2025 ## **The Marjorie Deane Financial Journalism Foundation** Trustees' Report and audited financial statements 30 June 2025 ## **THE MARJORIE DEANE FINANCIAL JOURNALISM FOUNDATION** ## TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Marjorie Deane Financial Journalism Foundation is a charitable incorporated organisation (CIO) established to advance education in financial and monetary theory and institutions and financial journalism. It is run by a board of volunteer trustees who are also the directors for the purpose of company law. Those who served during the year and up to the date of signature of the financial statements were: R Pennant-Rea Z Minton Beddoes M Cronk (Resigned March 2025) H Boucher T Easton A Fulwood R Carvalho D Franklin F Barber (Appointed January 2025) The Trustees present their report and the audited financial statements of the Foundation for the year ended 30 June 2025. In preparing them, the Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) �Accounting and Reporting by Charities�. The primary purpose of the Trustees� report is to describe the stewardship and management of the Foundation, providing a balanced review of what the charity is set up to do, how it is going about it, and what is achieved as a result of its work. Contents Objectives and Activities Achievements and Performance Financial Review Structure, Governance and Management Public Benefit Statement Reference and Administrative Details Independent Auditor's Report Financial Statements Statement of financial activities Balance sheet Notes to the financial statements About Marjorie Deane and her Foundation Contact: Julie Muirhead, Secretary - email: secretary@marjoriedeane.com Website: https://marjoriedeane.com/ Charity number 1178876 ## Objectives and Activities The charitable object of the Foundation is to 'advance the education of the public in financial and monetary theory and institutions and financial journalism'. In the period, the Trustees continued to advance the object by focusing on three major programmes: providing grant funding towards an MA course in Global Financial Journalism at City St George�s, University of London (City); by providing funding towards the Business & Economic Reporting (BER) program at New York University (NYU) in the United States of America; and through the Marjorie Deane Internship Programme. At City, the Foundation funds the Marjorie Deane Professor of Financial Journalism, provides financial support to selected students studying the masters course and funds a Summer School in North America in collaboration with NYU. It also funds a Summer School in Singapore. At NYU the Foundation supports the Marjorie Deane Professor of Journalism and funds fellowships, the annual Marjorie Deane lecture and a European Summer School with City in London. The Marjorie Deane Internship Programme provides the opportunity and financial assistance for four interns each year to work in the offices of The Economist and the Financial Times. Applications from interns are invited each year, normally around March/April. Advertisements are placed in The Economist and he Financial Times and on social media. Applications for grants are considered by the Trustees and grants awarded to those applicants who, in the opinion of the Trustees, would be most likely to benefit from the receipt of a grant. Further information about the Foundation's activities can be found on the website. ## Achievements and Performance In the year to 30 June 2025 each of the Foundation�s three core activities delivered high standards of specialist training in financial journalism (our �outputs�) with the ultimate impact of dozens of new, well qualified financial journalists commencing rewarding careers. MA ourse in Global Financial Journalism at City St George�s, University of London City St George�s, University of London (City) is the University of business, practice and the Professions and its School of Communication & Creativity offers a range of the UK�s leading postgraduate taught degrees in journalism. As the media landscape continues to evolve rapidly, the University undertook a review of its journalism programmes during the year, including the Masters in Global Financial Journalism (MAGFJ) supported by the Foundation. As a result of the review, the MAGFJ will remain a standalone course and has been updated and improved for the academic years from 2026/27. The Foundation provides scholarships, provides student and academic financial support and sponsors Summer Schools for students on the MAGFJ course, granting opportunities to visit South East Asia and the United States. In addition, the Foundation provides funding for the Marjorie Deane Professor of Financial Journalism chair at City. The post is currently held by Professor Jane Martinson, a former chair of Women in Journalism, a former journalist on the Financial Times and the Guardian and now director of the Scott Trust, owner of the Guardian. Fourteen students started the MA in Global Financial Journalism in September 2024. Slightly more than half of the students come from the UK but demand for the City MA course is strong from other parts of the world and this year