Journalists, Charity Supporting journalists nationwide Trnstees Annual Report 2021 Founded 1864 as The Newspaper Press Fund Support and care for journalists and their depeDdants in need The JouTnalists' Charity is the working name of the New5pap¢r Press Fund and is a registered charity in England and Wileg {208215) and Scotland (SC042405)
Newspaper Press Fund REFERENCE AND ADMINISTIUTIVE fNFORMATION Couneil (Trustees) Christine Warwick, Chair Paul Jones, vice chair John Crowley Rob Gibson Derek tnman Nicholas Jones Bill Newman (resigned 10101121) Catherine Reid Richard Savill Laurie Upshon Chris Boffey. Treasurer {ex Officio) Anna Botting Charles Garside (resigned 15112lll) Bill Hag¢rty (r¢sied 12105121) Jill James (resign¢d 15112121) Ray Massey Jill Pa]mer Sue Ryan Ramsay Smith Mthe Watson Principal Office Dickens House. I l Ribblesdale. Roman Road, Dorkin& Surr¢y RH4 3EX Telephone= 01306 887511 email: enquiries@iournalistscharity.org.uk Chief Executive: Finance DItOr. Charity Caseworker: James Brindle Sarah Pear¢e Jo Downing Ribblesdale Roman Road. Dorking. Surrey RH4 3EX- TelephoDe 01306 640664 Scheme Manager.. Kisnah Mooneegadoo Auditor RSM UK Audit LLP, Portlan¢L 25 High Str¢ei Crawley, West Sussex, RHIO IBG Bankers HSBC, 18 North Stree¢ Leatherhead. Surrey KIX 7AR Coutts & Co Ltd.. 188 Fleet StreeL London EC4A 2HT CAF BanK 25 Kings Hill Avenue, West Malling, Kent ME19 4TA Solicitors Messrs Downs, 156 High Stre¢L Dorkin& Surrey IiH4 IBQ Investment Managers Charles Stanley & Company Ltd, 2 Westover RO& Bournem(Truth BHI 2BY Honorary Consultants Dr J Martin MA MD MRCP Dr Brian E Bourke, FRCP David J Spalton, FRCS. MRCP Page I
Newspaper Press Fund TRUSTEES REPORT for the ear ¢nd¢d 31 December 2021 The Trustees Present their r¢port along with the fJn2ncial statements of the charity for the year ended 31 December 2021. The f]nancial statements have been prepared in accordance with the accounting kX)licies set out on patses 12 to 14 and complv with the charity's charter. the Charities Act 2011 and Accounting and Reporting for Charities and the Statement of Rec(Trrnmended Practice applicable to charities preparÈng their accounts in accordance with the Financial lieporting Standard applicable in the UK And Republic of Ireland (effective I January 2019). OWEcfivES AND AcrtVJTIES tn 1858 it was recorded that"The necessity for estsblishing a Provident and Benevolent Fund in connection with the newspaper PTess became the subject of conversation at a meeting of Parliarnentary reporters." For six years a number of attempts were made to establish this without success until in 1864 when Trustees were appointed and a President ¢l¢¢ted. In 1890 The Newlptper Press Fund. as an unincorporated association. was granted a Royal Charter 18 its govemints document and in 1962 it was registered as a charity (number 208215) and later in Scotland (number SC042405}. To reflect the changing nature of journalism a working name was introduced in 2004 as NPF- The Journa]ists' Charity aDd amended in 2005 to Journalists, Charity. The Charity's objectives are to help meet the needs of British and Irish journalists and their dependants. There is a N'ofold approach to meeting this objective - the making of wts as appropriate and the provision of retirem¢nt housing. The obj¢ctives of the eharity are "Our maximum position should be that we should help as many journalists throughout the UK as possil)le who are facing hardship, including medical conditions and finallcial hardship." In setting our aims for the year and planning our activities the Trnstee5 have oiven care] considerdtion io the Charity Comm2ssion's guidance on the relief of poverty for public benefit and on fee paying for services. The charity delivers its charitable aims in nvo ways.. through direct delivery in providing retirem¢nthoTn¢S for journalists,. and through grant making to individuals. We welcome applications for help from all who are currently. or have been journalists. with journalisrn as their principal source of income for at least two continuous years out of the last five years or for seven years in total (if not cUent)- In addition, their dependants are eligible for consideration for LgsistAnce. Applicants are accepted from those who are citizens of the United Kinodom and of Eire and other journalists who have worked in these countries. subject to the two-year eligibility rule. ACHIEVEI¥IENTS AND PERFORMANCE The activities in 2021 continued to be the fmancial assistance and sUprt of journalists in need together with the provision of retirement housing. Durino 2021 the demand for grants remained at a similar level to that of 2020. Notably 46 percent of the beneficiaries awarded in 2021 were new to the Chariry. During the year the Charity gave financial assisthnce to 101 (2020-101) people by way of fancial help and provided accommodation for 20 {2020..21) people in the sheltered homes in Dorking. Those helped by the Charity have historically been retire¢ but with an incre&%e in the number of new beneficiaries during 2021 this has achieved 2 more diversified age bracket with a larger protK)rtion of working age journalists being given financial assistAnee. The Charity h&% helped Èn t wide variety of caseg of fm2ncia] hardship- this could be due to a change in pension age, a young family Suffering a dOtUrn in their finances throuJo ill health. a single person suffering mental stress through i501ation and a lack of availablc work or a newly qualifi¢d journalist StrUtr lincp for financial s¢¢urity in their first job. The Charity mak¢s finan¢ial grants to individual journalists and their dependartts that are in need. All grants are ass¢55¢d on thetr ind?vidual merits at full meetings of the Council. The objective of the Charity is to help a5 many journalists in need as possible. This rnay be through f]nancial assistance. awomrnodation or advice Ls to how a difficult SI&tion catt be improved. Most cases are dealt with Page 2
