2024-01-31-accounts

Charity number: 1173924

THE TABLET TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

THE TABLET TRUST

CONTENTS

	Page
Reference and administrative details of the Charity, Its Trustees and advisers	1
Trustees' report	2-9
Trustees' responsibilities statement	10
Independent auditor's report on the financial statements	11 -14
Consolidated statement of financial activities	15
Consolidated balance sheet	16
Charity balance sheet	17
Consolidated statement of cash flows	18
Notes to the financial statements	19- 39

THE TABLET TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024

Trustees	Dame Helen Ghosh, Chairperson
	Mike Craven, Vice Chairman
	John Adshead
	Lady Rachel Billington
	Julie Etchingham
	Luke Hughes (appointed 18 January 2024)
	Carmel McConnell
	Edward Stourton
	Paul Vallely
Charity registered
number	1173924
Principal office	1 King Street Cloisters Clifton Walk
	London
	W60QZ
Secretary	Amanda Davison-Young
Finance Committee	Carmel McConnell Mike Craven
	Amanda Davison-Young Katherine Jeffrey
Independent auditor	Crowe U.K. LLP
	Aquis House
	49-51 Blagrave Street
	Reading
	Berkshire
	RG1 1PL
Bankers	HSBC
	123 Chancery Lane
	London
	WC2A 1QH
	Natwest
	1st Floor
	22 Kings Mall
	Hammersmith
	London
	W60PZ
Financial Advisers	Sarasin & Partners LLP
	Juxon House
	100 St Paul's Churchyard
	London
	EC4M 8BU

Page 1

ThE TA8LET TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2024 The Tn￿te88 w•sont th•tr r•wt ttrjother vAth th• audited fina￿111 lor tho 31 January 2024. Tho Tg1)1o1 Tru•1 l• a r•g18t•red Ltharlty. numb•r 1173924. Tho Tnffjt•es. key and 8thrys•rs arn sat on tha prevbu$ tt¥o pages. Th• T8blet Trnst 15 a8 a Found•1￿ Ch8ihabkn Incorwated Organlsation ICIO). The CIO gntsred Into th$ R•gi8tsr of Charttles on the 24th Juty 2017 wlth the rgwrnd thartty ThKnbèr 1173924. Th• a$s?ts of the wevlou8 Tru8t w•rn translaThthJ to th¢ CIO on 1 Fobnmry 2018. Th• CIO i¥ ntyw th• sole Iruslee of the prnvltyJ8 Trt￿l 2715371 rèmakns on th• regl8t•r a8 a shgu diarity. Gov•rnlng Body nominabons new Trustees In the perf￿1 under r•vlew re placed tefore ts amual IT￿ of Tru8tw8 and approved by a maJorfty of the Trusto•8 lo any aFQOmtments. No appolnknonts ol TNste•8 art made wlihout fvl c4nsuttatJon ?￿th other Trustee8 at)d revi8w of Currfculum Vllg &rd r•¢omm•nd•tkn•. IX dMlg•nr• Is achievod on all apwnlmonts. For thfr poriod revw rww Trt￿tes wgr• knduct•d into the vrktngs of the Charfty and 118 8thskli•ry pany at an indu(thn mgoung organl8od by the s•￿etsry to Tnrt the Chamw ol lh• Comp8ny and tho Edltor. A weJcom• paL was whK lrtlud•d.' a copy of tha g￿rnIng Trust dg8d', a nots on the ffA• ot TNstaos: toround lo Ihe Tatlot PybJlBhln9 Comp•ny Incluthng thb Stru¢tum ol Board. tts mink)n, alms and thè current spgcffic •clMtf•¥ and 908 The Flnane Commlttee, ￿nItsts of low B￿rd Mombws trAco a ￿r to lh8 aff8lrs ofTh• T•blel Publishing Company, tho reknvant a¢tion$ of whl¢h WIM foed Into tho Trust. At me•tlw th• Investm•nls. Th8 CEO produc￿ a woekty Trttst klatters report which gces to the Chalr of Iho Trust and th• Chok ol Bo•rO aThl The Edttor and any ttems ￿rning out of tM FIMntx Committee me8tings. of relevance to th• Tru81, %%Aiukf b9 hlqhlkjhtsd In r•wL Th• Tnffjt8e8 cuirenty meét f0rrn￿ty a par. Th• manogomenl of th• PutrAiJtiiThJ ¢￿ary kn ￿￿ted in o Board of DtrgLtrs vkno report to Th• Tntst thr￿h the FIr￿ Cornmltse and 01 tho AGM. Our approch to rem￿￿r81h)n has b8en des19￿1 to w• can attract aThl the tal•ntsd and mottvated p¢Op￿ to mtsslon and dolbAr ow 8traleg1¢ goat¥. It Is applfthj con8i8t•nlty tho Crfganisation. W• aim to pay competluvely In the not4orrofit sector ¥￿thIn th• context rf affud￿Mty. W• ther•fore take Into acojunl factors suL 09 8alarf6s ptld kn comparabl• OFyantsation8.

