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2024-12-31-accounts

Educational Opportunity Foundation

ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024

Annual Report and Financial Statements for the year ended 31 December 2024

Educational Opportunity Foundation Established 1808 – Incorporated by Royal Charter 1906 The Two Hundred and Eighteenth Report

Educational Opportunity Foundation

PRESIDENT

The Rt Hon the Baroness Morris of Yardley

VICE-PRESIDENT

Emeritus Professor John Furlong OBE

The Council of Educational Opportunity Foundation presents its report along with the financial statements of Educational Opportunity Foundation and the other charitable trusts for which the Foundation is responsible, for the year ended 31 December 2024.

COUNCILLORS

Chair of Council

Jane Creasy

Vice-Chair of Council

The financial statements have been prepared in accordance with the accounting policies set out in the Notes to the Financial Statements below and comply with Educational Opportunity Foundation’s Charter and applicable law.

Professor Joy Palmer Cooper (until May 2024) Charlotte Cashman (from May 2024)

Treasurer

David Baron (until May 2024) Robert Spencer (from May 2024)

Suela Aksoy Anood Al-Samerai Jeanette Brady (from May 2024) David Crowther Davinder Dosanjh (from May 2024) Alex McDonald (from May 2024) Janice Miller Nicholas Tesseyman

VOLUNTEER INVESTMENT ADVISER

Ian Richley

Director and principal office address:

Joanne Knight Canopi, 82 Tanner Street, London SE1 3GN

Website: educationalopportunity.org.uk

Registered charity no: 314286

Cover photo courtesy of CodeBrave: schoolchildren enjoy coding and robotics lessons in Lebanon

Educational Opportunity Foundation Page 2

Contents

Message from ourChair 4
1. Our values:refecting past and present 6
2. Highlightsof 2024 8
3. SharedLearning 10
4. Ourgrant giving 10
5. Ourimpact 17
6. Ourstrategy 24
7. Structure, governance and management 26
8. Financial review 29
9. Independent Auditor’s Report to the Trustees
of Educational Opportunity Foundation 34
Statement of fnancial activities 38
Balance sheet 40
Cash fow statement 41
Notes to the fnancial statements 42
Members of the Grants Committee 58
Members of the Finance and
Investments Committee 58
Delegates of Restricted Funds 58
Trustees of the BFSS Trust 58
Trustees of the Old British School 58
Representatives serving on outside bodies 59
Professional Advisors 59

Annual Report and Financial Statements for the year ended 31 December 2024 Page 3

Message from our Chair

I hope you will find this annual report both informative and interesting. It reflects a year with considerable activity in a context which is perhaps the most complex and challenging that most of us can remember.

In this report, you will read of some of the achievements of the year and particularly examples of positive impacts of our grantgiving. It is heartening to read of how much our Grant Partners are achieving for children and young people, sometimes in the most inhospitable conditions. The climate crisis and conflict both feature as strong themes. Taken together, the challenges they present to educators across the globe, now and in the future, make our work ever more important, albeit more challenging.

The Trustee Strategy Day this year focused on how climate-induced crises were affecting some of our Grant Partners, in order to help us think about how our strategy can make a positive contribution. It was sobering and inspiring to learn from some of the case studies, and we are resolute in continuing to strive for a

On the left:

Photo courtesy of Mwezi Foundation: a girl with a solar light which enables pupils to complete homework on dark evenings

4 , E i m ei ie Educational Opportunity Foundation a Page 4 -

better future through education for the young people we support and the planet they will inhabit. This includes ensuring the management of our investment funds follows ethical and environmentally-sustainable principles.

We had some major change on the Trustee board in 2024, as the Treasurer, David Baron, and the Chair of Grants Committee and ViceChair of the Board, Joy Palmer-Cooper, reached the end of their terms of office. David had served six years and Joy eight years, and had both brought extraordinary commitment, wisdom and clarity of purpose to our work. On a personal note, I would like to record my sincere thanks to both of them for the generous way in which they supported me in my first year as Chair; they made the world of difference. The Foundation as a whole owes them an enormous debt of gratitude: Joy’s annual reviews of our work were exceptionally helpful; as was David’s meticulous oversight of our financial affairs.

I was delighted, therefore, when we were able to secure the services of Trustee Charlotte Cashman as Vice-Chair and Chair of Grants, and new Trustee Robert Spencer as our Treasurer. They bring exceptional experience and expertise to their roles, as well as marvellous personal qualities. We are indeed lucky to have them. We also welcomed three new Trustees, Jeanette Brady, Davinder Dosanjh, and Alex McDonald, all of whom are bringing extremely valuable perspectives and levels of commitment.

Finally, I would like to express my admiration of and gratitude to our Grant Partners, who are doing such important work. I would also like to thank all the Trustees and small team of staff who, under Jo Knight’s leadership, ensure that our contribution to educational opportunity for young people from some of the most marginalised communities is as significant as it can possibly be. Together we are helping to enable skilled professionals around the world to transform lives.

Jane Creasy

Chair of Educational Opportunity Foundation

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Jane Creasy
[3]
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Annual Report and Financial Statements for the year ended 31 December 2024

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Our values: reflecting past and present During our first year under our new name in 2024, our values and heritage remained 1

During our first year under our new name in 2024, our values and heritage remained more relevant than ever.

It was these values that inspired us to transition from the British and Foreign School Society to the Educational Opportunity Foundation, a name that more accurately reflects our commitment to inclusivity and our belief in equality of opportunity.

Our values:

Since the early 19th century, we have been dedicated to expanding access to education. Rooted in Joseph Lancaster’s monitorial system, the British and Foreign School Society ran charitable schools where older students, known as monitors, taught younger pupils. This system considerably reduced the cost of teacher salaries and minimised the financial barrier to providing mass education for all. Today, we continue this mission through our grant giving programme, supporting inclusive and effective learning, teacher training, and the sharing of best practice from across the UK and worldwide.

We can no longer overlook the growing evidence that climate change is severely impacting the education and future prospects of millions of young people globally. Advancing our vision of educational opportunity for all now requires us to ensure we are playing our part in addressing environmental challenges. Our values were revised in 2024 and are now firmly grounded in the need to consider environmental responsibility in everything we do.

We believe in the right of children and young people to be able to access high-quality education as a driver for personal development, wellbeing, and equality of opportunity. Building on the heritage of the British and Foreign School Society, we value effective teaching and learning, and the sharing of good practice. We are committed to inclusivity, integrity, environmental responsibility and to valuing and respecting others in everything we do.

On the left: Photo courtesy of Child Rescue Nepal: parents awareness programme On the right: Photo courtesy of EdUKaid: a young man writing in class Tanzania

Annual Report and Financial Statements for the year ended 31 December 2024 Page 7

To the right: Photo courtesy of SubSahara Advisory Panel: carer with a pupil at school in Uganda

Highlights of 2024 2

We changed our name to Educational Opportunity Foundation to better reflect our vision and commitment to inclusivity.

Another year with a high grant spend: £746,515 awarded to 17 new main fund projects with a record £1,400,731 paid to new and ongoing grants from restricted and unrestricted funds.

Our first full year working to our new main fund UK grant priorities, which now only focus on projects supporting care experienced young people.

Conducted an analysis of our grant giving since 2019 to identify how climate change is affecting the delivery of our projects (mostly international), and how organisations are mitigating against these changes and working to prevent further climate harm. This provided evidence for our decision-making on how to ensure our grant giving and other activities are underpinned by the need to consider environmental responsibility in the future.

We moved our everyday banking to a

‘green’ bank and selected new investment managers to move to in 2025 to ensure our funds are always working to protect the environment while generating maximum financial support for our work.

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Our year in numbers

Shared learning

179 Members

Grant giving

170 Online Forum participants

Project grants (from unrestricted funds) £746,515 awarded to 17 projects

16,245 500 Young people Displaced young supported people supported

869 5,793 Educational Girls supported professionals in projects supported exclusively for girls

51 Delegates attended our Grants Workshop

3 Newsletters shared with Members

Annual Report and Financial Statements for the year ended 31 December 2024

Page 9

Shared learning 3

Our 2024 Grants Workshop once again proved to be an important opportunity to discuss challenges and learn from each other, and focused on successful ways charities have responded to change. Lara McIvor of Seenaryo shared insights from their teacher training project for refugee communities and how they adapted when conflict in south Lebanon led to school closures. Discussions which followed showed that some issues came up repeatedly as challenges to navigate including staff changes, finances and shifting power. Members and Grant Partners also networked and discussed their work with others.

After hearing from several new CEOs about the challenges they faced at the Grants Workshop, we set up a CEO Network on WhatsApp. Here CEOs, new and experienced, can post questions and share insights. It has made a great start with much sharing of practical tips and support. We also surveyed Members as part of a review into our Online Forum and found most tend to visit after events when we share presentations and discussion notes. Many reported the Forum enables them to learn from others well or very well; and half that it helps them to engage with our work.

Brunel University maintains our extensive Archives, which offer an opportunity to learn from our history. It is probably the most important collection in the world on 19th-century elementary education and teacher training, and in 2024 continued to receive enquiries from around the world.

Above: Photo courtesy of Child Rescue Nepal: group work during teacher training

Our grant giving 4

Grant giving to other charities to support projects which maximise educational opportunity for children and young people in the UK and internationally is our core activity and means of delivering public benefit. We adopt a grant funding approach that favours small-to-medium charities with an annual income of less than £2.5 million.

4.1 Main Fund

It has been another year of exceptional quality applications from charities and we are delighted to have funded 17 new projects, awarding a total of £746,515 to a broad range of organisations who are new to us or are trusted Grant Partners, having already successfully completed grants with us.

