Registered number.. 04579498
Charity number.. 1102186
EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

## **EDUCATION POLICY INSTITUTE** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 7|
|**Independent Auditors' Report on the Financial Statements**|8 - 11|
|**Statement of Financial Activities**|12|
|**Balance Sheet**|13|
|**Statement of Cash Flows**|14|
|**Notes to the Financial Statements**|15 - 25|





EDUCATION POLICY INSTITUTE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2022
Trust••s
Sir Paul Marshall. Chair
Baroness Morgan ol Huyton
Mr Charles Brand
Dr Kitty Stewart
Sir Michael Wilshaw
Lord Nash
Company rggistered
number
04579498
Charity registsred
number
1102186
Registered offl¢
150 Buckingham Palace Road
London
SW1W 9TR
Company Sècretary
Mr David Laws
Executive Chaimian
Mr David Laws
Chiaf Executive Officar
Ms NalalE Perera
Independent auditors
Calders {18831 LLP
Chartered Accountants and Statutory Auditors
30 Orange Stréet
London
WC2H 7HF
Page 1

EDUCATION POLICY INSTITUTE
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees who are also directors present their annual report logelherwith the audited financial statèments of
the charity for the 1 April 2021 to 31 March 2022. The Trustees Report serves the purposes of both a Trustees,
report and a directors, report under company law.
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Re￿rt required
ol medium and large companie5 under the Companies Act 2006 Istralegic R8port and Directors, Reportl
Regulations 2013 has been omitted.
Objectives and activitie$
a. Policies and objectives
Policies and Objectives.. The principal objects of the charity are non-partisan advan￿ment of education of the
public in the econ¢rnie, social and political sciencès and their effect on publiG policy and the policy-rnaking
process in the UK and th8 piomotion of objective research. and any othèr purposes deerned charitable under the
law of England and Wales. There have been no change5 in the objectives since our last Annual Report. The
Trustees ¢onfirm that they have referred lo thè guidance contained in the Charity Commission's general
guidance on public benefit, and the duties sel out in Sèction 17151 of the charib.es Act 2011, including the
guidance"Public Benefit.. Running a Charity,.
b. Pltain a¢tivltl•s undertaken to further the charity's PUTpose5 for the public benefit
Main activities undertaken lo further the charills purposes for the public bènefil.. Our main activities and how we
try to achieve our principal objectives lor the benefrt of the public are described below. All OLsr charitable activthes
locus on the advancement of educalion of the public in the UK and are undertaken to further our charitable
purposes for the public benefit.
Achievements and performance
a. Revlew of activities
1st April 2021 to 315t March 2022.
The Education Policy Inslilule is an independant. impartial and evidenee-based research inslilule, which aims lo
promote high quality education outcomes, regardle55 of social background. Vve continue to use quantitative 8nd
other rnethods lo analyse all phases of education in England. to help policy niake15 and practitioners to adopt
more effectivè strategies lo impiove outcomes. We particularly fwus on policy challenges relating to the long
ail" of low attainment, and we seek to promote policy solutions whith Glose the education gap between
vulnerable children and adults, and the rest ol the pupil and adult population5. Wo are also interested in non-
attainment relaled education and child development Issue5. 8nd we have an important strand of work on chih
wellbeing and mental health.
2021122 was a year in which normal work pallerns continued to b& disrupted by the 9lobal pandemic, bul EPI
staff coped effectively wrth these challengès, moviro some work into the home environrnent and making more
use of virtual communications.
EPI has Gontinued lo produce a wde variety of research work on an extensive range of issues, and has been
called lo give evidence lo parliamentary Committees. Our work has had significant impact through thg media and
other routes. We have had a large programme of evènts, rtsundtables and conferences.
Page 2

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance Icontinuèdl
Review of actlvltl&s l¢ontinuedl
This year we continued our important research project partnèrship with Renaissance Learning. This'has helped
to provide one of the most accurate and timely sources of information about the impacts of Covid disruption on
education outcomes. The research has been us6d extensively by govemmenl lo inform analysis and policy
responses.
Stsff have produced numerous research Teports and analysis during tha ygar. The rnajor publications indude..
"Preliminary research findings on education recovety, IApril 20211.
'The effect5 of high qualty professional devalopmenl on teachars and students" (April 2021}.
'Educalion recovery and resilience.. recommendations for government (May 2021).
"Leaming108s research.. understanding lèaming loss in the 202(Y21 academic yearf, lJuly 20211.
"Comparing edLLation catch up spending within and outside the UK" lJuty 20211.
'A narr<)wing path lo succes$7 16-19 curriculum breadth and employment outcomes" (September 20211.
"Measuring efficiency in school groups.. working p8perf' (September 20211.
"Education recovery and resilience: Phase 2 report, {Octokr 20211.
"School èffici8nw': part 1 and part 2" INovemb¢r 20211.
"Educational Outcomes of rèfugee and asylum seeking children in England" (December 20211.
School efficiency part 3" (December 20211.
"Learning loss in the 2021122 Autumn Temi" (January 20211.
'Annual Report on the Disadvantagsd Gap" (February 20221.
"School outcomes in E5se*' (March 20221.
"Impact of COVID on social and emotional development" (March 20221.
Page 3

