Journalisw Charity Supporting journalists nationwide Trustees Annual Report 2025 Founded 1864 as The Newspaper Press Fund Support and care for journalists And their dependants in need The Journalists. C7Jarity is the WOTkiDg DaJne of the Newspaper Press Fund and Ts a registered charity in England and Wales (208215) and Scorljnd (SC042405)
Newspaper Press Fund REFERENCE AND ADMtNISTRATIVE INFOILMATION CoMll¢ll (frnstees) Paul Jone¥ Cbair Richard Burg¢ Alison Philips Ilamsay Srnith Alisrn Gow. Vice chair John Crowley Gill Smith (aM)ointed 22105r21Y25) Christille Warnick Prilleipal Offiee I l Ribb1esde. Roman Road Dorkin& SvrTey RH4 3EX Tclcphone: 01306 887511 email: enquiii¢s@iournalitslwity.(rg.uk Chief Executive: Finance Director: Cbarity Caseworker: James Brindle Sarah Pearce Jo Downillg Ribblesd&]e Ronwi Road, DorkSDg, Surrey RH4 3EX- Teleph¢ 013[ 640664 Scheme Mallag£r: Kisnah Moonttgadoo Auditor Price Bailey LITr. 8th Floor, Ihshw(KwJ House, 69 Old Bro&1 Stre¢i tA)ndon EC2M IQS Bankers HSBC, 54 Higb Sirert EpsoDL SwTey KT19 8DS Coutts & Co Ltd.. 188 Fleei StreeL L4)ndou fC4A 2Ert CAF Bank. 25 Ktngs Hill Avenu( West malli KcntME19 4TA SolicitOTS Messrs Downs, 156 High StreeK Suw RH4 IBQ Inve5tmefjt Martagers Charles Stanley & COmpY LttL. 2 we5v# R(oI BOUrnemthi BHI 2BY Honorary Consult*nts Dr J Martin MA MD MLiCP Dr Brian E Bouth, FRCP David J Spahon, FRCS, MRCP Poge I
Newspaper Press Fund TRUSTEES REPORT for the ear endcd 31 December 2025 The Trnstees wesent theirreport along withthe fman¢ial statemenTS ofth¢ Chority forth¢ ywended 31 Decenlber 2025. The fman¢ial ststernents have beeD prepgred in ardan with th¢ w)unting po]icies set out on pages 13 to 15 compty with the ¢haTity's cbarter, the Clwiti¢s Art2011 ondA¢£ounting aDdRtwrtiDg for Charities and the Ststement of RecommerLded Pwtic¢ appIlble to cbarities preparing th¢tr acwunts in accordance with tbe Finamcial EietK)rting Sthndard applicable in the LK 8t Republic of Ireland (¢ffxtiv¢ l January 2019). OWECTIVES LYD ACTlVtTIES In 1858 it was recorded that"The necty for establisbiDg &Frodent and Benevolent Fulld io connEction with the llewspaper press became the gjbject of c4)nversation at ameeting of Parliatnentary reFthers." For six years a umber of attempts were made io eStabb this without success unlil in 1864 when TnteeS were apwÉnted and a President elected. tn 1890 The Newspaper Press as att uDincorporated associatio was granted a Royal Charteras its governingdcamient and in 1962 it wregIStered &s a charity (number 208?15) andlater irA Scotland (llulnber SC04240i}. To refkct the changing naDJre of journalism a working name was introduced All 2004 as NPF- The Journalists, Charity and amended in 21)05 to Journalists. Charity. The Charity's (knjeaives are w help meet the oeeds of British and Irish jown81ists gnd their d¢pa]dants. The principa] apprOh to meeting this obj¢¢live - the Tnaking of cash gT8nts as atTrropriate and the provision of retiremffljt bousiDg. The objedives of the charity are Y)ur maximum position should be that we should help as many joumaiists througbout th¢ UK as p)ssibl¢ who are facing bardsbip. including medi¢al ¢ondition$ and W¢ welCot 4ylications for help from all who are currentlv. or have bE¢ll journalists. witb journalism & their principal source of Ancotlle for at leasi contillu0 Yea out ofthe iasi fiv¢ year5 or for 5¢ven yo5 in 1014L (if not ¢urrent). In addition, th¢ir dependaDts ar¢ eligible for nSide10n for wistanc¢. Appliwits ar¢ aepted frorn those who ar¢ ¢iliz¢ns of th¢ Uniwl Kingd¢)m and of EiTe and other journalists who have WOTk¢d in these countries, subject tty the two-yw eligibility" rule. Public Benefii In setting our airns for the year aDd p]anning our activities the Tn]stees have given Carefi considemion to the Charity Commission's guidanc¢ QD the relief of povetyforpublic iKnefit and are elltirety satisf0 tknthe clwity continu¢s to ftLlfil a valuable public benefft w those for whom the cjwity was establishe4J to help. The Charity seeks to &gsist Fthplc. who arc vu]ncrdble due to agc, tnfinnity or other cir(xunstances that put them at a disadvantsge in our wiety. The cbaTity delivers its tharitsble aims in 5eveTal ways: graut making to indivithu]s. one to one Coacknng sessions. providing retrnent homes for journalisL8. ACHIEVEhlENTS AND PERFORMANCE The activities in 2025 continuedto be the financial a&sistance and suprrf)rtofjourna]ists in nee together with the provision ofretirement housing. During2025 the denwid fLY&qsislance hascontinuedto gtow. Notably 45 percent of the beu¢ficiaries awarded grants ill 25 (2024.'58) new to the Charity (not including the mentoring 5chem&s). During the yrar the Cbarity gave &85islaDce to 3(kn (2024.115) people. This help was gtven in a of ways- by direct f]Dancial grants 106 {2024:106}. coaching sessions 194 (2024.. 6). student asstsrance for those from diverse backgrounds 6 (2024.3). Th(w help1 by the CIRrity have historiially been retire(L but with the coniinuing incre&se in the nunlKr of new F*neficiaries achieved a more diversified age btxket a larger proportion of working joumth Illg given fmancial assistance. The average age ofjournaligts given fitwicialhelp durirng2025 was43 (2(r24:49). Th]s average ageb&8 gtadually bethreducing overthe1&4t2 decades. tn2005 the average age was 62. This demot)strat&%the changes in the journali1 industy andthe general financial dships enthrtyj by w01ng journalists tying to njake &]iving. To demonstrate a pattern the avernge age Tefers io individual f]nancial grants ollty. The Cl)arity be]ped in a wide Wdriety of cases of fiDaDcial hanlsbip . this Could be due to a change in pensioll atse. ayouug fatnily suffering a dowDtllrn in their f]Dallces tbr{Kb ill bea]th, a singleperson suffering mentsl stress ibrough isolatiollalld a lackolayallhblewo0T8lltwty qualified J[MlSt Page 2
Newspaper Press Fund
TRUSTEES REPORT
for the
ear ended 31 December 2025
sggI]llg for fnmncial seeurity iti thetr job. The CFwiry a]so fi]nded 6 (2024.. 3) placeTr¢nts of student
journalists from disadvwed and diverse back througb tbe J(m1]sm Diversty Fund and through
University of Lanc&8h&re (UCLAN). The Charity CODtttiued its mentoring progr¢ which started in 2024,
offering j(rnaliSts coaching ses5lOllS to help those struggling with freelance or jusr feeling diswnTh¢cted or
stagnated. The Charity started a new pilot with Journo liesources.Moving Fornards mentoring scheme desigDed
to help Journalists tsking their next steps in Journalism. The Charity also continued to provid¢ accowmodation
for22 (202423) people in the sheltered homes in D]ng.