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The variety of projects that we have funded in 2024 has been thematically broad, including projects which focus on early years, disability, displaced young people, libraries, school buildings and training for teachers and other staff, and community-based numeracy interventions. This includes Hub Heroes which brings literacy and numeracy education to out-of-school children in refugee settlements in Uganda (Hello World) and a screening project for 2,400 early years children in Ghana to identify young children with disabilities or special educational needs at an early age, in order to ensure that they get support to access education and thrive in school (Chance for Childhood).

Teacher training remains a significant focus for many projects which we fund. This has included a three-year programme to support school leaders in Cambodia to embed a learning culture and deepen impact (See Beyond

Borders) and a project in Nepal which aims to work with local governments and 20 schools to strengthen existing structures and develop school improvement plans (International Nepal Fellowship).

Internationally we have continued to focus on displaced young people throughout 2024: we funded projects including accelerated learning for persecuted Yazidi young people in Iraq which enables them to pass their exams and gain accredited qualifications, which are key to a positive future (Mosaic Middle East). In Thailand, we supported a project that provides mobile education to migrant children who are often transient and unable to receive continuous education; this project pilots a model where educational staff meet the children in various locations and provide continuity as they travel to meet them (Safe Child Thailand).

Another focus area has been girls’ education. This has included supporting schools to create a welcoming and supporting environment for child mothers and sexual violence survivors in Uganda (Awamu) and providing gender appropriate sanitation facilities alongside reusable sanitary products in Tanzania (Made with Hope).

Above: Photo courtesy of EdUKaid: craftwork in class in rural Tanzania.

In the UK we have partnered with Hull FC Rugby Community Sports and Education Foundation for the third time as they continue to reach care experienced young people aged 16-18 through the medium of sport, using this as a catalyst to complete accredited qualifications in employability and functional skills. Acknowledging that the issues that care experienced young people face within the education system are extremely complex, we also funded an online project focusing on supporting adoptive families and carers to understand the educational rights of their young people, helping them to navigate the system and advocate for those in their care (We Are Family).

Annual Report and Financial Statements for the year ended 31 December 2024

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Climate Crisis: Impact on Grant Partners and their response

We conducted a review of 92 grants awarded between 2020 and 2024 across 24 countries to determine the impact of the Climate Crisis on Grant Partners and the work that they are doing in addressing this. The evidence demonstrated a direct impact on young people’s education: extreme temperatures making it impossible for children to focus and causing school closures; flooding, landslides and droughts leading to student displacement, inaccessible schools and power cuts; cyclones causing mass destruction of educational buildings; and cholera epidemics leading to further school closures.

Over half of our Grant Partners were being proactive in responding to the Climate Crisis, often adapting their projects in response to climate changes as well as building in resilience to mitigate further harm. Some of the areas which we can learn from and invest further in include teacher training on climate awareness, environmentally responsible vocational training and investing in the green economy, sustainable construction and empowering young people as agents of change.

To reflect on this learning, we will be increasing the environmental lens to our grant making priorities and policies in order to support the critical goal of enabling more young people to access quality education despite the growing challenges caused by climate change.

Below: Photo reproduced under Creative Commons licence 1.0: bush fire in Malaysia.

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Aims of our grants

UK

International

Improve access to educational opportunity – including support for care experienced young people to attend and engage in mainstream school life; increasing the number of education professionals able to understand their needs; equipping carers to understand the education system and support and advocate for the young people in their care, engaging with traumainformed support; improving access to out of school support and educational activities.

Improve educational outcomes – including enabling care experienced young people to learn in ways that works for them; supporting a broad range of activities that develop confidence and mental health in order to improve educational outcomes.

Improve life chances – including improving support for care experienced young people (aged 16-25) to access further education, employment or training opportunities and improving support for them to remain engaged with these opportunities.

Improve access to education – including increasing the number of educational opportunities, especially for girls, (including construction of classrooms or latrines), increasing the number of qualified teachers trained in inclusive practices, and improving community attitudes to children who are often excluded or overlooked.

Improve the quality of education – including enhancing the quality of teaching and learning, improving access to extra-curricular support, increasing child friendly resources, and increasing access to aspirational vocational training opportunities including STEM and IT. For displaced young people particularly, this includes having a safe space to learn and a stable, trusted adult presence, being able to learn in their own language, and receiving posttrauma support in order to heal, learn and thrive.

Improve the sustainability of education projects – including encouraging educational projects with integrated community management or ownership, self-generating income and minimising their environmental impact.

Whilst every project we fund must support the education or learning of young people, from 2025 we will only fund charities that are committed to minimising their impact on the environment, and projects where climate change adaptation and/or mitigation has been given strong consideration.

Annual Report and Financial Statements for the year ended 31 December 2024 Page 13

Where our new grants went in 2024

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United Kingdom
-England
12% 3 projects:
£91,410
Honduras
8% 1 project:
£59,976
Care experienced Ghana
young people
8% 1 project:
Young people with
12% 3 projects:
additional needs £60,000
£91,410
16% 2 projects:
£119,885
Who our
new grants
supported in
Uganda
2024
23% 4 projects:
Displaced £174,712
young people Girls
19% 3 projects: exclusively
£146,876 15% 2 projects:
Vulnerable £117,490
young people
36% 5 projects:
£270,854
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Educational Opportunity Foundation Page 14

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Iraq
5% 1 project:
£40,365
17 projects in 11 countries
Africa 42%
Southern Asia 16%
Middle East 5%
Central America 8%
South East Asia 16%
United Kingdom 12%
Ethiopia
2% 1 project:
£17,642
Thailand
Kenya 8% 1 project:
6% 1 project: £60,000
£46,511
Nepal Cambodia
16% 2 projects: 8% 1 project:
Tanzania £119,728 £59,520
2% 1 project:
£16,651
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Annual Report and Financial Statements for the year ended 31 December 2024

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4.2 Subsidiary trusts

In addition to the grants awarded from our unrestricted income Educational Opportunity Foundation is responsible for several smaller subsidiary trusts which provide restricted funds for educational activities in specific locations and for particular purposes. In 2024, £40,071 was awarded through 7 grants (2023:11, £31,966) from restricted income. Our approach is to work with partners with the experience and local knowledge to make sure grant giving is effective and meets the individual requirements of each fund. We are currently working with the following:

The British School Charity in Saffron Walden has an active locally based Committee. The charity supports individuals in need of financial help to succeed in their education and local community organisations working with young people.

To support the work of the Berridge Trust we work with The Food Centre which provides training to food technology teachers.

The South Church Educational Fund

contributes to an after-school club run by the Auckland Youth and Community Centre.

The Old British School Charity is restricted to the Bratton and the surrounding area in Wiltshire. The Community Foundation for Wiltshire distributes the funds to individuals with Special Educational Needs and Disabilities in their pursuit of learning. This work is also supported by the Alfred Bourne Trust which is designed to support individuals with their learning.

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Image:

Photo courtesy of Mwezi Foundation: dancing at a school in Kenya

Our impact 5

The projects we fund improve educational opportunity for young people in some of the most marginalised or low-income communities, transforming their life chances, as the following reports show.

Annual Report and Financial Statements for the year ended 31 December 2024 Page 17

Image: Photo Courtesy of Hull FC Rugby Community Sports and Education Foundation: a tutor delivers a course to a learner

Impact ep

Raising aspirations through sport

Hull FC Rugby Community Sports and Education Foundation uses sport as a catalyst to change lives in a deprived city in England. We awarded the Foundation £25,950 over three years to work with care experienced teenagers, who have had their home life and family relationships disrupted.

The project has achieved fantastic results. As well as more than 90% securing a qualification :

81%

of participants report increased physical activity levels

69.7%

demonstrate better educational behaviour and attitude to learning

62.9%

The Positive Ambitions project worked with 73 young people aged 13-16 studying and working for a Level 2 Community Sports Leadership qualification. The course promotes physical and mental wellbeing, underpinned by teamwork and social action. Staff liaised with fostering agencies and volunteers, and all participants had an individual learning plan to follow to support their development.

show greater resilience/ mental wellbeing

77%

report enhanced happiness/ life satisfaction

91%

report higher levels of confidence/ self-esteem

“Positive Ambitions has been a lifeline to me... It’s probably been the first time in a long time that I have felt listened to and had people that were looking out for my best interests. I’ve enjoyed coming to the sessions and meeting other people. We’ve formed quite a close friendship group, some of us, and we see each other outside of the project too, keeping each other strong and solid.”

– Sadie, aged 15

Annual Report and Financial Statements for the year ended 31 December 2024

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Helping street children into school

We funded a three-year project to help some of the most marginalised young people, who had limited or no formal education, to successfully integrate into mainstream schools in Mombasa.

With a grant of £44,181, Consortium for Street Children developed a lauded catch-up curriculum, offered at their ‘Safe Space centre’. They worked with schools to facilitate enrolment and understanding of street children’s needs, and added initiatives to enhance environmental resilience and make the initiative more sustainable.

Through the project the children also gained access to safe shelter either with their own families, foster care, independent living or kinship care. Most have further benefitted from therapy sessions, rebuilt relationships with their families, and participated in the local community through sports in the community or school, which has helped to break down barriers.

Environmental impact was minimised and mitigated by efficient use of energy and water. Consortium for Street Children installed gutters to harvest rainwater, promoted environmentally responsible procurement, reduced waste as far as practicable, and raised awareness of their environmental activities to promote good practice.

The educational resources created have been praised by education department officials and ensure a lasting legacy.

Impact

Overall:

More than 400 young people improved their basic numeracy and literacy levels, enhancing their self-esteem and improving their chances of survival. This included some young adults too old for school, who enrolled in vocational skills training so they could take exams and earn money to support themselves.

Essential catch-up education was given to

304 street-connected

children and children from low- or no-income homes

104 children

enrolled in formal schooling

69 children

studied and passed their national exams

“Thank you. Now, NGO’s will have a guide because sincerely we struggle to teach these children. We know the problem but do not know how to go about it. This has answered our how.”