EDUCATION POLICY INSTITUTE
TRUSTEES. REPORT (CONTINUED
FOR THE YEAR ENDED 31 MARCH 2022
Achievemenls and performance Icontinuedl
b. Investmant policy and performance
The ¢harily has no investments apart from bank déposlLS and the Trustees consider this as the appropriate
vehicle for holding ts funds.
Financlal revlew
a. Going concem
Afler rnaking appropriate enquiries, the Trustees have a reasonable expectation that the ch8rily has adequate
resources to continue in operational existence for the foreseeable fvlure. For this reason, they continue tts adopt
the going con¢ern basis in preparing the fin8ncial statements. Further details Tegarding the adoption of the going
concern basis can be found in the accounting policie5.
b. Future Developments
The Covid-19 pandemic eontinued lo disrupt usual Offi￿ operatickns and in person engagement in 2021r22. 11 is
t(K) eady to know whelherthe disrupt￿n will continue into 2022123.
EPI staff will work flexibility, with a mixture of in officelat home wort(, in order to comply w(th Covid guidance
while working as effectively as possible.
Since 2016. EPI has received annual, unrestricted. grants from the Sequoia Foundation. In recent years, the
level of these grants has been declining, as EPI move5 towards b$in9 financially sustainable without Teliance on
unrèstricted Sequoia grants. However, the foundation has awarded further signif￿an1 fvrther fvnding in 2022 and
2023 to support specrfic areas ol work.
¢. Resarv8s policy
It is the policy of the Trustées that reserves are mwnlained at a level lo finan￿ forecast future i)perations ol the
harily.
The Trustees havg (>btained confirmation of ongoing funding support from ils main donor.
Page 4

EDUCATION POLICY INSTITUTE
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Flnancial review Icontlnuedl
d. Summary of income and expenditure
The charity's restricted income during the reporting year was £592.595 {2021." £310.1971. Al the same lime
r&stricled expenditure increased lo £280,790 {2021.' £264,1971.
The charitys unrestricted income during the rèporting year was £1,189.63312021'. £1,025,8501. Al the Same lime
unr6slri¢ted expenditure decreased to £1,054,133 (2021." £1,113.6781.
Total voluntary in￿rne increased lo £957,59512021.' £846,901). Income frcim our rèsearch. sponsored events
and mèmbership subscriptions increased lo £823.9Q712021.' £488,217}.
The main item of toial expenditure related lo staffirtg and payroll costs of £1.136,52612021'. £1,170,798}.
e. Principal funding
Ongoing financial managèment is the responsibilty ol the Trustees. The annual budget is approved by the
Trustees. stat8￿￿nts ale presented to the Trustees, viith explanations provided for variations from budgeL The
principal sources of funding are grants fiom a number of charitable Irusls and sponsorship income for research,
events and corp)rale subscriptions.
f. Research interns
It is the Instilule's policy lo pay research intems. typically working lor befvleen 1- 3 rnonlhs. at the London
L￿l￿g Wage.
Structure. govèrnance and management
a. Constilution
Education Policy Institute is a charitable company limited by guarantee, incorporated on 1st November 2002 and
registered as charity number 1102186 tsn 19th February 2004. The company was estsbli5hed undei a
Memorandum olAssoaation which established the objects and powers ol the Gharitable company and is
governed by its Articles of A550cialion. Since May 2016 the operating name and identity h4 been the Education
Policy Inslitule.
b. Methods of appointment or èlèction of Trustees
Trustees are elected by 8 simple majority of all the Trustees enlilled lo attend and vote at any meeting of the
Board. Trustees are appointed by recommendation and informal interview processing and approval by the full
board. There is currently no formal policy of training and induction in place for new Tru51ees. However, all current
Trustees have extensive experience of legal issues relating lo charities and are also advised by the Company
Secretary on su¢h matters. Should the need lor a more formal policy arise. this will be considered by Ihe
Trustees.
P8ge S

