Docusign Envelope ID.. 5FA7CBDC-F6DF456&8F61-C6C35256E927 The EDUCATIONAL I',conomist FOUNDATION Registered number 7927534 Registered charity number 1147661 The Economist Educational Foundation (A company limited by guarantee) Trustees. report and financial statements for the year ended March 31st 2021
Docusign Envelope ID.. 5FA7CBDC-F6DF456&8F61-C6C35256E927 The Economist Educational Foundation The Economist Educational Foundation {Foundationl {A company limited by guarantee) Contents Page Reference and administralive information Trustees, annual report Independent examiner's report ststement of financial activities Balance sheet Statement of cashflows 10 Notes to the financial statements
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation The Economist Educational Foundation IA company limited by guarantee) Reference and administrative information Charity number 1147661 Company number 7927534 Directors and Trustees Daniel Franklin {Chairmanl Stephen Godsell Martyn Dempsey-caddick Kike Agunbiade Nick Shippin Henry Tricks Marina Haydn (appointed 6.7.2020) Chief executive officer Emily Evans Company secretary Fola Sanu Registered office The Adelphi 1-11 John Adam Street London WC2N 6HT Accountants Goldwins Chartered Accountants 75 Maygrove Road Wesl Hampslead London NW6 2EG Trustees, annual report
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation The Trustees present their report and financial statements for the year ended March 31°, 2021. Objective and principal activities The Foundation's ur ose The Foundation was incorporated in England and Wales as a private company limited by guarantee on 30, January 2012 and was registered wilh the Charity Commission on 12 June 2012. This report includes the Directors, report as required by company law. The Foundation is established for charilable purposes to provide educational experiences and materials about current affairs, key world events, culture, business, finance, science and technology, for socially and economically disadvantaged young people. Public benefit The Trustees have a duty to consider public benefit guidance as published by the Charity Commission. The Trustees are aware of the Charity Commission guidance on public benefit reporting and are satisfied that the activities of the Foundation meet the requirements for them to be considered as being provided for the public benefit. The Foundation is tackling an urgent problem. Education hasn't caught up with the challenges facing young people in the modem world. Too few are developing the knowledge and skills they need for the changing workplace or the digital media age of misinformation and polarised debates. Employers consistently call for graduates to have better critical-thinking, communication skills and awareness of the wider world, and under 4 /D of young people in Ihe UK or US have the critical lileracy skills to tell rf a news story is real or fake. This threalens their ability lo thrive at work and as citizens, and it threalens wider society too, Irom our economies lo cohesive communities and healthy democracies. The Foundation's activities We enable 9- 10 14-year-olds to join inspiring discussions about the news which teach them lo think critically, communicate effectively and understand the world. Learning these things can change a young person's life, setting them up to thrive at school, in work and as citizens. We empower teachers to have these discussions in classrooms by providing training and news-based teaching resources. Students also use our website to join disGussions with counterparts all over the world and engage with leading topic experts. Our teaching resources are created by expert in-house teachers and journalists. Teachers can download them for free from the Foundation's website or subscribe to receive them by email. A new resource is published every week to support a one-hour classroom discussion about a current news story. Alternatively, teachers can download packages of resources to support a series of discussions over five weeks on one topic. These packages are published six times a year and cover the year's biggest news themes. Page12
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Teachers can choose lo supplement classroom discussions by giving students access to the online conversations too. Students use the site to learn more about the topics, publish their opinions, exchange perspeclives with peers all over the world and engage with topic experts who are leaders in their fields. Revlew of achlevements and performance Our 2021 impacl report showed that students who regularly take part in our programme build knowledge about global issues affecting their lives along with essential critical-thinking and communication skills. We use the Skills Builder Universal Framework to measure impact and this shows that, compared with their peers, participating students can make up to five limes more progress in listening, creativity, problem-solving and speaking with confidence. These skills are linked lo better outcomes from higher qualifications and wages to improved wellbeing. They're the skills needed for future work and engaging with the wider world in the modern media age. Fully 950/0 of teachers rated our resources as excellent or very good, and 100 % would recommend our training. We significantly grew our reach in 2020-21, supporting more young people than ever before to have high-quality discussions about the news. Nearly 100,000 young people in 141 countries had discussions about cuent affairs due to our resources, which is a 120 % increase on the previous