2022-03-31-accounts - The Education Endowment Foundation

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		Page
Legal and Administrative	Information
Trustees' Report		3-19
Independent Auditors'	Report	20-23
Statement of Financial	Activities	24
Balance Sheet		25
Statement of Cash Flows		26
Notes to the Financial Statements		27-40

	Note	Unrestricted	Restricted	2022	2021
		fundf	fund f.	total f.	total
Income from:
Donations and legacies		409,483	33,492,923	33,902,406	42,370,712
Trading activities		135,064		135,064	245,613
Investments		59,521		59,521	56,195
Total Income		604,068	33,492,923	34,096,991	42,672,520
Expenditure on:
Raising funds
Fundraising expenditure		212,063		212,063	266,443
Trading costs
Investment management		253,179		253,179	269,781
		465,242		465,242	536,224
Charitable activities		6,745,066	50,056,162	56,801,228	34,818,110
Total Expenditure		7,210,308	50,056,162	57,266,470	35,354,334
Net gains/(losses) on investments		57,245		57,245	8,703,834
Transfers between funds		(25,151)	25,151
Net movement in funds		(6,574,146)	(16,538,088)	(23,112,234)	16,022,020
Reconciliation offunds	23
Balances at 1 April 2021		56,535,935	19,214,381	75,750,316	59,728,296
Balances at 31 March 2022		49,961,789	2,676,293	52,638,082	75,750,316

				2022		2021
Fixed assets
Tangible Fixed Assets			14		373,586		356,437
Investments			15		64,986,448		102,557,684
					65,360,034		102,914,121
Current assets
Debtors falling due		after one year	17	40,185		131,313
Debtors falling due		within one year	17	679,564		41,716,222
Cash at bank and	in hand			9,545,407		8,308490
				10,265,156		50,156,025
Creditors: amounts		falling due within one year		(20,438,275)		(73,987,698)
Net current assets/(liabilities)					(10,173,119)		(23,831,673)
Creditors: amounts		falling due over one year	18		(2,548,833)		(3,332,132)
Net assets					52 838,082		75,750316
Funds
Restricted funds			22		2,676,293		19,214,381
Unrestricted funds			22+ 23		49,961,789		56,535,935
					52,638,082		75,750,316

						Note	2022	2021f
Net cash provided by operating	activities						(36,254,948)	25,599,583
Cash flows from investing activities:
Purchase oftangible fixed assets							(196,709)	(194,154)
Purchase of investments							(28,781,748)	(40,710,564)
Proceeds on disposal of investments							66,410,229	20,424,618
Proceeds on disposal oftangible	fixed assets						572
Interest received							59,521	56 195
Net cash (provided by)/used in	investing		activities				37,491,865	(20,423,905)
Net increase/(decrease) in cash	and cash		equivalents				1,236,917	5,175,678
Cash and cash equivalents at the beginning				ofthe year			8,308,490	3,132,812
Cash and cash equivalents at end ofyear							9,545,407	8,308,490
Cash generated from operations							2022	2021
Surplus/(Deficit) for the year							(23,112,234)	16,022,020
Adjustment for:
Investment income recognised in	statement		offinancial		activities		(59,521)	(56,195)
Loss on disposal oftangible fixed	assets
Fair value gains and losses on investments							(57,245)	(8,703,834)
Depreciation and impairment oftnagible		fixed		assets			178,988	183,188
Movement in working capital:
(Increase)/decrease in debtors							41,127,786	(33,326,373)
(decrease)/increase in creditors							(2,798,164)	963,190
Increase in provision
Increase/(decrease) in deferred income							(51,534,558)	50,517,587
Net cash provided by operating	activities
Analysis ofcash and cash equivalents							2022	2021
Cash at bank and in hand							9,545407	8308,490
Total cash and cash equivalents							9,545,407	8,308,490
						As at 1 April		As at 31 March
Analysis ofchanges in net debt						2021	Cash-flows	2022
Cash at bank and in hand						8,308490	1,236917	9,545,407
Total						8,308,490	1,236,917	9,545,407

