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 DoJne 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 Iljmsay Srnith Alism Gow. Vice chair John Crowley Gill Smith (aM)ointed 22A)5r21Y25) Christille Warnick Prilleipal Offiee I l Ribblesd￿e. Roman Road Dorkin& SvrTry RH4 3EX Tclcphone: 01306 887511 email: enquiii¢s@iournalitslwity.(rg.uk Chief Executive: Finance Director: Cbarity Caseworker: James BTindle Sarah Pearce Jo Downillg Ribblesd&]e Ronwi Road, Dorksng, Surrey RH4 3EX- Teleph￿¢ 013[￿ 640664 Scheme Mallag￿: Kisnah Moonttgadoo Auditor Price Bailey LITr. 8th Floor, Ihshw(KwJ House, 69 Old Bro&1 Stre¢L tA)ndon EC2M IQS BaDkers 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 Managers Charles Stanley & COmp￿Y LttL. 2 we5￿v# R(oI BOUrnem￿thi 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 statem¢nTS ofth¢ Chority forthe ywended 31 Decenlber 2025. The fman¢ial ststernents have beeD prepgred in a￿rdOn￿ with th¢ w)unting po]icies set out on pages 13 to 15 ￿ compty with the ¢harity"'s cbarter, the Clwiti¢s Art2011 ondAc£ounting aDdRtwrtiDg for Charities and the Ststement of Recommended Pwtic¢ appIl￿ble to cbarities preparing th¢tr acwunts in accordallce 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 for establisbiDg &Fro￿dent and Benevolent Fulld ill connEction with the llewspaper press became the subject of c4)nversation at ameeting of Parliatnentary reFthers." For six years a umber of attempts were made io eStab￿b this without success unlil in 1864 when Tn￿teeS 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 w￿regIStered &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 dependants. The principa] apprO￿h 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 p05itioD should be that we should help as many joumaiists througbout th¢ UK a5 p)ssibl¢ who are facing bardsbip. including medi¢al ¢ondition$ and W¢ welCo￿t 4ylications for help from all who are currentlv. or have bE¢ll journalists. witb Journalis￿ ￿ their principal source of Ancotlle for at leasi contillu0￿￿ Yea￿ out ofthe iasi five year5 or for 5¢ven yo5 in 1014L (if not ¢urrent). In addition, th¢ir dependaDts ar¢ eligible for ￿nSide￿10n for wistanc¢. Appliwits ar¢ ￿Cepted frorn those who ar¢ ¢itiz¢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¢ on the relief of povetyforpublic iKnefit and are e￿irety satisf￿0 tknthe clwity continu¢s to ftLlfil a valuable public benefit to those for whom the cjwity was esrablished to help. The Charity seeks to &gsist Fthplc. who arc vu]ncrdble due to agc, tnfirrnity or other cir(xunstances that put them at a disadvantsge in our wiety. The charity 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 b¢ll¢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 number 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 help￿1 by the Clwity have historiially been retire(L but with the coniinuing incre&se in the nunlKr of new F*neficiaries achieved a more diversified age btzcket a larger proportion of working joumth ￿Illg given fmancial assistance. The average age ofjournaligts given financialhelp durirng2025 was43 (2(r24:49). Th]s average ageb&8 gtaduAlly bethreducing overthe l>2 decades. tn2005 the average age was 62. This demot)strat&%the changes in the journali1￿ industy andthe general fillancial dships enthred by w0￿1ng journalists tying to n]ake &]iving. To demonstrate a pattern the avernge age Tefers io individual f]nancial grants ollty. The Cl)arity be]ped ill a wide Wdriety of cases of fiDaDcial hanlsbip . this Could be due to a change in peosioll atse. rdyouug fatnily suffering a dowDtllrn in their f]Dances tbr{K￿b ill bea]th, a singleperson suffering mentsl stress ibrough isolatiollalld a lackolayallhblewo￿0rttlltwty qualified J[M￿lSt Page 2 Newspaper Press Fund TRUSTEES REPORT for the ear ended 31 December 2025 s￿ggI]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(AmHlism Diversty Fund and through University of Lanc&8h&re (UCLAN). The Charity CODttDued 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 Fornarits mentoring scheme desigDed to help Journalists tsking their next steps in Journalism. The tharity also continued