Journalistg Charity Supporting journalists nationwide Trustees Annual Report 2022 Founded 1864 as The Newspaper Press Fund Support and eare for journalists and their dependants in need Th¢ Journalists, Charity is th¢ working name of the Newspaper Press Fund and is a registered charity in England and Wales12082151 and Scotland ISC0424051
Newspaper Press Fund REFERENCE AND ADMINISTRA TIVE tNFORMATION Cowicil rrrustee$) Chri5tin¢ Warwi¢k. Chair Paul Jones, vite chair Jill Palmer Ramsay Smith Mike W•soD Arjna Botting (resigned 1815122) Rob Gibson {resigned 1815ll2} Nichol Jones {resigned 1815122) Catherine Reid {resigned 1815122) Chri5 Boffey John Crowley Sue Ryan Laurie Up5ho arles Gwside Ircsigned 1815122) Derek Inmam (resigned 18151221 Ray Massey (resign 18J5f221 Richard Savill (resigned 1815122) Prillcipal Offic¢ I l Ribble%lalt, Roman Roa¢ Dod(in& Suney B114 3EX Telcphone.. 01306887511 email: enquiries@iournalistsch&rity.org.uk Chief Executive= Finance Director: Charity Cworker. Jamc5 Brindle Sarab Pearce Jo Downing Ribblesdale Roman Road, DoTking, SuN¢y RH4 3EX- T¢l¢phon¢ 01306 640664 Scheme Manager.. Kisnah MLN)neegadoD Aiidithr RSM UK Audit LLP, Portland 25 High Str¢eL Crawl¢y. West Sus5¢k RHIO IBG Bankers HSBC, 18 North Sx Leatherhd, Surr¢y Kl22 7AR Coutrs & Co Ltd., 188 Fleet StreeL Londort EC4A 2HT CAF Bank. 25 Kings HTII Avcnue, West Ma]litLg, Kent ME19 4TA Solicitors mr$ Down4 156 High Stree¢ tkprking. Surrey RH4 IBQ Inv¢stm¢Dt ManagerJ Charles Stanley & Company Lt&, 2 Westover Road, Bournemouth BHI 2BY Honorary Consultants Dr Brian E Bourke, FRCP David J Spalton, FRCS. MKCP Page I
Newspaper Press Fund TRUSTEES REPORT for the ear ended 31 December 2022 The Tn(e¢S prcscnttheir reportalong withthe financial statements ofthe ¢hariry forthe yearended 31 December 2022. The fJnanciaI statements have been preped in a¢coth¢e with ihe a¢¢ourning poli¢i¢s set out on pages 12 to 14 and comply with the Chity'S chaner. the Charities Act 2011 and AGcounting and ReportLng for Charities 2nd the Siatcment of Reeorntnended Prdcttee applicable io Charities preping their accounts in a¢¢ordan¢e with the Financial Reporting Stsndard applicable in the and Republic of Ireland {effective l Janu8ry 2019). OBJECTIVES AND ACTIVITIES In 1858 it was rttorded th2t"The nece&8ity for establishing a Providcnt and Bcnevolent Fund in conDectiOA with the newspaper press became the subje¢1 of conversation ai arneeting of Parliamentary rerterS., For six year% a nurnber of attempts were made io esrablish this wAthout success until in 1864 when Trysie¢s were appointed and a President elected. In 1890 The Newspaper Ptrss Fund, as an unincorporat&l association. was granted a Royal Charteras its governsngdocumentand in 1962 ti was register¢d as a charity {number208215) and later in Scotland (number SC042405). To reflect the ¢hanging ]lUre of joumalism a working name was introduced in 21MM &5 NPF-The Journalists. Charity and amtndtd in 2005 to JournaSists' Charity. The Charity's objective5 are to help meet the nee(Ls of British and trish journalists and their dependJts. There is a twofold approach to meeting this objeuive - the making of cash grants appropriale and the provision of retirement housing. The objectiv¢s of the charity are "Our maximum position should be that we should help as many joumaltsts throughout the UK u possible who are facing hardship. including medical wnditions and rinan¢ial haJthip.- In setting our aims for thc y¢ar and planning oyr activitics th¢ Trnstccs havc 8iv¢n careful consideration tt) the Charity Conunission's guidance on the re]ief of povety for public benefit and on fce paying for seryices. The charity delivers its charitable aitns ill two ways.- through direct delivery in providing retirement homes for journa]ists" alld through grant m8J(ing individuals. W¢ wel¢om¢ applications for help from all who ar¢ wrrently, or hav¢ been journalis#5, with journalism s th¢ir PTincipaJ source of in¢otne for & leasi two continuous year5 Out ofthe last five ve2rs or for seven years in tot21 (if not cuttent)- In &ldition. their dependants are eligible for cottsidcraiion for as8iSt8nce. ApplilS arc acccptcd from those who are citizens of the United K2ng(iorn and of Eire and other journalists who have worked in these couutrie& 5ubjeL* to the twfryear eligsbility rule. ACHIEVEMENTS AND PERFORMANCE The activities in 2022 continued to be the flnancial a55iStance and SUPPDrt ofjourrH]ists in net(L togttljer with the provision of retireTnent housints . During 2022 the demand for grdnts remained at a similbr level to that of 2021. Notably 5J per¢eM of the beneficiaries awarded ryts in 2022 were new to the Charity. During the year the ChaTity gave financial assistance to 103 (2021.101) people by way of financial help aTwJ provided accommodation for 20 {2021:21) people in the sheltered homes in Dorkin8. Those helped by the Charity have histori¢aily bees] retir&l. but with continuing increase in the nwnber of new bcnefi¢iaries during 2022 this ha5 a¢hieved a Tnore diversified age bracket with a larger prowrtion of working age journalists btirjg given financi assistance. The Charity ha5 helped in a wide YaTiety of c&8cs of financial hardship- this could l)e due to a change in pension age, a young family suffering a downturn in their finances through ill health. a single perso suffering m¢ntal stress through isolation and a l&k of available work or a newly qualifi¢d Journali sttugg]ing for fiTwiria] serurity in their fiT5t job. The Charity makes fjnancial ryits to individual journalists and their dependants that are in Ded. All gr8nts are a$Sed on their Indidual merits & full medillgs of the Council. The objective of the Chgxity is to help as marty journalists irt need as possible. This may be through fLriaii¢ial sistsnce, accommodation or &Jvice to how a diffIculi situation can be imptDved. Most cases are deali with within a month. The Trnstees consider a pri)mptresponse tothose in a difficultsitll3tion is essentia]. The Charity's success is meawred by the number of grdnts it gives to journalists during the year. Page 2