					for the	year ended 31 March	2022
Donations	and	legacies				Unrestricted	Restricted	2022	2021
						funds	funds	total	total
								f
Donations and		gifts					86,627	86,627	367,596
Grants							33,406,296	33,406,296	40,890,469
Donated services						409,483		409,483	1,112,647
						409 483	33492 923	33902406	42 370712
For the year	ended 31		March 2021			1 112647	41 258065		42 370712
						Unrestricted	Restricted	2022	2021
Grants						funds	fundsf	total	totalf
Department	for	Education					30,400,935	30,400,935	37,939,768
BHP Foundation							2,268,247	2,268,247	1,389,616
KPMG									500,000
Paul Hamlyn	Foundation								100,000
ICG							500,000	500,000	500,000
Wellcome Trust							237,114	237,114	461,085
							33406 296	33406296	40 890469
For the year	ended 31		March 2021				40 890469		40890469
Donated services						Unrestricted	Restricted	2022	2021
						funds	funds f.	totalf	total f.
Macfarlanes									29,446
Freshfields						366,193		366,193	170,431
BCG									350,000
Bain & Co						43,290		43,290	562,770
						409483		409483	1 1121!47
For the year	ended 31		March 2021			1 112647			1 112647
Income from other trading				activities
								2022	2021f
Licensing ofTeaching			and Learning		Toolkit			100,000	100,250
Commissioned		research						35,064	145,363
								135,064	245,613

5	Investments
							2022	2021
	Income from listed		investments				59,353	55,727
	Interest receivable						168	468
							59,521	56 195
6	Raising funds
					Unrestricted	Restricted	2022	2021
	Fun rai in x	ndit		r	fund	funds	total	totalf
	Audit, accountancy		and other finance costs		35		35	114
	Office administration				6,545		6,545	9,277
	Premises costs				9,722		9,722	11,954
	Advertising				16,772		16,772	21,857
	Staff costs				164,585		164,585	209,249
	Other staff costs				6,102		6,102	2,935
	Depreciation and	impairment			8,302		8,302	11,057
					212,063		212063	266 443

Raising fu	nds (continued)
		Unrestricted	Restricted	2022	2021
		fund	funds	total	total
Investment	mana ement	253,179		253,179	269,781
		465,242		465,242	536,224
For the year ended 31 March 2021
Fundraising	expenditure	257,501	8,942		266,443
Investment	management	269 781			269 781
		527 282	8942		536 224

Charitable	activities
			2022	2021
Staff costs			3,304,203	3,171,614
Other staff	costs		122,495	44,495
Donated services			409483	1 112647
			3,836,181	4,328,756
Grant funding ofactivities (see note 8)			51,893,938	29,360,442
Share ofsupport costs (see note 10)			944,181	986,846
Share ofgovernance		costs (see note 10)	126,928	142,066
			56,801,228	34,818,110
A~nal nln 0	fund
Restricted	funds		50,056,162	23,580,633
Unrestricted	funds		6,745.066	11 237477
			56,801,228	34,818,110
Grants payable
			2022	2021
			f.
Grants to institutions:		See note 9	51,893,938	29,360,442

Support costs for t	he year ended 33 March	2022
	Support	Governance	2022	2021
	Costs	costs	total	total
Staff costs		62,670	62,670	74,041
Social security costs		6,489	6,489
Other pension costs		3,248	3,248
Other staff costs		2,684	2,684	13,100
Depreciation	170,327		170,327	172,131
Legal and professional	101,719		101,719	141,157
Office administration	134,276		134,276	144,301
Premises costs	182,393		182,393	186,099
Marketing and public relations	344,092		344,092	340,270
Audit fees		17,340	17,340	14,855
Accountancy	11,374	34,497	45,871	42,958
	944,181	126,928	1,071,109	1,128,912

				2022	2021
Audit ofthe charity's	annual	accounts		12,900	10,750
Other audit- related assurance			services
Regularity report				3,420	2,850
Non- Audit services
All other non-audit services				3,540	2,950
Total Non Audit fees				3,540	2,950

Employees							2022	2021
Average monthly		number	ofemployees	during		the year:	number	number
Chief Executive		Officer					1	1
Grant making,	evaluation		and dissemination		staff		54	39
Fundraising staff							1	1
Administration	staff						8	7

