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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 208176

Report of the Trustees and

Financial Statements for the Year Ended 31 December 2021

for

The Chartered Institute of Journalists Orphan Fund

The Chartered Institute of Journalists Orphan Fund

Contents of the Financial Statements for the Year Ended 31 December 2021

Page
Reference and Administrative Details 1
Report oftheTrustees 2 to 5
Report of the Independent Auditors 6 to 8
Statementof Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 15
DetailedStatementofFinancialActivities 16

The Chartered Institute of Journalists Orphan Fund

Reference and Administrative Details for the Year Ended 31 December 2021

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TRUSTEES and COMMITTEE H Thomas (died in March 2022) Mrs D Grimwood (died in January 2021) P Leighton Ms L Justice (Chair) M McGough Ms J Shillum-Bhend PRINCIPAL ADDRESS 4 Lexden Terrace Sewardstone Road Waltham Abbey Essex EN91PB

REGISTERED CHARITY 208176 NUMBER AUDITORS Cocke, Vellacott & Hill Unit 28 City Business Centre Lower Road London SE16 2XB

Page 1

The Chartered Institute of Journalists Orphan Fund

Report of the Trustees forthe Year Ended 31 December 2021

At the Institute's 2019 AGM, members voted to merge the Institute's Benevolent, Orphan and Pension Funds and form a new charity called the Chartered Institute of Journalists Welfare Fund. Early in 2020 the Charity Commission gave its approval for the Welfare Fund to be set up and as a consequence this Orphan Fund will close and be merged into the new Fund, hopefully, by the end of the year (2022). All comments made in this statement with regard to the future work of the Orphan Fund should be read in context with the Welfare Fund's work through 2022. Thereafter, it is expected that the work of the Orphan Fund will continue through the new Welfare Fund.

The Institute’s Orphan Fund has still operated through 2022 due to difficulties in finalising banking arrangements for the Welfare Fund. As such, and once again, any reference to future activities should be taken into context of the Fund continuing its operation through the Welfare Fund in the future.

The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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

Objectives and aims

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 Charity's aims and objectives and in planning future activities and setting the grant making policy for the year. In particular the Trustees consider how planned activities contribute to the achievement of the Charity's objectives. The Charity, by financially supporting qualifying children, ensure that they will not become an unnecessary draw on public funds while in statutory education. The support provided will encourage beneficiaries to achieve their maximum potential through education and cover any additional needs, such as bereavement counselling and educational trips, which will give the child(ren) the best possible chance of becoming a valuable member of society.

The fund exists to provide assistance to the children of members who have died, or have temporarily lost the income from the main income earner, while the child(ren) are in full-time education. If funds permit, trustees will consider providing additional support if the child(ren) go on to further education.

Aims

The aims of the Charity are to make provision for the maintenance and education of the orphan children of the members of the Chartered Institute of Journalists.

Objectives

The principal strategy adopted by the Trustees to further the aims of the Charity continues to be, to make timely grants and allowances for the benefit of children of deceased members of the Chartered Institute of Journalists.

Significant activities

The Fund's main activities during the year have been: - The making of grants to children of deceased members. - During the year grants of £20,800 were made to beneficiaries (2020: £32,902).

The fund continues to support two younger children in high school education. The third beneficiary graduated in 2021 and moved into full-time employment at which point financial support ceased.

Page 2

The Chartered Institute of Journalists

Orphan Fund

Report of the Trustees

for the Year Ended 31 December 2021

FINANCIAL REVIEW

Principal financial management policies

The basic principle that the Trustees follow is to act as a generous parent would during the period that the beneficiary is in full time education. Each beneficiary is paid a fixed monthly allowance, an enhanced but fixed allowance if living away from home, a fixed supplementary grant at Christmas and another before the summer holidays. Each beneficiary also receives a cash amount as a birthday gift.

Additionally, the Committee reviews other requests, particularly for school fees, supplementary tuition fees, educational trips, musical instruments and sports equipment. Each application is considered on its merits and may be declined, paid in part or in full.

Principal Funding Sources

The income generated by the fund continued to exceed calls upon it. Total revenue was £104,612 (2020: £93,825) and total expenditure £43,284 (2020: £55,787). Expenditure included £20,000 paid to the Chartered Institute of Journalists for administrative support during the year. The Trustees look at the administration fee regularly and compare it to outsourced administration. The fees are considered reasonable considering the mutual benefits to both organisations.

