Charity number: 313750
THE THOMSON FOUNDATION
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

THE THOMSON FOUNDATION
CONTENTS
Page
Reference and administrative details of the charity. its Trustees and advisers
Trustees. report
Independent auditor's report on the financial statements
Statement of financial activities
8-11
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15-31

THE THOMSON FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2021
Trustees
Lord T Chandos, Chairman1
M Knight, Deputy Chairmani
J Corbin
T Joseph
C Lanz
Dr G Power
Thomson Foundation ITrusteel Limited2
Sir C Jones
Dame R Marsden
J Gibson
Indicates member of the Finance Committee
See Note 27 to the financial stslemenls
Charity registered
number
313750
Principal office
46 Chan￿ry Lane
London
WC2A 1JE
Chief executive officer
Nigel Baker
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
St James Square
Chellenham
GL50 3PR
Solicitors
Marriott Harrison
Staple Court
11 Staple Inn Buildings
London
WC1V 7QH
Scully Twiss
71-75 Shelton Street
London
WC2H 9JQ
Bates Wells
10 Queen Street Place
London
EC4R 1 BE
Investment Managers
Smith & Williamson Investment Management LLP
25 Moorgale
London
EC2R 6AY
Page 1

THE THOMSON FOUNDATION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
With effect from 26 January 2011 Thomson Media Foundation (Trusleel Limited became the sole Trustee of the
charity, company number 07405128. From 22 May 2015 the name of that company changed to Thomson
Foundation (Trusleel Limited.
The directors of Thomson Foundation (Trusteel Limited listed on page 1 have 811 served in office throughout the
year except where indicated. The directors of Thomson Foundation (Trusteel Limited for the purposes of this
report and the financial statements will be referred to as 'Trustees' of The Thomson Foundation.
The Trustees of The Thomson Foundation I the Found8tion"I present their annual report along with the financial
statements for the year ended 31 December 2021.
The financial statements have been prepared on the basis of the accounting policies set out on pages 1 S to 18
and comply with the Foundation's Trust Deed and applieable18w. The financial statements have been prepared
under the Ch8rilies Act 2011 and SORP IFRS 1021.
Constitution
The Foundation is constituted by Trust Deed dated 8 November 1962 and is registered with the Charity
Commission for Eng18nd and Wales as registered charity number 313750.
Organisational Structure
The Foundation opeffitions are divided into Iwo areas". Media Industry (providing tfftining and consultancy for
media organisationsl and Development Iproviding project management, media skills training and consultancy for
media-related programmes funded by govemmenl81 and philanthropic donorsl.
The day lo day running of the Foundation has been delegated to the Chief Executive and the Senior
Management Team.
Recruitment and Training of Trustees
The power of appointment of new or additional Trustees is vested in Thomson Foundation (Trusleel Limited.
The￿ is no limit as to the number of Trustees.
All the Trustees are entitled lo nominate potential future Trustees. All such nominees are considered at 8 full
meeting of the Trustee board in which there must be majority board approval of their appointment.
In making their detem)ination, it is the intention that the Trustee board should be a diverse group of individuals in
terms of the skills and experience relevant lo the aims and objectives of the Foundation.
The induction of 8 new Trustee comprises meetings with the Chairman and the Chief Executive at which inter
alia the following are discussed." the aims and strategy of the Foundation", ils activities and operations," and the
respective roles and responsibilities of the Trustees and of the executives. The new Trustee is also provided with
copies of the following". the eonslituling Trust Deed, the 18test statutory and internal management 8ccounls, and
the minutes of recent meetings of the Trustees.
Salaries and Benchmarks
The Foundation reviews the salaries of the Senior Management Team against similar Charities within the medi8
development sector.
Risk Management
The Trustees conduct an annual review of all types of risk to which the Foundation may be affected. The review
was undertaken by the Chairman of the Finance Committee, Mark Knight, and the Head of Finance, Hans
Boutier. Having gone through the risks, a paper was drafted for consideration by the Finance Committee who
Page 2

