REGISTERED CHARITY NUMBER.. 208176 Report of the Trustees and InarKial Stslemwrts for the Year Ended 31 December 2024 The Chartared Inslibjte of Joumalists Welfare Fund
The Chartered Institute of Joumalists Wellare Fund Contents of the Finan81 Ststements for the Year Ended 31 December 2024 Page Referen and Administrativ8 D&tail$ Report ofthe Trustees Report of the Independenl Au¢Jtlo 6 to8 Statement of Financial Activities Balance Shegt 10 Notes to the Financial Statements 11 to 15 Detailed Statoment of Flnandal Actfvitles 16
The Chartered Instituts of Journalists Welfare Fund Referènce and Administrative Detalls for th• Year Ended 31 D•eember 2024 TRUSTEES and COMMIThEE P LeNJhton L Justicè (Cha) B Wetfo D Cooper lon t*haff of the CIOJ) Prof. Tim crr (Chair of Commilto9) Janice Shillum-Bhend Mhal McGough Idioj F8bru8ry 20251 Jules Annan Mithael Evar PRINCIPALADDRESS 4 Lexden Terrace Sewardstontr Road Watham Abbey Essex EN8 1NT REGISTERED CHARITY NUMBER 208176 AUDITORS Cocke. Vella¢ott & Hill Unit 15 Cty Business Centra Lower Road London SE16 2XB Page 1
The Chartered Inslltute of Joumalists Welfare Fund Report ofth• Trust•g$ for th8 Year Endod 31 DeCemr 2024 At the Institute's 2019 AGM, nrnberS voted to merge the Instsiute's Benevolent, Welfare and Pension Funds and form a new charity called the Chartered Inslitute of J(yJmalists Weltare FvTrJ. Earty in 2021 the Charity Commission gave tts approval forthe Weffare Fund lo be set up and as 8 (tsnseqUen all assets WeretranSfeed in from connected charilies at midnvJht on 1 January 2023, as rK)bJ in note 11 to these a(xx)unts. Al activities and supported we¥KSly by c( of the Ihm ¢)Mnected tharilies rrf)w fall under the auspices of the Welfare Fund. The trust88s present their repcvl vAth the finan¢ial slatem of lh8 tharity the year ended 31 December 2024. The trustees have adopted the wowon5 of Accounting aNJ Reporting by Chartiies: Statement of Recommended Practice applirable to charbties preparing their acujunts in attxxdance wtth the FinanrAal Reporting Standard appIe in the UK and RepU1C of Ireland {FRS 102) leffeLve 1 JanLsary 20191. The trustees are sad to rewt that Mick HrxK)rary TreaSur of the Instituts's LtharÉb8s for many years, (li in earfy 2025. OBJECTIVES AND ACTIVITIES Publi¢ Benefft The Trustees confim that they have referr&J lo Ihe 9uldance contained in the Charrty Commission's general guidance on PLtblic benefit when reviewirTrg Chariws aims and leCtiveS and in ann1Thj fulure activtbes ar setting the grdnt making wliGy for the year. In particular the TnJstaas (XKIer how pkinned actilrilies contribute to the athtevement of th6 Chartvs objedives The Charity, by financially supwrting qualrfying membets. ensures that they will not become an nnessary draw on pub11cfurs. The supw)rt prowdryl forthose in full time education will encu1age beneficiaries to achieve their maximurn potential through gducaticffi. and coverforany adonal needs, SUL as bereavement counselling and educational trips. will gKve the childlren) the best possible Chan ofbecoming a valuable m8mb8r of society. Aims and objectlves The aims of th8 Charity ar8 to make proviwn ts the members, aThJ their families. in times of hardship and to provide help with the followng inter alia.. the relief of cases of indigenc or dff6tress among all da5ses of members of Ihe Institute and dwndents of deceasfjd Members of the Inslitute in whatever dass.. Ihe rna1ntenan. e(JucAtion. supw)rt and encrjuragement of qualtyng d)Ildren of PlmberS. of 8ny category. of the Institule., the provison of pension5 to qualif3 memkn of Ihe InstitLrte; and tho provigon of Sup[ for Memtws or Members. detrNJents in 8xtanu8ting cir(yJrnstances ere it can be shovm that there is a ne&Y for finanoaj awtan(. Significant a¢tlvltlg$ The Funds main actswties during the year have b." - The making ofgrants to thildren ofd&&s8d members.. - The maknn9 of monthly Pengon paymenls lo elderly MberS ofthe Instibjte in [r and n&essitws rcumstsnces.. . The maknng of short tern ffirrarKial grants to members in arKI necessrtrA arcumstancos. During the year grants of £67,618 were maje to beneffi0aS. The fund continues lo support tsvo younger children in education. seven nSiOnerS. (x) a regular ba$ and provided additional short-temi financial support for three Memb5. Page 4
