2024-07-31-accounts

HIGHER EDUCATION POLICY INSTrruTE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 The MGroup Partnership Chartered Certified Accountsnts 4 Witan Way Witn•y, Oxon OX28 6FF Company Reglstration Number.. 04503712 Charity NumLw.' 109964S

HIGHER EDUCATION POUCY INSMTUTE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 CONTENTS PAGES Reference aThY adminlstrative detai15 1to2 Truslee5' Tewrt 3to7 Inde￿ndent Examinerfs feport statement of financial actNities and income aThJ expwKliiure ac¢(￿nt Balance sheet 10t011 Statèm8nt ol cash flows 12 Notes lo the finanETral statements 13to23

HIGHER EDUCATION POUCY INSTITUTE REFERENCE AND AOM5NISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2024 TRUSTEES AND DIRECTORS Sir Da￿ld Bell End oftem? ￿&ched at 21 September2024 Professor D8me He￿n Wallace End of tetin ￿ached 8121 September2024 Professor Dame Salty Mar*t<￿tr (Chairl Mary Curnock CcN)k CBE Professor Dame Julkq GoodfdlcA¥ Professor Sir Christopher HusbaThJs Appoftnted 27 S8Ptembèr2024 PFofessor Nich<A8s Pearce Appointed 21 S￿teMbar2o24 COMPANY SECRETARY The company ¢Joes have an apwnted secretary REGISTERED OFFICE 80 Mount Street NottiNJham NG1 6HH COMPANY REGISTRATION NUMBER 04503712 EngI8nd and Wales CHARITY REGISTRATION NUMBER 1099645 ACCOUNTANTS The MGroup Partnership Chartered CertrfEd Ac¢ountanls 4 Witan Way Witney Oxon OX28 6FF

HIGHER EDUCATION POLICY INSTITufE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2024 PRINCIPAL PLACE OF 8USINESS 99 Bantxjry Road Oxford Oxon OX2 6JX BANKERS Lhjyds Bank 87 London Road Headington Oxford Oxon OX3 9A8 SOLICITORS Freeths LLP Notlingh8m 80 Mounl Street Notringh8m NG16HH INVESTMENT ADVISOR Wr8n Sltyyling Finanaal Planning Ltd Hinksey Court INest Way Botley Oxon OX2 9JU

HIGHER EDUCATION POUCY INSTITUTE TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The TDJstees p￿ent Iheir Annual ReF(rt {w￿￿d1 also serves the wryK)se of both 8 Trustees. reprxt 8nd Director5. report under company law) for the year ended 31 Juty 2024 under the Charities Act 2011. the Companies Act 20C and Accounting and Reporbng by Charities.. Statement of Recommended Practi(x ISORPI applicable to Charities preparing their accounts, in accordarte Ihe Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS102), t(Kelher wilh Ihe iTrJeDendenllv examined financral statements for Ihè v8ar Èndèd 31 Julv 2024. The ¢xmparatNe figures are for the ended 31 2023. Status The Higher E￿￿tIOn Policy Inslrtute IHEPII Is a chantabte o)mpany limrted by guararrtetr. tn¢orpNated in A￿￿$t 2002 ¥nd 18gist¢ied as a charity in Septembw 2Q￿)3. The 0)mpany was esta14ished Under a Mernorandum of Assouation thal established the objects and powers of th8 charitsble company and is governed uThJer its Articles ofAss¢xkation. Mem￿r$ of the chafitable company guaianteé to Ct)ntribule an amount not ex(ediNJ £1 to the asset$ of the tharrtaNe ￿MpanY in the event Ctfwinding up. The relerence adminislratNe delail8 are pages 1 to 2. Obj•etiv•8 and actS¥ltlg8 HEPI'S charitable objeclives are'to ￿￿mote research into aThJ understanding of all aspects of higher educaiion and to disseminate the u5elul rèsults of sL￿h rÈse*ch for thè educat￿1 of makers and the general public in thg Uniled Kingdom.. While the previous yearwas mainty about fvlty ￿cOVerIn9 to a pre-COVID ￿sitiOn in tems of output. 2023124 was mainly about surpassing pre-COVID highs and moving lo the position HEPI would h8ve hoped lo occupy trarlier h8d the p8ndemi¢ nol occurred. Looking ahead. HEPI plan8 lo v4)rk ￿SIruct￿ety wth policgm8k8rs across th8 p(Artical 5￿ctru￿ as higher education instrtutions continue to feel under threat, sometirnes exisfrntial threat. and to assess HEPI'S ovm corpjrate identity and pr(xesses, Whi￿ maintainiTrJ a sle74Jy stream of ideas. a busy publKation sthedule and a full events calendar. At￿ve all. HEPI seeks lo cwdiJ¢X and fmjblish rÈs8arth into higher educBlion to impr0¥8 lh8 Q￿lty of d8tAt8 and. ullimately, to help those making policy at Westminster arKI Whitehall. in the de¥￿ed administrations and wilhin higher educah.urr instituthons. Engagement with Oicymakers, slaff and students, Ihe med¢a and the public is mainty undertaken via rewrts, events and a 5ub5tarfial online presence. induding a daily blog, as wdl as through HEPI staff pkayiro a r￿e in other oryani5al1or￿. events. As a ￿n-partisan m￿(￿ganISation. HEPI seeks to ¥w)rk couatorativelyvrith others comrnittgj to gtr)d publi¢ policy and a better higher education sect￿.

