EIRIS FOUNDATION
{A Company Limited by Guarantee)
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31st MARCH 2024
Re
istered Chari
Commission Relerence Number- 1020068
Re
istered Com
an
Number.. 02460330

EIRIS FOUNDATION
(A Company Limited by Guarantee)
REPORT AND ACCOUNTS
31st March 2024
Page
Legal and Administrative Information
Pages
Report of the Council of Management
Pages
9-11
Independent Auditors, Report
Page
12
Consolidated Statement of Financial Activities lincluding
consolidated Income and Expenditure Account)
Page
13
Consolidated Balance Sheet
Page
14
Consolidated Statement of cash flow5
Pages
15-28
Notes to the Accounts

EIRIS FOUNDATION
IA Company Limited by Guarantee)
LEGAL AND ADMINISTRATIVE INFORMATION
REGISTERED COMPANY NUMBER:
02460330
CHARITY REGISTRATION NUMBER:
1020068
COUNCIL OF MANAGEMENT:
Nina Roth (Chairl
Aine Clarke
Ivana Gazibara
Aaron Hay
Richard Howitt
Rebecca Kong
Camilla Parke
Vaidehee Sachdev
Maryann Selfe
Frances Way
CHIEF EXECUTIVE OFFICER:
Peter Webster
COMPANY SECRETARY:
Lisa Stonestreet
REGISTERED AND PRINCIPAL OFFICE:
The Foundry
17-19 Oval Way
London
SEII 5RR
AUDITORS..
Cocke, Vellacott & Hill
Chartered Accountants
Unit 15 City Business Centre
Lower Road
LONDON SE16 2XB
BANKERS..
Unity Trust Bank
9 Brindley Place
4 Ooze115 Square
BIRMINGHAM BI 2HB
SOLICITORS..
Bates, Wells & Braithwaite
10 Queen St Place
LONDON
EC4R IBE
IMPAcf INVESTING ADVISERS:
Sonnet Advisory and Impact
45 Flitwick Road
Ampthill
Bedfordshire
MK45 2NS
Page I

EIRIS FOUNDATION
{A Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT
For the year ended 31 March 2024
The Council of Management presents its annual report together with the consolidated financial statement of the charitable
company and its subsidiaries for the year ended 31st March 2024. The accounts comply with the Charities Act 2011, the
Companies Act 2006, the requirements of the charity's governing document and 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 IFRS 1021 leffective l January 20191. This report combines
the Trustees, annual report for the purposes of the Charities Act 2011 and the directors, report for the purposes of the
Companies Act 2006.
The EIRIS Foundation is a company limited by guarantee without share capital. Each member's liability is limited to £1.
The company is a registered charity, and its affairs are governed by its memorandurn and articles of association.
OBJECTIVES AND ACTIVITIES
Objects and mission
The EIRIS Foundation's objects are to undertake and publish research into the social and ethical aspects of businesses in
the UK and overseas and how those may be relevant to investment policies and to assist other charities by providing
inforrnation and advice to help them choose investments which do not conflict with their aims or otherwise hamper their
work.
Following a review of our goals and mission we have concluded that the best way to describe our current work and the
role we want to play in future is that the EIRIS Foundation is a research. advice and advocacy charity that pioneers the
next steps for sustainable finance. Our vision is a financial system that works for people and planet.
We have over 40 years, experience of providing free and objective information on sustainable finance and corporate
activity to other charities and the public.
Our strengths. The EIRIS Foundation is a founder of the ethical and responsible investment movement. From our historic
involvement in the creation of the first retail ethical fund in the UK to our founding role with the Corporate Human Right's
Benchmark ICHRBI. our work illustrate5 our core strengths:
A pioneering spirit. We consistently bridge the gaps in what is needed. including on difficult, underserved topics.
Independence. As a charity. we can avoid conflicts of interest.
Cataly5ing coalitions. That independence, plus a wide network of long-standing connections, mean we can bring
together broad collaborations when required.
Supporting innovatlons. We can both deploy innovations ourselves and recognize and support great innovations
from others.
Quality of method5 and outputs. Our research findings are known for their independence and high standards.
How we generate impact. We look for activities which use our strengths to have one or more of these effects..
Moving the moneyto more sustainable options and to finance sustainable solutions.
Embeddingvalues in the investment chaln, from the saver/penslon scheme member all the waytothe portfolio
manager.
Amplifying the sustainable investor voice on company plans; leadership; and business culture.
We have the skills and experience to find solutions that bridge the gaps in today's finance system. We aim to have impact
in several connected domains. Within each we build coalitions. and both generate and support innovations. The impact in
each 15 money moved, values embedded in investment decisions, and more pressure from sustainable voice5. The
cumulative effect moves us towards a finance system that works for people and planet.
Page 2

EIRIS FOUNDATION
(A Company Limlted by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT Icontinuedl
OBJECTIVES AND ACTIVITIES (continued)
Code of Condurt and other policies
To underpin these objects. the EIRIS Foundation has adopted a Code of Conduct (available on our websitel which sets out
our values as an organisation and the standards of behaviour we hold ourselves and those we work with accountable to as
we deliver our mission. The Code summarises a number of commitments to and expectations of our employees which are
developed further in our Staff Handbook. It also underpins relationships with partners, funders, suppliers and other
stakeholders.
In addition to the policies and approach set out in the Code of Conduct
lal The trustees are mindful of the Charity Commission's guidance on public benefit including the guidance 'public
benefit- running a charity IPB2)
Ibl The EIRIS Foundation is not qualified or authorised to give financial advice. From time to time, we will
comment on or research the more general aspects of the relationship between financial performance, business
success and responsible investment or corporate responsibility but we always ernphasise that this should not be
taken as financial advice.
{c) We will take appropriate financial advice on the investrnent of our reserves.
Grant making pollcv
The Council of Management has reviewed our grant making policy in the light of our new strategy to cover any cases where
we decide to fund third parties to carry out our work or to share funding for research. All such uses of fund5 will be in
accordance with the objectives of the charitable company.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The EIRIS Foundation is a company limited by guarantee without share capital. Each memberfs liability is limited to £1. The
company is a registered charity, and its affairs are governed by its memorandum and article5 of association.
The governing body of the EIRIS Foundation is the Council of Management, which now generally meets four times a year.
It receives reports from the CEO.
The Council of Management and the chief executive are the key rnanagement personnel of the charity in charge of directing
and controlling the charity and the running and operation of the charity on a day to day basis.
The Council Members who fulfil the roles of trustees of the charity and directors of the company were as followed during
the reporting period..
Nina Roth Ichairl
David Bent-Hazelwood
Aine Clarke
Ivana Gazibara
Aaron Hay
Richard Howitt
Rebecca Kong
Camilla Parke
Vaidehee Sachdev
Frances Way
Since the year-end, David Bent-Hazlewood has retired from the Council following the October meeting having previously
stepped down from the role of Chair after leading the Council for a number of years. David has brought his wide range of
skills and experience of strategy development and 5UStainable business to our work. first as a Council Member and then
as Chair. He played a vital role as our representative on the Vigeo Eiri5 board in the period between the rnerger of our
former subsidiary with Vigeo and the sale of Vigeo Eiris to Moody's a5 the first Step on the way to the creation of Moody's
ESG. We are grateful to David for his insights and wisdom and wish him all the best in his future endeavours.
lappointed 24 January 20241
lappointed 24 January 20241
lappointed 24 January 20241
Page 3

