The Guardian Foundation ICon7pany regt#rétkin no. l)8437335 Charity ￿￿Stration no. 11538651 REPQRT ANO FINANQAL STATEfvAE￿S YEAR ENDED 31 MARCH 2023 The Guardian I,'oundation The I,'ouiidation (Company Registratlon no. 08437335, Charfty reglstration no. 11538651 A£PORT AND FINANICAL STATEMENTS For the vear *nded 31 March 2023 CONTENTS Page Reference and admlnlstrathe Inlormailon Board of Truxees, report (litorfs rewt 13 5t•trrnent of financial athrytie5 17 Baance She 18 Cash flow statement 19 Notes to the financlal Maien*nis 20 I,'oundalion (Company Reg4$1ration no. 08437335) R£FEREfrKE AND AOMINISTKATIVE DETAILS OF THE CHARI For the ypa. wded 31 Marth 2023 Board ¢f Tnisieos Nina Blat*well eilh Magee Ichairl Mélody Patry Randeep Rdme5h Ru53ell Scott (appointed 19 Jufy 20231 J￿￿than Scott Ire5i8ned 26 April 1023 Garyyouwe Senlor %fjanapnqnl T•affl KellyWa1￿ EKecuir** Difecli Prfrtlpal Olllce PO Box 68164 KinE5 Pkie SYJ York Wav Lon¢knn NIP2AP Cornp•ny ie4. 00. 08¢3733S Charity re8. no. 1153865 S0Ndt￿$ Bates Weirs & 8rdithwaite lor*lon LIP IQ Queen street Place London EC4R ieE The Royal Bank of Scollartd pk 280 B15￿p5Sate London EC2M 4RB Ind•p•nd411t Audltor Krox Croppèr LiP 6S Le•Jenhall Street London EC3A 2AD rouiidation l(ompany Registration T￿. 084373351 TRLJSTEES. REpoRr For ihe yeaf ended 31 Marth 2023 The tru5teM. who ère director5 for the wrposes of tompany law. p￿ent the annuBI report together with the audited flnancial statements and audttor5 fppDrt o., the tharitablE £ownpany for the year eidEd 31 FAarch 2023. Thls has been ￿pared In accordance with comF4iance with the (harities Act 2011 and Is a Directorfs Re￿rta$ rewI￿d by Sec1￿ft 415 of tho CompaniesArt 2￿6. The Guardian FOundat￿n Is re(1stere¢J In EnRland and Wales ￿th the Charfy Commission under the charity number 1153865 and with CO￿￿leS House under the c(Knpany wmber 08437335. The princlpa office L4 PO Box 68164. Plxe. 90 York Way. Lon&Jn Nl 2AP. Nina 81ackwe Keiih Magee (Chairl mé.ody Patry R2ndeep Namesh Ru55ell Scott lapwinted 19 Juty 20231 Jonathan Scott Iresi8ned 26 April 20231 Gary Youn8e Obi•rtrv*s. slrat•81•s and arti¥il The obletts of the tharfry, as set Iwi In its artlcles of assoclaiK>n. are for pubfbc benefit and the advan￿rneDt ofcharitat4e In ￿(ordanCe ¥Jith the laws of England wa￿$. CIArrenily. Ihe charity caiiies OLrt the fo11owir* acb¥itiÈs in wrsuit of its charitable objects. focusing on the chariiable adwdncemeni of educati¢n. human rights and the riBht to information. attfvlltles of the tharity drE in fuithwanie ol il5 djjects and carl￿d oui public benefit. ObiertiVf5. slrntW5 The charity works dlfKtty with lournalists, new5 or8owHsation5. audience5 and eijutators. in 5thools and across commUn￿les. 20W23 rewesented year one of a fve-yeai str3tEgy, outlining ts purpose, and ioals. Purpose.. to promote global wessfreediwn ar￿ ac£es5 to Ilberal loumèlsm. Vision.. è world where pewe haTr** ac¢ess io reliable intormatM>n. from a dwerse r4n8e of sources. SI￿￿hen1r8 their ab'lity to hdd ￿)Wer to a(count. r()undatiun IComp3ny ReRistration no, 084313351 TRUSTEES, REPORT For the year enden and C￿traI news Ilterèty followin¢ participallon kn ihe PfQ8ramme. GU{￿dian li()undaliun (Company Registration no. 084373351 TRUSTEEY REPOAT Foi ihe yeai e￿Ied 31 Marth 2013 BehIr￿the Hvodlines 8ehind the Headllnes empowers peopk to understand. critkalty anatse, engage wbth and participaie in the medla. it focuseson rhildren a8ed 12+. as well aSyOUNd adults from underrepresented backgrounds Intere￿ed In medla career5 and ieachers contlnulng profes￿On￿ development. Presented as a carefultytailored sèt of Innovatt￿ and aUt￿ntiC t¥perietKes. rootsd In journalism and educati<)nal best praaice. there art a range of ￿l¥l￿"e5. work$t￿p$ anLI careers in￿atri sessions which are delNered In a hybrid model, I￿h ¥i¥lual and In-pW5￿ ai ihe EducatK•n ce￿Lfe. 10tr4ted in the Guardian's head office. This Year, workshop topics and witent **re relrestr+ed and expanded and • new Metho litero¢y Ambcssador yoject was launched. iotake the exbsiing in-IKJUSe eyperience to Sourh and Westyorkshir the Midlands and GreatÈr Manthesttr. trairnini young people in years 9-13 10 ￿8¢h their peers about mls and dksthformation. enhanclnK thelr mÈd13 literacy sklll> 2,139 young people from 66 sthools 3nd colleges have panicipated ihis year. and 449 educatDrs and Ibrar",ans have experienced