The remuneration and em (2021:f488,184).	ployee benefits	of key manag	ement personnel, amounted to F6	31,491 in the year und	er review
Staff costs comprise:				2022f	2021
Salaries &wages				3,100,092	3,072,647
Social security costs				293,851	262,594
Other pension costs				147,251	131,261
				3541 184	3466 502
The number ofemployees	whose annual	remuneration	was f60,000 or more were:
				2022	2021
				number	number

Tangible fix	ed asset
		Fixtures and	Computers and
		fittings	IT Equipment	Total
		E
Cost
At 1 April 2021		125,076	1,871,762	1,996,838
Additions		1,704	195,005	196,709
Disposals At 31 March	2022	+38 377}		66614
Depreciation
At 1 April 2021		124,826	1,515,575	1,640,401
Depreciation charged in the year Eliminated on disposals		1,031 ~38.377) 87 480	177,957 ~27,665 1 665 867	178,988 ~66,042 1 753347
Net Book Value
At 31 March	2022	923	372,663	373,586
At 31 March	2021	250	356 187	356437

							Listed	Unlisted	Cash in
						investmentsf		investments	portfolio	Total
Cost or valuation	at 1 April	2021				43,004,827		100	59,552,757	102,557,684
Additions						3,781,127			25,000,621	28,781,748
Revaluation changes							57,245			57,245
Disposals						(10,000,000)			(56,410,229)	(66,410,229)
At 31 March 2022						36,843,199		100	28,143,149	64,986,448
Carrying amount
At 31 March 2022						36,843,199		100	28 143,149	64,986,448
At 31 March 2021						43	004,827	100	59,552,757	102,557 684
Historical cost						24,387805		100	59 552,757	83,940,662
									2022	2021
Material Investments
Fixed interest securities									24,647,426	29,674,589
Equities									9,057,418	10,160,603
Cash held within	investment		portfolio						28,143,149	59,552,757
Other									3 138456	3169635
									64 986448	102557 584
The Trustees do	not consider		any individual		investment	within these amounts		to be material
									2022	2021
									F
Investments at fair value		comprise:
Investments held	in the UK								26,072,151	59,197,284
Investments held	overseas								38 914,297	43360300
									64,986.448	102,557,584
Fixed asset investments		revalued
The above funds	are invested		in sterling	denominated		securities.

						Nature of	Class ofshares
Name ofundertaking		Registered			oftice	business	held	%Held Direct	Indirect
EEFServices	Limited	5th	Floor	Millbank		Dormant	Ordinary	100
		Tower,		21-24
		Millbank,		London
			SW1P		4QP
Debtors
								2022	2021
Amounts falling due within one year:
Other debtors								228,567	21,020
Grants receivable								427,732	41,633,358
Prepayments	and accrued income							23,265	61,844
								679,564	41,716,222
Amounts falling due after more than one year:
Grants receivable								40,185	131,313
Total debtors								719749	41 847 535


18	Creditors: amounts			falling			due within one year		Notes	2022	2021f
	Trade creditors									302,329	169,663
	Other taxation and social					security				92,538	87,114
	Deferred income								20	2,894,859	54,354,769
	Grants accrued									7,272,509	9,451,662
	Other creditors									34,534	22,008
	Accruals									9,841,506	9,902,482
										20,438,275	73,987,698
19	Creditors greater		than		1 year
										2022	2021
											f.
	Deferred income								20	40,185	114,833
	Grants accrued									2 508 648	3217299
										2 548 833	3332 132
20	Deferred income
										2022	2021
											F
	Other deferred income									2 935044	54469602
	Deferred income	is included					in the financial statements	as follows:
										2022	2021
	Current liabilities									2,894,859	54,354,769
	Non current liabilities									40 185	114833
										2 935044	54469602
										2022	2021
											f.
	Deferred income	brought				forward				54,469,602	3,952,015
	Grants received	in the year								11,064,934	(41,062,469)
	Grants returned	in the year								(29,184,555'i
	Grants recognised		in	the		year				33431 447	91,580,056
	Deferred income	carried				forward				2,918,534	54,469,602