Journalisw Charity Supporting journalists nationwide Trustees Annual Report 2023 Founded 1864 as The Newspaper Press Fund Support and care for journalAsts and their dependants in need The Journali. Charlty is the working name of the Newspaper Press Fund and is aregiMeTtd clwÉty in Fgland and Wales {2082I5) and Scotland (SC042405)
Newspaper Press Fund REFERENCE LND ADMtNJSTRATIVE INFORMATION Collncil (Trusteos) CI)ristine WativicL C]]air Palll Jones, Vice Chair Jill Pa]mer (resied 0110112024) Ralllsay s1th Mike Wztson Chris Boffey Jobn CTowley Sue Ryan L4uri¢ Upsho Principal Offire I l Ribblesdale, Roman Roal Dorktng. Surw RH4 3EX Telephone: 01306 887511 email.. enquiriL%@iournalistschty.Lr&uk Chief E¥ecLrtive: Fitiallce Director: Charity Ca5ework¢r: Jam&s BrAr Jo tknwning Ribblesdsie Roman Road, tknrking. Swrey RH4 3F.X- TC1One 0]3( 640664 ScheJrLe Manager: Auditor RSM UK Audit LLP, Portlall& ?5 Higb Stree¢ Crawley. West Sussex, RHIO IBG BaDkeTS HSBC, 54 High StreeL EpsonL Sury KT19 8DS Colltts & Co Ltd., 188 Fleet stre London EC4A 2ErT CAF B#llk, 25 King$ Hill Avenue, West Mallin& Kent ME19 4TA Solicitors Mes5rs Downs. 156 Higb Stre£L fknkiD& Surrey RH4 IBQ Investment Managers Charlts Stanley & Cory)pany Lt&. 2 Westover Boumemouth BHI 2BY Honorary CoDsultaDts Dr J Martin MA fvtD MEiCP Dr Briati E Bourke, FRCP David J Spaltoffj FRCS, MRCP Poge J
Newspaper Press Fund TRUSTEE, S REPORT for the ear ended 31 December 2023 The Trusteespresent their rett along the fitTr¢ial statements ofthe charity foTtheyeaTend¢d 31 December 2023. The financial statements have been prwed in acctthee with the accounting wlicies set out on pages 12 to 14 and compty the charitys charter, the Charities Act 2011 and Accounting and Reporting for Charities d the Statement of ReconTrmended Practice applicable to tharities preparing their in 2c¢ord8nce with the Fitydllcial Repbrting Stantrd applicable in the UK and Republie of Ire]alld {effective l January 2019). OWE(TIVES AND AcrivrrIES tn 1858 it was recorded that nec$1 for &%t8blithing a Provident &Dd Benevolent Fund ID connection with the n¢Th'spap¢r pre55 bewoe the subje£t of conversation at ameeting of Parliatnentary reporters." For six ye5 a number of atte[pts were to e5tabli5h this without SUCtt$5 Until in 1864 Whe Tne¢S were 8PPOillted and a President elerte(L tn 1890 The Newspaper Press FWJI as au UDiDCQTFKTrrated associatiQD, was grauted a Royal Chart¢r as its governing documellt aDdill 1962 itsvas gisreAl&S a cTrwity (Dumber?08215) andIater in Swilalld (numIr SC042405). To reflect the challging Dalure of journali5w a working Dwe was illtroduced ill 2004 a5 The Charity's objertiV&5 are kn help meet the needs of Britisb and trish journthts andtheir depEndaDts. Ther¢ is a twofold approath to meeting this objective - the kIll_ of cash grdnts as appropriate and the provisioTh of retiremellt housing. The objeLtives of the charity are Tr maximum position sbould be that we should he]p &s rnaTLy journalists througbout tbe UK Ls possible who aTE faciug bardship, includino llLe41ical conditions and In settiiig our aims for the year and pl8Jming our aciiviti¢s the TnS have given caJefvl ¢ousideratiou to th¢ Ch1[Y Coll]Mlon'S guidance on the relief of povirty for public benefit and on fee payillg for services. The charity deliiiers its cbaritable aims in nvo ways: throllgh ditECt delivery iti prnvidiDg rettrqlltht foriOnali. and thn>ugb grant making to individuat We welLxJme applications for belp from all who are cwrentty. or have been joThiists. with jimunalism as their principal source of income for at leaq two continuous yeaJs out of the last five years or forseven yean in total (if not cumt). tn addIts. their dependants gre eligjble for consideration for assistance. Applicants are wcepted from those WJLO are citizens of the United Kingdom and of EiTe atLd other journalists who have worked in th¢s¢ COUDtries, bjt to the two-yeareligibility e. ACHIEVEMErfrs Af4D PERFORMNcE The activities in 2023 continued to be the financial assistance and supp(rt ofiourna]ists irA ne¢¢i tog¢ther with the provision of reÉireD)ent housiDg. Durillg 2023 the detDaDd for graDts bas WDlinued to grow with all of 8D/o 2022. Notabty 56 percent olthE bcE¢laTI¢5 awarded grants in 2023 were new to the aJarAty. During the year the Charity gave finarncial &ssistsnce to 112 (2022.103) people by way of fmancial help and provided a¢conJmodation for2i {2022.'20} people ittthesknelteredhomes in DOrkll Those helped by the ChaTity have historically been retire4 it with continuing increase in the numixr of new beneficiaries during 2023 this h&8 achieved a more diversified age bracket with a larger proy)rtion of orkIng age journalists king given fiDall¢i 8SSi%tance. The Charity h&% helped in a Mide varidy of of fit)ancial hardsbip- this could be due to a change pen%ioll age, &youn family Sufflg a downtlm in their finances through ill health. a single person suffering rnental %tEe%s thr{A isolatioll and a lack of available wthk or a newly qUlfied Journalist struggling for financial security in ther first job. The Chanty aL80 fi]nde41 3 placements of student journalists from disadvaulaged alld div¢r3¢ bthgr(K]Dds througb the Div¢Thty Fulld and City Ulliythsity. Th¢ Charity akeS financial grallts to illd1vith jivJtnaiists alld their deidants that are in need. All graDts are a5se5yed on tbEir IdividUal merits at full meetillgs of the CouDciL The objertive of the ChaTity 15 to help as tDaDy jOUfJ]ali5ts ill Deed &% p05siI)le. This may be through fmancial assistanre. awoll]llLodation or thice a5 to difficult SitttiO catL be impmved. Most cases are dealt with PE2ge 2
