## **EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD** A COMPANY LIMITED BY GUARANTEE **COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731** ## **ANNUAL REPORT AND FINANCIAL ACCOUNTS** **YEAR ENDED 30 JUNE 2025** **ST JOHN'S HOUSE 5 SOUTH PARADE SUMMERTOWN OXFORD OX2 7JL** ## **EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD** COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **COMPANY INFORMATION** ## **YEAR ENDED 30 JUNE 2025** Directors and Trustees A Fusco - Chair until 22/01/25 K Cunningham K Fowler-Watt B Hans D Javakhishvili S Jukes G. Moreton until 22/01/25 E Thomasson P.Deane until 16/07/24 Z.Harb until 16/07/24 S.Hughes until 26/09/24 Company Secretary K Lee, FCMA, ATT Company Number 05950105 (England and Wales) Incorporated 28 September 2006 Charity Number 1172731 (England and Wales) Registered 25th April 2017 Registered Office St John's House 5 South Parade Summertown Oxford OX2 7JL Independent Examiner Mrs H C Fanthome, F.C.A. King Loose & Co Accountants ## **EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD** COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **CONTENTS YEAR ENDED 30 JUNE 2025** ## **Page** ||1.|Annual Report, including statement| |---|---|---| |||of Trustees' Responsibilities| ||2.|Independent Examiners Report| ||3.|Statement of Financial Activities| ||4.|Balance Sheet| |5|- 8.|Notes to the Financial Statements| **1.** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **ANNUAL REPORT** ## **YEAR ENDED 30 JUNE 2025** ## **Structure, governance and management** The governing documents are the memorandum and articles as amended by special resolution dated 28 March 2017. The directors and trustees present their annual report and financial statements of the charity for the period ended 30 June 2025. The annual report serves the purpose of both a Trustees' and a directors' report under company law. The financial statements have been prepared in accordance with the accounting policies set out in note 1, the charity’s constitution, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, SORP (FRS 102); and the Financial Reporting Standards applicable in the UK New trustees are recruited by advertising and then an interview by a panel of exiting trustees. New trustee's appointment is confirmed by the board at the annual board meeting. ## **Objectives and activities** To advance education for the public benefit in the field of journalism, by the provision of education and training of journalists in issues of trauma and skills related to covering traumatic news events, and by promoting research for the public benefit in issues of trauma and to publish these useful results. ## **Achievements and performance** During the year to end-June 2025, the ECJT was able to deliver over 40 training sessions to a wide range of journalists and media organisations in the region including: the BBC, Deutsche Welle and Der Spiegel plus several media support organisations such as Reporters without Borders and the Rory Peck Trust. In response to growing demand, many training sessions were put on for a series of independent production companies working on documentary film and reality television projects. As in the previous year, a critical focus of activity was on Ukraine, thanks to a grant received from UNESCO for €90,969, a series of workshops designed to support local journalists cope with the trauma of reporting the war against Russia. This included working in the field in Ukraine and with Deutsche Welle’s Ukraine reporting team on self-care and interviewing vulnerable contributors to their news programmes in the war zone. Further work in Ukraine has been planned for the forthcoming financial period, working with, for example, groups of photojournalists and mid-level editorial managers at Suspilne, Ukraine’s national public broadcaster and its largest independent news media outlet. In Germany, a series of five round tables in Berlin, Hamburg, Leipzig, Duesseldorf and Mainz provided the opportunity for a wide audience of public service broadcast journalists and journalists from other media organisations to discuss traumarelated issues and exchange best practice. The project was run in partnership with the Berlin-based non-profit organisation Netzwerk Recherche which aims to support journalists through specialised training programmes, networking and scholarships. ECJT also continued its work with other media support organisations, including the Rory Peck Trust where it delivered a oneday training workshop for freelance journalists and filmmakers with a focus on interviewing children, migrants and survivors of sexual violence. ECJT worked with the Berlin-based JX Fund, which supports independent media organisations and journalists forced into exile (e.g. from Russia, Belarus and Afghanistan); we also delivered a training session on vicarious trauma for the International Bar Association. **1. (a)** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **ANNUAL REPORT cont.