Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The EDUCATIONAL Economist:" FOUNDATION Regislered number 7927534 Regislered charity number 1147661 The Economist Educational Foundation (A company limited by guarantee) Trustees. report and financial statements for the year ended March 31st 2024
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation The Economist Educational Foundation (A cornpany limited by guarantee) Contents Page Reference and administralive information Trustees, annual report Independent examiner's report Statement of financial activities Balance sheet 10 Statement of cashflows Notes to the financial statements 12
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 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 {Chaimanl Slephen Godsell Martyn Dempsey-caddick Kike Agunbiade Nick Shippin Henry Tricks Ashwin Tirodkar (Appoinled September 16. 2023) Lucy Ashman (Appointed Sepiember 16, 20231 Laura Brown (Appointed September 16. 2023) Chief executive officer Emily Evans (Resigned on August 30, 2024) Flora Letanka (Appointed on September 2, 2024) Company secretary Fola Sanu Registered office The Adelphi 1-11 John Adam Street London WC2N 6HT Accountants Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Pagel I
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation Trustees, annual report The Trustees present their report and financial statements for the year ended March 31st 2024. 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 30th January 2012 and was registered with the Charily Commission on 12th June 2012. This report includes the Directors, rewrt as required by company law. The Foundation is established for charitable purposes lo provide educational experiences and materials about currenl affairs, key world events, culture, business, finan, science and technology, for SiallY 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 guidan 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's activities We enable under-served children aged 10 10 16 to join inspiring discussions about the news, which teach them to think critically, communicate effectively and understand global issues. 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 wilh each other and leading topic experts, including inspiring role models. The critical-thinking and communication skills that children build are linked to improved oulcomes at school, in future employment and beyond. To increase the value of these skills further, we support children to use them to engage effectively with the news, lo help them make sense of complex world issues in times of misinfomation and polarisation. Review of achievements and perfom)ance In 2023-24 we continued to expand and deepen our impact in pursuit of our goal lo reach a million children in 2026. Ex andin our reach In the 2023-24 school year, Topical Talk reached over 100 countries and 231,320 children our biggest ever reach - of which 31,375 engaged on a regular basis for at least six weeks. 500/0 of teachers in the UK and America (where the majority of participating teachers are based) work with the most disadvantaged children. Pagye | 2
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation Review of achievements and performance {Continued) Ensurin dee act- our bi est ever To ical Talk Festival We make Topical Talk teaching materials available for free. so any teacher can use them for in-depth classroom discussions about the news. This enables us to have an impact on many thousands of children. anywhere in the world. However. we know these discussions have the most impact on children's skills if they lake place regularly. So we aim to continually grow the number of teachers who run regular discussions, and in 2023-24 we continue lo invest in inspiring and supporting them to do this. One of the most importanl ways we do that is by providing Topical Talk Festival, the worfd's biggesl news festival for children, which lakes place for 7 weeks each January to March. Participating teachers in counlries across the world run regular Topical Talk discussions in class, and throughout the Feslival period children have access lo Ihe online Festival Hub. On the Hub, the children join global discussions with each other and leading experts on the same topics covered in class. Children can also join exciting live events Ihat connect classrooms in different countries, and they submit writing, films or podcasls on Ihe topics for the chance lo win prestigious awards. In summary, the Festival gives teachers exciting additional inntiveS to commit to regular Topical Talk discussions in class. So it enables children to see the benefits of that, building their critical thinking and communication skills and learning how