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2025-03-31-accounts

CHARITY REGISTRATION NUMBER: 1191397 COMPANY REGISTRATION NUMBER: 12320800 (ENGLAND AND WALES)

PUBLIC INTEREST NEWS FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

PUBLIC INTEREST NEWS FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS

Page
Reference and Administrative Information 2
Trustees’ Annual Report 3 to 11
Independent Examiner’s Report 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 to 28

PUBLIC INTEREST NEWS FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

Joan Adetunji Polly Curtis Alison Gow Simon Lloyd Isabelle Roughol Richard Scorer Patrick Swaffer Dr. Julius Weinberg William Richard Fletcher-Vane, Lord Inglewood

Key Management Personnel Executive Director

Appointed 26 June 2024 Resigned 5 October 2025

Appointed 26 June 2024 Resigned 10 October 2025 Resigned 25 March 2025

Resigned 3 December 2024

Jonathan Heawood

Registered Charity Number 1191397

Registered Company Number 12320800

Registered Office 4[th] Floor 18 St. Cross Street London England EC1N 8UN

Independent Examiner Rogers Spencer Newstead House Pelham Road Nottingham NG5 1AP

Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

2

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2025. The Annual Report serves as both the trustees’ report and the directors’ report under company law.

The trustees confirm that the Annual Report and financial statement of the charitable company comply with the Charities Act 2011, the Companies Act 2006, the requirements of the company's governing document and the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) (Charities SORP FRS 102).

CHARITABLE PURPOSES

The objects of the charity are, for the public benefit:

  1. To promote public understanding and knowledge of the principles and practice of investigating, reporting and disseminating Public Interest News, including relevant law, ethics, codes of conduct and practical aspects of related activities.

  2. To promote citizenship and civic responsibility and encourage and facilitate informed participation and engagement by members of the public in their communities, including by supporting the provision of Public Interest News by exclusively charitable means; and

  3. To promote high standards of ethical conduct and best practice in journalism and the editing and publication of news in the print and other media for the benefit of the general public, having regard to the need to act within the law and to protect both the privacy of individuals and freedom of expression.

The Public Interest News Foundation (PINF) promotes citizenship by supporting the provision of public interest news – ethical and impartial journalism which 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, and that independent news providers have a crucial role to play in both reaching communities that have been poorly served by commercial publishers and developing ethical new models of journalism.

Until March 2025, PINF’s mission was to help ensure the sustainability of independent providers of public interest news in communities across the UK. In April 2025, we refined our mission to focus on local news, as set out below. However, in this Annual Report, we are summarising our activities under the previous mission, when our objectives were to:

Charitable Activities and Achievements

3

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Much of our work to build the capacity of independent news providers has been based on connecting providers and creating spaces and platforms for sharing their expertise on a peer-to-peer basis. This has included:

Capacity-building also included funding public interest news:

4

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Research

As well as building the capacity of independent news providers through the activities above, we also conducted and shared research into public interest news, as follows:

Awareness raising

Drawing on our evidence-based research, our dialogue with partners in other countries and our deep knowledge of the independent news sector in the UK, we contribute to relevant debates in the UK. This year, we pursued this objective through the following activities:

5

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

6

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

7

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

investment in journalism; and attended a reception at Buckingham Palace to celebrate local journalism.

Plans for future periods

Over the coming years, we will develop our mission to regenerate local news in the UK, pursuing the recommendations set out in the Local News Commission’s report. We plan to organise this work under the following three pillars:

We will also continue our programme of organisational development , to strengthen our core functions of financial management, governance and HR.

Financial Review

The charity received income for the year of £613,339 (2024 : £436,747). The majority of this income is from Restricted Grants and Donations, totalling £535,140 (2024 : £353,784.

Expenditure for the year has risen from £553,466 in 2024 to £718,874 in 2025. This has led to net expenditure for the year of £105,535 compared to a net expenditure of £116,719 in 2024.