The ChaTity makes financial grants to indAvidual jourllalists alld theIr
Newspaper Press Fund JRUSTEES REPORT for the ear ended 31 Dember 2025 The Chlty tsustees have approved the budget foT 2026 alld 2027 and con¢ludgJ that th¢ Charity has suffi¢ient resources io operne for the next 12 months from sigtting of the ¥counts. Any #DtiCiPat¢d dtfi¢it in th¢s¢ years will be covered by resaves (£10.614,(MKJ). Whily the valu¢ of the Charity's ittV¢SttneDt [rtfoliO is a SIlfiCnI factor and the remaintng incorne of the Clwity is partly uuprEdictable. Th¢ Clwity wttllueio moniror the p¢rfQrnICe of th¢ invesuneni portfolio and cash balances alongside its grantMakinglicy. The InLStS do not CODsider ally challges in the grplltmakillg policy are necessary at the CUTrenL poillL TheTrustees ofthe Charity continueto focus 0ngtantgivj to journalists inneed andreview m&bods of reaching more jowDali5ts in need of fLnancAal ]StanCe. The grani giving of the ch1 has always been the Charity's primary a. The Clwity will continue to review its finances and qKralions. The ttusteeshave considered at this stage there is DO Change to the 5LTategy of the charity. RESERVES POLICY The charity holds res¢rYe$ ia ord¢rtt) g¢r* iDWrne to 5llPF the WOTk of the Cbw. Th¢ Charity's reserves have illcreased by £1,015.(MMJ in 2025. The level of the Clthrity's res¢rY¢s is r¢iry¢w¢d regulorty by the Council part of the examinatith of the financial perfortnallo of the ¢harity. Th¢ Cljarify's reserv¢$ 8$ At 31 D¢¢ernb¢r 2025 were £10.614.000 (2024.. £9,599,000) wbith is suffi¢i•rt to 5uslXiD th¢ Chariry for at l¢&%t the foreseeable tLtre. £584:000 (21r24: £618.0> are Lied fL¥ed a%5rt% l¢aving £10,030,0(K) (20?4.. £8,981,000) of fr¢e sffves which includes held iDv651Ellents of £9.591.000 (2024.. £8,690.OIX)). FE¢¢ 5¢Tv¢S 1¢ inv¢sthi¢nts w¢r¢ £439,000 {2024.. £291.OW) INVESTMENT POIJCY AND MANAGEMENr The investment poLicy of the Tnjstees is to opti]$¢ the tr>tsl rebJrn of inc0C and capital the portfolio. Jn order to a¢hieve this they have appointed investtnent a)anaget3 and have awed asset allOclOn$ with them and Ixnchrnarks against which wformaoce is rneasureiL The CIM¢1] has agreedthe investment risk rnandzte should Ft abalance between incorne andixpital growth butwith abias towwds incomeaDd a rnedium low risk toleranc¢. Tbey bave sct th¢ foUowiDg invcstmcnt paraDJeters: UK Fixed Tnfrrest UK Equiti¢s Cash Overseas Equities 35Vo to 7(P/• 40Yo to OY• lo IIP/o A$ an aim, no single equity holding should routin¢ly repr¢s¢ut au inve%t[llt of ov¢r £500,0(M). The p¢rfornign¢e of the ffjolio should seek to matdL the APCIMS Illcoe Portfo]io IndeL Vaiuationg will be provided monthly and the CoullGil will review the iLve5tsueni lICY at half-yEarly illteTvals. ThE investtlS over-perfoTmed the b¢nckniak throughout the year. Charle5 StsDlev & Compally Litllited have di5cretiiw Mallagrcnl of the Fuud'5 investtnellts withiD Ittllits sei by the Coullcil. The Clwitv's aim is to aintain iVeStneDts Produce a 5ufficientincome to enable Ibe Charity tty fulfil iLsnecds. Altbough the cutTeDtbalatLCt of the C]wity's illveslmenl portfo]iohas risen sigDifiolltty a8 at 3 11)eceJllber202i. It 15 diffiojlt to predict the effect of cutrtht world evellts duriD8 2026. The Charty'5 approach to fidSIng is througb blICity and en¢emeat of donatiODS at its eveDts. The Charlty does not utilise an aeive or itKntsive fimdraisiDg pliey and is aware of all fimdrtiising th8t is cani& out in its name. The Charity considers it important thllt its fimdrai5ing Conforms to reu)gvJised st8ndard& so that the pllblic, in¢ding thierable people, att protcctod frotn u]]r(xwnÈbty intrusive or pcrsist¢nt fimdrnising appr(e$ and undue wwur¢ to d(Trte. No ¢iKnpl8ints w¢ re¢¢11 ID th¢ year (2024: 0). STRUCTURE GOVERNANCE AND MAliAGEMENT Th¢ gov¢rniDg doculnent of the clthrity 15 a Roy81 Clter grant¢d in 1890 with byJaw$ that pmvide the me of implementing the provisions of the cbats. Page 4
Newspaper Press Fund TRUSTEES REPORT for the ear ¢nded 31 Dec¢mlKr 2025 Trtss¢eAPpoInrrneThÉ ]dRPonsibli[eS Tbe Coullcil (Trustees) consists ekctedmembers who ]neet qutrrty. Re¢MeT, induction andtraining The Truses ar¢ recluited th]ll the industy by the ex11n8 Tnttts, to reflecttbe geographic spread and diyew ftature of journalism. AddAtionally. there is a mix of working and r¢tired journalists. It is therefore very likely that any new Trustees are aware of ourwork atxl will bave supwrted us PF¢viously in some resp¢¢L having been members of the Clwity. All new TnJAees r¢1¢ the relevant Charity Commission publications concerning TrUse$ and copies of the minutes of the tn]Ske eetIngS f the previo 12 montbs as well &8 inforffjation Memt*rs of the Coullcii stand for rt-eleLtion at the end of each 3 year terni. Other niKniftations rnay put forward by rnembers of the Fund who tnust sublt the name and address ofthe candidate, together with name$ and addresses of the proposerand seconder, at least 14 days before the ADnual Meetiug. The Council may, at any time, co-opt n¢w member5 to fill vacancie5, subject to conf]rniation at the nexi Alluat Meeting. The members of the counciI are