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2022-03-31-accounts

Charity Registration No. 1191397

Company Registration No. 12320800 (England and Wales)

PUBLIC INTEREST NEWS FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

PUBLIC INTEREST NEWS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Patrick Swaffer
Joan Adetunji
Julius Weinberg
Isabelle Roughol
William Richard Fletcher Vane Lord Inglewood
Polly Curtis (Appointed 16 March 2022)
Charity number 1191397
Company number 12320800
Registered office 4th Floor
18 St. Cross Street
London
EC1N 8UN
England
Independent examiner A Subramaniam
c/o HW Fisher LLP
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers Triodos Bank
Deanery Road
Bristol
BS1 5AS

PUBLIC INTEREST NEWS FOUNDATION

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

PUBLIC INTEREST NEWS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are:

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Public Interest News Foundation (PINF) promotes citizenship by supporting the provision of public interest news, which we define as ethical and impartial journalism that informs the public about matters that are relevant to them as citizens.

We believe that everyone in the United Kingdom should benefit from public interest news that speaks to them, for them and with them. We also believe that independent publishers (those with turnover below £2m and which are independent of political or commercial interests) have a crucial role to play in reaching communities that have been poorly served by commercial publishers and developing ethical new models of journalism.

So, our mission is to help ensure the sustainability of independent publishers of public interest news in communities across the UK. Our objectives are to

  1. Build the capacity of independent news publishers

  2. Conduct and share research into public interest news

  3. Raise awareness of the sector among the public and key stakeholders

Over the last year, we have pursued our objectives through the following activities:

Impact Fund

We awarded grants of £8,000 to five independent news providers in London and Birmingham in the run-up to the May 2022 local elections, to find out whether and how they could improve democratic engagement in their local areas by enhancing their coverage of democratic issues at a ward level.

We adopted an active learning methodology – a UK first in the field of journalism grantmaking – guided by an external consultant, Dr Joanna Reynolds of Sheffield Hallam University and Capacity Q.

Sadly, we did not establish a significant impact on voter turnout (perhaps because of the limited time and resources available), but we did find that investment in local democratic journalism led to increased levels of connection and trust between independent news providers and their local communities, local political figures and other stakeholders.

Leadership Programme

We worked intensively with a group of independent news publishers to develop their leadership skills, looking at the issues they identified as priorities, such as community engagement, ethical advertising, succession planning and reader revenue.

PUBLIC INTEREST NEWS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Dr Reynolds helped us crystallise our theory of change and the metrics we would use to check progress. We ran a survey of participants before the eight-week programme, immediately afterwards, and again three months and six months later, to see if changes were ‘sticky’. We found that the programme was a resounding success: participants felt far more connected, supported and confident following the programme, and even felt they had more capacity. These feelings remained strong six months later.

A typical example of qualitative feedback from the programme was: “It is good to spend time together in a way that normal day jobs don’t allow. The sector is pioneering new ground and sharing ideas is so useful.”

Networking

Alongside our work with independent news publishers, we have also developed an active network of civil society organisations that provide infrastructure for the independent news sector. We have convened this network for virtual and in-person meet-ups, including residential gatherings in Oxfordshire and Leeds, helping us to agree shared priorities.

PINF Index of Independent News Publishing in the UK

Our major annual survey is helping to build knowledge and understanding of the independent news publishing sector. The Index has revealed that independent publishers are committed to benefiting the public through ethical and impartial journalism about matters that are relevant to them as citizens, but that these publishers are struggling to build sustainable business models in the digital media economy.

The Index is filling an important evidence gap, demonstrated by high attendance at our report launch, significant press coverage and invitations to present our findings to civil servants and regulators.

The 2021 Index received exceptional coverage online and in print in The Economist, Press Gazette and Hold The Front Page. We know that independent publishers value the way that the Index helps them to benchmark themselves against others in the sector, both in the UK and in the US, through our partnership with the Institute for Nonprofit News.

Transformation Programme

We placed a number of people with lived experience of discrimination and disadvantage in national and local newsrooms as ‘Transformation Editors’ to find out how news organisations can better reflect such people’s experiences in their journalism.

We again brought in Dr Joanna Reynolds to evaluate the programme through interviews, surveys and observation. Dr Reynolds found that the Transformation Editors reported increased confidence in and likelihood to engage with news media in future. She also observed ‘considerable change in how their host organisations understood the issues of marginalised and disadvantaged communities.’