Newspaper Press Fund TRUSTEES REPORT for the ear ended 31 DecemlKr 2023 within a month. The TnteeS ciynsider a womplrespo to in adifficult Situation 15 ¢55¢ntial. The Charity's success is measured by the number of grdllts it gives toN)urnalists during the y. The Trnstees receive a risk review reiKMt annually v4hich identifi&s the areas of mtial TiSk to the Clwity. The princkpal risk to the Charity is its abiliry to attract Afficient funding to cany out its charitable activities. The investtnent p)rtfolio is an important pan of the Charity's income. The Ferforn)ance of the investtnent portfolio is closety monitored with its invethent manager, Charks Stanley. There is all understood risk that tbe investment portfolio call go dowtt a% well Is up. The Charity coJ]ti]kues to pTh)mote itself throuJ] its website and online ¢Y¢nt$ to attract donors and firture tte6Clarics. The Tnt have revieed the adequacy of prote10 against these and where 1¢lent have pirt ill p]ace appropriate wcedurts to mitigate these risks. In some protection is provided by insurati¢e, ill th by mOnirIn£ rewtillg and re-81 Tisks concerned. The trUSeS review the liquidity and c&8h flow rlsk to the Charity by periodicalty reviewing the bank bglanc¢s of the he office attd the accot held with ther inve5ttnent manager. Charles Stsnley. To millilse gngoing risk the Trustees ]d agreed in 2(PO to ma(ntain a higher cash balance to r¢move the need to transfff fi]nd5 frollL its investment portfolio. This proved a move as illcome in 20?0 ¢tinuIng into 2023 w&s affKt¢d by the reduction in dividends. Although dividends have continued to recover in 2023 th¢v are still not back to pre pandemic lev¢l& The bank banCeS ar¢ reviewed to eu5ure A5hfjow lev¢]s are 5UStaithle. The cost of living crisis added to diffi¢ulll¢5 already ID exist¢nce. Journalists 5trugg]in8 to make a 50]le living wage face increases in everyday living whi15t struggling to aintaill a nable income. The charity continlles to maintain a cash balancc to coyer ally expected operaiional deficit in the year. The cIwiry typieolly providcs financia] help for b¢twcen me six rnonths need¢d bui will continue to monitor the need for grants against the e&8hflow of the Charity to eDsufE the Charity'5 lollgeyity. The sithatioti &8 at April 2024 shows a sijniiar pmjectcd dcficit for the yearforthe Clwiry wknich should fall withill the current cashlevel ofthe Cb&ity. The CIMrity will transfer inYestm¢nt fi]ud5 if the leYe]s fall below orKratiollal need. FINAPICJAL REVIEW The fJnaJ]¢ial results foT the year are set out P0g¢ 9. Th¢ Clwity bad tl¢ted tbat 2023 would result in an operating deficit of omwld £141,0(x) i1 that thi5 would Ee ¢ov¢red by tash tn hand. The gain in the year of ?66,0 (2022 deficit: £1,469.(N)O) came aiKTrut larg¢]y du¢ to the inCT¢&S¢ ill the Charity's investment PL)rtfolio managed by Charles Stanley and a oue off l¢gw. The Cknity ¢onsid¢rs that 21J)4 is lfftely to b¢ Similar to 2023. GOING CONCERN Th¢ accounts are pr¢paroa80I8 concernb&si5 accordallcewitb the reserves lud risk policy of the Chartty. The TTUStees conMder the ttserY&8 are such tb tbe Cbarty will Continue tD SllFPOrt Journalists whilst there Continues to be a in the ll)dusty. The ga in the of £266,(MX> is mainty due to the increase ill value of its inVestLellt portfolio this followed frotD the lo&s in 21)22 of £1,469,0(X) again mainly due to the investsnent markets as 2022 proved to be particularly volatilc in th¢ iDvcSunt tytk¢ts. Th¢ investellt Met in 2023 has l*en more stable but h&s Continu to tluixutr bui tt> a le&ser cxtenL AltIlou ill recent years the rA)r(vIruS outrffeak a[ cost of iivtng LS1S have ]t bwj an ijnpatt the clmity a going concern, the Charity is predicted cc(Ltinue to suffer an opeTrring deficit in th¢ short terni. Whilst the lue of th¢ Charity's investmettt wtfolio has increased during 2023 and the iDcfflie of the Charity is unpredictable. The Charitywiu Continue to rnonitor theFerfLYman¢e ofthe investsnenttrolio and cashbalances alongsid¢ its wt rnaking w)]icy. The trL8tr&8 do not crmsider any changes in th¢ grdnt rnaknng policy are n¢c¢s5ary at the CualLpOlL FUTURE PLANS The Tnu8t¢es of tbe Charity CODtinuE fiK7L8ongrantgiviDgtojownalists in need and rcviewmethods ofreaching more jQUTDthts in need of fitwicial assistance. The grant giwng of the Charity a]ways beell the Charity's priary aim. The CbaTity will continue iOTeview its fmancts and operatsons. The trllstees have considered atthis stage th¢re is llo challge tD the straw of the charity. Page 3
Newspapcr Prcss Fund TRUSTEES REPORT forthe ear ended 31 December 2023 RESERVES POLICY The charity ]Id5 reservcs in ordtr to gerate ineome to support the wort of the Cknitv. The chIty'S reseNes have by £266,(M)O in 2023. The level of the Clwity's reserveg is reviewed regularly by the Coullcil as part of the examination of the finallcial rOml¢e of the c]wity. The ChaTiry'S erVeS &$ at 31 Decembe 2023 were £9,742,0(M) (2022.. £9,476,000) which is sUfficit to gustain the Charity for 8t least the foreseeable ture. £652,0(M) 12022: £687,(M)O) Are tied up in fixed Lgsets, leaving £9,090,000 (202?: £8,789,IM)O) of reserves which includes amounts held 18 investrttuLts of £&820,(M)O Q022: £8.461,000). INVESTMENT POLICY MANAGEMEh The iV¢Sent 11¢Y of th¢ Trustees 15 to optitnise the totsi return of iDcome alld c4)ital from the portfolio. tn order to achieve this they have appointed iDvestme]rt njatryers and bave agrced assd allocations with them attd benchkS agaii]siwhi¢b perforryAaDc¢ is rnea5ure The cou¢11 bas agr¢¢dthe illve5ttnentri%k mandate Should abalaDce betreen iocome and ¢apital growth but with a bia5 ttTrwaTds andarnediu low risktoleranee. They have set the followi8 inveslrneDt paratnrters: UK Fixed tnter£5t UK Equities Cash Over5e&s Equitie5 35Yo to 7 41•tO 6(P/• to 150 (Woto IW. As an ain4 no SiDgie equity