THE TA8LEf TRUST TRUSTEES. REPORT ICONTJNUED) FOR THE YEAR ENDEO 31 JANUARY 2024 Group 8INrlur• •nd R￿allon#hIp1 The Chaiity has • %K￿lY owned 8Lthldlary, Th• TO￿81 Publt8hkng Coff4)•ny Lknltod (rw18tsred comwy 311249}- Flfy 158ues Lrf Taw •re produced Fr annum {with i1)u￿• othons}. h15torknlty 8Fx, rnduced th• yaar to four Issufrs of'The Past￿￿ Revw ar• Produc￿ PBf annum. Rl•k Mw•g•m•Tht Thg Trust￿ arn r81￿￿5￿ for ov8rslght of the risks faced by the ¢harfty. Datstl8d c0nshjérnl1o￿ of dsk aro dd3algd to the Flnance Comm6ttte, which 18 Wbsted tythe 9onior staff of b)th th& Chsrlty a￿1 the 8ubsKII￿. Rosks are Klwtitsd and asooss•d. and contrc45 h•ve boan 88tab￿hOd. A formal revknw of Ihg (?rW8 rlsk managomont processes Is undort•kon ￿ an annual Th kny controls usod by ts Charuy Include.. Form81 aganda for tho Board ofTru8tees Ctsmpr•h¢n$fve miew8 of m8nag8rn8nt ac¢J)unts. budgets and Fdans FOMMI written Wldes Through tho risk manogement proces$88 0818bl￿d ft the Charity. th• Tru8teeB have kjentthd th&1 the moBt nthnt it faces Is tho decakne of Its tradir¥J sub8idlY$ tradltlDnal prfnt publi8Nng mod•l cau8ed by th• InlluvnGe of thJrt81 wbllstrdng - a dl$ruptlve technology. fu•lbd by th8 ever-exparKllng mch ol ￿ intemet a￿5 the hnpad thi8 has on 8vewffie acc$8￿ inf(makn. Mditwaty, the costs of pnnting aThJ strILwUng prfntsd matter are sbJnKicanly in￿asIng lor(xng many wblish•r8, induthng oursefves to rnvknw our busln08s rnod81 to •n8ure for fvturo. Strkt cost (X￿ wlh tha do¥8lown•nt of appwiale di￿1#1 ￿￿￿1UCts to d81ivw dbJSts1 eontsnt lo thls ma￿1 pkn have bo￿ kJ8nUfied as a meaTr8 to addroU thls challong•. Th• Trustws are satisflod th8t all other mapr rf•ks ar• bdenlknl have bean I¢quthiety mJ¢bJaW nocssary. 11 is rwnk5ed Ihat $ystsm• c8n onty pro¥lde re•sonablg but nol •b801uto awiranca that maJor risks havo begn adequately marTragJ. group 08 a rg&uh of the ongoltwj war In Ukralno 8nd th• cost of liv6NJ crwbB whith hav• iw)th Imp￿¢¢¢ The T¥bJot Pu￿Sh￿4 Coryyafils Irathng porforTh4qrK tmrt due to tho aglity of ￿ bus1￿ arml rt8 ￿pabIlty to mact d?c4s￿o￿ to market forcos by 8ltgrOng th• wllaryJ and leavoFB of tho buSIne￿ In t•m)s of income aThl •xper￿lIUlg tho Charity Is abkn to offset as much cl tr potontw hnm•dBle losso8 as FJsslbh. Tr Tobhl Pubffshlr¥J Company ha8 been abb& to I￿1￿ thè fflarket to en8ur¢ Ils orJolng push Into n•w mpllm¢nt•ry markets such os rowjer trawl And vK0mm0r￿. As tho Trngtses Ih ¢h•lknges In pubts$hI￿ rolativ•ty 8m•ll ￿uma16 In th￿9 unwtsln tlmes. Tho TnJ8t￿8 al80 re(4nlse Ilwt there C￿￿ld be a risk to &Jnakn and Inv¢•tnwrf •8 glvlng prioiill&B Ch￿9• and Invgslment p•rfarmances fall. At th9 318t Janlwy 2024 th8 group also h•ld Inv•stmwts 01 £199,653 coukl b• Ik]uklotsd aTrJ a fr•ehold propoty whic was p1th0￿[Y vaw at £1.65m whk tjo k¥ a¢klUwwl fuThryJ 8•wl on the abov• Iho Trustees belaw that the uYoup* Ilnand•l re￿ur(W and wwn9e￿Y pjannlng sUIftGI￿ lo ensuro th8 abllmy of the group to conunug as a golng concgm for the forn8¢•ab￿ fijturn. 83

THE T￿LEy TRUST TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 JANUARY 2024 Funttral8lnq The Tgblet Trust is • smalj cartty thal htstorfcalty rn18•d funds through tho thtJ¢s Sts vknoty subs￿J18ry. Tho T8bl&t PublIsh￿g Co Ltd. 80me small wular l￿d￿ld￿alS wld Ints) and oc￿l0n•1 . In 2017. a res08rth ewcise wpdertakon amongst supporters, the Truslo08 decided to launc fvnth•bkng ¢ttmp8lgn to brlng Tho Tablet and the values il stands for to now audl¢n¢8 •spedally thrcwh Igital tochthkn. Inib8112rget of £1.5m was set aThJ. tho tmportanca gocwj lundrglsk slanda￿S waclkes. Craytyo cong￿nts were appokrted tnitsaty to launch th¢ fvndralslrp4 camp8&n. whk. aftera period of tlme was brought in hous• to ￿ m&naged. Indkndu815 and Instilutlon8 who h8v• exprawd Int6Test In (wr d￿h￿ents. A thabpmgnt fund ¢ampalgn Is through the pw of The Tablet •ach dOna￿orr￿ rnnttnuo to excwj 8xpocladon8 The Tablet Trvst the# •ngage kn l#ry• scalo fUndrnl￿￿ arthiti08 Ilke dats SLrnonlng, masB fflalllrv, t•WK¥w findra￿1rwj or thOr.ttsth￿r ¢amp81gn$. Undèr no cir¢umst8nces wlll Th• Tab￿t Tnmt sharn p8rsor Informauon of our 6UPPOrterB for tho pur[￿￿$ c¢ thlr&party m8rkotirvJ w pffjcew. Tho Tru¥t bknng wilh The The fvndr81skng advltkn ¥r• mon[t￿•d tlwh rèpular meelMig8 ¥•hkb reviw the Progress of tho differnnt Snkn al bcAh 8 Tll￿1 arbd a Board I￿￿. A fvndralsing commttlee 18 in place made up of sonk)r membgrs of Tho Tabl•t Board. Our1￿ th• TJ or• aw•r• of any ¢omplalnt8 or brnach•8 aboul our fundralslr¥J The Tablrt Tft￿t take8 tts respomNl#y to protect vulnerabjo people and olher members of the pubH¢ Injm bfjhavhwr vthlch mlghl bo 0)nsld8r•d 8n unre8sonabS• Intruston on Ihir or unTeasonabty parstslont vwy 88rlou8ly. It has takan measures to o)mpty wth GOPR aThJ, •8 pwt dthis. 1nd1vk1￿1 #nd ffnandal records af• ObJ•cts. Alm•. ObJ•¢I1￿ and PrfrbelpAI Aethiltl• Th• ci)J•¢tlvo8 ofthe chorty as 8Ot oul kn 18 fwndalb)n ar•: a) to thanco t￿ Chblslian rellglon. b) to promota. pr•8ent and dlssemSn&o tho leathhy Christran and to Pr￿n01• und•rstanthry of th• Roman C8thc4ic falth. vafuov arml prf￿pth. ¢} to advarKo thg $ducatk￿ ol tho publlc. d) to pursu• suth other ch8rf obhcltrW a$ b• Tlth the objth h•rgunlo bekn sot The obJeth•$ ￿th6 Tw¥t are carrw ¢)ut by Its 8UPWt oftho T•lig)us and oducabonal asFcts of Tablgy. aTrJ Yhe Past￿￿ Rovithrf. and sUP￿t of ¢)utsNJo Wle8 vth080 8ctivtt• faN wthln th• Trust t)eed owrwes.

THE TABLET TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Objectives for the year

The Trust and its successor CIO look to achieve its strategic aims principally through the activities of the Publishing Company. Specifically, the company is charged with:

• a) maintaining the high journalistic quality and Catholic ethos, informed by the teaching of the Second Vatican Council, of The Tablet and The Pastoral Review

• b) increasing the influence of The Tablet and The Pastoral Review in the religious and secular spheres in the UK and beyond; and

• c) increasing the circulation of both titles.

The above objectives will be continuous.

