Registered number: 04579498
Charity number: 1102186
EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

EDUCATION POLICY INSTITUTE
CONTENTS
Page
Reference and Admlnlstratlve Detalls of the Charity, Its Trustees and Advlsers
Trustees. Report
Independent Auditors, Report on the Flnanclal Statements
8-12
Statement of Flnanclal Actlvltles
13
Balance She&t
14
statement of Cash Flows
Notes to the Flnanclal Statements
16-27
The following pages do not form part of the slalulory financial statements,
Charlty Detalled Income and Expendlture Account and Summarles

EDUCATION POLICY INSTITUTE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
Charles Brand, Interim Chair
David Laws
Baroness Sally Morgan
Dr Kitty Stewart
Anne-marie Canning MBE (appointed 30 January 2024)
Chris Husbands (appointed 30 January 20241
Timothy Charles Leunig lappoinled 30 January 20241
Hardip Begol lappoinled 1 May 20241
Paul Marshall (resigned 1 January 20241
John Nash (resigned 1 January 20241
Company reglstered
number
04579498
Charity reglstered
number
1102186
Reg Istered offlce
150 Buckingham Palace Road
London
SW1W 9TR
Company Secretary
Natalie Perera
Chlef Executlve Offlcer Ms Natalie Perera
Independentaudltors
Calders (1883} LLP
Chartered Accounlanls & Statutory Auditors
30 Orange Street
London
WC2H 7HF
Page 1

EDUCATION POLICY INSTITUTE
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees who are also directors are pleased to present their annual report together with the audited financial
statements of the charity for the 1 April 2023 10 31 March 2024. The financial statements comply with the
Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable lo ¢harilies preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102))
(effective 1 January 2019). The Trustees Report serves the purposes of both a Trustees, report and a dire¢lors'
report under company law. Trustees of the Company are its Directors for the purpose of company law and
throughout Ihis report they are collectively referred to as the Trustees.
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required
of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report)
Regulations 2013 has been omitted.
As a result of providing for unrestricted grants committed in the prior years out of which expenditure has been
incurred since the prior year ends, this has contributed to a deficit result on the unrestricted funds for 2024 but
over the Iwo year ends 2023 and 2024 there has been an overal increase in lot81 reserves.
Oblectlves and actlvltles
Pollcles and objectlves
Policies and Objectives.. The principal objects of the charity are non-partisan advancement of education of the
public in the economic, social and political sciences and their effect on public policy and the policy-making
process in the UK and the promotion of objective research, and any olher purposes deemed charitable under the
law of England and Wales. There have been no changes in the objectives since our last Annual Report. The
Trustees confirm that they have referred to the guidance contained in the Charity Commission's general
guidance on public benefit, and the duties set out in Section 1715) ol the Charities Act 2011, including the
guidance 'Public Benefit.. Running a Charity"
b. Maln actlvltles undertaken to further the charity's purposes for the publlc beneflt
Main activities undertaken to further the charity's purposes for the public benefit. Our main activities and how we
try lo achieve our principal objectives for the benefit of the public are described below. All our charitable activities
focus on the advancement of education of the public in the UK and are undertaken lo further our charitable
purposes for the public benefit.
Achlevements and performance
a. Revlew of actlvlties
1 st April 2023 to 31 st March 2024.
The Education Policy Institute is an independent, impartial and evidence-based research institute, which aims to
promote high quality education outcomes, regardless of social background. We continue lo use quantitative and
other methods lo analyse all phases of education in England, to help policy makers and praclilioners to adopl
more effective strategies to improve outcomes. We particularly focus on policy challenges relating lo the long
"tail" of low attainment, and we seek to promote policy solutions which close the education gap between
vulnerable children and adults. and the rest of the pupil and adult populations. We are also interested in non-
attainment related education and child development issues, and we have an important strand ofwork on child
wellbeing and menlal health.
From January 2024, EPI moved lo a fully-CEO led model and a number of other governance changes took
place. The Executive Chair stood down whilst still remaining a trustee and an existing trustee (Charles Brand)
Page 2

