2025-01-31-accounts

Docu5fgn Envelope ID: A8s3EET￿73N537-A67r￿lO403AsEB Charity number: 1173924 THE TABLET TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

Docustqn Envelope ID.. A853EE78ffj73fA537-A67&694104D3A5EB THE TABLET TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Trustees. responsibilities 51atement Independent audltofs report on the financial statements Consolidated statement of Ilnanclal aCt[￿tIeS 10 15 Consolidated balance sheet 16 Charlty balance sheet Consolidat￿ statement of cash flows 17 18 Notes to the financial statements 19-37

Do¢uslgn Envekjpe ID.. A8S3EE78￿7364S37-AG7f>6g41I14D3&fiEB THE TABLET TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 Trustees Dame Helen Ghosh. Chairperson Mike Craven. Vice Chaiman John Adshead (resigned 27 August 2024) 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 Slr8et Cloisters Clifton Walk London W6 OGY Secretsry Amanda Davison-young Finance Committee Carmel Mcconnell Mike Craven Amanda Davison-young Katherine Jeffrey (resigned 7 November 2024) Independent auditor Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Be￿Sh]re RG1 1AZ Bankers HSBC 123 Chancery Lane London WC2A 1QH Natsvest 1 st Floor 22 King5 Mall Hammersmilh London W6 OPZ Financial Advisers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page 1

DorJJsign Envelr¥)e ID.. AB53EE7&673￿37-A6F￿94104olASEB THE TABLET TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees present their report together wtth the audiled financial statements for the year ended 31 January 2025. Reference and Admlnlstrative Infomiation The Tablet Trust is a wistered tharity. number 1173924. The Trustees, key atldresses and advisers are set out on the previous IKI pages. Structure, Governance and Management The Tablel Trust is constituted as a Foundation Charitable Incorporated Organisation (CIO). The CIO was entered into Ihe Regisler of Charities on the 24th July 2017 with the registered charity number 1173924. The assets of the previous Trust were transferred to the CIO on 1 February 2018. The CIO is now the sole trustee of the previous Trust {charity number 271537) which remains on the register as a shell charity. Governlng Body Any nominations for new Trustee5 in the period under review were pla￿d before the annual meeting of Trustees and approved by a majority of the Trustees prior to any appointrnents. No appointments of Trustees are made without full consultation with other Trustees and review of Curriculum Vitae and recommendations. Due diligen 15 achieved on all appointments. Trustee-training For the period under review new Trustees were inducted into the vthings of the Charity and its subsidiary company at an induction meeting organised by the Secretary to the Trust. the Chairman of the Publishing Company and the Editor. A welcome pack was provided. which included.. a copy of the governing Trust deed. a note on the role of Trustees-, background to the Tablet Publishing Company including the structure of the Board, tts mission, overall aims and the cu￿ent specific activits'es and goals Organisational Management The Finance Committee. consists of four Board Members who convene twce a year to discuss the affairs of The Tablet Publishing Company.. the relevant actions of which wll feed into the Trust. At these meetings the committee review the budget proposals for the year ahead; review fundraising activities,. cash flows and review investments. The CEO produces a weekly Trust Matters report thich goes to the Chair of the Trust and the Chair of the Board and The Editor and any items coming out of the Finance Committee meetings, which are of relevance to the Trust, would be highlighted in this report. The Trustees CU￿entlY meet formally ￿1c@ a year. The rnanagement of the Publishing Company is vested in a Board of Directors who report to The Trust through the Finance Committee and at the AGM. Key Management Personnel Remuneration Our approach to remuneration has been designed to ensure can attract and retsin the tslenied and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently across the organisation. We aim to pay competibvely in the not-for-profil sector wthin the context of affordability. We therefore lake into account factors such as salaries paid in comparable organisations. Page 2

Di*uslyn Envelope ID.. A853EE78-673fAS37A67M94104D3A5EB THE TABLET TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Group Structure and Relationships The Charity has a whcAly owned subsidiary. The Tablet Publishing Company ￿Mited {registered company 311249). The principal actSvity of the subsidiary ￿MpanY is the publication of Yhe Tablef and The Pastoral RevIe￿. Fifty issues of "The Tablef are produced per annum (th ￿ double editions). historically six. reduced to four issues of The Pastoral Revie￿ are woduced per annum. Risk Management The Trustees are responsible for oversight of the risks faced by the charity. Detailed consrderations of risk are delegated to the Finance Committee, v4hich is assisted by the senior staff of both the Charity and Ihe subsidiary. Risks are identified and assessed. and controls have been established. A fomial rewew of the charitys risk management processes is undertaken on an annual basis. The key controls used by the Charity include: Formal agenda for the Board of Trustees Detailed terms of reference for the Directors and management of the subsidkiry Comprehensive reviews of management accounts. budgets and plans Established organisational and govemance structure and lines of rewting Formal written policies Hierarchical authorisation and approval levels Through the risk management processes established for the Charity, the Trustees have idenlified thal the most significant risk it faces is the decline of its trading sub5idiaWs traditional print publishing model caused by the influence of digital and social media publishing - a disruptive and ever morphing technology, fuelled by the ever expanding reach of the internet and the impact this has on how everyone accesses information. Additionally. the increased costs of printing and distributing printed matter a￿ significanuy in¢￿a$[n9 forcing many publishers, induding ourselves to continue to review our business model to ensure susL3inability for the future. Strict cost control along with the development of appropriate digital and soaal media products to deliver digital content to this evolving market place are being implemented as a means to address this challenge. Additionally. reductions in the Tnjst investment. managed by Sarasin and Partners is aiso considered a risk in that the ftjnd is dwindling over time. There is a requirement to increase the fvnds in the pot to ensure there is adequate reseNes for the future to invest in the long-term sustainability of The Tablet. The Trustees are satisfied Ihat all other major risks are identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable Ixjt not absolute assurance that major risks have been adequately managed. Going Concern In their assessment of going concem the Trustees have considered the current and developing impact on the group as a result of Ihe ongoing war in Ukraine, the cost-of4iving crisis and the ongoing economic volatility which has hampered consumer confidence especially wilh respect to customer spend across numerous Tablet platforms during the year. Due to the agility of the business and its capability to react decisively lo market forces by altering the pullers and leavers of the business in temis 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 wth 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 joumals in these uncertain times. The TTuslees also recognise that there could be a risk to donalion and investrnent income as giving priorities change and investment perfomiances fall. At the 31st January 2025 the group also held inve5trnents of £183.249 which could be liquidated and a freehold propety whlch was previously valued at £1.65m which could be leveraged to secure additional funding should the need arise. Page 3