Strategic Alms and Intended Effect

The Trust and its successor CIO seek to fulfil its objectives through its support of the Publishing Company's flagship title The Tablet. Through this support It aims to grow The Tablet's influence in the UK and internationally, as a journal of comment and analysis. This in tum will engender amongst its growing readership a discernment of the Christian message reflected within the intellectual values of providing informed opinion, a forum for debate and a journal of record. It seeks to create a spiritual counterbalance to the political polarisation of society and in particular intellectual life. It also seeks to provide a resource to the Church through The Pastoral Review and to bring on new readers of The Tablet in the future with new platforms such as inspire, an additional product in The Tablet's stable, aimed at the 30 plus marketplace.

Prlnclpal Activity

The Trust's principal activity is affected through The Tablet Publishing Company. It publishes The Tablet, a weekly journal of record and opinion that is concerned with the world as with the Church and seeks to interpret each to the other; and The Pastoral Review, a now quarterly journal of pastoral theology and practice. The website has been developed to provide faster updates of news to a global audience. In addition, lectures; events and webinars are hosted for readers, which also provides for an opportunity to meet the Editor and staff of The Tablet.

Ensuring our work delivers our aims

We review our alms, objectives and activities twice a year and have developed a platform with interested parties outside of The Tablet to develop our strategic thinking. This review looks at the success of each key activity, and the benefits brought to the groups we were set up to nurture. Through these reviews we are able to ensure that our aims, objectives and activities remain focused. The Charity Trustees have therefore complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's published general guidance concerning the operation of the public benefit requirement under that Act. The Trustees continually consider how planned activities will contribute to the set aims and objectives.

The focus of our work

Our main objectives for the year continued to be the support of the religious and educational aspects of 'The Tablet'' and "The Pastoral Review", and support of outside bodies whose activities fall within the Trust Deed objectives.

Page5

TRUSTEES. REPORT {CONTItrIUED) FOR THE YEAR ENDEO 31 JANUARY 2024 How +wr actl¥ltle• d•llv•r publk Iwi•lM Our makn act1vili￿ and w• benofft •rn d88cdb•d b8lDW. CXh•r than through th# pro￿￿17 of grants w• to dellvgr public benofft Ihrough our pub118htsw cwanl8 #thIF•s. Who Lty￿1 and bonth a¢Xlvlll•s7 .The Taws tolai th8 wa8 on 20rJ- 12,6(Xl (13,431 pw weoK' 2022: . 14.051 per w•ek 2021)." an O￿TaN AttTltion of 6% ￿1¢h conwares ￿ an Industy slwdard crf 10% phjs In year. DlrerA Dablt ron￿18 we al w on￿ ￿ ol 94% further ￿8￿3￿6 t￿ of th• read4r8hp base for Th• TableL For The P•8tLY81 R8vknw. drculfjtton avoraged 1.011 coplo8 {1.065 o)pl¢s p•r Issue In 2022) (from 6tx to quartarly per >wrl. AddltKJnalty. dlgital wb8¢rlptk)ns mgke up an ad¢Au￿87 2,012 averngo 188ue read•rn of Iha dsittal ¥w¥lon of The TabteL Th• T￿b￿t p￿deS thought provoking artlclos de8Jn•J kj sllmulfite dabal• on Issues of morals. gthlGs and religion In tho ojnt•mpornry ther•by promottry a b8ttfjr under8tsndlrvJ of tha dfvisive 5&3ues fackng 80¢18ty today. Pasknal R8vlow Prov￿•8 wpport to tho8• Invofve(I In p88th1 thrwgh artklos that infomi a$ ￿11 a6 •nh8nGe th•lr partlculRr Through Tho Publshiw Conyany. The Tablot FKovkJes the gen8ral publ[¢ a broad range of Énformathjn on cat1￿ m8tt0rn. dalty newa updalgj, bbgs and addwonal 16tt6r8 to the casual browsw, aloTha wAh a rasour sedon for re1￿lOuS knowl&t &Jucators and stsmjbnts. Tfiltst In adthtkn provhJk4J a totsl rpach to 0¥or472.000 adutts o¥9ry month. In addibon to th18 Th• T8tJl•t has a variad wobinar programma which •ttra¢ls J dfverne Intomalh)nal a￿l￿rTh., togèthèr with a YouTubg Channo1'. podca• platf￿rn￿ and vxrtoug fLty kntarac¥¥• me(1 platfo￿¥. (kn road•r8 or& Inqubsib%• quti5bDnwy. campatgnlng and ￿1￿C￿81. They are 8180 habIts￿ In tr￿r beha￿r8. with ovor 81.000 usern of our webslta 0)mlng ba¢k lo It ov•r 201 Im•8 In a ye•r. Thè free è-newslett8r b now d18tributed ts¥lc• weekly and both havg a reglstsrnd w t•se of ov•r30.OW ug who ate vI￿r￿j the n￿￿0#•￿ wkty. We atso T￿l¥e rvquests lo republlsh matsrial wbli5hod in Th• Tgblot In other put4catkTh. Th& $it• for Tha Tabb•t was launch￿ h December 2018 ond Is c¥)n81anlty bokvJ updated to meet market nood8. A further redo￿lOpMnI and upgradtrq of the stte are plann•J In 2024. Thore Is an agrood dtsburnemenl und•r wbt¢h tho Maj￿ ¢ffunds ore relgln•J for the prolent aThJ futW0 dopnwl of The Tablet and Th• Pastornl R￿ew. bul som8 fund8 are avafjlable lo rn$[￿tt lo wt appltcallons from other sourc88 thlch nwt aryofth• uJl•rl•: a) advan￿ th bl prDmol8. presont and dissemlnat• thg teaththg8 of tho Chrk4ts•n rdbjlon ar¥J pronbyts of th• Romari Catholic latth, valuès and cl &fvance thfr •dwik)n olth• d) am ts)rist•nt wlth and enhance th8 promolion of the8• pikndpl68 u okeady ￿ll￿NI￿1 kn T￿ Tablat and The Pastor81 R•¥kn •) Dbilal upgrwjes the •0 and rnartottng of Th2 T•blet Q Arch1￿ dfgitlsation gl ApF4)Irthwrt ol a •vMts I funth818kng r8w(we• £141.5W2 of Intemil grants w•r• m¥•Je duriThJ th• from The Td)18t Tnwl to Th• PLthhkng Conyny {20YJ £82.599). Volunta•r• The Tnjst do•8 not makn arysnifKant U89 of voiunteerts and r•li8s on ltaff of T￿ Comwyfor Most task8. Page 6

THE TABLET TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Review of Achievements and Performance for the year

Progress by The Tablet Trust towards the achievement of its objectives has continued over the past year. The Tablet's print circulation decreased by 5%, {mainly as a measure to Improve the efficiencies and reduce costs as part of the cost saving plan in the year as we migrate more and more people over to digital); print subscriptions income fell by 5% YoY (and digital subscriptions income increased by 2% YoY. Advertising sales came in 2% ahead of last year which, given the ambitious target set, was impressive. Advertising partnerships are proving very beneficial for both parties and we will continue to pursue these into 2024. The market is certainly responsive to all new income platforms including newsletters; wall planners; calendars and new product launches such as inspire which are attracting different advertisers. This work will need to continue to ensure we keep growing the advertiser base. Excellent cost control management offset some of the losses to budget.