HIGHER EDUCATION POUCY INSTITUTE TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 hie¥ements and p8rFornianc8 HEPI had tis most Successft￿ year ever in 202Y24. whi(ever way li is mèasured. The number ofinstitutsons supplxbng HEPI'S work {136 Universty Partners and 20 corporate Partners). Ihe number of HEPI publications1401 a￿1 events1351 and the level of engagemènt wrth HEPI'S output (such 85 1.25 million w•bsrte hits) all ran at record kvels. In part. this reflected the hèighterÉd interèst in put4ic poltcy during an academic ye8r whith ended wth o watershed gen8r81 el8ckion, but It al80 rellected 8 larggr mor• stable slaff team and in the numbei of organisations shing tr) collaborate. During the yeaf, ak)ngside our outwt. s￿h as the HEPI l Advantt HE Student Acadern￿ Experience Survey. %t placed a particular emphasis C￿ insthth.onal and sbjdent inccffle linduding the launGh of thè HEPI / T8chnologyOne Student Minimum Incomè Standard), Ihe INes of eady career researchers (including work Ihe British Acaderny, GW4 and the Society ol Blath Acadefnicl w)d electi¢M-themed research. More detailed infurmation on HEPI'S work in 2023124 is available in the Annual Review dcrfxrnent ￿￿￿ssIble on HEPI's websrte Financial rwiow and plans far futur• pèriods These fmancial slalements confirn that F+EPI was in a ￿ure financial FK)sibon a5 11 entered 2024125. Nonetheless. in common with other organisatlOn5. HEPI faces rising costs- arising party from infiation as well as a growing slaff team- white the whole higher ￿l￿at￿n s￿Or laces iwreased ur￿ri8¢nty stemming fi￿ the wKler polrtical. fin8ncial and geopoliticxl siluètitsri. Future plans indith cmliriuing to ￿nduct a￿1 thsseminate research to further ihe aims of the chgrity as descrited in HEPI'S Art¢cles of As50ryation HEPI a150 plan5 lo maintain and devdop rel8b"onships with existing and potential part￿r COFnpani8s and high8r &lU(Xti(￿ Ir￿li￿￿[M?5. The principal sources of funding remain sponSors￿p and grants along wrfh financial contllbutions from academic organisalions which have an interest in HEPI"s acbvities and W1￿1callc￿5. These resou￿5 8IIN the chanty to continue rts work and Yund fisrther putAi(%tions and researi*. The fijnds of the rtharity as * 31 July2024 were £￿0,699 (2023- £771,7¥21 ofvthich £20.0(NJ121r23- £20.¢XIO) represented re5tricled fund5. The charity holds reserves covering more than 12 months. expenditu￿ based on the 2024 a￿unts.

HIGHER EDUCATION POLICY INSTITUTE TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2024 Invegtmont policy HEPI'S ￿rrttnt investment strategy vrds originalty set in 2018. when the Trustees opl8d for a 'mod8ratg' risk profile given HEPI'S status as a charity. The objectives have been reguk4rly rewnsidered. for exarnple in January 2023 and. most recently at the Septernt)w 2024 Trustees. meeb.ng (following a rneeting behveen the Trustees, and Wien Sterling financial athisers in the previous month}. The Trustees continue to believe the exi$tiTr3 arrangements prowde an appropriate balance bets¥een risks and cosls. HEPI'S reserves are invesled drfferent Aviwa fijnds, clw with a grèattr portK>n of 8quihes16OVIl Ihan the other 140%1. Further balancing of r15ks beyond these inveslments is ￿hIeVed by retaining a porbon of the rese￿$ in easy- access interest-bearing cash savings accountlsl. The Irustees ￿￿ladY revEw Ihe ch8rilVs ￿eNe5 to set the arnount of funds that should held as Investments afid the amount retained as cash. inv8slment p8rfomiarts In 2023r24 w8S PC£rtw• {o¥w 10%}. The extent to which th8 ch8nty takes S￿1￿1. enwtonTnental and ethic81 consKler8ti¢Jns irrto 8rArJunt in 1ts Inve3trnenl policy has been regularly covered at Twslee meetings. including in the A￿uSt 2024 meeting wth the financial advlsers Wfen Sterling. The current posthon Is that HEPI'S investrnents are nert￿r In specrfic ethi¢al fvnds nor concentrated in less ethical plac8s but iath8r pl8cAI In fiJnrk4 that trath th8 Stock market. Prlncipal risks and uncertainties Thef8 8r8 no known catastrophic risks currerrtty facing HEPI. Noneth•l&ss. like every othor small ¢Jrgani5ation HEPI is constantly at iisk of Un8X￿￿1 ev8nts and thè risks (x5rrently fai%d indud8" a r8lk4ncè on a small staff tèam. meaning there is no spare capacity if things go wrong.. deperKlenLy ￿ orE landlord Iprinceton University Press) for reasOnably-pri￿ office space in Oxlord., ￿lIan￿ on a limited number of o)rF)rate Partners for a high proportion of HEPI'S income at a lime of business unrertainty." squwd unNtrsty incomès. whith (x)uld lead to a reass￿SSMent of donations to HEPI.. conlinuing tr)Irtical arKI euNM)mic ￿n￿rtainty. induth"rwJ on Ihe Internatson81 stsoe., cyber tt8¢ks. Suth risks are discussed regularly at HEPI'S Trustee meetings as well as at meelings of the HEPI Athisory Board. HEPI insu￿$ rtself a9ainst a number of speufic rtsks. if￿l$d5ThJ'. Profe8sM)nal liai¥'lity'. M8n8gemenl li8bilily, and Entty defenoe. We also have Insuran￿ coveriro ilems I￿e compulers. office contents, business interrupth)n. eM￿0ye1S liabifjty. putrthc liability and legal exFenses. PLtblie benefit When planning the Charitys aciivibes for the year. ￿n$￿I￿a￿"rffi has b8en given to the Chanty Commi58ion's guKlan(* on put4ic be￿rit and the Twstees are Satisf￿ they meet the requiremenl5.

