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 Finan￿81 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
M￿ha￿l 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 DeCem￿r 2024
At the Institute's 2019 AGM, n￿rnberS 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 WeretranSfe￿ed
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¥K￿Sly 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 wow￿on5 of Accounting aNJ Reporting by Chartiies: Statement of
Recommended Practice applirable to charbties preparing their acujunts in attxxdance wtth the FinanrAal
Reporting Standard appI￿￿e in the UK and RepU￿1C of Ireland {FRS 102) leffeL*ve 1 JanLsary 20191.
The trustees are sad to rewt that Mick HrxK)rary TreaSu￿r 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 (X￿￿KIer 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 ￿nn￿essary
draw on pub11cfur￿s. The supw)rt prowdryl forthose in full time education will enc￿u1age beneficiaries to achieve
their maximurn potential through gducaticffi. and coverforany a￿d￿onal 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 Pl￿mberS. of 8ny
category. of the Institule.,
the provison of pension5 to qualif￿￿3 memkn of Ihe InstitLrte; and
tho provigon of Sup[￿ for Memtws or Members. det*rNJents 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 beneffi0a￿S. 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 Memb￿5.
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 SUpp￿t 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 reqL*5ts. parlicularfy for schcM)I fees, supplementary
tuition fees, educational trips. mus￿1 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 exc*Y 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 (￿K￿lder￿j reasonable ￿n5*￿en￿j 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 De￿mber 2024 were £3,666,424. In
view of the high level of reserves availab￿. the Trustees are w￿￿leftng 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 r￿k in terms of futu￿ demarvj and irwestmenl risk.
The Fund 1$ a(JminIste￿j as an ¢JFgoing ￿tity whith ri is hcwj will be in existence a￿1 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 p0s￿On to ￿ntinue ils good work ￿ behalf of the Chartered Institute of Joumalists. members. In
aSS￿Ing the Charitys abilty to (rjntinue as a going (y)n￿rn for the foreseeable future. the Trustees have
nwdered the impact ofits 1nrx￿e and reserve5.
FUTURE PLAMS
The Trustees aim to continue to W0￿de 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 provisiL￿allY agreed to the sUgges￿n. Subi￿t to final ag￿ernent on the building.
During the year the trustees reviewed the amjnl paid for adrninistrat￿n support of suffiaent expèrtise and
security to manage and provhle serwc8s for a fund wh￿h h￿dS in excess of £3.5m assets. They considered what
the market value would be rf they had lo employ a member of stsff to fu￿1 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 jown￿lS￿
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, 0￿StituteS 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 co￿sts 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 fina￿la1 Stater￿ts. 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 trust￿8
The Trustees are experien￿1 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 conn￿11￿ with the Institute of Jc¥Jmalists'
number 208176. The others are:
Tho Instiiute ofJoumalisls Orphan Fl￿1- ¢*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 Ch￿the$ a￿ not oJnsol#Ja￿.
Al balances in reSp￿t ofthe fiTsI three narned Char￿eS 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 Star￿ards (Unttwj Kingdom Generally Accepted Aeo)unli
Practi￿) induding Finan(>al RepcKting Standard 102 7he Finanaal Rel￿tillg Standard applicable in the UK and
Republic of Ireland.
The appliCa￿e 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 ffinan￿aI 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 reaSona￿e and prudent
prepare the financial ststements on the goiThJ concem basis unless il is inappropriate lo presume that the
charity will cg)nlinue in t￿sIness.