Newspaper Press Fund TRUSTEES REPORT for the ear ended 31 December 2022 RISKS Th¢ Trustees re¢eiv¢ a risk miew report amnually which identifies th¢ areas of potentia] risk ts the clty. The principal risk to the Cbarity is its ability to atrdet sufficient fuoding to cany out its charitsble activities. The investment FM)rtfolio is gn importgmt part of the CIMrity's income. Th¢ wforniance of the inve5ttuent portfolio is closely monitored with its ih)vwtment manager, Charles Stanley. There is an understood risk that the inv¢5tmeDt portfolio ¢2n gtr down &$ well as up. The Charity continues to promot¢ its¢lf through its website and online events Éo attfdct donors and future beneficiarie5. The Tru5t¢e5 have reviewed the aquacy of protection against these risks and where sn5ufficient have put in plate appropriate procedures to mitigate these risks. In Some PTOtECtion is provided by insurance. in others by monitoring. reporting and rt-assessing risks con¢¢m¢d. The trnstces rcvicw thc liquidity and c&8h flow risk to thc Cbarity by perii)dica]ly reviewing the bank balance5 or the head olTice and the accounts held with their investment Tnarjager, chl¢S Stanley. To minimis¢ ongoing risk the Tnte¢S ld agre¢d in 2020 to maintain a hsgher cash balanee to remove the need to transfer fijnds from its invtsiment portfolio. This proved a prudent move as income in 2020 continuing into 202? was affected by the reduction in dividends and income from ¢v¢nts. The bank balance5 are reviewed to ensure cashflow levels ar¢ sustainable. The c05t of living cri515 is adding to difficulties already in eximence. Journalists struggling io make reasonabl¢ living wage aJE facing a cost of living crisis as sts of everyday living increase at a tllne when their income 15 strugg]ing to return to pre-pandeuLiG levels. The charity ¢ontittues to maintaÉn a ca%h ba]anee to cover any expected operational deficit irt the year. The clwity typically provides finan¢ial help for between one and six ¥tLonths as needed but WLII continue io moniior th¢ need for grants agaiost the cathflow of the Charity to ensure th¢ ChaTity's lon¥evity. The sitsjation a& at April 2023 shows a similar projected deficitforthe Y&forthecharIty which is within the Current cash level of the Charity. Th¢ Charity will transfer illve5ttnent if the cash levels fall below operationaI ned. FINANCIAL REVIEW The finan¢ia] results for the year are sd out on page 9. The Charity had praided that 2022 would result in a operdting deficit of around £141,(x)O but that thi5 would be covered by in hand. The loss in Éh¢ year of £1.469,000 120?] surplus.. £1,164,000) carne about largely due to the decre in tht Charity's inves¢ment portfolio rnaxjaged by Charlts Stanley. The Charity consider that 2023 is likely to be similar to 2022 but a recovery in investment divid¢nds will give a more positive outcorne. The currentprojECtion is that dividEnd r¢trJrns will be iM¢rrased In 2023. GOING CONCERl+J The accounts are Prepar on asoins coDctrn basis inaccordanGe withtheTes¢rves and risk policy of the Charity. The Trustees consider the reserves are such that the Charity will continue to support Journalists whilst there coniinues to be a need in th¢ industsy. The loss in th¢ year of £1,469,(100 is mainly due to the fall itl value of its investment portfolio due to the volatility in the investh)ent markets this ft)Ilowed on from the surplus in 2021 of £1,164.IY)O again tnainiy due to the investment markets. Although the coronavinLS Outbrcak and cost of living crisis have not had att irnpact on the charity as a going concern, it Is likely to mean that the Charity will continue to suffer a deficit in the s1¥)rt t¢rni. Whilst the value of the Charity's inve5tmeDt p)rttolio has fallen during 2022 and the inGoTDe of the ChaTity is unptedictsble. The Charity will contittue to mortitorthe perforn)anee of the investment portfolio and cash ba12n¢es alongside its wt making wlicy. The trnstees do not CODsider any chatage5 ill the grdnt rllaking policy necess4ry at the ¢tUTent FX)int. FUTURE PLANS TheTrustee5 ofthe Charity continueto focus on grantgivingto journalists in need andreviewlnethodsofreaching more journalists in need of financial assistance. The grant giving of the Charity has aiways been the Charity's primary aim. The Charity will c0tttjrt to review its finances and operations. The trustees have considered atthis srage there is no change w the Strate of the ¢hariry. RESERVES POLICY The charity holds reserves In order to generatr income to support the work of the Chariry. The Chariry's r¢sery¢s have de¢re&sed by £1,469,DOO in 2022. The level of the Charity'5 reserves is reviewed gUlarlY by the Coun¢il Puge S
Newspaper Press Fund TRLSTEES REPORT for the ear ended 3 1 December 2022 as part of the examination of the financial perfomiance of the chlty. The Charity's reservcs at 31 December 2022 were £9,476.000 (2021.. £10,945,000) which is sufficient to sustain the Charity for at Ica5t the foreseeable fuwre. £687,000 (2021.. £726,000) are ii¢d up in f¢d ss¢ts, leaving £8,789,QOO (2021= £10,219.000) of free reserves which includes amounts held as Ivesents of £8,461,00012021.. £9,734.000). INVESTMEiYT POLICY AND IWAGEMEP4T The investment poli of the TnteeS is io olMise the totaI rettmi of income and capitsl from the portfolio. In order to achieve this they have appointed investment tnanagers at]d have agreed asset alloGations with theTn and b¢nchmarks against which perforni2nee is me&sured. The CounciI I% agreed the investment risk mandate should be a balance between income and capitalgrowth butwith abi&8 towards