2020-08-31-accounts

Company Number.. 06897785 Règistered Charlty Numb•r: 1130306 Office of the Scottlsh Charity Rogulator Rogistered Number: SC043120 ANBI RSIN number {Noth¢rland¥): 8257 45 925 ELLEN MACARTHUR FOUNDATION ELLEN MACARTHUR FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Ellgn MacArthur Foundation Rèport and Financial Statemènt• for th• yeirandod 31 A￿￿&t 2020 CONTENTS PAGE char￿ Informat rrustees. Report including Strategic Report 3-17 Indepgndenl Report ofthe Audf(Drs 18-19 Consolidatsd Statemont tsf FinancAal A(aivities Cor￿011da10d Charity Balance Sheet 21 statement of C4¥h FlTrws Notès to the Statements 20-37

Ellen MacArthur Foundation Report and Financial Statem•nts forth• yaar •ndod 31 August 2020 CHARITY INFORMATION Tr4th9* Dame EllÈn M￿Arth￿ Chair Mr Philip SelTrwood Mr Peter Morgan Mr Micha&l Labovitz Mr Wolfgang Blau lappoinled 1 Mar¢h 20201 ChiqfExfj¢ulive Offi¢er: Mr Andr￿ MoTlet Chbf Op•ratlng Offlur and Company Secretary.. M$ Jo B￿)le R4glstsrgd Charity Numbgr. 1130308 Scott5Bh CharNy RegiBter Nwnb•r." SC043120 ANBI RSIN numb•r {N•th•rlandsl: 8257 45 925 Reglster•d Company Number: LW97785 R•glstsrgd Offlc•: The S811 Loft, 42 Medina Road. Cowes. I￿e ofwghl, P0317BX Conta¢t dÈtall#'. Tel: 019￿ 296463 Email.. ellenmac8rthurfoundation.o W•b sit8. VIWW.8llenmacarthurfoundation.ory nkorn: Uoyds TS8 30 Commeraal Road, Totton, SoLthampton, S040 3TH Awjltors: Mo¢xe Kingston Smith LLP Devonshi￿ House. 60 G05weJl Road. London, EC1M 7 AD Govornlng IngtrumenL" Memorandum and Artickn ofAs60cAation dat•d 3 July 2013

Ell•n MacArthur Foundation Report and FinanGlal Statoments for tho year endod 31 Augu•t 2020 TRUSTEES. REPORT INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT Report oftho tru8teeg forthe yearpndvd 31 August 2020 The T￿￿tee5 p￿s&￿t￿81r annud repDrt arKI audrted financial stat•ments ofthe Charty, ts trading sub8idiarios, and a8stieiotexl US and Brazil cKqrfties, forthe year énded 31 August 2020. Th8 Trustee8 have adopted the prow510￿ of Iho Stsfrment ol Re¢omm8nded Pracce ISORPI "Accounting and Reporbrg ty Charilw" IFRS1021 in pr￿ring th&ir annual rèport and finawial statements ofthe Charity and the Trustees. Report contsins the infDrmation ￿qUired in a DirE￿orS, Report as sat out in Engbish CDmpany law. OBJECTIVES AND STRATEGY Thè Ch•rfty's foyndatloD¥l obi•dlvos 8re.' Ill to promote for the be￿ffi of the public the C£•n8ervalion, proteclion and Improvementof the physical and natural environrnent 8nd th¢ prudent use of natural r6Sc4Jr￿s', and li)1 to advance the education ofthe public in the (￿nS8rVatiOn, protsction, and improvèmant of Ihe phys￿1 and n8tyral environmenl arwj to promote Stwy 8nd rnsearch in such subjects and for the pubh'c benefft ond di58eminats the useful result& Those obJectIv￿ Infomi the Charfty's misslon. whkh l• to acc•lerate th? transStlon to a clrcular oconomy. The charity pur8ues Ihl¥ mission by ￿rknn9 wth, and inspiring, bu$in8s8. academia, pr4icym¥kors, and Institutions to mobilise gyStem5 solution8 at scale. globally. Tho Charlty's vlslon f8 a new èconomlG system that dellY•r8 bgtt•routCDmosfor pople arKI the Ènvlfonment: economy that d&signs out wask and pollub"on, k•8ps prodlth and materia15 in use end iegonerate5 natufal syslèms. Such an ￿onOmY is regenerativ? by design- meaning notmiry becomes wa3te ano everything ha$ value- Is distributed, J￿rSe, and indu5Ne. and i¥ underpinned by rwwable materi818 renewable energy. The Charlty alm4 by 2024 to have In¥pired actlon at 8calo and created Umtoppabh mom?ntum towards a rcular ecOr￿My. STRUCTU￿ GOVERNANCE AND MANAGEMEKr The Charity is a company limited ty guarantee, registered in Englarnl urhder number CÉ897785, and governed ty ts Arbdes ofAssoaation. Thè Company has no Sha￿ capital Idthough thè subscrsbers ofthe Memorandum are O￿l9¢d tr) pay a sum not èxtsgdiThJ £1 in tha event ofwnding upl. Thg Chartty 15 r￿)istered with the Charty Commission for England and Wales under rÈgistsred charty number 1130306. wth tho Office oflhe Scotti8h Chority Regulatcr under number SC1243120 and from 1 Jawary 2018 as an ANBI {Algemgen Nut Beogèndè Instdlingl in the NetherlarKI$ undeT number 8257 45 925. Thè Chanty is Contr(Al￿1 by its Board of Trustees, with th8 d8y-tO-day management delegate(I to the CEO and COO. The cha￿lY has tsyo wholly OV+Thd trdding subsidiary ￿Mpanies. Ellen MarArthur FoundatK•n Trading ￿MIt￿￿ I'EMF Tr8ding'l and EMF Trading (USA). Inc. Wl subsidiary cornpany profitslsave operating expenses) afft don8ted to the Charity. EMF Trading is regtStereil in England and provides drcular economy servths trJ the Charity's Strategic Partnèrs. Syst9rn￿ Initiativg patripants, and oth8r partners and g1?k8holder5. EMF Tradlng IUSA}, Inc was established in April 2020 and 15 registsred in Delaware, Unitsd Stat8s. The Ch3rTty works cbsdy with assodatsd C￿ar￿e5, Ellan MacArthur FourKlaty"on USA, IrK lin the Unl£ed Statès) and Ellen MarAthur FoUndat￿Th Br8zII lin Brazill. These aGry)unts mfl8ct all aclvrties on a consolidated basis. Tru8t8Bs The directors of Company the Charity's Trustees. Thg Trustees as Ilsted on page 2 5erwJ ￿oughoUt thè perl¢d w￿h the exception olwoifgang Blau who wa$ apwnted 89 A trustee on 1 March 2020. TrusteeB ao appolnted by agreement ol thè 8￿sting Board of Trusteos on the basis of their speratc $kills or knowledge in a s¢dor benefjclal to the Charty. The ojrrent TnJst•8s indude experts in sustainabiThty, madia and comrnunicthns, and law. A prrns of inducb'on and tr8lning is prO￿ded to Twstees, in￿L￿Ing awareness and guKYanc8 prOdu￿d by the Charity Comrnission. The Trus19es give their tima fmly and r￿ rgmuneration for Trustee cJties was p8id in the relevant period. Detwls ofTru8tee expenses and relaleLI party trgnsaction8 arg disdosed in note 19 to accounts. Publi¢ Bon In thèir gov8rnanGe of thp Charity the Tru3lÉés have had due Tegard to the guid￿¢8 produced by thè Charity Cornrnkision in rp8P8Ct of pUb￿C benefL The Charity seeks to d81N8r such bgnefillhrough th& pursuit of its obJethve8 8nd vlsbjn.

