The Economist Charitable Trust
Trustees. report and flnanclal statements
For the yoar ended March 31sl 2021
R9gistgrgd with thg ChaTIty Commisslon: 293709

Tha Economist charitab￿ Trust
Tw8tees' annual report
Contents
Page
Trustees, report
Independent examinels report
Statement of financial actimlies
Balance sheet
Notes lo the financial stslemenls
10
Pag¢ | I

Thg Economlst Charltable Trust
Trustees, annual rnport
Trustees, report
The trustees present their annual report and financial slalements for the year endod
March 31812021. The Trust is governed by a Tnst Dee¢J set up on 20 January 1986.
Principal Adlvlty of the Trust and a revl•w (rf actlvltlgs durfng the year
The principal actiwty of the Trust is Ihe disbursement of monies received from The
Economist Newspaper Limited lo various charhles. 60-70% of the Trust's donations go lo
charities in the fields of communication, education, literacy and re-training for iTrJividuals
groups WIKJ afe disadvantsged in some way. Approximately 30-40% of funds afe
used to match donations made by employees of The Economist Group_ Remaining funds
are ulilised to make small donations lo small and Eocal charities.
The average donation in the year was £1,32412020- £860). The Trust also ￿ceIVeS
smaller amounts from various other sources, whith are disbursed. Ai March 31st 2021
the Trust had a surplus of £012020.. £9,450). The pollcy of the Trust Is lo maintaln
suffictent reserves to meet its liabilitiey. Donations recognised by the Trust from The
Economist Newspapei Limited during the period were £111,950 {2020'. £104,000).
Organisational structurg
The Economist Newspaper Lbmlled has sel up an adwsory panel of Trustees
determines how 6￿70￿) of the funds are donated, based on projecis nominated by the
staff. The trustees also tra¢* donations which are made via matching to employee
donations.
Connected transactions
The Trust receives the majorlty of ils income from The Economist Newspaper Limited,
which also pays some administration costs M the trustees, behalf. Wrth this eX￿ptiOn, il
has had no Iransactitsns wrth persons connected lo the Trust.
Page12

Th• Economlst Charltablo Trugt
Trn8tse8' annual report
Unpald voluntews
The Trust places no reliance on unpaid volunteers other than one ol the trustees who
perfoms certain administrative responsibilities and who is reimbursed expenses by The
Economist Group. The members of the advisory panel are employees of The Economist
Group and receive remuneration as employees of The Economist Group.
Publlc boneflts
The trustee8 are aware of the charty commission 9uidanee on public beneffits reporting.
They believe the chaTity has achleved a public t)eneffl by disbursing donations lo various
good ¢auses.
Achlevements and porfomlance
2020121 was a year mthed by Ihe covid-19 pandemic and a shrft lo entlrely remole
working for all staff across The Economist Group. The Iruslees worked lo ensure Ifiat the
Charitable Trust remained visible Imthin the Group during this period, although with so
much change happening aCTOSS the business it was a challenge to raise the profile of the
trust.
This period of Change ￿SUlted in a decrease in staff one-off donations. During 20121
£11,601 of staff donations were matched, compared lo £27,199 the previous year. This
was despite internal efforts lo increase participation, noliceable a double-malching
scheme Ihal was pul in place lo support he Red Cross after the Beirut explosion, and to
help the WHO when the covid-19 pandemic first started. This decrease was offset slighuy
by an increase in GAYE donatlons Irom UK staff. thich reached £19,105 lup from
£17,103 the year before).
The reduction in one-off donation matching resulted in a larger amount avallable for the
project grants, and we were pleased to see high levels of engagement with this process
from staff across the regions. The lolal donated to prOje￿S was £82,147. A total of 13
charit￿S were nominated by the staff, which was redu￿ to a shortlist of 6 by the
Irustees based on which ¢harilies best reflected the mission of The Economist Group. Ml
6 charsties received a grant from the Trust, wf(h the total amunt donate(I baseLI on a staff
vole. Those charities were.. Indigo Chlldren's Fund1£18.0001, Room to Read (£16,378),
Yes Fulures1£8,138}, Village Enlefprlse (£13.2001. One Acre Fund1£18,0001, Build on
Belief1£8,9061.
For 20121 the planned activty and Strategy remains very similar. but with several trustees
terms coming lo an end, as well as a gradual to the Offi￿ for staff, we are hoping
for a reinVIg￿&Ied focus on donation matching.
Pas¢13

