The Chartered Institute of Journalists Oakhill & T.P. O'connor Fund Trustees Report and Annual Accounts Year ended 31 December 2023 Charity registration number 208176 One of the ch2ritsble Funds registered Thith the Charities Commission with this number and designated "Charities administ¢rcd in connection with the Institut¢ of Journalists"
Structure, Governance and Management Governing Document The Fund is governed by a TTr Deed made in March 1933. Objects The Fund aims to provid¢ convalescent care to journalists after illness or aged journalists in necessitous circumstances. Trnstees The Trustees and committee who served duTing the y¢ar are Janice Shillum Bhend Roger Bush Dominic Cooper Jules Am)an Peter BrowTA Prof T Cr(M)k Michael Evans Mick McGough The Trustees and committee are apwjinted by Council of the Instilute and then Tatified at the Annual G¢n¢rdl Meeting. In addition eX-1ClO members of the committee are the presently serving President, Immediate Past president and Honorary Treasurer of the Institute. This fund is administered by the Welfare Fund Committee. Trustees, Activities, Responsibilities and Training The Trustees are experienced in administration of charities and familiar with th¢ financial dIlCUltIeS that older journalists may experience. Applications for &ssistance are made in writing and assessed by the Tntee$. Risk A83essment The Trnstees have asSed the risks to the Fund and believe the resources available and the likely calls upon it constitute low risk in tb¢ short to medium term. Th¢ value of the Fund's investments has varied in r¢cent years but the lev¢1 of income has relnained within the limits appropriate to the calls made upon it. Other risk factors affecting administrntion are not considered significant. Public Benefit The Fund delivers a publi¢ benefit in that it provides grants to aged persons in need beCaSe of ill_health or recovery therefrom. While the Fund is restricted to offering th¢ benefit to those associated wlth journalism, the public pu¢ benefits in that the beneficiaries are afforded a measure of independence from calls upon IL Beneficiaries may be from any part of the country. of any age or other diverse chavdcleristics, none of which are a bar to receiving support from the Fund.
Financial Review Reserves The Trustees regard the investments of the Fund &8 an endowment. Invested fimds are with Iow-ri5k bonds and well-rated equities handled by mainstream investment companies. Cash reserves are assessed regularly to detern]ine when apparent surpluses might be put into longer temi investments. Activities During the year the Fund had incon]ing r¢sourc¢5 of £10,072 (2022 - £8.704). Expenditure during the year was £6,282 (2022 = £4.032). During the year, grants were Tnade to two journalists {2022 = 4). In some instances grants are dispensed across a number of months depending upon circumstances. ILLV Statement of the Independent Examiner I have examined the IxK)ks. statements. vouchers, receipts and other documentation provided to me. Any questions or issues on which I have sought clarification from oificers of the Institute, have been answered to my satisfaction. I believe that the Statemcnt of Income & Expenditur¢ and Balance Sheet that follow. together with accompanying notes. represents a true and fair view of the financial status of the Oakhill Fund. Incorporated Financial Examin¢r c)
Statement of Income and Expenditure In¢ome 2023 2022 ¢wrertw previoxfyear Investment income Bank interest 9.844 228 8,685 19 Total 10.072 8,704 P2ym¢nts Two grants (2022.. 4) Administrative charges & expenses Legal & banking expenses Tte¢s. Expen5e5 3,500 2.680 102 3,750 180 102 Total 6282 4.032 Incoming resources ex¢eded expenditure 3.790 4,672 No*: some nwnlm th tots] duetOTOUtKEing
Balance Sheet as at 31 December 2023 2022 CWTenIar preV*Ye Fixed Assets Investment funds 204.287 204,561 Current Assets Bank and cash Debtors 25,546 21,756 N¢t ¢urreut assets 25J46 21,756 Total assets less eurrent liabilities 229W3 226J17 OpeDing balances 226J17 234289 Unrealised gain(lOs5e5) in assel values Surplus on charttabl¢ activities Movements CreditorslDebtors (274) 3.790 (12.644) 4.672 N¢t movement in fid$ 3.516 (7.972) Represented by Total funds 229033 226J17 Note: some numtrws to roLll1nE
