e) Froebel )( Trust Annual Report and Financial Statements 31 March 2025 Company Limited by Guarantee Registration Number 07862112 (England and Wales) Charity Registration Number 1145128 CONTENTS TRUSTEES, REPORT PAGE 1. Reference and Administrative Information 2. Our Mission and History 3. Our Aims and Objectives 4. The Year in Summary 5. Detailed Activity 5.1 Enabling 5.ii Informing 10 5.iii Connecting 11 6. Achievements 13 6..1 Reach and Engagement 13 6.ii Benefits and Impact 7. Structure, Governance and Management 16 19 Sale of St Ann's Villas 20 8. Principal Risks and Uncertainties 20 g. Looking Ahead - Plans for 2025-26 10. Financial Review 20 25 INDEPENDENT AUDITOR'S REPORT 28 FINANCIAL STATEMENTS Statement of financial aclivib.es 32 Balance sheet 33 Statement of cash flows Principal accounting policies Notes lo the financial statements 35 39 Trustees, report Year ended 31 March 2025 1. REFERENCE AND ADMINISTRATIVE INFORMATION TRUSTEES AND DIRECTORS Sharon COLILLES Mark NEALE (Chairl Lucy PARKER Michael PEARSON (Treasurerl Paula LESTER (formerly PHILLIPSI, Holli WILLIAMS Fufy DEMISSIE Jean-Noél EZINGEARD Calriona GILL Kale HOSKINS Abha HURRI Lilah WOODS CHIEF EXECUTIVE OFFICER Sacha Powell REGISTERED OFFICE Clarence Lodge, Clarence Lane, Roehampton, London, SW15 5JW", Telephone 0208 878 7546., E-mail.. office froebellrusl.or .uk," Website". www.froebel.or .uk. REGISTRATION Company Number 07862112 (England and Walesl., Charity Number 1145128 AUDITOR Buzzacott Audit LLP, 130 Wood Street, London EC2V 6DL BANKERS Barclays Bank, Wandsworth Group, PO Box 3847, London SW11 1TR SOLICITORS Moore Barlow LLP, 60 Cheapside, London EC2V 6AX INVESTMENT MANAGERS Vwdverton Investment Management Limited, 16 Babmaes Street, London SW1Y 6AH PROPERTY ADVISORS Knight Frank LLP. 55 Baker Street, London W1 U 8AN 1 Term of office ended on 11 November 2024. Froebel Trust Trustees, report Year ended 31 March 2025 2. OUR MISSION AND HISTORY The Froebel Trust I'the Charity, or 'lhe Trust'l is a registered charity governed by its Articles of Association. Its registered number is 1145128. It is also a company limited by guarantee Iwilh members, liability £11 registered in London, No. 7862112. The Trustees, who are also the directors of The Froebel Trust, a charitable company, submit their report and financial statements for the period ended 31 March 2025. This report has been prepared in accordance with guidance & requirements of the Charities SORP FRS-102. The financial statements have been prepared using the accounting policies set out in pages 35 to 38 and comply with the Charity's Articles, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, effective from accounting periods commencing 1 January 2015 or later and Update Bulletin 1. The Froebel Trust's Charitable Objects are to- Pmmote for the public bènefiTt the advancement and understanding of Froebelian principles of education ITn learning within the UK and ITntèm8tion811y. The Trust seeks lo realise these objects by funding a programme of research in the field of early years education," by promoting and funding training for early childhood teachers and practitioners," by providing a onge of other educational resources," and by raising public awareness of the Froebelian principles and appmach to education. The Trust has been working to advance Froebelian education forwell over a hundred years in its various forms Sin￿ ils formation in London in 1892 as IFEI. An account of major milestones in this history is available on the Trust's website. In preparing this report, the trustees have had regard to the guidance issued by the Charity Commission on public benefit. Details of our achievements- in terms of reach and engagement, and impact and benefits- are summarised in section 6. Froebel Trust 4 Trustees, report Year ended 31 March 2025 3. OUR AIMS AND OBJECTIVES The Froebel Trust's work is devoted to research and practice development in Early Years l Early Childhood Education and Care. Our strategic objectives are lo.. Advance knowledge and understanding of Froebelian education in the 21￿ century through research and practice development Increase and improve Early Years practice in accordan￿ with Fr￿bellan principles for education and learning Champion Froebelian principles and their application in conlemFX)rary research and practi￿. Assess progress against our objectives by gathering and reviewing evidence from different sources. Practise careful stewardship of our assets to presetve their inflation-adjusted value so we can continue to support future generations. Our five strategic programmes for 2021-26 are designed to realise our objectives and priorities.. a. Enabling by awarding grants and bursaries for research and practice development. b. Infomiing through a￿$$ lo free resources for professional learning. Connecting via in-person and virtual networks and groups. d. Evidencing by marshalling the best available data to show the characteristics and benefits of a Froebelian approach to educab'on and learning and the outcomes of our activities. ThroLJghout this report, we refer to Froebelian Princi les, which underpin our work and the education and learning that we strive lo promote and advance. The principles are". UNITY & CONNECTEDNESS.. Everything in the universe is connected. The more one is aware of this unity, the deeper the understanding of oneself, others, nature, and the wider world. Children are whole beings whose thoughts, feelings and actions are interrelated. Young children learn in a holistic way and learning should never be compartmentalised for everything links. AUTONOMOUS LEARNERS.. Each child is unique and what children can do rather than what they Cannot, is the starting point for a child's learning. Children learn best by doing things for themselves and from becoming more aware oftheir own learning. Froebelian educators respect children for who they are and value them for their efforts. Helping children to reflect is a key feature of a Froèbelian education. THE VALUE OF CHILDHOOD IN ITS OWN RIGHT.. Childhood is not merely a preparation for the next stage in learning. Learning begins at birth and continues throughout life. RELATIONSHIPS MATTER.. The relationships of every child with themselves, their parents, Carers, family, and wider community are valued. Relationships are of central importance in a Child's life. CREATIVITY & THE POWER OF SYMBOLS.. Creativity is about children representing their own ideas in their own way, supported by a nurturing environment and people. As children begin lo use and make symbols, they express their inner thoughts and ideas and make meaning. Over lime. literal reflections of everyday life, community and culture become more abslracl and nuanced. THE CENTRAL IMPORTANCE OF PLAY.. Play is parl of being human and helps children to relate their inner worlds of feelings, ideas and lived experiences taking them to new levels of thinking. feeling, imagining, and creating and is a resource for the future. Children have ownership of their play. Froebelian education values the contribution of adults offering 'freedom with guidan￿, lo enrich play as a learning context. Froebel Trust Trustees, report Year ended 31 March 2025 ENGAGING VMTH NATURE.. Experience and understanding of nature and our place in it, is an essential aspect of Froebelian practice. Through real life experiences, children learn about the interrelationship of all living things. This helps them lo think about the bigger questions of the environment, suslainabilily, and climate change. KNOWLEDGEABLEAND NURTURING EDUCATORS.. Early childhood educators who engage in their own learning and believe in principled and reflective practice are a key aspect of a Froebelian approach. Froebelian educators facilitate and guide, rather than instruct. They provide rich real-life experiences and observe children carefully, supporting and extending their interests through 'freedom with guidance,. 4. THE YEAR IN SUMMARY In December 2024, the sale of one of the Froebel Trust's properties generated revenue of £2.15m, the majority of which was deposited into the Investments fund managed by Waverton. The trust continues to generate income from 2 other rental properties. Strategie Programmes in 2024-25 Enabling Bursaries Fee subsidies for university courses at level 4. 6 and 7 Fee redLJCtions for Froebel Trust CPD courses Froebelian 'Hub and Spoke, projects supported Grants Infomiing Projects Resources Events Conngcting Ne￿orkS Froebel Trust Courses Business Plan Commissioned Pamphlets, Research Highlights, Films, Podcasts, Case Study Map Webinars and representation at others, events Support for local and national Froebelian ne￿orkS Hosting subsidised Froebel Trust Conterence Evidencing Evaluation Continued lo monitor projects and evaluate courses Improving equality, diversity & inclusion through analysis and self-improvement EDI Review Advocating Lecture Loans Hosted free annual lecture Froebelian artefacls loaned for special exhibition of pioneering women Froebel Trust 6 Trustees, report Year ended 31 March 2025 5. DETAILED ACTIVITY This section provides more detailed descriptions of the activities within each strategic pr￿ramMe.. Enabling, Informing, Connecting, Evidencing and Advocating. ENABLING- GRANTS & BURSARIES Froebel Trust Hub & Spoke Programme The Trust's most ambitious "Hub and Spoke" programme saw Continued investment in integrated research and practice development. Funding for three years Isep 2021-Aug 20241 was channelled through bmo project teams with leaders located in Scotland and England. As the programme reached its conclusion in the summer of 2024. the Froebel Trust's Education and Research Committee reflected on its outcomes. In addition lo regular reports from the progfftmme teams, evaluation by a specialist organisalion, Matter of Focus provided independent evidence of outcomes and benefits in relation to each of the four programme objectives. Ob'ective One". Support and promote exemplary Froebelian approaches to earty learning and childcare. The programme had been designed so that researchers and educators who work with young children could collaborate. This helped to ensure that the research was grounded in high quality Froebelian poctice, and that practice development offered lo others was research informed. The promotion of exemplary Froebelian approaches to early learning and childcare happened throughout the programme. Benefits were also evident for Ihe'children's learning and the consequences ofworking in a more child- focussed and less hurried way, outdoors in all weathers, and trusting children to lead their own learning. (Matter of Focus 2024. Understanding the Impact of the Froebel Partnershipl. Open days, workshops, leadership gatherings, webinars, learning circles, conferences, festivals and community-based play cafes were attended by educators and families. On each occasion, visitors and allendees were able to explore, witness and discuss how Froebelian principles guide and shape early childhood education and care for babies and young children, and lo ObSe￿e or hear about the experiences of the children and their families and outcomes for the children. The Froebel Partnership team noted, 'a huge appetite for professional development that is much deeper and has more impact than training. Training when il relates lo safeguarding, first-aid, health and safety is essential but educators deserve more when il comes lo pedagogy. They are seeking opportunities that cause thought, that involve reflective professional dialogue, that view and value them as professionals. (Froebel Partnership 2024. Final Report lo the Froebel Trusll. In a climate where the early years sector is struggling with recruitment and retention of qualified educators and where stress and burnout have reached high levels, the benefit of a cohesive, supportive ethos based on Froebelian principles and shared professional learning was not to be under-eslimaled. Matter of Focus noted that.. 