appoitited for a 3-yeaT temi afttt wbi¢b peri(NJ tbey JJW put them5¢1v¢s forward for Te- appointment atthe next Annual Meeting..4ft¢rtwo 3-year tern]s the memr rnust for & least 3 years before further electioll for one flnal temi. Deciston% n]ade by the 1nteeS are implemented and Managed onadayto day basis by the CEOwho is supported ty a staff of four (including three pan4itners) and currattty 3 members of st2ff (including part-tie[S} at the sbeltered housillg complex. The staff has a ]]lted delegated a]rthority to replace item5 in the office alld homes. The Charity also uses volunieeTS wbere appropriale. VoluDteer5 can eitber b¢ the indW to help reach benefici2ries thr(ghOllt the county. KÈY MtmagemenlperstFnnel remttneralion The Tn consider the tM)ard of Trnstees and the CEO 85 Is]g the key nmiagemeni personnel of the charity i]A chae of directiog aud controlling the charity aDd nnIng and operating the charity on a day to day basis. All Tru5tres give their tiuAe freely and oo trustet remuneration was paid in th¥ yedr. Details of Trnstee expense5 are disc105¢d in note 7 to the accounts. Tnteel atzrequidto disclose allrelevantititer¢stsaDdregi5t¢rthem with the ChiefExecutiv¢and inaccordance with the Charity"'5 policy withdrdw from de¢isioTJS where a COTJllict of interest zrises. The pay of the Charity's CEO is reviewed • and nonnalty increased in accordan(£ th¢ Consumer Price tndex. The remuneraLion is also InCh-maked with grant- ll]g charittes of a sirnilar size a[ artivity to ell5llre that the rernunuatioll M is fair and not out of line 7th t1 geuerally paid for stmilar roles. REFEREI%CE AND ADmINIsTRATh DETAILS The name of the charity is liewspaper Press Fund with a WOTkiDg naEne of Journa]ists' Charity registcred with the regulatory authoTities under the regi#ard nUmE¢r20215 ngland aud Wales) and SC042405 (Sc4)tland). The priThcyl offi¢e of the charity is I l bleSdale, Roman Roa¢ fknk] Surrey RH4 3EX Trllstee5' Responslbilities in the PreparatioD of Fiwdllcial Ststements Law applicable to charities ID England aDd Wales reqllires the Trustees to prepare financial statsments for each fllwiciaiy¢arwhich givea ttue and fairvlew ofthe Charitys financial activities duringtheyearand ofits financial position at the end of the year. ID prewlng those finallcia] 5taments. the Trustees are required to: select suitable aOUnting policies athl then appty consistently" observe the eth(lS and principles in the charities swemeDt of recomn)ended PTactice )nake jlldgements aud estinteS that are TEasonable and twudeni state whether applicable UnttedKingd(Kn acwunting Stsndards have been followed sthject to any departt disclosed and eXp]lin in tbe financial aternellts. and Pagt 5
Ncwspapcr Prcss Fund TRUSTEES REPORT for the ear ended 31 December 2025 prepatt the f1¢la1 statements on the going concffn basis unless it is inappropriate to presume tbat the charity will Continue in business. The TNMees are responsible for keeping proper accounting records wbich disclose with reasonable accuracy at any time the fll]ancial position of the charity and enable them to ensule tbat the financial statements comply with the Charities Accowits (S¢¢xland) Regulati5 21kn, the Charities and Tntee Investment (Scotland} Act 2005 the Charities Act 2011, the charity (aOUllts andrep)rts) regulations 2008 )d the tffovision of the Roya] Charter and bye-laws. They aTe also responsibl¢ forsafeguardingthe assets of th¢ charity andhen¢e fortakyDg reasonable st¢p3 for th¢ prention alld d¢tection of fraud alld other irr¢gukn¢5. Approv[ on beha]f of the Trustees on 30th April 2026 alld sIgll on ttirb¢a]f P Jones- Cbair Page 6
Newspaper Press Fund AUDITOR:S REPORT for the ear ended 31 Dernber 2025 IndependentAlitor's Report lo the TnleeS rfThe N8wspaFT Pre%3 Fund The Jownal1s. Charity OpiDiOn We have tiudited the fmattcial statements of The Newspapu Pre&s Fund Va The Journalists, Charity (the 'charity') for the year ended 31" DecemlKr 2025 whith ¢i)mpris¢ th¢ Statement of Financial Actsviti¢s, the Balance Sheet. the Statement of Cash Trlows aud notes to the finallcial st8Mell including significAYJt awounting polioi¢s. The ffjwKial retX)TtiDg fraTlleW0 that been applied in ther preparatioo is applicable Law UDiied Klagdo AccountiDg St3Ddar&% tClUdig Financial Reporting stsDda 102 The Fiptaneiol ReporlIng.Stand(daPpl1¢Qb1E in ihe bK ondRepublic oflrelond (United Kingdom Gea¢rally Accepted AcCotIng Pwlice). Ill ow opinioll the fitwicial ststements.. give a true and fair view of the stste of th¢ clJarity'5 affaiTS as at il. December 2025, and of its incoming resources and appIltion of resource& iDchtding its income and expenditur4 forthe yeaT tben endeth. have been properly prepared in dance with United Kingdow Generally Accepted Accounting have been prqwed in accordance with the requiments of the ChtieS alld TrSleE tnyestment (Scotland) Act 2005 and gulatiOn 8 of the chIll¢S A¢counts (kotiaud) Regulations 2006 aDd th¢ Charities Act 2011. Basis for opinion We have b¢¢n appointed audiWTs und¢r section 44(Ic) of the chariti and Trstee ]nvesttnent {Scotland) Act 2005 and wider 10 144 of the Charities Act 2011 and