THE THOMSON FOUNDATION
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2021
approved il and recommended it to the B08rd of Trustees. The Trustees were satisfied that the systems are in
place to manage exposu￿ to major risks.
The most critical risk to The Thomson Foundation is the loss of funding due to political or economic factors, from
our donors and media partners, which support our projects. The Thomson Foundation is striving to keep
br08dening ils list of donors and client base to avoid being too dependent on any one in particular.
Due to the one-off nature of the majority of our projects the Foundation also faces uneertainties in predicting ils
income stream. However the large reserves held by the Foundation reduce any going concem risks lo a very low
level.
The Foundation's principal non-financial assets are its name and goodwill. The preservation land enhancemenll
of the value of these assets is a function of the reputation of the Foundation which in turn flows from the success
and efficacy of the management and conduct of its business.
RepuL9tional risk can 8rise if funders withdmw their support because they are not in sympathy with the
Foundation engaging with certain regimes. This potential risk would be addressed by all the Trustees before any
such engagement is made.
The Trustees are awa￿ of the updates lo the Charity Governance Code, made in December 2020. This is
currenuy under review and any action points will be considered.
Public Benefit
The Trustees have complied with the duty in S.172 of the Charities Act 2011 to have due regard to the Charity
Commission's published gener81 and relevant sub-sector guidance concerning the operation of the Public Benefi't
quirement under that Act.
The Foundation provides support and training to journ81isls, focussing on journalistic integrity for both individual
joumalists and media organisations built on fair, independent and trusted journalism.
The Foundation in ￿tent years has foeussed its attention on supporting medi8 in developing countries and
emerging economies, giving journalists access to support and training.
The Charity has set out ils charitable objectives and how il achieves these on page 4.
Financial Review
Even two years after the Coronavirus outbreak, the level of face-to-fa￿ training and support, remained subdued
during the full year of 2021.
Regardless, the Thomson Foundation has weathèred the global pandemic well and has kept delivering major
projects, even when geo-polilieal events, like a coup in Sudan, made wotk difficult.
Thanks to its resilience it was able to keep supporting and training joumalists across the globe, by building on
previous years, investments of its e-learning capacity.
Our training offering keeps widening with our 'blended' leaming model of online courses and workshops
mainly virtual now firmly established.
Online leaming Courses are now 177 in number and popular in combination with online webinars and workshops
with trainers.
Through Journalism Now we have developed an online community of more than 24,000 journalists who Can
share their work and experiences and follow our18test innovations in online learning.
Page 3

THE THOMSON FOUNDATION
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2021
Total income from charitable activities and donations was £2,414k in 2021 compared with £2,435k in 2020 and
this, despite the end of our four-year project to strengthen independent medi8 in 17 neighbouring eounlries,
funded by the European Union and which concluded in February 2021.
Expenditure incurred on projects and overheads amounted to £2,623k, this resulting in a deficit for the year of
£113k Compared with £42k in 2020.
Investment Policy and Performance
Under the tems of the Trust Deed, the Trustees have general powers of investment, subject lo the provisions of
the Trustee Investment Act.
The Foundation's investment policies are intended to provide long-term stability and liquidity sufficient for the
financing of the Foundation's operations, while maintaining the real value of the endowment.
The Foundation's strategic asset allocation reflects 8 total-return objective of RPI +4 % without specific focus on
ineome-geneoting investments.
The market V81ue of the Foundation's investments at the end of 2021 was £13,324k compared with £12,789k, in
2020, an increase of £535k after transfer of £150k worth of funds lo cover the charity's operations and
investments over the year.
Investment income slightly decreased lo £139k in 2021 from £164k in 2020.
Because of the increase in inflation, the portfolio's total relurn16.40kn1 was under the RPI +4OA target, which was
11.SOA for the year.
Fundraising
The Foundation had no fundraising activities during 2021 that require disclosure under S162A of the Charities
Act2011.
Reserves Policy
The F)olicy of the Trustees is lo main18in, as far as possible, the Foundation's funds in order to generate
investment income and to fulfil their osponsibilities in supporting future projects. However, the Trustees have the
power of discretion to convert the expendable endowed capital into unrestricted funds to support ch8rit8ble
8Ctivities as ￿qUired.
The balance of unrestricted funds at the ye8r-end was £1,174k12020". £1,094kl and the expendable endowment
funds balance was £13,332k12020. £12,648kl.
The Trustees do not have a formal policy for level of funds to be held, as thanks to its end()wmenl, the
Foundation has significant headroom to meet ils funding requirements for al least the next five years.
Charitable Objeets, Objectives & Activities
The Foundation is an independent ch8rit8ble trust, established in 1962 by the newspaper and television
proprietor, the first Lord Thomson of Fleet, to provide facilities for, and the encouragement of, educational,
leehnic81, and vocational training. The Foundation champions journalistic integrity supporting both individual
joumalists and media organisations built on fair, independent and trusted journalism.
The Foundation has concentrated its efforts on medi8 in developing countries and emerging eeonomies,
providing expertise for journalists by joumalists, with training and digital solutions for business growth.
Page 4

