Education EnLlowment Founclation The Education Endowment Foundation Annual Report and Financial Statements for the year ended 31 March 2025 Education Endowmgnt Foundation Company Registration Number: 07587909 Charity Registration Number: 1142111 Registered Office: 5th Floor. Millbank Tower, 21-24 Millbank, London, SW1P4QP Education Endowmgnt Foundation Contents Legal and Administrative Information . Trustees'Annual Report........................................................................................ Our purpose................................................................................................. Ourachievements......................................................................................... Our people................................................................................................. Governance................................................................................................ Safeguarding.............................................................................................. Financialoverview...................................................................................... 20 Risk management....................................................................................... 24 Lookingforw8rd..........................................................................................26 Statement of Trustees. responsibilities......................................................... 28 Independent auditor's report to the trustees of The Education Endowment Foundation.....,.......................................................... 30 Financial Statements for the year ended 31 March 2025 .36 1. Statement of FinancialActivitiesfortheyearended 31 March 2025................ 36 2. Balance Sheet at 31 March 2025.................................................................. 37 3. Statementofcash Flowsfortheyearended 31 March 2025........................... 28 4. Notes to the Financial Statements . .39 Education Endowmgnt Foundation Legal and Administrative Information The trustees who seNed during the year and up to the date of the approval of the financial statements were.. Trustees Dame Christine Gilbert (Chairl Sarah Breeden Sir Kevan Collins Richard Donner (appointed 21 October 20251 Naomi Eisenstadt Graham Elton Sir Peter Gershon (until 4 October 20251 Lucy Heller Zoe Lewis lappointed 18 June 2024} Hanneke Smits Sonia Thompson Auditor Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Banker CAF Bank Limited 25 King's Hill Ave, King's Hill West Malling, Kent ME194TA Solicitors Freshfields Bruckhaus Deringer 100 Bishopsgate London EC2P 2SR Investrnent advisors Goldman Sachs Asset Management International Plumtree Court, 25 Shoe Lane, London, EC4A4AU Bank of Newyork Mellon 160 Queen Victoria Street, London, EC4V 4LA Education Endowmgnt Foundation Trustees, Annual Report 1. Our purpose The EEF is an independent charity dedicated to breaking the link between family income and educational achievement. We do this by supporting early years settings, schools and colleges to make a difference with evidence. At the Education Endowment Foundation IEEFI, we believe that how well you do at school Should not be determined by your family's income. That's why we work to transform education outcomes for the children and young people who need it most. By the time a child born into a low-income family starts school, they are already less likely to meet expected levels of language, communication. and physical development. These attainment gaps widen throughout primary and secondary school. influencing vital education and employment outcomes later in life. This does not need to be the case. Giving every child-whatever their economic background or where they go to school- access to great teaching is one of the most powerful levers to change this. We believe the best way to improve teaching and learning is to make sure that the education sector has trustworthy and actionable information about how to boost outcomes. Howwe work To make a difference to the education of 2-19-year-olds, our work is focused in three functions- Summarising evidence. Looking at the global evidence base and presenting it in an actionable way. Building evidence. Funding the development, rigorous evaluation, and scale-up of programmes and approaches that aim to raise the attainment of children and young people from disadvantaged backgrounds. Putting evidence to use. Helping the education sector to use evidence in ways that really make a difference. Public benefit We work for the public benefit by addressing educational disadvantage. We do this by granting funds to projects that aim to alleviate such disadvantage, by finding out what works to increase attainment and other outcomes, and by disseminating this evidence. Education Endowmgnt Foundation The Trustees and staff are mindful of the Charity Commission's guidance on public benefit when planning future activities and are confident that the Charity's plans meet these requirements. Our approach to grant-making Our grant-makingfocuses on supporting and evaluating projects that are likely to improve the educational outcomes of young people, particularly those from economically disadvantaged background. We aim to fund, develop and evaluate cost effective and scalable projects that have a measurable positive impact on educational attainment or related outcomes. We promote the use of evidence in the decision-making of schools, early years settings, 16-19 settings, and by other commissioners and policymakers. AIL EEF-funded projects are rigorously evaluated by independent experts in educational research. The charity has to date commissioned 436 projects, 226 of which use randomised controlled trials IRCTS) or other methods (such as Quasi-experimental designsl, involving over 600h of English schools. When including the larger scale-up programmes (Nuffield Early Language Intervention and the National Tutoring Programmel implemented during COVID. EEF projects have reached 850/0 of English schools. We also aim to influence decision-making and spending across the education sector. This includes scaling up effective, replicable projects and building their delivery capacity. We also share insights about what works through the EEF'S Research Schools Network, public campaigns, and policy engagement. To fund new research, the EEF has developed a Research Agenda which identifies particular themes that are selected based on their potential to: improve outcomes for disadvantaged pupils. address gaps in the evidence base., and answer questions of interest to school leaders and teachers. Research under this agenda includes: evaluations of existing programmes. Teacher Choices project8-which generate evidence about smaller changes to classroom practices that teachers have control over; and School Choices projects-which generate evidence about changes to school-level practices and processes that school leaders have control over. Education Endowmgnt Foundation All programmes funded by the EEF include an associated evaluations at one of five Stages: Early-stage development- for programmes that need design and development work and will support getting evidence into practice where a programme does not currently exist. Pilot-for small-scale programmes that need further refinement and Theory ofchange testing. Eff icacy trials-for well-established programmes that have already been delivered to some extent and are ready for rigorous testing. Effectiveness trials-for programmes already delivered at a larger scale and where some programme-level evidence is already available. Scale-up-for programmes with strong evidence that are ready to be scaled across the education system. Eff icacy and effectiveness trials are typically conducted as Randomised Controlled Tiials IRCTS). but we use other designs to ensure we can answer the most important research questions in most appropriate way. These five stages make up our Programme pipeline, allowing programmes to move through levels as stronger evidence is generated on their eff icacy and feasibility. The EEF usually runs two grant rounds per academic year, aligned with the priority themes in its Research Agenda. Applications are submitted online via the EEF website and are reviewed by our Programmes andlor Evaluation Managers, with external input as needed. The most promising applications are developed by a Programme and/or Evaluation Manager in collaboration with the applicant, before being put forward to the Trustee Grants Committee in a tWO-Stage process. Final funding decisions for applications over £1 million are made by the EEF B08rd, based on the Grants Committee's recommendations. All grant awards are subject to.. A legally binding written agreement with the recipient. Regular project reviews at each milestone as set out in the grant agreement. Under the terms of its agreements with grant recipients, the EEF can withdraw its future funding commitment for a number of specified reasons. including failure to meet agreed milestones. Education Endowmgnt Foundation 2. Our achievements Building evidence In 2024-25, our new research projects focused on writing, maths, and teacher recruitment and retention. We launched 49 new projects, including 15 early-stage development projects, four pilots, 15 trials, and three scale-up projects. We had 126 active projects, from those being developed, to those being scaled-up across the country. We added nine independent evaluations of randomised trials to the global evidence base. For more information on our grant expenditure spend and details of our grants. see Note 9. In 2024-25, we reached over 1,000 settings through our Accelerator Fund activity. The Accelerator Fund aims to build the EEF'S pipeline of evidence-based programmes, and increase the availability of evidence-based programmes in maths and literacy to schools and settings, with schools and settings in Education Investment Areas being prioritised for the work. We supported the scaling of three programmes showing promise for the educational attainment of children.. Maths Champions, which builds the knowledge of nursery practitioners to support children's early mathematical development. Embedding Formative Assessment, which aims to improve pupil outcomes by embedding the use of formative assessment strategies across a school, Maths Mastery, a whole-school approach that aims to deepen pupils. conceptual understanding of key mathematical concepts. We also expanded our work in testing approaches rather than just programmes- utilising more innovative design methods. This included tests of school-level approaches to improving Teacher Recruitment and Retention and testing an Al-supported approach to lesson planning. Summarising evidence This year, we published updated guidance in two of our most important areas, with revised guidance reports on implementation and on Teaching Assistants. In April 2024, we launched an updated version of our flagship guidance report'A School's Guide to Implementation, Since Education Endowmgnt Foundation launch the page has had over 184.000 visitors and the guide and its resources have been downloaded over 200,000 times. In March 2025, we launched an updated version of our popular guidance 'Deployment of Teaching Assistants, with a key focus on improvingthe user experience. Since launch, the page has had over 46,000 visitors and the guide and its resources have been downloaded 14,000 times. We have continued to update our core resources- the Teaching and Learning Toolkit and our Early Years Evidence Store: The Teaching and Learning Toolkit received 875,000 views in 2024-25. We reviewed 17,000 studies and added 1,000 into the database underpinning the Toolkit. The Early Years Evidence Store received 222.000 views. During the year, we identified several Toolkit strands for additional analysis and exemplification. We are working to develop our Toolkit to include additional analysis on the factors around implementation, as well as greater exemplification and scope for frequently asked questions about the underpinning evidence. Putting evidence to use During 2024-25. we used many different methods to support the education sector to use evidence in ways that improve outcomes. These included providing trainingfor other organisations, building local partnerships, and utilising different external communications channels.. We set-up 25 local evidence partnerships in the year. We published over 100 pieces of content that explore how to put evidence into practice. Our resources were downloaded 1.4m times. 