Ellen MacArthur Foundation Report and Flnanclal Statement8 for the year •ndad 31 August 2020 Management structure and Rernuneration The Tw$lees (Jelegate ￿spon￿bIlItY for the day-t￿￿aY DperatMBI management of the Charty to thè CEO and the COO. Tre CEO and COO work with an Executive Leadership Team to develop and deliver the Charity's strategy and to manage financeB. peO￿e and operalions. The Executsve Leadership Tèam has represerrtation from across the organisation induding Execut￿& Lead8 for Bu$ine89, Cornmunicalions, Institution$ GDvommgnl8 & Cities. Phllanthropy, and Systemic In￿alIve5. Awider LeadeI6hip Team- comprisin9 thè Wers of the Charty's teams and functiony- 18 fpspL>nsibl8 for ex8cuting strategy. The Tru51ee5 and Charity management have f05ter8d the CharWs unique Cult￿ to create an environment rt8 Pa0￿¢ and 188ms to trriv8, incjuding by addressing ch8llÈnges posed by rernote and iwltlBd working. Virtual tearn days. weekly org8nisab"on-wide colts. and other wellness initieb.ves are intended ID ensure that all members ol the team rgrnain connected and resilient. Th? Ch8rty has rewewed and Is In the process of renewng its diversty and indusion poliues and prices. with a view lo ensuring diversity and in￿u51ven&￿S in its team lat all ￿Val8. iThJudir the Board of Trusteesl, as well as in operations and outcomes. Salary r8vi6ws ar8 c0nduct8dgnnualtyfollrh￿ng a parfonmancè rsvigw process18d by Ex￿t￿P Laadgr8hip Team, who recDmmend 5818ry changes to the CEO and COO. Those recommendth.ons aro ￿AluAted in the cont¢xt of intemal considerations (including organisats.on structura. naturè of the rote. team and individual parformance, and affordabilityl, as well a8 extemal fadors Imarket benchmarks, cost of living 8k$e5srn8ntsl. CEO and COO Salary djustments and bonusès are discussed 8nd agree¢J by the Trustses. ACHIEVEMENTS AND PERFORMANCE 'In a challenging and gxtraorthnary year the Charity steppgd up. not bad(. Thg leam demonstrated r6m8rtabl8 rgshi8nCg 8nddgf8nn￿Ots(￿, afflbtlion AndmasS8gNngas the ￿rGUl8reC￿￿0mY8ge￿da becamemore re19vant than ever. 7hg Charily fostered its unrivalled public-private collaborativ8 nglwork ￿th a cleer sgns8 of dlrection to aco8lerate th8 trnnsibon to a Giroular economy.. Dame Ellen Macmhur INTRODucnoN The Charity entered the finanaal year w8lkptaced to exeth its stratsgy. wilh strong nethrk relaticfflship8 and a tr8d( rècord of se￿8 impact Th• Ch8rtty maintsinÈd and delivered on its expectations despil? the COVID-19 pandemic. Its financial p0S￿On was strong. its key partners and fijnders indicalad their ttngthng support, and the IBam adaptsd to th8 amèrging crisis commitmÈnt and fiexibility.. the Charity swfftty rnigratsd to digital an(J virtU81 platforms and transferred lo home-worknn9, whilstalso Irdnsfomlng its workpla￿$ into covid-secure haven8 including a ad4PtÈd r￿rdIng and filming Sbjdio in Cowe5, IS￿ ofwlghl. Set out below Is g summary ol the Charity's achlevgmgnts and pgrfornianc• across workstrnams: The NetvMrK Systsmlc Inltlatlve¥: InBtitutlon8. Governm•nts & Citio8,' L•arnlNJi De8lgn' and communlcaJo￿. THE NEtWORK The Charlty has cr8at8d a global muttikeh¢kler ne￿rk of bLLslnes$es, Innovators, cthe8, govemments, unNersitses, and Ihaughl leaders with multipla parsp8ctiw8s snd & VAdÈ range ofexpertlse. The Netwth 15 organi6ed into three categories.. Strategic Partner, Partner, aThJ Member. StsalogiB PartneT8 are champions of Ihe circular 8conomy and kay stakèhohlèrs of thè Charity. A Partner i8 an influer￿arVffi0 publidy en(k)rse5 the circular economy and is leading on a critical systemic challeThJe. Mern￿r5 arg highly respected organisations and Inglitulions with the 8bilty lo deliver Impact and domonslrate a high level of bw-in to the vision. The Charity's stratsglc P¥rtners in the corporate seclor are Blackr￿. Danone. DS Smith. Goog18, H&M, IKEA, IFrtgsa Sanpa(Jlo. Philips. R¢nauK Sofvay. SC Johnson, and Unilever. Th8 Charity walcometl Blackrock and IKEA during the year whi13t also renewing its partnership Unilever and continued renewal discussions wth Renau Phlips, and Solvay. Notable initiativeB undertaken by strat8￿￿ Partnérs include.. BlackRoek's launch of its ffrst circul3r Èeonorny fvnd whose aim is to drive inve$lmen15 in businesses alreaty contributing lo, or benefitsng from, th¥ transition to a ￿rcular e￿nomY. Th8 Charty provides expert Instghts and gubdance en circular e￿)noMY prinuples and wBcb"ces ID inforffl the investment rnethodology of the fund. Intesa S8npaolo's ¢i￿l￿ar aconomy hub in Itaty with a EUR S bllllon crgdS1 co11 and a commitment to oflgr be6t lem18 to bu8ines50s that adopt thè circular medd in inntivative ways. Philips's Green Innova140n Bond with EUR 500 Million albcated to the impl8m8ntab.on of cAr¢ular woducts nd 801utions, ir￿lUding inveslments in now business modèls.

Ellen MacArthur Foundgtlon Report and Financial Statements br the yèar endgd 31 August 2020 Thè Unilever Sustainable Lwing Plan, vthi¢h séts Dut how the company wll deo)upie grtr￿h frorn itB enwronmentsl Imp8Ct and has been ￿ntral lo rts business mtsjel for the past decade. Donone's water brand"EMan° intr￿Ucing refillable botues and bplyps with 50% recydÈd plast￿ content in 2020, and aiming to Use 100% racycled plastK ac¥osg ts enbre plastic botd¢ ty 2025. SC Johnson's pr￿Slon of r@fil￿ble deaning products, vth¢h account for 17% of its totsl packagiTrJ. H&M'8 Wort to expltxe solubons lo create a closed h)op for textle5. IKEA'S work al￿￿￿1ng for urcular design and dev¢lopment ofnew seTNiCaS and offers ID encourage Customers lu acquire, care for. and pass on products In cireular ways. Goog]8'S c4rc￿L￿r er￿n0mY VI￿On to becomo 8 Circular Google in a Sustainable Worfd. DS Smith's launch of it5 Circular Design Prinoples with the goal of Iralnlng rts 700 desJners in the drc c￿nomY and airning, by 2cr23, to ManUfa￿Ure 100% Teusabl8 or rewdable packaging. S￿Vay,￿ de¥èltspm8nt of new procgsses using ￿r￿fible emrgy and fflateriak that align If dI￿lar conomy prirriples. Renault's work on Ihè craation of ils Re-Factory in Flins, Franrn, a site d￿jicated lo the arajlar ￿￿nOMy- the first in Europe. Renaulis aim is to d8velop accessiblè, sustainab￿. carbon-free MO￿1￿ solLrtion8 for everyone. Stratsgic Partne￿, Partners and Membgrs come tcrfJelher in workshops, al an annual summ(( and also p8rbcipale in and enjoy the Charitls cIr￿laT E¢orKJmy Show, aired fortnphtty. Netsvork Workshops were held durtng the year in virtual forn￿(S and welcomed over 2.CIJO reprg$ettstives from approxirnately 4fM) diffprenl bodies. The Chatity's Annual Surnmlt, Usually hold in the Summer, was postponed du8 lo COVID-19 allo￿ng 4he team to ￿nStruCt a suo2ssful onlina programme. It went ahead after ygar end vrith ¥n open iNtatiDn to every gmployee of the Charity's Ne￿rk. A lotsl of 3,100 Ind￿d￿a￿ reg1Stered for tho Iivg event and. repeating the ol the 2019 Anrujal Summit, its contsnt receNed over 2 million views. Nelwork.I "ects produce a variety of outputs induding reports, on41trground pilot projects, 0￿1 10015 and r*stsurc•s. Try offer a p￿cOMpetItNe envirunrnent for businessès, policymakers, and a￿demI¢S to fjnd Èdutions tQgether wrth innov81ors who benefft from the exposurè lo sea￿. During tre finanaal year four new proiecb were laund)Èd by nefvKrk meTnbers. Topics included th? role of data in enabling the circular economy tran￿tIOn, measuTing the WDided release of microplastics by using altemative matèriaL£, and designiThJ clrcular sclutions for the take-away industy. OutPLts are publicly disseminated on the Charity's websrte. Devebped by the Charity and laun¢h8d in January 2020. Clrculytlcs anows companie6 ID track Iheir progw$ IDward5 TrrGular business prÈctices and 18 the most comprehensive ryrcul¥rity measurtment tod available. It is free to and gives C4)mPan￿$ a full ￿Ctu￿ of their ar(￿larity across all oteratlorks, règardless of the srze, ¢ompiexity or nature of Iheii business. Going beyond sirnply mea9uthrrfJ products and malerial fiows, Circulybcs comb1r￿S c￿mpany-1&Vel data wth appligd in5ight5 and ana￿sIS from Ihe Charity to Identfy opportunitiés to further adopt and 8mb8d CIrc￿lar practi￿. Betsveen ts launch and August 2020. 604 wmpanie5 siynod up. a fffth ofwhKA had annual revenues of more than USD 1 billvJn. 96 companiès hav• Com￿etsd their 89S8ssments rgcelved scorecwd8 la8 of 3110aQ￿2O1. The lrnportano and innovation of CiTuJlybcs wa8 fijrther racognised Wh￿ (( vrns awarded the Clrcwlar Innovation Award atthe 2020 R&%pon8ible Bthiness Awards, run by ReLrters Events. SYSTEMIC ￿rr￿mYEs P4•w Plasflcs Ewnomy (NPECJ NPEC is an ambthous global Initiative bringing together key Stakeholdws to ￿think and re(È9Ign the future for plastts and lo craats o common vklion of a circular économy for plastics, by eliminatlrrfJ 1he plastics we dts not need, innovating 10 ensure the ￿8SticS we dD nged are reusabbè. racydable or cxjrnpostsble. and circulating all the plastic Iterns we u8e lo keep them in the e¢onomy and out ol Ihg enwronrnenL NEW PLASTICS ECONOMY A joint phllanthropic-bu3ines5 ath80ry boord Overse￿ the inltiative to ènsur& th8 inclu81Dn of a Nwde set tsf ￿￿]8], envrnjnmental, and businèss consideratlons. Th8 t)oard comprises philanthropSc partn$is Erfc &Wendy Sthrnidt Fund and Oak Ftsundation together wih corporate partneF8 AmGor. Borealls. Th8 Coca4ola Cornpany. Da￿ne, L'oréal. MhRS, Nesle, Pepsico, Unilavar, Veolia. and Vwalmart, wikh Google as T￿h￿logY Partner.