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT ICONTINUEDI
FOR THEYEAR ENDED 31 MARCH 2022
structure, governan¢e and managèmènt (continued)
c. Organi5atlonal structure and decision.making polacias
The current Tru51ees of the charity are also directors of the charity for the purposes of Ihe Companies A¢L The
Trustees arg responsible for sètting the overall strategy of the charity and ensuring that the charitable purposes
are adhered lo and they relain overall responsibility for the Tunning of the charity and delegation to relevant
commiltees andlor sub Boards, es appropiiale. Thtr Trustees rneet quarterly. Members ol the Advi50ry Board
provide input and advice on 8n ad hoc basis. Members of the Advisory Board include academics, commeritators,
education practitioners and senior parliamentarians.
d. FÈnancial risk Management
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that all risks have
been addressed and, where appropriate, systems are in place to mitl9ate the exposure to major ri3ks.
statement of Trustees. responsiblliti95
The Trustee5 (who are also the directors of the charity for the purptsses of company lawl are rèsponsib￿ for
preparing the Trustees, Report and the financial statetllenls in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}.
Company law requires the Twstees to prepare financi81 st8temenls for each financial . Under company Lgw, the
Trustees must not appfove the finan￿al statements unless they are satisfied that they give a true 8nd fair view of
the st8te ol affairs of the charity and of ts incoming resources and application of resources, including its irn¢ome
and expenditure, lor that period. In preparing these financial slalements, Ihe Trustees are required lo..
select suitable accounting policies and then appty them consi51enlly",
observe the methods and principles ol the Ch8rilte5 SORP IFRS 1021",
mak& judgments and accounting eslimales that are reasonable and prudent..
stale wheth8r applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departur8s disclosed and gxplainèd in the financial slatemenls.,
prepare the financial slalernents on the going concein basis un￿sS rft is inappropriate lo presumo that the
charity will ¢ontinue in businoss.
The Trustees 81$ responsible for k&6ping adequate accounting records that are sufficient lo show and explain
the chariws transactions and disc105e with reasonable accuracy at any lime the financial position of the charity
and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also
rèsponsible for safeguarding the assets of the Charity and hence for taking ￿asonable steps for thè prevenlDn
and detection of fraud and other irregularities.
Disclosure of infomiation to auditors
Each of the persons who are Trustees at Ihe timè when this Trustees, Raport is approved has conlinied th8L
so fai as Ihal Trustee is aware, there 15 no relevant audit information of which the Charitys auditors ar
unaware. and
that Trustee *as taken all the steps Ih8t ought to have been taken as a Trustee in order to be aware c)f
any relevant audit information and lo establish that the charity's auditors are awaré ol that information.
Page 6

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2022
Auditors
Thè auditors. CaldeTS118831 LLP, have indi¢ated their willingness to continue in offi￿. The designated Trustees
will propose a motion reappointing the auditors al a meèting of the Trustees.
Small companies note
The Trustees, Report has been prepared in accordance wlth the provisions appI￿able to companie5 subject lo
the small comp8nies' regirne.
Approved by order of the members of the board of Trustees on 18 October 2022 and signed on their behalf by..
Slr Paul Marshall {Chalrl
Trustee
Pagé 7

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
Oplnion
We have audited the financial siatemenls ol Education Policy Institute Ith8 'chaiity'l for th8 year ended 31 March
2022.which comprise the Slalemenl of Financial Activities, the Balance Sheet, the Statement of Cash Flows and
the related notes. including a summary of significant accounting policies. The financial reporting framework that
has been applied in their prèparation is applicable law and Uniied Kingdom Accounting Standards, Including
Financial Reporting Standard 102'Th& Financial Reporting Standard applicable in the UK and Republic of
Ireland, Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the stale of the charitabk companls affairs as at 31 March 2022 and of its
ncoming resources and application of resources, induding ts income and expenditure for the year then
ended.,
have been properfy prepared in accordance with United Kingdom GenerallyAccepted Accounting
Practice., and
have been prepared in accoidance with the requirements of the Companies Act 2006.
8asis *or oplnlon
We conducted tsur audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable
law. Our responsibilities undèr those standards are further described in the Auditors. responsibilities for the audit
of the financial slalemenls section ol our report. We are independent of the charilable company in accord8n¢e
with the ethical requirements that are relevant to our audit of the financial slatem8nts in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilitie5 in accordance with these requirements. We bèlièvè that the audit evidence.we have obtsined is
sufficient and appropriate lo provKJ8 a basis for our opinion.
Conclusions relating to going concern
In auditing thè financial slalemenls, we have concluded that the Trustees, u5e.of the going concem basis of
accounting in the preparation of the financial slalements is appropriate.
Based on the work we have performed: we have not identified any material uncertainties relating lo events or
condilitsns that, individually or wlleGlively. may cast signifKanl doubl on the charitable company's ability lo
continue as a going concern for a period ol al least tw&lvè months from when the finawi)1 st*em&nls are
aulhorised for issue.
Our responsibilities and the responsibilities ol the Trustee5 Wth rÈspect to going concem are described in the
relevant sections of this report.
Page 8

