Registered number: 04579498 Charity number: 1102186 EDUCATION POLICY INSTITUTE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
EDUCATION POLICY INSTITUTE CONTENTS Page Referènce and Administrative Details of the Charity. its Trustees and Advisers Trustees, Report Independent Auditors. Report on the Financial Statements 8-12 Statement of Financial Activities 13 Balance Sheel 14 stalement of Cash Flows 15 Notes to the Financial Statements 16-28 The following pages do not form part of th8 Statutory financial slatem8nts-. Charity Detailed Income and Expenditure Accounl and Summaries
EDUCATION POLICY INSTITUTE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Chris Husbands, Chair Timothy Charle5 Leunig Hardip Bggol Dr Kitty Stewart Ann&-Marie Canning MBE Charles Brand David Laws {resigned 31 March 2025) Baroness Sally Morgan {resigned 30 April 2025) Geoff Barlon lappointed 1 Seplember 20251 Company reglstered number 04579498 Charlty reglst8red number 1102186 Registered off Ice 150 Bucklngham Palace Road London SW1W 9TR Company Secretary Natalie Perera Chief Execulive Officer Ms Natalie Perera Independent auditors Calders (18831 LLP Chartered Accountants & Statutory Audilors 30 Orange Street London WC2H 7HF Page 1
EDUCATION POLICY INSTITUTE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees who are also directors are pleased to present their annual report together with the audited financial stalemenls of the charity for the 1 April 2024 10 31 March 2025. The financial statements comply with the Charities Act 2011, the Companies Acl 2006, the Memorandum and Articles of Association. and Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh 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 Truslees, report and a direclors, reporl under company law. Trustees of the Company are its Directors for the purpose of company law and throughout this report they are collectively referred lo 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 companie5 under the Companies Act 2006 {Slrategic Report and Directors, Report} Regulations 2013 has been omilted. As a result of fully providing for restricted grants on an 8nti118menl basis in prior periods out of which expenditure has been incurred in later years explains why there has been a net spend of £447,138 in 2025 on the restricted funds. Objectives and activities a. Poll¢les and objectlves Policies and Objectives.. The principal objects of the charity are non-partisan advancement of educalion of the public in the economic. social and political sclences and their effect on public policy and the policy-m8king process in the UK and the promolion of objective research, and any other purposes dcemed charitsble under the law of England and Wales. There have been no changos in the objectives since our last Annual Report. The Truslees confirm that they have referred to the guidance contained in the Charity Commission's genèral guidance on public benefit, and the duties sel out in Section 1715} of the Charities Act 2011, including the guidance "Public Benefit.. Running a Charity" b. Maln actlvltles undertaken to further thè charity's purposes for the public benefit Main a¢livilies undertaken lo further the charivs purposes for the public benefit.. Our main activities and how we try to achieve our principal objectives for Ihe benefit of the public are described below. All our charitsble activities focus on the advancement of educalion of the public in Ihe UK and are undertaken to further our charitable purposes for the public benefit. Achievements and performance a. Review of activities 1st April 2024 10 31st March 2025. The Education Policy Institute is an independent. impartial and evidence based research institute, which aims to promote high qualiiy education outcomes, regardless of social background. We continue to use quantilalive and other melhods lo analyse all phases of education in England, lo help policy makers and practitioners to adopt more effective strategies to improve outcomes. We particularly focus on policy challenges relating to the long "tail" of low attainment, and we seek lo promote policy solutions which close Ihe education gap between vulnerable children and adults, and the rest af the pupil and adult populations. We are also interested In non altainmenl related education and child development issues, and we have an important strand of work on child wellbeing and mental heallh. In December 2024, the Chair of Trustees, Rl Hon David Laws, stepped down as Chair and Charles Brand acted as interim Chair. In March 2025, the Board of Trusteès voted to appoint Professor Sir Chris Husbands as Page 2
EDUCATION POLICY INSTITUTE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievaments and perfom)ance (contlnued) permanent Chair. EPI has continued lo 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 to have significant impacl through the media and other routes and we conlinu8d to host a large programme of events, roundtables and conferences. In the autumn of 2024, EPI held 30 events at the Liberal Dèmo¢ral, Labour and Conservative paty conferences. We also held a further three 8V8nts al the Liberal Democrat spring conference in 2025. Our research ha5 continued to have an impact on government and public policy this year and this has be8n evident through the adoption of recommendations in our reports on the impact of extra-curricular activities, outcomes for young people taking T Levels and the impact of the Iwo-child benefit cap. We have also used innovative methodologies and techniques to explore emerging and under-investigaled issues. Our reports on outcomes for suspended pupils (which won an ONS award), SEND idenlificalion and teacher pensions all used new