to apply these lo complex issues in the news. This year we delivered our biggest ever Topical Talk Festival, with 2,201 students from 17 countries actively engaging in the online discussions. There was a huge amount of discussion.. we published over 27,700 comments from students, and 724 competition entries in the form of writing (5631, films1311 and podcasts (130). Students discussed topics including Al and the future of work, eco-anxiety, prisons in Ecuador, immigration policies, women in media, and the Indian election. World-class experts and inspiring role models joined the discussions with the students and answered their questions. Ensurin dee act= Develo To ical Talk Communities We work collaboratively with teachers in local clusters of schools our "Topical Talk Communities" (previously called "Excellence Hubs") lo make Topical Talk a long-term success in their schools. Our goal is to support the teachers to run regular Topical Talk discussions on an ongoing basis, for example in the form of a year-round weekly news club, for deepest impact on students. Working closely wilh teachers lo implemenl Topical Talk successfully also deepens our understanding of whal Ihey and their students need from us, helping us improve the programme nol just in Ihese communilies but for all the teachers who use it. In Topical Talk Communities we provide teacher training, implementation support (for example designing Topical Talk inlo the curriculum and addressing barriers to success), and impact evaluation. We celebrate teachers, and students, achievements to help make Topical Talk inspiring and valued. Key achievements in 2023-24 include expanding "Topical Talk Atlanta" in America, following a successful first year in 2022-23. We grew impact in our partner schwl district, Clayton County Public Schools ICCPSI, reaching 2,500 children across 40+ schools (eight times more schools than in 2022-231. Over 50 elementary, middle and high-school teachers completed our Topical Talk leadership programme and over 300 hours of Topical Talk sessions were taught. We delivered more than 50 hours of training, feedback sessions, school visits and lesson modelling. We also established relationships with other groups of schools in Atlanta, with a view to expanding beyond CCPS in 2024-25. Page13
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation Review of achievements and performance {Continued) We also began delivering a pilot of "Topical Talk Lagos" in Nigeria, in partnership with SEED Care & Support Foundation {SEED}, a non-profit that supports the affordable non-state education sector in Nigeria to deliver high-quality education. Our pilot included training and supporting over 30 leachers from 12+ schools to run a series of Topical Talk lessons with a sustainability focus, and Iracking students, skills progress. The im acl of these develo menls These developmenls expanded the reach of Topical Talk overall and grew Ihe number of children who had regular Topical Talk discussions. in schools that participated in Topical Talk Festival and l or worked with us in Topical Talk Communities. Consistent with previous years, we saw that Ihese regularly-participating children made significantly more than expected progress in essential creativity, problem-solving, speaking and lislening skills. We measure their progress using ihe Skills Builder Universal Framework. We compare it lo the average progress made in a year by a class thal receives no intervention focused on these skills. The data we collected from teachers in 2023-24 showed that children who participated in Topical Talk regularly for at least 6 weeks made, on average, 6.8 times more progress than they would otherwise be expected to make in a whole school year. Financial review The Foundation generated a surplus of £107,040 in 2023-24. Income increased by £201,829 as a result of a number of donors supporting programmes and activities that will be delivered in FY 2024-25,. and The Economist Newspaper both increasing its donation, and encouraging its employees to support the charity through fundraising activities. The Foundation had reserves of £667,595 at March 31 st 2024. These 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 set the fundraising targets required lo meet its spending needs and manage financial risk by ensuring the Foundation maintains adequale reserves to bolh meet future commilments made to donors and sponsors and manage risks associated with the uncertain outcome of future fundraising activity. The Economisl Group supports the Foundation by donating office space. facilities and IT equipment. 11 also provides technology, Human Resour, Legal and Financial servIs. Reserves policy The Truslees have resolved that the Foundation should maintain cash and readily-realisable assets sufficient lo 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 il 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 lo these new circumstances. This policy required the Foundation to hold at least £340,000 in liquid and readily realisable assets. The funds held at 31 March 2024 were £667,595 comprising £340,000 unrestricted reserves held to comply with the Reserves policy., £142,279 of unrestricted reserves designated to support the implementation of the Foundation's strategy., and £185,316 in restricted reserves raised and ring fend towards delivering charitable work planned for 2024-25. PagFe | 4