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTiTUTE
ICONTINUEDI
Other infomiation
The other infom8tion compTises the infomialion included in the Annual Report other than the financial
stslemenls and our Auditors, Report Ihereon. The'Truslees are responsible for the other information contained
within the Annual Report. Our opinion on the finan¢ial statements ￿￿5 not cover the olher infomation and,
except to the extent othen￿lSe explicitly stated in our report, we do not express any form of assurance conclusion
Ihereon. Our re5ponsibillty 15 to read the other infomialion and, in doing so, ¢onsHJerwhether the other
information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially rni5slated. If we identify such material inconsistencies or apparènt
mat8ri81 misstatem8nts. we are required to determine whether this gives rise to a material misslatemenl in the
financial slalemenls themselves. If, based on the work we have perfoirlled, we conclude that there is a material
misstatement of this other infomiats'on, we are required to rèport that fact.
Wo have nothing lo rewrt in this regard.
Opinign on other matters pr8$¢ribgd by the Cornpanies Act 2006
Irj our opinion, based on thg work undertaken in the course of the audit..
the infomialion gTven in the Trustees. Report for the financial year forwhich the financial slalements are
prepared is consislenl with the financial slalements.
the Trustee5' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exceptlon
In the light of our knovAedge and understanding of the chariiable company and ils environment obtained in the
course of the audit. we havè not ident5fied rnaterial misslalemenls in the Tr¢Jslees' Report.
We have nothing to report in resped of the following matters in relation to which Compani6s Act 2006 requires
us lo report lo you rf. in our opinion..
adequate accounting records have not been kept. ￿ returns adequate for our audit have not be&n
received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns.. or
certain disclosures of Trustees. remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audtr, or
the Trustees were not entitl￿ to prepare the financial statements in accordance with the small companies
regime and lake advantage ol the small companies, exemptitsns in preparing the Trustees. Report and
from the requirement lo prepare a Strategic Report.
Page 9

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
ICONTINUEDI
Responslbilities of trusteas
As explained more fulty In the Trustees. Responsibilities Slalemen[ the Trustees (who are also the diredors of
the charitable company for the purposes of company lawl are responsible for the preparation ol the financial
statements and for being satisfied that they give a true and fair view, and for such inlemal control 8s thè
Trustees determin8 is necèssary to enable the preparalion of fin8nGial stalèmènls that are free from material
misslatemenl, whether due to fraud or èrror.
In preparing the financial slatemenls, thé Trustees are responsible for assessing the chaiitable companls abilty
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concem basis of a¢counting unless the Trustees erther intend lo liquidate Ihe charitable company 01 lo cèasè
operations, or have no realistic altèmative but lo do so.
Auditors. responslblllties for the audit of th6 flnanclal statements
Our objectives ere to obtain reasonable assurance abc•Ut whether the financial statements as a wholo are free
from material misst8teTllent, whelher due lo fraud or error, and to issue an Auditors. Report Ihal includes our
opinion. Reasonable assurance is a high level of assurance, bul Is not a guarantee that an audit conduded in
accordance with ISAS IUKI will always deteet a malerial misslalement when il exists. Misslalemenls can arise
from fraud or error and are considered material if, individually 01 in the aggregate, they could reasonably be
expected to influence the economic decisions ol users taken on the basis of thèse financial stalemenls.
Irregularities, including fraud, are instances ol norrtompliance with laws 8nd regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misslalernents in respect of irregularilies,
including fraud. The 8xEant to which our procedures are capable of delecling irregularities, including fraud is
detailed below..
Discussions with and enquiries of rnanagement and those charged with governance were held wth a VI￿ to
identifying thos8 laws and regulations that could be expected to have a material impact on the finarKial
slatemenls. During the engagernent team briefing, the outcomes of these discussitsns and enquiries were
shared with the team, as well as consideration as to wher& and how fraud may occur in the entity.
The following laws and regulations were identified as being of sIgn￿l¢3n¢tt to thè entity..
Those laws and regulations considered to h8ve a direct effect on the finanual ststemenls include UK
financAal reporting standards, Company Law, Tax and Pensions legislation.
With regard5 to laws and regulations relating to the opèrating aspects of the charitable company, tl*se were
discussed wrth management and were not considered fundamental to the operating of the charitythefefortr
should not have a rnalerial impact on thè financial slalernent5.
Audit procedures undertaken in response lo the potential risks relating to ITregularilies (which inclydtr fraud and
non-compliance with laws and regulations) comprised of." inquiiies trf management and those charged with
governan￿ as to whether the entity complies with such13ws and regulation5'. enquiries with Ihe same
concerning any actual or potential litigation or claims,. inspection of relevant legal correspondenca., testing the
approprialene55 Qf journal eniries., and the performance of analytical review lo identify unexpected movements in
account balances which may be indiealive of fraud.
Page10