EIRIS FOUNDATION
IA Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT (continued)
STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
New Council Members are appointed by the existing Council of Management from time to time and our Council Review
committee deals with trustee recruitment. During the year we have been delighted to welcome Aine Clarke, Ivana
Gazibara. and Vaidehee Sachdev as new Council Members, who will further enhance the Council's experience in the fields
of human rights, sustainable finance and innovation in capital markets. After the year-end we were also delighted to
welcome back Maryann Selfe who brings her experience as an investment advisor and a particular interest in impact
investing. During the reporting period, there were Council sub-committees and working groups dealing with Finances,
Staffing, Council Review, Investment Policy and Fundraising Support. Ad hoc groups of Council Members are formed when
needed by the full Council of Management to decide on particular issues or to approve particular grants or projects. There
is also a process involving all Council Members for the approval of decisions between meetings.
Related parties
As explained in note 12, the company has two US subsidiaries, EIRIS Conflict Risk Network and EIRIS USA. See note 20 for
more details.
Risk management
The Council of Management has reviewed the risks facing the charity and adopted a Risk Management Policy with a specific
plan to manage the identified risks. The Risks Register will be reviewed formally at least once a year by the Council of
Management and quarterly by the staff team. The main risks identified relate to managing the longer term transition to a
portfolio of grant and fee funded work and maintaining and developing our reputation. Specific projects and each element
of our strategy have their own delivery risks that are also tracked and managed.
Policies
More details of our strategies and approach can be found on the EIRIS Foundation website at www.eirisfoundation.or
Other key policie5 will be made available there in due course.
ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS
The Work of the Foundation
The EIRIS Foundation is a research. advice and advocacy charity that seeks to pioneer the next steps for responsible
investment and sustainable finance. Our vision is a financial system that works for people and planet.
Although we adopt a flexible approach to our research and advocacy, within the scope of responsible investment and
business our work has focussed on the following areas..
Advancing the social dimension5 of sustainable finance
Corporate Human Rights Benchmark
In 2023, for the fifth time since its conception in 2017, the EIRIS Foundation contributed to the Corporate Human Rights
Benchmark {CHRBI. The research covered 110 of the biggest companies from the Apparel and Extractive sectors which
completed the assessment of all 5 CHRB sectors under a revised methodology. We have been deeply committed to CHRB
Since the beginning and have been following the progress achieved over the year5. 2023's launch of the CHRB result5 was
combined with that of WBA'S gender benchmark to highlight the intersectionality of gender issues and human rights.
particularly in the apparel sector.
Page 4

EIRIS FOUNDATION
{A Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT (continued)
ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS Icontinued}
Renewable Energy and Human Rights Benchmark
The EIRIS Foundation were once again pleased to partner with the Business & Human Rights Resource Centre to produce
the 2023 Renewable Energy and Human Rights Benchmark. We conducted the research in collaboration with international
research partners and contributed two "reflections" to the key findings report, one on Human Rights Due Diligence and
one on Stakeholder Participation. The Benchmark underscores the need for urgent government regulation and incentive5,
alongside investor engagement, to level the playing field and ensure the renewable energy sector secures public trust and
avoids harms to communities and workers.
Business In Conflict Areas and Human Rights Due Diligence
Our conflict initiative, the EIRIS Conflitt Risk Network ICRNI, seeks to empower institutional investors, financial service
providers, and other engaged stakeholders by providing them with the tools needed not only to detect exposure to areas
affected by conflict but also to work with companies to reduce risks relating to conflict through responsible corporate
practices that support peace and stability.
In 2023 EIRIS CRN developed the 'lnvestor Commitments on Conflict, The aim of the commitments IS to provide a level of
consistency in approach when investors deal with their holdings being exposed to conflict, as well as to signal to the
public the importance of issues regarding and surrounding conflict to investors. The commitments were drafted with the
help of various experts from the field of business and human rights, as well as representatives from different investor
groups. EIRIS CRN also held in-person and online events for investors helping them to understand how they should
respond to conflict-affected investments.
Social Lobbymap
We are pleased to have made great progress in 2023 on our Social lobby map work, a three year project to investigate
corporate lobbying on social issues. We are exploring which companies, and their trade associations are in favour of
legislation proposing mandatory Human Rights Due Diligence lor improvements in Core Labour Standardsl and which
oppose such proposals. We hope thi5 project will open up a new conversation about the relationship between corporate
responsibility and public affairs work.
We held an extensive consultation phase in developing the draft methodology for Social Lobbymap and work continues
to test and apply this current example5 of corporate lobbying on Social issues.
Raclal Equity Scorecard
In early 2024 we publicly presented our Racial Equity Scorecard project.
The Racial Equity Scorecard enables asset owner5 to mobilise investment capital toward5 racial equity. It provides a
framework to help charities, asset owners and managers collect data and insights on companies they invest in. It is a tool
for investors to assess companies. asset managers and portfolios based on their strategies and actions taken to create
wealth and inclusion for underrepresented communities. This Scorecard is unique in its mixed methods approach and is
the first Racial Equity Scorecard in the UK public markets.
Page 5

