THE SLrrroN TRUST A COMPANY LIMrrED BY GUARANTEE (Company Rggislrallon No. 079515411 (Charity Roglstration No. 1148244) REPORT OF THE TRUSTEES AND FINANCIAL STATEMEPW FOR THE YEAR ENDED 31 AUGUST 2026 THE SLTrroN TRUST FOR THE YEAR ENDED 31 AUGUST 2025 cofrirEpirs Page REPORT OF THE TRUSTEES IINCORPORATING THE STrATEGIC REPORT AND DIRECTORS. REpoKn 1-23 INDEPENDEKf AUDrroR'S REPORT 24-27 sTATEME￿r OF FINANCIAL ACTNMES IINCLUDING THE INCOIAE AND EXPENDrruRE AccouKr) 28 BALANCE SHEEr 29 8TATEMEKf OF CASH FLOYIS 30 NOTES TO THE FINANCIAL STATEMENTS 31-53 THE SLITfoN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 The Trustsas, who are also directors for the purposes of company law. pleased to submrf( their Tewt together with the audited ffinan￿al statements of The Sutton Trust fthe Charitable Compary". Yhe Charity. or °the Trusfl for the year ended 31 August 2025. The Report of the Twstees incorporates the Strategic ReFQrt and the DirgcIofS' Report. The finana81 statements compty with the Charities Act 2011, and where re￿vant the Charities Act 2022, the Companies A¢t20C6, the Memorandum and ArtidesofAsswation. and A¢￿Unting and Reporting by Charitie8: statement of Recommended Practi￿ applicable to charitses preparing their accounts in accordance vith the Finanual Reporting Standard appli(atle in tho UK and Republic of Ireland IFRS 102) (publigh8d In October 20191 fcharibes SORP FRS 102"). REFERENCE AND ADMINISTRATIVE DETALS FOR THE CHARITABLE COMPANY. rrs TRUSTEES AND ADVISERS MeMcrf￿um and Articles ofAS￿latIon Gov•mlng Instrum•nl Trustms lalBO the statutory dhctorn of the Charftable Campany) lan Wa￿h (from 04111r2024) Rt Hon Lord Bra(ty of Altnncham {￿til 09112120251 Fiona Fort*s (from 16110r2024) Sir Peter GerShC￿ (until 03110r20241 Jardelle Johnson (from 10112r21Y25) stephen Julius Sir Peter Lampl lunts'l 03108r20251 OINer Quick {unts'l 0110712026) Martin Sullivan Erica Wax (frryn 0510112025) lan Walsh (from 04111r2024) Dr Nick Harrison CIHlrof Tn*l•es Chl•f Executfv• Dlroctor of Developnont Dlroctor of Progr•mm Dlrector of R￿•arCh & Polcy Dlr0Ctor of Communlcatlons and Advocacy Olrnctor of Finance & Oporations Objects of Charitable Company Jenry Suggitt Katy Hwnpshire Carl Cu*'nane Tracey Tynan stefanie l(ha The Trustees shall hold or app￿ the Capital and inco￿￿ of the Charity for the following objects.. To advance the educatson of the public and to improve educatKJnal appor￿nIt￿ for young people; and To undertake such char6tsble purposes or lo make charitable donat￿nS in such a manner as the Trustees may in their absoluts discretion think fft. Charttabh Comp4wry Addre & Wtster￿ offic• Part 9th Floor, Millbank Tower. 21-24 Millbank. London. SIM P 4QP ¥Vebske and Soclal Mgdia .sutton Ch•rlty Reg￿ntIOn Numb•r 1146244 Cornpny Reglgtrallon Numbor 07951541 Pag8 1 THE SLrrroN TRU8T REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (COPfflNUEDI Audltor Rawlinson & Hunter Audit LLP statutory Auditor Chartered Accountants Eighth Floor. 6 New Street Square, New Fetter Lane, London EC4A 3Aa BankerJ National Wegtminster Bank 57 Victona Street London, SW1H OHN CAF Bank Limrted 25 lfjngs Hill Avenue, Klngs Hlll, West Malling. Kent ME19 4JQ NationwKle Building So¢1 ngs Parl( Road Moulton Park, Northampton NN3 6NW knvestment Manag•rn J.P. Mor9an Bank 60 Victoria Embankmen( London EC4Y OJP Sollcitord Bates V4ells 10 Queen Street Place, LoTrJon EC4R 1 BE Page 2 THE SLrrroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2026 ICONTINUED) OBJECTIVES & ACTWMES Charltabh Aims The aim of the Sutton TTUSt (the TNstl is to address educatlonal di￿dvant￿Tr and to promote social mobility the opportunities OFen to young people from a lower inGom• homes. High levels of social mobility mean that peo￿& from all backgrounds can succeed in lrfe and make the most of their talents and aspirations. It is c¥ucRI fot Creating a fairer society. fostering social cohesion. and b¢)osting e¢oTrJmic growth. At the Trus( we champion social mobility from birth to the workplai% so that all young peo* hav8 a chano to 5uc¢eed in lif&. We particularty fc¢us on widening access to high quality education and eMployn￿t opportunities through a combination of evidence4ed pro3ramme& agenda-setting researth, tM)licy Influe[￿￿. Strntegy The TTUSt has fve fo¢us areas.. Eaty Year5, SCI￿lS, ApprentKeshlps, Higher EdLKatlon and Access to th8 V4orkplace. The Trust has a unique 'do tank. mdel of researth and p)licy activity allied practical. on-the*round programm¢$. The Trusvs programmes focus on a¢ademicalty able, disadvantaged students. We have built considerable expertise in this area over the last 25 years and concentrate our support on young people from secondary school age onwards- up to and including those starting their careers- and at key transition points, particularly from school into university and from univer¥ity into careers. The Twsf s research and polrcy Work Is deliberately wder, rerJ)gni$iThJ that th•r• are a range of ac￿$$ Issues at play from earty years, through 5GhcK)l and college and into universty, apprenticeships and employment The intention is, though. thata substsntial proporti￿ of our research and poliGywork directy Infonr￿our program￿ worK and vice-versa. During the year, theTrustfintshedthe refresh of Its 2030 strategy lorigrnally implemented in 2020) forthe perioj from 202&2030. It our ambib'on to delNer material improvements in UK soaal mobilty through our three strategy pillars around.. TransfoThing lives vath our PrOjr￿Me5 - by growng the number of young people supported lo approximatety 20,000 annually". particularty through expanding our online offering on Sutton Trust Online and growing our Pathways and Apprenticeship prcgrammes in existing and 1-2 additional sectors while maintaining our activities across UK Summer SchooL8 and Ihe US Prwramme. Changing Ihe System for all - by in¢￿aSing public pressure for change with high profile rese2￿h, Communications and advttacy, driwng at leastfrjursignificant policy thangesas Ferour manifesto piiorities (published in 20241 as well as through focussed practice change in schools, universities and employers. BuildirvJ the alumni nx)v8ment- by emF4Jwering our alurnni as change makers. volunteers and advocate5 a5well a5 improving our support to SULx8ed at university and with expanded employment access. Our su￿sS will be enab￿ by refreshed brand messagiThJ with strsngthened yOLth vop> and a dear social mobility narratNe, a w811 supported higWrefomiing team empowered by process and tethnology, selected partner5hip$ increasing leverage in advcKaw and delNery as wèll as innovation across all strands of our work We reo)gnise that in order to deliverourslrategy w8 need to substantialfy and sustainably grow our fvndraising in¢ome overthe slrategy periijd in a thallenging extemal environment As we move through the strategy period, we regularty review our perfornian￿ against our strategy principles ensuring we balan￿ ambit'on with sustainability to maximise impact towards achieving our wsion of breaknng the link betrween 5wo*ccrnIc backgrwnd and opportunty, so all young people have a frdir Chan￿ in life. Page 3 THE SUThON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025(coNf￿uEDj OBJECMVES & ACTivmES (Contlnuod) Significant Adiviues Pwrammes - Our programmes, Nn in parknership with leading US and UK universibes and not-for-proffts, have helped over 70,000 students since the Trust was founded, and reached over 14.000 young people in this year. ReS88￿h & Policy- Our research and policy work aims to shed light on imFQrtant issues around education inequalty and low levels of social mobility. We have published over 300 pieces of researth since the Trust was ft>unded in 1997. whith have generated Signifi￿nt media and press intere51, and have influenced tN)licy on many occasions. Development-As a registered charity that receives no govemment funding, our activty is only made p)S5iblè by donations from our generou5 5UPPOrters including the Board (the Strategic AthAsory and Devetyment Board). trusts and foundations, businesses, individuals and our alumni. Publlc Benefrt The Trusiees confirm that they have complied with the duty in SeGtion 4 of the Charities Act 2011 to have due regard to the guidan￿ issued by the Charity Commission on public benefit. FUrth?￿re, the Trustees have considered the guidance when planning for futurp activities and ar8 confident that the Charty's plans meet th888 requirements. The Trust works for the public benefit by increasing the educatsonal opportunities available to young people from low- and middle-income homes and by improwng and promoting swal mobility. Its rKr*Jramme work is particularty targeted at those from souwonomulty deprNed and non-privileged backgrounds (see pages 4 10 111, and its research and policy work (see pages 11 to 13) is made available to the public wa a strong communicatsons agenda, ¢onc£ntrating on broadrA8t and print joumalisrn. the TN$ts website, social media. newslétters and events. In support of its work. the Trustworks in partnership with other organisations and may also wowde grants to its partners. The grant-making policy is publis￿d on page 18. ACHIEVEMEKfs AND PERFORMANCE FOR THE PERIOD Programm•• E￿h year there are G.S0,000 young people in the UK who are from disadvantaged background5 and with the academic potential to access highly comp9tibve universities and professional careers. Our progrnmmes are designed to support talented young people from Icw socio-economic backgrcwnds to make infomed choices about their fijture. majimise their tak8nts, and realise their aspirations. In academic year 2024125, we ￿ain rKeived a record numbèr of applications for our pn)Jrammes. and were able to support record numbers cf beneficiaries.. Over 29,000 applicAtions to our guidgd programmes 14,590 young people engaged xross our fvll Suite of progran￿leS 4,730 alumni ervJaged with our alumni offer Over 40,000 Contactab￿ alumni in our alumni netrmrk 976 teachers engaged wlh our Teacher Champlons offer Our delivery model bringstogether Sulton Trustexpertise. Wing universitles, and employer partners to create an ￿systeM thattacki8Sthe barriers tdc£d by talented young people from lower Soci￿econoMiC bathgrounds. We work with over 2,CN)O schools. 19 leading universities. 130+ national ernployers and 200+ industy Volunteers each year. Page 4 THE SLTrroN TRUST REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 AUGUST 20251CONTINUEDI ACHIEVEMETrifs AND PERFORMANCE FOR THE PERIOD Icontlnuod) Programm8s (conllnu Our suite of prc*Jrammes includes saven guided programffEs and our award-wNinlng onlNie platfom Sutton Trust Online. Our programme$ are all de￿gned to meet our overarching Theory of Change, bu1￿1ng 5kill5, knowledge and confidence to make inf0m￿d decasions and successfulty appty and tsanstion to higher education and highly competitive career& Programme Ellglblllty In every ¢ohor( we apply Ilve needs-based and one tslent-based oligibil'ty criteria. to ansure ￿r progranm8S are reaching Ihe young people who V￿11 benefft mst Free SL*K>oI Meals elgibility First g8n8rth.on of their family to attend unNersity Live in a noighbourhood of strio*conomic deprivali Attend a low perfom)ing $¢hool car￿XPerienced Predictsd to attain at leasl fve GCSES grade 94 lequivalent to A" to Bl or at least fve A or B fves at NatDnal 5 in Scouand. The sbyJgn15 we $UPFQrt have often grown up in areas wllh high rates of povwty and gcononmc deprivalon. with 65% of our 2024125 guided programmes cohorts eligible for Free Sthool Meal& ccynpared to 25.7% of pupils in ETrJland, and 75% are the first in th￿'r famity to attend university. Our programmes are o￿n to Students from across Ihe UK, encouraging applications from rèJtonal SOCAal mobility cold spots suGh as those in the North of Er4Jland and the West Midlands. 90% of our students live in neighbourhoods Ihat are recc#3nised as those of soci04￿n0Mic deprivation. using Acom from CACI Ltd and the Indices of Mulliple Deprivab'on for Engtan4J and scot1￿, Despite faiing challènges, young people on our programm8s aro talented, ambilious, and driven. They have high potential to excel in Unive￿Ity or degree apprenticeships and their caroers, and we krKJW from our alumni that taknng part In our programmes is a formative part of their development Progrnmm• Impaetand Evaluatlon Robust evaluation of the impact of our programmes is cTuiial for the Trus( and wo employ mixed4tethods evaluati(¥b of our programmes to track short. medium, and Jong-te￿ OUt￿me5. During 2024r25 VR started to build our intemal impact evaluation fvnction with a new role, to complement our e￿sting approach olextemalty commissioned evaluations. This enab￿5 us lo a￿ak1P inthouse regutartracking and anatytiC5 ¢apabilty, and strategicxlly commission external evaluators for in4epth and longitudinal work. Bolstering the exisbng exp&rbse within our pr¢>Jramme delivèry leadership team with dedicaled impxt evaluation resource improves the tsmeliness and quality of our evaluation work, including reflecting the findin95 in our prxtiGe. During 2024r25 we have focused on anatysi8 of the short and medium temi outcome5 data, as well as further building relationships wth the Highèr Education Access Tracker (HEAT) and UCAS Outreach Evaluator to try 8nd improve data provision from these organisations as there have been significant delays in recent year5. Delayed data on graduate dostinations and unIve￿ty application5 from both organi5ations 1$ due during 2025126 and we are planning for robust analysis to complement the evaluation already undertaken on short and medium tern oUtCon￿ for the relevant previous programme cohorts. Although Ibe￿ have been delays in r￿1¥In9 UCAS Outrexh Evaluator and HEAT data in re￿nt years, we have still been able to analyse the most recentty avJlable UCAS data, which shows that Sutton Trust participants are signthcanty more likely to accept a plxe at a hIgI￿tar1ff unlversity compared to sbjdents of a similar background. P4e5 THE siirroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (CONTrIUED) ACHIEVEMEIWJ AND PERFORMANCE FOR THE PERIOD (continu•d) Programmgs l¢ontlnuod) % accepdng a placo at a UK SumTh*r Pathways to Pathways to Pathways to , Pathways to hlgh4aTlff unlversity. Schools Law Medicine Banking & Engineering 2024 Finance Sutton Trust partiapants 39% UCAS comparator 50% 26% 53% 24% 47% 28% 52% 26% Hlghllghts fortho year.. Short and mgjium t8m outcomes from our Theorie$ of Change are tracked v¢ith surveys aligned (where relevant) wth validated sector standards. such as the Access and Success Questionnaire from TASO (Transfoming Access and Student Outcomes in Higher Edueats'onl. H•adlines from our 2024r25 analysis include.. 