'There have been no work-related stress absences lat Guildford Nursery School and Fami￿ Centrel since partnering with the research team at CREC, reflecting improved wellbeing, despite national trends in the sector. Staff retention is strong, with six out of seven departures sinTr September 2021 due to relocation, promotion, or reliremenl. Educators report feeling empowered, professionally happy, and part of a community of learners. As one educator staled. I feel calm, focused, protected from the hudy burly of nursery. More connected lo nature, in tune with the weatherlelemenls." Ob'ective Two.. Raise awareness, improve knowledge and understanding, and extend the practice of Froebelian education, ideas and principles. The proliferation of social and digital media and tools for online meeting and learning opportunities undoubtedly contributed to the programme's ability lo raise awareness and improve knowledge and understanding of Froebelian prineiples and practice. The programme teams published blogs, guides and articles on bespoke websites as well as offering professional development courses. The Froebel Partnership hosted a succession of Froebel Short Courses for local educators as well as an online course for educators in the UK and New Zealand. And in Scotland, Froebelian Futures ran Practitioner Froebel Trust Trustees, report Year ended 31 March 2025 Inquiry training, both In Scotland and in Greece., Froebelian Leadership training., Play Café training and a Slow pedagogy course. Matter of Focus noted that, A key aim of the Froebelian Futures project is lo influence policy and practice in early leaming and childcare IELCI by developing Froebelian leadership opportunities, capabilities and capacities amongst praclilioners. In combination, the leadership programme, the practitioner enquiry course. the resources and support provided, the multi-modal dissemination of ideas IthroLJgh journal articles, book chapters, webinars, elc.). and by acting as a nexus for event and networks, all come together lo collectively develop Froebelian leadership and support ils practitioners to progress into leadership roles, embedding and cascading this approach. Ob'ective Three." Gather robust evidence about the distinctive characteristics of a Froebelian approach to early childhood education and care, and the outcomes and impacts associated with this approach. Froebelian Futures and the Froebel Partnership gathered and analysed data about children's learning and development from a Froebelian perspective. Summaries were published in guidance for educators, which were shared online, and will be disseminated through books that will be available in 2025128. The centrality of children's play, autonomy and relationships within a Froebelian approach were evidenced in case studies that demonslraled benefits- such as belonging and connection - for children Imatter of Focus 2024. Understanding the impact of the Froebel Partnership.) Harris bgo2 F4sOoddi(4 What wt did About Harris ' Whrt4*ff*r•n¢* Our Fro•b•iiJn approKh Ob"eclive Four.. Persuade educators, carers, parents and policymakers of the evidence-based benefits of Froebelian approaches lo the education and care of young children. The educators and families who were directly involved in the programme- for example, attending play cafes or courses reported direct benefits. These included improved understanding of a Froebelian approach and its value. However, Maller of Focus noted that impact on policymakers - and a cultural shift towards play-based pedagogy - was likely lo take longer to achieve than the programme's 3-year cycle. Nevertheless, Froebelian leadership in local authorities in Scotiand was becoming stronger, more widespread and more influential thanks to the programme. 'Froebelian practice, training and ils corollaries are rippling out more and more and transforming children's experiences at a fairly wide level in Scotland now, supported by the IFroebel-ba¢kedl push for greater attention to children's rights, such as the right lo defer school start.. (Matter of Focus 2024. Froebelian Futures ImpaGI Reporti Froebel Trust Trustees, report Year ended 31 March 2025 The ripple effects also reached New Zealand where national and regional kindergarten associations have expressed desire to train staff to embed Froebelian principles across their settings that serve over 14,000 children. Subsidised Education and Training Developing educators, knowledge and understanding of Froebelian education was a priority. SILJdents in higher education, especially those who would not otherwise be able to afford the courses, were supported with fee subsidies for.. The Froebel Certificate at the University of Roehampton.. The MA in Early Childhood Studies al the University of Roehampton", and The MSC Education (Froebel Palhwayl al the University of Edinburgh. Price reductions Ibursariesl weo also provided for the Froebel Trust's own courses (see section 5.11). Grants for Research and Practice Development The Trust's grants competition now runs biennially. In 2024, a wide range of initiatives were supported through grants awarded in the funding streams". Action Research Grants, Practitioner Development Grants and Open Call Research Grants. The PhD scholarship award was withdrawn and applications were developed for the Economic & Social Research Council's IESRC'S) Collaborative Doctoral Training Programme. Action Research Grants In Cardiff, Rebecca Goulding (Cardiff Flying Startl was awarded £5,750 to explore the conlrasls and connections bel￿een indoor and outdoor block play. Her project began in October 2024 and is scheduled lo conclude December 2025. Also in Cardiff, Annamaria Bevan IEly and Caerau Integrated Children's Cenlrel secured £5,000 for a project entitled 'Listening to Babies" aimed at capturing and integrating infant voices into planning and provision. The research began in August 2024 and is due to run until November 2025. Practice Development Grants Jani￿ Marrioll of Tuffl(id Nursery received £4,825 to work on strategies for including children with SEND in woodwork through stronger parent partnerships. This seven-month initiative began in September 2024. In Aberdeenshire, Megan Vvalson at Maisondieu Primary School was granted £5,000 to develop a Froebelian ethos across early years classes from nursery lo Primary 2. Tracy Thomson, Hailesland Eady Years Centre and Poppies Preschool are exploring Froebelian weaving pra¢lices in "Weaving Togethel., supported by a £3,000 grant. stacy Edward, Ely and Caerau Children's Centre, is leading a £5,000 project on Family Engagement, aiming to deepen Froebelian collaboration between settings and families. Open Call Grants At Canterbury Christ Church University, Karen Vincent is investigating the use of wearable technology to study 'lreedom with guidance" in outdoor settings. This project, awarded £10,000. began in January 2025. Kay Heslop al Northumbria University is examining the role of "grand-friends"_older adults involved in nursery lif￿nd how these relationships can nurture Froebelian inlergenerational learning. She received £9,991 for a year-long study starting July 2024. Jo Albin-clark from Edge Hill University is documenting hopeful, everyday resistanc6s in early childhood education practices through a project titled "Storying collgctive, hopeful practices" supported by £9,325. Froebel Trust Trustees, report Year ended 31 March 2025 Penny Lawrence, University College London was awarded £9,996 for the project City Shap8S, beginning in January 2025, which connects Froebelian ideas with urban spaces. Elizabeth Jayne IAn)ile of the University of Canlerbury, New Zealand, is undertaking a cross- cultural project tiUed "Di21ogising Froebelian Philosophy in Action. with a budget of £9,959. This project concludes in 2027. INFORMING- COURSES AND RESOURCES Froebel Trust Courses With the growth in demand for Froebel Trust courses, particularly in Wales, a business plan was commissioned from Bayes Business School. This plan made recommendations for how lo continue to increase the reach of Froebel training, which will begin to be implemented in 2025. Bookings for fa￿-tO-faCe courses and applications for online courses grew by 23010 compared with 2023-24. Four online course groups ran simultaneously from September 2024 with a specialist group created in partnership with the Early Childhood Studies Degrees Netsvork {ECSDNI for lecturers in higher education. The capacity and geographical spread of the tutor team was expanded. Twelve new tutors, who completed the tutor training programme in March 2025, were formally endorsed as Froebel Travelling Tutors in April. Digital resources The Fr￿be1 Trust publishes open access digital resour￿5 Ilexl, film and audiol which are freely available on the website. They include reports and other outputs from funded projects, which are housed within an online research and projects library Ihtt s.'Ilwww.froebel.or .uklour-researchlresearch- libra I, and specially commissioned resources. In 2024 the Trust.. Published 3 new pamphlet titles Released 2 guidance pdfs based on funded research Produced 5 short films PrOdu￿d 8 podcast episodes Sent 14 newslellers lo FT subscribers Created 3 newsletters for grant holders This led lo.. Total website users in 2024 = 117,00012D/D increase on previous yearl Total FT recording views in 2024 = 31,91011 % increase on previous yearl Total pamphlet downloads for 2024 - 28,56311 OQkn increase on previous yearl Total podcast downloads = 10,914139'/0 increase on previous yearl Total FT poster downloads for 2024 = 37561100/0 increase on previous yearl Total views of FT courses web pages I downloads I film views in 2024 = 13,704 Top 3 pamphlets Imosl downloaded) in 2024". 1. Slow pedagogy 2. Supporting children with additional needs 3. Froebel's principles & practi￿ today Top 3 podcast episodes (Most downloaded) in 2024.. Episode 1- What does it to lake to become a Froebelian setting. 2. Episode 6 - Observation and assessment in early childhood educats'on 3. Episode 8- Where are the men in early years education? Froebel Trust 10 Trustees, report Year ended 31 March 2025 Top 3 research library entries Imosl viewed) in 2024.. 1. Slow knowledge - A. Clark 2. Diversity in unity - S. Balesonl S. Tembo 3. Infant communication pallerns- C. Guard Top 3 case study pages (most viewed) in 2024." 