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.
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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
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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.
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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..
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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
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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
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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.
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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.
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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
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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.
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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.
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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
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**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