EIRIS FOUNDATION IA Company Umlted by Guaranteel REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st MARCH 202S mml I nR f r: 10200 Re istered Com Number: 0246033 'AEHTRXKI' 2011212025 COMPANIES HOUSE A31
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EIRIS FOUNDATION (A Company Umlted by Guarantee) REPORT AND ACCOUNTS 31st Mareh 2025 Page Legal and Administratbve Informatlon Pa8es Report of the Council af Management Pages 9-11 Independent Audltors, Report Page 12 Consolidated Statement of Financial Artlvitles lincludln8 consolidated Income and Expenditure Account) Pa8e 13 Consolldated Balance Sheet Page . 14 Consolidated Statement of cash flows Pages 15-28 Notes to the A¢countS
EIRIS FOUNDATION {A Company iimlted by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION REGISTERED COMPANY NUMBER: 02460330 CHARITY REGISTIIATION NUMBEft.' 1020068 COUNaL OF MANAGEMENT: Nlna Roth (Chairl Aine Clarke Ivana Gazlbara Aaron Hav Rlchard Howitt Camilla Parke Valdehee Sachdev Maryann Selfe Frances Way CHIEF EXECUTIVE OFFICER: Peter Webster COMPANY SECRETARY: Usa Stone5treet REGISTERED AND PRINCIPAL OFFICE: The Foundry 17-19 Oval Way London SEII 5RR AUDITORS: Cocke, Vellacott & Hlll Chartered Accountants Unlt IS City Business Cenlre Lower Road LONDON SE16 2x8 BANKERS: Unity Trust Bank 9 Brindley Place 4 Oozells Square BIRMINGHAM BI 2HB SOLICITORS., Bates. Wells & Bralthwaite 10 Queen St Place LONDON EC4R 18E IMPACT INVESTING ADVISERS: Sonnet Advisory and Impact 45 Flitwick Road Ampthill Bedford5hire MK45 2NS Page I
EIRIS FOUNDATION (A Company Umlted by Guarantee) REPORT OF THE COUNCIL OF MANAGEMEKr Forthe year ended 31 March 2025 The Councll of Management presents Its annual report tO8ether with the consolidated financlal statement of the chèrltable company and Its subsldlarles for the year ended 31st March 2025. The accounts comply wlth the Charltles Act 2011, the Companies Act 2006, the requirements of the charlS 8overnin8 document and Accountin8 and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. This report combines the Trustee5' annual report for the purposes of the Charltle5 Art 2011 and the directors, report for the purposes of the Companle5 Act 2Q)6. The EIRIS Foundation is a company limited by 8uarantee without share capital. Each memberf5 liability is limited to £1. The company is a registered charity. and its affairs are governed by its memorandum and article5 of association. ObJEcnvES AND ACTIVITIES Oblects and mlsslon The EIRIS Foundation's objects are to undertake and publlsh research Into the social and ethlcal aspects of businesses In the UK and overseas and how those may be. relevant to Investment policies and to asslst other charitles by providing Information and advlce to help them choose Investments which do not conflict with thelr airns or otherwise hamper thelr work. Following a review of our goals and misslon we have concluded that the best way to descrlbe our current work and the role we want to play in future Is that the EIRIS Foundatlon Is a research, advlce and advocacy charlty that pioneers the next steps for sustainable flnance. Our vlslon Is a financlal system that works for people and planet. We have over 40 years. experlence of providin8 free and objertive informatlon on sustainable flnance and corporate activity to other charities and the public. Our stren8ths. The EIRIS Foundatlon Is a founder of the ethlcal and responslble Investment movement. From our hlstorlc Involvement in the creatlon of the first retail ethlcal fund in the UK to our foundin8 role wlth the Corporate Human Rlght's Benchmark {CHRB). our work Illustrates our eore strengths: A ploneerlni splrlt. We consistently brid8e the gaps In what Is needed, includlng on dlfficult, under5erved toplcs. Independenee. A5 a charlty, we can avoid confllcts of interest. Catalyslnl ¢oalltlons. That Independence, plus a wlde network of long-standln8 connertlons, mean we can brlng tO8ether broad collaborations when requlred. Supportlry Innovatlons. We ean both deploy innovation5 ourselves and reeogni2e and support 8reat innovations from others. quallty of m•thodJ and outputs. Our research flndln8s are known for thelT Independence and hl8h standard5. How we Senerate ImpacL We look for artlvities which use our strengths to have one or more of these efferts.. Movln8 the money to more sustalnable optlons and to Ilnance sustalnable solutlons. Embeddlnlvalues In the Investment chaln, from the saver/penslon 5chern¢ member all the way to the portfollo m•na&eT. Ampllfylngthe sustainable Investor voke on company plans: leadershlp: and buslne5s culiure. We have the skills and experience to find solution5 that bridce the gaps in todavs finance system. We aim to have impact In several connerted domains. Within each we build coalltions, and both generate and support innovations. The impact Sn each Is money moved,.values embedded In Investment declslons, and more pressure from sustalnable voices. The cumulative effect moves us towards a flnance system that works for people and planet. Pay2
EIRIS FOUNDATION (A Company Umlted by Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT Icontinuedl OBJEcllvES AND ACTIVITIES (continued) Code of Conduct and other poll¢les To underpin these objects, the EIRIS Foundation has adopted a Code of Conduct {available on our website) 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 misslon. The Code surnmarises a number of commitments to and expectations of our employees which are developed further in our Stsff Handbook. It also underplns relationshlps with partners, funders, suppliers and other stakeholder5, In additlon to the pollcles and approach set out In the Code of Condurt (al The trustees are mindful of the Charity Commission's guidance on public benefit including the guldance'publie benefit: running a charlty IP821 (bl The EIRIS Foundation is not qualified or authorised to 8ive financial advice. From time to time. we wlll comment on or research the rnore 8eneral asperts of the relatlonshlp between flnanclal performance, buslness succe55 and responslble Investment or corporate responsibillty but we always empha515e that this should not be taken as financlal advice. (cl We wlll take appropriate financial advlce on the Investment of our reser¥es, Gr•nl makln8 poll¢v The Council of Management has reviewed our grant makin8 pollcrf in the li8ht of our new strate8Y to cover any cases where we decide to fund third parties to carry out our work or to share fundlng for research. All such uses of funds will be in accordance with the objectlves of the charitable company. 5TrucfuRE, GOVERNANCE AND MANAGEMENT The EIRIS Foundation is a company limited by guarantee without share capital. Each memberfs Ilability is limited to £1. The company Is a re8lStered charity. and its affalrs are governed by its memorandum and artlcles of association. The governing body of the EIRIS Foundatlonls the Counell of Management, whleh now generally meets four tlmes a year. It receives reports from the CEO. The Council of Managernent and ihe chief executive are the key management personnel of the charity in charge of dirertin8 and controllin8 the charity and the running and operation of the tharity on a day to day basis. The Councll Members who fulfll the roles of trustees of the charity and dlrectors of the company were as followed durln8 the reportSng perlod: Nina Roth IChalr} David Bent-Hazelwood (retired 31 Oecember 20241 Aine Clarke Ivana Gazibara Aaron Hay Richard Howitt Rebecca Kong (retired 31st December 20241 Camllla Parke Vaidehee Sachdev Maryann Selfe Ire.appolnted 30 Ortober 2024) Frances Wav David Bent-Hazlewood ha5 retired from the Council following the Ortober meeting having previously Stepped down frorn the role of Chair after leadin8 the Council for a number of years. David has brought his wide range of skills and experience of strategy development and sustainable business to our work, first as a Council Member and then as Chair. He played a vltal role as our representatlve on the Vigeo Eiris board In the period between the merger of our former subsldlary wlth Vigeo and the sale of Vigeo Eiris to Moody's as the first step on the way to the cieation of Moody's ESG. We are grateful to David for his insights and wisdom and wish him all the best in his future endeavours. Page 3