Fund balances at the year-end totalled £62,537 (2024: £168,072) of this £8,182 (2024: £22,108) were unrestricted funds and £54,355 (2024: £145,964) were restricted funds.

Fundraising

We continued to attract new and returning funders in support of our work this year. Fundraising activity was primarily conducted by the Executive Director and Deputy Director, who secured grants and donations from the following sources:

8

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Key risks and uncertainties

The trustees have 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.

The trustees see four main types of risk affecting PINF – strategic, regulatory, financial and operational. In our risk register, we provide a breakdown of these risks, their likelihood and impact, and our mitigation strategies. We believe that our highest risks are financial (lack of funds or cashflow) and regulatory (the potential for a challenge to our charitable status, due to the nature of our charitable purpose). We manage these risks by prioritising fundraising; maintaining close financial controls; and taking regular advice from expert charity lawyers.

Reserves

As per Charity Commission guidance, the trustees seek to balance spending the maximum amount of income raised as soon as possible after receipt with maintaining the minimum level of reserves to ensure uninterrupted operation and provide time to adjust to a change in financial circumstances.

On this basis, it is assessed that holding free reserves sufficient to cover support costs for a three month period is prudent. The actual amount held will vary based upon current and forecast financial circumstances.

Based on this policy, free reserves of around £19,300 would be required. At the year end the charity held £7,034 (2024: £19,826) of free reserves. Since the year end the charity has secured sufficient unrestricted funding to maintain reserves in excess of the minimum required level.

Structure, Governance and Management Governing Document49

Public Interest News Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association. It was incorporated on 18th November 2019, and the Memorandum and Articles of Association were updated on 1st September 2020. It was registered as a charity with the Charity Commission on 22nd September 2020. The members of the charity are its trustees. Appointment of Trustees.

9

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

New trustees are appointed by the existing trustees. New trustees are inducted by the Chair and Executive Director, and the Chair holds annual review meetings with trustees.

Pay policy for senior staff

The Trustees consider the Board of Trustees and Executive Director to comprise the Key Management Personnel of the Charity in charge of directing and controlling, running and operating the Charity on a dayto-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year.

The Executive Director's salary and benefits are reviewed by the trustees annually. Any proposed increases are reviewed against inflation, available budget and by benchmarking of similar roles in equivalently sized organisations.

Organisation

The charity is overseen by the board of trustees. The minimum number of trustees is three and the maximum is nine. Trustees may serve for two terms of up to four years each and shall not be eligible for reappointment until one year after their last retirement.

The board delegates day-to-day management to the Executive Director, who holds regular meetings with the chair of trustees and reports to the full board at quarterly meetings.

The trustees set strategic priorities for the charity and monitor the charity's performance against these objectives.

Trustees' responsibilities in relation to the fnancial statements

The charity trustees (who are also the directors of the Public Interest News Foundation for the purposes of company law) are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources.

In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity

10

PUBLIC INTEREST NEWS FOUNDATION TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees' report was approved by the Board of Trustees on January 2026 and signed on their behalf 29 by:

Julius Weinberg Trustee

Date: ...................................................................

11

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 period ended 31 March 2025.

Responsibilities and basis of report

As the charity trustees of the company (and also 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 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 company’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(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

Melvin Bailey FCCA DchA

For and on behalf of Rogers Spencer Chartered Accountants Newstead House Pelham Road Nottingham NG5 1AP

Date:

29/01/2026

12

PUBLIC INTEREST NEWS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND
ENDOWMENTS FROM:
Donations and legacies
2
Charitable activities
4
Investment income
Total Income
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Total Expenditure
NET INCOME/(EXPENDITURE)
Transfers between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
60,094
16,833
1,272
78,199
5,172
55,180
60,352
17,847
(31,773)
(13,926)
22,108
8,182		 Restricted
funds
£
535,140
-
-
535,140
-
658,522
658,522
(123,382)
31,773
(91,609)
145,964
54,355		 2024-25
Total
funds
£
595,234
16,833
1,272
613,339
5,172
713,702
718,874
(105,535)
-
(105,535)
168,072
62,537		 Unrestricted
funds
£
71,497
8,375
3,091
82,963
-
109,330
109,330
(26,367)
(8,098)
(34,465)
56,573
22,108		 Restricted
funds
£
353,784
-
-
353,784
-
444,136
444,136
(90,352)
8,098
(82,254)
228,218
145,964		 2023–24
Total
funds
£
425,281
8,375
3,091
436,747
-
553,466
553,466
(116,719)
-
(116,719)
284,791
168,072

The results shown above have been derived wholly from continuing activities.

