DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
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 2022**
DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
## **The Economist Educational Foundation**
## **The Economist Educational Foundation**
## **(Foundation)**
(A company limited by guarantee)
|**Contents**|Page|
|---|---|
|Reference and administrative information|1|
|Trustees' annual report|2|
|Independent examiner’s report|9|
|Statement of financial activities|10|
|Balance sheet|11|
|Statement of cashflows|12|
|Notes to the financial statements|13|
DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
## **The Economist Educational Foundation**
## **The Economist Educational Foundation**
(A company limited by guarantee)
## **Reference and administrative information**
Charity number 1147661 Company number 7927534 Directors and Trustees Daniel Franklin (Chairman) Stephen Godsell Martyn Dempsey-Caddick Kike Agunbiade Nick Shippin Henry Tricks Marina Haydn Chief executive officer Emily Evans Company secretary Fola Sanu Registered office The Adelphi 1-11 John Adam Street London WC2N 6HT Independent examiner Anthony Epton Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
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## **The Economist Educational Foundation**
## **Trustees’ annual report**
The Trustees present their report and financial statements for the year ended March 31[st] 2022.
## **Objective and principal activities**
## The Foundation’s purpose
The Foundation was incorporated in England and Wales as a private company limited by guarantee on 30[th] January 2012 and was registered with the Charity Commission on 12[th] June 2012. This report includes the Directors’ report as required by company law.
The Foundation is established for charitable 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 modern 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% of young people in the UK or US have the critical literacy skills to tell if a news story is real or fake. This threatens their ability to thrive at work and as citizens, and it threatens wider society too, from our economies to cohesive communities and healthy democracies.
## The Foundation’s activities
We enable 9- to 14-year-olds to join inspiring discussions about the news which teach them to think critically, communicate effectively and understand the world. Learning these things can change a child’s life, setting them up to thrive at school, in work and as citizens.
Our programme, Topical Talk, brings children into these discussions in school and online. We give teachers training and resources to have in-depth conversations about the news in their classrooms. We also provide unique opportunities for children to join international online discussions with each other and leading topic experts. Experts include inspiring role models who are shaping the issues; this year one of our experts was Malala Yousafzai.
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## **The Economist Educational Foundation**
## **Review of achievements and performance**
## Our goals
As our impact reports have shown, children who join our topical discussions regularly can make significantly-accelerated progress in creativity, problemsolving, listening with an open mind and speaking with confidence. These skills can make a real difference to a child’s opportunities: they’re linked to better outcomes from higher wages to improved wellbeing.* We teach children to use these skills to engage effectively with real-world issues affecting their lives and communities, setting them up to succeed in future work and as citizens in the modern world.
In the 2021 - 22 academic year, our focus was on extending this impact to more children, with a particular focus on growing the number of children who _intensively_ engaged with our programme. We had already scaled up our reach significantly in the previous year, by creating more teaching resources and making them available to any teacher globally. So our priority in this year was to grow the number of _highly-engaged_ teachers who not only access our resources but use them for _regular_ classroom discussions about the news.
Regular discussions are the key to meaningful, lasting impact on children. But in today’s schools, finding the space for these can be a real challenge. Our strategy to achieve meaningful change at scale is to identify the passionate teachers who are dedicated to overcoming the barriers and offer them the support they need. Having grown significantly in 2020 – 21, in this school year we set out to take a critical step forward in offering this support at scale.
_*https://www.skillsbuilder.org/file/essential-skills-tracker-2022_
## Our achievements
This next step was based on our journey so far. Our intensive Burnet News Club programme, launched in 2013, provided teachers with resources, training and support to run _regular_ topical discussions. This is how we learned about the deep impact that these discussions can have, and we expanded the Club nationally to reach over 100 schools by 2020.
However, by making our teaching resources available not only to Club members but any teacher globally during the pandemic, we radically increased our reach. So in advance of 2021 - 22 we made significant developments to the programme to enable us to offer Burnet News Club-type support to thousands of teachers globally.
1. To keep _growing_ , we made it even easier for teachers to find and use our resources by creating a resource library that allows them to search our whole archive and filter by topic and curriculum subject. https://talk.economistfoundation.org/resources/
2. To keep _deepening_ our impact, we began asking teachers to create a free account to access resources so we know who they are and can offer support to teachers of disadvantaged students who might want to make topical discussions a regular part of school life.