Notes to the accounts l. Th¢ accounts ar¢ all at historic costs with due account taken of revaluation of investments. All income is recognized &s such only when received. Investments are valued at market rates &8 advised by the investmcnt company concerned or as p)sted on official websites. M&G Ch(rifd M&G Charibond Bl.Rock Charishares Units Mkt value 31.12.22 Year ¢hange Mkt value 31.12.23 3 866.620 102,925 (2,418) IIK).507 55 151.629 19,404 632 20.036 13 089.86 55,980 3,085 59.065 CkProFety Fwttl Total Units 20 808.71 26.252 (1.573) 24.679 Mkt value 31.12.22 Year change Mkt valu¢ 31.12.23 204,561 (274) 204.287
REGISTERED CHARITY NUMBER.. 208176 Rewt of the Tmstees and Finarrial Statements for the Year End&J 31 DeL*mber 2023 The Chartered Inslitute of Joumalists Orphan Fund
The Chartered Institute of Joumalists Orphan Fund Contents of thè Finanet81 Statements for the Year Endgd 31 Dgcemb8r 2023 Page Refer6nce and Administrative Detsils Report ofthe Twste85 2 to 3 Statement of Finanrial Activitles Balance Sh8et Notes to the Flnanaal Stalements to10
Th• Chartergd Institute of Journalists Orphan Fund Reference and Admlnistratlve D•tails for th¢ Year Ended 31 Decembèr 2023 TRUSTEES and COMMITTEE P Leighlon Ms L Justice M McGough Ms J Shillum-8hend D Cooper Prof T Crook {Chair) Mr J Annan Mr P Brown PRINCIPALADDRESS 4 Lexden Terrace Sewardstone Road Wamham Abbey Essex EN91PB REGISTERED CHARITY NUMBER 208176 Pag8 1
The Chartered Instituts ofJoumalists Orphan Fund Tru$tg9s' Rgport for th• Year Endfjd 31 Decernber 2023 Al the Instilule's 2019 AGM, members voted to merge the Instiiute's BenevolenL Orphan and Pension Funds and fom a new chartty called the charter InsbtLrte of J(yJmalists Welfare Fund. Earfy in 2022 the Charity CommiOn gave tts approval for Ihe Welfare Fund to be set up and as a 0x)rqUencE this Orphan Fund was d088d and transferred into Ihe Wetfare Fund hth eltecl fri¥n mbjnighl cm 31 DeLwnber 2022. The trustee5 present their rep(Kt Trmth the finanoal statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Stslemenl of Recommended practi applicable to chartbe5 preparing their aUnIS in acccdan¢x wth the Financial Rewting Standard appli¢xLle in the UK and RewbliG of IretarKI IFRS 10211gffeclive 1 January 20191. These accounts have been prepared SOlY to sho•¥ the final transfer of furKJs. OBJECTIVES AND ACTNinES Public Benefit The Trustees confirm that they have referred to the gUIdan ¢x)ntained in the Charity Commission's generdl guidance on public benefft when reviewÉng the charits aims and objectives and in plarining future activities and setting the grant maknng policy for the year. In Parblar the Trust88S o)nsider how planned actimties contribut8 to Ihts aGhieveTnent of the Charitys objectives. The Charity. by finarKially supporbng quali"ng children, ensure that they will not become an unnecessarydraw C public funds while in ststulory education. The support proM(Sed ill encourage berEficAaries to athieve their maximurn PK)lential through education and cover any additional ngeds, such as b8reavemenl counsellin9 and educational lrips. %thich wll give the child{renl the best possible chanc8 of becoming a valuable membar of society. The fvnd exists to provide assistan to the children of memtws vtho have died.or have temporarily lost the ino)me from the main inccmme eamer. while the childlrenl are in fvll-time edUtiOn. If fvnds pemiit. trustees will Gonskler pfowding additional wJppNt rfthe thildlrenl 90 on lo fvrther wjucaiion. Aim$ The aims of the Charity ar8 to make prowsw for the maintenant% and &jU&10n of th8 orphan thildren of the members ofts Chartered Institute ofJoumalists. This respLt411ty has wbeen transferred to the Welfare Fund. Objectlv•$ Th8 principal strate9y adopled by the Trustoes to further Ihe aims of the Charity wntinues to be. to tnake timely grants and