The thartered Instltute of Jomlists Welfare Fund Report of thè Tru$t•OS for the Year Ended 31 Decemb•r 2024 FINANCIAL REVIEW Principal financlal managernent policles Trustees seek to provide short-term timely finanoa suFwl to members who are 8xperiencing hardship. A small monthly pension payment is m to a limited number of eld8rly membws. In addition to monthly payments, Pensioners receive cash amounts as a birlhjay arKI Christrnas gift. loo. Where SUppt is provid&J to Young benefiuaiies. the basic prin(aile that Trustees follow is to acta5 a generous parent would during the peri¢JJ Ihat the tmefioary is in full time statuw education. Each beneficAary is paid a fixed monthly allowance, an enhan(d iNJt fixed allowance rflmng away from home. a fixed supplementsry grant at Christmas and another Wore Ihe sumrner holidays. Eath bgnefi(iary a150 receives a cash amount as 8 birttrKlay gift. Additionally, the Cornmittee revws other reqL5ts. parlicularfy for schcM)I fees, supplementary tuition fees, educational trips. mus1 instruments aThJ sports uIpMent Each application is nsidered on its merits and may t dedined, paid in part ry in fvll. Prln¢lpal Fundlng Sourc¢¥ The income generated by the fvnd continued to excY i%lls UFMJn IL Total revenue was £174.454 and total expenditure £105.782. Expenditure indLKled £34.625 paid to the Chartered Inslilute of Joumalisls for administrative support during the year. The Trustees Iwk at the administration fve regulady arn1 compare il to outsourced administration. The fees are (Klderj reasonable n5enj the mulual benefits to Lx)th organisalions. The in¢r8aso in inve5trnents resulted from a change ui mathet value during the year of £51.867. Res•rv•s polley The Fund regards the investrnents tt has built up over the years as an endowment from th& day-IHlay supKx)rt of Welfare tenefiaariess ran be maintsFned. It invests solety in Iow-risk ftjnds based on bormjs, well-rated equitses and a prc%)ety investment ftEnd. The general reserves al the 31 Dember 2024 were £3,666,424. In view of the high level of reserves availab. the Trustees are wleftng ways of ulilising them wihin the objects of the charity. While the income generated from the Fu$ inve5trnents slill more than (X)Ve the demand upon it in the short term, trustees keep a vigilant eye on wlents.al rk in terms of futu demarvj and irwestmenl risk. The Fund 1$ a(JminIstej as an ¢JFgoing tity whith ri is hcwj will be in existence a1 rxoviding support for many years to come. As such the Fund's investments are u)ntinually JnIt0red to make surè the Fund is in the best PDSStble p0sOn to ntinue ils good work behalf of the Chartered Institute of Joumalists. members. In aSSIng the Charitys abilty to (rjntinue as a going (y)nrn for the foreseeable future. the Trustees have nwdered the impact ofits 1nrxe and reserve5. FUTURE PLAMS The Trustees aim to continue to W0de financial supp)rt to the dass of persor eligible to benefit from the Charity, a8 needs aris8. Once again members are rgmirKled Ihat in 2018. the Cl(NJ head offic8 was gAd to a development mpanY. While discussing opb.ons for the purchas& of new premises. the welfa Fund cx)mmittee and trustees were approached regarding the potential for a joint investment. The committee arvj trustees felt that the proposal had merit and provisiLallY agreed to the sUggesn. Subit to final agernent on the building. During the year the trustees reviewed the amjnl paid for adrninistratn support of suffiaent expèrtise and security to manage and provhle serwc8s for a fund whh hdS in excess of £3.5m assets. They considered what the market value would be rf they had lo employ a member of stsff to fu1 thi5 role and as a consequence they increased the Sum paid for &Aministralion support in lir with vhlat they felt to be market value. Page 4
The Chartered Inst1t• of jownlS Welfare Fund Report of the Truste0$ lorthe Year Ended 31 Doc•mbor 2024 STRUCTURE. GOVERNANCE AND IAANAGEMENT Governing document The charty is cL)ntroll•J by tis govemiThJ (kumert a deed of tnjst dated 2019, 0StituteS an unirEcorporated charity. Reernltment and appointment of new trustees The Welfare Fund is govemed by a board of trustees whose mombers aro apF(inted by the council of the Chartered InstitLrte of Joumalists. which we confim)ed by Thmbers at Annual GgneTrl M88tings. The Trustees who have served during the year are set (xrt on page 1. Oryat)Isational structur• The manag8ment structur8 of the Chartered Instilule of Joumalists Welfare Fund costs of 3 indlvkjual tnt5tees plus the Chartered Institute of Joumalists %thich is a Trustee in a cortKXate capaaty. Day-to-day managerrFent is delegated to the Welfare Fund Committee, which is made of members of the Instttute. and elected each y8ar by the Institute's Counryl. The Wejfare Fun(J ComFThttee meets quarterlyto