The main income of The Tablet Publishing Company, a wholly owned subsidiary of The Tablet Trust, comes from the copy sales (subscriptions, parish sales and commercial retail outlets) and advertisement space sales in both journals. The subsidiary hopes to see continued progress in the current year, but recognises, particularly in these uncertain economic times, the commercial challenges in publishing relatively small journals.

As part of the backing that the Trust affords the Publishing Company, a 'Letter of Support' has been provided.

Financial Review and Results for the year

The Tablet Trust Accounts to the year ending January 2024 reflects the increasing stabilisation of the business brought about through the past four years of restructuring and re-engineering. This work needs to continue with a focus on increasing multi-media subscriptions and developing the fund raising scope of the business.

Before consolidation, The Tablet Trust made a deficit of £63,849 (2023: deficit of £64,774). This deficit has arisen after £2,510 of investment gains in this financial year (2023: losses of £13,313). Grants to TPC were higher in the year due to the phasing of the grant incomes in the financial year. The principal funding sources of the Trust are investment Income and donations.

The consolidated results have produced a deficit in the year of £73,149 (2023: deficit of £61,541; 2022: surplus of £7,232; 2021: deficit of £94,108 and in 2019: deficit of £108,398). During the year, The Tablet Publishing Company has made loan offset payments to The Tablet Trust to offset previous loans from The Trust to run the publishing entity. The total amount of loan repayments made by The Tablet Publishing Company to The Tablet Trust equates to £94k in 2021; £25k in 2022, £28k in 2023 and £33k in 2024 - £180k overall over the last four years. By repaying the loan it ensures The Tablet Trust balance sheet remains healthy.

There is a deficit on group unrestricted general funds due to the past accumulated trading losses in the publishing company.

Reserves policy

Funds are retained to meet the future needs of The Tablet and The Pastoral Review through which the aims of the charity are primarily achieved. In this context, reserves are being maintained to fund the publishing and accommodation needs of the company.

Free reserves are defined by the Charity Commission as unrestricted funds available to spend on the general purposes of the Charity and therefore excluding those designated for particular purposes and those already utilised in purchasing tangible fixed assets. Free reserves should not be mistaken for cash reserves.

Page7

TRUSTEES. REPORT {CONTINUEO) FOR THE YEAR ENDED 31 J￿lUARy 2024 Further Infonnauon on tunds c•n bo swn In Nots 17 of the lwiod Itatements. knv••kn•nt Pty•r, Pollcy and P•rtOMi•n￿ Inv••tm•nt prfnclpl i) The aprthl InTrAstm•it manawTr to the kn¥eslmonl of a88ets ol the Fund o¢o)rd8nc¢ wrth tho prtndplgs set out In thls stslement and vAthln the guld&lln88 set down from time to ttmo by tha Trustees. Obi•cUv•. Pwtrmance rews wlll be obtstned quarterfy bul It 18 WlOCtfjd that any monagor VAI in n(Ymai drcumstsnces, be ghan a perbd ol Iwr• of bet¥￿en 3 aThJ S ￿$. TIL￿8 w￿. prk)r b the •rhY of lh• PBriod of tonurn. cOnd￿t a rgvi lo •818bJbh +￿￿eth￿r altom#tfve Inve8trn•nt man4or8 8houfd b appolnl•(1. made sh(xthJ have ragard to 8pproprioto tsthlcal L>?￿k&r8￿on5. Iv) ￿Sk9 will ￿ miUg8tèd by wreadlr¥J inv8thgnts either ty Wa￿l￿1r￿j fwKI8 or ty IknWhvJ r£hs•8 to not moro than 5% ufthe lund's val￿. v) Thoro WHI be no (Ilrect Invasknmnts In worr8nts. opkn8. futures and ¢onlra¢ts for dThrOn￿. vi) An annual rèvlth¥ ofthe b) b• und•rlskon byTruBIW 7•Jllh th• 6nv•tr￿ a) Tho txlmary of th• Tntst••8 Is that the Fur¥J. t￿ wl¥i any m•Jg in fu￿r•, Is trNested to produc• a Iml of dl8tr>butabl& income. aB agreod betsveon tho Tru81 and Its fund man8ger(s), to chltstAo causes W) linè with the prn of tho TrusL whle malnlwwN a¥ lar as h rA)sslbkn Is rnal vabJe In the kmg tsm. b) The assets of tho FurKI are to be IN8$t•d In 8 di¥orne p￿tro￿ con8tstent a medlum-rfsk profdb. Th• Trustses ￿1[ I￿k for th• manaw or to (y4qr rdl¥J period•, a total reknn knv•slnwt8 ThJt than the crfthe WM UnGorthKd Ch•th Urdv•rno l•xdudkng propety}. 01 SaTasln & Partnorn LLP th• ft￿d manopor. b) Tho assets ￿ in¥wtsd kn three fi￿d8- Sarnth Hiplwr DMd8n& l fjn< Sarasln E￿￿41n8n1 Fund 88 A Inc and Safash) Ineoma and Ro8•N88 Fund C￿sS A Inc. Portfdro vakne as at 318t January 2024 was £199.653. In Ihe 12 mwth$ 10 31Bt Janu•ry 2024 th& portlollo produced a rgthrn of +4.6% (after fo•$ and rekt to the composrte tenchrnark r•twn of +8.1% and Chaty P•or Group rotum {85 measured by the ARC Stsady Grry*th Charfty lTh1gxl of +4.1%. In￿)￿ a￿•￿10n ¢onllnwJ lo b• ¢v•r th• P￿0￿ ￿ th• porllc4b ￿Ing 2.¥A a8 at 31st Januw 2024.

THE TABLET TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024

Future Plans

The Trust recognises that to support the growth of the Publishing Company's ongoing investment, it is necessary to develop modem outreach through international multi-media methods and has begun a focused fundraising exercise.

In addition, the Publishing Company has restructured and re-engineered the business and is the process of devising a 5 year strategic plan to ensure the ongoing sustainability of the publishing company.

Auditors

A resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the Charity will be put to the Annual General Meeting.