Newspaper Press Fund TRUSTEES REPORT for the ear ended 31 December 2021 within a month. The TNstees consider a prompt response to those in a diffi¢ult situation is essential. The Clwity's success is measured by the numb¢r of grdnts it gives to journalists during the yeax. SKS The Trustees receive a risk review report annually which identifies the areas of wIntial risk to the Charity. The principal risk to the Charity is its ability to attract 5uffi¢i¢nt fimding to cany out its chtiritable activities. The investment portfolio is an important part of the Charity's income. The perforniance of the investment portfolio is closely monitored with its investsnent manager. Charles Stanley. There ig an understood risk that the investtnent portfolio can go down as well as up. The Chlty Continues to promote itself through sts website and online events to attract donors and fufure benefi¢iari¢s. Th¢ Trustees have reviewed the adequacy of protection agaiD5t these risks and where insufficient have put in place appropriate procedures to rnitigatr these risks. In some protection is provided by insurance, in others by onitOring. reporting and re-assessing risks concerned. Th¢ trustees review the liquidity and cash flow risk to the Charity by periodically reviewing the bank balance5 of th¢ head offsce and the accounts held with their investment manager. Charles Stanley. To minimise ongoing risk the Truste¢s had agreed in 2020 to maintain a higher ¢ash balance to remove the need to remove funds from its investment portfolio. Thi5 proved a prudent move as income in 2020 and in 2021 was affected by the reduction in diyidends and income from events. The bank balances ar¢ reviewed to ensure ca5hflow levels are sustainable. In 2020 the situation with cortsnavirns presented a grear risk that the Chaxity would have a higher demand for financial help whilst algo suffering from a downturn in income. Although there was a downturn in Tncome during 2021 there wasn't a signifi¢antly higher demand tor flnancial help but the effects of coronavirus continue to affect journalist5, in¢oTne. The cash balance that the charity maintains is more imporrant than ever in the current situation 50 a5 not to remove funds from its investment portftslio. Jn resy)nse to the pande1¢ the Charity had been paying grants on a month by month basi5 during the early period of Covid 19 in 2020 but revened back to providing financial help for upto 6 rnonths as needed but will continue to Tnonitor the need for grants against the cashflow of the Charity to ensur¢ the Charity's lonoevity. The situation as at April 2023 shows a similar projected deficit for the year for the Charity which is within the curr¢nt cash level of the Chariry. FINANCIAL REVIEW The Charity had predicted that 2021 would result in an op¢rdting deficit of amund £200,000 but following an unexpected receipt from the special contributory scheme and the receipt of a legacy Sater in 2021 the operating deficit was covered. The gain in the year of £1.164.000 (2020 loss.. £412,000) came about largely du¢ to the increase in the Charity's investment portfolio managed by Charles Stanley and the profit on the sale of the Charity's head oific¢, Di¢k¢ns House (£425,000) . The Charity consider 2022 is likely to be similar to 2021 but a re¢overy Én snvesttnent dividends will give a tnore psitive outcome. The current proj¢¢tion is that dividend retums will Only be slightly increased on 2021. GOiNG CONCERN The cOUnts are prepared on a going concern basis in accordance with the resetves and risk policy of the Charity. The Trustees consider the reserves are such that the Charity will continue to support JOLnalIst$ whilst there eontinues to be a need in the indu5ty. The recovery of the Chity'S finan¢es in 2021 was only achieved by the strength of the invesunent portfolio and throuJ(T the profit on the sale of a fixed asset. The gain of £1,164,000 in the year was achieved by the strength of its investtnent portfolio and the profit on a sale of a fixed asset Although the coronavirus outbreak did not have an impact on the charity as a going concern, it is likely to mean that the Ch&ity will suffer a deficit in the short terni. Whilst the value of the Charity's investment portfolio h&s continued to rise during 2021, the income of the Charity ts unpredictable. The Charity will continue w monitor the perfomiance of the investment portfolio and cash balances alongside its grant making policy. The trustees do not consid¢r any ¢hantses in the grant making policy are necessary at the current point. FUTURE PLANS The Trustees of the Charity continu¢ to focus on grant giving to journalists in need and review methods of r¢aching more journalists in need of financial &ssistance. The grant giving of th¢ Charity has always b¢¢n th¢ Page 3
