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$)
Chri5tin¢ Warwi¢k. Chair
Paul Jones, vite chair
Jill Palmer
Ramsay Smith
Mike W•soD
Arjna Botting (resigned 1815122)
Rob Gibson {resigned 1815ll2}
Nichol￿ Jones {resigned 1815122)
Catherine Reid {resigned 1815122)
Chri5 Boffey
John Crowley
Sue Ryan
Laurie Up5ho
arles Gwside Ircsigned 1815122)
Derek Inmam (resigned 18151221
Ray Massey (resign￿ 18J5f221
Richard Savill (resigned 1815122)
Prillcipal Offic¢
I l Ribble%lalt, Roman Roa¢ Dod(in& Suney B114 3EX
Telcphone..
01306887511
email:
enquiries@iournalistsch&rity.org.uk
Chief Executive=
Finance Director:
Charity C￿worker.
Jamc5 Brindle
Sarab Pearce
Jo Downing
Ribblesdale
Roman Road, DoTking, SuN¢y RH4 3EX- T¢l¢phon¢ 01306 640664
Scheme Manager..
Kisnah MLN)neegadoD
Aiidithr
RSM UK Audit LLP, Portland 25 High Str¢eL Crawl¢y. West Sus5¢k RHIO IBG
Bankers
HSBC, 18 North Sx Leatherh￿d, Surr¢y Kl22 7AR
Coutrs & Co Ltd., 188 Fleet StreeL Londort EC4A 2HT
CAF Bank. 25 Kings HTII Avcnue, West Ma]litLg, Kent ME19 4TA
Solicitors
m￿r$ 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 prep￿ed in a¢coth¢e with ihe a¢¢ourning poli¢i¢s set out on pages
12 to 14 and comply with the Ch￿ity'S chaner. the Charities Act 2011 and AGcounting and ReportLng for Charities
2nd the Siatcment of Reeorntnended Prdcttee applicable io Charities prep￿ing 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 re￿rterS., 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 depend*Jts. 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. Appli￿lS 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 Indi￿dual 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 cl￿ty. 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, ch￿l¢S Stanley. To minimis¢ ongoing risk
the Tn￿te¢S l￿d 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 ch￿lty. 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 I￿ves￿ents of £8,461,00012021.. £9,734.000).
INVESTMEiYT POLICY AND IWAGEMEP4T
The investment poli￿ of the Tn￿teeS is io o￿lMise 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 Sta￿1¢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 0￿break andcoszof living In￿eaSe5 is likely to ￿ntinuet0 have anegative
impact on ¢h¢ Charity's In￿M¢ 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 re￿ity 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¢ exist￿g 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 T￿SteeS 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 iMplen￿lled 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 Manogementperso￿ne1reP￿￿￿eraIlO￿
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 ￿$0 b¢n¢h-marked with granl- making Glwitie5 ora similar Size and a￿1Vity to
ensure thatthe remurjeration set is fair and not out of linc with that genera]ly paid for similar role5.
REFERENCE èV4D ADMINISTRATIVE DETAILS
The name of the charity is Newspaper Press Fund with a working name of Jouma]ists' Charity register¢d with
the regulatory authorities under the registera number 208215 (England and Wa]esl and SC(M2405 (Scotland).
Th¢ PriD¢ipal oifire of the charity 15 11 Ribblesdale, Roman Roa¢ Dorking, Surrey RH4 3EX
Tru5tees' Responsibilities in tbe Preparation of Financigl Statement5
Law applicable to Bharities in England and Wal¢s requir¢5 the TrUS￿e5 to prepare financial siatemtnts for each
fman¢ial year which give anue andfairviewofthe Charity's finan¢ia] activities durin£the ye2T andof its financial
position at the end of the y&v. In preparing those financial statements. the Tru5tccs are required to:
select suitable accounting policies and then apply them consistendy-
ob5erv¢ the method5 and principles in the charities statement of reconmiended praetice
Tnake judgements amd ¢stimates that are re￿Onable and pnthnt
State whether applicable Uniied Kingdom a¢¢ounting standaTILs have been followtsj subjectto any dq)artures
dis¢losed and ¢xplain¢d in the f￿ancial state￿¢￿ts.. and
prq)arc the finaneial staiements on the going concern basis unless it is inappropriate to presume that the
¢harity will continue in business.
The Tn￿ee$ 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 Si￿ed 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 fina￿la1 sta*m¢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 applic*ion 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 (SC￿18j)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 f￿ancial 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 a￿thoriSed for issue.
Our resp)nsibilities and the responsibiliti¢5 Of th¢ twstee5 with r¢5P¢¢I to going concern ar¢ de￿ibed 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 fi￿anCial 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 infO￿atiOn given Rn the fjnancial s￿eMents 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 a￿￿￿ting recor(ts a[￿ returns; or
we have not received all the infortnation and explanations we requiit for our audit.
Re5wu$ibilities of £rustets
As explained more fjjlly in the statement of trustees. ttsponsibiliiies seiout on page 5 the tru5tee5 are responsible
for the preparation of the financial statetnents and for being saiisfied that they give a true fair view, and for
such inteTt2al control a5 the tTUStees detemjine is neccssary to cnablc the prq)g￿tIOft of financial st8￿ments that
are free from material miSstrtem¢￿( whether due to fraud or error.
In preparing the financial statements, the trusteE5 r¢spon%ible for assessing the charity'5 ability to continue as
a going concern, dis¢losin& &$ 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 r￿onable 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 m*eriai 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¢ ￿s￿Ing ¢omplian¢¢ with laws atid regulotiorls that have a di￿1 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 mat￿la1 mis￿lement 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 m￿agement 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 de￿tiott 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, s￿spected 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￿ st*m¢nts may be susceptible to fraud.
As a ￿sUIt of these procedures we con5iderthe m05t Si￿]1r1C￿￿t 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 maT￿gement 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 res￿nSIbilitIeS for the audit of the financial statements ts I0￿ed 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
F￿nd
£'ooo
£'ooo
Noies
2022
£'ooo
2021
£,(￿0
FROM:
Donations & legacies
Other tradillg artiviti¢s
Investment income
Charitable activities
Oth¢r in￿me
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
PrOce￿S 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 EQUIVALE￿fs 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 f￿anCial 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 ￿e￿Ired 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 reCo￿ltI0￿
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 hEad￿gS 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 I￿￿1vding1?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 FIn￿l¢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 r￿st 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 inv￿￿￿ent
gains and losse5 W1nb￿ed in thc Statement of Financial Activities.
CASH AND CASH EQUIVALENfs
Cash and c&th equivalents 2re knic financial xtistnunents and includc c*h 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 a￿1.
The best estimate of the cxpcnditure required to settle an obligation for temllmtion benefits 1$ recognised
immediately &8 an ¢xpekW when the Cl￿ty 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 Tn￿ee$.
ReSlricledfv￿d5- 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 Initi￿lY 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 and￿s￿￿tiOnS
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
fi￿d assets (excluding la￿d) 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 ACtIVIT￿s
Homes
Homes mal￿geMent
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 eMe￿inment 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 to￿1
¢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
IT￿e5¢￿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 Broad￿terS Fu]]d. Funds tota]ling £25.(M)0 {2021.. £nil) were r￿e1Ved to give
f]nancial a5Si5taDce fgr applE￿nts 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 NewspaperP￿sS 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 ch￿Itable objectives.
Page 20

Newspaper Press Fund
NOTES TO THE F￿ANCIAL 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 gaIn￿add 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