allowanw for the benefit of thildren of deceased members of the Chartered Institute of Joumalists. Signlfieant activltles and financlal revkw Al a&8ets were transferre(I lo the Welfare FurKI yth efft mKlnvJht 1 Jary 2023. Resèrves policy The Fund regards the rnvestments Tt ha5 bu1 up over the years as an enthMM from which the day-to4lay support of [pha can be maintained The Fund was admin55tered as an (x)-goiTr3 entity vthith it is hop wll be in 0sten and prowding support for many years to come. As such the Furwj's investments are (L)r)tinually monitored to make sure the Fund is in the best possible position to continue its gcoj work on of the Charterj Institute of Journalists. members. These prinoples wll be adhergd to by the Wdfar& Furxj as part of ils luiure managamont of the fijnd's a$strts. Goveming document The charity is contrdled by its govwning d(K>Jfn a deed of trust dated 1891. and oJnstitsJles an uninLL)rporaled charfty. Page 2
charter In5titits of JmalISts Orphan Fund Trust•es' Report for the Yèar Ended 31 December 2023 Recruitment and appolntment of new trust••s This responsibility has now passed to the Wea FU1. The Trustees who have serv8d during the year are set out on page 1. Connocted Charib•s The Orphan Fund was one of the 'Chartlies ajministered in (>)nnection wth the InstibJte of Joumalists. under number 208176. The othws are.. The Institute of Journalists Benevolent FuThJ The Institute of Joumalists Pension Fund The Oakhill & T.P. o'Cnor Fur ACUnts of t¢ Sete tte$ arn not (KrfLsollJa. Under a Scheme ofArrangement agreed and aLY£pl&J by th& Charity CommissiC in 1986. inrne in ce chartty that was in excess of its needs might be applied to i)ne or other of the charibes where similar charitable objectives could be achieved. No grants were rec•vÈd from or paid to connected ¢harities during the current year. STATEAIENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the RetKJrt ofthe Trustees and the financial statements in acc£Jrdanca th applicable law arKI United Kingdom Acc£MJftting Stslldards (United Kingdom Generdlly Accepted Acojjnting Pradicel induding Finanaal Reporting Stsndard 102 Tre Financial Reporting Standard applicable in the UK artd RepUtlC of Ireland" The law applicabJ8 to charities in England and Wath, the Charilies Act 2011. Chartiy {AcLnts and Rerts) Regulations 2008 and the prowsions of the trust deed requires the Injstees to prepare financial statement5 for each finanaal yearwhich give a true and fairwew ofthe ststeof affairs ofthe charity and of the incorning resources and appllcation of resources. including the income 8ThJ expeThJrture. of ts chafity for that peric#J. In preparing those financial statements. thetrustees are rwuired to select suitable a(%nting rxjlioes and then aptAy them cTh&slenl1y, observe the methtyjs and priwiples in the Charity SORP.. makejudgemenls and estimates that a reasonable and In( prepare the finane4al statements on th8 goiThJ (¥Jncern basis unless it is inaKyopriale lo wesume that the tharity will continue in business. The trustees are responsible for keeping proper accounting records which disc105e with reasonable accura¢y at any time the financial posibon of the chanty and to enable them to ensure that the financial statements comply with the Charities Acl 2011. the Charity {Accounts and Reports) Regulations 2008 and th8 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 offraud and other irregularities. These responsibilitie5 have now passed top Ihe Welfare Fund Approved by ordw ofthe tId oflntstee5 on 11 Ocl(thr 2024 aThJ snj its behdf ty. Professor T Crook
The Chartered Institute of Journallsts Orphan Fund Statement of Financlal Activiti9$ r th? Year Endèd 310ecerntJer 2023 2023 Unrestrlctèd fund 2022 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and lewAes Investment in(x)me 110 Total 110,906 EXPENDITURE ON Charitabl• activitles supprtgrants 141,7571 Transferlo wnnecled th8rty Net gainslllossosl on investments (2.981.066) NET INCOMEIIEXPENDITUREI FOR YEAR {2.981.0661 (85.716) NET INCOMEI{EXPENDITURE) 12.981.006) (85.716) RECONCILIATION OF FUNOS Total funds brought forward 2.981.066 3.066.782 The notas fonn part ofthese finarwl ststements Page 4