Ellen Ma¢Arthur Foundatlon Report and Flnanclal Statements fortho year ended 31 August 2020 NPEC'S Global Commli m•nt, a collaboralbn with Ihe United Nations Envimnrnent Programme IUNEPI, unites Thore than 250 businassés collectivety representing mvre than 20% of all plast￿ pacaging used globalty, 20 goveTnments and over 200 9ndor5ers behind a common vi$icn of a ¢ir¢ul4r Bconomy for plaslrs. In Octob&r 2019. the Charity publrshed the first prOg￿8S rèport al the Our Ocean Conferenca in Oslo, Norway. ShorNy after year Bnd the 2020 report provided the th'tst Insvjht into the trajectory of progr988 against targets. NEW PLASTICS E(0￿￿V GLO8AL COTr4MITMENT W UN Key Ghjbal Commitment achievements indud?.. Signfficant &Jvanc•s in th8 incorpor81kin of racycbd wntsnt in plasb'c packaging whi¢h grew by 22% year on year. 31°A of Bignatories had targets in pla￿ to reduce virgin plath in •aging or to réduca plasb"c pad(aging attoggthgr. Progress in phasing out the most commonly identified piublgmatic catèJorie5 of Flastic packaging 8uch aB PVC, undÈlÈ¢table carbon bLqck, Single￿uSe plastic bags, and straws. Engagement of suppliers across the plastics valu8 chain, 8è@king compliance wilh Global Commltmont requirements. Investrnertt communty 8upp)rt, Induding thrO￿Jh signrficatt interest in the data generated by Global Commrtment reporting and the adoption of kw roporting metrics and delinth'ons by. for exarnpte, the S&P Global Corporate Sust&nabilty Assessment and the basis for seleGbng C4mpan￿6 for the Dow Jonès Sustainabillly Indice5. In January 2020 the Charyty collaborated The Worfd Tourism Organisab"on and UNEP lo launth the Global Tourfsm Pla$￿c$ In[￿atIVe. Tourism companies and destr"n8b"ons will make cA)mmitments alignèd with the Global Commf(menl. The Charty has also brnught together busin8ss68, governments, and avil soctrety wrthin a country or region in a unique gkjbal platform.. the Pla8tlcs Pact NelworL EaGh lornlty led Plastics Pact- now totalling over 20 with more than 5CM) organisat￿n$- works toward$ ambitious, local targets to st"muL91e the eliminolion of unnecessary or problematic plastie p8caging, the design of all plastic packaging to be reusable, reGydabl8 or compostablg, and inc¥eased collection, recycling, and recycfed content of plasti¢ packaging. Plastics Pacts arè opèrational in Chile, Souih Africa, the US4 thg UK, Franc8. Portugal, the N8th8rtands, and more wldety in Europg (with thg ￿lIab￿ratIon of 15 govemments and 66 businesses wthin the European Econornic Area, in￿ated ty French, Dutch, and Danish govemrnenl ministries and with thè Waste and Resou￿¢$ ktion PrO9￿mme WRAPI acting as the s8cratsriati. Mako Fashl¢M ¢I￿ul￿r Make Fashion CircularlMFCI has cr8at8d a blueprintforlhe tashK)n indu5ty to redesign the way dothes are made. MFC is h8lpirKJ the irKlusty lo de6ign products to be us8d more, made to be made again, and made frDrn safe and recyded or renew8bl8 inputs. Making Fashion Circular will help tackl8 th• root rauses of global challenges like dimate tharwje. biodiversity k￿. and pollution. MAKE FASHION CIRCULAR Key IAFC th8mas and p£hiwents inckKIp.'

Ellen MacArthur Foundatlon Report and Financlal Statemonts for th• y•ar anded 31 August 2020 A Nettvork of 63 IAamb•rs including global brwds, r8tailers. NGOS, other key players, 7 P•rtners'. Burf)erry, Gap, H&M, HSBC, IndlÉex, PVH Stella Mccarm. MFC is SUPPOrted ty Loudes Foundalitin, MAV& and player8 ofthè Péople'a Po&tcodÈ Lottery. The Jtrans Redeslgn Guidelines, ¢realed lo drNe leading fashion brands and m8nufathr8rs to tr#nsfom thè way tw producejean$." to ests￿Ish minimum requi￿rnents on gamient durabilty, malerlal health, recydability, 8nd tr8cÈ8bilty. Signatories ID th8 guideline5 have swJnalt8d an unwavering c¢)mmitment to reulai ￿n¢)mY thi￿[lng by w)ts"nuing to use the guiddines to rnake1ea￿that r•athed con8urn¢rs in 2021 colknXions. In October 2019, the MFC le)m parbupaled In s8v•ral panels al the 2V19 Shanghal Fa$hion W#8k induding th8 opening ￿nVersatiOn for w$tsinable fashion and 8 Wnote speec al the FUkn￿ Forum, which oullinèd th8 0ppothn￿'eY for Larcular fashion In China. Tho Foodlftltladvo The Food Inrf(KqUve. launched in 2019, 1$ wpport8(1 ty philanthropic partnOTS Calouste Gulbenki4n Foundatbn, Sliftung Doen, IKEA FDundatlon, and Porbcus. Ils mlssign is to stimu181e global shfft towards a regeneratNe fo¢d system based on the nuplès of the cir(xJlar wnomy. Tha inthatNe M)rks with partneT5 DaTrJne, Gwgle, Miikan, N¢slle, Novamont V•dia, and Yara, other corpLwate membèis, and a community of thirteen paitapating ciUe8 locate<l in Canada, Europe. Japan, South AmerKa, and the USA Two of these abe5 joined In August 2020.. Dtyots, Columbia's capital and Kyoto in Japan. Three Flagship Citiès, London, New York 8nd Sao Paulo, Inspi￿ other olRs thThx￿h demonstration projects to dev¢lop a regenerab.ve gbbal fcod systern. Key Food In￿81￿18 work indudes: An Ea5tAfrica18ndscaplng exercl8e, frJnded by the IKEA Foundation, to a56es5 thg Current stale of play and idontify18oding examples ol drcular ￿nomY in act￿n. It is irrforming a pa￿T ￿rffJ COrnFrfled by the Charty on the oppothnity for a riTcular economy in Afri A ClrculaT Eeonomy for Food Convgnlng, C￿hoSte￿ wilh Yoth Cty, whlth bTOLb3ht towttier rnor8 than 50 participarts indudlro city agencles, grow8r8, focd 5gTVICE providers. chets, brands, innovators, academics. and noTrprofil trA)dl&s. The first Blg Food Workshop, a threevday online event almeil at stakehclder8 inthe food industy, ￿￿th more than 34,[￿ people from 1Crf) c¥)untries around the worfd attending s•ssions. INSTtrimoNS. GOVERNMENFS & CMES InstitutiC￿￿1 achipvem¢nt and eng￿ment duriry the period indudad.. Infornilng Intsmational poliey-maklng ageneies and mUn￿lateral prowses including thÈ European Commi88ic)n's oirectorat&Ger￿ral En￿rOnmant, the UN Envlronmenl's Economy Division, aTrJ the G20 Clim8te WorkirvJ Group thg invrtation of the saud￿ArabIan Presidgnw. PartÈeipatlon In a number of ¢onfeYences indudlng thg laurth of Spain's National Cirwlar Econ¢Jmy Roadmap in June 2020 and Fran￿,8 One Planet Labs under thè patronage of P￿dtrnt Macmn. strategic partnershlp with UNEP'S Intematlonal Resource Pangl. Engagarn8nt as a paneiist, in March 2020, In the Circular Economy and Trnd• workshop of the Organisaffion for Economic Cmparation and Development Wastè And Raswrce Working Party. The Charity's chair, Darne Ellgn MacArthur, joining th• board of PACE (Plaifomi for Accelerab"n9 tho Circular Economy) In January 2020. PACE ks a ¢Trled inTbative ofth8 World EconDmic Forum ￿EFI and Ihe World R8sources Institthe and ha$ aclNe project8 und•May on pla81Th. food, and e￿onk$ In Afrlca, Asia, and Europe. InvDfvement al the WEF annual m•atlng In Davos in January 2020, where thg orrJJkr economy was th8 subject of more than 35 dediGated S￿l0n$. Thè Charty's chair. CEO, and other team mèmb8rsjoined busine58 eX￿iVeS, governmenl lèaders, and ambassadors to define prforitig5 4nd shape global industy