datasets, 50metime5 matched with the National Pupil Database, to provide rigorous and novel findings. Another notable report in this period was our work on breaking down the disadvantage gap, which found that absence from school was the main driver of the widening of the gap during the Covid-19 pand8mic. We also inilialed work under our"Policy Innovation Hub" convening experts and publishing summary papers on the us8 of Ed T8ch, climate change in schools and an assessment of the Children's Wellbeing and Schools Bill. Our major publications thls year are Ilsted below: School funding model- Effect of falling school rolls How do we support young people lo get in and get on In the world of work? The Features of Effectiv8 School Groups Outcomes for pupils suspended in primary school Ofsled ratings- have standards been improving? The workforce challenges facing an incoming government General Election 2024.. An analysis of manifesto pledges for education - Annual Report 2024 The importance of supporting the home learning environment in the early years Closing the Forgotten Gap.. Implementing a 16-19 Sludenl Premium Examining post-pandemic abscncos in England Early adult outcomes for suspended pupils Do teachers want pension flexibility. Under-registration for free School meals in early primary school.. How could this be tackled? Laurus Trust- Student outcomes and Progress Non-5peciali5t mental health support for young people in England The atlainment benefits of an extra hour a week Higher education is in crisis - but have we forgotten about further education? The '0 child limit,: ill-conceived. inefficient- and misunderstood? Access and participation in HE in 2022123 What can quantitative analyses tell us about Ihe national impact of the phonics screening check? Progression al age 16 of young people from underrepresented backgrounds towards careers in STEM Tackling the persistent disadvantage gap-A new approach to deprivation funding A quanlilative analysis of T level access and progression - What do we know about teachers, use of edtech? I ncentives to rècruit and retain teachers in Wales Can machine learning using cross-government administrative and census data help us understand area-level under-registralion for free sch(1 meals? Page 3
EDUCATION POLICY INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (contlnued) Network5 of Headteachers and Schools How can we reduce food poverty for under-fives? Children Missing from Education Climate and education.. strategies for adaptation, learning and play Local Disadvantage Gaps in England Reforming AGcounlability Identifying SEND Who has been registéred for free school meals and pupil premium in the National Pupil Datsbase? Long-run changes in school leaving rules and outcomes across the UK Breaking down the gap Vvhat is needed from education policy to boost writing outcomes? Vvhat pen5ion5 do teachers want? In addltion to Ihls, EPI also provlded Its annual analysis of GCSE and A Level results in the summer of 2025. b. Investmenl policy and performancè The charity has no investments apart from bank deposits and the Trustees consider this as the appropriate vehicle for holding its funds. Flnanclal revlew . Going concern After making appropriate enquiries. th8 Trustees have 3 reasonable expeclalion that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continu8 lo adopt the going concern basis in preparing Ihe financial slatements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Future Developments In May 2025, Trustees approved 8 5-year strategic plan for the organisation which sets out its ambition for growth. c. Reserves policy lit is the policy of the Trustees that reserves are maintained at a level to finance forecast future operations of the Charity. The charity's unrestricted reseNes are £801,468 at the year end. It is currently considered appropriate to maintain reserves at the level of Girca £750,000 to £1,000,000 lo have sufficient reserves to finance activities in the event that the level of unrestricted donalions should fall significantly. The charilqs level of reserves and reserves policy will continue to be reviewed annually. Page 4
EDUCATION POLICY INSTITUTE TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Financial review (continued) d. Summary of income and expenditure The charitvs restricted income during the reporting year was £362.93012024.. £843.454>. At the $8me time restricted expenditure increased was £810,068 {2024, £783,736). The charitls unrestricted income during the reporting year was £1,009,40312024: £g45,838). At the same time unrestricted expenditure decreased to £946,565 (2024.. £981,375). Total voluntary income decreased to £451,164 {2024= £879,093}. Income from our research, sponsored events and membership subscriptions decreas8d to £882,39612024'. £883,161). e. Prlnclpal fundlng Ongoing financial management is the responsibility of the Trustees. The annual budget is approved by Ihe Trustees. Statements are presenled 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 incom8 for research, events and corporate subscriptions. f. Research Interns 11 is th8 Institut8's policy lo pay research interns, typically working for between 1 3 months. al the London Living Wage. Structurei governance and management a. Constllutlon Education Policy Institute is a charilable company limited by guarantee, Incorporated on 1 st November 2002 and registered as charity number 1102186 on 19th February 2004. The company was established under a Memorandum Df Association which established the objects and powers of the charitable company and is governed by its Articles of A550cialion. Since May 2016 the operating name and identity has been the Education Policy Institute. b. Methods of appointment or election of Trustees Truslees are elected by a simple majority of all the Trustees entitled to attend and vole al any meeting of the Board. Trustees are appointed by recommendalion and informal interview 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 lo charities and are also advised by the Company Secretary on such malters. Should the need for a more formal policy arise, this will be considered by Ihe Trustees. Page S
