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
#11

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 charl￿S 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 ￿%￿lI￿nd 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 compan￿5 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 charl￿S 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 COmpan￿S 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 a￿uranCe about whether the financlal statements as a whole are f￿e 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 compan￿5 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
(267￿62) (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 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
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- Cha￿ty 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.
P￿e 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 n￿Vernents
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