Th• Chartered Institute of Journallsts Orphan Fund Balance Sheet 31 Oecember 2023 2023 Total funds 2022 Totsl funds FIXED ASSETS Investments 2,451.448 CURRENT ASSETS Debtors Cash at bank 3.038 529.280 532.318 CREDITORS Amunts falling due1h1n one year (2,700) NETCURRENT ASSErs 529,618 TOTAL ASSETS LESS CURRENT LIABILITIES 2,981,066 NET ASSETS 2.981.066 FUNDS Unrestricted fuTrJs 10 2.987,6 TOTAL FUNDS 2.981,066 The finantial statements wwe aForo¥ed by the Board ofTrustees ar*J aUthd for issue on 11 October 2024 and signed on their Ixhalf by.. Mr M McGcwh- Committee Meml)er aThJ Trga5urpr Page 5
The Chart•red Instiiut• of Journalists Orphan Fund Notes to the Financlal Statements for thÈ Year Ended 31 Dovmber 2023 ACCOUNTING POLICIES Basis ol prèporlng the fin•ncial statements Th8 finana81 ststements ofthe tharity. whith isa Publ benefit entity undw FRS 102. have been prepared in a¢¢ordance wth the Charities SORP IFRS 102}'AtwJnting and RepNting by Charitses.. Statement of Rmmended Practi appIlble to chartbe5 prepariThJ their aLYxiunts in a(yx)rdance wrth Ihe Firn¢la1 Rew>rting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 20191.. Financi ReKMJrting Standard 102 The Finanaal Reporting Standard aOKzble in the UK and Republic ol Ireland. and the Charities Act 2011. The financkgl statements have been ppared under the historical cost lVention, wth the exc8ption of investrnents which are induded at market value, as modified by the revaluabon of crtain assets. The Funrfs func11al and presentab1 Cufrency is FouThJs sterfiThJ 1£). The T$ consider that there are rKI materFal uwtainties at#iut th8 Fund's ability to tinue as a going cL)ncem for a pencxj of al least e1Ve monlhs frc¥n the dale ofapproval of the finanual statements. In fom)ing this opinion. the Trustees have (x)nsidered the proed reslruciuring of the Chartered Inslituto of Journalists BeneYent. (Wian and Pensit)n Funds into the Chartered Institute of Journalists Welfare FuJ. as approved by the Charity COMMIOn. and th& impact of the COV11>19 pandBffl on both the d)antys income anLI expEnditure and assets and li4bilities. Flnan¢ial rep19 •tsndard 102 - r#duced dlsclosurF exemptlons The charity has tsken advantage of the followng disd05ure exempti5 in preparing these ffnan(ial stslements. as pemiitted by FRS 102 The Financ4al RetM)rbng Standar(l awAicable in the UK arxl Republic of Ireland,: requirements ofseclion 7 Statemwtt ofcash Flrms. Income All income is recognised in the Statement of Finanoal Actvities onc the tharity has enliilement to the fvnds, it is that the wll aNI aThKNJnt can b& rSured reliably. Expenditure Liabilities are recognised as expendibjre as s(K)n as thefe is a legal or consfructive obligaliori (x)mmitts"ng the charity to that expenditure. it is probaNe that a transfsr of eoJnomiG benefits will be reqLlid in setuement arKI the amount ofthe oNigaticpn (an be measureLI reliably. Expènditure is accounted for on an accruals basis and has been dassffied under headings that aggregate all o)sl related to the category. here costs cannot be directty 3ttributed to path"cular headtngs thèy have been allo(sted to actiwtigs On a basis oMsistent wilh the use of resour. Grants offered subject to condi11$ whith have not been met 8¢ the year end date are as a mmitment but not accruwj a5 expendtiure. Taxation The charity is exempt frDm tax on ils thaiilable aLtribes. Fund accountlng UnrestiiGted fijnds can be used in acCrdanC with Ihe tharitab obJ1Ve$ at the discretion of the trustees. The CharÉty ml. at present, IM)kl any restrthj funds. Investments Investments are a form of bawcffinKyal inslnjnwt and are initialty reo)Jnised at Uir transaction value and subsequenlly measured atthrfaIr value as at the balan sheetdate using the do&ng quoted marf(el price. The ststement of finan actiwbes iNJudes the ngt gains arKI k)sses ari&ng on revaluation and distKJsals througholrt the year. Page 6 continued...