EDUCATION POLICY INSTITUTE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure* governance and management (continued) Organisational structure and decislon-making policies The current Trustees of the charity are also directors of the charity for the purposes of the Companies Act. The Trustees are responsible for setting Ihe overall slralegy of the charity and ensuring Ihat the charitabla purposes are adhered lo and they retain overall responsibility for the running of the charity and delegalion to relevant committees andlor sub Boards, as appropriate. The Trustees meet quarlerly. Members of the Advisory Board provide input and advice on an ad hoc basis. Members of the Advisory Board include academics, commentators and education practilioners, d. Financial rlsk managemenl The Trust88s have assessed th8 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 mitiga18 th8 8xposure to major risks.. Statement of Trustees, responsibilities The Trustees (who are also the directors of Ihe 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 Accounling Standards (United Kingdom Generally Accepled Accounting Practice). Company law requlres the Trustees lo prepare financial statements for e8¢h financial , Under company law, the Trustees must not approve the financial statements unless they are sallsfied that they give a true and fair view of the slat8 of affairs of the charity and of its incoming resources and application of resources, including ils incom8 and expenditure, for that period. In preparing these financial slalements, the Truslees are required to.. select suitable accounling policies and then apply them consislenlly., observe the methods and principl8s of th& Charities SORP IFRS 1021-, make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 102) have been follow8d, subject to any material departures disclosed and explained in the financial statements; prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose wilh reasonable accuracy al any lime the financial position of the charily and enable them lo ensure that Ihe financial slalemenls comply with Ihe 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 information to auditors Each of the persons who are Trustees at the time when Ihis Trustees, Report is approved has confirméd Ihal.. so far as that Trustee is aware. there is no relevant audil information of which the charity's auditors are unaware. and that Trustee has taken all Ihe sleps Ihat ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are Sware of that information. Page 6
EDUCATION POUCY INSTITUTE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Audltors The auditors, Calders {1883} LLP, have indicated their willingnèss lo continue in office. The designated Trustees wtll propose a motion reappointing the auditors at a meeting of the Trustees. Small Gompanies nota The Trustees, Report has been prepared In accordance wllh Ihg provisions applicable ID companies subject to the small companies, regime. Approved by order of the members of the tx)ard of Trustees and signed on Ih8ir behalf by.. Chris Husband5 Chair ofTrustee Date.. 28 January 2026 Page 7
EDUCATION POLICY INSTITUTE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE Opinion We have audited the financial statements of Education Policy Instilule (the 'Gharitable company.) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Ihe Balance Sheet, Ihe Slalement of Cash Flows and the related notp.s, including a summary of significanl accounling 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 Accepled Accounting PractlC8). In our opinion the financial statements,. give a true and fair view of the slate of the charitable company's affalrs as at 31 March 2025 and of Ils incoming resources and application of resources, including ils income and expenditure for the year then have been properly prepared In accordance wlth United Kingdom Generally Accepted Accounting Practice,, and hav8 b88n prepared in accordance with the requirements of the Charlties Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UK>I and applicable law. Our responsibilities under those standards are further described in the Au4ilors' responsibilities for the audit of the financial statements section of our report. We are independenl of the Charilable company in accordance with the ethical requirements that are relevant to our audit of the fin8nci81 statements in Ihe United Kingdom, including the Financial Reporting Council's Ethical Standard, and wc havc fulfillcd our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going 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 statemants is appropriate. Based on the work we have performed, we have not identified any malerial uncertainlies relating lo evenis or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe Trustees with respect to going concern are described in Ihe relevant sections of this report. Page 8