Newspaper Press Fund TRUSTEES REPORT forthe ear ended 31 December 2021 Charity's primary aim. The Charity will continue to review its fmanees and operations. The trustees have consider¢d at this stage there is no change to the strategy of the charity. RESERVES POLICY The charity holds reserves in order to generate income to support the work of the Charity. The Charity's resetves have incrwed by £1.200.000 in 2021. The investment of the proceeds froln the Sale of its head office were expected to improve the annual income. Althouoh. due to CoTrid 19 dividends have reduced from previously expected levels at the beginning of 2021, the Charity's reserve5 were not significantly affe¢ted. The level of the Charity's reserves is reviewed regularly by the Finance & A55ets Colnmittee and Council as part of the examination of the f]nancial performance of the eharity. The Charity's reserves as at )1 DeceTnber 2021 were £10.945.000 (2020.. £9,781.000} which ig sufficient to sustain the Charity for at I£t the foreseeable future. £726.000 (2020.. £919,000} are tied up in fixed assets. leaving £10219.000 (2020.. £8.860.000) of free reserves which includes amounts held as investments of £9,734,000 (2020- £8,516,000). INVESTMENT POLICY AND MANAGEMENT The investtnent policy of the Trustees is to optiTnise th¢ tota] return of income and Capital from the portfolio. In ord¢r to a¢hi¢ve thi5 they have appointed investment managers and have agreed asset allocations with them and ben¢hTnark5 against which perforn]ance 15 measured. The Council has agreed the ll)vestment risk mandate should be a balamce between income and capital growth but with a bias towards income and a medium low risk tolerance. They have set the following tnvesllnent pardmeters.. UK Fixed Jnterest UK Equities Cash Overseas Equities 400/0 to 6/0 As an aim, no single equity holding should routinely represent an investment of over £500.000. The perforniance of the portfolio should seek to match the APCIMS Income Portfolio Index. Va]uations will be provided monthly and the Council will review the investhient policy at half-yearly intervals. The investments over-perforn)ed the benchmark throughout the year. Charles Stanley & Company Lin)ited have discretionary Tnanaoement of the Fund's investments within limits set by the Council. The Charity's aim is to maintain investments that produce a sulTicient income to enable the Charity to fulfil its needs. Although the cu)Tent balance (Trf the Chariry's inveslJnent portfolio has risen 2$ at 3 1 December 2021 it is diificult to predict the effect of current world events durino 2022. The effect of the Ctsvid-19 outbreak and cost tsflsving increases is likely to have a netsative impact on the Charity's income through 2022. FUNDRAISING The Charity's approach to fi]ndraising is through publicity and encour4oement of donations at it% events. Events are currently only able to take place online on a smaller scale. The Charity does not utilise an aggressive or intrusive fidraising policy 2nd is aware Of all fundraising that is carried out in its nalne. The Charity considers it llnportant that its fundrniging conftsrffts to recognised gtandards so that the public. including vulnerable people, are protected from unreasonably intsNsive orpersistent tunth?ising approaches and undue pressure to donate. STRUCTURE GOVERNANCE AND TrL4NAGEMENT The governing do¢urn¢nt of th¢ charity 15 a Royal Chart¢r granted in 1890 with bylaws that provide the means of impl¢m¢nting the provisioD5 of the ¢hart¢r. TnreeS Appointmeni andResponsibiliiies The CounGil (T¢£$) COT)sists of ex-officio and elected members who meet monthty. Rem411menl, induction and training The Trustees are recrnited froln within th¢ industy by the existing Trnstees, to reflect the geographic %pread and diverse nature of journalism. Additionally. there is a mix of woiking and retired journalists. It is therefore very likely that any new Trustees are aware of our work and will have supported us previously in some respecL having been mernbers of the Charity. All new Trustees receive th¢ relevant Charity Colnmission publications concerning Trustees and Copies of the minutes of the thtee meetings for the previous 12 months as well as inforniation regarding the charity. Page 4
Newspaper Press Fund TRUSTEES REPORT for the ear ended 31 Decerrtber 2021 M¢mb¢rs of the Council sthnd for re-election annually in rotation, six eberS each y¢ar. Other nominations ay be put forward by members of the Fund who must submit the name and addr¢s5 of the candidate, together with names and addresse5 of the proposer and seconder, at least 14 days before the Annual Meeting. The Council may, at any time, COaOPt new members to fIll vacancies. subjert to confmatioTJ at the next Annual Meeting. The ex-offieio members and the other Tnetnbers are appointed for 0 3-year term after which period they may put themselves fotward for re•appointm¢nt at the next Annual Meeting. Sioff Decisions made by the Trnstees are implernented and managed on a day to day blS by the CEO who is supported by a staff of three (including two part-titners) at the Dorking office and currently J members of staff {including part-titners) at the sheltered housing complex. The staff h&5 a limited delegated authority to replace items in the office and home5. The Charity also us¢s volunteers where appropriate. Volunteers ¢an either be from the industry to help reach beneficiaries throughout the country. Key Managementpersonnel rEmunerlon The Trustees consider the board of Trustees and th¢ CEO as comprising the key management personnel of the clwity in charge of directing and contmlling the charity and running amd opernting the chlty on a day to day b&sis. All