year. We work with the young people who need us most, by focusing all our outreach activities on schools serving disadvantaged and marginalised young people. Half of the schools thal took part in our core, UK-based programme in 2020-21 were in the top 40°/o of schools with the greatest proportion of economically disadvantaged students. Financial review The Foundation generated a surplus of £205,058 in 2020-21. Income increased by £252,619 as a result of investment in fundraising capabilily., a number of donors sponsoring programmes and activities that will be delivered in FY 2021-22., and The Economisl Newspaper both increasing its donalion and encouraging its employees to support the charity through fundraising activities. The increased in-year surplus and resetves will allow the Foundation to further invest in improving both impact and reach and to continue providing resources to schools and students for free I low cost options The Trustees regularly review risks to the Foundation, including financial risk. They ensure that the charity maintains a healthy level of ambition in its fundraising targets while ensuring long-term financial sustainability through caution in spending, forecasting and planning. The Economist Group helps the Foundation to keep overhead costs low, by donating office space and facilities plus IT, HR, legal and finance services. Reserves policy The Trustees have resolved that the Foundation should maintain cash and Page13
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation readily-realisable assets sufficient to fund the equivalent of no less than six months of staff expenditure. In the unlikely event of the Foundation facing difficult financial cirCumstans, this would allow it lo both meet its responsibilities lo restricted donors and for the Foundation's staff members to continue being paid during a period of managed adjustment to these new circumslances. This policy required Ihe Foundation to hold at least £195,000 in liquid and readily realisable assels. The funds held at 31 March 2021 were £422,386 and were Iherefore sufficient lo comply with the ReseNes policy. Diversity statement We are committed to taking real and long-term action to tackle racism. In 2020, we educated ourselves to understand more about structural and institutional racism and how it plays out within charities and the education system. We identified the following areas where we are best placed to make a difference. Below, we report on progress made in these areas and set targets for 2022. Educatin oun eo le.. We took every opportunity to cover race and racism in our leaching resources. to enable young people lo discuss these and explore how they relate lo a wide range of topical issues. In 2020-21. we helped young people to have well-informed discussions aboul race and racism in conneclion wilh the Irial of Derek Chauvin, aclivism in sport, conspiracy theories, perspectives of marginalised people at COP26 and the Kyle Riltenhouse case, amongst other topics. Role models.. We provided young people with opportunities lo interact with inspiring, diverse role models on our online Hub, including leaders in their fields. For each topic thal we covered on the site in 2020-21, we recruited a diverse group of experts to answer students, questions and 38010 of experts since March 2020 were from a racial minority background. Experts included Reggie Love, personal aide to Barack Obama., Kike Oniwinde, Founder and CEO of BYP Network- Najma Mohamed, Policy director of the Green Economy Coalition., Rita Idehai, Chief Executive Officer of social enterprise EcoBarter', and BBC wildlife presenter and biologist Gillian Burke. Diverse voices on current affairs.. In addition to our experts, our teaching resources themselves presented young people with diverse perspectives and voices on Current affairs. All perspectives included in our resources are "real voices" either verbatim or based on real lived experience. Buildin a team that reflects the racial diversit of the oun eo le we work with.. Having an inclusive hiring process is a priority for us in order to ensure that, as we grow, we build a team that comes to reflect the rich diversity of the young people Ihat we work with. In 2020 we sought advice in this area and updated our hiring processes in advance of expanding our leam in 2022. 2022 TARGETS In 2022, our targets are to: 1. Improve the racial diversity of our team as we grow. Page14
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation 2. Establish a new process for involving people with diverse perspectives and experiences, including relevanl lived experiences, in the creation and review of our teaching resources. We will report on further actions and outcomes in each ofthese areas in our 2022 report as well as setting new largets. Charlty Governance Code Allhough the Code is nol a legal or regulatory requirement, the Foundation seeks to run its charitable aclivities in line with the Code's main principles and recommended practice for good governance, taking into account the size and nature of the Foundation. anisation structure and mana ement The Board of Trustees is composed of seven persons who fulfill the statutory duties and responsibilities of Trustees. The Board meets at least quarterly. The Trustees who served on the board during the year are as follows: Daniel Franklin {Chairmanl Stephen Godsell Martyn Dempsey-caddick Kike Agunbiade Nick Shippin Henry Tricks Marina Haydn (appointed 6.7.2020} Chief executive officer. Emily Evans Stephen Godsell, Martyn Dempsey-caddick. Marina Haydn and Kike Agunbiade