EIRIS FOUNDATION
IA Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT {continuedl
ACHIEVEMENTS. PERFORMANCE AND FUTURE PLANS Icontinuedl
Helping Charities adopt and shape responsible investment practices
Our work with charities encourages them not only to align their own investment5 Wlth their missions and values but also
to use their influence and expertise to shape sustainable finance and responsible investment. This is one of our charitable
objectives 50 is a core facet of our own mission. We help charities by giving them practical tools and more tailored
assistance (through events and I'.1 conversations) that helps them with various steps including formulating a responsible
investment policy, implementing it and using their voice to call for improvements and/or best practices.
In October 2023 we held, for the 2nd year, a very successful charity responsible investment event in partnership with
Friends Provident Foundation and Access - The Foundation for Social Investment. The event 'Utilising whole endowments
for mission, peer to peer learn and share, was an opportunity for charity and foundation trustees and staff to come together
to discuss all aspects of responsible investment with a particular focus on practical learnings. We also held a series of
smaller, online workshops for charity investors in 2023 on topics such as revisiting your responsible investment policy,
impact investment and ethical pensions and savings.
Our website. www.charitysri.org.uk, which wa5 relaunched in early 2023, continue5 to support and assist charity investors
with regards to responsible investment. It is an objective source of information that aims to help charities and foundations
of all types and sizes invest sustainably and responsibly, using the power of their own money and influence to help create
a more sustainable financial system.
Nurturing the Sustainable Finance Landscape and Considering how sustainable finance can address
the Big Challenge5
We continue to work on a range of i55ues that consider the sustainable finance landscape generally and the role of
sustainable finance in addressing issues such as the climate emergency and climate justice. rising inequality and need for
an integrated approach to social and environmental issues. We have responded to numerous consultations. been part of
investor roundtables on these issues and fed into response5 regarding sustainable labels and standards. Another aspect of
this work included an investigation into Green Mortgages and the current state of the market and support system for these
products. This work is ongoing as we continue to assess what future support for this area will be.
Partnerships, networking and other public benefit
Our staff team has continued to contribute in various ways acr055 all of our strands of work with our ultimate vision in mind
of supporting the transition to a more sustainable and equitable financial system. We are proud of the research. resources,
event5 and roundtables we have produced and held and a150 the number of events and initiatives that we have contributed
to.
All of the activities described above contribute to the charity's public benefit aims.
The ongoing operation of our various websites and the production and sharing of our variou5 research projects continues
to provide charities. individuals. investor5 and other stakeholder organisations with information and resource5 to make
their financial decisions more sustainable and to encourage the progress of human riEhts. environmental improvement
and a number of other specific areas of charitable advancernent. Our core website. www.eiri5foundation.org, includes
latest news stories about our work and more general blog posts on a variety of topics continues to help others understand
the work we do and point them in the direction of further useful information and resource5 Iproduced by both us and other
organisationsl.
Future Plans
The EIRIS Foundation continues to balance the need for our research and expertise, our charitable mission and objectives
and our requirement to fund our various work strearns in what is a challenging funding environment. We are a flexible
organisation that 15 always happy to collaborate and ensure our work meets a genuine need that matches the urgent
action required by responsible investment and business to find solutions to some of the major challenges the world faces
at the moment.
Page 6

EIRIS FOUNDATION
IA Company Limited by Guarantee)
REPORT OF THE COUNCIL OF MANAGEMENT (continued)
FINANCIAL REVIEW
The charitable company and its subsidiaries had total income of £701,23912023 £402,570) mostly from project work.
Expenditure in the year totalled £887,32912023 - £728,208) resulting in net expenditure for the year before gains / {lossesl
on investments of £186,09012023 net expenditure £325,638). There was a net gain on revaluation of the investments in
Snowball and Castlefield during the year of £10,07212023- net loss of £25,002). The resultant net expenditure for the year
was £176,01812023- net expenditure of £350,640) which was taken from reserves brought forward. Therewere restricted
funds carried forward at the year-end of £216,60112023 - £Nill. The total funds carried forward at the year-end were
£1.314,95612023 - £1,490,974). More details are given in the Statement of Financial Activities on page 12.
All the assets of the charity are held for the purposes described under principal activities, apart from any restricted funds
which are held for specific purposes.
Reserves policv
The Council of Management decided in 2021 to invest around £lm of the current reserves in the medium term, while
spending the other funds gained from the disposal of our interest in EIRIS and then our interest in Vigeo Eiris over a 34
year period on the work of the Foundation and building up a portfolio of grant funded work. Looking forward, the Council
has set a minimum necessary reserves target based on 6 months salaries and the redundancy costs of closing programmes.
This reserves policy will be reviewed annually as part of the budgeting process.
Investment Policy
To implement our reserves policy, we have divided our assets into two parts: for the money that we are spending down
over 3 to 4 years the policy is to invest in a cash and similar portfolio in a range of deposit and similar instruments with
institutions that have a clear policy in relation to ethical or socially responsible investment or who are mutual building
societies or who demonstrate particular leadership in our field. This fund has now largely been spent down.
The other part of our present assets we are considering as our growth fund, and the Council approved a detailed
responsible investment policy for this fund which is available on our website. In 2021, we undertook a public request for
proposals and went on to appoint two fund managers. We undertook this exercise publicly to provide a case study for
other charities looking at their investments and we plan to develop some of the learnings from this process further in
future.
COUNCIL MEMBERS, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The Council Members Iwho are the directors of EIRIS Foundation for the purposes of company lawl are responsible for
preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally
Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view
of the state of affairs of the company and of the income and expenditure of the company for that period. In preparing
those financial statements, the director5 are required to-
select suitable accounting policies and apply thern consistently-
observe the methods and principles in the Charities SORP..
make judgements and estimates that are reasonable and prudent-
state whether applicable UK accounting standards have been followed. subject to any material departures
disclosed and explained in the financial statements..
prepare the financial statement5 on the going concern basis unle55 it is inappropriate to presume that the
company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time
the financial position of the company and to enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularitie5.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the
charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Page 7

EIRIS FOUNDATION
{A Company Limited by Guarantee}
REPORT OF THE COUNCIL OF MANAGEMENT Icontlnuedl
AUDIT ENQUIRIES
In accordance with company law, as the company's directors, we certify that:
SO far as we are aware, there is no relevant audit information of which the cornpany's auditors are unaware- and
As the directors of the company, we have taken all the steps that we ought to have taken in order to make ourselves
aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
INDEPENDENT AUDITORS
The auditors, Messrs. Cocke, Vellacott & Hill have indicated their willingness to continue in office and will be proposed for
re-appointment in accordance with the Companies Act.
Approved by the Council of Management on 29 January 2025 and signed on their behalf by..
NINA ROTH
Chair of the Council of Management
Page 8

EIRIS FOUNDATION
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS AND COUNCIL OF MANAGEMENT OF EIRIS FOUNDATION
Opinion
We have audited the financial statements of Eiris Foundation Ithe 'parent company'l and its subsidiaries (the 'group'l for
the year ended 31 March 2024 which comprise the consolidated statement of financial activities (including consolidated
income and expenditure account). the consolidated balance sheet, the consolidated statement of cash flows and notes to
the financial statements including a summary of significant accounting policies. The financial framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland"
In our opinion the financial statements..
give a true and fair view of the State of the group's and of the parent companvs affairs as at 31 March 2024, and of
the group's incoming resources and application of resources for the year then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII. Our responsibilities under
those standards are further described in the Auditorfs Respon5ibilitie5 for the Audit of the Financial Statements section of
our report. We are independent of the charitable company 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 requirernents. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director5, 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 event5 or conditions
that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going
concern for a period of at least twelve month5 from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
settions of this report.
other information
The other information comprises the information included in the annual report, other than the financial statements and
our auditor's report thereon. The Council of Management is responsible for the other information. Our opinion on the
financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our
report, 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 mi55tatement 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 thi5 Other
information. we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Council of Management's report. which include5 the directors, report prepared for the
purposes of company law, for the financial year for which the financial statements are prepared is consistent with the
financial statements: and
the directors, report included within the Council of Management'5 report ha5 been prepared in accordance with
applicable legal requirements.
Page 9