ineolne and arnedium lowrisk tolerance. They have set the followiD8 Rnvestment pararneters: UK Fixed Interest UK Equiti¢s Cash overs Equities 35ts/0 to 71P/ O/to IO/• As an aim. no single equity holding should routinely represent an investtneni of over £S00.000. The perforniance of the portfolio should seek to Tnatch the APCIMS Income Portfolio IndEX. ValuatioTJ5 will be PTDvided rnonthly and the Council will review the invesmient policy ai half-yearly intervaIs. The investments over-performed the benchmark throughout the year. Charles Sta1¢Y & Company Limited have discretionary management of the FuDd'5 inve5tsnents within limits set by the Council. The Charity's aim 15 to Tnaiutain investtnent% that produce a sufficient income to enablethechariry to fylfil itsnttds. Although the ¢urrentba]ance of the Charity's investmeni rK)rtfolio h&s fallen as at3 1 DeceTnber 2022 it is diffjeult to predict the effect of currentworld events during 2023. Theeffe¢tofthecoronaY1n pandemic 0break andcoszof living IneaSe5 is likely to ntinuet0 have anegative impact on ¢h¢ Charity's InM¢ through 2023. FUNDIL4ISING The Charity's approach to fundraising is through publi¢ity and enwuragem¢nt of donations at its events. Events are able to take place in reity bul p05t covid the detnand is on aTeduGed Scale. The C12arity does not utilise aggr¢ssiv¢ or inlntsiv¢ fundrnising policy and is awateofa]I fundrdisingthatis ¢arri¢d ou¢ in its nam¢. Th¢Charity considers itimpN)rtantthatits fundrdisingconfoTms to recogAisedstat]dBrds sothat the public. includingvulnerable people, are protecied from unreasonably intrysÈve or persistent fijndraising approaches and ulldue pre5SUTe to donate. STRUCTURE GOVERNANCE AND MANAGEMENT The goyerning docurnent of the rh2rity is a Royal Charter grdnted in 1890 with bylaws that prDvide the M&5 of implementing the pD)visions of the charter. The Privy Council has entlY approved some admintsirtliv¢ changes. Tn£yieesAppointsp7£ni andRoFonsibililtes The Council {ThJst¢es) ¢Oll5iSLS of ex-officio and ele¢t¢d ]nemb¢rs who m¢et monthly. RecTUEtmeMt, induction andtrainEw The Tru5te¢s are recruitrd from within the Indus by th¢ existg Trustees. 10 reflect the geogr4)hic spread and diverse nature of jownalism. Additsonally? there is a mix of working and retired journalists. It is therefore very likely that any new TNstees are aware of our wot )d will have supp)rted us previously in some Trspe¢L having been Members of the Charity. All new TSteeS receive the relevantcharity Commission publications concerning Trnstees and ¢opies of th¢ minute5 of the Nste¢ me¢tings for the previous 12 month5 as well as information regarding the charity. Member5 of the Council stand for re-election annualty in rotatiOTE. OEher nominatiolls tnay be put fonvard by members ofthe Fund who rn$t submitthe Tharne and address of theeandidate, together with names and addresses of the proposer and seconder. at least 14 day5 before the Annual Meeting. The Council may. at any time. eo•OPt rnember5 to fill vacancie5. subjECt to Gonfirmalion at the next Annual Meeting. The memb¢r$ are apFointed for a J-year tern after whieh period they may put themgelves forward for re-appointment at the next Annual Meetin& Pcy4
Newspaper Press Fund IRUSTEES REPORT for the ear ended 31 December 2022 Deeisiotts made by the Tnths are iMplenlled 2nd managed on aday to day basis by th¢ CEOwho is supp)rted by a staff of three {iTJcluding two part-tim¢r5) and currently 3 members of stsff (Including part-timers) at the sh¢ltered bou5ing complex. The staff a liJnit¢d delegated authority to replace items in the office and homcs. The Charity also uses volwiteers where appropriats. Voluftteers cati eiiher be from the Alldusty to help r¢ath beneficitries througbout the country. K¢y Manogementpersone1rePeraIlO The Tru5tecs consider the board of Trusttts and the CEO as cornprising the key management p¢rsonn¢l of the chariry in charge of directing aDd CQTJtrollillg th¢ charity and runniDs and operattng the rharity on a day to day basis. All Trustees give their time freely and no trubtre remurteration was pvid in the year. Details of Tn]5tee expense5 arc discloscd in note 7 to the xcounts. Trusie¢sa requir¢d todisclose all relevant intert5tsandregi5terth¢m withthe ChiefExecutive 8md in a¢¢ordance with the ChaTity's ]IGY wIthdraw from decisions where a Cortflh of trrest aris¢s. The pay of the Charity's CEO is reviewed annlldly and nortnally increased in a¢cord2nce with the Consumer Price Index. The remLmeratioll is $0 b¢n¢h-marked with granl- making Glwitie5 ora similar Size and a1Vity to ensure thatthe remurjeration set is fair and not out of linc with that genera]ly paid for similar role5. REFERENCE èV4D ADMINISTRATIVE DETAILS The name of the charity is Newspaper Press Fund with a working name of Jouma]ists' Charity register¢d with the regulatory authorities under the registera number 208215 (England and Wa]esl and SC(M2405 (Scotland). Th¢ PriD¢ipal oifire of the charity 15 11 Ribblesdale, Roman Roa¢ Dorking, Surrey RH4 3EX Tru5tees' Responsibilities in tbe Preparation of Financigl Statement5 Law applicable to Bharities in England and Wal¢s requir¢5 the TrUSe5 to prepare financial siatemtnts for each fman¢ial year which give anue andfairviewofthe Charity's finan¢ia] activities durin£the ye2T andof its financial position at the end of the y&v. In preparing those financial statements. the Tru5tccs are required to: select suitable accounting policies and then apply them consistendy- ob5erv¢ the method5 and principles in the charities statement of reconmiended praetice Tnake judgements amd ¢stimates that are reOnable and pnthnt State whether applicable Uniied Kingdom a¢¢ounting standaTILs have been followtsj subjectto any dq)artures dis¢losed and ¢xplain¢d in the fancial state¢ts.. and prq)arc the finaneial staiements on the going concern basis unless it is inappropriate to presume that the ¢harity will continue in business. The Tnee$ are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and ¢nablE theln to ensure that the flnancial statements ¢omply with thc Charities Act 2011. the charity {a¢counts and reponsl regulations and the provision of th¢ Royal Chorter and bye-laws. They are also responsible for safrguarding the assets of the charity aDd hence for taking rEasonable steps forthe prevention and detection of fraud and other iTryularities. Approved ort behalf of the Trustees on 26th April 2023 and Sied on their behalf by.. C Warwick- Chair Puge 5