1. Outdoor learning with young children (Tiddlersl 2. Becoming a Froebelian setting (Elyl 3. Block play (Dalreoch Primary School) Top 3 filmsl recordings Imost viewed) in 2024". FT Film - Slow pedagogy.. Making lime for children's learning and development 2. Froebel, Steiner & Montessori.. A conversation in learning between friends lal V&AI FT Film - Outdoor learning with young children.. The story of Tiddlers Wraparound Awards Once again, members of the Froebel Trust team and Froebelian partners received sector recognition for their contributions to practice development in the annual Nurse World Awards (September 20241.. Froebel Travelling Tutor, Julia Manning-morton won the Professional Book Award for From Birth to Three. An Earty Years Educator's Handbook Ipublisher Roulledgel. Grant recipient Poppies Preschool (led by co-author of the Froebel TrLJSt pamphlet on Sewing, Sharon Imrayl was a finalist for the prestigious Nursery World of the Year award. Edinburgh University Msc Education bursary student, Alison Hawkins (Wesler Coates Nursery School) was a finalist for the Oulstsnding Contribution award. CONNECTING- NETWORKS AND EVENTS Froebolian Networks As more educators become Froebel trained and are eager lo connect with others, existing Froebelian networks have grown and new networks have formed locally. In re¢(￿nitIOn of the importance of educator-led learning communities, small granls1£1000 each) for Froebelian networks lo help their growth and professional activities were awarded to.. Network Name Lead Froebel-Research Grou at Universi Erfurt Dr. Nikolas A. Rathert Falkirk Froebel Network Donna Green Wesl Partnershi Froebel Network Rosamund Rodri uez The Irish Froebel Network Dr Laoise Nl Chléiri h & Dr Maire Nic an Bhaird Froebel Network Wales Dr Jennie Clement & Dr Sian Sarwar Froebelian Leaders National Froebel Ne￿Ork Carol Bromle Mark Hunter Run by volunteers and driven by the interests and needs of the members of these largely Informal groupings of educators, each ne￿ork has provided different means to encourage sharing, dialogue, reflection, and mutual assistance. Grants resulted in a range of outcomes, including.. Falkirk Froebel Ne￿Ork.. Reached -140 participants through workshops on slow sewing and woodwork, deepening practitioner understanding and involving families through hands-on sessions. The network produced two practical guides on slow sewing and woodwork, now used by educators, children, and families to support creative, reflective learning. Froebel Trust 11 Trustees, report Year ended 31 March 2025 UK National Froebel Ne￿Ork.. Used ils grant lo support the national gathering in April 2024, fostering practitioner connection and professional development. With -60 in-person and online participants. Froebel Network Wales.. Launched the network with a sold-out conference1-75 delegates), featuring keynote speakers and workshops that fostered a strong sense of Webinars and Conferences The Trust continues to invest in its own events and to fund or support those of other netsvorks and groups. This combined strategy is designed lo yield greater reach linlernationally as well as nationally) and offer different forms of engagement,. and co-hosting or funding events helps to build capacity and to ensure that initiative and organisation are distributed. Online Online learning opportunities continued lo be popular in 2024-25 and they regularly attracting more than 500 sign-ups per event. Unity in Diversity webinar (Jan 20251 with Tina Bruce, Chris Pascal & Stella Louis. Froebel Trust Annual Lecture on Slow Pedagogy INOV 20241 by Alison Clark and Donna Green was held on Zoom. Let's Talk About Race webinar (July 20241 with Hannah Betteridge and Stella Louis. Thinking about Babies webinar (Apr 20241 with Caroline Guard. Newport Showcase (Apr 20241 Paula Lesler la Iruslee al the timel was invited to participate in a showcase event that had been organised by Newport Local Authority where Froebel Trust courses had been provided for several groups of educators in the previous year. Several networks, which had received small grants from the Trust, also held online events. Fa¢￿t￿face events in 20￿25 Froebel Networks Annual Gathering (Apr 20241 was held at University of Roehampton with participants joining in person and online lo hear presentations from local neI￿OrkS. Froebelian Futures Conference (May 20241 was held in Edinburgh and supported through the Trust's Hub & Spoke grant. It was attended by more than 100 delegates who were offered a wide range of presentations by educators who had been involved in Froebelian Practitioner Inquiry and l or Froebelian Leadership courses al the University of Edinburgh. Froebel Partnèrship Conference (May 20241 was hosted by Guildford Nursery School and Family Centre for approximately 100 delegates from all over the UK. The programme included Froebelian Occupations workshops by members of the staff team from the nursery school, all of whom had been involved in the 3-year Froebel Partnership (Hub and Spoke) project with funding from the Froebel Trust. Vvales Froebel Network Launch (Sept 20241 was held in Cardiff and hosted by Ely and Caemu Children's Centre with around 100 delegates who listened to keynote speeches and took part in workshops. The Trust had provided a grant lo support the event. Froebel Trust Conference Imarch 20251 was held al Sheffield Hallam University for 110 delegates who listened lo keynote speeches Iwhich were recorded) and took part in workshops by Froebel Tovelling Tutors. Feedback was excellent. 100 % of delegates who completed the evaluation said they would recommend Froebel Trust events. Froebel Trust 12 Trustees, report Year ended 31 March 2025 6. ACHIEVEMENTS OUR GOALS FOR 20￿25 The Trust's strategic programmes remain key areas for our work with goals that Include.. More settings, schools & educators are direct recipients of funds and support. Research is relevant and shared in ways that are useful and Iransformalive for practice. Understandings of Froebelian education become embedded within degree programmes. Our work supports the expansion of Froebelian education in the UK. More educators are supported in Froebelian training Ilhan in previous years). More early childhood professionals and students engage with the Trust. The Froebel Trust is a trusted source of high-quality information and guidance. REACH AND ENGAGEMENT This section depicts our reach in nLJmerical terms quantity and geographical 5pread,' and then describes engagement, e.g. document downloads, attendance at events, views of OLJr films. Reach The numbers reached direcUy through the Enabling and Infr>rming slralegi¢ programmes, described in the previous se¢lion, are shown in the table below with 2023-24 figures included for Comparison. In 2024, improvements to guidance and fillers in the grants system resulted in fewer ineligible applications, thereby reducing wasted lime for applicants and reviewers. In all Informing activities, there was growth in the Trust's reach compared with the previous year. Pro ramme Actlvltles 2023-242 2024-25 Growth All grant applications received 84 64 -240/. ENABLING PROGRAMME Eligible grant applications received 29 43 480/0 Conversion rale - application lalll to award 160/0 17Q/o Student bursaries provided luniversitiesl 14 14 OYO FT Courses- places provided in year 1,525 1,875 230/0 Mailing list subscribers Mar '24 & Mar'25 5242 5897 12¥0 INFORMING PROGRAMME Social media followers3 Mar '24 & Mar '25 14,822 17398 170 Website views- unique users in year 118,200 128,000 0.80/0 Website views- sessions in year 170,800 190,300 11¥0 Podcast downloads Mar'24 & Mar'25 10,800 22,610 109'/, 2 Figures for grants (rows 1-31 are cornp8red with the previous funding round. which was in 2022-23. 3 Soci81 rnedia in 2023-24= X, In5tagr8rn and Facebook. 2024-25 = X, Instagram, Facebook and Linkedln. Froebel Trust 13 Trustees, report Year ended 31 March 2025 Improving Equality. Diversity and Inclusion Our equality, diversity and inclusion action plan included matching Froebel Trust course participants to geographical areas by poslcode. In addition to highlighting under-represented areas that we need to target in the future lo ensure more equitable access lo training, sharing of our resource, and support for educators across the country, this mapping also demonslraled that Froebel training is reaching many areas of the UK, especially in Wales, England and Scodand. National data were also used lo identify how the Trust is supporting eady childhood sellings in communities where there are higher levels of socioeconomic disadvantage le.g. Index of Multiple Deprivalionl. Subsidised Froebel Trust courses look place in areas that rank in the top 300/0 for levels of material deprivation nationally. To lake part in the Froebel Trust's courses, participants are not reqUI￿d to have any prior qualifications and so the courses are open to all those who are working with young children, regardless of education and professional experience. The maps below show where training has happened in 2024-25. The 2023-24 map is included for comparison. In both years, the online courses also attocted participants who were based outside the UK- in Ethiopia, India, Australia, Turkey, Nigeria and USA in 2023-24 and in Ireland, Netherlands, Spain, Greece, Turkey, India, China and USA in 2024-25. UK Distribution of Froebel Trust Course Participants 2023-24 2024-25 - SCOTIAIID ITrvwnB55 OTLAND soow Unll QATHERN 'IRtIAND United Klngdom THE ELAND lihof Man I￿0 and Blrmln WDiorfryd WAIES NGIAND AND ExeieT Providing online events remains an important part of the Trust's charitable programme, which aims to facilitate more equitsble access to professional learning opportunities. The free-to-access events remain popular and allracl participants from all over the world. In 2024-25, attendance averaged 508 people per webinar Ilotal attendees al live events 20341. Recording webinars and making them available on the Trust's website soon after the event allows participation by edLJcators al a lime that suits them. Trustees, report Year ended 31 March 2025 Engagement One proxy measure that we use as an indicator of engagement is the open rate for our monthly newsletters, which is consislenlly more than 40Q/o. Data compiled by Mailchimp shows that the Trust's engagement rale compares favourably with similar campaigns carried out by other organisalions. Print Resources.. The number of downloads of our written resources, such as pamphlets, is a measure of engagement. These continued to perform well in 2024-25, especially in tandem with a webinar or podcast launch. The annual total was 280/0 higher than 2023-24, as shown in Table 2 below. TABLE 2: Resource Downloads A ril 2024 2024 June 2024 Jul 2024 Au ust 2024 Se tember 2024 2023-24 1924 1869 1569 1474 1436 7211 2024-25 4138 2952 2225 1782 2021 5318 Growth 115°/0 580/. 210/0 41Q -26°/o r.111 October 2024 November 2024 December 2024 Janua 2025 Februa 2025 March 2025 TOTAL 4589 2853 1588 3045 3291 4378 35.227 3741 8843 2093 5608 3208 3039 44.968 -18°/o 21001, 320/0 840/0 -31°/o 28° AudiTO and Vidgo Resourcgs.. The Trust's online webinar and film library gives access lo videos covering diverse tOPlC5 and all are designed to support and inspire excellent practice In Early Years education. These films were viewed 33,619 limes in the year to 31 March 2025. This was 13 /D higher engagement than the previous year 129,653 views). The Froebel Trust podcast series was launched in 2023 and il has been a popular resource ever since. Between 1 April 2024 and 31 March 2025, the podcast episodes were downloaded 22,610 times, doubling the previous year's download figure. Froebel Trust 15 Trustees, report Year ended 31 March 2025 BENEFITS AND IMPACT The Froebel Trust aims lo support and inspire early childhood educators who work with young children and their families", those who train the Early Years workforce and those who are studying to enter the profession. The Eady Years sector is struggling with numerous challenges, which include underfunding and problems with recruitment and retention of well qualified educators. The Froebel Trust tries to address these problems by offering freely accessible, relevant and transformational resources and events, and subsidised courses that are open lo all educators with diverse educational backgrounds and professional experience. Improving knowledge and understanding Year on year, more and more early childhood professionals and students are signing up to receive the Trust's newsletters. They are downloading free print resources, such as pamphlets or research highlights, listening lo podcasts, watching films, and attending events. Feedback from the Froebel Trust Conference in Sheffield in March 2025 was typified by the following comments". The whole conference was brilliant, I liked the balance of hands on activities and listening to speakets. Drstella Louisparticularinspired me, and I will think about itagain. The treasure baskets and woodwork workshops were fantastic. Thank you for a brilliant inspirational day. Sincere thanks lo everyone who woH(ed so hard to make this happen. It was ex￿lIent value for a day of Professional Development. I really enjoyed the day and my learning will spin out into my wortplace practice and my life. The Trust's funded research also impacts policy and practice. Professor Alison Clark's Slow Pedagogy work has been particularly signifi'cant in this regard. For example, the research has been transformed into localised practice development projects where educators and children are benefitting from greater consciousness of pace and rhythm