The increase in investments resulted from a change in market value during the year of £246,749 (2020: decrease of £327,138).

Reserves policy

The Fund regards the investments it has built up over the years as an endowment from which the day-to-day support of Orphans can be maintained. It invests solely in low-risk funds based on bonds, well-rated equities and a property investment fund. The general reserves at the 31 December 2021 were £3,066,782 (2020: £2,758,705). In view of the high level of reserves available, the Trustees are considering ways of utilising them within the objects of the charity.

While the income generated from the Fund's investments still more than covers the demand upon it in the short term, trustees keep a vigilant eye on potential risk in terms of future demand and investment risk.

The Fund is administered as an on-going entity which it is hoped will be in existence and providing support for many years to come. As such the Fund's investments are continually monitored to make sure the Fund is in the best possible position to continue its good work on behalf of the Chartered Institute of Journalists' members. In assessing the Charity's ability to continue as a going concern for the foreseeable future, the Trustees have considered the impact of the COVID-19 pandemic on its future income and reserves.

FUTURE PLANS

The Trustees aim to continue to provide financial support to the class of persons eligible to benefit from the Charity, as needs arise.

When appropriate, the Trustees will exercise the authority given by the Scheme of Arrangement to make grants to other Institute Charities.

Once again members are reminded that in 2018, the CloJ head office was sold to a development company. While discussing options for the purchase of new premises, the Orphan Fund committee and trustees were approached regarding the potential for a joint investment. The committee and trustees felt that the proposal had merit and provisionally agreed to the suggestion, subject to final agreement on the building. A number of potential new offices have been visited, however the search has proved difficult. This has been mixed with uncertainty over the economy, and, in early 2020, the COVID-19 pandemic. The net effect of COVID-19 on the economy and investments has stalled the process of purchasing new offices, but it is envisaged that the search will resume in 2022.

Page 3

The Chartered Institute of Journalists

|

Orphan Fund

Report of the Trustees

for the Year Ended 31 December 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust dated 1891, and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

The Orphan Fund is governed by a board of trustees whose members are appointed by the council of the Chartered Institute of Journalists. Officers are elected at each Annual General Meeting. The Trustees who have served during the year are set out on page 1.

Organisational structure

The management structure of the Chartered Institute of Journalists Orphan Fund consists of 3 trustees, including the Chairman, and a committee of Institute members.

The Committee and Trustees converse regularly on a private email group, and usually meet quarterly to review investment management policy and strategy, to consider grant awards, and on an annual basis to approve the financial statements.

Induction and training of new trustees

The Trustees are experienced in commerce and social matters and therefore require a minimum of induction and training.

Connected Charities

The Orphan Fund is one of the 'Charities administered in connection with the Institute of Journalists' under number 208176. The others are,

The Institute of Journalists Benevolent Fund The Institute of Journalists Pension Fund The Oakhill & T.P. O'Connor Fund

Accounts of these separate charities are not consolidated.

Under a Scheme of Arrangement agreed and accepted by the Charity Commission in 1986, income in one charity that was in excess of its needs might be applied to one or other of the charities where similar charitable objectives could be achieved. In March 2003 the Charity Commission clarified the basis of transfers between funds, endorsing payments made by the Orphan Fund to the Benevolent Fund and Pension Fund. No grants were received from or paid to connected charities during the current year.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity for that period. In preparing those financial statements, the trustees are required to

Page 4

The Chartered Institute of Journalists Orphan Fund

Report of the Trustees for the Year Ended 31 December 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES — continued

The trustees are responsible for keeping proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Approved by order of the board of trustees on! 5 June 2022 and signed on its behalf by:

Ms L Justice - Trustee

Page 5

Report of the Independent Auditors to the Trustees of The Chartered Institute of Journalists

Orphan Fund

Opinion

We have audited the financial statements of The Chartered Institute of Journalists Orphan Fund (the 'charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our Opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements ora material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Page 6

Report of the Independent Auditors to the Trustees of The Chartered Institute of Journalists Orphan Fund

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We have obtained an understanding of the charity’s policies and procedures through discussions with senior management.