holding sbouldr(xttinely represent an investment of over £500.11)O. The performance of the portfolio sbould seek to match the APCIMS Income Portfolio Index. valuLOn5 will be provided monthly and the Council will review the itLve3ent lIcY & ha]f-ye8Jly iDteMls. IILe investmellts over.perf0Tcd the benchmark throughout the year. chleS Stsnley & Company Limited have discretionary management of the Fund's investsnents within limits setby the Counctl. The Cljarity's aim is th mailltsin Investments that produce a sufficient income to enable the Cbarity ts) fitifit itsneeds. Althougbthe currentbalance of the Clwity's investment [fOllO has risen as at 31 December 2023 li is difficult to predict the effect of current WOTld events during 2024. The effectofthe coronav1npandeMic outEffeakatLdcostoflivingincreases is likely¢0tinU¢t0haVe anegative impacl on the Charity'5 incojne through 2024. FufiDRAISING The Charity'5 approach to fimdrnisillg is through publicity and encour4oement of donations at its events. Events are able to take place ill rEa]ity covid the demalld is OD a reduced Scale. The Charitv does not uttlise an aggre&sive or intrusive fimdraisillgpolicyaTLd is aware of all fimttra]s]ts that is carried outin its name. The Charity considers it importaDtthat its fundraising conf0rn15torecogDi5edstsndards so tbattlLe pllblic, includingvu]nerable people, are wotected from unreasonably ithsive or psiStent 8roaCheS and undue pre&sure to (knDate. STRucrLrRE GOVERNANCE AND MknAGEMENT The governing do¢ument ofthe charity is a Royai Cbarter in 1890 with bylaws that provide the Euealls of implementing the provisions of the chartet. lThe 1Vy Comncil approv som¢ athllin]VE challges iIl 2023. TrnSte Appoiptheni (7ndRwThvibiliiies The Council (TLVStees) consists elected members who meetmonthty. Recrnithienf. indu10 andtraining The Trusiees are recruited frojn withill the industy by the existing Tnttes. to r¢flert the ge0WhiC spread 8nd diverse tmture of joumalism. Additionalty. is a mix of wolog and retired jowna]ists. li is ther¢fore Very likely that any new Tjustees are aware of OurWo and will bave Suprtedu5 previously in some r¢st, havtng been members ofthe Clwity. All new Trn*ees receive the relevant Cblty Comrnission publi¢atiolls Trnstees and c4>pies of the miDUtrS of the tne¢ for the previous 12 months as well as infonnation regarding the charity. Members of the Councll stand fff re•election at the end of each 3 year tm. Other nminations may b¢ pul forward by members of the FUJMI who must submii the name and address of the Candidate, together wtth nam¢s attd addresses ofthe prirfx)ser arnd secrnder, atleast 14 days before the Annu81 Meeting. The Council may, at any Page 4
Newspaper Press Fund TRUSTEES RF.PORT for the ear ended 31 DeCbe 2023 time, co-opt new members to fill wdcaDcie5, subject to coDfffrnatiDn at the next Anllual Meeting. The members of the Council are appointed for 2 3-year tetrn after which 1<{ they may put themselves forward f re- ppointmcnt at thc next Annual Meeting. Aftertwo 3-yeAr teTrn5 the mernbeTrnUSt StsTMI for at least 3 yea b¢foT¢ firther election for one final t¢Tm. Sta De£isions made by the Trustc¢s ar¢ irnplancntedAndTn•J2g¢d on a thy to day basis by the CEO who is supported by a $thff of thre£ (including two [-tilerS) and currently 3 MeberS of staff (Rticluding part-timers) at the sheltered housing complex. The staff has a limited delegated authority to replace ite]ns in the office and homes. The Charity also uses Yolunteers wFAere appropriate. Voluut¢ers ran eitljer be from the industy to help Teach beneficiaries througbout the country. Key Ml3KagÉmenlpersopEl remnEration The Trllstces consider the iM)ard of TnetS aud the CEO as comprising the key meMellt personnel of the charity in charge of directing aDd c[trolling the cbty and running and 0[tIng the cbarity on a day to day b&gig. All Trnstees give their titne freely and no trustee rtmuneration w&% paid in the year. Details of Tntee expenses are disclosed in note 7 to tbe xcowj ThLSteesare reTedt0 disclose allrelevantintu&sts andrewthemwith the ChiefExecutive and in accordance with the Charity's policy with(traw decisiorLS where a conllict of interest ]SeS. The pay of the Charity's CEO is reviewed aDVallY and nortnall). illCTrased in accordaalce with the Cwumer Prire tDdcx. Th¢ r¢muneTatiQU i5 a]so benCh-Umcd widl grdnt- cbarities of a similar si72 and activity to ensure tbat the remuTA¢ration set is fair and not out of ]ine with tbat generally paid for Similar roltts. REJERENCE AND ADMiNISTRATKVK DETAIts The llatne of the charity is Newspaper Press Fund with a wiKking natD£ of JourDthts' Charity registered with the regulatory authoritie5 under the regist llutnber 208215 (Engknd and Wales} and SC042405 (Scotland). The wincipal office of the charity is I l Rthbl&%lale. RO Dotknng, Sutrey RH4 3EX Trustees. Responsibilities in tbe Pr¢paratw)n of Ststements Law applirable to charities in England and Wales rel][e5 the"I"TU5t¢es to prepsre fllRncial statements for each fJn8ncialyearwhicbgive atnw and fairview ofthe clS financia] adivitiesduriDg the year alld of its Cial position at the end of the ytrar. In prepaJing those fllwicial statements. the Tne¢S are required to: select suitable accounting po]icies and then apply them consi5tentty: observe the methods and principles in the cbaxiu¢s swem¢nl of T0D)mended pwtice make judgemenrs and lMateS thai are reasonable and pn]dent srale whether applicable United Kingd(Mn a¢courLtiDg Mandards have been followed subjea to any dep disclosed and explained in the financial statements" and prepare the financial statements on the going concern basis unles5 it 15 inappropriate to presume that the clty will continue in busin. The Tnmees are reSnSIble for keeping wq)er accounw records which disclose wtth reasonable accuracy at any tillLe the fjnallcial positi(m of the charity and enable them to ensu that the financial at¢ments comply with the Charllles A¢t 2011, the chlty {accoullts and repons) AulatiOnS and the provision of the RtsY Charter amd bye-laws. They are also Tesp)nSi1e for Safeguardi the assets of the charittT and henc£ for taking re&sonable steps for the preyention and detection of fraud 8nd (rtber irre.oularities. Approved on beha]f ofthe Trnstres oll 17 April 2024 and signed ott theirbebalf by: C Wtrwick. Cbatr Page 5
