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2024-12-31-accounts

Trustees Annual Report 2024

Founded 1864 as The Newspaper Press Fund Support and care for journalists and their dependants in need

The Journalists’ Charity is the working name of the Newspaper Press Fund and is a registered charity in England and Wales (208215) and Scotland (SCO42405)

Newspaper Press Fund REFERENCE AND ADMINISTRATIVE INFORMATION

Council (Trustees)

Christine Warwick, Chair Paul Jones, Vice Chair John Crowley Jill Palmer (resigned 01/01/2024) Sue Ryan (resigned 01/05/24) Laurie Upshon (resigned 01/05/24)

Chris Boffey (resigned 01/11/2024) Richard Burgess (appointed 05/06/2024) Alison Gow (appointed 05/06/2024) Alison Philips (appointed 05/05/2024) Ramsay Smith Mike Watson (resigned 01/11/24)

Principal Office

11 Ribblesdale, Roman Road, Dorking, Surrey RH4 3EX Telephone: 01306 887511 email: enquiries@journalistscharity.org.uk Chief Executive: James Brindle Finance Director: Sarah Pearce Charity Caseworker: Jo Downing

Ribblesdale

Roman Road, Dorking, Surrey RH4 3EX - Telephone 01306 640664 Scheme Manager: Kisnah Mooneegadoo

Auditor

Price Bailey LLP, 8[th] Floor, Dashwood House, 69 Old Broad Street, London EC2M 1QS

Bankers

HSBC, 54 High Street, Epsom, Surrey KT19 8DS Coutts & Co Ltd., 188 Fleet Street, London EC4A 2HT CAF Bank, 25 Kings Hill Avenue, West Malling, Kent ME19 4TA

Solicitors

Messrs Downs, 156 High Street, Dorking, Surrey RH4 1BQ

Investment Managers

Charles Stanley & Company Ltd., 2 Westover Road, Bournemouth BH1 2BY

Honorary Consultants

Dr J Martin MA MD MRCP Dr Brian E Bourke, FRCP David J Spalton, FRCS, MRCP

Page 1

Newspaper Press Fund TRUSTEES REPORT for the year ended 31 December 2024

The Trustees present their report along with the financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 12 to 14 and comply with the charity's charter, the Charities Act 2011 and Accounting and Reporting for Charities and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

In 1858 it was recorded that “The necessity for establishing a Provident and Benevolent Fund in connection with the newspaper press became the subject of conversation at a meeting of Parliamentary reporters.” For six years a number of attempts were made to establish this without success until in 1864 when Trustees were appointed and a President elected. In 1890 The Newspaper Press Fund, as an unincorporated association, was granted a Royal Charter as its governing document and in 1962 it was registered as a charity (number 208215) and later in Scotland (number SCO42405). To reflect the changing nature of journalism a working name was introduced in 2004 as NPF – The Journalists’ Charity and amended in 2005 to Journalists’ Charity.

The Charity’s objectives are to help meet the needs of British and Irish journalists and their dependants. There is a twofold approach to meeting this objective – the making of cash grants as appropriate and the provision of retirement housing. The objectives of the charity are “Our maximum position should be that we should help as many journalists throughout the UK as possible who are facing hardship, including medical conditions and financial hardship.”

In setting our aims for the year and planning our activities the Trustees have given careful consideration to the Charity Commission’s guidance on the relief of poverty for public benefit and on fee paying for services.

The charity delivers its charitable aims in two ways:

We welcome applications for help from all who are currently, or have been journalists, with journalism as their principal source of income for at least two continuous years out of the last five years or for seven years in total (if not current). In addition, their dependants are eligible for consideration for assistance. Applicants are accepted from those who are citizens of the United Kingdom and of Eire and other journalists who have worked in these countries, subject to the two-year eligibility rule.