EDUCATION POLICY INSTITUTE
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achlevements and performance Icontlnuedl
stood up as interim chair. The previous Chair, Sir Paul Marshall, stood down from the Board from the 31 sl
December 2023 as did Lord Nash and Sir Michael Wilshaw. Anne-marie Canning, Professor Sir Chris Husbands
and Dr Tim Leunig joined the Board of Trustees in January 2024 and Hardip Begol joined in May 2024.
To ensure a smooth transition lo a fully CEO-led organization, a new Finance Manager was appointed on a
permanent basis from October 2023. From JanLtary 2024, new financial management monitoring reports were
presented lo Trustees, along with new Key Performance Indicators.
EPI has continued to produce a wide variety of outputs across our research areas and has also helped to inform
policy making through sitting on government advisory boards and other Commissions. Our work has continued
lo have significant impact through the media and other routes and we continued to host a large programme of
events, roundtables and conferences.
EPI continued its seminal work on measuring the extent of post-covid learning loss, using Renaissance Learning
star Assessment data, with furthers report published in May 2023. Complementing this work, EPI also published
analysis on post-pandemic absence rates in May and August 2023.
For the first lime since before the pandemic, EPI was able to publish il flagship annual report on the
disadvantage gap in England in October 2023.
Responding lo the external climate, EPI published a report on 'Educalion Priorities in the next General Election"
in July 2023, with the aim of guiding political parties towards using evidence-based policies in their manifestos.
EPI also carved out a role as the "go to" source of independence and commentary in the late summer of 2023,
when il became apparent that hundreds of schools were affected by Reinforced Autoclaved Aerated Concrete
IRAACI.
Another rnajor milestone was met in February 2024 when EPI published ils online tool for measuring school
group effectiveness. This provides an interactive source of benchmarking data to support local aulhorilies, multi
academy trust leaders, the Department for Education and Ofsled in understanding the effectiveness of the
primary and secondary school system. It is also intended lo provide a ' blue print" for the Labour party's plans to
intfoduce a balanced scorecard as part of the school accountability system.
Staff have produced numerous research reports and analysis during the year. The major publications include..
Educational outcomes in Glouceslershire, April 2023
EPI local authority analysis.. Report for Essex Education Task Force. May 2023
Six charts that explain the state of the teaching workforce in England, June 2023
Ethnicity and additional needs in the pandemic.. Intersections be￿een ethnicity and additional needs111,
June 2023
-Atlainmenl gaps for children in social care, July 2023
Ethnicity and additional needs in the pandemic: Additional provision for SEND, ethnicity and atlainmenl {21
August 2023
Ethnicity and additional needs in the pandemic: Additional provision for EAL, ethnicity and allainmenl (3),
August 2023
Ethnicity and additional needs in the pandemic.. Conclusions and implications for additional needs,ethnicily and
allainment14), September 2023
Variation in pupil inclusion practices across schools.. findings from the second wave of the DEEP survey,
September 2023
The influence of headleachers on their schools, October 2023
Four charts which explain the stale of children's mental health in 2023, November 2023
Education.. the fundamentals- Eleven facts about the education system in England, December 2023
Children and young people's mental health services.. Targets, progress and barriers lo improvement,
December 2023
What's Cooking? A review of evidence and discussion on the Free School Meals IFSMI measure in the
Page 3

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (contlnuedl
National Pupil Database, January 2024
Access to extra-curricular provision and the association with outcomes, February 2024
Recruitment and Retention of Senior School Leaders in Wales, February 2024
Comparing policies, participation and inequalities across UK post-18 Education and Training landscapes,
February 2024
How hard is il to recruit senior school leaders in Wales? February 2024
An evidence review into the length of the school day, February 2024
GCSE High Attainers and Progression to Higher Education. February 2024
Schools and air pollution in London, February 2024
Outcomes for young people who experience multiple suspensions, March 2024
In addition to this, EPI also provided its annual analysis of GCSE and A Level results in the summer of 2024.
b. Investment pollcy and performance
The charity has no investments apart from bank deposits and the Trustees consider this as the appropriale
vehicle for holding ils funds.
Flnanclal revlew
a. Golng ¢onc8rn
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate
resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt
the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going
concern basis can be found in the accounting policies.
b. Future Developments
A 5-year business plan will be presented to the Trustees in April 2025 which will span 202510 2030. This will
include plans to extend EPI'S research methodologies, seek more core funding from donors and to expand its
events and membership offers.
c. Reserves pollcy
It is the policy of the Trustees that reserves are maintained at a level lo finance forecast future operations of the
charity.
The charity's unrestiicted reserves are £783,204 al the year end,11 is currently considered appropriate lo
maintain reserves al the level of circa £750,000 to £1,000,000 to have sufficient reserves to finance activities in
Ihe event that the level of unrestricted donations should fall significantly. The charity's level of rese￿eS and
reserves policy will continue lo be reviewed annually.
Note the Trustees have obtained confirmation of ongoing funding support from ils main donor.
Page 4