èn en¢atin£ ranee of CPD. yJmtsrtinE them in developin8 siudents, crkic I￿era¢y. Over Th of pa￿apartts report that they have developed researth, tollabDratlon and questionin8 skills. as well as COIthden￿ in edikn8 and prod￿1￿ new5 Storie5. GNMArchtve The archive 5UPPOrts media literacy ty collettin& olaloguing and making acCe￿bIe to the public material th3t provide5 3 better under5tarKling vf the historical LDnlext5 Qf the Guardian and ObsEf¥Er nd the role of Journalism in society. The •r¢hro is a valuable resource for researchers and is open free to the publt by appolntrnent. This year aknost 4￿ enoulrfes were suwrted, coverln£ everythlnÉ from Éendef In ihe medla to the Al6*r an war of ITh1epen￿nCÉ the rtse of women's football. The team aJSO SUPPOrted the GLsardian'5 Cottgn Copitol projcci. which expbrc5 the Guardian's historical finks to transatlantic slavcry. The conientsof the afchNe have growrt th15 year, thrwgh a¢Quis￿"On5 and special proiecis coverin8 Black hi5tuiy and ihe ￿ Dlsocidl meditl. dswell ds ￿￿dia hi51ory in 19f(153WKI folluw4in8 decades, esper5pecified purpose& as dÈtallÈd In note 13. The level of restrKted reger4tes at 31 March 2023 was £233,90712022: É21YI?141. Po*£y on resems The oytimal amcwnt that the charity lo maintain in its unrestricted reser%*s. Is sufficient to allow dclivory of its core acrivity for ? minimum 3 month5. This allows for an Y￿xpeCted drop in income. unforeseen 8nd essen&Oal ￿all cover. or wexpecled cbsure. supwrted by the pYiyKtpal funding rece*4ed from The Scott Trust ￿"M￿te¢. I,'oundalion (Company Rcgistration no. 084373351 TrUSTEES' REPOIIT Fof the year ended 31 March 2023 Levels ol unrestricted reser¥e5 ère monitored thr￿h the process: A reseryes tar8et is tNdBeted at ihe beginning of each finarKial year, then forecast every quarter throughout the year and assessed at thE Enrl of yEar. Anythin8 hew in exrE55gf thetsrBet figure may beutili5Ed forre-in¥e5rmentintothe 5tr3te8ico￿ratiQn5 of the charity in line with its mission. The reserye5 can be released arTd for the stated behTh*. arxl any Spe[￿ must be official slgned off try the board oftrustees. Unforeseen emer8ency Of Qther unexpected and Ww401da￿e need for fun￿ e.g. essential legal cosis Incurred bul mt fOr￿en. B. Unforeseen day.to.day 0￿ratIOnal ¢osts. e.g. emplov1￿ temporary stsff to ctr¥er a lon8.temi ck absence or paiemity leave. C A source of income. e4. a #ranL noi beinR renewed or dramatically rtdu¢ir4 in Yalue. FUNIS m￿h1 be netded tv 8lVt the iru5tees time lo t•ke If income f¥115 belvw ¥xppctation5. D. The need to fund short-term dethots in a cash ￿dEet. e.¢ monEy neÈd to be spent before a fvndin8 gTrnt 15 recei￿d. Reserves related to rewkrod kndsare ordy used for thelr speclhed puxpose and man74eé to ensure the timdy delr#viof t￿ a$￿¢￿11ed projett. The reserves pdicy will be re￿￿￿ed armually by the 8oard ol Trustees and adjusted if ner25sary. Rlsks A thorough principal risk rE¥ir.er 15 maintained ￿ the Iharity and rEview￿d by TIu5tees. induding c¢)ntrots and further to rnrtigate. Th15 year the maln risk that resulte(i in an issue this year wa5 follov¥inz a cyber-attadl on the Guardian IT sysiems. wh6th The Guardlan Feund*lffi also utlllses In Its operatlons. Th15 res(dted In a temporary10s5 of acce$3 to some (hxumwts sytt) ems. and several week5 wit￿lut acce55 to the office. The Impatt of this was: • a paktse on acti¥ities d1￿ to In-perscffi in ihe ￿￿Id1￿ reduc1￿ our overall reath of beneficiaries for the year mulvlp'e workarouThls for staff. creating inefficiencies in Operat￿n$ and hamperln8 wodueilvity increased costs for extemal printyn8 and wo.k5pace when fequired A.'thouRh ￿ srtuats'on has in most part been resofved. our Archivc and Bchind thc Hcadli￿5 teams onttoue ta be affecled by residual IT systems1055 and await a return to full capacity, eNperted in September 2023. li()uiid<i()n Icompany Flegi5tration ￿. 084373351 TRUSTEES. REPORT For the year ended 31 Marth 2023 The rr&ain organt5ational r￿kS 8cHn8forwafd are arnund the CUFreni economic chmale. wtth risin8 inflatil)n re5uIb.