report in accorthce with the regulations made under those Acts. We conducted our audit in accordance with tnternatial standd$ on AuditiTJg (UK) USA5 (UK}) and applicable law. Our responsibllities under those standaxds are fither de%ribed ill the auditor resp(msibilities for the audit of the r]nclaI statements seaion of our reporL W'e are indepelldent of the charity in acconlallce with the ethical requirements that are relevant to owaudit of the financial stateents in tbe UK, iD¢luding th¢ FRC'S Ethical Standar(L and we have fulfilled ourother etbical resp)nsibiiities in accordance with thgse requirements. We believe thatthe audit evidcllce we have obtsined is sufficieni and approprith to provide a basis for our opinion. Conelusiolls relatillg to going eoDttrii In auditiug the fioancial statements, we have concluded that tbe tsustees, i]se of the going con¢¢rn basis of accounling in the preparation of the fir¢131 stttents is appropriate. Bed on the WO we haye Irf0rAn¢d, we bave not ¥jentIfi any material unc¢rtaintie5 relating to events L conditions individualty or collectively. may cast signsfiwt doubt ou th¢ clwity's abi]ity to coniinue as a going concern for a periiKI of at leasttF'elv¢ months from wh¢ll the FancIal Stat¢ellts are authorised for issu¢. Our respon5ibiliues and the r¢stKJnsibiiities of the wÉtb resPECt to goillg concern are described in the relevant sertions of this reporL Other inforJDation The other infomation coMpriS the infonnation iDcluded in the In$, gnnual rEporL other than the f]nancia] statements attd our auditor's re[ then. The are respornsibl¢ foTthe otber inforniation. Our opinion on the f]nan¢ial slatements does not Verthe iDfoTmation alld we do not eXpsS any forni of assuranc¢ conch10 thereon. Ourresponsibtlity is to read the othtt infOrntIr and in doing so. c(wider wheth¢r the other information is materially inconsisteDt with the fmancial statements or our knowledg¢ obtained in the ofthe audit or otherwise appears to be materially missthred If we identify mat¢rial iuwll5i5tenci or apparent JnateLial mi&%tatements, we are required to demine whetherthis gives rise to a material mi5siatement in the finallcial statements themselves. If, based on the work e hav¢ rfOTme¢ we twclude there is a materi81 i55tal¢m¢nt of this other inforniatiQD. w¢ are r¢quired to TEWrt Ihat facL We have nothing lo r¢port ill this regar Page 7
Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 December 2025 matte on which we are required to report by" eiceptioll We have nothing to report respect of the followiug mattths in relation to whicb the Ch1t1£S Accounts {Scotland) R¢gulatioDS 2(K)6 and the CIltieS Acty 2011 wuires to rert to you 1£ in our opinion: the infornmtion given in the tNst¢es' retth is inCsiSt¢t in any rnater] rwect witb the r]nallcial statements,. or ¢)per a¢wunling re¢ords hav¢ not bec kepl or the fjnancial statements are not ill agreemellt the accountillg recotds; OT we have not received all the illforlljation exp]zllatiO]L8 we rtquire for our audit ResD5bIlities of tnte¢S As explarlledmore fiy in the trustee5' r¢sp)Dsibilities slatemellL the trustee5 are respoDsiI)le for tlke weparation of the fanCIal statemellts and for being satisfied that they give a alld fair view, and for such internal control a5 the It¢s5 dderrllille 15 eSsary. to a]abl¢ the PreptiOn of fin&la1 sratements that are free from material misstateLllenL whether du¢ to frdud or UTOr. In preparing the fioallcial stat¢meDts. the try5tees are resEK)Dsibk for assessing the charity's abi]ity lo continue a8 a goillg collCe di5closin& as applicable, matter5 re]ated to going collcern alld sIng the going concern basis of accoullting unless the trustees eitber intend to ]iquidatr tbe thity orto co&8e operntions. or have no realistic aliernative but to do so. Avditor responsibilities for tbe audit of the fmaDeial ststements We have been appointed audits)r under section 44(IXc) olthe Clwities and TnLStee ]nveslment (Scotland) Act 2005 and retth in accordance with the Act and relevani regulations made or having effect thereunder. Our objectives are to obtsin TeaSIable Urn¢e whetber the financial statements as a whole are free from matrrial Mi18Men( whether due frnid or error, and to issue an auditor's report t includes o opinion. Reasonable assurance is a high level of &sswance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a mala1 rtiisstarement when it exists. Misstatements call arise from fraud or rOr and are consideTed material 1£ individually or in the aggregate. they could reasollably be eXpted to iDfiluence the economic thisions of user5 tskeD on the basis of these financial statements. Irreguknties, including fraui are iustallces of nOD-compliance with laws and regu]atiOll5. We desigD proc£theS in line with responsibilities, outlitied alxTrve, to detect material llJisStateellts in respect of irregultirities, illclllding fraud. The Extent to whith ourprocedure5 are capable of detectillg i[regutIes. including fraud ts detailed below.. We gained 8n uaderstAnding of the legAI and wu]8tory fiwnework applicable to the Charity alld tb¢ sector ID whi¢h it operates and