Newspaper Press Fund AUDITOR:S REPORT forthe ear ended 31 December 2023 INDEPEI¥DEiYf AUDfTOR'S REPORT TO THK TRUSTEES OF NEWSPAPER PRESS FUTrID Opinion W¢ have audited tbe fitwicial staiemenLs ofNewspaperPressFund (the.chlty') fortheyear ende4J 31 December 2023 whith cotDpris¢ the State¢t of Fioancial AuiYiue& the Balance Shrt the Cash Flow Statements and note5 to the f]nallcial Sellts. Illcludg sigllificani accrNJnting policies. The financial reporttng framewoA( t11 has been applied An thelr preParlon is applicable law and LJ)ited KirAgdom AccouDting StaDdan15, including FRS 102 "The Fin2nciai Rew)ning St8Tthd applicable ill the UK and Rwblic of Irtknd" (United Kingdo Genernlly Aecwed Accounting Practice). In our OPiDiOll the financial thtemeDts'. give a ttue and fair siek of the slate of the charAry'% affairs &$ at 31 DeCern 2023 alld of its incoming resources and application of resources for the year then endeAL' have been property preparryj in accordance with Ullited Kingdom Genera]ty A¢pted Acwunting Practice; and have been prep&Yd in accudance with the trquirements of the chltieS and Trustee Inyestrnent (Scot]and) Act 2005, regulation 8 of the Cljarities AccouDts (Scotland} Regu]atioDs 2006 (as arneDded) and the Charities Act 2011. Basis for opinion We have beaL 4]Itited auditors under section 44(IXc) ofthe Cljarities attd Trustee tnvtsttnent (Scotland) Act 2005 and ullder section 144 ofth¢ CIwiti Act 2011 and rewt in aw4)Tdanc¢ with r¢gulalioDS rnttde under those We Gon¢Juct¢dour audit ill accordance witb tntematii>nal Stalldards (xj Auditm8(UK) USAS IUK)) alld applicable law. Our respons1 iliu&s )der those standards are fitrther de5crAbed the Auditor's ttsponsibiliues for the audit of the fll)ancial ststements section of ourttw>rL We are illdwdent of the charity in accordance with the ethical requirements that are relevant io audit of the financial statements in the UK including the FRC'S Etbical Sthndard and we have lfilled ourotherethical respoA]sil)ilittes inaccordallce withthesertquirements. weilIeVe tbat the audit evidence we have obttined is sufficient and appropriate ro pmvide a b&sis for ow opinion. CoRclusions relatihg to goillg concern In auditing the fjllallcial statements, we have collcluded the truste¢s' us¢ of th¢ going conc¢rEL b15 of Based on the work we have perfoed. we have not identified m*erial Ullcertainties relating to events or conditiolls thaL individuallv or collectively, may C Sl6¢an1 doubt on the cjwity's ability to continue &8 a going collcern for a peri(Ml of at le&Q t.elve months from when the fitJanciAI statements are authorised for issue. Ollr responsibilitses atLd the resEK)nsil>ilitw of the tru&ees witb r¢sM to going concern are de5criEd in the levant sectio]Js of this retwL Other information The other iuforllMtion comprises the inforniation included in the annual tyxxt other than tbe fClaI statements and owauditor's reportthereon. The In arelespo$1Yjle fiKtheother infomlation containedwithin the annual reporL Our opilliou on the fman¢iaL statrments Ik)es not cover Ibe other inf0rn)ati an¢1 we do not express amy forni of assurance conclusion therw Page 6
Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 December 2023 Our responsiTrility is to read the other infornilINL in doing so. consid¢r whethu the other or[nation is materially inconsistent with the r]nanciai statements or ow kn¢)wledg¢ obtsiDed in the course of the audit or othen¥ise app¥dfS to be materially misstste(L If we identify such t[1 incollsistencies or apparent material nJiss12te]nents, we are required to determine whether this gives rise to a JaI missmement in the fcial sratemenL% themselves. If. bd on the work we have F¢rfornie<l we conclude that there is a material misswtment of this other infonllatio we atr reqUirJ to reFE that facL W¢ have nothiJ)g to rwt illthis rew Matter& whieh wt are requlred to reptsrt by exceplioD Wehavenothing to r¢port in resrrtof the folloingllthttets where theCharitie5AcciMts{SColl2lld) Regulations (as ameTAded) and the Cbarities A¢t 2011 require you if. ID our opinion: the irAforn)ation given in the rCl ststtmets is iUCOllSiStent in any material Tespect with the trnstees, annual rer. or properand sufficientaccouDtingTe£ords have notbeen kepl or the fmancial staternents are not in agreemall with the acc(KtIng records arLd TeturDS; or we have not received all th¢ iDforLoatiou and ¢xplallatioDs we uire forour audit. Responsibilities of trustees As explainedmore fully in th¢ statement of tru#ees' r¢5poJwI)i]itses set IMLt on page 5 the tri¢S are Tesponsible for the preparation of the finarncial statements and foT trKing satisfied that they give a true and fair view, and for such inter11 ci)ntrol &s the otee5 deteIDe is necessary to ellable th¢ wepardtion of flnancial statemcnts that are free from material misstatemenl wbetherdue to fraud or error. Ill prepiry the financial statements. the trnstees are responsle for asse5siug the chtry'S ability to ¢oniiTiue as a going concern, di%losiJJg, a5 applicable. art5 re]ated to going concern Using the goiDg concern basis of accounting unless the 1rn5tee5 either intend to I1qIdate the chlty