Ellon MacArthur Foundotion Report and Financial Statement8 for the y8ar ondod 31 August 2020 and regional ager¥Jas. The Charity's NPEC seswn attracted more than 150 thlegatss discussing how lo increase ambith.on lèvèls to ensuiè r£)Ikb"ve tsrgets are achieved by 2025. Collaborati¢n SITRA on the first fully Mrtual WCEF online •vont. locusing on why and how a a￿Ular economy can help retr)ot and build rasilienca, pr8senting sorne of Ihe wodd's lop business leaders, pdicy maker8 and thinkers as speakers irduding the Charity's chair. The release of a paper during Cllmate INeek in York in cdlaboration Material Economics, "Completing the Picture." Howtho CircularEconiyny Tackles Cltinate Change., which was then presented at the UN Climate Chawe Conference (COP251. Thi6 paper demonstrate9 thè potential ofthe rcular economy to tackle global greenhouse gas emissions by looking al fve key a￿s- steel. plasti alurninium. cement, and ft>od. The Charity continued to inforrn the narrative of prominent evants hr cty governrnents, disseminatsng lewning8 al onlinè evenl$ and h081ing webinars, including three CircuLir Economy Show episode5 that collectwely have achieverj more than 1CK).000 views. The Charity has buikon kèy r818tion8hip$ and expbred collaborab.ons wlh international city nehvorks incjuding Local Governrnents for Sustainabilty IICLEII, UNEP, W and the OECD. In addilion.. Tha Charity providas a sulla of onlina rasourw, Clreula¥ Economy In Cltle8. which a referenc8 pcynt for urban policymakers on the circular economy. In March 2020, th8 Charity became a partnertr) ICLEI Europe's Clrcular Cldw D•¢lar•Yon, whlch has been Signed by 29 crties and provides a common vision of a ciroAar cty. In February 2020 the Charity published a re5&8rch repDrt, "From Prlnclples to Practices: Reallslng tr value of circular economy In real estate". which found thal the adoption of models based on arujlar economy prin￿￿eS could enable tho real estste sector to redu￿ it8 resource footprint and ccartribLrte to decarbonisation whilBI delivering more productive, agile, and la8s damaging assets. The Chanty supported Tongli University College of Dèslgn Innovation in hostt.ng a Clrcular Economy Day as Shanghai shone a s￿lIght on circular design. Th¢ Charty went on lo launch thé EU-Chin8 Cirf)Jlar Design Cthll8ng?, advised by the Chlna A￿O￿allOn lor Circular Economy. In Novernber 2019, the Charity's China Team ran a fvthwÈÈk study tour in the UK for offiaals from the National Development Reform Crjmmission and the Chinese Ministry of Ecology and Environment whi¢h strengthened engagement on the transib.on to a cireuL4r ￿nomY in China. A8 one of tts target geographies. the Charity has submitted an application for the establishmonl of a RepresenlalNe Offic8 in China, although s ￿￿kderatIon has b8gn dglay8d by the COVID-19 p8ndemio LEARNIMG In 2019, the Charity launched a ¢lrcular ocononwloamlng progrnmme iithding a fr08-tw¢oss online resource vthich airns tD reach mor8 than one million lèarnèrg globally 3nd engage 150,000 by 2025.. Thv LearnSng Hub is suppcrted by the Eric and Wendy Schmidl Fund for Strategic Innovab"on gnd Iwerages a broad range of digital IDcIs and k8aTning matorials. COVID-19 has drAmAtieAlly inueased Ihe use of online learning lou15 and during the period The Leaming Hub exceeded the Charity's ambitions frJr both reach gnd anyagement becoming a reference point for rcular aconomy IÉBmlng wth over 700,000 learner5 visiting by the end of 2020. Olher key aclmevements in leamirvJ include.. In formal educatlon, continu8d int8grab.on ol the Ixr¢ular economy into the curricula of th? Intemalional Bac(alaureatg I'IB'I whose Diplorna Programme for Studants 99ad 1610 19 year5 is respected by IBadiry unwors￿8S across tha globe. The laun¢h, in IhB Summer of2020, 01 a 5eYerw￿ek onlin8 programm& to intr(Kluce 1&18 year olds to th cir(xilar economy, building on its S￿Ssful 2019 Sumrner School. Hl9h8r adueatlon initiatives, Whe￿ thé Charity rernains on track to engage wlh 1,OCQ universfaes by 2022. The Charity has 45 Profiled Universili¢s12019." 2418n￿bling collabDrab'veven￿reS knowlodge exchang& across Europ8, A818, North And South America, the Middle Eas( and Oceania. In Novembpr 2019, a detr¢onstrator workshop was hostsd in London to discuss the rde of higher Bducalion In Ihe Cty's transibon to a CIr￿lar cty. 11 was attended by r8prasantats"vÉs frtsm 11 universlties and the London Waste and R8cyding Board ILWARBI. A second workshop took ￿ace in Jung as part of London's CIr￿10r City wepkwith 49 attendees from a range of organisations, includiny 12 universrfies. The Ch8rity and LWARB have dèvalopad Énd Isunchad a Dlrècllon of Travel for unlv•rniti0s In London to indicate their ambitions in the arcular economy sp￿. In Spring 2020. the ]aunch of the From Linèar to Clrcular prografflmo. a t8n-we•k online webinar 5erie5 dB5igned for young wofe8sion8Js and postgraduala stL￿nts. Funded by Ihe Eric ￿￿ndY Sthmldt Fund for Strategic Innovotion. the programffle attractsd nearly 8,WD attenda8 In profession￿ learnln9, 195 buainè8s prtsf8È$ionals from the Charty's Ne￿rk attended the Clroular Economy Masterclass run by th& University of Exgter in collaboration wth the Charty.

Ellon MaGArthur Foundation Rèport and Financial Statement8 for tho year andod 31 August 2020 Tho Charity's Trnin the Train¢r interactwe wortshop, whlth 1$ a plu￿nC>plaY resource. for iTrbuslness lacilTtators. and whlcth has been downloaded 250 limes. Dlsruptlve Innovation F•8tfval IDIFI sessions, whlth invited peDpI? tQ sh$r¢ disruptive ide8s and 8tort•s. DIF 3es8iufbS ran in September and November 2019 V￿th a Éotsl of 5 million view8. From Spring 2020 programrne ol targeted monthty Ilve broadcasts weré streamed aGTOS8 the Charity'$ soual mgjia ch8nnÈls. In Summer 2020, the ChaTity'5 Online Events Team launBh8d Thty Clrcular Economy Show, g W88k opportunity to ¢ngoge and educatè prof8ssionals and inteTBd m6mber5 oflhe publicon various topic8 around the drcular ecOr￿lY. The show game￿￿ over 1 mlllon ￿$w￿. DESIGN Tha Charity 18 airning to pernuade 2D million de8lgn8rs to ad¢¥t cirrxlardesign in tM8ir work arvj to further 60 million designers 8war8 ol c4rrJJlarity by 2025. Key achievements iniliatNes indud8.' The CIrc￿r Deslgn Gulde, a collaboration glob81 de8vJn company, IDEO. whk pmwdes Infoma￿On and too15 to hdp de8uners understand the signlficance of integrating arujlar material into tha design process. More than 100,OCQ users frorn over 150 countries have used the Guido in 2019 and 2020. The Charity's design team's èngagement Twlth an onllne ¢ommunlty of ov8r 21.000 rnemtrrs and strory re￿tiOnshipS wlth the Royal Soriety tsfArts IRW, the global creative agenGy Sid Léo, th• Design Museum arKI the British Counul. In 2019, th8 Charty aTKI the RSA were awarded funding by the People's Postcode Loltery Dream FurKI year project to build tools and diTEdy ongage with design in8lltuts"ons, top designBr5 and inTh)vators wlh IhB aim lo inspir& the ￿maginatiOn of products, bu$iness models and sy8tem8 tr a drcJJlar ecL)nomy for fashion. In Decern￿r 2019. the Charity ran a second eek4ong workyhop on clrwlar de¥lgn in LoThJon {UlQ In collaboration V￿th the BrTti5h Courril with sdected d8legal8s frDrn ten sUtFSaharan African counlrles. The Cumulus Green 2020.. ForA N8w Circular EwnDrny competibon launchad in October 2019 with input and resource5 from thg Charity.11 invsted stsjdents from 8very Curnulu¥ institution lo 8ddras5 the challenggs of SDG12.' responsible ttjnsumplion and produdion. A total of883 subrniswons were receNed frcm 183 unNersib"e5 aGross44 countnes. Show 8ft8r y8ar end the Chaiity collaboraied with SAP Business Solware and the London DeBlgn F￿l￿al to ¢urate Th• Clrcular Deslgn ProJgct, which wowdes a selection of 8tori8s and re50urc85 that aim tr) empower and équip the deS￿n and cre8lNe commuth to transilon trwardB tho arcular •conomy. COMMUNIQATIONS Duringthe financial y8&r, Chorfty 5awa $ignlkant irw8e in reach and engl￿Ment¥￿th ¢crnmun5cal￿n efforts ahead ol the 2025 ambiti.on and strategy. The Vision 2025 ¢ommunicatKJns targets were revlsrted in ￿ponS￿ to the COMD-19 pandemic to ensure they were specific, ro8lislic, measurabk8 and aligned wth overall impad objectives. The focus 18 on developlng, prornotiryJ and prote¢tlng the idea of tha circU￿r economy by ￿{n9 the Charty'B brand and netsyork relationslitps in partwlar. To this eTra: The Charty continued to build Koy partrErships aiyoss medla and branding. Nparfy 10,000 artides féatured Ihe Charty's work during the yearwth a total potential medi8 reach of 61 billion. Knowledge Partner Brunswid( PTDMded input on strategy, communications, and brand FX)silionlng. The Charty's communKBtions team have applth tooLs and prccesses lo dynamic21ty Improva th qualty and irnpacl of external communlcab"ons. Speaal reports and arbde5 were featured in, amongst olhers, the Financial Time8, CNN, the New York Times, tha Wall Street Joumal, and National Geographlc. In June 2020, tha Charity called on businèssas, govwnments, and finanaal I￿￿t￿￿On8 around tha wortd to join rt on the journey tcwards a c1￿1ar ￿onomY through a statefflent, put4ish8d by the Fina￿al Timas Vveekend, endorBed by 51 leadiThJ voice5 trom CEOS to city officials, which achievwj extens￿8 med coverage with a potsntial social medla mch from netsYod( sharing of 15 rnillicn on knnthdln and 3 million on Twitter. In Juty, tha Charty publI8h￿l a 88riè8 of pdKy and investmant inslght papeFS éXFlorfng h(pN circular g¢onomy strateyie8 can he￿ buikl a Fe5ilient. I¢￿ carbon, and preS￿rOUS recovery, fo(xJ$ing on five kay sectors.. thé buitt anvironmert moi¥lity, food, fashion, and plastic packaging. The socaal media campaign accompanying Ihis Liunch ac*ievad 9n average 4.S% engagement rate and ¥chl8ved a totsl cornbinèd potential reach ol over 5fyJ million globalty with strong coverage in China and Latin America. Despite some of ts majDr reach events bping pushed back due to COVID-19 into the first quwter oflhe followirwj financad year. the Charity command&J in excess 0141 milion12019.' 56 million) total imprB55Th5 aLYOSS its SOLial media thanneL8." Focebook. ￿nk?dIn, YouTute, Twitter, and Instsgram. At the end ol the ffinanual yearthe Charity had 318,880 subs￿[berS or fr)Ith￿S across these ch8nneLs.