90% of sbjdents intend to apply to a competitNe univeryty after attending our UK sumff￿r Schcrf)Is, and the sarr* per¢entag6 said attending programme left them feeling more motivated for their final year of 93% of Pathwdys to th8 Professions students intend to apply to university or for a degree apprenticeship after taking part in the programme, and 94% felt more molwated to achieve their Gareer goals aftw tsking part in their work experience placement as part ef the programme. Students overwhelmingly posrtwety ratè their experienc8 of our guided programmes- 97% of students on Pathways trtr the Profe$$ions and 94% of UK Summer Sdthls students said they enjoyed their time on Ihe programrfft. Dunng 2024125 we also (rfymmissioned exlernal evaluations from industy eywts for a number of programmes that were at key points in their pilot and delt¥ery cycles. Both our alumni Bursary programmes o)mpleted three cohorls of delivery during 2024r25, and as such we cornmi5svJned extemal evaluations of both prc•Jrammes to understand thwr impact. We also re￿iVed the evaluallon of the first five years of delivery of Sutton Trust Onlinè ISTO), and findings from all three evaluations fed inlo continued improvement of the prcwjranmes, as w811 as renewal of partnerships wilh key fund8r5. Headlines from these evaluations indude: students using STO were 1.7x more likety to $8cure a pla¢e at a high-tariff university than a contrd group of peers with similar grndes and backgrounds. The more students engaged with STO, the fTK)re likely they were to apply and secure a place at comFetitive universities- 53% ofstudents who were hiyhly engaged wth STO were accepted to a high-tariff unNersity, ¢ompared to 280A of the control group. 98QA of Careers Sknlls Bursary recipients felt they understood what a job In FlnTech entalls by the end of the programme, up from 40% from the start of prcgramme, and 100% ofthe recApients fett confident writing Cvs and applying for jobs. Tre OFPOrtunity Bursary was ov8pwholmingty sUCc￿ful at supportirwj alumni tofund aclivities, Intemshlps, qualiffications. courses and experien￿ that improved their skills and empbyment oPportUn￿es, and students becarm signfficanlly tt￿ffidenl in their ability to perform well in job inteNiews. UK Sumn79r Schijols In 2024125 we gave 2.343 talent•J students aged 1&17 the Ghan¢e to experience wh* sbjdent life is realky lik at leading universities &ross the UK thro￿h c4Jr UK Summer Schools. We dellver our Summer Schook in parlnership with 12 18ading univoNties across the UK. In 2024r25, offered 196 different combinatr'ons of subjeots that ranged from STEM essentials - such as engineering, mathematics, biosaences, mediiine. and computer sciénce - through to arts and humaniies c￿urse8, and social Scien￿ slapies like politics and 5U$tainable development Page 6 THE siirroN TRUST REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 AUGUST 2025 (COhrr*4UED ACHIEVEMENTS AND pERFo￿NcE FOR THE PERIOD (¢ontlnu•d) Pvogrammm (¢ontlnwl 2024125 19,575 2023124 15,655 2,651 Number of aFvlicalb)ns Number of partiripants Of the participating Studeiits First in their famity to attend unlversity Eligible for Free S¢h¢)ol Meals From a disadvantsged neighbourhc#)dl Low perfom)ing school Our2024125 UK Summer School evaluation showed that we are meeting ourTheory ofchange outcomes, wllh partiapants leaving the programrne feeling far more confident in their knowledge of unNer5ty life, ready to appty to universlty, and wth an ￿GreaSed $ense of ￿lOng1Trg at selgCtr¥e universitses. 75% 65%1 93% 58% 70% 89% 75% HIghlI￿ts ir￿Ude.. 89% of S￿dents the programme with a clear idea of which universty they will awly to. with th¢yJe strongly agreeing increasing from 44% at the start to 62% at lh8 end of the programme. 79% of students left the programme knowing what univerwties Icok for in a petsonal strt￿ent compared to 39% at the start ofthe Program￿￿. 88% ofstudents finished the progfwnme feeling they wll fit in academi¢alty at ￿1VersIty, and 81% felt they will fil in socialty. Sutton Tnffj¢Fulbrtght US Prwammo Since its launch in 2012. the Sutton Trust Fulbright US Programme has supported over1,900 tslented sludents from low sociwonomic backgrounds to explore and access world4eading US universities. To date, 707 alumni have enrolled at US institutions. unlocking over $200 million in financial a¥J. In 2024125. 132 ￿dents took part in the prOgraTM￿ following a rigorous aprAication prctess. During programmé, sttsdents beneffit from intensive ￿sidentIalS, exFert4ed virtual sessions, personalised mentoring and feedback, dedicated financial aid guidance, and an alumni neIN￿rk that conts'nues to grow in strength and rèach. The result 1$ not onty impressive university destinations, but also students who are mor8 ￿nfiden[ ambiti'ous, and resilient- t*tter p￿Pared lo make ink¢mJ decisions alxwt their futures, whèlher in the US or the UK. 2024125 Part1 1,857 132 2023r24 Part1 Number of applications Number of partiupants Of thg partlclpatlng 8tudents First in their family io attond university Eligible for Free School Meals From a disadvantaged neighbourhty)dl Low perfonnin9. school Our pre¥￿uS eV￿atiOn often yoars of the Sutton Twst Fulbright US Pr(oramme sho#8d thatwe are n￿e￿ng our Theory of Change. parb￿pants maknng infonned decisions about studying in Ihe US, applying to and attending US and UK institutions, and bging supported to acces5 transfomwtive financbal aid to study in the US. 150 69% 62% 90% 37% 47% Page 7 THE su￿oN TRUST REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 AUGUST 2025 IcoKfiNUED) ACHIEVEMEKfs AND PERFORMANCE FOR THE PERIOD (¢onllnuedl Programmes (continu•dl Highlights Incl￿e.. 55% of programmo Part￿pants apptying to US colleges, wth 67% of these then enrollin9 to S￿(ty in thé US. and coll8¢tiYely accessing over $200m in ffinanC￿l aid. Students who didn't apply to US o)Ileges after tho programme said preferring to apply and study in the UK wa$ a key reason. and 63% of all partj'cipants went on to sbjdy in Ihe UK. 88% of students sawj the Progr￿nMe improved their understsndlThJ of US culture. politi(%. and swety. suth￿ Twst Onlln• Sutton Trust Online ISTOI was laun&*ad in 2020, wth 5UPWrt from Bloomberg, as an innovative plattomi to expand our reach and offer a digital solution for talented young people from low soao-e¢onomic backgrounds who struggled to a￿$$ our guided prcrfjrammes or missed out on se¢uring a pla￿. SirKe launch, STQ has support•d over 57,000 young people b xcess digital advi￿, information. and SUPFK) Demand for our programmss remains high, receiving more than seven applications for each guided programme Pla￿ in 2024125. Wth this scale of d9mand, the need to continue to offer and develop STO is critical. (knr 18,000 of the students who applied to our FXcqr￿rne¥ and met the critsria lo be offered STO were ￿Vited to aclivate their accounts. wlth 74% doing ¥￿. ActNation rates are improving eath year, showing appetite from students for the unique ecosystem that STO offers, and that despite peroptions of digrtal fat'gue. platfomis that understsnd and adapt wth their audience can stil succeed in creating impacL STO is slnJcbJred arourKI fr>ur phases- Explore, Apply, Prepare. and Succeed-to supportourtheory of change and help our talented sttjdents to apply and transition to their next swe of edurAtion. We have integrated contsnt from our univernity partners and key information sources. includirKJ UCAS, S￿lIs Buikler. the OSCAR personal statement builder from Causwmy Education, and Aspiring Medics, an Al-enhanced tool providing int6Niew support for applications to stuty mediane. STO now supports 20 5ubje¢ts, including STEM, art& humanities, and s￿181 sciènces, 8nd an apprenticeships pathway, supwrknng Infomied choice for our students. In 2024r25, we received the results of ourextemal evaluation 0f￿hortS 1-5 of STO The Brilliant Club (UK charity that increases aetess to ￿mPeti￿Ve universiknes for studgnts from under-represented backgrounds). Evaluation highlights include= Students uwng STO were 1.7x likety to s￿￿re a place at a high4ariff univer5ty than a group of peer8 wth similar grade5 and backgrounds. 86% of STO students applied to Russell Group univ8r5iti8s, and 44% went on to study there- ccffipared to 51% and 26Yo of the control group. 87% applied to high UCAS lariff unNersities. and 48% went on to sbjdy thore- compared to 50% and 27% of the control group. 27% applied to Oxbridg6, wilh 5% securing places- coffwr8d to 3% and 1 % of the Gontrol g￿p. In 2024r25, our Palhways to the Professions programme supported 1,122 talented sbjdents aged 1&18 to understand n￿re aLMJul specific subjects and career s¢ctors, levelling the playing field their more sooo- economically advantag￿ pee[S￿en itcome5 to acc6ssng nehvorf($, infomiation, and critsr21 workexperience plaC￿ents. Our Pathways programmes Nn for 18 months and fo¢u$ on a speafic profession or industy, induding.. law, engineering, mediune. and banknng & finan￿. Delivery in 2024125 was in ￿]labOratiOn with over 100 empbyer partners and 1218ading universitigs across the UK. Across the programwe, activibes for our students included unIverSty4￿ COnferen￿S. skills sessio admissions support, insight days, and work experience placements. Our unique rTh￿e1 of working with tM)th university and employer partneTS prowdes Pathways students exFX)sure to and experience in both academic and Workpla￿ settings that they would otheThM5e struggle to acc￿ and envision themselves in. Pag• 8 THE surroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 ICOKllNUEDI ACHIEVEMENT8 AND PERFORMANCE FOR THE PERIOD Icontinued Pnyr*nm8s Icontinuod) 2024125 7.289 1,122 2023124 Number of aPpI￿atiOnS Numb8r of parbopants (X tho partl¢lpatlng studonts First in their farnity to attend university Eligible for Free School Meals From a disadvantaged neighbwth&)dl Low perfomiing school Our 2024125 evaluations for Pathways lo thè Professions showed that we are meeting our Theory of Changg outcome5, with participants leaving the programme feeling far more confident about taking steps to access career in their chosen sector, more knowl&lgeable about their chosen sector, and wth an increased sense of belongirwj in hvjher educalion (HE) and Iheir chosen $o¢tor. 1,552 76% 57% 90% 63% 75% Highlights include.. 93Vo of Pathways students intsnd to appty to university or for a dégree apF￿entice3hip after taking part in Ihe programme. 94Y¢ of Pathways students felt more n￿l￿ated to ￿hleve thélr career goa15 after taking part in their work experience placement as part ofthe programme. A significant majority of Pathways stud8nts said taking part in the programrr£ had given them sector s￿115 across the sector strands this wa$ 89% in Law, 87% in Banknng & Financ8. 82% in Me(li(ine, 81% in Engineering, and 79% in Consulting. 91% of Pathways students said tsking part in theirwork experience placement had impn)ved their abilty to communicate. and 82% sabd il had improved their ability to work in a team. ACc￿S Apprentlcoships Our Access Apprenticeships programff* supports students to gain kJMxilethJa and access hlghqualty apprenticeships. Previously our Apprenticeships Summer School, in 2023124 we re4aunched wth a longer delivery mcrtlel that is parallel to our Pathways delivery. Itoffers students aged 1&17 a year4ong compret*nsive programme of tailored support with a focus on acCe￿Ing higher and degree level apprenticeshlps. s￿dents choose the sector strand of the wogramrr* in vthi¢h they have a key interest from law, banking and finance, or engineering. They then take part in a range of coré *ts"vlUes to get a urique insight into what apprentice5hip$ and career in that sector is reaty like. Our 2024r25 cohort Gon$lsted of 153 ￿￿ents. 71 on the banknng and finance strand, 48 on law, and 32 fO￿$¢d on engineering. For this yearfs delivery we adjusted the IcKab'on of the engineering strand from Bimingham to Manchester, based on the avaikbilfy of employer partners and a revi•v of student demand. 2023R4 477 Number of applications Number of partiopants Of th8 partlclpating 8tudonts First in their famity to attend university EligitAe for Free SchLx)l Mea15 From a disadvantaged neighbourhoc Low pe_rfonning school During 2024r25 we commissioned The Brilliant Club to undertake an intérim evaluation of the nthv deliv•ry model, due at the end of the 2025 calendar year. 153 89% 73% 75% 57% 92% 87% Pay9 THE SLTrr¢)N TRUST REPORT OF THE TrUSTEES FOR THE YEAR ENDED 31 AUIWST 20251COPfflNUEDI ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD Iconllnued) Programme• (continu•d) Highlights from yjrveys of recent partlapants and our gxtemal evalualion ftKus group5 inclLvJe'. 74% of students feli ￿fident they knew when and wthere to find aPprenti￿ShIp opportunities after the programme, up from 28% al the start. 