to provid¢ accowmodation for22 (202423) people in the sheltered homes in D￿]ng. The ChaTity makes financial grants to indAvidual jourllalists alld theIrw of the Clwity to ensure the Charity's longevity. The sitijation as at April 2026 shows a small projected Su￿1￿$ for the year t￿t a ]arger deficit in 2027. FINANCIAL REVJEW The financiaL results for the year are set out on page 9. lthe Ch￿lty had pr￿1￿￿1 tbat 2025 would Trsult in an operating deficit of around £6,0(Y) but that this would be covered by ill hand. The deficit in the year of £16,000 (2024 thficit: £44.000) w&8 cOver￿j by a net gain in the Ch￿[ty'S inveslm¢nt porfolio managed by Charles Stsnley of £1:031.000 (20?4 deficit: £99.¢MMJ). The overall net gain in the year is£l,015,Tr)0 (2024 deficit: £143,0(MJ) ￿me about due w the movetnent in the ch￿Ity'S inveslment portfo]io. The Charity trdllsferrtd £IOO.000 from its inv&slm¢nt portfolio in eaTly 2￿ to ¢o¥ex a temtwdry sbi)rtfall in cashfiow. GOING CONCERN The accounts are prepared on a going concernb&sis in accord8llcewiththe re5erve5 andri5kpoli¢y of the Clthrity. The TrUSt￿S consider the"reserYes such that the Ctharity will continue to supwrt Journalists whilst there continues to be a need in the industy. The ￿ain in the yearof £l,031,000 is mainly the to the increase in valu¢ of its investment [￿0110. The FerfOn￿ce of the charlties investments in 2025 has grown steadity through the y&Y. Any operating defickt was ex￿ed to be mosdy covered ty 2 legacies. One that was accounted for in 2024 attd a seco]kd paid in 2025. The legacy a￿o￿tIted for ill 2024 w&s It￿]ved itt February 2026. Pa￿3 Newspaper Press Fund JRUSTEES REPORT for the ear ended 31 D￿ember 2025 The Charity tsustees have approved the budget foT 2026 alld 2027 and Conclud￿ that th¢ Charity has suffi¢ient tEsour¢es io ope￿¢ for the next 12 months from sigtting of the ¥counts. Any 2Dticipat¢d dtfi¢it th¢s¢ years will be covered by resetves (£10.614,(MKJ). Whily the valu¢ of the Charity's ittV¢SttneDt [￿rtfoliO is a SI￿lfiC￿nI factor and the Temaintng incorne of the Clwity is partly uuprEdictable. Th¢ Clwity will wttllueto moniror the p¢rfQrn￿ICe of th¢ invesuneni portfolio and cash balances alongside its grantmaking￿licy. The InLSt￿S do not coDsider ally challges in the grplltmakllLg policy are necessary at the cutrenl poillL ThtTn￿teeS 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 ch￿1￿ has alwass been the Charity's primary airn. 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 or(krtt) g￿¢r￿* iDWrne to 5llPF￿ the WOTk of the Chw. Th¢ Charity's reserves have illcreased by £1,015.(MMJ in 2025. The level of the Clthrity's res¢rY¢s 15 r¢iry¢w¢d regulorty by the Council part of the examinatith of the financial perfortnallo of the ¢harity. Th¢ Cljarify's reserv¢$ 8$ kt 31 De¢ernb¢r 2025 were £10.614:000 (2024.. £9,599,000) wbith is suffi¢iart to suslXiD th¢ Chfjriry for at l¢ast the foreseeable tLtre. £584:000 (21r24: £618.0￿> are li￿ fL¥ed a85rt% I￿villg £10,030,000 (20?4.. £8,981,000) of fr¢e sffves which includes held iDv¢51￿ents of £9.591,000 (2024.. £8,690.OIX)). FE¢¢ ￿5¢Tv¢S 1¢ inv¢sthients w¢r¢ £439,000 {2024.. £291.OW) INVESTMENT POIJCY AND MANAGEMENr The investment poLicy of the Tnjstees is to opti￿]5¢ the tr>tsl rebJrn of inc0￿C and capital the portfolio. Jn order to a¢hieve this they have appointed investtnent a)anagers and have awed asset alloC￿lOn$ with them and Ixnchrnarks against which performance is measureiL The Ciwncil has agreedthe investment risk rnandzte should Ft abalance between incorne and￿pItaL growth butwith abias towwds incomeaDd a rnedium low risk toleranc¢. Tbey bave sct th¢ following invcstmcnt parameters: UK Fixed tufrrest 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 repres¢ut au inveS￿￿t of ov¢r £500,0(M). The p¢rfornign¢e of the ffjolio should seek to matdL the APCIMS Illco￿e Portfo]io IndeL Vaiuationg will be provided monthly and the CoullGil will review the iLve5tsueni ￿lICY at half-yEarly illteTvals. ThE inVeStslle￿LS over-perfoTmed the b¢nckniak throughout the year. Charle5 StsDlev & Compally Litllited have di5cretiiw MallagE￿tnl of the Fuud'5 investtnellts