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation Diversity statement Equality of opportunity is at the heart of our purpose as a charity. We exist to support young people to succeed regardless of their background. Valuing diverse volS 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. That is why we are passionately dedicated to being inclusive, nurturing diversity and actively addressing discrimination. We have 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 2024-25. Educalin oun eo le: We create opportunities for children to learn about how issues in the news affecl people differently based on their backgrounds and experiences, and to learn about different forms of discrimination in the conlext of global news lopics. In 2023-24, young Topical Talkers had opportunilies lo join well-infomed discussions about lopics including immigration, women in media, gender in sport, and nepotism. We created a five-lesson course for Black History Month featuring inspiring role models. Role models.. We provide young people with opportunities to interact with diverse role models on our online Hub and at events, including leaders in their fields. In 2024 we engaged the widest, most diverse range of topic experts to date to join discussions with children during our Topical Talk Festival. We also hosted a live virtual lesson on women in media, reaching children in 17 countries across Europe, Africa, Asia and the Middle East. Diverse voices on current affairs.. In addition to the experts that children engage with on our online Hub and at events, our teaching resources themselves present young people with diverse perspectives and voices on current affairs, in the classroom. One of the ways we do this is that, when creating our teaching materials, we often work with people who have lived experience of the issues. Topical Talk lessons are also carefully designed to involve all students, voices, to enable children to share and hear different perspectives and experiences. We design activities and train teachers lo ensure all students are given opportunities to contribute to discussions and feel safe doing so. For each lesson we consider how the topic might affect children differently based on their background and experiences, and design aclivities to ensure the topic is explored sensitively wilh thal in mind. Lessons also enable teachers to manage complex classroom dynamics, for example where certain children are in a minoriiy or disproportionately affected by ihe lopic, to ensure minority perspectives are explored but children aren't called on to "represenl" certain groups. Buildin a team Ihat reflects Ihe racial diversit of the oun eo le we work with- We gained greater diversity in our team and board in 2023-24, but it remains a priority to continue to build this as we grow further. 2024-25 TARGET In 2023-24, our target was to continue developing how we ensure that our understanding of teachers, and children's needs, our impact and how Topical Talk can improve, is led by teachers, and children's diverse voices. Over the past years, we have focused on spending more time in schools to see Topical Talk in context, conducting more in-depth interviews, more extensively surveying teachers and working intensively in collaboration with teachers in our Topical Talk Communities. Page15
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation Diversity statement (Continued) Progress in involving teachers and students in impact evaluation and programme design remains a priority in 2024-25. with a particular focus on deepening work in Topical Talk Communities and feeding back leaming from thiswork into all other aspects ofthe programme. 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 practi for good governance. taking into account the size and nature of the Foundation. Or 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 (Chairman) Stephen Godsell Martyn Dempsey-caddick Kike Agunbiade Nick Shippin Henry Tricks Ashwin Tirodkar (Appointed on Sepiember 4, 2023) Lucy AshmanlAppointed on September 4, 20231 Laura Brown (Appointed on September 4, 2023) Chief executive officer: Flora Letanka Stephen Godsell, Martyn Dempsey-caddick, Ashwin Tirodkar, Lucy Ashman, Laura Brown 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 Twstees has any beneficial interest in the Foundation. The Foundation received a donation from The Economist Newspaper Limited, whioh also donates some facilities and seNices 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 direclors for the purposes of company lawl are responsible for preparing the Trustees. annual report and the financial statements in accordance wilh 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 PagFe | 6
