INDEPENDENT PRESS REGULATION TRUST ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 HUNTERS Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN IWM.DSO.40714-1 INDEPENDENT PRESS REGULATION TRUST ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 CONTENTS Pago Statemenl of the Trustees, Responsibilities Trustees, Report Auditors Report statement of Financial Activities Balance Sheet 10 Notes to the Accounts INDEPENDENT PRESS REGULATION TRUST STATEMENT OF TRUSTEES. RESPONSIBLITIES IN RESPECT OF THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 In accordance with the Charity Commission'5 Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> (Charities SORP (FRS 102)), Accounting for Charities, The Trustees of the Independent Press Regu52tion Trust I'IPR T.) are responsible for preparing a truslees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Untied Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the slate ol affairs of the charity and of the incoming resources and application of resources. of the charty for that period. In preparing the financial statements. the Tnjstees are required to= select suitable accounting policies and apply them con51Stently', observe the methods and principles in the applicable Charities SORP- make suitable judgements and estimates that are reasonable and prudent. state whelher applicable accounting slandards and statements of ￿¢0MMended practice have been followed subject to any material departures disclosed in the accounts,. 8nd prepare the financial stalements on the going concem basis unless it is inappropriate to presume that this basis applies The Trustees are responsible for keeping proper accounting records that disc105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the applicable CharfÉies (Accounts and Reports) Regulations. and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charrty and taking reasonable steps for the prevention and detection of fraud and othef irreguSaiilies. The Trustees are ￿sponsible for the maintenance and integrty of the charity and financial infomiation in accordance with legislation in the United Kingdom goveming the preparation and dissemination of financial ststements. INDEPENDENT PRESS REGULATION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 Reference and Charlly reglstration numbar 1162737 Principal address 9 New Square Llncoln's Inn London WC2A 3QN Trustees Wilfrid Edward Vemor-miles Christian Albert Fl8ckett Richard Rees-Pulley AuditoryJ Burgess Hodg50n LLP Chartered Accountants 27 New Dover Road Canlerbury Kent CT1 3DN Sollcltors Huntets Law LLP 9 New Square Llncoln's Inn London WC2A 3QN Bankers cHOa￿&CO 37 Fleet Street London EC4P 4DQ INDEPENDENT PRESS REGULATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 Stru¢ture Governance and Mana ement Governing Document The Independent Press Regulation Trust. was created by a Declaration of Trust dated 8th November 2013, and registered as a charity on the 20th July 2015. Future Appointment of New Trustees Trustees are appointed for a period of three years by 8 resolution of the Trustees. Trustees may be re appointed at the end of their first and second terms office. If a Trustee is to be appointed to replace 8 Trustee who is leaving office helshe may be appointed not more than three months before the other Trustee leaves office. but will not take Offi￿ until the other Trustee has left. A Trustee cannot vote in favour of histhers re-appointment. Organisational Structure of the Charity The Trustees manage the Charity, and meet on a bi-annual basis to take all decisions necessary jointly wf(h regard to reviewing the Tnjst's actiwties. Certain day-to-day administrative tssks are delegated to the charity's advisers. Volunteers Aside from the Tnjstees the Charfty does nol have any volunteers. Wider Network The Charity a￿5 independently of and is not part of a wider ne￿011[. Donations The Charity Is presently not involved in fund-r8ising or publicity and relies solely on donalion5 It receives. Related Parties The Chaiity has no subsidiaries and is not connected with any other charity or not for profit organisation. Risk Policy The Trustees are responsible for idenlifying and managing all Potential risks faced by the Charity. All major risks to which the Charity is exposed have been reviewed and 5yslem5 have been establtshed to mitigale these risks. INDEPENDENT PRESS REGULATION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 Ob ectives and Activities for the Public Benefit Objects and Signfficant Activitie5 The objects of the Charity are lo promole. for the benefit of the public, high 51andard5 of ethical conduct and best practice in journalism and the editing and publication of new5 in the 'prinl' and other media, hawng regard to the need to act within the law and to protect both the privacy of individuals and freedom of expression. The Trustees shall further the Objects by such means as they think fit from time lo time which may include the provision of financial assistance towards the eslablishmenl and support of an independent press regulator or independent press regulators lo be established and conducted for the whole or any parl of the United Kingdom in accordance with the recommendations and principles Sel out in the Leveson Report. Public Benefit Statement The activiiies of the IPRT, as set out 8bove, are for the public benefft. The Trustees confirm Ihal they have complied with their duty under s1715) of the Chaiilies Act 2011 to have due regard lo the guidance published by the Charty Commission for England and Wales. Achievements and Performance Charitable Activities During the year lo 