Th• Economrst Chariiablè Trn¥t
Trustees, annual report
Reserves poliGy
The Trusfs charitable donations and activities are funded by The Economist Newspaper
Limited. The policy of the Trust is to maintain suffieient reserves to etsver any liquidity
issues caused by timing differences beiween re￿ipt of income and payment of donations
or other li8bilitses. There is a limited need lo hold reserves since other than donations
payable, there are minimal li8bililies. The timing of making charitable donations 18 al the
discretion of tfuslees and decisions taken on the timing of payments are based on the
availabilty of fU￿lS.
Flnan¢ial rgvlow
The Trust finishe(J the year wth no surplus. All of the funds are unrestricted and wll be
Used in line with the Trust's reserves policy
Page14

Thè Economlst Charitable Tntst
Tntsto08' annual report
miatlon
Professional and finan￿al advisors
The Trust hohts a current arKI deposll bank account wlh 8arday5 Bank PLC. 1 Churchill
Place. LONDON. E14 5HP.
A Eplon has carried out an in(Jependent examination of the aecounls. His address is
Goldwns Chartered Accountants, 75 Maygrove Road, West Hampslead, London, NW6
2EG.
islered address
The reglstereLI address of the Tnjsl is The Adelphi. 1-11 John Adam Street. London,
WC2N 6HT.
TTU
The trustees tho seNed during the year arKI al the date the annual report W8s signed are
set out bel(w.
Trust99
Jamie Credland
Ursula Eslin
A alhe Demarais
Nidhi Kohli
Farheen Chino
start date
1 March 2018
1 March 2018
1 Janua
2019
1 Janua
2019
1 Janua
2019
Current term end date
31 March 2022
31 March 2022
31 Janua
2023
31 Janua
2023
31 Janua
2023
Chair
None of the trustees received remuneration or expenses from the Trust.
Tru
ee5' ies
The trustees are responsible for the p￿paration of financial statements for each finanaal
yeaT, which give a true and fair view of the Chari(able Trust's incoming reSoUr￿S and
application of resources Ouring the year and of its slate of affairs al the end of the year.
In preparing those financial stslements they are required to-.
select suitable accounting polides and then appty them conssstently
observe the methods and principles in the Chartties SORP
make Judgments and estimates that are reasonable and prudent
stale whelher applicable UK Accounting Standards and statements of
ommended practi￿ have been foll0v￿1, SLtbject to any material departures
disdosed and explained in the financial statemen15
prepare the financial statements on Ihe goin9 COn￿M basis unless it is
inappropriate to Presume that the Charrtable Tiusl will continue in operation
Page15

The E¢onornist Charltable Trust
rru¥tees' annual repori
Their responsibilities as Injstees include keeping proper accounting recor(Is which
disclose with reasonable accuraey at any tlme financial position of the Charitable
Trust and enable them to ensure that the fin8nc*al slalemenls comply ￿th the Charilies
Act 2011. Tl*y are also responsible for safeguarding the charity's assets ano hence for
taking reasonable steps for the prevention and detection of fraud and breaches of law
and regLflations.
Approved by the trustees and signed on their behalf by..
J. Credland
Trustee
Dale".
2021
Page16

Independent Examlnfrr's Report To the Trustees of The Economlst Charltable frust
I report on the Fin8ncial Statements of The Economist Charitable Trust for the year ende(I
31 March 2021.
Responslbllitie5 and basls of rgport
As the tharity trustees of the TIu81 you are responsible for the prepaialion of the
accounts in accordance with the requirements of Ihe Charities Aci 20111'lhe Ad,).
I report in respect of my examination of the Trustee's accounts carried out under se¢tlon
145 of the 2011 Act and in carrying out my examination I have followed 811 the applicable
Diredions glven by the Chanty Commlssion under section 145151{b) of the 2011 Act.
Independent gxaminèrfs statgmgnt
I have completed my examination. I confimi that no m8leri81 matters have come to my
atlenlior¢ in connection with the examination giving me cause lo believe that in any
material respect..
accounting records were not kept in respèct of the Trust as reoulred by sedion
130 of the Act., or
(21
the a￿ountS do not accord with those records., or
{31
the accounts do not comply with the applicable requirements conceming the fomi
and content of a¢counts sel out in the Charities (Accounts and Reports) Reyulations 2008
other than any requirement that the accounts give a 'lrue and fair viev/ which is not a
matter considered as part of an iNlependenl examination.
I have no concems and have come across no otheT matters in connectlon wlh the
examination lo vthich attention should be drawn in this report in order lo enable a proper
understandirig of the accounts to be reached.
Anthony Epton BA, FCA, CTA. FCIE
Goldwlns
Chartergd A¢countants
75 Maygrove Road
West Hampstead
London NW6 2EG
Date: 9 December 2021
Page17