Ellen MacArihur Foundati¢n R•port and Financial Statements for thè yèar ond¢d 31 Augu¥t 2020 ASSOCIATED CHARITIES During Ihofinowal year. EMF Brazll expanded its geographic scope into Latin America dBSpite the diffiojllies in th region during the COVID-19 pandemio Its fDCaJS on the food and pla&b￿ Systemic Initiatives remained central lo it6 work in the region. In particular, its partnership wilh Flagship City, sao Paulo 8aw d8rn0nstralion projects ar￿ mulli- stskelK>lder collatrx)rattDn along with growth in the netsvork of participant cities across Ihe continenL The EMF Bwiltearn Supported (y)nvTsations forthe devetopment olfurtherplaslic pactsaswell a8 the LatinAm•rica and Caribbèan Circular Economy Coalition, ultimately launched in February 2021. COVID-19 (xusèd thls launch to be delayed from mi(P2020, along with tre ￿eVelopM0nt of 8 Lati￿Arnerica version of the Charty's From Lin88r lo Cireular programma, planngd for 2021. During the yaar, the tsam 8ugmentÈd the intsrnational impad 4v¥l relevan￿ of the Charity's website and soual media ￿at￿orMS by translating wnlenl into Portuyuese and Spanish. EMF USA Inc fwvd on deepening relglionships with key corporgte partn8rs, lèèding t¢ Incr888ed Èngagernenl in EMF progmrnmes such as NPEC and building relationships in the national policy arena to SUPPOrt hjlure ongagemenl lolbwing th8 USA Presid8n1181 E16Ction. In August, the Charity partnBr?d us-ba￿d media outlet GreenB￿ Group to organk4e Circulority 20 wth Dame Ellen MacAthur leading the opening plenary session. The event brought log&lher rnor8 than 10.0(M) professionals trorn around h? worfd to neknrk and eX￿Ore how to athance the adoption of tre circular econorny through Inspirat￿n91 plenory and breakout sesstons. Othpr rnembers led sessions covering a rang8 of topic5 indu¢Jng clrcular fDTrJ systems. data4riven in8ight8 and th8 arojlar economy, ar￿lar design, and ffinanung circularity. STRATEGIC REPORT.. LOOKING AHEAD As the worfd faces unprecedentsd challerye5. the ChaTty and its partners are more comm¢tted than èver to 8i£ekr81ing the transition lo a ￿rCular economy, ueating solutions for pbstilx, tsshion. food, finance, and b¢yond which CDmbin& acorKsmic opportunity with benefts towider society and th8 ènvironment. Thè clrcular economy holds a significant number of economically attractiv8 an5wer5. For example, the arojlar prinopl¢$ of produd repairability. rèusability, and ramanufacbJrin9 offar r8siliancg in supply chains. As thé glob818ctsnemie ramifications of the pandernic are detai￿d. theways in which a ￿rcUlar model can address bolh global r￿Very and prBs8ing challenges Such as dimate change, blOd￿erSty I￿8. and ptsllub"on, wl be widely understood and imklementati￿ plans rnore dgfinwj. The Ch8rty has rev￿w¢d and refined its dear and impathl largels for 2￿2$ and duiing the year will work toward8 these across al five areas of Busine55, Systemic Initiatwes. Insts￿￿Ons Govemments & c￿"e￿, Leaming, and Communication5, Supported by its Insight & Anatysis team. Its fourth Systernic Inthative 4MII lulty launch in 2021 following the Charty's publication of r8saarch raport Flnancing tho Circular Econony - Capturing th• Opportunity In Septsrnber 2020. This research highlights rapid 9rth￿h in CArcular e￿noMY finanang and investment. It lay8 out the oppOrtLtnil￿S for invasting, banking, and inÈuTance and calls or)thefinancial 8ectorto saizethe fl￿1 potèntial by scaling the cirojlaf economy in collaboration wlh 9ov¥rnmoThts and corp)rat8s. The Charty will angaga with eompanies that gÈn8ratè oulgtsn¢JirrfJ Cirwlybcs scores to create inspirational case studies and assist those that aspire to rn0￿ arcLdarty. Ils Circulytics 2.0 Tnga5urwngnt tool offers gTeater scope for industry benchm8rkirtg. ènabling businèssès lo e£JmparÈ their perf0m18n￿ to other5 in their sector, as well as new indiGalors br water kn arml lranslab.orts in CFM"n¢$¢, Spanish, PorbJgU959. Progress is bging made on plaslrc pathagino witr Gornpanigs looking to elirninate problematic plasliG and plèdging to incr6ase tha use of recyded plastic by more than fivefdd for 2025. Global Commitment $ignatorie5 have committed 10 100% Of their plastic packaging being reusable, recyclable or compostable. Howev&r. il is mt possible to recyde out of the plastt"c pdlub.on uisis. The Chartty ￿11 Con￿nUe tts efforts lo encourage organisations and designers to move up8tream and design out waste rather than simpty managing it better. It will call on businèssas to take bold aL*'on on packagin9 types that 8re not recydabb today, etther vl¥ developing and executing a credible roadmap to makè recyding work, or dac1s1vè￿ innovating away from tham and sètb.ng arnbilious ￿duCtiOn targets. By wor￿n9 Ih ts partners ilwill inspire and dsseminate global scale solutKJns to eliminate plasti¢wasie and pullutson. buildir on the wsion fer a arcular acDTrJmy fer plasb"c£. In 2021, the Charty wll refresh how it interacts with ts Netsvcffk wfth the intrDductRM of a Communty PI8tForm. Thi8 11 create a more continuous exper1er￿e throughout the year las opposed to working on An èvent-by-Èvent basisl, and hÉlp tha Charity scala its impact by working beyond Nglwork organisation contacts and those able lo attpnd events. The platform will be introduced at the Network Workshop in March 2021 and thè Charity will be working throughout 2021 to irWr8ta its programm& contènt and leverage the power ofthis tool. 10

Ellen MacArthur Foundation Report and FiDan¢ial Statem•nts lorth8 y•ar end￿ 31 August 2020 COVID-19 The Charity has responded well 8nd ri5k5 posed by the COVID-19 p￿dern￿ have been eff8etivdy M￿gated. Funding remains robust, staff have been supported by numerousformal and informal Inth?lives andsupport 5yStem8 lirduding online group eXtr￿Mc￿laT activities, c￿lIne gym, coun6elling. fl￿ble working arr8ngern￿ts, hom￿fiCe facilib"eglset-upI collèctwty have continued working at nomial capacity. Events and r01alionsh1p managernènt have successfulty moved Onli￿ and office h8alth and safety pr¢￿SeS have not materfalty impactad effidency or culture. FUNDING MODEL The Ch8rrty's funding ¢C￿tiN08t0 come from kn main 8ector8." ￿)r￿)rate partnershlplm•mbershlp, and philanthropy. No funding is genBrated from the gerEral publlc. Thè Trustses monitorthp ￿ti¥￿Ie8 ofthe Ellen MacAthur Foundknon and Ellen MacArthur Foundation Trading Limitad in ralatitsn to frjndraising. The Chwity receivos unrestricted I￿rÈ) and project fundlng from Ihg phllarthropiG communty. Durir¥J lh¢ year, core fvndlng was recewed from the Eri¢ & Vvendy Schmidt Fund for Strategic Innovation, MAVA Fondation pour la Nature, SUN IFoundation for Envlronmental EconomKs arKI Sustalnabilityl, and People's Postcod8 Lottery. ThirtsFn nder5 in(Auding Schmidt Family Foundation. Ihe Eric & Wendy Schmidt Fund for strateg￿ Innovation, MAVA Fondation pour la Nature, Global Environment Facility, Pgop19'5 Postcode Lottery, the OAK Foundation, 1he C&A Foundation. the W8lmart Foundation, CalDu51e G4rlbenkian Foundation, SITRA, SJftung Auxilium, Sb"chting DoÈn, and IKEA Foundation supported projects and InitialNes. The Charty continue5 to seek OPPDTbJnfDesto inc¥8as? core and project funding from trusts and grant ayrdrdlng bodies. FINANCIAL RPdlEW AND RESERVES POLICY The ststomenl of fina￿￿ 8cOvit forth8 y&w ended 31 August 2020 is set out on page 20 of this repx)ri Income Totsl incoming resource8 for thg ygar werp £12,510,CKIO, 8 d8¢reosa of £6,583,OCQ {34%1 on the PTevious fin8n¢i81 yoar12019 rp5tstsd.' £19.093,OQKJ). The ineam• ￿Olved wa8 predomlnanty from dona00￿, whth at £8.281,CQO a(u)unted for 86% of income r￿¢￿Ved in the year {2019 restsl8d'. £15,eAJ4.000- 81.7rhi. The decrease in Ir￿￿8 rèported forthe year Ss paruy attributable to funding teing achyavgd by the Chgrity In support of it8 Syst8mic Inilialive8 and internati¢nal outreach in China. and Pa￿ due to a change in pollcy on the recognition of ineomefrom Global Partrers and Core PaFlneT3 Dfthe Systsmic Inlts"ative8. Previousty, incomofrom GlcA)al Partnets arffl Core Partners ol the Sy5temiG Initiatives was r￿ognIsed 0￿r the Ihree-year period of the funding agreements YAth a Ihird of the income attributed to eath year in lin9 with Ihe anniversary of tha dato of the agreemenL The Trustee8 bÈliÉv& that 8ntlemenl to the fijll donatlon is provided by tha agreernent and the income Is now fulty rwnised on Inception of th? agreement with a corresponding Qebtor includBd wilhin accrued income. Mole informat.on found 16 the accounts. Expendltufè Total expendrturg lor Ihe year ir￿reaSed by £1,810,0C￿ to £11,574,OW12019 reststed.. £9,764,000). This increase 13 largely due to the timing ol projects whoro income is received before project expenditure 15 committed, particuLqrly thin th8 Systemic Initiativ9$ and the gTOVrth oflhe Chanty over the year. Invfrstments The obi￿tive ofthe Charity's inveÉknent polty Is to preserve and, rf Possi￿&, enhance the re81 value of assets by keepiro an approprfalE balance between maximising long4èrm r8turns while avoiding un(kne risk and volab.lty in pital values. Givgn the na￿re of the ovi and the nBed to aceass fund5 al short T￿tice the Charity invests in interest baariro cash deposits with its bank. Thes8 rèadi￿ raalisable inveBtrnerrts are reported within the total Cash and Cash Equrvalents on th8 Balance Shept. InVestrn￿t gaim N%ere £18,00012019.' £25,000) wlth an overall roturn ol 0.1V.. The currwrt investrnent approach is ting ￿￿¢Wed in order to maxlmls8 the cajrrenl Tetum Segn and to look at other invastm8nt optiortswhlch would fftwith the eth¢x ol Charity.