students also came from China, India, Vietnam and the US. In April 2025 City MAGFJ students attended their first Summer School, landing in Singapore in the midst of a global political and economic upheaval: the trip coincided with dramatic market events triggered by new U.S. tariffs, which led to plunging Asian stock markets and widespread uncertainty. The group met with policy experts, journalists, and researchers who discussed the challenges facing Singapore�s economy and the region. Highlights included in-depth sessions at Reuters, BBC Asia, Bloomberg, CNBC, and Business Insider, where students learned about reporting during crises and the importance of creative storytelling. The trip culminated in students pitching story ideas, networking with industry professionals, and gaining valuable insights into the rapidly changing landscape of financial journalism. From 23�27 June 2024 ten students participated in the second Summer School in New York � four students were unable to attend due to work commitments, a positive indication that they had already secured employment opportunities. The week focused on the theme �The Global Economic Order Gets a Reshuffle,� exploring how US President Trump�s administration is reshaping trade rules and the American economy. Students engaged with economists, political journalists, legal experts, and Federal Reserve officials, discussing topics such as tariffs, immigration, inflation, US relations with Canada and Mexico and the forthcoming City Mayoral election. The program included tours of the Financial District, newsroom visits to the Financial Times, Guardian, Reuters, and Bloomberg, and interactive sessions on AI in journalism, global politics, and Latin American trade. The experience provided valuable insights into financial journalism and global economic trends, inspiring students to leverage their knowledge and access to leading news organi ations in their future careers. The graduates from this year�s City MA course in Global Financial Journalism have since gone on to jobs at he Financial Times (Berlin bureau), Bloomberg, Global Fund Media, Reuters (India), Real Deals, The Daily Mail, Cardiff & Vale University, The UK Foreign Office, and three as freelance journalists. In March 2024 the Foundation agreed a new three year grant to City, covering the 2024/25, 2025/26 and 2026/27 academic years and totalling £510,600 awarded in instalments. New York University Business & Economic Reporting rogram The aster�s programme in Business and Economic Reporting at NYU is led by Professor Steven Solomon. Over the past quarter century nearly 300 students have graduated from the programme, many going on to jobs at major news outlets such as Reuters, Bloomberg, the Wall Street Journal and the New York Times. Today alumni of the programme report, write and deliver content in every medium, working in newsrooms around the world. Many have written books and have become editors and bureau chiefs. They have chalked up a Pulitzer Prize and seven Gerald Loeb Awards for distinguished business and financial journalism. In 2025 the programme enrolled ten students, citizens or dual citizens of the United States, China, India, the United Kingdom, Nigeria, Brazil, and Turkey. The Foundation funded three Marjorie Deane fellows in the 2024-25 academic year. Each fellowship provides assistance for one semester and, crucially, the money from the Marjorie Deane Foundation is impressively leveraged by NYU which waives tuition and registration fees, healthinsurance premiums and pays a stipend to the student. Three fellowships, at a cost of $50,553 in Foundation funds, were leveraged into a package worth $154,554 to the students. The distinctive mission of the NYU business and financial reporting programme is to be truly interdisciplinary, learning about finance, accounting, economics and business practices as well as about writing and journalism. This is based on the belief that journalists benefit from deep immersion in economics and finance. The Summer School, funded by the Marjorie Deane Foundation, provides an essential global perspective. This year�s Marjorie Deane Summer School, in May 2025 in London, offered financial journalism students a dynamic, real-world immersion into global economic events. The week coincided with major headlines, including a UK-EU trade �reset� and a sudden threat of US tariffs on the EU, which was quickly rescinded, providing students with firsthand exposure to the volatility of international economics and politics. The program included interactive seminars with leading economists, policy analysts, and journalists, offering both historical context and analysis of current events. Students visited major newsrooms, such as Reuters and The Economist, gaining insight into the challenges of reporting in an unpredictable, polari ed environment. The experience was enriched by discussions on mastering journalistic �beats� and the importance of building industry contacts. The week concluded with students pitching story ideas inspired by their experiences, receiving feedback from faculty and oundation trustees. Overall, the program was stimulating, educational, and provided valuable