We also drew on our existing understanding of the work that the charity does.

We understand that the charity complies with its responsibilities through close involvement of the CEO in the day to day running of the organization and regular liaison between him and the Chair of trustees. Were there any litigation or claims they would come to the attention of the CEO directly.

The charity's board of trustees communicate regularly with each other on an ad hoc basis and hold periodic board meetings. We have reviewed all available minutes.

In the context of the audit we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charity’s ability to conduct business and where failure to comply could result in material penalties.

We have considered the disclosure requirements of the Charities Act 2011, along with the Charities SORP FRS102 and the Charities (Accounts and Reports) Regulations 2008 as part of our finalisation processes.

We discussed the possibility of fraud with senior management and whether they had any knowledge of any actual, alleged or suspected fraud. We designed our audit tests to consider controls and tested a sample of payments to beneficiaries paying attention to the evidence obtained in respect of our sample beneficiaries’ identities.

In common with all audits under ISAs (UK) we also performed specific procedures to respond to the risk of management override. We assessed that the charity’s control environment is adequate for the size and operating model of such a charity.

Page 7

Report of the Independent Auditors to the Trustees of The Chartered Institute of Journalists

Orphan Fund

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Coc, wher ib 2 byl ——

Cocke, Vellacott & Hill

Unit 28 City Business Centre LowerLondonRoad S _ Foc>o “Lor SE16 2XB

Cocke, Vellacott & Hill are eligible for appointment as auditors of the charity by virtue of its eligibility for appointment as auditor of a company in accordance with Section 1212 of the Companies Act 2006.

Page 8

The Chartered Institute of Journalists Orphan Fund

Statement of Financial Activities

for the Year Ended 31 December 2021

2021 2020
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 150 -
Investmentincome 2 104.462 93,825
Total 104,612 93,825
EXPENDITURE ON
Charitable activities
Supportgrants 3 (43,284) (55,787)
Net gains/(losses) on investments 246,749 (327,138)
NET INCOME/(EXPENDITURE) 308,077 (289,100)
RECONCILIATION OF FUNDS
Totalfunds broughtforward 2,758,705 3.047,805
Totalfundscarriedforward 3,066,782 2,758,705

The notes form part of these financial statements

Page 9

The Chartered Institute of Journalists Orphan Fund

Balance Sheet 31 December 2021

2021 2020
Total Total
funds funds
Notes £ £
FIXEDASSETS
Investments i 2,606,313 2,359,564
CURRENT ASSETS
Debtors 8 - -
Cash atbank 462,869 401,541
462,869 401,541
CREDITORS
Amounts falling duewithin oneyear 9 (2,400) (2,400)
NETCURRENT ASSETS 460,489 399,141
TOTAL ASSETS LESS CURRENT
LIABILITIES 3,066,782 2,758,705
NETASSETS 3,066,782 2,758,705
FUNDS 10
Unrestricted funds 3,066,782 2,758,705
TOTALFUNDS 3,066,782 2,758,705

The financial statements were approved by the Board of Trustees and authorised for issue on June 2022 and signed on their behalf by:

Mr M McGough — Fund Honorary Treasurer

The notes form part of these financial statements

Page 10

The Chartered Institute of Journalists

Notes to the Financial Statements for the Year Ended 31 December 2021

Orphan Fund

  1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of lreland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The Fund's functional and presentational currency is pounds sterling (£).

The Trustees consider that there are no material uncertainties about the Fund's ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements. In forming this opinion, the Trustees have considered the proposed restructuring of the Chartered Institute of Journalists Benevolent, Orphan and Pension Funds into the Chartered Institute of Journalists Welfare Fund, as approved by the Charity Commission, and the impact of the COVID-19 pandemic on both the charity's income and expenditure and assets and liabilities.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:

the requirements of Section 7 Statement of Cash Flows.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The Charity does not, at present, hold any restricted funds.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and j disposals throughout the year.

Page 11

continued...