EIRIS FOUNDATION (A Company Umlted by Guaiant•el REPORT OF THE COUNCIL OF MANAGEMENT (contlnued) srRucniftE, GOVERNANCE AND MANAGEMENT {contlnuedl Rebecca Kong has also retired from the Councll at the end of 2024. We have been grateful for her insightful questions and knowledge and experience of impart measurement and sustainable finance lending. New Councll Members are appolnted by the existln8 Councll of Mana8ement from tlme to time and our Councll Revlew commlttee deals with trustee recruitment. Durlng the year we were delighted to welcome back Maryann Selfe who brlngs her experience as an investment advisor and a particular interest in impact investing. During the reporting period, there were Council sub<ommittees and working Efoups dealin8 With Finances, Staffin& Council Review, Investment Policy and Fundraising Support. Ad hoc groups of Council Members are formed when needed by the full Council of Manègement to decide on partlcular Issues orto approve partlcular grants or projects. There Is also a process Involvln8 all Councll Members for the approval of declslons between meetlngs. Related partles As explalned In note 11. the company has two US subsidiarles, EIRIS Conflict Risk Network and EIRIS USA. See note 19 for more detalls. Rl$k managemenl The Councll of Management has reviewed the risks facln8 the charlty and adopted a Rlsk Management Pollcy wlth a specific plan to manage the identified rlsks. The Rlsks Register wlll be revlewed formally at least once a year by the Councll of Management and quarterly by the staff team. The maln rlsks Identlfled relate to mana8ln8 the longer term transltlon to a portfollo of grant and fee funded work and malntainln8 and developin8 our reputatlon. Speclfic projects and each element of our strategy have thelr own delivery r15ks that are also tracked and managed. Poll¢l•s More detalls of our strategies and approach can be found on the EIRIS Foundation webslte at %lInd l . Other key pollcles will be made a¥allable there In due course. ACHIEVEMENTS. PERFORMANCE AND FUTURE PLANS The Work of the Foundatlon The EIRIS Foundation Is a research. advice and advocacy charlty that ploneers the next steps for responslble investment and sustainable finance. Our vision is of a financial system that works for people and planet, and our mission is to use research, analysis and influence to Identify gaps, barrlers, opportunities and enablers so or8anisatlons and indlviduals can maximise thelr contrSbution to the responslble business and Investment agenda AtthouEh we adopt a flexible approach to our research and advocacy, within the scope of responsible investment and business our work has focussed on the followin8 areas: Advancln8 the soclal dlmenslons of sustalnable flnance So¢lal Lobbvmap - transparency of corporate lobbylng on human rllhts and labour Durin8 2024 the Foundatlon contlnued development and consultation on Soclal Lobbymap. a multi-year prolert to map and analyse corporale lobbyln8 on social issues. In May 2024 we publlshed a draft methodolo8y for consultation and en8a8ed widely with civil society and investor stakeholders to refine our approach. In November 2024 we published an analysis applying the Social Lobbymap methodology to the financial sectorfs en8agement on the EU Corporate Sustainability Due Diligence Dirertlve ICSDDD}. The work hlghlighted how prlvate-sertor influence shaped the exclusion of certain downstream financial artivities from the scope of the Dirertive and set out recommendations to increase transparency and accountablllty in corporate public affalrs activity. These outputs advanced public understanding of non- market corporate Inlluence on soclal pollcy and provlded a platfomi for Investor and parllamentary en8agement. Page 4
EIRIS FOUNDATION (A Company Umlted by Guarnntee) REPORT OF THE COUNCIL OF MANAGEMENT (contlnued) ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS Icontinuedl 8enchmarkln8 and buslness & hum•n rlghls We contlnued our benchmarking work and partnerships addressing business and human rlghts. The Foundatlon's benchmarking activlty remains focused on providing robust. evidence-based assessments of corporate human rlghts performance and on supporting multi-stakeholder benchmarks that track progress and gaps. We have continued to engage wlth CHR8-related outputs and broader benchmarking initiatives that seek to Improve corporate human rights disclosure and prartice across sectors. These Included the Danish Institute for Human Rights benchmark of the 30 largest companies In Denmark, and the Business & Hurn3n Rights Resource Centre's Renewable Energy & Human Rights Benchmark. Our benchmarkin8 work supports Investor engagement, pollcy advocacy and shareholder steward5hlp that press companles to embed human ri8hts due diligence Into operations and supply chains. Raclal Equlty Scorecard - moblllslng capltal for raclal equlty The Foundatlon contlnued to develop and promote the Racial Equlty Scorecard la partnershlp-led project under the Pathway Fund), a prartical framework designed to help asset owners and mana8ers assess and mobilise capltal towards racial equity in UK public markets. Durlng the year we continued to work with partners to identify applications of the benchmark and Identify opportunlties to apply it to an appropriate set of major companies whlle encoura8in8 its adoption by charltles, asset owners and consultants as part of efforts to widen the scope of soclal impact measurement beyond conventlonal ESG metrlcs. Confllrt and buslnÈss In confllct-affecled areas Our conflict-related work contlnued to equlp Investors with tools and guidance to understand and manage exposures where corporate actlvlty Intersects wlth confllct risk. The EIRIS Conflict Rlsk Network ICRNI and related Investor commitments remaln part of our effort to support consistent Investor approaches to holdln8s exposed to confllrt. to encourage better company practlces, and to drlve engagement that reduces adverse Impacts on communltles and peacebulldlnB. Helpln8 tharlties adopt and shape responsible investment prartlces Charlty5RI and ¢h•rlty wpport Supporting charities to align investments with m155ion remained an organisational prlorlty. The CharitySRI webslte continued as a central resource, offering practical euidance. case studies and too15 for charity trustee5 and investment staff. During the year we published materials and case studies airned at helping charities implement re5pon5ible investment policies and make informed Choices about stewardshlp, Impad investment and ethical savin8s. Peer-to-peer workshops and targeted communicatlons contlnued to be used to reach charlty Investors and help bulld capacity for mlsslon-ali8ned Investment. Events. tralnlng and eng•gement In October 2024, we held our annual Charlty Responsible Investment Conlerence - the third in this series which brought tO8ether nearly 100 charity and foundation attendees. Dellvered in partnership with Frlends Provident Foundation and Acce55- The Foundation for Social Investment, the event provided a forum for tfustees and staff to share experiences, discuss practical challenges, and explore how endowments can be fully aligned with charbtable mission. Feedback from participants confirmed the growing appetite within the charity sertor to use investment as a lever for systemic change. Across the year we also delivered a programme of outreach includlng webinars. workshops and contrlbutions to external conferences and roundtables almed at trustee5. charlty Investors, civll soclety and investment professlonals. These en8agements strengthened our public beneflt role by helping us dlsseminate research findin85, share good practice and catalyse collertlve artion among charity investors. Pag• 5