professional connections for the participants. This year�s students will not complete their BER studies until December 2025 however, students participate in a full-time summer internship providing them with professional experience, networking opportunities, and a long list of bylines. This year students secured highly competitive internships at leading news organi ations including Reuters, Bloomberg, Barron�s, CNBC, Fortune, The Street, Long Island Press and Pensions & Investments. It is also encouraging to list the first jobs secured by the 2024 students - Barron�s, Univision, Argus Media, 9fin, Insurance Insider, Unchained, (crypto trade publication), PhocusWire and Deloitte Consulting. The Foundation has agreed to provide grants to NYU for fellowships and Summer Schools covering the 2025/26 and 2026/27 academic years totalling $174,000 awarded in instalments. Internship Programme Through the Marjorie Deane Internship Programme the Foundation arranges and supports work experience for students and young people at The Economist and he Financial Times. Each year two places are made available at each newspaper. Internships are supported with financial awards by the Foundation. The internship programme has been going for well over 20 years, more or less since the Foundation�s inception in 1998. At first the funding was ad hoc and interns were just at The Economist. The FT came on board in 2010. The initial programmes were spells of three months and split between New York and London. But we concluded that the interns could be better supported in London, and that six months worked better than three. The Economist (TE) usually advertises once a year and receives 500-800 applications. The FT advertises twice a year on its website and socials, and usually gets 60-80 applicants. Both TE and the FT have a rigorous selection process of test pieces and interviews, but the Foundation grants final approval. The Foundation provides the core payments for the interns to TE and the FT but each newspaper is also generous in adding other benefits, including visas if needed. The calibre and careers of the interns have been truly impressive. Today The Economist has a number of ex-Marjorie Deane interns on its staff, the FT currently has 13 Marjorie Deane interns on staff, and many are employed by other major financial media outlets. ## Financial Review ## **Introduction** The university grant programmes for City and NYU are committed over three year periods, providing predictability for the institutions. Each contract was in its first year in 2024/25. With a small uplift in internship and administration costs, overall outgoings were as expected and income was also close to budget. ## **Income** The Foundation receives its income from three investment sources: a diversified investment portfolio; a shareholding in The Economist Newspaper Limited and bank deposits. Dividend and interest income from investments and deposits amounted to £417,041 a significant increase over 2024 (£275,427), boosted by increased dividends and a one-off special dividend from The Economist Newspaper Limited. ## **Expenditure** Budgeted grant payments are steady and predictable over three year periods, thanks to funding agreements with City and NYU covering academic years 2024/25, 2025/26 and 2026/27. These grants are accounted for as large expenditure provisions in the Foundation�s accounts to 30 June 2024, gradually reversing each subsequent year as payments are made. Variations in accounting occur due to fluctuations in the Sterling / US Dollar exchange rate and adjustments for carried-forward underspend by the universities on summer schools. Administration expenses were maintained at a basic operating level. In addition to professional fees for investment management, legal advice, accounting and audit, the Foundation employs a part time administrator and pays for assistance in maintaining the website. The trustees believe that funding the financial journalism master�s programmes with City and NYU with three-year grants, ensures continuity, confidence and institutional security in a way that annual grants cannot. ## **Future Plans** The Foundation has confirmed a large part of its expenditure for the next two years with the three year contracts with both City and NYU. The Trustees are encouraged by the ongoing success of the university programmes which are leading to rewarding careers in financial journalism. The Trustees are also interested in new innovations as technology and the world of media continue to evolve rapidly and we remain flexible in considering new ways to meet the charitable objective. ## **Investments** The Foundation�s investments were valued at £8,689,986 at 30 June 2025 (2024: £8,894,876). The Trustees� investment policy is to seek long-term, sustainable income growth from a diversified portfolio of equities coupled with holdings in bonds, alternative investments and cash. The majority is managed on a discretionary basis by two external fund managers, CCLA and Ruffer, but the Foundation is also fortunate to own a holding of ordinary shares in The Economist Newspaper Limited, an unquoted private company. The objective of the investments