The Chartered Institute of Journalists Orphan Fund

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

4. ACCOUNTING POLICIES - continued

Investments

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

Grants Payable

Grants payable are charged in the year in which the offer is conveyed to their recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

INVESTMENT INCOME

INVESTMENT INCOME
2021 2020
£ £
Investment Income 104,420 93,267
Depositaccount interest 42 558
104,462 93,825
  1. CHARITABLE ACTIVITIES COSTS
3. CHARITABLE ACTIVITIES COSTS
Grant
funding of Support
activities costs
(see note 4) (see note 5) Totals
£ £ £
Supportgrants 20,800 22,484 43,284
4. GRANTS PAYABLE
2021 2020
£ £
Supportgrants 20,800 32,902

Page 12

continued...

The Chartered Institute of Journalists

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

Orphan Fund

  1. SUPPORT COSTS
Governance
Other costs Totals
£ e £
Support grants 20,000 2,484 22,484

All administration and governance costs are incurred in connection with the Charity's grant giving activities in respect of individual beneficiaries. Support costs, included in the above, are as follows:

activities in respect of individual beneficiaries.
Support costs, included in the above,the above,above, are asas follows:
2021 2020
Support Support
grants grants
£ £
Chartered Institute of Journalists -
Administration 20,000 20,000
Trustees’ expenses 0 136
Auditors' remuneration 2,400 2,400
Miscellaneous 84 349
22,484 22,885
  1. EMPLOYEES, AND TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees’ expenses

2021 2020
e. :
Trustees' expenses 0 136

No travel expenses were reimbursed to trustees during 2021 (2020: two trustees reimbursed).

There were no employees during the year or during the previous year..

¥ FIXED ASSET INVESTMENTS

FIXED ASSETASSET INVESTMENTS
Listed
investments
£
MARKETVALUE
At 1 January 2021 2,359,564
Net Gain/(Loss) in Market Value 246,749
At 31 December 2021 2,606,313
NET BOOK VALUE
At 31 December 2021 2,606,313
At31December2020 2,359,564

There were no investment assets outside the UK.

Page 13

continued...

The Chartered Institute of Journalists Orphan Fund

Notes to the Financial Statements - continued

for the Year Ended 31 December 2021

de FIXED ASSET INVESTMENTS - continued

Investments are held as units in M&G Charifund (£1,580,603; 2020:£1,394,093), M&G Charibond (£295,101; 2020:£305,598), MLCharishare Common Investment Fund (£502,443; 2020:£453,351) and The Charities Property Fund (£228,166; 2020:£206,522).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR
,		 DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR
,
2021 2020
£ £
Trade debtors -
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ g
Othercreditors 2,400 2,400
10. MOVEMENT IN FUNDS
Net
movement At
At 1.1.21 in funds 31.12.21
£ £ £
Unrestricted funds
General fund 2,758,705 308,077 3,066,782
TOTALFUNDS 2,758,705 308,077 3,066,782

Net movement in funds, included in the above are as follows:

Incoming Incoming Resources Gainsand Movement
resources expended losses infunds
£ £ £ £
Unrestricted funds
General Fund 104,612 (43,284) 246,749 308,077
TOTAL FUNDS 104,612 (43,284) 246,749 308,077
Comparison with 2020 figures formovement in funds
Net
At movement At
1.1.20 in funds 31.12.20
£ £ £
Unrestricted funds
General fund 3,047,805 (289,100) 2,758,705
TOTALFUNDS 3,047,805 (289,100) 2,758,705

Comparison with 2020 figures for movement in funds

Page 14

continued...

The Chartered Institute of Journalists Orphan Fund

Notes to the Financial Statements - continued for the Year Ended 31 December 2021

  1. MOVEMENT IN FUNDS - continued

Comparative net movement in funds for 2020, included in the above are as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |BE|£|£|£| |Unrestricted|funds| |General fund|93,825|(55,787)|(327,138)|(289,100)| |TOTAL FUNDS|93,825|(55,787)|(327,138)|(289,100)|

----- End of picture text -----

11. RELATED PARTY DISCLOSURES

The members of the Board of Trustees are appointed by the council of the Chartered Institute of Journalists. The Orphan Fund is one of the ‘Charities administered in connection with the Institute of Journalists’ under charity number 208176. The others are,

The Institute of Journalists Benevolent Fund The Institute of Journalists Pension Fund The Oakhill & T.P. O'Connor Fund

Accounts of these separate charities are not consolidated.