EDUCATION POLICY INSTITUTE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE (CONTINUED) other information The other information comprises the information included in the Annual Report other than the financial slate.menls and our Auditors, Report thereon. Thg Trustees are responsible for tha other information contained within the Annual Report. Our opinion on Ihe financial slatemenls does not cover the other information and, except to the extent otherwisè explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read Ihe other information and, in doing so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtsined in the course of the audit. or otherwise appears lo be materially misstated. If we iéenlify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslatement in the financial statemenls themselves. If. based on the work we have performed, we conclude that there is a material misstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Mattèrs on which we are required to report by exception We have nothing to report in respect of th8 following matters wher8 the Chari118s (Accounts and Reports) Regulations 2008 requlres us lo report lo you if, in our opinion.. the information given in the Trustees, Report is inconsislenl in any material respect with the financial slat8menls', or sufficient accounling records have not been kept., or the financial slalemenls are not in agreement with the accounting records and returns., or we have nol received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Trustees, Responsibilities Stalemenl, the Trustees (who are also the direclors of the charitable company for the purp05e5 of company law> 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 necessary to enable the preparation of fin8nci81 slatemenls that are free from material misslatement, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companys 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 lo liquidate the charitable company or to cease operalions, or have no realistic alternative but to do so. Page 9
EDUCATION POLICY INSTITUTE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EDUCATION POLICY INSTITUTE (CONTINUED) Auditors. responsibilities for the audit of the financial 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 effact thereunder. Our objectives are to obtain reasonable assurance about whelh8r the financial stat8ments as a whole are fr88 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, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it èxists. Misslatemenls can arisa from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of thes8 financial stat8ments. Irregularities, including fraud, are instances of non-GomplianGe with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect of irrcgularities, including Iraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In idèntifying and assèssing the rlsk of material misstatement in rospecl of irregularitl8s, including fraud and non compliance with laws and regulations, we considered and undertook the following audit procedures in response.. We obtalned an understandlng of the legal and regulatory frameworks that are applicabl8 to the company and determined that the most significant are those that relate to the reporling frameworks (United Kingdom accounting standards and Companies Act 20061., We obtained an understanding of the nature of the industry and sector, control environment and business performance; The outcome of discussions with management and those charged wilh 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 actaul or potential Iltigation or claims b. Detecting and responding to the risk of fraud and whether they have knowledge of any actual, suspected or alleged fraud., . The inlernal controls established to mitigate risks of fraud or non-compliance withlaws 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 to remain alcrt lo any indiGations of fraud or non-compliance with laws and regulations throughout the audit. Reviewing the financial statement disclosures and testing to supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; Performing analytical procedures lo identify and unusual or unexpecled relationship5 that may indicale risks of material misslalement due to fraud., Reading minutes of meelings of those charged with governance and reviewing correspondencé with HMRC and inspection of relevant legal correspondence In addressing the risk of fraud or error through managmenl override of controls, lesling the appropriateness of journal entries and other adjustments by testing manual journal entries, in parlicular journal entries relating to management estimales and entries determined lo be large or relating to unusual transactions Assessing whether the judgemènls made in making accounting estimates are indicative of potential bias. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of busine5S', 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 nalure 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 specrfic to the company including Page 10
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 greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required lo perform speciflc procedures lo respond to the rlsk of managem8nt override. We also obtained an understanding of the legal and regulatory framework that the cornpany operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounls and disclosures in Ihe financial slalements. Those laws and regulalions considered to have a direct effect on the financial statements include UK financial reporting standards, Company law, Tax and Pensions legislation and Charity Law. In addittion, we considered provisions of other laws and regulations that do not have a direct effect on the financial slatments but compliance with which may be fundamental lo the companqs ability to operate and avoid a material penalty. These included data protection, employment health and s8fety regulations, competition and anti-bribery laws and environment regulalions. With regards to laws and regulations relating lo the operating aspects of the company, these were discussed with managemenl and were not consldered fundamental to Ihe operaling of the business therefore should not have a material impact on the financial statements. No instances of material non-compliance were identlfied. However, the Ilkelihood of detecting Irregularllies, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and exlenl of the audit procedures performed. Irregularities that result from fraud might be inherently more diffucull to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misslatments may not be d8tected, even though th8 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 th8 Financial Reporting Council's websile at: www.frc.or -uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page11