Newspaper Press Fund AUDITOR'S REPORT foT the ear ended 31 tkc¢Thber 2022 INDEPENDENT AUDITOR?S REPORT TO THE TRusfEES OF NEWSPAPER PRESS FUND Optnion We have audited the finala1 stam¢nts of N¢wspaperPress Fund(the'charity') forthe ye2r ended 31 December 2022 which comprise the Statement of Finaneial Activities, Ihe Ba12nce sh the C&%h Flow Statements #nd ote5 10 the finan¢ial siatements, including significant accounting wlicies. The financial rep)rtit)g framework been applied in their Preparation 15 applicable law alld Unitrd Kingdon] Accounting Standards, including FRS 102 Ybe FinanciaI Reporting Standard applicable in the UK and Republic of Ir¢l8nd" Iunitd Kingdom Generally Accepted Accounting Prdaice). In our opinion th¢ ftyan¢ial stat¢ments.' give a tTut and faiT view of the slate of the Gharity's affairs a5 at )1 December 2022 of its irJ¢oming resources and applicion of resources ftlr the year then ended. have been properly prepared in accordance with United Kintsdom GeneraIly Accepted Accounting PTarli¢c; and have been prq)ared in accordance with the requirements of the Charfftties and Tn]stee tnvestmcnt (Scotland) Act 2005. regulation 8 of the Charities Accounts (SC18j)dI Regulations 2006 (as amended) and the Charities Act 2011. Basis for opinion We have been ap]X)int auditors under section 44(IX¢) of the Charities and Tntstee Inyesthjent (Scodand) Act 2005 and under se¢tion 144of th¢ Chariiies A¢t 2011 and ffport in accordance with regulations made underthose Acts. We ¢onduued our audit itt accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicthle law. Our r¢sponSLbitities under those swidard5 ar¢ furth¢r d¢s¢rib¢d in ¢h¢ AuditOT'S resy)nsibilities forth¢ audit of the financial statements section of our report. We are ind¢pendetJt Df ihe cFwity in aG¢ordante with the ethica] requirem¢nts ihat are relevant to our audit of the finaneial statements in the LK. includin4p the FRC'S Ethical Standardand wehavefvlfilled ourotherethical responsibilities in accord3n¢e withihese requirements. We believe that the audit ¢vid¢n¢¢ w¢ hav¢ obtained is sufficient gJJd appropriate to provi(k a basi5 for our trpinion. Condusions relating to going tontern In auditing thE fancial stateTnents, we have concluded that the mjstees. use of the going concern b&sis of aKounting in the prEpardtion of the financial ststements is appropriate. B&5ed otj the work we have perforn)ed, we have not identified any m2teTial uncertainties relating to events or conditions thaL individually or collectively, Tnay c&8t %ignific8nt doubt on the charity's ability to continue ag going concern for aperiod of * least Éw¢lve months from when the financial sratements are athoriSed for issue. Our resp)nsibilities and the responsibiliti¢5 Of th¢ twstee5 with r¢5P¢¢I to going concern ar¢ deibed in the relevallt sections of this report. Other inforniation Theother information comprises the inforn)atioTh included in the Tru&ees rekN)rtotberthanthe financial statemenLS and our auditor's report thereon. Th¢ ttwie¢s are responsible for the other inforniation coniained within the Tru5tecs rcport. Our opinion on the finsn¢ial stat¢TnEnts doe5 nol cova the other iDfoTrnation and, we do T express any forn) of assutw)¢e conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is m&tcrially ineonsistertt with the fianCial statements or our knowledge obtained in the course of the audit or othenvise aPp&S to be materially fftisstated. If we identify such mat¢rial in¢oDsiStencies or appar¢nt material misstatements. we are required to determine whether this gives rise to a tnaterial misststement in the financial staternellts themselves. If. based on the work we hav¢ perfornied, we conclude that there is a material misstatement of tbis other inforniation. we are required io rc[ that fa¢L We have nothinsty retK)rt this regard. Page 6
Newspaper Press Fund AUDKTOR'S REPORT for the ear ended 31 December 2022 Matters on which we are required tsk report by exeeptioll Wehavenothingto rerK)rtiTh respectof the followng matter5 whetr thecharities Accounts ISc<)tlandl Resulations 2006 (& amended) and the Charities Act 2011 rquire us to report to you if, in our opinion.. the infOatiOn given Rn the fjnancial seMents is ineonsistent in atiy material r¢5pect with the tNstees' annual report: or proper and Sufficient aGcounting re¢ords have notbeen kept" or the fInaneial statements are Aot in agreement with the ating recor(ts a[ returns; or we have not received all the infortnation and explanations we requiit for our audit. Re5wu$ibilities of £rustets As explained more fjjlly in the statement of trustees. ttsponsibiliiies seiout on page 5 the tru5tee5 are responsible for the preparation of the financial statetnents and for being saiisfied that they give a true fair view, and for such inteTt2al control a5 the tTUStees detemjine is neccssary to cnablc the prq)gtIOft of financial st8ments that are free from material miSstrtem¢( whether due to fraud or error. In preparing the financial statements, the trusteE5 r¢spon%ible for assessing the charity'5 ability to continue as a going concern, dis¢losin& &$ applicabl¢, matt¢TS r¢lat¢d to going eoncem and using the going concern basis of accounting