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Flnancial revlew (contlnued)
d. Summary of Income and oxpenditure
The charity's restricted income during the reporting year was £843,454 (2023.. £430,760). At the same time
restricted expenditure increased was £783,73612023.' £368,303).
The charity's unrestricted income during the reporting year was £945,838 (2023. £930,043). At the same time
unrestricted expenditure decreased to £981 ,375 (2023- £1,045,751).
Total voluntary income increased lo £879,09312023. £532,549). Income from our research, sponsored events
and membership subscriptions increased lo £883,161 (2023.. £822,108).
e. Prlnclpal fundlng
Ongoing financial management is the responsibility of the Trustees, The annual budget is approved by the
Trustees. Statements are presented lo the Trustees, with explanations provided for variations from budget. The
principal sources of funding are grants from a number of charitable trusts and sponsorship income for research,
events and corporate subscriptions.
f. Research Interns
11 is the Inslitule's policy to pay research interns, typically working for between 1 3 months, at the London Living
Wage.
Structure, governance and management
a. Constltutlon
Education Policy Institute is a charitable company limited by guarantee, incorporated on 1 sl November 2002 and
registered as charity number 1102186 on 19th February 2004. The company was established under a
Memorandum of Association which established the objects and powers of the charitable company and is
governed by 115 Arlicles of Association. Since May 2016 the operating name and identity has been the Education
Policy Inslilute.
b. Methods of appolntment or electlon of Trustees
Trustees are elected by a simple majority of all the Trustees entitled lo allend and vote al any meeting of the
Board. Trustees are appointed by recommendation and informal intetview processing and approval by the full
board. There is currently no formal policy of training and induction in place for new Trustees. However, all current
Trustees have extensive experience of legal issues relating to charities and are also advised by the Company
Secretary on such matters. Should the need for a More formal policy arise, this will be considered by the
Trustees.
Page 5

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
structure, governance and management (continued)
c. Organlsatlonal structure and declslon-maklng policles
The current Trustees of the charity are also directors of the charity for the purposes of the Companies Act. The
Trustees are responsible for selling the overall strategy of the charity and ensuring that the charitable purposes
are adhered to and they relain overall responsibility for the running of the charity and delegation lo relevant
committees andlor sub Boards, as appropriate. The Trustees meet quarterly. Members of the Advisory Board
provide input and advice on an ad hoc basis. Members of the Advisory Board include academics, commentators,
education practitioners and senior parliamentarians.
d. Flnanclal rlsk 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 mitigate Ihe exposure lo major risks..
Statement of Truste&s' responslbllltles
The Trustees (who are also the directors of the charity for the purposes of company lawl are responsible for
preparing the Trustees, Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}.
Company law requires the Trustees to prepare financial statements for each financial Under company law, the
Trustees must nol approve the financial statements unless they are satisfied that they give a true and fair view of
the slate of affairs of the charity and of ils incoming resources and application of resources, including ils income
and expenditure, for that period. In preparing these financial slalements, the Trustees are required lo..
select suitable accounting policies and then apply them consislenlly.,
observe the methods and principles of the Charities SORP IFRS 102).,
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departures disclosed and explained in the financial statements..
prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the
charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the charity's transactions and disclose with reasonable accuracy at any lim e the financial position of the charity
and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
Disclosure of Informatlon to auditors
Each of the persons who are Trustees at the time when this Trustee5' Report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit infomation of which the charitls auditors are
unaware, and
that Trustee has taken all the steps thal oughl to have been taken as a Trustee in order lo be aware of
any relevant audit information and to establish that the charilvs auditors are aware of that information.
Page 6

EDUCATION POLICY INSTITUTE
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Audltors
The auditors, Calders {18831 LLP, have indicated their willingness to continue in office. The designated Trustees
will propose a motion reappointing the auditors al a meeting of the Trustees.
Small companles note
The Trustees, Report has been prepared in accordance with the provisions applicable to companies subject to
the small companies, regime.
Approved by order of the members of the board of Trustees and signed on their behalf by..
Charles Brand
Trustee
Dale.. 30th January 2025
Page 7

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
Oplnlon
We have audited the financial statements of Education Policy Inslilule (the 'charilable company'l for the year
ended 31 March 2024 which comprise the Statement of Financial Aclivilies. 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 preparation is applicable law and United Kingdom Accounting
standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial stalemenls:
give a Irue and fair view of the slate of the charitable company's affairs as at 31 March 2024 and of ils
incoming resources and application of resources, including its income and expenditure for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011 .
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)l and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independenl of the charitable company in accordance
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that Ihe audit evidence we have obtained is
sufficient and appiopriale lo provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriale.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo
continue as a going concern for a period of at least twelve months from when the financial statements are
aulhorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sections of this report.
Page 8