or to cease operatii)ns. or have no reaEistic almative but to do so. Auditor's responsibilities for the audit the fiDsneial ststernellts Our objecfives are to obtattLre&8onable 18sufdnce aboutwhether the finaD¢ial ststrments as a whole are free from aterial misststrmettl wbether due Éo fraud or e)r. and to issue an auditor's rqTrort that includes ow opinion. Reasonable a%%urance is a high level of &8gJrallce. but is not a guaTaDtee that all audit c(mthLCted in accor(lance with ISAS (UK) will always detect a maieriai nissthtement when IÉ Exists. Misstatements arise from fraud or ¢RTor and are considered material if, individually or in the aggregaK they Uld reasonably be expected to inflllence Ihe econotnic decisions of users tsken oll the b&sis of these fllwicial stat¢ments. The extent to which the audit was considered eapablt of deteetin2 irregularities, including fraud trregularities are instinces ofnon-compLiance witb law5 andTcgulions. The objedives of our audit are to obtsin irient appropriatr audit evidence rewdine c4)mpLiance wAth law5 and reguE2ti0ns that have a direct effect on the determination of material amouDts and disclosures the financial statements, to wforn] audit PTocedures to help identify instance5 of -COMpliance with other ]aws and regulations that Jnay have a Lnalerial effect on the financial statemeDts. aDd to respond aFvrtiprity th MIClfied or suspected non.GotnpliallcE Tr+ith laws and gul*ions idcntified during the audiL In relati¢)D to frall the objectiV48 of our audit are fo Idtify and assess the risk of material Miss¢Ment of the financial statrments due to to obtain sufficient aptryriate audit eviikDC¢ regarding the assessed risks of atcrial misttatement due io fraud thmugb desigtiing alld ipleMentIng appropriatE responses and to respond appropriat¢ty w fraud or wsp¢ct¢d frnud identified during the audiL Page 7
Newspapcr Press Fund AUDI'I'OK'S REPORT for the ear ended 31 December 2023 However, it is the primary responsibility of rnanagemcnL with the oversight of those charged with governatEce. to ellsure tbai the entity's operntiolls are conductrd in accothce withthe provisions of laws and Tegulations and for the prevention and detection of frau(L Jn idcntlfyLg 8nd assessing Ti5ks of material ttatement iti respect of iwlarities, includillg frall the audÉt engagcment team: obtained an understatiding of thentht of the sector, includlljg the legal 8lldregatory frarneworks that the charity operates in and bow the charity are complying with the legal and regtOry frameworks. inquired of wemenu al those thar8ed witb goYfflJano¢, aix)ut their Identifitio and &ssessment of the risks of irre: laritie4 includi[ known actsjal, 5U5pected or allegoj instaDc2s of fraud; disellssed matters abon-t0pllallcc with laws and regulations and bom, fraIrnight ¢)ccur iDcluding assessment of 2nd iwhere the fmancial tstaDeDts YDay be susceptible to frau As aresult of these procedu we consider the 051 sigDific3Di law5 and regulations that have a dirECt impact on the fmancial statements are FRS 102. Charities SORP (FRS 102), Chariiies and Trusiee Jnvestment {Scotlaud) Act 2005. regu10 8 of the Charities AccOuts (Scfjtland) Regulations 2(K)6 (&% amended). the Charities Act 2011 8lld the charity's gov£rning thKurneDt. We perfornied audit peth]reS to detect non-compliances which may have a material impact on the financi21 ststernellts wbieh included reNiewiDg the fm2ncial %tatements inellldsng the Trusteeg, Report andrerDAiDingA]crtto Dew orunusual transactions which MAY llotbe in 0rdn[ with the goveroing d(cument& The audit engagement teanl identified the risk of ]t)allaganellt Ovr1de of collttt)Is and recogttition of leg¥, donation and district income as the arw where the financial statements were mosi susceptible to Mala1 misstatemeni thie to fraud. Audit procedll rfOled illcluded but were not limited to tesiing manual journal entries and other adjuslmeDts evaluating the business rationale in relati¢xJ to signifi(¥JJL vnusual tran5&¢tiODS ld transactions entered outside th¢ DO[ll[ wurse of busines% challenging jlldgments and e$tymate$, ensuring donation and legacy illCOllLe is r¢cogtiised in line with the SORP crtrsi and reviewitig the conuols sunoullding fimdraisitig and district income. A fither description of our Tesponsibilili¢s for the audil of the fujartcial tnents is 1g¢at¢d on the Financial Rep)rting Council's website ht¢bJ/www.fr¢.org.UUauditOT5r¢swKIb1lIties. This d¢ripti1)ll fonTrs part of our auditor's reporL Use ofour report This report 15 nde solety to Ihe clwity'5 trusteffj as abc*ty. In accordance with 5ectAon 44(IMc) of the Charities and Trustee Investment {Scotiand) Act 2W5. and regulation 10 of the Charities Accounts (Scotland) R¢gulations 2006 (as aTo¢nd¢d) and the Chl[leS Art 2011. Our auditwotk has been undertsken so that w¢ wight state to the C1]ty"S Irustees those matters we rwuired io state to them in an auditor's report aud for no other purpy)se. 1.0 the fullest exient peTItted by law. we do Dot aept or assume te5ponsibility to anyone otherthan the charity and its truthes as a body. foT our awjit worL for this repoT4 or f(Y the opinions we have forIn. Isn LLL W LLP RSM UK AuditLLP Stawtory Auditi)r Address Date 23104124 RSM Audit LLP is eligible to acl aD aMditOT ID ternis of section 1212 of the Componi¢5 Act 2( Puge 8
Newspaper Press Fund STATEMEKt OF FENAN'CIAL ACtIVlTIES for the ear ended 31 De£ember 2023 Totsl Ftthd¥ 2023 Ftsnits 2022 £'ooo Nrtes tNCOME AND ENDOWMEF FKOM.. Donations & legacies Other trading a¢tivities Investment inwm Clwitsble adivities Other inwme 164 315 172 264 150 TOTAL COmE 768 587 Raising fund5 Charitabl¢ activitie$ (93) (799} (78) (739) (892) (817) TOTAL EXPENDrtURE Net gainlOo5s) on illvesttllellt io 390 {1.239) NET tNCOMFJ(EXPENDITURE} 266 (1.469) RECONCILtATION OF FUNDS Total fjjnds brought forward 9,476 10,945 TOTAL FUNDS CARRIED FORWARD 15 9.742 9.476 Page