HIGHER EDUCATION POLICY INSTITUTE TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 structure. governane• and mana￿Merrt The charty is 8 company limited by guar￿te¢. The HEPI stsff leam is guided by an exFert Advi50ry Board whose primary wrkKJse i8 to review potenti￿ HEPI pUbl￿t￿n6 in cxjnjunction with th8 Trusteès whil• also making r￿Jrnmerbdatl￿S foF the future. In earfy 202W24. Professor Carf Lygo leftthe Board after seven year5 of loyal seTrice fuf whith we exFKess gr3lefiJl thanks. During the year, we welcomed four new A(Ivisory Board members". Professor Nishan Canagarajah,. Anne- Marie Canning MBE. AfKly FortS.' and Professor Julie Sanders. At the end of 2023r24. the other Advisory Board members were.. Alison Alkjen OBE". Profe550r Solanke". and Prolessor David Sweeney CBE. Just afler the of 2023124. tsvo HEPI Trustees- Sir David Bell and Professor Dame He5en W8118C8- 51&pped down from thtr Trustees al the end of thwr maximum term of offi￿. We are very gfatelul for their 8 years of byal service Professor Sir Christopher HusbarKls and Professor Nictrw)las Pearce, who both had experience serving on the Advisory 8oard, kwidty ag￿ed to lake Iheir ￿aCe. l those who served as Truslees duriThJ Ihe year and 4) to the date of Ihe Signature of the finanaal statement5 are.. Sir David Bell lend of tgmi r•￿h$d at 21 S8ptwMb81 20241 Professor Dame Helen Wallace lend of temi reached at 21 Septemter 20241 Professor Dame Sally Mapstone (Chairl Mary Cumctk Cook CBF Professor Dame Julk2 Goc•Yfellow Professor Sir Christopher Husbands (appointed 21 Wtemter 2024} Professor NKholas Pearce lappoirrted 21 Septernber 20241 The Trustees determine who become new Trustees. in line wrth HEPI'S Artide5 of A550ciation. which limrt the nurnber of Trustee5 to fwe. Ttustees are limrted to serving lt) pwi¢)ds of Ihree years, wilh a second extensi￿ of up to hyo years. There 1$ no $pedfic training offered to Tntste6s as thtyare all senKJr execthes who have generalty run rnuch lar￿r ch8ritE5 Ihan HEPI. However. HEPI h85 8 trainirvj budW avalab￿ for the Ltse ofTrustees as weil as staff. The Tru5tee5 delegate daY-￿daY management of the chwity to the Drector. Nick Hillman. whi￿ HEPI has sometNnes ￿t￿￿gred to find cornparable ￿anisationS against which lo benchmark remun8ration. w8 are n¢)w abl8 to US8 Ihe SmartThinking Salary Benchmathing Survey, Yth5th brings logether data for a number of think lanks. Recent pay settjemenis lor HEPI staff have been made wth an eye on this document as well a5 praGts¢e across the higher eduratson secior. HEPI abidès by thè Charity Commission's Ch8Fity Go¥Èrnancs C(KJ8 smallw chariti&s.