Drwi￿ EnveknFe ID.. A853EE7847364537-A67W10403ASEB THE TABLET TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 JANUARY 2025 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 con￿rn for the foreseeable future. Fundraising The Tablet Trust is a small charity that historically raised funds through the activities of its wholly owned subsidiary, The Tablet Publishing Co Ltd, some small regular donation5 (individuals and trusts) and occasional legacies. In 2017, following a research exercise undertaken amongst supporters, the Trustees decided to launch a fundraising campaign lo bring The Tablel and the values it stands for to new audiences especially through digital technology. An initial target of £1.5m vms Set and. recognising the importance using good fundraising standards and pracb"ces. This work continues. Donations and pledges are solicited by Trustee volunteers and approaches are personal focused on Ihose individuals and institutions who have expressed interesl in our proposed developments. A development fund campaign is run through the pages of The Tablet each year and donations continue to exceed expectations every year. The Tablet Trust does not engage in large scale fundraising activities like dats screening, mass mailing, telephone fundrai&ng or door-to4oor campaigns. Under no circumstances will The Tablet Trust share personal infomation of our supporters for the purposes of third-party marketing or processing. The Trust along with The Tablet Publishing Company work within the scope of GDPR. The fundraising activities are monitored through ￿gUlar meetings which review the progress of the different inilialives al both a Trust and a Board level. A fundraising committee is in Pla￿ made up of senior members of The Tablet Board. During the year we have not recerved or are aware of any complaints or breaches about cMJr fundraising activities. The Tablet Trust takes its responsibility to protect vulnerable people and other members of the public from behaviour which Might be considered an unreasonable intrusion on their privacy or unreasonably persistent very seriously. It has taken measures to comply vlith GDPR arKJ. as part of this. all individual and financial records are password protected. Objects. Aims, obje￿iVeS and Principal Activities Charitable Objectives The objectives of the charity as set out in its foundation dwjments are.. a) to advance Ihe Christian religion. bl to promote, present and disseminate the teachings of the Christian religion and to promote understanding of the Roman Catholic faith, values and principles. c) to advance the education of the public. d) to pursue such other charitable objectives as shall not be inconsistent wth the objecls hereunto before set OLrt. The objectives of the TrL5St are carried out by its SUPFM)rt of the religious and educational aspects of The Tablet" and "The Pastoral Revith¢, and suptK)rt of outside bodies whose actiwties fall within the Trust Deed objectives. Page 4

DIKusiw Env8k>￿ ID: A853EE78-673N537-A67Pr6941(MD3A5EB THE TABLET TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Objectives for the year The Trust and its successor CIO bok 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 Seo)nd Vatican Council, of The Tablet and The Pastoral Review b) increasing the influence of The Tablet and The Pastoral Rewew in the religious and secular spheres in the UK and beyond", and c) increasing the circulation of both tilles. The above objectives will be continuous. Strategic Aims and Intended Effect The Trust and its successor CIO seek to fulfil its objectives through its support of the Publishing Companys flagship title The Tablet. Through this support it aims to grow The Tablefs influence in the UK and inlemationally, as a journal of cornment and analysis. This in tum wll engender amongst its growing readership a discemment of the Chrislian message reflected within the intellectual values of providing infoffned opinion, a forum for debate and a journal of record. It seeks to create a spiritual counterbalance lo the political polarisation of society and in particular intellectual lrfe. It also seeks to provide a resour￿ to the Church through The Pastoral Review and to bring on new readers of The Tablet in the fijture with new pla￿O￿n5 such as inspire. an additional product in The Tablet's stable, aimed at the 30 ￿u$ marketplace. Principal Activity The Trust's principal acliwty is affected through The Tablet Publishing Company. It publishes The Tablet, a weekly journal of re￿rd and opinion that is concemed with the wodd 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 aims. objedives and activities a year and have devdoped a platfom) with interested parties outside of The Tablet to devdop 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 lo ensure that our aims. objectives and activities remain focused. The Charity Trustees have therefore cornplied 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 Ihat Act. The Trustees continually consider how planned activities wll 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 Tablef and The Pastoral Revi￿. and support of outside bod￿5 whose activities fall within the Trust Deed objeclives. Page 5