Approved by order of the members of the board of Trustees and signed on their behalf by: 1[1][�.�k<l] Da (Tr!e)

Date: 23 July 2024

Page9

THE TABLET TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2024

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

ThE TJ3LEf TRU8T DEPENDENT AuDm￿3 REPORT TO THE MEMBERS OF THE TABLEf TRUST Oplnlon We apAited the flnanclal sl•t•m•nts of Th• T#bl•t Trust (the 'par•nt chow) and Its $ub8klSarfo8 {th9 'group') for th• sw ended 31 January 2024 vJhk cunprf80 the Ccrfjsor￿t0d 8lat•ment of f#)andal acbvlth. the Consoldatsd b818nc4 shert ￿ Chartty balance she•( t￿ 3tstemenl of Cash and the r•lated nolos, irthth'r4J A summary of signwtsnt acC￿ntIr￿j polld•s. Tho financl•l T8ptyt￿& framowork that ha8 be•n 8ppI￿ In th•ir prnparatEon Is applkablg 18w and United ￿9d(￿n Accwnliw SlaThJ8nls. I￿1￿￿Tra Fln8ncL81 Rotmxlng Standard 102 RepO￿￿j Stsndgjd 8Fpk kn IIK• UK aThJ I In our opwon tr fin4no 81alom•nl8: gr￿ a truo and falr vlww of the slate of th8 Group'8 and d the parnnt charW8 affalrn a$ 8131 Januory 2024 ol Iho Group'8 trKomlng rwourn and of r•wurcos. tts IrKun• have lJ88n propgrfy preparod in &ccwJanc6 wlth Un6t•d largdom Gon•raly A(xeplod Prnd¢o.' and W• condu¢t•d our audlt In acwdanca Int•r￿0￿￿ StAndard8 on Audlb'ng IUK) {ISA8 (UK)) 8rd appMc•b Law. Our rnsponsblllls wder ttQ90 stand•rts arè fvrf￿r d•sed￿ in th• Auditorfs r￿￿1b¥It$￿$ audt oftho tlnand81 ststemgnts a•ekn oftrjr repcrfL W? aro Indepwd6nl of tho Group In 8c¢ord8ncè with the ethical requlr¢ments that a￿ rnlovanl to our oudit of tha flnancial 3tslements in thè Unlttyj Krylom. Inthding th• Financial Re￿rtI￿j Cour￿Ar# Ethlcal Stsndard. and have fuMI￿d our other all￿al TwMJnslblUtw ac>xrdanc¢ thwe rwirempnts. We bole￿ that th9 audlt gthn(s w• hav• obtaln•d 18 Bufflcl8nt and apPr(￿at0 to provklo • ba¥lo forour opknlon. )untrKJ preporalbn oftho ilnancial 0t8tem￿ts 1$ approwHte. C¥Nthn¥ Uwl, IndpIdual￿ or D)Il￿ty, may cast 8lgnJficant doubl on the Groupb or the paront cartVs abHIty to Contrn￿ #8 • gryng concem ICK a of at Joa6t twePrfo month8 frcrfn ¥kn the statsmwts a Our r•wsiblllde$ and the rn8ponsllMlib•s d tho Trusla9s wllh r•8p•(* lo golry c(#K•m ar• do>]IW kn th• Pa9911

THE TABLET TRUST INOEPENDENf AuorroR'S REPORT TO THE IIEIIBERS OF THE TABLEf TRUST ICOIITIMUEO) our r•pcrt thereon. The Trustees art re8pon8lble for tho other Infom18¥on c￿1&{ned withln thg Annual report. Our opinl)n on the financ•al stst8ments doo8 not co¥ar th• othef wrformakn giwj. oxc•pt to the OXt•nt oth¢Thvi¢ •xplW ststgj in our rnporL do not eX¥WO88 anyfomi of assuran￿ conclushx Ihereon. Our rnsponsibilty ￿ 10 rB•d Iho rAh&r knformabon and, in dolry 80. consh￿r ￿thOr the other infcKmaUon Is m818rialty InDxsi8tont ￿￿th thg financjal statemonts or our obtalnod in tho ￿￿T$8 of ts a￿111. or ffli5Stat8ments. we arp req￿ to detsnnin vtheiher th15 WVè5 rt8e to a materfal fflbBStatemont ￿ th• financ￿1 st81oments themselves. 11, b88od cn the t￿¥8 ￿rfOrmed. we conckndo that there ts a malwtsl mjsslolwent of thls other Informadon. TA w• mqulr•d ts that l• W• Iwve Thjthlnu to r•wrt In thb r•gard. Wa haw& noth¥ to r•FXt In resp•d of th? foib74ty matlern wlMKè the Ch•th•8 IActs)unts Rer#xthI ROY￿•11￿ 2008 rgquITgs us to report to yvull. in w ¢)PInM￿'. th8 par•nt Chartty has not kept Jufficient a¢￿￿n￿n@ rwds." or hm aw the lnfrm1j(￿ and 8xplinalfong ￿ requlre for our R•swlblllll•• af trut••• A8 explolned moro fuly In th• TNst•es' respo￿ljI￿o￿ sl•temrt Ihe Tntees 8rn resp¢￿th th• preparatm of the fmnd81 8tston￿ls th gfvo a truo and tsir vhw, aTht for $UGh Interngl controj as th• Trusto09 dnnine 18 n•cssary to enJbb& ts pr8parntll￿ of finonclal ¥tstsmonts that •1# fr•• from materw mlsslat•ment, wh•th•r due to fraud or error. In Fyeparthg the stslèmènts, lh• Trusteos aro w￿n85b￿ for tss$8sskng the Gr￿p.$ and th8 ￿rent ehafiws abltity to conlinu• as a golng concern. dlsd08ing, &8 appltc•. matt•rs rgd to wn9 t￿n￿rn aThl U81ng th• golng cc¥wn basi¥ of accoun1tr￿ Unl￿ tha Trust•6# eNlr intend to 1tr4ufvJat• tho Group or the pawrt tharty or ID cea¥e 0porati￿, CK ro0ltsli¢ attam8llw but to do so. Pag• 12

THE TABLET TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TABLET TRUST (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context for the UK operations were the Charities Act 2011, together with the Charities SORP (FRS102) 2019. We i;tSSessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity for fraud. The laws and regulations we considered in this context for the Charity were Charity Commission regulations and General Data Protection Regulation (GDPR). Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in relation to certain income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, substantive income testing, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have property planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: ww.frc.or,ukauditorsreso sibilities. This description forms part of our Auditor's report.