are non-executive Trustees of the Foundalion. The remaining Trustees are employees of The Economist Newspaper Limited. Connected transactions None of the Trustees has any beneficial interest in the Foundation. The Foundation received a donation from The Economist Newspaper Limited, which also donates some facilities and services and pays some costs on behalf of the Foundation. With this exception it had no transactions with persons connected to the Foundation. Trustees. responsibilities The Trustees (who are also diredors for the purposes of company lawl are responsible for preparing the Trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of Ihe stale of affairs of Ihe Foundation and of the incoming resources and application of reSoUrs, including the income and expenditure, of the Foundation for that period. In preparing these financial slalemenls. the Trustees are required lo.. Page15
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation select suitable accounting policies and then apply them consistently., obsetve the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards and statements of recommended practice have been followed. subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan and integrity of the corporate and financial information included on Ihe Foundation's website. By order of the Board D E Franklin, Trustee Date 21 Decernber 2021 Registered office The Adelphi 1-11 John Adam Street London WC2N Page16
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Inde endent examiner's re ort to the Trustees of the Economist Educational Foundation I report to the charity Trustees on my examination of the accounts of the company for the year ended 31st March 2021. Responslbilities and basls of report As Ihe charily's Trustees of the company land also ils directors for the purposes of the company lawl you are responsible for the preparalion of the accounls in accordance with the requirements of the Companies Act 2006 ("the 2006 Act"). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of Charities Act 2011 1"the 2011 Act"). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51 Ib) of the 2011 Act. Independent examiner's statement Since Ihe company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales {ICAEWI, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe= 1. accounting records were not kept in respecl of the Company as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independenl examination. or 4. the account have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Anthony Epton BA, FCA, CTA, FCIE Goldwins Chartered Accountants 75 Maygrove Road Wesl Hampslead London NW6 2EG 21 December 2021 Page17
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Statement of financial aclivities (incorporating an income and expenditure account) For the year ended March 31st 2021 2021 2021 Unrestricted Restricted 2021 Total 2020 Total Note Income from: Donations Total income 300,302 300,302 297,885 297,885 598.187 598,187 345,568 345,568 Expenditure on: Charitable activities Total expenditure 240,415 240,415 152,714 152,714 393.129 393,129 322,312 322,312 Net income 59,887 145.171 205.058 23.256 Net movement in funds 59,887 145,171 205,058 23,256 Reconciliation of funds Total funds brought fOard Total funds carried fonvard 207,099 266,986 10,229 155.400 217.328 422.386 194,072 217.328 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached noles form part oflhese financial statements. Page18
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Balance sheet As at March 31st 2021 2021 2021 2020 2020 Note Current assets Debtors Cash at bank and in hand 43 460,595 460,638 2,797 338,940 341.737 11 Liabilities Creditors.. amounts falling due within one year {38.2521 {124.409) Total net assets 422,386 217,328 Funds Restricted funds Unrestricted funds.. General funds Total unrestricted funds 155,400 10,229 266,986 207,099 266,986 207,099 Total funds 422,386 217,328 For Ihe financial year ended March 31st 2021, the Foundation was entilled to exemption from audit under Section 477 of the Companies Act 2006, and no notice has been deposited under Section 476. However, in accordance with Section 145 of the Charities Act 2011, the financial statements have been examined by an independent examiner. The Trustees have acknowledged their responsibililies for ensuring that the Foundation keeps accounting records which comply with Section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the Foundation as at Ihe end of the period and of its incoming resources and application of resources, including its income and expenditure for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements ofthe Companies Act 2006. so far as applicable to the Foundation. The financial statements have been prepared in accordan with the special provisions for small companies under Part 15 of the Companies Act 2006. Approved by the trustees on 21 sl Dember 2021 and signed on their behalf by= QAMALL D E Franklln Chair of Trustoes N P Shippin Trustee Company registration no. 7927534 The attached notes form part ofthe financial statements. Page19
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Statement of cashflows For the year ended March 31st 2021 Note 2021 2020 Cashflows from operating activities: Net cash generated from operating activities 10 121,655 123,935 Change in cash and cash equivalents in the year 121,655 123,935 Cash and cash equivalents at the beginning of the year 338,940 215,005 Cash and cash equivalents at the end of the year 11 460,595 338,940 Page | 10