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
ICONTINUED)
Audltors, responsibilities for the audst of the financlal statements Icontinuedl
No instances of material non-compliance were idèntified. However. the likelihood of delscting irregularities.
induding fraud, 15 limited by the inherenl difficulty in detecting irregularities, the effectiveness of the entity'5
contro15, and the nature, timing and extent of the audit prooedures performed. Irregularities that resutt from fraud
might be lnhe￿nUY more diffieutt to delecl than irregularities that result from error. As explainèd above, there is
an unavoidable risk th8t material misslalements may not be detected, even though the audrft ha3 been planned
and perforrned in accordance with ISAS IUKI.
A fvrther description ol our responsibilitiés for the audit of thè financial statements is located on the Financial
Reporting Council's website at." www.frc.or
.ukJauditor5res
onsibilities. This description fomis part of our
Auditors, Report.
Use of our report
This report is made solely lo the charitable company's members, as a body, in accordance with Chaptèr 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo th8 charitable
company's mÈmbeis those matters we are required to slate lo them in an Auditors, Report and for no other
purpose. To the fullest extent permitted by law. we do not accept or assume responsibilily to anyone other than
the charitable company and its memb.èrs, as a body. for our audit work, for this report: (Y for the opinions we
have formed.
05
1É93
kP"
T Badiani (Senior Statutory Auditor)
for and on behalf of
Calders118831 LLP
Chartered Accounlanls and Slatulory Auditors
30 Orange Street
London
WC2H 7HF
18 October 2022
Page11

EDUCATION POLICY INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME ANO EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2022
Restricted Unrestricted
fund$
funds
2022
2022
Total
funds
2022
Total
fvnds
2027
Note
INCOME FROM:
Donations. grants and legacies
Charitable activities
Invéstments
592,595
365,000
823,907
726
95T,595
823.907
726
845,901
488.211
929
TOTAL INCOME
592.595
1.189,633
1,782,228
1,336,047
EXPENDITURE ON:
Raising funds .' Management
operations, fundraising and
comrnunicalions
Charitable activities
128,894
925,239
128,894
1,206,030
90,895
1,286,98Q
280,790
TOTAL EXPENDITURE
280,790
1,054,133
1,334.923
1,377,875
NET MOVEMENT IN FUNDS
311,805
13S.SOO
447,305
(47,828)
RECONCILIATION OF FUNDS-
Total fund5 brought forward
Net movement in funds
109.991
311.80S
798.948
135.500
908,939
447,305
950.767
141,828)
TOTAL FUNDS CARRIED FORWARD
421,796
934,448
1.356.244
908,939
The nr)tes on pages 15 to 25 fomi part ofthese financial slalements.
Pa9e 12

EDUCATION POLICY INSTITUTE
REGISTERED NUMBER: I)4579498
BALANCE SHEET
AS AT 31 MARCH 2022
2022
2021
Nota
FIXED ASSETS
Tangible assets
10
6,261
8. 130
6.261
8, 130
CURRENT ASSETS
Debtors
Cash al bank and in hand
457,537
1,080,782
234.598
827,501
1.538,319
1.062,099
Creditors.. amounts falling due within one
year
12
1188.3361
(161,290)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,349,983
900,809
1.356,244
908,939
1.356,244
908.939
TOTAL NET ASSETS
1,358,244
9Q8,939
CHARITY FUNDS
Reslricled funds
Unre31ricled funds
421,796
934,448
109,991
798,948
TOTAL FUNDS
1,356,244
908.939
The financial statements have been prepared in accordance with the provisions applicable lo enlrties Subject to
the small companies regime.
The fsnancial 51alements were approvèd and aulhorised for issue by the Trustees on 18 October 2022 and
signed on their behalf by.
Slr Paul Marshall (Chairl
Trustee
The notes on pages 15 10 25 lomi part of these finan¢ial statements.
Page 13

EDUCATION POLICY INSTITUTE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net ¢8sh used in oper8tlng a¢livilie5
2S6.284
(46.726)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangib￿ fixed assets
Interest from investments
{3,7291
726
(4, 763)
291
NET CASH USED IN INVESTING ACTJVITIES
13,0031
14A721
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
253,281
ISl.198}
Cash and cash equivalents al the beginning of the year
827.501
878,699
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
1,080.782
827,501
The notes on pages 15 to 25 forrn part ol these financial ststements
Page 14