EIRIS FOUNDATION
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS AND TRUSTEES OF EIRIS FOUNDATION Icontinuedl
Other matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,
we have not identified material rnisstatements in the directors, report included within the trustees, report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion..
adequate and proper accounting records have not been kept. or return5 adequate for our audit have not been received
from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Council Members, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for our audit; or
the Council of Management was not entitled to prepare the financial statements in accordance with the small
cornpanies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from
the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the Council Members, responsibilities statement set out on page 8 the Council of Management
Iwho are the directors of the charitable company for the purposes of company lawl 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
directors determine are 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 directors are responsible for assessing the companws 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to
do so.
Audltorfs responsibilities for the audit of the financial statements
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 auditorfs report that includes our opinion.
Reasonable assurance 15 a hiEh level of assurance but is not a guarantee that an audit conducted in accordance with ISAS
IUKI will always detect a material misstaternent 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.
Irregularities, including fraud. are instances of non-cornpliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material mis5tatement5 in respect of irregularities, including fraud. The
extent to which our procedure5 are capable of detecting irregularities, including fraud is detailed below:
We have obtained an understanding of the company's policies and procedures through discussions with senior
management and the treasurer.
We also drew on our existing understanding of the work that the company does and the sector that it operate5 in.
We understand that the company complies with its responsibilities through close involvement of the CEO in the day to day
running of the business and regular liaison between him and the directors. Were there any litigation or claim5 they would
come to the attention of the CEO directly.
The company also holds regular board meetings at which all such matters are discussed. Finance papers are circulated to
all directors and senior management in advance of these meetings along with a detailed report by the CEO. We have
reviewed these reports, and minutes of all meetings, and no irregularities were identified.
In the context of the audit. we considered those laws and regulations which determine the form and content of the financial
statements. which are central to the company's ability to conduct busines5 and where failure to comply could result in
material penalties.
We have considered the disclosure requirements of the Companies Act 2006 and the Charities SORP IFRS 1021 leffective I
January 20191 as part of our finalisation processes.
Page 10

EIRIS FOUNDATION
IA Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORT
TO THE MEMBERS AND TRUSTEES OF EIRIS FOUNDATION Icontinuedl
Auditorfs responsibilities for the audlt of the financial statements Icontinuedl
We discussed the possibility of fraud with senior management and whether they had any knowledge of any actual, alleged
or suspected fraud. We designed our audit tests to consider controls and tested a sample of financial transactions. We
considered the timing of recognition of income from members, and of grant income.
In common with all audits under ISA'S IUKI we also performed specific procedures to respond to the risk of management
override. We assessed the company's control environment is adequateforthesize and operating model ofsuch a companv.
Because of the inherent limitations of an audit, there is a risk that we will not detect 311 irregularities, including those leading
to a material misstatement in the financial statement5 or non-compliance with regulation. This risk increases the more that
compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as
we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities
occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or
misrepresentation.
A further description of our re5pon5ibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members. as a body, in accordance with Chapter 3 of Part 16 ofthe Companies
Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are
required to State to them in an auditor's 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 company and the company's members as a body, for our
audit work, for this report, or for the opinions we have formed.
DAVID WARREN BA FCA Isehior statutory auditor)
For and on behalf of COCKE, VELLAc0￿ & HILL- Statutory Auditor
Chartered Accountants
Unit 15 City Bu5ine55 Centre
Lower Road
LONDON SE16 2XB
.2 o January 2025
Page 11

EIRIS FOUNDATION
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Consolidated Income and Expenditure Account)
For the year ended 31st March 2024
Unrestrirted
Restricted
2024
2023
Notes
Income
Donations and legacies
Incomefrom choritable activitie5
Contractual research work
31al
384,741
384,741
60,250
31bl
233,616
233,616
300,960
Investmentincome
Bank and building society interest receivable
Other income
14,288
68,594
14,288
68,594
10,602
30, 758
Total income
316,498
384,741
701,239
402,570
Expenditure
Costs of raisingfunds
Costs of raising donations and grants
Expenditure on charitable octivitie5
Grants payable
Costs of activities - research, publication5,
information, provision of seminars
{110,7121
1110,7121 (67.186)
133,3931
133,393) (75,009)
1575,0841
{168.1401 {743,224) (586,013)
Total expenditure
1719,1891
{168,140} 1887,3291 (728,208)
Net income/ lexpenditurel before gains and10sses
on investments
1402,691}
216,601
1186,0901 (325,638)
Net gains1 {lossesl on investments
Gain / (Loss on revaluation of investments
Gain on sale of investments
12
12
10,072
10,072
(25,002)
Net income/ lexpenditurel for the year
1392.6191
216,601
(176,018) {350.640J
Net movements in funds and
net income/ (expenditure) for the year
(392,6191
216,601
{176,0181 (350.640)
Reconciliation of Funds
Total funds brought forward
17
1,490,974
1,490,974 1,841,614
Total funds carried forward
17
1,098,355
216,601 1,314,956 1.490,974
All the operations undertaken by the company during the current and preceding year are continuing operations.
The company has no recogni5ed gains and losses other than those included above and therefore no separate statement of
total recognised gains and losses has been presented.
There were no restricted funds in the previous year.
The notes on pages 15 to 28fvrm part of these accounts.
Page 12

EIRIS FOUNDATION
IA Company Limited by Guarantee)
CONSOLIDATED BALANCE SHEET
As at 31" March 2024
Group
2024
Group
2023
Charity
2024
Charity
2023
Notes
Fixed assets
Intangible assets
Tangible assets
Investment5
io
li
12
539
5,851
965,230
4,650
975,302
3,106
1,037,533
4,355
1,027,461
Total fixed assets
979,952
971,620
1,040,639
1.031.816
Current assets
Debtors
Cash at bank and in hand
13
54,792
387,889
133,778
548,288
37,740
368,194
93,593
529,991
Total current assets
442,681
682,066
405,934
623,584
Liabillties
Creditors.. Amounts falling due
within one year
14
{93,517)
1152,5841
{41,8041
(93,730)
Net current assets (liabilities)
349,164
529,482
364,130
529,854
Total assets le55 current liabilities
Provision for other liabilitie5
1,329.116
{14,160)
1,501,102
(10,128)
1,404,769
{14,160)
1.561,670
(10,128J
15
Net assets
1,314,956
1,490,974
1,390,609
1,551.542
The funds of the charitv
Restricted income funds
Unrestricted income funds
17
17
216,601
1,098,355
216,601
1,174.008
1,490.974
1,551,542
Total charity funds
17
1,314,956
1,490,974
1,390,609
1.551,542
The directors {trusteesl have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section
138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the
Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and
those prepared for circulation to members of the company.
The Financial Statements were approved by the Council of Management 29 January 2025 and signed on their behalf by:
NINA ROTH - Chair of the Council of Management
Registered Company Number: 02460330
The notes on poges 15 to 28form part of these accounts.
Page 13