3. We renamed the programme for greater global understanding, so the
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## **The Economist Educational Foundation**
Burnet News Club in this new scalable form became Topical Talk. Our programme was created in memory of Alastair Burnet, the former editor of _The Economist_ , so Topical Talk’s most prestigious prize is the Alastair Burnet Award for outstanding contributions to discussions about the news.
We launched Topical Talk in September 2021, and the impact gains were clear in its first year.
We expanded the number of teachers signed up to our programme from a few hundred Burnet News Club teachers in the UK to over 5,000 Topical Talk teachers in more than 100 countries, reaching a potential 125,000 children.
Crucially, we increased the number of teachers using our resources for regular hour-long discussions from a little over 60 in the previous year (our mostengaged Burnet News Club teachers) to over 250*. That’s more than four times more, and it means thousands more children benefiting from the potentially transformative impact these regular discussions can have.
In its new form, our programme can reach many more teachers and support more of them to have high-quality, regular discussions for deep impact in their classrooms. Topical Talk launched in a year when schools globally still faced enormous pandemic-related challenges, so we were excited to grow our impact at a time when teachers and children particularly needed it.
_*The average number of teachers downloading enough resources for weekly discussions each term_
## The children we reach
Our mission is to empower disadvantaged children with knowledge and skills that can change their chances. Our teaching resources are free. Topical Talk online discussions are exclusively for state-funded schools or low-fee schools serving socioeconomically-disadvantaged communities. And our teacher training is exclusively for teachers working with a high number of disadvantaged students.
In the year of this report, just over a third of Topical Talk teachers globally told us they work with a high number of children from socioeconomicallydisadvantaged homes. Through targeted outreach and programme design, we aim to continue to grow this percentage.
In 2021 – 22 we also delivered an important project supported by DCMS to adapt Topical Talk for students with special educational needs and disabilities (SEND). We worked with experts including teachers and children to understand what adaptations would be valuable, and we learned that Topical Talk can have a profound impact on these students:
“They are tackling things they would have been frightened to tackle – the concepts and the understanding they have now has been beyond anything I have seen them be able to get to with other resources.” Denise Jackson, Teacher, Laleham Gap school
“There is one student who struggles academically but when it comes to Topical Talk he comes to life.” Pearse Knocker, Teacher, Pentland
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## **The Economist Educational Foundation**
Field school
## Nurturing Topical Talk in America
The support we provide to Topical Talk teachers varies in intensity, from tips and inspiration by email or webinar to long-term work in person. This year, we expanded our in-person work beyond the UK by launching a pilot with a school district near Atlanta in Georgia.
We’re delivering teacher training and working collaboratively with the community to maximise the impact of Topical Talk in the schools. The pilot began in the spring and will continue throughout the 2022 – 23 school year.
## **Financial review**
The Foundation generated a surplus of £167,010 in 2021-22. Income increased by £66,413 as a result of a number of donors supporting programmes and activities that will be delivered in FY 2022-23; and The Economist Newspaper both increasing its donation, and encouraging its employees to support the charity through fundraising activities. The increased in-year surplus and reserves will allow the Foundation to further invest in improving both impact and reach
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 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 circumstances, this would allow it to both meet its responsibilities to restricted donors and for the Foundation’s staff members to continue being paid during a period of managed adjustment to these new circumstances.
This policy required the Foundation to hold at least £302,958 in liquid and readily realisable assets. The funds held at 31 March 2022 were £589,396 and were therefore sufficient to comply with the Reserves policy.
## **Diversity statement**
Equality of opportunity is at the heart of our purpose as a charity. We exist to help young people succeed regardless of their background. Valuing diverse voices is essential to who we are: we help young people to build a complete picture of the world by presenting them with a wide range of perspectives on current affairs, and we support them to make their unique voices heard.
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## **The Economist Educational Foundation**
That is why we are passionately dedicated to being inclusive, nurturing diversity and actively addressing discrimination. We’re committed to taking real and long-term action to tackle racism, and in 2020 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 our target for 2023.
Educating young people: We take every opportunity to cover race and racism in our teaching resources, to enable young people to discuss these and explore how they relate to a wide range of topical issues. In 2021 – 22, young Topical Talkers have had opportunities to join well-informed discussions about race and racism in connection with topics including the power of protest, discrimination in design, diversity in film, the transatlantic slave trade, and world leaders’ moral standards.
Role models: We provide young people with opportunities to interact with inspiring, diverse role models on our online Hub, including leaders in their fields.
