DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees, report and financial statements For the year ended March 31st 2025 Registered with the Charity Commission: 293709 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report Contsnts Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows 10 Notes to the financial ststements Pagel I DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report Trustees, report The Trustees present their annual report and financial statements for the year ended March 31st 2025. The Trust is governed by a Trust Deed set up on 20 January 1986. Principal Activity of the Trust and a r8view of activities during the year The principal activity of the Trust is the disbursement of monies received from The Economist Newspaper Limited to various charities. 41 % of the Trust's donations went to charities in Ihe fields of communication, education, literacy and re-training for individuals and groups who are disadvantaged in some way. In addition, 590/0 of funds were used to match donations made by colleagues of The Economist Group. At March 31st 2025 the Trust had a surplus of £3,52812024= £6061. The policy of the Trust is to maintain sufficient reserves to meet its liabilities. Organisational structure The Economist Newspaper Limited has set up an advisory panel of Trustees who delermines how approximately 60 /0 ofthe funds are donated. based on projecls nominated by the staff. The Trustees also Irack donations which are made via malching to employee donations. Connected transactions The Trusl re￿iVeS all its income from The Economisl Newspaper Limited, which also pays some administration costs on the trustees, behalf. With this exception, it has had no transactions with persons connected to the Trust. Unpaid volunteers The Trust places no reliance on unpaid volunteers. The members ofthe advisory group are colleagues of The Economist Group and receive remuneration as colleagues of The Economist Group. In addition, one trustee is an ex-colleague who does not receive remuneration from TEG. All roles arè unpaid. Page12 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report Publlc beneflts The Trustees are aware of Ihe charity commission guidan￿ on public benefits reporting. They believe the charity has achieved a public benefit by disbursing donations to various good causes. Achievements and performance 2024125 2023124 Spend matching staff donations £30.693 £36.626 Average donation by colleague £495 £732 Project grant donations £47.000 £43.000 Double-matching campaign for Turkey and Syria Earthquake Appeal nla nla Give As You Earn (UK tax efficient donation) £23.192 £25,176 Reserves policy The Trust's charitsble donations and activities are funded by The Economist Newspaper Limited. The policy of the Trust is to maintain sufficient reseNes to cover any liquidity issues caused by timing differences between receipt of income and payment ofdonations or other liabilities. There is a limited need to hold reserves since other than donations payable, there are minimal liabilities. The timing of making charitable donations is at the discretion of the trustees and decisions taken on the liming of payments are based on the availability of funds. Financial review The Trust finished the year with a surplus of £3.528. All of the funds are unreslricted and will be used in line wilh the Trust's reserves policy. Page13 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report Admlnlstratlve Infomiatlon Professional and financial advisors The Trusl holds a current and deposil bank account wilh Barclays Bank PLC, 1 Churchill Place, LONDON, E14 5HP. Anthony Eplon has carried out an independent examination of the accounts. His address is Goldwins Chartered Accountants, 75 Maygrove Road, West Hampstead, London, NW6 2EG. Re istered address The registered address ofthe Trust is The Adelphi, 1-11 John Adam Street, London, WC2N 6HT. Trustees The Trustees who served during the year and at the date the annual report was signed are set out below.. Trustèe Michael Thomas Colm Kinsella Sarah Birke Heena Sharma Emil Mansfield Edward Chui Sarah Repucci Start date 1 Februa 2022 1 Februar 2022 1Ma 2022 1 Februa 2023 1 March 2023 1A ri12024 1 April 2024 Current term end date Resi ned 24 June 2025 Resi ned 31 March 2026 Resi ned June 2025 31 March 2027 31 March 2029 Resigned 31 December 2024 (assumed, left the or anisation Chair Oliver Mone Emily Jackson Kessler Chair- from 24 June 2025 Bri it Celia Morris Joel Jee Wai Cheun Emily Anne Malhieson u Panka 21 Janua 2025 20 May 2025 24 June 2025 24 June 2025 24 June 2025 Hardy akshan Nair 24 June 2025 None of the trustees re￿iVed remuneration or expenses from the Trust. Page14 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report Trustees, res onsibilities The trustees are responsible for the preparation of financial slatemenls for each financial year, which give a true and fair view of the Charitable Trust's incoming reSoUr￿S and application of resources during the year and of its slale of affairs al the end of the year. In