EIRIS FOUNDATION (A Company Umtted by Guarantee) REPORT OF THE COUNCIL OF MANAGEMENT (contlnued) ACHIEVEMENTS, PERFORMANCE AND FUTURE PLANS {continued) Policy responses and re£ulatory engacement The Foundatlon continued to engage with regulatory and pollcy consultations afferting sustainable finance, stewardship and the 8overnance of ESG-related products and services. our responses and participation In roundtables have sought to ensure that reforms increase transparency, protect investor stewardship actlvity and 5tren8then the soclal dlmensions ol sustsinable finance. Partnershlps, networkln8 and publlc beneflt Collaboratlons and partnershlps Throu8hout the year the Foundation collaborated with a ran8e of partners Includin8 civil society or8anisatlons, research institutes, Investor 8fOUPS and project partners to deliver research, benchmarks and practical guidance. Our tollaborative approach Increases reach, strengthens research quality and ensures our outputs are actlonable for Investor5, charltles and pollcy makers. Publ1¢ benefft and knowled8e dluemlnatlon The Foundatlon's publlc-facln8 websStes, publlcatlons and events contlnued to provlde free and objertlve Informatlon to charities, Investors, academlcs and members of the public. By publishing research. rnethodolo8ical notes and analysis we have sUPPOrted evldence.based deci5ion-rnakln8 and contributed to the wlder publlc good by improvin8 transparency on corporate conduct and Investor practice. Operatlonal developments Govemance and peopl• The Foundatlon refreshed elements of Its govemance and welcomed new trustees durlng the reportlng perlod. Contlnued Investment in staff capaclty and comrnunlcations improved our ablllty to deliver research outputs and to reach tar8et audlences Includlng charlty trustees, Investors and pollcy makers. Futuro Plans Over the next year the EIRIS Foundatlon will: Contlnue to reflne and promote Soclal Lobbymap Itestlng methodology, broadenin8 sectoral applicatlon and SUPPOrtlng Investor use of findings). Advance adoptlon and Pfactical use of the Racial Equity Scorecard with partners and charity asset owners to mobilise eapital towards racial equity outcomes. Maintain and expand benchmarking and business & human rights work, en5urin8 inve5tor-focused.outputs that 5UPPOrt engagement and policy advocacy. Provide continued capaclty-buildin8 and tallored support for charltles t.hrough CharitySRI resources. workshops and advisory en8agement. Respond to relevant regulatory consultatlons and engage in multl-stakeholder fora to ensure that social risks and rights-based approaches are embedded Into sustainable finance pollcy. 5tren8then strateglc partnershlps to Increase the Impact, reach and sustalnablllty of the Foundatlon's research and public benefit actNlties. Page 6
EIRIS FOUNDATION (A Company Limited by Guarantee) REPORT OF THE COUNCIL OF MANAGEMEPIT lcontlnued) ACHIEVEMENTS, PERFORMANCE AND FLMIRE PLANS Icontinuedl The Foundation remains responsive and adaptable., our work will continue to balance rigorous. independent research with practical tools for charities and Investors and wlth advocacy where re8ulatory and market reforms can Improve outcomes for people and planet. All artNities described above further the charivs charftable objectives by improving transparenry, supporting better Investor and corporate practice, and equippin8 charltie5 and other stakeholders to use their capltal and influence for publlc benefi't. FINANCIAL REVIEW The charitable company and its subsidiaries had total income of £576,153 (2024 - £701.239) Mostly from project work. Expenditure In the year totalled £815.742 {2024- £887,329) resultlng In net expenditure for the year before gains I Ilossesl on investments of £239.58912024 . net expenditure £186.0901. There wè5 a net loss on revaluatlon of the Investments In Snowball and Castlefield during the year of £27.473120Z4 - net gain of £10.0721. The resultant net expendlture for the year was £267,06212024 - net expendrture of £176,018) whlch was taken frorn reserves brought forward. There were restricted funds carrled forward at the year-end of £269.64912024-£216.6011. The total funds carried forward at the year- end were £1,047,89412024 - £1.314.9561. More details are given In the Statement of Flnanclal Artivities on pa8e 12, All the assets of the charlty are held for the purposes described under prlnclp31 activities. apart from any restrirted funds whlch are held for spoclflc purposes. Reserves pollcy The Council of Management decided in 2021 to Invest around £lm of the current reserrfes in the medium temi, while spendln8 the other funds galned 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 Foundètlon and buildin8 UP a portfollo of grant funded work. Looking forward. the Councll has set a mlnlmum necessary reserves tar8et based on 6 months salarles ènd the redundanry costs of closing pro8rammes. Thls reser¥es policy wlll be fevlewed annually as part of the bud8etin8 process. Investment Poll¢y 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 slmllar portfol50 In a ran8e of dep051t and slmllar Instruments wlth Institutions that have a clear policy In relation to ethlcal or soclally responsible Investment or who are mutual bulldln8 socleties or who demonstrate particular leadershlp in our field. This fund has now lar8ely 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 whlch Is available on our webstte. 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 charltles lookin8 at thelr Investments and we plan to develop some of the learnin85 from thls process fvrther In future. Th15 growth fund has been under revlew slnce the year end. In the118ht of spending down of our other reserves. and the Council has concluded that it should be converted in the cash and money market investments as bein8 More appropriate to our liabilitie5 and future plans goin8 forward. Page 7
EIRIS FOUNDATION IA Company Llmlted by Guarantoe) REPORT OF THE COUNCIL OF MANAGEMENT Icontlnuod) COUNCIL MEMKRS. ReSPONSI8ILrriES Foft THE FINANaAL STATEMENTS The Council Members {who 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 Accountin8 Practice. Company law requires the dlrectors to prepare financial statements for each financial year whlch 8i¥e a true and falr vlew of the state of affalrs of the company and of the Income and expendlture of the company for that period. In preparln8 those financlal statements. the dlrectors are required to: selert sultable accounting policies and apply them conslstentlv; observe the methods and principles In the Charltles SORP.. make judgements and estlmates that are reasonable and prudent; state whether appllcable UK accounting standards have been followed, subjert to any materlal depèrtures dlsclosed and explalned In the financial 5tatementS: prepare the financial statements on the golng concern basis unless It Is Inapproprlate to presume that the company wlll continue in business. The directors are responsSble for keeplng proper accountln8 records whlch dlsclose wlth reasonable accuracy at any tlme the financial posltion of the company and to enable them to ensure that the financlal statements Comply wlth the Companles Act 2006. They are also responsible for safeguardlng ihe assets of the company and hence for takln8 reasonable 5tep5 for the prevenlion and detection of fraud and other Irre8ularities. The director5 are responsible for the rnaintenance and integrity of the corporate and financial information included on the charltable compan$ webslte. Le8lslatlon In the United Kln8dom Bovernln8 the preparatlon and dissemination of flnanclal statements may dlffer from leglslatlon In other lurlsdlctlons. AUDIT ENQUIRIES In accordance wlth company law, as the compan5 directors, we certlfy that,. So far as we are aware, there Is no relevant audtt Informatlon of whlch the companvs audltors are unaware,. and As the dlrectors of the company. we have taken all the steps that we ought to have taken In order to make ourselves aware of any relevant audlt informatlon and to establish that the charlS auditors are aware of that Informatlon. INDEPENDENT AUDITORS The audltors, Mes5rs. Cocke. Vellacott & Hlll have Indicated thelr willln8ness to continue In offlce and wlll be proposed for re-appointment in accordance with the Companies Act. Approved by the Councll of Management on 15 December 2025 and si8ned on their behalf by: Jrf NINA RO Chair of the Council of Management Page 8
EIRIS FOUNDATION {A Company Umlted by Guaranteel INDEPENDENT AUDrroRS' REPORT TO ThE MEMBERS AND COUNCII OF MANAGEMENT OF EIRIS FOUNDATION Oplnlon We have audlted the financlal statements of Elrls Foundation (the 'parent compan¢) and Its subsidlaries (the 'group'l for the year ended 31 March 2025 which comprise the consolidated statement of financial artivlties (including consolidated income and expenditure account). the consolidated balance sheet. the consolidated statemenl of cash flows and notes to the financlal statements includln8 a summary of si8nifl¢ant accountln8 pollcles. The financial framework that has been applied In thelr prepafatlon Is applicable law and United Kin8dom Aceounling Standards (United Kln8dom Generally Accepted Accountin8 Practlcel Includin8 FRS 102 Yhe Flnancial Reportlng Standard applicable in the UK and Republlc 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 COmpanS affalrs as at 31 March 2025, and of the 8roup's Incomlng resources and applicatlon of resources for the year then ended; have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practlce: and have been prepared in accordance with the requirements of the Companies Art 2006. Dash for Oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltln8 IUKI IISAS IUKII. Our responslbllltles under those standards are further described in the Auditorfs Respon51bilities for the Audit of the Financial Statement5 5ertion of our report. We