Diverse voices on current affairs: In addition to our experts, our teaching resources themselves present 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.
Building a team that reflects the racial diversity of the young people we work with: Having an inclusive hiring process is a priority for us not least because it’s important that we build a team that comes to reflect the rich diversity of the young people that we work with. In 2022 we gained greater diversity in our team, but it is a priority to continue to build this as we grow further.
## 2023 TARGET
In 2023, our target is to introduce improved processes for learning from our teachers and children, and collaboratively measuring impact and designing Topical Talk with them on an ongoing basis. This will be led by our Chief Programme Officer and will enable us to more deeply understand the needs of the children, teachers and communities we exist to serve, and to more effectively play our role of empowering them.
## **Charity Governance Code**
Although the Code is not a legal or regulatory requirement, the Foundation seeks to run its charitable activities in line with the Code’s main principles and recommended practice for good governance, taking into account the size and nature of the Foundation.
## Organisation structure and management
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 (Chairman)
- Stephen Godsell
- Martyn Dempsey-Caddick
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## **The Economist Educational Foundation**
- Kike Agunbiade
- Nick Shippin
- Henry Tricks
- Marina Haydn
Chief executive officer: Emily Evans
Stephen Godsell, Martyn Dempsey-Caddick, Marina Haydn and Kike Agunbiade are non-executive Trustees of the Foundation. 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 directors for the purposes of company law) 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 the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe 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.
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## **The Economist Educational Foundation**
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation’s website.
By order of the Board
D E Franklin, Chairman/Trustee
Date 2022 21 December
Registered office The Adelphi 1-11 John Adam Street London WC2N
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## **The Economist Educational Foundation**
## **Independent examiner’s report 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 2022.
## **Responsibilities and basis of report**
As the charity’s Trustees of the company (and also its directors for the purposes of the company law) you are responsible for the preparation of the accounts 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 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
Since the 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 I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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 respect 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 independent 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 West Hampstead London NW6 2EG
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DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
## **The Economist Educational Foundation Statement of financial activities (incorporating an income and expenditure account) For the year ended March 31st 2022**
|**Note**
**Income from:**
Donations
**3**
**Total income**
**Expenditure on:**
Charitable activities
**4**
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds**
**9**
Total funds brought forward
**Total funds carried forward**
**Net income/(expenditure)**|**2022**
**Unrestricted**
**£**
451,553
**451,553**
266,949
**266,949**
**184,604**
**184,604**
266,986
**451,590**|**2022**
**Restricted**
**£**
213,047
**213,047**
230,640
**230,640**
**(17,593)**
**(17,593)**
155,400
**137,807**|**2022**
**Total**
**£**
664,600
**664,600**
497,590
**497,590**
**167,010**
**167,010**
422,386
**589,396**|**2021**
**Total**
**£**
598,187|
|---|---|---|---|---|
|||||**598,187**|
|||||393,129|
|||||**393,129**|
|||||**205,058**
**205,058**
217,328|
|||||**422,386**|
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 notes form part of these financial statements.
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## **The Economist Educational Foundation Balance sheet As at March 31st 2022**
|**Note**
**Current assets**
**7**
**11**
**Liabilities**
**8**
**9**
Total unrestricted funds
**Funds**
Cash at bank and in hand
Debtors
Unrestricted funds:
Restricted funds
Creditors: amounts falling due within one
year
General funds
**Total funds**
**Total net assets**|**2022**
**£**
-
665,800|**2022**
**2021**
**£**
**£**
43
460,595
460,638
(38,252)
**589,396**
137,807
266,986
451,590
**589,396**|**2021**
**£**
**422,386**|
|---|---|---|---|
||665,800
(76,404)|||
||451,590|||
||||155,400
266,986|
|||||
||||**422,386**|
For the financial year ended March 31st 2022, the Foundation was entitled 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 responsibilities 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 the 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 of the Companies Act 2006, so far as applicable to the Foundation.
The financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Approved by the trustees on and signed on their behalf by: 21 December 2022
|**D E Franklin**|**N P Shippin**|
|---|---|
|**Chair of Trustees**|**Trustee**|
## **Company registration no. 7927534**
The attached notes form part of the financial statements.