DOCUSI￿ Envek)pe ID: A853EE7&67364S37A676ffj94104D3A5EB THE TABLET TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 How our activities deliver public benefit Our main activities and we benefit are described below. Other than through the provision of grants we seek to deliver public benefit through our publishing companys activities. Who used and benefited from our aGtivities? The Tablet's total media circulation (Print subs. trade and digital subs) during the year was 11,794 which compares lo the previous year of 12,540, an attrition level of 5.9% {6.34 /• in 2023.. 4.64Yo in 2022 and 0.88/0 in 20211 Direct Debit renewals are al an enviable level of over 92% which further illustrates the loyalty of the readership base for The Tablet. For The Pastoral Review, now four editions per year, circulation averaged 963 copies 11,011 copie5 per issue in 2023). Additionally. digital subscriptions now make up an additional 1986 average issue readers of the digilal version of The Tablet with plans to continue to reduce the print subscriptions in favour of digital subscriptions over b"me- thereby reducing the cost base overall whilst increasing the overall subscription base through pnce differentiated offerings to suil all pockets. The Tablet provides thought provoking arkncles designed to stimulate debale on issues of morals, ethics and religion in the contemporary world. thereby promoling a better understanding of the divisive issues facing society today. The Pastoral Review provides SUPPOrt lo those involved in pastoral work through arbcies that infomi as weil as enhance their particular vocation. Through The Publishing Company, The Tablel provides the general public with a broad range of information on Catholic matters, daily news updates, blogs and additional letters to the casual browser. along with a resource section for religious knowledge educators and students whilst in addition providing a total reach to over 472.000 adults every month. In addition to this The Tablet has a varied webinar programme which attracts a diverse International audience- together with a YouTube Channel- podcast platforms and various fully interactive social media plafforms. Our readers are inquisitive and questioning. campaigning and intellectual. They are also habitual in their behaviours, with over 81.000 users of our website coming back to it over 201 limes in a year. The free digitd e new51etter is now distributed weekly to over 27,000 registered users. We also receive requests to republish material published in The Tablet in other publications. The new web site for The Tablet was launched in December 2018 has gone through a period of transition and relaunch in 2024 which will be completed in 2025 to further enhance Ihe subscription offering. to update the price points for subscribers and to ensure the user journey is smooth and easy, and further not only meets market needs but is competits've in a crowded market. Further developments of the Tablet platforms are built into the plans for 2025. Disbursement Policy There is an agreed disbursement policy under which the majority of funds are retained for the present and future development of The Tablel and The Pastoral Review. but some funds are available to respond to granl application5 from other sources vthich meet any of Ihe following criteria: a) advance the Christian religion b) promote, present and disseminate the teathings of the Christian religion and promote understanding of the Roman Catholic faith. values and principles c) advance the education of the public d) are consislent wth and enhance the promotion of these prlnclples as already embodied in The Tablet and The Pastoral Review e) Digital upgrades including the web site and marketing of The Tablet Archive digitisation gl ApF)ointment of a events I fundraising resource £203,982 of intemal grants V￿re made during the year from The Tablet Trust to the Publishing Company; (202314 £141,592). Volunteers The Trust does not make any significant use of volunteers and relies on the staff of The Publishing Company for most tasks. Page 6

or￿U$lgn EnveloFe ID: A8SJEE7M7364537467f￿6g4lO4D3AsEB THE TABL￿ TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Review of Achievements and Perforniance for the year Progress by The Tablet Trust towards the achievement of its objectives has continued over tha past year. The Tablet's overall circulation decreased by 5.9Yo, print subscriptions incorne fell by 7.6Yo a¢ross the year (mainly as a measure to improve the effiaencies and reduce costs as part of the cost saving plan in the year as we migrate more and more people over to digital); and digital Subscriptions declined by 6.801¢ mainly as a result of the rebuild work on the website which disrupted the subscription onboarding towards the end of the year. Advertising sales came in 22°h behind last year mainly due to a fall off of leaflets and display revenue. The advertising market has been challenging throughout 2024 but there does seem to be some uptum in leaflets incomes as we enter into 2025 which is positive. This work wll need to continue to ensure we keep growing the advertiser base so that we are not fishing in the same ponds. 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 yèar. but recognises, particularfy in these uncertain economic times. the commercial challenges in publishing relatively 5rrkill joumals. 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 2025 reflects the ongoing stabilisation of the business brought about through the past five years of restructuring and re engineering. The numbers in 2024 for The Tablet saw a small loss overall with the unexpected dedine in advertising incomes which are being offset with new incomes streams planned in 2025. This together wtth the new website will help the overall pull of incomes in 2025 and beyond. Work needs to continue with a focus on increasing the number of people who lake up a digital subsGriplion and we will continue to developing the fundraising scope of the business. ensuring that some of the funds raised. once The Tablet has achieved its targets are maintained in the Trust. Before consolidation. The Tablet Trust made a deficit of £71,494 (202314: £63.849). This deficit has arisen after £23.596 of investment gains in this financial year (202415= £2.510) and higher grants to TPC in the year compared lo previous years due to an increase in fundraising incorne gained in the year (+£57k year on year). The principal funding sources of the Trust are investment income and donations. The consolidated results have produced a deficit in the year of £80,947- (202314- £73,149).. 2023: defictt 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 not made loan offset payments to The Tablet Trust to offset previous loans from The Trust to run the publishing entity due to a need to improve cash flow for the 202516 period. The total amount of loan repa￿entS made by The Tablet Publishing Companyto The Tablet Twst equates to £94k in 2021., £25k in 2022, £28k in 2023 and £33k in 2024, so £180k overall over the last five years. By repaying the loan it ensures The Tablet Trust balan￿ sheet remains healthy and this wll be reviewed again in 202516. There is a defI￿t on group unrestrlcted 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 wblishing and accommodation needs of the company. Free reserves are defined by the Charity Commission as unrestricted fijnds available to spend on the general purposes of the Charity and therefore exduding those designated for particular purposes and those already uiilised in purchasing tangible fixed assets. Free reserves should not be mistaken for cash reserves. Page 7

DocJJsign Envelope ID.. A853EE78-673fA537-A67￿947O4D3ASEB THE TABLET TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Afler adjusting unrestrFCted funds for funclional fixed assets. there were no free reserves at the 31 January 2025. The currenl aim is to build up free reserves of £20k to mitigate against unmeasurable risks. Further inforniation on fund5 can be seen in Note 15 of the financial 51atements. Investment PoV￿r$. Policy and Perf¢Yman¢e Investment principles i) The Trustees will aP￿in1 investment managers to advise on the investment of assets of the Fund in accordance wilh the principles set out ￿ this statement and wthin the guidelines set down from time to tim by the Trustees. ill The Trustees will monitor the performance of the investment managers against the slated Perfomiance Objective. Performarbce reports will be obtained quarterly but it is expected that any manager will, in normal circumstance5, be given a period of tenure of between 3 and 5 years. Trustees will, prior to the end of the period of tenure, conduct a review to establish whether aHemative investment managers should be appointed. iiil The Trustees wish th￿r investment advisers to take into account their desire thal the investment choices made should have regard to appropriate ethical considerations. iv) Risks will be mitigated by spreading investments either by purchasirrfJ managed funds or by limitiNJ purchases to not more than 50A of the investment fund's value. v) There will be no direct investments in warrants. options. futures and contracts for differences. vi) An annual review of the porttolio to be undertaken by Tnjstees with the investment managers Investment objectlves a) The primary objective of the Trustees is that the Fund, together wth any donations made in the future, is invested to produce a level of distributable income, as agreed behveen the Trust and ils fund manager(s}, to support charitable causes in line wth the purposes of the Trust. while maintaining as far as is possible its real value in the long temi. b) The assets of the Fund are to be invested in a diverse portfolio consistent with a medium-risk profile. The Trustees will look for the manager or managers to achieve. over rolling five-year periods, a total retum on investments not less than the average of the WM Unconstrained Chartties Universe {excluding propèrty). Current investment arrangements a) Sarasin & Partners LLP are the fund manager. b) The assets are invested in three funds - Sarasin Global Higher Dividend- l inc, Sarasin Endowment Fund Class A Inc and S8rasin Income and Reserves Fund Class A Inc. Investment Performance Portfolio value as at 31st January 2025 was £183.24g. In the 12 months to 31st January 2025. the portfolio generated a return of +15.90/0 (after all fees and c051s) relative to the composile benchmark retum of +17.4% and the Charity Peer Group return (as measured by the ARC Steady Growth Charity Index) of +12.0%. Income generation continued to be slrong over the period with the portfolio yielding 2.6 % as at 31 st January 2025. Page 8