is to supply a level of income to spend on the Charity�s objects, consistent with at least maintaining the capital value in real terms over the longterm. The trustees recognise that income levels may contract from time to time but the long-term goal is for the income to increase at a trend rate above inflation. The investment strategy chosen to achieve this is to hold a portfolio comprising about 70% in equities and 30% in other, diversifying assets. The core equity-oriented portfolio (50% of total assets) is managed by CCLA through units in the COIF Charities Investment Fund, which is actively managed and also holds some non-equity investments. The fund aims to provide a total return (growth in capital and income) over the long term (defined as five years) of UK CPI + 5% per annum, before costs and charges. In addition to the COIF portfolio, about 34% of the Foundation�s assets are invested in shares of The Economist Newspaper. For diversification, 16% is held in the Ruffer Charity Assets Trust which has a different aim � consistent positive returns, regardless of how the financial markets perform. It has a low equity exposure. Finally, the Foundation had a bank cash balance amounting to 5% of assets at the year end. While the Ruffer portfolio delivered steady positive returns, the CCLA managed fund delivered a return of -4.5%, below the CPI+5% target trend, despite the strong headline performance of equity markets. The high degree of concentration in the stock market was a challenge to a portfolio in which stock selection was defensively positioned, with limited exposure to the largest US technology companies. While there was little change in The Economist Newspaper share price, the chairman reported �The Group has delivered another year of healthy financial performance while strengthening our platform for future growth�. The dividend was increased significantly and the shares provide a very attractive dividend yield of over 5%. Trustees attend regular meetings with The Economist Group management to assess the shareholding and the investment strategy is reviewed on a regular basis. In making investment decisions the Trustees have regard to the Charity Commission�s guidance (CC 14) on investment matters. The Trustees have general powers as defined in the Trustee Act 2000 and the Charity�s constitution also gives the Trustees power to deposit or invest funds and employ professional fund-managers. The Charity takes a responsible approach to pursuing its objects and making investments. This does not include a specific ethical policy or other constraints on investments. ## **Reserves Policy** The Trustees have established the Foundation's Reserves Policy with reference to Charity Commission guidance (CC 19) and accounting standards (Charities SORP FRS102). Some grant expenditure is set for periods of up to three years, but the medium-term level of spending is at the rustees� discretion. Non-grant expenditure is carefully controlled and principally comprises professional fees and administration costs. A variable reserve is held to ensure that expenditure can be managed for a period should investment income decline. The Policy is that the Foundation holds adequate reserves as working capital, to match income receipts with operating expenditure. The rustees consider that up to one year�s expenditure (approximately £300,000) is normally sufficient to reserve in cash on deposit. In normal circumstances the Trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes. If, however, the applications do not warrant grants equal to the income, any unspent income will be carried forward to the next period. The reserves are reviewed annually when the rustees agree the budget for the forthcoming year. ## **Going Concern Statement** The trustees are cognisant that global stock markets can experience volatility and disruption to investment income flows could impact on the Foundation. The Charity's only sources of regular incoming resources are the income generated from the investment portfolio and sales proceeds of these investments. However, the rustees believe that flexible grant policies ensure that the Foundation will continue on a going concern basis and there are no material uncertainties after making the following judgement: The rustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. The portfolio is invested in a range of asset classes (fixed ncome, UK equity, overseas equity, alternative investments and cash) and the underlying investments are diversified. This strategy is designed to protect the value of the portfolio and to date there have been no permanent diminutions of share values after the balance sheet date. ## **Risk Management** The rustees have considered the major risks to which the Foundation is exposed and have reviewed those risks and have established systems and procedures to manage those risks. The major risks identified by the rustees are the sustainability and real growth of investment income, the volatility of market values and the quality of investments held, together with a proper use of grants given by the Foundation each year. The rustees will continue to keep the adequacy of the systems