All recognised gains and losses are included in the statement of financial activities.

The notes on pages 16 to 26 form part of these accounts.

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

13

PUBLIC INTEREST NEWS FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025

Notes
FIXED ASSETS
Tangible Assets
11
CURRENT ASSETS
Debtors
12
Cash at bank
Total current assets
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
Total assets less current liabilities
NET ASSETS
FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 2024-25
Total
funds
£
1,148
5,955
74,438
80,393
(19,004)
61,389
62,537
62,537
54,355
8,182
62,537		 2023–24
Total
funds
£
2,282
13,510
242,439
255,949
(90,159)
165,790
168,072
168,072
145,964
22,108
168,072

The financial statements were approved by the Trustees on January 2026 29 .

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

Julius Weinberg, Trustee

The notes on pages 16 to 28 form part of these accounts .

14

PUBLIC INTEREST NEWS FOUNDATION STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
CASHFLOWS FROM OPERATING
ACTIVITIES
Net cash (outfow) from operating activities
16
CASHFLOWS FROM INVESTING ACTIVITIES
Dividends and interest from investments
Purchase of fxed assets
(Decrease)/Increase in cash
Cash and cash equivalents at 1 April 2024
Cash and cash equivalents at 31 March 2025		 2024-25
£
(170,035)
2,034
-
2,034
(168,001)
242,439
74,438		 2023–24
£
(50,273)
2,329
(1,762)
567
(49,706)
292,145
242,439

15

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 4[th] Floor 18 St. Cross Street, London, England, ECIN BUN

1.1. Basis of preparing the financial statements

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 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. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies set out below.

1.3. Going concern

At the time of approving the financial statements, additional funding has been obtained to ensure the charity has sufficient unrestricted reserves to meet its ongoing requirements for the foreseeable future. The Trustees have identified no other material uncertainties that cast doubt on the Charity’s ability to continue in operational existence for the foreseeable future and the Trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4. 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 or grantors 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

16

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

1.5. 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.

1.6. Expenditure

Expenditure is recognised when 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.

Expenditure is classified under the following activity headings:

1.7. Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel and payroll. Governance costs which support the charitable programmes include audit, legal costs, and the costs of meeting statutory requirements including preparing statutory accounts. The basis on which support costs have been allocated are set out in note 6.

17

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

1.8. Grants and grants payable

Grants payable are included in the Statement of Financial Activities when they are awarded and the beneficiary has been notified of the grant. The grant awarded is recognised as payable within one year or in more than one year based on the terms of the grant agreement. Where a beneficiary has subsequently failed to draw down the available grant and in exceptional circumstances can no longer fulfil the requirements of the award, the grant is cancelled, and the creditor is released to the original fund from which the grant was awarded.

1.9. Taxation

The foundation is a registered charity and is exempt from taxation.

1.10. Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation or any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities.

1.11. Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. In any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.12. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.13. Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of 95 days or less from the date of acquisition or opening of the deposit or similar account. In the unlikely event that access to these accounts is needed before the 95 days, the cash can be accessed immediately with a loss of interest and are thus presented as cash.

18

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

1.14. Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.15. Employee benefits

The cost of 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 or to provide termination benefits.

1.16. Retirement benefits

Payments to defined contribution retirement benefit schemes are charges as an expense when they fall due.