in early childhood education,. and a module within the Msc Education (Froebel pathway) al the University of Edinburgh. Research funded by the Trust and carried out by the Froebel Partnership has led lo the creation of a Froebelian analytical tool lo help educators lo organise and interpret their observations of children's learning and development along with short educator guides that provide examples of research that the educators carried out within their own practice in England and New Zealand. Dr Caroline Guard's PhD, which was funded by the Froebel Trust, made significant impact when it was reported to the Early Years Funders Group and led lo Caroline being invited into discussions with an organisalion that wished to develop new training for baby room educators in anticipation of the government's introduction of funded places for babies in early childhood settings. In 2024-25, our courses continued to be a key medium for impact on knowledge, understanding and practice development. Based on the information we gather from course registration forms and exlrapolaling this lo all course places offered, we know that on average educators work with al least 20 children In the working week. This means that any positive Impact from their learning about a Froebelian approach will help lo extend the learning and development of at least 30,000 young children. Close to 1000/0 of course evaluations from participants are positive and provide examples of the differences the training makes. From over 230 responses Collected during 2024-25, participants were emphatic in saying that the training improved their knowledge and understanding. Froebel Trust 16 Trustees, report Year ended 31 March 2025 Has this cou i-se made any difference to your knowledge, understanding or practice? Please explain your answer. IS4￿¢.￿a4 RE&porisESQ341 Wollo¢t￿ T*I%8(0> gr froebBllan approach knowLedgewlthi mucb deeper understanding roebelian pllnciples ￿[￿1 practice Fro@bslian principl8E frobgl principlg£ gained improv8 $ong$ theory behind irformative highlighted behindteaching learnt lots workexperiea£e better understatujing FroebeL alreadyfirst Ye5 given Definitely bettef under5talldingembedded p¥lncipie8 ÉIft8 block playknow givèn much thlnklng thlng$ rèally support school neede¥pTrthin leaming way pLayunderstandalso ifflportant r88ardln8 ablefflade think fetl ¢hlidrsn Yes practice betterapproach will lots ideas useful gifts deyeiop knowled￿￿ tlnie children saware Urserya1￿yFng rnaoe course Fn￿￿L .4bsolutely neTrV thyrnes flow observatitsns classroom see looknng fiobelprfnclpleg nature depth n(krstandingprinciples helped setting theory Importance tinklnE Explore diffefellt *Xy5 occupations opwrtunities W0￿￿ded understand Froebeliam prlncipl88 ade think implement Froebelian wn¢ipie$ ve learned lot given confidence understanding Froebel chltd dèvelopmÈnt They also explained what differences the training would make lo their practice with young children. Using observation lo inform their understandings of children's interests and lo extend their leaming was a common response and highlighting play as the mechanism that integrates all aspects of learning and development also featured strongly. Do you plan to do anything differently as a result of this course? Please explain. Feedtrack staff Plan t*me obseTvation free obsetvarion free play open ended resouices encourage observe chlidren opporiunltle88taff pian tlme w5u look now freÈdomaire8&y observing allow explore school aciwitieg look clay Cniioren pLgn loea8 will classroo S&&ing¢hild beauiystart early years eftgure fing know auow chilOrenTttink olleagueswork bloc* play otkservatiGn5 Yes pian chaftge Yes wliiiearning trylrtg￿ÈaS occupaElon$use share Focus supporr led piaysetElfi8 pracil impiovÈprovide oev8iop impiem&ni give 188ourc85 uTrderstafiding introduce make knowledge meet oay deYeiopm&nr learn hole provision going wlthlfi nursery using ideas wÈavlng frÈÈdom guldante free play froebelian Plan time oL>s£ryation embed taKe Yes mucn 5eiE1Trgs OP8n ended oucooor ourdoor5 implefflent ocoupations Ihing8 Froebel Trust 17 Trustees, report Year ended 31 March 2025 Inclusive access to training and support Most of the faCe-tC￿fa¢e courses and the majority of online course pla￿$ are subsidised. The educators regularly comment that they would not have been able to afford lo take part without this financial help. The Trust's free events and resources for early childhood educators, professional development, as detailed in the previous section, are also welcomed as an important source of high quality, accessible, trusted support and information. The courses and resources attract a wide range of edLJcalors. some are near the start of their careers, including students," others have been working in early education for many years. Some are based in the UK, others are working in other countries. Some are employed by schools, others by early childhood sellings, community organisations, local government or further and higher education institutions. Some work in affluent communities, others in communities with high levels of socioeconomic disadvantage. When course participants are asked to evaluate their training, they do so anonymously and are also asked, on a voluntary basis, to complete Equalities Monitoring questions. The responses show inclusiveness for all ag4roups of trainees. Ages of course participants In=2051 4096 35% 3096 21 22¢/0 2096 140/0 10% 7Vo 18-25 26-35 36-45 46-55 56+ AS￿rtainIng how well the courses or reSoUr￿S are shared among educators of different ethnicities is more difficult. Vvhen invited lo tell us their elhnicily, more than half of the 233 respondents lo this question were non-specific. For example, giving their ethnicity as 'Brilish' or 'Welsh'. Of those who did specify their ethnicity, 93010 said they were While British I Welsh I Scollish l English. This figure is higher than the corresponding sample from the Department for Education's IDfEI Surve of Providers in En land4 in which the population employed in all types of early childhood sellings who selected Vvhite British as their elhnicily was be￿een 78 and 87Q/o. This suggests that the Trust needs lo modify the response options for the ethnicity question, and il may also Indicate that, while educators from a range of ethnic backgrounds do benefit, more could be done lo ensure that all educators are included and represented. 4 It should b8 not8d that th8 DfE provid8r survey d085 not cover Wales or Scotland. Froebel Trust 18 Trustees, report Year ended 31 March 2025 7. STRUCTURE, GOVERNANCE AND MANAGEMENT The Froebel Trust is governed by Ils Memorandum and Articles of Association and is conslituled as a charity and a limited company registered in England and Wales. The Trust's Council of ￿e1ve Trustees set the charity's strategic direction. They are appointed through open recruitment and competitive selection of volunteers with characlerislics, knowledge and skills needed for the Trust to function legally, efficiently and effectively with attention to inclusion and diversity. Induction for Iruslees and committee members is provided as a maller of course and training is provided according to individual needs. The Council is responsible for all governance matters and provides advice and challenge to the Executive Team. Council delegates some decisions to committees. The Executive Team manage the day-lo-day operations of the Froebel Trust. Led by the Chief Executive Officer ICEOI, they develop and deliver the strategy, projects and aclivilies, which are determined and agreed by the Council and committees. Chaired by trustees, the Trust's five committees, each meet 24 limes annually with membership constituted by volunteers who bring specialist knowledge and insights in.. Finance and Governance Committee Joint Education and Research Committee Communications and Public Engagement Committee Education Subcommittee Research Subcommittee From time to time, short-life working groups are convened to carry out tasks that requi￿ immediate allenlion and swift completion,. for example, planning the structure and content of a conference. All report and are accountsble lo Council. In spring 2025, recruitment took place to find a successor for the Trust's longstanding chair of Iruslees who will retire in July 2025 and a member of the board of Iruslees who retired in November 2024. A specialist company called Nurole was employed lo support the process and this resulted in the positions being filled. A period of induction is now underway lo ensure that the I￿0 new Iruslees are familiar with the work of the board and the Trust more broadly before they lake up their roles in July. The Chair of Trustees, Treasurer and committee chairs are in regular contact with the Executive team to oversee and support their work. Specialist adviTr le.g. legall is sought as needed. Trustees, volunteers, tutors, partners and other interested parties receive newsletters three times a year and more regular communications lo keep them up-to-dale with the latest work. News items are published frequently via the website and social media. The Chief Executive Offi￿r ICEOI attends all meeting5 of Council, committees and working group5 and is accountable lo the Trustees. She leads the Trust's Executive Team, who work together to turn strategic plans into practice. In spring 2025, the team was restructured and two new posts were created.. Director of Insight and Impact Ito start in June 20251 and Administrator Islarted in April 20251. The position of Courses Coordinator was increased to a full-time role to meet the increased demand and associated courses workload. Until March 2025, the Executive Team consisted of 4 full-lime and 1 part-lime employee including the CEO. Duties include the management and delivery of.. financial matters, risk monitoring and mitigation, policies, personnel matters, data security and privacy, grants cycles, monitoring and evaluation, inclusion and diversity, news and other communications, Council and committee functions, contracts, reporting requirements, publishing through the web and social media including design and print, training Froebel Trust 19 Trustees, report Year ended 31 March 2025 and events, resources development, servicing commillees, general administration and communicating with trustees, volunteers, applicants, partners, tenants, asset managers and other advisors. 7.1 Sale of St Ann's Villas In 2024, the trustees decided lo sell one ofthe Trust's properties, which had for many years been rented out. but which had fallen vacant in 2023. The sale was handled by Knight Frank and the conveyancing by Moore Barlow. Completion look place on 20 December 2024. 8. PRINCIPAL RISKS AND UNCERTAINTIES The trustees are responsible for the risk and control framework within which the Trust operates. To this end, the Risk Register is initially examined in full annually by the Finance and Governance Committee. Subsequently, high level risks are presented lo Council for discussion. This process helps lo ensure that the principal risks lo the delivery of the Trust's, objectives are identified and appropriate strategies are in place lo manage those risks. The trustees delegate to the CEO the day-104ay exercise of the controls which mitigate the risks faced by the Trust. The CEO reviews the risk register and members of the Executive Team are invited to contribute to risk identification, management and review for their areas of responsibility- The Trust's key risks and controls Can be found in Appendix 1. 