ACHIEVEMENTS AND PERFORMANCE

The activities in 2024 continued to be the financial assistance and support of journalists in need, together with the provision of retirement housing. During 2024 the demand for grants has continued to grow. Notably 58 percent of the beneficiaries awarded grants in 2024 were new to the Charity.

During the year the Charity gave financial assistance to 115 (2023:112) people by way of financial help and provided accommodation for 23 (2023:20) people in the sheltered homes in Dorking. Those helped by the Charity have historically been retired, but with the continuing increase in the number of new beneficiaries this has achieved a more diversified age bracket with a larger proportion of working age journalists being given financial assistance. The average age of journalists given financial help during 2024 was 49 (2023:45). The Charity has helped in a wide variety of cases of financial hardship - this could be due to a change in pension age, a young family suffering a downturn in their finances through ill health, a single person suffering mental stress through isolation and a lack of available work or a newly qualified journalist struggling for financial security in their first job. The Charity also funded 3 (2023: 2) placements of student journalists from disadvantaged and diverse backgrounds through the Journalism Diversity Fund. The Charity started a new programme offering struggling journalists coaching sessions to help journalists struggling with freelance or just feeling disconnected or stagnated.

The Charity makes financial grants to individual journalists and their dependants that are in need. All grants are assessed on their individual merits at full meetings of the Grants Committee.

Page 2

Newspaper Press Fund TRUSTEES REPORT for the year ended 31 December 2024

The objective of the Charity is to help as many journalists in need as possible. This may be through financial assistance, accommodation or advice as to how a difficult situation can be improved. Most cases are dealt with within a month. The Trustees consider a prompt response to those in a difficult situation is essential. The Charity’s success is measured by the number of grants it gives to journalists during the year.

RISKS

The Trustees receive a risk review report annually which identifies the areas of potential risk to the Charity. The principal risk to the Charity is its ability to attract sufficient funding to carry out its charitable activities. The investment portfolio is an important part of the Charity’s income. The performance of the investment portfolio is closely monitored with its investment manager, Charles Stanley. There is an understood risk that the investment portfolio can go down as well as up. The Charity continues to promote itself through its website and online events to attract donors and future beneficiaries. The Trustees have reviewed the adequacy of protection against these risks and where insufficient have put in place appropriate procedures to mitigate these risks. In some protection is provided by insurance, in others by monitoring, reporting and re-assessing risks concerned.

The trustees review the liquidity and cash flow risk to the Charity by periodically reviewing the bank balances of the head office and the accounts held with their investment manager, Charles Stanley. There is a risk to the charity that the annual projected deficit will continue and whilst not a significant factor in the short term using the investment portfolio to bridge this gap may have a detrimental effect on the level of investments in the medium to long term. The trustees continue to review its investment strategy and the most effective way of maximising its income. The bank balances are reviewed to ensure cashflow levels are sustainable. The trustees are aware that journalism continues to face significant difficulties as an industry. The charity typically provides financial help for between one and six months as needed but will continue to monitor the need for grants against the cashflow of the Charity to ensure the Charity’s longevity. The situation as at April 2025 shows a similar projected deficit for the year for the Charity which it has taken action to cover by transferring cash from its investment portfolio.

FINANCIAL REVIEW

The financial results for the year are set out on page 9. The Charity had predicted that 2024 would result in an operating deficit of around £141,000 but that this would be covered by cash in hand. The deficit in the year of £143,000 (2023 gain: £266,000) came about largely due to a net loss in the Charity’s investment portfolio managed by Charles Stanley.

The Charity is currently awaiting the payment of two legacies totalling £260,000 which if paid in 2025 will result in a breakeven position. If either of these legacies are not received in 2025 the Charity considers its financial position will be similar to 2024 with an operating deficit.

GOING CONCERN

The accounts are prepared on a going concern basis in accordance with the reserves and risk policy of the Charity. The Trustees consider the reserves are such that the Charity will continue to support Journalists whilst there continues to be a need in the industry. The deficit in the year of £143,000 is mainly due to the decrease in value of its investment portfolio. The performance of the charities investments in 2024 has continued to fluctuate slightly from month to month .