￿ in increasiw costs lor the organ￿at1￿. and fundirq vtslaiility wilh many funders opting foi smaller. shortef or single-projert base¢ Van￿ mikin8 commitment to IDn8er lerm aim5 and iTr.Pdd mtsre thallèno'nt. Thts is beini caref￿￿ monitored and mana8ed. ￿th senior leadership nK¥nthly and trustees quartertv. Plans forfvwro periods Alms ondkey o¥e¢tl&esfvrlu￿lePeI￿d In fvthrance of rts chaTitable obJerts. the chanty will continue to f￿u& on the charitable advancement of educatlon. human rlghis and the to irfLYmatk)n. The ch*ity will ￿ f¢￿sed on gftr*ing Impact In line with year two of its fi¥e-ye£r strateyi. The tharity also Cont￿￿e$ to strengthen Its core capaoty and Kovern￿(e io ensts￿ Sts lo￿ terni compiiaw, resillence and sustaina￿"]￿1. Artlvltlesplvnfvedto rfhle4* Olms The ¢hariry*ill continue to pursue the programme5 ond ortiviilES that dr￿e forward thè Arategic Boa Greater impact will be achieved by iTrcreasing both scate and depth of those actMtitr5. 1rtludl￿. A(klre5sing new5 and media liiÈfxy 8aps ￿￿e widely across Eufq)e. a5 well as the continuation and expansion of the UK comrNnity focus. indud1￿ n0n-sCPM>￿ spaces. peer learnin8 and exF4orin8 links to CMC e￿a￿ernent. Increasini the number of mean￿6￿1 and tsr8eted OW￿￿tun￿eS In medLq for indNlduals from uTreerrep￿se￿.te& ￿0uP$ who ¢rKe financial barr>er5. includin8 three additional ￿aleS at unibEr5ittes outside of specifically for èspiriniiournalists from African andlor Caribbean dwent. • EX￿￿11￿8 our pnga8em*nt with indepeodent wnedia outsmle ofthe UK. co-deNEbplng knitiatives to addr￿ Specific needs in increasingly ¢haUenged en￿rOnrnents and dÈmocra¢leg. The charity will seek further funding from phi1anihrow-¢ organi5ations to suP￿rt bts proposed actlv5tiek V*'heTe lunding is subjeci to restrKtions. it will OAY be accepted orKe all conslderations havè. bepn r¢w¢wed and agroe¢J. sinK￿￿ #￿ernanCe and manazelnent Nuturt oAqo¥ernlnq document The Guardian Founda:ion is a company limited ￿ luarantee and its sobe member Is The scott Trust Llmlted ISTL}. STL Is the uklmate owrler of Guardian Medio ¢knup IGMGI. roundation (Company ReRistsat￿n no. 084373351 TRUSTEES, REPORT FDI the VEai ended 31 March 2023 Recru•tmtnt undcppdntmentof truthes Dirertors of the tharity (Trustees) may be appointed rerno¥rd by the Member artiTr6 throueh an •Ahorised rePr￿n13t￿e. u5ualty thc othcr Serving Truttcc5 an¢ Chair. on apwintment to the charity, Trusiees receive appropriaie b¥Elin8s the chariry, its finan￿5. ￿￿tr￿anCe apd activities. The Membermay app)Int one of the Trnstee5 to be Chair of the TfUStee5 foi such term of office ès It may determine and may ai any time remove him or her from that office. whether or not also rernowng m or her as a Trustee. The irusiees recwved no remuneration for their 5er¥Kes duri￿ the VÈ¥ and wère not rÈlmbursed lor any ￿penSeS Ir￿Urred Remuner•tion lor keymanagementcan be four¥1 in note9 staff nwnbprs and costs. Remuneration oftht Executr4e ￿'TectOr otthe charity is deaikd by the eoard ofTrustCC5, following benthmarkirt¥ and revlew ol perfurmance. Remuntraiion lor al ot￿r siaff is determined by the tharivs appropriate manateff,enL Saft9uvrdwng The Guarithan Foundation belith*s that saI￿uardIng is everyon¥$ respwsibility. and thal the safety and welfare ofthose wlitr, whom we work ￿ paramount In all clrcvmstances. Our SafeguardSng policy sets out The Guardian Foundalion'5 pr(ts￿leS and £cYnmrtments to 5afe6uardinK children, adult5 at rtsk and cvcryone woth wknom wc comc 1nto corrtact ihrough our work Our saf￿￿ard1￿ PolSe¢ Can be found here-. hItP5'.Ilthe8vard￿nfO￿ndat￿n.oT￿JaSsetSlf11e$lpolic1e5•￿pr￿ed￿e￿&UardiaD.frl￿DdatIOn safeguardin8-policy.pdf Relalionthip5 with related parti ", Lis thesole member of rhe charit¥ and ts a150 the ￿timate holdin8 compary pf GMG andthus Guardi3n News & Media timitec IGNKII. GMG GVG is thp parEnt company ol Guardian Nev￿ & Metha Lmtw IGNMI. publisher of theguardlan.com, one of the world's leadin8 news websites, the fAJ•rdian and OtJseThér newspaptrs. GNM GNM 15 the publisher of theguardian.