in place under review. The rustees have been and continue to monitor the investments in order to ensure all risks are covered by the policy. ## Structure, Governance and Management The Foundation is a charitable incorporated organisation (CIO) and is governed by its Constitution. The Foundation was created by Marjorie Deane in 1998 with the gift of shares in The Economist Newspaper Limited, and when she died on 2nd October 2008 she bequeathed the residue of her estate to the Foundation. It is managed by a board of volunteer trustees supported by one executive staff member, who meet normally twice a year to review the Foundation's finances, consider the extent of the funds available for the making of grants and discuss general matters. Those serving during the year were: R Pennant-Rea Z Minton Beddoes M Cronk (Resigned March 2025) H Boucher T Easton A Fulwood R Carvalho D Franklin F Barber (Appointed January 2025) All trustees give their time freely and no trustee remuneration was paid during the year. ## **Michael Cronk** Michael Cronk, one of the Foundation�s original trustees, retired during the year. The rustees wish to record their sincere appreciation and gratitude for his outstanding contribution to the charity over 27 years. Michael was instrumental in the development of the Foundation�s core programmes and nurtured relationships with City, NYU, The Economist and he FT. He took a strong interest in the students and interns and, as Vice Chair, he worked quietly to ensure the Foundation was run efficiently. We wish him a long and happy retirement. ## **Recruitment and Appointment of Trustees** Trustees are generally drawn from those persons who are conversant with financial journalism or who have other relevant skills and experience. The power of appointing new trustees is vested in the existing rustees of the Foundation. Every future trustee shall be appointed by a resolution passed at a meeting and shall thereafter receive an induction into the workings of the Foundation and their role and responsibilities as a charity trustee. Each is initially appointed for a term of three years as required by the constitution. ## **Conflicts of Interest** The rustees recognise that the Foundation�s significant shareholding in The Economist Newspaper potentially creates a risk exposure which must be carefully monitored. As five of the trustees have either a direct or indirect personal interest in The Economist Group, it is acknowledged that this conflict of interest must be appropriately managed. As a result, responsibility for monitoring the performance of The Economist Newspaper shareholding is held by the unconflicted trustees who attend shareholders� meetings to review its performance and satisfy themselves that they can properly recommend to the full Trustee Board the retention of the Foundation�s shareholding. ## **Grant Making Policies** The Foundation does not employ operating resources and achieves the majority of its charitable purposes through funding organisations such as educational institutions. Before deciding to make a grant to a particular organisation, the rustees assess the benefits and risks and carry out appropriate checks on the organisation to ensure that it is suitable. Appropriate monitoring arrangements are put in place, including regular reports to the rustees. To provide continuity and achieve the best results, grants may be made for periods longer than one year, reflected in formal contract terms. Each year the Foundation sponsors paid internships at The Economist and the Financial Times, providing work experience for promising journalists or would-be journalists. The editors at The Economist and the Financial Times advertise for the internships, consider applicants' CVs and sample articles and interview a shortlist but final decisions are taken by the rustees. ## Public Benefit Statement The Foundation has only charitable purposes and the rustees develop strategic plans to ensure it provides public benefit and achieves the objects as set out in its constitution. In running the charity the rustees carry out the Foundation�s purposes for the public benefit, reporting each year on the achievements and performance. The rustees confirm that, in doing so, we have had regard to the Charity Commission�s public benefit guidance where relevant. The Foundation�s support enables students from across the world to pursue financial journalism studies and secure careers at leading publications, as evidenced in this report. ## _**The Public Benefit of Advancing Education in Financial Journalism**_ Democracies require a flow of reliable information in order for citizens to judge governments and commercial organisations, to plan their lives and to participate fully in society. Equally, economies function better and governments make better decisions when properly informed. Thus a key public benefit of independent journalism is presenting dependable, trusted information. The future of a healthy democracy and economy depend on it. Financial journalism plays a critical role in providing the reliable information necessary for rational economic decision-making and the efficient allocation of capital. Supporting