The Charity is predicted to continue to suffer an operating deficit in the short term. Whilst the value of the Charity’s investment portfolio has continued to fluctuate during 2024 and the income of the Charity is partly unpredictable. The Charity will continue to monitor the performance of the investment portfolio and cash balances alongside its grant making policy. The trustees do not consider any changes in the grant making policy are necessary at the current point.

FUTURE PLANS

The Trustees of the Charity continue to focus on grant giving to journalists in need and review methods of reaching more journalists in need of financial assistance. The grant giving of the Charity has always been the Charity’s primary aim. The Charity will continue to review its finances and operations. The trustees have considered at this stage there is no change to the strategy of the charity.

Page 3

Newspaper Press Fund TRUSTEES REPORT for the year ended 31 December 2024

RESERVES POLICY

The charity holds reserves in order to generate income to support the work of the Charity. The Charity’s reserves have decreased by £143,000 in 2024. The level of the Charity’s reserves is reviewed regularly by the Council as part of the examination of the financial performance of the charity. The Charity’s reserves as at 31 December 2024 were £9,599,000 (2023: £9,742,000) which is sufficient to sustain the Charity for at least the foreseeable future. £618,000 (2023: £652,000) are tied up in fixed assets, leaving £8,981,000 (2023: £9,090,000) of free reserves which includes amounts held as investments of £8,690,000 (2023: £8,820,000). Free reserves less investments were £291,000 (2023: £270,000)

INVESTMENT POLICY AND MANAGEMENT

The investment policy of the Trustees is to optimise the total return of income and capital from the portfolio. In order to achieve this they have appointed investment managers and have agreed asset allocations with them and benchmarks against which performance is measured. The Council has agreed the investment risk mandate should be a balance between income and capital growth but with a bias towards income and a medium low risk tolerance. They have set the following investment parameters:

UK Fixed Interest 35% to 70% UK Equities 40% to 60% Cash 0% to 15% Overseas Equities 0% to 10%

As an aim, no single equity holding should routinely represent an investment of over £500,000. The performance of the portfolio should seek to match the APCIMS Income Portfolio Index. Valuations will be provided monthly and the Council will review the investment policy at half-yearly intervals. The investments over-performed the benchmark throughout the year. Charles Stanley & Company Limited have discretionary management of the Fund’s investments within limits set by the Council. The Charity’s aim is to maintain investments that produce a sufficient income to enable the Charity to fulfil its needs. Although the current balance of the Charity’s investment portfolio has fallen slightly as at 31 December 2024 it has risen again as at 31 January 2025. It is difficult at this point to predict the effect of current world events during 2025.

FUNDRAISING

The Charity’s approach to fundraising is through publicity and encouragement of donations at its events. The Charity does not utilise an aggressive or intrusive fundraising policy and is aware of all fundraising that is carried out in its name. The Charity considers it important that its fundraising conforms to recognised standards so that the public, including vulnerable people, are protected from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. No complaints were received in the year (2023: 0).

STRUCTURE GOVERNANCE AND MANAGEMENT

The governing document of the charity is a Royal Charter granted in 1890 with bylaws that provide the means of implementing the provisions of the charter.

Trustees Appointment and Responsibilities

The Council (Trustees) consists elected members who meet quarterly.

Recruitment, induction and training

The Trustees are recruited from within the industry by the existing Trustees, to reflect the geographic spread and diverse nature of journalism. Additionally, there is a mix of working and retired journalists. It is therefore very likely that any new Trustees are aware of our work and will have supported us previously in some respect, having been members of the Charity. All new Trustees receive the relevant Charity Commission publications concerning Trustees and copies of the minutes of the trustee meetings for the previous 12 months as well as information regarding the charity. All Trustees are encouraged to participate in trustee training.

