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.
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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 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 othe￿iSe 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 fO￿ard 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 fO￿ard 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 fO￿ard 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