** ## **YEAR ENDED 30 JUNE 2025** ## **Achievements and performance** cont. Another focal point of activity was the independent television and film production sector, where group and individual training sessions covered topics such as working with vulnerable contributors (e.g. in reality television), handing distressing content and self-care for those behind the camera or working in post-production. Production companies included Arrow International Media, Blink Films, October Films and Passion Docs. The work with independent production companies has prompted ECJT to launch a major research project in 2025/26 investigating the increased use of archive footage in documentary programming. The past decade has seen an unprecedented growth of archive-based film ranging from home video to police bodycam, promotional footage from cults and reconstructions of lives based on social media footage. ECJT’s Archive and Ethics project will explore the ethics that underpin the use of such footage in order to arrive at a trauma-literate understanding of how to handle such material. This first phase of the project, due for completion in the first half of calendar 2026, will be the production of a report and tip-sheet with ‘practitioner to practitioner guidance’ in documentary production based on interviews with archive producers and editors working on different documentary genres. In summary, 2024/25 was another year in which ECJT was able to successfully deliver training to a wide array of media organisations across a number of different disciplines ranging from public service broadcasting and documentary filmmaking to freelance journalism and photojournalism. ECJT has witnessed at first hand constant demand for trauma-literate training and more trauma-trained clinicians given the continuing high level of armed conflicts in the region. It will continue to work tirelessly to help meet this demand and foster responsible journalism in all sectors of the media landscape. In considering the aims and objects of ECJT, the Trustees have reviewed the guidance issued by the Charity Commission in relation to public benefit and consider that the public benefit test continues to be satisfied. ## **Future Plans** The year 2025/26 is bringing changes and challenges as financial support from one of the charity’s major funders for many years, the Dart Foundation, comes to an end. As a result, the charity has renamed itself as the European Centre for Journalism and Trauma and is actively seeking new sources of funding as it continues to support and further trauma literate journalism. The charity’s focus will continue on funding, assisting, supporting and promoting those journalistic and research projects that have the greatest outreach and provide the greatest public benefit. ## **The Organisation of Our Work.** The charity is organised so that the trustees meet and converse regularly to manage its affairs, any matters of concern, and the day to day administration. There is no specific training policy in respect of new Trustees, but attendance at Committee meetings is required for such new appointees, to gain the appropriate familiarity with the Charity’s operations and finances. ## **Risk Management** The Trustees have examined the major strategic, business and operational risks which the Charity faces or may face and confirm that systems are in place to enable regular reports to be produced, so that the necessary steps can be taken to lessen any such risks. The principal risks faced by the charity are the sustainability of income, and the ongoing restraint over, and control of, operating costs. Both of these risks are under constant review and monitoring. EUROPEAN CENTrE FOR JOURNALISM ANDTRAUMA LTD Thetrii8tee8 are requlred tytswto wepare fin8nclal statemknforeKh flnancialyegr. *fftlch and lalrview of the charW8financialacllvhth d￿l￿the ￿and of ￿financiSI posillon