Education Development Trust Tr(mSfOn￿ing lives by improvints.educotion cround the world. ANNUAL REPORT 2023124 COMPANY NUMBER: 867944 CHARITY NUMBER: 270901 ALw*￿Y* 21102r2025 COMPANIES HOUSE 213 Ethcotion DevelOp￿nt1¥￿Gf i ￿￿￿*[d9• ￿￿￿¥.10-18 DJk• Str*eL R8othryJ 8eY¢shtse ROI 4RU T +44 {0) 118 902 1000 E erxwliles@edLQfg W edtThg w•¢fmwiiTowiso rWw•JclWi {xfyVOgty) arxl W9AY¢YilOè1tr4ty86Y944) . R*tsw8doflir•oi L*ov Education Development Trust INTRODUCTION The reportond accounts for 12 months ended 31 August 2024 have been prepared in accordonce with the Statement of Recommended Procticg 'Accouniing and Reporting by Charsties, 2019 (FIr￿nC￿lI Reporting Stondard102), and the Companies Act 2006. CONTENTS CHAIR'S REPORT CEO% INTROD￿TIoN OBJECTIVES AND A¢TNmESIN2023124 Our purpose and volues Orgonisationol obiKtrvas 2023124 Public benefit STRATEGIC REPOIIT strategy How we work Educotionol impact Inclusion ond diversity stall morale and wellbeing Sofeguardlng Stakeholdèr èngogèmont Financial overview Reserves pol Invèstmènt poI￿Y tsnd r•iuTns Energy ond cartK)n reporting Fundraising Principol risks Financial risks Operationol plon 2024125 li 13 14 Is 26 15 16 2.10 18 19 20 21 21 2.12 2.13 2.14 2.15 STRUCTURi OOVERNANCEAND IIANAGEMENT structure Go¥err￿nce R•sF)onsibilrties ot the Boord of Twstees Manogerrent 23 23 23 25 26 26 27 Risk management and intemal control REFERENCE AND ADMINISTRAT￿ DETALS OFTHE CHAIIITY. ris TIIUSTEES AND ADVISERS Charity detoils Trustees Members President ond Vice PreSI￿t Executive Bonker5 Qnd prol&ssional odvtsers 29 29 29 30 30 30 INDEPENDENT AUDITOR'S REPORTTO klEMBERSOF EDUCATr)N DEVELOPMENTTRU CIJNSQUDATED FINANCIALSTATEMEi¥fs AND NOTES 35 Compony Number.. 867944 Education Development Trust Tronsf(Mmr& by impTovir4J edLKotion artwnd the wowfv CHAIR'S REPORT Thanks lo the vision of ovr lunders and the unshakeoble commitment of our people, EDT has made a remorkable glotjol impacl again thi$ yeor. There ore mony succgss storigs in this onnuol reF)Ort Including tgo¢hgrs growin9 in confKlence. jobseekers finding pathways to worl morginolised children being oble to learn, and schools supporting each other. l om porticulorly proud of our groundbreaking work on early childhood educatiory loundotionol learning and climate change. Thonk you to all our fontostic teoms oround the world lor moking our goals a reolity. Ilse Howling Chair of Trustees. Education Development Trust CEO'S INTRODUCTION l om extremely proud of what EDT ha$ achieved this year. Together, we reached millions of people from Sierro Leone to Brunei, from En9land to Zimbabwe. and in dozens ol territor￿$ in between. The stories and stotistics on these pages show thot we mode o meosuroble impoct on children, leoders and adult 18arnars. We did this by supporting our partners to improve schools and education systems ot scale. and through our work in continLWS professionol development and employobility and skills s8rvice& EDT'S purF)ose is to increase the lite Chances of indNidual$ by improving education ond skills outcomes. With this in mind. we undertook o robust review of our own syst&ms and orgonisationol structure in 2023-24 ond developed an ambitious growth strotegy, EDT2030, for the next five yeors. EDT2030 octs to provide the scoffolding to ensure we demonstrate the impoct ol work os we deepen our presence in existing markets with current wjrtners while building new portnerships and extending into new territories. We are committed to ensuring we deliver high impactful outcomes. At every step of this transformationol journey. I have been inspired by the incredible expertise that runs through the veins of EDT, and the collaborative spiiit ot its heort. Our trustees. the executive teom ond l - olong with our colleo3ues ond portners ocross the UK Sub- Soharan Africo. the Middle Eost and Asia know thefe is much more work to be done. As we look ahead to 2025, we are excited obout the opportunities we have to increase our impact further, by delwering evidence-le¢J solutions to 93veinments and other orgonigatlons oround the world. We deliver progrommes at scate in the UK ('ur) ond in Africa, Middle Eagt and Asia ('Intèrnotionol').' we Conduct research and provida educotion Consultoncy seThi¢es I'Reseorch and Consulton¢Y)" ond we mano9e private schools ('Independent Schools.). We hove been working to improve edueotion ond skills outcomes around the world from early yeors. throu9h school. to post-school careers. since 1968. EDfs l.OOO+ strong team operotes globolly, ond hos worked in over 100 countries, continuing to delNer evidence-bed educotion ond skills pro9rammes. We contribute to the global evidence base by investin9 our profits into reseoreN and we partnerwith governments ond organisations oround the world to make the best glot>al practices work in a local context. 2.3 EDUCATIONAL IMPACT Muklng a mea8UTabl¢ dihr•n¢o at s¢ale Our purposa at EDT is to increase life choncgs by action intended to improve education ond skills outcomes. To know whetheT we are r￿kIng a difference. need a clear undgrstonding ol the resulls of our work We thgrgforg toke the mgasurgment of impoct very seriously. We ask all our teoms to track and measure the number of people reached and collgct evidence thot we hove mode o positive impoct to their lives. This report drows uwn the resultin9 dato for 2023124. The pattern that has emerged is ovorwhelmingly positive. Compony Number.. 867944 Education Development Trust Transl(ffiiiry b¥es by edu¢<*ion aro(md the WO￿ Qur r•ach Our impact is ornplified by the 5cole ot our octNity- in 2023124. we worked in 39 countfies, and our lients spanned the Globol North and the Globol South, including both high- and low-income countries. Our lor90-￿al& wojects are mointy concentrated in th8 UL Sub-soharan Africo. the Middle East ond Asia, while con$ultoncy ossignments hove o much wi¢Ser geogrophicol spreod. The mop below shows the countries where we either ran large-seaFe projects or undertook eonsultancy assignments this year. EDfsglabal I0￿print in 2023124 Q kn We operale in mony couniries ond much of our work in 2023124 took place'ot scale. as measured by the number of people whose life chonces we had an opwrtunity to improve. There are mony examples of large-scale reoch from our UK operotions. Through the Nationol Career$ Service we odvised oround 80.000 people looking for employment or training in three regions of England. While in London we helped over 100.000 youn9 people to understond opprgntice$hips os o potentiol coreer route. Often our immediate benefrciaries are members of the educotion workforce. and they have the power to transform the leorning of mony others. thereby giving us the opportunity to impoct positively on millions of lives. In such circumstances there is a Teoch multiplier gff8¢t. In 2023124 wg Supported the professionol development ol oround 23.000 eaucotors in the UK ond they, in turn, contributed to the education and careers wogression ol oround two rnillion childr8n and young people. We hav8 OP8rated at a similar level in other countries. In Zimbabwe we 8ngoged with over 67.000 teochers ond 5,800 school leoders ond In Ethiopio we concluded o five-year school improvement intervention in 2024 and engoged vlith 10.000 school leaders whose schools educoted over five million children. The eonsuttancy assignments we undertake hove the potential for even greater reach and impact because clients such os the Global Portnership for Educotion and UNESCO advise governments worldwide on education reforrry especially in low-in¢omg countries,. through our help for these agencies we can mak8 a difference to hundreds of millions ol school student& Company Number.. 867944 Education Development Trust Our work in •arly childhood odu¢ation In recent years, ED7 has considerabjyexpanded its presence in thelield of earty chiklhood education with new projects in Rwondo and Kenya in 2024. Our fkngship intervention is the Early Yaars Proh88ional Dov•*m•nt Progmmme, delNered ￿ EnglarKI on bgholl of tho Department for Educotion (DIE) gnce 2019_ In 2023124 we provided high quolity professiorsol development to approximately 8,000 earty years educator4 drawn from across every district in En9lond. ond thereby impocting on 140.000 children aggd two to four. The OVe￿helMln9 majority of participants who completed the course said they felt more knowledgeable and conlident obout supporting children's development in the three key oieos of commun￿0t10n and language. eoty mathemat￿4 pgrsonol sociol and emotional development (PSED). Early Yeor8 Professional Dovdopment Proyramm•: F••dtKKkfrom particlpants of rtrnrtip.ipnnt.8 V4ho gained conlidence in subject nrpa Communl¢ation Early PSED & Language Ov•rall Programme Feedback Irom Partici ants ccrf)fiden¢8 vthich in tum me(Yk% fm mofe comfortable and kno4vledgeoble (Fnd rre(rJs i can talk to my manager about the ideas fve seen ond heard orKI exploin tr#)w this wll impact Ihe thildren positivev Tr course has helped me to h(we FYK)re Confide￿ as an earfy yeois practitioner. It has helped to remnd me of why I started dcmng this job. It IK helF*d me to goin confidef￿e in engaging in conversot#)nswth porents and ol the children kK)k after." $uppgrling ￿rkI9￿? prol•ssi•nal d•v•lopm•nt EDT works worldwKle on intervenbons thot build the professional capacity of the education workforce. During 2023124. training loi teo¢hers ond school leoders wos o prominent component of our portfolio in the UK Sub-saharan Atrica, the Middle East and Aski. In Ethiopia, the TARGET Programm• (Technical Assistance to fteinlorce GEQIP-E) oimed to increastr school leoders. understonding ol how to creole on inclusive environment for all learner& and it was found to have signilicantty boostgd the gn9ag8ment ol vulneroble ond morginolised students. TARGET wos funded by the UK govemment and was subject to on Fndependent impoct evaluation which proised our work ond the woy in which school ottendonce r(xes for chiklron wtth disobilities had been tronslormgd. Company Number: 867944 Education Development Trust Independenl evalU￿10n oftho TARGET programm• 2024 Quantitative dota r8larin9 to enrolment ratlos reveoled that TARGEf significantly boosted the enrolment of students with disothlities in Intervention sch¢)o1s. Be￿88n 2018119 and 2022123, enrolment ratios of students with disobilities in grades one and two rosg by 303% and 502& res ectlvely. o stork controst to the more modest increoses in non-intervantion schools. The evaluation of TARGET attrlbvted the atmosphere of greoter inchJsion in schools to o ehonged mindset on the port of headteachers foll¢)wing the training provided by our team. The evaluators conducted a survey of headteachers which confirmed that the great mojoiity of the school leaders that we supported thought that they had made moderote or considerable progress as leaders of inclusive schools becouse of the interventiork Indèpendent •valuatlon data lor TARGET: Imprwom•nt kn In¢luslvo leodpr•hlp Mmwency as r• Ortod b hoadl•4¢h•r4 Leadership competency No progress Moderate Considerable progress progress Demonstrating a commitment to improving 180rnin outcome ond Pfomotin inclusion Modelling ond guiding leadership for leorning lor the inclusion and safety of all18arners 43% 54% 45.5% 52.5% In Zimbabwe during 2023124 EDT marsaged key components of TEACH (Teoch8r Eff8ctlveng￿ and Equitable Access for Children) - o national programme of supportfor Fxofessionol dgvelopment ond school improvemen¢ funded by the UK government We provided troining thot focused on en$uring quality leorning in o safe environment lor oll students, including the most morginolised girls and children with disabilitiès. An eKternal quolty assuranc8 review Én 2024 oworded the highest possible grode. A++, for our work in Zimbobwe on reform of school inspection. and an A+ for our prol8ssionol development work with t8ach8rs and school18ade In England on behalf of the DfQ V￿ provided training to several distinct groups of educatlon workforce professionals in 2023124. This included the piofessionol development of over 7.400 newly qualified teach&rs and 4.800 mentors on the Early Career Professionol D•￿lOPM0nt Piogiamme, In neorly 3,000 sch$301s serving 320,000 $tudents_ Over 90°A of porticipont5 surveyed said the training had had a 'good or 'very good impact on the leaming ol their students. Otsted inspected the pro9ramme in 2023 and groded provision os Good. Olst•dJudg•m•nt on tho Eurlycareer Prof•s$l•nal Development Programm• 2023 -Early Career Teachers receive ef16Ctive training and support that enobles them to apply what they hove learned An the context of their subjec¢ phase or setting. They develop their re&"lience and sem-efficacy because the Leod Provider places greot importonce on developing these attributes. Consequentty. Early Coreer Teachers build th8 right foundations to support lon9evity in the teaching role.- Wa supported over 3,000 managers and school leaders studying lor their Natlonal Prol•s$lonal Qualilicolion$. on bahalf of the DIE. and 98% of participants sold they were 'sotisfied' or 'very sotisfied. with the training. Meanwhile. the new mathematics ond science teochers who started their initiol teocher training on the Futur• T•achlng se1￿1￿￿ programme were much less likely to drop Compony Number: 867944 Education Development Trust out ol the profession.. their retention rote after three yeors in post was 90.5%, compured to the national average 0174.1% fetentiorL Between 2021 and 2024. as part ol the UK governmenfs Covid-19 pondemic recovgry pro9romme. EOT provided speciolist troining for school-led tutors ond acodemic mentors to provide cotch-up sessions, on the Notional Tutoring Programm•. We trained 1.050 tutors and mentors in 2023124 ond nearly 99% reported thot catch-up tuition support was helping their students make academic progres5. An independent assessment of the programme concluded that studgnts supported by these tutor$ ochigved notobly hi9hgr levels ol learning g)in th(m similgr students who were not lutored. Indep￿dent •valuallon ofloamlng galns from $upportlng tutoring In England T￿OrIng Pmqrqrnmo frTTwTTQQQQ The percentage of prirnory phase students achieving grode-reloted 0X￿t0t19n5 before ar￿ 0ft8r SUPP￿ from a tutor tfained by EDT FQ*Qp¢gFQ TVVITQQFQF 2024 morked 40 yeors of continuous portnership wtth the government of Brunei Darussolom. During the academic year 2023124 we deployed 200 teachers of English to schools in every district of the country, and they directly tought 17,000 students. The publication of the Progromme lor International Student Asjessment (PISA) test results showed that Brunei's 15-y8ar-old students improved significantly between 2018 and 2021 Their improvement in reading literacy, in o test conducted in English. was the best of 01181 porticipoting countri•$ worl(hvid8. Change In polnts x¢xed by8tud•nts In PISA t•*ts 201tr2022 compared wilh OECD averag•s. Th• Impv•v•m•nt in liteva¢y- in English- was th• 1¥9h•st inth• world MalhernatKs Liierncy i*xe OECO average Brunei Compony Number 867944 Education Development Trust Trth)sfThiw by improvin9 e(M￿0t￿On around w?rtd. Whole school improvement In addition to the provision of protessionol development opportunlties for teochers and leaders, we also approach school improvement at an institutional rather than an individual level. In the UK. we support sehool-to-school peer review ond collaboratwe improvement planning through our Innovotive S¢hMI Pqrlnershlp Programm• (spp). This yeor, os we morked the ten-yeor anniversary of the programme. 