THE THOMSON FOUNDATION
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2021
Its primary activities ao".
Training journalists using top experts in their field
Creating e-learning courses hosted on the foundation's platform, Joumalism Now, mostly available free lo
learners
Supporting local news organisalions to maximize revenue by understsnding their audience, and working
towards business SLJStainability
Helping independent journalists and their news organisalions under Ihre8t from anti4emocmtic govemmenls
to keep publishing
Commissioning audience research in challenging markets to inform our network's business decisions
The Foundats'on has two over-riding and continuing objectives..
To maintain and enhance the Foundation's leading international position in media development, training, and
consultancy
To secure and sustain the human and financial resources necessary to enable the Foundation lo achieve Ils
goals.
Prioritios for 2022
Successful implementation of large-seale projects already contracted most notably in the Western Balkans,
Central Europe, Sudan and Tunisia
Despite travel limitations caused by the Coronavirus pandemic in 2020 and 2021, the Foundation successfully
continued implementation of projects by rapidly adapting them to digital leaming and using 8 blended approach
lo leaching also involving in-person training sessions online. Despite political instability in Sud8n, the Foundation
secured two large projects in that country which need careful managing and implementation as uncertainty over
aspects of political and civic life continue. Similady, the project in Tunisia was delayed because of political
uncertainly and is challenging because of on the ground events.
To continue to increase capacity in digital learning, assessing the usability of our e-learning platform and ils
ability to capture impact data
The Foundation's investment in digital learning over the previous three years enabled it to adapt rapidly lo
increased demands for digital learning caused by the pandemic. More than 909/0 of all activity now involves online
conlenl. This shift from in-field activity to cenlralised creation of online content, prompted a re-alignment of
staffi'ng resour￿, including the recruitment of more staff lo support key personnel. In addition, work is being
done on what is required of Journalism Now in the future with ease of use and data capture, lop priorities lo
inform our decision lo slick with the existing platform vendor or move to a new provider in Q12023.
Moving the Foundation from 46 Chancery Lane lo 6 Greenland Place, Camden Town
Moving the Foundation lo Camden gives il the opportunity for big savings over the next decade and the chance
lo create a flexible working space on one floor- with a Iraininglmeeling room set-up for the future.
To find philanthropic funding for the Foundation's 8ctivities in the US, Europe and UK
The initiative got underway in Q4 2021, establishing a relationship with a New York based fund-raiser lo work
with the Foundation for one year to find and lesl our ability to raise funds in the U.S. Work was done on
positioning the Foundation, sharpening its message, introductions lo donor advisors and building alliances with
partners lo jointly open doors with funders. Outreach is also being done to philanthropic donors in Europe, UK
and Africa with small successes like the Africa No Filler project funded by the Rockefeller Foundation.
Page 5

THE THOMSON FOUNDATION
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2021
Diversify inslitulional funding sources
We are conslanuy looking at new alliances with partners to diversity funding sources among inslitulional donors.
As part of this effort, we have sought legal assistance and made a proposal lo the Thomson Media gGmbH TM
advisory board lo create a 'Verein' in Germany, which will allow TM lo apply for funding to the development arm
of the German government- BMZ- for funding for media development.
To re*nergise commercial opportunities as a funding stream
Commercial work dropped off during the pandemic and much work is being done lo raise our profile al industry
events, make new contacts and lind new commercial opportunities to raise revenue in future years al higher
margins, to grow the Foundation and the important work that it does.
Priorities for 2023
11 remains a strategic priority for the Foundation to deepen and expand its institutional and philanthropic
funding based on ils long-term Ir8ek record of programming within Central Europe (Poland, Hungary,
Slovakia, Slovenia, Croatia and Czech Republic) alongside its work in Eastern Europe (Bulgaria, Romania,
Ukraine, Moldova, Georgia, Amienia and A2erbaijanl and the Westem Balkans (Serbia, Monlenegro, BIH,
Kosovo, North Macedonia and Albanial.
Consolidate and expand work on the African continent.
Continue to innovate in digital learning, finalising vendor hosting the Foundation's platform and revamping of
our e-learning platform Journalism Now.
Establish monetisable impact measurement frameworks, using data from digital learning programmes, to
ensure funders receive quantifiable results from training programmes.
Continue lo monitor the balan￿ of in-field and online resource required to ensure the most efficient
sustsinability of operations as the pandemic develops.
Keep re-energising commercial opportunities.
Find new funding streams in the philanthropic landscape.
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in
accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Slandardsl.
The law applicable lo 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 stale of affairs of the charity and of the incoming
resources and application of resources of the charity for that period. In preparing these financial slatemenls, the
Trustees are required to..
select suitable accounting policies and then apply them consislenlly.,
observe the methods and principles in the Charities SORP IFRS 1021.,
make judgments and estimates that are reasonable and prudent",
Page 6

THE THOMSON FOUNDATION
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
slate whether applicable UK accounting standards (FRS 1021 havg bean followed, subject lo any material
departures disc105ed and axplained in th& financial statements.,
prepare the financial statements on the going concem basis unless it is inappropriate lo presume that The
Thorn￿n Foundation will continug in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain
the charity's transactions. disclose with reasonable accuracy at any lime the financial position of the charity and
enable them lo ensure that the financial statements comply with the Charf(ies Act 2011, the Charities (Accounts
and Reports) Regulations 2008 and tho provisions of the Charit￿s conslilution. They are also responsible for
safeguarding the assets of The Thom50n Foundation and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Approved by order of the members of the board of Twstees on 14 June 2022 and signed on th8ir behalf by.
Lord T Chandos
Chaimian
Page 7