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
(CONTINUED)
Other Informatlon
The other information comprises the information included in the Annual Report other than the financial
statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained
within the Annual Report. Our opinion on the financial slalemenls does not cover the other information and,
except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion
Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required lo determine whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required lo report that fact
We have nothing lo report in this regard.
Matters on whlch we are requlred to report by exceptlon
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if, in our opinion..
the information given in the Trustees, Report is inconsislenl in any material respect with the financial
slatemenls., or
sufficient accounting records have not been kept; or
the financial slalements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require for our audit.
Responslbllltles of trustees
As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of
the charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is ne￿SSary to enable the preparation of financial slatemenls that are free from material
misstalemenl, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability
to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease
operations, or have no realistic alternative bul to do so.
Page 9

EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
(CONTINUED)
Audltors, responslbllltles for the audit of the flnanclal statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misslatemenl, whether due to fraud or error, and to Issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihal an audit conducted in
accordance with ISAS (UK) will always delecl a material misslalemenl when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial stalemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to delecl material misslalements in respect of irregularities,
including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is
detailed below..
In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non
compliance with laws and regulations, we considered and undertook the following audit procedures in response..
We obtained an understanding of the legal and regulatory frameworks that are applicable lo the company and
determined that the most significant are those that relate lo the reporting frameworks {United Kingdom
accounting standards and Companies Act 20061.,
We obtained an understanding of the nature of Ihe industry and sector, control environment and business
performance.,
The outcome of discussions with management and those charged with governance and any matters we
identified having obtained and reviewed the company's documentation of their policies and procedures related
lo..
a. Identifying, evaluating and complying with the laws and regulations and whether they were aware of any
instances of non compliance or any aclaul or potential litigation or claims
b. Delecling and responding to the risk of fraud and whether they have knowledge of any actual, suspected or
alleged fraud.,
c. The internal controls established to mitigate risks of fraud or non-compliance with laws and regulialions
The matters discussed during the audit engagement team briefing regarding how and where fraud might occur
in the financial statements and any potential indicators of fraud. All engagement team members were advised lo
remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Reviewing (he financial statement disclosures and lesling lo supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial slalemenls.,
Performing analyiical procedures lo identify and unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.,
Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC
and inspection of relevant legal correspondence
In addressing the risk of fraud or error through managment override of controls, testing the appropriateness of
journal entries and other adjustments by testing manual journal entries, in particular journal entries relating lo
management estimates and entries determined lo be large or relating to unusual transactions
Assessing whether the judgements made in making accounting eslimales are indicative of potential bias., and
evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.,
Assessment of the appropriateness of the collective competence and capabilities of the engagement team
included consideration of the engagement team's..
a. understanding of, and practical experience with the audit engagements of a similar nature and complexity
through appropriate training and participation.,
b. knowledge of the industry in which the client operates;
c. understanding of the legal and regulatory requirements specific to the company including
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EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
(CONTINUED)
the provisions of the applicable legislations
the applicable statutory provisions
As a result of these procedures, we considered the opportunities and incentives that may exist within the
company for fraud and identified the grealest potential for fraud in the areas in which management is required lo
exercise significant judgement. We are also required lo perform specific procedures to respond lo the risk of
management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of the material
amounts and disclosures in the financial statements.
Those laws and regulations considered lo have a direct effect on the financial statements include UK financial
reporting standards, Company law, Tax and Pensions legislation anLI Charity Law.
In addillion, we considered provisions of other laws and regulations that do not have a direct effect on the
financial slatments bul compliance with which may be fundamental lo the company's ability lo operate and avoid
a material penalty. These included data protection, employment health and safely regulations, competition and
anti-bribery laws and environment regulations.
With regards lo laws and regulations relating lo the operating aspects of the company, these were discussed
with management and were not considered fundamental to the operating of the business therefore should not
have a material impact on the financial statements.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in delecling irregularities, the effectiveness of the enlily's
controls, and the nature, timing and exlenl of the audit procedures performed Irregularities that result from fraud
m ight be inherently more diffucull to detect than irregularities that result from error. As explained above, there is
an unavoidable risk that material misslalmenls may not be deteded, even though the audit has been planned
and performed in accordance with the IASS (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website al.. ww.frc.or
.uklaudilorsres
onsibilities. This description forms part of our
Auditors, Report.
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EDUCATION POLICY INSTITUTE
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE
(CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the
Charities {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might state
lo the charitable company's members those matters we are required lo slate to them in an Auditors, Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the charitable company and ils members, as a body, for our audit work, for this report, or for the
opinions we have formed.
Luf
T Badanl (Sonlor Statutory Audltor)
for and behalf of
Calders {1883) LLP
Chartered Accountants & Stalutory Auditors
30 Orange Street
London
WC2H 7HF
Dale: 20 IiJcit4 dKL
2025
Calders (18831 LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006.
Page12