Ellen MacArthur Foundation Roport and Financial Statsm•nts for the year •nd8d 31 August 2020 Re8erbre9 Polley As of 31 August 21r20, Ihe Charty had consoliclated net 855ets 01£17,769.000 (2019 restated.. £16,833.OCrtJ). primari r8pre8enling cayh al bank of £15,072,00012019". £11,482,(K)01. The amount tsf cash al bank has ineraased in the period due to the timin9 01 incomè receipt and its recognrti0n In prewous years following the chaTrJe in Irwm? ognilion p￿ICY explained above, together with inLTea3ed profits in the trading subsidiary. or the rEI assets. £8.508,OCQ {2019 restated.. £10,074.OWI aro re8bi¢te(l income fvnds whl¢h are held for the rmplètion of projects undertaken by Ihe Charty. The Trustee8 ensure thè overall heatth ol the Charity by requirirrfJ its free reservgs Ithg sums rgtsined lo withstarbd any short-term finanrial risk) to be d05aly mtsnitored. The reservps pdiry 18 considered annual￿ by the Trusteg5_ On 31 August 2020 tha Charity'g free reserves stood * £4.61 million 12019". £3.76 million), and the increase reflects tha timing DI core projects and ath'vla"eB undertaken. At approximate 7.5 months ol charitable opeiating expenditure. this is within the Charity's policy to maintain er9 rnonlh6 of operating CQsts in resBrve. The Charity continues to operate in 8n uncertain economEG environment where the Ilming of the fvnding lor new anrl sub$l8ntial projects are both Un￿rtain and irrÈgulJr. The Charty remainB wgilant to ensure funding is in plaeo to und8rtakÈ future projects and operations. The Ch?rty rernairLS a dynBmic organisatson, which has sgen rdpKI gr￿ of, and inte￿t in. its acthiitie8, And Such a level of ￿ServeS is considered suffioènt lo unwnd the ongoing commitrn8nts to proj6cls and the finanual obligation$ trgm oJrrtracts in plac•. StsbsldLqrfè8 The PTofrfc distribLrted to the Chorlty durfng the yBar from the tradiny subsidiary was £2.013,00012019'. £899.QCA)I. Profits from the trading 5ubskJiary are detailed in note 7t0 the accounts. The In￿aSe ￿IeVed is altribulable to cost effiaerries in running online ralherthan in-person workshops and events due tothe COMD-19 pandemio The resu forthe two sister charities are shown as designated fL¢nds and can b& s8an in note 7 to the a¢wunts. Golng Concern The Trust8e3 have rewewed the financial position and ffin8ncial forecasts, laklny into a￿Unt the systems of finanaal control and risk managetnenl. As a result ollhis r8Vi8w, Iha Trualees believe that the Charity iswdl placad to manage oppralional and financial risks sucis$fvlly. Acco￿1ngIy, Ihe Ttuslws have a rvasonable e¥pe¢tation thatlhe Charity and its $ubsidlaries have adequate resources to eontinue in operational existence for the foraseeablè future. As a Gcfi8equence, tw continu8 to support the going con￿r￿ basis vl arwunling in preparing the annual a￿Ounts. RISK MANAQEMEKr The nature and rangè oflh Charivs operations presents numerous aThJ varied rigk8, induding those relatiny to.. Peode Ilnduding rgtsntion aTrJ recruikn8nti', FinAn¢è linduding reliabilty ol in¢ome 8nd rnanagemenl of capital). Legal and regulatory risk and compliance (including in r&lation to per80nal data, Meatth and 8afety. charty law, and di8PUte8, bDlh in the UK and across thè charity's intsrnational operatsonsl,. RÈputation linduding protsction of bTand and IP againstthird paty challeng&l', Slwctur8 and op8rats.ons linduding in relation to oountsrparty diligence, IT and cyber Se￿rIty. Gultura, and perfomancel., Strategy linduding clarity and ￿l￿VanCe of mi58ion). The Trustees monitor and rnanage risks by way of a risk r8gistar, dÈt8rling relevant risks, which IB compiled intom81 land kept upto date as risks charoel undèr the leadership oltha CEO and COO, and a risk summary, which is drawn trorn the risk ￿gISter. This identifies the most signifieanl ri8k8 (from time to limel. to enBure those rrsks a￿ recognis and receveappropriat&Trustèo fows. The risk register and risk summary-which incknje risk rnits'gationsand int•rn81 responsibilities are presented to the TrLk8tees annualty by the CEO and COO. Risk8 are managed on a day-tr￿daY basls by tha ExÈ¢utiv8 Leader8hip Tèam and Leadership TÉam, whose members have individual andlor colkthe delegated respon$ibilib95 fDr gwen rnatters. The key uJrr•nt risk4 being carefully and active￿ managed, but not pthed to cary high s1gnlficancÈ are.. 1. Thraats to réputation, through misuse of brdnd. mi8•under5tanding of c* chall8nge8 to misslon and cOr￿ept.. 2. Threats to income capital, arising through the funding rnodel,. and 3. Threats to operations. induding through challenges induced by the COVICk19 pandemic and BREXIT. 12

Ellen MacArthur Foundatlon Report and Flnancial Statemgnts forthg yeorènded 31 August 2020 8TATEMEPU OF TRUSTEES, RESPONSIBiufiES The are ￿pon￿￿e for thelr annual report and the ￿paration of finar￿aL statemwts in acuJrdar￿e wth appli&ible law and Unit•d ￿ngdoM GenwaSty A(xepted AccounUn9 PracOGe. Companyand th3rity law raquirestheTrusteesto prepare financial slatsmgnts for each finan￿al yèar. Under company law the dirgclors must not approv8 finanLyal statements unless they are sati8fi￿ that they gwe a true and fair wew of the state of affairA ol tha Charity and of the Surplus cy d8ficAI of the Charty for that year. In thÉ pr8paratkJn of th059 financial 5tatemgnts, the Trustees are reqLtirad lo.. Select suitable 8ccountiThJ po1iciè$ and Ènsure they are ap￿led consistenty., M8keludgments and esb'mat95 that are reasonable 8nd prudent.. Ensur8 that the ftnanaal staternents are prepar•J on the going ￿ncern basis unless tt L% Inappropriate b presume that the Charity ￿11 continLE in business. Thè Trustees are regpon8lbF8 for ensurlng th8t the Charity keèp8 propor xcovntlng records which disdose vmh Teason8ble accuracy at anytime thgfinanaa position ofthè Charity and which enablethem tD ensure thatthe finanaal statstngnts CoM￿Y with the Compani8s Act 2006 and wth the char￿e$ and Trustee Investrnenl Iscotlandl Act 2005 and the ChariliasAcaounts {Scolland) Reguletions 20061?5 arngndedl. They also have rnsponsiknlity for ensuring that the Cha￿ty has appropriate Systems and ccntrol8 lfinandal and otherwisel and that reasonable steps are takan for safeguarding thtr assèts of the Charity ar￿ for tha prevention and dete¥tion of fraud and othér irregularities. 13

Ellen MacArthur Foundatlon Report and FinanBlal Statements for tho yoar ondod 31 August 2020 STATEMEMT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So for as th• Trusts•s ai8 8w8r•, there 1$ no relevant audit informath)n of which the Charity'8 aLiditors are unaware, and each Trustse ha5 taken dl the sleps that Ihoy 0￿￿t to have taken a8 a Trustee in order lo rnake themsefves awarè of any rèl8v8nt audit inform81ion and to establish that the Charity's auditors are aware of that informalon. In 8pprowng the TFUYtees knnual Report we also approve the Strategic RepDrt induded th8r8in. in Dur capacity as Comp8ny diroctors. AppToved and Slgned on behalf ofth• &xrd of TNst•gs: Dame Ellen MacArthur lo.s- 11 14