THE THOMSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE THOMSON FOUNDATION
Opinion
We have audited the financial statements of The Thomson Foundation (the 'charily'l for the year ended 31
December 2021 which comprise the Slalement of Financial Activities, the Balance sheet, the Statement of cash
flows and the related notes, including a summary of 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 A￿pted Accounting Practi￿}.
In our opinion the financial statements..
give a true and fair view of the stste of the charity's affairs as at 31 December 2021 and of its incoming
resources and application of resources for the year then ended.,
have been propedy prepared in accordan￿ with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorfs 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 United Kingdom, including the
Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concorn
In auditing the financial slalements, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial slalemenls 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 doubl on the charity's ability lo continue as a going
concem for a period of at least I￿e1ve months trom when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees wth respect lo going COn￿M are described in the
relevant sections of this report.
Page 8

THE THOMSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE THOMSON FOUNDATION
ICONTINUEDI
other information
The Trustees are responsible for the other information. The other information comprises the information included
in the Annual report, other than the financial statements and our Auditor's report Ihereon. Our opinion on the
financial statements does not cover the other information and we do not express any fomi of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is lo 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 audit or otherwise appears lo be materially misslaled. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether there is a material
misslatemenl in the financial statements or a material misslalement of the other information. If, based on the
wort( we have performed, we conclude that there is a material misstalemenl of this other information, we are
required to report that fact.
We have nothing lo report in this regard.
Matters on which are required to report by exception
We have nothing lo report in respect of the following mallers where the Charities {Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion..
the information given in the Trustees, report is inconsistent in any material respect with the financial
slalements., or
sufficient accounting records have not been kept,. or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustegs
As explained more fully in the Trustees, responsibilities ststemenl, the Trustees are responsible for the
preparation of the financial statements which give a true and fair view, and for such Internal control as the
Trustees determine Is ne￿SSary lo enable the preparation of financial stslements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial stslements, the Trustees are responsible for assessing the charity's ability to continue
as a going concern, disclosing, as applicable, matters related to going con￿rn and using the going COn￿M
basis of accounting unless the Trustees either intend lo Iiquidale the charity or to ￿ase operations, or have no
realistic altemalive bul to do so.
Page 9

THE THOMSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE THOMSON FOUNDATION
ICONTINUEDI
Auditorfs responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect Ihereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misslalement, whether due to fraud or error, and to issue an Audilorfs report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always delecl a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial stalemenls.
Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo delect material misstalemenls in respect of irregularities,
including fraud. The exlenl lo which our prO￿dureS are capable of delecling irregularities, including fraud is
detailed below..
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing
on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures
in the financial slatemenls. The laws and regulations we considered in this context were the Charities Act 2011
and Charities SORP IFRS 1021.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial slalemenls but compliance with which might be fundamental lo the charity's ability to operate or lo avoid
a material penalty. We also considered the opportunities and incentives that may exist within the charity for
fraud. The laws and regulations we considered in this context were General Data Protection Regulation and
health and safety legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud,
lo be the override of controls by management and the recognition of project income. Our audit procedures lo
respond lo these risks included enquiries of management about their own identification and assessment of the
risks of irregularities, sample lesling on the posting of journals, designing audit procedures for the recognition
and classification of project income, reviewing accounting estimates for biases, reviewing regulatory
correspondence including that with the Charity Commission and reading minutes of meetings of those charged
with governance.
In accordance with International Auditing Standards, we planned our audit so that we have a reasonable
expectation of delecling material misslalements in the financial statements or accounting records including any
material misstalemenls resulting from fraud, error or non-compliance with law or regulations.
However, owing lo the inherent limitations of an audit, there is an unavoidable risk that some material
misslatemenls of the financial statements may not be detected even though the audit is properly planned and
performed in accordan￿ with the ISAS IUKI. No internal control structure, no matter how effective, can eliminate
the possibility that errors or irregularities may occur and remain undetected. In addition, because we use
selective lesling in our audit, we cannot guarantee that errors or irregularities, if present, will be detected.
Accordingly, our audit should not be relied upon lo disclose all such misstatements or frauds, errors or instances
of non-compliance as may exist.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website al.. www.frc.or
.uklauditorsres
onsibililies. This description forms part of our
Auditor's report.
Page 10

THE THOMSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE THOMSON FOUNDATION
ICONTINUEDI
Use of our report
This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the
charity's Iruslees those matters we are required lo stale lo them in an Auditor's report and for no other purpose.
To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charity
and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
UL ILR
Crowe U.K. LLP
Statutory Auditor
Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR
Dale: 17 October 2022
Page11