Trustees give their time freely and no trustee remuneration paid in the year. Details of Trustee expenses are disc105ed in note 7 to the accounts. Tntsteeg are required to disclose a]1 relevant interests and register them with th¢ Chief Executive and in accordance with the Charity's policy withdraw from decisions where a confiict of intcrest arises. The pay of the Charity's CEO is reviewed annually and nornially incrSed in accordance with the Consumer Price Index. The rernuneration is also bench-marked with wt- making charities of a similar size and activity to ensure that the rernuneration set is fair and not out of line with that gen¢rdlly paid for similar roles. REFERENCE AND ADMINISTRATIVE DETAILS The najne of the Charity is Newspaper Press Fund with a working name of Journalists, Charity registered with the regulatory authoritie5 UDder the registered number 208215 (England and Wales) and SC042405 (Scotlalld). The principal office of the Charity is I l Ribblesdale. Rornan Road, Dorking. SuJTey IiH4 3EX Trustees, Responsibilities in the Preparation of FirtaDcial Statements Law applicable to charitieg in England and Wales requires the Truste to prepare f]nattcial ststem¢Dts for each fll)ancia] year which give a true and fair view of the Charity's fll)ancial activities during the y¢ar &]d of its fll)ancial position at the end of the year. In preparing those financial statements, the Ttustees r¢quired to.. select suitsble accounting policies and then apply theTn consistently; obsetve the methods and principles in the charities staternent Of recommended practice make judgements and estimates thai are reasonable and prudent stale whether applicable United Kingdom accountinu standards have be¢n followed subject to any departures disclosed and explained in the financial statements; and prepare the f]nancial st2ternents on the going concern ba%is unless it is inappropriate to presume that the charity will continue in business. The Trnstees are responsible for keepints proper accounting rOrdS which disclose with re&%onable accura at any time the f]nan¢ial position of the eharity and enable them to ensure that the financial statements comply with the Charities Act 2011, the charity (accounts and reports} regulations and the provision of the Roya] Charter and bye-laws. They are also responsible for safeguarding the assets of the charity and hence for takin(T re&sonable %teps for the prevention and detection of fraud and other irregularities. Approved on behalf of the Trustees on 28th April 2022 and signed on their behalf by: C Warwick- Chair Page 5
Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 December 2021 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEWSPAPER PRESS FUND Opinion We have audited the f]nancial statelnents of Newspaper Press Fund (the 'charity') for the year ended 31 De¢ember 2021 which cotnprise the Statelnent of Financial Activities, the Balance SheeL the Cagh Flow Statements and notes to the financial statements, including significant a¢c(Trunting policie5. The financial reporting framework that has b¢en appli¢d in th¢ir preparntion i5 appli¢abl¢ law and United Kingdo Accounting Standards, inclllding FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stsiernents- give a true and fa view of the state of the charity's affair5 as at 31 December 2021 and of its incoming resources and application of resources for the year then ended: have been properly prepaxed in accordance with United Kingdom Generally Accepted Accounting Practi¢e,' and have been prepared in accordance with the r4uirements of the ChitIeS and Tnee Investmen1 (Scotland} Act 2005. regulation 8 of the Charities Accounts (Scotland) Re.oulations 2006 (as amended) and die Charities A¢t 2011. Basis for opinion We have been appointed auditors under section 44(IMe) of the Chtirities and Trustee Investment (Scotland) Act 2005 and under section 144 of the Charities Aet 2011 and report in aceordance with regulations made under those Acts. We conducted our audit in accordance with Internationa] Standards on Auditing (UK) (ISAS (UK)) and applic2ble law. Our responsibilities under those 5tsndard5 we fi]rther described in the Allditor's responsibilities for the audit of the finanei2] staternents sertion of our report. We are independ¢nt of the ¢h2rity in accordance with the ¢thical requirernents that are relevant to our audit of the financial staternents in th¢ UK, in¢luding the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinioD. Conelusiolls relating to going eoneern In auditing the fancial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fancial ststements is appropriate. Based on the Work we have paforn)e¢l we have not identified any Material uncertainties relating to events or conditions that. individually or collectively. may ¢t si.tsnificant doubt on the charsty's ability to continue as a going con¢ern for a period of at l¢&st twelve months from when the finan¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the trustres with respect w going concern are described in the relevant Sections of this reporL Other inforrnation The other inforniation comprises the inforniation ineluded in the Trustees report other than the fjnancial statements and Our auditor's report thereon. The trnstees are responsible for the other information contAined within the Trusttts report. Our opinion on the financial staternents does not cov¢r the other inforrnation an(L we do not express any fom of wurance eonclusion thereon. Our responsibtlity is to read the other information an¢L in doing so, consider whether the other infornation is Materially in¢on51Stent with the fJnancia] statements or our knowledge obtained in the collrse of the audit or otherwise appeors to be materially mi5ststed. If we identify Such material inconsistencies or apparent rn2terial misststements. we are required to determine whether this tsives rise to a material Tnisstatement Èn the f]naneial Statements themselves. If. based on the work we have perfornied we Conclude that there is a material rniS5tatement of this other information, we are required to report that fact. We have nothing to report in this regard. Poge 6
Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 December 2021 Matters on which we are required to report by exeeption We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Aci 2011 require us to rewrt to you if. in our opinion.. the infomiauon given in the fmancial statemellts is inconsisknt in any material respect with the trustees, annual repoo or proper and sufficient acCoLtIng records have not been kept; or the fjnancial stat¢ments are not in agreement with the accounting records and retums. or we have not rweiY¢d all the infomiation and explanations we r¢quire for our audit. RespoDsibilÈties of trustees A5 explained more fully in the ststement of trnStees' responsibilities set out on page 5 the ttustees are responsibl¢ for the preparation of the financial ststrrnents and for being satisfied that they give a trne and fair view, and for such internal control as the ttustees det¢Trnine is neeessary to enable the preparation of financial staternents that free from material misstat¢m¢n¢ whether due to fraud or error. In preparing the financial statements, the ttwtees are responsible for aSSeing the ChIty'S ability w continue &8 a going concern, disc105ing, applicable. matters related to going ¢oD¢ern and using the going concern basis of arcounting unless the trnst¢es ¢ither intend to liquidate the charity or to ¢e&se operdtions. or have no realisti a]terDative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives ar¢ to obtasn reasonable assurance about whether the f]nancial stst¢ments as a whole are free from material misswemenL whether due to fraud or ¢rror, and to issue an 2uditor's report that includes our opinion. Reasonable assurance is a high level of assurdnce, but is not a guarantee that an audit conducted in a¢cordance with ISAS (UK) will always detect a material missiatem¢nt when it exists. Misststements Can arsse from fraud or error and are Considered material if, individually or in th¢ sale. they could reasonably be expected to influence the economic decisions of u5¢rs taken on the basis of these fjnancial statements. Tbe extent to which the xudit was Considered capable of detecting irregularities, including frnud Irregularities are instanrxs of non-compliance with laws and regulations. The objectives of our audit ar¢ to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a dsrect effect on the deternisnation of material amounts and disclosures in the fmancial statements, to perforn audit procedures tts help identify instsnces of non-compliance with other laws and re(Tulations that may have a material effect on the f]nancial statements. and to respond appropriately io identified or suspected non- compliance with laws and regulations identified during the audit. In relation to frau the objectives of our audit are to identify and assess the risk of material mtsstaternent of the finan¢ial statements due to frauiL to obtain sufficient appropriate audit evidence regarding the &ssessed risks of material misstatement due to fraud through des1]ng and implementing appropriatr responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of managemenL with th¢ oversight of those charged with gov¢mance, lo ensure that the entity's operations are conducted in awordance with the provisions of law5 and regulations and for the prevention and d¢tedion of fraud. In identifying and &5se55ing risks of material misstatement in respect of irrular1tieS, including frau41 the audit engagement team.. obtained an understanding of the nature of the sector. including the legal and regulatory frameworks that the charity operates in and how the clwity are cornplyino with the legal and r4ulatory fraTneworks: inquired of manag¢m¢nt, and those charged wsth governance, about their own identification and assessment of the risks of irregularities, including any knoMTJ acDJal. suspected or alleged in5rances of fraud. discussed tnatters about non-compliance with laws and regulations and how fraud might o¢cur including &85essment of how and where the financial ststements may be susceptible to fraud. As a result of these predureS we consider the most silf1¢ant law5 pnd regulations that have a direct impact on the fmamcial statements are FRS 102. Charities 2nd Trustee Investment (Scotland) Act 2005. regulation 8 of the ch[tieS Accounts Iscotland) Regulations 2(K)6 {&$ amended) and the Charities Act 2011 and the charity's Page 7
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Newspaper Press Fund STATEMENT OF FINANCIAL ACTIVITIES for the ear ended 31 December 2021 Total Fz4nds 202] £'ooo Total Fuud5 2020 £'ooo Noies INCOME AND ENDOWMENTS FROM.. Donations & legacies Other trading activities Investment incotne Charitable activities Other incom¢ 310 15 275 162 210 132 427 TOTAL INCOME 1.168 518 EXPENDITURE ON.. Raising funds Charitable activities Other expenditure 70 733 35 699 332 TOTAL EXPENDITURE 803 1,066 Net gains on investsnents 10 799 136 NET fNCOMEI{EXPENDITURE) 1.164 (412) RECONCILIA TION OF FUNDS Total fimds brouJtr t forward 9,781 10,193 TOTAL FLfNDS CARRIED FORWARD 15 10,945 9,781 Page g