2. INCOME FROM DONATIONS AND LEGACIES

Donations
Grant income		 2024-25
Unrestricted
funds
£
94
60,000
60,094		 2024-25
Restricted
funds
£
-
535,140
535,140		 2024-25
Total
funds
£
94
595,140
595,234		 2023–24
Unrestricted
funds
£
130
71,367
71,497		 2023–24
Restricted
funds
£
-
353,784
353,784		 2023-24
Total
funds
£
130
425,151
425,281

19

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. GRANT INCOME

Oak Foundation
Flotilla Foundation
Sigrid Rausing Trust
Luminate
Reset
The Indigo Trust
Joseph Rowntree
Charitable Trust
JRSST
Lankelly Chase
Foundation
Tinsley Charitable Trust
Cobalt Trust
Logan Foundation
Paul Hamlyn Foundation
Scottish Community
Alliance
Changing Ideas
University of Warwick
DEMOS
DCMS		 2024-25
Unrestricted
funds
£
-
-
-
-
-
-
60,000
-
-
-
-
-
-
-
-
-
-
-
60,000		 2024-25
Restricted
funds
£
16,523
48,500
80,000
-
168,379
35,000
-
14,480
-
10,000
20,000
-
20,000
1,360
84,310
9,753
21,835
5,000
535,140		 2024-25
Total funds
£
16,523
48,500
80,000
-
168,379
35,000
60,000
14,480
-
10,000
20,000
-
20,000
1,360
84,310
9,753
21,835
5,000
595,140		 2023-24
Unrestricted
funds
£
-
-
-
-
-
-
69,867
-
1,500
-
-
-
-
-
-
-
-
-
71,367		 2023–24
Restricted
funds
£
130,000
-
-
103,706
-
-
-
14,480
-
10,000
-
40,142
30,000
-
-
-
15,456
10,000
353,784		 2023–24
Total
funds
£
130,000
-
-
103,706
-
-
69,867
14,480
1,500
10,000
-
40,142
30,000
-
-
-
15,456
10,000
425,151

4. INCOME FROM CHARITABLE ACTIVITIES

2024-25 2024-25 2024-25 2023–24 2023–24 2023-24
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds funds funds
£ £ £ £ £ £
Sales within charitable
activities 16,833 - 16,833 8,375 - 8,375

5. EXPENDITURE ON RAISING FUNDS

Staf Costs
Support Costs (note 8)		 2024-25
Unrestricted
funds
£
4,822
350
5,172		 2024-25
Restricted
funds
£
-
-
-		 2024-25
Total
funds
£
4,822
350
5,172		 2023–24
Unrestricted
funds
£
-
-
-		 2023–24
Restricted
funds
£
-
-
-		 2023-24
Total
funds
£
-
-
-

20

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. EXPENDITURE ON CHARITABLE ACTIVITIES

Staf costs
Advertising
Bank Fees
Books and
Subscriptions
Entertainment
Events
Event Catering
Photography and
Design
Printing and
Stationery
Rent/Room Hire
Costs
Travel and
Subsistence
Consultancy
Communications
Partnerships
Research
Grants
Support costs
(note 8)		 2024-25
Unrestricted
funds
£
24,345
100
-
-
177
-
4,584
1,222
205
2,000
2,825
5,700
-
-
161
-
13,861
55,180		 2024-25
Restricted
funds
£
166,471
484
25
179
100
1,200
560
3,305
250
18
4,426
30,862
14,646
49,441
32
305,411
81,112
658,522		 2024-25
Total funds
£
190,816
584
25
179
277
1,200
5,144
4,527
455
2,018
7,251
36,562
14,646
49,441
193
305,411
94,973
713,702		 2023–24
Unrestricted
funds
£
59,228
-
-
-
298
-
2,671
1,070
288
146
1,340
18,823
-
-
-
-
25,466
109,330		 2023–24
Restricted
funds
£
133,674
-
-
-
-
-
244
900
-
413
1,476
24,850
11,126
44,297
5,177
170,142
51,837
444,136		 2023–24
Total
funds
£
192,902
-
-
-
298
-
2,915
1,970
288
559
2,816
43,673
11,126
44,297
5,177
170,142
77,303
553,466