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|**Note**
**Cashflows from operating activities:**
Net cash generated from operating activities
**10**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**11**
**The Economist Educational Foundation**
**For the year ended March 31st 2022**
**Statement of cashflows**|**2022**
**2021**
**£**
**£**
205,205
121,655
205,205
121,655
460,595
338,940
**665,800**
**460,595**|
|---|---|
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## **The Economist Educational Foundation Notes to the financial statements For the year ended March 31st 2022**
## **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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - 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 at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
## **b) Going concern**
The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern. The Trustees do not consider that there are any sources 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 to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
## **d) Interest receivable**
Interest 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 to be solely used for particular areas of the Foundation’s work or for specific projects being undertaken by the Foundation.
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## **The Economist Educational Foundation Notes to the financial statements For the year ended March 31st 2022**
## **1 Accounting policies (continued)**
## **f) 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 associated support costs.
- 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 settlement 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-term highly liquid investments with 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 the 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 normally recognised at their settlement amount after allowing for any trade discounts due.
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## **The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2022**
## **2 Detailed comparatives for the statement of financial activities**
|**Income from:**
Donations
**Total income**
**Expenditure on:**
Project expenditure
**Total expenditure**
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**
**3**
**Income from donations**
Donations|**2022**
**£**
451,553
**451,553**
**Unrestricted**|**2021**
**£**
300,302
300,302
240,415
240,415
59,887
207,099
**266,986**
**2022**
**£**
213,047
**213,047**
**Restricted**
**Unrestricted**|**2021**
**£**
297,885
297,885
152,714
152,714
145,171
10,229
**155,400**
**2022**
**Total**
**£**
664,600
**664,600**
**Restricted**|**2021**
**Total**
**£**
598,187|
|---|---|---|---|---|
|||||598,187|
|||||393,129|
|||||393,129|
|||||205,058
217,328|
|||||**422,386**|
|||||**2021**
**Total**
**£**
598,187|
|||||**598,187**|
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## **The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2022**
## **4 Analysis of expenditure 2022**
## **Charitable activities**
|**Basis of**
**allocation**
Staff costs
Direct
Direct costs
Direct
Support costs
Direct
Support costs
Staff time
**Total expenditure 2022**|**Teaching**
**resources**
**Teacher**
**engagement**
**and**
**development**
**Online platform**
**facilitation and**
**curation**
**Online platform**
**development and**
**hosting**
**Awards and**
**celebration**
**events**
**Programme**
**marketing**
**Charitable**
**partnership**
**activities**
**Fundraising**
**Total**
**2022**
**Total**
**2021**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
71,981
44,610
39,084
15,607
13,143
42,368
15,444
67,291
309,528
285,649
16,888
1,452
-
42,893
267
27,156
-
421
89,077
35,545
2,272
2,272
2,272
2,272
2,272
2,272
2,272
-
15,904
4,492
11,869
11,869
11,869
11,869
11,869
11,868
11,868
-
83,081
67,443|
|---|---|
||**103,010**
**60,203**
**53,225**
**72,641**
**27,551**
**83,664**
**29,584**
**67,712**
**497,590**
**393,129**|
Of the total expenditure, £266,949 was unrestricted (2021: £240,415) and £230,640 was restricted (2021: £152,714).
## **Analysis of expenditure 2021**
## **Charitable activities**
||**Charitable activities**|
|---|---|
|**Basis of**
**allocation**
Staff costs
Direct
Direct costs
Direct
Support costs
Direct
Support costs
Staff time
**Total expenditure 2021**|**Issue**
**Teacher**
**Training**
**Teacher**
**development and**
**support**
**School**
**recruitment Hub facilitation**
**Hub**
**developmen**
**t and**
**upkeep**
**Awards**
**Global**
**Conversatio**
**n**
**Agora**
**Free**
**resources**
**Student**
**Workshops**
**Fundraisin**
**g**
**Charitable**
**partnership**
**activities**
**Total**
**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|
||**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**|
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DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
## **The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2022**
- **5 Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel**
|**Staff costs**
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Other employee benefits|**2022**
**2021**
**£**
**£**
286,310
257,834
28,924
25,849
26,527
24,522
26,087
21,232|
|---|---|
||**367,848**
**329,437**|
The total employee benefits including employer's pension and national insurance contributions of the key management personnel were £91,180 (2021: £71,603).
The Trustees were not paid or received any other benefits from employment with the Foundation in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No Trustee received payment for professional or other services supplied to the Foundation (2021: £nil).