The EGonomlst Charltable Trust
Statement of financial activities
For the year ended March 31 st 2021
2021
Total
2020
Total
unf￿trIcted R•8tr4¢ted
In¢om• from-
Donations
111,950
111,950
104,000
Total Incomfr
111,950
111,950
104,000
Expen￿￿Ure on:
Charitable actiMtie5
121,400
121,400
95,505
Total exptsnd4ture
121,41XI
121,400
95,505
N•t mov•m•nt in funds
19,4501
19.4501
8,495
Ro¢on¢sliatlon of funds-
Total funds brought forward
9,450
955
Total funds carri￿ forward
l otthe above ￿SuIts are derwed frorn coniinutng activrties.
Ther8 were no oth8r r8cogni58d gaifts or lossès othor than those stated above.
The attached rKrtÈs foFm part ol thesè linarrial statements.
Pagel 8

The Economist Charitabl• Trust
Balance sheet
As at March 31st 2021
2tr21
2021
2020
2020
Note
Currènt ass•ts:
Debtors
Cash at bank and in hand
90,115
12,038
102.153
62,925
6,629
69,554
11
Llabilities-
Creditors.. amounts falling due within (ma year 8
102,153
60,104
Total net assets
9.450
Funds
Restricted fund5
Unrèstritted funds..
General funds
Totsl unrestricted funds
9,450
9,450
Total funds
Th8 tinancial statements w818 approved and aulhorised for issu8 by thè Trustees on ................
and slgned on th8ir t￿halff by..
2021
J P Cr•dland
TTus¢o&
The attached notes fomi part of the financial statements.
Page19

The Economlst Charitable Trust
Statement of cash flows
For the year ended March 31st 2021
2021
2021
2020
2020
Ca$h flow5 from op8ratln9 activities-
N81 cash used in operating adivities
10
5,409
1,042
Chang0 In cash and ¢ash 8wlvalont5 in th• year
1,042
Cash and cash equivalents at the beginning of th8 y8ar
5,587
Cash and cash equfvalents at tho end of tho y
11
12,038
6,629
Pagel 10

The Economist Charltable Trust
Notes to the financial statements
For thè year ended March 31st 2021
1 Accountlng polScles
al Basls of preparation
The financial slaièments have been prepared in 8(Lordance Thith Accounting and Reporting by
Charities.. Statement ol Recommended Practice applicab￿ lo charities preparing their accounts in
accordance with Ihe Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS
102- effective 1 January 20151- {Charit￿$ SORP FRS 1021.
Th8 Charitable Trust rn8els the defi'nition of a pyblic benefit entity under FRS 102. Assets and
118bilit￿S are initially recognised at historical ¢ost or transaction value unless otherwi8e ststed In the
relevant accounlina policy or ntste.
bl Going eon¢ern
The TnJsig8s consider Ihat thère ar8 material unc8rtaintl8s about the Charitable Tru5fs abilw to
continue as a goirng COn￿rTr. The Trustees do not consider that there ar8 any sour¢e5 of 8Stimaiion
uncertainty al the reporting date that have a significant risk of causing a material adju51rnent to th&
carrying amounts ol assets and liabilities within Ihe next reporting peri¢xJ.
cl Ineome
Income is recognised when the Charitable Trust has 8ntitlemeni to the funds, any pertormanc8
Tlditions aiiached to the incorne have been mèt. r( is probable that the income will be re¢eNed and
that the arnount can be measured r81i8bly.
dl Interest rvtsivablo
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Charitable Tfust, this is norrnally upon notification of the interest paid or payable by the
¢1 Fund aeeountin9
UnrestrlGted funds 8r8 available tts spend on activities that fLtrther any of the purposes ol charity.
Designated funds are unrestricred funds of the charty whieh the Trvstees have decided al their
discretion to set aside to use lor a specific purpD5e. Restricted lunds are donations which the donor
has spècifi8d are to be solety used for particular a¥ea5 of tha charivs worf( or for sp8crfic projeths
being undertaken by the Charitable Trust.
fj Expenditure and Irre¢overabla VAT
Expendilure is iecognised once there is a legal or constructive obligation to make a payment to 8 third
party, il is probab18 that settlement will be r8quir8d and the &tnounl of Ihe obligation ¢arTr be measured
reliably. Expenditure is classrfie(5 under the following aciivity headitbg5'.
Costs of ralsing funds comprises of costs Incurréd by th8 charty in induong third parhes to make
voluntary ¢onlribulions lo it, as well as the cost ol any activslios ￿th a lundiaising purpose.
Expend¥tuie on Charitable actNitièS includ85 the costs of dalivering servKes to fllrth8r the
purposes of the Charrtable Trust and their associated support costs.
Other expenditure reptysents thos8 items noi [￿lIng into any other h8adlng.
Irrecoverabl8 VAT 18 ¢h8rged as a cost againsi the activity lor whid) tha e￿ndIture was incurred.
g) Debtors
Trade and other debtors are recogn15ed at the sethement amount due aft8r anytrade discount offered.
Pr8paymerTrts are valued ai th8 amount prepaid net of any trade di$wunts due.
Page | I I