public understanding and holding companies and governments to account are vital to ensuring fair commercial competition and the efficient operation of financial markets. As well as skills in reporting and writing, financial journalists require an understanding of finance, the ability to interpret companies� accounts and to understand economic trends and the drivers of financial markets. Encouraging graduates and others from around the world to acquire these skills and pursue a career in financial journalism is a core purpose of the Marjorie Deane Financial Journalism Foundation. Today, traditional journalism and the businesses supporting it are under threat from rapid technological change. Many print publishers have seen their subscription and advertising revenues tumble as consumers switch to social media and online platforms for news. Artificial Intelligence holds the prospect of further disruption of the income streams that have historically supported the employment and development of journalists. A decline in the training and number of financial journalists represents a threat to effective scrutiny, as well as to the flow of accurate and accessible financial information that is in the public interest. There has never been a stronger need to support the education of new financial journalists for the public benefit. The Foundation was created by Marjorie Deane with the object of advancing education in financial journalism and financial and monetary theory. Its work provides a long-term benefit to the public by supporting education designed to help sustain and if possible expand the population of skilled financial journalists. Specifically, the Foundation encourages and assists those studying for a career in financial journalism. Grants are made to appropriate institutions and individuals to aid vocational training and work experience. ## Reference and Administrative Details ## **Administrative Information** The trustees seek to ensue that the administration and investment management of the Foundation are maintained at a high level. To that end the services of professional advisers are reviewed periodically. After 15 years the investment managers were changed in 2024 and in 2025, after similarly long tenures, the trustees appointed replacements for the accountant, auditor and solicitor. ## **Registered Office** The Marjorie Deane Financial Journalism Foundation The Adelphi Building 1-11 John Adam Street London WC2N 6HT United Kingdom ## **Investment advisors** CCLA Investment Management Ltd One Angel Lane London EC4R 3AB Ruffer LLP 80 Victoria Street London SW1E 5JL ## **Auditor and Accountants** Price Bailey LLP (from April 2025) Tennyson House Cambridge Business Park Cowley Park Cambridge CB4 0WZ ## **Bankers** Barclays Bank Plc Barclays Bank Business Centre PO Box No 15164 50 Pall Mall London SW1A 1QE ## **Solicitors** Mills & Reeve LLP (from May 2025) 24 King William Street London EC4R 9AT ## **Trustees' responsibilities statement** The rustees are responsible for preparing the Trustees� Annual 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 rustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. The rustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The rustees are responsible for the maintenance and integrity of the Foundation and financial information included on the Foundation�s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## **Disclosure of information to auditor** Each of the rustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The rustees' report was approved by the Board of Trustees. ������������ Zanny Minton Beddoes � Chair of Trustees Date: �������..29 April 2026 Independent Auditor's Report to the Trustees of The Marjorie Deane Financial Journalism Foundation ## **Opinion** We have audited the financial statements of The Marjorie Deane Financial Journalism Foundation (the �charity�) for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity�s affairs as at 30 June 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC�s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees� use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor�s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the trustees' report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees� responsibilities statement on page 13, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity�s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor�s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: - Reviewing minutes of Trustee meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation and making enquiries of the Trustees of the charity. - Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-theaudit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor�s report. ## **Use of our report** This report is made solely to the charity�s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity�s trustees those matters we are required to state to them in an auditor�s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity�s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Suzanne Goldsmith FCA (Senior Statutory Auditor)** For and on behalf of ## **Price Bailey LLP** Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cowley Park Cambridge CB4 0WZ Date: 30 April 2026 THE MARJORIE DEANE FINANCIAL JOURNALISM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 As ￿$tsted Unrestricted funds 2024 Unrestricted funds 2025 Notes Income from: Investments 417,041 275,427 Expgnditurg on: Raising funds Charitable activities 17,673 735,669 315,918 Total axpanditurn 315,918 753,342 Nel Ilossesllgains on investments 206,209 395,532 Net oxpendltur• for the year 1105.0861 182,3831 R8concllSatSon of funds Total funds brought fo￿ard as previously stsled Prior year adjustrnent 8,786,490 19,851 8.888,724 14 Totsl fund¥ carrled fopHJrd 8.701255 8.806 341 The notes on pages 20 to 26 fomi part of these financial statements. 