9. LOOKING AHEAD- FUTURE PLANS We continue lo assess and improve all our systems and practices and do so with particular attention to equality, diversity and inclusion. The growth in demand for the Froebel Trust's courses prompted a commissioned business plan (received Dec 20241 to identify potential for growth and opportunities for development. The plans recommendations will begin to be implemented in 2025. The online courses will run again from September 2025 to July 2026 and il is expected that four cohorts will once again participate in this training. Bursaries will continue to be provided for study al university level, and grants have been provided to enable students on Froebel courses lo attend the International Froebel Society Conference in Germany in July 2025. NeI￿orkS are flourishing and support has been provided again in the form of small grants for activity occurring in 2025. A major project has been commissioned and will start in June 2025. Professor Alison Clark will explore the differences that a slow pedagogy can make for individual educators, groups of professionals, children and policy. A suite of resources will be developed to ensure that educators who are working with children from birth to three have specialist information and guidance to support them in their work with this very young age-group. The biennial grants competits'on will open for applications from February or March 2026. The Trust has developed a rigorous assessment process, which culminates with the announcement of awards in summer 2026 and new projects (Open Call Research, Practice Development and Action Research) will begin thereafter. Several events are planned for the coming year. These include a webinar in June with Dr Helge Wasmuth who will present the findings of his translation of one of Froebel's letters with particular Froebel Trust 20 Trustees, report Year ended 31 March 2025 reference to Freedom with Guidance,. the Trust's autumn lecture,. and a day of workshops about ethics and early childhood education. The Froebel Trust Alumni Network is being launched in 2025. The network will provide members with exclusive access to masterclasses and an interactive map from which members can locate other Froebel trained professionals in their area. A number of pamphlets, podcasts and films are in production. These popular resources will continue to be freely available. Through our partnership with the Early Childhood Studies Degrees Network we will assess the impact of Froebel training lending July 20251 for lecturers and their degree students. We will say farewell to our long serving chair of Iruslees and welcome his successor in July along with another new member of the Froebèl Trust Council. Trustees will meet in spring 2026 to plan the next 5- year strategy. Froebel Trust 21 Trustees, report Year ended 31 March 2025 Appendix 1: Principal Risks and Controls update Strate ic Risks Al Inability to sustain long-term financial viability Risks due to e.g. p(ior investment returns, crystallization of pension liability, excess expenditure, poor financial contmls, theft/ fraud, rental property pmblems including f811 in valuations, litigation, and fines arising from failu￿ to comply with regulations (NB some controls identifigd in S8Ction A also apply lo E below bul have not been r8P8at8dJ Current Controls 1. Clear reserves policy linked to long-lerm financial viability 2. Mixed income sources 3. Expenditure driven by strategy with spending limits monitored & jLJStified 4. Regular liaison with investrnent managers IIMI 5. Advice sought from Ims about optimal time l amounts ft)r cash withdrawals 6. IM contract reviewed every 5 years 7. Review of investment portfolio & risk levels at least once a year 8. Investments in mixed portfolio 9. Rental property review & valuation every 2 years 10. Scope alternative lo propety rental as back-up 11. Robust fi'nancial procedures reviewed annually 12. Pension liabilities managed and reviewed annually 13. Public liability insurance in place & reviewed annually 14.Compliance with charity regulations monitored through audit process & advice from auditors 15. Projects, progress & expenditure monitored closely, issues reported to FTC 16. Liquidity and cash-flow monitored closely & reported to FGC I FTC 17.Annual audit & advi￿ from auditors ensure good practice Suitably qualified staff, trustees & sU￿ntraCtOrS manage and monitor financial mallers & review rocedures 1. Grant-making linked lo charitable aims & plan for outcomes & benefits 2. Compliance with Charity Commission requirements and use of guidance 3. Support given I collaboration used to extend impact 4. All charitable activities monitored and OLJtcomes data collected 5. MEL framework developed and implemented to identify benefits I impact of charitable activity 6. MEL framework aligned with strategic goals, reviewed annually 7. Evaluation embedded in organisational strategic plans, reviewed annually 8. Expectations for granl-holders outlined in application and reporting documents 9. Close liaison with partners 10.Changes or issues arising in projects I programmes identified early, mitigating activity proposed, reviewed and approved 11. Impact identified and published annually in Trustees, report for Charity Commission and FT Annual Review Staff, trustees & sub-contractors are suitably qualified lo manage, review and disseminate im act evaluation aclivil 1. Charitable objects clearly staled, shared and espoused by all Involved in FT charitable activities 2. Induction packs & conversations for new staff, trustees & volunteers 3. Projects and activities monitored for match with charitable objects 4. Public-facing statements and images vetted before release 5. Social media policy shared with staff, Iruslees, volunteers & partners 6. Social media posts avoid engaging in antagonistic political debate 7. Froebelian principles I practice exemplified in accessible documents 8. Training monitored and evaluated by independent Froebelian expertlsl.. course feedback from students reviewed regularly and negative comments followed up 9. CPD for course tutors, endorsement process for travelling tutors 10. Project reports peer reviewed prior lo publication 11. Liquidity ensures fulfilment of contracts Bl Ineffective impact of charitable activities Risks due to e.g. harilable activities fail to deliver desired outcomes such as influencing ECE policy, increased number of Fmebel trained staff / settings, lack of positive change for children & f8milies Cl Reputational damage Risks arising from e.g. failu￿ to uphold charitable obJeGls,' poor representations of Froebeli2n education or associations with negalNve outcomes, bad reviews of training or partners, courses I pmjects or educational pmvision, negative press coverage, inability to fulfil contractual res onsibilities. oor or Froebel Trust 22 Trustees, report Year ended 31 March 2025 Strate ic Risks irresponsible practice by staff, tmstees and other volunteers, failure to comply with legislation,. Current Controls 12. Froebelian network provides informal role in monitoring, moderating & supporting external environment le.g. EY settings) and FT publications 13.Staff 1-1 meetings, team meetings, training ensure mission and objectives are shared 14.Truslees, staff maintain awareness I training relating lo legislation 15.Strict adherence lo conflicts of interest or loyally policy Iwilh biennial review of policy) 16. All are clear about the Trust's communications and social media policy and do not engage in lobbying in the Trust's name 17. EDI Working Group monitors progress & reports lo FTC 18. EDI data collected and analysed regularly 19. EDI questions added lo grants applications, scrutiny and interviews 20. Equality Impact assessment questions included in application forms 21. EDI standing item on committee agendas 22.Trans arenc ublishin information about EDI efforts and results 1. CEO and FTC monitor workload 2. All staff have clear objectives and workload expectations with regular reviews 3. Team meetings to monitor work patterns and workloads with practice of mutual support and sharing burden in busy limes 4. Agendas and papers for trustee meetings kept lo a manageable size and meetings are effectively chaired 5. Number of Council and committee meetings are monitored for manageability 6. New initiatives are counter-balanced with reductions in other activities and l or provision of additional resource 7. Small teams Islaff, Iruslees and volunleersl allow for excellent communication and knowledge of one another's roles and responsibilities 8. Council and Committee annual self-evalualions identify any problematic areas to address 9. All Trustees tske part in committees to share the responsibilities & burden across the Council as a whole 10. Members of Froebel Networks and committee volunteers provide additional capacity and support 11.staff entitled lo TOIL for necessary Ipre-approvedl eveninglweekend work,. reasons for overtime are reviewed in 1-1 discussion 12.Annual appraisals ensure suitable workloads & identify issues 13.mana e Short Course bookin s carefull in line with tutor Ca aci See additional controls under A. B and C above and.. 1. Annual review I reminder of Charity Commission regulations and governance guidance at Strategy Away Day 2. Charity Commission Ljpdates shared with Trustees 3. Annual review of all FT policies and associated procedures 4. Staff GDPR training updated every 2 years or more frequently if changes necessitate this 5. Monthly cyber security checks by staff 6. 'Deep dive, cyber security checks undertaken once a year by UofR IT staff 7. Data protection processes reviewed quarterly in team meetings and password protected folders used for sensitive information 8. Staff, trustees, volunteers, tutors refrain from political lobbying in the Trust's name. 1. Financial Procedures annual review (incl multi-layer approvals process for all payments with 3-slep approval for payments exceeding £40kl Limits on payments authorised by CEO 2. Internal systems reviewed in annual audit 3. Waverton Investment Management policy adopted for all financial transactions and decision-making failu￿ to follow confjicts of interest or loyalty policy and procedu￿S,. inappropriate or risky lobbying activity,. failure to /perceived failure to follow good EDI practice DI Capacity overload Risks due to small n73nagement team, n73nagement stretch, busy Iruslees and volunteers, heavy reliance on small numberof individuals to carry out FT activities, aspirations exceed human resource El Compliance breaches Risks associated with non£ompliance with regulations & requirements from e.g. Charities Acts of 2011, 2016 & 2017 Charity Governance Code, Data Pmtection laws etc. leading to prosecution, fines, reputational damage etc. Fl. Loss or damage resulting from poor internal systems from risks such as cyber- attacks, b￿aCheS or breakdown of financNal rocedures Froebel Trust 23 Trustees, report Year ended 31 March 2025 Strate 1¢ Ri$ks Current Controls 4. Bank and investment accounts limited lo named individuals with MFA I password protected access 5. Payments lo new accounts double checked before transfer of any funds 6. Named Business Advisor at Barclays provides advi￿ and guidance on good banking practices 7. Ongoing training and CPD for Finance Manager 8. Suitably qualified staff I Iruslees oversee finance 9. IT consullanls provide advice, check systems 10.GDPR & c ber securi audits annuall internal Froebel Trust 24 Trustees, report Year ended 31 March 2025 10. FINANCIAL REVIEW The Trust's total gross assets on 31 March 2025, including investments, propety, debtors and cash, was £23,635,23512024 - £24,188,723). The total liabilities of the Trust on 31 March 2025 of £212,625 12024 £571,178) include grants payable of £81,819 12024 £221,138) of which £5,966 12024 £80,000) is due outside of one year and £75,853 12024 £141,139) is due within one year. The net assets of the Trust at the balance sheet date were £23,422,61012024 - £23,617,545). The charity derived an income from investments in the year ended 31 March 2025 of £438,05612024- £568,198) and income from other SoUr￿S of £166,12512024 - £107,003). Total expenditure for year was £906,36412024 - £1,112,067). The Trust also recognised net gains on revaluation of investments of £76,716 12024 gains of £2,513,6131 and actuarial gains of £49,00012024 - gains of £31,000) with respect lo the valuation of the net pension scheme liability