HIGHER EDUCATION POUCY INSTtTUTE TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Statement of trustwa. rèspon8ibiliti•s The Trustees. who are also the directors ol Higher Educthn Policy Institute for the purp(Ise of ctKnp8ny law. are sponsible for preparing the Twstees. Rep￿ and Ihe financial siatements in accordance wsth appliCa￿e law and Uniled Kingdom Actounting Standards IUnit&l King(k)m Generalty A￿pted Accounting Pra¢D¢e} Cornp8ny Law Tequires the trustees lo wepare financial slatements for each finanaal year whith gnie a true and fair view of the slate of affairs of the charity and of the income resources 8nd ￿p￿lI%tiOn of resources, indudin9 th income and expenditure. of the ¢haritatle company for that year. In preparirvJ these ￿na￿￿al statements. the trustees are to". select surtable a¢countln9 polides and then appty t￿M consistentty.. observe the method5 and prFnryks in the Charities SORP.. makejudgeM￿ts arKI eslThal85 Ihat aro reascrytrAe arKI pnJden( state whether ap￿￿able UK AGGwnting Starthrts havé been fts11¢y￿I. sutr4.ed lo ￿Y material sJepartures disdosed and explained in the finan¢481 sl8lementS- and prepBfe the fin8n¢ial statements on the 9)I￿J tt￿cern bas&s unless it is inapFwopriate to presume thal the d)artty will conbnue in opeialion. The Trusteès are respowbltr lor keeping adewate ￿ty)Unti￿a reLords thal disdose ￿t￿ reasonable accuracy at any lirne the fin8nckg1 position of the ch8rity 8nd enable them lo ensuie th8t the fin8nci81 statetnent8 Cotnply with thp Cornpanies Aci 20ffi. They are also ￿pOnSib* for safeguarding the assets of the charity and hence fw taking reasonable steps for lh8 preverrtion arKI d8t8Ction ol fraud and other Irre9ularilie5. This rèport has been prepa￿ In accor¢Jance wrth Ihe Slalement of Recommended Praclic£- Ac¢x)unting and ReportirrfJ by Charibes, and in accordance with the sfecial provisions of Part Vll of the Cornpanies Act 2006 relatirvJ to small companies. Apprlwed by the trustees on.. 26 March 2025 Sign8(l on its b8half by Professcrf Dame Sally Mapslcne Chair Trustee

HIGHER EDUCATION POLICY INSTITUTE

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024

I report to the trustees on my examination of the accounts of Higher Education Policy Institute for the year ended 31 July 2024, which are set out on pages 9 to 23.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

• (1) accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

• (2) the accounts do not accord with those records; or

• (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

• (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Chris Denton ICAEW Independent Examiner For and on behalf of The MGroup Partnership Chartered Certified Accountants 4 Witan Way Witney Oxon, OX28 6FF 24 April 2025

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HIGHER EDUCATION POLICY INSTITUTE STATEMENT OF FINA￿CIAL ACTlVtTIES AND INCOME ANO EXPENOITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Notes Unrestrfcted Restrlcted Funds Funds Totsl Total Funds 2024 Funds 2023 INCOME Charrta Sponsorships and speakers fees Conference fees Partnership $che￿e Grant inccffje 235.5 9.414 528.624 235,500 9,414 526,624 20,(KIO 187,767 565,975 20,WO 20.OCQ 771.538 791.538 782,386 ei ￿coMe Interest re¢w¥l 7.955 7.955 3,582 Totsl income 779.493 20.000 799.493 785.968 EXpendI￿re on.. Raising fttnds CharrtaNe activilies Other expetNJiture 5,291 705.717 5,291 725,717 5.406 631.762 1199) 20.CK)O Total Èxpendliure 711.ClJ8 20.000 731.008 636.969 NET INCOME BEFORE TFIANSFERS 68,485 148,9 Transfer beMEen fvnds Net incoming I loutgoingl resources bef(Ye gains and losses on investments 68.485 148.999 OTHER RECOGNISED GAINS I LOSSES Gain ry) Imestment assets 10 60.422 60.422 18,4151 NET MOVEMENT IN FUNDS 128.W7 I28,￿7 142.584 Reconciliation of funds Total funds 8t 1 August 2W23 16 751.792 20.fAX) 771,792 29,208 Total funds at 31 ju￿ 2024 16 880.699 20.WO 0,699 771,792 The statement of finan¢ial activibes I￿lIJ85 all gains and 105s85 rw)Trsed in the year. All intx>me ènd expendilure derNe from continur￿ a(Nrtios.

HIGHER EDUCATION POUCY INSTITUTE BALANCE SHEET AS AT 31 JULY 2024 Motes 2024 2023 FIXED A&8ETS Tangible assets Investments 8,244 634,3 12.387 579.432 10 642.807 591.819 CuRRETr￿ ASSET8 DebtOl8 Cash at bank and in hand 11 18 178.C#J1 485.204 153.371 293.605 eJ3.205 446.976 CREDITOR5.. Amounts fallirwJ du8 within one yeai 12 405.313 267,003 NEf CURRENT ASSETS 257.892 179.973 NEf ASSETS hJ,699 771.792 FUNDS OF THE CHARITY: Unrestricled income funds R•stridsd Incomtr lunds 15 15 880.699 20.( 751.792 20,0 771,7W2 Reg'St8red C￿5￿Y D4S03712 10-