review investment mana38ment Oicyand stralgJy, to nSIder grant awards, and on an annual basis to aFprove the finala1 Staterts. All minutes of Ihes8 meeliThJs are shar&l with the fund's Iruslees so Ihatthey are fully aware of Matte in haTrJ. Induction and training of new trust8 The Trustees are experien1 in LL)mmerc aThJ &xial matters and therefore require a minimum of induction and training. Connected Charities The Welfare Fund is one of the 'Charrtie5 aJnwnister&J in conn11 with the Institute of Jc¥Jmalists' number 208176. The others are: Tho Instiiute ofJoumalisls Orphan Fl1- ¢Kmant from 1 January 2023 The Inst'lute of Joumalists Benevc4ent Fun(k domi8llt from 1 January 2023 The Institute of Jwmalists Pension Fund- dormant frrKn 1 January 2023 The Oakhlll & T.P. O'connor Fund Accounts ol sekmrate Chthe$ a not oJnsol#Ja. Al balances in reSpt ofthe fiTsI three narned ChareS wwe transfur&l to the Wetfare FLmd with effect from 1 January 2023 as folbws.. The Institute ofJoumalists F¥JThJ-£2,981,¢A6 The Inslilule of Joumalists Benevdent Fun& £277.383 The Instslute of knrnalists PensN)n Fund- £224.(#XI Total - £3,482.449 STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees are ponSIble preparir¥J the Rewrt ofthe Trustees and the financial statemerts in aco)rdan with applicable law and United Kingdom Accounting Starards (Unttwj Kingdom Generally Accepted Aeo)unli Practi) induding Finan(>al RepcKting Standard 102 7he Finanaal Reltillg Standard applicable in the UK and Republic of Ireland. The appliCae tr) charibes in England and Wales. the Chartbes knt 2011, Charity {Attounts and Rewrtsl Regulations 2008 and the provisions of the trust deed requires the trust885 to prepare ffinanaI stslements for each financial yearwhith give a true and fairmew ofthe state ofaffairs ofthe charity and ofthe incorning resources and application of res)urces, induding the incLTr and expendtbJr8, of the charity for that peric*J. In pr8pariThJ those financial statefflents. the trustees are required to.. Page 4
The Chartered Instltute of Journalists Welfare Fund Report of thè Trnst•¢$ for the Year Ended 31 Doc8mber 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES- continued Sgled suitable a(£ounting Fdioes ar¥J lkn aFvty t consistenty. observe the rnelhods and prinoples in the Chanty SORP: kejudgemenls and estimates that are reaSonae and prudent prepare the financial ststements on the goiThJ concem basis unless il is inappropriate lo presume that the charity will cg)nlinue in tsIness. The trustees are responsible for keeping proper a¢nting recor(Js whKh disckjse with reasonablè aUr8¢Y at any time the financial positson of the charity and to enable them to ensure that the financi81 ststements comply with the Chartties Act 2011, the Charity SORP IFRS 102 2019} and the prov¢sions of the trust deed. Th6y are also responsibla for safegijarding the assets of the charity and hgnce for taking reasonable steps for the pVention and detection of fraud and 0th8T irr8gul8riliès. Approvad ty cwder oftt* boa oftruste8S Cffl tL 2W25 8EvJ $¥Jn on ts behaff by. L Justice Trustee Paga 4
Report of the Independent Auditors to the Trustee3 of The Charter¢d Instituto of Journallsts Walfare Fund Opinion We have audited the ffinancial stater[ of The Charterejj Instiknrte of JrnalIsts Welfare Fund {the 'charitl for the year ended 31 December 2024 comprise the Statement of Finan¢ial Activities. the Balance Sheot and notes to the finanaal slatements. Iruding a summary of signtfi(2nt aceountirMJ policies. The financ481 reporting framework that has been applied in their preparation is appliCae law and United Kingdom Accounting Standards (United Kingdom Generally Ac(pted A0Unting Practice), induding Finanaal Rerting Stsndard 102 The Finanual Reporling Standard applicable in the UK aThJ Republic of Ireland.. In r wlnion thefinanoal statements: give a true and fair view of the stste of 1he tharrWs affairs as at 31 0mber 2024 and of its incryning resources and application of resourc, forlhe year then ended: have been properfy prepared in aC0)rdan with United Trfjngd Gra1]Y Alxepled A(xounting PraGti¢x. includiThJ Financial ReporbrKJ Standard 12 Tr Firwthil R8wxtiNJ SlaThJard applKable in the UK and Republic of Ireland" and have been prgparwj in ax¢xdance I1h the requirements of Chaith8s Act 2011. Basis for opinlon We conducted our audit in accordan Intemational Standarrls on Audibng IUKI {ISAs {UKI} and applicable law. Our SnSibIlitieS urKler thosg standards are futher describe¢J in the Audttors. r8sponsbililies for the audit of