Well theres not going to be shareholder direction to conform to advertisers wishes.

And assuming the trust is well funded, they may not feel compelled to do so.

That said, its very possible for not for profit entities to go very wrong so you cant rule it out absolutely.

Fair enough, the trust is certainly a stronger demonstration of commitment than most can offer.

Universities with large endowments still charge tuition. The available proceeds from appreciation of the trust may not be enough to cover their operating expenses.

Universities aren't exactly a great model of freedom from private interests. And it's not clear why many of them do still charge tuition—i just assumed it was some effort to emphasize classism in a world where they also want to look gracious for paying for poor people.

And believe me, for the colleges I examined this at, tuition was a rounding error compared to the return on the endowment. It is just for aesthetics of charging students in a uniquely american show of stupidity.

The paper is required to operate on a commercial basis, but the trust ensures that they can always afford to say "no" to anyone trying to influence editorial matters, and indeed The Guardian has operated at significant losses at times.