Tho Chartered Insbtute ofJournal*ts Orphan Fund Notes to the Financlal Statements - contlnued tor the Year Ended 31 Decèmber 2023 ACCOUNTING POUCIES- contlnu•d Invtrstments Atl gains and losses are tsken to the Statement of Finan(ial Actimties as they arise. Realised gains and losses on invesbments are calculated as the differen behveen sales proceeds and their opening C3frying value or their purethase value if acquired subsequent to the first day of the finan(ial year. Unrealised gains and losses are caloJlated as the rfferer between the fair value at the year end and Iheir carying value. Realised and unwlised investsment gains and losses are combined in the Ststement of Financial Activities. The Charity does not acquire wt cytions, denvalives or olher cOm8X finanL?al instruments. Grants Payable Grants payable are charged in the year in whith Ihe offer is rx)nveyed lo their r8CiPterrt except in those cases where the offer is condttsonal. such grants being reCnI as eXndItUre when th8 o)ndikn"ons attathing are fuffilled. INVESTIAENT INCOME 2023 2022 Investment Income Desit a¢(ount interest 110.419 487 110.906 CHARITABLE ACTIVITIES COSTS Grant funding of activities Ise• note 4) Support cost$ (see note 51 Totals Support grants and asscmiatsd ¢xtsts GRANTS PAYABLE 2023 2022 SupFLJrtgrants 13.810 Page 7 ntinued...
Thg Ctsartgr Instiiute ol Jt)umalists Orphan Fund Notes to the Financial Statements - contlnu•d forth• Year End•d 31 Decembèr 2023 SUPPORT COSTS GOrnan costs Other Totals sUprt costs AJI administration and )veman costs are lnojrrI in c{1]0n with the Charitys grant giving activities in r&spe¢t of indsvidual benefiaaries. SuppK)rt costs. IndUd in the aL¥)ve. are as follows: 2023 Support costs 2022 Support costs Chartered Instrtule of J(xtmalists. Administration Trustees. eynses Auditors. MUneratiC Legal expens8S Miscellaneous 20.000 114 27.947 EMPLOYEES. AND TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remUneratiC or other beneffts for the year ended 31 Dnber 2023 nor for the yaar ended 31 Dec8mber 2022. Trusts•8' expens•s 2023 2022 Trustees, expanses 114 No travel eynw were reimbur*l to trustees during 2023 (2022.. truste8s reimbuwd £114). Thoro Yr& no emplwes during year or duriTrJ the prevKJU3 year. FIXED ASSET INVESThIENTS Listed MARKET VALUE At 1 January 2023 Net Gainl{Loss) in Market Value Transferr1 out to cx)nnected charity 2.451.448 {2.451.44BI At 31DeLr 2023 NET BOOK VALUE At 31 Decemb8r 2023 At 31 December 2022 2,451.448 Thwe were no investsnert assets outside thè UK Page 8 continued...
Thg Chartered Instltute of Journ•li5ts Orphan Fund Notss to the Flnanclal Statemènts- ¢ontinu•d for the Year Ended 31 December 2023 Investments were hdd as units in M&G CharifuThJ1 £1.492.5641. M&G Charibondl £263,781). ML Charishar8 Common Investrnent FurKI1 £484.8931 and The chare5 Propety Fund (£210,204). DEBTORS: AMOUhlTS FALLING DUE WITHIN ONE YEAR 2023 2022 Chved by Conr charity 3.038 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Othercredito 2,700 10. MOVEMENT IN FUNDS Net movement In funds At 31.12.23 At1.1.23 Unr8$trl¢t•d funds General fijnd 2.981.066 (2.981.066) TOTAL FUNDS 2.981,066 12.981,0661 Net nN)vement infrJrKls. induded in the aLK)ve are as frAk. Incoming rosources Resources exp¢nded Galns and losses Movement in fund¥ Unr•stricted funds General Fund 12.981.066) 12.981,0661 TOTAL FUNDS 12.981.066) 12.981.066) Comparison with 2022 figurns ft>r movement in fund$ Net movgment In fund$ At 31.12.22 1.1.22 Unrestrtct•d funds General fund 3.066.782 185,716} 2.981,066 TOTAL FUNDS 3.068,782 185.7161 2,981,066 Page 9 continued...