21

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. TOTAL RESOURCES EXPENDED

TOTAL RESOURCES EXPENDED
Staf costs
Advertising
Bank Fees
Books and Subscriptions
Entertainment
Events
Event Catering
Photography and Design
Printing and Stationery
Rent/Room Hire Costs
Travel and Subsistence
Consultancy
Communications
Partnerships
Research
Grants
Support costs (note 8)		 2024-25
Advocacy
£
119,969
484
25
179
100
1,200
412
3,305
247
-
2,800
17,950
14,646
49,351
-
-
67,169
277,837		 2024-25
Capacity
£
37,753
-
-
-
177
-
4,732
-
208
2,018
4,451
12,912
-
90
193
115,161
11,732
189,427		 2024-25
Research
£
33,094
100
-
-
-
-
-
1,222
-
-
-
5,700
-
-
-
-
16,072
56,188		 2024-25
Sponsorship
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
190,250
-
190,250		 2024-25
Fundraising
£
4,822
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
350
5,172		 2024-25
Total
£
195,638
584
25
179
277
1,200
5,144
4,527
455
2,018
7,251
36,562
14,646
49,441
193
305,411
95,323
718,874		 2023-24
Total
£
192,902
-
-
-
298
-
2,915
1,970
288
559
2,818
43,673
11,126
49,297
5,177
170,142
77,303
533,466

22

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. SUPPORT COSTS

SUPPORT COSTS
Staf Costs (management time)
Accountant & Audit
Bank Charges
Books and Subscriptions
Conference Fees
Depreciation (Computer Equipment)
Design & Print (inc. website)
Entertainment
Freelance/Consultancy
Insurances
IT & Equipment
Ofice / General Expenses
Other Professional Services
Professional Development
Recruitment Costs
Rooms & Hot Desking
Telephone & Mobile
Travel & Accommodation & Subsistence
Trustee Expenses
Virtual Ofice Costs		 2024-25
Advocacy
£
23,442
3,351
90
539
194
799
-
375
24,184
1,049
2,186
-
24
273
-
3,138
296
6,682
420
127
67,169		 2024-25
Capacity
£
4,094
585
16
94
34
140
-
65
4,225
183
382
-
4
48
-
548
52
1,167
73
22
11,732		 2024-25
Research
£
5,609
802
21
129
46
191
-
90
5,787
251
523
-
6
65
-
751
71
1,599
101
30
16,072		 2024-25
Sponsorship
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024-25
Fundraising
£
122
17
-
3
1
4
-
2
1,268
5
11
-
-
1
-
16
2
35
2
1
350		 2024-25
Total
£
33,267
4,755
127
765
275
1,134
-
532
34,324
1,488
3,102
-
34
387
-
4,453
421
9,483
596
180
95,323		 2023-24
Total
£
29,720
12,334
133
673
1,327
938
1,625
475
6,241
539
2,865
589
812
1,188
3,285
5,215
570
8,474
-
300
77,303

The allocation of support costs to restricted and unrestricted funds and to activities has been based on the direct staff undertaken on those activities. Included in Accountancy and Audit above, are preparation and independent examination fees of £3,250 (2024: £3,250)

23

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. GRANTS PAYABLE TO INSTITUTIONS

Watershed
Investigations
Limited
The Ferret		 2024-25
Unrestricted
funds
£
-
-
-		 2024-25
Restricted
funds
£
190,250
-
190,250		 2024-25
Total funds
£
190,250
-
190,250		 2023–24
Unrestricted
funds
£
-
-		 2023–24
Restricted
funds
£
130,000
40,142
170,142		 2023–24
Total
funds
£
130,000
40,142
170,142

10. ANALYSIS OF STAFF COSTS AND TRUSTEES REMUNERATION, BENEFITS AND EXPENSES

2024-25 2023–24
£ £
Staf costs:
Salaries and wages 199,265 193,093
Social security costs 15,688 15,623
Pension costs 13,953 13,906
228,906 222,622
The number of employees whose emoluments (salaries, wages and benefts in kind) for the period to
31 March 2025 fell within the following bands was:
2024-25 2023-24
No. No.
£70,000 - £79,999 1 1

The number of employees whose emoluments (salaries, wages and benefits in kind) for the period to 31 March 2025 fell within the following bands was:

The Key Management Personnel of the Charity are considered to be the Trustees and the Executive Director. The total employee benefits including pension contributions and national insurance for Key Management Personnel was £86,242 (2024: £88,654).