The trustees are responsible for keeping proper a¢￿￿nting recor(Js whKh disckjse with reasonablè a￿Ur8¢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
p￿Vention 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 J￿rnalIsts Welfare Fund {the 'charit￿l
for the year ended 31 December 2024 comprise the Statement of Finan¢ial Activities. the Balance Sheot
and notes to the finanaal slatements. Ir￿uding a summary of signtfi(2nt aceountirMJ policies. The financ481
reporting framework that has been applied in their preparation is appliCa￿e law and United Kingdom Accounting
Standards (United Kingdom Generally Ac(*pted A0￿Unting Practice), induding Finanaal Re￿rting 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 0￿￿mber 2024 and of its incryning
resources and application of resourc￿, forlhe year then ended:
have been properfy prepared in aC0)rdan￿ with United Trfjngd￿ G￿￿ra1]Y Alxepled A(xounting PraGti¢x.
includiThJ Financial ReporbrKJ Standard 1￿2 Tr Firwthil R8wxtiNJ SlaThJard applKable in the UK and
Republic of Ireland" and
have been prgparwj in ax¢xdance I￿1h 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 ￿S￿nSibIlitieS urKler thosg standards are futher describe¢J in the Audttors. r8sponsbililies for the
audit of the financial stslemenls section of our rerKJrt. We are indeK*ndent 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 ethi￿1 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 foll0v￿￿j 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 Un￿rtaInlieS 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 Infornia￿On
The trustees are reSp￿tsIble forthe other irrformation. The other infcrfmation comprises the infomiation induded
in the Annual Report. other than the firk2ncial statements and Rep￿ of the Indep￿ent Auditors thereon.
Our opinion the finanoal slatements (kBs r¥)t (x)verthe other inforMa￿n arKJ. ex(*pl lo the extent oth8Mi8e
explicitiy stated in our reF•Jt. Th)t eXE￿OSS any fomi of assura)￿ a￿usiOn th￿r￿n.
In connection with wr audit of the finanaal Statem￿ts. c￿r 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$stat￿t. If we identify such material
ineonsistenaes or apparent matenal mi&%tatements. w8 are requir&J to delemiine whgther there is a material
misstsltsment in the financ4al statements rx a material misstatement of the other information. If, based on the
work we have kxrfomied, we condude that there is a material misstatement of thi5 other inforniation, we are
required to roportthatfacL We have mlhirwJ to rep￿1 in thi$ 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 incor￿Stent 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 al￿￿tir0 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 reS￿n&t￿e ts assessing the charitys ability lo o)ntinug
as a going CO[￿eM, disdosing. as applica￿e, 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 reas￿able a55urance abcAJt whether the finanaal $￿ements as a whole are free
from material misstatement. whetsr du& to frdud ￿ efror. and to issue a Report of the IndeperKlenl Auditors that
indudes our opinion. Reasonable assuran￿ is a high level of assurance, blrt t5 not a guarantee that an audit
conducted in aecordance with ISAS (UK) ￿11 thays delect a matsrial misstalemenl when it exists. Misstatements
can arise from fraud or errorand are o)nsKJered material if. indiwdually or in the aggregate. they could reasonably
be expectwj to infiueTKe the e[￿7(AniC d￿ls1on5 of users tsk￿ cfft the ba￿S of these finanaal statements.
A further description of our resw)nsibilities for the audtt of the financaal ststements is located on the Financial
Reporting Council's website al Www.frGorg.uklautht￿n￿IJ1$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 obtaIn￿l an urKlerst8nding of the ltsnt￿3 wliries and p¥otsJures thrc￿h 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 detern￿r￿ 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 lAC￿unts and Rep￿8) Regulati￿$ 2008 as part of our finalisation pro￿$Se5.
We discussed the p￿b￿lty offraud senh)r man•3￿￿ent arKI whether they had any kncmledge ofany actual.
alleged or suspected fraL¥J. We designed wr audit tests to ¢onsKler (t)ntr￿S and tested a sample of payments to
beneficiaries pawng attenth)n to the evidenG8 obtair)ed in rest￿# of our sample I￿nefiCIarIes, identthes.
In common all audits under ISA5 IUKI we also [wr￿Med 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 a￿p1 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 forni￿J.
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 Invostrn￿ts
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 w￿e akvoNpd by tho Board ofTnJ*ee5 ar¥J authC￿Sed for issue on l L 2025 and
stgned on their behalf by..
Prof. Tim Crook - Chairof Cc¥nmitt8è
esfoFm partoftssell￿n(ial Statsr￿ts
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 appli￿ble to tharities p￿pari￿j 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 ￿rrEr￿Y 15 p)un(Is S￿ling (£1.