are independent of the charitable company In accordance with ihe ethical requirements that are relevant to our audit of the financlal statements in the UK, includin8 the FRC, s Ethical Standard, and we have fulfilled our other ethlcal responslbllitles In accordance wlth these requirements. We believe that the audlt evidence we have obtalned is sufficlent and approprlate to provide a ba515 for our oplnlon. Concluslons relatln¢ to goln8 ¢oncern In auditlng the financlal statements, we have concluded that the dlrertors, use of the 8oln8 concern bas15 of accountln8 In the preparation of the flnanclal statements Is appropriate. Based on the Work we have performed. we have not Identlfied any materlal uncertalntles relatlnz to events or condltlons that, Indlvldually or collectlvely, may cast slgnlflcant doubt on the charitable companvs abllity to contlnue as a 8oln8 concern for a period of at least twelve months frorn when the financial statements are authorised for issue. Our responslbilities and the responsibilities of the directars with respect to 8oin8 concern are described In the relevant sectlons of thls report. Other Infonnatlon The other information comprises the Information included in the annual report. other than the financlal statements and our auditorfs report thereon. The Councll of Management Is responsible for the other information, Our oplnlon on the flnanclal statements does not cover the other Information and, except to the eAtent otherwlse explicltly stated In our report. we do not express any form of assurance conclusion thereon. In connection with our audlt 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 obtsined In the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencles or apparent materlal rnisstatements, we are required to determine whether there 15 a rnaterlal m155tatement in the flnanclal 5taternents or a rnaterlal mi55tatement 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 requlred to report that fart. We have nothing to report in this regard. Oplnlons on other matters prescrlb•d by the Companles Art 2006 In our opinion, based on the work undertaken In the course of the audlt: the information glven in the Council of Managemenvs report. which includes the dirertors, 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 wlthln the Councll of Management's report has been prepared In accordance wlth applicable legal requirements. Pa8e 9
EIRIS FOUNDATION {A Company Ufflfted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS AND TRUSTEES OF EIRIS FOUNDATION Icontinuedl Other matters on whl¢h w• ar• r•qulr¢d to report by exceptlon lfi the light of the knowledge and understsndin8 of the company and its envlronment obtained In the course of the audit, we have not identified material misstatements in the direttors. report included within the trustees, report. We have nothln8 to report In respert ofthe followin8 matters where the Companle5 Act 2006 re9uires us to report to you If. in our opinlon: adequate and proper accountlng records have not been kept, or returr•s adequatefor ouraudlt have not been received from branches not visited by us; or the financlal ststements are not in agreement with th.e accountlng records and returns; or certaln dlsclosures of Council Members. remuneration speclfled by law are not made.. or we have not recelved all the informatlon and explanations we requlre for our audit; or the Councll of Management was not entitled to prepare the financial statements in accordance wlth the small companies. regime and take advantage of the small companies, exemptions in preparin8 the trustees. report and from the requlrement to prepare a strateglc report. Ilesponslbllltles ol dlrertors As explained more fully In the Councll Members, responslbilitles statement set out on page 8 the Council of Management (who are the directors of the charltable company for the purposes of company lawl are responsible for the preparatlon of the flnanclal statements and for belns satisfied that they 8lve a true and falr vlew, and for such Internal control as the directors determlne are necessary to enable the preparatlon of flnanclal statement5 that are free from materlal mlsstaternent, whether due to fraud OT error. In preparln8 the financial statements, the directors are responsible for assessln8 the compan(s ability to continue as a 80ing concern, d15c1051ng. as applicable, matters related to 8oing concern and usln8 the 8oln8 concern basls of accountlng unless the dlrectors elther Intend to Ilquldate the company or to cease operatlon5, or have no reallstlc alternatlve but to do $0. Audltorfs re$ponslbllltles for the audlt of the flnan¢lal Statements Our objectlves are to obtain reasonable auranCe about whether the financlal statements as a whole are fe from materlal mlsstatement, whether due to fraud or error, and to Issue an audltorfs report that Includes our opinion. Reasonable assurance Is a hi8h level of assurance but Is not a guarantee that an audlt conducted in accordance wlth ISAS IUKI wlll always detect a material mlsstatement when It exists. Misstatements can arise from fraud or error and are considered material if, individually or In the a8greBate, they could reasonably be experted to Influence the economlc declslons of users taken on the basls of these financlal st•tements. Irregularities, includin8 fraud. are instancEs of non-compliance wlth laws and regulations. We design procedures In line with our responsibilltles, outlined above, to detect material mlsstatements in respect of Irregularltles, including fraud. The extent to which our procedure5 are copable of detecting irregularltles, Including fraud is detalled below: We have obtalned an understandlng of the compan5 policles and procedures throu8h dlscusslons wlth senlof management and the treasurer. We also drew on our existing understanding of the work that the company does and the 5ertor that it operates In.. We understand that the company complie5 With its re5ponsibilitie5 through close involvement of the CEO In the day to day running of the buslness and regular Ilalson between him and the dlrertors. Were there any Iltlgatlon or clalms they would come to the attekitlon of the CEO dlrectly. The company a150 holds regular board meetlngs at which all such matters are discussed. Flnance papers are circulated to all dirertor5 and senlor 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 ihe Conte of the audlt, we considered those laws and regulations whlch determlne the form and content of the flnanclal 5tstements, which are central to the compan(s ability to condurt business and where failure to comply could result in material penalties. We have considered the disclosure requlrements of the Companles Ad 21Th and the Charitles SORP IFRS 1021 (effertive I January 20191 as part of our finalisatlon processes. Page io
EIRIS FOUNDATION (A Company Umlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES OF EIRIS FOUNDATION (continued) AudltoPs responslbllltles for the •udlt of the financlal ststements {contlnued) We dlscussed the posslblllty of fraud with senlor management and whether they had any knowledge of any actual, alleged or susperted fraud. We designed our audit tests to consider controls and tested a sample of financial transactions. We considered the timlng of recognition of Income from members. and of grant income. In common wlth all audits under ISA'S IUKI we also performed specific procedures to respond to the risk of management override. We assessed the companvs control envlr.onment15 adequate forthe size and operating model of such a company. Because of the inherent Ilmltatlons of an audlt, there Is a rlsk that we wlll not detect all Irre8ularltle5. Including those leadlng to a materlal mlsstatement in the financlal statements or non<ompllance wlth regulation. This rlsk Increases the more that compliance with a law or re8ulatlon is removed from the events and transartions reflected In the financial statements. as we will be less likely to become aware of instances of non<ompliance. The risk Is also greater re8ardin8 irregularitie5 occurring due to fraud rather than effor, as fraud Invo$ intentional contealment, forgery, collusion, omlssion or misrepresentation. A further descriptlon of our responslbSllties for the audit of the financlal statements Is located on the Financlal Reportin8 Councll's website at., wvAv.frc.org.uklauditorsresponsibilities. Thls description forms part of our auditorfs report. Use of our rnport This report is made solelytothe company's members, a5 a body, in accordance with Chapter 3 of Part 16 olthe Companles Art 2006. Our audit work has been undertaken so that we mi8ht State to the company'5 members those matters we are requlred 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 responsibllity to anyone other than the company and the company's members ès a body. for Our audlt work, for this report or for the opinlons we have formed. DAVID WARREN BA F enlor statutory au Itorl For and on behalf of COCKE, VELL4COTT & HILL. Statutory Auditor Chartered Accountants Unit IS City Buslness Centre Lower Road LONDON SE16 2x8 18 December 2025 Pa8• 11