Ellen MacArthur Foundation Report and Flnancial Statemont8 forthe y••r endod 31 August 2020 AUDrr REPORT IndependentAudltorn' R•portto th• trustees and mernbers of alen Ala¢Arthur Foundauon Oplnlon We have audtted thg financia ststernÈnts tsf Ellen MacArthur F()undation for the year ended 31 August 2￿20 which comprise the Group and Parent Charitable Company Statement of FinanrAal Acfy"vib8s, the Group arKI Parent Charitable Compary Balanc8 Sheet8, tha statement of cash flows and Ihe related notes. The finanaal reporhng framework that has been applied in their preparation ig 8pplicable and United Kingdom Ac£ounting Standards, induding Finanaal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iroland {Unit￿ Kintylom Genaraly Acceptsd Accounting Prathc•), and the char￿"e5 SORP 2015. In our o￿nIOn the accounts.. gNè a true 8nd fair vlew of IF sl8t8 of the group chgrrtable o)mp8nY8 8ff8irs as at31 Auyust2020 and of Its income and èxpendrture, for the yearthen ended., have boèn proparty prepafvd in accordance with United ￿n￿￿orn Genarnlty Accepted Accovnlng Practi￿. havg been prepared in ac£Or(jan￿ wth the requlrements of tha Companles Act 2006 and th8 Charrtyas Act 2011, and the Char￿￿$ and Trustee Invèstmant Iscouandl Act 2CI)5 and regul8bons 6 and 8 of the Charitses courts IS¢otlandl RegvlatiDrts 2006 las amended). Baals for oplnlon W8 Cond￿ted our audit in aCwrd¥n￿ with Internatrjnal Standards on Audrtlng IUIQ (Isk (UK)) and applicablè law. Our responsibilth&s under those standards are fvrther des¢ribed in the Auditor'5 ￿SponSibl1((￿S for the audit of the •xounts' 8ecb.on of our re￿L We are independent of the Charitable Company in acoydance with the elhi(l uirements that are relevant to our audit of the acwunls In the UK, SnL#uding the FRC'S Ethical Standard, and w have fulfilled our olh8r elhl(%l r8sponsibilibes in accordance wrth those requirernents. W8 believe that Ihe audit evidenca we have obtained suffident and appropriatg tg provide 8 basis for our opinion. Conclu51ons rè18￿n9 to golng con¢¢m We havo nothing to report In rasp8Ct ol the fO1￿1Th3 matters in relallon to which tre ISA8 IUK) requlre us to report to you where.. thg Trustees, use of tha going concem basls of ac£ounJng In the preparion of th8 accounts is Trjt appropriate,. or the Trustees have not thsdts￿ in the accounts any id6ntifiÈd material U￿rtaInlieS that may C8St ￿gnIficant doubt about the Charitable Company's ablllty trj continue to adopt the going rDAtt8rn basls of acD)unting for period of at leastlwelve months from the date when the acLounts are aulhorised for issue. Othèr Inforniation Tha other information ojmprises the inforrnolion Induded in th8 annual report, other than the a¢counts and our 8uditorf5 report thargon. The Trustees a￿ r8SPOn81ble forthe olheT infomiguon. Our opinion on the accounts noi Cover thp other Information and, axc&pt to the extent otherwise eXPl￿rtty stated in our rep)rt. We do not express any lomi ol assurance eandusion therec￿. In connectionwf(h our audit ofthe accotMtt8. ourreSpOr￿1bb11ty in lo read the other information aTra, in doing so. cvnsider whether the other inforrnation 15 materialty incons18lenl WIM Ihe acefjunts or our kr￿}w1e￿ge obtalrftd in the ?udbt or otrervite appears to be mgtgrialty rnls5ta￿J. Ir we identty 5uth matsrid in￿nsIStancv8S or apparent Material misstatements. we ar8 ￿Ured to dÈtÈm)in8 whether ther8 1$ a material mi$stslem¢nt in the awounts or a material 155temwt oflhe othpJ informagon. If, based on the work we have performed, we c?)￿1Ude that theTr 18 a matsri misstat8m8nl of this othgl information, we wè raquired to reportthat fact hav& nothing to report in this regard. Oplnlong on othgr mattors prnscribed by the Companles Act 2006 In our oplnion, ba59d on the wcrfk undertakgn in the course of our audiL' th• infomiation gwen in ￿e Tru5tees' Report indudlng the ineorporated stratsgic twrtfor the financial year for which Ihtr acujunts are prepared is consistent with tha axounts,. and the Tru8tees' Report including the IncorForated strateg1¢ report b8en prepared in acc￿￿nce with ppIIGable18gal requlrements. 15

Ellen Ma¢Arthur Foundatlon R8port and Financlal Statemonts fortho year ended 31 August 2020 AUDIT REPORT l¢ontlnugd...} Mattern on whlch wo ar• fvquir￿ to report by exception In th8 light of the k￿￿edge and understanding olthe Charitabl• Company and its ewronmentobtained in th& course of the audi( w¢ ￿Ve not idenb'fied material missta18ments in the Trustees. Report, I[￿uding the i)coTporated strat8giC report. We have nothing to report in respect of thè following matters in relation to whith the Companies Act 20C￿ and the Charities Accounts IScoUandl Regulations 20C6 las amended) require us lo report to you if. in our opinion.. qual8 ￿COuntIng records hava not been kept, or returns adequate lor our audit have not been r￿eNed from brancfh8S not Vlgited ty us.. or the accounts are not in ?yr88m8nt with the accounting records and retums., or certain disclosu￿¥ of Trustees, remuneration SPBcffieLI by law ar8 mt made.. or we have not re¢etrvod all the infonnation and eWanatk)n8 we requre lor our audrt. Responsibilitl￿ of TNstees As explained more fully in the Stst8mentof Trustees, R&swnsibilrti8s, Ihe TrustgBs are re8ponsibl8forthe preparadon of the acwunt$ and frr b￿n9 satisfied that they giv¢ a true and fair vk3w, and for such intemal control as the Trustees determine is necessary to enable the preparation of accounts that are free Irom rnalBriRI misstatement, whether du tg fraKI or error. In preparing the attryjnts, thè Tntstses ar8 responsible for assessing the chatitable cO￿PanY'S abilty to continue &8 a going wncem, disdosing. as applicablè. m8ttÈrs related to going wncern and using the going concern basis of am)unting unless th• Trustees either intend to liquidats the charitable company, or have no realistic aWematNe but to do 80. Audltotrs re8ponslbllltlos lortm •udlt of the financlal 9tstsments We have been appointed auditor under sects.on 4411llcl of Iha Charibes and Trustee Investrnenl (Scotlandl Act 2005 nd undèr the Ctsmpanie5 Act 20(￿ and report in aC￿rdanc￿ the Acts and rebvanl regulations mad8 or having effed theroundw. Our objectives are to obtsin reasonatA& assurancg about wh8ther the accounts a8 a whol8 arè free from material misststement, whether due lo fraud or error, and to issue an audiloP8 report that inductes our opinion. Reasonable assuran￿ is a hKJh level of assurance. bul is not a gu8ranlee that an aultt conducted in gC￿￿￿3￿Ce wtth ISAS (UK) will a￿y8 detect a material misstatamtnt %then it exists. Mi5Stalements can arisè froln ftaud or error ?nd are considered material il, indiwdu31ty or in the aggrEgate, they could reasonatAy be exFeclad trj irfuence the eCon(xn￿deC￿Qns olusar8 taken on tho bas18 of these accounts. Afutherde8L¥iplion olour respDnsibilitias for the audit of the ac¢uunt6 is located on Financial Reporb"ny Council's wébsite at.. http'.IlwMM.fr¢.org.ukJauditorsrespon5ibilities. This dascripb'on forms part of our audrtols reporL This raport Is madÈ solely to the charilablo company's r7Tr8mbers. as a body, in accordance witrT Chapter 3 of Part 16 of the Companies Act and with Ch8pler 3 of Part 8 ofthe Charibes Act 2011. and regulth.ons rnad8 under s8th.on 154 of that Act, and in accorclance ￿th Section 44(1llc} of tho Charities arKI Trustee Invgstmenl (Scotlandl ALt 2005 and regulation 10 ofth8 ¢h8nties Accounts (Scollandl Regulahons 2006. Our audit work has ljeen undertakan 80 that we might state to the charrtable u)mpany's rnembers thos8 m8tter8 We are requir8d to Btate to them in an auditors, raport and for no other purpose. To the fullest exient permitted by law. WÉ do not accept Dr assLune responsibilty th anyone otherthan the charitsble comp￿￿,6 members as B body, for owauditwork, *Jr thi8 report, or forthe opinions wg have forni￿. J_A LLV NEIL FINLAYSON (SENIOR STATUTORY AUDITORI FOR AND ON BEHALF OF IAOORE KINGSTON SMITH LLP. STAIUTORY AUDITOR Devonshire House EO GoswÈll Road London EC1M 7A0 Dated.. 24 May 2021 Moore ￿ngSton Smith LLP is aligiblè to act as an aLttlltor In terms ol section 1212 01 the compan￿Act 2006.