Docusign Envek)pe ID.. A853EE7&67W537-A676ffj94104D3A5EB THE TABLET TRUST TRUSTEES. REPORT (coFifiNUED) FOR THE YEAR ENDED 31 JANUARY 2025 Future Plans The Trust recognises that to support the growth of the Publishing CoMpan￿S ongoing investment, it is necessary to develop modem outreach through intemational 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 pul to Ihe Annual General Meeting. Approved by order of the members of the LM)ard of Trustees and signed ￿ their behalf by. Darne Helen Ghosh (Chair of Trustees) Dale= 16 July 2025 Page 9

Dlxuslgn Envetope IO.. A85EE7&67364537467W4104D3ASEB THE TABLET TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 202S Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total fvnds 2024 Note Income from: Donations and legacies Charitable activities: Publication income Investments 153,972 18,471 172,443 130.288 1,743,349 5.660 331 1,743,349 5,660 331 1,917,748 6.176 other income Total income 1.903.312 18,471 1,921.783 2,054.212 Expenditure on: Raising funds Charitable activities: Publication expenditure Support costs Grdnt making 20,936 20.936 16,920 1,949,304 37,615 1,949,304 37.615 18,471 2,072.423 30, 798 10,000 18.471 Total expenditure 2.007.855 18.471 2,026,326 2.130.141 Net expenditure before net gains on Investments Net gains on inveslments 1104.543) 23,596 (104,543) 23.596 (75.929) 2.510 11 Net movement In funds (80,947) (80.947) (73.419) Reconclllatlon of funds: Total funds brought forward Net movemenl in funds 905,703 (80,947) 905,703 (80.947) 979,122 (73,419) Total funds carrled foThvard 824,756 824.756 905,703 The Consolidated siatement of finanaal activities includes all gains arKI losses recognised in the year. The notes on pages 19 to 37 form part of these financial ststements. Page 15

Docusign Envewe ID.. A853EE78-67364537-A676-694104D3ASEB THE TABLET TRUST CONSOLIDATED BALANCE SHEET AS AT 31 JANUARY 2025 2025 2024 Note Fixed assets Tangible assets Investments 10 11 1.343.818 183,250 1,359.008 1g9,654 1,527,068 1.558,662 Current assets Debtors 12 1 $4,607 14.817 160,883 60. 100 Cash al bank and in hand 169,424 220.983 Creditors: amounts falling due within one year 13 (871,736) (873,942) Net current liabilities (702.312) (652,959) Total assets less current liabilities 824.756 905. T03 Total net assets 824,756 905. 703 Charity funds Restricted funds 15 Unrestricted funds General fund Revaluation reserve 15 (305,110) 1.129.866 (245.814J 1, 151,517 15 Total unrestricted funds 15 824,756 905, 703 Total funds 15 824.756 905, 703 The financial statements were approved and authorised for issue by the Truslees on 16 July 2025 and signed on their behalf by: 3F4b26FFBEE3428.. Da e Helen Ghosh (Chair of Trustees) Mike Craven (TTUStee) The noles pages 19 to 37 fom part of these financial statements. Page 16

Docusign Envelope ID.. A&53EE78-67364537-A676-694104D3A£B THE TABLET TRUST CHARITY BALANCE SHEET AS AT 31 JANUARY 2025 2025 2024 Note Fixed assets Tangible assets Investments 10 11 534,003 550.407 534.003 550,407 Current assets Debtors Cash at bank and in hand 12 106,438 5,768 142. 782 16,280 112.206 159.062 Creditors: amounts falling due within one year 13 {26,533) (18,299) Net current assets 85.673 140. 763 Total assets less current Ilabilities 619.676 691,170 Total net assets 619,676 691,170 Charity funds Restricted funds Unrestricted funds General funds 619,676 691.170 Total Un￿strICted funds 619,676 691,170 Total funds 619.676 691.170 The charitys net movement in funds for the year was £(71.494) (2024 - £(63.849)). The financial statements were approved and authorised for issue by the Trustees on 16 July 2025 and signed on their behalf by.. SbJ*d b ILL CfdVL 3FBB25FFeEE14•. Dame Helen Ghosh {Chair of Trustees) Mike Craven (Trustee) The notes on pages 19 to 37 fomi part of these financial slatements. Page 17

Docusign Envelope ID: A853EE7&673M537-A67￿94IO4DWEB THE TABL￿ TRUST CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025 2025 2024 Note Cash flows from operatlng a¢tlvllles Net cash used in operating activities 17 {66,991) (21,086) Cash flows from investing activities Dividends. interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of inveslments Purchase of investments 5.660 (23.952) 40,000 6.176 (900J 40,206 (206) Net cash provid¢d by investing activities 21,708 45,276 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (45.283) 60.100 24.190 35,910 Cash and cash ¢quivalents at the end of the year 18 14,817 60,100 The notes on pages 19 to 37 form part of these financial ststements Page 18