EIRIS FOUNDATION IA Company Llmltod by Guaranteel CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES Ilncludin8 Consolidated Income and Expenditure Account) For the year ended 31st March 2025 Unrestrlrted Restrlrted 2025 2024 Notes Income Donotions ond legt7cies Incomefrom charitoble actlvltles Contractual research work 31al 1.500 373,893 375.393 384.741 31bl 96,145 96,145 233,616 Investment income Bank and building society interest recelvable Other income 17,194 17,194 87.421 14,288 87,421 Total Income 202,260 373.893 576,153 701,239 EMp•ndlturn Costs ol ralslnqfunds Costs of ralslng donatlons and grants Expenditure on charltable octlvltles Grants payable Costs of activlties - research, publlcatlons, nformatlon, provlslon of semlnars 189,3881 189,3881 1110,712J 19,7201 19,270) 118.990) (33.393) 1395,7891 1311,5751 (7073641 {743.224) Total expendlture 1494,8971 1320.8451 1815,7421 (887,329) Net Incomel le¥penditurel before 8ains and10sses on Investments 1292,6371 53.048 (239.589) (186.090) Net 8alnsl1105ses) on Investrnents Gain / {Loss on revaluation of investment5 Gain on sale of investments li li 127,4731 127,4731 10,072 Net Incomel lexpendlture) fi)r the year 1320,1101 53,048 1267,062) {176,018J Net movements In funds and net Incomel lexpenditure) for th¢ Year (320.110) 53.048 (26762) (176.018) Reconclllatlon of Funds Total funds brought for4¥ard 16 1.098,355 216,601 1,314,956 1,490,974 Total fund$ carried toThYard 16 778.Z45 269.649 1047J94 1.314,956 All the operatlons undertaken by the company during the current and preceding year are contlnuing operations. The company has no recognlsed galns and losses other than those Included above and therefore no Separate statement of total recognised 8ains and105ses has been presented. There were no restrlcted funds In the prevlous year. The notes on pages 15 to 28fvrm part of these accounts. Poge 12
EIRIS FOUNDATION IA Company Llmited by Guarantee) CONSOUDATED BALANCE SHEET As at 31° March 2025 Group 2025 Group 2024 Charlty 2025 Charity 2024 Noteg FIMed assets Tangible assets Investments io li 1.582 847.828 4.650 975,302 465 910.059 3,106 1.037.533 Tolal fixed assets 849,410 979,952 910,524 1.040,639 Curyent assets Debtors Cash at bank and In hand 12 74,655 360,802 54,792 387,889 57.922 345.938 37.740 368.194 Total current assets 435,457 442,681 403,860 405,934 Uabllltle$ Credltors.. Amount5 falllng due within one year 13 1216N72) (93,517) (182,5621 f41,8041 Net curr•nt assets (Il•blllthsl 218,985 349,164 221.298 364,130 Total ayJets less current Ilabllltles Provision for other liabilities 1.068.395 {20.501J 1,329,116 (14,160} L131.822 120.5011 1.404.769 {14.160J 14 Net assets 1,047.894 1,314,9S6 1,111,321 1.390,609 The fund$ of the charlty Restricted Income funds Unrestricted Income funds 16 16 269.649 778,Z45 216,601 1,098.355 269,649 841,672 216,601 1.174.008 Total th4rlty funds 16 1,047.894 1314,956 1,111,321 1.390,609 The dirertors (trusteesl have prepared group accounts In Kcordance w5th sectlon 398 ofthe Companles Act 2006 and sectlon 138 of the Charltles Act 2011. These accounts are prepared in aceordance wlth the special provlslons of Part IS of the Companies Act relating to small companies and constltute the annual accounts required by the Companles Art 2006 and those prepared for circulation to members of the company. The Financlal Statements were approved by the Councll of Management on 15 December 2025 and slgned on their behalf by: ?/VIL NINA ROTH- Chair of the Council of Management Reglstered Company Ilumber 02460330 The notes on pages 15 to 28fvrn1 part of these occounts. Pale 13
EIRIS FOUNDATION (A Company Llmlted by Guarantee) CONSOUDATED STATEMENT OF CASH FLOWS For the year ended 31rt March 2025 Notes Group 2025 Group 2024 Charlty 2025 Charity 2024 Cash flows from operatlni •rtlvttl•s Net income {expendlturel for the year Adjustmentsfor.. Interest received Amortisation of intangible assets Depreclatlon of and loss on tangible assets io Net18ainsl / losses on Investments li (Decrease) Increase in provision for other liabilities 14 (Increase) decrease in debtors 12 (Decrease) Increase in Creditors 13 1267,062) 1176 018) 1279,288) (160,933) (17,194) (14.288) 539 3,489 (10.0721 4,032 78,986 {59,067) (17.1941 (14.288) 3,068 27,474 6,341 119,8631 122.955 2,641 27A74 6,341 120,1821 140,758 2,649 (10.072) 4.032 55.853 (51.926) Net t•sh louffiow) Inflow from operatlry actlvltlos (144,281) (172,399) 1139,450) 1174,685) Cash Ilow from Investlnz artlvltles Purchases of Intanglble assets Purchase of fixed asset equlpment Proceeds from sale of Investments Interest fecelved io li (2,288) 11.400) iOO,OOD 17,194 . loo,000 17,194 14,288 14,288 Net cash provided by investlng activities 117,194 12,000 117.194 12.888 Net (decrease) Increase In cash and ush equlvalents Cash and cash equivalents at the be8lnnln8 of the perlod {27,0871 (160,399) 387,889 548,288 122,2561 1161,797) 368.194 529.991 C•sh and ¢ash •qulvalents at end of perfod 360,802 387,889 345,938 368,194 The notes on pages 15 to 28fvrn? part of these accounts. Page 14
EIRIS FOUNDATION (A Company Llmited by Guarantee) NOTES TO THE ACCOUNTS For the period to 31st March 2025 I. GENERAL INFORMATION AND LÉGAL STATUS EIRIS Foundation is a re8lStered 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 limited 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 CoMpanS 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 aSSlSt other charities by provldln8 Informatlon and advice to help them choose Investments which do not confllct wlth their aims or otherwlse hamper thelr work. The charltable ¢ompan*s maln US subsldiary provldes Investors wlth the research. insights, and engagement support they need to identify and influence companies that Impact or operate In conflict-affected areas in order to reduce conflict risk5 to both people and portfolios. EIRIS Confllct Risk Network (CRNI Is now dormant and the EIRIS CRN projert is run by Ethical Investment ftesearch Services IEIRIS) USA Limited 2. ACCOUNTING POLiaES The prln¢ipal accountin8 pollcles adoptedth jud8ements and key sources of estimatlon uncertalnty In the preparatlon of the financlal statements are a5 follows: lal Basls of pr•p•rntlon and aSs$m•nt ol ioln8 con¢ern The flnanclal 5tatefflents have been prepared under the hlstorlcal cost conventlon wlth Items re¢o8nised at cost or transactlon value unless otherwise stated In the relevant notelsl to the accounts. The financlal Statements have been prepared in accordance wlth Accounting and Reportlng by Charities; Statement of Recommended Practice applicable to charities preparlng thelr accounts In accordance with the Flnancial Reporting Standard applicable In the UK and Republlc of Ireland {FRS 1021 (effective l January 20191 Icharltles SORP IFRS 10211, the Financial Reportlng Standard appllcable In the UK and Ireland IFRS 102) and the Companles Act 2006. The accounts Consolidate the results of the charltable Company and Its subsidiaries. Ethlcal Investment Research Servlce IEIRIS) USA and EIRIS Conflirt Rlsk Network ICRN) on a Ilne-by-line basis. All Intra-group transactlons. balances. income and expenses are eliminated in full on consolidatlon. A separate Statement of Financial Artlvltles and Income and Expenditure A¢¢ount for the charitable Company have not been presented because the charitable Company has taken advantage of the exemptlon afforded by sertlon 408 of the Companles Act 2006. The dirertors have approved the omlsslon of the companvs Indlvldual Income and expendlture account In accordance wlth sertion 41411) from the eompanfs annual accounts. EIRIS Foundation meets the definition of a publlc benefit entity under FRS 102. The Councll of Management conslders, havln8 revlewed the charltable companVs forecasts and projectlons. that there are no material uncertalntles about Its ablllty to contlnue as a golng concern for the foreseeable future and have therefore adopted the going concern basls in preparlng these financlal statements. (b} Income from tradlni actlvities Income represents contracts for the provlslon of research and advlce on responslble investment and Is shown net of value added tax. Income Involced In advance of the perlod Is deferred to the perlod It relates to. (see note IS). Icl Donations and Slmllar income Donations and grants receivable are accounted for in the period in which the charity becomes entltled to them and they can be measured with reasonable certainty. Income is deferred If the donor specifie5 conditlons that the Income Is to be spent In a future period. Donatlons and grants are used In accordance wlth the wlshes of the 8rantors. Any donated ser¥ices are included in the statement of financlal activities at the estimated value to the charlty of the service or facillty received. i.e.. at the prlce the company estlmates it would pay in the open market for a service of equivalent utlllty to the charity- An equlvalent arnount to that reco8ni5ed as income Is Included a5 expenditure under the approprlate headin8 in the statement of financlal activities. Page 15