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 companvs members, as a body, in accordance with Part 4 of the Charities (Accounts and Reporls) Regulations 2008. Our audit work has been undertaken $0 Ihat we might stale lo the charilable company's members those matters we are required to slate to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone other than the charilable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. T Badlani (Senlor Statutory Auditor) for and behalf of Calders11883) LLP Chartered Accountsnts & Slatulory Auditors 30 Orang8 Street London WC2H 7HF Date.. 28 January 2026 Calders {1883} LLP are eligible to act as auditors in terms of section 1212 of th8 Companies Act 2006. Page 12
EDUCATION POLICY INSTITUTE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unreslricled funds funds 2025 2025 Total funds 2025 Total funds 2024 Note INCOME FROM: Donations and legacies Charitable aclivilies 362,930 88,234 882,396 38,773 451,164 882,396 38,773 879,093 883, 161 27,038 Investments TOTAL INCOME 362,930 1,009,403 1,372,333 1,789,292 EXPENDITURE ON: Raising funds Charitable aclivitl8S 396.864 549,701 396,864 1,359,769 238,078 1,527,033 810,068 TOTAL EXPENDITURE 81Q,068 946,565 1,756,633 1,765,111 NET {EXPENDITURE}IINCOME Transfers between funds (447,1381 44,574 62,838 (44,S74) (384,300) 24,781 NET MOVEMENT IN FUNDS 1402,S64) 18,264 (384,3001 24, 181 RECONCILIATION OF FUNDS.. Total funds brought forward Nel movement in funds 543,971 {402,564) 783,204 18,264 1,327,175 (384,3QO) 1,302,994 24, 187 TOTAL FUNDS CARRIED FORWARD 141,407 801,468 942,875 1,327,175 The Statement of Financlal Activities includes all gains and losses recognised in the year. The notes on pages 16 to 28 form part of these financial slatemenls. Page13
EDUCATION POLICY INSTITUTE REGISTERED NUMBER: 04579498 BALANCE SHEET AS AT 31 MARCH 2025 2026 2Q24 Note FIXED ASSETS Tanglble assets 10 6.013 10,201 6,013 10,201 CURRENT ASSETS Debtors Cash at bank and In hand 537,814 801,910 577, 805 916,013 1,339,724 1,493,818 CURRENT LIABILITIES Creditors= amounts falling due wlhin one year 12 1402,863) (176, 844J NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS EXCLUDING PENSION ASSET 936,861 1,316,974 942,874 1,327,175 942,874 1,327.175 TOTAL NET ASSETS 942,874 1,327.175 CHARITY FUNDS Restricted funds Unrestricted funds 141,407 801,467 543,971 783,204 TOTAL FUNDS 942,874 1,327,175 The Trustees acknomrtedge their responsibililies for complying wilh 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 to entities subject to the Emall Companies regime. The financial statements were approved and authori5ed for Issue by the Trustees on 28 January 2026 and signed on ir behalf by-. s Husbands Trustee The notes on pages 16 to 28 form part of these financial statements. Page 14
EDUCATION POLICY INSTITUTE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities {1SO,122) (72,010) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangibl8 fixed assels Interest from investments (2,754) 38,773 (5, 659) 27,038 NET CASH PROVIDED BY INVESTING ACTIVITIES 36,019 21,379 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR {114,103) 916,013 (50,6311 966,644 Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 801,910 916,013 Th8 not8s on pages 1610 28 form parl of these financial statements Page 15
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 AGcounling policies 1.1 Basis of preparation of financial statements The financial stalements have been prepared in 8ccordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Education Polioy Inslilule meets tha definition of a public benefit enlity undgr FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe slated in the relevant accounting policy. 1.2 Golng concern The Charily have received major grant Isupport commilments over the next 1-3 years to spend on its unreslricled charitable aclivities. The unrestricted funds increased from £783,204 to £846,042 over the year and forecast for 2026127 does not expecl the ursreslricted reseNe position lo drop to an exlenl that il will not be able lo finance it s Gharilable activities basis. Therefore the directors consider that it is appropriate to adopt the going concern in preparation of th8 financial statements 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 limil&d lo £1 per member of the charity. 1.4 Fund accounting General funds are unrestricted funds which are avallable for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions 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 lo the financial statements. Investment income, gain5 and losses are allocated lo the appropriate fund. 1.5 Income All income is recognised once the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in Ihe Sl8tement 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 ieceipt, ils recognition Is deferred and included in creditors as deferred income. Where entitlement occurs before incorne is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. Page 16