coSIdered the Fisk of th¢ ChaTity not compty'ing with the relevant laws and regulations ¢luding fraud in particular those that could have a tllaterial impact oll the financial ststements. This included those regU10S directfy related to the fijjancial sthrements. includin8 financial reSillg. and t&¥ legislation. This included ¢omp]iance with the Charities Act 2011. the Charities and Tte¢ RDvestrnent (Scotland) Act 2005. regulation 8 of the Charities and Accounts (Scotland) RegulatiOll5 26. Charities SORP and FRSIO2. Th¢ risks were diwussed with the awlit team and wo remained alert tt) any indications of non-¢omp]ian throughout th¢ audit. We ¢aTried out splfi¢ predureS io wJdre5s the risks id¢Dtified. These in¢lllded the followillg: Review of legal fees incurre. Reviewing minlltes of Trustee Board rneetings" Agreeing the finall¢ial statem¢nt discloswes to unde¥tying SUPPOTting d(Kumentation' Enquiring of managemen( includiag those charged with governaTrce. whether there are any known breaches of law5 and regulati applicable to the clMrity or serlous iJJcident reports made to the Charity c(glllln1loll and gaining an undetandIng of the wtential impact of any instances {if applicable) ReviewiDg key accowiting policies aTMI est[ts for evidence of lagllent bias To address the ri of ma[eMent override ofcontrols. wercvieweé syslenis andproCedU5to identify potela1 areas of management override risk. In particular. we catried out testing of journal entries aDd other adjuslTr¢nts Poge 8
Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 December 2025 for apwopriatent55. We also assessed management bi&$ in relation to the accounting policies adopted and i deten]illg sigllificani accounting esiimares. BKause of thE ]thet I]lInS of an audi4 there is a r that we will not detect all irregularlties, including those leadiTAg to a rnaterial misstatement ID the fillancial 5tatEments or ]ion-compliance with regulation. This risk ineaSe5 the mi>r¢ th&t compliaDce with a law orregu]ation is removed from thc events and transactions reflected in d financial stateAnellL% as we will be less likely to bccorne aware of instances of non-¢ompliance. The rlsk is also greater Tegarding itTegu]aTitie5 occU]ng dll¢ to fraurl rnther than em)r. as fraud involves intentional ¢on¢ea]rnenL forgery, collu5io ornission or tiLisrepresentation. A fiwth¢r d¢SCTiption of QUrT¢S51bilLtteS is available on the FRCS website at.. h ../lwww.fv.o .ukIauditor8tsdlt-35SuranctlalldiIor-S- SI111tie$-f0r-the-lldlt-0f-thefi1descrl of-the-audil0/fjE247//099s- DSibilities-foT. This descrytion forms pan of our auditor's reporL on- U$¢ ofour r¢w>rt Thi8 report is tnad¢ sol¢ty io the charity's tru51e¢4 as a EM)dy, itt accordance with R£glll#tion 10 of the Charities Ac¢ounls (S¢otland) R¢gulious 2(M)6: sectioll 44 (Ic) pf the Chariues alld Tntr Investment (Scotland) Act 2005, and the Charities Act 2011. OUT wjdit wrA l]as tten undertaken so that we might state to the ChIty'S trustees those matters we are requir&l to State to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or asne responsil)ility to anyone other than th¢ charity and the charity's tee5 as a body, our audit WOTK for thts or for the opinN)ns we knve fored. Price Baijey LLP Chartered Accountants Stabjtory Auditors 24 Old Bond Stre London WIS4AP Dale Price Balley LLP is eligible io ¢1% thi tththior ofse¢lion 1212 ofihe cOmpantA¢¢20O6. Page g
Newspapcr Prcss Fund STATEMENT OF FINNcLL ACTtVlTIES for the ear ended 31 tkcember 2025 Total Funds TtKal Fwids 2024 £'ooo N(xes £'o FROM: Dona1ions & legacies OtheT trling activities Invegttnent inc(*me Charitable activities Other incorne 374 309 191 201 TOTAL NCOME 957 851 Raising fid$ Clwitable activities (75) (898) (78) (817) TOTAL EXPENDITURE (913) (895) N¢t gainlooss) on investment 10 1.031 (99} NET INCOMFJ(EXPENDrruRE) 1,015 (143} RECONCILIATION OF FUNDS Totsl fLllLds brought fokvard 9.599 9,742 TOTAL FUNDS CARRIED FORWARD 15 10.614 9.599 PL7ge 10
Newspaper Press Fund BAI.ANCF. SHEET 31 December 2025 Notes 2025 2024 £'ooo FLKED ASSE13 Tall1)1e assets tnvestments 584 9,591 618 8,690 io 10,175 9J08 Debtors Cash at bank ia haod li 12 213 295 183 149 508 332 Credir5. Amounts falling due within one year 13 (69) (41) NET cljRRE ASSETS 439 291 NET ASSETS 10,614 9,599 Unrestricted general fimd 15 9,599 9,599 TOTAL FUNDS 10.614 9,599 Approved and authorised for IUe by the Coullcil on 30th April 2026 and siglled on their behalf by: P Jones PÉzge JI
Newspaper Press Fund STATEMEYT OF CASII FLOWS for the ear ended 31 December 2025 Noles T(xolfynt£¢ Toialfynds 2025 2024 £'O(KJ NET CASH USED IN OPERATING ACllV1Ts 18 (364) (479) CASH FLOIWS FROM TEsTING ACTIVITIES: Interest & dividends receiv Proceeds. from ttLe Sale of Invents PubaSe of InvestmeDts Cash movements from investing activitses Sale proceeds from the sale of fix &8sets 380 2,071 (2,173} 232 309 953 (893} (29) io NET CASH USED BY INVESTING ACllVITIES 510 (340) CHANGE IN CASH & CASH EQUIVALENTS IN THE YEAR 146 (139) CASH & CASH EQUIVALENTS BROUGHT FORWARD 149 288 CASH & CASH EQUtVALENfs CARRIED FORWARD 295 149 PtEe 12