EIRIS FOUNDATION
(A Company Limited by Guarantee}
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31" March 2024
Notes
Group
2024
Group
2023
Charity
2024
Chority
2023
Cash flows from operating activities
Net income lexpenditurel for the year
Adjustmentsfor."
Interest received
Arnortisation of intangible assets
io
Depreciation of and loss on tangible assets
li
Net Igainsl / losses on investments
12
(Decrease) Increase in provision for other liabilities 15
Ilncreasel decrease in debtors
13
(Decrease) increase in creditors
14
{176,018)
(350,640)
1160,933) (342.567)
(14,288)
539
3,489
110,072)
4,032
78,986
{59,0671
(10.602)
11,584
3,092
25,002
5,021
(8.390)
31,119
{14,288)
(10,602)
2,649
{10,0721
4,032
55,853
151,9261
2,459
25,002
5,021
19,997
8,398
Net cash loutflowl inflow from operating artivitie5
(172,3991
(293,814)
1174.685) (292,292)
Cash flow from investing activities
Purchases of intangible assets
Purchase of fixed asset equipment
Purchases of investments
Interest received
io
li
12
{2,288)
16,6541
1500.0001
10,602
11,4001
16.532)
1500,000)
10,602
14,288
14,288
Net cash provided by investing activities
12,000
1496,0521
12,888
(495,930)
Net (decrease) increase in cash and cash equivalents
1160,399)
1788,8661
1161,797)
1788,2221
Cash and cash equivalents at the beginning of the period
548,288
1,338,154
529.991
1,318,213
Cash and cash equivalents at end of period
387,889
548.288
368,194
529,991
The note5 on pages 15 to 28form port of these accounts.
Page 14

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS
For the period to 31" March 2024
GENERAL INFORMATION AND LEGAL STATUS
EIRIS Foundation is a registered charity and a company limited by guarantee and has no share capital. In the event of
the charity being wound up, the liability in respect of the guarantee is lirnited to £1 per member of the charity. It is
incorporated and domiciled in England and its registered office is The Foundry, 17 -19 Oval Way. London SEII 5RR.
The charitable compan¢s principal activity continues to be to undertake and publish research into the social and ethical
aspects of businesses in the UK and overseas and how those may be relevant to investment policies and, further. to
assist other charities by providing information and advice to help them choose investments which do not conflict with
their aims or otherwise hamper their work. The charitable company's main US subsidiary provides investors with the
research, insight5, and engagement support they need to identify and influence companies that impact or operate in
conflict-affected areas in order to reduce conflict risks to both people and portfolios. EIRIS Conflict Risk Network ICRNI
is now dormant and the EIRIS CRN project is run by Ethical Investment Research Services IEIRIS) USA Limited
ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of
the financial statements are as follows:
lal Basis of preparation and assessment of golng concern
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{sl to the accounts. 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 IFRS 1021 {effective l January 20191 Icharities SORP IFRS 10211, the Financial
Reporting Standard applicable in the UK and Ireland IFRS 1021 and the Companies Act 2006.
The accounts consolidate the results of the charitable company and its subsidiaries, Ethical Investment Research
Service IEIRISI USA and EIRIS Conflict Risk Network ICRNI on a line-by-line basis. All intra-group transactions,
balances, income and expenses are eliminated in full on consolidation. A separate Statement of Financial Activities
and Income and Expenditure Account for the charitable company have not been presented because the charitable
company has taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The directors
have approved the omission of the company's individual income and expenditure account in accordance with
section 414{1} from the company's annual accounts.
EIRIS Foundation meets the definition of a public benefit entity under FRS 102.
The Council of Managernent considers, having reviewed the charitable company's forecasts and projections, that
there are no material uncertainties about its ability to continue as a going concern for the foreseeable future and
have therefore adopted the going concern basis in preparing these financial statements.
Ibl Income from trading artivities
Income represents contract5 for the provision of research and advice on responsible investment and is shown net
of value added tax. Income invoiced in advance of the period is deferred to the period it relates to. (see note 151.
Icl Donations and slmilar income
Donations and grants receivable are accounted for in the period in which the charity becomes entitled to them and
they can be measured with reasonable certainty. Income is deferred if the donor specifies conditions that the
income is to be spent in a future period. Donations and grants are used in accordance with the wishes of the
grantors.
Any donated services are included in the statement of financial activities at the estimated value to the charity of
the service or facility received, i.e., at the price the company estirnate5 it would pay in the open market for a service
of equivalent utility to the charity. An equivalent amount to that recognised as income is included as expenditure
under the appropriate heading in the statement of financial activities.
Page 15

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31" March 2024
ACCOUNTING POLICIES (continued}
Id) Interest recelvable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the
charity,. this is normally upon notification of the interest paid or payable by the bank or building societv.
lel Fund accounting
Unrestricted income funds comprise those funds which the Council of Management is free to use for any purpose
in furtherance of the charitable objects. Unrestricted funds include any designated funds where the Council of
Management, at their discretion, have created a fund for a specific purpose.
Restricted funds are funds which are used in accordance with specific restrictions imposed by the donor.
{fl Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is
probable that settlement will be required, and the amount of the obligation can be measured reliably.
Grants payable are made to third parties in the furtherance of the charitable objectives of the charity. Grants are
accounted for when the Council of Management has agreed to pay a grant without condition and the recipient has
a reasonable expectation that they will receive the grant. Provisions for grants are made when the intention to
make the grant has been communicated to the recipient but there is uncertainty about either the timing of the
grant or the amount of the grant.
All expenditure is accounted for on an accruals basis. Expenditure is classified under the following activity headings..
Costs of generating funds comprise the costs associated with attracting voluntary income and investment
management costs together with an apportionment of support costs.
Charitable activities expenditure comprises those costs including grant making incurred by the charity in the
delivery of it5 activities and services. It includes both costs that can be allocated directly to such activities and
those costs of an indirect nature necessary to support them.
Other expenditure represents those items not falling into any other heading.
Igl Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable
activities. Support costs include office costs, finance, payroll and governance costs.
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated
with constitutional and statutory requirements. These include the audit fees, legal fees and costs linked to the
strategic management of the charity.
Support and governance costs are allocated between cost of raising funds and expenditure on charitable activities
on a reasonable, justifiable and consistent basis, e.g., taking into account the balance of other spending and staff
time applicable to each activity. The allocation of support and governance costs is analysed in note 6.
Ihl Foreign currency
The financial statements of the charitable company are presented in Sterling 1£) which is its functional currency.
Transactions in foreign currencies are translated into sterling at the exchange rate in operation on the date of the
transaction. Assets and liabilities denominated in foreign currencies are translated into Sterling at the closing rates.
All revaluation differences and foreign exchange differences are taken to the statement of financial activitie5.
Page 16