of the Trust. The overall net decrease in funds during the year was £194,935 12024 £2,165,589). increase in funds of Investment Powers and Pollcy Under its Articles ofAssocialion, The Trust has the power to invest in any way the Council directs. Cash balances are deposited with a view to maximising interest income while minimising risk of capital loss. Waverton Investment Management is the discretionary fund manager responsible for day lo day management of the Froebel Trust's investment funds on behalf of the charity with a long term objective of the consumer price Inflation ICPII + 3.5 /9 over a rolling seven year period. The Trust's investment policy is designed lo target above inflation returns over the medium term (multiple years averaged outi but is not designed lo remove the risk and volatility of returns in respect of any single financial year. Furthermore, Waverton manages the portfolio with specific ethical restrictions in place, which restricts investments in companies with involvement in tobacco production, pornography, oil and gas, gambling and armaments. This is in addition to the integration of environmental, social and governance IESGI factors into the security selection process. Reserves policy and position Al 31 March 2025, the Froebel Trust held lolal funds of £23,422,61012024- £23,617,545), all of which was unreslricled. The Trust has adopted a policy of deploying funds annually in support of ils strategy such that the long-term inflation protected value of ils assets are maintained. This is a medium term Imulli-yearl target and in any given year there may well be under or overspend based on al the above or below medium-term trend returns achieved on the investment portfolio andlor bl the Trust's decisions to invest higher or lower levels of charitable expenditure over a short period to take based on specific opportunities and priorities for charitable activity. Annually the Trust reviews ils medium-term performance against these targets and reassess the appropriate medium term expenditure targets that should be met lo be consistent with this medium-term reseNes' strategy. The level of reseNes desired by the Iruslees is very much linked to this strategy. Management accounts are presented lo each ordinary meeting of the Council, to demonslrale current available funds, liquidity, and investment performance, after all known commitments have been taken into account. Froebel Trust 25 Trustees, report Year ended 31 March 2025 The Trust aims lo ensure that at least 6 months of expected commitments are held in cash and other liquid assets. In accordance with the Trust's approved Financial Procedures, a sum of liquidity equivalent to six months, projected expenditure for grants and core operational costs, less expected rental and investment portfolio income, is held within a separate bank deposit account. On 31 March 2025, the liquidity position was secure, with the balance of cash held (net of overdraft facilities) of £566,373, which is greater than forecast expenditure and grant payments to 30 September 2025. Trustees The following trustees were in office at the date of approval of the financial slalemenls and served throughout the year. Sharon COLILLES Mark NEALE (Chairl Lucy PARKER Michael PEARSON (Treasurerl Holli WILLIAMS Fufy DEMISSIE Jean-Noel EZINGEARD Calriona GILL Kale HOSKINS Lilah INOODS Abha HURRI The Iruslees are appointed for a term of four years and are eligible for re-election. The Trust has agreed a recruitment and induction policy for the appointment of Trustees. This policy sets out the skills and experience that are needed on the Council so that the Trust's objectives are taken forward effectively. These skills and experience include kn()wledge and understanding of Froebelian principles gained through leaching and research and disciplines such as finan￿, law and public adminislralion essential to the orderly running of the Trust. All initial appointments lo the Trust Council are made on the basis of open competition by a panel of serving trustees. None of the Iruslees received any remuneration from the Trust in respect of their services during the year ended 31 March 202512024- none). The trustees determine the remuneration of the Chief Executive annually on the advice of the Chair and Treasurer in the light of information about market rates for similar roles within charities of similar svze and complexity as the Froebel Trust. Details of remuneration of key management personnel are Set out in note 4 to the financial slalemenls. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, (who are also the directors of The Froebel Trust for the purposes of company lawl, are responsible for preparing the annual report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Principles). Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these financial statements, the Iruslees are required to". Froebel Trust 26 Trustees, report Year ended 31 March 2025 select suitable accounting policies and then apply them consistently., obsetve the methods and principles in Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021., make judgments and eslimales that are reasonable and prudent., stale whether applicable United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going Gon￿rn basis unless it is inappropriate lo presume that the Charity will conts'nue to operate. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Iruslees confirm that.. So far as the Trustee is aware, there is no relevant audit information of which the Charity's auditor is unaware., and * The Trustee has taken all the steps that he I she ought lo have taken as a Trustee and director in order to make himself I herself aware of any relevant audit information and to establish that the company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Iruslees are responsible for the mainlenanee and integrity of the corporate and financial information included on the Charity's websites. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees and signed on their behalf by.. M ichael Pearson Chair of Trustees Date 0411112025 Froebel Trust 27 Independent auditor's report Year ended 31 March 2025 Independent auditor's report to the members of The Froèbel Trust Opinion We have audited the financial statements of The Froebel Trust Ilhe 'charitable company'l for the year ended 31 March 2025 which comprise the statement of financial aclivilies, the balance sheet, the ststement of cash flows, the principal accounting policies and notes to the financial ststements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stslemenls.. give a true and fair view of the stale of the charitable company's affairs as at 31 March 2025 and of its income and expenditure for the period 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 IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, 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 collecb'vely, may east significant doubt on the charitable company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilib'es of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slatementS does not cover the other information and, except lo the exlenl olhetwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Froebel Trust 28 Independent auditor's report Year ended 31 March 2025 Other Infomiatlon Icontinuedl Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise lo a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fart. 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, report, which is also the director's report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial stalemenls., and the Iruslees, report, which is also the directors, report for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misslalements in the Iruslees, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report lo you if, in our opinion". adequate accounting records have not been kept., or • the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are 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 Iruslees, responsibilities statement set out on page 26, 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 Iruslees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitsble company or to cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstslemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individualty or In the aggregate, they could reasonably be expected lo influence the economic decision5 of users taken on the basis of these financial statements. Froebel Trust 29 Independent auditor's report Year ended 31 March 2025 Auditor's responsibilities for the audit of the financial statements Iconlinuedl Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design prO￿dureS in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misststemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-complian￿ with applicable laws and regulations", and we obtained an understanding of the legal and regulatory frameworks that are applicable lo the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate lo the reporting framework (Statement of Recommended Practice". Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable In the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 20061. Vve assessed the susceptibility of the charitable company's financial statements lo material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., • lesled journal entries to identify unusual transactions., and assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo.. reading the minutes of meetings of those charged with governance., and enquiring of management as to actual and potential liligalion and claims. There are inherent limitations in our audit procedure5 described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the Iruslees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Froebel Trust 30 Independent auditor's report Year ended 31 March 2025 Auditor's responsibilities for the audit of the financial statements Iconlinuedl A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or .uklaudilorsres onsibililies. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo state lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 7 November 2025 Shachi Blakemore Isenior Statutory Audilorl for and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Froebel Trust 31 Statement of financial activities (incorporating an Income and Expenditure Account) Year ended 31 March 2025 2025 2024 Notes Income from: Investrnents Other sources Total income 438,056 166,125 604,181 568,198 107,003 675,201 Expenditure on: Rai51ng funds Investment managernent costs Charitable activities Enabling. Informing. Connecting. Eviden(llng. Advocating Total expenditure 110,074 98.238 796,290 906,364 1.013,829 1,112,067 Net lexpenditurel for the year before other investment gains and 108se8 1302.1831 1436.8661 Net Ilossl I gain on disposal and revaluation ol investment pioperty 118.3901 39,0(X) Net gains on revaluation and disposal of listed investrnents 76,716 2,513,613 Realised Ilossesl I gains on foreign exchange movements 1781 18,842 Net lexpenditurel l income 1243,9351 2,134,589 Other recognised gains Actuarial gain on the defined benefts pension scheme Net movement in funds 12 49,000 1194,9351 31,0(K) 2,165,589 Reconciliation of funds: Fund balance5 brought forward at 1 April Fund balances carried foN4ard at 31 March 23.617,545 23,422,610 21,451,956 23,617,545 All of the Charity's activities derived from continuing operations during the above IMO financial periods. All recognised gains and losses are included in the above statement of financial activities. All income, expenditure and other recognised gains and losses in both financial periods were unreslricled. Froebel Trust 32 Balance sheet as at 31 March 2025 2025 2025 2024 2024 Notes Fix8d as$8ts Intangible assets Tangible assets Investments 140.536 22,908,326 23.048.862 145,120 23.671,758 23,816,878 Current assets Debtors Cash at bank and in hand 19,403 566,970 S86,373 19,308 352,537 371,845 Liabilities Cieditors. amounts