withiD Ittllits sei by the Coullcil. The Clwitv's aim is to ￿aintain inve5tEllellts tha( Produce a 5ufficientincome to enable Ibe Charity tty fulfil iLsneeds. Altbough the cutTeDtbalatLCt of the C]wity's illveslmenl portfo]iohas risen sigDifiolltty a8 at 3 11)eceJllber202i. It 15 diffiojlt to predict the etTect of cutrtht world evellts duriD8 2026. The Charty'5 approach to fill1d￿Sing is througb ￿blICity and en¢￿￿emeat of donatiODS at its eveDts. The Charity does not utilise an a￿e￿ive 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 standards so that the pllblic, including ￿thIerable people, att protcctod from u]]r(xwn2bty intrusive or pcrsist¢nt fimdraising appr(￿e$ and undue wwur¢ to d{￿￿te. No ¢iKnpl8ints w￿¢ re¢¢1￿1 ID th¢ year (2024: 01. STRUCTURE GOVERNANCE AND MAliAGEMENT Th¢ gov¢rniDg (loculnent of the clwity 15 a Roy81 Cl￿ter 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¢e￿APpoInrrneThÉ fflJdR2sponsiblliiies Tbe Coullcil (Trustees) consists ekctedmembers who ]neet quarwty. Re¢￿￿MeT￿. induction andtraining The Trus*es ar¢ recrnited ￿th]ll the industy by the ex1￿1n8 Tn￿ttts, to reflecttbe geographic spread and diyew ftature of journalism. AddAtionally. there is a mix of working and r¢t1￿d journalists. It is therefore very likely that any new Trustees are aware of ourwork atxl will bave supyyjrted us PF¢viously in some resp¢¢L having been members of the Clwity. All new TnJAees r￿¢1￿¢ the relevant Charity Conllnission publications concerning TrUs￿e$ and copies of the minuks of the tn]Ske ￿eetIngS f￿ the previo￿ 12 montbs as well &8 inforffjation Memt*rs of the Coullcii stand for re-eleLtion at the end of each 3 year terni. Other niNniftations rnay ￿ put forward by rnembers of the Fund who tnust sub￿lt the name and address orth¢ 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 confirmation at the nexl A￿lluat M¢¢ting. The members of the counciI are appoitited for a 3-yeaT temi afttt wbi¢b peri(NJ they Jjw put thetD5¢1v¢s forward for Te- appointment atthe next Annual Meeting..4ftertwo 3-year tern]s the mem￿r rnust for ￿ least 3 years before further electioll for one final temi. Deciston% n]ade by the 1n￿teeS are implemented and Managed onadayto day basis by the CEO who is supported ty a staff of four (including three pan4itners) and curremty 3 members of st2ff (including part-ti￿erS} at the sheltered 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 industy to help reach benefici2ries thr(￿ghOllt the county. KÈY MtmagemenlperstFnnel remttneralion The T￿￿ consider the tM)ard of Trnstees and the CEO 85 M￿lSing the key nmiagemeni personnel of the charity i]A cha￿e of directiog aud controlling the charltv aDd n￿nIng and operating the rharity on a day to day basis. All Tru5tres give their tiuAe freely and oo trustee remuneration was paid in th¥ yedr. Details of Trnste¢ expense5 are disc105¢d in note 7 to the accounts. Tn￿teel atrrequiredto thclose 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 nomialty increased in accordan(t th¢ Consumer Price tndex. The remuneraLion is also I￿nCh-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 Journalists. Charity registcred with the regulatory authoTities under the regi#ard nUmE¢r20￿215 ￿ngland aud Wales) and SC042405 (Sc4)tland). The priThcyl offi¢e of the charity is I l ￿￿bleSdale, Roman Roa¢ [knki￿ Surrey RH4 3EX Trllstee5' Responslbilities in the Preparation of Fiwdllcial Ststements Law applicable to charities ID England aDd Wales requires the Trustees to prepare financial statements for each fllwiciaiy¢arwhich givea true and fairvlew ofthe Charitys financial activities duringtheyearand ofits financial Isition at the end of the year. ID prewlng those finallcia] 5taments. the Trustees are required to: select suitabl¢ a￿OUnting policies athl then appty consistently" observe the meth(yJs and principles in the charities swemeDt of recomn)ended PTactice make jlldgements aud estin￿teS that are TEasonable and twudeni state whether applicable UnttedKingd(Kn acwunting Stsndards have been followed sthject to any departt disclosed and expltined in tbe financial ￿aternellts. and Pagt 5 Ncwspapcr Prcss Fund