Newspaper Press Fund BAL4NCE SHEET 31 December 2023 Nol&s 2023 £'oJo 2022 £'o(to FLKED ASSETS Tangible assets tnvestDJents 652 8,820 687 8,461 io 9,472 9,148 Debtors Casb at bank alld in hatLd 31 288 15 362 12 319 377 LIABILITES CTeditors: Amoullts falling due withill on¢y¢ar 13 (49) (49) NFf CURREKf ASSETS 270 328 NET ASSETS 9,742 9,476 UDrestri¢ted 8eneral fill 15 9,742 9,476 TOTAL FUNDS 9,742 9,476 Approved and authorised for issue by th¢ Coun¢il (m 17 AprÈl 2024 glld signed on their E*balf by: C WaTwick Page 10
Newspaper Press Fund STATEMENT OF CASH FLOWS for the ¢ar ¢nded 31 Decembtr 2023 TalfvId9 Totalfvnds 2Q25 2022 £'oo(p NET CASH USED IN OPERATING ACVITIEs 18 {422) (451) CASH FLOWS FROM t¥JVESTING ACTIVITIFS: lTJt¢r¢st & divideLds received Proc£¢ds from th¢ sale of inveslments Purchas¢ of tJv&stsnellts Cash 0v¢[¢ts from investing activities Sal¢ pr(K¢eds from the sale of fixed assets 315 716 (837) 152 264 1,636 (1,702) 100 io NET CASH PROVIDED BY INVESTING ACtIVlTIES 348 298 INCREASE IN CASH & CASH EQUtVALEKfs IN THE YEAR (74) (153) CASH & CASH EQUIVALENfs BROUGHT FORWARD 362 515 CASH & CASH EQUIVALENTS CARRtED FORWARD 288 362 Page 11
Newspaper Press Fund ACCOUNTING POLICIES ACCOUNTtNG CONVENTION Bas of preparation and asKssmeDt of going The f]nancial sements are prepared under the historical cost convention as modified by the inclusion of investsnents at valuatlon and in accordance with applicable Unit&l Kingdimn acCOt[ng stsndards. Th¢ financial statements have been ePared in accorthce with the Stsment ol Recommended Practice: A]tIllg alld Reporting by Charities preparing their aoUnts in accordance with th¢ Finan¢iai Reporting Stalldard applicable in the UK and Republic of Ireland (FRS 102) ¢tIVe l January 2D19. the Cbaritie5 alld Trustee Investent (Swtlond) Ad 2005 HndRegulation 8 ofClwttie5 Accou1 (Scoilalld) ReguknirMt5 2006. Ihe accounts (financial stat¢]DeDts) have bEen prepared to give a'tswe aThl fair"" view aDd have departed from the Charities (Accounts and R¢ports)RegulatiOll5 2008 to the extent required to provide a'true and fairview". Thisdepamwehas iftvolveAJ following AccountAng and Reporting by Charities pretrdring their accounts in accordance with the Financial Reptirting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rathcT than tb¢ AccOuntig alld Reporting by Cl]arities'. Statement of RecOmMd Practice effective from l April 2005 which has since beaL withdrawll. The liewspaper Pr Fund is an utiincor[Katrd charitv. The registered office is I l Ribblesdale, Road, Dorkin& Surrey, RH4 3EX. The Chtty constiwtes a public benefit entity as deflljed by FRS 102. Th¢ account$ have been FffepaTed with the applicatiorL of the FRS 102 triennia] review. GO]NG CONCERN The TTre¢s ¢QDsid¢r that ther¢ ar¢ llo rtwt¢rial un¢ertaileS alM)ut the Ch8rtty'8 abiliiy to Continue as a going oncern for th¢ forr5¢¢abl¢ future. r¢spKt to the llext r¢wling p¢ri(xi th¢ year end 31 December 2024, the most significollt ar¢&s of wi¢ertaiuty affe¢t th¢ carying valu¢ of assets h¢ld by th¢ Clty are the level of investment return and the rfOrlance of inv¢stmen¢mark¢ts {5ee th¢ inv¢51rn¢ul po]icy 2nd risk managEmait sectioD5 of the trustee's annual report formoT¢ iDfot]nation). The C}lty,5 cash position covered the operatiODal deficit ill ?02). but it Ellay Dot be &uffJcient to cover operational lo5 in 2024. The Charity will use fimd5 from ILS investfllent portfolio if the cash in hand is not sufficient in 224. The trnstees consider that the ¢llt levels and investmeDt porfolio provide the ¢h¥rity with frec reserves thst will allow It to contiDue to Im the sam¢ l¢v¢l for at leost 12 monthg from the aPPToval of the financial statements. It is expected that the va]ue of the Chority's inve5thJent will Continue at similar levels andthe income received from diYideDds will also remain at the same level as 2023, whilst app]ications for financi help rnay intrc. tbe current forecast for 2024 artd mlling twelve MIlbS to April ?025 is Still within the ChÈritv'& currellt 8h levels. The a¢cuJnulated effect of the othtffeak and the cost of living lS1$ C{lineS to effect the illdusty negativety but ttrLe Chaxity do not consider that this wilt have a mthiafi ijnpact on the assessment aDd the financiaI statements continue to be prepared on a going c(XLcern b&sis. COME Jnco]ne is Tecognised in the period in whicb the Charity Rs entided to ceIpt alld it is probable that it be received by the Charity and when the atnouni call beelled with re&wJkble ca1ainty. Donations are recolsed when the Charity has beM ll]fied in writtng of EA)th the atnount and settlement datE. In the eVt that a donation 15 Subject to conditiOD5 thxt require a level olperfornJ8nee before the Charity is entitled to the funds, the income is deferred and not recognised until eitber those cmditions are fully meL orthe lfihnent of those conditiODS is wholty withith the eontrol of the c[rity and it is probable that those conditions will fvlfined in the repcxting Receipt of a legacy, in wbole or in par4 is only considered 0babIe wben the amount can be meas reliabty 8nd the Cl]ariry Iw notified of the executor's inttion to make a distribution. Where legacies have been notified to the Charity, or the Charity is 2Th8re of the granting of probatr. and the criteria for income recognition have llot been then the legacy is treated as a contingent &gsd attddisclosed if nmterial. Page J2