80% Of$￿dents ajreed that as a result of the pyoJram￿* they felt confident balanong a¢ademic siudy with work. 50% Ofs￿dents from the focus groups We￿ inlending on pursuing an apprenticeship, immediately or after gap year, and 41bh were apptying to university immedotsly or after a gap year. Careors Plu We recognise that access to unfverslty is not the end of barriers for OUT d￿mn1, so vffj also offer a career readiness wst-18 programme, design to provide ￿ditional support during their time a$ an undergradLkiio and help break dcrwn barriers to entering a CoMpet￿ve career. Careers Plus is deslgned to help level th8 playing fidd and gtve high4ttaining young people the opportunty to further deveh)p their employability sk'lL8, gain critical WOTk expèrience, and access mentoring vAth sorr* of the UK$ knling employers in selec￿￿ professional s¥tsrs. DelNered behvean April and October, Caroers Plus.. Law began in 2013114. and in 2024125 we expanded our offer to alrgQ run Careers Plus.. Consulting and Careers Pkn". Tech & DigitAI. A￿osS the three s8Cto(s wo Supported 149 uné&rgraduate alumni of our programmes to explore their ¢*osen sector. with e3 opting forTech & Digital. 48 for Law, and 38 for Consultlng. 2024123 2023124 149 55 Number of app1K￿￿OnS Number of partiapants , ￿ the partlclpatlng students First in their famity to attend univeTrty Eligible for Free SC￿)01 Meals From a disadvantaged neighbourhoodl Lcw Ferfomiing school 149 78% 89% 93% 87% 93% 89% 80% Programme de￿ery for Careers Plus runs on an April4)cto1￿r vKhedule to best suit the availabilty of undergraduates to take part in programmè actiwlies, so at time ofwrittng we have gathered end of programme supRy results but not ftjlty evaluated the 2024125 delivery. During 2024r25 we also ¢ommis&oned an interim evaluation from The Brilliant Club for Careers Plus.. Teth & Digital, due in early 2026. Our alumni are a p￿￿rful for¢8 for change,. there are now nearly 70,000 Sutton Trust alumni at unNersity and in the workplace. wth over 40.000 contactable through our alumnl network. support and work with our alumni through a range Ofactl￿tieS and initiatives, trom programmes and bursaries for Underg￿Juate5, to'Earty Careers, newsletters, a deditxted online plattorm, and opportunitt8S to 9Ne bxk to the Sutton Trust aThJ champion social rTr)bilty in their W￿p1a￿S and ￿￿iety. Our thriving and diverse Alumni Leadership Board (ALB) supports the Sutton Tn￿t by sharing their vieV￿, opinions. and adiice on a range of issues-from our prcwjrammè developmentto researth and advo¢xy-and champion soual mobilty and the Sutton TNSI in their workplaces, netsvorks, and teyond. During 2024r25, 17 alumni voluntewed on the ALB, having taken part in programmes from 2006 to 2020. Our alumni engagement team have wular new51ettsrs that th)ast svnifKant engagement- one for'Earfy Careers alumni,. reaGhing G26,000 aluThi who aro in the first fcmjr years after their Sutton Trust programme, that fcLuses on earty tsreers advice and opportunitses, and one for all our conlactable alumni that keep5 th Infomied and up to date with our Wofk and $￿al mobility in the UK. Page 10 THE surroN TRUST REPORT OF THE TRUSTEES FOR ThE YEAR ENDED 31 AUGUST 20251CONThNUED) AcHIEVEME￿s AND PERFORMANCE FOR THE PERIOD lcontlnwd) Programm•s (Gontlnuod) Both our newsletters have well above average open and engagement rates compared to industy benchmaTks, a lestsment to how much our alumni community still feel conne¢ted to us. Compared to the 28.5% open rate in the education sector, our open rates are 63Yg for our Early Careerg newsletter. 57% for our a11-alun￿l netsvork newsletter, and 65% for our targeted alumni emails. Our alumni can also apply for transformational bursaries, designed to support them to tffe8k down barriers during their undergraduate skndy and level the playing field with more affluent peers. The Carner Skn71s BuTrary, supported by Blo¢)mberg, comprises of a £3k bursary. FlnTech insight week with Bloomberg in London. $knlL8 workshop5, and mentoring from Bloomberg colleagues. 30 students a￿sS this Lwrsary prograrm each year, wilh 90 sludenls taking part across threa pllot years Sin￿ 2021r22. The Opportunty 8ur5ary, supported by J.P. Morgan Chase, offers undergraduate alumni a bursary of up to £5k for a projéct or oppothjnity that will help them progress in their chosen professional careor. Alumni can also ac¢8ss mentoring. encouraging them to develop their career and soft skills. In 2024f25 the Oppothnity BU￿ary was awarded to 58 students, who look part in a wide range of ac*wities thanks to the financial support. Projects undertaken from the most recent cohort indude part￿IPating In mentoring and volunteering pr0grarnm￿ that foster8d personal grthvth and professional development, obtaining qualrfic2tions that led to presenting at professK)nal conferencés, enabling skills-based volunteering that benefitted local comrnunity non*rofits, and travelling overs&as for intemships and work experience placements. Research, Policy and Communlcations Our programmos help thousands of young people fulfil their potential, but to see a true stsp change in social mobilty in this ￿unty, mud) larger changes are needed in policymthng and wider society. As the leading UK S￿181 mobility 'do-tank', we pair our transfomative programn%s with our agenda4etb.ng research, practicxl policy rep)mmendations. and advcKaw engaging all political parties. Our resear¢h and advocacy work identifies the root causes of low social mobility and promts$ effective solutions through evidence-led pJli¢y chang8- from the earty years through to schools. apprenti￿shIps, UnNer￿ty, and into the workplace. Since 1997 we have published over 300 evidencewrich reports, many of which have gone on to influence n*K)nal Fdicy. In 2024125 we publishfrj 11 pieces of Ihought*mvoknng research with the highlight being Th8 Opportunty Index- our report on soaal mobility by constituency. refaased in May. This was a significant and foundatDnal piece of Work, incorporating data from 10 million people over tsvo decades. It is our most viewed piece of research in over a decade, and a piece which wll conbnue to be referenced by us and many others in the months years to c(X)18. Our reports into the CreatNe Industr￿S (A Class Act), Access lo Medi¢ine (Unequal TTratment?), and UnpaKT and Underpaid Intemships also gamered stqnffjeant coverage, provoking vital thought and discussions on equality of a￿$3 to these sectors and opportunities. Major publication highlyhts this year have induded". Artificial Advanta ? (July 20251: State schools are falling behind in ts new Al digital i*vide, wilh teachors in priva18 schools more than hvice as likely to have received forn￿1 training in A, and inequalib'es also existing wthin the state school system. A w￿ld of Differen IJLtne 20251= Englar￿'S apprenticeship Syst￿ is lagging behind intemational Competitors, with dropout rates of c.400A and a similar percentage receiwng les5 than their training ents'dement. What lessons can we leam from other countries Similar aconomies but more successful appr*￿ti￿h1P systems? Page11 THE su￿ON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (CONnNUED> ACHIEVEMEKfs AND pERFoR￿NcE FOR THE PERIOD (continuodl R•s•arch. Polky and Gommunlcatlon8 (continuod) The O rtuni IrKlex (May 2025).. Using data on over 10 million young people across decades, we took the most detailed k￿k ever at the geography of opportunty and sccial mobility in England, and it is ¢lear that where you grow up still determines your abilty b get on in Itre. What is Social Mobil. ? (May 2025): Laying out a m¢JJern, relevant definition for So￿81 mobility today - induding soaal mobilty at all thls, and providing an enty point for those new to tad(ling social mobilty. Schcol Fundin and Pu il Premium (April 20251.. Polling revealed a big spike in schcols using fvnding for disadvantaged pupils to plug budget holes. cuth'ng staff, and cutting SFendirYJ on extracurricular activjties that support student $kills and developrrenL Une ual Tr8aknen￿(Feb 20251.onty a fraclion of medical st￿9￿tsar&frOM worknngthss bad(grounds despite efforts to widen acce&s to the profession - onty 5% of 2021 entranis were frcffl the lowest soaTrecOr￿Tn￿ backgrounds. n aid and unde id inlemshi s (Jan 2025): 61 % of intemships undertaken by recent graduates were unpaid or undérpaid, creating a major barrier to social mObi￿ty and ac£ess lo compfrb'tive profewons for many young peop18 from lower income bxkgrounds. A ClassAct (Nov 20241.. There are stark class inequalibes in access to the ¢reative industries, wilh younger ajults from worknngdass backgrounds four-time5 kss likety to work in the wlive industries than their rniddlxlass peers. essons LeamYP (Oct 2024).. Refiecting on 20 years of school refom) In England, with three major challenges Pacing the sector today- closing the attainment gap betr￿n disadvantaged pupi15 and better ¢)ff peers,. the deamation of post-16 education. and reduction in pastoral support for young people. Life Lessons (Sept 2024).. Exploring the delNery of oracy and 0th9r life sknlls in schools today, and what educators would like to see devek)p fijrther to improve lifg skills fDr students in more deprived areas. Soaal Selec on on the ma {Sepi 2024).. There is still socitreconomic segregation in the ￿￿￿rehenSIVe school system. V￿th the attainment gap 27% higher in areas wbth the highest segregation. Our rV￿rCh outputs. and reactive comm8nt generated a total of4,007 media mentions with several reporls achievin9 widespread national media covorage. Thi8 is a 25% inuease on the previous year and includes 102 broadcast mentions and 274 mentions in our prfority media outlets. We had 43 parliamentsry mentions- averaging more than one for every week padlament $its. As well as publishing our ev1jenc￿rlth research, we engage in vital advocaGrf to promote our findings and pra¢Jeal recomrMndation5 to key stakeholders. As founding member of the Sc¢ial Mobility Alliance. launched In June 2025. we believe in the Fower of bringirKJ tcNJether the public. private, and Ihird sectors to effect real change to ¥oGial mobility in this country. Our convening power and strong reputab'on alkws us to open dwrs and advocate for changés with all political parties, Influen￿ and partner with a wd8 ranga of businesses and empksyers, and work tc>Jether with other tharib'as and social enterprisè organisations. In 2024r25 we held numerous moatings ￿fjth Ministsrs, MPS and officials. VIÈ gave eviden￿ at 14 Gonsultations and inquiries, including the COV￿ Inquiry, the Curriculum and Assessment R8view, and the Educab'on Committee inquiry into Furlhér Education and Skilb" and we also re-started Iho Al Party Parfiamentary Group for Social Mobility- We ran somè high*rofile events across the year, indudin9'. LaUr￿h of thg OECD Education ret*Nt"Educalion at a Glance, in September, including a keynote speech from Secretary of Stale BTidget Phillipson. Party Confèrence events at Labour and Cor)seTvative conferen¢e8. Parliarnentary Rec8ption in January with over 11)0 attendees. Speakers included Peter Swallow MP, Shadow Secretary of State for Education Laura Trott MP, Sarah Smith MP and previous c(￿tha1r of the alumni leadership board Mary Osofisan. Launch of the Tech Fulure Tasldorce al Google London HQ in spring, induding a fireside chat Y4iih Secrètary of State Petsr Kyle. Page 12 THE surroN TRUST REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 AUGUST 2025 (cor￿1NuED) ACHlEVEMETr￿s AND PERFORMANCE FOR THE PERIOD (contlny•d) Re8earch, Polky and Cornmunicatlon• (continu￿) Launch of our apprenticeship research 'A Worfd of Drffernnc8' at Deutsche Bank London offices in June, wth a panel induding Andrew Pakes MP, chair ofthe An Paty Group on ￿)prentiCe$hipS and Sutton Trust alumni. Wel attended webinars on our A ClassAd and Un8qU81 Treatment? Reports. Our researth and advotxy work contributed lo Signifi￿nt policy progress in a number of key areas this year. These induded the rc41out of framily hubs.. the increase in the Earty Years Pupil Premium,. the extension of free school meals,. the acces5 to mediane commitrnents,. and the CAinsullation on banning unpaid intemships. Pollcypwrnss in theyear Early years Famil Hubs lJuly 20251: Rollout of 1,000 new family hubs targeted al the most disa(fvantaged areas (recommendation to open new thildren's centres was part of our 2024 manrfesto). ears Pu .1 Premium (EYPPI (Dec 2024).. 45Yo incrgase in the EYPP to £570 per year, alongside earty years investmenl (Increa￿n9 EYPP is a longstanding ST poticyl. Schools Free School Meal {FSMI(June 2025).. FSM expanded to all on Universal Credit (amanifesto ecommendab'onl.11 is estimatad this will lift 100k children out of poverty. School unifomi limits {April 20251: Children'5 Wellbeing and Schools Bill *itroduced a Ckuse lim￿ng (expensive) brarxled items lan issue we highlighted in our previous Selective Ccmprehensiv8s reporti. Fair school admissions {Oec 20241.. Children's Wellbeing and Schools Bill induded a clause requiring lo¢al aulhorib'es and schools to co-operate on admission5 {￿coMMendation of ourfair sthool admissionsworkl. Pu emium 20241.. Brighton and Hove coun¢il ciled the Sutton Trust extensivè￿ as their insyratiM for introduong pu￿1 premium priorty at oversubsuibed schools (l￿al win). UniVe￿￿ty admissions to med'cine{Juty 2025).. Sutton Trust Un8qU81 Trnatmen￿ report diredy inlluenced the 10-year Health Plan for England which indudes an explicit named commitment tr• worf( with us tc expand access. Apprenticeships Dro GCSE Maths and En ish Te uiroments for a renticès (Feb 2025).. One of our manifesto rec￿lMendations, to introduce altemative o)urse of study to avoid locknng some young Feople out of apprenbceship5. entic8shi ons via UCAS {0rt 2024).. Our r6search r8￿mrnended this change in applicatw)n process to in¢rease panty with university. Access lo work Bannin un Kl internshi (July 2025).. Department for Business and Trade {D8f) issued a call for evidence on how lo protect younger workers fr¢m Il￿gaI unpaid intemships. The official announcement induded Sutton Trust evid8nce and a quote from the Trusts CEO. Wo are maintaining strong momentum into 2025r26. with the publication of Elitist Britain in Septsmber 2025, rtherpolicywins, and a seat atthe table in ongoing workwith govemment on the White ￿tr￿.ng£lass Inquiry, consuttation on the Schools Bill, and a fornal role in a 9TOUP rxffivened by the Minister to make comméndations on University Access. Page 13 THE SUThON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (cowfI4UEDI ACHIEVEMEtrifs AND PERFORMANCE FOR THE PERIOD (continu•d) D•v•lopment Porfomiance In tho Year The Trust closed the year gl￿ fundraisiw perfonnance, despits a challenging external envfironmant, thanks for to the generous support of our Community of donors and partners. We have evolvgj our monitfflng and ovalu8tion of f￿draISing perforni8nc£ during theyear. and have identified the key success metrTh that infom understanding of our fundraislng position and perfoTrnan￿. 