HIGHER EDUCATION POUCY INSTITUTE BALANCE SHEgr AS AT 31 JULY 2024 These aco)unts have been prepareuniing fecord5 and the prep8F8tion of 8ccounts. Signed on behawof the board of trustees Professor Dame Salty Mapstone Tfusl8e- Chair Date Bpproved by the bo8rd.. 26 March 2025 RgJisl¥tyl CoM￿nY Numbtr 04503712

HIGHER EDUCATION POLICY INSTITUTE STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 JULY 2024 Note8 2024 2023 Cash flow8 from oper•ting actT¥i¢ies Net income for the reporbng period las the SOFA) Adjustments for: Depreuation charges Inuease in debtors Profrt on Ihe sale ol olher tangib￿ fixed assels Inuease I Idecreasel in creditors 68,485 148,939 4,318 124,630) 4,150 198,2981 11991 182,4911 138.310 C8sh generated from operations Interest received 186,483 17,9551 127.8391 {3,5821 Nel cash gènerated by operating acbvilies 178.528 131.4211 CaBh flows from Investiry actlvitle3: Interest received Investmenl mangement costs Purchase ol property. plant and equipmenl Proceeds from proparty. ￿ant and equipment Proceeds from sak of imiesirnents Purchase of investments 7,955 5.291 11751 3,582 (3.435} 722 4,739 1124,3751 Net cash used in investhThJ aclivibes 13.071 1118.7671 N¢t in¢rtra¥e l (decrease) in cash and cash equNalents 191,599 {150.1881 Cash and cash equivalents at the beginnlng of thg y￿r 293,e1$5 443,793 Cash and ¢•$h equiv•leTts at the end ofthe year 18 485,204 293,605 12-

HIGHER EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 GENERAL INFORMATION Higher Education Policy Institute is a regislered charity 8fKI limited by gUar￿lee incorpjraled in EnglarKI Wath. Its register￿ off￿ aTrJ pri￿paI offKe ts.. Registered office 80 Mount Street Nottingham NGI 6HH Principal place of bu8in•s8 99 BanbLtry R(￿1 Oxford OX2 6JX The finarKial statemenls are presented in Steiti￿, which is the fundional (xjrrency of charity. The charity is a wbli¢ benefit entity. SUMMARY OF SIGNIFICANT ACCOUNTING POUCIES Ba8is of pr•paratlon of the financial 8tatom•nl• These financial statements have been prepared in accrrdarte vrith the Accounting and Repwting by Charithes.. Statemerrt ol R￿mmendeLI Price appitable to charities preparing ￿0￿nts in a¢cofdance tho Financial R8KK>rting Slandard 102 secb.on 1A smallw entiti88. FK)ancial Re￿rtIng Standard 102 Sedion 1A smaller entsty"es'The Finanoal Re￿)rI￿19 Siand8rd applrable in the UK and Republ￿ of Ireland. ('FRS 102.1, the Compantes Act 20C6 and the Chariltes Act 2011. Golng con¢em The Trustees have fttrther reviewed the Chantys rash flow forw35ts for the year to 31 Juty 2025 and have conwdered any p)tential issues that will have an impact on the Chartys different sources ol ino)rne as well s their (ngtslng ￿$ts. At the time of approving the rmar￿￿91 sialements, the trustees have a reasonable expectation that the chanty has &Yequate resoufces t¢ continue in opefational existern￿ for the I￿e$eeable ftrture Thus the trustees continue to adopt the going concern basis of aco)unting in preparing the financial ststements a￿1 there are no m8teri81 uncertainties aboLrt Ihe charily's abilrty lo confinue to operate. Incoming r•source$ In¢oming ￿$oUr￿S in the Per￿ shown in the Statemenl of Finanaal Athilies represenls funds received from the SFonsor5hip and speakers fees. partnewship schemes and conleren¢e fees. Income from sponsorship and speakers fees ar￿ partnership schemes are recognised when the charity obtains a rigm to ConsKIerati￿ in excharoe for ts perfornian￿. Any amounts rece￿￿ in advance a deferred lo future ￿riOdS. Ir￿rne frorn confe[er￿ fees 8Q iFKItKled in irwning resourrs wi the perKMY in which Ihe re￿vant event takes place. 13-