Docuslgn Envekjpe ID: A8S3EE78W364537-A67W4104D3A5EB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 General infomiation The prinupal adiwty of The Tablet Trust is the pubtication of 'The Tablef and The Pastoral Revievf. The unincorporated (charity number 1173924) is domiciled in the UK. The address of the registered office is 1 King Street Cloisters, Clifton Wall London. W6 OGY. Accounting pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021- 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 finanual stalemenls have been prepared to give a Irue and fairf Mew and have departed from the Char¢ties {Accounts and Reports) Regulations 2008 only to the extenl required to provide a 'lrue and fair. view. This departure has involved following the Charities SORP (FRS 1021 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 othernise stated in the relevant accounting policy. The Consolidated statement of financial actiwties (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by fine basis. Intra-group transactions have been elimlnated on consolidalion. As pemiitted by FRS 102, no separate Statement of Financial Activities has been presented. The net outgoing resources of the charity (exduding the Tablet Publishiro Company) were £71,494 (2024.. £63,849). Page 19

Docusign Envelope ID.. A853EE7&67364537-A67&694104D3A5EB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accountlng policies (continued) 2.2 Going concern In their assessment of going concem the Trustees have considered the current and developing impact on the group as a result of Ihe ongoing war in Ukraine and the cost of living crisis which have both impacted The Tablet Publishing Companls trading perfomance but due to the agilily of the business and its capability to react decisively lo market forces by altering the pullers and leavers of the business in terms of income and expendtture the Charity is able to offset as much of the potential imrnediate 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 ecommèrce. As always. the Trustees reccgnise the commercial challenges in publishing relatively small joumals in these uncertain times. The Trustees also recognise that there could be a risk to donation and inveslment income as giving priorities change and investment performances fall. At the 31st January 2025 the group also held investments of £183,249 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 fulure. 2.3 Income Income is accounted for on an a￿DualS basis. wtth the exception of donations wh￿h are accounted for when received. Donations received for general purposes are credited to unreslricted 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 gen6rated in the publishing company and is accounted for on an accruals basis. 2.4 Grants payable The charills granlwmaking process is informed by the best Practi￿ of peer organisations. and the Charity Commission's guidelines and recommendations. Grants payable are paynents made In the furtherance of the tharitable 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 re￿1ve the one- year or multi-year granL Grants awards that are subject to the recipient fu￿[ling 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. Page 20

D￿usIgn EnveloFe ID.. A853EE78-67364537-A676-69410403ASEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policles (contlnued) 2.5 Expenditure Expenditure is recognised once the￿ 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 actiwty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attrFbutable to a single activity are allocated direcuy 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 be￿een those activities on a basis consistent with the use of resources. Expenditure on raising funds indudes all expenditure incurred by the Group to raise funds for its charitable purposes and indudes costs of all fvndraising activities events and norpcharilable trading. Expenditure on charitable activitie5 is incurred on diredy Underta￿ng the activities which further the Group's objectives, as well as any assoualed support costs. Publication expenditure relates to woduction costs, advertising commissions. selling and distribution costs and administrative ￿$ts. Support costs comprise the costs of wnning the charity. ind￿1ng Strateg￿ planning for its future development, also intemal and extemal audiL any legal advice for the Chartty and all the costs of complying wtth Constitutional and statutory requirements. All expenditure is inclustve of irrecoverable VAT. 2.6 Foreign currencies Monelary assets and liabilities denominated in foreign currencies are translated into steding at rates of exchange ruling at the reporting date. Transactiorts 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 ¢xn be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assels are measured at cost less accumulated depreciation and any accumulaled impaimient losses. All costs incurred to bring a tsngible fixed asset into its intended working condition should be included in the measurement of cosL Page 21

DoDJ&gn Envelope ID.. A853EE78473fA537-A676-694104D3ASEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accountlng policies {continued} 2.7 Tangible fixed assets and depreciation (continued} Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight4ine method. Depreciation is provided on the following bases: Long leasehold property Office equipment - 2% per annum on cost 200A. 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 tsken to the fund for which the investments are held. Afi unlisted investments are held al hisioric cosl. The programrne related investment relate5 to an interest free loan that the Tablet Trust has provided to the Tablet Publishin9 Company. Investments in subsidiaries are valued at cosl less provision for impaimienL Investrnents held as r￿ed assets are shown al cost Sess provision for irnpalrment. 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 indudes cash and short-temi 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 Uabllities and provislons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of 2 past event, it is probable that a transfer of economic benefit wll be required in seluement, and the amount of the settlement can be estimated reliably. Liabilities are re¢ognised al the amounl Ihat the Charity antiapates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or seryices it must provide. Provisions are measured at the best estimate of the amounts required to settte 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•tsx discount rate that reflects the risks specific to tho liabilty. The unwinding of the discount is recognised in the Consolidated statement of financ¢al activities as a finance cost. Page 22

Dt¢uslgn Envelope ID.. A853EE7847384S37A67M94104D3A5EB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accountlng pollcles (contlnued) 2.12 Flnancial instruments The Group onty has finanoal assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the ex￿ptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.13 Operatlng leases Rentals paid under operating leases are charged to the Consolidated ststement of financial activities on a straKJht4ine basis over the ￿ase term. 2.14 Pensions The subsidiary cofflpany operates a defined contribution pension scheme. The amount charged in the statement of financid activities in respect of pension costs is the contributions payable in the year. Differences betsveen contributions payable in the year and contributions actually paid are shown as either accruals or prepayTnents in the balance sheet. 2.15 Fund accountlng General funds are unrestricted funds vhlich are available for use at the discretion of the Trustees in fvrtherance of the general objectives of the Group and whith have not been designatsd for other purposes. Reslricted 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 paiticular 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 fvnds. 2.16 Investment charges In relation lo investment fees whilst there is no fvnd managerfs explicit charge. there is an AMC (Annual Management Charge) of 0.75Q/o per annum based on the fund value. Page 23

Docuslgn Envelcye ID.. A8S3EEY847￿s37-As76-S94lO4D3ASEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Critical accounting estimates and areas of judgment Preparation of the financial statements requires management lo make significant judgments and estimates. The items in the financial statemenls vthere these judgments and estimates have been made include: Critical accounting estimates and assumptions= The eslimates and underlyng assumptions are reviewed on an 0￿gOIng basis. Revisions to accounting estimates are recognised in the period in which the estimate is remsed if the revision affects only that period or in the period of the rewsion and future periods if the revision affects the Current and future periods. Preparation of the financial statements required management to make the following rnaterial 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 liming differences can be deducted. All profits are gift aided up to the parent the Tablet Trust. Therefore. deferred lax liabilities relating to capital gains and deferred tax assets relating to trading kjsses have not been recognised within the financial statements. Investm¢nt income Unrestricted funds 2025 Total funds 2025 DNidends Interest 5,658 5,658 5,660 5,660 Unrestricted funds 2024 Total funds 2024 Dividends Interest 6,175 6,175 6,176 6,176 Dividend eamings reflect income achieved by the investment manager Sarasin & Partners LLP'S. Page 24