preparing ihose financial slatements Ihey are required to: select suitable accounting policies and then apply them consistently obSe￿e the methods and principles in the Charities SORP make judgments and estimates that are reasonable and prudent Trustees, res onsibilities Continued state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charitable Trust will continue in operation Their responsibilities as trustees include keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the Charitsble Trust and enable them to ensure thal the financial statements comply with the Charities Acl 2011. They are also responsible for safeguarding the charity s assels and hence for laking reasonable steps for the prevention and detection of fraud and breaches of law and regulations. Approved by the Trustees and signed on their behalf by.. Emily Jackson ChairlTrustee Date.. 24th November 2025 Page15 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report Independent Examlner's Report To the Trustees of The Economlst Charltable Trust I report on the Financial Statements ofthe Trusl for the year ended March 31st 2025 as set out on pages 8 to 15. Respective responsibilities of trustees and examiner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(21 of the Charities Act 2011 (the 2011 Acll and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 ofthe 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 145151(b) of the 2011 Act- and to state whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accordance with the general Direclions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charitable Trust and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "twe and fair view" and the report is limited to those matters set out in the statement below. Independent examiner's ststement In ry)nnection with my examination, no matter has come to my attention= {11 which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the 2011 Act- and to prepare accounts which accord with Ihe accounting records. comply with thè accounling requirements of the 2011 Act have not been met- or Page16 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Trustees. annual report 12) to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. Anthony Epton BA, FCA, CTA, FCIE Goldwins Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG Date.. 25 November 2025 Page17 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Statement of financial activities For the year ended March 31st 2025 2025 Total 2024 Total Unrgstrid9d RgStri¢tgd Note Income from: Donations 104,000 104.000 104,000 Total income 104,000 104,000 104,000 Expenditure on: Charitable activities 101,078 101,078 104,802 Total expendlture 101.078 101.078 104.802 Net movement In funds 2,922 2.922 18021 Reconclllatlon of funds: Total funds brought forward 606 606 1,408 Total funds carrled fonNard 3,528 3.528 606 All of the above results are derived from continuing aclivtties. There were no other recognised gains or losses other than those slated above. The attached notes form part of these financial statements. Page | 8 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Balance sheet As at March 31st 2025 2025 2025 2024 2024 Not• Current assets: Debtors Cash at bank and in hand 72,154 65,223 170 65,393 72,154 Liabilities= Creditors.. amounts falling due within one year 68,626 64,787 Total net assets 3,528 606 Funds Restricted funds Unreslricled funds.. General funds Total unrestri¢ted fvnds 3,528 606 3,528 606 Total funds 3,528 606 The financial statements were approved and authorised for issue by the Trustees on .24.th.NDvembez@e25 and signed on their behalf by.. Emily Ja¢kson Trustee The attached notes fomi part of the financial statements. Page | 9 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Statement of cash flows For the year ended March 31st 2025 Note 2025 2025 2024 2024 Cash flows from operating activities: Net cash used in operating activities 10 11701 Change in cash and cash equivalents in the year 1170) Cash and cash equivalents at the beginning of the year 170 169 Cash and cash oquival8nts at the end ofthe year 170 Page | 10 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Notes to the financial statements For the year ended March 31st 2025 Accounting polieies al Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 - effective 1 January 20151- (Charities SORP FRS 1021- The Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy or note. bl Going concern The Trustees consider that there are no material uncertainties about the Charitable Trust's ability to continue as a going concem. The Trustees do not consider that there are any sources of eslim81ion uncertainty al the reporting dale that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next reporting period. cl Income Income is recognised when the Charitable Trust has entitlement to the funds, any performance conditions attached lo the income have been met, it is probable that the inwme will b8 re¢eiv8d and that the amount can be measured reliably. dl Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Trust., this