– Project partner

Educational Opportunity Foundation Page 20

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Image:
Photo courtesy of Consortium
for Street Children:
school books show progress
in literacy
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Image: Photo courtesy of CodeBrave: coding and robotics lessons in Lebanon

Delivering education in a war zone

In response to the conflict in the region CodeBrave quickly adapted their programme in Lebanon, to ensure children continued to receive an education despite the enormous disruption. CodeBrave provide coding and robotics programmes for young people from marginalised communities, to help them secure work in a country where youth unemployment is over 40%. We awarded CodeBrave Foundation £55,124 for a two-year-project starting in late 2023, to train teachers in coding, robotics and AI, benefitting 1,000 children, half of them girls.

When the war in south Lebanon escalated in 2024, CodeBrave continued coaching teachers; switched to online teacher training; and added emergency education classes, sending teachers into temporary shelters to run classes for children.

Impact

79%

increase in

technical skills & knowledge

750 students

387

girls

76%

passed their digital test

After just the first year eight teachers had completed their training and there was a 79% increase in their technical skills and knowledge. Through their lessons, the teachers reached 750 students in Grades 3-8, including 387 girls. 76% of students passed their digital skills test.

As well as a substantial increase in technical skills, the project enhances children’s skills in problem-solving, teamwork, creativity and resilience. Their game-based coding education also allowed children a muchneeded distraction from the conflict while continuing to learn.

“Coding class made us forget about how frightened we were about what’s happening. If we can still get education, we have so much to learn.”

– Carine, aged 12, then living in a shelter

Annual Report and Financial Statements for the year ended 31 December 2024

Page 23

Our strategy 6

Below: Photo courtesy of EdUKaid: lesson in Tanzania

Our charitable objects are: “To advance education for the benefit of the public in particular by providing educational opportunity for children and young people in the UK and overseas.”

We adhere to these objects and achieve public benefit through our grant giving activities to support the education of young people from low-income and marginalised communities worldwide. The Council has referred to the Charity Commission’s guidance on public benefit when developing its vision, mission, values and objectives. We review these each year, and make sure they inform our decisions.

6.1 Our vision

Educational opportunity for all.

6.2 Our mission

We seek to achieve our vision by providing funding and support to UK-based charities for educational projects in the UK and throughout the world reflecting our history and heritage.

Educational Opportunity Foundation Page 24

6.3 Our current strategy for 2023 to 2027

Objective

Key priorities for 2025

Objective 1

To award grants aimed at enabling young people to improve their own educational outcomes and life chances in the UK and Internationally.

Put systems in place to ensure consideration of the environment underpins our grant giving.

Improve the impact of our UK grant giving.

Offer Development Funding to existing Grant Partners whose projects have had high impact and who are looking to either significantly scale their approach at regional or national level or aiming to enable their approach to be replicated by other agencies.

Objective 2

To support our Grant Partners and Members to build their own capacity and knowledge.

Facilitate further knowledge sharing on protecting the environment and mitigating climate change whilst running educational projects.

Objective 3

Objective 4

Objective 5

To support broader social Support the wider social sector by aims which have an impact sharing our grant giving data on on inclusive education and 360Giving so it is publicly available for stay true to our heritage. UK funding data analysis projects. Review our own carbon footprint. To continually improve our Widen the diversity of skills and adherence to good practice experience within the Council. in all aspects of our grant giving and governance. To effectively use our Complete the transition to ensuring resources. our Investment Policy is driven by Environmental. Social and Governance (ESG) principles. Further develop our long-term financial plans to protect Educational Opportunity Foundation capital.

Annual Report and Financial Statements for the year ended 31 December 2024 Page 25

Structure, governance 7 and management

7.1 Membership

Educational Opportunity Foundation is a membership organisation. Membership is open to individuals passionate about furthering equality of opportunity through education and learning for young people from marginalised communities. The statutory role of Members is to elect the President, Vice-President and the Councillors, who act as Trustees of the charity. During 2024 and early 2025, 17 new Members joined bringing the total number of Members to 179 by 1 February 2025 when our Trustee election process for 2025 started. During 2024 an Annual General Meeting (AGM) was held online on 7 May 2024.

7.2 Governance and structure

The Foundation has a President and VicePresident, who are elected for a term of three years. Their role is to chair the Annual General Meeting or Special General Meetings. They also bring their experience and networks, provide advice to Council and help promote our work.

The Foundation is governed by a Council of Trustees drawn from and elected by Members. The Council increased to 11 members after the 2024 election, and the aim is to increase it to 12 during the 2025 election. The minimum number is six. Every year a skills audit is undertaken to prioritise skills being sought in the forthcoming Trustee election process. Whilst any Member with relevant skills or experience can apply to be a Trustee, we also openly advertise the Trustee

vacancies to widen the skills and diversity of both the Membership and Council.

There is an induction procedure for new Trustees. They are provided with relevant information on their role and responsibilities and are briefed by the Chair and Director. All Trustees are kept informed of the impact of our work by receiving updates on funded projects and attending Grant Partners’ events. Trustees are encouraged to attend training events relevant to their role. The Council regularly reviews the work of individual Trustees and its sub-committees.

The Director’s remuneration is set by bench marking against comparable roles, with reference to the annual Association of Charitable Foundation Salary and Operation Bench Marking Report. The Remuneration Committee reviews the salary before making a recommendation for approval to the Council.

In 2024, Council Meetings were held in March, June and November, with the annual strategy meeting in December. The subsidiary Grants Committee met six times, and the Finance and Investments Committee met twice during the year and both report to the Council.

The Foundation has a risk register, scheme of delegation and a series of policies and terms of reference, which are subject to a regular review schedule to ensure they are up to date and fit for purpose.

To the right:

Photo courtesy of Mwezi Foundation: schoolchildren in Kenya

Educational Opportunity Foundation Page 26

7.3 Robust and effective grant giving

As described in section 4, the Foundation awards grants in accordance with its Charter and within the financial limits set by Council each year. Our core grant giving activity from unrestricted funds offers response mode (bottom up) funding via an open call for project proposals from charities registered in the UK. The criteria for grant giving and success rates of previous applicants are available on our website. We operate an online grant application system; for our core grants this involves a two-stage application process to minimise the time applicants spend preparing their initial proposals.

The Grants Manager conducts an initial assessment of all stage one grant applications and invites the project proposals which meet the published criteria and are of the highest quality to submit a stage two application. After a detailed review of stage two applications, the Grants Manager and Chair of the Grants

Committee shortlist applications for review by the Grants Committee with an individual Trustee taking the lead on each application.

The Grants Committee collectively makes decisions according to the criteria set out in the Grant Giving and Management policy. At all stages of the application process the number of applications progressing to the next stage is proportional to the budget available. In 2024, 40% of the stage two applications received were funded.

We have a structured process to ensure rigorous evaluation of the impact of our grants and hold Grant Partners accountable for delivering the outputs and outcomes to which they have committed. Every grant application is required to specify three or four main outcomes, and every project must have a well-defined plan for monitoring and evaluation. The reporting

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Annual Report and Financial Statements for the year ended 31 December 2024
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schedule is linked to the release of funds. This allows us to monitor the progress of the grants and work with Grant Partners where necessary and, if issues arise, to ensure satisfactory progress towards outcomes. Conscious of the need to minimise the burden on Grant Partners whilst still ensuring robust monitoring is undertaken, we require Grant Partners to submit a brief progress report annually for grants up to £15,000 per year and six-monthly for larger grants, in addition to the end of project report. However, trusted Grant Partners who have successfully completed a project with us within the past three years, are only required to submit annual reports for grants.

Each progress report is reviewed by the Director or Grants Manager before further funding is released. When a project is not delivering to plan, a triage system is in place to determine whether the Director or Grants Manager, Chair of the Grants Committee or the Grants Committee should make a decision on the future of the grant.

We place great emphasis on ensuring that improved educational outcomes for our beneficiaries are clearly identified. Construction projects are required to provide an additional report one year after the formal completion of the construction project, to give time for educational impacts to emerge.

The subsidiary trusts that the Foundation is responsible for provide small grants to individuals and to organisations. Given the size of these grants (usually less than £5,000) the application process is deliberately kept very simple with a one-stage application form which is reviewed by the Director, or by a local committee in the case of the British School Charity. These trusts are detailed in Note 12 to the Financial Statements.

Educational Opportunity Foundation Page 28

Financial review 8

8.1 Reserves policy and funds

The entire General Reserve (£25,176,674) at 31 December 2024, (2023: £24,163,088) is an unrestricted fund and the main source of income. It would also be available to meet unexpected costs of the Foundation. The Trustees do not therefore feel it appropriate to specify a minimum level for free reserves.

In addition to the General Reserve, at 31 December 2024 Educational Opportunity Foundation held a revaluation reserve of £450,000 (2023: £175,000) derived from the revaluation during the year of the George Dent Nursery property.

During the year approval was obtained from the Charity Commission to transfer the endowment fund balances from Old British School Charity (£231,368), Alfred Bourne (£33,460) and British School Charity (£309,859) to their relevant restricted funds to give more flexibility in the timing of grant giving from these funds. In addition, approval was obtained from the Charity Commission to transfer the restricted funds of the BFSS Trust (£177,934) and Sarah Walker Spafford (£134,685) to the general fund and subsequently close these funds. This enables the funds to contribute to the distribution of larger and more impactful grants from within our core funding programme.

At 31 December 2024 the Foundation had restricted funds of £750,126 (2023: £552,151) and no longer held any endowment funds (2023: £565,750). At 31 December 2024, the total funds of Educational Opportunity Foundation stood at £26,376,800 (2023: £25,455,989).