TRUSTEES REPORT for the ear ended 31 December 2025 prepatt the f￿￿1¢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) Regulati￿5 21kn, the Charities and Tn￿tee Investment (Scotland} Act 2005 the Charities Act 2011, the charity (a￿OUllts andrep)rts) regulations 2008 ￿)d the tffovision of the Roya] Charter and bye-laws. They aTe also responsibl¢ forsafeguaTdingthe assets of th¢ charity andhen¢e fortakyDg reasonable st¢p3 for th¢ pr￿ention alld d¢tection of fraud alld other irr¢gukn¢5. Approv￿ on beha]f of the Trustees on 30th April 2026 alld sIgll￿ on d￿]rbe￿a]f P Jones- CFJair Page 6 Newspaper Press Fund AUDITOR:S REPORT for the ear ended 31 D￿ernber 2025 IndependentA*litor's Report lo the Tn￿leeS rfThe N8wspaFT Pre%3 Fund The Jownal￿1s. 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 Actsvities, the Balance Sheet. the Statement of Cash Trlows aud notes to the finallcial st8￿Mell￿ including signifieAYJt awounting polioi¢s. The ffjwKial reFY)TtiDg fraTlleW0￿ that been applied in ther preparatioo is applicable law UDiied Klagdo￿ AccountiDg St3Ddar&% t￿ClUdi￿g Financial Reporting stsDda￿ 102 The Finaneiol ReporlIng.Stand(￿dapp12Cab1E in ihe bK ondRepublic oflrelond (United Kingdom Gea¢rally Accepted ACCO￿ting Practice). Ill ow opinioll the fitwicial ststements.. give a true and fair view of the stste of th¢ cljarity's affaiTS as at il. December 2025, and of its incoming resources and appIl￿tion 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 Charities alld Tr￿SleE tnyestment (Scotland) Act 2005 and ￿gulatiOn 8 of the ch￿Ill¢S A¢coullts (kotiaud) Regulations 2006 and th¢ Charities Act 2011. Basis for opinion We have b¢¢u appoioted audiWTs und¢r section 44(Ic) of the chariti￿ and Tr￿stee ]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 tnternati￿al stand￿d$ on AuditiTJg (UK) USA5 (UK}} and applicable law. Our responsibli ities under those standaxds are fither de%ribed ill the auditor resp(msibilities for the audit of the r]n￿claI 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 state￿ents in tbe UK, iD¢luding th¢ FRC'S Ethical Standar(L alld 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 fioallcia] statements, we have concluded that tbe tsustees, i]se of the going con¢¢rn basis of accounling in the preparation of the fir￿¢131 sttten￿ts is appropriate. B￿ed on the WO￿ we haye I￿rf0rAn¢d, we bave not Identifi￿ any material uncertainties relating to events L conditions individualty or collectively. may cast signsfiwt doubt ou th¢ clwity's abi]ity to coniinue as a going concem for a periiKI of at leasttF'elv¢ months from wh¢ll the fioancial Stat¢￿ellts are authorised for issu¢. Our responsibiliues and the r¢stKJnsibiiities of the wÉtb re4XCt to goillg concern are described in the Televant sertions of this reporL Other inforJDation The other infomation coMpri￿S the infonnation iDcluded in the In￿$, gnnual rEporL other than the f]nancia] statements attd our auditor's re[￿ thern)n. The are respornsibl¢ foTthe otber inforniation. Our opinion on the f]nan¢ial slatements does not ￿Verthe othff iDfoTmation alld we do not expttss any forni of assuranc¢ conch￿10￿ thereon. OurresponsibÉlity is to read the othtt infOrn￿tIr￿ 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 b¢ materially missts￿￿ If we identify mat¢rial luwn5l5tenci￿ or apparent materlal mi&%tatements, we are reqllir￿ to demine whetherthis gives rise to a material missiatement 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 I￿￿ fact. We have nothing lo r¢port ill this regar Page 7 Newspaper Press Fund AUDITOR'S REPORT for the ear ended 31 DeCernF￿r 2025 Matters on which we are required to report by" eiceptioll We have nothing to report ￿ respect of the followiug mattths in relation to whicb the ch￿1t1£S Accounts {Scotland) R¢gulatioDS 2(K)6 and the CI￿ltieS Acty 2011 wuires us to re￿rt to you 1£ in our opinion: the infornmtion given in the tNst¢es' retth is inC￿siSt¢￿t in any rnater]￿ respect witb the r]nallcial statements,. or ¢)per a¢wunling re¢ords have not bec￿ kepl or the fjnancial staternents are not ill agreemellt the accountillg recotds; OT we have not received all the