Newspaper Press Fund AccouwfING POLICIES Fun¢thzisxng is accouuted ftFr on a rEceivable bls. Tncottte TeCQ8nised ID advanc£ of a related eYc]kt is dcfcrred only when tbc CEity has to fulfil wndili¢)us iKfore I)]gentitlCdtO IL orwb¢r¢ th¢ donorhas sp¢cified that the inc0C is to be exp¢ud¢d a firture peri(Kl. Dividends aTe recogtLi5ed once the divid&Jd1 been dEC]ared alld notification bas been recEived of the dividend EXPENDITURE All exIdIe is 2¢COUnted for on wu#ls basis and has b¢eD cla55ified wider b¢ading$ th2t aggr¢gate all costs related to the category. Wh¢ costs ¢ZDnoÉ be dir¢¢d) atiributed to particular headingi they have been allocated to activities ou a basis ¢onsist¢ut with us¢ of th¢ T&5oUrS. Gov¢rnaD* ¢osts are those inLurred in connec1ii with thinitrdti(¥tt of th¢ rharity ]d cornplian with wnstitirtiona] and slattOry requirents. Under cost of charitable a1vin¢S of h¢ad office sthff costs and s/0 of other ¢osts PTE allocafrd inl9 supt and 8ovffliance costs. The remaining 6/0 of stsff wsts shown &s staff costs and 50Y• of other costs are shown as running costs. This split is bad i)ll e5titDate5 of I]e St0 eacb acttyity. Grants are EId to individuals at the T, discretion. Grants ate recognised when a coDslrnctive obligation arises. TANGIBLE FIXED ASSFfs AND DEPRECIATtON Assets costing mor¢ thall £l:(XK) are ¢apTtalised at¢OSL Cl1]r a1 sirnilar equipment is wriw off fvlty ill the year of PUT¢hase. Depreciation is trovided to write off the cost of fLxal a&5ds (excluding ]aud) to their residual value eventy over their esti]nated usefjjl lives which are as follow5:_ Freehokd buildings FixknJr¢s, frttilkgs arAd ¢quipment FixtLwes, refibish¢Trt costs eg bathrc.tIl1e Motor vehicles over 30 years over 3 years over 5 years over 5 years EsTNTs Investmellts are ststed at fair value based on bid price at the balanc£ sbeet datr. The Ststement of Financial Activities includes the net gains and I0S arising on revaluations aDd disFKJsals throughout the year. All gaing and losses are tsken to the Staternent of FinaDcial Activities as thcv aTise. Rea]ised atsd losses oll investments are calculated as the difference between sales procee4ts alld their OP]tig carrynw value or their purch ialue if acquired sub5¢quent to the firsi day of the financial year. Unreaiised gatS and losses are catculated as the difference between the fairvalu¢ atthe end oftheyearandtheFi¢aryyingvalue. Realtsed2ndunrealisedinve5fment gains and Ios8es are combined ID the Statement of FiDancialActivities. CASH AND CASH EQUIVALENrs Cash and cash equivalents are b&sic finattciat IDSInllr alld include casb in Fland and dwits held at call with EN(PLOYEE BENEFrrs POLICY The costs of 5bort-terni etDployee benefits are recogDi5ed &s a liability aDd an expens4 unless those costs e required to be recogntsed &s wi of the com of xock or are capits]ised &8 an intsngible fixed asset or a tangible fix&1 &sseL The best e5tirnale of the expenditu requirwj to settle an Oblilon for lerniillatioll benefits is Tecognised imllLediately as an exF¢nse when the ChaTity is demonstrabty committed to tetminate the employukent of a employee or to pmvide tern]ithi)n benefits. Ptye 13
Newspaper Press Fund AcCOuNTG POLICIES PENSION COSTS The Fundmakes payments to the irndividualpension po]icies of qua]ifyillg employees. The pension costs cknged in the Statem¢nt of Fitiancial Activitses r¢]x¢sent th¢ coll1nrtiOns pay¥ble by the ¢hority during th¢ perio FUNDS ACCOUNTING Funds held by the cIlty are: UnreslriGledgenerolfvnd¥- these are fimds which can be in accordance with the charitable objects at the discretion of the Tntee9. Reslnctedfvid%- these are funds wbicb are to be for Specific puw as laid down by the donor. The Charity cu11Y has no restrirted fwNIs. LIABILtTIES Liabilities aT¢ recogllis¢d when the entity has an obligatiOD to transfer economic benefits as a result of past traDsaai¢)ns or evts. FINANCIAL STRuTrNTS The Charity onty has financiaI alld fjnancial liabilities of aktnd I1 qualify 14 b&8ic fjnancial instsillnents. Basic f]nancial insinellts are inltially mtrdswed transaction value and subsequenity measured at their settlement Yah. ACCOtrNTING ESTtMAIES AND AREAS OF juEmENT Estimates and judgements are continuallv evaluatrd and aTe based on historical experience and other factors, including expectations of future events aTe believed reasonable under the circumstances. ACctIng (Thd$p1lorts The Clwity makes estimates and assimWioDS concerning the future. The Tesulting acLX)unting estimaies and &ssEllnptions wilL by defilti0[4 5¢1(tom equal the re]ated acts1 results. The esti[[t¢S and assutXLPtions that have a significant risk of causing a nmterial &ljusttDellÉ th tbe carryillg aOU8 of &5sets ar Iiabilities within the next fancial year considers deprttiation to be one of these fail0. Dwreciattoll 15 providcd to wiite off the cost of fixed &%seL8 (excludillg laDd) to theIrresÉdU value cYcty over their &sti]Dated useful lifG Puge 14
Newspaper Press Fund NOTES TO THE, FINANCIAL STATEMETrItS for the year en(kd 31 DecetnlKr 2023 DONATIONS AND LEGACIES 2023 202Z Members Districts Glasgow West h(idlands Wale5 App¢a]s Legacies speci Events Incimne tax recoverable 41 41 E2 45 13 118 39 39 20 15 274 164 Ill¢oTD¢ tsx r#overabl¢ from lllv¢stm¢iit inm¢. All intoe ID 2023 was unrestricted. The Charity received and fiY discbarg¢d restricted Att¢(e (iticluded under 'Appeals') of £25.000 in 2022. INVESTMENT INCOME 2Q23 2022 £'oo Dividends- equittes terest_ fixed interest secwities terest on dividends 99 210 70 315 264 CHARITABLE ACllVITIES 2023 £'ooo 2022 £'ooo Residents Fees and R¢llt: Ribblesdaie 172 150 172 150 COST OF RAISING FUNDS 2923 2022 £'ooo GI0 West Midlands Wales 16 39 57 40 JJv¢stm¢llt Mauagem¢ot C05fs Cost of ¢veDts 31 33 93 78 Pqge 15