Newspaper Press Fund BALANCE SHEET 31 December 2021 Noles 2021 £'ooo 2020 £'ooo FIXED ASSETS Tangible assets Investments 726 919 8,517 10 10,460 9,436 CURRENT ASSETS Debtors Cash at bank and in hand 23 515 36 379 12 538 415 LIABILtTIES Creditors: Amounts falling due within one year 13 (70) NET CURRENT ASSETS 485 345 NET ASSETS 10,945 9.781 FifNDS Unresrricted generdl fund 15 10.945 9.781 TOTAL FUNDS 10,945 9.781 Approved and authorised for issue by the Couneil on 28th April 2022 and signed on their bd)alf by: C Warwick - Chair Page 10
Newspaper Press Fund STATEMENT OF CASH FLOWS for the ear ended 31 December 2021 Noies Tolalfunds Totalfvnd¥ 2021 2020 £,900 £'ooo NET CASH USED tN OPERATtNG AcfIviTIES {301) (408) CASH FLOWS FROM fNVESTfNG ACTIVITIES.. Interest & dividends reeeived Procee from the sale of investsnents Purchase of Investments Ctth rnovements frorn investing activities Sale proceeds from the sale of f]xed Sets 275 651 (1,024) {45} 580 210 10 (3,361) (443} 3.108 NET CASH PROVIDED BY INVESTfNG ACTIVITIES 437 443 rNCIIEASE fN CASH & CASH EQUIVALENTS tN THE YEAR 136 35 CASH & CASH EQUtVALEwf BROUGFrr FORWARD 379 344 CASH & CASH EQUIVALENf CARRIED FORWARD 515 Page IJ
Newspaper Press Fund ACCOifNTtNG POLICIES ACCOUNTtNG CONVENTION Basis of preparatioll alld a5ses5ment of going eoneern The financial sthtements are prepared UTJder the historical cost convention as modified by th¢ in¢lusion of investments at valuation and in accordance with applicable United Kintsdom accounting stsndards. The financial stat¢rn¢nts have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019, the Charities and Trust¢¢ Inveslment (Scotland) Act 2005 and Regulation 8 of Charities Accounts (Scotland) Regulations 2006. The Newspaper Press Fund is an unincorpordted charity. The registered offi¢¢ is 1 l Ribblesdale. Roman Roa(L Dorkin& Surrey, RH4 3EX. The Charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared with th¢ application of the FRS 102 triennial review. GOtNG CONCERN The Tlee5 consider that there are no materia] uncertainties about the Charity's ability to continue as a going concern for the fores¢eable future. With respect to the next reporting period, the year ended J l December 2022, the most significant areas of uncertainry that affect the ¢aryying value of assets held by the Charity are the level of investtnent return and the perforrnanee of invesmient markets (see the invesunent policy and risk management sections of the llustee's annual report for more inforniation). Th¢ completion of the sa]e of Dicken5 House in November 2021 fiRrther strengthened the f]DancTal position of the Charity. The proceeds from the sale were added tg the Charity's investtnent portfolio. managed by Charles Stsnley with a portion retained as ¢h. The tmstees consider that the current cash levels and invesknent portfolio provide the ¢harity with free reserves that will allow it to withstand the potential CQDtinuing impacts of Covtd and the cost of living crisis for at least 12 months froln the approva] of the fmancial stsEments. The trttste¢s have considered the impact of the Covid-19 (Coronavtrus} outbreak p05t year end and before the approval of these financial statements on their assessment of the goin(p concern basis for the preparation of these r]nancial statements. It 15 expected that the value of the Charity's investment will continue at Similar levels and the income received from dividends will increase slightly on 2022. whilst appltcations for financial help may increase, the current forecast for 2022 and for rolling twelve months to April 2023 is still within the Charity's current c&sh levels. The impact of the outbreak and the cost of living crisis is not considered to materially impact on that assessment and the fmancial statements continu¢ to be preped on a going concern basis. rNCOME tncorne is re¢ognised in the period in which the Charity is entitled to receipt and it is probable that it will Ee received by the Chority and when the amount can be measured with reasonable certainty. Donations are recognised when the Charity has been llirtified in writing of both the amount and settlement date. tn the event that a donation is subj¢¢t to Conditions that require a level of perfornlance before the Charity 15 entitled to the funds. the income is deferred and not recOlsed until either those conditions are fully me¢ or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those c(>nditions will Ix fulfilled the reporting peri4yI Receipt of a legacy. in whole or in par( is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity. or the Charity is aware of the granting of probate, and the criteria for income recognition have not been me( then the legacy is treated as a ¢¢)ntingent asset aT2d diselosed if material. Fundraising is accounted for on a receivable basis. Incom¢ r¢¢ognised in advance of a related event is deferred only when the Charity has to flllfil conditions before becoming entitled to IL or where the donor has Specified that the income is to be ¢xp¢nd¢d in a future period. Page 12