2,000 teachers, in addition to the 60,000 in 2023124,-from those just starting out to experienced leaders- received professional development that was built on EEF-backed evidence. We have supported significant scale-up of well evidenced programme8 in areas of the country with greatest need through the Accelerator Fund (see above). Our work to put evidence to use in schools focused on: The ResearGh SGhools Network. Our33 Research Schools promote the use of evidence through communications, active training and advocacy. This provides a diverse range of exemplification that schools across the country can relate to and apply based on their own contexts. Education Endowmgnt Foundation Building strong regional partnerships. We work closely with schools. local authorities, and trusts through long-term partnerships to improve teaching practice. These partnerships involve identifying shared challenges and co-developing evidence-based solutions. In 2024-25, we ran 25 such projects. Working with and through others.we help thosewho support schools- such as teacher trainers and education leaders- use evidence more effectively. In 2024-25, this included our'evidence guardianship, role to support large scale policy initiatives, overseeing the content and quality of national offers for teacher training and development (such as ITT, ECF, and NPQS I to align them with research. We have also offered targeted support to help build organisational capacity and expertise for using evidence to tackle education inequality. Tailored resources are published on our website, particularly around our updated implementation guidance. In early ye8r$. we enhanced the Sector's use of evidence by: Supporting policy development. We worked with the Departmentfor Education's early years team to help shape their bid to expand the Early Years Pupil Premium, which was announced in March 2025. Providing practical guidance. In March 2025. we published a 'Guide to the Early Years Pupil Premium, to support early years settings to use their increased funding in ways that have the biggest possible impact on learning and development. Our mobilisation activity in 1 &19 is at an earlier stage of development, but this year we have begun scoping an approach to evidence partnership to support colleges across the countries to put evidence into practice. We expect to launch the partnership in autumn 2025. Working in partnership Buildingoob81 evidencepartnerships We support a global network of organisations dedicated to improving education equity through better use of evidence. Our international work supports our work in England through increasing available evidence for the Teaching and Learning Toolkit and guidance reports- reducing capacity costs in synthesis work,. providing peer learning opportunities on evidence generation and use and increasing EEF'S brand as the leading example of evidence brokerage lTh.' Initial Teacher Training ECF.. Early Careers Framework NPQS.. National Professional Qualifications 10 Education Endowmgnt Foundation internationally. This year was the seventh and final year of our partnership with BHP Foundation. All key targets for the projects have been achieved, with activities linked to sum marising, building, and putting to use evidence in Latin America, in the Chad basin, in Australia and in Jordan, amongst others over seven years. This year we developed and signed a partnership with the Robertson Trust. As part of this work, the EEF will support with the translation and contextualisation of key resources on a Scotland specific evidence website, alongside working with regional advocates and a Scotland lead to demonstrate the value of evidence-informed practice within the Scottish education system. We also signed a new agreement to license and contextualise the Teaching and Learning toolkit to Institute Bad8h Edukacyjnych IIBEf in Poland. The work will mostly take place in 2025-26. 2 Institute Badart Edukacyjnych IIBEI or Education Research Institute 11 Education Endowmgnt Foundation 3. Our people Developing our culture and investing in our people Developing our culture and investing in our people remain central to achieving our strategic priorities. We are committed to being a great place to work by building an agile, flexible, and positive organisation where staff enjoy learning, working, and growing, helping us attract and retain talent. In 2024-25, we made continued progress towards this goal. At the start of the year, the EEF had 101 staff, due to the extension of our work in the early years and 1 &19 sectors, this increased to 115 by year-end - an 11.7 % growth. This expansion created opportunities for career development for EEF staff, coupled with external recruitment. A new Piogramme Development and Scale-up team was established. bringing together early-stage programme development, pilot studies, and scale-up evaluations under a single leadership structure. Internal career progression is supported through a strong focus on learning and development. Officers and administrators benefit from the Off icer and Administrator Network, which offers structured training, mentoring, and networking opportunities. All staff have benefited from a renewed performance review process that aligns individual and team performance with the EEF'S mission and sets clear learning and development objectives. To attract external talent, we launched a new careers site, highlighting our positive culture and focus on people, while continuing efforts to enhance inclusive recruitment practices Isee Equity, Diversity, and Inclusion section). In October 2024. we revised our Bullying and Harassment Policy to comply with the Worker Protection Act and incorporated the Equality and Human Rights Commission's eight steps for preventing sexual harassment at work. This included awareness training for all staff, now part of onboarding for new hires. We also implemented revised guidance on holiday pay calculations for atypical workers, ensuring compliance for Research Assistants working variable hours. Our annual staff SUNey is a key measure of success. The 2024 survey,18unched in October. received a 960/0 response rate, with improvements since the previous sutvey in 2023 in all areas (professional development +6 points, working practices +2.4 points, diversity and inclusion +1.9 points). Overall engagement of EEF staff was at 79.5% compared to extern81 benchmark of 73.4%. The Diversity and Inclusion indexwas at 78.2% compared to a benchmark of 72.3%. Equity9 Diversity and Inclusion We continue to focus on our Equity, Diversity and Inclusion IEDII commitments that were 12 Education Endowmgnt Foundation agreed in February2023. We further developed transparency around our pay structure by calculating and publishing to staff our gender and ethnicity paygaps. We reported a median gender pay gap of 5.4%, below the UK average of14.3Wo. Our median Ethnicity Pay Gap was 11.2% reducing by 3 percentage points since 2023. Key management personnel The key management personnel of the EEF are the Trustees and the Chief Executive. Director of Impact. Director of Research and Director of Finance and Operations. In July 2024. Prof. Becky Francis. CEO of the EEF, was asked by the Department for Education to lead the Curriculum and Assessment Review for the UK Government in her personal capacity and stepped back from her role as CEO of the EEF as of 6th August 2024. The EEF signed a secondmentagreementwith the Departmentfor Education and recoversthe CEO'S salary costs. Since ￿ August 2024, the Director of Impact and Director of Research, have taken on the role of co-CEOs with the Director of Finance and Operations providing additional support. The Executive team was supported by the Chair of Trustees who has taken on additional responsibilities as the Executive Chair. These additional re8ponsibilities as Executive Chair pertain solely to covering part of the Chief Executive role and supporting the co-CEOs. The Executive Chair was remunerated for the additional activities only (see Note 12}- The Chair of Tru8tees responsibilities are not remunerated. Executive Team Anne-Laure Bedouet (Director of Finance and Operations), Piof. Becky Francis CBE Ichief Executive, on secondment to the Dep8rtment for Education from 6August 20241, Chris Paterson (Director of Imp8¢t. acting as CO-CEO since 6 August 20241. Emily Yeomans (Director of Research, acting as CO-CEO since 6 August 20241, supported by D8me Christine Gilbert as Executive Chair since 6 August 2024. EEF StaffTeam The EEF is organised by teams that fall into three directorates- Research, Impact and Finance and Operations: 13 Education Endowmgnt Foundation Research- Programmes team: Develops the EEF research agenda and manages funding rounds. assesses applications for grants by delivery organisations for programme evaluations, manages programme delivery over the lifetime of grants; leads guidance report production. Piogramme Development and Scale up team: Focuses on Early-stage pipeline development activities; pilots, regranting and scale up activities- assessing applications for this work and managing delivery over the lifetime of grants. Evaluation.. Commi8sion$ and oversees evaluations of programmes, approaches. and policies- leading to the generation of new evidence. Oversees the EEF'S methodological work. producing best practice guidance for the delivery of our evaluation and research portfolio. Impact: Evidence Synthesis and International team: Sy8tematlC8lly synthesises the evidence base to inform guidance reports and the Teaching and Learning Toolkit. Works with partners to support the replication of the EEF model in different countries and build a global evidence ecosystem. Evidence Mobilisation team: Delivers the EEF'S regioNal work, including managing our Research School Network. Stronger Practice Hub work, and the 16-19 College Network. Leads on the cross-organisational implementation of our Early Years work. Content and Engagement team- Ensures meaningful input from schools, early years settings and colleges to the work of the EEF. Develops content to provide support to schools to enact evidence-based recommendations. Policy team: Engages with policymakers to ensure the evidence underpinning national education policy is high-quality and robust. Leads EEF'S relationship with Df E and other national stakeholders. Communicationsteam: Communicatesthe work ofthe EEF through external channels, including the websitelsl, social platforms, digital channels and media. Finance and Operations: Finance and Operations: Finance. HR. IT, Legal. Procurement. Data protection. governance. investment management. Off ice management Philanthropy and Partnerships- Developing and maintaining partnerships with like-minded organisations to further support the EEF'S work and priorities, and to generate a further c. £4m in fundraising illcome per annum. 