1.465 teachers and leaders from 566 ￿hoolS across England and Woles worked together in 91 F)artnerships to improve schools ond ￿Orning outcomes for 147,000 students. The irnFK￿t ol the approoch has been very positivety evaluated by experts from UnNerslty College London ond the leod reseorcher. Dr Dovid Godfrey, $oid.. -The SPP model of peer review process develops outstanding leadership ond skill&- School-to-school support is also at the heart ofthe 9ohqvlour progromme. which we manage on behalf of the DIE in Englond. In 2023124. we helped over 350 schools attended by approximately 200,000 students, to improve discipline and classroom behaviour through partnership with hKJh- parforming schools. Feeaback from porticipating leoders hos been Overwhelming￿ positive,. all those whose Schools compbtod the progromme in 2024 stated that their involvement had led to an improvement in behaviour culture. Surveydatafrorn h•adt•a¢hors ￿schoOlS¢0mPlel1n9 th• Behaviourmubs Progrorrffl• To what extent do you agree that th• Progr￿Me Iwslwill have a posEtive impact on the behwiour and alltluts of IhÈ students In your sètiing. 1000/0 Posrtive impact on sIutJents' behavlour and attitudes li_ 55% 'lo a gveal extenr EDf hos consideroble expertise in school improvement through external review. We Provide quolity assurance and accreditalion of school quality throu9h our Int•rnatlonal School Quallty Mark (ISQM), ond 0$ on ogency outhorised by the UK government to conduct Inspe¢tlons of Brlil8h Schools Ov•rs•as (BSO). Schools participoting in ihe ISQM review process receNe quality assurance visits and, six months loter. their heodteaehers provide feedback. In 2023124, 86% of them 'ogreed' or 'strongly ogreed thot the process had made a positive impact on school improvemenL In the orgo ol school improvement through extemol Teview, we are thg Strategic partner of the government of Thailond the Dubai 9overnmenfs Knowlodp and HUTh￿n Developm?nl Aulhorlty, the Fedoral Mlnlsiry ol the Unlted Arab Emlrat•s and the Sharjah Prlvoie Educatlon Aulhorlty. Although it be difficult to quontify the impoct of externol school review. the long-teTm trend from Duba( for exomple. is extremety encouraging. The grades tor school quality toll¢)wing inspections in 10 Compony Number.. 867944 Education Development Trust TrryBfrymty li¥w ty trnprovlrKJ ed￿01￿ around the world. Dubai hos steadily progressed over the yeor4 ond ot the same time thè ovèrall performance of its schools, os meosured by internorionol tests such as PIS4 ho$ olso improved over time. Intemotlonol ranklng oftho Dubol prfvatr ¥¢hoots (vl•wd a• q sth•ol $ystom). o• m•a8urnd by p•rformonco In PISA t•$1• (2009-2022). cryred wlth otherc•untrles' educathn system$ io 20 25 30 35 34th 40 20Q9 20 X118 We put our knowledge of schod inprovement into proctoce through our ownership and management ot three independent schools.. St AndrmV8 School and Oakfield Preparatory School in Englontl ond the knt•rnatlonal $¢hoololcap•Town in S¢xJth Africo. Both Ookfiekl ond St Andre￿$ have been awarded the highest possible grode (Excellent) in their most recent inspections by the Independent Schools Inspectorate. Our school in Cape Ts)wn is one of the highest performing in Africa os measured by Cambridge IGCSE ond A Level results- one Student recently achieved the highest overall IGCSE score of any student in South Africa. Employablllty. skllls and cov••rsguldane• In 2023124, we continued our work the UK to supwrt people with their career Ch0￿e& short- and long-term employability, skills developmen( and transitions into work or further tralning. The Apprwrtl¢•$hlp Support and Knowl•dg• (ASK) pro9ramme promoted the apprenticeships route to employment to over 115,000 student5 in 372 schools arKI colleges in London in 2023124. We hove bggn running ASK on bghalf ol the Dgportment lor Educat￿￿ since 2019, ond have en9aged with over hall a million young people in that time. Government statistics show that students from schools ond colleges in London engaged in the progTomme ore 21% more likely to move on to opprenti¢eship thon those from schools and colleges not porti¢ipating with ASL Our W•st London Cor••rs (funded by the Greoter London Authority and the Careers and Enterprise Company) promoted bost practice in careers provision arKI work eKp9rience lor young people in s8vgn London boroughs and supported institutions educating120,000 students. In additior obout 150 schools ond colleges across England, subscribed to our Insplring Cqrows offer and we provided careers guidance and work experience opportunities to approximately 17,000 students in 2023124. In surveys, oll the porticipating schools ond eollegè5 Stated that our support wos having o positive imF)act on their studgnts. Company Number. 867944 Education Development Trust For adult& we manage the Nattonal Car••rs S•rvic• (NCS) on behalf ol the UK government in three ragions of England, providing thousands of jobseekers with free careers odvice. information ond guidonce to help them novigotg the learning 9mployment ond skills londscope_ Our clients include older individuals at risk of losing their jobs. p80pI8 With speeiol edUCat￿)no1 need4 sin9le parents. young people who ore NEET, and the long-term unemploye(l. Thisyeor. we workedwith 79,000 people through the NCS - helping them to manage their careers identity work opportunities. and respond to chollenges in the jobs and training market- and 95% told us they were satisfied wf(h the help they received. We earelully measure the destinations of the Peop￿ that we support on the NCS. In 2023124, the percenta9e of jobsggk8rs who mode a positive transition into employment or training was 58% ocross oll three regions this is signrficontly hKJher thon the notp)nol target of 45% $et by the 90vernmenL Our work fr¥r the Natlonal Car••rs S•r¥lc• 2023124: oxc•edlng th• gov•rnm•nt tary•t thqt 46% ol our ell•nts should proy•g8 to•nrolmont In lrnlnlnglharnlngoPPOrtunlllos ofompl•yment 79.186 731 strongthonin9 oducation syst•ms Our global r•s•0￿h qnd ¢on$ultancy teorn supports systems reform worklwid6, with o Fjorticulor focus on capacity building ot government ministry leveL In 2023124. we supportecl policymokers in 32 countries with technicol assistonce. expert guidonce ond planning for education relofm. In addition, our public reseoTch team published reports investigating major policy challenges including education and the climotg emer9gncy and borriers to the education and empowerment of girls and young womerb. Such research projects and consultancyassignmgnts 9ive us an opportunity to make o big difference at scole as we help decision makers to design educath?n reform plans using the best available evidence. In 2023124 we undertook several assignments of strategic significance. such as.. Providing odvice to the Globol Portnership for EdUcat￿n concerning WOYS thot edueotion sysierns in Low Income countries can build resilience to crises and thereby ensure continuity of I￿rning for millions ot children. Assisting the UK government to gother the dato needed to ensure thot UK old Money is spent on projects arKI in places where there is scope for substantial t>eneficial impacL 12 Company Number. 867944 Education Development Trust Trarents or corers, programme participants and communities on which we rely or thot we affKL' The impact ol the organisatKin's operatK)ns on the community and tho environmenL The desirobility of the orgonisotion mointoining o reputati¢)n tor high standords ol business conduct. The need to act fairly as befv￿en members ot the Charty. Doy-to-doy monogement ond deciS￿n-Makin9 is delegoied to the Ch￿1 Executive ofiicer and the Executive Tearn who are required to oct to lurther EDT'S strotegy and to ensure that octivities are corried out in complionce with plans ond F)olicies opproved by the trustee$. The trustees receive updatès on EDTS pertormance and plons ot eoch boord meeting. Policies are rewewed periodicolly by the board oi on its behalf by b¢)ord committees. By ensuring that management act in accordance with th? strategy and in cOmpl￿nce with Specif￿ policie4 the board and its committegs obtain assurance thot in promoting the success of the charity, due regard is given to the foctors set out in Section 171 We have outlined the key decisions taken by the Boord of Trustees in the yeor thot dèmonstrote how we understond ond engoge wtth stakeholders and consider the extemol impoct of ¢)ur oetivities: Approved further enhancements to our appr¢)och to meosuring and ossessiry educotionol impact considering the interests of prcgromme participants ond wider society- 15 Company Number: 867944 Education Development Trust lyi Imwovirvj.e￿0r￿on oround the world. Approved meosures to enhonce safeguarding of programme participants ond school pupils. Approved business coses fow severol technology imwovement projects, conS￿￿ering the interests ot employees ond pro9ramme porttcipants. Approved finonciol reserves ond client diversrficotion torgets. considering clients ond the long- term luture of the Ofgonisotion to Iffwve yeor-¢)n-yeor performonce and develop o sustainable business model. Approved on oction plon in re$ponseto stoff eryo9ement suNey results, considering employees engagement and wellbeing. Approved the OPF)ointment of LGIM as o new investmeni counterparty. consS¢Jering the long- term future of the orgonisation to ensure financial stability- Discussed the impact of VAT chonges in the UK school$. seetor ond EDT'$ reS￿nse. considering employees and students at the schools. Approved EDT'S onti-slovery statemen( Considerin9 the impart on supplier& partner5 and wider society. The executive ond trustees porticipoted in EDT'S Annuol General Meeting ond provided quorterty updates to members. One of the key decisions taken by the Board of Tnjstees during the year rhat demonstrates how we undeistond ond engoge with stokeholders ond consKJer the externol impact of our octivities was the development and approval of the 2024-2029 strotegy, EDT 2030. The Board worked with the Executive on the development of the strategy throughout the year. leading up to linol opprovol in July 2024. Through all stoges of th8 proces& trustees held meoningful discussions obout the like consequences ot the strotegy in the lon9 term ond the impact on stokeholders. The trustees considèred the impact on staff in key decisions. espeeiolty safeguording protecting jobs ond staff engo9ement and wellbeing. Twstees see our regular staff survey results. including quontitotive and qualitotive findings, and these have been used to inform their assessment of the strategy in terms ot staff wellbeing ond long-term financial sustoinobility- In the review of our organisotionol vision. purpose ond volues. we sought to develop stotements thot would be inspiring ond interestin9 to potential clients. portners ond stofl. ond aligned to our charitable objects and public benefit stotus. A market review. which tormed the bosis of the strotegy, considered ihe views ond interests of o ronge of tvnders ond clients ocross our geographicol markets. In the development ol our gools and objectives. trustees had regard to the wKler ogenda. Sncludin9 the UN Sustainable Development Goals and the UN Global Compac¢ ond the need to foster relationships with key funders arKI programme participant& 2.8 FINANCIAiOVERVIEW EDT is an inteinationol organisation wilh1.159 staff worldwide. income of £80.4m, net ossets of £33.Im ond group fr99 reseNes of £22.0m. Our income is 9eneroted by winning education-rek)te(J controcts fiom governments and public or private bodies. Our business model is built on the principle of full cost r￿0Very.. ony oetivity must recover oll its attributable cost. This enables us to be financialty sustoinable and generate sullicient funds to invest in our sustainability through investment in our knowWge arKI methods, business develoKMmenL bran4 enabling infrastructure. and our Publ￿ research. 16 Company Numb•r.' 867944 Education Development Trust INes by 1mpr0vlrKJ.ed￿Eknn c¥ouThJ *vrld. Th8 yeor-on-year docr8as8 in income of £10.8m wos primarily due to FCDO-fund8d contracts in Kenya, Rwar￿a and Ethiopio reaching their expected conclusion otxl a reduction in Income from consultoncyoclwty. Wewere £9.3m telow our targetfor incomefrom chorttable activities and £l.Om below our linoncial model tor9et lor net contribution from chorrf(oble octivities. However, we delwered o yeor-on-year increase in Chority ond Group reserves. The Group lesults for the year show net income before investmenL pension and exchange gains and lossgs of £0.3m {2022123= £0.8m). Total income is £80.4￿ o decrease of £10.8m from 2022123. After gains on investments ot £l.Orn (2022123.. £7k), actuarial losses on defined benglfi Pgnsion schemes ¢1 £O.Im (2022123.. £5.4m) and exchon9e losses on conversion of subsidiaries of £43k (2022123.. £0.7m), and ofter eliminoting the net surplus Ottributoble to minority interests of £0.5m (2022123.. £O.Im) tho net incrgaso in funds for the year is £0.6m (2022123: decrease of É5.4m). The actuorial lossgs on defined b9ngfit Pens￿ schemes in 2022123 were due to the derecognition of net pension ossets for oll defined beneff( schemes on the bosis thot recoverability of the assets in the future is too remote. The total assets less current liobilrfties of the Group amount to £33.7m (2022123.. £32.8m). The not osset$ ol the Group ore £33.Im (2022123: £322m). For the Chorty, net assets of £24.3m are reported (2022123: É24.Om). The defined benelit pgnsion ￿hoMe a￿0￿ntIn9 bolonce is £Nil12022123: £Nil). The Charity and its subsidiari95 do not r8ty on the contributK>n of unpoid 9enerol volunteers and are not dependent on donotions in kind or ony other intongible income not evaluated or explained in the accounts. 2.9 RESERVES POLICY Free reserves ore defined os unrestricted finonciol investments plus working capital. They exclude restricted and designated funds. tongible tixed assets ond dafined benefrt pension o$setsliiobilities,' ond include minority interasts (for the Group). It is the poI￿Y of the 8oord to hokj odequate reserves for the following purposes-. To manage foreseeable working ca￿101 r•quirements To absorb a risk-bosed assessment of the imFMJCt ot troding volotilty To make reosonoble ollowonce for other risks on o contingency basis To finance investment in the strategic development of the Charitv As o chorlty whose expendtture is dfNen by controctuol delivery requirements. the level ot reserves we are able to hold is dependent on our abilty to 9enerate a nat surplus from our troding oetivities. In the long run we regulote the level ot Teserves ond remain 5UStainable by optimising those surpluses and invgsting amounts not planned to cover minimum Working capital and risk requlrement$ in Strategie development and l or charitoble ¢xtNlties. The Boord of Trustees reviews the reserves polrcy 8ach year to ensure it remoins fit for purpose. The Boord reviews octuol ond plonned reserves levels ot least I￿Ice o year. os port ot lon9-term tinanciol planning to ensur8 the level of funds in resetve$ will remain odequate. The level ol reserves required for each purpose fluctuates dynamicolly in line with chan9e$ in composition and performance of our portlolio ol contracts and chonges to the nature and osse$sment of the risks we face. 17 Company Number.. 