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 The Economist Educational Foundation Trustees, responsibilities (Continued): 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 melhods 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 Ihe corporate and financial information included on the Foundation's website. By order of Ihe Board D E Franklin, ChairmanlTrustee Date 281111 2024 Registered office The Adelphi 1-11 John Adam Street London WC2N 6HT Page17
Docusign Envelope ID.. OD433934.69E74886-8COO-8B4D47E89B81 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 ofthe accounts of the company for the year ended 31st March 2024. Responsibilities and basis of report As the charity's Trustees of the company (and also its directors for the purposes of the company lawl you are responsible for the preparation of the accounts in accordance with the requirements ofthe Companies Acl 20061'lhe 2006 Act"). Having satisfied myselfthat the accounts ofthe company are not required lo be audiled under Part 16 of the 2006 Act and are eligible for independent examinalion. I report in respect of my examination of your charity's accounts as carried out under seclion 145 of Charities Act 2011 ("the 2011 Acl"}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Acl. Independent examiner's statement Since the company's gross income exceeded £250,000 your examiner musl 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 ofthe Institute ofchartered Accountants in England and Wales {ICAEWI. which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe.. 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 Ihat the accounls 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 Tnethods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection wilh the examination to which altenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Date.. 6 December 2024 Anthony Epton A, FCA, CTA, FCIE Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Page18
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation statement of financial activities (incorporating an income and expenditure account) For the year ended March 31st 2024 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total Note Income from: Donations Total income 128,598 128.598 768,621 768,621 897,219 897.219 695,390 695.390 Expenditure on: Charitable activities Fundraising Activities Total expenditure 60,045 12,592 72.637 642,285 75,257 717.542 702,330 87,849 790.179 638,553 85,678 724.231 Net (deficit) I surplus 55,961 51,079 107,040 (28,841) Net movèment in funds 55,961 51,079 107,040 (28,841) Reconciliation of funds Total funds brought forward 426,318 134,237 560,555 589,396 Total funds carried forward 482.279 185.316 667.595 560.555 All of the above results are derived from continuing activilies. There were no other recognised gains or losses other than those staled above. The attached notes fomi part of these financial statements. Page | 9
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Balance sheet As at March 31st 2024 2024 2024 2023 2023 Note Current assets Debtors Cash at bank and in hand 43,304 695,921 739,225 62,670 592,505 655,175 11 Liabilities Creditors.. amounts falling due within one year 171,6301 {94,6201 Total nat assets 667,595 560,555 Funds Restricted funds Unreslricled funds.. Gener81 Designated Total unrestricted funds 185,316 134,237 340,000 142,279 336,000 90,318 482,279 426,318 Total funds 667,595 560,555 For the financial year ended March 31st 2024, the Foundation was entitled lo 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 slate 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 omply with the requirements of the Companies AGI 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 ofthe Companies Act 2006. Approved by the trustees on 28th November 2024 and signed on their behalf by.. OAMiLL D E Franklln Chair of Trustees Pp bnippin Trustee Company registration no. 7927534 The attached notes form part of the financial statements. Page 110