unless the truste¢s either intend ¢0 liquidate the charity or to cease operations, or have no r¢alisti¢ alternative but to do so. Auditor's responsibilities for tb¢ gudit of the fm&ncial statemtnts Our objective5 are to obtain ronable a55urance about whether the fin¥mcia] statements as awhole are free from material misstatemenl whether due to fraud or error, and to iS5u¢ an auditor's reFKJrt that includcs our opinion. Re&wnable assurance is a high level of &ssurance. but is nix a guardntee that an audit conducted in accordance with ISAS (UK} will alwavs ddect a materia] Tnisstatement when it exists. Missfai¢m¢n¢5 can arise from fraud or error and are considered meriai if, individually or in the aggregate. they Gould reasonably b¢ ¢xp¢¢ta to influence the economic decisions of users taken on th¢ basis of thos¢ finaD¢ia] staiemettts. The extsrtt to whirh the audit Wgs Considered ¢Apable of detecting irreglllaritie& ineluding fraud Irregularities are instsnces of non-compliance with law5 and regulation5. The objective5 of our3udii are to obtsin suffirient appropriat¢ audit ¢videnc¢ sIng ¢omplian¢¢ with laws atid regulotiorls that have a di1 effect on the det¢nnination of Materi amounis and dis¢losur¢s in ih¢ financial statements. to perfom) audit ptDcedures to help identify in5tan¢es of non-WT]]pliance with other laws and regulations that tnay have a material effe¢r on ¢he fi1wici statements, and to reswnd appropriatrly to identified or suspected non4omplian¢¢ with laws aryj regulations identified during the audit. In relation to fraud the objectives of our audii ar¢ to identify and assess the risk of matla1 mislement of the financial statements due to fraud. to obtain sufficient appropriate audii ¢viden¢e regarding the &%sessed risks of mat¢rial misStat¢m¢nt du¢ to fraud through designing Ènd inplementing appropriate responses and to respond appropr]4t¢ly to ftaud or 5usperted fraud identified dunng Lhe audit. However, it is the primary re5pon5ibility of magement with the oversighi of thos¢ ¢hars¢d with governatKe. ensure that rhe entity's operations are conducted in ac¢ordance with the provisions of laws and regulations and for thr pm¢ntion and detiott of fraud. In idetttifying 2nd wessing risks of material mi&8thtrm¢nt ID respect of irregularitie& including frau4 the audit engagement team.. obrained an understsnding of the natuT¢ of the sector, including the legal and regulatory frameworks that the charity operdtes in and how the ¢FLarity are complying wth ihe l¢gaI and regulatory framewtsTkg' inquired of management. and those charsed with governanc< about th¢ir own identification and as8cssment of the risks of irregularities, including any known actual, sspected or alleged insffin¢es of fraud. distussed matters abo non-complian¢e with law5 and regulations and how fraud Tnighl o¢cur sn¢luding assessment of h)w and wh¢r¢ th¢ fMan¢1 stm¢nts may be susceptible to fraud. As a sUIt of these procedures we con5iderthe m05t Si]1r1Ct laws and regulation5 that have a direct impart o th¢ financial statements are FRS 102. Ch8rities and Trustee InvesthLent (Scoilandl Act 2005, regulation 8 of the Charities Accounts Iscotland) Regulations 2006 (as amended) the Charities Act 20118md the charity's Poge 7
Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 December 2022 Charter. We perfonned audit procedures to detect non-compliances which may have a material impact on the financial statements which in¢luded reviewing the financial 5tstements including the Trustees. Report and a5se5sing whether the property di5rx)sal had been appropriately undertaken. The audit engageTnent ieaTn ideniified the risk of maTgement override of controls as the area where the financial statements were most susceptible to material mi5Ststetnent due to fraud. Audit procedures performed included bui were not limited to tesiing manual joumal entries other adjustments, ¢valuating the business raiionale in relation io significani. unusual transactions and transactions entered into outside the nomial wurse of busirtess and challenging judgments and estimates. A further descfSPtion of our resnSIbilitIeS for the audit of the financial statements ts I0ed on the Fin8ncia] Reporttng Council'5 website athttp=ih¥ww.frc.org.uklauditor5respon5ibilities. ThJ5 description fornis part of our auditor's rerK)n. U$e of our report This report is made solely to the charity's trustees, as a body, in accordance wilh section 4411)Icl of the Charities and Twstee Investment {S¢otland) Act 2005, and regulation 10 o.'the Charities Accounts {S¢oiland) Regulations 2006 (as amended) and the Charities Aci 2011. Our audit work has been undertaken so that we might sthie to the charity's trustee5 those matters we are required to state to the]n in an auditor's report and for no other purpose. To the fullest exrent pernitted by law, we do not accept or assume res]x)n5ibility to anyone other than the charity and its trusoes as a body. forour audit worK forthis rwrt, or forthe opitjions we have fom)ed. l5n LLf Ztt LoTrgstaff-Tyrrell For and on behalf of RSM UK Audit LLP, Statrjtory Auditor Chartered Ac¢ountaDts Portland, 25 High Street Crawley, West Su%sex RHIO IBG Date 16 May 2023 RSM UK Audit LLP is eligible to act as an auditor in terrns of section 1212 of the Comp&]ies Act 2006 Poge 8
Newspaper Press Fund STATEMENT OF FfNANCIAL ACTIVITIES for the e8r ended 31 December 2022 Toial Total FUF Unre31ricted Reslricied Fund Fnd £'ooo £'ooo Noies 2022 £'ooo 2021 £,(0 FROM: Donations & legacies Other tradillg artiviti¢s Investment income Charitable activities Oth¢r inme 139 25 164 310 15 275 141 427 264 150 264 150 TOTAL tNCOME 562 25 587 1,168 EXPENDIT ON.. Raising fund5 Charitable a]vitieS (78) (714) (78) (739) (70) {7331 125) (792) 1251 (817) {8031 TOTAL EXPENDITURE Net (lossygain ort inv¢51m¢nt 10 {1239) (1,239) 799 NET tNCOMEI(EXPENDITUBE) (1,469) (1,469) 1.164 RECONCILIATION OF FUNDS TotsI funds brought forward 10.945 10,945 9,781 TOTAL FLfKDS CARRJED FORWAIiD 15 9,476 9,476 10,945 Page 9