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31" March 2024
ACCOUNTING POLICIES Icontinuedl
lil Business combinations and goodwill
Acquisition of subsidiaries are accounted for using the purchase method. The cost of the business combination is
the fair value of the consideration given, liabilities incurred or assumed plus the costs directly attributable to the
business combination. Any excess of the cost of the business combination over the group's interest in the net fair
value of the identifiable assets and liabilities acquired is recognised as goodwill.
Goodwill is amortised over its estimated useful life, which the Council of Management have deemed to be 3 years,
using the straight line basis. Goodwill is assessed for impairment when there are indicators of impairment, and any
impairment is charged to the income and expenditure account.
('il Tangible Flxed Assets
Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided on the tangible fixed assets at an annual rate of 25% on the straight-line method,
except on computer equipment on which it is provided at an annual rate of 33% on the straight-line method so as
to write off the assets over their estimated useful life.
Ikl Fixed asset investments
Other Investments- Snowboll and Ca5tlefieldfunds- 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 quoted by the fund provider. The statement of financial activitie5 includes the
net gains and losses arising on revaluation and disposals throughout the year.
Investment in subsidiaries- Investments in subsidiaries are accounted for at cost less impairment in the individual
financial statements.
111 Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any
ffected asset is estimated and compared with its carrying amount. If the recoverable amount 15 lower, the carrying
amount is reduced to its recoverable amount and an impairment1055 is recognised in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate
of its recoverable amount but not in excess of the amount that would have been determined had no impairment
loss been recognised in prior years. A reversal of an impairment loss is recognised in the profit and loss account.
Im) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments held at call with banks and building
societies.
Inl Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discounts. Prepayments are
valued at the amount prepaid net of any trade discounts due.
lol Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from 3 past event that
will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be
measured or estimated reliable. Creditors and provisions are normally recognised at their settlement amount after
allowing for any trade discount5 due.
(pl Pensions
The company contributes to pension arrangements on behalf of its employees. Contributions payable for the year
are charged in the profit and loss account when they are due. The amount of contributions recogni5ed in the
statement of financial activities as an expense is 35 shown in note 8.
Page 17

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31" March 2024
lal DONATIONS AND LEGACIES
Total
2024
Totol
2023
Unrestricted Restricted
Grants
Barrow Cadbury Trust- Social Investment in Charity Pooled Funds
Laudes Foundation -social Lobbymap
Friends Provident Foundation- utilising Whole Endowments for Mission
The Opens Society Policy Centre IOSPCI- Social Lobbymap
10,000
247,723
5,932
121,086
10,000
247,723
5,932
121,086
60,250
Total
384,741
384,741
60,250
The Laudes Foundation- Social Lobbymap grant in the previous year was a restricted fund. See note 17 on income funds
for more details.
3. Ibl CONTRACTUAL RESEARCH WORK
Total
2024
Totol
2023
Unrestricted Restricted
CHRB Human Rights Project
Conflict Risk Network
BHHRC Renewable Energy & Human Rights Benchmark
Racial Equity Scorecard
115,586
63,655
30.000
24,375
115,586
63,655
30,000
24,375
222,861
78,099
Total
233,616
233,616
300,960
COSTS OF RAISING FUNDS
2024
2023
Costs of raising grants and donations
Staff costs15ee note 81
Governance costs Isee note 61
Support costs (see note 61
63,114
3,675
43,923
27,472
3,504
36,210
Total
110,712
67,186
All of the costs of raising funds were from unrestricted funds in both years.
Page 18

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS (contlnuedl
For the year ended 315t March 2024
EXPENDITURE ON CHARITABLE ACTIVITIES
Grants
payable
Research
projects
Total
2023
Grants lsee note below)
Research projects and seminars
Staff costs (see note 81
Website and IT costs
Subscriptions to publications and services
Business travel
Governance costs Isee note 61
Support costs (see note 61
33,393
25,370
389,771
10,642
9,903
6,770
53,420
247,348
33,393
25,370
389,771
10,642
9,903
6,770
53,420
247,348
75,009
32,028
283,606
23,876
9,389
10.173
63,641
163,300
Total
776,617
776,617
661,022
Expenditure on charitable activities was £776,617 (2023-£661,022Jof which £168,140 (2023-£60,250) was expenditure
from restricted funds and £608,477 (2023- £600,772) was expenditure from unrestricted funds.
Grants paid in the current and previous year were to an institution, Ecodes for research assistance with CHRB and the
BHHRC Renewable Energy & Human Rights Benchmark.
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Other Governance
support
related
2024
Total
2023
Total
Staff costs Isee note 81
Legal and professional
Audit fees
Committee expenses
Meeting room and office rent and Service charges
Website and IT costs
Insurance
Bank charges
Membership5
Training and other staff expenses
Subscription5 to publication5 and services
Sundry expenses
Amortisation of goodwill
Depreciation
169,063
30,896
36,840
8,351
5,160
851
3.157
1,081
149
54
90
836
67
245
29
185
205,903
39,247
5,160
851
51,786
15,940
6,508
1,026
3,162
11,948
953
1.880
540
3,462
134,824
44. 700
4.920
48,629
14,859
6,359
972
3,072
11,112
886
1,635
511
3,277
23,807
15.102
6,249
464
3,145
12,358
1,077
4,853
11,584
3,092
Total
291.271
57,095
348,366
266,655
The charitable company initially identifies the costs of its support functions. It then identifies those support costs which
relate to the governance function. Governance costs and other support costs are then apportioned on the basis of time
spent and other expenditure between the costs of raising funds and its key charitable activitie5 undertaken Isee notes
4 and 5 above) in the year.
Page 19

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS {continued)
For the year ended 315t March 2024
NET INCOME IEXPENDITUREI
2024
2023
This is stated after charging the following:
Staff costs (see note 81
Auditors, remuneration (inc. VA T)
Audit fees
Accountancy and general advice
Tax advisory services
Operating lease rentals
Depreciation
658,788
445,902
5,160
4,740
300
23,027
3,462
4,920
5,040
3(
13,177
3.092
DIRECTORS AND EMPLOYEES
2024
2023
Salaries and wages
Social security costs
Pension costs
537,342
69,419
52,027
372,974
37,309
35,619
658,788
445.902
The staff cost5 have been allocated between c05t of raising funds and expenditure on charitable activities as follows:
Costs of raising funds {note 41
Staff costs
Governance (note 61
Support costs (note 6)
Expenditure on charitable activities (note Sl
Staff costs
Other support costs Inote 61
Governance (note 61
63,114
2,176
26,176
27,472
2.463
5,876
389,771
142,887
34,664
283,606
89,119
37,366
658,788
445,902
The avera8e number of employees during the year was..
Administration
Research & Project work
No.
No.
12
13
io
None of the Council Member5 (who are also the trustees of the charity and directors of the Company) received any
reimbursement for expenses or remuneration from employment or payment for professional or other services supplied
to the charity during the current or preceding year.
The charity considers its key management personnel comprise the trustees and the Chief Executive Officer. The total
employment benefits including ernployer pension contributions of the key management personnel were £83,708 {2023
- £81,243).
One employee received emolument5 lexcluding employer pension costs) exceeding £60,000 during the year within the
band of £70,000 to £80.00012023- one within the band £60,000 to £70,000).
Page 20

