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