Newspaper Press Fund BALANCE SHEET 31 December 2022 Notss 2022 £'oJo 202J FIXED ASSETS Tangible assets Invemments 687 8,461 726 9.734 10 9.148 10,460 CURRENT ASSETS Debtors C&8h at baDk and in hand 11 12 Es 362 23 515 377 538 LIABtLtTIES Creditors.. Amounts falling due within one year 13 (49) 1531 NET CURRENT ASSErs 485 NET ASSETS 9.476 10.945 FUNDS Untrstri¢ted gened fLmd 15 9,476 10,945 TOTAL FUNDS 9.476 10.945 Approved and authorised for issue by the Council OD 26 April 202) and signed on their beha]f by: C WaTwick Chair Page 10
Newspaper Press Fund STA TEMEN'I" OF CASH FLOWS for the ear ended 3 I December 2022 Notes To(alfynds ToialfvpEds 2022 2021 £'ooo £'ooo NET CASH USED IN OPERATING ACTtvrrtES 18 {451) 1301) CASH FLOWS FROM INVESTING ACFtVIl]ES: Inierest & dividends received PrOceS fyon) th¢ &qle ofinve5tments Puwh&s¢ of Inv¢sun¢nts Cash movements from Investing activitics Sal¢ proceeds from the sale of f]xed assets 264 1,636 {1.702} Ioo 275 651 11.024) (45) 580 io NET CASH PROVIDED BY tNVESTtNG AcrtVITIES 298 437 CREASE IN CASH & CASH EQUIVALEfs IN THE YEAR (153) 136 CASH & CASH EQUIVALENT BROUGHT FORWARD 515 379 CASH & CASH EQLryVALENT CARRtED FORWARD 362 515 Page IJ
Newspaper Press Fund ACCOUNTING POLICIES ACCOUNTING CONVENTION Bgsis of preparntion 9ssessrn¢nt of going concern The financial statements gTe prepated under the historital cost w)vention as modified by the it)clusion of invesmients at valuation and in accordance with applÈcable United Kingdom accounting stsndards. The financial ststernents bave been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in attcTrrdance with the Financial Reporting Standard applicable in the UK and Republic of lEeland (FRS 1021 effeGtive l J4U]uary 2019. the Charities Trustee Investment (Scotland) Act 2005 and Regulation 8 of Charities Accounts (Scot]and)Regulations 2006. The aecounts (financial statetne]]ts) have been prepared to give a'true and fair, view have dep3rted fro the Charitie5 (Accounts and Reports) Regulations 2008 only ts)theextentr¢quirEdtQPJDvide a'trueand fairvirw'.Thisdeparturc h¥sinvvlved following A¢¢ounting and Reporting by Charities preparing their acwunts in a¢¢ordance with the Financial Reporting St9thda appli¢able in the UK 2nd Republi¢ of Ireland IFRS 102} issued on 16 July 2014 T*her th the Aecouttting #nd Reporting by Charities: Statement of Recornmended Practice effective from l April 2005 which h&s since been withdrawn. The Newspaper Press Fund is an unincoTPDratrd chaTity. The gIStered olyice is I l RibblesdaIe, Rolnan Road. I)orking, Surrey, RH4 3EX. Th¢ Charity CQllStitutes a public benefit entity as defined by FRS 102. The accounts have bEert prepared with th¢ application of the FRS 102 triennial review. GONG CONCERN The Trustees consider that there are no material uncertatnties about the Chartty's ability to continue as a going concern for the foreseeable future. With re5peci tts the next reporting period, the year ended )1 December 2022. the rnost sitsnificant areas of uncertainty that affect the carrying value of a55ets held by the Charity are the level ofinvesttnent return a[ the perfornance of investment mark¢ts (se¢ the iDv¢stment policy and risk managemeni sections of the trustee's annual report formore inforniation). The Charity's c&sh position h&s covered the operationaE deficit in 2Q22, but it may not be sufficient to cover operational losses in 202J. The Charity will use funds from its investmentw)rrfolio if the cash in hand ts not iJITicient in 2021. The truqtee% cnn£ideT thAt the ]rreTry cxqh lÈvÈlq and inveqtrnent pnrtfnlin pmvide the charity with free reserves rhat will allow it to withstand the wteniial Cominuing impacts of Covid and the cost of living crisis for at least 12 months from the approval of the financia] statemcnt5. It is ¢xperted that the va]ue of the Charity's inve5ttnerJt will continue at similar levels 2nd the incorne ce7Ved from dividends will increase %light]y on 2022. whilst applications for financial help may incre&s< the eurrent forecast for 2022 and forrolling Nelve m¢)nths to April 2024 is still within the Charity's current levels. The impact of the outbreak and the cost of living LTiSiS is Dot considered to materially irnpact on that &ssessTnent and the fanCial statements ¢ontiDU¢ to be pr¢par¢d on a going wn¢ern buis. rNCOME Income is rttognised in the period in which thc Charity is cntitIed to reccipt and it is probable that it wi]] be received by the Charity and the arnount can be measured with reasonable certainty. Donations are tecognised whtn the Charity hxs bcen notified in writing of both the aTnount and 8ettlement date. In the event that a donation is subjeet to conditions that requiTr a level of perftsmianee before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully mel or the fulfilment of those condilions is wholly within the conttr>l of the Charity and il is probable thatthose conditions will be fulfilled in the reporting period. Receipt of a legacy, in whole or in p8r4 is only considered probable when the amount can bc eIred reliably and the Charity h2s been notified of the executor's intention to make a distribution. Where l¢gacie5 have bcen ntstifled to the Charity. or the Charity is aware of the granting of probate. and the eriteria for ittcome reColtI0 have not been m¢ ihen the legacy is treated &$ a COAtirtgeni asset disclosed if llrdWi. Page 12