¢om, one ol the world's leadlnR news webs6tes, and the Guarlban and ObsThr newspapers. io The I,'uuiid£ltion Icompany Registration no. 08437335) TRUSTEES. fiEPORT For the Vtar ended 31 Marth 2023 Going ¢onc•rn These finarKial 5&atement5 are wepaied on ihe g￿￿[￿ncer￿ basis. under hISt￿l¢al cosl convention. ane In accordance w.th •pplKable x¢ourrting st)ndards in the Urmted Kingdom, lfi additson Ihe financial 5tatement5 have beei prepared in accordance with the Statement of AetomrnerKIEd Pratiice on Accounting and Reporting ty Charities SCMIP {FR51021 and complywrththe Comp3nie5 Act 2CQ6 and the Charltles aci 2011. Disclosure of infornbalioTr to a￿ltOr EB(JTr iTu5fee has laken SIe￿ that ihey ou8ht lo haw as a trustee in crfder to make themsefves awafe of any relevant audit informatior and to esiablssh ih* the Charity's ￿ditOr is aware of ihat Information. The trust￿$ ￿￿rIMI th￿ t￿le15 rn ielelant 5nform8iion that they know of and of which they kn￿ the audilor is un¥*ar¢ Trustee's llabl1￿¢S As permf(ted by the ArrIC￿ of the trustee5 have the benefrt ol an irrflemnity which is qualifying third pa￿ indemniry pro¥rysK)n as defined by Sertion 234 01 thE Companies Acl 20￿. The indemnity wa* in force thro￿k)ut the last finantial ￿al and is currtndy in force. Tr￿ Charity also purchased maIntain￿ thro￿￿Out the financial year directors. ar*d officer5. liability insurance in respect of itseff and rts trU￿*t$. STATEMENf OF TRUSTEES. RESPONSIBiunES The Buard of TnJstees Is for preparir¢ the Annual Rewrt and the r..nJnci41 slalenRnts In accordance wlth applicable taw and Uniied KlnRdom Generally Accepted Accounting Prdctice. Company law r￿uireS ihe Trustees lo prepare financial slatpmt)nt4 for É¥ach financial year which gi¥e a true and fair view of the state of aff3irs of the thafitable compiny and ol the incominE re50urce5 and application of re50urce5, indwJinB the wlcome and expttydilure. of the charitable company for that pwlod. In preparing these fSnarKlal ￿atementS, theTrusrees are required to.. select 51Jltable accounlirE ￿￿1CleS ind then them consisten1￿- observe thp rngthod5 and prinoples in the Chafities SORP. make iudgrT*nts and estirnaies that are reasonable and pru(lent' stste whether applicable UK aL£ounti￿ standards have been followed, subiert to any material dèpartw•s disclowd and pxplaIn￿ in th• financial staternents. and prepaie ihe financi4 51atemerrts Lsn c(xKÈrn basis thless il is inappropriate to presun thatthe tharitable rompary will continue in bu51r￿S The llvdknn I,'ouiidati()n Icornpary Registration no. 084373351 TRUSTEES, REPORT For ihe year ended 31 March 2023 The 8oaTd ol Trustees has cwerall iesponsibtlity for ersurin8 that the Charity has an appropriate system ul iorbtro15, financial and 01￿￿¥15e The Tru5tee5 are a150 re5punsible f￿ keepln8 adequate accounlln8 records whlch dlsclose woth reasotutle accuracy at any time financial p0S￿On of the Charty and pnable them to ensure that the finafKial statements compty with the Companie5 Act 2006 and Lhe prO￿$10ft£ of the ￿0￿rnIn￿ document. are also respOnsi￿e for 5afe8uardfjng the 355ets of the Charity and hence lor takinR reasonabte steps for ihe deleci￿n and kyevention of Iraud and other irregulafltiek The Board of TTUStees is resp￿5￿e for the maint*naM* iniE8rity vf the corporaie and financSal Informatlon Included on the Comparftts webslte. Leglslation In ihe United Kin8d(xn 8ovefninB the preparation and dissemination of fiDarKial statements may thfferfrom legislatlon In other lurlsdlctlons. In so far as the Trustees are aware.. there is no relevanr3￿lt WNm•tlonof which the charitabl? companls a￿litOri5 unaware: ond theTrvstees ha¥e taken am 5tep5th* they ou¥ht to h￿e laken to make Ihem5el¥es aware ol any relevant audlt Infomiatlon and io esiatyllsh that the atKlitOf 15 aware of that inforrnati SM￿1 ￿MpanIeS pro¥lslon statement Thi5 report ha5 been preparEd in ac£ordaMe with ihe small ubmpanies re8i¢w underthe CompaniesAtt IIJO6. The Staiement of Trustees, ResponSits￿tSes is CO￿1￿red part of ths Trustees, lleport. The annual report wasapproved bythe trnStee5 of the Charity on 19th july 2023 arrfl s￿ned on its behall b¥: Keil* Ma8ee Chalr (Cornpany Registration no. 084373351 IN()EPENDENI AUDITOR'S REPOR TTO TTriÉ MEMBERS OF THE GUARDLAN FOUNDATION FOR THE YEAR EN0£O 31 MARCH2023 Oplnlon We haveaLKlited the ffinaTKial statementsofThe Guardian Foundat￿￿ lthe'charitèblè companll far the ygar erKled 31 Marih 2023 which comprise statÈment of financial attp*ities, the balance 5hÈèL cash tbw and ￿)reS to the financial staternents. incI￿1n£ a 5urnmary of sl8nilKant accounting polif ies. The rinaniial reporun8 frame*vrk that ha5 been applied in their preparation 15 applkable law and Llnited Klnidom Ac¢ouniing Standards, irKludirÉ Financial Rep*)rttng Stanthrd 102 The Fingncigl R￿PDTting Stanuord oFplicuble in the UK0￿ Republk of Irelond Iuniied ￿l￿d0M Generalty Accepted Accountin8 Practice). In our osmnion. Ihe financial stalw)￿15- 8i¥e a true and fairvi•wolthe stat* of the chaiitable