the financial stslemenls section of our rerKJrt. We are indeKndent of the chartty in accordan with th8 ethical requirements that are relevant to our audit of the finanual statements in the UK. induding the FRC'S Ethical Standard. aThJ we have fulfilled our other ethi1 r8skx)nsibilities in acmdance wth these requirements. We believe that tho oudit evide we have (thined is suffi(xnl arKI appropriate to promde a ba&8 for our Opin)n. Conclusions relatlng to golng eonc•m We have nothing lo report in respect ofthe foll0vj maiters fft relati to Ihe ISA8 (UK) require us lo report to you where.. the trustees, use of the gcing conc8m basis of KIn11 in the preparation of the financaal statements is not appropriate; or the trustees have not disclosed in the financial statemènts any KIentifi material UnrtaInlieS that rnay cast significant doubl ab)Lrt the (arity's ability to conb'nue to athjpl the going (x)nGern basis of accounting for a p8riod of 8t le8St e1Ve months from thedat8 when Ihe finarKial statements are aulhorised for issue. Other InforniaOn The trustees are reSptsIble forthe other irrformation. The other infcrfmation comprises the infomiation induded in the Annual Report. other than the firk2ncial statements and Rep of the Indepent Auditors thereon. Our opinion the finanoal slatements (kBs r¥)t (x)verthe other inforMan arKJ. ex(pl lo the extent oth8Mi8e explicitiy stated in our reF•Jt. Th)t eXEOSS any fomi of assura) ausiOn thrn. In connection with wr audit of the finanaal Statemts. cr responsibility is to re&1 the other information and, in doing so, considgr whether Ihe other infom18tion is materialty inconsistent vAth the financial ststements or our kno%edge obtsined in the audit or otherwse appears to be materially mi$statt. If we identify such material ineonsistenaes or apparent matenal mi&%tatements. w8 are requir&J to delemiine whgther there is a material misstsltsment in the financ4al statements rx a material misstatement of the other information. If, based on the work we have kxrfomied, we condude that there is a material misstatement of thi5 other inforniation, we are required to roportthatfacL We have mlhirwJ to rep1 in thi$ regard. Matters on wh6ch w• are required to report by exception We have nothing to rewrt in respect of the following matters where th8 Charibes Act 2011 requires us to report lo you rf. in our opinion: Ihg information given in Ihe Rek*yt of the Trustees is incorStent in ary rnaterial respect the financAal slatements" or sufficient accountsng rery)rds have not been kept or the finanoal ststements are not in agreement with ts altir0 r)rdS arbj retLvns', or we have not rocoived all the infmtion eyplanations we require our audit. Page 6
Report of the Independ•nt Auditors to the TfUStoe5 Of The Chart•rod Institute of Journalists Wolfar• Fund Re3ponsibilltFes of trustees A5 explained rn0 fully in the Statemwtt of TnJstee5' RespcmsÈbililies. the trust88s are responsible for the preparation ofthe financial statements which give a true and fair view, and for suth intemal control as the tnjstees determine is n8cess8ryto enable the preparation of finanual ststements thatare free from material misstatement. whether due to fraud orerror. In preparlng the finanryal statements. the trustees are reSn&te ts assessing the charitys ability lo o)ntinug as a going CO[eM, disdosing. as applicae, matters related to goirvj CLyKern and using the going (L)nGem basis of accounting unless the Injstees either intend lo liquidate the charity or to cease operations, or have no realistic altemative rtIO th so. Our ro8ponsibilltl•s forthe audit of th• finan¢ial 5tatem•nts Our objectives are to obtsin reasable a55urance abcAJt whether the finanaal $ements as a whole are free from material misstatement. whetsr du& to frdud efror. and to issue a Report of the IndeperKlenl Auditors that indudes our opinion. Reasonable assuran is a high level of assurance, blrt t5 not a guarantee that an audit conducted in aecordance with ISAS (UK) 11 thays delect a matsrial misstalemenl when it exists. Misstatements can arise from fraud or errorand are o)nsKJered material if. indiwdually or in the aggregate. they could reasonably be expectwj to infiueTKe the e[7(AniC dls1on5 of users tsk cfft the baS of these finanaal statements. A further description of our resw)nsibilities for the audtt of the financaal ststements is located on the Financial Reporting Council's website al Www.frGorg.uklauthtnIJ1$ts8s. This desLTiption foThs part of our Report of the Independent Auditors. Extent to whlch the audit was considered