Newspaper Press Fund AccouwfiNG POLICIES Fundraising is acwunted for a receivablc bLqis. Income recognised in advan¢e of a related event is deferred only when the Charity has Éo fulfil conditions before becoming entitled to IL OF where the donor has specified th the in¢ome is to be expended Rn a future perlod. Dividends are recogni5 once the divid¢nd has been declared aTMI llotification h&% been rtteived of the divid¢nd du¢ date. All expendinjre is accountrd for on an aecruals basis and has been classified under hEadgS that aggregat¢ ail costs related to th¢ category. Where costs cannot be dire¢tly attributed to particular headings they have been allocated io activities on a basis consistetjt with usc of the resources. Governance ¢osts are tho% in¢utted in connection with admini5trntion of the charity and VA)mpliance with constitutional and sthwiory requirements. Under costof charitable activities 400/0 of head offi¢¢ sthff costs Ld 50/¢ of othcr costs are a]located illto support and governan¢e ¢osts. The remaining 60th/oof stsff costs are shown &8 Staff costs and ofotherc05ts ore shown &8 runniTJg costs. This split is b&8ed on estima¢¢s of time spent on each activity. GRANrs Grants #re paid to indivtduals at the Trnstees, disuetion. Grants are r¢wgnised wh¢n a constructive obligation arise TANGIBLE FIXED ASSETS AND DEPRECIATION Assets CO#ing mor¢ £l,QOO are capit2Jised at cost. Computergnd similar UIpMent is written off ]lY in the year of pllrch. Depreciation is provided to vrrite off th¢ wst of f]xed assets I1vding1?lld) to their residual valu¢ ¢Y¢nly over their estimatsd useful lives which are a5 follows:_ Freehold buildings Fixtures. fittings and ¢quipment Fixtures. refi]rbishment eogts e8 bathDy)rn,br>ile.r Motor vehicles over 30 year5 over 3 year5 ver 5 years over 5 years INVESTMENIS Investments are stated at fair valu¢ kned on bid price ai the baTance sheth date. The Statement of FinanciaI Activiti¢s in¢lud¢s the net gains aJ]d losses arising on revalua¢ions and di5PO531s throughout the y¢ar. All gains and105se5 are takellkn the Statement (>f FInl¢saI Activities &8they arise. Realised gains and losses on inveskn¢nts are cal¢ulaied as the difference bett¥een sales procevjs and th¢ir opening carrying value or their purchase vaLue if acquired subsequent to the rst day of the financial year. Unrealised gains and loss¢s are calGu5at¢d as th¢ difference between thefairvalue atthE end oftheyearandtheir canyingvalue. Rea]i5ed and unrcalised invent gains and losse5 W1nbed in thc Statement of Financial Activities. CASH AND CASH EQUIVALENfs Cash and c&th equivalents 2re knic financial xtistnunents and includc ch in hand artd deposits held at call with EMPLOYEE BENEFJTS POLICY Th¢ costs of short-tetm employee benefits are recognised as a liability and an expense. unless those costs are required to be recognised &% port of the ¢ost of stock or 8re capita]ised as an intangible fLxed wet or atangible fixed a1. The best estimate of the cxpcnditure required to settle an obligation for temllmtion benefits 1$ recognised immediately &8 an ¢xpekW when the Clty is demonstsably committed to teTtnina the employment of an employee or to provide trrmijiation benefits. PENSION COSTS The Fund makes payrnetrts to the individval pension p)li¢ies of qualifying employees. Thepension costs charged in th¢ Stst¢m¢nt of Financia] Activities represent the contributions payable by the charity during the period. Page 13
Newspaper Press Fund ACCOUWflNG POLICIES FUNDS AccouwfiNG Funds held by the charity are: Urwulrictedgenerttlfunds- these are fund$ which c2n be Ttsed in aceordance with the ctwitable objects at the discretion of the Tnee$. ReSlricledfvd5- these are funds whieh are io be used for specific purposes 8s laid down by the donor. The Charity was had arestrictcd fund of £25,000 which w&8 received and fully discharged in the year. LIABtLITtES Liabilities are recognised whcn the entity ha5 an obligation to transfer CGOllQmiG benefrts as a result of past transactions or events. FINANCIAL tNSTRUMENTS The Charity only ha% firtancial assets and financial liabilities of a kind that qualify as basi¢ finan¢ial instrum¢nts. B]¢ financial instruments are InitilY me&sured at transaction value and 5ub5equent]y TllEasuTtd at their settlement value. ACCOUNTING ESTtMATES AND AREAS OF JUDGEMENT Estimates and judg¢ments are continually evaluated and are b&sed on historica] experience and other fxtOT including expectations of future cvents that are belicved to bc reaqonable under the circumstances. AccounÉing estimates andstiOnS The Charity makes estimates and &ssumptions conccrning the future. Thc resulting accounting estimates and assumptions will, by definition, seldom equal the related al results. The estimatrs and assumption5 that have significantrisk of cauging amaterial adjustment to the carying anounts of Sets gnd liabilities within th¢ next finan¢ia] year consider5 depwiation ro be one of these factors. Depreciation is provided to write off the c05t of fid assets (excluding lad) to their residual value evenly over their estimat&l useful life. Page 14
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 D¢c¢mb¢r 2022 DONATIONS AND LEGACIES 2022 £'ooo 2021 £'ooo Members Districts Glasgow Wert Midland5 Wttles Appeals Legaci¢5 Speeial Events InGorne tax recoveiEble 43 39 39 20 15 28 196 30 io 164 310 Income rax recoverable moved from Investtnent in¢om¢. All in¢om¢ in 2021 w&s unrestricted. The Charity receiv and fully discharged restiicted income {in¢luded under 'App¢als') of £25,000 in 2022. 2022 £'ooo 202] £'ooo Dividends- EqULti¢5 Interest- fixed interest securiiies 194 70 233 42 264 275 CHARITABLE ACTlVtTtES 2022 £'ooo 2021 £'ooo Residents Fees and Rent.. Ribblesdaie 150 541 150 141 COST OF RAISING FUNDS 2022 £'ooo 2021 £'ooo District expenses Glasgow West Midl2nds Waleg 40 32 40 32 Invesknent Managcment Costs Cost of events 34 78 70 Page 15