atthe end oftheyear. - makeJudgefflent8 and estlmates that 8re re880n8ble and wtht: State whetherappllc8ble a¢￿vn11ng8tandard3 been follth*d. ￿llec1t0 any materlal depar￿re3 di8ciosed and &XPlalned in thefinanclal Statemen prepare theflnanclal ststements on a goSngcon¢ern bo318 unless It Is Inapproprfateto presurne Ihat the companywEIi contlnue In orwetton. The tW8ware reSpon￿ble10T keeplngpToperaccounili4rncordJvthkh dIscl￿WIlh reasonable accuracyat anylbmethe financ18lpo8ltlon olthe ch8flty. and to enable them to en8ure thatthe financlai ststement8 complywith tho Companles Act 2008. the CharftJegAct 2011 andthe aP￿1¢81)le Charftles SORP. Thware a190 regponslble for•afeguardlngthe a&qets of the ch8rltyand hencefortaklngfeaaonoble •lorthe and d*ectlon and other Irregularfdes. Thetni#ee8 are responalble forthe maln¢enance end Intethofthe chaflty and ilnanclol Inform￿On Included on the charW8W8b8lt8 in 8c¢ord8nce wilh le•￿￿On In the Unlted Klngdom gwnlngthe preparation and di3semlnatton of Anan¢lalll•vloW The attached flnanclal stateffl￿ 8IKwthe currnntstate d theflnances. In the swr. the charty h8d genwal Income ol £W27. [£211.9￿ LV24) and totsi genernl oxp*)dlturn 01 £10&950. 1£193.462. 23124). Cu￿nt pwlod deficliof expendllurn over Income of £22A23. belore exchange r8te1088e8. 18uWu8£18A81. 23r24). Re8trlcted Incoffle receI￿d durfngtheyearwas £77AS& IEO. 23r24) and ex￿dIt￿re durfngthe year amounled to £99.949.1É47.876. 2W24). The b8lance Shown on unrestrlcted incomelund8 8t 30Jun• 2025anM)IHrted to É117&111É150.W. 23124) and on re*rlcted Inconxlund8 amountedto £5.512.1QO.13123124). ft18th8 pollcyolthe Charftyto fn8lntsln un(estriC￿ ￿lch arethefr08 mems ol the Charlty. at a le￿1 contlnultyand the promollon of chartys prohcts as theyarlse.The In￿ee8 Cf)ntinueto requ￿mOnitOr1h1￿ 2026 and signed on Its llehalf EUROPEAN CENTRE FORJOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND ANDWALESI REGISTERED CHARITY NO. 1172731 INDEPENDENTEXAMINER'S REPORT YEAR ENDED 30JUNE 2025 I report to the charity trustees on my examination of the accounts of the charitable company, for the year ended 30th June 2025. which are set out on pages 3 to 8. As the charity's trustees land also its directors for the purposes of company lawl you are responsible for the preparation ofthe accounts in accordance with the requirements ofthe Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your ch8rity's accounts as carried out under section 145 of the Charities Act 2011 (the .2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5llbl of the 2011 Act. My examination was carried out in accordance with the General Directions given bythe Charity Commissioners. An examination includes a review of the accounting records kept by the charity, and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you 8S trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view.. and the report is limited to those matters set out in the statement below. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe-. 111 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act: or 121 the accounts do not accord with those accounting records., or 131 the accounts do not complywith the accounting requirements of section 396 ofthe 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination: or 141 Tne accounts nave noT Deen preparea In accoraance WlTn tne metnoas ana principles OT Tne iiaiement or Recommended Practice for accounting and reporting by charities [applicable to charities preparing their 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021]. have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be rp.AP.hp.d. King Loose & Co Stjohn's House 5 South Parade Summertown Oxford OX2 7JL H. C. Fanthome F.C.A. ILK . Dated **3.** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025** |**Income and endowments from:**
Grants and Donations
Charitable activities - training
Investment income
**Total income**
**Expenditure on**
Raising funds
Charitable activities and
support costs
**Total resources expended**
Net (Expenditure)/Income for
the period before transfers
Transfers between funds
Exchange losses
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**Note**|**Unrestricted**
**Funds**
**£**
38,765
45,911
1,851
**86,527**
43,213
65,737
**108,950**
**22,423**
**-**
**-**
7,876
-
2,749
-
**33,048**
**-**
**-**
150,959
**117,912**|**2025**
**Restricted**
**Funds**
**£**
-
77,453
-
**77,453**
-
99,949
**99,949**
**22,496**