EIRIS FOUNDATION (A Company Umlted by Guarantee) NOTES TO THE ACCOUPITS lcontinuedl For the year ended 31st March 2025 2. ACCOUNTING POLICIES leontlnuedl (dl Interest re¢el¥able 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 soclety. {e) Fund accounilnl Unrestricted income funds comprise those funds which the Council of Management is free to use for any purpose In furtherance of the charltable objerts. Unrestricted funds include any designated funds where the Council of Management, at thelr discretlon, have created a fund for a spe¢lfl¢ purpose. Restrlrted funds are funds whlch are used In accordance wlth specific restrictlons Imposed by the donor. (f) ExpendltUf• recoinltlon Expendlturels recognised once there15 a legal or con5tructlve obllgatlon to make a payment to a thlrd party, It Is probable that settlement will be requlred, and the amount of the obll8atlon can be measured rellably. Grants payable are made to thlrd partle5 in the furtherance of the charitable objertlves of the charity. Grants are accounted for when the Councll of Management has agreed to pay a 8rant wlthout condltion and the reciplent has a reasonable expertatlon that they will re¢elve the 8rant. Provislons for Brants are made when the Intention to make the grant has been communicated to the reclplent but there Is uncertainty about either the tlmlng of the grant orthe amount of the grant. All expenditure is accounted for on an actruals basis. Expenditure is elasslfied under the following actlvlty headln8S'. Costs of generatln8 funds comprlse the costs assoclated wlth attractln8 voluntary Income and Investment management costs tO8ether with an apportlonment of support costs. Charitable artivities expendlture comprises those costs Includin8 grant makin8 Incurred by the charity In the delivery of Its activitie5 and sep4ices. It Includes both costs that can be allocated dlrectly to such actlvltles and those costs of an indlrect nature necessary to SUPPOrt them. Other expendlture represents those Items not fallln8 Into any other headln8. 181 Allocatlon of support and governance costs Support costs are those functlons that assist the work of the charity but do not dlrertly undertake charltable actlvliles. Support costs Include offlce costs, flnance. payroll and governance costs. Governance costs Include those Incurred In the governance of the charlty and its assets and are prlmarily associated with constitutional and 5t3tutory requirement5. These include the audit fees, legal fees and costs Ilnked to the strategic management of the charity. Support and governance costs are allocated between cost of raisln8 funds and expendlture on charltable actlvltles on a reasonable, justifiable and consistent basis, e.8.. taklng into account the balance of other spendlng and staff tlme applicable to each actlvity. The allocation of support and 8overnance costs is analysed in note 6. (h) Forel8n ¢ufren The flnancial statements of the charitable company are presented in Sterling (£1 which is its functlonal currencv. Transartions In foreign currencles are translated Into sterling at the exchange rate In operation on the date of the transartion. Assets and liabillties denomlnated in foreign currencies are translated into sterling at the closing rates. All revaluation differences and foreign exchange dffferences ère taken to the statement of financial activities. Page 16
EIRIS FOUNDATION (A Company Umlted by Guarantee) NOTES TO THE ACCOUNTS Icontinuedl For the year ended 31st March 2025 2. ACCOUNTING POUCIES (continued) (I) Buslness comblnatlons and ioodwlll Acquisitlon of subsldiaries are accounted for uslng the purchase method. The cost of the buslness combination Is the fair value of the consideration given, liabilities Incurred or assumed plus the costs directly attrlbutable to the buslness combination. Any excess of the cost of the business comblnation over the group's Interest in the net falr value of the Identifiable assets and liabilitles acqulred Is reco£nlsed as 8oodwill. Goodwill Is amortlsed over Its estlmated uselul Ilfe, which the Councll of Management have deemed to be 3 years, Using the straight line basis. Goodwill is a55e5sed for impairment when there are indlcators of impairment. and any Impairment is charged to the income and expenditure account. Ul T•n8lbl• FIMd Assets Tangible fixed a55ets are measured at cost less accumulated depreciation and accumulated impairment10sses. Depreclatlon has been provided on the tanglble flxed assets at an annual rate of 25% on the stralght-llne method, except on computer equipment on which it is provlded at an annual rate of 33% on the straight-line method so as to wrlte off the a55ets over thelr e5tlmated useful Ilfe. Ik) Flxed asset Investments Other Investments- Snowball and Costlefieldfunds- Investments are a form of basic financial instrument and are Initlally recoinlsed at thelr transartlon value and subsequently measured at their falr value as at the balance sheet date uslng the closing market prlce quoted by the fund provider. The statement of flnanclal actlvltles Includes the net 8alns and losses arising on revaluatlon and dlsposals throughout the year, Investment in 5ub51diorles- Investments in subsldiarles are accounted for at cost less'impalrment in the indivldual financial statements. 11) lrnp•lrrnent ol iM•ts At each reporting date fixed assets are reviewed to determlne whether there Is any Indicatlon that those assets have suffered an impairment loss. If there is an iridicatlon of possible impairment, the recoverable amount of any affected asset is estimated and compared with Its carrying amount. If the recoverable amount is lower. the carryln8 amount is reduced to It5 recoverable amount and an impaiment loss is recognised In the profit and10s5 account. If an Smpalrment105s subsequently reverses, the carrylng amount of the assetls Increased to the revlsed estimate of Its recoverable amount but not In excess of the amount that would have been determined had no impairment loss been recognlsed in prior years. A reversal of an Impalrment loss Is recognlsed in the profit and loss ac¢¢unt. Im) Cash at b*nk and In hand Cash at bank and In hand Includes cash and short term hlghly Ilquld Investments held at call wlth banks and buildlng societies. (n) Debtors Trade and other debtors are reco8nlsed at the settlement amount due after any trade discounts. Prepayrnents are valued at the arnount prepald net of any trade dlscounts due. (o) Creditors and provislons Creditors and provisions are recognised where the charity ha5 a present obli8ation resulting from a 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 estlmated reliable. Credltors and provisions are normally reco8nlsed at thelr settlement amount after allowing for any trade discounts due. Ip) Penslons The company contributes to penslon 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 recognised in the statement of financial activitles as an expense Is as shown in note 8. Page 17
EIRIS FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE Accoupifs (continued) For the year ended 31st March 2025 3, lal DONATIONS AND LEGACIES Total 2025 Total 2024 Unrestrl¢ted Restrlrtod Donatlons Castlefield Grants Barrow Cadbury Trust-Soc411 Inv•5tment In Charlty Pouled Fund5 Laudes Foundatlon- Sodal Lobbymap Friends Pfovldent Foundatlon- Chaty Re5pon51ble Inve5tm•nl•v•nt Friends Provident Foundation_vtili5iniWhole EndrrwmentslDV Mlsslon Access- Charlty Responslblt Invèstment*¥•nt The Opens Soclety Policy Centre IOSPC)-Soclal iobbyM•p 10.000 247,723 363,893 5,OLK) 363,893 5,000 5,932 5.000 5.000 121.086 373,893 373.893 384.741 Total 1,500 373,893 375,J93 384.741 3. {bl CONTRACTUAL RESEARCH WORK Total 2025 Totol 2024 Unr•strlrt•d ftestrlrt•d Danlsh Institute and other Human Rights Projects Confllrt Risk Network BHRRC Renewable Energy & Human Rights Benchmark Raclal Equity Scorecard 25,474 55,671 15,000 25,474 5S,671 15.000 115,586 63,655 30,000 24,375 Total 96,145 96.145 233.616 4. COSTS OF RAISING FUNDS 20Z5 2024 Costs of ralsin8 Brants and donations Fundraisin8 SUPPOrt Staff costs Isee note 81 Governance costs (see note 61 Support cost5 (see note 6} 1,276 41,356 3,710 63,114 3,675 43,923 Total 89.388 110.712 All of the costs of ralslng fund5 were.from unrestrirted fvnds in both years. Pe 18