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accounting policies
1.1 Ba$ls of preparation of financial statements
The financial statements have been Prepared in accordance with the Charities SORP IFRS 102}
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities
prèparing their accounts in accordanca with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial R8porting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Education Policy Inslilule meets th& definition of a publi¢ benefit enlty under FRS 102. Assets and
liabilities are initialty recognised at historical cost or transaction value unlass otherwise slated in the
rèlevant accounting policy.
1.2 Going concern
The eharty's main donor has provided confirrralion that it will continue lo provide financial support to
the charity for al least 12 months from the signin9 of thè financial stslemenls.
The Trustees therefore consider that f( is appropriate lo adopt the going concern basis for the
preparation of the financial stalemenls.
1.3 Compat)y status
Th8 charity 18 a company limited by guardntee. The members of the company are the Trustees
named on page 1. In the event ol thè charity being wound up, the liability in respect of the guarantee
is limited to £1 per member of the charity.
1.4 Fund accounting
General funds are unrestr¢ted funds wh￿h are available for use at the discretion of the Trustees in
furtherance of the general objectives of the ¢harty and which have not been desKJnaled for other
purposes.
Restricted funds are funds which are lo be used in accordance with specrfic restrictions imposed by
donor5 or which have been raised by the charsty for particular purposes. The costs ol raising and
adrninislering such funds are ¢h8rged against the specifi¢ fund. The aim and use of each restrictèd
fund is set out in th& not&5 to the financial slalemènt5.
Investment income, gains and losses ara allocated lo the appropriate fund.
1.S . Incom8
All income is recognised once the charity has enlillemenl lo thè income, Il is probable that the income
will be received and the amount of income receivable can be measured reliably.
Grants are included in the Slalemenl of Financial Activities on a receivable basis. The ba￿nce of
incorlle re￿IVed lor specific purptsses bui not expended during the period is shown in the relevant
funds on the Balance Sheet. Where income is rec&ived in advance ol entitlement ol re￿ipt, ts
recognition is deferred and included in creditors as deferred income. Wh&rÈ enlillement occurs
before income is received, the income is accrued.
Income tsx recoverable in relation to investment income is recognised 'al the time the investmgnt
income is receivable.
Page15

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accounting pollcles Icontinuedl
1.6 Expendi￿re
Expènditure is recognised once there is a legal or constructive obligation to transfer economi¢ benefil
lo a third p8rty, it is probable that a transfer of economic benefi15 will be required in settlement and
the amount ol the obligation can be measured reliably. Exp8nditure is classified by activity. The costs
ol each activity are made up of the lolal of direct costs and shared costs, including support costs
involved in undertaking each activity. Direct costs altribulable to a singl8 a¢tivily are allocated directly
lo that activity. Sharèd costs which contribute lo more than one activity and support costs which are
not altributable lo a single activty are apportioned between those activities on a basis congistent with
the usè of restsurces. CenlraS staff Costs are allocated on the basis of time spent, and dep[eC￿alL0n
charges allocated on the portion of the asset's use.
Support costs are those costs inCUr￿d direcily in support of expenditurg on the objects of the ¢harity
and include projèct management. Govern4n¢e costs are Ih05e incurred in connection with
administration of the ¢haiity and compltance with constitutional and statutory requiretnellts.
Costs of generating funds are costs in¢urréd in attracting voluntary income.
Charitable adivilies and Governance costs are costs incurred on the charity's operations, including
support costs and costs relating to the governance of the charity apportioned to charitable adiwlies
1.7 Tangible fixed assets and dèpreciation
Tangible fixed assets costing £100 or more are capilalised and recognisèd when future economiG
benefits are probablè and the cost orvalue of tho assèt can be measured reliably.
Tangible fixèd assets are initially recognised at cost. After recognition, under the cost rnodel, tangible
fixed assets are mèasured al cost less accumulated depreciation and any accumulated impairment
ltssses. All costs inGuired to bring a tangible fixed asset into its intended working condition should be
includéd in the measurement ol cost.
Depreciation is charged so as lo all￿ale the cost of tangible fixed assets less th8ii residual value
over their eslimaled useful liv@S,
Depreciation is providad on the following bases..
Fixtures and fittings
Office equipment
3 years slraighl line
3 years strtighl line
1.8 Opèratlng leases
Rentals paid under (Iperating leases are chargad to the Statement of Financial Activities on a straight
line basis over the lease tèm.
1.9 Debtors
Trade and other debtors are recognised al the settlement amount after any trade discount offèred.
Prepayments are valued al the arnount prepa￿ nel of any trade diswunts due.
Page 16