Newspaper Press Fund ACCOUNTING POLICIES Dividend5 are Tecognised once the dividend has been declaxed and notification has been received of the divid¢nd due date. EXPENDITURE All expenditure is accounted for on an accrua]s basis 2nd has been cl&8sifLed under headings that aggregate all costs related to the cate(Tory. Where costs cannot be directly attributed to particular headings they have been allocaied to activities on a basis consistent with use of the resources. Govemance costs are those incurred in connection with administration of the charity and compliance with eon5titution21 and statutory r4uirements. Under eogt of charitable aetivities 400/0 of head oifice staff costs and 50010 of other costs are allocated into support and goyemance costs. The remaining 60% of staff cost5 are shown as staff costs and 50Q/o of other costs are shown as running costs. This split Is based on estimates of time spent on each activity. GRANTS Grants are paid to individuals at the Trustees, distretion. Grants are recognised when a constructive obligation TANGIBLE FIXED ASSETS AND DEPRECIATION Assets eosting more than £1,000 are capitalised at C05L Cornpufrr and similar ¢quiprnent is written off fvlly in the year of purch2se. Depreciation is provided to write off the c()st of f]xed assets (excluding land) to their residual value evenly over their estimated useful lives which are as follows'.- Freehold buildings Fixtures, fittings and equipment Fixtures, refurbishm¢nt costs eg bathroom,boiler Motor vehicles over 30 years over 3 years over 5 yea over 5 years INVESTMENTS Jnvesttnents are stated at fair value based on bid price at the balance sheet date. The Statemeni of Financial Activities includes the n¢t gains and losses arising on revaluations and disposals throughoui the year. All gains and losses are taken to the Statement of Financial Activities as they ]se. Realised gains and losses on inyesllnents are calculated as the difference between sales proceed5 and their opening eairying value or their purch&se value if acquired subsequeni io the first day of the financial year. Unrealised gains and losses are calculated ¥ the diff¢ren¢e between the fair value at the end of the year and their canying value. Realised and unrealised investTn¢nt gains and losse5 are combined in the Statement of Financial Activities. CASH AND CASH EQUIVALENrs Cash and cash equiVents are basic fmancial instruments and include cash in hand and deposits held at call with banks. EMPLOYEE BENEFITS POLICY The costs of short-temi employee beuefits are recogui5ed &5 a liability and an expense, unless tho% c95ts are required to be recognised as part of the cost of stock or are capitaiised &s an illtallgible f]xed asset or a tsll8ible fixed asseL The best estimate of the expenditure required to settle an obligation for termsnation benefits is recognised immediately as an expense when the Charity is detnonstrably comtnitted to t¢rrninate the tmploytnent of an employee or to provide trrniination ben¢fits. PENSION COSTS The Fund makes payments to the individual pension policies of qualifyin(T employees. The pension costs tharged in the Staternent of Financial A¢tivitie5 represent the contribuiions payable by the ¢harity during the period. FUNDS ACCOUNTING Funds held by the charity are: Page 13
Newspaper Press Fund ACCOUNTtNG POLICIES Unrestricledgeneralfynds- these are fvnds which can be used in accordance with the charitable objects at the disortion of the Trustees. Res¢riciedfynds-these are funds which are to be Used for specific puryxjses as laid down by the donor. The Charity does not currently have any restricted funds. LIABILITIES Liabilities are recogni5ed when the entity h&8 an obligation to transfer econornic benefits as a result of past transactions or events. FNANCIAL INSTRUMENTS The Charity only has financial assets and f]nancial liabilities of a kind that qualify as b&si¢ f]n2ncial InStnents. B1¢ f]n2ncial instrents att initially measured at transaction value and subsequently me&gured at their settlement value. ACCOUNTtNG ESTIMATES AND AREAS OF JUDGEMENT Esti]nate5 and judgements are continually evaluated and are b¢d on historical experience and other factor including exp¢¢tstions of fijture events that are believed to be re&sonable under the circumgttnces. Accounting estimates andSUmptiOnS The Chlty makes estirnates and assumpiions concerning the future. The resulting accounting estimates and &ssumptions will. by def]nition, seldom equal the related actual results. The Trustees do not believe there to be any estimates or judgements which have a siwificani risk Of causing a material adjustment to the ¢arying amounts of assets and liabilities within the next financial year. Page 14
Newspaper Press Fund NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 December 2021 DONATIONS AND LEGACIES 2021 £'ooo 2020 £'ooo meberS Districts Gl&8gtsw West Midlands Wa]e5 Appeals Legacies Special Events Income recoverable 43 59 28 196 65 21 10 10 162 In¢orne tax recoverable moved from Investment incom¢ rNVESTMENT tNCOME 2021 £'ooo 2020 £'ooo Dividends- equities Interest- fixed interest securities 233 42 167 43 275 210 CHARITABLE ACTIVITIES 2021 £'ooo 2020 £'ooo Residents Fees and Rent.. Ribblesdale 141 132 141 132 COST OF RAISING FUNDS 2021 £'ooo 2020 £'ooo District expenses Glasgow West Midlands Wales 32 32 Investment Management Costs Cost of ¢v¢nts 34 29 70 35 Poge li