falling due within one year Net current Illabllltlesll assets 1193,6591 1428.1781 392,714 {56,3331 Creditors.. amounts tslling due after more than one year 15,9661 {80,0001 Net assets excluding Pension liability 23,435,610 23.680.545 Defined benefit pension scheme 113,0001 {63,0001 Total net assets 23,422,610 23.617,545 The funds of the charity= Funds and reserves Unr8Strict8d funds General funds 23,422,610 23,422,610 23.617,545 23.617.545 Approved by the trustees and signed on their behalf by Trustee Michael Pearson Date.. 0411112025 The Froebel Trust, Company Registration No. 07862112 (England and Wales) Froebel Trust 33 Statement of cash flows Year ended 31 March 2025 2025 2024 Notes Cash inflow from operatin9 activities.. Net cash used in operating activities 1989,9681 1924,1271 Cash flows from investing activities.. Divid8nds, interest and r8nt5 frorn investments Acquisitions and disposals of tangible fixed assets Pro￿ed5 from the di5P05al of listed Investments Proceeds trom the disposal of investment properties Purchase of listed investments Net cash provided by investing activities 438,056 12991 2.161,791 2,581,610 13,883,583) 13,595,842) 1,297,575 110,4401 568,048 13,6001 3,020,954 Change In cash and cash equlvalents In the year 307,607 1934,5671 Cash and cash equlvalents at start of the perSod 513,023 1,447,590 Cash and eash èquivalènts at and of tha pèriod 820,630 513,023 Notes to the ststement of c￿h flo￿ for the period A Reconciliation of net movement in funds to net cash used in operating activities 2025 2024 Net lexpenditurel in¢ome la¥ per the ¥tatement of finan¢ial a¢tivitie51 Adjustments for: Depreciation Charge (Gainsl I losses on listed investments Losse5 1 Ig8insl on disposal and revaluation of investment property Dividends, interest and rents from investments Defined benefit pension scheme cost less contributions payable Defined benefit pension scheme finance cost Ilncreasel I decrease in debtors (Decrease) l increase in creditors Net cash used in operating activities 1243,9351 2.165.589 4,883 4.348 176,7161 12,532,455) 18,390 139.0001 1438,0561 1568,1981 14.0001 131,0001 3,000 4,000 1951 18,071 1253,4391 54.518 1989,9681 1924,127) 8 Analysis of cash and cash equivalents, and net debt 2025 2024 Cash at bank and in hand Reconciling cash Items wthin other creditors Cash held by investment managers (note 81 Total cash and cash equivalents and net debt 566,970 352.537 155,1141 215.600 513,023 253,660 820,630 Froebel Trust Principal accounting policies Year ended 31 March 2025 The principal accounting policies adopted. judgements and key sourTrs of e5b"mation Un￿rtaInty in the preparation of the financial statements are laid out below. Basis of preparation These financial statements have been prepared for the year ended 31 March 2025. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant accounting policies below or the notes lo these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity conslitules a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded lo the nearest pound. Critical accounting estimates and areas of judgement Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and eslimales have been made include.. • the estimates of the useful economic lives of tangible fixed assets used to determine the annual depreciation charge., + judgements made by trustees in estimating the fair values attributed lo the charity's investment properties., • the present value of the Local Government Pension Scheme defined benefit liability as provided by the actuary., and eslimales over future income and expenditure cash flows for the purFX)se of determining going GOn￿r￿. Assessment of going concern The Iruslees have assessed whether the use ofthe going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resour￿$ to meet its liabilities as they fall due and therefore that there are no concerns regarding the Trust's ability lo continue as a going concern. Froebel Trust 35 Principal accounting policies Year ended 31 March 2025 Assessment of going concern Icontinued} The most significant areas of judgement that affect items in the financial statements are detailed above. With regard to the next accounting period, the year ending 31 March 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets. Income recognition Income is recognised in the period in which the charity is entitled lo re￿ipt and the amount can be measured with reasonable certainly. Income is deferred only when the charity has to fulfil conditions before becoming entitled lo it or where the donor or funder has specified that the income is lo be expended in a future accounting period. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity lo make a payment to a third paty, il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. All expenditure is slated inclusive of irrecoverable VAT and accounted for on an accruals basis. The majority of expenditure is directly attributable lo specific activities and any apportionment be￿een headings is negligible. The classification be￿een expenditure headings is as follows". a. Expenditure on raising funds include direct costs and overheads associated with generating income for the charity, principally the cost of managing the charity's investments. b. The costs of activities in furtherance of the charity's objects comprise expenditure on the charity's primary charitsble purposes as described in the trustees, report. Such costs include those associated with the provision of information, guidance and advice. It also includes the governance costs of the charity which comprise the costs involving the public accountability of the charity lineluding audit costs) and costs in respect to its compliance with regulation and good practice. Intangible fixed assets Amortisalion is provided al the following rates in order to write the cost of each asset off over ils estimated useful life, amortisation is charged from the date the asset comes in to use.. • Grants management So￿are Tangible fixed assets All fixed assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight line basis at the following rates.. + Buildings + Furniture & equipment 200/0 + Office equipment 331/. 0 Froebel Trust 36 Principal accounting policies Year ended 31 March 2025 Fund accountlng The unrestricted funds, comprise those monies which may be used towards meeting the charitable objectives of the charity at the discretion of the trustees. The restricted funds comprise monies received which may only be applied in line with the conditions imposed by the donor. Investments Investments, both listed and investment properties, are valued at market value al the balance sheet date. Realised gains and losses on investments are calculated by comparing the sale prO￿ed5 with the market at the end of the previous financial year. Unrealised gains and losses represent the difference between the market value of investments held at the end of the financial year with their value at the beginning of the year or with their cost if purchased subsequently. Debtors Debtors are recognised al their settlement amount, less any provision for non-recoverability. Prepayments are valued al the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such aceounls and instmments that are available on demand or have a malurily of less than three months from the dale of acquisition. Deposits for more than three months bul less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fi'xed asset investment. Bank overdrafts are shown within current liabilities. Creditors and provisions Creditors and provisions are recognised when there is an obligation al the balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required In settlement, and the amount of the selllement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates il will pay to settle the debt. They have been discounted lo the present value of the future cash payment where such discounting is material. Pension schemes Deflned benefft penslon scheme The Froebel Trust contributes lo a defined benefit scheme with the London Pensions Fund Authority ILPFAI. The defined benefit pension scheme current Servi￿ costs and the nel finance cost for the year are charged lo the Statement of Financial Activities within pension costs. Actuarial gains and losses are recognised immediately within other recognised gains and losses. The defined benefit scheme assets are measured at fair value al the balance sheet date. Liabilities are measured on an actual basis at the balance sheet dale using the projected unit method and discounted at a rate equivalent to the current rale of retum on a high quality corporate bond of equivalent term to the scheme liabilities. The resulting defined benefit asset or liability Is presented separately after other net assets on the face of the balance sheet. This scheme is closed lo new employees. Froebel Trust 37 Principal accounting policies Year ended 31 March 2025 Penslon schemes Icontinuedl Defined Contribution pension scheme New employees are all eligible to join the charity's defined contribution pension scheme. Contributions in connection with the charity's defined contribution scheme are charged lo the ststemenl of financial activities in the period in which they become payable lo the scheme. Froebel Trust 38 Notes to the financial statèments Year ended 31 March 2025 1 Income from investments and interest receivable Unrestricted funds 202S 2024 Rental income from investment properties Interest on (xsh balances Investment income 27,200 8.015 402,841 438.056 123,678 5,992 438,528 568.198 2 Expenditure on charitable activities- information, guidance and advice Unrestricted funds 2025 2024 Staff costs (note 41 Pioperty expense5 Grants payable (see below) Depreciation & Amortisation Inotes 6,71 Pension finance costs (note 121 Bad debt expense Governance costs Other expenses Total funds 296,612 19.718 387,486 4.B83 3,000 119,5001 86,378 17,713 796,290 266,988 11,625 586,1( 4,348 4,000 59,818 56,365 24,579 1,013,829 The following project commitments and grants were awarded during the year.. Unrestricted funds 2025 2024 Projèet work.. Hub and spoke project Froebel Trainers- FT short training course Infortning Progiatnme Evidencing Programme Advocating Progiarnrne Connecting Programme 40,387 177,115 29,415 1,901 13.0001 21,569 267,387 299.920 134,094 59.418 27,431 10,856 20,746 552,465 Grants: Action Research Grant Practice Development grants Open Call Research grants Cardiff Flying Start University of Canterbury, NZ UCL Edge Hill University Northumbria Univer5rty cccu s,000 17,825 5,750 9.959 9,996 9,725 9.991 10,000 SS,421 15,000 93.246 University of Roehampton bursaries Total grants payable to institutions 5,000 5,000 Total grants awarded Iclf to next pagel 360,633 557,465 Froebel Trust 39 Notes to the financial statèments Year ended 31 March 2025 2 Expenditure on charitable activities: information J guidance and advice Icontinuedl Unrestricted funds 2025 2024 Total grants awarded Iblf from previous pagel 360,633 557.465 PhD. MS¢ and MA bursarie5 paid lo individuals - PhDs and MA bursaries 34,906 65,000 Total grants payable 395,539 622.465 Grants and projects previously committed to but no longer required Research grant512019-201 Research grants120221 14.9691 12,8091 113,2091 1540) Praclilioner Support & PLR grants120211 12751 18,0531 122.6101 136,3591 Expenditure for the period 387,486 586.106 3 Net income lexpenditurel for the period This is staled after charging.. 2025 2024 Staff costs (note 41 Auditor's remuneration (including VATI Audit servi￿S Depreciation & Amortisalion Inole 6,7) 296.612 266,988 10,926 4,883 9,756 4,348 4 Staff costs and remuneration of key management personnel 2025 2024 Staff costs during the year were as follows.. Wages and salaries Social s￿uritY costs Pension costs Recruitment costs 233,348 25,624 26,240 11,400 296,612 218,723 23,768 24,497 2e6,988 One employee earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions in the banding £80,00110 £90,000) during the period12024'. one employee in the banding £70,001 to £80,000). The average number of employees during the year on a full lime equivalent basis was S 12024.. 