## **Staff numbers**
The average number of employees (headcount based on number of staff employed) during the year was:
|Charitable activities
Fundraising activities|**2022**
**2021**
**No.**
**No.**
9
6
1
1|
|---|---|
||**10**
**7**|
## **6 Taxation**
The Foundation is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## **7 Debtors**
|Prepayments|**2022**
**2021**
**£**
**£**
-
43|
|---|---|
||**-**
**43**|
Page | 17
DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
## **The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2022**
## **8 Creditors: amounts falling due within one year**
|Amounts payable to related parties
Accruals
Deferred income|**2022**
**2021**
**£**
**£**
75,644
37,492
760
760
-
-|
|---|---|
||**76,404**
**38,252**|
- **9 Movements in funds**
**For the year ended March 31st 2021**
|**Restricted funds**
The Eranda Rothschild Foundation
Other
**Total restricted funds**
**Unrestricted funds**
General funds
**Total unrestricted funds**
**Total funds**
**Movements in funds**
**For the year ended March 31st**
**2022**|**Transfers**
**£**
**£**
**£**
**£**
**£**
10,229
58,750
20,035
-
48,944
-
239,135
132,679
-
106,456
**At April**
**1st 2020**
**Income &**
**gains**
**Expenditure**
**& losses**
**At March**
**31st 2021**|
|---|---|
||**10,229**
**297,885**
**152,714**
**-**
**155,400**|
||207,099
300,302
240,415
-
266,986|
||**207,099**
**300,302**
**240,415**
**-**
**266,986**|
|||
||**217,328**
**598,187**
**393,129**
**-**
**422,386**|
|||
|**Restricted funds**
The Eranda Rothschild Foundation
Allen & Overy
Clifford Chance
KPMG
Facebook
The Inflexion Foundation
DCMS
British Council
Rank Foundation
Portal Trust
Big Change
Other
**Total restricted funds**
**Unrestricted funds**
General funds
**Total unrestricted funds**
**Total funds**|**Transfers**
**£**
**£**
**£**
**£**
**£**
48,944
-
48,693
-
251
-
14,560
6,000
-
8,560
-
26,000
24,176
-
1,824
4,956
50,000
54,956
-
-
10,187
25,500
35,687
-
-
-
20,000
8,655
-
11,345
-
6,381
150
-
6,231
-
38,372
21,900
-
16,473
-
13,476
-
-
13,476
-
16,758
-
-
16,758
-
2,000
2,000
-
-
91,313
-
28,423
-
62,890
**At April**
**1st 2021**
**Income &**
**gains**
**Expenditure**
**& losses**
**At March**
**31st 2022**|
|---|---|
||**155,400**
**213,047**
**230,640**
**-**
**137,807**|
||266,986
451,553
266,949
-
451,590|
||**266,986**
**451,553**
**266,949**
**-**
**451,590**|
|||
||**422,386**
**664,600**
**497,589**
**-**
**589,396**|
## **Purposes of restricted funds**
Funds received were used to support programmes and activities. DCMS funds were used for adapting programme for SEND students
Page | 18
DocuSign Envelope ID: 5ABAA3A8-65AC-4C3E-997E-07493B40B354
## **The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2022**
## **10 Reconciliation of net income to net cash flow from operating activities**
|**Net income for the reporting period**
**(as per the statement of financial activities)**
Decrease in debtors
Increase/(Decrease) in creditors
**Net cash generated from operating activities**|**2022**
**2021**
**£**
**£**
167,010
205,058
43
2,754
38,152
(86,157)|
|---|---|
||**205,205**
**121,655**|
## **11 Analysis of cash and cash equivalents**
|**Analysis of cash and cash equivalents**||
|---|---|
|Cash at bank and in hand
**Total cash and cash equivalents**|**£**
**£**
**£**
**£**
460,595
205,205
-
665,800
**At April 1st**
**2021**
**Other**
**changes**
**At March**
**31st 2022**
**Cash flows**|
||**460,595**
**205,205**
**-**
**665,800**|
## **12 Legal status of the Foundation**
The Foundation is a company limited by guarantee and has no share capital. Each member is liable to contribute 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 £378,921 in the year (2021: £148,447) which includes the funds raised from a non-fungible token (NFT) auction of £218,921 (2021: £nil). The Economist Newspaper Limited also pays some costs on behalf of the Foundation which are reimbursed on a monthly basis. At the end of the financial year, the Foundation had an amount due to The Economist Newspaper Limited of £75,644 (2021: £37,492) relating to salaries paid on its behalf. With this exception, there were no other transactions with related parties.
Page | 19