Members of the Council stand for re-election at the end of each 3 year term. Other nominations may be put forward by members of the Fund who must submit the name and address of the candidate, together with names and addresses of the proposer and seconder, at least 14 days before the Annual Meeting. The Council may, at any

Page 4

Newspaper Press Fund TRUSTEES REPORT for the year ended 31 December 2024

time, co-opt new members to fill vacancies, subject to confirmation at the next Annual Meeting. The members of the council are appointed for a 3-year term after which period they may put themselves forward for reappointment at the next Annual Meeting. After two 3-year terms the member must stand down for at least 3 years before further election for one final term.

Staff

Decisions made by the Trustees are implemented and managed on a day to day basis by the CEO who is supported - by a staff of four (including three part timers) and currently 3 members of staff (including part-timers) at the sheltered housing complex. The staff has a limited delegated authority to replace items in the office and homes. The Charity also uses volunteers where appropriate. Volunteers can either be from the industry to help reach beneficiaries throughout the country.

Key Management personnel remuneration

The Trustees consider the board of Trustees and the CEO as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give their time freely and no trustee remuneration was paid in the year. Details of Trustee expenses are disclosed in note 7 to the accounts.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Charity’s policy withdraw from decisions where a conflict of interest arises.

The pay of the Charity’s CEO is reviewed annually and normally increased in accordance with the Consumer Price Index. The remuneration is also bench-marked with grant- making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

REFERENCE AND ADMINISTRATIVE DETAILS

The name of the charity is Newspaper Press Fund with a working name of Journalists’ Charity registered with the regulatory authorities under the registered number 208215 (England and Wales) and SCO42405 (Scotland).

The principal office of the charity is 11 Ribblesdale, Roman Road, Dorking, Surrey RH4 3EX

Trustees’ Responsibilities in the Preparation of Financial Statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Accounts (Scotland) Regulations 2006, the Charities and Trustee Investment (Scotland) Act 2005 the Charities Act 2011, the charity (accounts and reports) regulations 2008 and the provision of the Royal Charter and bye-laws. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved on behalf of the Trustees on 13 May 2025 and signed on their behalf by:

C Warwick - Chair

Page 5

Newspaper Press Fund AUDITOR’S REPORT for the year ended 31 December 2024

Independent Auditor’s Report to the Trustees of The Newspaper Press Fund t/a The Journalists’ Charity Opinion

We have audited the financial statements of The Newspaper Press Fund t/a The Journalists’ Charity (the ‘charity’) for the year ended 31[st] December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditors under section 44(1c) of the Charities and Trustee Investment (Scotland) Act 2005 and under section 144 of the Charities Act 2011 and report in accordance with the regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 and the Charities Acty 2011 requires us to report to you if, in our opinion:

Page 6

Newspaper Press Fund AUDITOR’S REPORT for the year ended 31 December 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the relevant laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, and tax legislation. This included compliance with the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities and Accounts (Scotland) Regulations 2006, Charities SORP and FRS102.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.

These included the following:

To address the risk of management override of controls, we reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

Newspaper Press Fund AUDITOR’S REPORT

for the year ended 31 December 2024

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/descriptionof-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006, section 44 (1c) pf the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Price Bailey LLP Chartered Accountants Statutory Auditors 24 Old Bond Street London W1S 4AP Date

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 8

Newspaper Press Fund STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024

Notes
INCOME AND ENDOWMENTS
FROM:
Donations & legacies
1
Other trading activities
Investment income
Charitable activities
2
3
Other income
TOTAL INCOME
EXPENDITURE ON:
Raising funds
4
Charitable activities
5
TOTAL EXPENDITURE
Net gain/(loss) on investment
10
NET INCOME/(EXPENDITURE)
8
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
14
FORWARD		 Total
Funds
2024
£’000
348
2
309
191
1
851
(78)
(817)
__
(895)
(99)
(143)
___
9,742
9,599		 Total
Funds
2023
£’000
274
2
315
172
5
768
(93)
(799)
_
(892)
390
266
_
9,476
9,742