5}. Froebel Trust 40 Notes to the financial statèments Year ended 31 March 2025 4 Staff costs and remuneration of key management personnel Icontinuedl The average number of employees analysed by function was.. 2025 2024 Enabling, Infoming, Connecting, Evidencing & Advocating The Iruslees consider that they, together with the Chief Executive comprise the key management personnel of the charity. The total remuneration of the charity's key management personnel (including employerfs national Insuran￿ and pension contribulionsl for the year was £99,80112024- £95,913). No Iruslee received any remuneration in respect of their services as a trustee during the period 12024 - no remunerationl. A total of £1,937 was reimbursed to trustees during the period, in connection with travel expenses.12024 - £5231. 5 Taxation The Froebel Trust is a registered charity and, therefore is not liable lo income tax or corporation lax on income derived from its eharitable activities as it falls within the various exemptions available to registered charities. 6 Intangible fixed assets Grants management software Co¥t At 1 April 2024 Additions At 31 March 2Q25 62,549 62,549 Amortisation At 1 April 2024 Charge for year At 31 March 2025 62,549 62,549 Net book values Al 31 March 2025 At 31 March 2024 Froebel Trust 41 Notes to the financial statements Year ended 31 March 2025 7 Tangible fixed assets Land and buildings Fixtures and frttings Office equiprnent Total Cost Al 1 April 2024 Additions Dispos815 At 31 March 2025 187.410 72.787 8.421 1,818 12,6001 7,637 268.618 1,816 12,6001 267.834 187,410 72,787 Depr8ciation At 1 April 2024 Charge for year Disposals At 31 March 2025 45,290 3,748 72,787 5,421 1,135 11.0831 5,473 123,498 4.883 11,0831 127.298 49,038 72,787 Net book value3 At 31 March 2025 At 31 March 2024 138,372 142,120 2,164 3,000 140,S36 145,120 Al 31 March 2025, the charity's freehold property was subject to a legal charge in favour of the London Pensions Fund Authority. Further details are provided in note 12 to the financial statements. 8 Investments Al 31 March fixed asset investments comprised.. 2025 2024 Freehold investment properties (see belowl Listed investments and cAsh held for ie-inveslment 715,000 3,315,000 22,193.326 20.356.758 22,908.326 23,671,758 2025 2024 Freehold investment propertie$ Balance brought forward 3,315,000 Disposals at book value (proceeds £2,581,610 and realised losses 12,600.0001 of £18,390) Gain on revaluation Market value at 31 March 3.276,000 39,000 3.315.000 715.000 The historical cost of the investment properties is £530,00012024- £1,530,000). Full valuations of the investment properties were last carried out on 31 March 2024 for the freehold interest in, Grove Lodge (valued al £525,000) and the freehold interest of the Mulli Use Games Area IMUGAI (valued al £190,000). The valuations were performed by Knight Frank LLP, Chartered Surveyors, based on Market Rent in accordance with gLJidelines set by the Royal Institution of Chartered Surveyors for accounts purposes in accordance with the RICS Valuation Global Standards, incorporating the Intemational Valuations Standards and RICS Professional Standards UK. The Trustees have assessed whether there have been any material movements since this dale and have conclLJded that there have not been any. 42 Notes to the financial statements Year ended 31 March 2025 8 Investments (continued) During the year the property al 32 Sl Ann's Villas, W114RS was sold for a consideration of £2,581,610 Ibook cost.. £2,600,000). Al 31 March 2025, part of the charity's freehold investment properties was subject lo a legal charge in favour of the London Pension Fund Authority. Further details are provided in note 12 to the financial statements. 2025 2024 Listed investments Market value at 1 April Additions al cost Disposals at book value (pro￿ed$ £2,161,791 and realised losses of £44,494) Unrealised gains I Ilossesl on revaluation Market value at 31 March Cash held by investment managers Totsl in¥estmentB 20,141,158 17,092,779 3,883,583 3,595,842 12,206.2851 12,954,672) 121,210 2.407.209 21,939,666 20,141,158 2S3,660 215,600 22,193,326 20.356.758 Cost of listed investrnents at 31 March (inclusive of cashl 18,654,509 16,819,961 Al 31 March, the investment portfolio included no holdings which represented a material proportion of the total value of the fixed asset investment portrolio al that date. Listed investments held at 31 March comprised the following.. 2025 2024 UK fixed interest UK equities Overseas fixed interest Overseas equities Allem81ive inve51rnents 2,296,527 2,415.388 955,235 782,120 832,809 729.878 16,270,729 14,688,218 1.584,366 1,527.554 21.939,666 20, 141,158 2025 2024 Unrealised accumulated gains included above- on listed investments On investment properties Total unrealised accumulated gains al 31 March 3,538,817 18S,000 3,723,817 3.536.797 1,785,000 5.321,797 9 Debtors 2025 2024 Trade debtors Less." provision for doubtful debts Prepayrnents and accrued income Other debtors 100,925 116.657 193,1941 1112,6941 11.472 15,145 200 200 19,403 19,308 Froebel Trust 43 Notes to the financial statements Year ended 31 March 2025 10 Creditors- amounts falling due within one year 2025 2024 Trade creditors Social security and other taxes Accruals- Grants payable (note 11) A￿rU318- Other Deferred income Other ciedito 7,771 9,225 75,853 49,219 48,822 2,769 193,659 128,670 9,072 141,139 54.986 35,873 58,438 428,178 11 Creditors: amounts falling due after one year 2025 2024 Gi8nt5 Payable Imthin one year Inole 101 75,853 141,139 Due 8ftei one year BeMeen one and fv40 years S,966 5,966 80,000 80,000 Total grants payablè B1.819 221,139 12 Pension commitments London Pensions Fund Authority The Froebel Trust contributes to the London Pensions Fund Authority ILPFAI, part of the Local Government Pension Scheme, a defined benefit statutory scheme. This Scheme is closed to new employees. The Fund is administered by LPFA in accordance with the Local Government Pension Scheme Regulations 1997 as amended. The scheme is a mulli*mployer Defined Benefit Scheme which is contracted out of the Slate Second Pension. The Scheme is subject to triennial actuarial valuations. The assets of the defined benefit scheme are held separately from those of the Charity, in separate LPFA administered fvnds. Contributions lo the scheme are determined by a qualified actuary on the basis of triennial valuations, using the current unit method with a 20 year control period. The following information is based upon the most recent full actuarial valuation of the fund, which was carried out at 31 March 2022, and has been updated to 31 March 2025 by a qualified independent actuary. The major assumptions used by the actuary were.. 2025 2024 Rate of increase IN salaries Rate of increase in pension payments Discount rate Inflation assumptions RPI increase CPI incre8se 3.95 2.95 5.65 3.95 2.95 4.85 3.35 2.95 3.40 2.95 44 Notes to the financial statements Year ended 31 March 2025 12 Pension commitments Icontinuedl London PensiTon Fund Authority (continued) The breakdown of the Scheme assets is as follows.. 2025 2024 Equities Target return portfolio Infr8Structure Property Cash Present value of scheme assets 336.000 103,000 65,000 52,000 13,000 569,000 351,000 100,000 67,000 53,000 9,000 580,000 The current mortality assumptions include sufficient allowance for the future improvements in mortality rates. The assumed life expectations on retirement age 65 are.. 202S 2024 Retlrlng today I current pensloners Males Fernales Retiring in 20 yaars I future p&nsion•rs Males Females 21.9 23.9 21.9 23.8 23.2 24.8 23.2 24.7 The actuaries have advised the Iruslees that the value of the scheme's liabilities land resulting deficill disclosed above should not be taken as an indication of the results of a valuation which would normally be carried out for funding purposes. The valuation assumptions made for the purposes of FRS 102 1281 are not necessarily appropriate for the purposes of a long term funding valuation. The total pension contributions in respect of the defined benefit scheme for the period were £18,000 12024 £17,0001, of which employer's contributions tolalled £15,000 12024 - £14,000) and employees, contributions totalled £3,00012024 - £3,000). The agreed contribution rates for future years are 20.50/0 for employers and 6.$0/o for employees. An additional deficit funding agreement of £37,901 per annum came into effect from 1 April 2022. Analysis of the amount charyed to statement of financial activities.. 2025 2024 Past service cost Cuirent service cost Total operatlng charge 111,0001 111,0001 110,0001 110,0001 Froebel Trust 45 Notes to the financial statements Year ended 31 March 2025 12 Pension commitments Icontinuedl London PensiTon Fund Authority (continued) 2025 2024 Interest on pension liabilities Interest on assets Net pension finance cost 130,0001 27,000 13,0001 130,0001 26,000 14,0001 Amounts recognised as other gains and losses.. 2025 2024 Return on assets less interest Changes in financial and demographic assumptions underlying the scheme liabilities 110,0001 25.000 59,000 49.000 6,000 31.000 Net actuarial gain1108BI recogni¥ed The actuarial gains and losses for the current period are recognised in the statement of financial aclivilies. The cumulative amount of actuarial gains and losses recognised In the ststemenl of financial activities since the adoption of FRS 17 is a gain of £404,000 12024- £355,000). Movement in nel deficit during the period.. 2025 2024 D8ficit at th8 beginning of the p81iod Current service cost Employer contributions Net pension finance cost Net actuarial gain Deficit at end of the period 163,0001 111,0001 15.000 13,0001 49.000 113,0001 194,0001 110,0001 14,000 14,0001 31,000 163,0001 The estimated value of the employer contributions for the period ending 31 March 2025 is £15,00012024- £14,000). The LPFA have a fixed legal charge over the charity's freehold properties at Clarence Lodge and Grove Lodge on Clarence Lane as a means of security over the charity's obligations in relation to the above defined benefit pension scheme. 13 Related parties Professor Jean-Noel Ezingeard, - a trustee of the Froebel Trust, is the Vice-chancellor of the University of Roehampton. During the year ended 31 March 2025 the Froebel Trust had various transactions with the University all of which look place on an arm's length basis. Research and bursary grants were made to the University during the year ended 31 March 2025 lolalling £15,00012024 £5,000). Michael Pearson - a Iruslee of the Froebel Trust, has been appointed to the University of Roehampton Board since the year ended 31 March 2023. Kate Hoskins a trustee of the Froebel Trust and Reader in Education Brunel University. Research grant payment was made lo the Brunel University during the year ended 31 March 2025 lotalling £1,515. Froebel Trust 46 Notes to the financial statements Year ended 31 March 2025 13 Related parties Icontinuedl Three trustees who are also Froebel Trust Endorsed Travelling Tutors received payment for leaching Froebel Trust Courses during the year.. Paula Lesler IPhilipsl- a trustee of the Froebel Trust (resigned on 12 December 20241 and FT Travelling tutor. The total amount paid to Paula Lesler was £15,450. Holli Williams- a trustee of the Froebel Ttust, FT Travelling Tutor and Head of schools al Linden Tree Nursery Schools. The total amount paid lo Holli Williams was £1,750. Lucy Parker- trustee of the Froebel Trust, FT Travelling tutor and Deputy Head of Ludwick Nursery School. The total amount paid lo Lucy Parker (Ball) was £2,000. 14 Llablllty of dlrectors The Froebel Trust is a company limited by guarantee and has no share capital. In the event of the company being wound up the liability of the Trustees (who are the members of the company} is limited lo £1 each. Froebel Trust 47