867944 Education Development Trust Accordingly, our monitoiing approach is designed to ensure that throughout our planning horizon reserves will remoin odequote ond thot we hove pjons to deploy reserves oppropriaiely. Wg set o budget and 0 3-ygor plan onnually. In 2024. w9 dgv8lopad 0 5-yeor plon in line with our corporate strategy, to August 2029. The Board of Trustees and the Executive actively monitor tinonciol results against the bud9et on a monthly basi$. Regular fofecosts with ossocioled risks ond opportunities ore produced foi the current financial year, to identfy actions to optimise finaneiol porformance by mltigatin9 risks and raalising opportunitias. We monitor solvency by projecting inc¢yn9. net income. free reserves ond cash to August 2026. We hove reviewed this onotysis on o regular bosis up to the date of signing the report. We use o range of scenarios to stress test cash ond reserves. This tèsting shows that we have odequate headroom lor cash and a strong balance sheet_ On this bosis. Whb￿ an omovnt of uncertointy obout the volume ond timing of new business exists. this does not pose o moteriol uncertainty that would cast doubt on tho Charity's ability to continue as o going concèrrL On 31 August 2024 free reserves wgre £14.2m for the Charity (2022123.. £13.gm) and £22.Om for the Group (2022123.. £21.4m). These omounts compare with budget figures set ot the beginning of the rinonciol year of £ll.Im ond £18.2m respectivety. They were in line with ourdynamic fincnciol plannlng. ond so were at o level thot is adequote to meet continuously evolving requirements. including 0 £5m investment in technology planned for 2022123 to 2024125. The increose in Chority reserves during the yearwas driven by proceeds from the sole of shares in Waverley School {Waverley Way) Limitecl, dividends from subsidiarigs and gain$ from financiol inv9Stm8nts. 110 INVESTMENT POLICY AND RETURNS Our investment policy is to align with our reserves polry by balancing thg Portfolio ts$￿9en copital muintenance with low- to medium-risk returns over the medium term. We monoge investment risk by pooling financial investrnents in two tieT$. Tier l aims to represent the gen8ral lunds minimum reserves requirement and is held in cash and ea$h equNalents. Tier 2 oims to repr8senl the bolance of linonciol resources in generol and restricted funds and is held in bolon¢ed investment funds. The Boord of Trustees has wide investment powers ond hos de￿g￿ted responsibility foi thg monagement ol the portfolio. within tho agreed risk profile. to selected investmgnt monogers. Our policy has on ethicol compornent under whicN while hoving regard to the requirements of chority law to moximise roturns. we seek to avoid investing in octiwti9s contradictory to our objectives. Trustees periodicolly ieview implementotion of the policy in consultation with the investmant managers. The financial performance component of return on investment ts measured ogainst benchmark weighted indices. Historic perfoTmonce agoinst benchmaiks is shown in tha toble below. Investment mar￿ger l Year 3 Yeors 5 Years Aetuol Benehmork Aetuol Benchmark Actual Benchmark Nèwton (to 30109124) LGIM (to 31108124) 11.9% 14.7% 4.4% 5.1% 7.3% 7.1% 121% 14.1% 3.0% 4.1% 4.8% 7.5% 18 Company Number: 867944 Education Development Trust Tranthmkng lives educaiton oround the worfd. 2.11 ENERGY AND CARBON REPORTING The ComF)anies (Oirectors, ReFort) and Limited Liability Portnerships (Energy ond Corbon Report) R8gulations 2018 require us to diselose our annuol UK energy use. greenhouse gas (GHG) emissions. energy efficiency meosures undertoken and on ener9y efficiency rotio. Energy Use and Carbon Emimions Disclosuv• Piimary Statement foi 2023124 2023124 Energy Consumption 2023124 Emissiorbs (tC02e) 2022123 % Chonge Emissions (Kwh) (tC(le) Electricity Gos 347.367 491.382 16Z826 1.001.575 71.92 89.87 36.97 85.67 8288 45.42 -16.1% +8.4% Transport Fuels Gro*s Annual Total -18.6% 198.78 213.97 Intensity Metric (Heodcount) Total tCO¥¢lhead 737 027 780 0.27 -5.5% -1.7% Quolifyln Green Torifts Not Annuol Total 345,758 655.817 71.58 127.18 84.67 129.30 -15.5% -1.6% These emissions translate to Scope I. 2 ond 3 emi5sK>n5 0$ folk&ws'. fjHG Emissions 2023124 Energy 2023124 Consumption Emissions 2022123 Emissions % Chonge (Kwh) (tCO*) (t¢0￿) Scope I. 496.530 Scope 2 (location bosed) 347.367 Scope 2 (morket based) 1,609 Scope 3 157.678 35.74 42.23 Total (location based) 1.001.575 198.76 213.97 Totol (mork•l baso41) 655.817 127.18 129.30 -1.6% Transport fuel consumption and mains gas include4 lugitive emissions were monitored but not releosed 91.10 71.92 0.33 86.07 85.67 0.27 5.8% -16.1% 21.4% -15.4% -7.1% This is the fifth year ol GHG reporting ond is aligned with the 2023124 finonciol yeor. The first years report in 2019120 forms the baseline year. The baseline year wos formed during the Covid-19 pandemic and as such comporisons to this ond future yeors moy be skewed. We alm to re-basaline during 2024125. we hove not developed any corbon targets for the current reporting period. However, a earbon reduction plon to achieve eorbon net-zero by 2040 hos been developed. The intensity metric chosen is employee numbers (taken as a monthly average). This was chosen as the most suitable metr as the organisotion has both schools and offices within the UK ond relates well to any chonges in thg energy con$umptTron ond ossocioted eorlx)n emissions. 19 Company Number: 867944 Education Development Trust Tror¥fomt¥J lfv*s by hi)wwiTrJ.educthion tsr¢xmd the warld. W8 have r)0 quolifying carbon offsets during this financial perkxl. Within the UL all directw sourced electricity thot the orgonisotion procures is from REGO-backed or 100% Carbon offset (Kyoto Protocol). We hove also taken account of any landlord procuied electricty from renewable sources. This hos redu¢e¢J gros$ emisgon$ from the conSumpt￿Tr of purchased electricity vio o quolifying green electricity toriff by over 99& equating to a carbon soving of 71.6 tonnes of C02eforthis financiol year. Energy Effieieney Narvatlvo During the reporting year we have undertaken the following actrwty which has or will have a direct Impact on the energy eff iciency of the orgonisotion. Ensured directly procur8d olectricity continues to be 100% renewoble (REGO-bocked). Continued to review the real estate portlolio disposing of a furth8r seNlced office SFxJce ot the end ol thg linonciol yeor. Continued to develop oui Carbon Reduction Plon with a commitment to Net Zoro. odding emissions from waste disposal. Updoied relevant polieies including Sustainable Development Policy ond Travel Policy, with a focus on ovoiding tfovel where possible. DgV91opgd an internol Enwronmentol webpage for empbyees including data reports on ov9rall emi$slon4 tips for reducing indivKlual emission4 as wo11 os links to EDfs reseorch 'Climotè Change and it$ lrnpact on Education,. Our UK Directofate Sustainability Working Group c¢)ntinugd to share good practlc8 on pTomting sustainobility with gmploygfs ond portners. Ongoing implementotion of energy efficiency meosuies wtthin our schools portfolio through upgrades to LED lighting upgr(Kle4 therml improvements ond window upgrodes. Action plonning following the Energy savin￿ Opportunities Scherre (ESOS) Phose 3 is now underway. The surveys and associated reports completed os port of ESOS should provide o route map for whrch energy conservation meosvres can be implemented cost effectively. To reduce energy consumption. cost and corbon emissions. we will coniinue our existing good practices and implement further energy conservation measures in the next 12-month period, in line with our Carbon Reduction PlorL 2.12 FUNDRAISING Section 162a of the Choritoes Act 2011 requires us to moke a stotement on fundraising activitlgs. W8 do not undgrtake fundraising activities. Therefore: We do not use professional fundraisers or.commerc￿l part￿lPat0rs. to solicit donations. We ore not subject to any fundroising regulatory scheme or relevant codes of practice. We hove not recewed ony complaints in relation to fundraisin9. We do not require procedures to monitor fundraising activities. 20 ComF)ony Number. 867944 Education Development Trust 113 PRINCIPAL RISKS The top corporote risks facing the GTOUP. and associated measures lor mono Risk Id¢ndll¢d Furthol mana a¢tlon$ Over-relionce on UK government tor funding strotegic focus on opportuntties from dtversilied lunders and territories in those, ole.. Introduction of VAT on UK independent schools Changes to tax rotes ond employment practi¢gs in the UK Reduction in progrornmes funded by UK DIE IP Market engagement and cost manogement . Review ways of working process ond digital efficiencies to maintoin commercial odvonta IP Pursue client dNersrficotion in the UK including decentrolised contraet$ Enhonced systemslcontrols designed oround com liance requilements Duty of core policies and procedures Securty framework in place in hi h-risk contexts Continuous focus on safeguarding monitoring and enhancement Continued impl8mentation ol roodmap of tech securty anhoncements Mojor complionce loiluie (stotutory, regulatory} Mojor security incident in frogile Iconflict- offectad r89ion Major soleguarding incident IT security breoch 2.14 FINANCIAL RISKS The following sets out the risk monogement principles applied to certain tyP9s of financial risks. Liquidrty The Group retoins sufficient cosh funds to meet the doy-to-doy needs of the orgonisation ond invests its remaining reserves in longer-tem investments to maximise returns. The Group's finoncing objective is to locate lunds that ara surplus to opèrational requirements in the Charty (the parent entity). Subsidiaries wovide regular finoneing plans and proposals for repatriation ol surplus lunds for opproval by the Charity. rinanelal market The Group's exposure to morket risk arises primority fr¢)m the Group's fixed asset investments.. an investment portlolio of stocks and shares monaged by two o$$et monogement companies ond investment properties. The Group's policy for the investment portfolio is to ensure the investment poitfolio is spread between equities and bond4 in the UK and overseas. and is invested ethicalty. There are no investmants in unquoted stock4 derrvotives or unregulatèd coll8ctive investment scheme* The investment managers are Ok￿ limited on how much they can invest in any one foreign Currency or country. Credlt The Group is moinly exposed to credit riskfrom cre(Jit soles. A sp3nificont omountof income is derived from mojor institutional. government and donor fundin9 agencies and $0 the associated cr8dit risk is modest. However, where it works for privote sector cl￿ntS it assesses the credit risk of new customers and factors the informotion from these credit rotings into futura dealings with the customers. At the balance sheet date there were no significant concentrations of credit iisL The 21 Company Number 867944 Education Development Trust Trroted on 31 t)ecernber1965 and received charftable status on 20 Februory 1976. The Chorty is governed by its Articth ofAssoci0t￿ry lost omended in hAay 2024. Board gtrueture The Board of Trustees meets ot knst 4 times per year to determine strategy ond policies ond review performance. It is responsible lor the opproval of budgets tinancial statemants and new Investments. delegating specrfic responsibilities to its coMm￿ee$. Detoils of the trustees who served throughout the year (except os noted) are set out in seCt￿n 4. There ore four permonent committees of the Bwrd of Trustees which report to the Board on their meetlngs ond octivities. The Audlt and Flnanu C•mmltl•• meets four times o yeor as o minimum. The committee provide$ on independent oversight of the Group's systems of internal control, risk management and compliance. It olso monitors the Group's financial poli¢ies ond finonciol monagemenL The Educotlon Impact Commlttw meets three times o yeor as o minimum to review the educational impact of the organisation's activities. It also has Overs￿aht ol thg public research progromme. The People. Culture and RemUnerUth￿ Commlt*e meets three times a yeor. It hos delegated responsibility and strcrt8gic oversight on motters raloted to people ond culture ocross the organisation. including oversight of the salary ond benelits packages of the Executive, the attraction and retention of tolenl the development of o high pertorming workforce. ensuring o positive inclusive work environment where oll employees feel volued and respected, ond the r8view ol globol employee engogement suNey outcomes and action plons. It makes recommendotions to the Board of Trustees on the remunerotion ond benefits for the Executive, commissioning externol $okJry benchmorking on a bi-annual bosis. 23 Company Number. 867944 Education Development Trust by inwovir8 oduc(thn around th8 %4rrtd. The corporate Saleguardlng C*)mmlttM meets three times a year. tt provides the Board of Trustees with assuronc& and evidence that We are meetin9 the applicablg core re9ulations and exercising a duty of core. The Corporote Safeguarding CommTttee is advised immediotely of any emerging sofeguor(Jing cases by the H8ad of Safe9uardin9 & Inclusion through our Chief Executive Off￿r and is kept informed Ihroughout the ease monogement process. A temporory Committee. the Dlgltal Stiategyand Innovation Commlttee meets four times o year. oversees strotegi¢ direction on the EDT digital strotegy orKI rotsJmop. ensuring olignment with organisationol g¢Jals and value to stakeholders. Each ofthese committees 1$ comprised oftrustees and is attended byexecutive director$ and senior members of staff, as required. There ore ￿ membership committees. The members of these committees. the majority of which must be mambars who are not also trustees. ore appointed by the President The Ngmlnatlon$ Commlttw meets twice a ygor to identity. nominote ond moke recommendoiions on the recruttment ond appointment of trustees and members. The Tru8tO0 RemuMiatlonC4xThmltto•. meets os required (ot least once o yeor) to review Board pertormance and provhde independent oversight of the remunerotbon of the Boord. An o￿latIonal C•mmlttoo was established in 2023124 to consider low risk matters delegated by the 8oard of Trustees and the administration of motters olready delegate(I by the Board ol Trustees. CurTent trustee memb8rship of Boordeommittees is indicated ogainst eoch trustee's nome. as listed in Section 4. Appolntm•nl and rol•ol trust••s Applicotions for new trustees ore sou9ht by public advertisement including the internet, through external advisers and through personol contact The Nominations Committee interviews oll potential trustees and successful oppliconts ore wt foTh¥oid for election by the membership of the charitable compony. Trustees serve up to two terms of f¢)ur years. All new trustees ore supported through an induction pr¢xess. which includes meetin9S Wlth the Chief Executive Officer, Corporote Governanee team ond operotional Directors, as well as written induction materials ond relevant training. TfUStee$ ore subject to o performance mono9ement process where individuol training needs are identified. ond the Board corries out a self-evaluation perN)dicalty and in line with best practice. Trustees are clso encouraged to engage with our operational activittgs through visits to progrommes or knowledge-sharing events. Trusts• Indemnlty Insurance Trustee indemnity insuronce prowdas insurance cover for chority trustees ogoin$t cloims which moy ¢ri$e from their legitimate aetions OS trustees. As o matter ol ￿w, chotities require authority to purchase this type ol insuronce. In the cose of EDT, thot authorty is obtoined from our Articles of Association. 24 Company Number.. 