Under a Scheme of Arrangement agreed and accepted by the Charity Commission in 1986, income in one charity that was in excess of its needs might be applied to one or other of the charities where similar charitable objectives could be achieved. In March 2003 the Charity Commission clarified the basis of transfers between funds, endorsing payments made by the Orphan Fund to the Benevolent Fund and Pension Fund. No grants were made in the current or preceding year.

There were no related party transactions in the year to disclose.

Page 15

The Chartered Institute of Journalists

Orphan Fund

Detailed Statement of Financial Activities for the Year Ended 31 December 2021

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |INCOME|AND|ENDOWMENTS| |Donations|and|legacies| |Donations|150|e| |Investment|income| |Investment|Income|104,420|93,267| |Deposit account|interest|42|558| |Interest|on|short term|loan|to|CIOJ|-|-| |104,462|93,825| |Total|incoming|resources|104,612|93,825| |EXPENDITURE| |Charitable|activities| |Grants|to|individuals|22,800|32,902| |Support|costs| |Other| |Chartered|Institute|of|Journalists|-| |Administration|20,000|20,000| |Governance|costs| |Trustees'|expenses|0|136| |Auditors'|remuneration|2,400|2,400| |Miscellaneous|84|349| |22,484|2,885| |Total|resources|expended|43,284|55,787| |Net income|61,328|38,038|

----- End of picture text -----

This page does not form part of the statutory financial statements

Page 16

The Chartered Institute of Journalists — Benevolent Fund

Trustees Report and Annual Accounts

Year ended 31 December 2021

Charity registration number 208176

One of the charitable Funds registered with the Charities Commission with this number and designated “Charities administered in connection with the Institute of Journalists”

Structure, Governance and Management

Governing Document

The Fund is governed by a Trust Deed made in 1943.

Objects

The Fund aims to relieve cases of indigence or distress amongst all members of the Chartered Institute of Journalists and their dependents.

Trustees

The trustees who served during the year are

The Chartered Institute of Journalists (in a corporate capacity) Janice Shillum Bhend Mr Dominic Cooper Mr Paul Leighton President of the Institute (Professor Tim Crook) Vice President of the Institute (Mr Michael Hardware)

The trustees are appointed by Council of the Institute.

Trustees’ Activities, Responsibilities and Training

The Trustees are long-serving members of the Institute, familiar with the challenges that its members face in professional journalism and experienced in administration of charities. Applications for assistance are made in writing and assessed by the Trustees, meeting as required.

Risk Assessment

The Trustees have assessed the risks to the Fund and believe that the resources available and the likely calls upon it constitute a low risk in the short and medium terms. Other risk factors affecting administration are not considered significant.

Public Benefit

The Fund delivers a public benefit in that it provides financial and other support to those in need. While the Fund is restricted to offering the benefit to those associated with the Institute, those beneficiaries are from all parts of the country, maybe of various ages and other diverse characteristics, none of which are a bar to receiving support from the Fund.

Financial Review

Reserves

The Trustees regard the investments of the Fund as an endowment, the income from which meets the day-to-day calls for assistance from members. Funds are invested in low-risk bonds and well-rated equities handled by mainstream investment companies.

Cash reserves — that are held in an interest bearing account with a London clearing bank - are assessed regularly to determine when apparent surpluses might be put into longer-term investments.

Activities

During the year the Fund had incoming resources of £12,257 (2020: £11,423). The Fund made grants - some in multiple tranches - to 5 members (2020: 19) totalling £5,610 and one loan to members totalling £1000. (2020: £24,030 and £1,500 respectively).

Performance

The outstanding amount on the Fund’s loan book increased net of repayments to £13,300 (2020: £12,300). The Trustees exercise discretion in their oversight of outstanding loans, recognising that the circumstances of some beneficiaries require the loans to be written down. The most recent loans to have been written down were in 2019.

The Fund contributed £2,000 to the Institute for administration costs of the Fund, and £2,500 to the CloJ Pension Fund to support the activities of that Fund.

Statement of the Independent Examiner

I have examined the books, statements, vouchers, receipts and other documentation provided to me. Any questions or issues, on which I have sought clarification from officers of the Institute, have been answered to my satisfaction.