The Economlst Charitable Trust
Notes to the financial statements
For the year ended March 31st 2021
Accountlng poli¢l•s {¢ontinued>
h) Cash ai bank and In hand
Cash at bank and cash in hand includes ￿8h and short tÈmi highly liquid investments with a short
maturity ol three Months or less from the dale ot acquisitron or opening of Ihe deposii or similar
account.
11 CTeditors and provisions
Credilots and provisions are r8cognised where the Charitabla tsust has a Pre$￿t obligation resulting
from a past 8vent that will probably result in the transfer of funds to a third party 8nd the amount due
to Settle the c4)ligation can be measured or esrimaled r8lk2bly. Creditors and wovisions are noitnally
reeognised at their settlerngnt amount after allowing forÈny tracle discounts due.
Page 112

The Economist Charitabl¢ Trust
Notes to the financial staternents
For the year ended March 31st 2021
2 Detai18d tomparativ•s for the statement of flnan¢ial actlvllles
2020
Unr8strlctod Restrlcted
2020
Total
Income from:
Donations
Investments
104.(MJ)
104,(MX)
Total Income
104.000
10
Expendllwe on..
Chaiitable acttvitie5
95,505
95.505
Total expanditure
95.505
Nei movement in funds
8,49S
Total funds brought forward
Totsl funds carri•d forward
955
9ASO
955
3 In¢om•lrom donatlons
2021
Total
2020
Total
UnTe*ltthd
Restricted
Donations from The Econornist Newspap8r Ltd
111.950
1,950
111,950
111,950
104,000
Page113

The Econorni5t Charitable Trust
Notes to the financial statements
For the year ended March 31 st 2021
4 Analysls of •xp8ndltur•
Charltsb
Activiiles
Oonations
made to Gov•manco
Inslltutlons
costs
Basis of
allocation
2021
Total
2020
Total
Indigo Children's Fund
Room to Read
Yes, Futures
Village Enl8rprise
One Acre Fund
Build on Belief
Slatt Matching
Others (including GAYEI
Donations and Project Giants- various
Direct
Direct
Direct
Direct
Dir8ct
Direct
Direct
Direct
17,524
16,378
8.138
13,200
18,000
8,g07
19,201
20,1)07
17,524
16.378
8,138
13,200
18.000
8.907
19,201
20,052
95,50S
121,355
45
121,400
95,505
GO￿rnan¢t eost
{451
Total 8xp•ndlturè
121,4(Kl
121,400 95,505
All expenditure was uniestrttted12020". all unrestrKtedl.
Page114

