The report highlights the Commission's "Europe 2020" strategy for economic growth and its seven flagship policies, including Youth on the Move, launched by Commissioner Vassiliou in September. The Youth on the Move initiative aims to increase young people's job prospects by enhancing student and trainee mobility and improving the quality and attractiveness of education and training in Europe.
The report also refers to the strategy's five headline goals which include reducing school drop-out rates to less than 10% and increasing the share of 30-34 years old having completed tertiary or equivalent education to at least 40%.
On funding, the report states: "We … see particular benefit in the Lifelong Learning Programme, which supports mobility; this can enhance growth through the sharing of ideas and access to new or alternative opportunities."
It says the Culture programme adds value by promoting trans-national cultural awareness and co-operation among artists and the MEDIA programme by helping European cinema to flourish.
Regarding sport, it notes that limited EU funding under a sport programme could add most value by bringing grassroots organisations of a similar nature together, to share experiences of how to boost participation in sport and how it can help to bind communities together.
Commissioner Vassiliou said: "This is a comprehensive and timely report which analyses the EU's objectives and the resources it needs to meet those objectives.
"I'm pleased that UK parliamentarians share our assessment of the added value of EU funding in the areas of education, training, culture, cinema and sport."