867944 Education Development Trust Charlty ¢Jovernqnc•¢odo The Charity remains committed to the princi￿•$ of the Charity Governonc• Code, focusing on: Trustees were fulty engaged in developing EDfs new five-yeaT strategy to 2030. participating in strotegy workshop$ olongside the ExKutive Team and ogreeing on external support ond resources for the strategy deveb)pment process. The Boord. through the Education Impact Committee. evoluat8S the Charitys pertormonce to ensure all programmes meet or exceed predetermined impact torgets. (Principle l-. Orgonisotionol Pufpose) The strategy was driven by o refreshed purpose and set ol volues that wer8 d8vgloped collaboratively across the organisation. with the Board endorsing a shift in emphasis ol the purpose to focus on increosing lrfe ¢ho￿e$ by improving educotion on& skills outcomes. The Board ensures that the Charitys volues ore reflected in its work and strategic objectives. (Principle 2.. Leadership) Annual sofeguarding troining continues to be provided for Tiustees. An internal audit was recentty undertaken to review safeguarding processes and the implementation of an agreed oction plan is being monitored by the Corporate Safeguording Committee. (Principle 3= Integrity) The structure, perlormonce ond Terms of Reference ot sub-committees hove been reviewed os port ot o selt-evoluation process ond o Scheme of Delegation outlines 8oard-reserved matters ond those de￿gated to committees. The Board manages risk5, Wlth the Audit and Finance Committee overseeing o new risk framework arKI controls maturity assessment. Performance is tracked against Key Performance Indicators through quarterty bolonced scorecard reports ond monthly reports from the Chiel Executive Officer. (Principle 4= Decision moking. rlsk ond control) The Board hgld o focilitoted session at their annual cwioy¢Joy which focussgd on the group s role in the five key Ofeos of Strotegy. Scrutiny. Stretch. Steworrjship and Support This will $hope future thinking around governanee ond board operotion. For 2025, the codence ol Board ond committe8 meetings has t)een stroamlined to allow increased focus on strategic matters. (Principle 5.. Board effectiveness) The People, Culture and Remuneration Committee continues to oversee the Inclusion and Diversity strotegy and the tronsits'on to a devoWI moinstrgoming opproo¢h ond plon. (Principle 6= Equolity, Diversity, and Inclusk)n There is o strengthened focus on intemal and external cu5toThr satisfaction metrics ot Board meetings. (Principle 7.. Openness ond accountability) UM GI01￿1¢amPaCt We demonstrate our commrtment to the ten principles of the UN Glolx]I Compoct by ensuring thot they form port of our strategy, culture ond doy-to-doy operotion4 alongside the Sustoinoble Development Gools. Our Letterof Commitment and lotest Communication on Engogement ore both ovailable on unglobalcompacLorg. 3.3 RESPONSIBILITIES OFTHE 80ARD OFTRUSTeES The eoard of Trustees is rasponsible for preparin9 the AnnL￿1 Rewrt and the f￿￿n¢la1 stotements in accordonce with the Componies Act 2006 ond for boing satisfied thot the financial stotements give a true and lair vigw. Thg Boord ol Trustees is also responsible lor preparing the financiol stotements in oecordonce with United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Proctice). In considering Its responsibilit￿& the Boord has had regard to the Chority Governance Code. 25 Company Number.. 867944 Education Development Trust IKK￿lL¥m￿a li¥e5 by ￿roV￿g edLKation arojnd thè wothj. Charity ond company low requires the Boord of Trustees to prepore financial statèments for 8ach finoncial ygor which give a true ond lair view of the stote of offoirs ol the Chority and ol the surplus or deficit of the Chority for thot yeor_ AS noted above. in preporing those financial statements. th8 Boord ot Trustees is required to.. Sglect suitable accounting policies and then opply Ihem consistentty. Mako judgements and estimates that are raasonable ond prudent stote whether appI￿able occounting standor¢Js hove been followed, subject to any material departures disclosed and explained in the financial statements. Preparè thè finaneiol statèments on the going C¢)ncern basis un￿sS it is inappropriate to presume that the Charity will continua in business. The Board of Trustees has overoll responsibility for keeping proper occovnting records that show ond exploin the Chariws transactions. disclose with reasonoble accuracy at ony time the finoncial sition of the Chority ond enoble it to ensure thot the tinonciol stotements comply with the Companies Act 2006. Financial statements are published on the Chartys website in accordance with legislation in the UK governing the preparation and dissemination of linoncial statement& which moy vary from legislotion in other jurisd￿l￿)n$. The mointenonce ond integrity of the Choritys website is the responsibility of the trustee& The trustees. responsibility also extends to the ongoing integrity of the financiol stotements contoined therein. The Board of Trustees is also responsible for sofeguording rhe ossets of the Chority and hence for taking reasonable steps for th8 prevention ond detection of fraud and other irre9ulorities. All of the currenttrustees hove taken oll the Steps thattheyought to hove taken to moke themselves aware of any information n88ded by tt18 Charitys ouditors for the F)ufF)ose$ of their audit and to estoblish thot the ouditors are owore of thot informoth)n. The trustees ar8 not oware of ony relevant audit information ol which the auditors ar8 unaware. 3.4 MANAGEMENT During the perio4 the activity of the Chority wos orgonised in four opgraiional creos.. UK.. This oetivity brings together our large-scale UK programmgs. The key components of this areo ore UK Education ond UK Skills (including Employability and Careers). Internotionol.. This octivty brings together our knrge-scale programmes outside the UL The key components of this area are the Middle East and A$io region ond the Sub-saharon Africo region. Reseorch & consu￿oney. This octivity incoiporotes ¢)ur consultancy business and our research. This area also manages the Alexondria Schools Trust restricted fund. Independent Schools.. This Ofeo includes our three independent (PTiVOte) schools.. two in the UK ond one in South Afric 3.5 STAFF During the period under review, we employed an overage of opproximately 1,159 stoff worldwida, ond experienced considerable orgonisational change os we monaged tronsition within our portfolio of controcts. Chonge was olso delivered through the implementotion of the new ex8CUtive leodership team and reoligning octivit￿$ within the business to effectivety position the business for the delivery 26 Compony Number. 867944 Education Development Trust of the new strategy. in particular reshaping the UK and Internotionol dirèctorotes. A new pènsion scheme was implemented lor stott in the UK business and reviews of the pension provi$ions ocross thg Sub-sohoron African business to ensure volue for moneyfor stoff ond o mganingful contribution to their retirement pro¥ision& We ore a thsobilty Confident employer which reinforcgs our full commitment to undertaking activities that make o real difference to people wth disobilitie& This includes giving full and fair consideration to disob￿d applicants tor employment in line with our ￿clUsion and divarsity stratagy, having regoid to their aptitudes and obilities.. continuing the employm&nt of, an¢J oryanging training lor employees who hove become disabled while employed- and focusin9 on the training Career d8velopmont and promotion ol people with disabilitiès. We continue to take a pro￿tiVe opprooch to employee engogement and portnered with Gallup for o second yeor to ensure thot we respond to previous leedbock ond creote a working environment In which all colleogues can thrive ond ochieve their tull W(ent￿l. 2024125 results (ell us thatwe hove stayed broadly where we were last year. which given the chonges in the Executive Team along with wider orgonisotion change4 is a satisfactory outcome. We focused our efforts on the '8asic Needs. questions and strengthened our Continuous Performonce Monogement process. This led to measuroble improvements, ond the impoct ot more frequent. meoningtul Conversations can be seen in improved scores i.e. 'In the lost six months, someone ot work hos tolked to me about my progress,. (3.99 to 4.12), This kjst year, I hove hod opportunities at work to leorn ond grow (3.95 to 4.06) ond Ny manager, or someone ot worl seems to care about m8 os o person. (4.12 to 4.￿). Another area that is particulody important to us is thot of respect (rt worl so we were pl8ased to see that score sustain its improvemenL rnoving from 4.17 to 4.23. We hope to see further improvement in this oiea 0$ o result ol our ongoing work on Inclusion & DNgrsty. 3.6 RISK MANAGEMENT AND INTERNAL CONTROL OUT eoard of TTUStees hos responsibility for ensuTing the oppropriate financiol ond non-finonc¢ol controls are in place to prowde reasor)oble, but not obsolLtte, ossurance against inoppropriate us8 of resourees and agoinst the risk of errors or troud. It also SUPFX>rts the aehiev8mgnt of the orgonisotion's policies. aims and objectives Rl¥k manaymont The Audit ond Finance Committee oversees our risk Mar￿erne￿t framework on bgholf of the trustees. Due to the complexty of the orgonisatiOTr the 8oord considers risk toleTonce in relotion to specific areas of sensitivity, rather than setting a generic risk tolerance framework. In our risk monagement policy, we hove set risk tolerance levels for safeguarding r￿k (very low) Complionce rlsk (low), security risk (medium). and commercial risk (medium). We operate o foimol risk manogement process which is incorF)oroted within our system of intarnal control. This is integrated into the organisation. with clear risk ownership at every level to enoble monogement of the risk profTrle. Operoting at oll levels of the organisation Irom individuol programmes up to Group level. exposure to risk is re9ularly reviewed ond escoloted. Exposures are assessed before and after existing controls. and where thw are iegarded as inadequate further m90suies are devised and implemented. 27 Compony Number.. 867944 Education Development Trust Risks are escolated to the oppropriaie orgonisationol level based on their scope and signiliconce. Risk monoggmgnt is considered ot business rgview meetings. ReF)orts ore made to the Audit and Finance Committee which reviews ond provides further ehollenge. The Board receives reports on strategic risks four timgs per year. Intsrnal ¢ontrol The Audit ond Finance Committee piovides independent oversight of the effectiveness of the systems of intemol control ond is responsib￿ for revwing and approving the onnuol internol audit programme, reviewing the key findings of the inieTnol audit reports as well as rnonitoring the Implementotion ol accepted recommendation& The committee also meets at leost twice a yeor with the externol ouditors. both with orKI Mthout mano9gmenL to discuss the onnuol stotutory oudit ond ony internal control weaknesses identified in the Mor￿￿rnent letter. The key comFJonents ol our internal contrd ond risk monogement environment include.. A three-year strategic plan approved by the 8oard of Trustees against which perlormonce is monitored. An onnual plon and budget opproved by the Boord of Trustees. Consideration ol thg financial resutts of the Group by the Board ol Trustees and executive manogement t)ased on monthly monaggment reports with Var￿nceS to budget ondlor foreeost. Consideration of orgonisotionol perfomonee edueotionol impocL eontractuol delivery. financial pertofmance and risk management- through business review meetings. Delegation of outhority and s8gr8gatk)n of dutbes. Processes lor identifyin9 and mana9in9 comFliance with rolgvant 19gtslation ond with the requirements ol re9ulotory bodies. Operotionol policies and procedurgs for staff. inchJdThJ poI￿leS on sofeguording Wh￿tleblowing, heolth ond sofety, ond serious incident reporthng. An outsourced internol audit function which is responsible for o rolling programme of risk-based avdlts designed to review the ott￿tIVenesS of internal control pr¢xesses across the Group ond to provide recommendotir)ns to strengthen the control environmenL the results ot which are reportgd to management and the Audit and Financè Committee. In particular. we are committed to sofaguording and hove zero tolerance for any form of hor abuse, neglect or exploitotK)n of beneficiories, stoff ond oll who Come into contact with EDT. This occountability rests with the trust8e4 who have delegated operational responsibility throu9h the Executive ond the Coiporote Sofeguording Committee. The Trustee¥ Annual Report and Stsotegic Rep)rt was approved by the Boord of Trustees on 6th February 2025 and signed on it$ bgholl by. Ils8 Howling Chair Februory 2025 28 Company Number: 867944 Education Development Trust bve& ty impYo¥iw educotim (wound the worhy. REFERENCE AND ADMINISTRATIVE DETAILS OFTHE CHARITY, ITS TRUSTEES AND ADVISERS 4.1 CHARITY DETAILS Nome Educat￿rn Development Tru$t Chority Number 270901 Re9lStered Chorlty Private Company Limr¢ed by Guorontee comF￿nY Number 867944 Country ol incorporation England and Wales Registered & Principol Office Highbrid9e House, 16-18 Duke Street Reading RGI 4RU Webslte Email Telephone 0118 902 1000 4.2TRUSTEES The following trustees seThed throughout the period to which this report rglotes unless otherwise indicoted. Current membership of Boo¥d sub-commrttees is also indicated. Ilse Howling Choir- Choir of Nominations Committee.. Peoplo, Culture ond Remuneration Committee; Operationol Committee Tonyo 8orron Choir ol Corporate Sofeguordir¥3 Committe9; Audit ond Finonee Committee,. People, CultiJTe and Remunerotion Committee Timothy Coulson- Educaknon Impact Commtttee Julio Grant Nimal Hemelge - Audit ond Finonce Committee," thgitol Strategy ond Innovation Committee Robert Humphreys (to Juty 2024) - Choir of Audit and Finance Committee Joy Hutcheon Choir of People. Cuf(ure ond Remunerotion Committee,. Audit ond Finance Committee,. Norninations Committee Angelo McFarlane - Choir of Educotion Impoct Committ08 Jonathan Simons - Educotion IMF￿ct Committee Anne Tutt (from May 2024) Chair of Audtt and Finance Committee.. Digltal Strategy ond Innovation Committee; Operational Committee Mu¢hemi Wambugu - Chair of Digitol Strotegy and Inr￿vatIon Committee.. Educotlon Impact Committee 4.3 MEMBERS Curréntly Education Development Trust has 34 m9mb9rs. The members take an activg role in our work ond share their edu¢otionol experience ond expertise for the b9ngfit of EDT. Th8 memb9rship oppoints the trustees ond is reswnsible for reviewing the work of EDT, principally at the Annual Goneral Meeting. 29 Compony Number.. 867944 Education Development Trust Trawformty ￿￿¢$. by knJkYovfjffj.educokn ¢JthJrtl th• workl. 4.4 PRESIDENT AND VICE PRESIDENT Sara Hodson wos oppointed os EDT'S President on 9 May 2024. havin9 previously octed os EDTS Vice President. 4.5 EXECUTIVE The Executive is responsi￿e for the operational management of the orgonisotion on4 throu9h the Chief Executive Officer. rep)rts to the B￿r￿ of Trustees or its eommitteos. cul￿nt membership of the Executwe is below.. Don Sondhu (Chief ExecutNe Officer) trom 4 September 2023 M￿k Dyson (Chief finoncial Officer) Sarah Faiquhar (Chief People Officer Tony McAleovy (Chief Educution ond Skills Officer) Kurt Weideling (Chief Digltol ond Informotion Oflicer) from 20 November 2023 Ross Anderson (Managing Director UK) from 4 December 2023 Fodi Kholek (Marbaging Director International) from l August 2024 The following were departing members of the Executive during thg year. Tarek Alomi (Director Africa, Middle East ond Asia) to 15 Moreh 2024 Patrick Brozier (Chief Executive) to I September 2023 Steve Cutts (Interim Director UK) from 15 May 2023 to 19 Jonuory 2024 Cheryl McGechie (Director Marketing ond Business Development) to 28 June 2024 Anno Riggall (Director Research and Consultancy) to 31 Juty 2024 4.6 BANKERS AND PROFESSIONAL ADVISERS Bankers Lloyds Bonk PIC 24 Br¢)od Street Reoding RGI 2BT Auditor crow￿ U.K LLP 4" Floor. St James House st Jomes. Square Cheltenham GL50 3PR Investment Managers Newton Investment Management Limited 160 Queen victor￿ Street London EC4V 4LA Legal ond Generol knvestment Management One Coleman Street London EC2R SAA Legal Advisers Clark$￿gtsl LLP 5th Floor, Thomes Tovftr station ROCKI Muckle LLP rime Central 32 Gallowgote Newcostl8 upon Tyne NEI 4BF Reoding RGI ILX Legal Advisers (Internotional) Eversheds Sutherland One Wood Street London EC2V 7WS 30 Compony Number.. 