THE THOMSON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
Unrestricted
funds
2021
£000
Restricted Endowment
funds
funds
2021
2021
£000
£000
Total
funds
2021
£000
Total
funds
2020
£000
Note
Income and
endowments from".
Donations and Grants
Charitable activities
Investments
961
961
1.453
139
736
2,299
164
1.453
139
Total income
1,592
961
2,553
2,599
Expenditure on:
Raising funds
Charitsble activities
43
43
2,623
38
2,603
1,662
961
Total expenditure
1.662
961
43
2,666
2,641
Net expendlture
before net galns on
Investments
1701
1431
(42)
Nel gains on
Investments
877
877
Net
lexpenditure}lincome
Transfers be￿een
funds
1701
834
764
496
19
150
11501
Net movement in
fund$
Reconciliation of
funds:
80
764
496
Totsl funds brought
forward
Nel movement in funds
1,094
80
12,648
13,742
764
13,246
496
Total funds carried
fovlvard
1,174
13,332
14,506
13,742
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 15 to 31 form part of these financial statements.
Page 12

THE THOMSON FOUNDATION
BALANCE SHEET
ASAT 31 DECEMBER 2021
2021
£000
2020
£OL
Note
Flxgd a$$ots
Intangible assets
Tangible assets
Investments
13
14
15
13.324
t2.789
13,330
t2,795
Current assets
Debtor5
Cash at bank and in hand
16
1,341
510
1.189
1.579
1.851
Creditors.. amounts falling due wthin one
year
17
(4031
(904)
Net current assets
1,176
Total assets less current 1labll1￿es
14,506
13,742
Tolal n¢t assets
14,606
13,742
Gharlty funds
Endowment funds
R¥¥(iibted fuTiTJb
Unrestricted funds
19
19
13,332
12,648
1,174
1.094
Total funds
14.506
13, 742
The financial slalements were approved aulhorised for issue by the Truslees on
14 June 2022
and signed on their behaf by..
Lord Chandos, Chalrnian
The notss on pages 15 10 31 fomi part of these financial statements.
Page 13

THE THOMSON FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
£000
2020
£000
Note
Cash flows from operating activities
Nel cash provided byllused inl operating activities
21
198
(912)
Cash flows from investing activities
Dividends and interests from investments
Proceeds from sale of investments
Purchase of investments
Transfer of cash held for investments
139
164
1.124
{633}
{149}
3,085
(2,668)
68
Net cash provided by investing activities
481
649
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
679
12631
773
510
Cash and cash equivalents at the end ofthe year
22
1.189
510
The notes on pages 15 to 31 form part of these financial statements
Page 14

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
General information
The Thomson Foundation was registered with the Charity Commission for England and Wales on 8
November 1962 Iregistered number 3137501. Its registered address and principal office is 46 Chancery
Lane, London WC2A 1JE.
Accounting policies
2.1 Basis of preparation of financial ststements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011.
The Thomson Foundation meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless olhenNise slated in the
relevant accoLJnting policy.
2.2 Going concern
The Trustees have undertaken planning and forecasting and continue to closely monitor Covid-19
and the developing situation. Despite the current circumstances the Trustees believe that the
Foundation's financial resoLJrces, including the endowment, and contingency planning is sufficient to
ensure the ability of the Foundation to continue as a going concern for the foreseeable future, being
al least twelve months from the dale of approval of these financial statements and therefore have
prepared the financial statements on a going concern basis.
2.3 Income
Income from investments is included in the Stslement of Financial Activities only if received, or
declared and receivable.
Income from overseas training and consultancy projects is induded in the Statement of Financial
Activities when the charity becomes entitled lo the income, when the provision of services is
imminent and the corresponding costs have been incurred.
Income from donations is credited lo the Statement of Financial Aclivib'es on a receivable basis.
Donations receivable for the general purpose of the charity are credited to unrestricted fLJnds.
Donations for purposes restricted by the wishes of the donor are taken lo restricted funds where
those wishes are legally binding on the Trustees.
Page 15

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies Icontinuedl
2.4 Expenditure
Expenditure in the year is allocated as follows..
Raising funds represents fees incurred in connection with investment management advi￿ and bank
charges in connection with the custody and transactions of the investment portfolio.
Charitable activities relates lo expenditure incurred in providing courses. This represents direct costs
in connection with the implemenlalion of courses and consultant assignments and the expenditure in
relation lo the management of these courses.
Support costs have been allocated be￿een charitable activities and governance costs on the basis
of staff lime.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity
and include project management carried out at Headquarters.
Governan￿ costs are those associated with the constilulional and statutory requirements of the
charity and are included within support costs.
2.5 Government grants
Government grants are credited to the Statement of financial activities when there is evidence of
entitlement, receipt is probable and the amount can be measured reliably.
2.6 Foreign currencies
Transactions in foreign currencies are recorded using the rale of exchange ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the
rale of exchange ruling al the Balance Sheet date and the gain or loss on transaction is included in
the Statement of Financial Aclivilies.
2.7 Taxation
As a registered charity, The Thomson Foundation is entitled to tax exemptions on all ils income and
gains, properly applied for its charitable purposes.
2.8 Intangible assets and amortisation
Intangible assets costing £1,000 or more are capilalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised al cost and are subsequently measured at cost nel of
amortisalion and any provision for impairment.
The eslimaled useful lives are as follows..
Amortisalion is provided on intangible fixed assets al rates calculated to write off the cost of each
asset, less their estimated residual value, over their expected useful lives on the following bases..
eLearning initiative
3 years straight line
Page 16

