Registered number: 07068913 Charity number: 1179275
THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 13 |
THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees Mr Geoffrey Robertson Ms Jennifer K Robinson (resigned 17 June 2024) Sir David C M Bell Dr Connor McCarthy Ms Jodie M Ginsberg
Company registered number 07068913 Charity registered number 1179275 Registered office 124 Finchley Road London NW3 5JS Accountants Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the unaudited financial statements for the ended 31 December 2024.
This report serves the purpose of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Structure, governance and management
The Trust for the Bureau of Investigative Journalism is a company, registered number 07068913, governed by a Memorandum and Articles as amended by Special Resolution and registered as a charity on 20 July 2018, registered charity number 1179275.
The Trustees are actively involved in the Trust. The existing Trustees have a policy to look for new Trustees, identifying necessary skill sets and experiences as required. The Trustees seek to appoint any new Trustees in line with their objectives of inclusion and diversity with the objective of combining skills, experiences and approaches to create an effective Trustee Board. Trustee role specifications are created taking account of the need to promote diversity and advertised as appropriate. When new Trustees join they are given an informal intorduction to their role within the Trust and their legal responsibilities.
The day to day management of the Trust is delegated to a third party.
Objectives and activities
The principal activity of the Trust is the promotion for public benefit of ethical standards of conduct, transparency and compliance with the law by governmental, industrial, commercial, voluntary sector and professional organisations in international and domestic business transactions and overseas development initiatives.
The Trust commissioned investigations, research and reports on current issues of major economic and social relevance and current issues of legitimate public concern so as to promote ethical standards of conduct, compliance with law and transparency.
Last year the Trust passed a special resolution to obtain charitable status to promote, encourage, carry out or commission research, surveys, studies, reports or other work, to which these will be made publicly available.
Achievements and performance
The Trust received £197,000 in grants over the course of the year. It was successfully able to award £196,520 to the Bureau of Investigative Journalism to further its charitable work.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Review of activities
Income received from donations and interest totalled £198,950, whilst donations paid out totalled £196,520.
Governance costs totalled £2,430 meaning there was a surplus in the financial year of £298
Net assets at the year end were £5,608 (2023: £5,310).
Investment policy
The Trust holds any surplus funds as cash. This provides the flexibility in making charitable donations and ensures the charity has adequate funds to meet ongoing administration costs.
Reserves
The Trustees aim to hold reserves at a level which will cover governance and administrative costs for the following 12 months. The level of reserves as at the Balance Sheet date of £5,608 is expected to cover the aforementioned costs and therefore the Trustees consider they have met their reserves policy target.
Principal funding
The charity is principally funded by donations.
Trustees
The Trustees who served during the period from 1 January 2024 to date were:
Mr Geoffrey Robertson Ms Jennifer K Robinson (resigned 17 June 2024) Sir David C M Bell Dr Conor McCarthy Ms Jodie M Ginsberg
Members' liability
The Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Trustees' responsibilties
The Trustees (who are also directors of The Trust for the Bureau of Investigative Journalism 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. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 8 May 2025 and signed on their behalf by:
Sir David C M Bell
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent Examiner's Report to the Trustees of The Trust for the Bureau of Investigative Journalism (the 'Trust')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity 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 the Charity's accounts 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(5)(b) of the 2011 Act.
Independent Examiner's Statement
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:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I 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 reached.
Signed:
Dated: 15 May 2025
Nyman Libson Paul LLP
Chartered Accountants 124 Finchley Road London NW3 5JS
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations and legacies 2 Other income 5 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 12,434 814 13,248 12,950 12,950 298 5,310 5,608 |
Restricted funds 2024 £ 186,000 - 186,000 186,000 186,000 - - - |
Total funds 2024 £ 198,434 814 199,248 198,950 198,950 298 5,310 5,608 |
Total funds 2023 £ 164,180 339 |
|---|---|---|---|---|
| 164,519 | ||||
| 160,273 | ||||
| 160,273 | ||||
| 4,246 | ||||
| 1,064 | ||||
| 5,310 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 13 form part of these financial statements.
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM REGISTERED NUMBER: 07068913
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets / (liabilities) Charity funds Restricted funds 10 Unrestricted funds 10 Total assets / (liabilities) |
- 16,108 16,108 (10,500) |
2024 £ 5,608 5,608 - 5,608 5,608 |
15,000 45,068 60,068 (54,758) |
2023 £ 5,310 |
|---|---|---|---|---|
| 5,310 | ||||
| - 5,310 |
||||
| 5,310 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 08 May 2025 and signed on their behalf by:
Sir David C M Bell
The notes on pages 8 to 13 form part of these financial statements.