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (conlinued) 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and th8 amount of the obligation can be measured reliably. Expenditure is classified by activity. The cost5 of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attribulabl8 lo a single activity are allocated dir8GtIy to that activity. Shared costs which contribute lo more than one aclivity and 5UPPOrt Cosls which are not atlribulable lo a single activity are apportioned between those aclivilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred dir8clly in support of expenditure on the objects of the charity and include projecl management. Governance costs are those incurred in connection wilh adminislralion of the Charity and cornpliance with conslitutional and statutory requirements. Costs of generating funds are costs Incurred In altractlng voluntary Income. Charitable activities and Govemance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charlty apportioned lo charitable activities 1.7 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capilalised and recognised when future economic benefils are probable and the cost or value of the asset can b& measured reliably. Tangible fixed assets ar& initially recognis8d al 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 langible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cosl of tangible fixed assets less their resldual value over their estimated useful lives, Depreciation is provided on the following bas8S. Fixtures and fittings Office equipment 3 years straight line 3 years slraighl 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 olher deblors are recognised al the settlement amounl 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 2025 Accounting policies (continu8d) 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from Ihe dale of acquisition or opening of the deposit or similar account. 1.11 Liabilities and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabililies are recognised al the amount that the chaiily anticipates it will pay to settle the debt or the amount il has r8ceived as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted 8t the pre-tax discount rale that reflects the risks specific to the liability. Th8 unwinding of the discount is recognised in the Slalemenl of Financial Activities as a flnance cost, 1.12 Flnanclal Instruments The charity only has financial ass8ts and financial liabili118s of a kind Ihal qualify a5 basic financial instruments. Basic financial instruments are initially recognised at transaclion value and subsequenlly measured at their settlement value wilh the exception of bank loans whlch are subsequently measured al amortised cost using the effective interest method. Income from donations, grants and 18gacigS Restricted Unrestricled funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations and Grants Restricted Grants 88,234 88,234 362,930 35,639 843,454 362,930 362,930 88,234 451,164 879,093 Total 2024 843,454 35,639 879, 093 Page 18
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations, grants and legaGies (Gontinued) The Education Policy Institute received grants from three sources during the year for specific projects. The funds are deemed to be for a restricted purpose and expenditure in Ihese grants are recorded separately. Unbound Philanthrophy which had an unspent grant brought forward of (£3,831) an(J during the year a further £40,000 was received and £42,126 was expended leaving a carried fctrward balan of1£5.957). The grant was provided in relation to core support of a research program on educalional outcomes of vulnerable children. Unbound Philanthropy which had an unsp8nl grant brought forward of £2,272 and during the year £3,199 was expended leaving a carried forward balance of (£927). The grant was provided to fund the project on home schooling in England at prevalence. child chara¢leristi¢s and family motivations. The Stitching Benevolentia has a grant brought fOard of £1,082 but nothing was received or expended in the year, therefore, the unspent granl caried forward is £1,082. The grant was issued lo fund a research project exploring the prevalenc& of managed moves and th8 Ioc81 protocols which govem them. Midd18S8x University has a grant brought forward balan¢8 of {£178) but nothing was receive(J or expended in the year, therefore, the unspent grant caried fotW8rd is (£178). The grant was provided to fund the project on developing EY leadership through dlgitslly mediated professlonal learnlng. NIESR has a grant brought forward balance of £3,797. During the year a further £10,313 was received and £16,50Q was expendeof with a balance carried forward of (2,3901. 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 forward of £438,480. During the year, £326,894 has be8n expensed in the year with a balance carried forward of £111,586. This grant was granted lo ulilise on projects relating to the Disadvantages gap afler Covid, Persislenl disadvantaged funding, Phonics evaluation, Technical qualification reform and MAT Intervention. The balanc8 of the grant was restricted to the charities operational and financial obligations. The Paul Hamlyn Foundation provided a restricted grant with a balance brought forward of £1,583 but nothing was received or expended in the year, therefore, the unspent grant caried forward is £1,583. The granl provided is a "Voice, Influence and Parternship" grant where a final report needs to be submitted once completed. Lord Nash has a grant brought forward balance of £14,115. During the year, £10,000 was reversed from restricted fund and £5,221 was expended leaving a carried balance of (£1,106). 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 £52,619. £47,512 was expended in the year leaving a carried forward balance of £5,107. Th8 grant is to be allocated to the research project "Mapping mental health and wellbeing services across Ihe country" The Welsh Government had a carried forward balance £8,830 in relation to grant5 previously provided. £8.820 was axpended leaving a carried fOard balance of £10. The purpose of the funding is for th8 charity to carry out scoping research on Ihe incentives for teachers in Wales lo work in challenging circumstances. Gareth Thoma5 provided a granl previously that now ha5 a brought forward balance of £5,146.During the year £6,526 was expended leaving a carried forward balance of {£1,380). The donalion is lo support the Page 19