The Chartorgd InsOiul• of JqxFrnallsts Orphan Fund Detailed Operntional Statement of Financial Actlvld•s for the Year Ended 31 December 2023 10. MOVEMENT IN FUNDS- continu•d Comparative net mOvet infvrKts for 2022. Ind in Ihe atry)ve are as ftlS.. Incoming resourc08 Ro$ourc•¥ •xp•ndod Galns and M0Vent k5S¢¥ Sn funds Unrostricted funds General fvnd 110.6 141.7571 1154,8651 185.7181 TOTAL FUNDS 110, {41.7571 1154,8651 185.7161 RELATED PARTY DISCLOSURES The committee members are aprxjinted bythe counal ofthe Charterwj InstrtuteofJwrnalists. The Orphan Fund is one of the 'Charibes administered in ConlI0n ¥th Ihe Instrtute of Joumalists, under charity number 208176. The others are. The Instth of Jwmalists Benevolent Fund The Institute of Joumalisls Penon Fund The Oakhill & T.P. o'Cr FuThJ ALxounts of thesg separa18 tharilies are rM)t (LY1date{l. Under a &eme ofArratNJernent agreed arKI 3pty by th8 Charity ComMiss)n in 1986. in(me in one charity that was in excess of ¥L% might be applied lo one or other of th8 charities where similar charitable objecb.ves Uld be achieved In Marth 2003 the Charrty CommissK>n clarified the basis of transfers between funds. endorsing payments made by the (phan Fund to Ihe Benevolent Fund and Pension Fund. No grants mad8 in th& ¢)Jrrent or Fweceding yeaf. On 310eeeTnber 2022 at midnight 811 assets were transfarrad to the Instrlute of JcNJmalists Welfare Fund. These accounts have been prepared to show th* final transfer of funds. Page 10
The Chartered Institute of Journalists - Benevolent Fund Trustees Report and Annual Accounts Year ended 31 December 2023 ChaTity registration numkr 208176 One of the charitabl¢ Funds registered with the Charities Commission with this number and designated'charities administered in Connection with the Institute of Journalists"
Structure, Governance and Management Governing Document The Fund is governed by a Trust Deed made in 1943. Objects The Fund aims to relieve c$ 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 Mrs Janice Shillum Bhend Prof. Tim Crook Mr Dominic Cooper Mr Paul Leighton President of the Institut¢ (Mr Michael Hardware) Th¢ tnteeS are aptK)inted by Council of the Institute. Trustee5' Activities, Responsibilities and Training The Trustees are long-serving m¢mb¢rs of thc Enstitute, familiar with th¢ challenges that its mernbeTS face in professional journalism and experienced in administration of charities. Applications for assistance are made in writing and assessed by the Trustees, meeting as r¢qutred. 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 tern]s. 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 restricied to offering the knefit to those associated with the Institute, those ben¢fi¢iari¢s ar¢ from all parts of the country, maybe of various ages and other diverse characteristic& non¢ of which are a bar to receiving support from the Fund.