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Notes to the financial statements For the year ended March 31st 2021 1 Accounting policies a) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 20151- (Charities SORP FRS 102} and the Companies Act 2006. The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. b) Going concern The Truslees consider that there are no material UnrtaIntieS about the Foundation's ability to continue as a going concern. The Trustees do not consider that there are any sour$ of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. c) Income Income is recognised when the Foundation has entitlement to the funds. any performance conditions attached lo the income have been mel, it is probable thal the income will be received and that the arnount can be measured reliably. d) Interest receivable Interesl on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation,. this is normally upon notification of the interest paid or payable by the bank. e) Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are lo be solely used for particular areas of the Foundation's work or for specific projects being undertaken by the Foundation. Page | I I
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Notes to the financial statements For the year ended March 31st 2021 1 Accounting policies (continued) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds comprise trading costs and the costs incurred by the Foundation in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services to further the purposes of the Foundation and their associaled support cosls. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. g) Debtors Trade and other debtors are recognised at the seltlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. h) Cash at bank and in hand Cash at bank and cash in hand includes cash and short-lerm highly liquid investments wilh a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. i) Creditors and provisions Creditors and provisions are recognised where Ihe Foundation 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 to settle the obligation can be measured or estimated reliably. Creditors and provisions are norfflally recognised at their settlement amount after allowing for any trade discounts due. Page | 12
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2021 2 Detailed comparatives for the statement of financial activities 2020 2020 Unrestrict Restricted 2020 Total Income from: Donations 225,894 119,674 345.568 Totsl income 225,894 119,674 345.568 Expenditure on- Project expenditure 210,979 111,333 322.312 Totsl expenditure 210,979 111,333 322,312 Net movement in funds 14,915 8,341 23.256 Total funds brought forward Total funds carried forward 192,184 207,099 1,888 10,229 194,072 217,328 3 Income from donations 2021 2021 Unrestricted Restricted 2021 Total 2020 Total Donations 300,302 300,302 297,885 297,885 598,187 598,187 345,568 345,568 Page | 13
The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2021
4 Analysis of expenditure 2021
Charitable activities
| Basis of allocation Issue Teacher Training Teacher development and support School recruitment Hub facilitation Hub development and upkeep Awards Global Conversation Agora Free resources Student Workshops Fundraising Charitable partnership activities 2021 £ £ £ £ £ £ £ £ £ £ £ £ £ £ Staff costs Direct 26,875 5,260 15,700 35,860 47,795 19,175 1,988 5,497 - 37,308 - 70,381 19,810 285,649 Direct costs Direct 4,854 - 2,882 5,244 - 16,043 3,949 - 442 1,079 76 976 - 35,545 Support costs Direct 346 346 346 346 346 346 346 345 345 345 345 345 345 4,492 Support costs Staff time 5,187 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 67,443 Total expenditure 2021 37,262 10,794 24,116 46,638 53,329 40,752 11,471 11,030 5,975 43,920 5,609 76,890 25,343 393,129 Analysis of expenditure 2020 Charitable activities Basis of allocation Issue Teacher Training Teacher development and support School recruitment Hub facilitation Hub development and upkeep Awards Global Conversation Agora Free resources Impact measurement Fundraising Support costs Governance costs £ £ £ £ £ £ £ £ £ £ £ £ £ £ Staff costs Direct 29,283 10,265 40,949 32,631 13,314 2,101 3,611 7,863 - 13,248 14,589 - - - Direct costs Direct 9,995 154 3,764 4,318 - 17,587 7,256 66 6,636 27 19 2,379 5,529 760 Support costs Direct - - - - - - - - - - - - 21,999 - Support costs Staff time - - - - - - - - - - - 39,357 34,612 - Total expenditure 2020 39,278 10,419 44,713 36,949 13,314 19,688 10,867 7,929 6,636 13,275 14,608 41,736 62,140 760 he total expenditure, £240,415 was unrestricted (2020: £210,979) and £152,714 was restricted (2020: £111,333). |
Issue Teacher Training Teacher development and support School recruitment Hub facilitation Hub development and upkeep Awards Global Conversation Agora Free resources Student Workshops Fundraising Charitable partnership activities 2021 £ £ £ £ £ £ £ £ £ £ £ £ £ £ 26,875 5,260 15,700 35,860 47,795 19,175 1,988 5,497 - 37,308 - 70,381 19,810 285,649 4,854 - 2,882 5,244 - 16,043 3,949 - 442 1,079 76 976 - 35,545 346 346 346 346 346 346 346 345 345 345 345 345 345 4,492 5,187 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 5,188 67,443 |
2020 Total £ 167,854 58,490 21,999 73,969 |
|---|---|---|
| 37,262 10,794 24,116 46,638 53,329 40,752 11,471 11,030 5,975 43,920 5,609 76,890 25,343 393,129 |
322,312 | |
| 2020 £ 167,854 58,490 21,999 73,969 |
||
| 39,278 10,419 44,713 36,949 13,314 19,688 10,867 7,929 6,636 13,275 14,608 41,736 62,140 760 |
322,312 |
Of the total expenditure, £240,415 was unrestricted (2020: £210,979) and £152,714 was restricted (2020: £111,333).