EDUCATION POLICY INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENOITURE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2024
Restrlcted Unreslrlcted
funds
funds
2024
2024
Total
funds
2024
Total
fu17ds
2023
Note
INCOME FROM:
Donations and legacies
Charitable activities
Investments
843,454
35,639
883,161
27,038
879,093
883,161
27,038
532, 549
822, 108
6, 146
TOTAL INCOME
843,454
945,838
1,789,292
q, 360, 803
EXPENDITURE ON:
Raising funds
Charitable activities
238,078
743,297
238,078
1,527,033
136,625
1,277,428
783,736
TOTAL EXPENDITURE
783,736
981,375
1,765,111
1,414,053
NET MOVEMENT IN FUNDS
59,718
135,637)
24,181
(53,250)
RECONCILIATION OF FUNDS:
Total funds brought foNard
Net movement in funds
484,253
69,718
818,741
(35,6371
1,302,994
24,181
1,356,244
(53,250)
TOTAL FUNDS CARRIED FORWARD
543,971
783,204
1,327,175
1,302,994
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 27 form part of these financial slalemenls.
Page 13

EDUCATION POLICY INSTITUTE
REGISTERED NUMBER: 04579498
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
FIXED ASSETS
Tangible assets
10
10,201
12.023
10,201
12.023
CURRENT ASSETS
Debtors
577,805
916,013
507, 225
966, 644
Cash at bank and in hand
1,493,818
1,473,869
Creditors.. amounts falling due within one
year
12
(176,8441
(182, 898)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS EXCLUDING PENSION
ASSET
1,316,974
1,290,971
1,327,176
1,302,994
1,327,175
7,302,994
TOTAL NET ASSETS
1,327,175
1, 302,994
CHARITY FUNDS
Reslricled funds
Unrestricted funds
543,971
783,204
484,253
818,741
TOTAL FUNDS
1,327,175
1,302,994
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable lo entities subject to
the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 30th January 2025
and signed on their behalf by..
Charles Brand
Trustee
The notes on pages 16 10 27 form part of these financial slalemenls.
Page 14

EDUCATION POLICY INSTITUTE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Nel cash used in opeiating activities
(72,010)
(108,981)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
Interest from investments
15,659)
27,038
(11,304)
6,147
NET CASH PROVIDED BYI(USED INI INVESTING ACTIVITIES
21,379
{5,1571
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
(50,631 I {114,138)
966,644
1,080, 782
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
916,013
966,644
The notes on pages 16 to 27 form part of these financial statements
Page 15

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting pollcles
1.1 Basls of preparatlon of flnanclal statements
The financial slalemenls have been prepared in accordance with the Charities SORP {FRS 102)
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102} leffeclive 1 January 20191. the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Education Policy Institute meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially reco9nised at historical cost or transaction value unless othe￿ise slated in the
relevant accounting policy.
1.2 Golng concern
The charills main donor has provided confirmation that il will continue to provide financial support to
the charity for al least 12 months from the signing of the financial statements.
The Trustees therefore consider that il is appropriate to adopt the going concern basis for the
preparation of the financial slatemenls.
1.3 Company status
The charity is a company limited by guarantee. The members of the company are the Trustees
named on page 1 . In the event of the Charity being wound up. the liability in respect of the guarantee
is limited lo £1 per member of the charity.
1.4 Fund accountlng
General funds are unrestricted funds which are available for use al the discretion of the Trustees in
furtherance of the general objectives of the charity and which have nol been designated for other
purposes.
Restricted funds are funds which are to be used in accordance with specific restridions imposed by
donors or which have been raised by the charity for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes to the financial slatemenls.
Investment income, gains and losses are allocated to the appropriate fund.
1.5 Income
All income is recognised once the charity has entitlement lo the 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 Statement of Financial Activities on a receivable basis. The balance of
income received for specific purposes but not expended during the period is shown in the relevant
funds on the Balance Sheet. Where income is received in advance of entitlement of receipt. ils
recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs
before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised al the time the investment
income is receivable.
Page 16

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies {contlnuedl
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit
to a third party, it is probable that a transfer of economic ber)efils will be required in settlement and
the amount of the obligation can be measured reliably. Expendilure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each aclivily. Direct costs atlribulable to a single activity are allocated directly
to that activity. Shared costs which contribute lo more than one activity and support costs which are
not atlribulable to a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation
charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity
and include project management. Governance costs are those incurred in connection with
adminislralion of the charity and compliance with constilulional and slatulory requirements.
Costs of generating funds are costs incurred in attracting voluntary income.
Charitable activities 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 activities
1.7 Tanglble flxed assets and depreclatlon
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially reco9nised at cost. After recognition, under the cost model, tangible
fixed assets are measured al cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their eslimaled useful lives,
Depreciation is provided on the following bases..
Fixtures and fittings
Office equipmenl
3 years straight line
3 years straight line
1.8 Operating leases
Rentals paid under operating leases are charged lo the Statement of Financial Activities on a straight
line basis over the lease term.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 17