Page 9

Newspaper Press Fund BALANCE SHEET 31 December 2024

Notes
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
12
LIABILITIES
Creditors: Amounts falling due within one year
13
NET CURRENT ASSETS
NET ASSETS
FUNDS
Unrestricted general fund
14
TOTAL FUNDS		 2024
£’000
618
8,690
9,308
183
149
332
(41)
291
9,599
9,599
9,599		 2023
£’000
652
8,820

9,472

31
288

319
(49)

270

9,742

9,742

9,742

Approved and authorised for issue by the Council on 13[th] May 2025 and signed on their behalf by:

C Warwick - Chair

Page 10

Newspaper Press Fund STATEMENT OF CASH FLOWS for the year ended 31 December 2024

Notes Total funds Total funds
2024 2023
£’000 £’000
NET CASH USED IN OPERATING ACTIVITIES 17 (479) (422)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest & dividends received 2 309 315
Proceeds from the sale of investments 953 716
Purchase of Investments 10 (893) (837)
Cash movements from investing activities (29) 152
Sale proceeds from the sale of fixed assets - 2
NET CASH USED BY INVESTING ACTIVITIES (340) 348
DECREASE IN CASH & CASH EQUIVALENTS IN THE YEAR (139) (74)
CASH & CASH EQUIVALENTS BROUGHT FORWARD 288 362
CASH & CASH EQUIVALENTS CARRIED FORWARD 149 288

Page 11

Newspaper Press Fund ACCOUNTING POLICIES

ACCOUNTING CONVENTION

Basis of preparation and assessment of going concern

The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at valuation and in accordance with applicable United Kingdom accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of Charities Accounts (Scotland) Regulations 2006. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Newspaper Press Fund is an unincorporated charity. The registered office is 11 Ribblesdale, Roman Road, Dorking, Surrey, RH4 3EX. The Charity constitutes a public benefit entity as defined by FRS 102. The accounts have been prepared with the application of the FRS 102 triennial review.

GOING CONCERN

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern for the foreseeable future. With respect to the next reporting period, the year ended 31 December 2025, the most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and risk management sections of the trustee’s annual report for more information).

The Charity’s cash position has covered the operational deficit in 2024, but will not be sufficient to cover operational losses in 2025. The Charity will use funds from its investment portfolio to cover any shortfall in cash in hand during 2025. The trustees consider that the current cash levels and investment portfolio provide the charity with free reserves that will allow it to continue to function on the same level for at least 12 months from the approval of the financial statements.

INCOME

Income is recognised in the period in which the Charity is entitled to receipt and it is probable that it will be received by the Charity and when the amount can be measured with reasonable certainty.

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Fundraising is accounted for on a receivable basis. Income recognised in advance of a related event is deferred only when the Charity has to fulfil conditions before becoming entitled to it, or where the donor has specified that the income is to be expended in a future period.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due date.

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Newspaper Press Fund ACCOUNTING POLICIES

EXPENDITURE

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Under cost of charitable activities 40% of head office staff costs and 50% of other costs are allocated into support and governance costs. The remaining 60% of staff costs are shown as staff costs and 50% of other costs are shown as running costs. This split is based on estimates of time spent on each activity.

GRANTS

Grants are paid to individuals at the Trustees' discretion. Grants are recognised when a constructive obligation arises.

TANGIBLE FIXED ASSETS AND DEPRECIATION

Assets costing more than £1,000 are capitalised at cost. Computer and similar equipment is written off fully in the year of purchase.

Depreciation is provided to write off the cost of fixed assets (excluding land) to their residual value evenly over their estimated useful lives which are as follows:-

Freehold buildings Fixtures, fittings and equipment

over 30 years over 3 years

INVESTMENTS

Investments are stated at fair value based on bid price at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end of the year and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

EMPLOYEE BENEFITS POLICY

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or are capitalised as an intangible fixed asset or a tangible fixed asset.