14 Education Endowmgnt Foundation 4. Governance Appointment of Trustees The appointment of Trustees is governed by the governing document of the charity. EEF Trustees are appointed for a term not exceeding four years and trustees may be reappointed for a maximum of one additional term. Organisational structure and how decisions are made The EEF Board has the ultimate responsibility for directingthe affairs of the EEF, ensuring that it is financially sound, well run, and delivering the charitable outcomes for which it has been set up. The Board comprises the directors of the company who are also the charity Trustees. The EEF Trustees met four times during the year to review overall strategy and to determine how best to direct the EEF'S resources to meet its objectives. An observer from the Department for Education also attends EEF Board meetings but does not have voting rights. The Trustee8 have established five committees to support the effective governance of the EEF'S operations: Grants committee The Grants Committee makes recommendationsto the Board on projectsto support. including funding for independent evaluations. It shapes grant-making priorities, reviews the project portfolio, and oversees the EEF'S scale-up efforts. Members are: Lucy Heller (Chairl, Naomi Eisenstadt and Sonia Thompson. Professor Robert Coe, Director of Research and Evaluation at Evidence Based Education acts as advisor to the Committee. Finance and fundraising committee This Committee oversees the m8nagement of the EEF'S resources. Its responsibilities include: Recommending the charity's investment strategy and monitoring fund manager performance. Reviewing and recommending the annual budget and long-term cash f low projections. Monitoring performance against agreed budgets and cash flow. Supporting the development and delivery of the EEF'S fundraising strategy. 15 Education Endowmgnt Foundation Members are.. Hanneke Smits Ichair since 5 October 20251, Sir Peter Gershon (Chair until 4 October 20251, Sarah Breeden and Graham Elton. Richard Lamplough, partner at Lancaster Investment acts as advisor to thecommittee. Audit Committee The Audit Committee oversees the audit of the annual accounts and internal and external audit plans. It monitors the integrity of financial statements, focusing on the effectiveness of the external audit process and internal control systems, and reviews and recommends the risk register to the Board. Members are- Hanneke Smits (Chair since 5 October 20251, Sir Peter Gershon (Chair until 4 October 20251, Sarah Breeden and Graham Elton. Richard Lamplough. partner at Lancaster Investment acts as advisor to the Committee. In 2024-25, the EEF conducted a review of its internal auditors. After a competitive tender, BDO LLP was reappointed as internal auditors. Nominations Committee This committee supports the Board with the recruitment, induction, and development of trustees. Members are: Christine Gilbert (Chairl, Kevan Collins, Lucy Heller and Hanneke Smits. Remuneration Committee The Remuneration Committee provides oversight and scrutiny of remuneration and people policies to ensure alignment with the EEF'S strategy and sustainable success. It has delegated responsibility for determiningthe remuneration and benefits of the CEO and executive team. Members are: Hanneke Smit$ ICh8irl. Kevan Collins. Christine Gilbert and Lucy Heller. The EEF also has an Evaluation Advisory Group IEAGI. which offers the Executive Team advice and guidance on research and evaluation methodologies. It meets as required. 16 Education Endowmgnt Foundation Induction and trainingof Trustees As part of their induction, trustees are advised of their legal responsibilities under Charity Law and Company Law. as well as the EEF'S decision-making processes and strategic objectives. They receive relevant documentation, including the budget, planned grant expenditures. a current list of research and practical projects. and copies of recent publications and press releases. New trustees attend induction sessionswith members of the Executive Team and are invited to visitwork underway around the country. Trustees and Executive Team members are also encouraged to participate in development and training events that support their roles and their interests. All trustees undertake online safeguarding training. A range of briefings and training on key issues was organised throughout the year. This year. Board members participated in several development sessions to support the review of the current EEF strategy. Relationships with wider interests and related parties Transactions with related parties are disclosed in Note 12 and Note 25 to the financial statements. Trustees and the Executive declare their interests regularly and records are reviewed by the Board annually. 17 Education Endowmgnt Foundation 5. Safeguarding In 2024-25, we have undertaken a comprehensive review of our safeguarding policy and procedures, including consideration of roles and responsibilities, the safeguarding team structure and overall accordance with updated safeguarding legislation and guidance. The EEF'S approach to safeguarding is that everyone has a responsibility to promote the welfare of all children and adults, to recognise potential harm, and to keep them safe (see Safeguarding definition from Keeping Children Safe in Education1202511. The EEF'S approach also considers 'adult8 at risk,. the charity's work includes providers of activities which include young adults, such as schools and colleges serving 18- and 1 &year- olds. Safeguarding adults means protecting an adult's right to live in safety, free from abuse and neglect. This includes. where appropriate. considering their views, wishes. feelings, and beliefs when deciding on any action, and recognising that adults sometimes have complex interpersonal relationships and may be ambivalent, unclear, or unrealistic about their personal circumstances. Generally. EEF staff do not work directly with children. However, we fund, influence, and evaluate work with children in early years settings, schools, and colleges across England. EEF staff and others may also visit projects as part of our monitoring and dissemination activities. As an organisation with influence over activities involving children, we have a responsibility to promote their safety and wellbeing. Therefore. all EEF staff are provided with annual safeguarding training to recognise indicators of abuse, neglect, and exploitation, understanding that children can be at risk of harm inside and outside of education settings, inside and outside of home, and online. In addition, all EEF staff undergo a basic DBS check as part of their appointment, and safeguarding due diligence is conducted with all external partners, sub-contractors, grantees, evaluators, and consultants. The EEF'S safeguarding principles are underpinned by the belief that- Everyone, regardless of age, disability, gender, racial heritage, religious belief. sexual orientation or identity, have an equal right to be safe and should be protected from all types of harm or abuse. Our work should enhance and never detract from the safety and wellbeing of children and vulnerable adults, including by promoting equity and reducing discrimination. All staff who come into contact with children and vulnerable adults have a duty to remain alert to their needs and any risks of harm. It is better to help children as early as possible, before issues escalate and become more damaging. The EEF safeguarding policywasagreed at the Board meetingon 1 july 2025. 18 Education Endowmgnt Foundation Children and families are best supported 8nd protected when there is a coordinated response from all relevant organisations and agencies. All EEF staff have a responsibility to report concerns about any child or vulnerable adult to the relevant authorities. All EEF staff should be informed of the appropriate processes for reporting any concerns they may have about the wellbeing and safety of a child oradult. Trustees hold the ultimate legal responsibility for all EEF activities, including the protection of the charity's reputation and values. In 2024-25, they revised the policy emphasising they ensure that robust safeguarding management and reporting processes are in place by: ensuring safeguarding policies, procedures and measures are fit for purpose and up to date, including noting updates and approving on an annualbasis- supporting the development of an organisational culture that promotes effective safeguarding practices; agreeing the contents of a risk register relevant for the activities of EEF. ensure effective reporting and auditing processes are in place and that these are regularly reviewed: receiving an annual safeguarding report from the Designated Safeguarding Leads- ensuring adequate resources are available for effective safeguarding training across the organisation. organising and implementing safeguarding plans. and, designating a lead trustee for safeguarding and child protection. The CEOS have ultimate responsibility for ensuring safeguarding at the EEF is well-managed. Part of the changes agreed mean that two Designated Safeguarding Leads IDSLsl have been appointed who hold lead responsibility for safeguarding: one on the Executive team ensuring that senior management understand the importance of safeguarding and are aware of any incidents or urgent issues. and one responsible foi ensuring that the EEF'S 88fegu8rding policy and procedures are translated into the day-to-day operations of the EEF. They are supported by Deputy DSLS. The two DSLS have responsibility for safeguarding and child protection across the EEF. As the two primary points of contact, they work closely with the Designated Safeguarding Team to- keep EEF'S policy and procedures under review: support staff, especially through ensuringthe provision of effective training. assess concerns. make referrals,. and, maintain records. 