8.2 Risk Management Policy

Educational Opportunity Foundation maintains an active risk register which encompasses all areas of our activities. This risk register is reviewed, together with risk mitigation decisions and actions, on an ongoing basis by the Council. Principal risks identified by Trustees are those associated with ensuring robust succession planning, preventing cyber-attacks, ensuring policies are up to date and compliant with relevant regulations, particularly with regard to safeguarding, and ensuring that our investment policy continues to maximise income to support the delivery of our objects in a time of increasing demand for our grant giving.

8.3 Pension Policy

Educational Opportunity Foundation continues to operate a pension scheme for its employees, providing an employer’s contribution of 8% on qualifying earnings.

8.4 Financial results

The net movement in funds in the year was a surplus of £920,811, which is an improvement on the surplus of £585,248 in 2023. This was a positive result, bearing in mind grant payments made during the year were marginally higher than in 2023, and was achieved as a result of the improved performance of the investment portfolio.

To the left:

Photo courtesy of Child Rescue Nepal: monitoring of teacher training by local representatives

Annual Report and Financial Statements for the year ended 31 December 2024

Page 29

8.5 Expenditure

Payments made during 2024 to new grants and grants awarded in previous years amounted to £1,400,731 (2023: £1,314,963). (The majority of the grants awarded from the unrestricted fund are for multi-year projects and are therefore paid over multiple years.) This represents a 6% increase on the previous year which is a result of the timing of grant payments rather than an increase in new grants being awarded. The expenditure on support and governance costs during the year was £208.344 (2023: £209,865) and amounted to 13% (2023: 13.0%) of total expenditure including grants. Four parttime staff, equivalent to 2.2 full-time staff were employed for the full year.

8.6 Income

Educational Opportunity Foundation’s main source of income is its investment portfolio, which has been managed by Rathbones since 2023, after Investec Wealth & Investment Limited and Rathbones merged. The investment policy for the portfolio, which consists principally of equities and fixed interest stocks, is managed on a total return basis to produce a regular income stream while maintaining its capital value in real terms. The performance target for the portfolio is a real return (after taking account of headline CPI or zero, whichever is greater, and deducting investment management fees) of at least 3.5% on a rolling three-year basis. Currently the investment policy does not permit investment directly in companies that have more than 10% of their business relating to either: the production or sale of tobacco products, the promotion of gambling in any form, the production or sale of weapons or armaments, or the production, distribution and retail of pornographic media. In addition, investment is prohibited in companies with evidence of human rights abuses in the

supply chain, both direct and indirect, including the use of child labour. Rathbones are also required to review its direct investment holdings to determine the degree of Environmental, Social and Governance (ESG) risks. The investment manager provides regular reports showing the ESG risk rating for its investments and the objective is to see this score improve each year.

Following a review of the investment manager and robust tender process undertaken in 2024, Trustees have decided the portfolio will be moved from Rathbones to Cazenove Capital and Meridiem Investment Management in early 2025. We believe this change will ensure our funds are always working to protect the environment while generating maximum financial support for our work.

At the end of December 2024, the value of the investment portfolio was £25,804,466 (2023: £25,072,270), which represented an actual total return after fees for the year of 9.0%, which equates to a return of 6.7% after taking into account CPI of 2.3%. The total cumulative return of the Fund for the three years was -4.3% net of investment management fees and after taking into account CPI of 5.5%.

During the year £1,450,000 (2023: £1,600,000) was withdrawn to support our grant giving activities and running costs. This amounted to approximately 5.6% of the value of the portfolio on 31 December 2024. Total income amounted to £625,565, in comparison to £620,437 in the previous year, of which £483,066 (2023: £491,589) was from investments. There was a net gain on investments of £1,730,336 which is a further improvement on the previous year which had a gain of £1,579,349 and more than offsets the reduction in investment income. Educational Opportunity Foundation Investment Policy states

Educational Opportunity Foundation Page 30

Image: Grants Workshop 2024, photo by Educational Opportunity Foundation

that we will normally draw between £1 million and £1.25 million each year, there is therefore an expectation that expenditure will be partly funded by investment income and partly by investment capital gains.

Educational Opportunity Foundation receives income from its investments and does not engage in public fundraising activities. As a result, we do not employ or monitor a fundraiser or a fundraising agent. No complaints were received with regards to fundraising, and Educational Opportunity Foundation is not subject to an undertaking to be bound by any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising.

8.7 Property

The George Dent Nursery School in Darlington is being held by Educational Opportunity Foundation as an investment property and is leased to Darlington Local Education Authority. The property value was calculated to be £450,000 by a chartered surveyor in accordance with the RICS Valuation, Global Standards 2022 (the Red Book) during the year, which resulted in a significant uplift compared to recent years where it had been valued at ten times the annual rent receivable (2023: £175,000). Due to the increasing administrative and anticipated financial burden of being a landlord, Council made the decision to sell the property, and it was put on the open market in late 2024, a sale had not been completed by the end of the year.

Annual Report and Financial Statements for the year ended 31 December 2024

Page 31

8.8 Responsibilities of the Council in relation to the financial statements

The Council is responsible for preparing the Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the Trustees are required to:

assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the

maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations, and the provisions of the Charter. They are also responsible for safeguarding the

Jane Creasy Chair of Educational Opportunity Foundation

Dated: 28 March 2025

To the right: Photo courtesy of CodeBrave: lessons in Lebanon

Educational Opportunity Foundation Page 32

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Annual Report and Financial Statements for the year ended 31 December 2024 ie
Page 33
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Independent Auditor’s Report 9 to the Trustees of Educational Opportunity Foundation

9.1 Opinion

9.2 Basis for opinion

We have audited the financial statements of the Educational Opportunity Foundation (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

9.3 Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when

Educational Opportunity Foundation Page 34

the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

9.4 Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

9.6 Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

We have nothing to report in this regard.

9.5 Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

9.7 Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Annual Report and Financial Statements for the year ended 31 December 2024

Page 35

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

9.8 Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor's report.

Educational Opportunity Foundation Page 36

9.9 Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Begbies 9 Bonhill Street Chartered Accountants London Statutory Auditors EC2A 4DJ

April 2025

Begbies is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

To the right: Photo courtesy of Mwezi Foundation: children hold lights from a solar light library

ee ee Pee i oe en = 4 foaSensou sieeaeee aA 3Ses Sats REI? aves Seton SEAS a | Annual Report and Financial Statements for the year ended 31 December 2024 ‘MS. Peeoeaaae, ante aR ee he 3 SeSeeaah Page 37 eeoas ERSee er SS)ee

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
Note £ £ £ £ £
INCOME
Donations and legacies 752 60,000 - 60,752 75,225
Investment income
Rents receivable 5a 17,500 - - 17,500 17,500
Investment income 7b 467,032 11,793 4,241 483,066 491,589
Interest receivable 62,463 1,412 372 64,247 36,123
Permanent endowment transfer to income 11,12 - 19,688 (19,688) - -
Total income 547,747 92,893 (15,075) 625,565 620,437
EXPENDITURE
Expenditure on raising funds
Investment managers fees 7a 89,043 1,635 1,547 92,225 87,500
Property expenditure 3,332 - - 3,332 2,210
Expenditure on charitable activities
Grants and costs 3 1,490,732 123,800 - 1,614,532 1,524,828
Total expenditure 1,583,107 125,435 1,547 1,710,089 1,614,538
Net expenditure and net movement
in funds before net gains/(losses) on investments (1,035,360) (32,542) (16,622) (1,084,524) (994,101)
Gross transfers between funds
Expendable endowment transfer between funds 11,12 - 8,288 (8,288) - -
Permanent endowment transfer on resolution - 574,687 (574,687) - -
Sarah Walker Spafford transfer for unspent income 380,572 (380,572) - - -
Management charges to restricted funds 11 635 (635) - - -
Net income/(expenditure) before
other recognised gains and losses (654,153) 169,226 (599,597) (1,084,524) (994,101)
Other recognised gains and losses
Revaluation surplus re investment property 5 275,000 - - 275,000 -
Net gains/(losses) on investments 7a 1,667,739 28,749 33,847 1,730,335 1,579,349
Net movement in funds 1,288,586 197,975 (565,750) 920,811 585,248
Reconciliation of funds
Total funds brought forward 24,338,088 552,151 565,750 25,455,989 24,870,741
Total funds carried forward 25,626,674 750,126 - 26,376,800 25,455,989

The notes numbered 1 to 13 form part of these financial statements. All amounts relate to continuing activities.

Educational Opportunity Foundation Page 38

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2023
Note £ £ £ £
INCOME
Donations and legacies 725 74,500 - 75,225
Investment income
Rents receivable 5a 17,500 - - 17,500
Investment income 7b 472,272 8,746 10,571 491,589
Interest receivable 34,785 676 662 36,123
Permanent endowment transfer to income 11,12 2,639 31,117 (33,756) -
Total income 527,921 115,039 (22,523) 620,437
EXPENDITURE
Expenditure on raising funds
Investment managers fees 7a 83,349 774 3,377 87,500
Property expenditure 2,210 - - 2,210
Expenditure on charitable activities 3
Grants and costs 1,398,779 126,049 - 1,524,828
Total expenditure 1,484,338 126,823 3,377 1,614,538
Net income/(expenditure) and net movement
in funds before net losses on investments (956,417) (11,784) (25,900) (994,101)
Gross transfers between funds
Expendable endowment transfer between funds 11,12 10,630 9,709 (20,339) -
Permanent endowment transfer on resolution 545,523 169,783 (715,306) -
Sarah Walker Spafford transfer for unspent income 2,500 (2,500) - -
Management charges to restricted funds 7,432 (7,432) - -
Net income/(expenditure) before
other recognised gains and losses (390,332) 157,776 (761,545) (994,102)
Other recognised gains and losses
Revaluation surplus re investment property - - - -
Net losses on investments 7a 1,508,186 13,156 58,007 1,579,349
Net movement in funds 1,117,854 170,932 (703,538) 585,248
Reconciliation of funds
Total funds brought forward 23,220,234 381,219 1,269,288 24,870,741
Total funds carried forward 24,338,088 552,151 565,750 25,455,989

The notes numbered 1 to 13 form part of these financial statements. All amounts relate to continuing activities.