Docusign Envelope ID: A853EE7M7364537-A67M94104D3A5EB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Expenditure on raising funds Costs ot ralslng voluntary income Unrestricted funds 2025 Total funds 2025 FurKJralsing costs 20.936 20,936 Unrestrict8d funds 2024 Total fvnds 2024 Fundraislng costs 16.920 16.920 Analysls of expendlture on charllable actlvllles Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Publication expenditure Grant making Support costs 1.949.304 1.949,304 18,471 37.615 18,471 37.615 1.986,919 18,471 2,005,390 Page 25

Doeusign Envelope ID.. Aes3EE7￿7364s37-As76-S94l(14Dl4 THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Analysis of expenditure on charitable activities Icontlnued) Summary by fund type {continued} Unrestricted funds 2024 Restricted funds 2024 Total 2024 Publication expenditure Grant making Support costs 2.072,423 2,072,423 70,000 30, 798 10,000 30. 798 2,103,221 10,000 2,113,221 Summary by expenditure type staff Costs Depreciation Other costs 2025 2025 2025 Total 2025 Publication expenditure Grant making Support costs 637.410 39,142 1.272,752 18,471 37,615 1.949,304 18,471 37.615 637.410 39.142 1.328.838 2,005.390 Staff costs Depreciation 2024 2024 Other costs 2024 Total 2024 Publication expenditure Grant making Support costs 686,498 36,618 1,349,307 10,000 30, 798 2.072,423 10,000 30, 798 686,498 36,618 1,390, 105 2,113,221 The Tablet Trust made net grant5 and other contributions of £203.982 (2024.. £131,592) to its subsidiary company in support of The Tablet and The Pastoral Review and other expenditure items from unrestricted funds. These balances are eliminaled on consolidation. Govemance Costs tnduded within support costs are £26.075 (2024." £24,600). Page 26

Docuslgn Envefope ID: A853EE78-673fAS37-A67ftr694104D3AfjEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Auditovs remuneration 2025 2024 Fees payable to the charitys auditor for the audit of the charitys annual accounts 8,690 8.200 Fees payable to the charitys auditor in respect ofr. The auditing of accounts of the subsidiary of the charity All non-audit servi￿5 not induded at(Ive 17,385 2,400 16,400 2.200 Staff costs Group 2025 Group 2024 Wages and salaries Soeial security costs Contribution to defined contribution pension schemes 544,270 51.833 41.307 590,679 53.199 42,620 637,410 686.498 The average number of persons employed by the Charity during the year was as follows: Group 2025 No. Group 2024 Editorial and publishing Administration 19 20 26 27 Page 27

Docusign Env•lope ID.. A853EE78ffj73W37-A67f￿941O4D3AsEB THE TABL￿ TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Staff Cost5 (continued) The number of employees 7M)ose employee benefits (excluding employer pension costs) exceeded £60.000 was.. Group 2025 No. Group 2024 No. In the band £70.001- £80.000 In the band £100,001- £110,000 The totsl contributions in the year towards pension scheme contributions for the above 2 (2024.. 2) staff members were £14,350 (2024.. £14.350). The Trust considers its key management personnel comprise the Trustees, Ihe Trust secrelary, the Publishing Company Directors and the Tablet Editor. The total employment benefits (including employers, pension conlributsons and etnployers. national insurance contributs'ons) of the key management personnel were £216,147 (2024.. £217,227). Terminali¢)n payments of £Nil (2024." £31.610) were made during the year. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £MIL). During the year ended 31 January 2025, Trustee expenses have been incurred {2024- £NIL). Page 28

Docuslgn EnVekn￿ ID.. A853EE7847364s37￿s7￿4101D3ASEB THE TABLEf TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 10. Tangible fixed assets Group and Charity Long leasehold property Office equipment Total Cost or valuatlon At 1 February 2024 Additions Disposals 1,650,000 190,268 23,952 {57,926) 1,840,268 23,952 (57,926) At 31 January2025 1.650,000 156,294 1,806,294 Depreciation At 1 February 2024 Charge for the year On disposals 297,000 33.000 184,260 6,142 (57,926) 481,260 39,142 (57,926) At 31 January 2025 330,000 132,476 462.476 Net book value At 31 January 2025 1,320,000 23,818 1,343,818 At 31 January 2024 1,353.000 6,008 1,359.008 All the fixed assets are held by the trading subsidiary. The Group has adopted a tM)licy of revaluation for tangible ffixed assets. Had these assets been measured at historic cost. the carying values would have been as follows: Group 2025 Group 2024 Cost Aggregate depreciation 567,446 567.446 (377.312) (365,963) 190.134 201,483 Page 29

Docusign Envelope ID.. A853EE7U73fA537-A6764941O40￿sEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 11. Flxed asset Invfrstments Listed Unlisted investments investments Total Group Cost orvaluatlon At 1 February 2024 Disposals Revaluations 199.653 (40,000) 23.596 199.654 {40,000) 23.596 At 31 January 2025 183.249 183.250 Investments in subsidiary Listed companies investments Program related Investment Total Charity Cost or valuation At 1 February 2024 Diswsals Revaluations 135,000 199,653 (40.000) 23.596 215,754 550,407 (40.000) 23.596 At 31 January 2025 135.000 183,249 215,754 534,003 The historical cost of listed investments totals £126,007 (2024." £155,002). Listed investments comprise: 2025 2024 Equities Fixed income Property Altemative investsnents Liquid assetslcash 136,735 19,672 6,504 16.278 4,060 139,685 27.428 7,539 16.685 8,316 183,249 199,653 Page 30