18 THE MARJORIE DEANE FINANCIAL JOURNALISM FOUNDATION CHARITY NUMBER 1178876 BALANCE SHEET AT 30 JUNE 2025 As restatsd 2024 2025 Notss Fixad assgts Investments 8,689,986 8,894,876 Curr•nt assots Debtors Cash al bank 192.697 377.714 570.411 121,800 354,432 476,232 Cr•dltors: amounts falllng due vathln on¢ y•ar 10 312,846 206,367 Net ¢urr•nt a$$•ts 257.565 269,885 Total a$s•ts l••• curr•nt Ilablltl•$ 8,947.551 9,164,741 Cr•dltorn: amounts falllng du• after more than one year 246,2961 1358,4001 Net assets 8701255 8 806 341 Funds Unreslri¢led funds 8,701,255 8,806.341 8701255 806.341 The financial slalemenls were approved by the Trustees on 29 April 2026 and are signed on their behalf by,. R Pennant-R•a Trnst•• Z Minton BeddDes Tnmtsa The notes on pages 20 10 26 fomi part of these financial gtslements. 19 THE MARJORIE DEANE FINANCIAL JOURNAUSM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 1 ACCOUNTING POLICIES Charity inforTnation The Marjorie Deane Financial Joumalism Foundation is a charilable incorporated organisation registered in England and Wales. The address of the principal Offi￿ Is given in the Legal and Admini51ralive Information page of these financial statements. The nature of Ihe Charity's operatsons and principal a¢b'vit*s are noted in the Trustees, Report. The Charity was registered on 21 June 2018 and merged wth The Marjorie Deane Financial Journalism Foundation, The Old Charity, (Charty registratson number 10695171 on 31 December 2018. The assets and liabilities are transferred under paragraph 27.12 and 27.13 of Ihe SORP. The signrficanl accounting policie5 applied in the preparation of these financial slalemenls are sel out below. These policies have been consistenly applied to all periods presented unless otherwise stated. 1.1 Accountlng ¢onv•ntlon The finan¢ial ststemenls have been prepared in ac￿rdanCe wlh the relevant version of the Statement of Recommended Practice applicable lo chanties pfepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable In the United Kingdom and Republic of Ireland IFRS 1021 and the Charitie5 Act 2011 and UK Generally Accepted Accounting Prath'ce. The financial slalemenls have been prepared lo give a 'true and fair, view and have departed from the Charities IAccounls and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved followng the relevant version of the Statement of Recommended Practice appli¢able lo charities preparing their accounts in a¢¢ordan¢e wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Reporting by Chanlies.. Ststement of Recommended Prath"ee effethve from 1 April 2005 which has since been wthdrawn. The Chanty has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepared in Sterling, which is the frjnctional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1. 1.2 Golng c¢ncem The Trustees have at the lime of approving the financial statemenls, a reasonable expectation that the Charity has adequate resources to continue in operational existen￿ for the foreseeable future. Thus they continue lo adopt the going concem basis of accounbng in P￿paring the financial slalemenls. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and vthith have not been designated for other purposes. 1.4 Incoming resour¢e$ Income is recognised when the Charty is legalty ent￿ed lo it after any perfomiance conditions have been met, the amounts can be measured Teliabty, and it is probable that income will be received. Investrnent income is eameil through holding assets for investment purposes such as sha￿$ and property. It Includes dividends and interest. 11 is included ￿en the amount can be measured reliably and is included when receivable. No amount is included in the financial statements for volunteer time in line with the Charity SORP. Further detail is given in the Trustees, Annual ReporL 20 - - ## _**Basic financial assets**_ ## _**Basic financial liabilities**_ THE MARJORIE DEANE FINANCIAL JOURNALISM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES {continu•dl Taxation The Charity is exempt from taxation in respect of income and ca￿tal gains received wlhin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exient that such income or gains are applied exdusively to the charitsble purposes. 1.10 Provisions Provisions are recognised when the Charity has an obligation at the balance sheet date as a result of a past event, rt is probable that an oufflow of economic benefits will be required in settiement and the amount can be reliably estimated. 