5 April 2024 the Trust received donations of £1,235,OOQ.00 {£1,340,000.00 in 2023) The trustees made charitable donations lotalling £1,155,000.001£1,250,000.00 in 2023) . Financial Review Reserves Policy It is Ihe policy of the Charity to have a reserve of funds to meet expected future expenditure. The Trustees currently hold a nel ￿Serve of £58.755.29 {£57.375.18 in 2023) Principal Funding Sources The Chartty relies 501ely on the donatlOn5 11 receives. Investment Pollcy and Objectives 11 is the policy of the Trustees to raise funds by any lawful means, except for the engagement of any trading activity for the purpose of raising funds which will be liable to give rise to a liability to income tax. Future Develo men The Trust will continue to operate sol¢ly as a grant-making charity. INDEPENDENT PRESS REGULATION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 We declare that in our capaclty a$ the chatltys trustees, that wè havé approved the report above. Edward Vemor-mile Date Chrfstian AlbertFlackett Date Richard Re8s-Pulley Date INDEPENDENT PRESS REGULATION TRUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED SAPRIL 2024 OPINION We have audited the finanoal statements of Independent Press Regulation Trust for the year ended 5 April 2024, which comprise the Statement of Financial Activities, Statement of Finanaal Position and notes to the financial stalemnts. The financial reporting framework that has been applied in their PTeparation is applicable law and United lfjngdom Accounting Standards including Financial Reporting standard 102 The Financial Reports'ng Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: Give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended-, Have been properly prepared in accordance ¥Mth United Kingd(m Generally Accepted Accounting Practice,. and Have been prepared in accordance wth the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with Intemational Standards on Auditing (UK) OSAS (UK)) an applicable law. OUT responsibilities under those standards are further described in the Auditor's responsibilib'es for the audit of the financial slalements section of our report. We are independent of the charity in accordance with the ethitral requirements that are relevant to our audit of the financial stalernenls in the UK, including the FRC'S Ethical Standards, and the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance wth these iequirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the finanaal statements, we have concluded that the Iruslee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfor￿d, we have not identified any material uncertaintses relating to events or condits'ons that, individually or collectively, rrray cast significant doubt on the charlty's ability to conbnue as a going concern for a period of at least tsvelve months from when the financial statements are authorised for iSSLSe. Our responsibilib'es and Ihe responsibilities of the trustees wlh respect to going concern are described in the relevant sections of this report. OTHER INFORMATION The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not covgr the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion theieon. INDEPENDENT PRESS REGULATION TrUST INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDEO 5 APRIL 2024 In connethon wth our audit of the financial statements, our reswnsibility is to read the other infomiation and, in doing so, consider whether the other inforrrotion is materialty inconsistent with the plnanaal statements or osjr know¢edge obtained in the audit or othermse appears to be materialty nisstated. If we identify such material inconsistencies or apparent material nwsststements, we are required to deter￿llne whether there is a material tra$state￿nI in the financtal statements or a material nisstalement of the other inforrrration. If, based on the work we have perfomied. we conclLwJe that there is 8 material misstatement of this other infor￿￿On, we are required to report that fact. We have nothing to report in this regard. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the information given in the financial statèrrEnts is inconsistent in any material respect wth the trustees, report; or sufficient accounting records have not been kept., or the financial statements are not in agree￿￿nt wth the accountirKJ records., or we have not received all the infomHtion and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees Annual Report, the trustees are respgnsible for the PTeparation of the ffnancial statements and for ensuting that they gNe 8 true and fair view, and for such intemal control 85 the trusteeg determine is necessary to enable the preparation of financial slalements that are free from ffotsrial misstaterrEnt, whether due to fraud or error. In preparing the financtal statements, the trustees are responsible for assessirbg the charity's ability to continue as a going concern, disclosing, as applicable, matters Telated to going concern and using the going concern basis of accounting unless the trustees intend to cease operations, or have no realistfc akemative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial stat9rnents a5 a whole are free from rroterial rr￿&Statement, whether due to fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in acwrdance with ISAS (UK) will always delect a material misstatement when it exists. Mi5Staternents czn arise frorn fraud or eTror and are considered material if, individualty or in th8 aggregate, they could ieasonably be expected to influence the econorr#c decisons of users taken on the basis of these financial statements. Irregulartties, including