Annual Report and Financial Statements for the year ended 31 December 2024 Page 39

BALANCE SHEET AT 31 DECEMBER 2024

2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible fixed assets 5 1,461 2,445
Investment properties 5 450,000 175,000
Investment assets 6,7 25,804,465 25,072,270
26,255,926 25,249,715
CURRENT ASSETS
Debtors and prepayments 8 5,250 16,257
Cash at bank and in hand 202,300 254,068
207,550 270,325
LIABILITIES
Creditors: amounts falling due within one year 9 (86,676) (64,051)
NET CURRENT ASSETS 120,874 206,274
NET ASSETS 26,376,800 25,455,989
REPRESENTED BY:
CAPITAL ACCOUNT
Unrestricted funds
General reserve 25,176,674 24,163,088
Revaluation reserve 450,000 175,000
25,626,674 24,338,088
Restricted funds 11 750,126 552,151
Endowment funds 12 - 565,750
TOTAL CHARITY FUNDS 26,376,800 25,455,989

The notes numbered 1 to 13 form part of these financial statements.

Approved by the Council and authorised for issue on 28 March 2025 and signed on its behalf by

Jane Creasy - Chair

Robert Spencer - Treasurer

Educational Opportunity Foundation Page 40

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by/(used in) operating activities
Cash fows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period
NOTE 1: Reconciliation of net income/(expenditure)
to net cash fow from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of fnancial activities)
Adjustments for:
Depreciation charges
Revaluation Surplus on Investment Property
Unrealised (gains)/losses on investments
Realised (gains)/losses on investments
Dividends, interest and rents from investments
Non-cash investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
NOTE 2: Analysis of cash and cash equivalents
Cash in hand
Un-invested cash
Cash equivalents
Total cash and cash equivalents
NOTE 3: Reconciliation of net debt
At the beginning of the reporting period
Cashfows
At the end of the reporting period		 See Note
Below
1
2
Cash in hand
168,621
(51,768)		 2024
2023
£
£
(1,618,072)
(1,589,157)
564,813
545,212
-
(941)
7,614,252
7,895,671
(6,695,946)
(6,681,864)
1,483,119
1,758,078
(134,953)
168,921
483,804
314,883
348,851
483,804
2024
2023
£
£
920,811
585,248
984
1,145
(275,000)
-
(1,668,421)
(1,532,398)
(61,436)
(48,877)
(564,813)
(545,212)
(3,829)
(3,755)
11,007
(13,034)
22,625
(32,274)
(1,618,072)
(1,589,157)
2024
2023
£
£
116,853
168,621
146,551
229,736
85,447
85,447
348,851
483,804
Un-invested cash
Cash equivalents
229,736
85,447
(83,185)
-
116,853 146,551
85,447

Annual Report and Financial Statements for the year ended 31 December 2024 Page 41

NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024

1. ACCOUNTING POLICIES

a) Basis of preparation

Educational Opportunity Foundation is an unincorporated charity registered in England and Wales, registered charity number 314286. The registered office is Canopi, 82 Tanner Street, London, SE1 3GN. The objectives and activities are as noted in the Annual Report.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)) and the Charities Act 2011. The accounts are prepared in £ being the functional currency of the charity and round to the nearest £.

Educational Opportunity Foundation meets the definition of a public benefit entity under FRS 102. The Trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern because it has over £25m of investments which is more than sufficient to cover at least 12 months of expenditure.

The most significant area of adjustment and key assumption that affects items in the financial statement relates to estimating the fair value of the investment property (see note 1(c) below).

b) Fixed assets

Fixed assets, with the exception of investment properties, are included at cost and are depreciated on a straight line basis over their useful lives at the following rates:

c) Investment properties

Investment properties are included in the financial statements at fair value. The Council has formerly valued the one remaining freehold property, the George Dent Nursery in Darlington, on the basis of ten times the annual rental income, but a professional valuation was obtained for 2024. The historic cost of the property is £1 (2023: £1).

d) Investment assets

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year. Educational Opportunity Foundation does not acquire put options, derivatives or other complex financial instruments.

e) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequently to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

f) Donations and similar incoming resources

Donations and similar incoming resources are included in the financial statements in the year in which they are receivable.

g) Investment income

Investment income and any related income tax recoverable are included in the financial statements in the year in which they are receivable.

Educational Opportunity Foundation Page 42

h) Rental income

Rental income is normally credited in the financial statements in the year to which it relates. All rental income is attributable to unrestricted funds.

i) Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is included in the statement of financial activities on an accruals basis and includes irrecoverable VAT.

j) Charitable activities

Charitable activities include grants awarded by Educational Opportunity Foundation and the associated support costs, which include costs for hosting shared learning activities for Members and Grant Partners. Grants are accounted for in the year in which the commitment is given, all relevant conditions having been fulfilled.

k) Support and governance costs

Support costs represent the cost of administering the affairs and managing and maintaining the assets of Educational Opportunity Foundation and of the other trust funds administered by the Foundation.

Governance costs comprise all costs relating to the public accountability of Educational Opportunity Foundation and its compliance with regulation and good practice. These costs include the cost of Council meetings together with statutory audit fees.

l) Fund accounting

Trust funds that are the responsibility of Educational Opportunity Foundation are included in these accounts as restricted and endowment funds and details of the nature and purpose of each fund is set out in notes 11 to 12.

m) Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

n) Financial instruments

Educational Opportunity Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

o) Debtors

Debtors are amounts owed to Educational Opportunity Foundation. They are measured on the basis of their recoverable amount.

p) Cash and cash equivalents

Cash at bank is held to meet the day to day running costs of Educational Opportunity Foundation as they fall due. Cash equivalents are short term, highly liquid investments.

q) Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of the past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that Educational Opportunity Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Annual Report and Financial Statements for the year ended 31 December 2024 Page 43

NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024

2. CHARITABLE EXPENDITURE - GRANTS

Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2024 Funds Funds 2023
£ £ £ £ £ £
International projects
A Partner in Education 29,805 - 29,805 28,860 - 28,860
AbleChildAfrica 59,937 - 59,937 29,923 - 29,923
Advantage Africa 32,571 - 32,571 22,351 - 22,351
African Revival 7,360 - 7,360 15,207 - 15,207
AfriKids UK 17,075 - 17,075 21,863 - 21,863
Amala Education 27,825 - 27,825 - - -
Amazon Charitable Trust 9,568 - 9,568 20,000 - 20,000
Awamu 14,783 - 14,783 - - -
Carers Worldwide - - - 11,093 - 11,093
Chamos - In Aid of the Children of Venezuela 12,476 12,476 6,960 - 6,960
Chance for Childhood - 30,000 30,000 15,000 - 15,000
Child Rescue Nepal 29,952 - 29,952 14,976 - 14,976
Children on the Edge 30,000 15,000 45,000 30,000 30,000 60,000
CodeBrave Foundation 27,562 - 27,562 14,837 - 14,837
Consortium for Street Children
(previously StreetInvest)		 30,000 - 30,000 27,723 - 27,723
Disability and Development Partners 29,000 - 29,000 36,665 - 36,665
EduKaid 14,742 - 14,742 28,666 - 28,666
EduSpots 18,003 - 18,003 25,878 - 25,878
Feed the Minds 28,935 - 28,935 14,699 - 14,699
Fields of Life 6,056 - 6,056 21,047 - 21,047
Foundation for Relief and
Reconciliation in the Middle East		 13,455 - 13,455 - - -
Good Neighbours 14,978 - 14,978 - - -
Hands Up Foundation 30,000 - 30,000 15,000 - 15,000
Health & Hope UK - - - 30,000 - 30,000
Healthprom 7,140 - 7,140 16,985 - 16,985
Hello World 29,381 - 29,381 - - -
Hope for Children - - 13,788 - 13,788
International Nepal Fellowship 11,031 - 11,031 - - -
Irise International - - - 5,000 - 5,000
Joshua Orphan and Community Care 16,569 - 16,569 15,703 - 15,703
Just a Drop 14,462 - 14,462 14,462 - 14,462
Kids Club Kampala 10,580 - 10,580 - - -
Kyaninga CDC Trust - - - 19,948 - 19,948
Learning for Life - - - 33,876 - 33,876
Lyra in Africa - - - 9,682 - 9,682
Made With Hope 16,651 - 16,651 - - -
Mobile Education Partnerships 24,118 - 24,118 9,407 - 9,407
Mondo Foundation 5,671 - 5,671 11,775 - 11,775
Money for Madagascar 24,938 - 24,938 18,300 - 18,300
Prism the Gift Fund:
Refugee Youth Service Collective Fund		 6,840 - 6,840 13,980 - 13,980
Raising Futures Kenya - - - 11,948 - 11,948
Redearth Education - - - 9,873 - 9,873
Rwanda Action - - - 13,750 - 13,750
Sabre Education - - - 30,000 - 30,000
Safe Child Thailand 15,000 - 15,000 - - -