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations, grants and legacies (continued) 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 stale education and their post secondary outcomes. A grant was committed by the Department of Education whère the brought fOard balance was £66 but nothing was received for expended in the year. therefore, th8 unspent grant caried forward is £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. attainment 8, grades in key subjects, persistent absence and rale of fixed term exclusions. KPMG have a grant broughl forward forward balance of £19,990. During the year a further £11.190 was received and £41,843 was expended with a balanc8 carried forward of {£10.663>. This grant was received in relalion lo producing a report regarding reducing food poverty in under 5's. £311,427 was received from Nuffield Foundation during th8 year in r88pect of r8charges for staff salaries, overheads and other expenses. This was part of a Restricted income grant and has been treated accordingly, The funding provided are for collaborations on the following research projeGIs: Comparison of cognitive skills and education attainment across Ihe UK Comparing UK policies, outcomes and inequalities In post 16 education and tralnlng Eslimaling the influenc8 of headteach8rs on their schools From algorithmic bias to teacher bias In summary, total unspent restricte(J funds brought fornard was £543,971,. a further £362,930 of restricted funds was received, £810,068 was expended during Ihe year and a transfer of £44,574 was made from the unreslricled funds during the year to finance those reslricled projects which were in deficits and for which no furlher funds were expected lo give a total balance of £141,407 to carry forward at the year end. The grants are for non-partisan advancement of education. Income from charitable activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Conference and events 439,195 301,361 141,840 439,195 301,361 141,840 252, 940 487,973 142,248 Research projects Subscriptions (individual and corporate) 882,396 882,396 883, 161 Total 2024 883, 167 883,161 Page 20
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unreslricted funds 2025 Total funds 2025 Tolal funds 2024 Bank interest r8c8ived 38,773 38,773 27,038 Tot812024 27,038 27,038 Expenditure on raising funds Conferences andevent$ Unrestricted funds 2025 Total funds 2025 Total funds 2024 Conf8r8nces and events Allocation of support costs { Note 81 129,553 267,311 129,553 267,311 750, 829 87,249 396,864 396,864 238,078 Total 2024 238, 078 238, 078 Page 21
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charitable activities Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Unbound grant Nuffield grant Paul Hamlyn grant Prudent Trust Reseach fees and subscriptions Sequoia Trust grant KPMG grant Middlesex University grant NIESR grant Welsh Govgrnment grant Lord Nash grant Garelh Thomas grant Department for Education Allocation of support cosls (Note 81 45,325 311,427 45.325 311.427 90,055 264,319 472 47,512 47,512 54,660 326,894 41,842 27,381 33,276 290, 157 20,010 1,476 18,990 14,376 15,605 19,505 21,390 710,021 54,660 326.894 41,842 16,500 8,820 5,221 6,526 18,500 8,820 5,221 6,526 495,041 495,041 810,067 549,701 1,359,768 1,527,033 To1812024 783, 736 743, 297 1,527,033 Governance costs 2025 2024 Auditors, remuneration 16,000 6,591 12,654 4, 000 Auditors Remuneration (Underprovision for prior year} Accountancy, payroll fee5, aulo-enrolment fee5 {1 ncluding prior year underprovisionl Bookkeeping Legal and professional fees 8,997 3,510 2,708 8,877 3,011 7,613 37.806 36,155 Page 22
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Support costs Costs of generatlng Charitable funds activitles 2025 2025 Total funds 2025 Total funds 2024 Office Costs SMP Reclaimedlrecharges Website and IT costs Miscellaneous Bank charges Wages and salaries National Insurance Pension costs Advertising and Promolional Restricted expenditure Unbound (Note 6) Restricted Expenditure - KPMG (Note 61 Restricted Expenditure - Nuffield (Note 81 Restricted expenditure- The Prudence Trust {Nole 61 Restricted expendllure - Middlesex University {Nole 61 Reslricled expenditure - NIESR (Note 6) Reslricled Expenditure - Sequoia Trust (Note 18,582 (2,0971 3,373 1,160 61 198,573 20,474 19,2g8 280 90,716 {10,239} 16,469 5,675 298 969,503 99,959 g4,218 1,368 (45,3251 {41.8421 1311,427) 109,298 (12,3361 19,842 6,835 359 1.168,076 120,433 113,516 1,648 (45,3251 (90, 055) 141,8421 (20,010) (311,4271 (264,319) 92,672 (8,914) 18,096 8,813 341 1, 796,982 715,263 113,698 419 (47,512) {47,5121 (27,381) (1,476) {18,990) (16,500) (16,500) 61 (326,894} {326,894) (290,157) Reslricled Expenditure - Department for Educatlon (Note 6) Reslricled Expenditure- Paul Hamlyn Foundation (Note 61 Restricled Expenditure- Gareth Thomas (Note 61 Restricted Expenditure- Lord Nash {Note 6) Restricted Expenditure- Welsh Government (Note 6} Governance costs {Note 71 Depreciation (21,390) (472) (6,526} (5,221 } {6,526} {5,221 } (19,505) (15,605) 18,820> 31,379 5,762 {8,820} 37,806 6,942 (14,376) 36,155 7,481 6,427 1,180 Total 267,311 495,041 762,352 797,270 Page 23