Newspaper Press Fund ACCOUNTING POLICIES ACCOUNTIN'G CONVENllON Basis of preparation aud a55U5All¢lIt ofgolng lnee The financial statements att prepared under the historical cost convention as rnlfied by the incIlOn of investments ai valuion arnd in accordallc£ with applieable Lnited Kingdom accounting standards. The fJnanciaL statements have beeo preparal in accordance Mith the Ststemcnt of Recommended Practice.. Accounting and Reporting by Charities preparing their acUnts in aceordanee with the Fitwicial Reporting Standard applicable in the UK and Republkc of Ireland (FRS 10?) effective l January 2019, the Charities and Trustee Iniestment (S¢otlauJl) Act2005 and Rcgulatson 8 of Charities Accounts (Scotland) Regulatiolls2006. The accounts {f]Dallci statements) have beeD prcpartd to give a'trne and fair, view attd have departed from the Charities (Accounts and Reports) Rcglllations 2008onty tothc extcDt reqlliredtopmvide a'tse and fairview,. This departure bas involved following Accounting and Rcportitig by amrities pt4)aring thetr accounts in accithce with the Financial Rq)orting Standard applicable in the UK and Republic of Tland (FRS 102) ISSU on 16 July 2014 rath tha thc A¢wllnting and ROrt[ng by cIlties.. Statellt of Recommended Practice effective frorn l April 2005 which has since been withdrawn. The Newspaper Press Fund is an uniDcorporated cbarity. The reered office is I l ?)bleSdaIe. Rornan Roa Dorking. SuN¢y, RH4 3EX. The Cb8rity Constite5 a public benefit entity a% deftned by FRS 102. Th¢ have been preparedwith the application ofthe FRS 102 triennial review. GOJNG CONCERN The Trustccs con5idcr that thcre no Material uncettsinties about the Chity'S abilty to continue as a goillg concern for the foreseeable fimjre. With reSFtct to the next rewTting l{L the year ended 31 De]nber 2025, the Jnost SIlf1¢8t areas of uncertainty that affect the carying aIlle of assets held by the Charity are th¢ level of iovestrnent return and the perforrnance of illvesimentll.ets (se£ the investment policy aud riSkneMent seetions of the trustee's amiual report for more inforniation). The Charity's cash p05ttion ha5 cov¢r¢d the Operatio21 deficit in 2025 but should be sufficient to ¢ov¢r any operational lO¢S in 202&Q027. Th¢ arity will use funds from its investment portfolio to cover any shortfall in cash in haDd if necessary. The trustees consAderthat the current (xsb Ievels and investtnent portfolio provid¢ the Ch1 free reserves that will allow it to continue to futLCtioll on the same level for at least 12 months from the appmval of the fllwicial statements. [NcorE Incotne is recogDi5ed in the Erriiml ill whith the Clwity is entitled to receipt and it is probable that it will be received by the Charity and whell the amount can be measured with reasonable ¢¢rtaitiry. Donations are wben the Charity has notified itL writtng of trd)th the amoLWt and settlement date. In the event that a donatilsn is subject Éo conditiOD5 that require a level of perforance before the Charity 15 entLtled to the fimds, the income is deferred and not recogni urtil ¢ither those conditions are fvlty meL or the lfi]meni of those CODditiODS is wholty '1th1 the CODThI of the Charity" and it Is probdble thai those conditions will be lfilled in the re[ing perio RKeipt of a legacy, whole or in paru is olll) Conside1 tKobable wbeD the atnount C8n be me&sured reliably and the Charity ha5 been llotified of the exectrtor'5 iDtention to make a distribution. Where legacies have been notified to the Ckntty, or tbe Charity is aware of the gtanting of pmbate, &nd the criteria income reCOlti0 have not E¢en me¢ then the legacy is tread as a conliDgenta55¢1 and disclosed if ma*rial. Fundraising is X40unted for on a receivable basi5. JncotD¢ reiSed in &lvan¢¢ of a related event is deferrryj onty when the Chlty has to fulfil conditions before ¢itI¢d to IL orwhere the donor has specified that the income is to be expended in a funwe period. Dividends are regniSed once the dividend has beeD declar andnotifi¢•ion has be received of the dividend due date. Page 13
Newspaper Press Fund ACCODNTLYG POLICIES EXPENDIT(fRB All expenditure is accounted for on an acctuals b&sis and IMS ixen Classifi under headings that aggregate all cogts related to the C8Legory. Vlhtte costs cannot be directty attnTruted to particul headings thev have been alloced to activities on a basis CODSiStent Trith use of the resources. (Fovernance costs e th05¢ Incued ill connection with adMItil of the charity and compliance with constiiiitional and statutory requireToellts ie AudiL trustee exyenses and COD5uIwicy costs. Governance costs are sboivn separdtrly in total. Ulldcr c05t of ChItable activities 40Yo of bead office staff costs and 51P/o of Oth cos are allocat¢d into sllpI cogts. The remaining 600/0 of staff costs are shown as staff costs aud s/ of other costs are 5bosvn as rL]ntiing costs. This spltt is based on estimates of time Spent on Ktivity. GRANTS Grants are paid to individuals at the GrlS Comm, discretion. Grants are r¢coguis¢d when a coJTrstsuctive obligation arises. TANGIBLE FIXED ASSEfs ANI) DEPRECIATION Assets eosting rnore than£l,(KM) are capitslised at Cost. Computer alld similar equipmentis written off fiLIty in the year of purdJLse. Depreciation is providcd to vlIe off the cosi of fixed (exclll(ting kntfj to their residual value evenly over their estimated usefill lives which aTe follows.'