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31st March 2024
CORPORATION TAX
The charitable company 15 exempt from tax on income and gains falling Within section 505 of the Taxes Act 1988 or
section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10. INTANGIBLE FIXED ASSETS
The group
Goodwill
Total
Cost ot l April 2023
Additions during the year
34, 751
34,751
Cost at 31 March 2024
34.751
34,751
Accumuloted omortisation at l April 2023
Amortisation for the year
34,212
539
34,212
539
Amort15ation at 31 March 2024
34,751
34,751
Net book amount at 31 March 2024
Net book value at 31 Morch 2023
539
539
See note 211) for more details of goodwill. Amortisation is included in income and expenditure for the year.
11. TANGIBLE FIXED ASSETS
Group
Office
Charity
Office
ui
Cost atApril 2023
Additions during the year
Disposa15 and scrapped during the year
11,908
2,288
19521
9.779
1,400
Cost at 31 March 2024
13,244
11.179
Accumuloted depreciation at l April 2023
Charge for the year
Accumulated depreciation on disposals and scrapped a55ets
6.057
3,462
19251
5,424
2,649
Depreciation at 31 March 2024
8,594
8,073
Net book amount at 31 March 2024
4.650
3.106
Net book value ut 31 Morch 2023
5,851
4,355
Page 21

EIRIS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31st March 2024
12. FIXED ASSET INVESTMENTS
The Group
Other
Investments
2024
Total
2023
Total
At market value l April
Additions
Disposals
Net gain/llossl on revaluation
965,230
965,230
490,232
500,000
10,072
10,072
{25,002)
Market value at 31 March
975,302
975,302
965,230
EIRIS Foundation invests in two investment funds.. Castlefield Investment Partners LLP Icastlefieldl an investment
management and financial planning business with a reputation for being at the forefront of ethical and sustainable
investing. Snowball Impact Investments LP (Snowball) which invests all capital for social and environmental impact as
well as financial returns. Both investments are carried at their fair value which is the net asset value INAVI prevailing on
the valuation date provided by investment managers.
FIXED ASSET INVESTMENTS
The Charity
Other Investment in
Investments
subsidiaries
2024
Total
2023
Totol
At cost at l April
At market value l April
Additions at cost
Disposals
Net gain/llos5) on revaluation
62.231
62,231
965,230
62.231
490,232
500,000
965,230
10,072
10,072
125,0021
Cost at 31 March
Market value at 31 March
62,231
62,231
975,302
62,231
965,230
975,302
Total investments
975,302
62,231
1,037,533
1,027,461
During the previous year EIRIS Foundation invested in Castlefield Investment Partners LLP (Castlefieldl an investment
management and financial planning business with a reputation for being at the forefront of ethical and sustainable
investing. The year before135t year the cornpany invested in Snowball Impact Investments LP {Snowballl which invests
all capital for social and environmental impact a5 well as financial returns. Both investments are carried at their fair value
which is the net a55et value (NAVI prevailing on the valuation date provided by investment managers.
The investment in subsidiaries consists of two US companies, EIRIS Conflict Risk Network ICRNI and EIRIS USA and is
shown at cost. EIRIS CRN is now dormant and the work of EIRIS CRN has been transferred to EIRIS USA.
No dividends or other distributions were received from the subsidiary companies during the current or preceding year.
See note 20 for more details of the 5ub5idiary companies.
Page 22

EIRIS FOUNDATION
{A Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31st March 2024
13. DEBTORS
Group
2024
Group
2023
Charity
2024
Charity
2023
Trade debtors
Other debtor5
Prepayments and accrued income
14,098
2,907
37,787
77,658
3,291
52,829
40,204
3,291
50,098
2,907
34,833
54,792
133. 778
37,740
93,593
14. CREDITORS: Amounts falling due
within one year
Group
2024
Group
2023
Charity
2024
Chority
2023
Trade creditors
Taxation and social security cost5
Other creditors
Accruals and deferred income
10,434
665
11.284
71,134
13,938
381
16,900
121,365
5,410
4,708
7,618
28.776
15,983
73,039
93,517
152,584
41,804
93,730
Deferred income
Deferred income included above comprises income received in advance of the period of commitment.
Group
Group
Charity
2024
2023
2024
Charity
2023
Balance as at l April 2023
Amount released to income from charitable activities
Amount deferred in year
44,282
(44.282)
32,358
22,698
{22,6981
44.282
Balance as at 31 March 2024
32,358
44,282
15. PROVISION FOR OTHER LIABIL￿lEs
The Group and Charitable Company
Leave pav
provision
Provision at l April 2023
Additions
utilised in the year
lQ.128
14,160
110,1281
Provision at 31 March 2024
14,160
The leave pay provision represents holiday balances accrued as a result of services rendered in the reporting year and
which employees are entitled to carry forward. The provision is measured as the salary cost payable at the year-end for
the period of absence.
Page 23

EIRIS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31st March 2024
16. RELATED PARTY TRANSACTIONS
There were no related party transactions during the year other than those with the company's wholly controlled
Subsidiary companies. See note 20 for more details of the subsidiary companies
17. INCOME FUNDS
Anuly5j5 OA Gmupfund movements
Balance
b/fv4d
Incomel Expenditure/
{Gains)
(losses)
Balance
c/fvJd
Unrestricted funds
General income fund
1,490.974
326,570
1719,1891
1,098,355
Restricted funds
Social Investment in Charity Pooled Funds
Laudes Foundation for Social Lobbymap
Utilising Whole Endowments for Mission
OSPC for Social Lobbymap
10,000
247,723
5,932
121,086
12,0001
1127.2611
{5,9321
132,9471
8,000
120,462
88,139
Total restricted funds
384,741
{168,1401
216,601
Total funds
1,490,974
711,311
{887.3291
1,314,956
Anolysis of Charityfvnd movement5
Balance
b/fwd
Income/ Expenditure/
(Gains)
{losses)
Balance
clfwd
Unrestricted funds
General income fund
1.551.542
262,915
1640,4491
1,174,008
Restricted funds
Social Investment in Charity Pooled Funds
Laudes Foundation for Social Lobbymap
Utilising Whole Endowments for Mission
OSPC for Social Lobbymap
10,000
247.723
5,932
121,086
12,0001
1127,2611
15,9321
132,9471
8,000
120,462
88,139
Total restricted funds
384,741
1168,1401
216,601
Total funds
1,551.542
647,656
1808,5891
1.390,609
Page 24