illforlljation exp]zllatiO]L8 we rtquire for our audit Res￿D5￿bIlities of tn￿te¢S As explarlledmore fi￿y in the trustee5' r¢sp)Dsibilities slatemellL the trustees are respoDsiI)le for tlke weparation of the f￿a￿CIal statemellts and for being satisfied that they give a alld fair view, and for such internal control a5 the I￿￿t¢s5 dderrllille 15 ￿￿eSsary. to a]abl¢ the Prep￿tiOn of fin&￿la1 sratements that are free from material misstateLllenL whether du¢ to frdud or UTOr. In prepariDg 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 a¢coullting 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 fin8Deial ststements We have been appointed ￿ audits)r under section 44(IXc) olthe Clwities and TnLStee Investment (Scotland) Act 2005 and retth in accordance with the Act and relevani regulations made or having effect thereunder. Our objectives are to obtsin Teasonable ￿Urn¢e whetber the financial statements as a whole are free from matrrial Mi￿rd￿men( whether due ￿ frnid or em>r, 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 dekct a ma￿la1 rtiisstarement when it exists. Misstatements call arise from fraud or ￿rOr and are consideTed material 1£ individualty or in the aggregate. they could reasollably be eXp￿ted to iDfiluence the economic de£isions of user5 tskeD on the basis of these financial statrments. Irreguknties, including fraui are iustallces of nOD-compliance with laws and regu]atiOll5. We design proc£th￿eS in line with responsibilities, outlitied alxTrve, to detect material llJisState￿ellts in respect of irregultirities, illclllding fraud. The Extent to whith ourprocedure5 are capable of detectillg i[regu￿￿tIes. including fraud ts detailed below.. We gained 8n ￿derStAnd]llg of the legAI and wulatory fiwnework applicable tts the Charity at)d tb¢ sector ID whi¢h it operates and co￿SIdered the Fisk of th¢ ChaTity compty'ing with the relev8llt laws and regulations ¢luding fraud in particular those that could have a tllaterial impact oll the financial ststements. This included those regU￿lOnS directfy related to the financial sthrements. includin8 financial r¢￿rt]llg. and t&¥ legislation. This irAcluded ¢omp]ionce with the Charities Act 2011. the Charities and T￿￿te¢ RDvestrnent (Scotland) Act 2005. regulation 8 of the Charities and Accounts (Scotland) RegulatiOll5 2￿6. Charities SORP and FRSIO2. Th¢ risks were diwussed with the awlit team and wo remained alert tt) auy indications of non-¢omp]ian throughout th¢ audit. We ¢aTried out sp￿lfi¢ pr￿edureS 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 disclosures to unde¥tying supporting 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 iJJcidellt reports made to the Charity c(glllln1￿loll and gaining an unde￿tandIng of the wtential impact of any instances {if applicable) Reviewing key accowiting policies aTMI est[ll￿ts for evidence of management bias To address the risk of ma[￿eMent override ofcontrols. werevieweé syslenis andprOcedU￿stO identify pote￿la1 areas of management override risk. In particular. we C￿rIed out testing of journal entries and other adjuslments Poge 8 ## ��������������������� ����������������� ������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������ ���������������������������������������������� ����������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������ �������������������������������������������������������������������������������������������������������� ����������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������� ���������������������������������������������������������������������������� �������������������������������������������������������������������������������� ��� ������������������������������������������������������������������������������������������������������������������ ������������������������������������������������������������������������������������������������� ## **������������������** ������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������� ���������������������������������������������������������������������������������������������������������������� ���������������������������������������������������������������������������������������������������������������� ����������������������������������������������������������������������������������������������������������� ����������������� ���������������������� ������������������� ������������������� ������� �������� ## _Date_ 