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies Icontinuedl
2.9 Tangible fixed assets and depreciation
All assets costing more than £1,000 are capitalised.
The cost of tangible fixed assets is their purchase cost, together with any incidental costs of
acquisition.
Tangible fixed assets are staled at cost less depreciation. Depreciation is provided at rates calculated
to write off the cost of fixed assets, less their estimated residual value, over their expected useful
lives on the following bases..
Leasehold improvements
over the term of the lease
Computer and other equipment 25Q/o slraighl line
2.10 Investments
Fixed asset investments are included al market value at the Balance Sheet date. Investment gains
and losses arising during the year are included within the Statement of Financial Aclivilies.
2.11 Debtors
Trade debtors, accrued income and other debtors are recognised al the settlement amount due and
prepayments are valued al the amount prepaid. Known bad debts are written off and specific
provision is made for any debts considered to be doubtful, if appropriate.
2.12 Cash at bank and in hand
Cash is represented by cash in hand and deposits with financial inslitulions. Cash equivalents and
current investments are highly liquid and mature in no more than 3 months.
2.13 Liabilities and provisions
Creditors are recognised where the charity has a present obligation resulting from a past event that
will probably result in the transfer of funds to a third party and the amount due lo settle the obligation
can be measured or estimated reliably. Creditors are recognised al their selllement value.
2.14 Financial instruments
The Thomson Foundation only has financial assets and financial liabilities of a kind that qualify as
basic financial instruments. Basic financial instruments are initially recognised at transaction value
and subsequently measured at their settlement value.
2.15 Operating leases
Rentals applicable to operating leases where substantially all the benefits and risks of ownership
remain with the lessor are charged to the Statement of Financial Activities on a slraighl line basis
over the lease term.
Page 17

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies Icontinuedl
2.16 Pensions
The charity operates a defined contribution pension scheme. Contributions are charged to the
Statement of Financial Activities as they become payable in accordan￿ with the rules of the
Scheme.
2.17 Fund accounting
Unreslricled funds are those funds available for use by the charity for any charitable purposes at the
direction of the Trustees.
The expendable endowment fund was created when the charity was formed as a result of shares
being donated lo the charity. The purposes and uses of the endowed funds are sel out in the notes lo
the financial stalemenls.
Restricted funds are subject to specific conditions by donors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the financial stalemenls.
Critical accounting estimates and areas of judgement
Preparation of the financial statements requires management to make significant judgements and
estimates. The items in the financial statements where these judgements and estimates have been made
include..
Useful economic lives of tangible assets
The annual depreciation charges for the tsngible fixed assets are sensitive lo changes in the estimated
useful economic lives and residual values of the assets. The useful economic lives and residual values
are amended when neTrssary to reflect current estimates, economic ulilisation and the physical condition
of the assets. See Note 14 for the carrying amount of the tangible assets and Note 2.9 for the useful lives
for each class of asset.
Impairment of debtors
The charity makes an estimate of the recoverable value of trade and other debtors. When assessing the
Impairment of trade and other debtors, management considers factors including the current credit rating of
the debtors, the ageing profile of debtors and historical experien￿.
Page 18

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Income from donations and legacies
Unrestricted Restricted
funds
funds
2021
2021
£000
£000
Total
funds
2021
£000
Total
funds
2020
£000
Government grants
961
961
736
Total 2020
70
726
136
Unrestricted Government grant income during the prior year included £10k to a Covid-19 discretionary
grant. There was no such income in 2021.
Reslricled Government grant income during the current year and prior year 1£126kl relates to Grant
funding received for Media and Journalism training.
Income from charltable actlvltles
Unrestrlcted
funds
2021
£000
Total
funds
2021
£000
Total
funds
2020
£000
Income from charitable 8elivities - Medi8 2nd Joumalism
Training
1,453
1,453
2,299
Total 2020
2,299
2,299
Investmgnt income
Unrestricted
funds
2021
£000
Total
funds
2021
£000
Total
funds
2020
£000
Income from listed investments
139
139
164
Total 2020
164
164
Page 19