Pable of det•ctlng irregularilios, Including fraud Irregularites. induding fraud, are instsnces of noNx)mpl1an wilh laws and r8gulations. We design procedures in line with our responsbililies. outlirled above. to detect material misstslements in respect of irregularities. induding fraud. The extent to which our prcNxlures are Capab of detscbng irregularities. induding frdud. is detailed below. We have obtaInl an urKlerst8nding of the ltsnt3 wliries and p¥otsJures thrch diswssions wth sonior management W& also drew on our exlsting urKlet5tandirMJ of Ihe wort( that the charity fkns. We understand that the charity complies vrith its responsibiltties through dose invdvement of the CEO in the day to day running of the aniZatIon and regular liaison between him and the Chair of trustees. Were there any litigation or clwms they would fAJme to the attention of the CEO direcuy. The ctsrity's tKJard oftrustees communlcate rtyulaty ¥th eath ots on an hoc basis and hold peric*Jic board ma8tiry#. We have rovitwed 811 availabl8 minutgs. In the context of the audtt we ojnsidered law5 arKI regulatiorts whith deternr the fomi and content of the finanoal statements. which are ntral to the charitys atx'lty to cmducl bu&ne5s and wthere failure to comply (x)uld resuts in material pena1ti8S. We have considered the disdosure requirements ofthe Ch8ribes A£t 2011, aloNJ 1h the Charities SORP FRS102 and the Charities lACunts and Rep8) Regulati$ 2008 as part of our finalisation pro$Se5. We discussed the pblty offraud senh)r man•3ent arKI whether they had any kncmledge ofany actual. alleged or suspected fraL¥J. We designed wr audit tests to ¢onsKler (t)ntrS and tested a sample of payments to beneficiaries pawng attenth)n to the evidenG8 obtair)ed in rest# of our sample InefiCIarIes, identthes. In common all audits under ISA5 IUKI we also [wrMed speafic prctedures to reswnd to the risk of management override. We assessed that the charity's trcI environment is adequate for the &ze and operating model of such a tharity.
Report of th• Independent Audltorn to thè Trustees of The Chart•r•d In#titut• of Journ&lists WÈlfare Fund Uso of our report This report is made solely tr) the charitys tnjstees. as a brty. in nce wrlh Saction 144 ofthe Charities Act 2011 and regu181ions made under Sectth 154 of that Act Iljr audit work has been undertaken so that wo might stste to the charitls trustees those matters we are required to stste to them in an auditors, report and for no other purpose. To the frjllest exlent Kwmttted by law. we do N)t ap1 or assume responsibility lo anyone other Ihall the charity and the charitys trustees as a t#)ty. for our audtt work. for this rew)r( or for the opinions we have forniJ. Ccth. Vellacott & Htll Unit 15 City Centre Lower Road London SE16 2x8 Cod(e. Vellacott & Hill ale eligible apwintrnent as auditors of the charity by viriue of its elKJitNlity appointment as audrtor of a company in accordance vAth Seclion 1212 of the Companies Act 2006. Page 8
Tho Chartered Inst5tute of Joumallsts Welfare Fund Statement of Flnan¢i•l A¢tlvStles far thè Year Ended 31 Dèe•mber 2(124 2024 2023 Unrestricted Unrèstrieted fvnd fund Notes INCOME AND ENDOYIIIJENTS FROM Donations *aues Investmwt Ino)me 1,478 151.832 174A14 3.482,449 Total 174N54 3,634759 EXPENDITURE ON Charltsble a¢tlvltl•8 Support 9rants 1105.7821 (78,994) Nel gainslll(wsl Invostrnts 51.867 (10,880) NET INCOMEI{EXPENDITURE) 120.539 3,545.885 RECONCILIATIONOF FUNDS Totsl funds brought forward 3.544885 Total funds carrled foThvard 666 424 3 545 885 The notes form part 0ftr financial stalements Page 9
The Chart8r8d Instituto of Journalists W•lfar• Fund Balance Sheet 31 D¢¢¢mb¢T 2024 2024 Total lund$ 2023 Total funds FIXED ASSETS Investments 2.981.781 2,929,914 CURRENT ASSETS Debtors Cash at bank 687.343 618.671 3,669.124 3,549,085 CREDITORS Amounts falling (J8 Wthin one year {2.71XII (2.7CQ) NET CURRENT ASSETS 684,643 615.971 TOTAL ASSETS LESS CURRENT LIABILITIES 3.666,424 3.54&885 NET ASSETS 3.666.424 3.545,885 FUNDS Unrostricted funds 10 3.666.424 3.545.885 TOTAL FUNDS 3.666.424 3.545,885 The financial statements we akvoNpd by tho Board ofTnJee5 ar¥J authCSed for issue on l L 2025 and stgned on their behalf by.. Prof. Tim Crook - Chairof Cc¥nmitt8è esfoFm partoftsselln(ial Statsrts Page 10