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Statement of cashflows For the year ended March 31st 2024 Note 2024 2023 Cashflows from operating activities: Net cash generated from operating activities 10 103.416 173,295) Change in cash and cash equivalents in the year 103,416 173,295) Cash and cash equivalents at the beginning of the year 592.505 665,800 Cash and cash equivalents at the end of the year 11 695,921 592,505 Page | 11
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements For the year ended March 31st 2024 1 Accounting policies a) Basis of preparation The financial slalements 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 IFRS 102 effective 1 January 2015) - Charities SORP IFRS 102} and the Companies Acl 2006. The Foundation meels Ihe definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless othenmise stated in the relevant accounting policy or note. b) Going concem 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 thal 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 assels 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 General unrestricted funds are available to spend on activilies that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Truslees 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. Page | 12
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements For the year ended March 31st 2024 1 Accountlng pollcles Icontlnued) Expendilure and irrecoverable VAT Expenditure is recognised once there is a legal or conslructive obligation lo 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 Irading costs and Ihe 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 al 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 al 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 pasl evenl Ihat 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. Page | 13
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements (continued) For the year ended March 31st 2024 2 Detailed comparatives for the statement of financial activities 2023 2023 Unrestricted Restricted 2023 Total Income from: Donations 171,889 523,501 695,390 Total income 171.889 523,501 695,390 Expenditure on: Charitable activities Fundraising Activities Total expenditure 175,982 21,178 197,160 462,571 64,500 527,071 638,553 85,678 724,231 Net movement in funds (25,271) (3,570) {28,841) Total funds brought forward Total funds carrled forward 451.589 426.318 137,807 134.237 589,396 560.555 3 Income from donatlons 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total Donations 128,598 128,598 768,621 768,621 897,219 897,219 695,390 695,390 Page | 14
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements Icontinuedl For the year ended March 31st 2024 4 Analysis of expenditure 2024 Charitable partnership activit185 Basis of allocation Total 2024 Total 2023 Fundraising Support cost5 Staff costs Direct Costs Direct Direct 380,490 115,739 86,660 1.189 172,978 33.123 640,128 150.051 587,660 135.571 496,229 87,849 206,101 790,179 724,231 Support costs 206,101 1206,1011 Total •xp•nditur• 2024 702,330 87,849 790,179 724,231 Of the tot81 expenditur8, £72,637 was unr8stricted12023.. £197,16018nd £717,542 was r88trict8d12023.. £527,071). Analysis of expenditure 2023 Charitable partner$hlp activilies Ba$1$ of allocatlon Total 2023 Fundralslng Support costs Staff costs Direct o)sts Direct Direct 428,932 123,245 81.451 4,227 77,277 9,099 587.660 136,571 552.177 85,678 86.376 724.231 Support ¢osl$ 86,378 186,3761 Total expendlture 2023 638.553 85,678 724.231 Page | 15
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements {contlnuedl For the year ended March 31st 2024 Analysis of staff costs. Trustee romungration and expenses. and the cost of key management personnel 2024 2023 Staff costs Salaries and wages Social security costs Employer's contribution lo defined contribution pension schemes Other employee benefits 502,578 58,366 46,831 8,593 616,368 375,949 50,974 35,467 103,057 565,447 The total employee benefits including employevs pension and national insurance contributions of the key management personnel were £99,90712023.. £78,714). The Trustees were not paid or received any other benefits from employment wth the Foundation in the year 12023.. £nil) neither were they reimbursed expenses during the year 12023.. £nill- No Trustee received payment for professional or other services supplied to the Foundation12023.. £nill. Staff numb&rs The average number of employees Iheadcounl based on number of staff employed} during the year was.. 2024 No. 2023 No. Charitable activities Fundraising activities 12 12 14 14 Taxation The Foundation is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Debtors 2024 2023 Accrued income 43,304 43,304 62,670 62,670 Page | 16