**-**
7,876
-
-
**14,620**

**-**
20,132
**5,512**|**Total**
**Funds**
**£**
38,765
123,364
1,851
**163,980**
43,213
165,686
**208,898**
**44,919**

-
2,749

**47,668**

171,091
**123,423**|**Unrestricted**
**Funds**
**£**
124,235
86,683
1,025
**211,943**
54,511
138,951
**193,462**
**18,481**
**-**
-
736
-
**17,745**
**-**
133,214
**150,959**|**2024**
**Restricted**
**Funds**
**£**
-
-
-
**-**
-
47,876
**47,876**
**47,876**

**-**
-
-
-
**47,876**

**-**
68,008
**20,132**|**Total**
**Funds**
**£**
124,235
86,683
1,025
**211,943**
54,511
186,827
**241,338**
**29,395**

-
736

**30,131**

201,222
**171,091**| |---|---|---|---|---|---|---|---| ||2
2
3
4
5
10||||||| |||**-**
-
-
**-**|
||-|
|| The notes on pages 5 to 8 form part of these accounts. EUROPEAN CENTRE FORJOURNAUSMANDTRAUMA LTD BALANCE SHEET ASAT20AINE2 11169 187A92 Cash atbonk Cash in hand 128211 130,0(KI 199,761 duewlthln One￿0r 576 28.￿0 123 171.091 171m1 10 10 117.912 SA12 150.959 20,132 171m1 exemptlonfrryn the requlrefflwtsto an audit undwthe pwthiSi￿ ofsection 477 oftheComponlesfvth21KJ6. No vthlch 0)M￿yVI1th Section 386 ofthe Comp8ni8sP£t2006 and pr8parirEfmancwl statsmerrts Ththlch 85￿ 8 true and fair viewoltho stats ofaffairs ofthe c¢)mpanyasattfte orthefina￿I8iw70d and ol ils profftoriossforthg fi￿ncle1 period in accordqncewithtrffj rnqulrements of Seciions 393 and 394. and ¥thtch otherhise Complywlththe **5.** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 30 JUNE 2025** ## **1. Accounting policies** ## **(a) General information** These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Charity operates. ## **(b) Basis of preparation** The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Charities SORP (FRS 102); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. ## **(c) Activities** The financial statements include the results of the charity's operations as described in the directors' and trustees' annual report. ## **(d) Income recognition** Income of all kinds is accounted for when receivable, i.e. in the period in which the Charity is entitled to receipt, it is probable that the income will be received and the amount of income receivable can be measured reliably. No permanent endowments have been received in the period. - **(e) Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reliably measured. Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to the category. All core cost categories are regarded as being in furtherance of the Charity’s objects, as described in the Annual Report. ## **(f) Operating leases** Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor, are reflected in the statement of financial activities as incurred. ## **(g) Going concern** The financial statements have been prepared on a going concern basis. The main risk currently facing the charity is the withdrawal of core funding by the Dart foundation. The directors/trustees have carefully considered impact of this and have carried out a strategic review, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements. The directors/trustees have concluded that the going concern basis remains appropriate. **5 (a).** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 30 JUNE 2025** ## **1. Accounting policies (continued)** ## **(h) Financial assets - classified as basic financial instruments** - **i) Cash and cash equivalents.** Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less. - **ii) Trade and other receivables.** Trade and other receivables that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. - **iii) Trade and other payables.** Trade and other payables that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. ## **(i) Fund accounting** The charity currently holds both unrestricted and restricted funds. Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the objects of the charity, as defined in the constitution. Restricted funds represent monies given for specific projects or purposes. **6.** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 30 JUNE 2025** ## **2. Charitable activities** |Training & workshop fees
Other fees
Grants
Core costs funding||**Unrestricted**
**Funds**
**£**
45,911
-
-
38,765
84,676|**Restricted**
**Funds**
**£**
-
-
77,453
-
77,453|**Total Funds**
**2025**
**£**
45,911
-
77,453
38,765
162,129||**Unrestricted**
**Funds**
**£**
86,413
270
-
124,235
210,918|**Restricted**
**Funds**
**£**
-
-
-
-
-|**Total Funds**
**2024**
**£**
86,413
270
-
124,235
210,918| |---|---|---|---|---|---|---|---|---| |||||||||| ## **3. Investment income** |Bank interest||**Unrestricted**
**Funds**
**£**
1,851
1,851|**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2025**
**£**
1,851
1,851||**Unrestricted**
**Funds**
**£**
1,025
1,025|**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2024**
**£**
1,025
1,025| |---|---|---|---|---|---|---|---|---| |||||||||| **7.** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025** |**4.**
**5.**|**Costs of raising funds**
Direct costs - training consultants
Other direct costs
**Charitable activities**
**and support costs**
Project costs - grants
Freelance staff - operational
Freelance staff - conferences
Consultancy
Governance
Administration
Bank costs
Insurance
Subscriptions
Sundry Costs
Travel & subsistence-conferences
Travel & subsistence-non conference
Outreach/events ( UK & Overseas)
Bad debt written off|**Unrestricted**
**Funds**
**£**
43,213
-
43,213
**Unrestricted**
**Funds**
**£**
-
44,356
2,975
13,930
1,184
725
359
997
393
140
164