The Chartorgd Inslltsrte of Journalists Welfare Fund Notes to thè Financial Statem•nts forthe Year Ended 31 D¢¢ember 2024 ACCOUNTING POLICIES Basis of preparlng th• financial statements The financi81 statements ofthe charity. whith is a public neffl entity under FRS 102. have been prepared in accordance with the Charites SORP IFRS 102}'Accounting arwj Reporting by Charities". Statement of Rewmmended Praclice applible to tharities pparij their a(x£KJnts in accordan wth the Financial Reporting Standard applicable in the UK and ReputAic of Ireland IFRS 1021 (effective 1 January 20191,. Financial Reporling Stsndard 102 Tr Finanual Reporting Standard applTr(able in the UK and Republic of Ireland, and the Charttie5 Act 2011. Thè financk41 statements have been prepared 4Jnder the historical cost cL)nvention, with the ex(xption of invethents which are induikd al mart(el value. as modffied by the revaluation of assets. Furrfs funCti(rf and presentstional rrErY 15 p)un(Is Sling (£1. The Trustees InSider that there &e no material un¢xrtainlies atut the Fund's ability to wntinue as a gc#ng concem for a periLKJ of al least 1ve months from Ihe date of approval of the financial Statements. In foming this opinion. the Trustees have nSIdered the proposed restructuring of the Chartered Institute of Joumalists Benevolen( Wetrare and Pensic Funds into the Chartered Inslilute ofJoumalisls Welfare Fund, a5 approved by the Charity Cc#nmissi¢M. and the impaca of the COV1[19 pand8rn on tolh the tharity's irvyjme and eupnditure and ats arKJ Ik4lylthes. Flnanelal rowting staThlard 102. w¢ded dls¢lty¥ur¢ exemptions The carity has taken advants of the followng disdosure exernpticr in preparing these financial statements. as Fwmitted by FRS 102 Th8 Financial Rerxming Standard applicab in the UK Republlc of IrelarKI': thè uIreMents 0ftion 7 Statement ofcash Fl(Ms. Incomo l ino)me is recL¥Jnised in the Statement of FinarKial Athe$ ¢Mce the Ltharity has entement lo the funds. it is probable that the irKorne Mll bE reNed and ts amunt Ln LE SUre{l rdiably. EXndIt abilities are recognised as expendtiure as soon as there is a legal or ccM)strucbve obligation committing the chanty lo that 8xpenditure. it is probabl8 that a transfer of econom benefits wll be required in settlement and the amount ofthe obligab.on be measured reliably. ExnditUre is acwunted for on an uals ba$ and has been dassified under headings that aggregate all wst related lo the category. Where costs cannot be direcily attributèd to psrlicular headirys thoy hava bèan allOted to activities on a basis consistent with the us8 of resources. Grants offered subject to condOnS whith have not been met at the year end dale are noted as a commitment bjt not Ued as expenditure. TaxatFon The tharity is exempt from tax on ils Laritable aLtth. Fund accountlng Unrestricted funds Can be used in rdar wth the charitable 8¢11¥8$ at the dis(xotion of the trustees. Charity ¢kns nrt at pre. hdd any resthdod fu1& Invostsnonts Investrnents are a form oftmsic fThnaal instwment and a U)ttialty rnIs&j at thr trensaction value and subsequenty measured at th8irfairvaluo as atthe balan sheet dale using the closing quoted rnarkgt price. The statement of financial *vttS0s Ind Ihe rEt gains and losses ari&ThJ on revaluation and disFosals throughout the year. PaJe 11 (Xffltinu...
The Chart•r•d Institute of Journalists Welfarn Fund Notes to the Financlal Statsmonts- continuod for the Year Ended 31 D•¢ember 2024 ACCOUNTING POLICIES - ¢ontinu¢d Investments AJI gains and losses are taken to the Stslemenl of Finanoal ActitieS as they arise. Realised gains and losses on investments are ¢akulated as the dtfferellce bets¥een sales proceeds and their opening L2rrying value ortheir purchase Wdlue if acquired subsequent to the first day of the finanaal year. Unrealised gain5 and losses are calculed as the differen belween the fair value at the year end and their carrying value. Realised and urbrealised investment gains and losses are combined in the Ststement of Financial Aclivibes. The Charity ¢Jes not a¢)wir8 optM)n$. dvatiVeS CY other MpleX financial instnjments. Grants Payabl• Grants payable are tharpj in the year fft %thith the offer is conveyed lo their recipient except in thos cases where the offer is cOnditKa1. suth grants being re(J)gnised as expendtiure when the conditions 8ttaching a lulfilled. JNVESTMENT INCOME 2024 Invesbment Inwme Depositacc4)unt interest 164.856 9.558 174.414 CHARITABLE ACTIVITIES COSTS Grant fvndKng ol activities (see note 41 Support costs (see note S) Totals sup grants 67.618 38.164 105.782 GRANTS PAYABLE 2024 2023 Suppcrtgrants 67,618 48,813 SuppK¢rt grants are anay50d as fdkw*S'. Paymants to bPhfOr SIlts 39.058 32293 Pens pats 10.260 IQ020 othwe1[are paymgnts mwjg 18.300 &400 Tolal paid in year Page 12 continued...