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies
1.1 General information
The Trust for the Bureau of Investigative Journalism is a charitable company limited by guarantee and registered in England and Wales. Its principal address is Zetland House, 5-25 Scrutton Street, London, EC2A 4HJ.
1.2 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Trust for the Bureau of Investigative Journalism meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Pounds Sterling (£), which is also functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest £.
The Trust is a company limited by guarantee and consequently does not have share capital. The members of the company are the Trustees named on page 1. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
1.3 Going concern
The Trustees have considered the circumstances of the charity and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The charity has the ongoing support of the Trustees, and they consider that there are no material uncertainties about the charity's ability to continue as a going concern. For this reason they continue to adopt the going concern basis in preparing the financial statements.
1.4 Income
Income in the year comprises of donations. All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies (continued)
1.5 Expenditure (continued)
Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the Trust's operations, including support costs and costs relating to the governance of the Trust apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
All expenditure is inclusive of irrecoverable VAT.
1.6 Debtors
Short term debtors are measured at transaction price.
1.7 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
1.8 Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors.
1.9 Creditors
Short term creditors are measured at the transaction price.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.11 Judgement in applying accounting policies and key sources of estimation uncertainty
The Trustees do not consider there to be any significant judgements or areas of management estimation in these financial statements.
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Income from donations and legacies
| Donations David and Elaine Potter Foundation John Ellerman Hollick Family Foundation Other Donations Sundry donations Subtotal Total donations and legacies Total 2023 Grant expenditure The Bureau of Investigative Journalism Total 2023 |
Unrestricted funds 2024 £ - - - 11,000 1,434 12,434 12,434 10,180 Unrestricted funds 2024 £ 10,520 - |
Restricted funds 2024 £ 136,000 20,000 30,000 - - - 186,000 154,000 Restricted funds 2024 £ 186,000 150,500 |
Total funds 2024 £ 136,000 20,000 30,000 11,000 1,434 12,434 198,434 164,180 Total funds 2024 £ 196,520 150,500 |
Total funds 2023 £ 109,000 15,000 30,000 10,000 180 |
|---|---|---|---|---|
| 10,180 | ||||
| 164,180 | ||||
| Total funds 2023 £ 150,500 |
||||
3. Grant expenditure
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Governance costs
| Legal fees Accountancy fees |
Unrestricted funds 2024 £ - 2,430 2,430 |
Total funds 2024 £ - 2,430 2,430 |
Total funds 2023 £ 2,913 3,000 |
|---|---|---|---|
| 5,913 |
5. Other incoming resources
| Other income Total 2023 |
Unrestricted funds 2024 £ 814 339 |
Total funds 2024 £ 814 339 |
Total funds 2023 £ 339 |
|---|---|---|---|
6. Debtors
| Prepayments and accrued income | 2024 £ - - |
2023 £ 15,000 |
|---|---|---|
| 15,000 |
7. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2024 £ - - 10,500 10,500 |
2023 £ 278 480 54,000 |
|---|---|---|
| 54,758 |
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Company Status
The Trust is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
9. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year |
Unrestricted funds 2024 £ 16,108 (10,500) 5,608 |
Total funds 2024 £ 16,108 (10,500) 5,608 |
|---|---|---|
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THE TRUST FOR THE BUREAU OF INVESTIGATIVE JOURNALISM
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds David and Elaine Potter Foundation Hollick Family Foundation John Ellerman Foundation Total of funds |
Balance at 1 January 2024 £ 5,310 - - - - 5,310 |
Income £ 13,248 136,000 30,000 20,000 186,000 199,248 |
Expenditure £ (12,950) (136,000) (30,000) (20,000) (186,000) (198,950) |
Balance at 31 December 2024 £ 5,608 |
|---|---|---|---|---|
| - - - |
||||
| - | ||||
| 5,608 |
The David and Elaine Potter Foundation fund relates to income received to support charitable activities within our Bureau Local project.
The Hollick Family Foundation fund relates to income received to support specific projects and initiatives.
The John Ellerman Foundation fund relates to income received to support community engagement and collaborative public interest reporting.
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