Financial Review Reserves The Trustees regard the invesiments of the Fund as an endowmenL the income from which m¢¢ts the day-to-day calls for &ssistan¢e from member5. Funds are invested in low-risk nds and well-rated equities handled by mainstream investment companies. All assets were transferred to the CIOJ'S Welfare Fund at midnight on 31 t)e¢ember 2022. These aceounts have been prepared solely to record that final trAnsfer. Cash reser¥es- that are held in an interest-bearing account with a London Clearing Bank- are asSeSd regularly to detenntn¢ wh¢n apparcnt surpluses mighi k put into longcr-term invcstmcnts. All &ssets w¢re transferred to the CIOJ'S Welfare Fund at midnight on 31 December 2022. These accounts have [1 prepared solely to record that final transfer. Activities All assets were transferred to the CIOJ'S Welfare Fund at midnight on 31 tkcember 2022. These accounts have been prepared solely to record that final transfer. Statement of the Independent Examiner I have examined the IK)ok4 statements vouchers, ffceipts and other documentation pmvided to me. Any questions or issucs, on wljich I have sought clarifi¢ation from officers of the Institut4 have been answered to my satisfaction. I b¢li¢ve that the Statement of Income & Expenditure and Balance Sheet that follow. together with accompanying note& represents a true and fair view of the financial status of the Benevolent Fund. David WarTen BA FCA Independ¢nt Examiner Cocke. Vellacott & Hill I l October 2024
Statement of Income and Expenditure Income 2023 2022 Investment income Bank interest Loan repayments 13,417 500 13,923 Total PayD]ents Grdnts Transfer to connected charity CIOJ Welfare Fund Loans Administrativ¢ ¢harg¢s Miscellarteous Expenses 6.000 277.383 26 Totsl 277J83 6,026 (Outgoings exeeeded incomeylncome exceeded payments {277J83)
Balance Sheet as at 31 December 2023 2022 Assets Investment funds 264.528 Current Assets Debtors Bank and cash Creditors 12,355 500 Net cuent &ssets 12.855 Total Vdssets I$ eurrent liabiliti 277J83 Opening balances SuTplus/(loss) on charitable activities Unrealised changes in asset values Changes in debtors Changes in creditors (note re PF payment) 277,383 (277,383) 298,408 7.897 (16.123) (13,300) 500 Net movement in funds (21,026) Represented by Total funds 277J83
Notes to the accounts l. Thc accounts are all ai historic costs with due accounl taken of revaluation of investments. All Èncome is only recognized &s such when received. Inveslments are valued at market rates as advised by the investment Company concerned or as posted on official websites. M&G Charifynd AI&G Charibond BR AIL 14.883 J7,4)7 3.874.467 Units Total 26.750 264,528 (26.750) (264,528) Mkt value 31.1222 Transferred oul Mkt value 31.12.23 218,870 (218.870) 18.908 (18.908) 3. In accordance the wishes of the Members of the Chartered Institute of Journalists, as expressed at Annual General Meetings in 2017. 2018 and 2019, the Trustees and Committee of the Benevolent Fund have been working tOWdS merging the Fund into the Institute's new Welfare Fund. To this end, and in accordance with the minutes of on 23 October 2020. the Trustees and Committee have now transfetred responsibility of the Fund's investments and beneficiaries to the CIOJ Welfare Fund, managed by the CIOJ Welfare Fund Committee. As a consequence. this is the final set of accounts thal will be produced for the CIOJ Benevol¢nt Fund, which will be forn]aUy closed down in due course.
The Chartered Institute of Journalists - Pension Fund Trustees Report and Annual Accounts Year ended 31 December 2023 Charity r¢gisti*ion numkn 208176 One of the charitable Funds registered with the Charities Commission with this number and designated "Charities administered in connection with the Institute of Jownalists"
Structure, Governance and Managernent Governing Doeument The Fund is governed by a Trnst Deed made in March 1939. Objects The Fund aims to provide regular grants I)SIons) to older and long-serving mernrs of the Chartered Institute of Journalists who may in need. Trustees Th¢ Tnte¢S who served during the y¢ar w¢r¢ Mr Jules Annan Mr Peter Brown Mr Barrie Welford Prof. Tim Crook Ms Janice Shillum Bhend The Committee is appointed by Council of the Institute. In addition ex-officio Committee members are the pr¢s¢ntly serving PresidenL Immediate Past president and Honorary Treasurer of ihe Institute. Trustees, Aelivilies. Respon$ibiliti¢s and Training The Trustees are experienced in administration of charities and farniliar 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 the Fund and believe the resources available and the likely calls upon it constitute low risk in the short to medium tenn. The value of the Fund's investments h&s varied in r¢c¢nt years but the level of incom¢ has remained within tolerable limits. The selection of investment funds that are low risk but assured Income has seen to this. The Tnle¢S have restricted the number of pensioners the Fund can support deF¢nding on the income that is expected to be available from the Fund's investments. The Trustees have confidence thai Trustees of otheT Funds administered by the CIOJ. would provide supw)rt for any shortfall in income as tbey have in the past. Other risk factors affecting adminislration are not considered significant. Public Benefit The Fund delivers a public benefit in that it provides pensions to aged persons in ne¢d. While the Fund is, by re&son of its available funds, restiicted to offering the benefit to those associated with the ITlte, the wider public xs well as the public purse benefits in that the beneficiaries are afforded an independence they would not otherwise ¢njoy.