Page 13

THE TABLET TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TABLET TRUST (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading Berkshire RG11PL Date: 29 July 2024

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

THE TABLET TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024

Note Income from: Donations and legacies 4 Charitable acivities: 5 Publication income Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities: 8 Publication expenditure Grant making Suppor costs Total expenditure Net expenditure befor net galns/(losses) on Investments Net gains/(losses) on investments 13 Net movement in funds Reconciliation of fnds: Total funds brught frard Net movement in funds Total funds carried forard	Unrestrictd funds 2024 £ 120,288 1,917,748 6,176 2,04,212 16,920 2,072,423 30,798 2,120,141 {75,929) 2,510 (73,419) 979,122 (73,419) 905,703		Restricted funds 2024 £ 10,000 10,000 10,000 10,000	Total funds 2024 £ 130,288 1,917,748 6,176 2,05,212 16,920 2,072,423 10,000 30,798 2,130,141 (75,929) 2,510 (73,419) 979,122 (73,419) 905,703	Total fnds 2023 £ 82,059 1,991,014 7,540 2,080,613 5,255 2,085,328 10,000 28,258 2,128,841 (48,228) (13,313) (61,541) 1,040,663 (61,541) 979;122

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 39 fonn part of these financial statements.

Page 15

THE TABLET TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2024

							2024	2023
			Note				£	£
Fixed assets
Tangible assets			12			1,359,008		1,394,726
Investments			13			199,654		237,144
						1,558,662		1,631,870
Current assets
Debtors			14		160,883			190,119
Cash at bank and in hand					60,100			35,910
					220,983			226,029
Creditors: amounts falling due year		within	one 15		(873,942)			(878,777)
Net current liabilities						(652,959)		(652,748)
Total assets less current liabllltles						905,703		979,122
Total net assets						905,703		979,122
Charity funds
Restricted funds			17
Unrestricted funds
General fund					(�45,814)			(194,046)
Revaluation reserve					1,151,517			1,173,168
Total unrestricted	funds					905,703		979,122
Total funds						905,703		979,122
The financial	statements	were	approved	and	authorised	for	issue	by the Trustees on 23 July 2024
and signed on their behalf by:
4�	��				�
Dame Helen Ghosh					Mike Craven
(Trustee)					(Trustee)

The notes on pages 19 to 39 form part of these financial statements.

Page 16

THE TABLET TRUST

CHARITY BALANCE SHEET AS AT 31 JANUARY 2024

----- Start of picture text -----
2024 2023
Note £ £
Fixed assets
Tangible assets
Investments 550,407 620,618
550,407 620,618
Current assets
Debtors 14 142,782 128, 588
Cash at bank and in hand 16,280 21,138
159,062 149,726
Creditors: amounts falling due within one
year 15 (18,299) (15,325)
Net current assets 140,763 134,401
Total assets less current llabilltles 691,170 755,019
Total net assets 691,170 755,019
Charity funds
Restricted funds
Unrestricted funds
General funds 691,170 755,019
Total unrestricted funds 691,170 755,019
Total funds 691,170 755,019
-
The Charity's net movement in funds for the year was £(63,849) (2023 £(64, 774)).
The financial statements were approved and authorised for issue by the Trustees on 23 July 2024
and signed on their behalf by:
Mike Craven
(Trustee)
12
13
----- End of picture text -----

The notes on pages 19 to 39 form part of these financial statements.

Page 17

THE TABLET TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024

		2024	2023
	Note	£
Cash flows from operating activities
Net cash used in operating activities	19	(21,086)	(34,284)
Cash flows from investing activities
Dividends, interests and rents from investments		6,176	7,540
Purchase of tangible fixed assets		(900)	(10,552)
Proceeds from sale of investments		40,206	126,365
Purchase of investments		(206)	(106,442)
Net cash provided by investing activities		45,276	16,911
Cash flows from financing activities
Net cash provided by financing activities
Change In <:iitsh and c.ash equivalents In the year		24,190	(17,373)
Cash and cash equivalents at the beginning of the year		35,910	53,283
Cash and cash equivalents at the end of the year	20	60,100	35,910
The notes on pages 19 to 39 form part of these financial statements

Page 18

THE TABLET TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

1. General information

The principal activity of The Tablet Trust is the publication of "The Tablet' and "The Pastoral Review". The unincorporated ( charity number 1173924) is domiciled· in the UK. The address of the registered office is 1 . King Street Cloisters, Clifton Walk, London, W6 OGY

2. Ac ounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Tablet Trust 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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet c_onsolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. Intra-group transactions have been eliminated on consolidation.

As permitted by FRS 102, no separate Statement of Financial Activities has been presented. The net outgoing resources of the Charity (excluding the Tablet Publishing Company} were £63,849 (2022: £64,774).

Page 19

THE TABLET TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Ac ounting policies (continued)

2.2 Going concern

In their assessment of going concern the Trustees have considered the current and developing Impact on the group as a result of the ongoing war in Ukraine and the cost of living crisis which have both impacted The Tablet Publishing Company's trading performance but due to the agility of the business and its capability to react decisively to market forces by altering the pullers and leavers of the business in terms of income and expenditure the Charity is able to offset as much of the potential immediate losses as possible, The Tablet Publishing Company has been able to work with the market to ensure its ongoing push into new and complimentary markets such as reader travel and ecommerce. As always, the Trustees recognise the commercial challenges in publishing relatively small journals In these uncertain times.

The Trustees also recognise that there could be a risk to donation and investment income as giving priorities change and investment performances fall.

At the 31st January 2024 the group also held investments of£199,653 which could be liquidated and a freehold property which was previously valued at £1.65m which could be leveraged to secure additional funding should the need arise.

Based on the above the Trustees believe that the group's financial resources and contingency planning is sufficient to ensure the ability of the group to continue as a going concern for the foreseeable future.

2.3 Income

Income is accounted for on an accruals basis, with the exception of donations which are accounted for when received.

Donations received for general purposes are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds.

Publication income relates to copy sales and advertisement space sales generated in the publishing company and is accounted for on an accruals basis.

2.4 Grants payable

The charity's grant-making process is informed by the best practices of peer organisations, and the Charity Commission's guidelines and recommendations.

Grants payable are payments made in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one­ year or multi-year grant.

Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Page20

THE TABLET TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Ac ounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it Is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Publication expenditure relates to production costs, advertising commissions, selling and distribution costs and administrative costs.

Support cost$ comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the Charity and all the costs of complying with constitutional and statutory requirements.

All expenditure is inclusive of irrecoverable VAT.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated statement of financial activities.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page21

THE TABLET TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Ac ounting policies {continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Long leasehold property 2% per annum on cost - Office equipment 20% - 33.3% per annum on cost

2.8 Investments

Investments are shown at middle market value and all investment income is accounted for on an accruals basis. Any unrealised or realised gains arising from investments are taken to the fund for which the investments are held.

All unlisted investments are held at historic cost.

The programme related investment relates to an interest free loan that the Tablet Trust has provided to the Tablet Publishing Company.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments held as fixed assets are shown at cost less provision for impairment.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and In hand

Cash at bank and 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.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

Page 22

THE TABLET TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

2. Accounting policies (continued)

2.12 Financial Instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

2.14 Pensions

The subsidiary company operates a defined contribution pension scheme. The amount charged in the statement of financial activities in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Transfers between funds may occur where the restriction has been satisfied and there is a release to unrestricted funds.