Educational Opportunity Foundation Page 44

NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024

NOTE 2 CONTINUED

See Beyond Borders
Seenaryo
Signpost International
STEP UK
Sub Saharan Advisory Panel
Tea Leaf Trust
Teach2Teach International
Teach A Man To Fish
Team Kenya
Temwa
The Hummingbird Initiative
The Mwezi Foundation
Together We Learn
Toybox
Tushinde Children's Trust
Tusome Africa
UK projects
Afghanistan and Central Asian Association
Asylum Welcome
Bradford City of Sanctuary
Carers Trust Hillingdon
Children and Families Across Borders
Connect North Korea
Healthprom
Hitchin British Schools Trust
HUB for SUCCESS through Edinburgh
Napier University
Hull FC Rugby Community Sports &
Education Foundation
Opportunity Sports Foundation
Preston North End Community
and Education Trust
Refugee Action Kingston
Refugee Education UK
Sheffeld Young Carers
SIEVEMK Gateway
STEP UK
The Why Not? Trust for Care
Experienced Young People
Voices from Care Cymru
Volunteer Tutors Organisation
We Are Family
YMCA Sutton Coldfeld		 18,843
-
18,843
-
-
-
29,179
-
29,179
14,989
-
14,989
-
15,000
15,000
-
30,000
30,000
14,278
-
14,278
29,450
-
29,450
15,000
-
15,000
30,000
-
30,000
4,325
-
4,325
12,000
-
12,000
-
-
-
15,080
-
15,080
29,983
-
29,983
-
-
-
10,983
-
10,983
24,520
-
24,520
8,213
-
8,213
9,709
-
9,709
-
-
-
-
14,000
14,000
-
13,445
13,445
-
11,649
11,649
17,642
-
17,642
-
-
-
20,000
-
20,000
20,000
-
20,000
19,442
-
19,442
19,389
-
19,389
9,709
-
9,709
-
-
-
864,061
73,445
937,506
854,362
85,649
940,011
25,462
-
25,462
14,197
-
14,197
12,453
-
12,453
12,453
-
12,453
12,691
-
12,691
8,630
-
8,630
30,000
-
30,000
30,000
-
30,000
45,000
-
45,000
-
-
-
26,798
-
26,798
26,460
-
26,460
23,881
-
23,881
24,761
-
24,761
-
-
-
500
-
500
30,000
-
30,000
30,000
-
30,000
20,960
-
20,960
23,020
-
23,020
29,747
-
29,747
29,358
-
29,358
9,720
-
9,720
-
-
-
29,102
-
29,102
28,508
-
28,508
24,986
10,434
35,420
10,435
10,434
20,869
14,113
-
14,113
27,991
-
27,991
-
-
-
19,138
-
19,138
14,277
-
14,277
-
-
-
29,194
-
29,194
14,704
-
14,704
28,669
-
28,669
14,570
-
14,570
14,040
-
14,040
14,040
-
14,040
10,750
-
10,750
-
-
-
-
-
-
29,182
-
29,182
431,843
10,434
442,277
357,947
10,434
368,381

Annual Report and Financial Statements for the year ended 31 December 2024 Page 45

NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024

NOTE 2 CONTINUED

Grants from restricted funds to organisations
1st Chesterford Scout Group
Ashdon Prrimary School
Auckland Youth & Community Centre
Enterprise East Group CIC
Food Teachers Centre
Friends of Debden School
Friends of Granta School
Katherine Semar Junior School
Linton Village College
Saffron Hall Trust
Thaxted Festival Foundation
Wendens Ambo Pre-School
Wiltshire Community Foundation
Total organisational grants
Grants from restricted funds to individuals
Total individual grants
Total grants
Less: Grants returned during the year		 -
-
-
-
5,000
5,000
-
5,435
5,435
-
4,032
4,032
-
-
-
-
2,500
2,500
-
4,000
4,000
-
5,000
5,000
-
2,000
2,000
-
-
-
-
-
-
-
5,000
5,000
-
-
-
-
5,000
5,000
-
-
-
-
3,990
3,990
-
450
450
-
600
600
-
3,000
3,000
-
-
-
-
3,000
3,000
-
-
-
-
4,636
4,636
-
-
-
-
18,000
18,000
-
-
-
-
40,521
40,521
-
31,122
31,122
1,295,904
124,400
1,420,304
1,212,309
127,205
1,339,514
-
-
-
-
344
344
-
-
-
-
344
344
1,295,904
124,400
1,420,304
1,212,309
127,549
1,339,858
(18,973)
(600)
(19,573)
(23,395)
(1,500)
(24,895)
1,276,931
123,800
1,400,731
1,188,914
126,049
1,314,963

3. CHARITABLE EXPENDITURE

Grants(see note 2)
Support costs
Salaries and offce costs
Shared learning expenses
Professional fees
Governance costs
Audit
Legal and professional costs
Investment review
Trustee training and recruitment
Council and Committee meetings		 International
UK
Total
projects
projects
2024
£
£
£
937,506
463,225
1,400,731
111,280
54,984
166,264
5,430
2,683
8,113
6,160
3,044
9,204
122,870
60,711
183,581
5,036
2,488
7,524
2,370
1,171
3,541
7,831
3,869
11,700
1,114
551
1,665
3,875
1,915
5,790
20,226
9,994
30,220
1,080,602
533,930
1,614,532

Educational Opportunity Foundation Page 46

NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024

NOTE 3 CONTINUED

Grants(see note 2)
Support costs
Salaries and offce costs
Shared learning expenses
Professional fees
Governance costs
Audit
Legal and professional costs
Trustee training and recruitment
Council and Committee meetings		 International
UK
Total
projects
projects
2023
£
£
£
940,011
374,952
1,314,963
120,691
48,141
168,832
6,565
2,618
9,183
9,428
3,761
13,189
136,684
54,520
191,204
4,890
1,950
6,840
2,217
884
3,101
832
332
1,164
5,401
2,155
7,556
13,340
5,321
18,661
1,090,035
434,793
1,524,828

Support and governance costs have been allocated in proportion to project location.

4. STAFF COSTS & RELATED PARTY TRANSACTIONS

4. STAFF COSTS & RELATED PARTY TRANSACTIONS
Salaries
Social security costs
Pension contributions
Consultants fees
Accountancy services
The average number of employees during the year was:
Management and administration		 2024
2023
£
£
130,042
134,142
7,925
7,759
8,117
8,262
2,254
6,603
6,950
6,586
155,288
163,353
4
5

No staff employee received remuneration amounting to more than £60,000 in the year (2023: None).

Educational Opportunity Foundation considers its key management personnel to comprise the members of the Council and the Educational Opportunity Foundation Director. The Society delegates the-day-day running of the charity to its Director. The ultimate responsibility lies with the Trustees. The remuneration of the Director in the year was £58,560 (2023: £54,556) including pension and employers' National Insurance.

Educational Opportunity Foundation bought in accountancy services from Godfrey Wilson which cost £8,160 (2023: £6,348).

Consultants fees include £1,800 for a briefing paper on care experienced young people.

No remuneration was paid to any member of the Council during 2024 or 2023 and there are no related party transactions to disclose other than above. Reimbursement of expenses in relation to attendance at meetings amounted to £2,652 paid to nine Trustees in 2024 (2023: £1,792 paid to seven Trustees).

Annual Report and Financial Statements for the year ended 31 December 2024

Page 47

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. FIXED ASSETS
COST & VALUATION
At 1st January 2024
Additions
Revaluation surplus
Disposals
At 31st December 2024
DEPRECIATION
At 1st January 2024
Charge for the year
Disposals
At 31st December 2024
NET BOOK VALUE
At 31st December 2024
At 31st December 2023		 Freehold land &
buildings
Furniture &
equipment
Total
£
£
£
175,000
10,839
185,839
-
-
-
275,000
-
275,000
-
-
-
450,000
10,839
460,839
-
8,394
8,394
-
984
984
-
-
-
-
9,378
9,378
450,000
1,461
451,461
175,000
2,445
177,445

Freehold land and buildings comprise investment properties which are not depreciated.

Council previously valued the freehold property, the George Dent Nursery in Darlington, on the basis of ten times annual rental income. During the year a professional valuation was obtained from Joe Fraser MSc, FRICS of Joe Fraser Chartered Surveyor and the property has been revalued to £450,000. The historic cost of this property is £1 (2023: £1).

5a RENTS RECEIVABLE

RENTS RECEIVABLE
2024 2023
£ £
George Dent Nursery, Darlington 17,500 17,500

Educational Opportunity Foundation Page 48

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. UNITS HELD IN POOLED INVESTMENT FUND

a)
Number of units held
ENDOWMENT FUNDS
Alfred Bourne
British School Charity
Old British School
RESTRICTED FUNDS
Alfred Bourne
BFSS Trust
Berridge Trust
British School Charity
Old British School
South Church Trust
Sarah Walker and Spafford
UNRESTRICTED FUNDS
Educational Opportunity Foundation		 Units held
Units
Units held
1 Jan 2024
transferred
31 Dec 2024
No.
No.
No.
315
(315)
-
2,917
(2,917)
-
2,161
(2,161)
-
5,393
(5,393)
-
-
315
315
1,652
(1,652)
-
344
-
344
-
2,917
2,917
-
2,161
2,161
389
-
389
1,258
(1,258)
-
3,643
2,483
6,126
229,992
2,910
232,902
229,992
2,910
232,902
239,028
-
239,028

The Foundation invests the assets of all its funds into a single investment portfolio in order to minimise the costs of management. The portfolio is invested in a wide range of listed equities and fixed income holdings. In order to allocate the investments to each fund the portfolio is nominally divided into unitised holdings.

b) Value of units held

Value of units held
ENDOWMENT FUNDS
Alfred Bourne
British School Charity
Old British School
RESTRICTED FUNDS
Alfred Bourne
BFSS Trust
Berridge Trust
British School Charity
Old British School
South Church Trust
Sarah Walker and Spafford
UNRESTRICTED FUNDS
Educational Opportunity Foundation
Value per unit		 Fund market
Funds
Increase/
Fund market
value
transferred
(decrease)
value
1 Jan 2024
in year
in fund value
31 Dec 2024
£
£
£
£
33,054
(33,460)
406
-
305,983
(309,859)
3,876
-
226,713
(231,368)
4,655
-
565,750
(574,687)
8,937
-
-
33,460
560
34,020
173,246
(177,934)
4,688
-
36,031
-
1,052
37,083
-
309,859
5,060
314,919
-
231,368
1,965
233,333
40,819
-
1,192
42,011
131,975
(134,685)
2,710
-
382,071
262,068
17,227
661,366
24,124,449
312,619
706,031
25,143,099
24,124,449
312,619
706,031
25,143,099
25,072,270
-
732,195
25,804,465
732,195
25,804,465
104.89
107.96