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policles lcontinuedl
1.10 Cash at bank and In hand
Cash at bank and in hand includes cash and shorl-lerm hig hly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Llabllitles and provlslons
Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates il will pay to sellle the debt or the
amount il has received as advanced payments for the goods or services it musl provide.
Provisions are measured at the best eslimale of the amounts required lo settle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounls, discounted at the pre.tax discount rale that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.12 Flnanclal Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial
inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently
measured al their settlement value with the exception of bank loans which are subsequently
measured al amortised cost using the effective interest method.
Income from donatlons, grants and legacles
Restrlcted Unrestrlcted
funds
funds
2024
2024
Total
funds
2024
Total
fui?ds
2023
Donations and Grants
Reslricled Grants
35,639
35,639
843,454
101, 789
430, 760
843,454
843,454
35,639
879,093
532,549
Total 2023
439, 760
101,789
532,549
Page 18

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from donatlons, grants and legacles Icontlnuedl
The Education Policy Institute received grants from three sources during the year for specific projects.
The funds are deemed lo be for a restricted purpose and expenditure in these grants are recorded
separately.
Unbound Philanthrophy which had an unspent grant brought fO￿ard of £6.663 and during the year a
further £70,000 was received and £80,494 was expended leaving a carried fomard balance of1£3,831}.
The grant was provided in relation to core support of a research program on educational outcomes of
vulnerable children.
Unbound Philanthropy which had an unspent grant brought foward of £11,833 and during the year
£9,581 was expended leaving a carried forward balance of £2,272. The grant was provided lo fund the
project on home schooling in England at prevalence, child characlerislics and family motivations.
The Stitching Benevolenlia has a grant brought forward of £1,082 bul nothing was re￿iVed for expended
in the year, therefore, the unspent grant caried fotward is £1,082. The grant was issued lo fund a
research project exploring the prevalence of managed moves and the local protocols which govern them.
Middlesex University has a grant brought fofward balance of1£1,449) during the year a further £2,747
was received and £1,476 was expended with the an amount carried forward being {£1781. The grant was
provided to fund the project on developing EY leadership through digitally mediated professional learning.
NIESR has a grant brought fotward balance of £5,600. During the year a further £17,188 was received
and £18,990 was expended with a balance carried forward of£3,798. This grant was provided lo fund
research in relation lo the impact of COVID-19 on educational, language and socioemotional outcomes in
key stage 1.
The Sequoia Trust had a balance brought fotward of £328,637 and has undertaken to provide a new
restricted grant of £400,000. During the year, £290,157 has been expensed in the year with a balance
carried fotward of £438,480. The sum of £400,000 was granted to utilise on projects relating to the
Disadvantages gap after Covid, Persistent disadvantaged funding, Phonics evaluation, Technical
qualification reform and MAT Inlervenlion. The balance of the grant was reslricte(J lo the charities
operational and financial obligations.
In the prior year The Paul Hamlyn Foundation provided a restricted grant with a balance brought fotward
of £2,055. During the year £472 was expended with no other income received leaving a carried forward
balance of £1,583. The grant provided is a Voice, Influence and Parternship grant where a final report
needs lo be submitted once completed.
Lord Nash has a grant brought forward balance of £19.721. A further £10,000 was received in the year
and £15.605 was expended leaving a carried balance of £14,116. The grant was provided to support
research into finding data on the number of children outside of formal education across the country.
The Prudence Trust have a grant brought forward forward balance of £80,000. £27,381 was expended in
the year leaving a carried fotward balance of £52,619. The grant is to be allocated to the research
project "Mapping mental health and wellbeing services across the country
The Welsh Government had a carried forward balance £5,706 in relation lo gran15 previously provided. A
further £17,500 was received in the year whilst £14,376 was expended leaving a carried forward balance
of £8,830. The purpose of the funding is for the charity to carry out scoping research on the incentives for
teachers in Wales lo work in challenging circumstances.
Garelh Thomas provided a grant previously that now has a brought fonmard balance of £24.651.During
the year £19,505 was expended leaving a carried fO￿ard balance of £5,146. The donation is lo support
Page 19