I believe that the Statement of Income & Expenditure and Balance Sheet that follow, together with accompanying notes, represents a true and fair view of the financial status of the Benevolent Fund.

: | ) aw sa buceji_. ——en Independent Financial Examiner

U4 BAN ST WIL

Statement of Income and Expenditure

£ £
Income 2021 2020
currentyear previousyear
2* Investment income 12,257 11,055
Bank interest 0 18
Loanrepayments 0 325
Other 0 25
Total 12,257 11,423
Payments
Grants 5,610 24,300
Loans 1,000 1,500
Administrative charges 2,000 3,000
3% Miscellaneous Expenses 2,500 1,768
Total 11,110 30,568
Income exceeded payments 1,147
Paymentsexceededincome (19,145)

Balance Sheet as at 31 December

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|||||||| |---|---|---|---|---|---|---| |£|£| |2021|2020| |Current|year|previous year| |Assets| |Investment|funds|280,651|251,346| |Current|Assets| |4*|Debtors|13,300|12,300| |Bank and|cash|4,458|3,311| |Net|current|assets|17,758|15,611| |Creditors|0|0| |Total|assets|less|current|liabilities|298,409|266,957| |Opening|balances|266,957|329,383| |Surplus/(loss)|on|charitable|activities|1,147|(19,145)| |Unrealised|changes|in|asset|values|29,305|(44,456)| |Changes|in|debtors|1,000|L173| |Changes|in|creditors|0|0| |Net movement|in|funds|31,452|(62,426)| |Represented|by Total|funds|298,409|266,957|

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|

Notes to the accounts

di Units M&GCharifund
14,883		 =§=M&GCharibond —BRCharishares
17,457
3,874.467		 =§=M&GCharibond —BRCharishares
17,457
3,874.467		 Total
Mkt value 31.12.20 204,431 21,905 25,010 251,346
Year’s change 27,349 (752) 2,708 29,305
Mktvalue31.12.21 231,780 21,153 27,718 280,651

The Chartered Institute of Journalists — Pension Fund

Trustees Report and Annual Accounts

Year ended 31 December 2021

Charity registration number 208176

One of the charitable Funds registered with the Charities Commission with this number and designated “Charities administered in connection with the Institute of Journalists”

Structure, Governance and Management

Governing Document

The Fund is governed by a Trust Deed made in March 1939.

Objects

The Fund aims to provide regular grants (pensions) to older and long-serving members of the Chartered Institute of Journalists who may be in need.

Trustees

The Trustees who served during the year were

The Chartered Institute of Journalists (in a corporate capacity)

Mr Jules Annan Mr Peter Brown Mr Barrie Welford

The Trustees are appointed by Council of the Institute. In addition ex-officio Trustees are the presently serving President, Immediate Past president and Honorary Treasurer of the Institute.

Trustees’ Activities, Responsibilities and Training

The Trustees are experienced in administration of charities and familiar with the financial difficulties that older journalists may experience. Applications for assistance are made in writing and considered by the Trustees.

Risk Assessment

The Trustees regularly assess the risks to the Fund and believe the resources available and the likely calls upon it constitute low risk in the short to medium term. The value of the Fund’s investments has varied in recent years but the level of income has remained within tolerable limits. The selection of investment funds that are low risk but assured income has seen to this. The Trustees have restricted the number of pensioners the Fund can support depending on the income that is expected to be available from the Fund’s investments. The Trustees have confidence that Trustees of other Funds administered by the CloJ, would provide support for any shortfall in income as they have in the past. Other risk factors affecting administration are not considered significant.

Public Benefit

The Fund delivers a public benefit in that it provides pensions to aged persons in need. While the Fund is restricted to offering the benefit to those associated with the Institute, the wider public as well as the public purse benefits in that the beneficiaries are afforded an independence they would not otherwise enjoy.

Financial Review

Reserves

The Trustees regard the investments of the Fund as an endowment. The number of pensioners accepted by the Fund is proportionate to the income generated over the medium term. Under a Scheme of Arrangement agreed by the Charity Commission, funds may be transferred from one Institute Fund to another. Invested funds are with low-risk bonds and well-rated equities handled by mainstream investment companies. Also see notes 4 and 5 to the accounts.

Cash reserves are assessed regularly to determine when apparent surpluses might be put into longer term investments.