DOCUSI￿ Envebpe ID.. A853EE78-67W537-A67&&J4t04D3A5EB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 11. Fixed asset investments {continued) Principal subsidiaries The following was a subsidiary undertaking of the chari￿. Name Company Registered office or Principal Class of Holding In¢luded in number principal place of activity shares consolidation business The Tablet Publishing Company Limf(ed 00311249 1 King Street Cloisters. Publishing Ordinary Clifton Walk. Hammersmith. London. W6 OGY The financial results of the subsidiary for the year were: Name Income Expendlture ProfiU(Loss) I Surplusl {Deficit) for the year Net assets The Tablet Publishing Company mitsd 1,984,293 1.993.746 (9.453} 340,080 11. Fixed asset investments {continued) Investments that comprise MO￿ than 5Y• of total mar1(et value of investments: 2025 2024 Sarasin Endowment Fund - Class A Inc 183,249 199,653 183,249 199,653 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 Revi￿ 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 diredy further the charitable purposes of Ihe charity. The loan is unsecured and interest free. Page 31

Docustgn Envelope ID: A853EE7&673fA537-A67￿94lO4D3ASEB THE TABL￿ TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 12. Dobtors Group 2025 Group 2024 Charity 2025 Charity 2024 Due within one year Trade deblors Amounts owed by group undertakings Other debtors Prepayments and accrued income 56,289 77,558 89,696 133,338 39.610 58.708 35,177 48.148 16,742 9.444 154.607 160.883 106.438 142, 782 13. Creditors: Amounts falling due within one year Group 2025 Gn)up 2024 Charity 2025 Chaiity 2024 Trade creditors Other taxation and social security Accruals 281,778 15,067 51,916 522.975 249, 169 15.101 52,603 556.469 26,533 18,299 Subscriptions in acfvance 871,736 873,942 26,533 18,299 Subscriptions in advance relate to payments made by customers in relation to publications nol yet re￿Ived. Analysis of the movement is as follows.. Group 2025 Group 2024 Balance at 1 February 2024 New subscriptions in the year Income released during the year 556.469 594.525 1.375.21S 1.457,269 (1,408,709) (1,495,325) Balance as at 31 January 2025 522,975 556,469 Page 32

DocusSgn Envek¢pe ID.. A8s3EE7￿73S4537-A67￿y1lO4D3P£EB THE TABLEf TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 14. Flnanclal Instruments Group 2025 Group 2024 Charity 2025 Chanty 2024 Financial assets Financial assets measured at amortised cost Financial assets measured at fair value 115,821 183,250 162.105 199.654 112,206 534,003 159.062 550,407 299,071 361,759 646,209 709,469 Group 2025 Group 2024 Charity 2025 Gharity 2024 Flnanclal Ilabllltles Financial liabilities measured at arThJrtised cost (341,681) (302.372) (26,533) {18,299) Financial assets measured at amortised cost are Trade Debtors. Other Debtors. Intercompany 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 Investrnents. Page 33

DorJJsign Envelope ID.. ￿S3EE78￿73NSJT-A67￿94l04o￿8 THE TABL￿ TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 15. Statement of funds ststement of funds - current year Balance at 1 February 2024 Balance at Gainsl 31 January (Losses) 2025 Transfets inlout Income Expenditure Unrestricted funds General Fund Revaluation reserve (245.814) 1.903.312 (2.007.855) 21.651 23.596 (305.110) 1,151,517 (21,651) 1,129,866 905,703 1,903,312 (2,007,855) 23,596 824,756 Restricted funds Subscription bursaries 18,471 (18.4711 Total of funds 905,703 1,921,783 (2,026,326) 23,596 824,756 The transfers relate to the revalued element of depreciation on the long leasehold property as per Note 10. Restricted Funds relate to monies given to provide subscription bursaries. Page 34

Docuslgn Envel)￿10.. A853EE7￿T364s37.A67&694lO403AsEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 15. Statement of funds (continued) statement of funds - prior year Balance al 1 February 2023 Balance al Gain￿ 31 January (Losses) 2024 Transfers in/out Income Expenditure Unrestricted funds General Fund Revaluation reserve (194.046J 2.044.212 (2. 120. 141) 21.651 2,510 (245.874) 1.173.168 (21.651) 1.151.517 979.122 2,044.212 (2, 120. 141) 2.510 905,703 Restricted funds Subscription bursaries 10,C (10.0￿) Total of funds 979. 122 2,054.212 {2, 130.141) 2.510 905,703 16. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 1.343,818 1,343,818 183.250 183.250 169,424 169,424 (871,736) (871,736) Total 824.756 824,756 Page 35

DouJ&gn Envelope ID: A853EE7￿73MS37-A67￿s4l04omsEB THE TABLET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 16. Analysis of net assets between funds (continued Analysis of net assets between funds - prior period Unrestricled funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 1,359,008 199,654 220,983 (873,942) 1,359,008 199.654 220,983 (873,942) Total 905, 703 905,703 17. Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Group 2024 Net expenditure for the period (as per Statement of Financial Aclivities} (80.947) (73.419) Adjustments for: Depreciation charges (Gainsylosses on investments Dividends, interests and rents from investments {Increase)Idecrease in debtors Increasel(decrease) in credilors 39.142 (23,596) {5.660} {1,711 5.781 36,618 (2,510) (6, 176) 29,236 {4,835) Net cash used in operating aclivities (66,991 (21,086) 18. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand 14,817 60,100 Total cash and cash equlvalents 14.817 60,100 Page 36

Docusign Env9kn￿ ID.. ABS3EE7￿7364537A67rAlO¢DjAsEB THE TABLEf TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 19. Analysls of changes In net debt At1 February 2024 Cash flows At31 January 2025 Cash at bank and in hand 60.100 (45.283) 14,817 60,100 (45283) 14,817 20. Operatlng lease commltments At 31 January 2025 the Group had commitments to rnake future minimum lease payments under non- cancellable operating leases as follows: Group 2025 Group 2024 Not later than 1 year Later than 1 year and not later than 5 years 2,308 2,308 2,308 4.617 4,616 6,925 The following lease payments have been recA)gnised as an expense in the Statement of financial activities: Group 2025 Group 2024 Operating lease rentsls 3.600 4.688 21. Related party transactions The TnJst entered into related party transactions with The Tablet Publishing Company a 1000/0 owned subsidiary during the year and provided restricted and unrestricted grants of £203,982 (2024.. £131,592). and a programme related investrnent totalling £215,754 (2024.. £215,754) at the year end (See Note 11 for further details)- In addition, a charge for SeC￿taria[ services of £56,400 (2024.- £56,400) was made from The Tablet Publishing Company to the Tablet Trust. At the year end. the Trust was due £89.696 from The Tablet Publishing Company (2024.- £133.338). Donations of £25.313 were received from the Trustees (2024." £18. 127). Page 37