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMEKrs for the year ended 31 December 2021 COST OF CHARITABLE ACTtVITtES Homes Homes Munagement 2021 Tolal £'ooo 2020 Total £'ooo FraiSIng £'ooo Granis £'ooo £'ooo £'ooo Staff costs 42 90 22 2i4 Runnints costs Depreciation Governan¢e & 5UPPOrt Costs 98 38 103 38 147 106 17 138 86 40 21 181 82 226 532 495 Grants awarded 201 201 204 283 226 43 733 699 2020 167 275 216 41 699 All grants awarded were to individuals in both years. GOVERNANCE & SUPPORT COSTS 2021 £'ooo Basis of allocation Utilities and insurance Repairs and renewals Head Office staff costs Other Head Office costs 31 Proportionate to office and athnini%tration stsff ttme Spent 103 147 2020 Governance & support costs 138 Page 16
Newspaper Press Fund NOTES TO THE FfNANCtAL STATEMENTS for the year ended 31 December 2021 EMPLOYEE AND STAFF COSTS 2021 2Q20 The number of employees throughout th¢ year, calculated on an average basis was.. oirice and Admini5trdtion Residential and Ce Homes The average number of ernployees throughout the Ye represents the aVere over the whole year. Employees throughout the Ye on a full tim¢ ¢quival¢nt basis was 6 (2020: 6). 2Q21 £'ooo 2020 £'ooo The costs of employing these staff were.. saIles and Wages Social security costs Pension Sth¢m¢ contributions 292 32 23 286 29 20 347 335 One employee received remuneration between £90.000 - 100,000 Q020'. none). no employee between £80.000 - 90.000 (2020: one). TNstees are not remunerated (in either 2021 or 2020). £2,049 w&5 reimbursed for expenses in relation to travel and entertainment to J Trust¢¢s {2020.' £530 to 4 Tte¢S). Public liability insurance paid in rega to Tnte¢S £95912020.. £862). The Charity Considers its key management personnel Comprise the Trustees and the CEO. The total ¢mploirynent benefits including pension scheine eontributions of key mana(TeFnent perso1cl were £112.J92 (2020.. £105,3Jl). The ernployers nationa] insurance ¢ontributions in respect of the key management personnel was £1 1.464 (2020.. £10,681). NET fNcoMEI{EXPENDITURE) 2021 £'ooo 2020 £'ooo This is stated after charging.. Auditor's remuneration Depreciauon Net loss on sale of fixed asset 21 38 20 17 332 This is ststed after adding.. Net profit on sale of fixed asset 425 Page 17
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2021 TANGIBLE FIXED ASSETS Freehold lundartd fittings & buildings equipment £'ooo £'ooo Totul £'o(10 Cost or valuation l January 2021 1.221 37 1,258 Disposals (200) (9) (209} 31 December 2021 1,021 28 1.049 Depreeiation l January 2021 306 339 Charge in year 36 38 Disposals in year {45) {9) (54) 297 26 31 December 2021 Net Book Value JI December 2021 724 726 915 919 31 December 2020 The valuations of land and buildings were made in 1997 by Messrs Martin BroNI) (Valuets and Surveyors). This valuation was trear¢d as cost on adoption of FRSIO2. Page J8
Newspaper Press Fund NOTES TO THE FINANCtAL STATEMENTS for the year ended 31 December 2021 10 INVESTMENTS 2021 £'ooo 2020 £'ooo Fair value at l January 2021 Acquisitions at cost Sales proceeds from disposals Realised gains in the year Unrealised uain in the year Net c&%h Jnovemeni 8.517 1.024 {651) 112 687 45 5,506 3,361 (929) (5) 141 443 Fair value * 31 Decernber 2021 9,734 8.517 Investments at fair value comprised: UK red interest securities UK equities Overs¢as ¢quities C&%h deposits 1,999 3,513 1.757 3.029 3,244 487 533 9,734 8.517 Historical ¢ost as at 3 1 fk¢¢rnber 2021 7,100 6.499 Cash deposits represent amounts under the discretionary management of the Fund's investsnent managers. No individual holding exceed$ 5V/o of the tottl fair value. I I DEBTORS 2021 £'ooo 2020 £'ooo Other debtors and prepayrnents 23 36 12 CASH AT BANK AND IN HAND 2021 £'ooo 2020 £'ooo CAF accounts Branch bank aecounts Head office bank accounrs 101 14 400 69 14 296 515 379 13 CREDITORS: Arnounts falling due within one year 2021 £'ooo 2020 £'ooo Trade creditors Sundry creditors and accnjals 42 59 53 70 Page 19
Newspaper Press Fund NOTES TO THE FfNANCIAL STATEMENTS for the year ended 31 December 2021 14 DFERRED fNCOME 2021 £'ooo 2020 £'ooo Brouoht forward at l January Rel¢2s¢d during the year Deferred during the year 26 (26) 17 Carried forward at 31 December 26 Deferred incorn¢ r¢lates to the Wa]es M¢dia Awards event. 15 FUNDS Bolance ar J January 2021 £'ooo Nel ieStment movements Tra[erS Bdl&nce ai between 31 December 2021 £'ooo Funds Income Erpenditt4re £'ooo £'ooo £'ooo £'ooo UnTestri¢ted General 9,781 1,168 803 799 10.945 9,781 1,168 799 10,945 Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objections. 16 PENSION COMMITMENTS The charity does not operate a pension scheme bui contributes to the personal pension p18n of certain employees. Contributions paid by the charity are disclosed in note 7. 17 TAXATION The N¢wspap¢r Pr¢5s Fund is a registered charity and as such its income and gaiDS falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the TLxation of Chargeable Gains Act 1992 aTt exempt from coryoration tax to the extent that they are applied to its clwitable objectives. Page 20
Newspaper Press Fund NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 December 2021 18 RECONCILIATtON OF NET MOVEMENT OF FtrNDS TO NET CASH FLOW FROM OPEIL4TtNG ACTIVITIES 2021 £'ooo 2020 £'ooo Net movement in fimds Add back depreciation Deduct investsnent income shown in investing activities Deduct gains on investments Decre&8e in debtors IDecrea8e) in creditors {GainyLoss on disposal of fixed asset 1.164 (4121 17 (210) (275) (799) 13 (17) (425) (136) Net cash used in operating activities (301) (408) 19 RELATED PARTIES Donation income of £IOk {2020.' Iokl was received from ¢ntiti¢s with diredors who are a]5ts Trustees of Newspaper Pre55 Fun(L Page 21