867944 Education Development Trust T[or￿￿mI￿j fves by educ015m the wowld. INDEPENDENT AUDITOR'S REPORTTO MEMBERS OF EDUCATION DEVELOPMENT TRUST oplnlon We hove oudited the finonciol $totement$ of Education Oevelopm8nt Trust (Ihe choritable company) and its subsidiaries (the group.) for the yeor ended 31 August 2024 whieh comprise Consolidoted and Chority Statements of Finoneiol Activities. Consolidated and Charity Bolonce Sheets and Consolidated Cash Flow Statement and notes to the financial statements. ineluding signilicant accounting policies. The tinancial reporting framework that has been applied in theli preparation is applicable law and Unft8d Kingdom Accounting Stondords, including Financial Repoiting Stondord 102 The Finonciol ReF)Orting Stondord opplicoble in the UK ond Republic of Ireland (United Kin9dom Generally Accepted Accounting pr￿tICe). In our opinion. the tinancial statements". give a true and lair view of the stote of the group's ond the choritoble compony's offoir$ 05 Ot 31 August 2024 arKI of the group's income ond expenditure, for the year then ended-, hove been properly prepored in accordonce with United Kingdom Generally Accepted Accounting Practice,. ond have been prepored in occordonce with the requirements of the ComF)onies Act 2006. Basls toroplnlon We conducted oui audit in accordance with International Standards on Auditin9 (LIK) (ISAS (UK)) ond applicable law. i)Jr responsibilities under those stondords ore further described in the Auditors responsibilities fof the audit of the finonciol stotements Section of our report. We are independent of the group in accordance with the ethical requirements thot are relevont to our oudit of the financial statements in the UK includin9 the FRC'S Ethicol Stondor4 and we hove fulfilled our other ethical responsibilities in accordance with these requirement& We believe that tha audit evidence we have obtained is sufficient ond appropriote to provide o LK)sis for our opinK) Conclusions rolated to golng ¢oncem In ouditing the finonciol Statements, we have eoneluded that the trustee s use of the going concern bosis of occounting in the preparation of the financial statements is opproprbote. Based on the work we have performed. vie have r￿t identrfied ony moterial uncertointies relating to events Of conditions thol individually or collectively. may cast significant doubt on the ehoritable company s or the group's obility to continue as o going concern for a period of at least twelve months from when the financial statements are outhorised lor issue. Our responsibilities and Ihe responsibilities ol the trustees with respect to 90ing concem are described in the relevant sections of this reporL other Inlormatlon The trustees are responsible for the other informotion contoined within the annual report. The other information eornprises the informotion included in the annuol report other than the financial statements ond our ouditorfs report thereon. Our opinion on the linone￿I statements does not cover 31 Company Number.. 867944 EducatÉon Development Trust thg Othér information anrl except to the éxtent otherwse •xplicitty stated in our report wè do not express any torm of assurance conclusion thereon. Our responsibility is to reod the other inlomiation and in doin9 $0. consider whether thg OtheT information isrnaterialty inconsistent with the financ￿1 stotement5 or our knowledge obtained in the audit or otherwise oppears to be moterh?lty misstated. If we identfy such material inconsistencies or OPFxJrent moteriol misstatements. we are required to determine whether this gives rise to a materiol misstatement in the financial statemonts themselves. 11. basea on the work wa hove peiformed, we conclude that there is o materiol mtsstotement of this other informotiory we ore required to report thot focL We hove nothing to report in this regard. Opinions on oth•r matters pr¢s¢Yib¢d by th• Compqnieg A¢1 2006 In our o￿TrI0n bosed on thg work undertoken in the course of our oudit the inlormotion gwen in the trustees, report which includes the directors, report ond the strotegic report prepored for the purposes of compony low. for the financi¢l yeor for which the finoneial statements ore prepored 15 eonsistent wth the financial statements,. ond the strategic report and the directors. rewrt included within the trustees. report have been prepared in occordance with applic0k￿e le9al requirements. Matters•n whlch weare requlred to report by exceptloft In li9ht of the knowlea9e ond understonding of the group orhd charitable company ond their environment obtoined in the course of the audi( we hove not identified moteriol misstatements in the strategic report or the directors. report included within the trustees. repo We hovg nothin9 to report in respoct of tho following m(rtters in rgk*ion to which the Companies Act 2006 requires us to report to you it. in our opinbon: odequote and proper accounting records hove not been kept," or the linoncial stotements ore not in 09reement wth the accounting records and retutn$,' OT certoin disclosures of trustaes. remuneration spècifièd by law are not made: or we hove not received oll the information and expk]nat#￿$ we require for our audit. Responsibilitlos ol trustees As explained more lulty in the trustees. responsibilities stthement set out on poges 25 ond 26. the trustees (who ore olso the directois ol the ¢horitable compony tor the purposes ol compony low) ore responsible for the preparation of the financial stotements ond for bging sotlsfied that they give a trug and lair vi8w, and for such internal control as the trustees determine is necessory to •noble the preparation of finoncTral statements thot are free from material misstotemenL whether due to fraud oi error. In preporng the linonciol statement* the twstees ore responsible for assessin9 tha charitoble company's obilityto continue os o goin9 concerry disclosing as applicable, matters ieloted to going concern ond using the going concefn basis of accounting unless the trustees either intend to liquidate the choritoble company or to Cease operat¢ons or have no realistic alternative but to do so. 32 Company Number: 867944 Education Development Trust Tr¢r4fom)i¥J fves by Imkyovirs educ￿1(￿ ¢%￿4nd the worhJ. Auditorfs respon8ibilili•s for the audit ol the financial stat•m•nts Our objectives ore to obtain reasonable assurance about whether the linancial stotements os a whole are free from moteriol misstotemenL whether due to froud or error, ond to issue on auditors report that includes our opinion. Reasonable assuronce is a high ￿Ve1 of assuran￿. but is not o guarant8e thot an oudii conducted in accordonce with ISAS (UK) will olways detect a materiol misstatement when it exists. Misstotemenls can orise from froud or erTor and aTe considered material if, individuolly or in the aggregate. they could reosonobly be expected to influence thg economic decisions of users taken on the bosis of these financial stotements. Details of the extent to which the audi( was considered copoble ot detecting irregularities, ineluding Iroud and non-compliance ￿th lows and regulotions are s8t out below. A further description of our responsibilities for the oudit of the financial stotements Is loccrted on the Financiol ReFX)rtin9 Councifs website at auditor This descriplion forms part of our auditor's report Extent to whlch the audlt was considered capable d detecting Irregularttle$, Includlng fraud Irregularities. including fraud are instonces of non-￿mplI0n¢e with laws and regulations. Wo identified and assessed the risks of moteriol misstotement of the linoncial statements from irregulorities, whether due to fraud or error. on(J discussed these bgtween our audit team mernbeT4 including significant component audit teorns. We then designed and performed audit procedures responsive to those rlsks, including obtaining audit evidence sufficient ond oppropiiote to provide o bosis for our opinion. We obtained an understandin9 Ot the legal and regulatory frameworks within which the choritoble company ond group opeTOte* focusing on those knws ond regulations thot hove o direct effect on the determination of materiol amounts ond dis¢b$ures in the finonciol Statements. The laws and rogulations wo ¢onsidergd in this context W8re th8 Companies Act 2006. togethgr with the Charities SORP (FRS102) 2019. We ossessed the required complionce with these lows und regulations as port of OUT audit procedures on thg r91oted financial statement r(ems. In addition, we considered provisions of other Iow5 and regulations that do not hove o dir8Ct effect on the linanciol stotemgnts bjt complionce with which might be fundamentol to the choritable componfs and the group's obility to operate or to avoid a wrtjteiial penalty- We also considered the opportunities and incentivas that May exist within the Charitab￿ comF>any on¢J the group for froud. The lows and regulotions we considered in this context for the UK operations were onti-fraud, bribery and corruption legislotion. taxatlon legtslalw ond employment legislation. We tslso Considered complionce with kjcol legislation for the group's overseas operating se9ments. Auditing standords limit the required oudit procedures to Klentify non-compliance with these lows ond regulotions to erquiry of the Trustee$ and other rnanagement ond inspection of r.9gulotory ond legol correspondence. if ony. Wg identified the greatest risk of material imwct on the financial statements from iiiegulorities, including fraud. to be within the timing of recognition ol grant ond controct income. and thg override of controls by management. Our audit Fyocedures to respond to these risks included enquirigs of 33 Company Number 867944 Education Development Trust TrarMI￿r￿j by IMPr￿.￿d[￿liti￿ ar￿jnd th8 management. internol audiL and the Audit ond Finance Committee about their own identification ond assessment of the risks of irregularitie4 designing and perlomiing oudit procedures over the timing ofgront and controct income. somple testing on the posting Otjournols reviewing occovnting estimates for biases. reviewing regulatory correspondence with the Charity Commission, and reoding minutes of meetings Ot those chor9ed with 9overnonce. Owing to the inherent limitations ot an audil there is an unavoidable risk that we may not have detect8d som8 material misstatements in the financial statements. even though we have proparly plonned and performed our oudit in occordonce Wih oudtfing Stondords. For exomple, the further r8moved non-compliance with laws and regulations (irreguh]rities) is from the events and transactions ieflected in the finonciol stotement¥ the less likely the inherenty limited proce¢Jures required by auditing standards would identify it. In oddf(ioTr as with any audit thefe remained a higher risk ot non-detection of irregulorTrties, 0$ these moy involve collusion, torgery, intentionol omissions. misrepresentotions. or the override of internal controls. We are not r8sponsib18 for prov8nting non-compliance and cannot be gxpectod to detect non-complianca wi(h all laws and regulations. Us? of our report This report is made solely to the charitable companys members as a body, in accordonce with Chapter 3 of Port 16 01 the Companies Act 2006. Our audit work has be8n undertoken so that wa might stotg to the choritoblg componys members those motiers we are required to stote to them in an ouditorf5 report and for no other PUT￿Se. To the fulte5t extent permitted by law. we do not occept or assume responsibility to anyone other than the charr¢able Compony and the choritobie componys members os o body and the choritoble componys trustees as o boty, for our auditworl for this report or for the opinion5 we have forme Tora Westcott Senior Slotutory ALKlitor For and on behalf of Crowe U.K. LLP Statutory Auditor Chgltenham Dote.. 19 Februory 2025 Company Number: 867944 Education Development Trust t¥es by 8dLMtTh ￿OUnd the 6 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES CONSOLIDATEO STATEMENT OF F114ANCIAL ACTMTIES For the year ended 31 August 2024 Y•ar t Yaarto 31 Aygyst 2024 31 Augus¢ 2023 Furtds Total toqo Toi•l £'ooo £'ooo INCOME Income from Inv•$tm•nts Divitlends receivable Rental income Interest income 1d 93 175 415 617 234 407 213 415 617 Income from eharltable acthiltle UK Africa. Middle East and Asia Research and Consultancy Inde endent Schools T¢tal Incomo 1d 32.367 6,496 28.125 1.216 10,911 73.733 38.863 28,125 1,282 10,911 80,388 36,887 39.052 4,006 10.378 91.177 6.655 EXPENDITURE andlture on raisln funds Investment managers, fees Other costs 1• 12 20 409 51 408 Ex UK Alrica, Middle East and Asia Research and Consultancy lrtde endent Schools Total expenditure enditure on charitabl• activities le 30.476 29,500 1,670 11,239 n.302 6,807 6.496 36,972 29.500 1,969 11,239 80,109 35.206 40,120 4,497 10,111 90.393 299 Total income less total ex ¢ndlture 431 152 279 784 Net ains on investments Net incom• 422 970 2b 396 791 Other recognised gains and losses Actuarial losses on defined benefit pensh?n schemes Exchan e losses on conversion of subsidia Total r¢¢ognlsed losses 14 (601 43 1103) 1601 43 (1031 15.4451 650 16.095) Nel movem•nt in funds boft>r• minority int•r•st Less.. Minori interest Net mov•m•nt in fund$ aft•r mlnorlty Interest 750 549 201 15,3041 54 15.3581 549 597 Balance brought foThvard at 1 S•pt•rnber 23.714 5.623 29,337 34,695 Balan¢e Carried forward at 31 AugU$t 23.915 6.019 29.934 29,337 The ststemenl of financial activities includes all gains and losses recognised in the year. Al income and 9xpendilure 18 derived from continuing activ￿e5. The notes on pages 39 to 61 fomi an integral part of these financial statements. 35 Company Number 867944 Education Development Trust TtOnSf￿ ti¥es by ImF)roViry.e(￿c0t1Qn ar¢yJnd the worfd. STATEMENT OF FINANCIAL ACTIVITIES- CHARrrY ONLY For lh• y•ar ended 31 August 2024 Y•arto Y•arto 31 AwJuJt 2024 31 A￿USt 2023 Fund¥ £'o Funds Total £'ooo Total t'ooo INCOME Income from investmen Dividends receivab Rental income Interesl income 1d 409 408 4S4 93 502 408 454 726 398 Incorno trom charitable activiti•s UK Alrica, Middle East and Asia Research and Consultancy Independent Sch(KJls 1d 32.367 6.997 1.216 8,679 6.496 38,863 6.997 1.282 8,679 36,887 18.832 4.fK)6 8.089 Total inwm• 50.530 6,655 57.185 69.054 EXPENDITURE Ex enditurè on ralsl fvnds Investment managers. fees Other costs le 12 20 409 51 408 Ex UK Africa. Middle East and Asia Rese8rch an¢J Consultsncy Inde endent S¢hools Totsl •xpenditure 0ndi￿rn on charitablo adlYlti•s 32,837 6.935 1.748 9,036 50.973 6.807 6.496 39,333 6,935 2.047 9.036 57.780 36,628 19,013 4,651 7.970 68.721 Total In￿Me less total ex diture 152 595 333 Nel ains on iTrveslrnents Net {¢xpenditurel l income 422 {211 $48 396 970 375 340 Other recogni5ed gains and los Actuarial losses on defined benefit Total recognSsed losses nsion schemes 14 60 {601 5,445 Net mov¢m•nt In funds {81> 396 315 (5.1051 Balance brought forward at 1 September Balance carried forward at 31 August 18.345 5,623 23.968 29.073 18.264 6,019 24.283 23.968 The statement of financial activities includes all gains h)sses recognised in the year. All incorne and expenditure is derived from continuing aCtiV￿e5. The notes on pages 39 10 61 fomi an intwl part of these financial slalements. 36 Cornpony Number: 867944 Education Development Trust BALANCE SHEETS As at 31 Augu$t 2024 --4ROUP Asat 31108r24 £'oots -￿HARITy.- Asat Asat 31108124 31108123 È'oo £'ooo 31108Q3 rooo N¢its$ FIXED ASSETS Tangible assets Investments Investments in Gfou Total flxed assets 1f,7 1h,8 5.079 13.839 5.242 4,056 13.839 203 18.098 4,216 9,444 203 13.863 undertaki 18,918 14.686 CURRENT ASSErs Debtors= Amunts falling due within one year Cash 81 b8nk and in hand 10 15.384 21.604 36.988 18.226 21,961 *10.187 11.835 14,833 14,583 29.416 25.508 CURRENT LIA81LITIES Creditors.. Amounts fallin Net current as$et$ due within one ear 11 22.207 14.781 22.058 18.129 18.748 6.760 10,681 T¢tsl ass•ts lass eurrnnt Ilabllltl¢$ 33.699 32,815 (596) 24.858 15751 24,544 (5761 Provision for liobililies an¢J charges Defined benefit pension schemes NET ASSETS 13 14 15961 33.103 32,219 24.283 23,968 CHARITABLE FUNDS Unrestricted funds {excludiThJ defined benefit ￿nStOnS} Restricted funds SU8 TOTAL FUNDS {excludln9 ynslon 1lab1lltl￿ Defined benefil ension asset TOTAL FUNDS l•x¢ludlng Mono￿ty in1•m￿l 23.915 6.019 29.934 23.714 5.623 29.337 18,264 6,019 24.283 18.345 5.623 23.968 12 14 29.934 29,337 24.283 23,968 Minority inlergsts TOTAL FUNDS 3.169 2.882 33.103 32,219 24.263 23,968 The notes on pages 39 to 61 fom ￿ integral part of these financial st*gments. The financial statements were approve¢J ty the Board and sbjngd on its behatl by: Ilse HO￿ing Chair Dated.. 