The Chartered Institirte of Joumallsts Wellare Fund Notes to the Financlal Statements - continued for the Year Ended 31 D•c¢mber 2024 SUPPORT COSTS Other costs Totals Support (xists 35284 2,880 38.164 All administration aThJ govemance costs are irre in COnlon wth the Charivs grant giving actiwties in respect ol individual benefi¢iaries. Supwrt st$, induded in the ab)ve, are as fcAI¢y•VS: 2024 Support costs 2023 Support costs Chartered Instriuts of Joumalisls. Administration Trustees, expenses Auditors, MuneratiOn Legal enSeS Mlscellan8OUS 34.fj25 25.000 3,330 1,881 38.164 30.181 EMPLOYEES. AND TRUSTEES. REMUNERATION AND BENEFITS There were no trusleos, remuneration or other benefils for the year end 31 December 2024. Trust••s' expenses 2024 2023 Ttustees. expenses No travel or other expenses v•e reimbuwd to trustees during 2024. There were no employees durirYJ the year C during the prevhjus year. FIXED ASSET INVESThIEIITS Listed Investments MARKET VALUE At 1 January 2024 Transferred into Forffidio at value from cOnnd thar8$ Net GainllLossl in Maet Valu8 2,929,914 S1.867 At 31 Decembor 2024 2,981.781 NET BOOK VALUE At 31 December 2024 2.981.781 At 31 Decemtser 2023 2.929.914 There were no investsment assets tsKI9 the UK. Page 13 continued...
The Chartered Institute of Joumalists Welfare Fund Not•s to the Finanelal Ststements - eorttinued lor the Year Endèd 31 Dec•mb8r 2024 FIXED ASSET INVESTMETrTrJ . Gontinued Inveslments are held as untts in M&G Charifund1£1.771,720), M&G Charibond {£341.127). ML Charishare Common Investment Fund1£653.334} and CPF Welfare Fund1£215,6001. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tradedebtors CREDITORS: AAIOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 2.700 2.700 10. MOVEMENT IN FUNDS Net movèmont in funds At 31.12.24 At1.124 Unre5tr1cted fund$ General fund 3.545.885 120.539 3.666,424 TOTAL FUNDS 3.545,885 120.539 3.666.424 Net movement in fuThJs. Ind in ts atM)ve areas fc4h)ws.' Incoming resoureos R•$ources expended Galns and Movomont losses In fufid¥ Unrestrictèd tunds Generd Fund 17{454 1105.7821 51.867 120.539 TOTAL FUNDS 174.454 1105.7821 51.867 120.539 Pag8 14
The Chartered In$titut• of Journalists Welfare Fund Notes to the Flnanclal Statemènts- continu•d lor the Year Endod 31 Decemb•r 2024 11. RELATED PARTY DISCLOSURES The members of the Board of Trustee5 are appointed by the (xJunc41 of the Chartered Institute of Journalists. The Welfar8 Fund is one of the 'Charilies admiThstsred in connecon with the Instilute of Journalists. uThJer carity number 208176. The othws are: The Institute of Joumalists olan FurKI- (kffiHnl frc¥n 1 January 2023 The Insttbjte of Joumalists 8enevolwl Fund- dormant fr( lJanuary 2023 The Institute of JoLEmalists Pewon Fund- thThanl fr 1 January 2023 The Oakhill & T.P. O'connor Fu1 A(xxJunts ofthese separe thar111 are not nSOldated. I ban$ in SFt of thg fust tlwee nam8d tharili&s trdnsferred to the WeifarB Fund wth effect from 1 January 2023 as I1". The Institute ofJOuM&Sts FuEKJ-£2.981.066 The Inslilule of JouMls Benevolent Fund- £277.383 The Institute of Joumdists Pension Fund - £224.(N)O Total - £3,482,449 Undef 8 SL8mo ofArr8ngement agreed and accwed by the Charity Cunmissk)n sn 1986. income in one chartty that was in excess of its rE8ds might be apled to one or other of the (arilies where similar charitable obiectsves could be achieved In Mar( 2(K)3 the Charity Commission clarified the basis of transfefs between funds. endorsing paymerrts made by the Welfare Fund to the Benevolent Fund and Pensirm Fund. No grants were rnade in the rrerrt orpreceding ygar. There were no rela1 paty tranw*ons in th8 y88r to disclose. Page 15
Tho Chartered Instltut• of Journallsts Wgtfare Fund Detailed Oporatlonal Statement of Financial A¢tivibos for the Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS fc¥thote) Donatlon and l•gaeies Donations 1.478 Investment incom• Investsnent Incom8 Deposit account interest Interest on 3hort tami k>an to CIOJ 1fj4.858 9.558 146,43T &395 174.454 151310 Tot1 incomlng re$oiiic•s 174.554 153,310 EXPENDITURE Charltsble activitl•s Grantsto individuals 67.618 48,813 Support costs Other Chartered Institute of Journalists- Administration 34.625 25.000 Governance costs Trustees, expenses Auditors. remuneration Legal expenses MIellane0uS 2.880 3.3CI) e59 1.88t 38,164 30, 181 Total resoureé5 expended 105,782 78.994 Not Income 68,672 74.316 This page does not fomi part of tho stslutory financial slatements Page 16