wmparfs affairs as at 31 Marth 2023 and ILS incoming resources and 3prAicatitsn of resour¢es for the year then ended- ha￿ been property prepared in accord￿￿ with Ljnited Kingdom Genefall¥ Accepted Accountln Practice- been prepared in with ihe requirements ol the Ccrfnpan*Ès Art ICA)6. Basls ￿ oplnlon We conducted ow autht in accordance with Intern￿40Th31 Standards on Audttlryd IUKI IISAS IUKII and applicable law. Our resporstbrfitles under standards are furthef describe(J In the Audltcther mattus Pfescrlbed bythe Conwnles Aei 2(•)6 In our oplnlorn based on the work wKbertaken In th• course ol the audit the inFofmatK¥) gi¥•) in the trLIst￿S, rewrt. Wh￿ i￿l￿deS directors. report prepared lor the purposes of cornpany law. for the fina￿•?1 year fty t*thich the knaneknil stètement5 are prepared 15 con51slent wilh the financial statements. aF)d the directors. rep￿t ind￿led within the trustees. rerK>rt ha5 I￿en prepared In accordance with applicable le8al reqwrwnents. Matters on whkh we are vequlred txtèptlon In the lifht of the knowle* and UrxIe￿arKIl￿£ of thechonlatAe ¢omparyand btsemronment obtained In the course ol ihe audit, we ha¥e not Identif￿d èny material rnas5tatemen¢5 in the directors, report Inchjded wrthin the trustees. reporL We have twhing ro re￿r¢ In respect of the followkng mattets In relatlon to whlch the Companle5 Act 2(J)6 retyires ￿ to report to ycw If. In (w oplnth.. dequate accountln8 re¢onls have not been kept. or retyjms adequate for (￿r audii have noi been received Irom briFKhes nrt visited lry u5: or ihe flnancial siatements 3fe li agreement wilh Ihe occounrin8 fEcord5 and returns- or cwtwn diSc￿Sure$ of trustees, remurneration S￿ofied by law are rK)t made: or we have r￿t recer4ed au the InforniJbon and explanations we require for ow audit,. lx 14 The roundati()n Icompany Registration no. 084373351 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE GUARDIAN FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023 Ihe truslee¥ were not entitled to piepare the financil statemersks in èccordance with the srnall omwnie5 re8,'me and take advanta8e oflhE small IDmpanies' exempt￿￿ from the reqLJirempnl to prepare a knie8lc Report orjn yepadn8 ihe Repyt of the Director5 Iksptyuulltles al truslees As explained more lulty in the tn15tee5' fcsFrf>n5lbl￿.cs 5tsterncnL the trusrees (tho are also the arecto,"s of the charitaijle compary forthe pUT￿seS of company lawl are responsible forthe preparation of the finandal Stat￿￿nIS and l%X being satisliedthattheyETve a tr￿ arKI fairtsiew, and foryxh internal control ast￿ trusto•s deterniinÈ is necÈssary to enable the preparntK>n of financial ststements th)1 are free from material misstatement, 4%thether (bje to fraud Of error. Ih preparing the finanoat ststements. ihe trustees we respty)sible lor ¥•sessing thc companVs abilrty to Continue as a going concern. discF05in& a5 applicable, matter5 related to going corKern and using the going concern basis of accounting unle55 the twstees either intend to liquidate the company or to cca5C operations. or have no reaThstic 3liematNe but io ¢h so. AudIto￿3 ruponsibililies Ivr the otthe fin•Ki¥I statements Our objertives are to obtatn reasonable assurance aboul whether the fi￿nCIal statements a5 a wPK*le are free from material rn15St3temenl wlhether due to Iraud or error. and to i55up an auditor'5 fEpurt that ndudes our opiniot). Reasonable assurance Is a high Ivlel of assurance tsJt ts no¢ a guaraniee that an audit conducted in acu)r￿nce with ISIS IUKI will alwa￿ deted a material mi5sratement when it eKist> Misstatements tan arise from fraud or error and are con5idcrcd wnaterial if. indwNlually or In the ¥yegate, they Could reasonab￿ be expected to influence the ecoTrxnic deasions of users takcn on the basis of tfrtese financkil stBtement Irregularit￿$, including fraud. are Fnstances of non4ompliance wSth laws and wewlatlty)s. We deslBn PIQKedures In line wilh oui reswpnsibilities. otrtlit)ed above. io d*t•d mat•rial misstatements in ￿SpeCt of Irregularit￿s. IrKludirvg fraud. The extent to *thich our kYo¢edures are capable of detectinx irre8ular1t￿s. i￿lUdIr￿ fraud is detailed ￿10￿.. The CharitableComp3rryis reauired to comply wlth bothcornpany law and charlry law and, based on our kwwl(ége of ils acir¥ities. we idÈntified that the legal requ5remÈnt to accuiatÈly accounl for restricied funds was of key s jnifKance. We