The average number of staff employed during the period was as follows:

2024-25 2023–24
No. No.
Total 4 4

The Trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or kind. Expenses totalling £840 were paid to two trustees in the period ended 31 March 2025 (2024: £114 to one trustee).

In the year to 31 March 2025, one trustee, Isabelle Roughol, was paid £1,000 for her services in judging the Tenacious Journalist Awards (2024: £1,800)

24

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. TANGIBLE FIXED ASSETS

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 March 2025
Net Book Value
At 31 March 2025
At 31 March 2024
12. DEBTORS
Trade debtors
Grants due
Other debtors
Prepayments and accrued income
13. CREDITORS
Amounts falling due within one year
Trade creditors
Other creditors
Accruals
Pensions
Taxation and social security		 2024-25
£
3,402
-
3,402
1,120
1,134
2,254
1,148
2,282
2024-25
£
3,251
-
740
1,964
5,955
2024-25
£
-
7,815
4,261
1,470
5,458
19,004		 2023–24
£
1,640
1,762
3,402
182
938
1,120
2,282
1,458
2023–24
£
400
10,000
740
2,370
13,510
2023–24
£
61,750
14,515
6,112
1,908
5,874
90,159

25

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024-25
Unrestricted
funds
£
Fixed
Assets
1,148
Current
Assets
26,038
Liabilities
(19,004)
Net Assets
8,182
MOVEMENT IN FUNDS
Current Year
Restricted
News for All
Indie News Fund (Match Funding)
JRSST-CT (Local News Map)
JRSST-CT (Local News Commission)
Watershed
DCMS
EMIF (Disinformation Dynamics)
Newry Project
Press Forward
Scottish Community Alliance
Tenacious Journalist Awards
Co-Creational News Media Project
Unrestricted
Total Funds		 2024-25
Restricted
funds
£
-
54,355
-
54,355
1 April
2024
£
35,842
30,000
-
14,480
65,000
(1,929)
(9,468)
12,039
-
-
-
-
145,964
22,108
168,072		 2024-25
Restricted
funds
£
-
54,355
-
54,355
1 April
2024
£
35,842
30,000
-
14,480
65,000
(1,929)
(9,468)
12,039
-
-
-
-
145,964
22,108
168,072		 2024-25
Total funds
£
1,148
80,393
(19,004)
62,537

Income
£
168,379
30,000
-
14,480
145,023
5,000
21,835
20,000
35,000
1,360
84,310
9,753
535,140
78,199
613,339		 2024-25
Total funds
£
1,148
80,393
(19,004)
62,537

Income
£
168,379
30,000
-
14,480
145,023
5,000
21,835
20,000
35,000
1,360
84,310
9,753
535,140
78,199
613,339		 2023–24
Unrestricted
funds
£
2,282
31,180
(11,354)
22,108
Expenditure
£
(199,974)
(52,245)
-
(57,280)
(190,250)
(8,090)
(23,785)
(28,328)
(11,870)
(1,131)
(75,723)
(9,846)
(658,522)
(60,352)
(718,874)		 2023–24
Unrestricted
funds
£
2,282
31,180
(11,354)
22,108
Expenditure
£
(199,974)
(52,245)
-
(57,280)
(190,250)
(8,090)
(23,785)
(28,328)
(11,870)
(1,131)
(75,723)
(9,846)
(658,522)
(60,352)
(718,874)		 2023–24
Restricted
funds
£
-
224,769
(78,805)
145,964
Transfers
£
-
(7,755)
-
28,320
-
5,019
11,418
-
-
(229)
(5,000)
-
31,773
(31,773)
-		 2023-24
Total funds
2,282
255,949
(90,159)
168,072
31 March
2025
£
4,247
-
-
-
19,773
-
-
3,711
23,130
-
3,587
(93)
145,964 535,140 (658,522) 54,355
22,108 78,199 (60,352) 8,182
168,072 613,339 (718,874) 62,537