The Chartered Institute of Journalists Oakhill & T.P. O'connor Fund Trustees Report and Annual Accounts Year ended 31 December 2024 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 Instite 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 ctrcumstances. Trustees and Committee The Trustees and commitlee who served during the year are Roger Bush Dominic Cooper (on behalf of the CIOD Paul Leighton Prof Tim Crook (Chair of Committee) Jules Annan Peter Brown Michael Evans Mick McGough (Honorary Treasurer) (died FebrLWy 2025) Janice Shillum Bhend The trustees are sad to report that Mick McGough, Honorary Treasurer of the Institute's charities for many years, died in early 2025. The Trustees and committee are appointed by Council of the Instithle and then ratified at the Annual General Meeting. In addition ex-officio members of the committee are the presently serving President, Immediate Past president and Honorary Treasurer of the Institute. This fimd is administered by the Welfare Fund Committee. Trustees, Activities, Responsibilities and Training The Trustees ar¢ experienced" in administration of charities and familiar Wlth 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 Tisks to the Fund and believe the resour¢es available and the likely calls upon it constitute low risk in the short to medium tem]. The value of the Fund's investments has varied in recent years but the level of income has emained 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 Teceiving support from the Fund. Financial Review Reserves The TTUStees regard the investments of the Fund as an endowrnent. Invested funds are with Iow-risk bonds and well-rated equities handled by mainstream investment companies. Cash reserves are assessed regularly to detennine when apparent surpluses might be put into longer term investments. A¢tivitie5 During the year the Fund had incorning resources of £1 1,878 (2023 £10,072). Expenditure during ihe year was £6,537 (2023 - £6,282). During the y¢ar. grants were made to two journalists (2023 2). In some instanc¢s grants are dispensed across a number of months depending upon circumstances. 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 th¢ Institute, have been answered to rny 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. David Warren BA FCA 22 September 2025
Statement of Income and Expenditure Income 2024 2023 curiep71year previoiisyeai. Investment income Bank interest Other Total 11,312 403 163 11,878 9,844 228 10,072 Payments Two grants (2023.. 2) Administrative charges & expenses Legal & banking expenses Trustres, Expenses 4,755 1,680 102 3,500 2,680 102 Total 6,537 6,282 Incoming resources exceeded expenditure 5,341 3,790 Not¢.. 50m¢ nurnbers do not total due to ToUing
Balance Sheet as at 31 De¢ember 2024 2023 urrelltyear previous year Fixed Assets Investment fimds 207.985 204,287 Current Asset$ Bank and cash Debtors 30,887 25,546 Net current assets 30,887 25,546 Total assets less current liabilities 238,872 229,833 Opening balances 229033 226J17 Unrealised gainsl(losses) in a55et values Surplus on charitable activities Movements Creditors/Debtors 3,698 5,341 (274) 3,790 Nel movement in funds 9,039 3,516 Represented by Total funds 238,872 229,833 Note.. some numbcrs do not total due to rounding
Notes to the accounts J. The accounts are all at historic costs with due account taken of revaluation of investments. All income is recognized as such only when received. Investments are valued at market rates as advised by the investment company concerned or as posted on official websites. M&G Charifvnd M&G Charlbond Bl.Rock Chai'ishares Units Mkt value 31.12.23 Year change Mkt value 31.12.24 7 004.000 100.507 2,620 103.127 17 915.000 20,036 (706) 19,330 8 108.177 59,065 1,649 60,714 Ch.Propei'ty Fund Total Units 20 808.706 24,679 135 24,814 Mkt valu¢ 31.12.23 Year change Mkt value 31.12.24 204,287 3,698 207.985