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 dI￿lCUltIeS that older journalists may experience. Applications for
&ssistance are made in writing and assessed by the Tn￿tee$.
Risk A83essment
The Trnstees have a￿sSed 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
beCa￿Se 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
T￿￿te¢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
CWTenI￿ar 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 fi￿d$
3.516
(7.972)
Represented by Total funds
229033
226J17
Note: some numtrws to roLll￿1nE

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(rif￿d 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
Commi￿On gave tts approval for Ihe Welfare Fund to be set up and as a 0x)r￿qUencE this Orphan Fund was
d088d and transferred into Ihe Wetfare Fund h￿th 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 a￿￿UnIS in accc*dan¢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 SO￿lY 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 charit￿s aims and objectives and in plarining future activities and
setting the grant maknng policy for the year. In Parb￿lar 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 edU￿tiOn. If fvnds pemiit. trustees will
Gonskler pfowding additional wJpp*Nt 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 respL￿￿t411ty 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 y￿th eff￿t mKlnvJht ￿ 1 J￿￿ary 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 0￿sten￿ 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 Charter￿j 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 J￿malISts
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 We￿a￿ FU￿1. 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'C￿nor Fur
AC￿Unts of t￿¢ Se￿te ￿tte$ arn not (KrfLsollJa￿.
Under a Scheme ofArrangement agreed and aLY£pl&J by th& Charity CommissiC￿ in 1986. in￿rne in c￿e 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
RepUt￿lC of Ireland"
The law applicabJ8 to charities in England and Wath, the Charilies Act 2011. Chartiy {AcL￿nts and Re￿rts)
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 I￿n(
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 t￿Id oflntstee5 on 11 Ocl(thr 2024 aThJ s￿￿n￿j 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
supp￿rtgrants
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 due￿1h1n 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 aUth￿￿d 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
R￿mmended Practi￿ appIl￿ble to chartbe5 prepariThJ their aLYxiunts in a(yx)rdance wrth Ihe Fir￿n¢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 p￿pared under the historical cost
l￿Vention, wth the exc8ption of investrnents which are induded at market value, as modified by the
revaluabon of c*rtain assets.
The Funrfs func11￿al and presentab￿1 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 pro￿￿ed reslruciuring of the Chartered Inslituto
of Journalists BeneY￿ent. (Wian and Pensit)n Funds into the Chartered Institute of Journalists Welfare
Fu￿J. as approved by the Charity COMMI￿On. and th& impact of the COV11>19 pandBffl￿ on both the
d)antys income anLI expEnditure and assets and li4bilities.
Flnan¢ial rep￿1￿9 •tsndard 102 - r#duced dlsclosurF exemptlons
The charity has tsken advantage of the followng disd05ure exempti￿5 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& r￿Sured 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 reqLli￿d 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 acCr￿danC￿ with Ihe tharitab￿ obJ￿1Ve$ at the discretion of the
trustees. The CharÉty ml. at present, IM)kl any restrthj funds.
Investments
Investments are a form of bawcffin*Kyal inslnjnwt and are initialty reo)Jnised at U*ir transaction value
and subsequenlly measured atth￿rfaIr 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 cOm￿8X 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 reC￿nI￿￿ as eX￿ndItUre when th8 o)ndikn"ons
attathing are fuffilled.
INVESTIAENT INCOME
2023
2022
Investment Income
De￿sit 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
GO￿rnan
costs
Other
Totals
sUp￿rt costs
AJI administration and ￿)veman￿ costs are lnojrr￿I 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 D￿nber 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 Y￿r& 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
Transferr￿1 out to cx)nnected charity
2.451.448
{2.451.44BI
At 31DeL￿￿r 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 char￿e5 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 mOve￿t infvrKts for 2022. Ind￿ in Ihe atry)ve are as ft￿l￿S..
Incoming
resourc08
Ro$ourc•¥
•xp•ndod
Galns and M0Ven￿￿t
k*5S¢¥
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 Con￿lI0n ¥￿th Ihe Instrtute of Joumalists, under charity
number 208176. The others are.
The Instth of Jwmalists Benevolent Fund
The Institute of Joumalisls Pen￿on Fund
The Oakhill & T.P. o'C￿￿r FuThJ
ALxounts of thesg separa18 tharilies are rM)t (LY￿￿1date{l.
Under a &*eme ofArratNJernent agreed arKI 3￿pt￿y 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¢ tn￿teeS 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 asSeS￿d 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 cu￿ent &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 tOW￿dS
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
mern￿rs of the Chartered Institute of Journalists who may ￿ in need.
Trustees
Th¢ Tn￿te¢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 Tn￿le¢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 IT￿l￿te, 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 T￿￿te¢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 I￿Stitute, have been answered to my satisfactio
I bclicvc that the Statcmcnt of Incoll￿ & EX￿ndItUre 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
IT￿mIng resources exceeded eXpendI￿re
(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)
T￿￿1
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.