Scottish Public Interest Journalism Working Group

In January 2021, the Scottish Government invited PINF to join a working group on the future of public interest journalism. The group published a report in November 2021, calling for the establishment of a new Scottish Public Interest Journalism Institute (‘SPIJI’). The Scottish Government is now supporting the working group to evolve into a steering group for this new initiative.

Funder Education

In addition to raising funds for PINF’s own activities, we have worked to build wider awareness among funders of the social value of the independent news sector. We co-hosted an event with the Association of Charitable Foundations (ACF), and published blogs with ACF and Beacon Collaborative.

Communications

We have published regular pieces of commentary and analysis, both through our own channels and with partners. We also commissioned a filmmaker, Emilie Flower, to make a series of short films showcasing the public benefit provided by independent news publishers across the UK, and we have taken part in events including the Oxford Media Convention.

Financial review

The charity received total income in the year of £223,519 (2021: £125,633). Total resources expended were £244,899 (2021: £30,412). As at 31 March 2022, the charity had reserves of £73,841 (2021: £95,221).

The Trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

PUBLIC INTEREST NEWS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

The charity is a company limited by guarantee incorporated in England and Wales with company number 12320800. Its registered office is 4th Floor St. Cross Street, London, England, EC1N 8UN. It is registered with the Charity Commission with charity number 1191397. Its governing document is its registered Memorandum and Articles of Association.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Patrick Swaffer Joan Adetunji Julius Weinberg Isabelle Roughol William Richard Fletcher Vane Lord Inglewood Polly Curtis (Appointed 16 March 2022)

The trustees' report was approved by the Board of Trustees.

..............................

Patrick Swaffer

Trustee Dated: .........................

PUBLIC INTEREST NEWS FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees, who are also the directors of Public Interest News Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PUBLIC INTEREST NEWS FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF PUBLIC INTEREST NEWS FOUNDATION

I report to the Trustees on my examination of the financial statements of Public Interest News Foundation (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements 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 financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

A Subramaniam

c/o HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER United Kingdom

Dated: .........................

PUBLIC INTEREST NEWS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
130,104
89,000
Charitable activities
4
4,350
-
Investments
5
65
-
Total income
134,519
89,000
Expenditure on:
Raising funds
6
4,800
-
Charitable activities
7
168,219
71,880
Total resources expended
173,019
71,880
Net (expenditure)/income for the year/
Net movement in funds
(38,500)
17,120
Fund balances at 1 April 2021
95,221
-
Fund balances at 31 March 2022
56,721
17,120		 Total
Unrestricted
funds
2022
2021
£
£
219,104
125,616
4,350
-
65
17
223,519
125,633
4,800
-
240,099
30,412
244,899
30,412
(21,380)
95,221
95,221
-
73,841
95,221		 Total
Unrestricted
funds
2022
2021
£
£
219,104
125,616
4,350
-
65
17
223,519
125,633
4,800
-
240,099
30,412
244,899
30,412
(21,380)
95,221
95,221
-
73,841
95,221
125,633
-
30,412
30,412
95,221
-
95,221

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PUBLIC INTEREST NEWS FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Income funds
Restricted funds
14
Unrestricted funds		 2022
£
1,493
93,510
95,003
(21,162)		 £
73,841
17,120
56,721
73,841		 2021
£
-
103,676
103,676
(8,455)		 £
95,221
-
95,221
95,221

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

.............................. Patrick Swaffer Trustee

Company Registration No. 12320800

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Public Interest News Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 4th Floor 18 St. Cross Street, London, England, EC1N 8UN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received by the investment manager of the investment portfolio.

1.5 Expenditure

Resources expended are recognised in the period to which they relate.

Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives.

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Support costs represent costs that cannot be directly attributed to charitable activities but are necessarily incurred in running the charity.

Governance costs include costs payable to the independent examiner and other costs incurred in relation to statutory and constitutional requirements.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
2,685
-
Grant income
127,419
89,000
130,104
89,000
Grants receivable for core activities
Luminate
-
-
Joseph Rowntree Charitable Trust
56,272
-
Joseph Rowntree Reform Trust
30,047
-
Lankelly Chase Foundation
31,100
4,000
Tinsley Charitable Trust
10,000
-
Founders for Good Limited
-
60,000
Benjamin Goldsmith
-
5,000
Oak Foundation
-
20,000
127,419
89,000		 Total
Unrestricted
funds
2022
2021
£
£
2,685
5,000
216,419
120,616
219,104
125,616
-
76,501
56,272
14,068
30,047
30,047
35,100
-
10,000
-
60,000
-
5,000
-
20,000
-
216,419
120,616		 Total
Unrestricted
funds
2022
2021
£
£
2,685
5,000
216,419
120,616
219,104
125,616
-
76,501
56,272
14,068
30,047
30,047
35,100
-
10,000
-
60,000
-
5,000
-
20,000
-
216,419
120,616
125,616
76,501
14,068
30,047
-
-
-
-
-
120,616