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from donations, grants and legacles {contlnued)
the research into finding data on the number of children outside of formal education across the country,
who these children are, the reason they are not in state education and their post secondary outcomes.
A grant was committed by the Department of Education where the brought forward balance was {£245).
During the year £21,700 was received and £21,390 was expended which left a carried forward balance of
£66. The grant was provided so a report can be produced for all secondary schools that analyses each
schools outcome in terms of progress 8, allainment 8, grades in key subjects, persistent absence and
rale of fixed term exclusions.
During the year a grant of £40.000 was received from KPMG in relation to producing a report regarding
reducing food poverty in under 5's. Of the £40,000 received £20,010 was expended that leaves a carried
foward balance of £19,990.
£264,319 was received from Nuffield Foundation during the year in respect of recharges for staff salaries,
overheads and other expenses. This was part of a Reslricled income grant and has been treated
accordingly. The funding provided are for collaborations on the following research projects..
Comparison of cognitive skills and education allainment across the UK
Comparing UK policies, outcomes and inequalities in post 16 education and training
Estimating the influence of headteachers on Iheir schools
From algorithmic bias to teacher bias
In summary, total unspent restricted funds brought foNard w8s £484,254., a further £843,454 of
restricted funds was received and £783,736 was expended during the year to give a total balance of
£543,972 to carry forward at the year end.
The grants are for non-partisan advancement of education
Income from charltable actlvltles
Unrestrlcted
funds
2024
Total
funds
2024
Total
funds
2023
Conference and events
252,940
487,973
142,248
252,940
487,973
142,248
383, 949
288,275
149,884
Research projects
Subscriptions (individual and Gorporale)
883,161
883,161
822, 108
Total 2023
822, 108
822, 108
Page 20

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 31 MARCH 2024
Investment Incom8
Unrestrlcted
funds
2024
Total
funds
2024
Total
fui?ds
2023
Bank interest received
27,038
27,038
6, 146
Tolal 2023
6, 146
6, 146
Expendlture on ralslng funds
Costs of ralslng funds management operatlons, fundralslng and communlcatlons
Unrestrlcted
funds
2024
Total
funds
2024
To¢al
fiii?ds
2023
Conferences and events
Allocation of support costs (Note 81
150,829
87,249
150,829
87,249
62,037
74,588
238,078
238,078
136,625
Tolal 2023
136, 625
136, 625
Page 21

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Charltable actlvltles
Restricted Unrestricted
fuiids
funds
2024
2024
Total
funds
2024
Total
fuilds
2023
Unbound grant
Nuffield grant
Paul Hamlyn grant
Prudence Trust
Stiching Benevolenlia grant
Research fees and Subscriptions
Sequoia Trust grant
KPMG Grant
Middlesex University grant
NIESR grant
Welsh Government grant
Lord Nash grant
Gareth Thomas grant
Department for Education
Allocation of support costs (Note 8)
90.055
264,319
472
27,381
90,055
264,319
472
27,381
36, 556
135, 781
19,945
44,663
14,400
71,363
33,276
33,276
290,157
20,010
1,476
18,990
14,376
15,605
19,505
21,390
710,021
290,157
20,010
1,476
18,990
14,376
15,605
19,505
21,390
12,928
8,150
26, 794
5,279
6, 599
245
894, 726
710,021
783,736
743,297
1,527,033
1,277,429
Total 2023
368, 303
909. 126
1,277,429
Governance costs
2024
2023
Auditors, remuneration
Auditors Remuneration (Underprovision for prior yearl
Accountancy, payroll fees, aulo-enrolment fees (Including prior year
underprovisionl
Bookkeeping
Legal and professional fees
12,654
4,000
8,000
4,873
8,877
3,011
7,613
8, 743
3, 165
8,475
36,155
33,256
Page 22

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Support costs
Costs of
generating Charltable
funds
actlvltles
2024
2024
Total
funds
2024
Tolal
liii?ds
2023
Office Costs
SMP Reclaimed
Website and IT costs
Miscellaneous
9,267
(445)
1,810
881
34
59,849
5,763
5,685
42
83,405
18,469)
16,286
7,932
307
1,137,133
109,500
108,013
377
(90,055)
92,672
18,914)
18,096
8,813
341
1,196,982
115,263
113,698
419
81,590
19,004
4, 728
337
1,002, 180
105,824
75,481
9,676
(36, 556)
Bank charges
Wages and salaries
National insurance
Pension costs
Advertising and Promotional
Reslricled expenditure Unbound (Note 6)
Reslricled expenditure - Stiching Benevolenlia
(Note 61
Reslricled Expenditure- KPMG (Note 6)
Reslricled Expenditure - Nuffield {Nole 8}
Restricted expenditure- The Prudence Trust
(Note 6)
Restricted expenditure - Middlesex University
(Note 6}
Restricted expenditure - NIESR (Note 6)
Restricted Expenditure - Sequoia Trust (Note
(90,055
(44,663)
<20,010)
120,010)
1264,319) 1264,319) (135, 781)
(27,381)
{27,381 }
11,476)
(18,990)
{1,4761
(18,990)
(12,928)
(8, 150)
6)
(290,157) (290,157)
(7t,363)
Reslricled Expenditure - Department for
Education (Note 61
Reslricled Expenditure - Paul Hamlyn
Foundation (Note 61
Restricted Expenditure - Gareth Thomas
(Note 6)
Restricted Expenditure - Lord Nash (Note 6)
Restricted Expenditure - Welsh Government
(Note 61
Governance costs (Note 7}
Depreciation
(21,390)
(21,3901
(244)
(472)
(4721
(19,945)
(19,505)
<15,605)
(19,505)
115,605)
(6,599)
(5,279)
(14,376)
32,540
6,733
(14,376)
36,155
7,481
(26, 794)
33, 256
5, 540
3,615
748
Total
87,249
710,021
797,270
969,314
Page 23