g3ined an vThJeNa￿I￿I of hcAV the chArIta￿e company romplied wilh its le8al and regulatory fr•nework, indi*Jing the requiremcnt to property J¢count for restricied lund thTOU8h diSCWJ5ion5 WÉth m•nyrneni and a review ofthe documented PDlicie5. procedure5 and controls. The audiE team. whlth Is experlenced In the audlt of charitie4 cowdered the tharitsble ccrfnpanws susceptibility to material misstAternent and htrwlraud may o¢¢ur. Our CDnsideration cluded the risk of m￿agern￿nt (¥vcrn(*. I,"()undati(In Icompany Registration no. 084373351 INDE PENDENT AUDITOR'S REPC*TTOTHE MEM8ERS OF THE GUAROWN FOUNDATION FOR TH£ YEAR ENDEO 31 MARCH2023 Our approach wa5 to check that all restricled inccvne wa5 Pro￿r￿ identified and separaiely ctouoled lor and io ensure that valid and approwate expendrture was charged io restrlrted funds. Thts IrKluded re4lewlng Aournal 3dIullrnents and unusual trOn￿rtionS. A further descripiion of wr respmslbilths for the audit of the finanaal starements is located on the Flnancial Repc¢rting Councif5websrte at." ¥AYw.frc.or a￿d￿0￿re5 "Lm-litles. This doxrlption fornTS Part of oura4Mhtofs repon. Use ul our feport Thi5 fEFQrt is made gjlely to the chariiablE cc¥nwrfs men4)er5. as a lxxly, in aCUXda￿e wilh thapter 3 of Part 16 of the Companles Act 2CQ6. audtl work ha5 undertaken. 50 thot WE might State to Ihe charltable ¢wpan¥s Mem￿{$ those rnatters￿ are required to state W them in an a￿li10r.S report and for no other purposÈ. To thè fullÈst e￿.ent permltted by lavj. we do Kcepr or assume responslbllity to anyone other than the tharitable company and the charitable company's members as body. for ow audit worl for thls refft or for the opkn1￿$ we have fomied. Richard BillinRhurst Istnlor Siatuthry Audtorl For and ￿ behalfof: Knox Cropper LLP Chartered ALrountant5 & StatutoryAudttor5 65 Ltadenhall Street London EC3A 2AD D*e'. 2410712023 16 I,"ouiidation Icomoafw Re&￿tratiOn no. 084373351 STATEMENT OF FINANCIALA￿1VITIES IINCOAPOPAT1￿ THE INC(KWE AND EXPENDifuRE ACCOUNn For the year ended 31 March 2023 Vnrestricted Funds 2023 Hestrictcd Fuixls 2023 Total Funds 2023 Total Funds 2022 INCOME AND ENDOWME14T5 FROM: Doryatlons and leÉacles charitab￿ activities oihrr tradin8 actr41itie5 TOTAL 871,395 871.395 533.224 16m7 1.420.716 570.703 547,346 533.224 16,tr37 887,492 533,224 I.JIB.049 EXPENorruRE ON: Charitajle actiuities News ar.d Media ￿terac¥ Voice ard A8enry Media Viability TOTAL EXPENDITURE $49.483 103.052 152.863 JS,398 214,766 18,877 265,988 499.631 764,2419 121,929 418151 1305.029 557.658 124.784 477A116 1,160,288 Net Incomellexpendlwrel belore transfers 81094 33,593 115.687 142.2391 Transfer between knds NET MOVEMENT IN FUNOS 13 82,094 33.593 115.687 142,2391 AECONCIUATII)N OF FU140S TOTAL fuNDS AT I APRIL 2022 134,892 200,314 335,Z06 371.445 TOTAI FUNDS AT 31 MAR(X 2023 216.986 233.￿7 SO￿93 335,206 JI Income and expendrt￿￿ has ansen from ￿N￿les. Pa8es Zoto 32 indude the Noies 10 thesp accowts. 17 li l)uiid¢lti(bn Icompany ReB15tralion no. 084373351 BALANCE SHEET For th.e year ended 31 Marth 2023 2023 2022 CURRENT ASSETS DebiDr5 Cash at bank and in hand li 68.49) 448.117 SI6.￿7 18.717 327.078 345,795 CREDITORS: atTh)unts fallrE due ¥Aihln lear 12 165.714> 110,5891 NET CURRENT ASSETS 450.893 335.2( NET ASSETS 450,893 335,2C FUNDS Unfestricted funds: General fur 13 216.986 134.892 Restritted funds 233.￿tr7 450.￿3 21x1,314 335.206 The flnanclal statements hab* been prepared In accorOarKe wrth the special prwisions in Part 15 of the ConN)anies Act relating tg small (￿PanIeS and the Financial fl•pryty￿ Standard 102. Pages 20to 32 IncIL￿ethe Notes to these accwnts. The financial ststements were appro¥ed and authorised for issue ￿ the Board of Trustees on 19:, Jufy 2023 and their behalf ty:. Keizh Magee Chair Re8i#ered Ctynpary N￿)ber.. 1x437335 18 The I,'uuiid6ltion Icomgany Registration no. 084373351 CASHFLOW STATEMENT For the year erded 31 Marth 2023 2023 1022 Cash Ilovrt from operntpnz activit*s surp1uslldefl￿l forthe year Adjustments for.. Ilnucase)/DeCre￿ in debt¢X5 Inc￿35e/l0etf@3s@5 kn credito 115,687 142,239) 149,7731 $5,12S 121.03Y 12,4so) 166.953) 1111.ti42) Net I￿￿Se1(deCIea5ej h) (ash and cash equivalents 121.039 1111.642) Cash arKI cash equr¥￿eD￿al l April 2022 327,078 438.720 Cash and cash equr¥aentsat 31 Marth 2023 448,117 327.078 A) Component5 ofwh 3rn1 cash •4ulvalen Cash at bank and In hand 448,117 327,078 B) Analysts 0fth￿e$ kn net debt At l Aprll 2022 327.078 327.078 NoTrC•th At 31 Marth cha￿e5 2023 448.117 448.117 Cash and Cash EquNalAIIts Cash 121.039 121,039 The Guardian I,'oundation ICom)aw Registration no. 084373351 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 i. ACtWPfflNG POUOES Cofnpt7ny 51ofuJ The Guardt4n FOwbdat￿n 15 a (￿paI)Y limited 8uarantee. In the eve4t of rhe Chaiity bein8 wound up. I+￿ liability in re5PECt of the guarantee 15 Iwnited to £1 per r[￿Mber of the Charity. 