
The new Education Endowment Fund (EEF) will be set up and managed by lead partner the Sutton Trust, in partnership with the Impetus Trust.
The trusts will be responsible for assessing applications for funding and allocating grants to groups with innovative proposals on how to improve the attainment of disadvantaged pupils in underperforming schools.
The EEF has been inspired by President Barack Obama's 'Race to the Top' programme, which funds trailblazing projects in American schools.
Grants will also be available to voluntary and community organisations, social enterprises, public sector organisations, charities and co-operatives.
A major part of the programme will be evaluating the effectiveness of projects that are piloted to create a range of approaches that have proved successful at improving children's attainment.
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