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¢si￿ed 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 DI￿tOr.
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 cU￿ent)- 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 sUp￿rt 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 f￿ancial 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 dO￿￿tUrn 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 StrU￿tr 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 wI￿ntial 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 Ch￿lty 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 grea￿r 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 pande￿1¢ 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 JOL￿nalIst$ whilst
there eontinues to be a need in the indu5ty. The recovery of the Ch￿ity'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 fi￿draising 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.
Tn￿reeS 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 th￿tee 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 ￿e￿berS 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 b￿lS 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 rEmuner￿lon
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 ch￿lty 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 incr￿Sed 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 r￿OrdS 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 Ch￿itIeS and Tn￿ee 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 f￿ancial statements. we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the f￿ancial 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 acCoL￿tIng 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 aSSe￿ing the Ch￿Ity'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 irr￿ular1tieS, 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 pr￿edureS we consider the most si￿lf1¢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 T￿lee5 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 prep￿ed 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 recO￿lsed 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 equiV￿ents 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 InStn￿ents.
B￿1¢ f]n2ncial instr￿ents 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 and￿SUmptiOnS
The Ch￿lty 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
me￿berS
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
F￿￿raiSIng
£'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 C￿e Homes
The average number of ernployees throughout the Ye￿ represents the aVer￿e 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..
saI￿les 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 T￿￿te¢S).
Public liability insurance paid in rega￿ to Tn￿te¢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 perso1￿cl 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 r￿ed 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
i￿eStment
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