months outgoings, partly to guard against possible fluctuations in levels of membership as well as potential changes in the funding environment. Any loss of funding or membership income would likely take several months to replace. If such replacement were not possible, the reserves provide sufficient time for the Trust to adjust its outgoings accordingly. In addition, these reserves can provide a stronger bedrock for financial planning into subsequent financial years. Current reserves are in line with the Trust’s target of four months outgoings, approximately £600,000. Free reserves (unrestricted general funds minus fixed assets) of the charity at 31 July 2022 were £695,371. In forward planning, trustees will ensure free reserves continue to meet the reserves policy.

Going concern

The directors have assessed whether the use of the going concern basis is appropriate and have consider possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The directors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the directors have considered the company's forecast and projections and have taken account of the challenging environment for the UK Higher Education sector. The directors have carried out analysis on budget forecasts to 31 July 2024 for varying levels of reduction in memberships which make up the majority of the company's income streams. In each case the company is able to reduce its cost to match any potential fall in membership income up to 50%. On this basis the directors have concluded that the company has adequate resources to continue in operational existence for at least twelve months from the approval of the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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The Conversation Trust (UK) Limited Report of the Trustees for the year ended 31[st] July 2022

Appointment of new trustees

Potential Trustees are proposed to or approached by The Conversation’s Nominations subcommittee, with vacancies publicly advertised. Recommendations are then put to the Board of Trustees to vote on. The executive officers are responsible for training Trustees and making them aware of their responsibilities. The Board of Trustees maintains a skills matrix of current members. When recruiting new Trustees, the Board aims to maintain a balance of skills and backgrounds to ensure a diverse mix of people.

Auditors

Moore Kingston Smith LLP have indicated their willingness to continue in office and in accordance with the provisions of the Companies Act, it is proposed that they be re-appointed auditors for the ensuing year.

Statement of trustees' responsibilities

The trustees (who are also directors of The Conversation Trust (UK) Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements;

• state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities and Trustee Investment (Scotland) Act 2005 and Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditor is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This report has been prepared in accordance with the special provisions relating to small entities within Part 15 of the Companies Act 2006.

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The Conversation Trust (UK) Limited Report of the Trustees for the year ended 31[st] July 2022

Approved by the Trustees on: 25[th] July 2023

and signed on their behalf by:

Professor Nishan Canagarajah (Chair)

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