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
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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 S￿iallY 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.
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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 in￿ntiveS
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.
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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 servI￿s.
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 circUmstan￿s, 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 fen￿d towards delivering charitable work planned for 2024-25.
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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 vol￿S 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.
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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
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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
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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 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
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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.
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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.
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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
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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.
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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.
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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
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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

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