13 May 2026 _Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.Page 9_ Newspapcr Prcss Fund STATEMENT OF FIN￿NcL￿L ACTtVlTIES for the ear ended 31 tkcember 20?5 Total Funds r￿Ul Fwids 2024 £'ooo N(xes £'o FROM: Dona1ions & legacies OtheT tr￿ling activities Invegttnent inc(*me Charitable activiiies Other incorne 374 309 191 201 TOTAL fNCOME 957 851 Raising fi￿d$ 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 foThvard 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 ASSETS Tall￿1)1e assets tnvestmeJAts 584 9,591 618 8,690 io 10,175 9J08 Debtors Cash at bank ia haod li 12 213 295 183 149 508 332 Credi￿r5. 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 I￿Ue 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£¢ Toiolfynds 2025 2024 £'O(KJ NET CASH USED IN OPERATING AcTIVIT￿s 18 (364) (479) CASH FLOIWS FROM INVESTING ACTIVITIES: Interest & dividends receiv Proceeds. from ttLe Sale of Inv￿ents PU￿baSe of InvestmeDts Cash movements from investing activities Sale proceeds from the sale of fix￿ assets 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 ACCOUNTING CONVENllON Basis of preparation aud a55U5All¢lIt ofgolng l￿nee￿ The financial statements att prepared under the historical cost convention as rn￿lfied by the incI￿lOn of investments ai valu*ion arnd in accordallc£ with applieable Lnited Kingdom accounting standards. The fJnanciaL statements have been preparal in accordance Mith the Ststemcnt of Recommended Pr&tice'. Accounting and Reporting by Charities preparing their accounts in accordanee 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 been prcpartd to give a'trne and fair, view attd have departed from the Charities (Accounts and Reports) Rcglllations 2008onty tothc extcDt reqlliredtopmvide a'ts￿e and fairview,. This departure bas involved following Accounting and Reporting by amrities preparing thetr accounts in accithce with the Financial Rq)orting Standard applicable in the UK and Republic of l]Ylalld (FRS 102) issued on 16 July 2014 rath￿ tha thc Accollnting and R￿Ort[ng by C?￿ltieS.. Stat￿ellt of Recommended Practice effective frorn l April 2005 which has since been witlthwn. The Newspaper Press Fund is an uniD¢orporated cbarity. The re￿ered office is I l ￿?)blesdaIe. Rornan Roa Dorking. SuN¢y, RH4 3EX. The Cb8rity CODSt[￿les 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 rnateria] uncettsinties about the Ch￿ity'S abilty to continue as a goillg concern for the foreseeable fimjre. With reSFtct to the next rewTting ￿l{￿L the year ended 31 D￿e]nber 2025, the Jnost SI￿lf1¢8￿t 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 the investment policy aud riSkn￿eMent seetions of the trustee's amiual report for more inforniation). The Charity's cash p05ttion ha5 covered the Operatio￿21 deficit in 2025 but thould be sufficient to ¢ov¢T any operational I0￿eS in 202&Q027. Th¢ Charity will use funds from its investment portfolio to cover any shortfall in cash in hand if necessary. The tn￿ consAderthat the current (xsb Ievels and investtnent portfolio provid¢ the Ch￿1￿ 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. [Ncor￿E Incotne is recoglli%d 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 conditil)D5 that require a level of perfor￿ance before the Charity 15 entLtled to the fimds, the income 15 deferred and not recogni￿ urtil ¢ither those conditions are fvlty meL or the IfJ]meni of those CODditiODS is wholty ￿.]thin the CODThI of the Charity" and it Is probdble thai those conditions will be ￿lfilled in the re[￿ing period R￿CIpt of a legacy, whole or in paru is olll) CODsidered 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 Chtrtty, or tbe Charity is aware of the gtanting of pmbate, the criteria income reCo￿ltI0]L have not E¢en m¢ then the legacy is trea*d as a conliDgenta55Ct and disclosed if ma*rial. Fundraising is wAounted for on a receivable basi5. JncotD¢ re￿iSed in &lvanc¢ of a ttlated event is deferred only when the Ch￿lty has to fulfd conditions before ¢￿itI¢d to IL orwhere the donor has specified that the income is to be expended in a funwe period. Dividends are re￿gniSed once the dividend has iwi declar￿ andnotifi¢•ion has 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 alloc￿ed to activities on a basis CODSiStent Trith use of the resources. (Fovernance costs ￿e tho5¢ Incu￿ed ill connection with adMI￿til￿ of the charity and compliance with constiiiitional and statutory requireToellts ie AudiL trustee exyenses and COD5uIwicy costs. Governance costs are sboivn separdtely in total. Under c05t of ch￿itable activities 40Yo of bead office staff costs and 51P/o of other co*s are allocat¢d into 5UPPOrt cogts. The remaining 600/0 of staff costs are shown as staff costs aud s￿/* of other rosts are 5bosvn &s rL]ntiing costs. This spltt is based on estimates of time Spent on Ktivity. GRANTS Grants are paid to individuals at the Gr￿lS Comm￿, discrdion. Grants are recoguis¢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 v￿lIe off the cosi of fixed (exclll(ting kntfj to their residual value evenly over their estimated usefill lives which aTe follows.'- Freehold buildings FIXn￿eS, 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 revahmtions and disposa15 through0￿ the year. All gaitts and losses are taken to the Staiement of Fitmncial Activities as they ￿lSe. Realis¢dgains andlosses oll inve%thients are calculated as the difference between sales pr￿ and their oF¢ni￿ cary)ryng value 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. Realised ￿dunrealJ￿ inveslment gains and losses are combined in 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 reCO￿lSea 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 iMM￿l￿tlY as an expense wheo the Charity is demonstrably committed to terrninate the employment of a employee OT to provide ttrniination bellefits. PENSION COSTS Thc Fund makes p2ymffltsto the individua]p¢nsion p)licies of qualifyi￿ elnployees. The pension costs charged ill the Statement of FinaticiaI Actlvities re￿esellt the conthTr>utions payable ty the chayity dwing the peri¢yl. FUNDS AccouKrtNG Funds b¢ld by the charity are: Unrestricredgenerf41fynds- th¢s¢ gr¢ fi￿￿$ whi¢h ¢an b¢ w¢d ill aeujrdattce with the charitable objects at the dis￿etiOn of the Tntys. Page J4 Newspaper Press Fund ACCOUNTING POLICIES Restpictedfyp3kn- these are fimd5 which are to be us&J for wific pwpos¢s as laid doiTrT by the donor. The Charity curntLy 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 transactions or e¥￿ts. FINANCIAL INSTRUMENTS The Charity only has financial assets and fin￿¢1#1 liabilities of a kind that qualify &$ b&8ic financial insttuments. B&sic fmancial instruments ￿e initidlly mtroured w tr￿tiOn value and subsequently Jneasured at their settlanent value. ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estirnates and JUdge￿ents are cootinually Evaluated alld ar¢ b&s¢d on bistorical ex￿rience and Ot]￿ f&ctors, including ¢xpe£iations of future events that are believed tolK reasoJJabl¢ wideT the ciKumstances. Accounting estimales and&￿￿mptiO The Charity ￿tilllat￿ and &%suMptio￿5 concerning the furute. The Te5ulting accounting esliJnat¢s and &ssumptiolls wi]L by defjnition, seld(An equal the re]Ated acttml results. The estill￿teS alld a55Utllptions tILat have a significallt risk of causing a materia] &ljllStmcnt to the carrying 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 {ex¢luding bndl to their residual valllc ovff their estimated useful lif¢. Th¢ receipt of any expected legacy cau a150 be considered a factor a5 th¢ Cxact 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 Income 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 I￿terest se¢urilies Int¢res¢ on diYid¢nds Fees received 195 176 205 97 380 309 CHARITABLE ACTIvIT￿s 2025 2024 £,009 Residents Fees alld Reat: Ribblesdale 201 191 201 191 COST OF RAISING FiTNDS 2025 2924 £'ooo GL&8gow West Midlan Wales 13 36 36 43 ]nYestrlleDt Corts C05t of ev¢nts 33 75 78 Page 16 Newspaper Press Fund NOTES TO THE FtNAliCIAL STATEMEwrs for the year ended 31 