is nomally upon notification of the interest paid or payable by the bank. el Fund accounting Unrestricted funds are available lo spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the Trustees have decided al their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are lo be solely used for particular areas of the charity's work or for specific projects being undertaken by the Charitable Trust. Q Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment lo a third party, it is probable that selllement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds comprises of costs incurred by the charity in inducing third parties lo make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services to further the purposes of the Charitable Trust and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. gl Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Page | 11 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Notes to the financial statements For the year ended March 31st 2025 Accounting policies Icontinuedl h) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments wth a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. il Creditors and provisions Creditors and provisions are recognised where the Charitable trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due lo setue the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing for any trade discounts due. Page | 12 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Notes to the financial statements For the year ended March 31st 2025 Dgtailgd ¢omparativg$ for thg Statgmgnt of financial activities 2024 2024 Unrestrict Restricted 2024 Total Income from: Donations 104,000 104,000 Total income 104,000 104,000 Expenditure on: Charitsble activities 104,802 104,802 Total expendlture Net movement In funds {8021 {8021 Total funds brought fomard Total funds carrled fonvard 1,408 606 1,408 606 3 Income from donations 2025 Total 2024 Total Unrestricted Restricted Donations from The Economist Newspaper Ltd 104,000 104,000 104.000 104.000 104,000 104,000 Page | 13 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economist Charitable Trust Notes to the financial statements For the year ended March 31st 2025 4 Analysis of expenditure Charltable Activities Donations made to Institutions Basis of allocation Governance costs 2025 Total 2024 Total GAYE Bacs Matching Donations Happy Hearts Indonesia Inc Renaissance Foundation Magic Breakfast CRY Brotherhood Sister Sol Vanessa Grant Trust Incommon Po Leung Kuk Bank Charges Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct Direct 23,192 30,693 11,000 11,000 11,000 11,000 3.023 23,192 30,693 11.000 11,000 11.000 11,000 3.023 24,814 36,988 11,000 5,000 14,000 10,000 3,000 170 170 100.908 170 101.078 104,802 Governance cost 170 11701 Total expenditure 101.078 101.078 104,802 All expenditure was unrestricted12024'. all unrestricted). 5 Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel The charity trustees were not paid or received any other benefits from employment with the Charitable Trust or its subsidiary in the year 12024.. £nill neither were they reimbursed expenses during the year {2024.. £nill. No charity trustee received payment for professional or other services supplied lo the charity {2024.' £nill. Stsff numbers The Charitable Trust employed no employees during the year. 6 Taxation The Charitable Trust is exempt from corporation tax as all ils income is charitable and is applied for charitable purposes. Page | 14 DoGusign Envelope ID.. 1D8B9D16-OBA&4D88-8FCB-113DC201E817 The Economlst Charitable Trust Notes to the finan¢ial $tatements For the year ended March 31st 2025 Debtors 2025 2024 Accrued income 72,154 72.154 65.223 65,223 Credltors: amounts falllng due wlthln one year 2025 2024 Accruals 68,626 68.626 64,787 Mov8m8nts in fund5 At the start of the year Income & Expenditure At the end of galns & losses the year Unr85tricted funds= General funds Totsl unrestrlcted funds 606 606 104,000 104.000 101,078 101,078 3,528 3,528 Totsl funds 606 104,000 101,078 3,528 10 Reconciliation of net income I lexpenditurel to net cash flow from operating activities 2025 2024 Net income I lexpenditurel for the reporting period las per the stat8m8nt of financial activitiesl 2,922 18021 Decreasellincreasel in debtors ID8creas8ylncr8ase in creditors N$t cash us4d in opèrating activitias 16,9311 3,839 170 24.104 23.301 11 Analysis of cash and Cash •quivalonts At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 170 11701 Total cash and cash equivalents 170 170 12 Related party transactions The Charitable Trust received a donation from The Economist Newspaper Limited in the year of £104.000 12024.. £104.0001. The Economist Newspaper Limited also pays some ol the costs on behalf of the Charitable Trust At the end of the financial year the Charitsble Trust has an amount du8 from Th8 Econornist N8WSP8P8r Limited of £72,15412024.. £65,223) relsting to 18rg8 donations to be paid. With this exception there were no other related party tiansactions. Page | 15