- Freehold buildings FIXneS, fittxngs 2nd ewipment over 30 yea over 3 years Investments are statrd at fair value based bid price at the balance sbed date. The Ststement of Financial Activities includes the net wains aJ]d losses lSing on revaluations and disposa15 through0 the year. All gains and losses are taken to the Staiement of Fitmncial Activities as they lSe. Realis¢dgains aThdlosses oll inve%thieDts are calculated as the ditrerence between sales pr and their oF¢ni cary)ryDg valu¢ or their purchase value if acquired Subsequent to the firsi day of the financial y. unrealis gains arAd losses are calculatrd as the difference betweenthe fairvalue atthe end ofthe yearand thetrcanying value. Real]seddunre11 inveslment gains and losses are combined ID the Statetnent of Financial Activities. CASH AND CASH EQUtVALEKt5 C&8h and cash equivalents we b&8ic financial I[jmeDts and illclude cash in hand and dewsits hEld at call with EMPLOYEE BENEFITS POLICY The costs of short.teTm employee l*llefits aTe retwis as a litibility and an expens4 unless those costs are required to bE reCOlSea as part of the c05t of stock are (apitalised L4 an intangil)le fixed et or a tamgtble fjxed asset. The best estimats of the expendittwe required to settle an obligation for terminatii)n btnefrts is recognised IMM1clY as an expense wheo the Charity is demonstrably committed to terrninate the employment of 211 employee OT to provide ttrniination bellefits. PENSION COSTS The Fund m8kesp2ymffltsto the individua]p¢nsion p)licies of qualifyi elnployees. The pension costs charged ill the Statement of FinaticiaI Actlvities ree$ellt the conthTr>utions payable ty the chayity dwing the peri¢yl. FUNDS AccouKrtNG Funds b¢ld by the ¢harity #Te: Unrestricredgenerf41fynds- th¢s¢ gr¢ fi$ whi¢h ¢an b¢ w¢d ill aeujrdattce with the charitable objects at the disetion of the Tntys. Page J4
Newspaper Press Fund ACCOUNTING POLICIES Rgstvictedfyp3(L¥- these are fimd5 wbich are to be used for wific pwpos¢s as laid doiTrT by the donor. The Charity curntty has no restricted funds. LIABILIIIES Liabi]ities are recogni5 w]Kn the entity has aD obligati(qJ ty tr[Cr e£onottllc benefits as a result of past transacti(ms or e¥ts. FINANCIAL INSTRUMENTS The Charity only has financial assets and fin¢1#1 liabilities ora kind that qualify &$ b&8ic financial insttuments. B&sic fmancial instruments e initially Ted w tr)sa¢170 value and subsequently Jneasured at their settlanent value. ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and JUdgeents are cootinually Evaluated alld ar¢ b&s¢d on bistorical exrience and Ot] f&ctors, including ¢xpe£iations of future events that are believed tolK reasoJJabl¢ wideT the ciKumstances. Accounting estimales and&mptiO The Charity tilat and &%suMptiO5 concerning the furute. The Te5ultin8 accounting e51iJnat¢s and &ssumptiolls wi]L by defjnition, seld(An equal the re]Ated acttml results. The estimates alld a55Utllptions tILat have a significallt risk of causing a materia] &ljllStmcnt to the carying amounts of &%sets and ]iabilities within th¢ Dext fi]wicial year considers depreciation to be one of these factors. Depreciatioll 15 provided to write off the wst of fixed ets {excl]ng bndl to their residual valllc ovff their estimated useful lif¢. Th¢ receipt of any expected legacy cau a150 be considered a factor a5 th¢ exact amount and tinling call be difficu]t io quantify. Page 15
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENTS foT the year ended 31 December 2025 DONATIONS AND LEGACIES 2025 £'ooo 2Q24 £'ooo 33 Dlstricts Glasgow West Midlands Wales Appeals Legxies ° Special Events JDcome tax r¢cov¢rable 29 50 12 39 26 212 12 23 227 12 374 INVESTMENT COmE 2025 £'ooo 2024 Divid¢llds- equities Int¢rest- fix¢d Iterest se¢urilies Int¢res¢ on diYid¢nds Fees received 195 176 205 97 380 309 CHARITABLE ACTIvITs 2025 2024 £'oo Residents Fees alld Reat: Ribblesdale 201 191 201 191 COST OF RAISING FiTNDS 2025 2924 £.(0 GL&8gow West Midlan Wales 13 36 36 43 ]nYestttLeDt M&Dag¢mart Corts C05t of ev¢nts 33 75 78 Page 16
Newspaper Press Fund NOTES TO THE FtNAliCIAL STATEMEwrs for the year ended 31 Dember 2025 COST OF CHARrrABLE ACTtvrrtES Homa Grap Horn Managemenl £'ooo 2025 Tolal FurnfroiYing/ blicity Staff costs 107 52 83 29 271 13 130 34 154 31 Dweciation Suroort costs GOVerCe 88 10 41 io 25 li 218 103 229 70 620 Grants awarded 278 278 218 381 229 70 898 All graDts awarded were to indivithLals and ingtitutions in years, 306 in ?025 (20J? .115). Grallts awarded includes direct financial help. payrnents for individual ctiadjirg and payments to iJLStitstions. Pa)Tn¢nts to institirtions include5 NCTJ JDF {supporting yOUDgiourna]ists from diverse ba¢kgroi]nds). 9025: £23 (2024.. £14) COST OF CHARrrABLE ACT[VrrS Htpm Homes Mam¥ement £'oo(p 2024 Total £'ooo Fundraising Grap Staff r05ts 106 50 85 28 269 Running costs Deprecialion Governance & 103 34 34 91 26 163 203 216 54 569 248 203 216 817 SUPPORT COSIS 2025 2024 Ba515 of auocalion Utilities and inWdn¢e Rcpairs and renewa]5 Head Office stsff costs Oth¢r H¢ad Office costs Proportionatr ts offic£ and iinistrdtioD St&ff time spent 125 19 122 29 154 163 Governance costs whsth includ¢ auditor fges 21r25.. £22,68012024: £21,6Th)), tThte¢ eXpeTh were shown part of suPrt costs and runDing costs Iwt ar¢ Dow sbown sep8rat¢ly. PageJ7