THE ECONOMIST CHARITABLe TRUST
Not•s to the financlal ototèmènts for th• yeargnded March 31st 2021
Purpos• of th& Projects
The Trust supported Indigo Children's Fund wth a donaUon of £18.000. This tnoney will be
Used to build a new school In Mae Sot, a town in north west Thailand on the border wilh
Myanmar. It wll support child migrants and refugees in tre area who have crossed border
from Myanmar.
Room to Read is 8 charty supporting girts. education in Bangladesh. Their education
pr(gramme focuseg on ensuring girls cotnplete sectsndary school wth the relevant
knobthedge, life skills, ond capacity to negoliate key life decisions. The Trust's donation of
£16,378 allowed the charity to support more than 77 gills an enliie sthool yeai.
YesF
The Trusl donated £8.138 to Yes FLrtures. a UK-based chafity that empowers young people
to believe in themselves and discover their personal potential. The money will be used to
recruit and train 175 volunteer coaches, who will go on to PTOVKle support lor 700 young
people.
e Enior
rise
111age Enterprise wort(s in ruTal East Africa to serve the exlreme poor who have very limited
nufferacy and lilei8cy. and who also lack access lo capital. Formal banking, and maik6ts.
Theif comrnunity-based, participatory prc4r8m reflect5 a bottom-up approach to
mi¢roenterpri$e development. The Trts5l donatecl £13,200 10 SUPPDrt these efforts, which
would enable the charity lo scale their work in Uganda. trainin9 75 new entrepieneur5 160
women). ¢reatiNJ 3 bu$ine5s saMThJs groups, and ￿atIng a pathway oui of poverty foi more
than 500 people.
ne Acre F nd
The Trust supported One Auè Fund wth 3 donation of £18,000. This charity piovides farrn
familles in East Africa with servi¢e5 induding financing and agricultural training. The donation
11 support the charity's project in Rwanda. setving over 2.000 farrn families during the 2021
season.
Build on
Build on Bellef designs and Funs socially-b88ed 5erwces in the UK for people are
stiugglino wrth, or in recovery from, sutr8tan￿ Use
whether drLKJS or alcohol. The TfUSI
gave a grant of £8,906 to the charity lo provide online acbvilies and COUTses given that fa¢e-
to-face support was not posslbk during the Covid-19 pandemi¢. This sUPPOrted a programrne
of 40 workshops running 7 days a week from the charty.
Page115

The Economist Charitable Trust
Notes to the financial statements
For the yoar onded March 31 st 2021
Analysls of Staff ¢osts, Irustoè remuneratlon and ?xp8n58s, and the cost of k¢y man4
Dgtsonn•l
The charity trustees thtre not or ieceived any other benefits from empSoJTnent the
Charitable TtU8t or its subsidiary in the year 12020.. £niry neither ￿tre they reimbursed
expense5 the year12020.. £nill. No charity trustee received payment for profession81
or other semces supplied to the ¢harity12020.. £nlll.
Staff numbor8
The Charitsble Trust employed no empl¢)yees durfng the year.
Taxation
The Charitable T￿st is exempt trom corporatron tax 85 all its income Is ¢haritable and i
applled for tharilable purposes.
Dèbtors
2021
2020
Accrued income
90,115
90,115
62,925
62,925
CradliOts- amounts fallln9 du8 wlthln yèar
2021
2020
Accruals
102.153
60.104
60,104
Movements In funds
Al thg Incomlng Outgoing
start of r050urces resources
the year
& galns & los$•s
At the gnd of
th• y￿r
Unrostrlcted funds-
General funds
Total un*estrficted funds
9.450
9,450
111,950
111.950
121.4001
121,4001
Total fund$
10 R8toneiliaison of net Income I lexpanditurnl to nel cash flow from operating activitie$
2021
2020
Net incomè I lox￿ndIt￿reI for tho rèportlng poriod
las per the gtatèmènt of financlal activities)
19,4501
8.495
Decreasel{inc￿aseI in debtors
IDerxea5elllnE￿a$e in creditors
N•t ¢ash us•d In operatlng actlvltlgs
127,1901
42,049
5,409
24,312
31,765
1,042
Page 116

The Economist Charltable Trust
Nolgs to the financlal statements
Forthe
ear ended March 31st 2021
11 Anatysls of cash and ¢a6h ¢qulval•nts
Al 1 Aprfl
2020
Cash
OW5
At 31 March
2021
Cash at bank and in ha
6,629
5,409
12,038
Total cash and cash oquivalonts
6,629
5,409
12,038
12 Related party tran8OCtlons
The Charitable Trusl'recewed a donation Irorn The E¢onomist Newspaper Limited in the
year of £111.950 12020.. £104,000). The Economist Newspaper Limited also pays some of
the costs on behalf of the Charitable Trust. At the end of the finanual year the Charitable
Trust has an amount due from The Economist Newspaper Litnited of £90.115 12020..
£fj2,Q251 relating lo large donats'ons lo be paid Wfth this excèption there ￿tre no other
relateil party trans8th"ons.
Pagel 17