202￿24 £7.3m 112 97% of total income 72% oftotal income £65k 17 Fund8 raged Numter offunders Donors giving over £11 Donors giving over £1￿k Average dOnat￿n fvnders £6.8m 114 96% of total ino)me 76% oftotal income £60k 24 8r88kdown of Incom8 &ond 2024125 2023124 43% 36% 20% COfF￿ate Parinershi Trusts & Foundations Indivvjuals 38% 16% Unrestrlcted Restricted 28% 30% 70% Nota.. for fvnds rwsed, trvg do not indud8 income genernled through inw•sknent4 donated seTric88, or any accounting adiustmonts. Th8 D8Vgloprn&ntmetric is a c8sh-bas8d measure used to track and n￿llorinG0m8 year-on-year andpnmarily driven by ￿latiOnshIP fUndrai￿ng. Our focus remain5 C￿ building a divérsified and stable foundation of sustslnable In￿￿ to undeTpin our vital work, with 5uttess in securing ￿9n[ficant renthvals with high-profile supporters, who we are d81ightod to remain commltted to the Trust and adv￿rAng xKi81 r￿bIlIty. Thi5 included of multi-yaar agreements with Bloomborg, Antin Infrastructure ParlneTr. Evorshads Suthedand. Mishcon de Reya, and various funders who prefer lo rernain anonymous. These renewals are of k8y importance forthe Development team as our multi-year partners ar• the bedrock of sustainable fijnding. Nve have also welcomed new fvnders, and retuming fvnders after a break in funding. tr& our communty of donors. This included Garfjeld ￿￿ton Foundation, The Infle￿On Foundation, Goldman Sachs. S18ughter and May. and City of London Corporation. BuildirwJ new, sustainable. multi-year fvnding parfnerships is also a key pnority ofthe team, tr> achieve ourambiti'ous income targets thatwill enable the Trust to continue ￿rVi121 wo We reccgnise that there are significant extemal envinnment challenges factng the third sector cunpntty, with the Charitiés Comffmssion 2025 Risk Assessment hi9hli9hting that finanaal resilience is a continued thallenge In the face of rising COS￿ reduthons in public funding, arwj in¢reasirvJ demand for serwce5. Despite these challange4 our strong relationships with supporter5 and high impad acliwtres moan wa have a strong relationship retention rate and many supportgrs have increased thelr donabon$ during the year, recognising the need for increased funding to keep delivering ourwork. Page 14 THE sirrroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGU8T 20251coKllNUED) AcHIEVEmEP￿ AND PERFORMANCE FOR The PERIOD (contlnuedl Dfrvolopm8nt Iconlknuedl DuTing the year we have Gontinued to proactively grow the Development leadetship team with experienced fvndraising specialists, to drive the fvture-focused build of a sustainable fvnding pipeline. Swjring major gi Is a key part of building this sustainable pi￿lIne trj deliver the 2030 strategy., we have recTUited senior fundraisets to drNe foThvard our three income streams - corporate partherships, trusts & foundath)n$, and individual philanthropy. Plannlng for th• fufur• With ambitious plans for the Trust to 2030. it is a key time for the Development team to b8St positson the charity for sustsinable incom8 growth acmss the strategy perK)d. To achieve sustainable Ir￿ome gromh across the coming years, the Development team continue to dellver successfijl in-year fijndraising whilst also increasiryty focusing on tho future pipeline. We wll continue to strategically partner with Corporates, build strong relationships with alKJned trusts & foundations. and eno)ura9e individuals passionate aL¥Jut social mobility to join our gpling cirdes. As an independent charity, ourwork is entirely ￿lIant on the generou$ support of our Cx*nmunity of donors. The need to support our work to tackle the UKS low so￿al mobility has never been greater, and our ambition is to grow our diverse, gjstainable, active commlmity of funders to build an army of supporter5 and ambassadors to unlock action aTrJ champion swal mobilty. Financial Revlow In the financial year undér review, inc¥yne r￿e1vable, induding grants, gifts. pro-bono suppor( interest and investment intrjme was £7.1m. a 5% decrease on the previous year {2024.' £7.5ml and expenditure. also including pr￿ts)nO support was £7.4m, a 10% decrease on the previou5 year12024'. £8.3ml. The total funds of the Injst decreasgj to £9.4m. a decr&qse of 3% during the year (2024: £9.7ml. The decrease in fvnds is planned deficit, agreed to reduce the Trusvs reserves in line with the Reserves Policy, following ar￿mUlatI)n during the pandemic and immediate followiig years. It is the Trusys aim to operate in a measured and sustainable way, and to support this Trustees have ag￿d to strategicalty use reserves overthis strategy r￿riod through operating planned defi￿ts. For the year, inLx)me fell short of expenditure by £0.3m12024: £0.6m). Thiq includes a Shortfall of £0.6m In restric*ed funds and a surplus of £0.3m in unrestricted fvnds {indusive of designated fvnds). In¢om• Imiile total income decrea59J by£O.4m {5%1 to £7.1m, thiswas mainty driv￿ by extraordinary pro bono income in the prior year. Excluding pro bono, income in¢reased by £0.2rn13%1 to £7m due to additional iw)me from fundrai%ed incom8, I￿aCleS, and interest generated. Provbono of £0.04m was re￿Ned in the year, fully included within restricted income12024: £0.7m - £0.4m restricted, £0.3m unrestricted). Restricted income re￿IVed in the year was £4.9m. 69% of totsl income received (2024.. 68%) frcmn over 100 different cfganisath)ns and indiv￿ual donors providing funding to our programmes. re58arch and advoca work. Un￿￿cled Income reC*l￿d in the year wa$ £2.2m, 31% of total income received (2024: 32%). Expenditurn Total expenditure on chantable aclivities was £6.8m, a 12% decrease compar&J to the prior year. The majority of the decrease is linked to extraordinary pro bono Se￿iCe5 relating to strategy work and policy suppJrt rec8ived in the prior year and not repeated in the current year. In addition, it is a result of cost saving measures taken to ensure expenditure alignay with future income projections in a transitional period for the Trust, with the Twsys ft)undèr Sir Peter Lampl having reb'red as Executive Chair in November 2024 and the TTU¥t embarknng on a stratsgy refresh for the 2025-2030 peric*J. Page15 THE SU￿ON TRUST REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD {contlnued) FInanc￿l Rovl•w (continu•d) Totsl expenditur& on generating fijnds of £0.7m, a 12% increase ccfflpared to the prior year, ￿￿eCtIng the conts"nu8d investment in the devek)pmenl team to ensure ongoing success in buihjing long-te￿n relationships wfith fur#Jers and Other￿tiv￿e$ as set out in the Development se¢tlon on pages 14- 15. Charttable Funds & Cash Restricted income funds at the year*nd fell by £0.6m, ¢r29%. to £1.5m. This 15 due to a planned reducuon in acLumulated funds during the pandemic. The details of the restricted fund balancès by pregfamme are shulvn in nole 18. Unrestn'cted incorrE fvnds increased by 3%, to £5.5m, in the pericd. Factors ojnth'buting to the Surplus include: successfvl ctinversion of restricted to unrestricted fijnding,. timing wth some fijnds receive(1 in the days prior to year end: reduced exp8nditure relating to vacancies during the year. The designated fiJnd. cTrated in 2019 and fully invested al the startof the year in accordancewith the investsnont policy of the Trust, generated a positive annua relum of £0.05m. or 2%, with a market value ot £2.4m at the year-end. Cash held at peri<%1 end was £6.5m of which £3m relates to restnctod funds and £3.5m b unrestricted fijnds. The Trust ¢ontinues to WO￿ on redu¢ing the level of cash held In relation to its funds in line with the Trusvs $tr*egy and r8serves policy. During the year. the Trust opened a Ilquidty portrolio with J.P. Morgan to more effectivety manage unrestn'cteAJ eash. S88 note 9. The purp)se of Ihe reserves policy is to mrtigate any risk lo the TrusY$ activites, which may be caused by 5hort- term financing requIre￿nts caused by delayed fvnder payments, unforeseen increases in expenditure orfuture changes to the fundraising model. The Trustses. Chief Exe¢ulNe and Executive Team meet to review the strategy, budgets. oper&ing pl￿8 and forecasts for the forthcoming year. During the year, the Trust signed off it5 new strategy to 2030 and alorKJ8ide this reviewed its reseNes requirements over the strategy perictyj. Trustees have consldered the financial impact of a wvje range of income and expendlture rlsks as well as the likelihood of these materialising in the o)ntexl of the TrusV5 activilies and wider external trends. M05t s￿￿nIficanty. around continuing to secute reliable and resiliellt income through directfundraising in a chalknnging extemal environmenL As many of the Trusys prcgiammes support young people over multple years. it is imwrtAnt that serVI￿S can continue uninterrupted through to completion. The Trustees have therefore set the target rese￿eS level of free reserves of approx. 60% of annual spend las a minimum,. exduding èxtraordinary projects). Please note, as the Trusys stratsgy ants'cipales ￿gnificant grthvth over a fiv&year period, the num8rical re¥erves level is set to risè Year￿n-year. ReseNes indude reslricted and unrestiicted funds. Unrestrhxed fvnds (an be used at the diX￿tiOn of tr Trustses. The restricted fvnds may only bè usèj for purpose specified by the donor. At the year eThJ, total funds ￿rrIed lo￿ard are £9.4m (2024.. £9.7ml, which breaks down into £1.5m (2024: £2.1m) restr￿d fvnds, £2.4m {2024.' £2.3m) of designated funds and £5.Sm 12024. £5.3ml of general unrestricted fvnds. Restrlcted fvnd8 ar• sp8afied and allorated for the different ProgramW￿ adiwli8s and research projects undertaken ty the TNst. The level of resln'cted fvnds had risen signifieAntty during the pandemic due to tha ¢onbnued cost savings Gau$ed by reduced fdce40-face actrvitses. The Trust is worknng closely wlth its funders to ensure funds a¢¢umulated are sp8nt responsibty over an exl8nd?d perfod. A breakdown of the restricted fvnds by prcgrammes can be found in note 18. Page 16 THE su￿ON TRUST REPORT OF THE TRUSTEE8 FOR THE YEAR ENDED 31 AUGusf 2025 (coKfNuED) ACHIEVEMENTS AND PERFORMANCE FOR THE PERIOD Icontlnuod Finan¢lal Revlow Icontlnu•d) The Daslgnatod fund was eslablished to secure the Trusys long-tenn financlal sustainatsfjty. The Trust is due to review its aims around this designated fijnd pro¥￿ing an initial investrnent for an expendable endowment In the future. In the short404nedium lemi the strategy is to accumulate the retums generated to sustain the growth of the fvnd. In the bng4erni the ino)m& generated is exFEcted to provKle an additional source of unrestrictsd income forth6 TNst. Unrn•lrf¢ted funds conslst ot. Free ReseNes of £5m. This arrL)unl is equivalent to approx. 60% of ongoing annual running costs, enabling the TNst to meet its multi-year ￿Tr￿lts￿ents to existsng pro3ramme partbapants In the eventofa sustain•J downtum in fvndrased income. Fixed A35et Fund of £0.05m. This is equivaknt to the ftxed assets held and used by the Trus( as these cannot be realised in the short-tem. Generdl ReseNes of £0.4m. This is amount Is hell, above the minimum level of the free resep4e as outlined above. This may be due to extra ordinary income recewl in year or timing differenceg. The aim is to keep Ihis general re5eNe to a minimum while ensuring impacttul, sustainable spend over the strategy period. ThwJe fvnds during the budgetlng cycle and in detemining ongoing fundraising targets. The Twstees review the way In which unrestricted fvnds are allocated vhth the aim of maximising the amount available for charitable aclivrfoes vthilst ensuring that an appropriate level of roserves is maintained ts the pury)oses set out above. Overall, and followng a thorough reserves review as part of the 2025 strategy process, the Trustees recognisa Ihat the current level of reserves, particularly unrestricted reseNes, exceeds their tsrget level and they are mmitted to reducing these to méet the reserves tsrget over the strategy period to 2030131. Trustee5 reviav reserves targets and progress to align actual Iw81$ with the tar9et levels at least annualty along￿de strategic and financial considerations. Inv￿t￿￿PoI1cY & Perfomianco The Trust relies on professional fund managers for the day-l04ay running of ils investhent portfolio. Th8 apwnted fund managers manage the portfolio on a dlsuetkjnary basis, with the fvnd managers takbng *1 investment deosions in line wtth the investment objecknve5 and risk profile agreed by the Trustees. The Trust holds two separate investment fvnds - the destqnated investment fund for lorwJ4ern) sustainability and the Irestrictedl opportunty bursary fund- both managed by J.P. Morgan BanK on behaw of the Trust Each investrnent pcrfolio is allocateil b the follwing asset classes: equitEs. fixed Inccme and cagh, and alternatives, with target allocations varying in line wth the purFQSé of the specific investrr£nt {see belcml. The Investment objectives of each investment reflect their medium40-long teTh natu￿ and include.. Abovpraverage level of capital and Inco￿ growth and the maintenanc4 of the capital value of the portrolio over the medium404ong-temi Investrnents in Marketab￿ se¢urilies which are capable of b6iNJ converted into wlth reasonable notice Deslgnat•d Inv•stment Fundlorlonwenn 8ust8lnablllty The fund was designated in 2019 wth an initial cash investrnent of £2m. At the end of the year, the fund value was £2.4m with an asset ak*ation of 56.7% equitw 39.0% inconN 2.9% altematives and 1.4% cash holdings. Due to ongolng p￿￿￿)Ce concems. the Trust transferred the fvnd in April 2025 in tls ontirety to J.P. Morgan Bank. The value on transferwas £2.2m. Since the transfer, the lund has Sho￿ g¢)od perfomiancé, generating a ￿tUrn of12.2% net offeeg and charg8s, which is well ah&•J ofthe Trusfs investM￿t objeL*ves lorthe fund. Fund perfomance is aligned to the relevant benchmarking data for Q1 14.8%) and Q215.7%1 of the fijnd's operatKJn wth J.P. Morgan. Page17 THE surroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 20251CONTINUED) ACHIEVEMEKfs AND PERFORMANCE FOR THE PERIOD (conllnued) Flnanclal Rovlgw Icontlnuodl Opportuntty Burnary Fund (Rastrfcted) The fund was established in 2021 with an initial cash grant of £4.8m and ajdthnal &)nations of £0.4m. At the end ofthe year the fvnd value was £5.4m with ￿ a￿et allocation of 56.0% equities, 39.7% Ilxed inojme. 