The Trustees I￿nSider that there &e no material un¢xrtainlies at￿ut 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 a￿ts arKJ Ik4lylthes.
Flnanelal rowting staThlard 102. w¢d￿ed dls¢lty¥ur¢ exemptions
The c*arity 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 0f￿tion 7 Statement ofcash Fl(Ms.
Incomo
l ino)me is recL¥Jnised in the Statement of FinarKial Ath￿e$ ¢Mce the Ltharity has ent￿ement lo the
funds. it is probable that the irKorne Mll bE r￿eNed and ts amunt L*n LE ￿￿SUre{l rdiably.
EX￿ndIt￿￿
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. Ex￿nditUre 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 allO￿ted to activities on
a basis consistent with the us8 of resources.
Grants offered subject to cond￿OnS 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 L*aritable 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 fu￿1&
Invostsnonts
Investrnents are a form oftmsic fThnaal instwment and a￿ U)ttialty r￿nIs&j at th￿r 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 Acti￿tieS 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 calcul*ed 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$. d￿vatiVeS 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 cOnditK￿a1. 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 bPh￿fOr SI￿l￿ts
39.058
32293
Pens￿ pa￿ts
10.260
IQ020
oth￿we1[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 ir￿￿￿re￿ in COn￿lon wth the Charivs grant giving
actiwties in respect ol individual benefi¢iaries.
Supwrt ￿st$, induded in the ab)ve, are as fcAI¢y•VS:
2024
Support
costs
2023
Support
costs
Chartered Instriuts of Joumalisls.
Administration
Trustees, expenses
Auditors, ￿MuneratiOn
Legal e￿nSeS
Mlscellan8OUS
34.fj25
25.000
3,330
1,881
38.164
30.181
EMPLOYEES. AND TRUSTEES. REMUNERATION AND BENEFITS
There were no trusleos, remuneration or other benefils for the year end￿ 31 December 2024.
Trust••s' expenses
2024
2023
Ttustees. expenses
No travel or other expenses v•￿e reimbuwd to trustees during 2024.
There were no employees durirYJ the year C￿ during the prevhjus year.
FIXED ASSET INVESThIEIITS
Listed
Investments
MARKET VALUE
At 1 January 2024
Transferred into Forffidio at value from cOnn￿d thar￿8$
Net GainllLossl in Ma￿et 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$titut• of Journalists
Welfare Fund
Notes to the Flnanclal Statemènts- continu•d
lor the Year Endod 31 Decemb•r 2024
11.
RELATED PARTY DISCLOSURES
The members of the Board of Trustee5 are appointed by the (xJunc41 of the Chartered Institute of
Journalists. The Welfar8 Fund is one of the 'Charilies admiThstsred in connec*on with the Instilute of
Journalists. uThJer c*arity number 208176. The othws are:
The Institute of Joumalists o￿lan FurKI- (kffiHnl frc¥n 1 January 2023
The Insttbjte of Joumalists 8enevolwl Fund- dormant fr(￿ lJanuary 2023
The Institute of JoLEmalists Pewon Fund- thThanl fr￿￿ 1 January 2023
The Oakhill & T.P. O'connor Fu￿1
A(xxJunts ofthese separ*e thar111￿ are not ￿nSOl￿dated.
I b￿an￿$ in ￿SF￿t of thg fust tlwee nam8d tharili&s trdnsferred to the WeifarB Fund wth effect from 1
January 2023 as I￿1￿".
The Institute ofJOuM￿&Sts FuEKJ-£2.981.066
The Inslilule of JouM￿ls￿ Benevolent Fund- £277.383
The Institute of Joumdists Pension Fund - £224.(N)O
Total - £3,482,449
Undef 8 SL*8mo ofArr8ngement agreed and accwed by the Charity Cunmissk)n sn 1986. income in one
chartty that was in excess of its rE8ds might be ap￿led 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 rela￿1 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
Tot*1 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
MI￿ellane0uS
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 Insti￿te 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 ToU￿￿ing

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