Newspaper Press Fund NOTES TO THE FINANCL4L STATEMENrs for the year ended 31 Dember 2023 COST OF CHARITABLE ACnVtrS Homes 2023 Tthal 2022 Tolal £'ooo Fun(*aisihg GroF Staff costs 88 47 98 27 260 242 114 35 118 35 150 97 39 143 Depreciation Gov¢rnanc¢ & 51Wrt costs 26 172 91 247 53 563 521 Gts awarded 236 236 218 172 327 247 53 799 739 2022 165 306 46 739 All grdnts awarded were to individlla]s in yea GOVERNANCE & sifppoRT COSTS 2073 B&8is of all(utio Utilities alld itWLr4nr Repairs alld Tenewals Head Office staff ¢05ts Other Head Offic£ costs PM)rtIo]12tr to office 2ud 108 31 150 2022 Governance & supp(rt co$ 143 Page 16
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 De£ember 2023 EMPLOYEE AND STAFF COSTS 2023 No. 2022 No. The number of emplwees thmuglwut th¢ year. Cal¢U]a on am avry¢ IMsi5 W&.. office attd Ad]$*]0tt Resideniial and Care Homes The average of employets throllghoutthe yearrepre5ents the avcrnge over the whole year. Employees throughout the year on a ttme equivalent b&sis was 6120L?.. 6). 2023 2022 £'ooo The costs of employing these staff war.. SalarÈe5 and Wages Social secuTity costs Pe)kOtt Scheme contributioDs 317 29 25 295 28 20 371 343 Ckne employee received re[UEeratio between LI,0[) - 110:(M)O Q022.. 0). Nij cttLployee received remuneration btheen £90.OIXI- £I(KI.(NK> (2022.. 1). Trustets are notremunerated (ineither 2023 or2022). £1,766 w&¥ reiEDbursed for wenses in relation to travel and entertainment to 2 TTUSteeg (2022: £2,767 to 2 Trustees}. Total donations received frDTn £544. Public liability insumce paid in regard to Trttte$ £1.32612022: £IJ161. The Charity ¢SIderS its key rnaDagem¢Dt peTh)nn¢l ¢<AnFrrise th¢ TTUYte¢s and th¢ CEO. Th¢ total employmentbencfits inclllding pthjsion schelnc contnThutions of kcy" ra8nagcmcntpersonnel were £124,680 •022: £117,141). The ¢p19yerS iDsufdDC¢ coutributions in respect of th¢ key Jnanagethent personnel was £12,789 (?On: £12,452). NET tNCOMEI(EXPENDITURE) 2023 2c)22 This is stated afffr charging: Auditor's rEmun¢ratiQD Services DeprEciatio 28 35 39 This is stated after adding: Net profit sale of ed as8¢t Page17
Newspaper Press Fund NOTE,S TO THE, r[NANCL STATEMETr¥rs for the year ended J l December 2023 TANGt8LE FIXED ASSETS Freehold Firtiwes, land tmd fillings & buddings eqwi>menr £000 Ttstul £'ofJo Cosi or valuation l Janu8ry 2023 and 31 Decernber 21Y23 28 Depreciation l January ?023 335 27 362 Charge in y¢ar 35 31 December2023 369 28 397 Net Book Value 3 1 December 2023 652 652 31 December2022 687 The valuattons oflandandbu11 dings weremade in 1997by Mews Martin Brown (Valuers and Suryeyors). Thi% valuation was treated as cost on lon of FRSIO2. Page 18
Newspaper Press Fund NOTES TO TIIE FANC[AL STATEMENTS for the year ended 31 December 2023 2023 £'tsoo 2022 £'ooo Fair value &8 at l JaTn¥ 2023 Acquisitions & cost Sales proceeds from disposals Realised gains in the year Unr¢ali5ed gainl(ullrdd losses) in the yeaT Net cash 0Vement 8,461 837 (716) 75 315 (152) 9.734 1,702 (1,636) 61 (1,300) (ioo) Fairvalue at 31 DeE¢r2023 8.820 8,461 Jnv¢sttrA¢Dts ai fair value cOmpriL UK fred illterert Securities UK equttie5 overs cquities 2,179 2,989 2.700 180 491 2,050 2,974 2,306 157 541 433 Propety Ahernaies Cash deposits 8.820 8,461 Historical cost as at 3 1 Dxenittr 2023 7.416 7,229 C&th dep)sits repTEseTLt aoullts underthe di5cretioDary ]DaDagellkent of tbe Furtd's illvesknent managers. No individual holding exceeds 5ll/• of the totsl fairvalu& 11 DEBTORS 2023 £'ooo 2022 £'oo Other debt( aud prepayments 31 15 12 CASH AT BANK AND IN HAND 2023 £'ooo 2022 £'ooo CAF accounts Branch bank accounts Head office bank aCco)ts 109 16 163 210 15 137 288 362 13 CREDrroRS: Amouuts fauing due witbin one year 2023 £'ooo 2922 £'ooo Trade creditors Sundry ¢TraIr$ alld at¢nth15 12 37 14 35 49 49 Page 19
Newspaper Press Fund NOTES TO THF. FINANCIAL STATEMENrs for the year ended 31 Decemb¢r 2023 14 DEFERRED INCOME 2023 £'(poo 21922 £'flOO Brought forward dt l Jalluary Released during the year (3) Carried foThvard at 3 l December Def¢Th income 2022 related to the Wal&s Media Aw8rds ev¢nt PDd wa5 relSed in the year.. 15 FUNDS Bolance at l Jomiary 2023 £'o(x) Net Tr41PSer$ invaslmenl betwÉeM Jncome Expendifttre movements Balance at 31 Decernber 2023 £'ooo Funds £'ooo unStrict GeneEal 9,476 768 {892) 390 9,742 9.476 768 (s2) 390 9,742 Balance ot l J(MuY 2022 £'(I&p £'IKIo Transfers BL71appce at bghveen 31 December funds 2022 £'(poo £'ooo inFe51ment Income Erpe1l¢llre hrovemep R¢%trtcted 25 {25) fid) Unrestricted General 10.945 562 (792) (1.239) 9,476 10.945 587 (817) (1239) 9,476 Unrestricted fimds cornprise those fund8 whith the trtth is fret w use in acCtTrTdall with the charitable objedions. Restricted fiJnd%. BBC Broadcasters Fund. Fwuts totslling £nil{2022: £25,0(M)) rx¢ived and fully dIsChged to give fiDallcial assistattce for applicants wbo have bro&knt for tbe BBC, IludIng stringers, world service contrknut(Y& fr£elanceJs and similar. Page 20
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENrs for the year ended 31 December 2023 16 PENSION COfvtMITMEYrs The clwity does not oper&e a peDsiott scbeme conknlmrtes to the petsonal pension plan of certain tp10Y¢¢5. Colltnl)utions paid by the ch1. disclosed in no* 7. 17 TAXAIION The NewspwPr¢ss Fundis arEW3t&Edcharityas such its incotuealld8aiD5 fallingwithiti Sections 471 to 489 ofth¢ CoTP)rtioJ)"I Ad2010 orsectiou 256 of theTaxatioD of Chargeable GainsAct 1992 r¢ ¢Xtpt from wtpordtiontsxto th¢ ¢xteutthattho are appliedto its clwitsble (l)jectives. 18 RECONCILIATION OF NET MOVEMENT OF FUNDS TO NET CASH FLOW FROM OPERATING AcrtvrnES 2023 2022 £'ooo N¢t movement ill funds AddbackdeWlatioll Dethirt inv¢strneDi in¢oEDe show) in Vesting actiiities DUrt gailladd losses on inYe51ments 206 35 (315) (1,409) 39 (264) (390) (16) 1,239 Llkcrease) in creAitors (GainyLoss on disposal of fixed asset {4) (2) (422) {451) Page2J