2.7% altemalives and 1.6% e2sh holdings. The fund has had go¢xl perfomiance during the year, generattng a return of 10.3% net of fees and charges, which is well ahead of the Trust's investment objectives for the fund. The fund perfonnance is broadly in line with J.P. Morgan's composite L*nchmark$110.9%} corresponding to the Tnjsys investrnent strategy. During the year. £35Ok was wthdrawn fr(xn the fvnd in line with revi58d grant conditr'¢)ns. The prinapal ofthe grant and the aswated investment income is shown within deferred income in Note 13. Uquidity Fund (Unr•sb*ctsd) In addition to the trNo investment portfolios detailed above, the Trust has also set up a Ilquidity fvnd (initial fijnd value: £2m) with J.P. Morgan on a self4nanaged basis in 2025. At the end of the year (after 5 months), Ihe fvnd value was £2.03m, which compares favorably to prgvious retums. Grant4naklng Pollcy The Trust undertakes researth, policy and programme work relatsd to its central aim of promoting social ￿￿)blIty through education. It increasingly works in partnership with fijnders, including tnjsts and foundations, )rporates and individuals, and delivery partners, who are Gommissioned to deliver spgafi¢ activities wthin the Trusys operating plan. Generally, delivery of acbvities is for a specifi¢ programnE or piece of researth to be delivered within a one-tsthrewear time frame. wilh regular revw points. The Trust takes a strategic and oactive approach to its Work, Wor￿.ng with other organisatK)ns to develop and evaluate its a(*vikn'es. based on the latest research evklence and polcy OPFQrtunities. The operating budget fw each yvar 1$ approved by the Trustees in c¥Jn5utstion with Ihe Chalrof Tnjstees, Chief Executive and other senior stsff. The budget is reviewed regularty, and updates provided to the Trustees al each meellng and to the Chief Executive and senior team. Wthin these parameters, approval for indNiéual commitmenls is di5Gussed at regular meetings involwng senior staff and others as appropriate. An wroval mainx Is in place to manage expendi￿re inside and outside the scope of the budget. Any granls made to other organisations or individuals are based cffl ¢ommissoning or contracting to undertake activities align8d to the Trusvs operating plan. IMen contracting these actNIt￿$ Ihrough or in pathership with an external organisation or indwidual. the appropriate memb&r(s) of staff wll have had delai￿d u)nversations with thé indimduals and organisations consKlered for tho programmé or researth project. The aims and oxpected outcomes ol the partnership will have been clearfy defined and a written proposal will have bean submitted. The temis and conditions of all parlnerships are set out in a Letter of Agreement or equNalenL any variation on the terms and conditions are agreed fomalty as a temi of variance. Regular monitoring is a requirement of all commitr￿ts made and, in the case of larger grants and reCur￿nt funding for programmes. the Tmst is highly likety to wnmission an in(kpendent academic evaluat'on and to inciude the programme in its Evalualion Framework. Grants are genoralty paid in nStaIr￿ts, with eath payment dependent on the prOd￿tIon of an interim repor( event milestones andlor staff arKI Trustees being satisfigj with the progre55 being m•Jo through meetings and )nvernations. The Trust does not make grants to individua15 or organisab'ons forwork notwithin our opwats'ng plan. and doe8 not accept unsoliated applications for delNery of planned activities. Page 18 THE SiTrroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 {copillNUED) PLANS FOR FUTURE PERIOD8 l)Jr fvlu￿ plans for the next few years are n¢>N cleaty in pla￿ with our 2030 strate9y. As menb'oned earlier in the dcumenL our three strategic pillars are.. Programme growth, with an aspiration to reach 20,000 student5. Increasing pressure for poli¢y and practice change, high profile research arKI advocacy. Empowering, and Wo￿ng rTh)re dosety *ith our gro￿ng al￿nn1 cunmunity. Within this strategy, our Gentral approach to change remains the same.. with a focus on diredy supporting high ability, lowlrniddle income young people through our programmes, and our r8saarch and advocacy work taking a wider look al the causes and potsntial solutions to low social mobility and educational inequalty. from earfy year5 through to ￿5$ to the wothpkce. INe will nN)nitor our progress towards these strategic gDal$ a$ we wogress- arKI adjust course year-twear if required. STRUCTURE. GOVERNANCE AND IA4NAGEMENT Goveming document & ¢ongtttullon The Sutton Trustwas incorporaled on 15th February 2012. The Sutton TNst is a company limited by guarantee (numter 079515411 and a registered charity (number 11462441. Its goveming instwment is its Memorandum and Artide5 of Associgton. It 1kns not have issued share capilal and, as 5uth, the ultr'mate cu)trol is vested in its Trustees. Tru8te88- Appolntment, Induction and Tralning The appointrnent of Trustees is govemed by the Arbdes of Assocmtlon of the Charitable Company. Wlh Ihe retirement of Sir Peter Lampl from the posib'on of Exe¢ulive Chair in November2024, the Charity's Articles have been revis•J and Trustees, of whith there must be at leasl ts¥o, are appointéd by resduiion of the Board c Trustees. Trustees, with Ihe excepts'on of the Founder (who fully retir￿j from the Board of Trustees in August 21Y25), are tyk¥cally appointed for a four-year temi and may b8 appointed for an additional four-y8ar tenn. At the end of lh8 year, the Twst had sixTrustsas. Trustees aim to meet at least four times each year. Naw Tru5te95 are made aware of their legal obligations under Charty Law and Company Law, the decI￿on- making prcKesses at the Charitsble Company, its strategic aims and recent perforrnance. They are also provided with a pack of relevant documentation, indudin9 a budge( strategy overview, a current list of research and programm6s, and key policie5 and prO￿ures. including the Trusfs safeguarding Folicy. In addit￿n, new Trustees meet with the Senior téam, are given the opportunity lo wsit programmes and r8search events, aNI are also offered fo￿￿1 training as needed. The Trustee induction process was last reviewed in 2￿24. Th• Tnmfs Gommlthi8nt to Good Govornanco Code Following the retirement of the Trusfs Founder as Executive Chaimwn (Nr)vember 2024) and Trustee (August 20251, as well as th the appointmont of a new non-executive Chair of TnJstees (November 2024) and thè appointment of four new Trustees betsveen Juty and Odober2024 {follrhving a number of retirements). a review of the Charity Governance Code was planned for the first half of 2¢y25 and took place in th8 autumn of 2025. As a resutt, the Trustees have fomialised their refreshed ways ofworking and introduced a variety of additional 900d practice documenlation. The Trustees are committed to the Prin￿pIeS of the Code and are proactf48 o)n&dering further improv&ments in line the refreshed Charity ￿vernanC￿ Ccée (November 20251. Organisation The Tnf5tees of the Charitable Company meet to discuss overall strategy to deterniine besi to dire¢ tts resources to meet its objectives. The Sutton Trust has a Chief Executive who reports to the Chair of Trustees. The Chief Executive oversees a senior team comprising the Director ofDevelopmenC DireGtor of Programmes, Director of Research and PoliGy, Director of Communications and Advocacy, and Director of Finan￿ and Operations. The Executive Team havè resFonsibility f(Y maroging the staff of Ihe Charitable co￿nY, whith at the end of2024125 stsnds at 49 staff. Page 19 THE 8iJrroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 IcopinNUEDI STRUCTURE, GOVERNANCE AND MANAGEMENT Icontlnued) Remun•ratlon Pollcy The Sutton Tfust is comrrilled to Ma￿n9 sure that ￿nplOyeeS are paid frairty and in a way that helps attract and retain high calibre peoplg in order to have tho greatest impact in delivanng its charilable objectives. In aGGordance with the Statement of Re0)Mmend￿ practi￿ ISORP), the Sulton Trust Discknses all payments to Trustees (no Trustee$ receive'pay., but they are reimbursed expenses) Discbses the number of 8mployee5 paid more than £60,000 pa (in bands of £10,000) DisGbses pensions and other benefits given to employees Pay increases are authorised in lin8 Wth the Trusvs Srhedule of Delegation (last updated in December 20251. The Trustee Board sign off the overall 5tsffing envelope. Th& approval of new andl or replacement Executive Team roles (including for the Chief Executive) is delegatsd to the Ch￿r of Trustses. The approval of all other roles is dal8gated to the Chigf Exe(artNe. During the year. the pay of the Chlef ExecutNe was set by the Chair of Trustees. All other Salaries are set by the Chief Executive in consumation with the Senior Management Team using intemal pay scales. The remuneration benchmark is the mid•oint of the range paid for similar roles adjusted for a weighting for any additlonal responsibilthes. If ￿¢ruitment has proven difficult in the recent past a market addition also be Pay is reviewed annualty, and any increases guided by the Retail PIic85 Index IRPII and performance in the annual appraisal process. The Charity is a Living Wage employer and pays all its employe8s, induding intems. at least th8 London LNing Wage. Employee remuneration does not indude any share option5 or bng-term Incenti￿ $che￿￿s. The perpjd ofnotsce of ternination ofcontracts ofemployment is 3 months forthe Executive Team. The pension proV￿10nS for the Chief Executive is set as part eftheir wider compensatlon padfage. The Executive Team are on the sam8 tems as other employee5. Auto enrolment takes place in line with pension legislats'on. Related Partl•s The charlty has no trading 8ubsMliary. Sir Peter Lampl. Execukn've Chalnnan (until Novemb•r 2024) and Tru5ts8 Oft￿ Trust (until August 20251, also acled as the Chairman ofthe Educakn'on Endowment Foundation IEEFI unb'l December 2023, when he berame the Chair Emeribjs of Ihe EEF. Sir Peter Gershon, Trustsé of the Trust (until October 2024) also acts as Trustee of the EEF. The EEF is a sister charity éstablished by the Sutton Trust as lead partner with Impetus Trust in 2011 to break the link bthaon frdmlty incom8 and educaJonal athievements. In the year, the Piivate Officé of Sir Peter Lampl and the Sutton Trust shared staff and Iloor space. This arrangement came to an end foll(￿ng his ￿tirement from the TrusL Transactions with related pathes are diFdosed in Note 14 to the finan￿al 5talements. Internal Controls & Rlsk Managgmènt The Trustees have responsibility br ensuring that the charity has in place an approprfate system of controls. financial or otherwse, lo provide reasonable assurance that the charity is operatin9 effectively and in linè with th8 Charlty Commission guideline5. The systems offinancial control were conb'nually revithved and improved where ne¢gssary during the reporting Period to provide reasonable assurance against ￿￿terial misststement or k￿. Page 20 THE siirroN TRUST REPORT OF THE TrUSTEES FOR THE YEAR ENDED 31 AUGUST 20261copillNUEDI STRUCTURE. GOVERNANCE AND PA4NAGEMENT <￿￿onU•d} Intsmal C¢Jntrob & Rl8k MaThag•mtnt (contlnued) A full annual planning and budgeting process 15 in place, and the charity considers rlsks as part of all ts activities. Notable risks identified in the pericxl and actions to mitigate the impact include.. Safeguarding prcoramme participants, alumni, ernployees and other5 who come into conta¢twith the Trust is a c•lical priority for the Trust. The Trust has a strong safeguarding culture with annual re￿eW of policies and procedures. ¢)Jdes of conduct and annual training for staff and volunleers. In tha year, Trust overhauled its Young P8r50n Safeguarding poliw as well as ancillary pro¢esses ba5•Y on expert advice, Sector best practice and user feedback to keep up wth issues affeth'ng young people and rn3￿ng it rrore user friendly. Abngsid9 welfare consideration, dala protection is of significant importance and we D)ntinuously review and improve processes in this area. Y￿th the help of our extemal Dats Protection Offi¢er and IT spe￿alIsts. During the year, the Twst formaltsed its disaster recovery plan afid crisi5 ￿MM$ strakn. wth an increasingly Challenging extemal fvndraising environmen( raising sufficienland sustainable fvndiig for the Trust to achieve stratsgy ambitions remains a uitical priority. In line with the Trusts fvndraising strategy and the tran￿tioll to a more dynamic fvndraising approach, the Trust seeks to diversify its funding sources, attract new funders to the Trust and cclntinue to grow unrestrided and other more lIe￿ble funding. The Trust ha5 been on a Sbgnfficant grovAh tr4ectory In Its actswties through the expar6ion of its fx&t f¥e activities and addition of digital actmties, dTiven by the increas&J demand for its seNices as well as through an expansion of its research and advccacy activities. From a financial perspeth've, the Trust need5 to conlinLte to align its strategic prIOr￿eS with its funding trajectory to énsure expenditure doesn't significanlty