6LI February 2025 37 Company Number: 867944 Education Development Trust ' Tr￿ INeB by improvh19 *d[￿tion oround the CONSOLIDATED CASH FLOW STATEMENT For the year end•d 31 August 2024 Y•ar to 31 Au9Ug12024 £'ooo Y•ar to 31 Aiigust 2023 £'ooo Cash fl eratln actlvltles Net incom• for the year 1,249 791 Adjustm•nts for. Depreciation on tsngible fixed assets (Profrt) I loss on sale of tangible fixed assets Profil on sale of subsidiary Decreas6 1 lincrea5el in debtors De¢re8se in creditors Decrease in provisK Less dividends receivable Less interest receivable Post-retirement benefits adjuslmenl DivKlends paid to minorlty interest Gains on Inveslments Exchange Igainsl I losses on fixed assets Exchange losses on conversion of cash Exchange losses on ￿nVers1On of opening reserves of foreign subsidiar*s 1.094 117) {4311 2.842 149 1.097 15851 11.1451 1.316 1181 12341 1213 12631 1409) 171 250 23 16501 (17SI (6171 1601 (2631 (9701 123} 15 143) Net cash generated from I us•d In operatin actlviti•s 2,750 142 Cash flows fro v•stin Interest re￿ived Dividends received investments Sale of subsidiary Purchase of tangible fixed assets Sale of tsngible fixed assets Purchasg of fixed asset investments Sale of fixed asset investments 617 175 583 11.0591 17 19,1371 5.680 213 234 585 1711) {2.403) 2.299 Net cash (used In) I enerated from Inve5tlng acllvlties (3,124 217 Net Ide¢roa$¢ I Increas• in cash and cash ￿u1valents ifi th• y•ar (3741 175 Cash and cash equivalents at the beginning of the year Change in cash and cash equNalents due to exchange rate movements 21.995 (15} 21.843 (231 Totsl cash and cash equlva￿nts al the •nd of the ear 21.606 21.995 Cash and cash uivalents: Cash at bank and in hand Cash at investments managers- rmney market deposrts 21.604 21.961 34 Total ¢ash and cash equivalents 21.606 21.995 The notes on pages 39 to 61 form an integral part of these financial statements. 38 Company Number. 867944 Education Development Trust ri<¥*lormw¥J by irriwtw1￿.•d￿a1N)n arournl world. NOTES TO THE FINANCIAL STATEMENTS For the yèar ended 31 August 2024 PRINCIPAL ACCOUNnNG POLICIES a. Ba$1$ of ac¢ountlng and Consolldatlon Education Development Trust is a charitable Company limited by guarantee. incorporated in England and Walgs Charity Numbef 2709)1 1 Company Number 8679441. The address of its regrsleied off￿ is Hw3hbridge House, 16- 18 Duk8 Strggt, Rgading. RG1 4RU. Th8 ffinan¢ial statements havo been prepared under Ihg historical cost conventson. excfjpt for invostments which are included at market value. The financAal statements have begn prepared in accordance with the Accounting and Reports'ng by Charrties.. Statement of Recommended Practice appli¢able to charities preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 20191- (Charibes SORP {FRS 10211. the Financial Rtrporting St8ndard applicable in the UK antl Rewblic of I￿land (FRS 1021 and the Companies Act 2006. The accounts of the Chanty have been prepared on o gcrfn9 con¢em basts. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting eslimale5. It also requires tr* Grcmjp's management to exwuse judgement in apptying the Group's a¢￿￿ntIng policies Isee not8 1¢). In preparing the separate financial statements of the Charity. a¢Jvantage has been laken of the followirKJ disclosu exemptions available in FRS 102: - no ¢8sh flow ststement has been prepared for the Charity: - no ¢JIsclosu￿ has been givgn for aggregate remuneration of Ihe key Manage￿nI personnel of the Charity because their remuneration is included in the totals for the Group as a whokn. I branches are consolidated fvlty within the Charity. The resutts and balance sheet of Education Development Trust and its subsidiaries have been consolKlated on a hne-by4ne basis. The ConsolMJated Ststement of Financial Aclivities includes the financial activities of the Charity and its subsidiaries up lo 31 August. The results of subsidiarie5 acquired or sokj are induded in the Consolidated Statement of Financial Activities from. or up lo. Ihe dale control passes. Intra-9rwp transactions are eliminated fully on consolidation. On acquisilh)n of subsidiaries. 811 of the assets aTh1 liatslities that exist at the date of acquisrtion are recorded at their fair values ￿fleetIng their condition at that date. Al changes to those assets and liabilrties and the resulting Surpluses ordeficits that arise afterlhe Group has gained control ol th8 subsidiary ara charggd to the posl-8cquisilion Statement of Financial Aclivilies. The Charity meets Ihe deffinition of a public benefft entity under FRS 102. A summary of the accounting pOI￿leS. vthith have been applied consislendy. is set out bek)w. b. Golng Concem We set a budget and a 3-year pjan annually. In 2024. we developed a &year plan in line wth our corwrale strategy. to August 2029. The Board of Tnjstees arKI the Exeeulive actNety monitor fina￿la1 results against the budget on monthly bas￿. Regular forecasts wth ass¢xiated risks arKI opportunities are produced for the current financial year. lo identify actions to oplimise finanoal perfomiance by mrtytsng rsks and realising opportunittes. We monitor solvency by projectip4 income. net income. free reserves and cash to August 2026. We have reviewed this analysjs on a regular basis up to the date of si9ning the report. We use a range of scenarios to stress lesl cash and reseThes. This ie5ting shows that we have adequ8le headroom for cash and a strong balance sheet. On this basis, while an amount of uncertainty about the volume and liming of new business exists. this does not pose a m8leri81 uncertainty that wouky cast doubt on the Charity's abilty to continue as a going concem. The 8oard of Tnjstses Iherefore considers it appropriate for Ihe accounts to be prepared on a going concern basis. 39 Company Number. 867944 Education Development Trust TraMlormtyvJ lry Mnwov4r8.edL¢Olk)n around the NOTES TO THE FINANCIAL STATEMENTS (contlnued) For the year ended 31 August 2024 PRINCIPAL ACCOUNTING POUCIES Icontlnued} c. Critical ac¢ountin9 judgements and estlmatlo In preparing the financial stsiements, the 808rd of Trustees is required lo make estimates and judgements. The items in the financial statements wl)ere these judgements and estimates have been made include.. (il Actuarial assumpltrons in respett of defined benefft pension sch8m8s - Actuarial valualK)ns of defined beneffit p8ns¢on schemes are in￿r￿rated in the finar￿la1 statements in a￿rdance with FRS 102. The actuarial valuation process involves making assumptions atx)ul discount ratgs. fLrture salary increases. mortalty rates and future pensron incre8ses. Due to the complexity of the valuation. the underfying assumptions and the long-tem) nature of these plans. such estimates are subjecl to signfficant uKertainty. In apptying FRS 102, a(fvice is taken from indepen¢Jenl qualified actuarios. lill Rgcognilion of pension schenw asset- in ling wilh FRS102. thg Charity onty rgcognises a defined benefit asset 10 tho extent it is ¢onsid¢r¢d recoVera￿e Ihrough reduced contributh)ns in the future. or through refunds from the schemo. The appropriato accounting troatment is detennined for each scheme separatsly ba$od on review and interpretstion of the scheme rules. (iiil Bad debts- The estimate for recervables ￿lateS to the rerrnrability oflhe balartts outstanding at the year end. A review is performed on an individual debtor basis to consKler whether each debt is recoverable. (iv) Tangible Fixed Assets- A reviow is perfOrn￿ annualty for indutors of impaim)ent. d. Incom• In the Statement of Financial ActNities. income is split betsveen wicome received from investments and income received Irom d￿ritable aelivil*s. Incomfj from investments includes dividerKI income. rental inc4Jme and interest inwme. and is included in Ihe Statement of Financial Activities on a receivable basi5. Income from charitable aclivilies represents amounts receNable for and services provKlod in the UK and overseas, net of taxes levied on sales. Income from charilable aclivities has ￿en splil under the four key ackn"vities Njenttfied lo meet the Charity's obj8Ctbves: UK, AfrKa, Middle East and Asha, Research and Cor*uttanLy and Independent SchooL8. Income is included in the Statement of Financlal Adivittes when the Group has entitlement lo thè funds. the amount can be quantified. and receipt Is Pfobable. Specfficalty= income from tuition and nursory fees 1$ reccgnised to the extenl that tho related seNices have been provided,. income from contr¥ts is reGognisgd using thg slage of completKin mathod which s equivalent to the aggregate of related expendrf(ur8 incurred plus a portion of estimated surplus. Anlicipated losses on contracts are charged to the Statement of Financkql Activ((￿$ in their entirety when losses become evident.. grants receivable income. where related lo performance and specifie deliverables. is accounted for as thè Chaity eams the right to cOns￿eration by tts perfofmance. Where income is re￿iVed in advance of perfom)ance. its re￿nitIOn i8 deferred and included in creditor5. Where entr(lement occurs before irthme is received. the inc¢Th is acc¥ued. Any associated exFenditure is accounted for accordiry to t1￿ accruab o)ncept. Company Number: 867944 Education [ Development Trust NOTES TO THE FINANCIAL STATEMENTS (conllnued) For the year endèd 31 August 2024 PRINCIPAL ACCOUNTING POUCIES (contln•Jed) •. Exwndlture Expenditure is accounted for on an accruals basis and has t￿n classified under headings th818wegate all ￿$ts related lo the Category. Expenditure on rai$tng funds indudes charges made by the investsn8nt managers, HSBC Global ￿Se1 Management IUKI Limited. for the Group's portfolio manag8ment. Expenditure on charitable activities has been split LWKler the four key *ivities identffiod namely: UK, Afn'ca. Middle East and Asia, Research and Consultancy and Independent Schools. Further detail of the work within each of Ihese area5 15 detsiled in the Stralegic Report. Expenditure incurred by subsKJiaries is deerr￿d to be direct operating experKliture. Support, developrnent and govem8nce cost are either directty attributsble lo charitable aclivilies or where they are I diredy attributable they are allocated to activities on a proportion of income basis. Development expenses, whth indude markeling expenses. both those of a promotional nature and those specific lo negotiating and obtaining future projects. are written off in the period in which the expenses are incurred. Redundancy. termination. arKI ex gralia payments are a(thunted for in full in the year Ihal the departure is agreed. Where input VAT is not recoverable on uThJertaken by the Group it is treated as a cost of that project and reflected in the Slalemenl of Flnanoal Aclivitw. l. TaThglble flxed assets Tangible fixed assets are stated at cost, less depreciation and any impaim)ent losses. Deprecralion is provNled on all tangible fixed assets at rates calculated to write off Ihe cost. less estsmated residual value. of each asset on a straight-line basis over its expected Ltseful lrfe as folh)ws: F￿$hold land F￿ehOld and long-temi leasehdd buildings Building improvements Freehold and leasehold improvem8nts Not depreciated 30 ye8rs or lease tem. whichever is shorter 30 years or lease lem, whichever is shorter 10 years, lease lem or remaining ￿ntract period. whi¢he¥er is shorter Office fvmiture and equipmenl 5 years Motor vehicles 4 years Enterprise Resource Planning IERPI system 10 years Other wmputer oquipmMI. so￿are a￿1 IT infrastructure >5 years Assets under construction ore not depreciated until they are brought into use. For Offi￿ lumilure. e¢wipmenl corwler equpment wrchased second-hand. the depreciatM)n rate is 2 years straight4ine. 41 Company Number. 867944 Education Development Trust Tronsfrym*vJ JNes by Imwovkng ¢d￿l￿on LYC￿￿ the workl. NOTES TO THE FINANCIAL STATEMENTS (¢ontlnued) For the year ended 31 Augu$t 2024 PRINCIPAL ACCOUNTING POLICIES I￿￿11￿u•d} f. Tangiblo fixed assets l¢ontinu¢d) Where as$ets arg held fof 8 Spe&￿ contracL those assets are written off over the shorter of the estimated life of the asset an(1 the underlying contract. Where assets are purchased by the Group bvt ao to be handed back lo the lunder at the end of the contract, ownership is deemed not to have tran$ferre(J from the funder and th8 Cost is expensed immediatety. The Group po&cy 15 not lo capitalise item5 C05ting under£1.000. VAT is excluded in Ihe cost of the capital item unless it is irrecoverable, in which case it Is treated as part of the cost of that asset. g. Impalmienl of fix•d assets Assets that are subject to deprKiation or amorflsat￿)n are assessed at each reporting date to determine whether there is any indication ihat the assets arg impaired. Where there is any indicat￿￿ that an asset may be impaired. the carying value of the asset is tested for impairnient. An impaim)8nt loss is recogntsed lor the amount by which the asset's earyng amount exceeds rts recoverab￿ amount. The recoverable amount is the higher of an asset's fair value les5 Costs to sell and value in use. Non-finanaal assets that have been p￿vIoUslY impaired are reviewed at each reportirvj date to asses$ whether there is any Indi￿1￿)n that the imp8iment losses reeognised in prior periods may no longer exist or may have decreased. h. Investments Inveslments in subsidiar*s are measured at cost less St￿M￿lated impaim)gnl. Olhgr ffixed asset investments comprise inveslment portlolios. The valuats.ons ofthe investment portfolios at balance shoel bid price were performed by the Group's investment managers. Newton Investment Management Limiled. HSBC Global Asset Management IUKI Limi18tl and Legal & General Invesimeni Management Limited. Gains and losses are recogni5ed in net incom91expenditu￿ in the Slalemenl of Financial ActIv￿"e$. All investment income is derived from quoted investments and recorded in the books of the Chanty then ￿eeNed. l. Financial instrum•nts The Charity only has financial assets and liabilitses of a kin¢J wh￿￿ qualrfy as basic financial instruments. 8asic financial instruments are initially recognised at transaction value arbd subsequently measured at their settlemènt vabJe. Trade and other debtors are recognised at the settlement amount due after any trade dts¢ount offere¢J. Prepayments are valued at the amount prepaid nel of any trade d￿Counts due. Cash at bank and cash in hand includes cash and sh(Kt-lem h￿hlY IiquKI investments with a short maturity of three months or less from the data of acquisition or opening of the deposit or similar a￿Ount. Credrtors and provisions are ￿e(*3￿$ed where the Charity has a present obligation resulting from a past event that will probably result in Ibe transfer of funds to a third party and the amount due lo settle the obligation can bg measured or estimated reliably. Creditots and provisions are nonnalty recognised al their Settle￿nI amount after allowing for any trade discounts due. 42 Company Number.. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMEKfs {contlnu•dl For tha year ended 31 August 2024 PRIMCIPAL ACCOUNTING POLICIES (contlnuèd) P•nslon scheme arrangements (i) Defined contributK>n scheme The Charity and its subsidiaries operats d6finèd ￿ntrIE¥JI10n pensvjn schorn8s whereby contributions are charged against ravenua as they are mad6. lill Dar￿ed banefii schem8 The Charity contributed lo defined benefrt pension schemes. Pension assets and l￿bIlItIeS are recorded w) line %wth FRS 102, %wth schem Valuat￿￿5 undertaken by indeperKlent actuaries. FRS 102 measures the v81ue of pension assets 8nd liabilikn.es al th8 balance sheet date and determines the t>enefils 8ccrued in the year and the interest on assets 8nd liabililw. Current service costs. together wTrth Ihe nel interest cost for the yw. ￿ allocated lo relevant expenditure headings within the Statement of Financial Activities. Scheme assets are measured atfair value al the balance sheet date. Stheme liabilities are rneasLF￿d on an actuarial basis al the baL8nce sheet dale using the projected unil method and discounted al a rate equivalent to the (yJrrent rate of retum on a hyh-quality coiporate of equivalent lemi to the scheme liabilrties. The change in value of assets and liabilities arising from asset Valuat￿n. changes in benefits. actuarial assumptions, or change in the level of deficit attribuiable io members. is recognised in the Statement of Financial Activities within aclu8rial gainsnosses on defin8d benefft pans*)n scherms. The resulting defined benefit asset or li8bilrty is presented separatety on the face of the 8alance Sheet. The Charity recognises assets for its defined benefit pension schemes lo the extent that they are LyMider8d recoverable through reduced contributi￿$ in the fvture. or through refunds trom the scheme. k. Holklay pay a¢¢ru¥l A liability is recognised to the extenl of any unused holiday pay entitlemenl which has acc¥ued at the balance sheet date and carried forward to future pe￿d$. This measured at the und1s￿unted salary Cost of the future holiday entit￿men¢ acuL*d at the balance sheet dale. Operating lea￿3 Rentals paid under leases are charged against income on a stra￿￿t-ll￿ basis over the lease tem. Foreign currency translallon Functional and presentatlon ￿JrrencY The individual financial statements of each 9roup entity a￿ presented in the currency of the primary economic environment in wh￿h the entity operates (tr* 'furttion81 currency'l. The consolidated financial statements are presented in Sterling. which is the Chanty's and Ihe Group's presentation currency. Company Number. 867944 Education Development Trust Tr￿￿1￿rnI￿ IP*es by ￿￿•￿.￿dUC(rt1on around Ihe world. NOTES TO THE FINANCIAL STATEMENTS [￿nI1￿u¢d) For the year ended 31 August 2024 PRINCIPAL ACCOUNTING POLICIES leontlnu•dl Foreign ¢urren¢y translation (¢ontsnu•d) Transactions and balan In preparing the finanaal statements of the irKIivKlual eAt￿"e$, transactions in Currencies other than the functional yrrency of tho indiwdual 8ntity are recognised at the spot rate at the dales of the transactions or al an average rale where this rate approximates the actual rate at the dale of the transaction. At the end of each reporting period, monetsry items denominated in fOre￿n currencie5 are retranslated at the rates prevailing at that dale. Non-monetsry Étems that arg measured in terms of hIst￿lca1 cost in a foreign currency are not retsanslaled. Foreign exchange differences that arise are recognised within'Nel KKome1expenditu￿. in the Ststemenl of F[na￿la1 Aclrvities. Translation of group entities For the purpose of presenting c(¥w)lidaled financial stalements. Ihe assets and liabiir¢ies of the Group's foreign oper#lioiis 8re translated from their fvncttonal currency to Sterling using the exchange rate ruling on the balance sheet date. Income and expenses are translated using an average rate for the period. unless exchange rates fluctuated significantly during that period. in which case the exchaThJe r8tes 81 the dates of the Irans8clions are used. Exchange differences arising on translation of group ￿mpanIeS are recognised wrthin 'Olher recognised gainsllosses. in the Slalement of Finarrial Activities. n. "Re$tri¢ted lund$ The Charity and Group reserves are al￿￿ted to tsvo separate types or funds: restricted funds and unrestricted funds. R&stricted fuThJs are those relating to income whKh may only be used for $pecff￿ purp05e$. All othèr funds. including designated funds. are Unrestrl￿ed. The Board of Trustges may approve the transfer of funds from unrgstricted to restricted fijnds rf op8rating losses would othfjrwise result in negattve restricted funds bein9 carried foThvard and ￿ is not anticipated that future operating profits will cover those losses. 44 Compony Number. 867944 Education Development Trust Tr¢m"ii¥ti*ThJ twes by Imw￿l￿.ed￿atk)n ¢yound ttie world. NOTES TO THE FINANCIAL STATEMENTS (contlnued) For the year ended 31 August 2024 SEGMENTAL ANALYSIS Y•ar to 31 August 2024 É'000 Y•ar to 31 Augus¢ 2023 t'ooo la} Group Income relating io operntlng a¢dv6tles An anatysis of Group tumover by geographical segment is gNen below: United Kingdom South Asia and South East Asia Middle East Africa Euro 48,788 17.139 6,570 7,784 107 48,649 16.493 6.620 19.386 29 e and other Ib} Net income £,￿0 An anatysis of the net Idefiat) I surplus by geographical segment is gNen beb)w'. United Kingdom 11.9901 South Asia and South East Asia 2.553 Middle East 171 Africa Euro 12.273) 1.471 143 1.460 e and other 29 1.249 791 STAFF AND TEACHER COSTS Ywto 31 AtsgU•t 2024 £'ooo Y•arto 31 A￿USt 2023 £'ooo Wages and $alarigs Redundancy. terminatH)n or ex gratia pa￿nents Social se¢urity ￿$ts Pensions Tem 40.075 641 41,856 695 2,472 1.786 423 47.232 1.597 522 45,271 Redundancy, lerminalion. and ex gratia payments werè incurred as part of the ongoing evolution of the business and were accounted for in full in the year that the departure was agreed. The amount payable at 31 August 2024 was £265.00012022123'. £130.2791 aTrJ is induded within Cre(litors. Details of the ar￿Unt payab￿ to der￿ed contribution pension $the￿$ ￿ respect of slaff are shown in pensions note 14a. 45 Company Number.. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS (Gonllnugd) For the year ended 31 August 2024 STAFF AND TEACHER COSTS I￿ntInued) Y••r to 31 Au9USt 2024 No. of Staff Y•ar to 31 Au9USt 2023 No. ofSt•ff Staff momb•rs whose total annual r•mun•rntion was In th• rang•3: £60.oIXI- £69.999 £70.oixI- £79.999 £80.000- £89.999 £90.000- £99.999 £100.000- £109.999 £110.000- £119,999 £120.000-£129,999 £130,000-£139,999 £140,000-£149,999 £170,000- £179.999 £180.000- £189,999 £190.000-£199.999 £200.000- £209.999 £210.000-£219,999 £230.000- £239.999 26 21 14 14 70 73 Total annual remunoralion ind(tdgs redundancy. temiination antl ex gratia payments. For certain roles invofved in major programmes in specffic overseas territories. totsl remuneralK)n includes accommodation. Iravel, w￿dical antl life insurance, schoolin9. taxes and other relevant allowances. The Chief Executive Officer had lotsl annual remuneration in Ihe £190.oixI- £199.999 range {2022123'. £180.000 - £189,999 rangel. Totsl omployor pgnsh)n contr￿n$ for th8 provision of money purthase schernas totalled £278.62712022123'. £284.807) for those stsff whose total rernunerat￿n was more than £60.000. Y••r to )1 2024 No. ofstaff Y•ar to 31 Au9U$t 2023 No. ofstaff The number of staff whose remuneration wa$ more than £60.000 ￿ wtThn retirement benefit$ are a￿rUing under.. money purchase $ch8me$ deffingd benefft s¢hgme$ 51 48 The average monty number of persons employed by the Grtyjp during Ihe period was: 1.159 1.271 Key management personnel The total employment benefits of the key management personnel was £1.562,690 {2022123= £1.541.6711 and lolal employer penston contributions for nine people was £73.780 {2022123= £105,225 for eoht peoFdel. Redundancy pay of £117.63912022123: £130.1831 wa5 paid to key management personnel. 46 Compony Number 867944 Education Development Trust Trtyffjl¢xmry IN8s by IiyovAig.edUCth￿ (¥wnd the workl. NOTES TO THE FINANCIAL STATEMENTS (¢on¢inued) For the year ended 31 August 2024 NET INCOME Is stated after charging l {ttedlting) Y•xio 31 Aug￿1 2024 Yvr to 31 August 2023 £'ooo Auditors. remuneral¥)n'. Group aut1it (Charity 2023124.. £60.250. 2022123.. £58.5￿) Audits of internat]onal subsidiaries Internal audit Depreciation {note 71 Remuneration of the Board of Trustees (note 6) Exchange drfferences Operating lease rentsls.. Propgty (Gain) I loss on sale of tangible fixed assets 64 27 36 1.097 142 72 1.151 99 1.094 148 1.061 1171 ANALYSIS OF TOTAL EXPENDITURE- GROUP Mat•rf•ls Pr•thJ¢iion hw Support staff and Tralnin4 Support Yèar to VÈar t Costs Ddivery Prtmb•s *rKi•tionl Expendi￿re 31 August 2024 31 Augusl 2023 £'Mo £'ooo £'ooo Othr Pr•l•ct Dlr•¢¢ si•ff Costs ¢'o(M) Ex nditur• on charStaNe aefi¥ltles UK 17.143 Affica. Middb East and Asla 12.812 R858arch and Consultan 1.972 Inde endent Schods 6,327 31.248 3.458 2.487 113 252 932 78 31 1393 13.683 11,261 12511 2,588 27.301 2.2B8 1.705 36.972 29.500 1,969 11,239 79,680 35.2C6 40.120 4,497 10,111 89,934 283 1.312 1,744 22 4.071 7.023 Investmant managerfs lees Other costs Total *xpenditur• 20 409 80,109 51 408 90,393 409 4.500 38.248 7,023 1293 1.744 27,301 I direct expenditure is Charged lo the relevant charitable ¥tivty on an aceruals basis. Expendilure has been shown under the main categories and split beh¥een dweet and irKlirect costs. Olher project expenditure includes C￿nsultancY fees and otherc05ts incurred in order to meet the Charity's contractual obligations. Olher supF<)rt expenditure includes centrd fjnance. human resources. information technology. markets'ng & communication and govemance costs. Support. govemance and devehjpment expenditure whtch is not dI￿¢mY atlributable lo a charitable activity has bgon allocated based on the income of that actsvity as a proportion of the Grow) income. Governar￿? ¢osts aro rop)rtgd in nole 4. 47 Company Number.. 867944 Education Development Trust Tr<*)slthill¥¥J bywriFvcwIng.8d￿1ion tyound the NOTES TO THE FINANCIAL STATEIAENTS Iconlinued) For th• yèar eftded 31 August 2024 TRANSACTIONS WITH TRUSTEES AND CONNECTED PARTIES Y¢•rto 31 AugUSt2024 Year to 31 Au9U812023 (al Trustees, remuneration and trans3￿￿n$ R•cipi•nt Naturn l Howling R Humphreys C Gilbert A McFadane J Hulcheon J Grant T Bafron J Simons N Hemelge M Wambugu T Coulson ATutt Remuneration Remuneration Remuneration RemuneratKJn ReMunerat￿n Remuneration Remuneration Remuner*ion Rernuneration Rernuneration Remunerat￿￿ ReMunerat￿Th 30,000 13,462 29,167 15.625 11,083 15.625 15.625 10,125 11,707 10,125 10,125 10,271 3,001 to 3 2024 10 18 May 2023 16.000 16,000 10,500 16.0 10.500 10.5110 10.285 10,500 4.688 from 18 May 2023 from 16 May 2024 148,435 142,479 The trustees were app)inted urKler cIaL￿s 14.18nd 14.2 of the Memcffandum and Articles of Association. Trustees are remuneraled rTh)ntNy based on Iheir role as truslee. Trustees with addit￿nal responsibilities such as chair to a committee are remunerated at a higher level. The levels of remunerats'on were approved by the Charity commiss￿ in 2014115. Trustees do recerve pension COntribut￿nS or other benefits. (b) Expens&s reimbursed to. and paid on behaw of. the 8oard of Trustees Plumber ol B•¥d Y•ar to 31 August 2024 Y•or to 31 Ay9uI12023 Nature ol expens• Travel expenses Subsistence I meals I hospitalty HoleLs l accommodat￿n Other ex ense5 7.231 823 2.761 1,553 12,368 7,265 1,327 1.082 650 10.324 10 10 10 10 Ic) Transacti¢)ns with connected parties (i) Subsidiary undertakin9S The followng management and other fees were charged by Ihe cl￿ritY to ils subsfvJk?ries'. Yurt• 31 AuBu•t 2024 £'ooo Y￿1 to 31 Awist 2023 £'ooo CfBT Education SeThices181 Sdn Bhd EDT Middle East Educational Consultsro LLC International School of Cape Town {Ptyi Ltd 1.102 433 50 1.306 398 31 During the year Educatton Oevelopment Zirnbatjwo (Private) Ltd char9od the Charity £2.600.77012022123.' £3,205,948) in relation to work performed for the Charity. Company Number. 867944 Education Development Trust Trothry INe8 ty inprovln9.8dL￿ti￿. around Ih8 wcrfkl. NOTES TO THE FINANCIAL STATEMENTS {contlnued) For the yoar ondod 31 August 2024 TRANSACTIONS WITH TRUSTEES AND CONNECTED PARTIES Icontinu•dl The followng balances were owed to I lowed by) ￿ Charity al the year-end dale.. Y•arto 31 AUVAI 2Q24 É'ooo Y•atto 31 August 2023 £'ODO Cf8T Education SeThices IB) Sdn 8hd EOT Middle East Educational Consultancy LLC Intematsonal School of Cape Town {Pty) Ltd Education Development Zimbabwe (Private) Ltd CfBT Education Services Lirnited 742 (951 521 (591 (561 788 (159) 795 (157) 156) The above balancos are repaya￿9 lo the Chwity. Provisifxts are made against baknce$ wher9 rgpayment is doubtful12023124'. no provisions). 49 Company Number: 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS (¢¢)ntinu•d For Iho y¢ar ended 31 August 2024 TANGIBLE FIXED ASSETS Fmhokl Lony lerni . pro￿rtY l•￿•h￿￿ Impro¥•n*nt Prap Tow V•hi¢l•s Flxttn¥ Con¥Int￿￿Trn £'ooo £'ooo Group Cost As al 1 Septembgr 2023 3,133 Additions 60 Transfer Disposals Exchan e 8d'ustment As at 31 August 2024 1.196 5.121 87 113 385 1.678 78 69 (14) 4,323 363 202 441 (1821 16,038 1,059 314 25 3.532 (1,196) 148) (201) 13 4N98 (1.145} 47 15,999 5.324 371 1.813 461 Depreciation As al 1 September 2023 Charge for year Eliminated on disposal Exchan e ad ustment As at 31 August 2024 1.214 89 314 1.026 18 (1.044) 3.326 306 379 10 {48) 1.189 189 1141 3.662 482 1201} 12 3.955 10,796 1,094 19931 23 10,920 1.616 1.373 Net book v41uè •t 31 August 2024 1.916 543 5.079 Nel book value at 31 Au9USt 2023 1,919 170 1.795 661 202 5.242 Frg•hold L*49•I￿ld Prnp•rty Improv•m• Motor l)ftk• rr $y¥terns & Ag5•ts Undor V•hlclo8 FlxtrJre8 Comput•r¥ C•Mtrnthon £'ooo Charlty Cost As at 1 September 2023 Additions Transfer Disposals Exchan e ad uslmenl As at 31 August 2024 2.310 4.915 81 113 1.551 42 69 181 4.053 224 202 441 1182) 13,121 (301 (21) (2011 1260) 2.280 5.111 71 1.654 4.080 461 13.657 Deprnciation As at 1 Septemkr 2023 Charge for year Eliminated on disposal Exchan e ad'ustrnent As at 31 August 2024 1.080 46 {301 3.203 294 82 1.102 172 (81 3.438 431 1201} 8.905 948 12601 {21) 1.096 1.267 3.670 9.601 Net book valuo * 31 August 2024 1.184 1.612 387 410 4.056 Net book value at 31 August 2023 1,230 1.712 449 615 202 4.216 50 Company Number.. 867944 Education Development Trust TrIY￿f￿￿ by (rrfprowg ¢di￿￿on.aroUnd the wrfd. NOTES TO THE FINANCIAL STATEMENTS {¢ontinugd For the y•ar ended 31 August 2024 FIXED ASSET INVESTMENTS Portfolio structur• Ch¥ -31 Auoust 2023- £'ooo -J1 Augu¥t 2024-ll £'ooo Fixed in¢)Jme Equities Multi Asset Funds Other Cash held by rnvestment managers Market value as at 31 Au 12.6% 31.1% 51.5% 4.4% 0.4% 1.188 2,941 4.862 419 34 99.0% 1.0% 0.0% 13.704 133 100% 13.839 100% Movement In market value of Inv•stments 202Y24 £'ty)o 2022123 £'ooo Opgnlng markot valuo as at 1 S•plornb•r Additions Disposals Gains De￿aSe in cash 9.476 9.137 {5.6801 970 132) 13.839 2,403 12.2991 {1431 9,444 Closing mark•¢ valu• as at 31 Augllst Hlstorl¢al cost of in￿51m•nt portfollo and Ch•rty- 2023 £'ooo 2024 Costs as at 31 August 10.961 7.180 51 Company Number.. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS (continuod} For the year ended 31 August 2024 INVESThqENTS IN SUBSIDIARIES -The Charlty holds Inve¥trnonts in princlpal urmkrtakings ag follows: % Holdin9 of No Issuéd Sh*M Twnov•r Exp•ndltyM M•tAssèts £'ooo Addr•ss Icountry •f R•gi¥lrotl•n rooo cooo Mlddl• Eastand Asla CIBT Educ81*)n S6MCaS lel Sdn Bhd Unil $6. Bkxk D. Comth. Leblth￿Y8 Sutt8Th H41 H8ss8nal B￿18￿. Bandar Seri eéwan 8E1318 ewnei Darttss*m 16.717 15.492 8,153 EDT m￿le East E¢Jucat*Jn Cor6ultsw LLC 603. Shk. 8in Saeed SL J N8tyon. Post No. T4 bj Oh8bi. UAE rbl• 6.031 5.966 2.0(YJ Educaton Develo￿￿8 Zimb8bwe IPrNatel Ltd 99 Churchil Avernx. c>￿1 H*are. bmba 1114 2.621 2.621 Ind•p•ndqntSchod• Inlemaliortal Sthotl alc WoodL8ThJ HewJhts. 4 E￿I￿U￿ Cbxe. CL9￿￿K)nt, 7806, SLMrth Af 2.318 2.176 (Pty) Lld The Charity has a 49% shargholding In EOT Middlo East Educational Consultsncy LLC. a company which dglivers educatKJn and training services in the Unrted Arab Emirates. The Charity ho$ effe¢tsve wilrol of the subsidiary and as such the subsKIFary is fulty Gonsolidated within the Group. On 18 February 2022, Education Development Trust entered into an arrangement to sdl rts shares in Waverley School Iwavertey Way) Limited, a UK subsidiary of the Charity. in three slages over 8 period of fvlo years. The final stage of the sak completed duriry the current financial year arKI the Subsidiary has been deconsolidated from the GfOiJP. On 25th May 2023. 