Newspaper Press Fund NOTES TO THE FINANCIAL STATEMENtS for the year ended 31 December 2025 EMPLOYEE AND STAFF COSTS 2025 2024 The number of employees througknt the year, calculated on an average basis was: Office aTLd Admillistrdtion ResidentitiL and Care Homes The avw Dumbtt of en)ployees throughout the yeaTT¢pr¢sts the average over the whtsl¢ y¢ar. Employees thrOUOUtthe year ott a time equivalent b&5is was 5 (2024.. 5). 2025 £'ooo 2024 £'ooo The costs of employing these staff were: Sa]2ries 8ttd Wages Social security costs Pension Scheme CthLtiibutions 336 328 36 26 28 395 390 One employee Trfeived remuneration betweeTh £l(K).000 - 110,000 (2024". 1). One ernployee received remunerdtion b¢ttYe¢n £60:0(K)- £70.000 (2024.. 1). Trustees are not remunerated (in either 2025 or 2024}. £2,760 was reirubursed for ¢xpenses latiOn to travel and tertainment to 3 Thistees (2024: £1,518 to 3 TteeS). Total donWioDS received fiom trusiees £360 (2024.. £J44). Pllblic liability insuTance paid in regard to Ttustres £1.175 (2024.. £1.175}. The CtrLarity cimsiders its key mawement pce1 comprise the TThtstee& and the CEO. Th¢ total employment benefits in¢ludiDg pension scheeCOnInTrJtiDns ofk¢y rnan8geMentonel were £119.723 (2024.. £119,347). The e]nploytf5 nlOal 1ngJrw colltributiODS in reyct ol the key managcfflent personnel was £15,132 (2024= £13,725). NET INCOMEI(EXPENDITURE) 2025 £'ooo 2024 This is stated after chargin Auditor's munerdtion Tax Serviccs 23 22 Page J8
Newspaper Press Fund NOTES TO THE FJNANCIAL STATEMENrs forthe year Ended 3 l December 2025 TANGIBLE FIXED ASSETS Freehold Firlhres. londand fitting) & eqwpmenl Totlll £000 Cost or valuatio l Janw 2025 and 31 Decemb¢r 2025 28 I'january 2025 403 28 431 Cbarge itty 34 34 31 Dccember2025 437 28 465 Net Book Value 31 Decernir 2025 31 DecfflnEw 2024 618 618 The valuation5 of land &Thd buildinggweremade in 1997 by Me5 hfjartin Brown (Valuers aDd Surveyors). This valuation was treated &8 cost on adoption of FRSIO2. Puge 19
Newspaper Press Fund OTES TO THE FINANCIAL STATEME for the year ended 31 December 2025 io MsTME[s 2025 2024 £'ooo Fair value as at l JaDuary AcqllisitioDs at cost Sales proceed5 frorn (lisposa]s Realised gains in the year Unreaiised gain/(unrea]ised loss) in the year Net cash movement 8.690 2.173 (2,070) 48 982 (232) 8,820 893 (953) (160) 61 29 Fair Vah at 31 December 9.591 8,690 tnvesthhents at fair vthe ¢omwised' UK red interest securities UK equitie% oveaS equities Property 2,588 2,991 3,396 152 386 78 1567 3.056 106 416 310 Cash dewsits 9.591 8.690 Historical cost as at 31 Dttejntxr 7,330 7,190 Cash deklts lywet amounts tmder the discreuow mallageJnEllt of the Fund's investment nwers. No Individu holding exceeds SYD of the total fair value. 11 DEBTORS 2025 £'ooo 2024 £'Ot Other debtOTS and prepayments 213 183 12 CASH AT BANK AND IN HAND 2025 £'ooo 2024 £'ooo CAF accounts Brdnch bank xcourts Head office bank aceounts 114 31 150 23 18 108 295 149 13 CREDrroRS: Amowits falling duc withiry oneyear 2025 £'ooo 2024 £'ooo 13 56 io Swidry creditlM5 alld ac(2 69 41 Poge 20
Newspaper Press Fund NOTES TO"I"HE FANCIAL STATEMENTS for the year ended 3 1 DeMber 2025 14 DEFERRED tNCOME 2025 £'ooo 2024 £'ooo Brougbt forward at l Jalluary Deferred during tbe year 25 Carried foTward at 31 December 25 IkfeTr¢d incom¢ 2025 relates to the Wal&s Media Awards event ttTr be held in January 2026. 15 FUNDS Balonce al Net Tr¢TrL%fers Bulance at between 3] December Funds 7025 Irjcome Erpenkn" ure movements £.0 £. 2025 Ullr&qtrictsd 9,599 957 973 1.031 10,614 9,599 957 973 1.031 10,614 Unrestricted COMpthOse futwls which the trLL5tee is free to accordallce with the charitable objective5. 16 PENSION COMMt[TrlTs ThE ¢IrIty docs not operdte a pension scbcme but contrllyrtes to the pa50nal pension plan of certain employees. Contributions paid by the ch&ity are disclosed tti note 7. 17 TK¥ATION TheNewsFoperPressFund is aregisrffl¢ba[Ity and&8 such its income aldIS fallingwithin knttons 47110489 of thec0rINxati TA2010 or Sectirn256 of the T&xation of Chargeable GainsAct 1992 are exempt from c(•ion tsx to the extent tlMt th¢y or¢ appli¢dto its ¢lwitsble objectives. Pagg 21
Newspaper Press Fund L OTES TO THE FINANCIAJ. STATEMENTS for the year ended 31 December 2025 18 RECONCILL4TtON OF NET MOVEMEKfoFFUNDS TO NET CASH FLOW FROM OPERATING AcfIvITIES 2025 2024 £'oo Net mOve¢th ill fun Depreciation tnvestrllent &ncome sboMTr in illvesting actiYiti£s (Gain5y Ic6ses on investtllellts (TncreaSeydeCre dEbt(M5 Decrease In credito 1.015 34 (380) {143) 34 {309) (1,031) (30) 99 {152) (8) Net cash used ID (ottatllig acttyities (364) (479) 19 BELATED PARTIES Ther¢ are no reiatedwies Irdnsackn inthe ¢urnyear [rIwyear4t from thosedisclosed in nots Poge 22