fraud. are instances of non Richard Rees-Pul ey Date -10- INDEPENDENTPRESS REGULATION TRUST NOTES TO THE ACCOUNTS FOR ThE YEAR ENDED 5 APRJL 2024 Ba$1$ of Preparatlon Basis of Accountin The accounts lfinancial 5taternentsl have been prepared under Ihe historica cost convention wrth items recognised at Cost ortrans&ts"on value unless otremse stated in tt)e relevant notelsl to these accounts. The finanoal st8tsrnenls have been prepared in accordance with the Statement of Recommended Prs¢tice." A¢counb"ng and Reperting by Charib"es preparing Iheir accounts In accordance wilh the Finanaal Reporting Standard applicable in tre UK and Republic of Ire18nd IFRS 1021 issued on le Juty 2014 and tt)e Financial Reporting Standard applicable in the United Kingdom and Republic of Ire18nd IFRS 1021 and the ChariOes Act 2011. han e in Basis of Ac¢ountin Th8 accounts have been prepar8d on an accruals basis. Chan viou Accounts No changes have been fflade to the previous years aoccunts. Accounting Policies Incoming resources are included in the Ststsment of Finan¢ial Acbvities ISOFAI when.. - 1he chartty becomes entled to the resourees.. -the Trustees are virtually certain they will receive the resources". and the monetary value Gan be measured with suff ciant reliability Where incorning resources have relaled exPend[￿re, the in¢oming re50ur¢es and related expendibjre are reported gross in Ihe SOFA. Gr8nts and donations are only included In the SOFA when the charity has unconditional entidement to th8 resources. Liabilffjes are recogni$ed as soon as ther& is a legal or constructive oblig8b.on cornmitting the ¢h8rity to pay out resources. Governance costs include the cost of the preparation and examinab.on of stabJtory accounts, the cost of Trustse meetings and Cost of any l?gal advice to the trustees on govemance or constitutional matters. Gr8nts payable are payments made to Ihird parties in the further￿Ce of the cbjects cf Ihe Charty. The grants are accountsd for where either the Tru8tees have agreed to pay the gr8nt without condition and the recipient has a reasonable expectation that tt)ey wll receive 1he granl or any condib.on attaching to the grant is outside the control of the trust The financial statements are prepared irs steding. which Trs Ihe fvnctional currency of the enty. The preparation of the financial staternents requires rnanagement to make judgernents, estimates and assumpb.ons U)at affed tre amount reported. Awount'ng estirnates and assumptions arg made Goncerning the fiittjre and, by their nature, will rarely equ81 the related 8Ctual outcome. These estimate5 and judgements are continually reviewed and are based on experience and other f8Ctors, including expectations ol fvbjre events that are believed to be reasonable under the circurnstsnce5. INDEPENDEMTPRESS REGULAnoN TrUST NOTES TO THE ACCOUNTS FOR ThEYEAR ENDED SAPRIL 2024 2.9 Finanoal li8b,"lities and equity instrumnts 8r• dasslfi•d according to th8 subst8ne• of Ihts contr*tual arrangement entered into. Debtors and creditors wth no Stated interest rate and receNable or payable wthin one year are recorded at tran$a¢tron pri¢9. Any losses arising from impairment arg recognised in the prcfit and loss account in other adrninwstrat've expenses. Loans and borrowings are initially rg¢ogni$gd at transa¢ton price including transaction costs. Subsoquonly, th•y are measured at amertis•d cost usng th• effoetivo interèst rat8 metrod, 1•ss impairmgnL If on a￿ange￿ant con$tibJtes a financt transaction it 1$ rneasurgd ot prg$ent value. Inv•$tm•nt Cash ac￿Unt balances 2024 2023 C Ho8re & Co- Current A￿cunt C Hoare & Co- Fixed-Term Deposit Hunters Client Account 34,550.19 500,000.00 4,494.22 682.780.06 2,422.12 539 044.41 665 202.18 D•btors: Amounts Falllng Du• Wthln On• Y•ar 2024 2023 rho Al•xander Mosley Chgrftable TTUSt 595 000.00 Cr•dltors.' Amounts Fjlltng Du• Wjthln On• Y•ar 2024 2023 Legal, Secretarial and Administration Fees 17,103.12 4.953.00 AuditoTr F¢9 3,186.00 2,874.00 Grants 555.000.OD 800.000.00 575.289.12 ,82 oth¢r ¢redltors The Alexander Mosley Charitable Trust- Reserve fund 500,000. -12- INDEPENDENT PRESS REGULATION TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5APIIL2024 rransactfons Twstees No Trustse is or has b8en entifjed to any fee or salary. No Trustee has been reimbursed for any travel or other out_of-po¢ket expenses12023 - NIL). There were no transactions Trustees or eonnècted persons12023- NIL). WI￿nd Vemor-miles 1$ a Trustee of the Tru$t and also a P8rtn&r of Hunters Solicitors. Provi5i0n Is included in the accounts for Hunters to receive fees of £68,577 plus VAT for leg81, secretari818nd administration services although Wilfrid Vemor-miles does not charge for any of his tirlle spent in connection wrth tre administr8b.on ol Tru5L Analys15 of incoming ResoU￿e5 2024 2023 Investment IrEcomÈ Interest on Ba￿k Deposits 7,392.53 420.37 Donations Received Unrestricted Funds 2024 Unrestrlcted Funds 2023 The Alexander Mosley Charrtable Trust 1.235.000.00 1,340,000.00 1.235.000.00 1.340.000 00 Analysis of ResOU￿e5 Expended Unrestricted Funds 2024 Unrestricted Fund5 2023 Charltablè Actlvltles Grants 1,155,000.00 1 250,000.00 Govemanee Costs 2024 2023 Auditors Fees 2024 3.186.00 3,110.08 Legal. Secretarial and Administration Fees 2024 82,292.40 46,474.80 Bank Charges 421.10 390.00 Reimbursement ol travel expensès 112.92 86 012.42 49 974.88 The Auditors Fees of £3,186 consst of the fee charged for the year12023- £2,874) along with n adjustrnent In relab.on to the overlunder provision for the previous year. The Trust ernployed no staff during the year ended S April 202412023- none).