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Support costs (continued)
All support costs except for wages and Nl are apportioned between costs of generaling funds and
charitable activities on a 10 10 . 90 % time basis respectively.
Wages and salaries are also apportioned on a time basis as follows.
5 % '. 95 /0 between costs of generating funds and charitable aclivilies.
Staff costs
2024
2023
Wages and salaries
Social security costs
Contribution to defined contribution pension scheme
1,196,982
115,263
113,697
7,002,180
105, 824
75,481
1,425,942
1, 183,485
The average number of persons employed by the charity during the year was as follows..
2024
No
2023
Management, research and adminislralive
25
21
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
2024
2023
No
In the band £60,001 £70,000
In the band £70,001 £80,000
In the band £80,001 £90,000
In the band £90,001 £100,000
In the band £100,001 £150,000
No trustees received remuneration or expenses in the year related to their trusteeship {2023'. £Nil).
Total key management remuneration for the year was £125,239 (2023= £170,083).
Page 24

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10. Tanglble flxed assets
Flxtures and
f ittlngs
Offlce
equlpment
Total
Cost or valuatlon
At 1 April 2023
Additions
8,196
56,172
5,659
64,368
5,659
At 31 March 2024
8,196
61,831
70,027
Depreclatlon
At 1 April 2023
Charge for the year
8,196
44,147
7,482
52,343
7,482
At 31 March 2024
8,196
51,629
59,825
Net book value
At 31 March 2024
10,202
10,202
At 31 MarGly 2023
12,024
12,024
Debtors
2024
2023
Due wlthln one year
Trade debtors
Other debtors
Prepayments and accrued income
104,147
34,830
438,828
75,080
31,612
400, 533
577,805
507, 225
Page 25

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12. Creditors: Amounts falling due withln one year
2024
2023
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
28,522
51,609
16,469
80,244
4, 103
63, 132
1,264
7 14,399
176,844
782,898
2024
2023
Other taxatlon and soclal securlty
PAYE I Nl control
VAT control
35,441
16,167
30,246
32,886
51,608
63,132
Deferred income relates to the 2024125 element of annual corporale partnerships invoiced in the year
ended 31 March 2025.
13.
Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles
2024
2023
Net incomelexpenditure for the period (as per Statement of Financial
Activities}
24,181
(53, 250)
Adjustments for:
Depreciation charges
Interest received
(Increase) I decrease in Debtors
Increase l (Decrease) in Creditors
7,482
127,039)
170,580)
16,054)
5,540
(6, 746)
(49,687)
(5,437)
Net cash used In operatlng actlvltles
(72,010) (108,980)
Page 26

EDUCATION POLICY INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14. Analysis of cash and cash equlvalents
2024
2023
Cash in hand
916,013
966,644
Total cash and cash equlvalents
916,013
966,644
15. Analysls of changes In net debt
At 1 Aprll
2023 Cash flows
At 31 March
2024
Cash at bank and in hand
966,644
(50,631)
916,013
966,644
(50,631)
916,013
16. Operatlng lease commltments
At 31 March 2024 the charity had commitments to make future minimum lease payments under non-
cancellable operating leases as follows..
2024
2023
Not later than 1 year
Later than 1 year and not later than 5 years
54,356
178,750
233,106
The company entered into a 5 year lease on 5 April 2023.
17,
Related party transactlons
During the year the charity had additional commilled grants of £400,000 from Sequoia Trust12023'.
£168,000}. Mr Paul Marshall is also a Iruslee of The Sequoia Trust and wa5 a trustee of EPI for part of
the year until he resigned on 1 January 2024.
The Charity received donations of £10,000 (2023- £20,000) from Lord Nash who was also a trustee but
fesigned on 1 January 2024.
The Charity also received Conference sponsorship income of £6,325.83 from Fair Education Alliance
who Natalie Perera is a trustee of.
Page 27