outyr(AV its incorne, particularfy considering the recent cost4)f4iving CfiSiS and its impact on direct and staff costs. Alongside, we are monitoring the impaGt of the external environmènt on our growi nelwork of partner5, particularfy the fir￿n￿aL challenges eyrienceil by the unNersty sector, and ifs p)tential effect5 on our programming. Golng Con¢ern The Trustees o)nfirm that the ac￿Mpanying act>)unts compiy with stathJb)ry requlrements, the requirements of the Artides of Assooaljon and the requirements of Ihe Slalément of Recommended Praclice on Accounting and Reportirb3 by Charities (SORP 2019 FRS 1021. The Trustse5 have considered the financial budgat for the next financial year, 2025126, and its medium-tem strategy. The pipeline for 2025r26 1$ $trong with a good level of projected ffijndraising In￿me., a number of significant renewals for the period havé been succ&5sfiJl. The development team are therefore looking ahe&J to the 2026127 pipeline, aiming to engage fvnders in advance to ensure the m05t favourable OUt￿me aTrJ enable suffiuent planrslng. The Twst continues to invest into its fvndraising activiUes to ensure additional demands on budgets, through expansion as well as inflation are being met. Cost budgets are ￿v￿Wed regularly and thoroughly for programmes and other activities, including administrative costs b) ensure Ihe continued 5UStainability of tt Trust. The level of unrestricted and desKJnated funds held is considered Suffic￿nt to absolo the impact of unexpcted volatilty in the light of the political and e￿nOMiC landscape, and its Fthntlal implications on fvndraising and pr¢)aramrr£ delivery and support (see Reserves Poliw on pa9e 16). ConsideriThJ the above, Ihe Trustees believe that the Trust ha$ adequate resources to continue suttes5fully for the foreseeable fvtyre. Therefore, the annual report and finanGial statements have béèn pr8parad on a Ihe going concerns basis. Page 21 THE SiTrroN TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 Icopiftr4uED> STRUCTURE. GOVERNANCE AND I14NAGEMENT (conllnuodl Fundralslng ApproaGh The Sutton Trust Is a member of the Fun(IrahsirwJ Regulator and is commltt&J to folhxrfTrJ the Code of FuThlrai8lng Prndice. The Trust raisesthe majority of fvnds thwh large, mulb-yeargrants and gits from Trusts and Foundations, )rporaies. arKI individual supp)rter5. The charity doe5 not undertake any direct fundraising, wjch as thor door cdledions, dire& ffoilings or CA)Id calling. Funding opportunities are wrsued through offKlal thannels, such as application fomi, or via intrLMluction¥ by current supporter5. In lino v4ith ru￿ent dala wotection rogulation, we onty contact IndNÉduals with prfor c1￿$8nt The charity ensures that grant and glft agreements are in place wlh its 5uppcth. In 2024f25, the ch8rity dkl not have any Commeraal Pa￿Cip￿r5. The ¢harity completes a due dilvJenca pror£s5 for ail new SUPPOrte Dev8%¥)ment Team staff are kept on fundraising best pre￿ti￿. The¢harity's corntlaints ￿￿￿edUre is avalabie on the TrusY8 website. Forstsff, this isalso availabl8 in th8 stsff handbrpJlL In 2024r25, we receivod no oynplaints relating to fvndralsing. The charfty is not ayrare crf any breaches of fvndraiwng regulatiorts by the tharfty or by any Ferson xting on Its behalf. Page 22 THE su￿ON TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 ICONTINUED) TRUSTEES, RESPONSIBILITIES STATEMENT The Tfustees (vtho are also directors ofThe sut￿ Trust for the purposes 0f￿MpanY law) are r8sponsibl• for eparing the Reportof the Trustees (including the Strategic R8kKJrtI and the financial statements in a¢¢ordance with applicable law ar￿ United lfjngdom Aecounling Standard5 (United ifjngdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepwa ￿n￿la1 statements for each finaTrial year. Lffidercompany laN the Trustee5 must not approv8 the Ilnanrial statements unless they are satisfied that they give a true and fair vlew of the state of affaits of the Charitable Company and of th• In￿Ming resources and application of resources, incIL￿1￿9 the Income and expenditure, of the Charitsbla Company for that pencé. In preparing these finanGial statem￿ts, the Trustees are required to.. • select suita)le a THE SU￿ON TRUST BALANCE SHEEr FOR THE YEAR ENDED 31 AUGUST 2025 Not• 31 August 2025 31 August 2024 Fix•d a99ets: Tangl￿e assets Investments 42,267 10,397,715 51,315 7,771,692 9&21 10.439,982 7,823,007 Currnnt 0•8ets: Debtors Cash at bank and in hand 10 21 540,117 6.457.873 910,328 8,612,746 6,997,991 9,523.074 Currenl liabililim: Creditots- amunts falling due within one year 11 12.422,503) (2,544.031) Nel curr•nt asetl 4.575,487 6,979.043 Total a88ets le￿ Current Ilabllltlos 15,015,469 14,802,050 Creditors - amounis falling due after more than on6 year 12 (5,625,667) (5,073,505) Total net a860ts 9,389.802 9.728.545 Tho funds of the Charltablg Company: Unrestricted- general fund - designated ￿nd Restricted in¢Aime fund 18&19 18&19 18&19 5.453,089 2.390,619 1,546,094 5,284,196 2,337,116 2.107,233 Total Charilable Company funds 18&19 9,389,802 9,72B.545 The financial statements were approved by the Trustees and authorised for issue and stgned on their behalf Walsh Trustee Date". The notes on pages 31 to 53 fomi part ofthese financial statements Page 29 THE 8urroN TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 Year gndod 31 August 2025 Year •ndod 31 August 2024 Net eagh oufflaw from operatlng acUvltlo5 15 (122,533) 11,176.814) Cash Infiowllouffirywl from Inv•8lln9 a¢tl¥lU Interest income Dividend in(x)me Purthase of fixed assets Purchase of investments Proceeds from disp)sal of investrnents 201,369 52.288 (14.069) (7.028,827) 4,756,899 156,047 46,462 112,9481 (1,612,409) 1,667.IA2 Net ¢￿h IDIkn from Invo8tlng aGtivitlo6 12.032,3401 244,214 Not docrgaso In cash and ¢ash •quiv•l•nts 12.154.873) 1932,600) Cash and cash •qulv•lents brought foNard 8,612,746 9,545,346 Cash •nd cash owfvaients carried forward 8.457,873 8.612,746 CaBh and cash equlvalents ¢onslsts of: Cash at bank and in hand 6,457,873 .612,746 Cash and ¢a8h aqui￿1•￿￿ ￿ 31 AUg￿t 6,457,873 8,612,746 Cash held at year end was £6.5m {2024- £8.6m}. £3m of this reths to restrthd fvnds (2024- £3.6m) £3.5m to unrestrictsd fijnds {2024- £5. Qml. The notes on pages 31 to 53 form part of these financial statements Page 30 THE SLrrroN TRUST NOTES TO ThE FINANCIAL STATEhENTS FOR THE YEAR ENDED 31 AUGUST 2025 AccouTrifiNG POLICIES General Inforniallon The Sutton Trust (￿he Trusr, "the Charity. or °Charitable Company") is a r8gi$tered tharity (charity number 1146244) limited by guarantee, whose prinapal objed is to SUPFKJrt charitsble pur￿lseS in whatever mannerthe Trustees, in their absolute discretion. think fiL The Trustees, overriding aim 15 to promote social mobility by iMpro￿ng the educational opportunities available to non*￿vIlege￿ young Feopl6 in the United Kingdom, through researth, poli¢y work and progfammes. The policy of Ihe Charitsble Company is to seek sufficient finance to continue to fund Its charitable ac*ivitie5. In the event of the Charitable Company b￿n9 wouTrY up, the liabilty ￿ respe¢t of the guarantee 15 limited to £1 ￿r member of the Charitable Company. The address of the registered office is gwen on page 1 of these flnancial statements. Ba818 of proparatlon The financial statements have been Prepared in accordance with Actt)unting and Reporting by Charilies-. ststement of ReGommended Practic? applicable to charities preparing their accounts in accordance wilh the Finanaal R8POrting Standard applieable in the UK and Republic of Ireland (FRS 1021 (issued in October 20191 ('Charities SORP FRS 102°}, the Finanaal RepoTting Stsndard appIlob￿ in the Unib Kingdom and Republic of Iréland IFRS 1021, the Charities Ad 2011, and where relevant, the Charib8S Act 2022, the Companies Act 2006 and UK Generalty Accepted Practice. The Trust constitutes a public benefft entity as defined by Charits'es SORP FRS 102. The financAal statements are prepared on a going ¢oncem basis and underthe historul costcrnvention, oxcEpI in respect of its fixed asset invesln*nts which are carrfed at market vaue. The finan¢ial Statements are prepared in Sterllng which is the functional ￿rrencY of the Charitable Company. The significant acc￿Unting poliae5 applied in the preparation of thes• financial statements are sel i)ut below. These policies have been consistently applied to all years presented unless othemise stated. In¢omo Income is re¢ognised once the Charita￿e Company has entitlement to the funds and it is probable that Ihe fund5 will be received within the Charitablé Company or on behalf ofthe Charitable Company and the monetary valuè of incoming resour￿8 can be measured with suffiaent rgliability. Donation$ from c£pswnsors, whether paid through the Charltable Company or dI￿￿Y to Ihe gwtees. are al￿ recognised in the financial statements, wthin donation ir￿me, the Charitable Company acts as"Principal" for these projects. A corresponding donation expense is recorded in respoct of th8s& donations such that there is no net impacl on the Statement of Finanaal A¢l'vities (refer to'Expondrture° below for detaiLsl. Donated se￿Ie￿$ and faclities are included at the value to the Charitable Comp8ny wher8 Ihis can be quantified. Donation income 15 deferred when the donations are récelved in advance and spe¢ffigJ by the donor as relating to speafic a¢¢ounting periods or altematively which are subj.ect to condthons which are still to b8 mét and which are outside the control of the Charitable Company" or when it is uncertain wh81h&r thé cxindition5 can orwill be meL Theseare deferred to the yeartrJ ￿1¢h they relate and released lo infjyning resources in Ihat year. Page31 THE surroN TRUST NOTES TO THE FINANCIAL sTATEl￿NTs FOR THE YEAR ENDED 31 AUGUST 2026 Icop¥llNUED) ACCOUNTING POLICIES (¢ontlnued) Incom• {¢ontinU￿) For legaaes, enlitlement is the earlier of the Charitable Company being notified of an impending distribution or the lega¢y being received. At point income is recognised. Where legacies are notifi to the ChaTitabk Company and it is nol possible to m&asure with sufficient reliablity the amountexpthJ to be distributed. these legaGies are not recognised. Inv•8tment incom• Investment income represats ints￿t receivable from bank d8￿Sits, diwdeThls, inl8re5t and fix& irwm8 receivabk from lthj Investments. Ewndilure All expendlture is accounted for on an a(xrua15 b￿'S and has been classified under headings that a99regate all costs related to that category. Expenditu￿ is reojgnised where the￿ is a legal or constructive obligalicn to maké paymgnts to third parties, it is Probab￿ that the settiewEntwll be requirad and the amount of thé obligation can be measured reliably. The costs of raising funds c￿￿$t ofdirocl staff costs and othèr support costs for fundraising. Charltable activities Include grants payable to third parties in fvrtherance of the charitable objectives of the Charitat4e Company and indude both the direct costs and support costs relating io these actiwttes. They inGlude grants paid directy to grantees by cNpong)rs where the Charitable Company acts as"Prinopal' for these projects (refw to"Income" above for details). Irrecoverable VAT is tharged as an expense agalnst the activity for which expenditure arose. Grants payable are to third parties in fvrtheran￿ of the charitablg objectNes. Where un￿ndItional grants are offered, the value of the grants is accrued as soon as the re¢ipienl is notified of the grant, as this gives rise to a reasonable expectation that the recipient wll receNe the grant. Where grants are conditional relating to perfompnce then the g￿t is reccgnised to the extentthat the recap￿nt ofthe grant has provided the specified servi￿. Support costs allocatlon Support costs relate to those functsons that assist the work ofthe Charitable Company but do not direG undertake charitable ath'viti•s. Supwt costs include bad(-offi(* costs, finance, p8rsonnel, payroll and govemance costs which supportthe Trust's projrammes and adiviknes. Thes& Costs have been al￿)cated betsveen'cost of raiswig fijnds. and"Charitable activities.. Stalus of funds Unrestricted fvrKls are availa￿ for use at the discretion of the Trustees in furthèran￿ of th8 general Obl￿tiveS ofthe Charitatle Ccffipany, which have not teen designated other purpose5. Designated fijnds comprise unrestricted fvnds that havo been set aside by the Trustee8 for particular purposes. The aim and use of eath deggnated fund, if any, is set out in the notes to the financial stalernents. Restric￿￿ funds are funds which are to be used in acc1)[dan￿ with specific restrictions impo*J by donors or which have been raised by the Charitsble Company for parbcular purF*)ses. The cost of raising and administsring Such funds a￿ charged 4ainst the speciffic fund. The aim and use of each restricted fund is set out in the note$ to Ihe financial statements. Page 32 THE su￿ON TRUST NOTES TO THE FINANCIAL STATE1￿￿[rs FOR THE YEAR ENDED 31 AUGUST 2025 {CONTINUED) ACCOUNTING POLICIE31continuod Status of fvnds Iconlinuod) The list of grants is detailed in Note 3 to the financial statements and the purpose of these grants is provKle educational opportunities for young people from non-PTivileged bac*grounds and to fijnd related research and policy wor Tanglbl• fix•d a￿•ts and depreclallon Tangible fixed assets are stated at c£)st18ss depreclatlon. Pn)vision for depr￿lation of tangible assets is made at rates calculated to wiile off the cost of the assets. les5 1heir estimated residual values, ¢)ver their expeded working INes. The ratss of depre￿ation are as follows.. Leasehold improvements over the lease period of 41 mcths Fumiture and fittings 15% straight lin• Computer equipment 25% straight linè Investments are recognised initialty at cost which is nornalty the transaction Pri￿ induding transactsn costs. Subsequently, they are measured at fair value with changes recognised in 'nel gains I Ilossesl on investrnents, in the Statemenl of Financial ActlMtie3 if the