19 Education Endowmgnt Foundation 6. Financial Overview Financial review In the financial year under review, total income from donations, legacies. trading activities, and investments was £52.4 million12024: £17.6 millionl. This included a £40 million grant from the Department for Education to expand our 16-19 activity, and an £8 million grant for our Accelerator Fund programmes. By comparison, last year's income included an £8.4 million grant from the Department for Education for the Accelerator Fund and a £3.9 million grant from KPA Markets. Total expenditure for the year was £32.2 million12024: £30.2 million). At 31 March 2025, total funds stood at £203.7 million12024: £178 million). comprising: £197.9 million unrestricted12024'. £171.8 millionl £5.8 million restricted12024: £6.2 million) Investment performance In 2024-25, our invested portfolio continued to be invested as follows: 10% in cash 45%in UKgilts 45% in an ESG-enhanced multi-asset balanced portfolio Ic. 50% equities and 50% fixed income). At year4nd, the portfolio was valued at £220.4 million, compared to £196.3 million in the previous year. In 2024-5, we received £40 million from the Department for Education to expand support for 1 &19 learners. These funds were invested in line with our investment strategy. The movement in value for the 2024-25 year reflects: The £40 million received from the Department for Education. Withdrawals of £21 million to fund grants, evaluations. and operating expenses. Investment income of £0.1 million. Investment costs of £0.4 million. A revaluation gain of £5.4 million. The portfolio gained £6.1 million in the first half of the financial year, driven by steady revaluation gains from May 2024 onwards. Part of this growth was reversed in late 2024 and the first quarter of 2025. Overall gains in 2024 were supported by strong economic conditions in the US. continued low inflation in Europe. and monetary easing in major developed markets, 20 Education Endowmgnt Foundation including a rate cut by the US Federal Reserve in September 2024. However. volatility Caused by new US tariffs in early 2025 contributed to an investment loss during that quarter. The overall return on the portfolio since inception in June 2011 has been an annualised rate of 3.830h per annum net of fees. The portfolio risks were reviewed throughout the year with the portfolio manager including inflation risk, credit risk, and currency risks. They were all assessed as appropriate for the EEF and its long-term objectives. Fundraising activity The EEF partners with other funders- including trusts and foundations, corporates, individuals, charities, and public bodies-to help extend the reach of the charity's work. In 2024-25, the Department for Education and the EEF agreed that 40% of income secured from international partners would be included in fundraising figures. As of 31 March 2025, the EEF has successfully developed partnerships with 72 organisations, which have contributed a total of £54.4m million in funding towards EEF-approved programmes. The EEF'S funding partnerships tot811ed c. £3.5 million during the financial year. These contributions fell into four categories.. Direct income to the EEF.. £0.8 million Legacy gift: £0.1 million Pro bono donations- approximately £1.6 million, including legal advice and consultancy from Freshfields and consultancy support from Bain & Co. Isee Note 3 for further details) Shared funding of EEF-supported programmes and activities- £1 million contributed by other funders, grantees. and partners Direct donations and pro bono donations are recorded in the financial statements, whereas shared funding is not- this goes directly to EEF-funded programmes. Grants f rom the Department for Education and contributions to projects from schools are excluded from these figures. The Trustees acknowledge their grateful thanks to allthose organisations contributing to the EEF'S work. The charity is registered with the Fundraising Regulator. No complaints have been received in the year in relation to the charity's fundraising activities. The EEF does not fundraise from the general public. 21 Education Endowmgnt Foundation Reserves policy In accordance with the policy adopted since the establishment of the EEF, the initial endowment grant of £125 million from the Department for Education, the re-endowment of £137 million, and the grant of £40 million received this financial year are treated as an unrestricted reserve. The unrestricted fund reserves as at the year-end were £197.9 million. The Trustees regard unrestricted funding as available to support activities that advance the EEF'S charitable objectives includinggrant-making spend, necessary support and governance costs. On 8 regu18r basis. the Trustees review the investment strategy and performance of the funding pool along with projections of future grant and operating expense commitments. Accordingly, the Trustees consider that the current level of free reseNes (general unrestricted funds less fixed assets) of £197.3 million forms a pool available for supporting EEF activities to 2032 - as stipulated in the terms of the re-endowment grant. The restricted fund resetves as at the year-end were £5.8 million (see detail in Note 221. Investment policy Introduction The Trustees hold broad investment powers, including the ability to delegate investment management to firms authorised by the Financial Conduct Authority. They avoid direct investment in companies primarily involved in arms, gaming and gambling, pornography, or tobacco products and seNices. For collective or pooled investment funds, Trustees instruct fund managers to monitor exposure to such companies and report quarterly on any holdings. The EEF'S assets are intended to 8UPPOrt the EEF'S activities to at least 2032. including its grant-making activities and operating costs. The EEFteam, with Trustees. guidance have developed a cash flow profile of the endowment over this time period including expected expenditure to support operations and grant making. These projections are kept under annual review and revised as appropriate. This cash flow profile informs the EEF'S investment policy. Investment objectives The EEF'S investment objectives are designed to meet the grant making activities and to support its operationswithin an agreed frameworL The objectives are kept under review and adjusted in line with market performance developments as well as the evolving strategy. 22 Education Endowmgnt Foundation The current investment objectives are: to ensure a reasonable match between the cash flows from the assets in the portfolio and the EEF'S planned spending schedule. to maximise potential spending power while remaining consistent with the low-risk appetite of this investment policy. Because the spending schedule may change over time, cash flow matching will not be exact. The Trustees therefore oversee adjustments as needed and work closely with investment managers to regularly review the schedule, ensuring assets and liabilities remain aligned within reasonable tolerances. Contributions, distributions and income It is possible that additional contributions may be added to the porttolio if assets raised through fundraising activities exceed the spending rate. Distributions will be made regularly out of both income and capital. There is no specific 'income" requilement for the portfolio. Investment management In March 2019. Goldman SachsAsset Management I'GSAM'lwas appointed as the single portfolio manager. The Trustees have appointed Bank of New York Mellon as custodians of the Goldman Sachs portfolio. The manager has entered into an agreement with the EEF. This agreement includes investment guidelines and parameters I'the mandate") within which the manager will operate with full discretion lie without requiring prior approval from the Trustees). Following the confirmation of the re-endowment grant from the Department for Education in 2022, the EEF re-tendered the investment management contract. GSAMwas re-appointed as the single portfolio manager of EEF'S re-endowed portfolio. The Trustees review the manager and its mandate periodically in line with their responsibilities. The manager is expected to reconcile its records with those of the custodian. Reporting The Trustees have established regular and appropriate reporting arrangements with the manager and custodian. There are monthly reports from, and quarterly meetings with, the manager and custodian. The Trustees can convene ad hoc meetings as and when required. Review of investment policy st8tement The Trustees review the Investment Policy Statement annually. or more freqLJently if changes in circumstances, objectives, or other relevant factors make it necessary. 23 Education Endowmgnt Foundation 7. Risk management EEF'S risk management strategy encompasses: ongoing review of risks arising throughout the year through detailed quarterly report by the Executive., compiling and reviewing a risk register through the Audit Committee and the Board of Trustees., the establishment of systems and procedures to mitigate those risks identified in the plan. and, the implementation of procedures designed to minimise, where appropriate, any potential impact on the EEF should those risks materialise. The trustees have appointed internal auditors IBDO LLPI to review the effectiveness of the charity's financial controls and to help the trustees and management identify and assess risks to the charity. Following planning sessions with the Audit Committee 8nd management. it was agreed thatthe internal auditors carry out four audits each year. These reviews focus on the charity's key risks, providing advice on how they should be monitored and managed, while also assessing the effectiveness of internal controls. The most significant risks identified during the 2024-25 f inancial year were: Research does not meet expected standards tolorward the charity's objectives {e.g. trials fail or are late, results are insecure, organisations lose confidence in the workl. Mitigation strategies: Robust selection and monitoring processes of projects. A sharp focus on lessons learned from previous trials. Clear Quality Assurance standards and processes. External experts as needed. Ensuring the EEF research agenda is mission-aligned and focused on key leverage points for disadvantaged children and young people. Research in new phases-the earlyyear8 and 1&19-faces challenges to recruitment, which affects sample sizes and outcome measures. Mitigation strategies: Clear engagement and recruitment plans to ensure research aligns 24 Education Endowmgnt Foundation with sector interests and opportunities to take part are advertised clearly. Exploration of alternative design and methods to overcome sample size issues such as Quasi Experimental Designg IQEDS) and individual pupil or student-level randomization. Scoping of specific outcome measures for the early years and 16-19 sectors. Messages from research and Promising Programmes failto influencethe education system. Mitigation strategies: Monitor the effectiveness of the regional strategy. incorporating.. al learnings from the completion of the last regional strategy, focusing on in-depth partnerships centred on strategies to use the best evidence available. bl learnings from the overarching evaluation of the Accelerator Fund activity. 