Newspaper Press Fund NOTES TO TI4E FINANCtAL STATEMENrs for the year ended 31 December 2022 COST OF CHARtTABLE ACtIVITs Homes Homes malgeMent 2022 Tolal £'ooo 2021 rolal £'ooo Ft4ndraising Grams £,(0 £'ooo £'ooo £'ooo Staff costs 82 45 91 242 244 Runnino costs Depreciatton Goveman¢e & suprK>rt costs 92 39 103 38 147 78 43 22 143 165 88 222 46 521 532 Grdnts awarded 218 218 201 165 306 222 739 733 2021 Igi 283 226 43 733 All grallts awarded were to individuals in both ye4rt. Grant expenditure in the current year includes £25.000 {2021: £nil) of $tricted expendiwre in relation to fijnds re¢eived in the year. See note I, funds were received to give financial assistsnce for applicants who have broadcast for the BBC. GOVERNANCE & SUPPORT COSTS 2022 £'ooo B&8is of a]lo¢atioA Utililies and insurance Repairs and renewals Head Office stsff costs Other Head Office costs Proportionate to office and administration staff tiTne Spent 101 143 2021 Gov¢man¢e & support 147 Pagg 16
Newspaper Press Fund NOTES TO THE FtNANCIAL STATEMEWt3 for thc year ¢nded 31 December 2022 EMPLOYEE AND STAFF COSTS 2022 2021 The numberof ernployets throughout thc year. calculated on an avcrdge b&sis was: Office and Administration ResIdelltial and Care Homes The averdge numberof employees throug[ut the year represents the average over the whole year. Etnployees thTDughout the year on a full time equivalent basis w&5 6 (2021.. 61. 2022 £'oo 2021 £'ooo The sts of employtng thtse staff were: Salaries and Wages So¢xal s¢¢urity costs PeD5ion Stheme contributions 295 28 20 292 32 23 343 347 One employee received remuneration between £90,0- 100,00012021: 1). Twstees are not remunerdted (in ¢ith¢r 2022 or 2021). £2,767 was r¢imbutsed for expenses in relation to travel and eMeinment w 2 Trustee512021.. £2,049 to 3 Trustees). Publi¢ liability insurance paid in rewd to TnL8tce5 £1 J16 (2021.. £959). The Charity consid¢rs its key mana2¢m¢nt p¢rsonn¢l ¢ompris¢ the Tnjstees and the CEO. The to1 ¢Tnploym¢nt benefits including pension scheme contributionsof key management personnel were£1 17.141 (2021.. £112.3). The ernploycrs national insurancc contributÉons in rcspcci of the key management personnel £12,452 (2021.. £11,464). NET INCOMEIIEXPENDITiJRE) 2022 £'ooo 202] £'Ot This is ststed after clwging: Auditor's rernuneration Lkpreciation 24 39 21 38 ThKs is stated after adding: Net profit on s21e of fixed asser 425 Page17
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022 TANGIBLE FIXED ASSErs Freehold Firlurai. laridaryd fittings & building quipment £'ooo £'ooo Toial £'ooo Cost or valuation l January 2022 and 31 December 2022 Depreciation l January 2022 297 26 323 Charge in year 39 31 Decembtr 2022 i35 27 362 Net Book Value 31 December 2022 686 687 JI December 2021 724 726 Th¢ valuations of land and buildings were madc in 1997 by Messrs Martin Brown (Valucrs and Surveyors). This valuation wastreaTed &$ cogt on adoption of FRSIO2. Page 18
Newspaper Press Fund NOTES TO THE FINANCIAL STA TEMENTS for the year ended 31 December 2022 10 EsTmENTs 2022 £'ooo 2021 £'ooo Fair value as at l January 2022 Acquisitions at ctrst Sales proceeds from disposa15 licalised gains in the year Unrealised gainl{unr¢alised losses) in the year Net movement 9.734 1,702 (1,636) 61 (1.300) (100) .517 1,024 (651) 687 45 Fair valuc at 31 DEcetllber 2022 8,461 9,734 Investments at fair value comprised: Lq( fixed interest securities UK equities Ov¢rseas equitie5 ProF*rty Aitemates Cash deposits 2.050 2.974 2,306 157 541 1,999 3.513 2,901 287 501 533 8.461 9.734 Historica] cost &8 at 31 De¢emb¢r 2022 7229 7,100 Cash dtposits repre5ellt amounts under the discretionary managemeni of the Fund's invesknent manager& No individual holding exceeds 5V47 of the totzl fair value. I I DEBTORS 2022 £'ooo 2021 £'ooo Other debtors and pryyments 15 12 CASH AT BANK AND IN HAND 2022 £'ooo 2021 £'ooo CAF accounts Branch bank accounts Head office bank account5 210 15 137 ioi 14 400 362 515 13 CREDITORS.. Amounts falling du¢ within on¢ y¢ar 2022 £'ooo 2021 £'ooo Trade crcdtiors Sundry crcditors and acctvals 14 35 li 42 49 53 Page 19
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the Ye ended 31 December 2022 14 DEFERRED INCOME 2022 £'ooo 2021 £'ooo Brought fonvgxd ai l January Rele&8ed during the yeaT Deferred durin8the y¢ 26 126) (3) CwTied forward at il December Deferred income 2021 rclate5 to the Wales Mcdia Awards evcnt. 15 FUNDS Bal4ptcÉ ai l January 2022 £'ooo Nei ITe5¢ent movements Transfers behveen nds £'ooo Balunce GTr 31 December 2022 £'ooo Funds Income FJpendithTe £'ooo £'ooo £'ooo Restricted (BBC broadtayers fund) 25 (25) Lnrestricted Genera] 10,945 562 {7921 (12391 9.476 10.945 587 (8171 (1.2391 9,476 Unre%trtcted fund5 Gomprise those fund5 which the trustee 15 free USE in accordanGE with the ¢hari¢able objections. Restricted thnds. BBC BroadterS Fu]]d. Funds tota]ling £25.(M)0 {2021.. £nil) were re1Ved to give f]nancial a5Si5taDce fgr applEnts who have broadc&st for the BBC, including stringers, world service contributo, freelancers and similar. 16 PENSION COMMrrM Th¢ ¢haTity does not op¢rat¢ a pension s¢heTll¢ bLrt ¢onthbul¢s to the persona] pension plan of c¢nain employees. Contributions paid by the charity gye disclosed in note 7. 17 TLXATtON The NewspaperPsS Fund Is aregisterul charity and as su¢h its iTwme w]d gains falling wIthiTh Sections 471 to 489 of thecorporation T&K Act 2010 or SeetioJ] 256 of the T&xati(>nof Char(peableGairts Act E992 are exempt from co4x)rdtion io the Lxtent thai they are applied to its chItable objectives. Page 20
Newspaper Press Fund NOTES TO THE FANCIAL STATEMENTS for th¢ year ended 31 tkcember 2022 18 RECONCtLIATION OF NET MOVEMENf OF FUNDS TONFf CASH FLOW FROM OPEIL4TtNG ACTtvrrtES 2022 £'ooo 2021 £'ooo Netmovemelli in funds Add back dcpreciation DduGt inV¢5tment incotne shomn in inve5tln8 activitics Deduct gaInadd losses on inve5tsnents in dEbto (Deere&sel IA erediti)rs (GainyL05s on disp05ai of fIxed asset (1,4691 39 12641 1.164 38 1275) 1,239 1799) 13 (ID (425) 14) Netcash used oFkrating activities 1451) (301) Poge21