Page | 14
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 Thè Economist Educational Foundation Notès to thè financial statèmènts leontinuèdl For the year ended March 31 st 2021 Analysls of staff costs, Trus rsmun•ratlon and 8xpèns•s, and th• cost of kay manag•mènt personnel 2021 2020 Staff costs Salaries and wages Social security Costs Employer's contribution lo defined contribution pension schemes Other employee benefits 257,834 25,849 24,522 21,232 329,437 184,288 20,471 18,961 18,102 241,822 One of the employees received employee benefits beiween £60,000 and £69,999 during the year 12020.. One). The total employee benefits including employer's pension and national insurance contributions of the key management pèrsonnel were £71,60312020.' £64,1931. The Trustees were not paid or received any other benefits from employment with the Foundation in the year 12020.. £nill neither were they reimbursed expenses during the year 12020.. £nill. No Trustee received payment for prof&ssional or other services supplied lo the Foundation12020'. £nill. Stsff numbers The average nuwber of employees Iheadcounl based on number of staff employed) during the year was.. 2021 No. 2020 No. Charitable activities Fundoising activities Taxation The Foundation is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Debtors 2021 2020 Prepayments 43 2,797 2,797 Page | 15
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 Thè Economist Educational Foundation Notès to thè financial statèmènts leontinuèdl For the year ended March 31 st 2021 Creditors: amounts falling due within one year 2021 2020 Amounts payable lo related parties Deferred income 38,252 27,951 96,458 124,409 38,252 Movements in funds For thè yèar èndèd March 31st 2020 At April 1st Income & Expenditure 2019 galns & lossas At March 31st 2020 Transfèrs Rèstrict•d funds Total funds Totsl restricted funds 1,888 1.888 119,674 119,674 111,333 111.333 10,229 10,229 Unrestricted funds General funds Total unrestricted funds 192,184 192.184 225,894 225,894 210,978 210.978 207,099 207,099 Total funds 194.072 345,568 322.311 217,328 Movements in funds For the year ended March 31st 2021 At April 1st In¢ome & Exponditure 2020 gains & losse5 At Mar¢h 31st 2021 Transfers Restricted funds Total funds Total restricted funds 10,229 10.229 297,885 297,885 1 $2,714 152.714 155,400 155,400 Unr8strlctad funds General funds Total unrestricted funds 207,099 207,099 300,302 300,302 240,415 240,415 266,986 266,986 Total funds 217,328 598,187 393,129 422,386 Purposes of restricted funds Funds received were used to support programmes and activities Page | 16
DoGuSign Envelope ID." 5FA7CBDC-F6DF4563-8F61-C6C35256E927 Thè Economist Educational Foundation Notès to thè financial statèmènts leontinuèdl For the year ended March 31 st 2021 10 Roconelllatlon of n•t Incomè to nat cash flow from op•ratlng actlvltl8s 2021 2020 Nèt incomè for th• rsporting pèriod las per tho statomont of financial a¢tiviti¢$) Iln¢reasellDe¢rease in debtors IncreasellDecreasel in creditors Net cash generated from operating activities 205,058 2,754 86,157 121,655 23,256 11621 100,841 123,935 11 Analy$i$ of ¢a$h and ¢a$h ¢quivalents At April 1st 2020 Cash flows other changes At March 31st 2021 Cash at bank and in hand Total cash and cash equivalents 338,940 338,940 121,655 121.655 460,595 460,595 12 Legal status of the Foundation The Foundation is a company limited by guarantee and has no share capital. Each member is liable lo contribLJte a sum not exceeding £1 in the event of the Foundation being wound up. It is also registered as a charity with the charity commission. 13 Related party transactions The Foundation received a donation from The Economist Newspaper Limited of £148,447 in the year12020.' £45,000). The Economist Newspaper Limited also pays some costs on behalf of the Foundation which are reimbursed on a monthly basis. Al the end of the finan¢ial year, the Foundation had an amount due lo Th8 Economist Newspaper Limited of £38,252 12020.. £27,951) relating lo salaries paid on its behaK. With this exptiOn, there were no other transactions with related parties. Page | 17