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accounting pollcies Iconlinued
1.10 Cash at bank and in hand
Cash al bank and in hand includes cash and short-temi highly liquid investments with a short maturity
of three months or less from the dalè of acquisition or opening of the deposit or S[￿lIar account.
1.11 Liabilities and provlslons
Liabilities are recogni5ed when there 15 an obligation at the Balance Sheet dale as a resull of a past
&vent, it is probable that a Iransfer of economic ben¢fil will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised al the amount that the charity anticipates il will pay to settle the debl or the
amount il has recewed as advanced payments for the goods or setM¢os It musl provide.
Provisitsns aré measured at the best eslirnale of the amoullls required lo settle the obligation. Where
the effect of the lime value of money is material, thè provi510n is based on th¢ present value of those
amounts, discounted at the pre-.tax discount rate that reflects the risks Specific to tho liability. The
unwinding of thè discount 15 recognised In the Statement of Financial Activities as a finar￿e cost
1.12 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as bas￿ finan¢1
instruments. Basic financial instruments are initially recognised al transaction value and subsequently
measured al their setlletnent value with the exception ol bank loans which are subsequently
rneasured at amorts'sed ￿3t using the effectwe interest method.
Income from donations* grants and legacies
Rèstricted Unrestricl
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Donations
Grants
Government grants
365.000
365,000
592,595
496,900
310, 197
39,804
592,595
592,595
385,000
957,S95
846,901
Total 2021
310, 197
536, 704
846,901
Page17

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Income from donations, grants and lègacles Icontlnuedl
The Education Policy Institutè received grants from three sources during the year for specific projects.
The funds are deemed lo be for a reslricled purpose and expenditure in thèse grants are recorded
Soparat81y.
Unbound Philanlhrophy which had an unspent grant brought forward of £38.297 received further tr8nch8s
of 280,000 with £78,245 expended in Ihè year, thè unspent grant carried forward is £40,051.
Nuffield has provided fvrther rèstricted grants lolalling £163,697 during the year which have dl be8n
expended.
EPI had a brought fotward granl from The Jarnes Dyson Foundation for £6,000 which has bèen
completely expended in the year.
The Stitching Benevolentia has a grant brought forward of £65,695 with £19,950 being expended within
the year. the unspent grant carth foEward is £45.745.
Middlesex University has provided a new reslrKled grant totalling £2,586 during the yearwhich has been
fully expended.
NIESR has provided a new restricted grant totalling £10.312 during the yearwhich has been lully
expended.
The SequoSa Trust has undertaken to provide new reslricled grants totslling 2336,000 during the year this
amount has bettn carried lomard.
Income from charitable activities
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Conference Èvenls
Research projects
Subscriptions (individual and corporalel
307,494
418,838
97,575
307,494
418,838
97,575
211,274
195,071
81,872
823,907
823.907
488,217
Tol812031
488,217
488.217
Pagtt18

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Investment income
Unreslrleted
funds
2022
Total
fijnds
2022
Total
funds
2021
Bank interest received
726
726
929
Total 2021
929
929
Expenditur8 on raising funds
Costs of raising funds . management operation5, fundralslng and Communlcatlons
Unrèstrieted
funds
2022
Total
funds
2022
Total
funds
2021
Conference and events
Allocetion of support costs INote 81
59.103
69,791
59.103
69.791
19.875
71.020
128,894
128,894
90,895
Total 2021
90.895
90,895
Page 19

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
CharStable activities
Restricted Unrestricted
funds
funds
2022
.2022
Totsl
funds
2022
Total
funds
2021
UnLx)und grant expenditure
Nuffield grant
Stiehing grant
Research fees and subscriptions
Dyson grant
Middlesèx University grant
NIESR grant
Allocation of support cost5 (Notè 81
78,246
163,697
19,950
78,246
163,697
19,9SO
9,643
6,000
2,586
10,312
91S,596
41,654
264. 197
10,290
60,032
9,643
6,000
2,586
10,312
915.596
910,808
280.791
925,239
1.206,030
1,286.981
To1812021
361,777
914,914
1,276,691
Govèrnanc8 costs
2022
2021
Auditors, remuneration (including prior year under provision)
AGcountancy, payroll fees, aulo-enrolmenl fees
Accountancy and advice prior yèar under provision
Bookkeeping
Legal 8nd professional fees
7,679
3.739
2,723
3,125
6,346
9, 748
2,827
3,333
q.357
23,612
23,613
Page 20

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Support costs
Costs of
generating Charitable
futtds
activities
2022
2022
Total
fund5
2022
Total
runds
2021
Office costs
Website and IT costs
Miscellaneous
Bank charges
Advertising and promotional
Wages and salaries
National insurance
Pension costs
Restricted Èxpenditure Unbound (Note 8}
Restricted expenditure- Nuffield (Note 61
Restrieted expendrture- Stiching Benevolenlia
(Notè 61
Restricted expenditure- Dyson foundation
(Note 61
Restricted expenditure- Middlesex Universty
(Note 8)
Reslricled expènditure- NIESR (Nole 61
Govemance costs (Nole 71
Depreciation
7,539
1,468
365
67,855
13,198
3,286
298
319
5.761
6,401
5,094
917,124
985,394
951,094
95,086
100,091
100,996
67.490
71,042
118,708
178,2461
178,2461
(41,654)
1163,6961 1163,6961 (264, 197J
75.394
14.664
3.651
330
73,529
15,501
32
640
48,270
S,005
3,552
119.9501
119,9501
(10.290J
16.000)
16,0001
12,5861
{10,3121
21,251
5,037
12,5861
110,3121
23,612
5,598
2,361
561
23,523
9,104
Total
69,791
915.596
985,387
981,827
Page 21