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PENSION COSTS

The Fund makes payments to the individual pension policies of qualifying employees. The pension costs charged in the Statement of Financial Activities represent the contributions payable by the charity during the period.

FUNDS ACCOUNTING

Funds held by the charity are:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

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Newspaper Press Fund ACCOUNTING POLICIES

Restricted funds – these are funds which are to be used for specific purposes as laid down by the donor. The Charity currently has no restricted funds.

LIABILITIES

Liabilities are recognised when the entity has an obligation to transfer economic benefits as a result of past transactions or events.

FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction value and subsequently measured at their settlement value.

ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year considers depreciation to be one of these factors. Depreciation is provided to write off the cost of fixed assets (excluding land) to their residual value evenly over their estimated useful life. The receipt of any expected legacy can also be considered a factor as the exact amount and timing can be difficult to quantify.

Page 14

Newspaper Press Fund

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

1
DONATIONS AND LEGACIES
Members
Districts
Glasgow
West Midlands
Wales
Appeals
Legacies
Special Events
Income tax recoverable
2
INVESTMENT INCOME
Dividends – equities
Interest – fixed interest securities
Interest on dividends
3
CHARITABLE ACTIVITIES
Residents Fees and Rent:
Ribblesdale
4
COST OF RAISING FUNDS
District expenses
Glasgow
West Midlands
Wales
Investment Management Costs
Cost of events		 2024
£’000
40
3
12
39
26
212
12
4
348
2024
£’000
205
97
7
309
2024
£’000
191
191
2024
£’000
-
7
36
43
31
4
78		 2023
£’000
41
41
12
45
13
118
-
4
274
2023
£’000
210
99
6
315
2023
£’000
172
172
2023
£’000
16
2
39
37
31
5
93

Page 15

Newspaper Press Fund

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

5 COST OF CHARITABLE ACTIVITIES

Fundraising/
publicity
£’000
Staff costs
106
Running costs
6
Depreciation
-
Governance &
support costs
91
203
Grants awarded
-
203		 Grants
£’000
50
-
-
46
96
248
344		 Homes
£’000
Homes
Management
£’000
85
28
97
-
34
-
-
26
216
54
-
-
216
54		 2024
Total
£’000
269
103
34
163
569
248
817

All grants awarded were to individuals in both years. 115 in 2024 (2023:112)

COST OF CHARITABLE ACTIVITIES

Fundraising
£’000
Staff costs
88
Running costs
4
Depreciation
-
Governance &
support costs
80
172
Grants awarded
-
172		 Grants
£’000
47
-
-
44
91
236
327		 Homes
£’000
Homes
Management
£’000
98
27
114
-
35
-
-
26
247
53
-
-
247
53		 2023
Total
£’000
260
118
35
150
563
236
799
6 GOVERNANCE & SUPPORT
COSTS 2024 2023 Basis of allocation
£’000 £’000
Utilities and insurance 7 7 Proportionate to office and
Repairs and renewals 5 4 administration staff time
Head Office staff costs 122 108 Spent
Other Head Office costs 29 31
_____ ____
163 150
==== ====

Support costs include governance costs which include new auditor fees 2024: 22 (2023: 28)

Page 16

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

Newspaper Press Fund

7
EMPLOYEE AND STAFF COSTS
The number of employees throughout the year, calculated on an average
basis was:
Office and Administration
Residential and Care Homes		 2024
No.
5
3
8		 2023
No.
4
3
7

The average number of employees throughout the year represents the average over the whole year. Employees throughout the year on a full time equivalent basis was 5 (2023: 6).

The costs of employing these staff were:
Salaries and Wages
Social security costs
Pension Scheme contributions		 2024
£’000
328
36
26
390		 2023
£’000
317
29
25
371

One employee received remuneration between £100,000 – 110,000 (2023: 1). One employee received remuneration between £60,000 - £70,000 (2023: 0). Trustees are not remunerated (in either 2024 or 2023). £1,518 was reimbursed for expenses in relation to travel and entertainment to 3 Trustees (2023: £1,766 to 2 Trustees). Total donations received from trustees £344 (2023: £544). Public liability insurance paid in regard to Trustees £1,175 (2023: £1,326).