HIGHER EDUCATK)N POUCY INSTJTUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF ACCOUNTING POLICIES l¢ontlnued...I Gr3nts Grants and donatic￿S a￿ only induded in the Slatement of FInana￿ Actiwlie5 when the charity has unconditional entittement lo the res¢)ur¢es arbj trealed as restricled cf unrestrided in(x)me in line wth the donovs Instructions. The charity recenied total grant income of £20.0(K)12023'. £20.(ml. All of this r8lated to ino)me received from Re5e8rch Engl3Th1 to support HEPI'S acttvilies where they contribule lo the undeTStanding of issues facing research and kn￿edge ex(thange in Un￿e￿￿e$. Expgnditu Expenditu￿ Is dlre(#ly attrlbulable to spe¢ffi¢ athibes and is charged to those o)st categorias. Tanglble flxed assets FLxed assets are stated at cost kss ￿Mulated depwjalion. Depwiati¢n has been prwtjed at the folkwfig rates $0 as to ￿lte off the cost less reshlual value of Ihe assets over their estsrnate(l uselul Ii¥es Websrte c0515 Computer and Offre Equipmenl Reduiing balance basi$ at 20% per annum Straight Iwe bas￿ 8t 33.33¥4 annum On disposal, the differen￿ bets￿n the net disposal prC￿ert$ and the earr￿n9 amount trf tre rtem $¢4d Is recognised In the statement of financial adivth"es. Flxed Asset Investments Listed Investments are shtsb￿ at fair val￿ annualty vM#) any suwus or defic5t dealt wth through the ststement ol financial actNibes. Rentals applicable lo opeTatiThJ leases Whe￿ SLtbstsntialty all of the beneffts and risks of ownership remain wth Ihe lessor are charged lo the income arKI expendrture account on a straight Ilne basis over the lease term. Paymènts madè und8r ffj)èratirvJ leases 8rtr recc*3nised as exFerKJrfure ovor ts lèasé term on a straKJht-lin8 basis. 14-

HIGHER EDUCATION POLICY INSTITUTE NOTES TO THE FINAN¢L4L STATEMENTS FOR THE YEAR ENDED 31 JULY Z024 STATEMENT OF ACCOUNTING POUCIES {continu8d...I Taxation The charity is an exernpt ¢arity within the meaning of schedule 3 ofthe Charit￿e9 Act 2011 and is considèrad to pass tests set out In Paragraph 1 sthed￿e 6 Finance Act 2010 and therefore it meets Ihe defirtition of a chaFitable CLJmpany for UK corporat￿7 tax purposes. Being a registered charity. the charty is not lith to taxation Iwme. Flnaneial instrum￿ts charty only enters into basic finanoal in5twurnentS trans￿tiOnS th81 resull in the recognition of financ4al assets and liabilibes like tra(Je and other accounts recvabk and payable. loans from banks and other third partl85. loans to rd31￿ p8rtiès and in¥Èstrnwts in no1￿[￿rtIsble ordirory shares. Finan¢id assets a￿ measured at fP)5t and are asse55ed at the end of eath repothrYJ p￿10d for objective eviden￿ of impairment. Where objective eVIder￿ of Nnpaim)enl is fwntl, an impaimenl105s is r￿ognISed in th& StattrM8￿ of financAal ￿tiVitI85. Tt impairment loss for finan¢o1 assets measwed at Gcffjt measured as Ihe drfference bets¥een an asset's arrying arnount and th8 besl estimale. whith is an arproximation. of the amount that the charity would ieceive for the asset if il were lo l slld at the rewrting date. Financial assets and l￿bilItIeS are offset and the net amryjm reported in the balance sheet when there is an enforceable Tight to set off the recognised amount and there is an Inlenlion t¢ settle on a nel basis or to re8lise asset setue the liability WMUMan￿[￿sIy. Impairnient of non-financial assets At each reporting dale ￿n-finan¢)al assets nol carried al fasr ¥alue. like goodwiu and plant. property and equi[￿ent, are reviewed to detemiine whether there 15 an indicalson that an asset may Lie impaiied. If there Is an Ir￿l¢a￿Orn of w$￿ble impaimient. Ihe recovera￿e aM￿rnt ol any asgét ty group of relatèd asge15 (which is the higher of value in use 8rKI the fwr v8lue less (x)st to sell) is estimated 8nd compared with ils carrying amount. If the recoverable amo)unt Is I¢￿er, the (¥rrying amounl of the asset 15 reduced to its recc>verable amount and an ifnpabrment 10$5 is ￿¢¢gh1$¢d immwjiatèly in thè $talement of financial aGtivilies. 118n impBiment ioss is subsequenty reversed, the cw1￿r0j amount of Ihe asset. or group of related assets. is increased lo the le￿Se0 estimate of ils recoverabEe amfxJllL but rh)t to exceed the amount that would have been deterrnined had no irnpairment loss been rec(yJnised for asset. or group of related as5els, in prior periods. A reversal of an impairment bss is recconised immedialely in the ststement of finanaat activities. Debtor8 Short term debtors are measLYed 81 tranwbon pri￿. less any impaim)enL 15-