25 Education Endowmgnt Foundation 8. Looking forward In the upcoming financial year, we plan to publish a revision to the EEF strategy outlining our vision for the next 10 years, including our specific priorities for the next three years as part of our approach to implementation. Our strategy remains centred around our foundations: summarising, building and putting evidence to use. Our plan for these three pillars for the upcoming year includes the following: Building the evidence We will develop and publish a three-year strategic Research Agenda, engaging with practice and research to identify the most salient issues for supporting disadvantaged children and young people. We will ensure that the evidence we build can be used easily by practitioners. We will continue to build the evidence both on effective day to day approaches in settings and in the classroom, as well as effective programmes that support economically disadvantaged children and young people. To enable this, we will continue to diversify our research designs and methods across early years, schools and 16 to 19 settings. We will also invest in deepening our understanding of effective evidence mobilisation strategies. We will seek to work with others to generate more evidence in a faster way (see working in partnership section below). Summarisingthe evidence We will issue an update to one of our most used guidance reports- metacognition- providing additional information on best practice within metacognition Inte￿entionS with an enhanced emphasis on implementation and exemplification of practice. We will have an enhanced emphasis on improving the direct usability of our resources to more effectively support practitioners. We will continue to update our Teaching and Learning Toolkit and Early Years Evidence Store by adding hundreds of new studies and ensuring that they contain the latest evidence- and we will explicitly consult with practitioners to increase the usefulness of the Toolkit. In the 16-19 sector. we will publish the 16-19 Professional Development guidance report in Autumn 2025 as the first guidance report created for this sector. Across phases, we will work in partnership to accelerate living evidence synthesis using Artificial Intelligence to summarise evidence with a view to generate more rapid and rigorous 26 Education Endowmgnt Foundation recommendations for policymakers globally. Puttingthe evidence to use We will continue delivery of our current regional mobilisation strategy. focusing on in-depth bespoke, intensive two-year programme of support partnerships to schools and middle-tier actors in the sector. We will continue and will extend our impact working with aligned policy activity- including our evidence guardianship function in relation to ITh. ECF and NPQS land potentially other connected activity as it develops in the context of the forthcoming Schools White Paperl. We will place a significant emphasis on both enhancing our understanding of how users access and implement EEF evidence- and in turn adapt and improve the way we develop, design and present out evidence. As part of this, we will undertake significant activity to improve user accessibility, including undertaking a full website rebuild. In the Early Years sector, we will continue to play a role as Evidence Partner to the Department for Education's Stronger Practice Hubs ISPHI programme now extended until at least April 2026. Following the announcement by the government of an uplift in the Early Years Pupil Premium IEYPPI, the EEF will continue to leverage this policy opportunity and the publication of the 'Guide to Early Years Pupil Piemium, for settings. to encourage effective use of the gLJide. in particular by local authorities, nursery chains and Stronger Practice Hubs. In the 16-19 sector, we plan the launch of a 16-19 evidence partnership, which will focus on supporting colleges- both general Further Education and sixth form-to access, understand, and apply research evidence within their teaching and learning. We will exemplify the evidence in context within a range of communities, across different regions and settings, and within technical, vocational and academic provision. Working in partnership- Building global evidence partnerships We will continue to support a global network of organisations dedicated to improving education equity through better use of evidence. Our activity in the coming year will include a Partnership in Scotland with the Robertson Trust, which focuses on contextualising, summarising and putting the evidence to use in Scotland. lTh.' Initial Teacher Training ECF.. Early Careers Framework NPQS.. National Professional Qualifications 27 Education EndOW￿nt Foundation 9. Statement of Trustees, responsibilities The Trustees Iwho are also directors of The Education Endowment Foundation for the purposes of company lawl are responsible for preparing the Trustees, Report lincorporatingthe Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity18w requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP IFRS 1021. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it 18 inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate and proper accounting records that are 8uff icient to show and explain the charitable company's tr8n$8Ctions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the challtable company's website. Legislation in the United Kingdom governing the preparation and di8semin8tion of f inancial statements may differ from legislation in other jurisdictions. Disclosure of infom7ation to auditor In so far as the Trustees are aware- there is no relevant audit information of which the charitable 28 Education Endowmgnt Foundation company's auditor is unaware. the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Auditor Moore Kingston Smith LLP were re-appointed as auditor for the period under review and have indicated their willingness to continue in off ice. This report, including the strategic report was approved and signed on behalf of the board by- ri5 Christine Gilbert INDV 2. 2025. 8.'39pml Dame Christine Gilbert, Chair Date- 02 Nov 2025 29 Education EndOW￿nt Foundation Independent auditor's report to the trustees of The Education Endowment Foundation Opinion We have audited the financial Statements of The Education Endowment Foundation I'the company, for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards. including FRS 102 'The Financial Reporting standard Applicable in the UK and Ireland, (United Kingdom Generally Accepted Accounting Practicel- In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA8lUKII and applicable law. OLJr responsibilities under those standaids are further described in the Auditor's Responsibilities for the audit of financial statements section of our report. We are independent of the Ch8rit8ble Company in 8ccord8nce with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical St8nd8rd, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 30 Education EndOW￿nt Foundation Conclusions relatingto going concern In auditing the financial st8tement$. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 the directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other intormation. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, annual report and incorporated strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the tru$tee$' 8nnu81 report and incorporated strategic report have been prepared in accordance with applicable legal requirements. 31 Education EndOW￿nt Foundation Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit. we have not identified material mi8St8tements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosLJres of trustees. remuneration specified by law afe not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities Statement set out on page 29. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable a8sur8nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from f raud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these f inancial statements. 32 Education EndOW￿nt Foundation As part of an audit in accordance with ISAS IUKI we exercise professionaljudgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify oui opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may Cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, includingfraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 33 Education EndOW￿nt Foundation The objectives of our audit in respect of f raud, are. to identify and assess the risks of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks- and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was asfollows.. We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006. the Charities Act 2011. UK financial reporting st8ndards as issued by the Financi81 Reporting Council and UK taxation legislation. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired ofmanagement and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of P8rt 16 ofthe CompaniesAct 2006. Our auditwork has been undert8ken so that we might state tothe company's members those matters we are required to state tothem in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not Education EndOW￿nt Foundation accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. James S8unders (Senior Statutory Auditor) for 8nd on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP Date- 0311112025 35 The Education Endowment Foundation Statement of Financial Activities for the year ended 31 March 2025 Not• Unr•strictsd fund R•strictsd fund 2025 total 2024 total Income from.. Donations and legacies Tiadin9 activities Investments 41,661,566 525,905 153,645 10,040,137 51,701,703 525.905 153.645 17,214,243 287,906 137,687 Total Incom$ 42,341,116 10,040,137 52,381,253 17,639,836 Expenditure on= Raising funds Fundiaisitu expendilu Investment management 102,760 536,318 639,078 21,106,219 102.760 536.318 639.078 184,319 486,607 670,926 29,558,640 Charitablg activiti8S 10,424,142 31,530.361 Total Expvnditur• 21,745,297 10,424,142 32,169,439 30,229,566 Net gainslllossesl on investrnents 5,445,968 5,445,968 12,979,700 Tran5f8rs belween frJnd5 13,590 I13.￿) Net movement in funds 26,055,377 1397.5951 25,657,782 389,970 Reconciliation of funds Balances al 1 April 2024 171,798,929 6,206,4￿1 178,005,419 177,615,449 Balances at 31 March 2025 197,854,306 5,808,895 203,663,201 178,005,419 The 51atemenl of financial adivitie5 includes all gains and losses reccognised in the year. The ￿te8 on pages 39 to $2 fcym part of these financial stalemenls. ## **The Education Endowment Foundation Balance Sheet as at 31 March 2025** |**£**
**£**
**Fixed assets**
Tangible Fixed Assets
14
526,432
Investments
15
220,387,052
220,913,484
**Current assets**
Debtors falling due after one year
17
2,710,240
Debtors falling due within one year
17
3,690,015
Cash at bank and in hand
889,460
7,289,715
Creditors: amounts falling due within one year
18
(20,600,676)
**Net current assets/(liabilities)**
(13,310,961)
**Creditors: amounts falling due over one year**
18
(3,939,322)
**Net assets**
**203,663,201**
**Funds**
Restricted funds
22
5,808,895
Unrestricted funds
22 + 23
197,854,306
**203,663,201**
**2025**|**£**
**£**
498,604
196,346,187
196,844,791
-
5,917,824
584,283
6,502,107
(20,023,955)
(13,521,848)
(5,317,524)
**178,005,419**
6,206,490
171,798,929
**178,005,419**
**2024**|**£**
**£**
498,604
196,346,187
196,844,791
-
5,917,824
584,283
6,502,107
(20,023,955)
(13,521,848)
(5,317,524)
**178,005,419**
6,206,490
171,798,929