8op5 ofpreparorkn olAwunclolstotements The flnanclal statements of the chartty. which Ts a wbllc benefft enty under FR5102, ha￿ bèen prepared under the hisiorical fosi ¢onvenD"on. They have Deen prepared in accordance wrth applicab￿ United Kirydom accounting sraNlards. Ihe Tequiremenu of the Siatemeni of Recommended pract￿ 'ACto￿ting and Re￿rtIng by tharrties. ISORP FRS 102 second editK)nJ, In cordance *ith the finèncSal ReportlnÈ Stsndard ardicable In the UK IFIIS 1021 and the Charit*s Act 2011. The Trusteos ronsKler ihat there afo no matprial uncortainties knut thÈCharity's ability lo tontinuÈ as a 8oiry concwn In lowm￿% thi5 opinKyn, Ihey have cDn5idEred the Iwg ie¥m STllPatt Df the e(onornic context on both its irKome and expenditure for 01 least a period of iwelbE Mont1￿ ihe date OF approval of these financial statements. ￿ Scott Tru5¢ as Wlncipal funder. have stated an Intentbn. sUb￿ctt0 ihe anNal budgetlrg process, io contlNe to fund The Guardlan Foundatlon least the fivLLyear perlod Commend1￿ In financ131 year 2022123. through 10 2026n7, reflèttlnÉ Ir* tlrn*line of the iuryert 5trateeic plan. Therefore. the 5ta:ements have been prepared on a going comem tsa51S. Key Judgements and oss(KnptiOnS There are no key jddgements ar assumptlons used in applwrq the xCountir￿ policies. Fund0cco￿tIn0 Genefal funds are unreqrbrted lunds whith are available for use at the discretion of the TfUStee5 Ift furthern￿e of tht general obje£ti¥es of the Charity have not been desi8nated for other Restiicled fund5 ate furHI5 wh5ch are tv bE used In a[C(ydan￿ Mth 5petrfii re5trirtior15 wnpoSEé by donors which ha￿ been ratsed by the Charity for parriculèr purpjsek The alm and Lse of each restricted fund 15 set oul in rhe noie5 ro the financial Statements. Incoming resources All in¢ominÉ resourccs arc indudcd ID theStatcmcDtof Firkinci)IA¢tivÈtiC5 w￿n the CharityisleKally ents't'.ed tc the Income and the amoLtrtt can be quantified with reasonable accuracv. 20 I,'()und<i()n (Company Regi5trali¢n r￿. 084373351 NOTES TQ THE FINf4NaAL STATEMENTS For the year ended 31 %Aarch 2023 Donation5 Donaiions are reco8ni5ed when the tharity has Iwn nthified in writing uf ￿th the amount and the senlemeni date. In the th*nt that a donatjon Is wt4e¢t to ¢(￿dir￿S that Tequire a IMI of performorKe by the charlty befofe the charlty Is entffbed to the ￿nds. the income 15 delerred and not reco￿￿ed until eiiher those con¢itions are fully met, 01 the fullllment Of those con¢t¢lun51s wholty within the control of the tharrty Jnd Is sYob3ble that these (￿dIllonS will be fulfilled in the reporting period. Gift5 in kind Gifts in kind ￿Present ser¥kes wlomied by GNM GIK on behalf of the charity. Gifts in ￿nd re r*coÉnised at the ow rnarket rate and wFthin both Intome and expendituie. Rv50urces expel￿ed All exwidilure is ac(ounied foronanaccwals basisar￿ ha5 been included uNdere#pense categories th4ta88regote all costs fDrallLKation to a(tNitE5. Support CO515, whith cannot be dire(tty attributed to partlcvlar xdvlljes, have been alwted on a b* consistent Iwth the use of resources. with ceThiral sraff costs allocated on the basis of time spent, arwj depreciation char8es allocoted on the portion of the **t's use. Othei supwt Costs are alocazed ba5e¢ on rhe Spread of5taff £05ts. All rex*urtts expended Inc￿9Ve ol irreco4er3ble VAT. Dpbtors are recognised when the ch¥ty is legalty eniitled to the in¢ome after any perfwmance conditio1￿ have been met. the arnount can be measured reliably, ond tt 1> probable that the income will be rece'.ved. A provisKsn for the impairrntnt of debtlys is established when ihefe is evi¢ence that ihe charily will not t* at4e to collert all wnwnts accordinc to the orqinal tÉrm5 of the recei¥able5. Cosh ondco5h equivalents tsh Is reP￿eSented by cash In hand and deposits vrith financial institutions ￿paYable WIt￿Ut pEnalty on nvtice of not mre than 24 hours. Cash eqU￿alentS are hl8hly Ilquld Inve5tmenis that matUFe kn no rnore than 3 months frown the date of acqulsltion and thai are r￿dIlY can¥*rtible tv kmwn amounts of cash wrkes knitbaiive 33.087 169.1 32X* 260,394 12.976 14.159 32555 35?.093 2L888 19DXI 36.941 7.596 346.730 21A88 19.