EIRIS FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE ACCOUNTS {contlnuedl Forthe year ended 31st March 2025 EXPENDITURE ON CHARITABLE AcfMTIES Grants Researth payable prolert5 Total 2024 Grants (see note below) Research projeas and seminars Staff costslsee note 81 Webslte and IT costs Subscrlptlon5 to publicatlons and services Business travel Governance costs (see note 61 Support costs (see note 61 18,990 18.990 55.796 . 376,740 3.535 10.715 8,035 S3A69 199.074 33,393 25,370 389, 771 10,6412 9,903 6,770 53,420 247,348 55,796 376,740 3,535 10,715 8,035 53,469 199,074 Total 18.990 707.364 726.354 776,617 Expenditure on charitable activitie5 wa5 £726,354 12024 - £776.617J of which £320.845 (2024 £168.140J was expenditure from restrlrted funds and £405,50912024. £608.477} was expenditure from unfestricted funds. Grants pald In the current and prevlous year were to an Instltutlon, Ecodes for research a551stance wlth Danlsh In5tltute Project, Soclal Lobby Map and the BHRRC Renewable Energy & Human Rl8hts Benchmark. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS Other Governance support related 2025 Total 2024 Total Staff cost$ Isee nole 81 Legal and professional Audlt fees Committee expenses Meeting room and office rent and ser¥ice char8e5 Website and IT costs Insurance Bank charges Memberships Training and other staff expenses Subscriptions to publications and services Sundry expense5 Amortlsation of 8oodwlll Depreclatlon 128,822 26.235 35,459 10,864 5,400 50 3,154 979 169 24 135 435 80 245 164,281 37.099 205,903 39,247 5,160 851 51,786 15.940 6,508 1,026 3,162 11,948 953 1,880 540 47,029 14.479 6,810 606 3,934 5.781 1.063 4.478 50,183 15A58 6.979 630 4,069 6,216 1,143 4.723 2,883 185 Totsl 242.IZQ 57,179 299.299 348,366 Allocated to: Cost of ralsln8 funds (note 41 Expenditure on charllable activities (note 51 43,046 199.074 3,710 53,469 46,756 252,543 47,598 300,768 242,120 57,179 299,299 348,366 The charitable company initially identifies the costs of its support functions. It then Identifies those support costs which relate to the governance function. Govemance costs and other support costs are then apportioned on the basis of time spent and other expendlture between the costs of raisin8 funds and Its key charitable artivities undertaken {see notes 4 and 5 above} in the year. Page 19
EIRIS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS Icontinuedl Forthe yearended 31st March 2025 7. NET INCOME (EXPENDITURE) 2025 2024 This is stated after char8ing the followin8: Staff costs (see note 81 Auditors, remuneratlon linc. VA TJ Audit fees Accountancy and general advlce Tax advisory services Operating lease rental$ Depreciation 582.377 658,788 5,160 4, 740 .23,602 23,027 3,462 8. DIRECTORS AND ÉMPLOYEES 2025 2024 Salaries and wages Social security costs Penslon costs 482,961 58,469 40,947 537,342 69,419 52,027 582,377 658, 788 The staff costs Include a termination payment of £12,020 made and re¢o8nlsed In the perlod, The staff costs have been allocated between cost of r•isin8 funds and expenditure on charitable activities as follows: Costs of ralslnz funds (note 41 Staff costs Governance (note 61 Support costs (note 61 Expendlture on charltable artl¥ltl•J (note 51 Staff costs Other support costs Inote 61 Govemance Inote 61 41.356 63,114 2,176 26,176 9,697 376.740 119.125 33.369 389. 771 142.887 34.664 582.3TI 658, 788 The average number of employees durlng the year was: Admlnlstratlon Research & Projert work No. No. 12 io 13 None of the Councll Members (who are a150 the trustees of the charity and directors of the Company) received anv relmbursement for expenses or remuneration from employment or payment for professional or other seNlces supplled to the charlty durln8 the current or precedlng year. The charity conslders its key management personnel comprise the trustees and the Chief Executlve Officer. The total employment benefits including employer pension contributions of the key management personnel were £83.55712024 - £83,708). One employee received emoluments (excluding employer pension costs) exceedin8 £60,000 during the year within the band of £70,000 to £80,00012024- one within the band £70.000 to £80,000). Plie 20
EIRIS FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE ACCOUNTS (continued) For the year ended 31st March 2025 9. CORPORATION TAX The charitable Company is 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. TANGIBLE FIXEO ASSETS Group Office CharTty Office Cost at April 2024 Addition5 durin8 the year Oisposals and scrapped durin8 the year 13.244 11,179 Cost at 31 March 2025 13.244 11.179 Accumulated depreclatlon at l Aprll 2024 Charge for the year Accumulated depreciatlon on dlsposals and strapped assets 8,594 3,068 8,073 2.641 pr¢¢l•tlon at 31 March 2025 11.662 10.714 Net book amount at 31 March 2025 1,582 465 Net book vclue ut 31 Morch 2024 4,650 3.106 11. FIXED ASSET INVESTMENTS The Group Other Inve$lments 2025 T¢Jtsl 2024 Total At market value l Aprll Addltlons Disposals Net gainlllossl on revaluation 975,302 975J02 965,230 1100,oooi (ioo,000) 127.4741 (27.4741 10,072 Market value at 31 March 847,828 847028 975,302 EIRIS Foundatlon invests in two investment funds: Castlefield Investment Partners LLP {Castlefieldl an investment management and financial planning business wlth a reputation for belng at the forefront of ethical and sustainable investln8. Snowball Impact Investments LP Isnowballl which invests all capltal for soclal and environment31 Impact as well as financial returns. Both investments are carried at their fair value which is the net asset value {NAV) prevailing on the valuation date provided by investment managers. Pa8e 21
EIRIS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE ACCOUNT5 Icontlnuedl For the year ended 31st March 2025 11. FIXED ASSEf INVESTMENTS (continued) The Charlty Other Investment In Investments subsidiaries 2025 Total 2024 rotol At Cost at l April At market value l Aprll Addltlons at cost Disposals Net gainlllossl on revaluatlon 62,231 62.231 975.302 62,231 965,230 975,302 iioo.000) 127,4741 (ioo.000) {27.4741 Cost at 31 March Market value at 31 March 62231 62.231 847.828 62,231 97S,302 847.828 Total Investments 847,828 62,231 910,059 1,037,533 EIRIS Foundation invests In Castlefield Investment Partners LLP Icastlefieldl an Investment management and financial plannln8 buslness wlth a reputation for being at the forefront of ethical and sustalnable investing and. in Snowball Impart Investments LP ISnowball} which invests all capltal for social and envlronmental lrnpact as well as flnanclal returns. Both Investments are carrSed at thelr falr value whlch Is the net asset value INAV) prevallln8 on the valuatlon date provlded by Investment rnana8ers. The investment in subsidiarles consists of two US companles, EIRIS Conflict Risk Network ICRN) and EIF¢IS USA and 15 shown at cost. EIRIS CRN is now dormant and the work of EIRIS CRN has been transferred to EIRIS USA. No dividend5 or other dlstrlbutlons were recelved from the subsldlary companles durlng the current or precedlng year. See note 19 for more detalls of the subsldlary companies, 12. DEBTORS Group 2025 Group 2024 Charlty 2025 Chorlty 2024 Trade debtors Other debtors Prepayments and accrued Income 23,019 2.907 48,729 14,098 2.907 37,787 10.000 2.907 45,015 2,907 34,833 74,655 54,792 57,922 37,740 P•ge 22