Activities

During the year the Fund had incoming resources of £10,178 (2020 = £6,788). This included a special grant of £2,500 from the Institute’s Benevolent Fund. Expenditure during the year was £10,467 (2020 = £12,902). The Fund provides a monthly pension of £85, a birthday grant of £150 and a Christmas benefit of £300.

During the year there were seven pensioners in receipt of benefit. With the beneficiaries' agreement, our overseas pensioners are paid on a half-yearly basis to minimise transaction costs.

The Fund didn’t pay any administration fee to the Institute in 2021. The Fund was in receipt of £2,500 additional support from the Benevolent Fund in order to meet obligations.

Statement of the Independent Examiner

I have examined the books, statements, vouchers, receipts and other documentation provided to me. Any questions or issues on which I have sought clarification from officers of the Institute, have been answered to my satisfaction.

I believe that the Statement of Income & Expenditure and Balance Sheet that follow, together with accompanying notes, represents a true and fair view of the financial status of the Pensions Fund.

i Nes. oNada Wwere— ace

Independent Financial Examiner

og AVNGYIT WL

Statement of Income and Expenditure

£ £
Income 2021 2020
currentyear previousyear
2. Investment income 7,678 6,783
Bank interest 0 3
Other 2500 0
Total 10,178 6,788
Payments
3. Grants to 7 pensioners (2020: 8) 10,290 11,220
4. Administrative charges Lid, 1,682
Trustees’ Expenses 0 0
Total 10,467 12,902
Expenditure exceeded incomingresources (289) (6,114)
Incomingresourcesexceededexpenditure

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Note: some numbers may not total due to rounding
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Balance Sheet

as at 31 December

£ £
2021 2020
currentyear previousyear
Fixed Assets
4
Investment funds		 240,061 224,346
Current Assets
Bank and cash 1,692 1,981
4
Debtors		 0 0
Creditors 0 0
Net current assets 1,692 1,981
Total assets less current liabilities 241,753 249,319
Openingbalances 226,327 249,319
Surplus/(loss) oncharitable activities (289) (6,114)
Unrealised gains/(losses) in assetvalues 15,715 (16,878)
Net Movements in Debtors 0 0
NetMovements in Creditors 0 0
Netmovement infunds 15,426 (22,992)
RepresentedbyTotalfunds 241,753 226,327

Note: some numbers may not total due to rounding

Notes to the accounts

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|||||| |---|---|---|---|---| |ed|M&G|M&G|BIl.Rock| |Units|Charifund3.866.620|55,151.629Charibond|Charities13,089.86* Equity Fnd| |Mkt value|31.12.20|53,072|69,204|84,495| |Year change|7,100|(2,377)|9,150| |Mkt value|31.12.2021|60,172|66,827|93,645| |Ch.Property Fund|Total| |Units|14,179.28| |Mkt value|31.12.20|17,573|224,346| |Year change|1842|15,715| |Mkt value|31.12.2021|19,417|240,061|

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The Fund has 2 holdings of Charishares: 9793.04 units and 3295.92 units

The Chartered Institute of Journalists

Oakhill & T.P. O'Connor Fund

Trustees Report and Annual Accounts

Year ended 31 December 2021

Charity registration number 208176

One of the charitable Funds registered with the Charities Commission with this number and designated “Charities administered in connection with the Institute of Journalists”

Structure, Governance and Management

Governing Document

The Fund is governed by a Trust Deed made in March 1933.

Objects

The Fund aims to provide convalescent care to journalists after illness or aged journalists in necessitous circumstances.

Trustees

The Trustees who served during the year are

Mr Jules Annan

Mr Peter Brown

Mr Paul Leighton Mr Barrie Welford

The Trustees are appointed by Council of the Institute. In addition ex-officio Trustees are the presently serving President, Immediate Past president and Honorary Treasurer of the Institute.

Trustees’ Activities, Responsibilities and Training

The Trustees are experienced in administration of charities and familiar with the financial difficulties that older journalists may experience. Applications for assistance are made in writing and assessed by the Trustees.

Risk Assessment

The Trustees have assessed the risks to the Fund and believe the resources available and the likely calls upon it constitute low risk in the short to medium term. The value of the Fund’s investments has varied in recent years but the level of income has remained within the limits appropriate to the calls made upon it. Other risk factors affecting administration are not considered significant.