¢YJO sU￿t costs a5$0tiated with zrant makir 192.596 143W16 MATERIALGRANTS MADE TO INS￿[[￿0145 2023 2022 Nam• d Ins¢ftuthn Golcsmiths Colleg Cny Unv4ersity ol London Uniwersity of Sheff*ld DMi4 Chuich Artion on Pobtrty Screen Education Edinbur8h Nii¢lonal Literacy Trust European Press Pfize Four C¢Jr1￿r5 Oon¢opolitan PSHE As50Cldtion CYMRU Creations Unllmlted Poientlal Northem Voice & Agenc Volce & Agency Voire & Agenry Medva Wiabiltty Voice & A8erKy Voice & Age News & Literacy Voic¢ & Agency News & Media Lfjtefary Voice & A4ency Ne￿ & Medi4 Liieiacy Voice & Agency Volce & *rKy Voi¢e & *rKy 11.063 10,733 11,292 169.106 10,695 10.523 10.79Z 2KI,394 4,OJO 6,400 11.159 12.976 5.000 9,186 3.000 6,966 I,ooz 1,6 37,670 4.272 1.7 1,7C(I 1.594 246,730 352,093 The I,'ouiidation (Company RegistraTion no. 08437335) NOTES ro THE FINANCIAL STATEMENTS For the ypar ended 31 Marth 2023 B. TRUSTEE REMUNERATION AND EXPENSES No Trustees. mrany persons connerted wtth them. haVerece1￿d a)y remunerati￿1 fromthtch¥lty lin8 ihÈ year {2022.. nlll. No TnJsteE5 ltswe receivEd any reimbutsed expenses or arry other ￿rterF￿ from charity during Ihe yèaf12022= nlll. STAFF NUMBER5AMD COSTS The aB£￿￿8* payroll costs were as follows". Totsl ZO22 2023 Wages and sal¥ies Social 5eLwrFiy £0515 Pens**n cts5ts 634,255 64,9SS 58.870 758,1￿0 475,425 47.777 46,787 569,989 The monthly a￿age nwnber of per50rfj liKlu L34.892 RESTRIrn FUNOS NewsWi5e ProGranme SEND News Lllerdry ftesource5 Media Makers Alchfve transcrlpiion proktt Archiv￿$ and the bistory ol journalism int¢ractb4e workshops frAade iri Bril8in Local Media Developmert Po*ast training project Turkey incubator prcgr•mme Total restricte(J fiJnds 50*20 20￿58 4,701 1133.739) (19,8551 23.977 1,003 4.701 1.768 IL7681 4.117 33.085 {10.117) {26.4191 111.5601 144.9701 1304.6801 1553.J081 6.67?. 20.440 860 142,661 200.314 32XMXI 45￿30 387.141 547.346 Eil.2U) 2(￿.076 Total fiknds 377.445 1.118.049 1.160.288) 335.206 14. AI&4LYSIS OF NET ASSETS BETWEEN FVNDS Tot31 Funds 2023 Unrestricted Fund5 Re5tritted Funds Current assets Currenl liabilitie5 225￿50 18,8641 216.986 1,757 {56.8501 233.9J7 516.607 165,7141 450,893 ANALYSIS OF NET ASSETS 8ETWEEN Fin4DS. COMPAIIATIVE Total Funds 2022 Urrfesthaed FUNJS Re5trlcted Funds Currentassers Currenr Ikibilitie5 2Th1.3J4 345,795 110,5891 335,206 110,5891 134,892 2CQ.314 The I,'uundation (Company Rcgistiation no. 08437335) NOTES ro THE FINANCIALSTATEMENTS For the ytar ended 31 March 2023 IS. RELATED p￿Ty TRAN￿cnoNs Ourfvd the year the tharlty ma(le the folk)wir* related party tran5actw)ns: Thescott Trust Limlted tharitable donations at ams lewh of £642￿￿￿1032. £435.1￿) have been ieceived fromThe Sc¢Xf Trusi Lwnited. ? reloied pffj of ihc Charity. At the ￿aT cnd. the amount tolfrom The kott Trust Ljmrtpd was nll12022.. nlll. Guardian Medio Group pk At the year end the amount due to the Guardian Media Grnup plc was nil {2022- £5.4￿1. Guor¢fiart +Vew.s & Metha Limited Gifts in ￿nd at arms len8th 0* £149,822 P022.. £105,159) ha¥e been received Irom Guardtsan News & Mwjia Lwnited. a Velai￿ party of ¢he Charity. At year end. the arnount due to Guardian News & Media Limited was É5.80612022: £1338 due f￿ffn Guardian New5 & fvAedia Ltmitedl. 31 The l.'oundation I(￿panY Registration no. (W37335) NOTES TO THE FINANC￿ STATEMENTS For ihe year ended 31 March 2013 16. COMPARATIVE STATEMENT OF FINANCIAL AcfNIIY Unrestricted FU￿15 2022 Restricted Fund5 2022 Total 2022 INCOW APID EPIDOWMEIITS FROM: Donatlons and legacles Charitable attivities Othertrading activit TOTAL S70,703 570.703 547.346 S47.346 570.703 547.346 1.118.049 EXPEf4DITURE ON: tharitable activiti?$ News 3nd Medlo Llteracv Voice and Aee Medla Wabl'lty TOTAL EXPENDITURE 392.180 S6￿06 128.195 607.180 165.478 37.979 349,65D 553.108 557.658 124,784 477,846 1.160288 Net I￿orne/(e￿d1t￿el before transle 136.4771 (5,7621 142.2391 Transfer bet4¥een fuNIs NET MOVEMENT IN FUNDS ia6,4771 (5.7621 1422391 RECONCIIIATION OF FUNDS TOTAL FUNDS AT I APRIL 2021 171.369 206.076 377,445 TOTAL FUNDS AT 31 MARCH 2022 134.892 2CQ.314 335.21 32