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31 MARCH 2025 Support costs (continued) All support costs are apportioned b&tween costs of generating funds and charitable activities on a 170/0 830/0 (2024 - 1 Ovo 90 /0) time basis respectively. Wages and salaries are also apportioned on a tlme basis as follows., 170/0 830/0 (2024 50/0 . 950/0) belween cosls of g8n8raling funds and charitable activities. An annual review of the apportionment percentages will be undertaken each year lo confirm the appropriate allocaton percentages of support costs betseen the Charities activities. Staff costs 2025 2024 Wages and salaries Social security costs Contributlon lo defined contribution pension scheme 1,168,076 120,434 113,517 1, 196,982 115,263 113,697 1,402,027 1,425,942 The average number of persons employed by the charity during the year was as follows.. 2025 2024 No Management, research and administrative 25 25 Page 24
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 The r)umber of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 wa5: 2025 2024 In the band £6Q,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 lo their truste8ship12024: £Nil). Total key management remuneration for the year was £110,51012024.' £125,239}. 10. Tanglble fixed assets Fixtures and fittings Office oquipment Total Cost or valuatlon At 1 April 2024 Additions 8,196 61,831 2,754 70,027 2,754 At 31 March 2025 8,196 64,585 72,781 Depreciatlon Al 1 April 2024 Charge for the year 8,196 51.630 6,942 59,826 6,942 Al 31 March 2025 8,196 58,572 66,768 Net book value Al 31 March 2025 6,013 6,013 At 31 March 2024 10,201 10,201 Page 25
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Debtors 2025 2024 Due within one year Trad8 d8btors Other debtors Prepayments and accrued income 171.997 32,756 333,061 104,147 34, 830 438, 828 537,814 577,805 12. Creditors: Amounts falllng due within one year 2025 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 138,026 68,803 16,266 179,768 28, 522 51,609 76,469 80,244 402,863 176,844 2025 2024 Other taxation and social security PAYE I Nl Control VAT control 30,474 38.329 35.441 16.168 68,803 51,609 Deferred income relates lo the 2025126 element of annual corporatè partnerships invoiced in the year ended 31 March 2025. Page 26
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net incomelexpenditure for the year (as per Stalemenl of Financial Activilies) {384,300) 24,187 Adjustments for: Depreciation charges Interest received (Increase) I decrease in Debtors Increase / (Decrease) in Creditors 6,942 (38,773) 39,991 226,018 7,482 (27,039) (70,580) (6, 054) Net cash used in operating activilie8 1150,122) (72,010) 14. Analysis of cash and cash equlvalents 2025 2024 Cash in hand 801,910 916,013 Total cash and cash equivalents 801,910 916,013 15. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 916,013 1114.103) 801.910 916,013 1114,103) 801,910 Page 27
EDUCATION POLICY INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Operating lease commitments At 31 March 2025 the charity had commitments to make future minimum lease payments under non- Gancellable operating leases as follows.. 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 55,000 123,750 54, 356 178, 750 178,750 233, 106 17. Related paty transactions During the year the charity had no additional committed grants from Sequoia Trust {2024= £400,000). Mr Paul Marshall is also a trustee of The Sequoia Trust and was a trustee of EPI for part of the year until he resigned on l January 2024 and therefore not considered a related party for the year. The Charlly recelved no donations12024- £10,000} from Lord Nash who was also a trustee but resigned on 1 January 2024 and therefore not considered a related party for Ihe year. The Charity also received Conference sponsorship Income of £4,750 {2024 - £6,325) from Fair Education Alliance who Natalie Perera is a trustee of but resigned on 18 July 2025. Page 28
EDUCATION POLICY INSTITUTE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2025 2024 2024 Income Donations and grants Conference and events 88,234 439,194 300,242 362,930 141,840 38,773 1,119 35,639 252,940 485,341 843,456 142,247 27,037 2,632 Research and projects Restricted grants receivable Subscriptions and publications Bank interest receivable Miscellaneou5 income Gross income in the reporting period Less: Costs of generatlng funds Conference and evenls Research fees and subsciptions Wages and salaries Employer's national insurance Pension costs Office costs Website and IT costs Advertising, marketing and recruitment Auditors. remuneration (including prior year underprovision) AccDunlancy and payroll fees (including prsor year underprovision} Bookkeeping (non-auditl Legal fees Slaff welfare Bank charges Travel Depreciation Enlertainment ReGharges of SMP Exchange Rate Variance 1.372,332 1,789,292 129,553 54,660 1,168,076 120,434 113.517 109.296 19,842 1.648 150, 822 33,985 1.196,982 115,263 113,697 92,672 Y8,095 420 22,591 16,654 8,997 3,508 2,709 2,378 359 8,877 3,011 7,613 4,193 342 3,515 6,942 944 (12,336> 2,767 7,481 1, 128 (8,910) 18 Total expenditure Net (expenditure)lincome before taxation for the reporting period 1,756,633 1,765,710 (384.301) 24,182 Net (expenditure)lincome for the reporting period (384,301) 24,182 Page 29
EDUCATION POLICY INSTITUTE INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2025 2025 2024 2024 (DeficitllSurplu5 for the reporting period (384,301) 24, 182 Page 30