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Investment management costs
Endowment
funds
2021
£000
Total
funds
2021
£000
Total
funds
2020
£000
Investment management fees
43
38
Total 2020
38
38
Anatysis of expenditure on charitable activities
Summary by fund type
Unrestricted Restrieted
funds
funds
2021
2021
£000
£000
Total
funds
2021
£000
Total
funds
2020
£000
Media and Journalism Training
1,662
961
2.623
2,603
Tol812020
2.477
326
2.603
Analysis of expenditure by activities
Activities
undertaken
directly
2021
£000
Support
costs
2021
£000
Total
funds
2021
£000
Total
funds
2020
£000
Media and Journalism Training
1,432
2,623
2,603
Total 2020
1,523
1,080
2,603
Page 20

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of expenditure by activities Icontinuedl
Analysis of support costs
Media and
Journalism
Training
2021
£000
Total
funds
2021
£000
Total
funds
2020
£000
Staff costs
Depreciation and Amortisation
Premises
Travel & meetings
Communication
General office costs
Legal and professional
Information technology
Market research
751
751
609
35
212
212
182
30
30
51
25
41
12
40
17
17
Advertising
Storage
Audit fees
65
65
94
16
16
13
Bank charges
LossesllG8insl on foreign exchange
Trustees, fees and expenses
13
(11)
43
1,191
1,080
Total 2020
1,080
1,080
10. Audltovs remuneratlon
2021
£000
2020
£000
Fees payable to The Thomson Foundation's auditor in respect of".
Auditors, fees - audit
Auditors, fees - non-audil services
10
f o
18
Page 21

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
11. Staff costs
2021
£000
2020
£000
Wages and salaries
Social security costs
Contribution lo defined contribution pension schemes
647
60
518
41
751
609
The average number of persons employed by the Charity during the year was as follows..
2021
No.
2020
No.
Employees
12
12
The average headcounl expressed as full-lime equivalents was..
2021
No.
2020
No.
Employees
12
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2021
No.
2020
No.
In the band £60,001- £70,000
In the band £70,001- £80,000
In the band £100,001- £110,000
The remuneration of key m8n8gement personnel was £440,252 (2020." £390,391J. The key management
personnel of the Foundation are the Chief Executive, Head of Finance, Director Innovation & Learning
and the Director of Training & Communication. This figure included salary, benefits, employers, nation81
insurance contributions and employers, pension costs.
Included within wages and salaries in the above note is Costs of contractors totalling £92,890 {2020."
£18,047).
Page 22

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12.
Trustees. remuneration and expenses
During the year, no Trustees re￿iVed any remuneration or other benefits (2020- £NIL).
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020- £NILJ.
13. Intangible assets
Computer
software
£000
Cost
At 1 January 2021
96
At 31 December 2021
96
Amortisation
At 1 January 2021
Charge for the year
95
At 31 December 2021
96
Net book value
At 31 December 2021
At 31 De￿mber 2020
Page 23

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
14. Tangible fixed assets
Long-term
leasehold
property
£000
Computer
equipment
£000
Total
£000
Cost
At 1 January 2021
Additions
117
25
142
At 31 December 2021
117
30
147
Depreciation
At 1 January 2021
Charge for the year
21
137
At 31 December 2021
116
24
140
Net book value
At 31 December 2021
At 31 De￿rnber 2020
15.
Fixed asset investments
Listed
investments
£000
Valuatlon
At 1 January 2021
Additions
12,789
633
Disposals
Revaluations
Movement in cash
11.1241
877
149
At 31 December 2021
13.324
Barclays Bank has a charge over the Investment assets of the Charity which is given by The Thomson
Foundation and ils corporate Trustee, The Thomson Foundation ITrusleel Limited.
Page 24

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
16. Debtors
2021
£000
2020
£000
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
78
340
311
999
390
1.341
17. Creditors: Amounts falling due within one year
2021
£000
2020
£000
Trade creditors
other laxalion and social security
Other creditors
Accruals and deferred income
171
21
252
42
f O
600
171
403
904
2021
£000
2020
£000
Deferred income at 1 January
Resour￿5 deferred during the year
Amounts released from previous periods
151
713
{113)
(151)
Deferred income at 31 December
113
The deferred income balan￿ relates lo Income received in advanTr for services, which relate to the next
period.
18.
Financial instruments
2021
£000
2020
£000
Flnanclal assets
Financial assets measLJred at fair value through income and expenditure
13,324
72,789
Financial assets measured at fair value comprise the investment portfolios.
Page 25

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
19. Statement of funds
statement of funds - current year
Balance at
31
December
2021
£000
Balance at 1
January
2021
£000
Transfers
inlout
£000
Income Expenditure
£000
£000
Gains
£000
Unrestricted
funds
General Funds
1,094
1,592
11,662)
150
1,174
Endowment
funds
Endowment
Funds
12.648
143}
11501
877
13,332
Restricted
funds
Deepening
Digital - Hungary
Belarus crisis
coverage
Digital Strategies
- Hungary
Access lo
Information Law
- Rwanda
Empowering
quality
Kyrgyzstan
Resilience for
independent
media - Belarus
251
{251}
214
{214)
57
57)
39
139}
41
141}
359
{359)
961
{961}
Total of funds
13.742
2,553
12,666)
877
14,506
Page 26