**178,005,419**
**2024**| |---|---|---| |||| |||**178,005,419**| |||6,206,490
171,798,929| |||**178,005,419**| The financial statements were approved by the Board and authorised for issue, on 2nd November 2025 and signed on their behalf by: Dame Christine Gilbert, Chair Trustee Date 02 Nov 2025 Company registration number: 07587909 33 The Education Endowment Foundation Statement of Cash Flows for the year ended 31 March 2025 Not8 2025 2024 Netta$h pThded by opernting a¢tiYities 19,007,452 114,897,964) Cosh flow$ from Inve$tlng a¢V¥lll¢s.' 1261.0221 177,IK5,6191 58,470,7 1324.6841 Pur¢h8$e of inv&sim&ni$ Proceeds on disp0$81 ¢1 Investments Pr¢theds on disposal of tangl￿& fixed assets Iniertrsi r8¢eived N¢l¢ash Iprovlded byy¥xd In Inve$tlng 8¢tlvltle$ 13.368.763 7.187 137.887 13.188.953 153.645 118,702.2751 Net in¢rta$èlldetmsèl in cash and tash equivalents 305,177 Cosh and ¢•$h equlvalent$ at the beglnnlng of the year 584.283 2.293,194 Cash and cash e4UIV8lertts at end of year 889A60 584,283 osh genernte(J from operaUon¥ 2025 2024 sU￿lUsI(DerItiI}fortt* 25,657,782 389,970 Adiuslmenl for.. Invesimenl InconE re¢ognised in stslenEnl of financial activilies Fair value g8ins8nd losses on investments Depreciation and impaimentof InagiblÈ fixed ass￿$ 1153.6451 15.445.968) 233,193 1137,6871 112,979.7001 209,280 PkneNEni In worfting ¢8pilal'. Ilncre8sellde￿8$e In debtors IdetreasÈ)fincre8se in tredilo Increas￿Ide¢re8$É? in deferred In￿￿@ 1482.4311 257,298 11.058.778) 12,W7.6471 1491,4841 119,404 Net¢ash provlded by operltlnu o¢llv6tle$ 19 007 452 14,897,864 An8lysi$ of tash and cash equivalents 2025 2024 C88h 81 bank and in hand Totsl ¢•gh and ¢a8h oquiv*l•nts 889.460 869,460 584.283 ,283 s•t1Aprfl 2024 As at 31 March 2025 Analysls of ¢h•nges In ￿t debt C98h-flow$ Cash 81 bank and in hand Total 305 177 305 177 889 460 889 460 38 The Education Endowment Foundation Notes to the financial statements for the year ended 31 March 2025 Accountlng Poll¢les 1 Charfty Inlorm•tlon The Edut£lion Endowment FOU￿81M)n is 8 pdVa￿ company limiied bygu8r8nlee iKorrK)rated in Ewland and Wales. The r￿Istered offiGe is 5th FIDDr. Millbank Tower, 21-24 Millbank, London, SW1P 4QP. In the event of the charilable (xjrnpany bping bvound up each Ollhe meTnbeTS have agreed to Gonlribule up lo £1 eaGh towards.. payThenl of those debts liabilities Df the charity inGUtred", pa5rynenl of the Gosts, Gharge5 and expenses of Mnding up, and the adjusimeni of rights of ￿trib￿or$ among themselve$ 2 Accountlng ¢onventlon Basis of preparat These financial siatetttThis are prepared on a going ￿cern basis. ￿r￿er Ihe hisiorfcal ¢osi ¢onvenbon. 85 M(￿lfIed by the revaluation of invesknents being tneasured atfair value th￿ugfv income and expenditure ￿1th1n Ihp Slatetnenl ol Financial Aclivilies. The flnanty81 $18*ments h8ve been p￿pared under the hiS￿riCal Cost convention wllh i*m$ ￿COgnised at ￿$lOr Iransacbon value unless olhemse stsled in the relevant notelsl lo these finarbEial statements. The financial Statements have bepn prepared in ac{than￿ mrylh the AGcounling and Reporting by Charities". Statement of Recommended PractiGe applirAble lo Charities preparing theiraccounls in acGordanGe ￿1th the Financi31 Rewrting Standard applirAble in the UK and Republic ol Ireland IFRS1021, (Charities SORP IFRS 1021. the Financial Reportiw Standard applicable in the UK and Republ1¢ Of Ireland IFRS 10218nd Ihe Companies kt 2006. Addltonal Infonnabon has been PiOVid¢d where Ihis In¢re8ses undetstsnding olthe figures. The financxal ststernen15 are prepared in sleding, which is the funcbonal ￿trenGyof the tharity. Monetary atnounts in IhEse financial 51alements are rounded lo the rbparesl FK)und. The (x)rnpany has taken advantage of the exemption under seGtion 402 of the Cotnpanies AGt 2006 not to prepare nsdidated accounts, on Ihp basis thalthe subsidiatl5 resu115 are imtnalerial to the results of the group. The following a￿￿UntIng pdiGies have been applied consi%lenlly during Ihe currentand pr￿lauS year exc£pl as defirbed below". Golng ¢on¢em The Trustees have assessed vthelher the use of gDing concem is app￿Priate and have consKJpred PD55ible events or nditions that mightcasl signifirAnl doublon the ability Df the group lo (xjnlinue as a going CDnGem. Having reviewed forecasts prepared by rn3nagetnenl for a period ol at leas112 months frotn the approval of Ihp finanacial st3letnents. Ihe Trustees are confidenlthal the Charity￿11 Gonlinue lo rneel it5 obligation5 as Iheyfall due and Ihal therefore I￿goIng ¢on¢em basis ￿tInUeS ￿ be appropdaie. Fund accountlng UnreslriGted funds are available for use atlhe discretion Df the trustees in furthprance of Iheircharitable thjeGlives un￿5 the funds have been designated lor other purposes. Restricl£d funds are funds whith are to ￿ used in acco￿*￿￿with SpBcir￿ r£striGtions imposed byd￿0[5 Drwhich have raised by the GharIlab￿ comp3nyfor particular purposes. The ￿515 of raising and administeriw such tunds are Charged agalnsi the spe¢ifi¢fund. The alm and use ole8¢h restri¢ied is sei out in the Th¢￿$ ￿ the fin8n¢l41 S￿leMeN$. Investment income, galns 8nd losses are¥llo¢aled to the 8ppropriaie hjnd. The Education Endowment Foundation Notes to the financial statements for the year ended 31 March 2025 Accounting PDlicies Icontinuedl Incom8 All income is re￿gnised in the Slatetnenl ol FinanGial Activities onGe The Education Endowment Foundation has eniillernenl lo the resources and is probable th81 the resources will be received within The Education Endowment Four￿¥t￿n or on its beha118nd the MO￿tary value of Ihe Incomiry resour¢e$ ¢8n be measured $Jfflcleni VDlunlary income is re￿IVed bywayof grants. donations and grft5 and is included in lull in the Slatetnenl of FinanGial AGlivilies when re￿1Vable. Grants. where enlidemenl is not ￿nditIonal on the delivery of 3 specific perfO[rn3n￿ bylh charity, are recognised when the ch8nty becomes un¢ondilK)n8lly enlilw to the gr8nl. Grant income is deferred %then the granis a￿ re¢elved in advance and specified bythe dowr as rel8llng ￿ speclflc accounting periods., or8llernalively which are subie¢l lo condilions which are still 19 be mel and which are OUts￿e the nlrol of the charity, orwhen il is UnGertain ¥¥hetherlhe conditions ran 0[￿111 be mel. These are deferred tothe period to which they rel8le and released lo incorning re50ur¢es Invesbnenl income asso¢laltd woverabla is 8¢¢0uMed foron 8 racewabk basis. Don8￿0 seM¢es and lacllille8 are re¢ognised a$ income 8nd expendiiure the fin8n¢bl sugtsmenL%when companles and individuals offer their profe55ional expertise prD bom. The value of these donated serviGes and facilities lo The Education Endowment Foundalion Is considered lo be equal to market value ¥thich Is based upon the valu8lion the professlonal Ororganisatloi places upon the brne, 8ervl¢es and 18tylilies Iheyhave y0v￿e4 10 The Educ81ion Erbdov4Tnenl Foundation. All of these atnounls are Iteated as unrestricted donations. Interest R8¢8lvable Intere51 Dn funds held Dn deFK>Sit is inGluded when ￿e1Vable and the amunl tneasured reliably bylhp chari￿01e ￿mpanY,. thls is rK)mally Upon rbotifi¢8tion ollhe In￿reSt paid or p8y8ble ty the Bank. Expendlture Expenditure 15 acGOUnted for on an acGtua15 basis as a liability is inGUtred. which is when there is a legal or conslrucbve obligation Committing The Education Endowment Foundation lo the expenditure. Expenditure indude$ 8nyVAT ¥thi¢h (znnot fullyrec0ve￿d, and is reported as part of the expendiknre lo which il relates. Raising fU￿S comprise Ihp dir£ct5taff costs and olhpr sUPPOrt GOS15 assoGiated Véilh att￿ch￿g voluntary irKDme. Inve5trnenl marbagemenl costs inElude the GOSIS of." lal PDrtfolio man￿eMent Ibl Obtaining Investment advi Icl Adminisitalion of the inve51tnents CD5ts associated with acquiring and disposing of inveslmentswDuld nDrmallyfottn partof the aquisilion c051 of the invesbnenl or ￿duce the rthtn on IJispDsals. These GOS15 are Iherefore ml part of ihe inve5bnenl Tnanagernenl (xists. Charitable expenditure ￿t￿P￿se5 those costs incurred by the Gharity in ihe deliveryof its activibes and setvices forits tEneficiaries. It includes both the direGI ￿51S that Gan be alloraled direEUylo such activities and those costs of an Indirect naiure rE¢essaryio support them. Goveman¢e ￿$l5 1Th￿￿￿e Iwe ¢0s1s 8$$wa￿d wllh meeiing the nslitulional and stalulory requirements of the charity and inGlude the audit fees. 5tatuLoryreporting,1￿aI cos15 and Trusiee expertses Ilnked 10 the sira*glc man8gerneni of Ihe charfly. (herhead and SUPPDricosts have alloraled finst LEt4Yeen the c051 of generating voluntary inGOtne, charitable aGlivityand governan￿. Where overhead and support Gosts relating to costs of generating volunlaryin(x)rne a Chari￿01e 8¢tlviUes Cannoi bedireaiy allocaied. Ihege have been apponioned based ￿ the head count for each activity. The Education Endowment Foundation Notes to the financial statements for the year ended 31 March 2025 Accounting PDlicie5 Icontinuedl Grants are reGognised as exF￿ndItUre in the yearwhen Ihe charityc￿leS a ￿31 DrconstsuGtive obligaliDn. Followng apprDval bylhe Board of Twslees. all grant award5 made are subjeGI lo. lilthe recipiententeriry into a written, legalty binding 3greetnenl. and lill a proieGI review al each rnileslone as seloul in the grant agreement. Urbder the tettns ol ils agreements with grant reGipienls, which are conS￿ered lo perfo[[nan￿ related. The EduGalion End0￿￿ent Foundation relain5 the discretion to withdraw ils fU￿re funding comTnilmenl for a numberof specified rea50n5, incluijing f8ilure 10 meet 8greed performance mik5￿ne$ An obligation arise5. and experbdilure is recognised in the financial statetnents. when a funding agreeTnent has been signed by both parties and evaluation5 bylhe charity (x)nfirm the mile51ones sel out in the agreetnenl and anyolher terms and (x>ndilions of funding have been satisfactorily fflel. Grants payab￿ bul unpaid al the balan￿ sheet date are reGOgn￿e￿ as grantcomtnilments U￿er ueditors. T•nglbloflx•d a$s•ts Tangible fixed a55e15 are initially measured al GOS1 and subsequently measured al (x>s1 orvaluatiDn, nel ol depreciatiDn and any irnpaitThenl10sses. All ass£ls costing more than £2SO are rapitalised. Compuier equipmeni Fixiures fitbngs 20% 51raight line The gain orloss arising on the disposal of an asset is detetTnined as the diff£ren(x ￿t1¥een the sale prDEeeds and the carrsfyng ¥81ue of the 8s8et. ar￿ is recogni￿ in nei incomellexpendiiurel for the year. FIx8d asset Snva8lments Fixed asset inveslmenis are Inillally measured atlransacllon pdce excludiw Iransacilon tosis, 8nd 8re subsequen￿Y measured al lairvalue aleach reporbng dale. The Slaternenl of Financial Activities indude5 the nel gains and10sses arising on revalu8lion and dispo¥ls Ihroughgul Ihe ye8r Unlisted Investrnenls comprise Invesbnenls In subsk118rfeswhlch are measured atcosl less Imp81rmenL Impairment of fixed assets Aleach reporting end dale, the tharitable company reviews Ihp cat[￿￿9 atnounts of its tangible assets lo delertnine svhelherthere is any indirAt￿n that those assets have suffered an itnpaittnenl105s. If anysuGh indiGabon exists, the re¢overable¥mouniof the asset 1$ esUm81ed in order10 determine the exteniof the impairment bss lif Snyl. Cash and cash equivalent5 Cash and Gash equwalenls include cash in hand, depD5it5 held atcall with banks, olhpr short-tetrn Iwuid inveslTnpnls styilh original malurilie5 of Ihrep tnonlh5 or le55. Fln8n¢lal Instrumènts The EdurAlion Endowment Found3liDn only has financi31 assets and financia1 liabilitie5 of a kirbd that qualify as basiG flnanty¥l Instwmenw Basi¢ finan¢Kg1 Insirument$ 8re InIt￿llY re¢ognised ai Iransa¢th)n value and subsequently me8$ured al amortised GOS1 using the effeGlive interest Tnelhod un￿5 the arrangetnenl (x)nslitules a financing transaction, vthere the transaaion is measu￿￿ ai the preseni value ol Ihe fu1U￿ re¢elpts dists)unted ai 8 market rate of inte￿$t. TaKatlon The Edu¢glK)n Endowment Foundation is a registered charityand is e%empi from ¢(Kpor811on iaxon I￿ chariLgble a￿1vi￿e$ underihe prov181￿9 ol Se¢tior6 466493 of the Cowaih)n T8¥es Aei 2010. Lea8*8 Operating lease costs 8re charged to the swiemeN of Fln8nc181 A¢lvllies 8$ Incur￿￿. on ¥ sw8ighl Ilne ba$ls over ihe term of tha188s8. 