2.16 Investment charges

In relation to investment fees whilst there is no fund manager's explicit charge, there Is an AMC (Annual Management Charge} of 0.75% per annum based on the fund value.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

3. Critical accounting estimates and areas of judgment

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:

In the application of the charity's accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

Preparation of the financial statements required management to make the following material judgement and estimates:

With respect to the trading subsidiary, a net deferred tax asset or liability is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. All profits are gift aided up to the parent the Tablet Trust. Therefore, deferred tax liabilities relating to capital gains and deferred tax assets relating to trading losses have not been recognised within the financial statements.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

4. Income from donations and legacies

	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Donations	120,288	10,000	130,288
	Unrestricted funds	Restricted funds	Total funds
	2023	2023	2023
	£	£	£
Donations	72,059	10,000	82,059

5. Income from charitable activities

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Publication income	1,917,748	1,917,748
	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Publication income	1,991,014	1,991,014

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

6. Investment income

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Dividends	6,175	6,175
Interest	1	1
	6,176	6,176
	Unrestricted	Total
	funds	funds
	2023	2023
		£
Dividends	7,540	7,540

Dividend earnings reflect income achieved by the investment manager Sarasin & Partners LLP's.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

7. Expenditure on raising funds

Costs of raising voluntary Income

	Unrestricted	Total
	funds	funds
	2024	2024
	£	£
Fundraising costs	16,920	16,920
	Unrestricted funds 2023	Total funds 2023
	£	£
Fundraising costs	5,255	5,255

8. Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted	Restricted
	funds	funds	Total
	2024	2024	2024
	£	£	£
Publication expenditure	2,072,423		2,072,423
Grant making		10,000	10,000
Support costs	30,798		30,798
	2,103,221	10,000	2,113,221

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

8. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

Summary by fund type (continued)
	Unrestricted funds	Restricted funds	Total
	2023	2023	2023
		£	£
Publication expenditure	2,085,328		2,085,328
Grant making		10,000	10,000
Support costs	28,258		28,258
	2,113,586	10,000	2,123,586

Summary by expenditure type

	Staff costs	Depreciation	Other costs	Total
	2024	2024	2024	2024
		£	£	£
Publication expenditure	686,498	36,618	1,349,307	2,072,423
Grant making			10,000	10,000
Support costs			30,798	30,798
	686,498	36,618	1,390,105	2,113,221
	Staff costs	Depreciation	Other costs	Total
	2023	2023	2023	2023
		£	£	£
Publication expenditure	721,245	35,299	1,328,784	2,085,328
Grant making			10,000	10,000
Support costs			28,258	28,258
	721,245	35,299	1,367,042	2,123,586

The Tablet Trust made net grants and other contributions of £131,592 (2023: £72,059) to its subsidiary company in support of The Tablet and The Pastoral Review and other expenditure items from unrestricted funds. These balances are eliminated on consolidation.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

9. Auditor's remuneration

Auditor's remuneration
	2024	2023
	£	£
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts	8,200	7,249
Fees payable to the Charity's auditor in respect of:
The auditing of accounts of the subsidiary of the Charity	16,400	14,499
All non-audit services not included above	2,200	4,250

10. Staff costs

	Group	Group
	2024	2023
	£	£
Wages and salaries	590,679	615,348
Social security costs	53,199	59,709
Contribution to defined contribution pension schemes	42,620	46,188
	686,498	721,245

The average number of persons employed by the Charity during the year was as follows:

	Group	Group
	2024	2023
	No.	No.
Editorial and publishing	7	9
Administration	20	20
	27	29

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

10. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

	Group	Group
	2024	2023
	No.	No.
In the band £70,001 - £80,000	1	1
In the band £100,001 - £110,000	1	1

The total contributions in the year towards pension scheme contributions for the above 2 (2023: 2) staff members were £14,350 (2023: £14,350).

The Trust considers its key management personnel comprise the Trustees, the Trust secretary, the Publishing Company Directors and the Tablet Editor. The total employment benefits (including employers' pension contributions and employers' national insurance contributions) of the key management personnel were £217,227 (2023: £219,856).

Termination payments of £31,61 0 (2023: £Nil) were made during the year.

11. Trustees' remuneration and expenses

Two (2023: two) of the Trustees act as a director of The Tablet Publishing Company Limited and received an attendance allowance to cover the cost of attending directors' meetings The total paid to all - Directors by the subsidiary in respect of attendance allowances was £Nil (2023 £2,700).

- During the year ended 31 January 2024, no Trustee expenses have been incurred (2023 £NIL).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

12. Tangible fixed assets

Group

	Long leasehold property	Office equipment	Total
	£	£	£
Cost or valuation
At 1 February 2023	1,650,000	200,035	1,850,035
Additions		900	900
Disposals		(10,667)	(10,667)
At 31 January 2024	1,650,000	190,268	1,840,268
Depreciation
At 1 February 2023	264,000	191,309	455,309
Charge for the year	33,000	3,618	36,618
On disposals		(10,667)	{10,667)
At 31 January 2024	297,000	184,260	481,260
Net book value
At 31 January 2024	1,353,000	6,008	1,359,008
At 31 January 2023	1,386,000	8,726	1,394,726

All the fixed assets are held by the trading subsidiary.

On transition to FRS 102 long leasehold property was revalued using the sale price of an identical property. Had the valuation not been made, long leasehold property would have been included on the historical cost basis at the following amounts:

	Group	Group
	2024	2023
	£	£
Cost	567,446	567,446
Aggregate depreciation	(365,963)	(354,614)
	201,483	212,832

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

13. Fixed asset investments

	Listed	Unlisted
	investments	Investments	Total
Group	£	£	£
Cost or valuation
At 1 February 2023	237,143	1	237,144
Additions	206		206
Disposals	(40,206)		(40,206)
Revaluations	• 2,510		2,510
At 31 January 2024	199,653	1	199,654

	Investments
	in subsidiary	Listed	Program related
	companies	investments	Investment	Total
Charity	£	£	£	£
Cost or valuation
At 1 February 2023	135,000	237,143	248,475	620,618
Additions		206		206
Disposals		(40,206)		(40,206)
Revaluations		2,510		2,510
Loan repaid			(32,721)	(32,721)
At 31 January 2024	135,000	199,653	215,754	550,407

The historical cost of listed investments totals £155,002 (2023: £187,078).