4 Charitable activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Sales within charitable activities 3,100 -
Other income 1,250 -
4,350 -

5 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Interest receivable 65 17

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6
7		 Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Other fundraising costs
4,800
-
Charitable activities
Funds
Funds
2022
2021
£
£
Research
-
14,973
Conference fees
241
-
Advertising and promotional
12
-
Design, print and website
1,000
-
Consultancy fees
40,156
-
41,409
14,973
Grant funding of activities (see note 8)
69,000
-
Share of support costs (see note 9)
115,703
3,862
Share of governance costs (see note 9)
13,987
11,577
240,099
30,412
Analysis by fund
Unrestricted funds
168,219
30,412
Restricted funds
71,880
-
240,099
30,412		 Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising and publicity
Other fundraising costs
4,800
-
Charitable activities
Funds
Funds
2022
2021
£
£
Research
-
14,973
Conference fees
241
-
Advertising and promotional
12
-
Design, print and website
1,000
-
Consultancy fees
40,156
-
41,409
14,973
Grant funding of activities (see note 8)
69,000
-
Share of support costs (see note 9)
115,703
3,862
Share of governance costs (see note 9)
13,987
11,577
240,099
30,412
Analysis by fund
Unrestricted funds
168,219
30,412
Restricted funds
71,880
-
240,099
30,412
Funds
2021
£
14,973
-
-
-
-
14,973
-
3,862
11,577
30,412
30,412
-
30,412

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8 Grants payable

Grants to institutions:
Greater Govanhill
Social Spider CIC
Bylines Networks
Newham Voices
Switch Radio
Southwark News
Watershed Investigations Ltd		 2022
£
4,000
8,000
8,000
8,000
8,000
8,000
25,000
69,000		 2021
£
-
-
-
-
-
-
-
-

-

9 Support costs

Support costs
Governance
costs
£
£
Staff costs
105,903
-
Bank Charges
80
-
General expenses
132
-
Recruitment costs
-
-
IT expenses
2,980
-
Postage and Courier
153
-
Subscriptions
131
-
Telecommunication
403
-
Travel and Accomodation
5,529
-
Insurance
392
-
Accountancy fees
-
608
Legal and professional
-
8,643
Independent examination
fees
-
4,736
115,703
13,987
Analysed between
Charitable activities
115,703
13,987		 2022
Support costs
Governance
costs
£
£
£
105,903
-
-
80
1
-
132
-
-
-
3,861
-
2,980
-
-
153
-
-
131
-
-
403
-
-
5,529
-
-
392
-
-
608
-
-
8,643
-
7,272
4,736
-
4,305
129,690
3,862
11,577
129,690
3,862
11,577		 2021
£
-
1
-
3,861
-
-
-
-
-
-
-
7,272
4,305
15,439
15,439

Governance costs includes payments for the independent examination & accounts preparation fees for £4,736 (2021: £4,305).

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
Number
2
2022
£
91,082
6,230
8,591
105,903
2022
£
800
693
1,493
2022
£
786
1,473
18,903
21,162		 2021
Number
-
2021
£
-
-
-
-
2021
£
-
-
-
2021
£
-
-
8,455
8,455

PUBLIC INTEREST NEWS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in Movement in funds Movement in funds
funds
Incoming Balance at Incoming Resources Balance at
resources 1 April 2021 resources expended
31 March 2022
£ £ £ £ £
Impact fund - - 60,000 (42,880) 17,120
Lankelly chase - - 4,000 (4,000) -
Watershed Investigations Ltd - - 25,000 (25,000) -
- - 89,000 (71,880) 17,120
Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted
funds funds funds
2022 2022 2022 2021
£ £ £ £
Fund balances at 31 March 2022 are represented by:
Current assets/(liabilities) 56,721 17,120 73,841 95,221
56,721 17,120 73,841 95,221

15 Analysis of net assets between funds

16 Related party transactions

There were no disclosable related party transactions during the year (2021: Nil).