425
89
-
65,737|**Restricted**
**Funds**
**£**
-
-
-
**Restricted**
**Funds**
**£**
97,612
-
-
-
-
15
628
-
-
-
-
-
-
1,694
99,949|**Total Funds**
**2025**
**£**
43,213
-
43,213
**Total Funds**
**2025**
**£**
97,612
44,356
2,975
13,930
1,184
740
987
997
393
140
164
425
89
1,694
165,686|**Unrestricted**
**Funds**
**£**
54,511
-
54,511
**Unrestricted**
**Funds**
**£**
-
94,463
10,175
21,348
1,100
939
1,407
969
179
317
2,128
4,420
1,506
-
138,951|**Restricted**
**Funds**
**£**
-
-
-
**Restricted**
**Funds**
**£**
47,876
-
-
-
-
-
-
-
-
-
-
-
-
-
47,876|**Total Funds**
**2024**
**£**
54,511
-
54,511
**Total Funds**
**2024**
**£**
47,876
94,463
10,175
21,348
1,100
939
1,407
969
179
317
2,128
4,420
1,506
-
186,827| |---|---|---|---|---|---|---|---| ||||||||| ## **6. Staff costs, Trustees' Remuneration and Related parties** The charity had no employees during the year nor the previous year. (i) No employee received emoluments above £60,000 (ii) No remuneration is paid to trustees or persons connected with them for being trustees. (iii) Karen Fowler-Watt, a trustee received a grant of £2,081 to attend the 7th World journalism education congress in San Francisco where she was able to raise awareness of the work of Dart and promote the importance of trauma training in journalism schools curricula. **8.** ## EUROPEAN CENTRE FOR JOURNALISM AND TRAUMA LTD COMPANY NO. 05950105 (ENGLAND AND WALES) REGISTERED CHARITY NO. 1172731 ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2025** |**7.**
**8.**
**9.**|**Debtors**
Trade debtors
Other debtors
Prepayments
**Creditors: Amounts falling due within one year**
Agency creditors
Sundry creditors
Other taxes and social security costs
Accruals & deferred income
**Analysis of net current assets by funds**
Unrestricted income fund
Restricted funds|**2025**
**£**
-
-
1,789
1,789
**2025**
**£**
800
2,339
540
2,897
6,576
**2025**
**£**
117,912
5,512
123,424|**2024**
**£**
12,169
-
-
12,169
**2024**
**£**
7,555
14,579
2,379
4,157
28,670
**2024**
**£**
150,959
20,132
171,091| |---|---|---|---| The unrestricted income fund represents net income unexpended and undesignated at the date of the balance sheet. These funds comprise those monies which the Trustees are free to use in accordance with the objects of the Charity, as defined in the constitution. The restricted funds represent monies given for specific projects or purposes. ## **10. Funds and reserves** |Unrestricted Funds
Restricted - OSF (Ukraine)
Restricted - UNESCO (Ukraine)||**At**
**01-Jul-24**
150,959
20,132
-
171,092||**Income**
86,527
-
77,453
163,980|**Expenditure**
111,699
-
14,620
-
85,329
-
211,647
-|-|**Transfers**
**between**
**funds**
7,876

-
7,876
0|**At**
**30-Jun-25**
117,912
5,512
0.00
123,424| |---|---|---|---|---|---|---|---|---| |||||||||| During the year the charity received a grant from UNESCO for €90,969, (£77,453), which was used to fund training and workshops with Ukrainian journalists. The expenditure figure for the general fund includes the exchange losses for the year. ## **11. Company limited by guarantee** European Centre for Journalism and Trauma Ltd is limited by guarantee and therefore has no share capital.