HIGHER EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 STATEMENT OF ACCOUNTING POLICIES Ieontin￿d...) Creditors Short twm trad• creditors are measured at the transxtJn prnx. Other fin8nu81 liabilrtie3, including bank loJns, 8re measwed inrtwlty 8t fair value. rEt uf tr8n8adion Costs, a)d Subseq￿ at amortlsed eosl. Fund¥ General fvnds are Un￿tride￿ fvnds vthich a￿ available for tsse at Ihe discretion of the trustees in furtherance ol the genefal objeth.ves of the charty and vknich have not been de$ign8ted foi Dther wrposes. Designale4J comprise unrestricled fijnds that have been Set 88ide for purposes at the discretion of the trustees. Rostricted funds a￿ furth •e to b& ￿￿artce wth wific restricti￿S impDsed by Ihe donors or which have been raised by the tharty for P8rbcular p￿r￿seS Legal status of the charity The company does have share caytsl and is limited by guarantee Each member of the company un¢ertakes to contrtrjute to the assets of the Q￿pany, In the event of Il being wound up Buch amounts 8$ may be requtred will not exceed £1. Pen$l¢ns The charity operates a defmed contribution pension scheme. The amount charged lo th8 In￿rn8 and exp8ndrtuTe 8c(x)unt in respect of pen5N)n costs other pjst-fetitemenl benefits is the amount payable in the year. Difference5 beIN￿en conlribulions payable and ccntrilxrticns actuaty paKI in the year a￿ shown as other creditors in the balance sheet. CRITICAL ACCOUKllNG ESTIIiATES AND JUDGEMENTS In Ihe application of charws arLwnting the trustee5 are rwuwed lo make judg8mènts, estimates and a55umptions atxiul the carrwng amounl of assets andlia￿.1rt￿s Ihat are not readily appa￿nt from other Sources. The estimates and associated assumptions a￿ based on historical experience and other factors thot a￿ ¢onsKferei1 to be ￿eVanL Actual may drffer from these estimates. The estirnates arKI undertyng assumplions are review•Y on an ongoing basi8. Revision5 to accounb.ng estimatès are recognised in the period in which the estimate is revised where Ihe rewsK)n affects onty that period. or in the pericJ of the revisKJn and fubjre periods vthere the revision affects bolh CLbrrent and fLrture periods. 16-

HIGHER EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDEO 31 JULY 2024 INCOMING RESOURCES 3Qh12023- 4%) of the tharitys turrmr is 91tributab￿ to geogrnphi(>l markets outside of the United Kingdom. The irKX)ming res¢yJrces i1￿￿jed on page 8 c￿s]St ofthe follcwing $wr￿S of income". 2024 2023 Unr•stricted income: Charitsble activities Sponsorship and speakers fees confe￿nce fees PartnerS￿"p scheme 235.5CQ 9.414 526.624 187.767 8,644 565,975 771.S38 762.386 Other inc<>mè Intergst recwved 7.9&5 3.582 779,493 765.968 Restrfcted Incomg: Charitsble ¥ctivitie¥ Grant inccffle 20,OL 20,OC Total 5ncome 799,493 785,968 17-

HIGHER EDUCATION POUCY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 EXPENDITURE The resources expended induded on page 8 C￿l8￿t of the fdbwng SOUIC85 of èxpenditurn." 2024 2023 RalBlng furnls Investrnent m8nag8m8nt (x)sts 5,291 S,406 Unr981ricted expenditur•: Ch#ritable a¢tivwti Sulpcontia¢tg15 Postage Publication Prinlirg Events and ccx)ferences Rent (operating leases) Wages EmployeVs National InSUra￿e Staff pensK)n cost Insurance Books and d8t8 TeleFthone and fax Computer operating costs Printing, poslage and stslionery Adverlising and mtheung Gifts Entertainment Travel and subslstence Legal fees Accountancy and payroll bureau fees 8ookkeeping Bank charges Staff training subscripts.ons Depr8ciatK)n 108.365 13,716 29,529 70,618 11.911 312,287 32,539 62.045 1,258 792 616 6,257 3.849 6.470 597 5,333 21.823 2.881 9.185 1,769 224 4,119 5,218 4.318 70,W5 9,461 28.446 126.(K8 10.50S 244.892 30.278 30.883 1,157 788 6,294 2.757 6,640 16.610 1.44S 8.935 1.350 185 1,S)2 3,811 4,150 705,717 611,762 Re5trfcted furKls expendlture: Charitsble activities Publication PrintiThJ Poslage SU￿cc￿traCto1s Wages 5,559 2.730 8,614 4,526 3,000 11.411 20.orx) 20.Ii¢X) Other •xp•nditure Profil on sale ol taThJI￿e fLxed assels 1199) Totsl eXp￿ditUre 731.006 636.969 18-

HIGHER EDUCATK)N POUCY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 EMPLOYEES The average number of Fersons emFlo>Ed by ￿ chwity {indLtsji￿j trustees) durllw the year was.. 2024 2023 Average number of ernFloyees STAFF COSTS 2024 2023 Staff cc6ts during Ihe year amourrted to: Salaries and wages Social securty costs PensIC￿ c0ntribLrt￿S 323.698 32,539 52.045 250.752 30.278 30.863 40e.282 311.913 The number of employees wMse annual remunera11￿ was £e1).Ix￿ or n￿e ￿re.. 2024 2023 £110,001- £120,0(y) KEY MANAGEMENT PERSONNEL REMUNERATION 2024 2023 Key management personnel TemLmu*ion for the year amount•Y to: Salary and w4&s Pension 118.5( 37.809 119,4( 21,143 156.3C 140,543 19-