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Support costs Icontinuedl
All support cosis except for wages 8nd Nl are apportioned between costs ol generaliw funds and
charitable activities on a 100A '. 90/0 time basis respectively.
Wages and salaries are also apporttoned on a time basis as fOll￿s.,
5¥. 95% be￿een costs of genfjrating funds and charitable actwilies.
Stsff costs
2022
2021
Wagas and salaries
So¢lal security costs
Contribution to defined contribution pension scheme
965.393
100,091
71,042
994.538
100.996
75,264
1,136,526
1, 170,798
Thè average number of persons employ￿ bythe charity during the year was as folbws..
2022
No
2021
No
Management. research 8nd adminislralive
21
22
The number of employees whose employee bÈnefrts (excluding employer p¢nsion costs) ex￿eded
£60,000 was..
2022
No
2021
No
In the band £60,001- £70.000
In the band £70,001- £80.000
In the band £80,001-.£90,000
In thtr band £90,001- £100,000
No Iruslees re¢eThied remuneration or expenses in the year12021.. £Nill.
Totsl key management remuneration for the year was £174,806 {2021.' £192,293).
Page 22

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
10. Tanglblè fixed assets
Fixtures and
fitting5
Office
equlpment
Total
Cost or valuation
Al 1 April 2021
AddilKJns
8,196
41,139
3,729
49,335
3,729
At 31 March 2022
8,196
44.868
53,064
Deprèclatlon
Al 1 April 2021
Charge for the yéar
7,955
241
33,250
5,357
41,205
5.598
At 31 March 2022
8,196
38,607
48,803
Net book value
At 31 March 2022
6,261
6,261
At 31 March 2021
241
7,889
8, 130
11. Debtors
2022
2021
Due within one year
Trade debtors
Other debtors
Prepaytnenls and accrued income
Tax recoverable
68.925
31.912
356,454
246
178,702
31,612
17.510
6, 774
457,S37
2S4,598
Page 23

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
12. Creditors.. Amounts falling due within one year
2022
2021
Trade creditors
other taxation and social security
Other ¢reditors
Accruals and'deferred income
31,3SO
63,613
20,213
73.180
14,683
90,114
17,469
39.024
188,336
161,290
2022
2021
Other taxation and social security
PAYE I Nl control
VAT control
31,732
31,881
33,265
56,849
63.613
90,114
Deletred income relates to the 2022123 el&m#nt of annual corporate partnerships and subscriptions
invoiced in the year ended 31 March 2022.
13.
Reconclllatlon of net movement In funds to nel Gash flow from operating activities
2022
. 2021
Nel inoomelexpendilure for the year las per Stslement of Financiaj
Actwitiesl
447,30S
(41,828)
Adjustments for:
Depreciation charges
Interest received
Ilncreasel I decrèase in debtors
Increase I Idecreasel in creditors
5,598
17261
222,9391
27,046
9, 104
(291)
4,172
(17,823)
Net cash provided byllused Inl operating actlvltiès
256.284
(46,726).
Page 24

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
14. Analysls of ¢ash and cash equivalents
2022
2021
Cash in hand
1,080.782
827,501
Total cash and Cash equivalents
1,080.782
82T,501
15. Analysls of changes In ngt debt
At 1 April
2021 Cash flows
Al 31 March
2022
Cash at bank and in hand
827,501
253,281
1,080,782
827,501
253,281
1,080,782
16.
Penslon commitments
The company contributes to cèrtain directors and ernployèès d$fined contribution schemes and the
pension charge represents the amounts paid by the company lo the funds and arnounted lo £71,042
12021- £75,264) There was a balance of £Nil12021 - £Nill outstanding at the b818nce sheet dale.
17. Opèratlng 18asè ¢ommitments
AI 31 DAarch 2022 the charity had commitments lo make fuiure minimuTn lease payments under non-.
cancellable operaling lèases as follows..
2022
2021
Mot later than 1 year
Later than 1 year and not later than 5 years
52,451
38,224
43,683
52.451
81,907
18. Relaled party transactions
During the year the charity received donations of £200,00012021- £350,000), and comitted lo prowde
restricted gran15 of £336,00012021- £NILI from The Sequoia Trust. ol which Mr Paul Marshall 1$ also a
Trustee.
The Charity re￿Ived donations of £20.00012021- £20,0001 from Lord Nash who is 8150 a truste&.
Page 25