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31st March 2024
17. INCOME FUNDS (continued)
Anafysis of GroupAund movements-previous year
Bolance
Income/ Expenditure/
(Goin51
(losses)
Balance
c/Awd
b/fvd
Unrestrlctedfund5
General income fund
1,841,614
342,320
(692,960)
1,490,974
Restrictedfvnds
Social Influence Mop
60,250
(60,250)
Tott71funds
1,841,614
402,570
(753.210)
1,490,974
Analysis of Chorityfvnd movements-previous year
Bolonce
b/fwd
Income/ Expenditure/
(60insJ
(105sesJ
Balance
c/fvd
Unrestrlctedfunds
Generol incomefund
1,894,109
264.221
(606, 788)
1,551,542
Restrictedfunds
Social Influence Map
60.250
(60,250J
Totalfunds
1,894,109
324.471
(667,038)
1,551,542
Description of funds
The unrestricted general fund represent5 the 'free reserves, after allowing for all designated funds available to be spent
at the discretion of the Council of Management.
The restricted funds relate to grants and sponsorships given for specific purposes and which were spent on those
purposes. Some of the restricted fund5 received during the year were not fully spent during the year and there were
balances carried forward to be Spent in the following year as shown above12023 - no restricted fund balances brought
forward or carried forward).
Page 25

EIRIS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE ACCOUNTS Icontinuedl
For the year ended 31st March 2024
18. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Group
General
funds
Group
Restricted
funds
Total
Group
funds
Charity
Charity
General Restricted
funds
funds
Total
Charitv
funds
Intangible assets
Fixed assets
Fixed asset investments
Cash at bank and in hand
Other current assets
Creditors of less than one year
Provisions for liabilities
4,650
975,302
195,361
30,719
193,5171
{14,1601
4,650
975,302
387,889
54,792
{93,5171
{14,1601
3,106
1,037,533
175,666
13,667
141,8041
114,1601
3,106
1,037,533
368,194
37,740
(41,804)
(14,160)
192,528
24,073
192,528
24,073
Total
1,098,355
216,601 1,314,956
1,174,008
216,601
1,390,609
ANAL YSIS OF GROUP NET ASSETS BETWEEN FUNDS- PREVIOUS YEAR
Group
General
funds
Group
Restricted
funds
Total
Group
fvnds
Charity
Chority
Generol Restricted
funds
funds
Totul
Churity
funds
Intangible assets
Fixed ossets
Fixed asset investments
Cosh at bank and in hand
Other current ossets
Creditors of less than one year
Provi5ionsfor liabilities
539
5,851
965.230
548,288
133, 778
(152,584)
(10,128)
539
5,851
965.230
548,288
133,778
(152,584)
(10,128J
4,355
1.027,461
529.991
93,593
(93. 730)
(10,128)
4,355
1,027,461
529.991
93,593
(93,730)
(10,128)
Total
1,490,974
1,490,974
1.551,542
1,551,542
19. FINANCIAL COMMITMENTS
Operating leases
The company had the following future minimum lease payments under non - cancellable operating leases for each of
the following years..
2024
2023
Payments due..
Land and buildings.- _
Not later than one year
Later than one year and not later than five years
27,633
78,293
27,633
105,926
Total
105,926
133.559
With re8ard to the premises lease, the company can end the lease earlier than the agreed date after a written notice
period of four calendar months, running from the end of the rnonth in which notice is given and after it pays the rent
charges accruing for the rent period (these amount to £11,51412023 - £11.51411.
Page 26

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS {continuedl
For the year ended 31st March 2024
20. DETAILS OF CONSOLIDATED SUBSIDIARIES
Country of
incor
oration
Details of
investment
Name of com
Ethical Investment Research Services
IEIRISI USA
an
held
USA
Membership
loo%
EIRIS Conflict Risk Network
USA
Membership
loo%
Ethical Investment Research Services IEIRIS) USA
The aggregate amount of capital and reserves at the year end and profit or loss for the year for EIRIS USA is as follows..
2024
2023
Aggregate amount of capital and reserve5
113,4241
1.123
Profit I Ilossl for the year
114,547)
3,511
The registered office of Ethical Investment Research Services IEIRISI USA is Crown Colony Office Park 300 Congress
Street. Suite 406, Quincy, MA 02169 USA.
EIRIS Conflict Risk Network
The aggregate amount of capital and reserves at the year end and profit or loss for the year for EIRIS Conflict Risk
Network is as follows..
2024
2023
Aggregate amount of capital and reserves
Profit /1105s1 for the year
The registered office of EIRIS Conflict Risk Network is Crown Colony Office Park 300 Congress Street, Suite 406, Quincy,
MA 02169 USA. The Company is now dormant and the EIRIS CRN project has been transferred to EIRIS USA
Page 27

EIRIS FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE ACCOUNTS {continuedl
For the year ended 31st March 2024
21. PRIOR YEAR CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES Ilncluding Consolidated Income and Expenditure
Account) For the year ended 31st March 2023
Unrestricted
Restricted
2023
2022
Notes
Income
Donations
31al
60,250
60,250
Incomefrom choritoble activities
Contractual research work
31bl
300,960
300,960
239, 704
Investment income
Bank and building society interest receivable
Other income
10,602
10,602
1,954
30.758
30,758
Total income
342,320
60,250
402,570
241,658
Expenditure
Costs of raising funds
Cost5 of raising donations and grants
Expenditure on charitable activities
Grants payable
Costs of activities - research. publications.
information, provision of seminars
167,1861
(67,186) (10,458)
1600,7721
{60,2501 {661,0221 (462,058)
Total expenditure
1667,9581
160,2501 (728,208) (472,516)
Net income/ lexpenditurel before gains and losses
on investments
1325,6381
{325,6381 (230.858)
Net gains/ Ilosse5) on investment5
Loss on revaluation of investments
Gain on sale of investments
12
12
{25,0021
125,002)
(9, 768)
Net income/ lexpenditurel for the year
1350,6401
(350,640) (240.626)
Net movements in funds and
net income/ {expenditurel for the year
(350,640)
(350,640) (240,626)
Reconciliation of Funds
Total funds brought forward
17
1,841,614
1,841,614 2,082,240
Total funds carried forward
17
1,490,974
1,490.974 1.841.614
All the operations undertaken by the company during the current and preceding year are continuing operations.
The company ha5 no recognised gains and losses other than those included above and therefore no separate statement
of total recogni5ed gains and losses has been presented.
There were no restricted funds in the previous year.
Page 28