Financial Review Reserves The Tte¢S regard the investrn¢nts of the Fund as an endowmenL The number of pensioners accepted by the Fund is proportionate to the income generated over the medium tern]. Under a Scheme of Arrangement agreed by the Clwity Commissio funds may be transfeTred from one Institute Fund to another. Invested funds are with low-risk bonds and well-rdted equities handled by mainstream investment companies. All assets were transferred to th¢ CIOJ'S Welfare Fund at midnight on 31 December 2022. These accounts have been prepared solely to record that final transfer. Cash reserves ar¢ assessed regularly to deterniine when apparent sutpluses might be put into longer term inveslments. All assets were transferred to the CIOJ'S Welfare Fund at midnight on 31 December 2022. These accounts have been prepared sol¢ly to record that final transfer. Activiti All &ss¢ts were transferred to the CIOJ'S Welfare Fund at midnight on 31 Dcccmber 2022. These accounts have been prepared solely to record that fmal transfer. Statement of the Independent Examiner I have examined the books. stafrtnents. vouchers receipts and other documentation provided to me. Any questions or issues on which I bave sought clarification from offi¢eTS of the IStitute, have been answered to my satisfactio I bclicvc that the Statcmcnt of Incoll & EXndItUre and Balance Sheet that follow, together with accompanying notes. rep[nts a tn and fair vi¢w of thc financial status of the Pensions Fund. David Warren BA FCA Independent Examiner Cocke, Vellacott & Hill I l October 2024
Statement of Income and Expenditure Income 2023 2022 currenlyeor previowiEor Investtnent income Bank interest Other Totsl 7,421 10,460 Payments Grants to 7 pensioners (2022: 7) Transfer to connected charity CIOJ Welfare Fund Admtnistrdtive charges Trustees, Expenses Other 4* 9,765 (224.000) 167 800 10,732 Total Expenditure exceeded incoming resources ITmIng resources exceeded eXpendIre (224.¢XIO) {272)
Balance Shcet as ai 31 December 2023 2022 prevwwyeor Fixed Assets Investment funds 224,818 Current Assets Bank and cash Debtors Creditors 1,420 800 (3,038) Net current assets (818) Total assets less current liabilities 224,000 OpeniDg balances 224,000 241,7S3 Surplusl(loss) on charitable aclivities Unrealised gainsl(losses) in asset values Net Mov¢m¢nts in Debtor5 Net Movements in Creditors (224,000) {272) (15,243} 800 (3,038) Net movernent in funds (17,753) Represented by Total ndS 224,000
Notes to the accounts l. The accounts are all at historic costs due account taken of revaluation of investments. All income is recogniz£d as such only when received. Investments are valued at market rates as advised by the invesiment company concerned or as tx)sted on otyicial websites. M&G ClwDknI M&G clw1b0fr Bl.Rock Clwishores Units Mkt value 31.12.22 Trdnsferred out Mkt vatu¢ 31.12.23 3 866.620 56.821 (56,821) 55 151.629 59,735 (59.735) 3 089.86* 90,375 {90.375) Ch Property Ftlth 14 179.28 17,888 (17.888) T1 Units Mkt value 31.12.22 Transferred out Mkt value 31.12.23 224.818 (224,818) The Fund has 2 holdings of Charishares: 9793.04 units and 3295.92 Units 3. In accordance with th¢ wishes of the Members of the Chartered Institute of Journalists. as ¢xpr¢ssed at Annual General Meetings in 2017. 2018 and 2019, the Trustees and Committee of the Pension Fund have been working iowards merging the Fund into the Institute's new Welfare Fund. To this en(L and in accordance with the minutes of on 23 October 2020, the Trustees and Conmiittee hav¢ now transferred responsibility of the Fund's investments and beneficiaries to the CloJ Welfare Fund, managed by the CloJ Welfare Fund Committee. All assets were transfererd at midnight on 31 December 2022. This set of accounts h&s }en prepared solely to record this final transfer. As a consequence. this is tbe final set of accounts that viill be produced for the CIOJ Pension Fund. which will be fornially closed down in du¢ course.