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements {contlnuedl For the year ended March 31st 2024 Creditors: amounts falling due within one year 2024 2023 Amounts payable to related parties Accruals Taxation and social security 60,268 9,370 1,992 71,630 90,535 4,085 94.620 Movements In funds For the year ended March 31st 2023 At April 1st 2022 Income & Expenditure & gains losses At March 31st 2023 Transfets Restrided funds Support for Topical Talk Total restricted funds 137,807 137,807 523,501 523.501 527,071 527,071 134,237 134.237 Unre$tricted funds General Designated Total unrestricted funds 303,000 148,589 451,589 33,000 138,889 171,889 336,000 90,318 426,318 197,160 197,160 Total funds 589,396 695.390 724.231 560.555 Movements In funds For the year ended March 31st 2024 At April 1 st 2023 Income & Expenditure & gains losses At March 31st 2024 Transfers Restricted funds Support for Topical Talk Total restricted funds 134,237 134,237 768,621 768.621 717,542 717.542 185,316 185,316 Unrestrlcted funds General Designated Total unrestricted funds 336,000 90,318 426,318 4,000 124,598 128.598 340,000 142,279 482.279 72,637 72,637 Total funds 560,555 897.219 790,179 667,595 Purposes of restricted funds Funds received were used to support programmes and aclivilies. DCMS funds We used for adapting programme for SEND students Page | 17
DoGusign Envelope ID.. OD433934-69E74886-8COO-8B4D47EB9B81 The Economist Educational Foundation Notes to the financial statements {contlnuedl For the year ended March 31st 2024 10 Reconciliation of net income to ngt cash Ilow from operating activitigs 2024 2023 Net income for the reporting period las per the statement of financial activltlesl Ilncreaselldecrease in debtors (Decreasellincrease in creditors Net cash {used inllgenerated from operating activities 107,040 19,366 122,9901 103,416 128,8411 162,6701 18,216 173.295) 11 Analysls of Cash and cash equlvalents At April 1st 2023 Other At March 31st changes 2024 Cash flows Cash al bank and in hand Total cash and cash equlvalents 592,505 592.505 103,416 103.416 695,921 695.921 12 Legal statu$ of the Foundation The Foundation is a company limited by guarantee and has no Sha capital. Each member is liable lo contribute a sum not exceeding £1 in the event of the Foundation being wound up. 11 is also registered as a charity with the charity commission. 13 Related party transactlons The Foundation received a donation from The Economist Newspaper Limited of £174,618 in the year 12023.. £148,734). 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 £57,619 12023.. £90,535) relating to salaries paid on its behalf. With this exception, there were no other transactions with related parties. Page | 18
Odocusign Certificate Of Completion Envelope Id.. OD433934-69E7-4886-8GOO-8B4D47EB9B81 Status. Completed Subiaci. COM8 wilh Docusign. A1 Economist Educational Foundation Financial sial&m8nis 2024 linal.pdf Source Envelope.. Document Page5'. 20 Certslicale Pages". 2 AuloNav.' Enabled Signatures.. 3 Envelope Originator. Fola Sanu 1-11 John Adam Street London. London WC2N 6HT folasanu@èconomisi.tom IP Addres8.' 176.24.80.142 Envelopeld Stamping.. Enabled Time Zone". IUTCI Dublin. Edinburuh, Lisbon, London Record Tracklng Status.. Original 1¥412024 2..13..09 PM Holder.. Fola Sanu lola5anu@eoonomist.corn Location.. Docusig Signer Events Signature Timestarnp Sent". 1W412024 2."34..00 PM daniellranklin@8conomisi.com Security Level.. Email. Account Authentication (Nonel VI8w8d'. 121412024 2'.39'.30 PM Si9ned.. 1W412024 2.'39'.53 PM Signature Adoption.. Pre-selected Style Using IP Address". 62.6.58.84 ElectroTrlc Record and Slgnature Dlsclosure.. Nol Offered via Docusign Fola Sanu folasanu@economis1 cotn Assisiani Company Secretary l Legal, Company S8cr8lary The Ewnomisl Group Security LevÈl.- Email, Account Authentication (None) El6ctroTrlc Record and Slgnature Dlsclosure.. Nol Offered via Docusign Sent.. IW412024 2'.35.'29 PM Viewed. 121W2024 2..35."48 PM Signed". 1W412024 2."36".41 PM Compleled Using IP Address.. 176.24.80.142 Nick Shippin nickshitpin@econotnisl.com Director ol Group Finance The Economist Security Level.. Etnail. Account Authentication (Nonsl Sent.. 1W412024 2.'34.'01 PM Resent". 1W412024 6".39.13 PM Resent". 121512024 3".59.47 PM Resent.. 121&2024 5.'47'.26 PM Viewed. 121W2024 10.'12.56 AM Signed". 1W612024 10.17.02 AM Signalure Adoption.. Upbaded Signature Imag8 Using IP Address.. 81.109.68.242 Electrohl¢ Rewrd ahd Slgnature DIsclosu.. Nol OK&r8d via Docusign In Person Signer Events Signature Time$tamp Edltor Dellvery Events Status Tlmestamp Agent Dellvery Events Status Tlmestamp Intermedlary Dellvery Events Status Tlmestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestarnp
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