Annual Report and Financial Statements for the year ended 31 December 2024 Page 49

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. POOLED INVESTMENT FUND
Opening value at 1 January 2024
FUND MOVEMENTS
Investments acquired at cost
Proceeds of investments sold
Realised gains on sale of investments during the year
Unrealised gains on investments during the year
Exchange rate differences
Non-cash investment income
Investment income receivable
Interest receivable
Investment management fees paid
Distributions to funds during the year
NET FUND MOVEMENTS
CLOSING VALUE OF FUND AT 31 DECEMBER 2024
UK fxed interest
Overseas fxed interest
UK equities
European equities
US equities
Other worldwide equities
Managed funds
Emerging economies
UK property
Infrastructure & hedge funds
Commodities
Cash on deposit
7a. INVESTMENT RETURN
Unrealised gains on investments during the year
Exchange rate movements
Realised (losses)/gains on investment during the year
Net gains on investment assets
Investment income receivable (see note 7b))
Investment management fees paid and accrued		 Un-invested
Investments
cash
Total
£
£
£
24,842,534
229,736
25,072,270
6,695,946
(6,695,946)
-
(7,614,252)
7,614,252
-
61,436
61,436
1,668,421
1,668,421
477
477
3,829
3,829
483,066
483,066
56,545
56,545
(91,579)
(91,579)
(1,450,000)
(1,450,000)
815,380
(83,185)
732,195
25,657,914
146,551
25,804,465
Investments
Cash
Total
1,800,874
1,800,874
604,873
604,873
2,480,324
2,480,324
2,978,550
2,978,550
11,459,430
11,459,430
2,715,861
2,715,861
819,139
819,139
660,923
660,923
1,086,868
1,086,868
582,699
582,699
468,373
146,551
614,924
25,657,914
146,551
25,804,465
2024
2023
£
£
1,668,421
1,532,398
479
(1,926)
61,436
48,877
1,730,336
1,579,349
483,066
491,589
(92,225)
(87,500)
2,121,177
1,983,438

The Foundation derives the majority of its income from the above investments. Whilst most of the funds held by the Foundation are available to meet expenditure, the trustees must balance the needs of current beneficiaries against those of the future. For this reason, although not a permanently endowed fund, the Foundation uses a total return basis in order to inform its budgeted expenditure across all funds.

The historic cost of investments held at the year end totalled £21,078,738.

The Trustees report includes further discussion regarding the investment policy of the Foundation.

Educational Opportunity Foundation Page 50

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7b. INVESTMENT INCOME

7b. INVESTMENT INCOME
UK fxed interest
Overseas fxed interest
UK equities
European equities
US equities
Other worldwide equities
UK property
Alternative assets
Other
8. DEBTORS AND PREPAYMENTS
Due within one year
Sundry debtors and prepayments
9. CREDITORS AND ACCRUALS
Grants payable
Rent received in advance
Contributions to pension scheme
Other creditors		 2024
2023
£
£
11,742
21,662
24,972
28,109
104,472
165,379
39,288
24,861
75,194
60,345
89,828
59,799
55,089
56,953
68,211
63,914
14,270
10,567
483,066
491,589
2024
2023
£
£
5,250
16,257
2024
2023
£
£
46,910
25,600
4,385
4,375
2,751
2,740
32,640
31,336
86,686
64,051

10. FINANCIAL COMMITMENTS

a) Other grants

At the year end the Educational Opportunity Foundation has the intention to pay grants totalling £763,100 (2023: £1,403,065) in the future which have not been included in the accounts as they are conditional on the recipients providing satisfactory evidence that they have met the reporting requirements required by Educational Opportunity Foundation and the subsequent approval of payment.

b) Leases

Educational Opportunity Foundation is currently located in shared offices in London with an annual licence fee of £5,073. Service costs are based on usage and charged quarterly in arrears. The licence is terminable at three months notice giving a commitment of £1,268.

c) Archive

By Deed of Covenant and Gift signed on 11 December 2013 a gift of the British and Foreign School Society Archive was made to Brunel University. No further payment to Brunel University in respect of the Archive will therefore be made, nor will any further insurance costs be incurred.

d) Capital commitments

Educational Opportunity Foundation has no capital commitments at 31 December 2024 (2023: £ nil).

Annual Report and Financial Statements for the year ended 31 December 2024

Page 51

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. RESTRICTED FUNDS TRUSTS AND OTHER FUNDS ADMINISTERED BY EDUCATIONAL OPPORTUNITY FOUNDATION

Incoming resources
Donations
Investment income
Pooled investment fund
Bank interest
Permanent endowment transfer
to income
Total incoming resources
Resources expended
Direct charitable expenditure
Management and administration
- investment management fees
- transfer from main fund
Total resources expended
Net (expenditure)/income
before (losses)/gains on investments
Expendable endowment transfer
Transfers to unrestricted funds
Transfers from permanent endowment
Net gains/(losses) on investments
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Total restricted
funds
2024
2023
£
£
60,000
74,500
11,793
8,746
1,412
676
19,688
31,117		 Richard Pain
Trust
2024
2023
£
£
60,000
74,000
-
-
-
-
-
-		 BFSS Trust
2024
2023
£
£
-
500
2,196
207
190
76
-
9,484		 Alfred Bourne
2024
2023
£
£
-
-
223
-
38
-
1,931
2,109
92,893
115,039
123,800
126,049
1,635
774
635
7,432		 60,000
74,000
83,879
96,083
-
-
-
-		 2,386
10,267
-
-
474
45
-
1,231		 2,192
2,109
4,000
-
30
-
-
265
126,070
134,255		 83,879
96,083		 474
1,276		 4,030
265
(33,177)
(19,216)
8,288
9,709
(380,572)
(2,500)
574,687
169,783
28,749
13,156		 (23,879)
(22,083)
-
-
-
-
-
-
-
-		 1,912
8,991
-
-
(208,728)
-
-
169,783
10,365
-		 (1,838)
1,844
-
-
-
-
33,460
-
303
-
197,975
170,932
552,151
381,219		 (23,879)
(22,083)
69,939
92,022		 (196,451)
178,774
196,451
17,677		 31,925
1,844
6,064
4,220
750,126
552,151		 46,060
69,939		 -
196,451		 37,989
6,064

Restricted funds represent the income of other charitable trusts which are administered by Educational Opportunity Foundation and unavailable for general charitable expenditure or donations which have been received for a specified purpose.

Name of Fund

Purpose of Fund

Richard Pain Trust

The British & Foreign School Society Trust (BFSS Trust) (Charity number 312516)

The Alfred Bourne Trust Fund (subsidiary of Charity number 314286)

A restricted fund created by grants from the Richard Pain Trust allocated to specific beneficiaries.

To provide financial assistance or award scholarships or grants to persons in the London Boroughs of Bermondsey, Bethnal Green, Poplar, Southwark and Stepney in connection with their education. During the year the Charity Commission approved a resolution to transfer the restricted fund to general funds, to enable the distribution of larger and more effective grants.

To provide financial assistance to persons undertaking education up to the age of 30.

Educational Opportunity Foundation Page 52

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. RESTRICTED FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY EDUCATIONAL OPPORTUNITY FOUNDATION (continued)

Berridge Trust
2024
2023
£
£
-
-
694
707
82
50
-
-		 British School
Charity
2024
2023
£
£
-
-
2,068
-
354
-
17,757
19,524		 South Church
Educational Fund
2024
2023
£
£
-
-
786
800
92
56
-
-		 Sarah Walker and
Spafford Memorial
Fund
2024
2023
£
£
-
-
1,457
2,587
145
182
-
-		 Old British School
2024
2023
£
£
-
-
4,369
4,445
511
312
-
-
776
757
2,000
-
132
126
298
289		 20,179
19,524
19,921
27,466
281
-
-
2,449		 878
856
-
2,500
149
142
337
327		 1,602
2,769
-
-
361
461
-
1,056		 4,880
4,757
14,000
-
208
-
-
1,815
2,430
415		 20,202
29,915		 486
2,969		 361
1,517		 14,208
1,815
(1,654)
342
-
-
-
-
-
-
2,486
2,273		 (23)
(10,391)
-
-
-
-
309,859
-
2,805
-		 392
(2,113)
-
-
-
-
-
-
2,816
2,571		 1,241
1,252
-
-
(171,844)
(2,500)
-
-
7,896
8,312		 (9,328)
2,942
8,288
9,709
-
-
231,368
-
2,078
-
832
2,615
40,127
37,512		 312,641
(10,391)
14,115
24,506		 3,208
458
48,364
47,906		 (162,707)
7,064
162,707
155,643		 232,406
12,651
14,384
1,733
40,959
40,127		 326,756
14,115		 51,572
48,364		 -
162,707		 246,790
14,384

Name of Fund

The Berridge Trust (subsidiary of Charity number 314286)

The British School Charity (subsidiary of Charity number 314286)

The Sarah Walker and Spafford Memorial Fund (administered under Charity number 314286)

South Church Educational Fund (subsidiary of Charity number 314286)

Old British School (Charity number 309444)

Purpose of Fund

To promote the training of cookery teachers.

To promote the education of persons under the age of 25 in the neighbourhood of Saffron Walden.

To provide grants for educational travel for young people. During the year the Charity Commission approved a resolution to transfer the restricted fund to general funds, to enable the distribution of larger and more effective grants.

To promote education in the area of the District of the Wear Valley

To promote the education of persons under the age of 25 who are in need of financial assistance and live within a radius of 20 miles from Bratton, Wiltshire, preference being given to those resident in Bratton.