2 Incomo from Investments Unrestricted funds 202S Unr88trictsd funds 2024 Income from investments Interest receivable 410,727 6,314 417 041 259,996 15,431 275 427 Ral$Sng funds Unrg$trlctgd funds 2025 Unrgstrlctod funds 2024 Investment management cos15 17,673 4 Charftable actIvI￿•S As restated Unrostricted funds 2024 Unrestricted funds 2025 Support costs: Staff costs Computer and sofv4are cos15 Bank charge5 14,375 94 104 14,000 2,660 150 Govemance costs: Auditor's remuneration Accountancy fees Legal and professional 14,400 6,363 1.140 36 476 12,000 9,963 2,760 Grant fvnding of activities {see note 51 279,442 315,918 694,136 735 669 22 THE MARJORIE DEANE FINANCIAL JOURNALISM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 5 Grant fundlng of a¢tivltlo$ A$ ro$tatèd 2024 202S Cty St George's University of London New York University Grants to individuals 635,600 10,53S 48,000 694 136 201.242 78.200 279 442 The number of 9ranls made to indiwduals was 412024- 41. Movements of grants AS rn8tated 2024 New York University Intsrnships 2025 Grants paid in the year Additional provision in the year (see note 121 Other adjustments Reversal of provision las restaledl 56.300 56,300 236.538 201.242 31,900 110,000 233,142 110,0001 520.089 62,489 694.136 201.242 279 442 6 Audltors r8mun•ratbon 202S 2024 Independent auditors fee Fees payable to the Charty's independent auditors in respect of other servi¢e$ 14,400 12,000 1.800 7 Slaff costs Staff costs were as follows.. 2025 2024 Wages and salaries 14,375 14,000 The average monthly number of employees during the year vrds 1 12024". 11. No members of staff employed in the year eamed over £60,00012024.' Nill. None of the Trustees lor any persons connected with them) received any remuneration or beneffts or incurred any expenses from the Charity dunng the year12024". none). 23 THE MARJORIE DEANE FINANCIAL JOURNALISM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Fixed asset investments Listed Inveslments Unlistsd Investments Total Cost or valuation At 1 July 2024 las reslate 119,8511 18,806,341) 26 ## About Marjorie Deane and her Foundation Marjorie Deane was a trailblazer in financial journalism, renowned for her decades-long tenure at The Economist, where she shaped the publication�s financial coverage from 1947 to 1989. Up until a few weeks before her death at 94 on October 2nd 2008, she was wont to greet visitors with sharp questions about the latest financial events. Marjorie�s reputation was built on her relentless pursuit of stories�she covered everything from sovereign-debt reschedulings to major corporate changes. She was not just a theorist but a hands-on reporter, deeply knowledgeable about the numbers and the people behind them. Her credibility and insight earned her the trust and respect of bankers and policymakers, who knew they were speaking to someone as informed as themselves. Her friendship with the economist Paul Volcker, the chairman of the Federal Reserve from 1979 to 1987, exemplified her influence and connections. Navigating the male-dominated world of the City of London, Marjorie�s presence was both rare and impactful. She was quick to challenge inequities, as illustrated by her memorable demand for equal portions at a City bank lunch - the men were offered two lamb chops, Marjorie just one. �Come back!� she cried. �Give me my other chop!� At The Economist, she was part of a cohort of formidable women, rising from head of statistics, having studied mathematics at the London School of Economics, to finance editor and mastermind of the Financial Report newsletter. Her career was marked by grit, wit, and a fondness for bone-dry La Ina sherry. Marjorie�s legacy at The Economist is defined by two major contributions: restoring a culture of accuracy that underpins the publication�s credibility today, and nurturing journalistic talent. As a manager, she was known for her formidable standards but also for launching protégés into prominent roles in journalism and finance. Although she never married, she was genuinely interested in encouraging a younger generation to make financial journalism a career choice. Her motivation for founding the Marjorie Deane Financial Journalism Foundation in 1998 stemmed from those two core passions: her commitment to honest, accurate financial journalism, and her desire to encourage young people to pursue careers in the field. Her achievements were widely recognised: she received a special journalism prize from the Wincott Foundation in 1979 and was awarded an MBE in 2006. True to her character, she accepted the latter with characteristic candour, joking with the Queen about journalists� reputation. Through the Foundation, she has left a lasting legacy to advance education in financial journalism and financial and monetary theory. Trustees' Report and audited financial statements 30 June 2025 Marjorie Deane MBE (1914-2008) ## **The Marjorie Deane Financial Journalism Foundation The Adelphi Building 1-11 John Adam Street London WC2N 6HT United Kingdom** ## **Website: https://marjoriedeane.com/ Contact: Julie Muirhead, Secretary Email: secretary@marjoriedeane.com** **Charity number 1178876 Company number CE014389**