15. MOVEMENT IN FUNDS

26

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. MOVEMENT IN FUNDS (continued)

Prior Year
Restricted
News for All
Indie News Fund (Match Funding)
JRSST-CT (Local News Map)
JRSST-CT (Local News Commission)
Watershed
DCMS
EMIF (Disinformation Dynamics)
The Ferret
Newry Project
Unrestricted
Total Funds		 1 April
2023
£
131,895
20,000
11,324
-
65,000
-
-
-
-
228,219
56,573
284,792		 Income
£
103,706
10,000
-
14,480
130,000
10,000
15,456
40,142
30,000
353,784
82,963
436,747		 Expenditure
£
(199,759)
-
(19,422)
-
(130,000)
(11,929)
(24,924)
(40,142)
(17,961)
(444,137)
(109,330)
(553,467)		 Transfers
£
-
-
8,098
-
-
-
-
-
-
8,098
(8,098)
-		 31 March
2024
£
35,842
30,000
-
14,480
65,000
(1,929)
(9,468)
-
12,039
145,964
22,108
168,072

Purpose of restricted funds:

News For All: A project to support independent providers of public interest news to become more sustainable by ensuring that they receive a fair share of data and revenue if their content is used by big tech platforms such as Facebook and Google.

Indie News Fund (Match Funding): A project to catalyse support for independent news providers by matching donations they generated during June 2024 for their provision of public interest news in communities across the UK.

JRSST-CT (Local News Map): A project to map the provision of local news across the UK, including all print, digital and broadcast providers of local news, through a database, online interactive visualisation and accompanying report.

JRSST-CT (Local News Commission): A project to analyse the state of local news in the UK and make recommendations for policymakers, philanthropists, big tech platforms and others to ensure a vibrant local news ecosystem.

Watershed: A project to support environmental journalism in the public interest, with a focus on issues affecting the water supply in the UK.

DCMS: Building on the Local News Map project, originally funded by JRSST-CT (see above), by strengthening the database and updating the accompanying report.

EMIF (Disinformation Dynamics): A project to understand how minority beliefs about climate policies are affected by local news, by analysing the health of local news ecosystems in three locations across England.

27

PUBLIC INTEREST NEWS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. MOVEMENT IN FUNDS (continued)

The Ferret: A project to support public interest journalism on issues relating to citizenship in Scotland.

Newry Project: A project to support innovative forms of public interest news in Newry, Northern Ireland, by piloting a form of participatory grantmaking which allowed the local community to set its own priorities for local news.

Press Forward: A project to build financial support to regenerate local news among philanthropists and social investors in the UK.

Scottish Community Alliance: A contribution towards the attendance costs of local news providers from across Scotland at the Indie News Forum in Glasgow.

Tenacious Journalist Awards: A project to support independent news providers to produce and monitor the impact of journalism on topics that benefit the public.

Co-Creational News Media Project: A project to distil best practice in forms of media that involve the public in the production and dissemination of journalism

16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)
Depreciation
Dividends and interest from investments
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash infow from operating
activities
Analysis of cash and cash equivalents
At 1
April
2024
Cash
fow
£
£
Cash at bank and in hand
242,439
(168,001)		 2024-25
£
(105,535)
1,134
(1,272)
7,555
(71,917)
(170,035)
At 31
August
2025
At 1 April
2023
Cash
fow
£
£
£
74,438
292,145
(49,706)		 2023–24
£
(116,720)
938
(3,091)
(3,283)
71,883
(50,273)
At 31
March
2024
£
242,439

28