Listed investments comprise:

	2024	2023
	£	£
Equities	139,685	157,057
Fixed income	27,428	35,113
Property	7,539	10,409
Alternative investments	16,685	29,801
Liquid assets/cash	8,316	4,763
	199,653	237,143

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name	Company number	Registered office or principal place of	Principal activity	Class of shares	Holding Included In consolidation
		business
The Tablet	00311249 1 King Street Cloisters,		Publishing	Ordinary	100% Yes
Publishing	Company	Clifton Walk,
Limited		Hammersmith. London,
		W60GY

The financial results of the subsidiary for the year were:

	Name	Income	Expenditure	Profit/(Loss)	Net assets
		£	£	_I_Surplus/	£
				(Deficit) for
				the year
	The Tablet Publishing Company	2,101,136	2,110,706	(9,570)	349,533
	Limited
13.	Fixed asset investments (continued)

Investments that comprise more than 5% of total market value of Investments:

	2024	2023
	£	£
Sarasin Endowment Fund - Class A Inc	199,653	236,942
	199,653	236,942

Unlisted investments:

The Charity also owns the whole of the issued share capital of The Tablet Publishing Company Limited which was received from the settlers under the Trust Deed dated 7 May 1976. The subsidiary publishes "The Tablet" and "The Pastoral Review" which helps meet the objectives of the charity.

The programme related investment relates to a loan extended by The Tablet Trust to The Publishing Company. The Publishing Company is engaged in activities that directly further the charitable purposes of the charity. The loan is unsecured and interest free.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

14. Debtors

Group Group 2024 2023 £ £ Due within one year Trade debtors 77,558 78,104 Amounts owed by group undertakings Other debtor 35,177 71,726 Prepayments and accrued income 48,148 40,289 160,883 190,119 Charity 2024 £ 133,338 9,4 142,782	Charty 2023 £ 119,742 8,846 128,588

15. Creditors: Amounts falling due within one year

	Group 2024	Group 2023	Charity 2024	Chart 2023
	£	£	£	£
Trade creditors	249,769	221,333
Other taxation and social security	15,101	17,005
Accruals	52,603	45,914	18,299	15,325
Subscriptions in advance	556,469	594,525
	873,942	878,777	18,299	15,325

Subscriptions in advance relate to payments made by customers in relation to publications not yet received. Analysis of the movement is as follows:

Group 2024 £ Balance at 1 Februar 2023 594,525 New subscriptions in the year 1,457,269 Income released during the year (1,495,325) Balance as at 31 Januar 2024 556,469	Gru 2023 £ 604,214 1,553,409 (1,563,098) 594,525

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

16. Financial instruments

Financial assets Financial assets measurd at amortised cst Financial asset measured at fair value Financial liabilities Financial liabilities measured at amortised cost	Group Group Charity Char 2024 2023 2024 2023 £ £ £ £ 162,105 164,995 159,062 143,857 199,65 237,144 550,407 620,618 361,759 402,139 709,469 764,475 Group Group Charity Chart 2024 2023 2024 2023 £ £ £ £ (302,372) (267,247) (18,299) (15,325)

Financial assets measured at amortised cost are Trade Debtors, Other Debtors, lntercompany balances, Accrued income and Cash at Bank less Prepayments

included within financial liabilities are Trade Creditors and Accruals.

Included with financial assets held at fair value are Investments.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

17. Statement of funds

Statement of funds	Statement of funds	Statement of funds
Statement of funds -currentyear
	Balance at1 February 2023 £	Income £	Expenditure £	Transfers in/out £	Gains/ (Losses) £	Balance at 31January 2024 £
Unrestricted
funds
General Fund	(194,046)	2,044,212	(2,120,141)	21,651	2,510	(245,814)
Revaluation
reserve	1,173,168			(21,651)		1,151,517
	979,122	2,044,212	(2,120,141)		2,510	905,703
Restricted
funds
Restricted Fund		10,000	(10,000)
Total of funds	979,122	2,054,212	(2,130,141)		2,510	905,703

12. The transfers relate to the revalued element of depreciation on the long leasehold property as per Note

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

17. Statement of funds {continued)

Statement of funds - prior year

	Balance at 1 February 2022 £	Income £	Expenditure £	Transfers in/out £	Gains/ (Losses) £	Balance at 31 January 2023 £
Unrestricted
funds
General Fund	(154,156)	2,070,613	(2,118,841)	21,651	(13,313)	(194,046)
Revaluation
reserve	1,194,819			(21,651)		1,173,168
	1,040,663	2,070,613	(2,118,841)		(13,313)	979,122
Restricted
funds
Restricted Fund		10,000	(10,000)
Total of funds	1,040,663	2,080,613	(2, 128,841)		(13,313)	979,122

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

	Unrestricted funds	Total funds
	2024	2024
	£	£
Tangible fixed assets	1,359,008	1,359,008
Fixed asset investments	199,654	199,654
Current assets	220,983	220,983
Creditors due within one year	(873,942)	(873,942)
Total	905,703	905,703

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Analysis of net assets between funds - prior year
	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Tangible fixed assets	1,394,726	1,394,726
Fixed asset investments	237,144	237,144
Current assets	226,029	226,029
Creditors due within one year	(878,777)	(878,777)
Total	979,122	979,122

19. Reconciliation of net movement In funds to net cash flow from operating activities

		Group	Group
		2024	2023
		£	£
	Net expenditure for the year (as per Statement of Financial Activities)	(73,419)	(61,541)
	Adjustments for:
	Depreciation charges	36,618	35,159
	(Gains)/losses on investments	(2,510)	13,313
	Dividends, Interests and rents from investments	(6,176)	(7,540)
	Loss on the sale of fixed assets		140
	Decrease/(increase) in debtors	29,236	(36,313)
	(Decrease)/increase in creditors	(4,835)	22,498
	Net cash used In operating activities	(21,086)	(34,284)
20.	Analysis of cash and cash equivalents

	Group	Group
	2024	2023
	£	£
Cash in hand	60,100	35,910
Total cash and cash equivalents	60,100	35,910

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

21. Analysis of changes in net debt

	At1 Februar		A31 Januar
	2023	Cash flows	2024
	£	£	£
Cash at bank and in hand	35,910	24,190	60,100
	35,910	24,190	60,100

22. Operating lease commitments

At 31 January 2024 the Group had commitments to make future minimum lease payments under non­ cancellable operating leases as follows:

cancellable operating leases as follows:
	Group	Group
	2024	2023
		£
Not later than 1 year	2,308	4,050
Later than 1 year and not later than 5 years	4,617	458
	6,925	4,508

The following lease payments have been recognised as an expense in the Statement of financial activities:

	Group 2024	Grup 2023
	£	£
Operating lease rentals	4,688	4,434

23. Related party transactions

The Trust entered into related party transactions with The Tablet Publishing Company a 100% owned subsidiary during the year and provided restricted and unrestricted grants of £141,592 (2023: £82,599), and a programme related investment totalling £215,754 (2023: £248,475) at the year end (See Note 13 for further details). In addition, a charge for secretarial services of £56,400 (2023: £50,000) was made from The Tablet Publishing Company to the Tablet Trust. At the year end, the Trust was due £133,338 from The Tablet Publishing Company (2023: £119,742).

Donations of £18,127 were received from the Trustees (2023: £12,596).

Page 39