shar8s are publidy Iraled or theirfair value can 0th8rwi$• be measured réliably. The fair valuè of listed investments 18 d8ternined by reference to the quoted Pri￿ being the Stctk Exchange Mid*)ri￿. R•all8ed and unrea1180d galns and10880• Reali5ed gains and losses are recx)gnised on diswsal of investments. Unrealised gains IC￿ are reCOgn￿ed on the matl(et value of inveslments at the balance sheet date. Debtors credltors rKoivable I payablo wlthln one year Debtors and creditor5 Wth no slated intsrest rate and recéivable or payable wthin one yew are re￿rded at transath'on prKe. Any losses arising from impairrr£nt are recognised in expefidl￿re. Flnancial ￿￿trUm￿nts The Charitable Company onty has finanaal assets and financial liabilitigs of a knnd that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction cost and subsequently at amorb.sed cost. Provisio Provisions are recognised when the Charitabk8 Company has an obligation al the balance sheet date as a resu￿ of a past even( it is probable that an oufflow of ￿OnOMiC benefits wll be required in settlement and the amwnt can t* reliably estimated. Forelgn currnncies Foreign currency transactions a￿ translated into the functional ￿rrenCY, Sterlng. using the sp)t exchange rates al the dates of the transaCt￿n5. At each period end foreign currenw monetary items are translated usirvj the ¢I￿ng rate. Non-monetary iteffts measured at historKal cost are tran￿ated using the exchange rnte at the date of the tran&g¢tion Page 33 ThE 8UThON TRUST NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 20251CONTINUED) ACCOUNTING POLICIES (corrtlnu¢d) Foreign ¢ufftncles {conlinued) and non-monetsry iteffts measured at fair value arn m8a$ur&l using the exchange rate when fair value was dete￿ined. FO￿Ign exchange gains and losses ￿Su￿ng from the settlement of Iransacllons and from the translatr'on at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are re￿gnISed in the Statement of Financk31 Actmthes. EmployM ￿nofft$ When employ￿ have rende￿d 8ervi(8 b the Charitabl8 Company. $hort40rn1 employèè benefits to which the employees are entitbj are recrxjnised at the undiscounted amount expected to be paid in exchange for that seNce. The Charitable Cornpany contn'but85 to defined Contribution plans for the benefft of its employees. Contributions are expensed as they become payable. The CharFtable Company 1$ an exempt tharity within the meaning of Schedule 3 ofthe Charitses Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the deffinition of a Charttable Company for UK corporation tax purpos85. Golng concem The Trustees have constdered the reievanl financial risks and ihe ability of the Charitable Company to continue in operalijnal existsnce for the foreSeea￿e future. Having considered the level of funds held and reviewed a robust pipebne of pledges and projected fvndraising in¢onp tc¥Jether wth the detaikd cost budgets for each programme and actmty Induding administrative costs for the 12 months from authori$ing these finan¢ial statements, the Trustees have a reasonable expe¢tslion that the Charitable Company has adequate reSOu￿£S to Continue in operatsonal existsnce for the foreseeable future and hence consider the adopty'on of the going concem basis in préparing these financial statements is appropriate. Oporallngloase Rentals under operaling leases are tharg•J lo the Statemt of Finanoal ActivitRs as1hey are incurred. Benefits received and receivable as an incentlV8 to sign or continue an operating lease are recognised on a straight li￿ basis over the period unlil the dato the rent is expected to be adjusted to the prevailing market rate. Judgom•nts and koy 80urcos ￿ •*tlmation uncertalnty In preparing financial statsments. the Trustees have to make ludgements on how to appty the Charitsbla Company's accounting policies and make estimates about the fijture. Criti￿ judgements that have been mad8 at ¥riving at the amounts recryjnised In the financial ststements and th8 key areas of estimation uncertainty that have a Signifi￿nt risk of causing a material adjustm8nt to the canying value of assets and Ikqbilities in next financial year, are discussed below.. Futur• grnntspayableprovislon Future grants payabk are onty provided for in the finanual state￿￿nts when there is a Gon$tructt¥e or legal oblisalion forthe Charitable Company to pay outfvtur8 grants atthe period end. whi¢h is dependent on the terms aThl eondltions of the grant agreement betrween the Charttable Company and the grant Èeneficiary. Page 34 THE SUTfoN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ICOTrItINUEDI INCOME TOTAL Funds Funds FUNDS Year ended 31 Yoar ond•d 31 Year ond•d 31 Year ended 31 August 2025 August 2025 August 2025 August 2025 The ir￿orne c(Jnpris8d: Donations Donated seN1￿. Legacies Diviéends Bank interest 1,821,097 4,838,136 36,702 6,659,233 36.702 110,000 52,288 201,369 110,000 45.844 9,324 182.839 9,406 2,120.180 55.168 4,884,244 7,059,592 Other gainslllosses} - foreign exchange - disposal offfixed asset (83) 507 (1,148) (131 <1,244) 507 424 {1,1481 (131 1737) The inccme arose from the following geographical locations: Year •nd¢d 31 August 2025 Year ended 31 August 2025 Year onded 31 August 2025 Year ended 31 August 2025 US and Canada UK induding the Channel Islands 309,553 1,810,627 1,507,010 3,377,234 1,816,563 5.243.029 55.168 2.120,180 55,168 4.884.244 7,059,592 "Donated service5 above consists of pro bono charitable actSvities undertaken by extemal provideF5 on behalf ofthe Chantable Company, and also strategy plannin9 9xpenses induded within support costs. Page 35 THE sirrroN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 IcoKllNUED) INCOhE (contlnued) G8n8rd D•skJnat•d TOTAL FUNDS Y•ar énded 31 Year ended 31 Year ended 31 Y•ar oThdod 31 August 2024 August 2024 AUg￿t 2024 August 2024 The Inc4)ffe comprised: Donations Donated Servi￿ ' Legacies DNidends Bank interest 1,901,796 300,1)00 1,000 4,700.CQ8 358,351 6,601,804 658,351 1,000 46,462 156,047 41,561 9,626 4.901 9,335 137.086 2,339,882 51,187 5,a72.595 7,463,664 other losses - forelgn exchange disposal of fixed asset (453> 14071 (337) (7901 {407) 1860) 1337) 11,197) Year ended 31 August 2024 Y•ar ended 31 Augwt 2024 Year ondod 31 August 2024 Y•ar ended 31 August 2024 The Income arose from the folknwng geographical kKations'. US and Canada UK including the Channel Islands Monaco 413.347 1,916,535 10.000 1,358,808 3,713,787 1,772.155 5.681,509 10,000 51,187 2.339,8K2 51.187 5.on,59S 7.463.664 onatsd semces alKJve ￿nSISts of pro t￿)nO charitable activitses undertaken by extemal providers on behalf of the Charitable Company, and also strategy and planning expenses inrjuded within support costs. Page 36 THE SUThON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 IcoKllNUED) LIST OF GRANTS MADE FOR CHARrrABLE PURPOSES DURING THE YEAR ENDED 31 AUGUST 2025 Acc•8s progr¥mme8 for unlv•rnly and the profes81on8 Alumni Engagement Programme Artificial Advantage? Access ADprenticeships (previously ApP￿ntICe$hip A Worhj of Drfference Summer School) Tho Opportunity Index Palhways to Banking and FI￿Ce What is Social Mobili Pathways to Engineering School Funding and Pupil Premium Pathways to Law Unequal Treaknenr Pathways to Mediane Unpaid and underp3id intwnship Pathways to Banking and FITr￿¢e Ionllne) A Class Act Pathways to Consulting (Onllnel Lessons Learnt? Pathways to Law Ionllnel Lrfe Lessons Opportunity Bursary SoThal Selecb'on on the map Careers Skills Bufsary Sutton Trust Careers Plus {Con$ulUng) sUttC￿ Trust Careers Plus {Lawl Sutton Trust Carè8rs Plus (Tech) Sutton Trust Online Teaeher Champions UK Summer Schools US Programn Ro8•arch and policy System Change Tech Taskforce Page 37 THE SLrrroN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (coKllNUED) LIST OF GRATr￿8 MADE FOR CHARrrABLE PURPOSES DURING THE YEAR ENDED 31 AUGUST 20251continugdl Total Furnls Total number Year Yoar Yoar Yoar Yoar onded 31 endod 31 ondod 31 end•d 31 onded 31 August 2025 Augu$l 2025 August 2025 August 2025 August 2025 Grants payable to instthtions Grants payable to indiwduals 1,310,553 1,310,553 63 Total grants payable (see Note 4) 1,310.553 1.310,553 63 Total number 63 63 D8sbJnatod T•)lal FuNI8 Funts Fu Totsl number Year Ygar Yoar Year Y•ar ended 31 ended 31 •ndod 31 ended 31 ended 31 August 2024 Augu•t 2024 August 2024 August 2024 Augu8t 2024 Grants payable to institutions Grnnts payable lo individuals 1.539,288 7,500 1.539.288 7,500 Total grants payable (see Note 41 1,546.788 1,546.788 107 Total numter 107 107 The grants payablé above exclude other dlrect chaiitable programme expensgs payable to the grantees. See the grant-makJ'tvJ policy on page 18 of the Report of the Trustees on the grants relate to the objects of the Charitable Company. Page 38 THE SUThON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (coKfiNUED) CHARrrABLE ACTivmE8 Grants (Noto 3) Dlrfr¢t W8ts Staff cogts {Not• 7 Support Costs (Nots Sl Year ondod Yoar •ndod Yoar end•d Year 6nded Year ended Year ended 31 August 31 August 31 August 31 August 31 August 31 August 2025 2025 2025 2025 2026 2025 Pro bono Total Universty Access Programmes Employability Prcgrammes Alumni Programmes Research and Advisory 903.375 1,230,694 404,840 637,428 3,176.337 407,178 365.719 629,946 371.488 24,468 1.798.799 214,933 292,659 258.665 685,189 61,046 256.352 12,234 546,878 1.234.200 1,310,553 2.104,005 1.978.640 1,326.314 36,702 6,756,214 C08ts of ralsing fund8 23,654 501.229 128,208 653,091 Funds Total Charltabh expondlturo 1.562,789 5,193,425 6,756,214 Grants (Noto 3) Dlroct Msts Staff colts (Note 71 Support Pro bono work Totsl (Note S) Y•ar ond•d Yoar •nd•d Yoar onded Year ended Year ended Year ended 31 August 31 August 31 August 31 August 31 August 31 August 2024 2024 2024 2024 2024 2024 Univew outreach Schoolslcolleges lnnovats.on Earty years Re$8arch pro 831,966 690,589 1,602,660 283,747 4,029 3,025 219,394 884,720 184.919 187.861 16.164 411,350 1.184,514 449,532 74.410 16,838 244,588 12.234 6.117 4.516,094 1.614,904 266,300 60,260 1.215.332 24,233 340.000 1,546.788 2.112,855 1,685,014 1,969,882 358,351 7,672,890 Costs of rd16ing funds 21,018 410,479 149,044 580,541 Total Charitable exp•ndlture 1,660,789 6,012.101 7,672,890 Page 39 THE SLrrroN TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2025 IcoTrillNUED) ANALYSIS OF SUPPORT COSTS Fund ral8lng (unrestrlLX•dl Year end•d Yoar ondod 31 August 31 Augu8t 2025 2025 Acllvitios YMr •ndod 31 August 2025 Wages and salaries (Note 7) Other staff ¢ostS-travel I recwitrnènt étc. Administration Premises (nel of r&harges) Audit & other Aecountsncy Legal Public relations Depreaation {Not8 81 670,892 131,518 160,486 184,102 41,344 15,152 51,490 50,405 20,925 64.852 12.714 15.513 17,796 3,996 1,465 4,977 4,872 2,023 735.744 144,232 175,999 201,898 45,340 16,617 56,467 55.277 22,948 1,326,314 128.208 1.454.522 Gharftab Fund ralBlng A¢UYlll69 (unrostrIGW) Year ended Y•ar •nd•d Yoar endod 31 August 31 August 31 August 2024 2024 2024 Total Wages and salaries {Noie 7) Other staff Gosts-travel I recruitrnent 8tc. Administration Strategy and Planning Premises (net of whargesl Audit & othor Accountancy Legal Public relations Dep￿atrOn (Note 8) 847,512 112,795 157,673 278,898 190,524 38,674 64,570 S8,￿6 194,289 25,981 64,124 8,534 11,930 21.102 14,415 2,926 4,886 4,461 14,700 1,966 911,636 121,329 169,603 300,000 204.939 41.600 69,456 63.427 208,989 27.947 1.969.882 149,044 2,118.926 Governance o)sts Indude costs incurred on strategy and planning, th• annual audit and any relevant legal f*s. Page 40 THE SUThON TRUST NOTES TO THE FINANCIAL STATEIENTS FOR THE YEAR ENOED 31 AUGU8T 2025 (CONTINUED) NET INCOME AND NET MOVEMETrif IN FUNDS FOR THE PERIOD TIMs18 8tst¢d after chavglng: Yaar ond•d 31 August 2025 Y•ar •ndod 31 August 2024 Operating leases- land and bulhjings Depr8ualion (Gainyloss on disp)5al of fixed assets ALbJilorfs remuneralion.. Audit services 135,346 22,948 {5071 131,162 27,947 407 42.000 38.000 STAFF COSTS Yoar ended 31 August 2025 Y¢ar ended 31 August 2024 (a) Salaries Nat￿nal Insurance Pènsion Contribut￿nS 2,656,383 298,603 260,627 2.482,986 272.825 251,319 3,21 5,613 3.007,130 Included in the staff ￿$ts are staff costs (indU￿Ve of Nl and pension contributions) recharged to the Charitabte Company by the former Chairman's private office of £48,518 (2024 - £75,933). £2,178 (2024 - £2,086) was due on pensKJn plans for those shared employees. The Trustees, who are alx) directors ofth8 Charitable Company, received no raft￿neratiOn for their serrfices dudng Ihe year ended 31 August 2025 f2024- £NI"l). See Note'14 for other Trnstee reLqted transa(*on5. The key rnanag8n￿nt pet50nn81 of the Charitabk Company comprise the TNstees. the Chief Executive and the Executive Team. The total err¢)loyee benefits of the key management personnel ofthe Trust were £832,095 {2024- £858,332). The Charitable Compary contributes to the defined contribution personal pension pLqns of certain employees and contributions are charged in the Statement of Finanaal Activities as they become payable. The charge forthe year was £260,627 (2024- £251.319). Ofthese contributions. £23,961 (2024- £20,717) were due to these plans by Ihe Charitable Company at the year end. Page41 THE SUThON TRUST NOTES TO THE FINANCIAL sTATEl￿NTs FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) STAFF COSTS Icontlnu•dl Y￿r éndod 31 Augu8t 2025 Yoar ended 31 August 2024 No. (b) Number of staff Programrr Innovation Research Fundraising Admini5tr*ion 23 21 12 11 49 47 (G) Employees. remunethon over £60,000 per year Th& numter of employees who received total enijloyee benefits (excluding employer pension costs) of more than £60,OOD for the year is as follows: £60,001 to £70,0(M) £70,001 to £80,000 £80,001 to £g0.000 £90,001 to £100,000 £100,001 to £110,000 £110,001 to £120,000 £120,001 to £130,000 £240,001 to £250.000 Employer5. pen¥cffj ¢ontributions in respectofthese 11 (2024- 7) amployees amounted b£55,163 {2024 - £38, 1361 during the pericNJ. TANGBLE