41 The Education Endowment Foundation Notes to the financial statements for the year ended 31 March 2025 Accounting PDlicie5 Icontinuedl Employee bEnefrtS The ￿SIS ol shortlettn empknyee t￿nefitS are re(wnised as a liability and an expense. The (x>sl of anyunused holiday enlillement is re(wnised in the peritKS in wh￿h the etnployee's setw(Xs are re￿I¥£d. TeTTninalion benefi15 are recOgnis￿ imtnedialelyas an expense when the charitable CDmpany is d£TnorbstrablycommitLed lo terminate the empknymentof an employee or lo PrDv￿£ termination benefits. R•tlrement ￿nefits P8yn)ents to deflned ¢Onthbubon ￿tIreM￿l benefit Sch￿￿$ are char￿ 8$ 8n e%￿nse ￿the si8￿M￿l ofHnanty¥l Critical aGGountiny estimates and judgpments In the appI￿allOn of the GharIlab￿ (xHnpanl5 accounting PDlicies, the trustees are required to makejudgements, eslimales and assumption5 about the cartyng amounlof assets and liabilities that are not readily apparent from olhersources. The estimates and asso¢iaiety assumptions are b8$ed on historlc81 expedence and Olher la¢iors Ihai8re c(Misidered to be relevant. AGlual pa5uIts maydifferfrDm these estiTnales. The esllmaies and undedvng assumpllons are reviewed on an ongoiNJ basis. Revlsions to 8ccounting esllmaies are recrynised in ihe FEriod in sthich the eslimale is revised where the revision affects onlylhat F￿rIOd, or in the peri￿ Ollhe revish)n and future pericNts where Ihe revision affects boih CU￿￿1￿4 luiure periods. Critical judgements The following iudgemeni$18p8rt from th￿ involving esllma*sl have had the mosi slgnlflcant effe¢1 on Smounts re￿nISed in the finanGial slaletnents. Irl LoGatlQR ofinvestmenl assets The charity makes an estimate to calculate the level of inveslmenlas5ets held in Ihp UK or ovetseas. MD51 a5sel hekj as investsnen15 are global assets it requires an elementofjudgemenlto determine Whe￿ the 35sel is held. Iri? U5eluleconomiG life oftangrblea55e15 The annu31 depreciation Gharge for tangible assets 15 sensitive ID changes in the estitnaled usetul ecDnomic lrfe a residual values olthe assets. The useful eGonomic lives and residual values are re-assessed annually. They are atnended svhen neGessary to refleGI Gutrenl e51imales, based on fU￿re ecDnOmiC ulilisalion and the Ph￿ical CDndilion of the assets. See fiole 14 for the cattww value of tangible fixed assets and the a(roufiling wlicies forthe useful er￿n0￿1C live5 for each class of assai. Irirl 6rf15 in kiyjd Gifts in kind5 are rewni5ed wilhin in(xHning resou￿e5 and expenditure al an estimate of Ihp value lo the Gharityof Ihp donated serv￿e$ or goods. Where possible the v81ue of servltrslgoods are ¢onflmety diwtlywllh the supplier however in 50rne inslanTr5 thi5 infottnalion is not available 3nd a best estimated is made of the expeGted GD51015uth g(￿5 based on sthal the charity would bE willing lo pay for sitn11arserv￿es or go￿5 al a Tnarket rate. Ilvl C8pii•11s8iion olwebslt* ¢osts Based on hislonc undets18nding and relallonship vAlh webslle develowrs, the development costs arespllt Into hvo alegorie5 rn?inlenance c0515 for30% and Capitalis￿ devebpmenlGDsts adding 5ignffiunl capabilities and funGbonalilie5 for 70Yo. Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 3 Donatlons athd ￿ga¢le$ Unr88trfctod funds Restrlcted funds 2025 2024 total Don8tlon$ and gltt¥ Grants Don818d s8ry1¢8s 51,320 40.000.0 1.610.246 41661 $8 51,320 50.040,137 1.610.246 51701703 13.590 15.654.256 1.546.397 17214243 10.040.137 10040137 Forlhe year ended 31 Mayth 2024 1,546,396 15.667.847 17.214.243 Unr88trfctod funds Restrlcted funds 2025 total 2024 Grants Dep¥rtmpnt tor Educat￿Th BHP Found8llon Cabinet Office HG Foundats'on SPH Grant XTX Grant YEF Grant Wellcome Trusl 40.Ow,￿o 7.982.678 1.188,337 176.971 80.000 122.505 47.982,678 1.188,337 176.971 80.000 122,505 8.431.992 1,773,055 303.592 75.000 945,887 3.900.000 224,730 449.460 40.186 10.040.137 449.460 40,186 50.040,137 40.0M,￿o 15.654256 Donatod 8ervlc•s Unr88trfcted funds Restrlcled funds 2025 total 2024 Fre5hfield5 Bain Co BCG 440.246 1.170.0 440,246 1.170.0 946.397 600,000 1 546 397 1 610 246 1.610246 Donations & Grfts Donations 51.320 51.320 51.320 51.320 13.590 13.590 4 In¢ome from ¢Xhertr8dlnu 0￿1¥￿1¢￿ 2025 2024 UCen$lr￿ of Teachlng and Le8ming Toolkll 525,905 525,905 287,906 287,908 Income Iwm tradlng a¢iNities has arlsen from the developmenl8nd I1¢e￿Ing0f The Edu¢allon Endowment Founda￿On resour¢e$8llof whKh aros8wilhin lh& r￿1 of the wor￿. S In¥88tmeThts 2025 2024 117,844 19.843 teresl r8C8ivab 22,429 The Education Endowment Foundation Notes to the financial ststements for the year ended 31 March 2025 6 Raising funds Unrestrfcted fund R8Strl¢lod fund 2025 tal 2024 tal Legal and professional Audit, accountancy and other finance c051s Office administration Premises cos15 Marketing and public rel8tions Stsff costs Other 5tsff costs Depreciation 808 808 2.300 4,153 4,153 5.838 3.878 14.624 142.264 8.777 6.631 184.319 4,165 87.094 1,718 2.937 102760 4,165 87.094 1,718 2.937 102.780 Unrestrfcted fund R8Strlclod fund 2025 tal 2024 tal Investm nlmana 536.318 536.318 486.607 536,318 536.318 486.607 7 Charitablv artMtiBs 2025 2024 Siaff ¢o$l$ SocKal securitycosts Other pension costs Other staff costs-Travel,recruilment elc Don818d s8ThlCeS 5.747,570 600,362 363.483 132.388 1.610,247 8.454.050 4,707,990 482.322 289,680 338,071 1,546,397 7,384,460 Grnnt fUndIr￿ of acbvllES18ee n￿e 81 21,7￿,678 20.791,434 Sh8¢ ol$upport CO$￿ l¥ee note 101 Share ofg0vetnan￿ costs15ee note 101 1,075,977 1,271,898 130.848 29,558,640 3153Q,361 Restricted funds Unrestricted funds 10.424,142 21 106219 31,5311,361 10.548.464 29,550,610 Grants payab 2025 2024 Grants to inthuhons". See nott9 21.7￿,678 20.791,434 The Education Endowment Foundation Notes to the financial ststements for the year ended 31 March 2025 g Grarts to institutions 2025 2024 ARK Mathema￿5 Sca* upAF2 th Spa Unlvetsily Focus4TAPS Behav￿ural Insights Te8m Behavioural |￿ightsTearn' Brrup Bless@d Edward BaTnb&r Catholic MAT Thinknng Mathgmabcaly Charte8 Di¢ken$ Piim8ryS¢h¢ol NowT1￿cham9rSthoorS EdUCa￿￿alT[￿l..F￿9n￿F￿LLs East London R&s&arch SchoDI Maths Thr￿gh P￿1￿9 Books eB8se Monstrual Hygi9fY4 kIana9Bm9ntlE￿￿I eB8se Social Emotional Lgamiryl8￿ Mafflal FFT Educallon RocIpro￿lR9adi￿ (r9￿[a￿ti Herts For Leaming Edu¢8llon ROad￿g F￿9rKYprQ19¢I La Caixa Foundation ExplodingDrts Naiional D8y Nursery Associalknn M4ths ChBmpiDnssc£kupAF2AY23124 Naiional Liler8cyTrusl'. ABRA ABRA Nodand CDI￿ge 0￿￿1&10￿ Academies Trust OxEd and Assessment Oxford Measured Oxford Vnlvetsity p￿$$ Reading Solubons UK SSAT SUMMA TulorTrusl The OTh0 Therapy Club LI￿￿rtY Tree Royal shakespea￿ Company The Literacy Cotnpany Ltd Get Further Education Tr2ining Foundation Action Tutoring CoachBrighlCharlt8bk Ttysi HFL Educalion Nahonal Cenire fDr Excel￿n(e in Teaching Malhemalics Winga* ¢ommunily Nursery S¢hr*Y Whil8 Rose M8lhs SpEeGh and LangU￿e UK CEI 575,880 123.3401 18.382 12.9501 1,001,280 392,492 403.582 52.650 64.620 83.335 911,899 227,189 85.050 201,11MI 221,975 83,885 539,429 791.6 Cwhing Traum?-lllfonThgd SWT9nA Mafflaggj In19NefflDonCentres EarfyLaryuag0lntg￿entsQ￿ Nu￿9ryINEL1-N AF2 capaNIry￿ll¢I￿9SWQrt Numbgiwlth Numi Read￿9 Pl Emteddin9Fomptivg Aswssm9ni$r4￿vpAF2 Infa￿10 PrimorolC[￿rJv9an￿O Targgto¢ Tutyring PwforPo$t-16GC8ER95itLeam9TS The 0￿0Club Writing Roots Roh9arW Roomwnbrg Pathways Li19rary G91 Futh91Tutsry Programn CaD¥o Maths ActsonT￿ng oach8ryhlChariFab* Tntsl. PogItwrCoath￿g 324,088 549,034 642,B87 179.862 81.778 2M,775 9W,158 59,109 138.988 16.2641 936.958 338,187 265.550 276,091 480.384 92.375 1,097,071 198.934 510.405 188.895 sp9cialrslKWe¢g9f￿T9ath1n9 klath9matr6 Plan, Do, R8viuw ROC0p￿0njIg5aWlr99rantI EartyTalk 80951 rggranl. Eftxy- Sc4latrAIItyFramgW Glcthl Tnets Fund GI￿1 Tna￿ Fund 335,844 89.049 1,038,424 550.896 49.932 100,000 5.639 InnDvalion lor PovetyAc V8ri0us other Intemaiional p8rbieYs Sl Jam&s Church SchoDI ommu￿ra￿On Frpn¢tySokngs Granitoma1n￿InA￿stsalianeY￿8￿A Int09dKaion￿ Au￿lia Primary Scigncg Qualityma Ma$toiing Talk￿g￿￿e Math9matral 13.200 26.667 Evlden¢e for Leamlng IAusiBllal Unwersity of HertFDrdshire University ol Noningham University Df OxTDrd University Df OxTDrd Universlty of Surrey Nottingham Trent UnNerslty Queen Ranla Found8ll¢n Leys Reed FlueGlobal Tfial Fund Universrty Coll￿e London Dir9dKlawg Childrens Univetsity ￿￿[anI Oxford Trust Thinknry DoIn9T¥￿n9&19r Centre lor Litetacy in Pritnary Education Th￿￿￿￿Of Roa¢ing ImpartEO Group apatrAIItyBuiWiry Whtiz Education Mathswhizz Variousorganisatons 45 EartyStsg9 Pwrarnm9 D9v£kw9nt£27.IKN)-£4&000 788.608 630,575 277,085 s￿,736 13.484 184.7431 125.2521 180.382 185.2781 SPACE 14.2841 130.700 280.109 913 558.109 10 493,047 14L,4961 3.191.424 8.537.703 21.799.678 245,360 236,259 10.228,567 11.340,0071 2.240,535 9.662,339 20,791.4 Adjuglments togr$nts awarded in p￿vIoU¥ year S¢¥le upexpendiiure Ire$ear¢h $¢hwL4. advo¢8¢y8nd gU￿ance Yeport81 Evaluation and research funding Totsl grants. s¢ak up activity 8nd evalualion 45 Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 10 Supportto¥ts Support G¢)verwnce Costs costs 2025 total 2024 total Staff ￿$ts Social secutitycosts Other pension costs Other Stsff costs-Travel.recrulbmeniet¢ Office Adminislralion Pr8mises ctsls Legal and ProlEssional Exchange Gain or Loss Audit. accoun￿r￿Y and Other fin8n¢e Cos A￿Oun￿￿tY Fees Msrkeling 8nd publ￿ relations Depre¢i8b-on 105.791 7,034 4,297 2.310 5.588 2.533 1.087 105.791 7.034 4,297 2.310 325,788 147,660 63,350 55,611 6.015 3.609 4,024 227.719 320.200 145,127 62,263 89.638 19.8541 16.284 30.047 570,030 258.449 62.466 63.580 320.968 226,307 5.601 3.949 326,567 230,256 1.075,977 200.656 1.276.633 1,402.746 11 Audttor8 remUnerat￿n 2025 2024 Audit Df the charity's annual accounts 18.144 17.280 OthFraudit- relatBd assurance sFrvicq8 Regularity rer 4.080 3.900 Non-Audrt seryk8S All Other non-8udil s&rvic8S 4,260 4,056 Totsl Non ￿Jjd1tfO0& 4,260 4.056 12 Twst8e$ One Ituslee received rEmuneralion from the Gharitable cotnpany during thE yearlotall1￿ £39,20012024". £nill. This was $eNl¢es ￿ the ¢h8rlty 10 SUPPOll the exe¢ubve and not forthe performance ol their dutles whlle ac￿ng a$ a trustee. 0$ pettnitted bythE Charity CornmissiDn. TheyeWe￿ £776 oltru$iee expenses ill Ihe peYKMJ Under￿vIeW rei*ed lotY8vel In¢uYYed12024' £nlll. Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 13 Emph)yÈÈ$ A¥er8ge monlhty number olemployee8duriro the year.. 2025 numbar 2024 number Chief Execulwe OffKer Grani making. ev81u8tlon 8nd dl$8emln8tlon staff Fundraising staff Adtninislralion and Commun￿*1￿ staff 13 15 107 The key man$geNtni personnel of the ¢hariiy 8¢ ¢on¥ldeEd to be the Chef Ex¢¢ullve, D1￿c￿r01 Fknan¢e and Oper8llon$. Di¢¢iorol Impa¢i, Di¢¢torol Re$ear¢h 8nd the Bo¥rd ¢lTw$*es. The ¢MUne￿¥￿ and empbyee bentrfils of key man8gemenl peBonnel, amunied 10£608,234 in the year under w*w12024.' £580.8491 Sbff Costs ¢tyrpri8e". 2025 2024 SalatiES &wages So¢lal se¢urlty¢osts Olherpension ¢osi$ 5,927,892 615.347 372,591 6.915630 4,884,877 501.456 301,160 5 687 493 The numberoleTnpkiyee5whose annual re[nutbera￿)￿ was £60,000 Dr were". 2025 numbar 20Z4 number £60.000 to£69,999 £70.000 10 £79,999 £80.000 10 £89,999 £go.000 to£gg,999 £110,000 to £119,999 £150,000 10 £1sg,999 £160,000 to £169,999 £200,000 to £2{￿,999 14 TangiblefixEd a55ets Flxtur88 and cOmp￿tr￿ and IT Equlpmont Total Cost Al 1 April 2024 AddiiK>ns 67.872 23,871 2.499.966 237,152 2,567.838 261,023 59.99$ 59.99$ Al 31 March 2025 Dopr8cl•tlon Al 1 April 2024 Depreciation charg￿ In the year 67.872 2.909 2.001.362 230.284 59.994 2.171.652 2,069.234 233.193 59.994 2.242.433 70.781 Net Bookvaluo Al 31 March 2025 20.962 505.470 526.432 Al 31 March 2024 498.604 498.604 47 Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 15 Flxed Ass81 Investmants Llst¢d Investments Unllsled Invo$tmet)ts Cash in portfollo Total Cost or valuabon al l April 2024 Addilw)ns Rev8lu8lion ch8ng&S 164.8￿,745 37,085,819 5.445,968 121.OW,0001 100 31.455,342 40,0()0,￿0 196,346.187 77,065,619 5.445,968 (s8,470.7￿} I37,470.7￿} Al 31 March 2025 186.402,332 100 33.984,620 220,387,052 Carrying amunl Al 31 March 2025 186.402,332 100 33.￿4,620 220,387,052 Al 31 March 2024 1648￿745 100 31455 342 196 346 187 Historical cosl 33.9￿,620 100 143.845,075 177,829.795 2025 2024 Investsnonts MIX Fixed ini?r*sl securi1￿3 129.483,593 50,838,981 33.984,620 6.079 758 220 386 952 110.573.794 48.497,278 31.455,341 5.819 674 196 346 087 C$$h he￿ wthin invesbnent portfollo Other 2025 2024 Inv•$imotht¥*tf•lrw•lu• ¢ompri8*'. Inv8slm&nts h81d in th& UK Inv8slm&nts h81d overseas 126.335,928 94 051025 220 386 952 97.411,640 98 934 447 196 346 087 Flxod asset Snve$tments rnwalued The atxive funds are invested in sterling dEnotninated securities. The Trustee appointed inveslmEnlcuslthians are chargedwilh safeguarding the investrnEnlassets Df The EdurAtion End0V￿￿ent Foundation. Their responsibllrf￿S inGlude overseeing the reconcil￿110￿ of ihe investment ￿anagers, reGordswilhin IhEirown. 16 Subsidiaries These linaTrual staleTnents ate separate Gharilable company finanual stateTnents fDr EEF SetViGe5 LiThited. Detailg of the ¢h8rl*ble companls $ub$ldK8rles ai 31 M8r¢h 2025 $￿ as fdlows.. Nature ol Class of sharos bu8lnos8 held Name ol undertaking Registered office % Held Direct Indirect EEF Strrvtss Litnited Donnanl Ordinary 100 Tower. 21-24 SW1P 4QP 17 Debtors 2025 2024 Amounts iolllng due¥Alhln One year.. OlherdebtDrs Grants receriable Prepayments and awrued inwme 34,252 3.453,798 201,965 3.690,015 331,55 5.555,572 30.696 5.917,824 Amount$ 18lllng due after more than orE year. Grants receriable Totsl debtors 2.710,240 6.400,255 5.917,824 Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 18 Creditor5'. amDunts falling due within one year 2025 2024 Trade ¢r8diiors OlhertaxatiDn and swial security Deferred incorne Granis acctuBd Olhercreditot5 cruals 86,368 170.189 363.177 13,223,454 91.352 6.886,136 61,266 142,007 1,600,705 9,352,872 83.921 8.783,184 20600 676 20 023 955 19 Creditor5 greatErthan 1 year 2025 2024 Deferred itbcome Granis acctuBd 178.750 3.780 572 3 939 322 5317524 5317524 ZJ Delerred incomo 2025 2024 01herdefe￿ed income 1600 705 DeleTred incotne is In￿L￿ed in the financial statsm8ntS8sfollLhWS." 2025 2024 363.177 178.750 1.600,705 Non cU￿t￿l Iiabilrt￿s 1800 705 2025 2024 Deferred incoTne broughlfoward Granis ￿CeIved In the Gr$Th￿ E¢ognised in the year Deferred income cariied loward 1.600.705 48.981,359 50.040,137 1,481,301 15.773,660 15.6Y,258 1600 705 Deler¢d In¢ome ¢presenis gBnt$ ￿¢ehEa In adv8nce The Income 1$ deferred when gr8nt8greements are subie¢i to Condi1￿n$ whi¢h a￿ stiii 10 be met8nd 4vhl¢h are ouiside the c¢ntrol of the ¢h¥rityorwhen grants Orlnctyne 8¢ welved in $dv•n¢e and spe¢il*d by the donor or other patyas relating to Specif￿ a¢¢ounbng periods. Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 21 RelirerTrunt benefits¢hemBS DefinBd contribution 8cherne The charitab￿Co[￿pa￿Y0p2raIes a definEd Contribu￿)￿ pension SGherne forall qualifyi[￿ emptyes. The a55ets of the schemE are he￿ sEparalElyfroTn those ollhe chatitablEcompany in an independenltyadmini5tered fund. The charge lolhe Staletnenl of Financial Activities in ￿spect0f dEfIn￿ conknbulion 5chetnes wa5£372,59112024-. £301,160). Conknbulionstolalling £58,60512024." £46,521)y￿re payable lolhe fund al the balance sheEI dale and are It￿l￿dEd in othErcredrfDf5. 22 Restrict￿ fund8 The it￿0￿e funds Df the charity indude re51tiEted funds ￿Mprising thE follo￿7[￿ unexpended balance5 oldonalion5 and gran15 held Dn trust lorspeGrfiG purwses.. Mvvemvnt in funds BaLgnce at 1 Ap￿1 2024 Balane¢ at 31 March 2025 Income Expendtture Transfer Evidence Guardianship IDE) AccEleralDr Fund 2 IDfEI 491,158 1.814.928 491,158 2.715.121 7,982.678 1.188,337 176,971 80.000 17.082,4851 11.188,3371 Cabi￿1 Office HG Foundation Kusuma Twsi Stronger PraGbce Hub5 Suftolk County thr￿11 well￿Me Tmsl Krx Matheis Youth Endowm&nl Fund Other itbcomp 180.0001 13.925 13.925 122.505 1122,5051 134.7021 34,702 40.186 3.838.187 11.249.496) 1449.4601 2.588.691 449,460 13.590 S.2￿.490 10.040.137 10,424.142 13,590 5.808.895 Details of re8trictBdfunds The OfE lunding Is Estrl¢ted to the Evlden¢e Guardlanshlp and A¢¢eler8tor Fund 2. The BHP Billiton FDundalion fund is restricted funding to fund global Iria&wilh the EEPS inlemalional parknErs. The Ca￿re1 Ofrtce lund 1$ ￿$trIcted to the Evalua￿On A¢¢ekrator Fund progBmmeaimlng to $¢¢eleBie the use ol Ihe EEF'S arthk4e The HG Foundation fut￿ is restricted to the lundinga project Dn USI[￿ Generati¥EArb￿ia1 IntslliJencefor Key Stage 3 SGIEnce Kusutna buslfund is resknGted to fundi[￿ Eatly stagp prograTnTnes on thJnilive S(xence. Stronger Pracbce Hub5 related incotne is res1[￿ted ID14¥0 projects relabng ID SITDnger Pr￿iCe Hubs- Talk With Tales for Children ITWTI CHlaTrd The Orche5trabng Numeracyand thE Execubve ProjeGI (ThE ONE proiectl. Suffolk Countycouncilfund is restriGled to funding R￿K)nal deliveryactivity in Sutfdk. WellGomETtU5tfund is resltiried IDfu[￿l￿g ￿l￿bOratIonS bpiween eduGltots and nEU￿len11Sts to develop and evaluate ihe effectivene55 of neuroscience-based edurAlional inleTventions in the Glassroom designed lo inGrease the aitainmenl ol pupils, pattiGularfy thDse from low-in￿[ne latnilies, to fund scien￿ and Education irials and sc￿nceTeacherretenI￿]n trials. The Krx Marketsfund is restricted lofunding Secondary Math5 pfDjects. The Youth En￿O¥￿e￿ Fund fund18 re$lrl¢led to test projec￿ almlng to add￿$$ attendance In 8¢h¢ob. Olherin¢tyre wasi￿n¥ferred f￿M resiri¢ted funds to unresirided funds as • minor¢¢￿¢boA to p¢viou$ 8¢¢ounls. Tho Education Endowrnent Foundatlon Notes to the financial ststements for the year ended 31 March 2Q25 R¢*rl¢ied fund$ l¢ontlnuedl R¢$trl¢t¢d lund$ Iprforyearl The InBo￿e funds of the charity indude re51tiEted funds ￿t￿priSing thE followi￿ unexpe[￿e￿ balan￿5 oldonalion5 and gran15 held Dn tru$t for spe¢ific purposes Mo¥emFnt fund Balance at 1 Aprfl 2023 Balane8 at 31 Ma￿h 2024 In¢om• Expondlture Transfers Evidence Guardianship IDfEI A¢¢eler8tor Fund 2 IDIEI 943.042 1451,8841 16.617.064) (325,4471 175.0001 491.158 1,814,928 8.431,%2 1.773,0 303.592 75,0(Ml Cabinet Office HG Foundabon KentAsso￿aj& R*searth SclwJol Kusuma Trusi Stronger Pracbce Hubs Suffolk ¢ountyCoun¢ll Krx Mark&ts YEF OlherincDm& 21.855 10.000 54.000 140.0751 1945,8871 123.5091 13.925 945,887 58.211 34.702 3,838,187 3,900,MO 224.730 13.590 I￿4.730) 13.590 1087 108 15.687 B46 10,Y8.464 Dotai15 of restricted fu￿d& The DfE fundlng Is ￿$b)Cie￿ 10 the Ev￿e￿e Gu8rdiqnshlp and A¢¢eleratty Fund 2. The BHP BIIIII￿ FoUr￿010n fund is ￿$th¢tel tunding tofund gknbal tYh81$ the EEF'$ Interna￿al parb)ers. The Ca￿rE1 Offhce fund Is ￿$b￿cle￿ io the Evalua￿ A¢¢ekratorFund yogrmme almlng ￿ awler8tetFE use ollhe EEF'S ar¢hlve The HG Foundation fut￿ is restricted to the lundinga project Dn USI[￿ GeneralWEArbf￿Ial Intslligence fDr Key Stage 3 SGIEnce knon. Kenifund Is ￿$trIcted to fundlng a KenlAssoclate Rese8r¢h School. $i￿nger Hubs ￿l4ted in¢ome KI resiikied to hvo p￿Jects ielallng to Stronger Pr8¢ii¢e Hub8- Talk W￿h T8les forchlldyen ITWTI ¢Hl8nd The Or¢hestrabng Numer$¢y8nd the Exe¢ubve P￿Ie¢l trhe ONE projerfi. Suffolk county Countyl lund 1$ re$trl¢ted to fundlng Regh?nal dellvery8¢llvlty In Suffdk. The XTX Markets fund Is ￿$b￿cted io fuThdlr￿ Se￿ndary￿a￿s projects. The Youth En(knYtnenl Fund fund 15 re5kncted lo te5tprojeGts aiming to address attendanGe in schooLs. 51 ## **The Education Endowment Foundation Notes to the financial statements for the year ended 31 March 2025** ## **23 Analysis of net assets between funds** |Fund balances at 31 March 2025 are represented by:
Tangible assets
Investments
Current assets/(liabilities)
Long term assets
Long term liabilities|**Unrestricted**
**funds**
**£**
526,432
196,550,203
777,771
-
-
197,854,406|**Restricted**
**funds**
**£**
-
23,836,949
(16,798,972)
2,710,240
(3,939,322)
5,808,895|**Total**
**£**
526,432
220,387,152
(16,021,201)
2,710,240
(3,939,322)| |---|---|---|---| ||||203,663,301| Included within unrestricted funds is a reserve of £23,962,360 (2024: £18,516,392) relating to unrealised gains on investment ass |Fund balances at 31 March 2024 are represented by:
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities|**Unrestricted**
**funds**
**£**
498,604
171,534,105
(233,780)
-
171,798,929|**Restricted**
**funds**
**£**
-
24,812,082
(13,288,068)
(5,317,524)
6,206,490|**Total**
**£**
498,604
196,346,187
(13,521,848)
(5,317,524)| |---|---|---|---| ||||178,005,419| ## **24 Commitments under operating leases** ## **The charity has the following future minimum lease payments under non-cancellable operating leases:** |Land and buildings
Within 1 year
Between 2 - 5 years|**2025**
**£**
109,540
103,263
212,803|**2024**
**£**
98,964
148,446| |---|---|---| |||247,410| ## **25 Related party transactions** During the year the charity made payments of £7,712 (2024: £13,521) to the Sutton Trust for the use of shared media expenses. At the year end the Sutton Trust was owed £Nil (2024: owed £Nil) by The Education Endowment Foundation. This amount is included in other creditors. Lucy Heller, a Trustee of the Education Endowment Foundation, is also the Chief Executive of Ark, an organisation the Education Endowment Foundation granted £575,860 in the year (2024: £459,600). The Education Endowment Foundation owed Ark £1,407,201 at the year end (2024: £1,614,058). 52 Education TheEduc8tion Endowm8nt Foundation 5th Floor, Millb8nkTower Endowment 21-24Millb8nk Foundation London SW1P4QP FaoobooLo￿E￿UcEn￿OwF0Un￿D