Public Benefit

The Fund delivers a public benefit in that it provides grants to aged persons in need because of ill-health or recovery therefrom. While the Fund is restricted to offering the benefit to those associated with journalism, the public purse benefits in that the beneficiaries are afforded a measure of independence from calls upon it. Beneficiaries may be from any part of the country, of any age or other diverse characteristics, none of which are a bar to receiving support from the Fund.

Financial Review

Reserves

The Trustees regard the investments of the Fund as an endowment. Invested funds are with low-risk bonds and well-rated equities handled by mainstream investment companies. Also see notes 3 and 4 to the accounts.

Cash reserves are assessed regularly to determine when apparent surpluses might be put into longer term investments.

Activities

During the year the Fund had incoming resources of £8,407 (2020 = £7,405). Expenditure during the year was £20,116 (2020 = £12,084).

During the year, grants were made to 15 journalists (2020 = 9).

The Fund paid £1,000 to the Institute for administration carried out on its behalf.

Statement of the Independent Examiner

I have examined the books, statements, vouchers, receipts and other documentation provided to me. Any questions or issues on which I have sought clarification from officers of the Institute, have been answered to my satisfaction.

I believe that the Statement of Income & Expenditure and Balance Sheet that follow, together with accompanying notes, represents a true and fair view of the financial status of the Oakhill Fund.

Dawia Were

Independent Financial Examiner

V™E EV ar Wit

Statement of Income and Expenditure

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||||||| |---|---|---|---|---|---| |£|3| |2021|2020| |current year|previous year| |Income| |2.|Investment|income|8,388|7,372| |Bank|interest|2|31| |Other|17|2| |Total|8,407|7,405| |Payments| |15|grants|(2020:|9)|19,000|11,200| |Administrative|charges &|expenses|_|1,000|800| |Legal &|banking|expenses|116|84| |Trustees’|Expenses|0|0| |Total|20,116|12,083| |Income|exceeded|expenditure| |Expenditure exceeded|income|(11,709)|(4,678)|

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Note: some numbers do not total due to rounding

Balance Sheet

as at 31 December

£ £
2021 2020
currentyear previousyear
Fixed Assets
2
Investment funds		 217,205 196,745
Current Assets
Bankandcash 17,084 28,793
a"
Debtors		 0 0
Netcurrent assets 17,084 28,793
Total assets less current liabilities 234,289 225,538
Openingbalances 225,538 254,576
Unrealised gains/(losses) in asset values 20,460 (24,360)
Surplus/deficiton charitable activities (11,709) (4,678)
Movements Creditors/Debtors 0 0
Netmovement in funds 8,751 (29,325)
RepresentedbyTotalfunds 234,289 225,538

Note: some numbers may not total due to rounding

Notes to the accounts

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||||||| |---|---|---|---|---|---| |2.|M&G|M&G|BI.Rock| |Charifund|Charibond|Charities|Equity Fnd| |Units|3.866.620|55,151.629|13,089.86| |Mkt value|31.12.20|96,135|22,480|52,338| |Year change|12,861|(772)|5,668| |Mkt value|31.12.21|108,|996|21,708|58,006|

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Ch.Property Fund Total

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|||||| |---|---|---|---|---| |Units|14,179.28| |Mkt value|31.12.20|25,792|196,745| |Year change|2,703|20,460| |Mkt|value|31.12.21|28,495|217,205|

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  1. What was Charishare Common Investment Fund Income has been renamed BlackRock Charities UK Equity Fund. The Fund was previously structured as a Common Investment Fund (‘CIF’). On 06.12. 2019, the CIF closed and the assets were transferred to a Charity Authorised Investment Fund (‘CAIF’) and the name and ISIN changed. ISIN is now GBOOBFBF WM47.

  2. Charibond has been changed in that its formal name has been simplified from 'The Charibond Charities Fixed Interest\ Common Investment Fund' to 'M&G Charibond Charities Fixed Interest Fund'. This follows its restructuring from a Common Investment Fund (‘CIF’) to Charity Authorised Investment Fund (‘CAIF’) in October 2019. The ISIN for the Income fund is now GBOOBK1KFP80.