FIXED ASSETS FumI￿re and Ilttlngs L•as•hold Improv•mgnts Computer •qulpmont Cycl? scheme Tot•1 At 1 September 2024 Additiong Disposals 143,766 98,350 3,$69 160,578 10.400 14.559) 1,042 100 {1,042) 403,736 14.OS9 (5,6011 At 31 August 2025 143,766 101,919 166,419 100 412,204 Depr8ciation At 1 September 2024 Charge for period Disposals 143,766 86,399 3,812 121,500 18.808 (4,3901 756 328 (1,0421 352,421 22,948 (5,432) At 31 August 2025 143,766 90.211 135,918 42 369,937 N•t boolt value At 31 August 2025 11,708 30,501 58 42,267 At 31 August 2024 11,951 39.078 51,315 Page 42 THE SUThON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Icop¥nNUED) FIXED ASSET NVESTh1E￿rs 31 August 2025 31 August 2024 Invesknents ￿MPriSe.. Ralhbones JP Morgan 2.250.280 5,345,661 10,397,715 Total equity, bond and other investments Cash held a5 part of portlolio 10,298,420 99,295 7,595.941 17S,751 Tolal Invastn￿ts and under manayment 10.397,715 7,771,692 Gain on invesbnents in the perfod: Realised gain Unrealised gans 123,730 229,689 3,821 720,445 Totsl galn on invoth•nts In tho perlod 353,419 724,2 Included in.. Deferred income statement of Finanryal Acb'vities 341,712 11,707 545,621 178,645 353,419 724.266 Page 43 THE SLTrroN TRUST NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2025 (COTrlllNUED FIXED A&8Ef INVESTMENTS Icontlnuedl 31 August 2025 31 August 2024 Total Totsl Mark•t value At 1 Septernter Addition5 Disposals Net realised inve5knent gains Unrealised investment gains 7.771.692 7,102,079 7,028,827 1,612,409 {4,756,223) 11.687.062) 123.730 3,821 229,689 720.445 At31 August 10,397,715 7,771,692 The followlng investments r8present material investrnonts (MO￿ than 5% of the tolal investment portlolio} of the Charitatle Ccthpany.. Market p¢￿entage Value of total 31 August 2025 31 August 2025 VarvJu¥d S&P 500 ETF HSBC Global Fund ICAV 3.347,842 526,658 32.2 Marltot Value Percentage of total 31 August 2024 31 August 2024 v￿L￿rd S&P 500 ETF HSBC Gbbal Fur￿ ICAV 1,848,242 416,147 23.8 10. DEBTORS 31 August 2025 31 AugU8t 2024 Debtors- donations and legarjes receivable Other debtors Prepayments and wued incom8 46,960 4.356 488,801 269,833 687 639,808 540,117 910.328 Page 44 THE 81IrroN TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) 11. CREDITORS- Amounts falllng withln one year 31 August 2026 31 August 2024 Accruals for grants payable Trade creditors Taxation and so¢ial S￿Urty Other Greditors Acwals and deferred in￿rne (Note 13) 1,293,862 224,755 80.422 7.051 816.413 1,359,636 417.203 67.478 11,767 687,947 2,422,503 2,544,031 12. CREDrroRS - Amounts falling duo aft•r morn than one yèar 31 August 202S 31 August 2024 Other creditrKs Accruals deferred income (Nots 13) 393 5,625,274 5,115 5.(68.390 5,625,667 5,073,505 The fair valu¢ ofthe long te￿n creditors 15 not materialty different from the amounts shthvn above. 13. DEFERRED INCOME 31 August 2025 31 Augugt 2024 Balance as at 1 Sept8mber Arnount deferred in the period Amount released to income 5,611,797 1.774,321 (1.076,7411 5,232,650 1,3￿),930 (921,7831 Balance as at 31 August 6.309.377 5,611,797 Deferrvjj income ￿presents grants, donations recaved in ￿1va￿e and 1$ included within accruals and deferred incC￿* in Notes 11 and 12 above. Pago 45 THE SLTrroN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20261CONTINUED) 14. TRAN8ACTIONS YirrH TRUSTEES AND CONNECTED PERSONS No Trustse re￿Ved any remuneration during the year ended 31 A￿￿$t 2025 (2024- £Nil). T￿￿tee￿, expens During the yearSirPeter Lampl Charged the Charitable Company £48,518 (2024- £75,933) forthe shared use ofsow* employee5 Isee Note 7a), benefits and expense$ In￿rred ty him on behatlofthe Charilable Company. Durlng the year Sir Peter Lampl was charged £34,279 (2024 - £38,332) for general adminislrative costs incurred by the Charitable Company on his behaSf. £4,355 (2024- £8,238) was owed from Sir Peter Lampl at the year end. This armunt was sethd promply after the year end. Donatlon8 from Trust••s During Ihe year, don8tions of £262.47S (2024- £138.061) were roceivwj from Trustees. othor Sir Peter Gershon. a fom)8rTru$tee of The Sutton TNSt, was also a Trustee ofthe Education Endovmient FoundatrJn IEEFI. Sir Peter Lampl was the ChaiM￿n lunb'l his resignation 3 August 20251 and also Trustee of the EEF. In the year the Sutton TrL￿1 charged the EEF £Nil (2024 - £4,088) for offiL* Spa and overheads and £2,059 (2024 - £7,4￿) for some $tsff cosls and third-party expenses. £Nil (2024- £686) ￿ds owed to The Sutton Trust by the EEF at the year end. 15. RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTtvrriES Y¢ar ended 31 Augwt 2025 Year ended 31 AuguBt 2024 Net income and net movement in ftjnds Intèrest wivable Diwdends receivable Unrealised gain on investments INote 9) Realised 9ain on investments (Note 9) Depreciation of tangible fixed assets IGainyk)ss on disposal of f￿ed assets Deueasel{increas6) in debtors Incroasa in creditors 1338,743) (201,369) (52,2881 (229.6891 (123,7301 22.948 1507) 370.211 430.634 (612.319) (156,047) (46.462) (720.446) 13,8211 27,947 407 1261.4141 595,341 Net cash outTr)w from operating a&Nities 1122,533) (1,176,814) Page 46 THE SLrrroN TRUST NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) 16. OPERATING LEASES At 31 August 2025, the Charitable Conyany w8$ committed to make the folknwng future payments under a r￿ - cancellable oper*ing ￿88.. Land and Buildings 31 August 2025 Land and Bulldings 31 August 2024 Wthin 1 year B8trNeen arKI fwe years 120,210 50.088 140,069 151,741 The atrthe operating lea$8 forthe premises OCLupied by th8 Charitable Company expires on 31 January 2027. 17. ULTIMATE COTrmiOLLING PARTY The ultimate Gontrolling party are tre TTUStees. Page 47 THE 3urroN TRUST NOTES TO THE FINANCIAL STATEPENTS FOR THE YEAR ENDED 31 AUGUST 2025 ICOllllNUEDI 18. STATEMENT OF FUNDS Fund8 brought forward Total InGom• Total •xpendiiur• (including gainsl(10s8•g Funds carrl forward Transforn Unrostrlcted funds General fiJnds Designated funds 5.284,1 2,337,116 2.120,180 55,168 11,951,287) {1,6651 5,453.089 2,390,619 7.621,312 2.175 (1.952,962) 7W,708 R08trICt￿ fund• Alumni Ervjagement Programme Access APprenti￿ShIpS 479 12,234 {12,7131 9,350 172,234 1146,839) 7,1C 41,851 Pathways to Banking & Finan¢e Pathways to Engineerfng Pathways to Law Pathways to Medione Pathways to Veterinary Scienc8s Pathways to Consulting (Online) Pathways to B￿kIng & Finance (Online) Pathways to Law (Online) Pathways General Opportunity Bursary Sutton Trust Skilb Bursary Career6 Plus Iconsults'ngl Careers Plus (Law) caree￿ Plus (TeGh) Suiton Trust Online Employability & Post 18 General Fund UK Summer Schcds US Programme T8¢h Taskforce Apprentt￿hIp Research COSMO". Cohort Sttjdy Dats Analysis & Insights Earty Years Campaign Employability Research Housin9 Research ResearGh and Policy Research Summit 40,OCh) 324.581 1364,5811 1220,6791 (417,6721 1162,6251 (7,1161 51,329 143.213 22,957 220,000 339,346 139.668 50,650 78,343 13,4 7,116 27,358 73.000 175,4591 24,899 53.982 34,112 (53,982) (54,400) 20,288 {20,563) 20,563 281.237 136,365 98,280 20,000 42,000 31,135 8e,000 1,009,399 29,865 1,087.826 756,849 62,000 {351,8TI} {152,355} (31,6621 (38,8171 {41,9171 1921,328) 27,640 4,010 10,338 7.682 44,083 193,230 29,865 553,177 319,729 44,981 87.581 626,863 478,658 18.453 6,250 2,705 6,623 38,161 58,425 60.178 (87.5811 {1,161,5121 {915,778} 180,4531 6,250 1,552 11.153) (6,623) {247) {56.425} 37,914 19,032 105,748 166,953 19,032 (105,748) 163,422) 103,531 2.107,233 4W,244 15.445.383) 1,646,094 Totsl fvnds 9,728,545 7.059.592 17,398,336) 9,389,802 Page 48 THE 8UThON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) 18. STATEMENT OF FUNDS {contlnu•d) Unre•tricl8d Gon¢ral Funds The unrestricied gthral furKI represents the general reserves of the Trust which are not designa￿1 fDr particular purpos&s. Unr•strld•d Doslgnated Fundg This represents the invéstment fund that has been set up to ensure the sU5tainability of the Trust. Roslrfcted FundB Alumnl Engagement Programn A professiona alumni network bringiw iogether and engaging Kqth the beneficlaries of Sutton Trust prog￿Me$. Acc•ss Apprnnticeships (prnvioustyApptpntlcoship Summer Schooo A new ernployability prcbJranne io wden %£ess to apprentKeships. Pathways to Banking & Flnanc• A PTogramme to wijen acce5S to university and banking related eareors. Pathways to 8anklng & FlnarK• (Online) An online prograrn to wdeTr access to university arKI banthg related careers. Pathways to c¢%￿Ul￿n9 (Onllne) An online programme to wtden access to unIve￿ty and con8ulling careers. Pathwa￿ to Englneorfnq A programme to widen ac£ess to the angir*ering sector. Palhways to Law A programme to widen a￿S to unlversity arKI kgal oweer& Pathways to Law(Onlin•J An online programme to Wmlen access to university and b3al eareer5. A programme to widen access to medical schools. Pathways to Vgtethary Scionces A (trial) programme to widen access to the veterinary profesgon. Page 49 THE 8LrrroN TRUST NOTES TO THE FINANCIAL STATEkEpirs FOR THE YEAR ENDED 31 AUGUST 2025 (CONTINUED) 18. STATEMEKf OF FUNDS (¢ontinued> R•strict•d fund¥ (contknued) Funding reeeivèj from a number of partner8 to S￿pOrt Ihe Trusvs access to Ihe workplace programmes. Opportunity Burnary Bursary furKI to support Sutton Tnjst alumni wilh their careér dovelopment Sutton Car•ers Skllls Bursary BU￿ary pwramme for Sutton Tnjst alumni tsking part in SLrtton Trust career pr(MJrammes. Sutton Trust Carogrs Plu$ (C¢%￿ul￿n9) An new undergraduate programme to Sltpwrt non-privileged sludents during their degree with focus on access to consulting careers. Sutton Tn￿t Careers Plus {LawJ An undergraduate programme to SUFPJt non*rivibged students during their d￿ree, with a focus on acc￿ to career& Sulton Trust Carws Plus ffo¢hJ An new undergraduat8 programme to support r￿￿-w￿l1eged students during their degree. with a focus on ac￿$5 io tech careers. Sutton Trnst Onlino A dwilal prograrnme to eypand the reach oftraditional Sutton Trust prog￿Me$. Employa￿.1￿ & Post f8 General Fund Funding receNeAI from a number of partners lo support the Trust's wbder employability programmes. UK Summerschools The Trusts tsgship progrdmmo supporting slLvJents to a￿$$ the UKS leading universities. US Pn>grnmmè A programme to support UK state school sbjdents to study at leadiThJ US unfvorsitles. Tach Taskforc• A pilot ￿lectt0 improve SOCHI mobility wthin the tech 8*1r. Page 50 THE SUThON TRUST Ni7fES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ICONTINUED) STATEMEKf OF FUNDS {eontlnuedl Restrictod lund8 Icontlnued) R05ear¢h and Pollcy A fund supporting the Trusys researth into social mobility, and also SUFvorting the Tru5fs work with pOI￿y￿rnakers. A fund focussing cffj the Trusfs Apprenticeship Research. COSAIO.. CohortStudy A major new national longitudinal cohort strjdy which will ￿aMIne the 5hrt Th￿dIUM and long tem) impacts of the COVID-19 pandemic on educational in8quality and scKial mobilty. DataAnafysis and Insights A fvnd foeussing on building Ca￿ty within the Trusfs data and impact fundicfft. Earfy Y•ara Campalgn A fund focussing on the Tn￿￿$ Earty Years Re5earth. Employablllty reSea￿h A fund fcKus%ng on the Tr￿￿$ Enybyability Research. A fund supporting a parti(yJlar housing research project Resolrch Summit A fvnd supportirKJ the Trusfs researth 8ummit in knember 21J25. Page $1 THE SUThON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ICONTINUED 19. ANALYSIS OF NEf ASSEfs BETWEEN FUNDS Unr•8trlcted funds Total funds G&Theral 31 August 2025 Deslgnatod 31 August 2026 31 August 2025 31 August 2025 Tangible fixed assets Investments Debtors Cash at bank and In hand Curmt liabilrtles Non- current liabilities 42,267 2,031,980 250,281 3,518,229 (389,2741 {394) 42.267 5,975,114 10,397,715 289,836 540.117 2,939.644 6,457.873 (2.033.229) (2,422,503) 15,625,273) {5,625,6671 2,390,621 Total net assets 5,453,089 2.390.621 1,Y6,092 9,389,802 Unreslrlcted fvnds Restri¢tsd nds Totsl Goneral 31 August 2024 Doslgnat8d 31 August 2024 31 August 2024 31 August 2024 Tangible fixed assets Investments Debtors Cash at bank and in haThl Current liabilities Non- cu￿ent liabl￿tieS 51,315 51,315 5,434,576 7.771,692 472,350 910,328 3,579.743 8,612,746 12.311,0461 (2.544,0311 15.068,390) {5.073,5051 2,337,116 437,978 5,033,003 1232,9851 {5,1151 Total net assets 5,284.196 2,337,116 2,107,233 9,728,545 LEGAL STATUS The Sutton Trust is a Charitable Ccmpany limitad by guarantee with no share capltsl. In the event of the Charllable Company being wound up, each ofthe Members (while he or she remains a Member or within one year aft8r he or she ceases to be a Member) have agreed to pay up to £1 each towards.. Payment of those debts and liabiliti'es of the Charitable Ccffipany incurred before he or she ceas&J to be a Member". Payment of the costs, charge5 and expenses ofwwidlng up; and The adjustmnt of rights of contributors among themselves. Page 52 THE SUThON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 IcoKllNUED) 21. FINANCIAL IISTRUMEf4TS The carrying amounts of the Charitable Company'5 financial instruments are as foll(yNs'. 31 August 2025 31 August 2024 Financial assEts Measured at fair value thrDugh profil and loss Measured at amortised c051: other debtors (Not• 101 Accrued intr)me 16,855,588 16,384.438 4,356 208,335 687 406.787 31 August 2026 31 August 2024 Fin8ncid liabth'tles Measured * amortlsed cost T￿e creditors (Note 11) Other creditors and axruals (Note 11) AcGrued expenses- grant amals 224,755 239,670 1,273.974 417.203 126,987 1,351,749 Financial assets moasured at f8ir value relate to cash at bank and in hand of £6,457,873 12024 - £8,612,746) and investments of £10.397.715 {2024- £7,771,692). Finandal assets ￿￿Sured at an￿rtiSed cost relate to other debtors and xcrued income. Fin8ncial liabilithes measured at amorknsed cost inclL¥Je traje Creditors, other creditors and acc￿al9. There were net gains of £353,419 (2024 - net gains £724,266) attnbutatle to the Charitable Company$ finanaal instruments. Page 53