Annual Report and Financial Statements for the year ended 31 December 2024

Page 53

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. ENDOWMENT FUNDS TRUSTS AND OTHER FUNDS ADMINISTERED BY EDUCATIONAL OPPORTUNITY FOUNDATION

Incoming resources
Investment income
Permanent endowment pooled investment fund
Permanent endowment bank interest
Permanent endowment transfer to income
Total incoming resources
Resources expended
Investment management fees
Net expenditure
before gains/(losses) on investments
Expendable endowment transfer between funds
Transfer (to)/from restricted funds
Transfers to unrestricted funds
Net gains(losses) on investments
Net movement in funds
Endowment fund balances brought forward
Endowment fund balances carried forward		 Total endowment
funds
2024
2023
£
£
4,241
10,571
372
662
(19,688)
(33,756)		 Wilmslow
2024
2023
£
£
-
-
-
-
-
-		 Darlington
2024
2023
£
£
-
-
-
-
-
-
(15,075)
(22,523)
1,547
3,377		 -
-
-
429		 -
-
-
383
(16,622)
(25,900)
(8,288)
(20,339)
(574,687)
(169,783)
-
(545,523)
33,847
58,007		 -
(429)
-
(5,610)
-
-
-
(244,754)
-
7,343		 -
(383)
-
(5,020)
-
-
-
(219,011)
-
6,570
(565,750)
(703,538)
565,750
1,269,288		 -
(243,450)
-
243,450		 -
(217,844)
-
217,844
-
565,750		 -
-		 -
-

Endowment funds represent capital amounts held by the charity for the longer term to generate income for the charity or the other trusts which are administered by Educational Opportunity Foundation. Endowment funds share in the total return from the investment funds. This allows trustees to invest endowment funds to maximise total return and to apply an appropriate proportion of the total return to income for the year and so be available for expenditure. Educational Opportunity Foundation has two types of endowment fund, permanent and expendable endowment funds.

Expendable endowments income can be spent as unrestricted funds, unless the charity is restricted to the areas in which the income and capital can be spent. Where the charity holds permanent endowments there is no ability to spend the original capital funds. Having reviewed the needs of the Educational Opportunity Foundation and its beneficiaries, over 2023 and 2024 the endowments funds have been transferred to general or restricted funds. The Charity Commission has given approval for the transfers in all cases. At the balance sheet date no endowment funds remained.

Name of Fund

Wilmslow British School Endowment Fund (subsidiary of Charity number 314286)

Darlington College Building Fund

Purpose of Fund

The fund was an expendable endowment, however the capital was restricted.

The fund was an expendable endowment, however the capital was restricted.

Educational Opportunity Foundation Page 54

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. ENDOWMENT FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY EDUCATIONAL OPPORTUNITY FOUNDATION (continued)

Alfred Bourne
2024
2023
£
£
413
648
36
46
(1,931)
(2,109)		 British School
Charity
2024
2023
£
£
3,828
5,999
336
421
(17,757)
(19,524)		 Old British School
2024
2023
£
£
-
-
-
-
-
-		 West Street
2024
2023
£
£
-
734
-
32
-
(2,639)		 BFSS Trust
2024
2023
£
£
-
3,190
-
163
-
(9,484)
(1,482)
(1,415)
90
115		 (13,593)
(13,104)
837
1,067		 -
-
620
791		 -
(1,873)
-
144		 -
(6,131)
-
448
(1,572)
(1,530)
-
-
(33,460)
-
-
-
1,978
2,081		 (14,430)
(14,171)
-
-
(309,859)
-
-
-
18,306
19,274		 (620)
(791)
(8,288)
(9,709)
(231,368)
-
-
-
13,563
14,281		 -
(2,017)
-
-
-
-
-
(81,758)
-
2,453		 -
(6,579)
-
-
-
(169,783)
-
-
-
6,005
(33,054)
551
33,054
32,503		 (305,983)
5,103
305,983
300,880		 (226,713)
3,781
226,713
222,932		 -
(81,322)
-
81,322		 -
(170,357)
-
170,357
-
33,054		 -
305,983		 -
226,713		 -
-		 -
-

Name of Fund

The Alfred Bourne Trust Fund (subsidiary of Charity number 314286)

The British School Charity (subsidiary of Charity number 314286)

Old British School (Charity number 309444)

West Street Old British School, Wareham (subsidiary of Charity number 314286)

The British & Foreign School Society Trust (BFSS Trust) (Charity number 312516)

Purpose of Fund

The fund was a permanent endowment. The income of the endowment was restricted as detailed in note 11. During the year the Charity Commission approved a resolution to transfer the endowment to restricted funds, to enable the distribution of larger and more effective grants.

The charity incorporated a permanent endowment. The income of the endowment was restricted as detailed in note 11. During the year the Charity Commission approved a resolution to transfer the endowment to restricted funds, to enable the distribution of larger and more effective grants.

The Old British School was an expendable endowment. The income of the endowment was restricted as detailed in note 11. During the year the Charity Commission approved a resolution to transfer the endowment to restricted funds, to enable the distribution of larger and more effective grants.

The fund was a permanent endowment.

The charity incorporated a permanent endowment. The income of the endowment was restricted as detailed in note 11.

Annual Report and Financial Statements for the year ended 31 December 2024

Page 55

NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2024

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment funds
All transferred to other funds
Restricted funds
Richard Pain Trust
Alfred Bourne
Berridge Trust
British School Charity
South Church Trust
Old British School
Unrestricted funds
Educational Opportunity Foundation
Endowment funds
Alfred Bourne - permanent endowment
British School Charity - permanent endowment
Old British School- expendable endowment
Restricted funds
Richard Pain Trust
BFSS Trust
Alfred Bourne
Berridge Trust
British School Charity
South Church Trust
Sarah Walker and Spafford
Old British School
Unrestricted funds
Educational Opportunity Foundation		 Tangible fxed assets
and investment property
Pooled funds
Net current assets
2024
£
£
£
£
-
-
-
-
-
-
-
-
-
-
46,060
46,060
-
34,020
3,969
37,989
-
37,083
3,876
40,959
-
314,919
11,837
326,756
-
42,011
9,561
51,572
-
233,333
13,457
246,790
-
661,366
88,760
750,126
451,461
25,143,099
32,114
25,626,674
451,461
25,804,465
120,874
26,376,800
Tangible fxed assets and
investment property
Pooled funds
Net current assets
Total 2023
£
£
£
£
-
33,054
-
33,054
-
305,983
-
305,983
-
226,713
-
226,713
-
565,750
-
565,750
-
-
69,939
69,939
-
173,246
23,205
196,451
-
-
6,064
6,064
-
36,031
4,096
40,127
-
-
14,115
14,115
-
40,819
7,545
48,364
-
131,975
30,732
162,707
-
-
14,384
14,384
-
382,071
170,080
552,151
177,445
24,124,449
36,194
24,338,088
177,445
25,072,270
206,274
25,455,989

Educational Opportunity Foundation Page 56

Annual Report and Financial Statements for the year ended 31 December 2024

Page 57

Educational Opportunity Foundation

Members of the Grants Committee

Prof Joy Palmer Cooper (Chair until May 2024) David Crowther Charlotte Cashman (Chair from May 2024) Davinder Dosanjh (from May 2024) Suela Aksoy Alex McDonald (from May 2024) Jeanette Brady (from May 2024) Janice Miller Jane Creasy Nicholas Tesseyman

Members of the Finance and Investments Committee

David Baron (Chair until May 2024) Robert Spencer (Chair from May 2024) Jane Creasy

Janice Miller Nicholas Tesseyman

Delegates of Restricted Funds

The Alfred Bourne Trust Fund Berridge Trust The British School Charity

Officers of Educational Opportunity Foundation Officers of Educational Opportunity Foundation Diana Hoy (Chair) Claire Cameron Ann Geeves Alison Stewart Nicholas Tesseyman

Sarah Walker & Spafford Memorial Fund

Sarah Walker & Spafford Memorial Fund Officers of Educational Opportunity Foundation (until the fund closed July 2024) South Church Educational Fund Officers of Educational Opportunity Foundation

Educational Opportunity Foundation Council (until the trust closed November 2024)

Trustees of the Old British School

Educational Opportunity Foundation Council

Educational Opportunity Foundation Page 58

Representatives serving on outside bodies

Trustees

Caroline Lindley’s Educational Foundation, Norwich

Christopher Watt Jenny Hoult

Great and Little Leighs Educational Charity, Essex

Paul Cooke

Prior’s Charity, Chesham

Kevin Patrick

Steeple Bumpstead Educational Charity

Rosemarie O’Hare

Governors

Isleworth and Syon School for Boys

Dr Emily Tomlinson David Grindley

Professional Advisors

Investment Manager

Independent Auditor

Rathbones – Incorporating Investec Wealth & Investment (UK) 30 Gresham Street London EC2V 7QN

Begbies Chartered Accountants and Registered Auditors 9 Bonhill Street London EC2A 4DJ

Bankers

Accountant

The Co-operative Bank PO Box250 Skelmersdale WN8 6WT

Godfrey Wilson Ltd 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill, West Mailing Kent ME19 4JQ

Solicitors

Knights Lakeside House FieldsKingfisher Way Stockton-On-Tees TS18 3NB

Farrer & Co 66 Lincoln's Inn London WC2A 3LH

Annual Report and Financial Statements for the year ended 31 December 2024

Page 59

Above:

Photo courtesy of Together we Learn: reviewing a library construction site

Educational Opportunity Foundation Page 60

Educational Opportunity Foundation

82 Tanner Street London SE1 3GN

Web: educationalopportunity.org.uk Tel: 07356 007655 Email: grants@educationalopportunity.org.uk LinkedIn: linkedin.com/company/educational-opportunity

April 2025 Registered Charity no. 314286 © Educational Opportunity Foundation. All rights reserved.