Docusign Envekjpe ID.. A853EE78-673W37-A67￿94lO4D3AsEB THE TABLET TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees are responsible for prepartng 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 policjes and then apply them consistenuy, observe the methods and principles of the Charities SORP IFRS 102)- make judgments and accounting estimale5 that are reasonable and prudent.. stale whether applicable UK Accounting Standards (FRS 102} have been followed, subject to any material departures disclosed and explained in the financial stalements: prepare the fi'nancial statements on the g¢ing concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are reswnsible for keeping adequale accounting records Ihal are sufficient to show and explain the Group and the Charitvs 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 tskin9 reasonable steps for the prevention and detection of fraud and other irreguLirities. Page 10

Docuslgn Envelope ID: A853EE78-67364537_A67W4104D3ASEB THE TABLET TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TABLET TRUST Oplnlon We have audited the financial statements of The Tablet Trust (the 'parent chariv) and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated statement of financial adivilies. the Consolidated balan￿ sheec the Chartty balance sheet, the Consolidated ststement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Report¢ng Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally A¢￿pted AccOu￿1n9 Practice). In our opiryon the financial ststements: give a true and fair view of the state of the Group's and of the parent charitys affairs as al 31 January 2025 and of the Group's incoming resources and application of resour￿$. including its income and expenditure fcr the year then ended: have been properly prepared in accordance ￿ United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audil in aC￿rdance y￿th Intemational Standards on Audiling {UK) {ISAs (UK}> and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group in acwrdance with the ethical requirements that are relevant to our audit of the financial slatements in the United Kingdom. including the Financial Reporting Council's Ethical Stsndard, and we have fvlfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit eviden￿ we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In audiling the financial ststements. we have concluded that the Trustees, use of the going concem basls of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions that, individually or collecttvely. may cast signtficanl doubt on Ihe Group's or the parent charitys ability to continue as a going concem for a period of at leasl twelve months from when the financial statements are authorised for issue. Our responsibilities and the reS￿nSibIlitieS of the Trustees with respect to going concern are described in the relevant sections of this report. Page11

Docusign EnV&kn￿ ID.. A8s3EE7￿7364537A67￿y4704D3ASEB THE TABLET TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE TABLET TRUST (CONTINUED) Other information The other infonnalion comprises the information included in the Annual report other than the financial statements and our Auditoffs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the finanaal slalements does not cover the other informab'on and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility ts to read the other infomiation and. in doing so, consider whether the other informab'on is materially inconsistent with the financial stslements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the finarscial statements themselves. If, based on the work we have perfomied. we condude that there is a material misstatement of this other inf0m￿tiOn. we are required to report that fact. We have nothing to report in this regard. Mattars on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if. in our opin￿n. the information gwen In the Trustees. report is inconsistent in any material respect with the financial statements,. or the parent Charity has not kept suificienl accounting records,. or the parent Charity financial statements are not in agreement with the accounting records and retums.. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained rrtrore fully in the Trustees, responsibilities statement, Ihe Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees detemiine is necessary to enable Ihe preparation of financial statements that are free from material misstatement, whether due to fraud or emr. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitys ability lo continue as a 90ing concem, disclosing, as applicable, matters retated to going concern and using the going ￿nCern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations. or have no realistic allemative but to do so. Page 12

Docuslgn EnveknFe ID.. A853EE78473&4537-A67&694104D3ASEB THE TABLET TRUST INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF THE TABLEf TRUST (CONTINUED) Audltofs responslbllltles for the audlt ol the financial statements We have been appointed as audilor under section 151 of the Charities Act 2011 and report in acc¢Jrdance with the Act and relevant regulatsons made or having effert 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 Auditorfs 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 {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. indiwdually or in the aggregate. they could reasonably b8 expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud. are instan￿$ 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 be￿een our audit team members. We then designed and performed audit procedures responsNe 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 Trmthin vthich the Charity operates. focusing on those laws and regulations that have a direct effect on the detemination 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 assessed th8 required com￿lanCe 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 lo the charitys ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist wthin Ihe Charity for fraud. The laws and regulations we considered in this contexi for the Charity were Charity Commission regulations and General Dala Protection Regulation (GDPR). Audibng standards limit the required audit procedures to identify non-compliance with these lavts and regulations to enquiry of the Trustees and other management and inspection of regulatory arKI legal correspondence. if any. We identified the greatest risk of matsrial impact on the financial statsments 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 idents'f￿t10n and assessment of the risks of irregularities. substantive income testing. sample testing on the posting of journals, reviewing accounting estirnates for biases arKI reading minules of meetings of those charged with governan￿. Owing to the inherent limitations of an aud￿ the￿ is an unavoKlable risk that we may not have detected some material misstatements in the financial statements. even though we have propedy planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detert non-compliance with all laws and regulations. These inherent limitations are paTticulaTly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detectM)n. including deliberate failure to recofd transactions. collusion or the provision of intentional misrepresentations. A further description of ¢wr responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.o .ukJauditorsres nsibilities. This description forms part of our Audltorfs reporL Page13

Docusign Envelope ID.. A8S3EE78-67￿s37-A67￿g4lO4D3ASEB 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 chariws trustees. as a b(NJy. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those matters we are required io slate to them in an Auditor's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibilily to anyone other than the charity and its trustees. as a body. for our audit work, for this repor( or for the opinions we have formed. Ll Crowe U.K. LLP Statutory Auditor R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ Date= 22 July 2025 Crowe U.K. LLP are eligible lo act as auditors in temis of section 1212 of the Companies Act 2006. Page 14