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
19. Statement of funds (continued)
statement of funds - prior year
Balance at
31
December
2020
£000
5alance al
l January
2020
£000
Transfers
in/out
£000
Income Expenditure
£000
£000
Gains
£000
Unrestricted
funds
General Funds-
all funds
648
2,473
(2,477)
450
1,094
Endowment
funds
Endowment
Funds all funds
12,598
(38)
(450)
538
12,648
Restricted
funds
Deepening
Digital - Hungary
Belarus crisis
coverage
85
(85J
41
(41J
126
11261
Total of funds
13,246
2,599
(2,641)
538
13,742
Page 27

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
19. Statement of funds (continued)
The endowment fund is an expendable endowment fund and was created when the charity was formed
as a result of shares being donated lo the charity.
Reslricled income for Deepening Digital - Hungary relates lo funds to be spent lo implement digital
growth strategies for local media in Hungary.
Reslricled income for the Belarus Crisis coverage is lo support the professional media coverage.
Reslricled income for Digital Strategies- Hungary is to support digital growth for local media in Hungary.
Reslricled income for Access lo Information Law - Rwanda is lo support the implementation of access to
information law in Rwanda.
Reslricled income for Empowering quality- Kyrgyzstan relates lo empowering quality reporting producers
in Kyrgyzstan to wilhsland growing pressure and threats.
Reslricled income for Resilience for independent media - Belarus relates lo funds lo be spent supporting
professional media coverage of the crisis in Belarus.
The transfer of £150,000 from expendable endowment fvnds to unrestricted funds in the year is the
conversion of expendable endowment capital in order to cover cash flow shortfalls on the charity's
activities during the year.
20.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted Endowment
funds
funds
2021
2021
£000
£000
Total
funds
2021
£000
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
13,324
13,324
1,579
14031
1,571
14031
Totsl
1,174
13,332
14,506
Page 28

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
20. Analysis of net assets between funds {continuedl
Analysis of net assets between funds - prior year
Unrestricted Endowment
funds
funds
2020
2020
£000
£000
Total
funds
2020
£000
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
12,789
12,789
1.851
(904)
1,851
17631
11411
Total
1,094
12,648
13,742
21.
Reconciliation of net movement in funds to net cash flow from operating activities
2021
£000
2020
£000
Nel income for the year las per Statement of Financial Acliviliesl
764
496
Adjustmonts for:
Depreciation charges
Amortisation charges
IGainsl on investments
Dividends and interests from investments
Decreaselllncreasel in debtors
IDecreaselllncrease in creditors
32
(877)
{139}
949
(538)
(164)
(1,085)
344
{503}
Net cash provided byllused inl operating activities
198
(912)
22.
Analysis of cash and cash equivalents
2021
£000
1,189
2020
£000
510
Cash in h8nd
Page 29

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
23. Analysis of changes in net debt
At1
January
2021 Cash flows
£000
At31
Oecember
2021
£000
£000
510
Cash al bank and in hand
679
1.189
510
679
1,189
24.
Pension commitments
The total pension cost included in the Statement of Financial Activities was £43.923 (2020.. £47,422) in
relation lo defined contribution pension plans. All pension costs are charged to the unrestrirted funds. this
is the fund from which wages and salaries are paid. At the year end the pension creditor totalled £2,557
(2020.. £29,248).
25.
Operating lease commitments
At 31 December 2021 the Charity had commitments to make future minimum lease payments under non-
cancellable operating leases as follows".
2021
£000
2020
£000
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
100
401
67
100
401
167
568
668
The following lease payments have been recognised as an expense in the Statement of financial
activities..
2021
£000
2020
£000
Operating lease rentals
104
103
Page 30

THE THOMSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
26. Related party transactions
The Trustees referred to in these Financial Statements are the Directors of the Corporate Trustee of The
Thomson Foundation, being The Thomson Foundation (Trusleel Ltd, company number 07405128.
In accordan￿ with the Trust Deed, £NIL (2020.. £NIL) has been accrued al the year end for an
honorarium. However, one honorarium was paid in the year of £959 (2020.. £960).
During the year, no Trustees re￿iVed any remuneration (2020.. £NIL).
During the year The Thomson Foundation paid a total of £20,508 (2020.. £65, 809) and received a total of
£12,551 (2020.. £68.346J on behalf of Thomson Media gGmbH - this included grants and overheads.
Thomson gGmbH is a connected Charity. At the year end there was a nel outstanding position of £3,652
owed to Thomson Media gGmbH (2020.. £4,416).
27. Controlling party
Thomson Foundation ITrusteel Limited is the ultimate controlling party by virtue of its position as sole
Trustee of The Thomson Foundation. A copy of that company's financial statements is available from
Companies House.
Page 31