HIGHER EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 TANGIBLE ￿ssETs Compuigr and Offi¢e Equipment T•V•bsit• Total Cost Al 1 Augusl 2￿23 X),776 29.295 60,071 Addilions 175 175 At 31 July 21r24 30.776 29.470 0.246 Aceumulated d•pr•claVon Al 1 August 2023 23.820 23.864 47.684 Charge for year 1,392 2.￿26 4.318 At 31 Juty 2024 25.212 26.790 52.002 Not book valu• AI 1 August 2023 6,9 5.431 12.387 Ai 31 July 2024 2.680 8,244 10 FIXED ASSET INVESTMENTS Tolal other Investments Cost At 1 August 2023 579,432 Re¥￿u￿tiOn 60,422 Management charges 15,2911 At 31 J4Jly 2024 634,583 Net book value At 1 Augtsst 2023 579,432 Al 31 July 2024 634.563 The investments are UK listed investments and have been measured at market valLE.

HIGHER EDUCATION POUCY INSTITUTE NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11 DEBTORS 2024 2023 Trade debtors PrepayTrents and ac£Jued incA)m8 172.580 5,421 148,239 5,132 178,W1 153,371 12 CREDITORS: amounts falling due w71hin (￿e year 2024 2023 Trade (￿l￿r$ Taxation and soryal ge(￿rity Accruals and deferred irKome Other ueditors 15.073 85,037 309.508 15,695 6.483 25.461 t20,940 14.139 405.313 267.003 13 DEFERRED INCOIAE Included in 4¢¢ruals a￿1 deleThed incc¥ne ￿ dthrrtd irthme of£￿11,￿7 in re8pect of incA)me rec84¥ed in 2024 which relatss to 2￿25. In the accounts for the year end￿1 31 Juty 2023 in(xJme totalling £210.745 was deferred and has been released in Ihe current ￿ar 14 COMMITMENTS ounts falling due undet operal]ng ￿seS. 2024 2023 Expiring ￿ less than one year Expiriff g in more than one but Ivss than five years 2.745 10,980 2,745 2.745 13.725 15 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund ba18n￿s 8t 31 July 2024 a￿ ￿Presented by.. Unrestricted fundg R•strfcted lund8 Total funds Investment5 Tangitle assels Dèbtors Cash at bank and in hand Current Ikqbilities 634.563 8.244 178.001 465.204 1405,3131 8.244 178,001 485.204 {405.3131 20,0 880.6 20.000 900.699 21

HIGHER EDUCATION POLICY INSTITUTE OTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16 MOVEMENT IN FUNDS August 2023 Incomlng resources EXpendi￿re and yains at31 July 2024 TrBngfers Unre3trict•d funds: Charitable aciNilies 751.792 779,493 (650,586> 880,699 Total unrestricted furKIs 751.792 779.493 1650.5861 880.699 Restrict•d funds Grant income 20.C¥XJ (20.C￿l 20,OC Totsl r8strided fijnds 20,￿0 20.OCIJ 120.Crf)Cg} 20,OCX) Totsl fvnds 771.792 799 493 1870,S86) 9QX).699 Movement in funds {preYious year) At1 August 2022 Incoming FBBourc•s Expenditure and gain$ Asat31 July 2023 Trdnsfer& UnrBstrietod funds: CharrkNe acawtlies 6cpa.20B 765,968 1623.3841 751,792 Total unrestrict￿1 fvrKIs 609.208 765.966 1623.3841 751,792 Restrictsd funds Grant income 20.OENJ I20.0￿> 20,OOD Total fund8 629,208 785,968 1643.3841 771.792 Grant income Funds Df£20,00012023". £20.0001 from Research England to support HEPI'5 8thili8s where they contribjte to the understanding of iSSL*S faang research and kn￿edge excharyJ8 in universities.

HIGHER EDIJCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 JULY 2024 17 RELATED PARTY TRANSACTIONS During I1￿ year Ihe Charty made the lollcAwng relate(I party tranS￿￿'C￿s: T HlLX￿Y Cousin ol director (Nick Hillman) 2024 2023 Remuneration Research servvs.. 520 R Hillman Father Old￿¢tC￿ (NKk Hillmanl 2024 2023 Remuneration 630 Trustees and Dirnctor¥ Professor Dame JLdia Goo(tfell Trustee 2024 2023 Remurtetati Tmel 9x￿nSes. 41 Sir Christ4)her Husband Truslee 2024 2023 RemuneratKJn Ti8vel expen8e5'. 7CM) Ni(* Hillrn Director 2024 2023 Rernunerat￿n Travel expense5: 2.090 Nid( HiHman alto recewed rernuneratic￿ ofthe amcwnts disdosed in note 8. 18 ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 2023 Cash in hand 485,204 293,605 Total cash and cash equivalents 485,204 293,$05 -23-