The Charity considers its key management personnel comprise the Trustees and the CEO. The total employment benefits including pension scheme contributions of key management personnel were £119,347 (2023: £111,890). The employers national insurance contributions in respect of the key management personnel was £13,725 (2023: £12,789).

8 NET INCOME/(EXPENDITURE) 2024 2023
£’000 £’000
This is stated after charging:
Auditor’s remuneration 22 28
Tax Services - 3
Depreciation 34 35
This is stated after adding:
Net profit on sale of fixed asset - 2

Page 17

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

Newspaper Press Fund

9
TANGIBLE FIXED ASSETS
Cost or valuation
1 January 2024 and 31 December 2024
Depreciation
1 January 2024
Charge in year
31 December 2024
Net Book Value
31 December 2024
31 December 2023		 Freehold
land and
buildings
£’000
1,021
369
34
403
618

652
 Fixtures,
fittings &
equipment
£’000
28
28
-
28
-
-		 Total
£’000
1,049
397
34
431
618
652

The valuations of land and buildings were made in 1997 by Messrs Martin Brown (Valuers and Surveyors). This valuation was treated as cost on adoption of FRS102.

Page 18

Newspaper Press Fund

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

10
INVESTMENTS
Fair value as at 1 January
Acquisitions at cost
Sales proceeds from disposals
Realised gains in the year
Unrealised gain/(unrealised losses) in the year
Net cash movement
Fair value at 31 December
Investments at fair value comprised:
UK fixed interest securities
UK equities
Overseas equities
Property
Alternates
Cash deposits
Historical cost as at 31 December		 2024
£’000
8,820
893
(953)
(160)
61
29

8,690

2,235
2,567
3,056
106
416
310

8,690

7,190
 2023
£’000
8,461
837
(716)
75
315
(152)
8,820
2,179
2,989
2,700
180
491
281
8,820
7,416

Cash deposits represent amounts under the discretionary management of the Fund’s investment managers.

No individual holding exceeds 5% of the total fair value.

11
DEBTORS
Other debtors and prepayments
12
CASH AT BANK AND IN HAND
CAF accounts
Branch bank accounts
Head office bank accounts
13
CREDITORS: Amounts falling due within one year
Trade creditors
Sundry creditors and accruals		 2024
£’000
183
2024
£’000
23
18
108
149
2024
£’000
10
31
41		 2023
£’000
31
2023
£’000
109
16
163
288
2023
£’000
12
37
49

Page 19

Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

14 FUNDS

Balance at Net Transfers Balance at
Funds 1 January investment between 31 December
2024 Income Expenditure movements funds 2024
£’000 £’000 £’000 £’000 £’000 £’000
Unrestricted 9,742 851 (895) (99) - 9,599
General ______ _____ _____ ______ ______ ______
9,742 851 (895) (99) - 9,599

Unrestricted funds comprise those funds which the trustee is free to use in accordance with the charitable objections.

15 PENSION COMMITMENTS

The charity does not operate a pension scheme but contributes to the personal pension plan of certain employees. Contributions paid by the charity are disclosed in note 7.

16 TAXATION

The Newspaper Press Fund is a registered charity and as such its income and gains falling within Sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.

17 RECONCILIATION OF NET MOVEMENT OF FUNDS

Net movement in funds
Depreciation
Investment income
shown in investing activities
(Gains)/ losses on investments
(Increase)/decrease in debtors
Decrease in creditors
Gain on disposal of fixed asset
Net cash used in operating activities		 2024
£’000
(143)
34
(309)
99
(152)
(8)
-

(479)
 2023
£’000
266
35
(315)
(390)
(16)
-
(2)
(422)

Page 20

Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

18 RELATED PARTIES

Page 21