EIRIS FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE ACCOUNTS Icontlnuedl Forthe year ended 31st March 2025 13. CREDITORS: Amounts fallin8 due within one year Group 2025 GfOUP 2024 Charlty 2025 Charlty 2024 Trade credltors Taxation and soclal securSty costs Other creditors Accruals and defefred income 40.077 10,434 665 11.284 71,134 39,728 5,410 6,767 169,568 6.767 136.067 7.618 28. 776 216.472 93,517 182,562 41,804 Deferred Income Deferred Income Included above comprlses income recelved in advance of the perlod of commltment. Group 2025 Group 2024 Chaflty 2025 Chorlty 2024 8alance as at l Aprll 2024 Amount released to Income from charltable artivities Amount deferred in year 32.358 132,3581 119,529 44,282 (44,282) 32,358 93.774 Balance as at 31 March 2025 119,529 32,358 93.774 14. PROVISION FOR OTHER LIABiunES The Group •nd Chafltable Comp•nv Leave pay provlslon Provlslon at l Aprll 2024 Addltlons Utilised in the year Provlslon at 31 Mar¢h 2025 14.160 20,501 (14.1601 20.501 The leave pay provislon represents hollday balances accrued as a result of services rendered in the reportlng year and which employees are entltled to carry.forward. The provislon Is measured as the salary cost payable at the year-end for the perlod of absence. 15. REiATED.PARTY TRANSAcnoNS There were no related party transactlons durin8 the year other than those with the companvs whoify controlled subsldlary companies. See note 19 for more detalls of the subsidiary companies Page 23
EIRIS FOUNDATION (A Company Llmited by Guarantee) NOTES TO THE ACCOUNTS (continued) For the year ended 31st March 202S 16. INCOME FUNDS Anafysls of Gmupfvnd rnovements Balance blfwd Incomel Expendlturel (Gains) 11055es Balance clfwd Unrestrfrted funds General Income fund 1,098,355 202,260 (522,3701 778.245 Restrfrted funds Social Investment in Charity Pooled Funds Loudes Foundation for social Lobbymap Charity Responsible Investment event OSPC for Soclal Lobbymap (7.IXM)) 1241.2631 {io.cxTh)) {62,5821 1,000 243,092 120.462 363.893 10,0 88.139 25.557 Total restrlcted funds 216.601 373,893 1320.845) 269,649 Total funds 1.314.9S6 576,153 1843.215) 1,047A94 Anolysts olcharltyfvnd nVernents B•lan¢e b/fvid lrtcomel Exp•ndltur•/ (Galn5) Ilossesl 8•lan¢e ¢/fvJd Unrestrfrted funds General income fund 1,174.008 146,590 1478,9261 841,672 Restrlded funds Social Investment In Charity Pooled Funds Laudes Foundation for social Lobbymap Charity Responsible Investment event OSPC for Social Lobbymap 17,0001 (241,2631 {iO,O(h)) (62,582) 1,000 243.09Z 120,462 363,893 io,o(xJ 88.139 25.557 Total restrlrted funds 373,893 1320,845} 269.649 Total funds 1,390.609 520,483 1799,7711 1,111,321 Page 24
EIRIS FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE ACCOUNTS Icontinuedl For the yearended 31st March 2025 16. INCOME FUNDS (continued) Analysls oAGroupfvndmovements-prevlous year alan¢e Income/ Expendlture/ ' {GalnsJ (losse5J Bolance ¢/fvd b/fvd Unrestrirtedfvnds Generol incomefvnd 1,490,974 326,570 {719,189J 1,098,355 RestrlrtedAunds Sociol Investment In Cht7rlty Pooled Funds LauLles Foundationfor Socicl Lobbymap Utili5ing Whole Endowmentsfvrmission OSPClor Social Lobbymop 10.000 247, 723 5.932 121,086 (2,0001 1127,261) 15.932) {32,947J 120.462 Total restrlctedfvnds 384.741 (168,140) 216.601 Totallunds 1,490 974 711,311 (887,329) lJ314,956 AnoWs ojcharftyfvnd movements- prevlous year Balance Income/ Expendlture/ 16alnsl (lossesj Balon¢e fvd Unrestrlrtedfvnds General Incomefvnd 1,551,542 262,915 1640,449) 1.174.008 Restrlrtedfvnds Sociol Investment In Chority Pooled Funds Loudes Foundotlonforsoclal Lobbymop Utlllsing Whole Endowmentslor Mission 05PCfor Soclol Lobbymop 10,0 247,723 5.932 121,086 {2.1)ooJ 1127,261) (5,932) (32,947) 120.462 Totolre5trlrtedfvnds 384.741 (168,140) 216 601 Totolfvnds 1,551.542 647.656 1808,589) 1,390,609 Descrlptlon of funds The unrestrirted general fund represents the'free reserves, after allowln8 for all de51gnated funds avallable to be Spent at the discretlon of the Council of Mana8ement. The restritted funds relate to 8rants and sponsorships glven for specific purposes and which were spent on those purposes. Some of the restricted fvnds received during the year were not fully spent during the year and there were balances carried forward to be spent In the followlng year as shown above12024- no restrlcted fund balances brought forward). Page 2$
EIRIS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS Icontinuedl For the year ended 31st March 2025 17. ANALYSIS OF GROUP NEfASSEfs BETWEEN FUNDS Group Group General Restricted funds fvnds Tot•1 Group funds Charity Charity General Restricted funds funds Total Charlty fund$ Intan8lble assets Flxed assets F5xed asset investments Cash at bank and in hand Other current assets Creditors of le5$ than one year Provlslons for Ilabllltles 1,582 747.828 108,379 63,655 1122,6981 120,5011 1.582 Iw.o 847,828 252.423 360.802 ii.crf)o 74.655 193,7741 (216,472) (20AOI) 465 810.059 100.000 910.059 93,515 252.423 345.938 46,922 11.0 S7,922 188,788) 193,7741 1182,5621 120,501) 120.5011 Total 778.245 269,649 1,047,894 841,672 269,649 1,111.321 ANAL YSIS OFGROUP N£fASSETS 8ETWEEN FUNDS~ PREVIOUS YEAR Group Group General Restrlcted lunds fvnds Total Grou Charlty Chorlty General Restrl¢ted funds fvnds Total Jun Intanqlble ossets Flxed ossets Flxed osset Investments Cosh ot bonk ond in hond Other current ossets Credltors of less thon one yeor Provision5fvr liabllltles 4,650 975,302 195,361 30,719 (93,517) (14.160) 4.650 975,302 387,889 54,792 193.517J {14,160J 3,106 1,037,533 175,666 13,667 {41,804) (14,160) 3,106 1,037,533 368,194 37,740 {41,804J {14.160J 192.S28 24.073 192.528 24,073 Totol 1.098,355 216,601 1,314,956 1.174.008 216 601 1,390.609 18. FINANCIAL COMMrrMENTS Operatlnz leases The company had the following fvture rninlmum lease payments under non - cancellable operatlng leases for each of the followlng years: 2025 2024 Payments due., Lond and buildings.'_ Not later than one year Later than one year and not later than five years 27,633 50.660 27.633 78.293 Total 78,293 105,926 With regard 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 month In which notice Is glven and after It pays the rent charges accruing for the rent period (these amount to £11,801 {2024- £11,51411. P•8e 16
EIRIS FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE ACCOUNTS {contlnuedl Forthe year ended 31st March 2025 19. DETAILS OF CONSOUDATED SUBSIDIARIES Country of ncor rali Detalls of inve Name ol com held Ethical Investment Research Services (EIRISI USA USA Membership loo% EIRIS Confllct Risk Network USA Membershlp loo% Ethl¢al Investment Research Servites {EIRIS) USA The aqgregate amount of capital and reseNes at the year end and profit or loss lor the year for EIRIS USA is as follows.. 2025 2024 A88regate amount of capltal and reserves 11,196) 113,424) Profit I110ss1 for the year 12.228 114,547) The re815tered offlce of Ethlcal Investment Research Servlces {EIRISI USA Is Crown Colony Office Park 300 Congress Street, Sulte 406, Qulncy, MA 02169 USA. EIRIS Confllrt Rlsk Network The a88re8ate amount of capltal and reserves at the year end and profft or loss for the year for EIRIS Confllrt Rlsk Network is as follow5: 2025 2024 A8gre8ate amount of capital and resep4es Proflt l (lass) for the year The registered office of EIRIS Conflict Risk Network is Crown Colony Office Park 300 Congress Street, Suite 406, Qulncy, MA 02169 USA. The Company is now dormant and the EIRIS CAN prolect has been transferreql to EIRIS USA Page 27
EIRIS FOUNDATION (A Company Llmlted by Guarantee NOTES TO THE ACCOUNTS (Continued) Forthe year ended 31st March 2025 20. PRIOR YEAR CONSOLIDA TED STA TEMENT OF FIAIANCIAL ACTIVITIES (Including Con501idoted Income and Expendlture Accountl For the yeor ended 31st March 2024 Unrestrkted Rertrlrted 2024 2023 Income Donotlons and legocles Incomefrom choritoble octivitles Contrortuol re5eurch work 310) 384,741 384,741 60.250 3(bJ 233.616 233 616 300,960 Investment Income 8onk ond bullding society Interest recelvable Other Income 14,288 68,594 14,288 10,602 30.758 Total Income 316,498 384,741 701,239 402,570 Expendlture Costs of rolslnqfunds Costs of ro151ng donatlons ondgmnts Expendlture on charltable activities Gnlnts payable Costs of actlvltles- research, publlcatlons Infvrmatlon, prov15ion of semlnor5 (110.712J 1110.7121 (67.186) (33,3931 {33,393J (75,009) f575.084) (168,1401 1743.224) (586.013) Total expendlture 1719,189) (168,140J 1887J29) 1728,208) Net Income/ {expenditureJ befvre qains and losses on Investments 1402,691) 216 601 1186,0901 (325,638) Alet qoln5/11055esJ on Investments Gain /ILoss on revoluotion of Investments Gain on sale of investments 12 12 (25,002J Alet ineome/lexpendlture)fvr the year (392.619) 216,601 1176,018J (3SO.640J Netmovements infvnds ond net in¢ome/(expenditurelfvr the year (392.6191 216.601 1176.018) (350,640) Reconclllotlon olFunds Totolfunds broughtAorword 17 1,490,974 1,490,974 1,841,614 Trtolfvnds Carrledlmvord 17 1.098.355 216.601 1314.956 1,490 974 All the operatlons undertaken by the company durlno the current ondprecedlng yeor ore contlnulng opemtlons. The compony hos no recognised gain5 0nd105se5 Other than those included abowe ond therefvre no separate statement ol total recognised gain5 and losse5 h05 been presented. There were no restrictedfvnds in the previou5 year. Page 28