D￿ember 2025 COST OF CHARrrABLE ACTtvrrEs Hom Grap￿ Horn￿ Managemenl £'ooo 2025 Tolal FurnfroiYing/ blicity Staff costs 107 52 83 29 271 13 130 34 154 31 Dweciation Suroort costs GOVer￿￿Ce 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 (20?J: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[Vrr￿S Htpm Homes Mam¥ement £'oo(p 2024 Total £'ooo Fundraising Grap Staff r05ts 106 50 85 28 269 Running costs Deprecialion Governance & support costs 103 34 34 91 26 163 203 216 54 569 248 203 216 817 SUPPORT COSTS 2025 2024 Ba515 of allocation Utilities and inwan¢e Rcpairs and renewa]5 Head Office staff costs Other Head Office costs Proportionatr to offic£ and iinistrdtioD St&ff time spent 125 19 122 29 154 163 Governance costs whsth includ¢ auditor fges 21r25.. £22,68012024: £21,6Th)), riustee eXpeTh￿ were shown part of supp)rt costs and runDing costs Iwt ar¢ Dow sbown sep8rat¢ly. PageJ7 Newspaper Press Fund NOTES TO THE FINANCIAL STATE1&￿￿[s for the year ended 31 December 2025 EMPLOYEE AND STAFF COSTS 2025 2024 The number of employees througknt the year, calculated on all averdge basis was: Office aTLd Admillistration Residentitil and Care Homes The avw Dumbtt of en)ployees throughout the yeaTT¢presrnts the average over the whtsl¢ y¢ar. Employees throU￿OUtthe 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 r¢irubur%d for ¢xpenses ￿latiOn to travel and ￿tertainment to 3 Thistees (2024: £1,518 to 3 Trustees). Total donWioDS received fiom trusiees £360 (2024.. £J44). Public liability insuTance paid in regard to Ttustres £1.175 (2024.. £1.175}. The CtrLarity cimsiders its key mwement pe￿e1 comprise the TThtstee& and the CEO. Th¢ total employment benefits in¢ludiDg peDsiQU sche￿eCOnInTrJ￿tiDns ofk¢y rnan8geMent￿o￿nel were £119.723 (2024.. £119,347). The e]npl￿tr5 n￿lO￿al 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 munerntion 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 Fi¥lhres. londand fittEng) & buildiw 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 December 2025 31 DecfflnEw 2024 618 618 The valuation5 of land &Thd buildinggweremade in 1997 by Me￿5 hfjartin Brown (Valuers aDd Surveyors). This valuation was treated &8 eost on adoption of FRSIO2. Puge 19 Newspaper Press Fund NOTES TO THE FINANCIAL STATEME for the year ended 31 December 2025 io M￿sTME￿[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 ¢omwi*d' UK r￿ed interest securities UK equitie% ove￿aS 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 Decejntxr 7,330 7,190 Cash dek￿lts 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 Xcout Head office bank aceounts 114 31 150 23 18 108 295 149 13 CREDrroRS: Amowits falling duc withiry oneyear 2025 £'ooo 2024 £'ooo Trnde ¢r&litors Swidry creditlM5 ac(2 13 56 io 69 41 Poge 20 Newspaper Press Fund NOITrS TO"I'Hb F￿ANCIAL STATEMENTS for the year ended 3 1 D￿eMber 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 Tr¢TrL%fers Bulance at between 3] December Funds inV&ftmepTI 7025 Irjcome Erpenkn" ure movements £.0￿ £. 2025 Ullr&qtricted 9,599 957 973 1.031 10,614 9,599 957 973 1.031 10,614 Unrestricted Comp￿ those futwls which the trLL5tee is free to in accordallce with the charitable objective5. 16 PENSION CO.MMttMENTS ThE ¢I￿rIty does not operdte a pension scbcme but contrllyrtes to the pa50nal pension plan of certain employees. Contributions paid by the ch&ity are disclosed iti note 7. 17 TK¥ATION TheNewsFoperPressFund is aregisler￿1ChatilY and &s such its income a￿l￿dI￿S fallingwithin knttons 47110489 of thec0rINxati￿ T￿A￿2010 or Sectirn256 of the T&xation of Chargeable GainsAct 1992 are exempt from c(wtation tsx to the extent tlmt th¢y or¢ appli¢dto its ¢lwitsble objectives. Pagg 21 Newspaper Press Fund NOTES TO THE FINANCIAJ. STATEMENTS for the year ended 3 l 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 illvesring &tiviti£s (Gain5y losses on investtllents OnCreaseYdecre￿ in dEbt(M5 Decrease In credito 1.015 34 (380) {143) 34 {309) (1,031) (30) 99 {152) (8) Net cash usoj ID (ottatnig acttyities (364) (479) 19 RELATED PARTIES Ther¢ are no reiatedwies Irdnsackn inthe ¢urnyear￿ W1wyear4￿t from thosedisclosed in nots Poge 22