8 Subsidiary of the Charity based in Malaysia. CIBT Mulbmedia EdL￿tiOn Sdn Bhd. wa$ dissolved. Since year end, we sold 100% of the shares in Intemational School of Cape Town to another proprietor. Tran5aCts'O￿ with subsidiaries are detailed in the related part*s note 6¢. INVESTMENTS SubthI￿ry CHARITY Cost as at 1 September 2023 and 31 August 2024 203 52 Compony Number. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS Icontlnued) For the year ended 31 August 2024 10. DEBTORS Cha A8¥t 3110W24 £'ooo Asat 31100123 £'ooo Amounts falllng du• wlthln one year 31108124 3110812J £'ooo Trade debtors Amounls owed by Group undertaki￿$ Othgf debtors Prepayments Accrued income 8.693 6.793 7.110 1.263 543 536 2,383 11.835 5.405 1.583 532 472 6.841 14,833 1.521 1.400 3.770 15.384 1.925 1.362 8.146 18.226 11. CREDITORS Asat 31108123 £'ooo Amounts falling due within one year 31Kt8R4 311O812J 31101124 rooo Trade creditors Amoun15 owe(J to GfOUP undert8kin9S Monies held on behalf of third p8rties Taxation and social security Other creditors A¢cTuaL8 Defarred incon 874 1.788 863 210 713 1,223 322 2,491 12.926 18.748 1,755 372 713 1,369 453 3.509 10,564 18,735 724 1.624 2.240 3,370 13,375 22.207 713 1.567 2.503 4,480 10,987 22,058 Ch Mov•mont in doferr•d in¢offle J110W24 3110W23 3110W24 t'ooo 3110112J £'ooo Opening balance at I September Utilised in the ye8r Income defer￿d in the ear Cb5ing balance al 31 August 10.987 110.9871 13.375 13.375 7,929 17,929) 10.987 10,987 10.564 (10.5641 7.399 17,3991 10,564 10.564 12.926 Deferred income relates to tuition fee and conlract income received in advan￿ of relaled services bein9 provided and lo performance related grants where irKome is recewed in advance of entitlement. 53 Cornpony Number. 867944 Education Development Trust Twan￿0￿￿9 ￿ by Nrprovw￿.8d￿￿ts￿ aruJnd the workl. NOTES TO THE FINANCIAL STATEMENTS Icontinu•d) For tho y•ar ended 31 August 2024 12. RESTRICTED FUNDS Gmntstrtsm UK Sharèd Al•N¥rtdri $chool5 Trust Total R•strlct•d &Klal Fund Grants Fund A0￿¢¢•d Grants £'ooo Balance at 31 Augusl 2022 Inwme Expenditure Nel ains on investmenis 8alancè at 31 Augu$t 2023 5,769 140 (2891 5.769 9.553 19.7021 7.306 (7.3061 1.995 (1.9951 112 (1121 5.623 5,623 Income Expenditure Net ains on investments Balance a131 August 2024 2.957 (2,9571 2.187 12,1871 1,352 {1.3521 93 (2451 548 6.019 6,655 16.8071 1661 6,019 Restricted Fund Balance Sh￿t as at 31 AuglVJt 2024 Investments Current Liabilities Net assets as at 31 Augusl 2024 6,037 6.037 18 6,019 6.019 Rostri¢ted Fund Balance Sheet as al 31 Augitst 2023 Investments Current Liabilities Net a55ets a$ al 31 Augusl 2023 5,655 32 5.623 5.655 32 5,623 European Social Fund and UK Shared ProsFwity Fund grants reFate lo skills and empboyability pro1￿ts dglivered England. Grants from the UK Department for EducalK)n relate to th6 Behav￿Ur Hubs prcgramme. All restricted grants are used for specific PLYwses as skn"pu18ted by the donor. The assets of Mexandria Schods Trust were transferred to EducalK)n Development Trust on 1 April 2014. As part of the transfer agreement Ihe former trustees of Alexandrkg Schools T￿￿t placed restriction5 on th8 use of the funds and therefore the fund is slill Irealed as reslricted in the Charity. Company Number.. 867944 Education Developtnent Trust Trgrtsfomiry IN•$ by impriivirwJ educatkn oround tl* bwrld. NOTES TO THE FINANCIAL STATEMENTS (continu•d) For the year ended 31 August 2024 13. PROVISION FOR LIABILMES AND CHARGES GROUP P•nBloD defielt re(lu¢ll•n Tolal £'ooo £'ooo As at 1 September 2023 Utilised during Ihe year Char release for the ear Asat31Au ust 2024 569 596 171 171 575 21 CHARITY As al 1 September 2023 Utilised during the year Char release for the As at 31 August 2024 569 576 17) 171 575 575 PnJvi$ions due in over on• year Within the figU￿S reported for both th8 Group and Ihe Charity th8 folb*ing provis￿)nS are due after one year.. P•nsiDn d•ficll rtductlon p*ym•nts £'ooo Totsl £'ooo As at 31 August 2024 521 521 Asat31Au ust 2023 533 535 Thg provision for dilapidations is a best estimate of the Group's liabilty as tenant for tho repair and redecoration of leased buildings on termination of the leases. The b.ming of potential payments will be in line with the exil dales from leasehold properties. The provision for pension deficit reduction payments rekled to membership of the Pension Trust's Grovrth Plan. Th8 £7.￿0 proviS￿n as at 31 ALtrgust 2023 shown above represented the present value of contributions payable by Education Devekjpment Trusi resulting from the terms of the deficii recovery plan. Education Development Trust has exited the scheme during the ￿Trent ffinan￿aI year. 55 Company Number. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS l¢onlinu•d) For the year endod 31 August 2024 14. PENSIONS The GTOUP operates both defined contribution and deffned benefft penS￿n schemes. All penS￿n liabililwJ and costs relate lo unrestricted funds in the ￿rrent and prior years. Defined contribution schemes The assets of these schemes are held separatety trom those of the Group in independently administered funds. The pension cost charge rep￿sents contributNJns payable by the Group to the fijnd and amounted to £1.290,442 12022123.. £1.292,857}. Contnbutions totslling £228.29412022123.. £231.5101 were payable lo the fund at the year end and are included in creditofs. The Group also participated in the Pensh)n Tn￿t'S GrrNrth Plan. This is a fvnded. rnulii-ernployer scheme witti defined benefit chafacteflstics. As it is nol possible to identify on a wnsistent ba$is the shafe of underlyin9 assets and liabilities belonging to an irKlividual employer. this scheme is Ireated as a defined contribLs1ion scheme. Contributions payable in Ihe year. amounted to £84012022123. £4.8621. The resuts of the Grovrth Plan scheme valuation as at 30 September 2020 showed a deficit of £31.6m. A recovery plan was e5tabli5hed which aimed to eliminate the funding deficit over a period of 2 years and 10 months from April 2022. Th8 addil¥)nal employer contributions required from Education Development Trust as part of this recovery plan were £5k per annum. In line wilh the requirements of the SORP and FRS 102, the present value of conlributKJns payable under the terms ol this recovery plan must be recognised as a liabilty and the position as al 31 AugLtst 2023 is detsiled al note 13. Education Development Trusl exited the ￿an in the current finawal year. b. Dellned benefrt schème The Charity participates in 8 locd govemment pension scheme ILGPS) operated by The London Pertsion Fund Authority providing benefits based on final pensionable salary. The CharTty also participates in both the Prudential Platinum Pension and the Mgrcer 08 Master Twst Plan {lom￿ty the Federated Pension Plan) which are mulli- employer scheme5. In both schemes the assets of each empbyer are kept entirety separate. The Charity is the principal employer of the Ed￿￿tiOnal Ex¢harKJes Pension Schemo which is a closod $chemg. The pension cost of each scheme is determined on the advice of irKlependent qualrfied actuaries. As required by FRS 102, the defined benefit liabilities have been rneasured usiry the projecled unil method. The Charity is aware of the Virgin Media v NTL Pension Trustees11 Limited Coufl of Appeal judgemèntwhich may ive rise lo adjustments to the schemes. At present the legal prrxess is incomplete and therefore we are unable lo quantsfy any potential liabilit*s. The assets of the define¢J benefft schemes are held Separate￿ from those of the Group. Derivallon of flgures The figures discb)sed bdow have been derwed by approximate mathods fr(Mn the latest fvll actuarial valuation of the funds. Each actuarial valuation was carr*1 oul by a qualffied a¢tU8ry independent of the plan's sponsoring employer. The latest actuarial valuations were carried out as al 31 March 2022 for the LGPS. as at 1 April 2021 for the Educational Exchanges Pensk)n Scheme, as at 31 Decemter 2023 for the Prudenlval Platinum stheme aTrJ as at 5 April 2021 for Mer¢er DB Master Trust Plan. There is no provision for Un￿sIng the assets of a fund under the LGPS. The assets of each fund as a wPh)le are 811ocated to partiCiP81ing bodies on a consistent and reas0nats￿ basis. The assumptions used in calculating defined benefit assets and liabilibes are showm in the followirKJ table-. 56 Company Number.. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS (C¢￿tInu•d For the year ended 31 August 2024 14. PENSIONS l¢ontlnu•dl D•rlvatlon of figures (Gontinu￿} Assum RPI cpi Salary increases per annum Pensions increases per annum Oiscount rale per annum tions 3.00%-3.30% 2.00%-2.90% 2.50%-3.80% 2.40%-3.10QA 4.95%-5.00% 3.30%-3.50% 2.30%-3 10% 2.80%-3 85% 2.30%-3.10% 5.30%-5.50% Mortality assumpllon$ Each funtj uses assumptioThs appropriate to that fund. The LGPS uses Club Vrta tables with a long eohort projection and 1.25% improvement. The Educat#)nal Exchanges Pension Scheme. Prudential Platinum Scheme and Mercgr DB Trust Plan all use the S3PA lables. fong cohort with a 1.25% improvement. Y•art• Y••rto 31 *•Jgu8t 2024 31 Auwst 2023 £'cwJo £'ooo om osition of asse Equities Gilts Other bonds I propety Cash l other Plan a¥s•ls at fair value nd liabilities 6.859 4.189 2.978 6.320 4.103 2.982 16.128 15.659 Oereco nition of su lus. Ass•t value reeognls•d 6.512 9.616 6,125 Present value of funded Irabilities N¢t asset recognised 9.616 he trustees believe th8t there is a signrfThnl ur￿rtaIAty in the valuation of the pension scheme assets as many of the assumptions th8t are leading to the net assei position could quite plausibly unwind. which increases tho uncertainty on whether the net asset wll ev8r be recovered. Consequentty. wè consider the recoverability of a net pension assel to be uncertain and therefore falls below recognition th￿s￿OId required under FRS 102. Y••rto Y••rto 31 AugU¥t 2024 31 Auyt 2023 £'ooo ReGonclliatl n of the r•s•nt v lu• of liabiliti Opening present valve of liabilities 9.534 Current servicè Cost 112 Interest cost contribut￿nS by participants Nel benefits paid out Recognilion of insured annuty Actuarial ains Closing present value of liabil•ties 8.731 143 367 24 {357} 1.893 1.267 9.534 24 1400) 158 9.616 57 Company Number. 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS (continu•d) For the year ended 31 August 2024 14. PENSIONS (¢ontinuod) Ye•rto Y••rto 31 AuwA5t 2024 31 2023 Re¢onclllatlon of thè falr valuo of Opening lair value of assets Interest income Re-measurement gains l {losses).' Retum on scheme assets exduding interest income Other actuarial k)sses Contributions by employer Coniribulions by participants Nel benefits paid out Recognition of insured annuty Administration ex nses Closing fair value of assets 15.659 837 13.913 1157) (5311 1561 256 24 {3571 1,893 73 15.659 260 24 {400) 95 16,128 Retum on a$$• Actual return on assets 680 59 ount r•co nls•d in th• SOFA Current Service cost Administr#ts"on expenses Interest expense on effect of asset Net interest income Expense I income) recognised 112 95 326 333 200 143 73 223 7) Year lo Y•arto 31 August 2024 31 Au9U5t 2023 Anal sis of actuarial losses SOFA ains and 1055es cate Actual retym less interest incotne included in net interest income Other actuarial losses on assets Experience gains and losses arising on the scheme liabiltiies Changes in assumptions undetying the present value ol stheme ains rec nis wilhin th• 11571 15311 {561 (382) 26 132 {61) 1,649 Changes in impact ol asset ceil Dereco nition of su lus Total actuarlal lo$sts 5.445 58 Company Number: 867944 Education Development Trust TIOn￿lYM￿9 IN•5 by education ¢￿ind the wkl. NOTES TO THE FINANCIAL STATEMENTS (¢onlinu•d) For the year ended 31 August 2024 15. OPERATING LEASE COMMITMENTS At 31 August Ihere We￿ annual commitments urKler nLTrcarvifable operating leases expiring as folkJws-. At 31 Augu 2024 At 31 AugU*t 2023 £'ooo Land and bulldlngs Group Within one ye Within hvo lo five years Aftèr five ears 2.314 2,533 7.504 12.351 2.303 2.972 7.791 13.066 Charity Wilhin one year Wilhin to five years Aft9r five ears 758 2.170 7.504 10.432 783 2,512 7,791 11.086 The land and building lease commitment fvJure for both the Charity and the Group includes a iotsl of £1.5m 12022123.. £1.8m) relating lo propertie5 whrch are Su1￿1et io another organi5alion. Future amounts recewable urKler non40n¢ellable subleases are 88 folknv*S: At J1 Auguyt 2024 At 31 August 2023 t'ooo Land and buildings Group and Charity Within one year Within fv40 to five years After five ears 431 1.030 401 1,370 1.461 1,771 16. CONTINGENT LIABILITIES Al 31 Augugt 2024 £'o At31 AugU8t 2023 E'ooo Guarantees CfBT Education Seryices IBI Son Bhd EDT Mid¢Jle East Educational Consulta 792 LLC 797 The bank guarantees are issued in favour of dients and overseas govemment departments based on the above group entities, contractual obligations and woukj crystallise only on defau5t of ihes8 obligalions. 59 Company Number: 867944 Education Development Trust NOTES TO THE FINANCIAL STATEMENTS (conllnuodl For the yèar ended 31 August 2024 17. PRIOR YEAR COMPARATIVE STATEIIENT OF FINANCIAL ACTIVITIES Tolal 2022123 £'ooo Fund• £'ooo FurKIy t'ooo 2022123 Funds Funds £'ooo £'o INcoMe Income fr Dividends receivable Rentsl income Inter88t ￿￿Orn8 140 234 407 213 728 398 116 398 213 In UK Afn'ca, Mhldle East and Asia Research and Consullan Inde nd8nt Schoc45 Total in¢om• 27,5e6 39.052 3.894 10.378 81.624 9.301 36.887 39.052 27.586 18,832 3.894 8.089 59.501 9.301 36.887 18,832 4.006 8.089 69.054 112 112 10.378 91.177 9.553 9,553 EXPENDITURE ex enditure on ralsln Investrnent mana9ers' fees Olher costs 31 51 31 51 408 enditure on charitable activili•s UK Alri￿, East and Asia Research and Consullar Inde endent Schojls Totsl •xp•ndfjtur• 25.905 40.120 4,127 9.301 35,206 40,120 4.497 27.327 19,013 4.281 7.970 $9.019 9.301 36.628 19.013 4.651 7.970 68.721 370 370 80.691 9.702 90.393 9.702 T+Xal Incom• less lolal oxpgnditijre 933 {1491 482 1149} 333 Net ains on investments Net Income I lexpendlturel 937 {1461 791 486 1146) 340 nlsed aln$ and loss ActuaNal losses on defined benefit penson sthernes Exchan e losses ¢)n wnversKffj of subsKJiar Total r•cognls¢d 9aln$ l {losw&l 15.445) 15.4451 15.4451 5.4451 650 16.0951 650 16.0951 15,4451 15.4451 pkt mov•m•nt in funds b•forn mlnorlty Interest 15,1581 11461 15,304) 14,9591 11461 15.1051 Le58'. minority ir¥lgrest 154) 1541 Net mo¥•m•nl in lund¥ after mlnorlty inter•sl 15.212 1148) 15,3581 14,9591 1146 {5.105 8alane• brou ht forward at 1 Se 2022 Balance ¢arri•d forward at 31 Aug 2023 5,769 5,623 34.895 29.337 23.304 18.345 5,769 S.623 29,073 23.968 23.714 60 Company Number.. 867944 Education Development Trust Transl¢Ymtrg ty hryrovirKJ.educakn around the wvrld. NOTES TO THE FINANCIAL STATEMENTS {conllnu•d) For th8 year ended 31 August 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS HAft￿y UnN8trt¢iéd R•gtrl¢tod Fund* t'ooo Total Funth £￿00 Funts £'ooo £Tho £'ooo Tangible assets 5.079 Investments 7.802 Nel current assets l (liabilit￿s) 11,630 Provisions for liabilities and charges (5961 Defined benefit ension schemes Net Assets as 31 August 2024 5.079 13.839 3.169 14.781 15961 4,056 8,005 6.778 {5751 4.056 ,037 14.042 {18} 6,760 (5751 6.037 (18) 23.915 6.019 3.169 33.103 18.264 6.019 24.283 Tangible assets 5,242 Investments 3,789 Nel current assets l (liabilibgs) 15.279 Provisions for liabilities and charges 15961 Defined benefit ension schemes Net Assets as 31 August 2023 5.242 4.216 3,992 10.713 15761 4.216 5.655 9,647 1321 10.681 15761 5.655 132) 2.882 18.129 1596) 23.714 5.623 2.882 32.219 18,345 5.623 23,968 19. FINANCIAL INSTRUMENTS Grou Cha A¥at 31101123 As•t 3110e124 311W24 3110W23 £'ooo Financial assets held * omortised ry)st Fin8nci81 assets held at fair value Financial liabilrties hold at amrtised cost 35.588 13.839 7.208 38,825 9,444 9,484 24,972 13,839 4,S99 9.444 6,802 Financial assets hel¢J at amrtised Cost comprtse castt and debtorn exch￿ing prepaY￿nts. Financial assets held al fair value are investments. Financial liabilitie$ hekl at am￿1$81 cosl compw rxeditors excludry tsxalion and deferred income. 61 Compony Number. 867944