Ellen MacArthur Foundation Rgport and Financlal Stst8m•nts forth6 year end￿ 31 August 2020 CONSOUDATED STATEMENT OF FINANCIAL AcT￿￿lEs VNCLUDING INCOME AND ExPEN0￿URE ACCOUNT) Forthe year •nd¢d 31 AugLMt 2020 Unr•$trlet¢d R￿triCted Funds Funds Total 2020 Total 2019 A• restatod Notsg £'ooo INCOME AND ENDOWMENTS FROM: Dongtrjns and adoS 3.653 4,628 8,281 15,￿ Ctsril8bb activities 17 17 10 Income from other traliro actThrtb6s Othertrading OW8tion5 4,104 4.194 Invgsknenls 18 TOTAL INCOME 7,882 4,W28 11510 19,093 EXPENDITURE ON: Fund raising costs 353 143 Comrnertyal trading op8ration 2,181 2.181 2,555 ChBrtiabl& activths 2,716 6,104 8,820 Other TOTAL EXPENDITURE 5.470 6,104 11,574 9,764 NET INCOMEI{EXPENDITUREI 1412 {1,47ei 9.329 Transfe￿ beknn fijnds NET MOVEME1￿ IN FUNDS 2.412 11,4761 9,329 RECONCIUATION OF FUNDS Fund balanc8s as at 1 Septsmber 2019 Fund b818ncès as at 31 Augu8t2020 9,171 6,598 17,769 18,833 The Statsmèntof Financ￿1 ACti￿tieS indudss all gairbs and10$8es in pèri& l irKoming resources and rasource8 exFenfaed derive from continu1TrJ activities. A ful comparative stat•m•nt of finanrA8J a￿tIeS is shown in rKte 2. 17

Ellon MaeArthur Foundatlon Report and Flnanclal Statements forth8 yoar end￿ 31 Auguot 2020 CONSOLIDATED AND CHARITY BALANCE SHEET At 31 Augu•t 2020 Group 2020 Group 2019 As r•gt4ted £'ooo Charfty 2020 Charlty 2019 As restated £'OOD £'ooo E'ooo FIXED ASSETS Taroible r￿e￿ assets Fixad assot In￿Stment 341 12 341 CURRENT ASSETS 13 5,458 7,735 4,3B1 Cash at bank and in h￿d 20,53D 19,217 18.344 16.475 CREDrroRS Arnounls falling due w1￿M one year 14 72 1098 NEf CURREpifA8gETS TOTAL NET ASSErs 17,769 16,833 15,258 15.541 FUNDS Unresthcted fundg 16 9,171 ,759 8,660 5.467 Re8trictgd lundg 15 598 17.769 18,833 15.258 15.541 The financral statements w pa9gs 17 to 37 were approved by the Board ofTrustees and signed on rt8 behalf by". Mr ￿•T Morgan CoThyany R¢gl•tratlon Number: 06897785 The rwjtes on pages 20 to 37 f¢Km ￿ intggral part ofthese financAal statements 18

Ellgn MacArthur Foundation Report and Flnancial Ststemonts forthfr yoar ended 31 August 2020 STATEMEi4f OF CASH FLOWS Year•nded 31 Augu>t 202 Group 2020 Group 2019 A• restated £yJoo £'ooo CASH FLOW FROhl QPElfATING ACThQTIES Ca¥h flow from In¥e8tiny actlvlll•• Payments to acquire tsnglb￿ fixed a55ets Intarest received 1418} 18 165) 25 NEf CASH FLOW FROIA INVESTING ACTMTIES Ngt Increaso In cath and Cash 8quJvaknts Ca¥h oquivalents at 1 Sèptember 2019 CA3H EQUNALENTS AT 31 AUGUST 2020 15.072 11,482 Cuh and eash wulvalents Con$￿ts of: Cash at bank and in hend CASH AND CASH EQuWALE￿rS AT 31 AUGUST 2020 15.072 11.482 RECONCIUAnoN OF NET INCOME TO CASH FLOW FROM OPERATING AcT￿￿lES. 2020 £'ooo 2019 £'ooo Suwus I Idefi¢iV forlho yaar Depredalon Los$ on disposal of fix8d assats knterèsl re¢*vèd Movgrngnt Tn defer￿ income Movernent in credito Movement in debtor5 9.329 114 1181 675 313 253 Net flT)w from op8rating aCbv1￿e9 3,990 5,673 AWILYSIS OF CHANGES IN DEBT Asat 1 S•ptsmhr 2019 Ca8h.flowB 31 Augu¥t 2020 Cash Bank Char￿ cards repayab5e on demand 11,482 16 11.464 15,072 14 3,604 15,Ce8 19

Ellen MacArthur Foundation Report ond Financbal Stalemonts for thè yoor ¢ndgd 31 Augu6t 2020 NOT&8 TO THE FINANCIAL STATEMENTS ACCOUPrnNG POUCIES Th& prfndpal accountlng polth Ara surtunarfsad balrm. Th8ArmJntiThJ poNths have tttn applbj e4nltentythr0￿hOvI1he G•n•rnl iThfomkknn ￿ basls olpr•paratlon Thts EUEn MatArthur Foundalitsn i a d)arI1ab￿ (x)mpany by guar8nteo I￿orPOrated in ErvJhnd andwates. In the event of the ¢hafty beww %￿Und up, ts liaknlty n reskwt ofthe gu8rant Imiby to £1 psrrnemberof th& tharity. ThE addres5 ofthe yFstÈffjd offio is gnfen in tha￿Y infottnatiDn on page 2 Of1h￿ financiat statemerts. ThB natur8 ofthe charitys •pwthiJr and pCnclpal 8ctMJg5 are as an Educ8tlon81 anJ Researcm chaffty￿th airn to inspn a generattijn to re-think. rÈd8svJn ar t￿1￿￿ a r85toratNe Ctrcularecor#Jmy. The tharity con5titute5 a public benerrt entty as defhed by FRS 102. The fina￿la7 stèt•menls have been prepared in at￿rdAnCe Aecountiny and Reportlng by Charhies.. s￿￿mont of RèrDmmerxled Practica aFificable to charfties preparinu their aGGDunts ar£othn￿ with the Finwn￿al Ryttin9 Standard appI￿a￿e in th8 UK and Republ¢ ol Ire(ancl IFRS 1021 k%sued on 16 Juty 2014. the cha￿￿e5 Act2D11. conwan￿5 A¢t2006 UKGen8raltyAccepted pract￿ a5 it aPpI￿5frOM 1 Jonuary 201S. Thefinancl81 stat8menf8 ar6 Prep￿ on a golng concern basLs uTrJerth8 hktorlral cost ¢onvenloll, modlfiad to ￿clud&¢8rta1n 8 atfairvalu8. Tha financ￿1 statements ar8 prepared In $torflng whlch Is Imo fynctional tsutttsncy ofthe charty, and round8d to the nearest £1. Th? s1Jnt￿Cnt accounting wtr'cles appkd in the preparAtion of IhesÈ financ￿1 slaternents 8re set o￿t be￿. Th•Be pol￿ have been ￿￿61st9ntW appli￿ to all years presonlpA1 unk88$ olheN4Lse Stated. Group accourts Elkn MacArthuT FoLmdation Inc and and Ellen MacArthur Folmth￿on Brazll are conSIde￿ to bo SUbS￿l&rfè$, within tha requir8men15 Outlined in SORP FRS102 sectioTh 24.16. b8caus8 Elbn MacArthur Foundalon UK I'EMF UKI has the power to 90vem fnanci41and weralingpoIKEs as set oul inswyfiG clau5e5 inGludedwilhin each oflh8 charili8s constiludon doBurn•Ats and. in ts e¥enl of ￿￿$￿1ub0n, remainirYJ assets wll bo ttanstsr￿ to EMF UK. In addition lo thva and wjlh refe￿rtce to SORP FRS102 sectbn 24.21. the viqion, pU￿0$e and values ol EMF UK, EMF In¢ and EMF 8razil are idenlrAI and lh9 objects of all three organi$atKn& ar8 matched wrthin each r8$pectNg memorandum and of a8soralion thus ensurlng thai EMF Inc and EMF Braal contribute to the aims and purposes ol EMF UK and benefft5 common krEfio3ries. All financiaj $18tements are rnade up to 31 August An Intr￿rOuP tran58c￿.0nS. b818nce$ and unreoltsed gains on tran58Ctions beWn group entrtEs are elinin8ted on con501id8ts'on. LhTE81i8ed losses are ako ab'minatsd unle&s the transaGtion provid85 8vhlonc8 of 8n wnpairment of the a55et tran5kTh8d. Where n8c8ssary, adju81m8nts are m¥le on ¢onsolKlation to brirrfj the 8ccountirvJ polw L4sad into ling with those used by other rnembws of the group. The tsummary finallci4 8tstaments of EMF In¢ aryj EMF Btazil ale ¥hDYm In Notes6 and 7. FurKI accourtln Unre5trided fund5 are availth for u58 at the discrntion of th8 tsu$t898 irb fvrther4nce ol tho o•n•ral abi￿1￿8 of the charity ènd which have not been de8vJnated foroth2rpurposes. DesvJnated fund5 cornpri58 unr85trictsd fund5 that have b88n $81 ado ty thg tnistee8 lor poiti¢uknr purposes. The Blrn ar￿ use of Èath deswnated frjnd is 5etout inlhe note8 lo the flnancval statements. ThefiJftd$ hgkl ￿1h slsltr Cha(￿•$ &r• includEd a& d8S￿jna￿ funds. R8slrict8d funds ar8 fuTrJ8 which ar8to US8d in accordan￿ wh specific restrK#ions imposed by donors or whth hava been rai￿ by the charlty for Part￿UL￿r purpos05. Tho cost of raising and ¥lrnink8tertng such funds aro charged against the 8p8cffic fuTrJ. Tho aim and of each restricba fund k set out in Ihe notes to the financial statemerrts. h)¢omo r•¢ognltlon Ilncluding prioryoar adluslmenti All Incoming resources are induded ITh StatefftBnl Df Financkil A¢lNitie5 ISOFAI when the thanty b bgalty entmtsd to the ncomo altsr any perfornan￿ co1￿￿￿n3 have begn met, the amount can be [￿aSured rdiabty and il i8 pr¢able that the incom8 be rec8iV8d. Tha follo￿11¥j spaok poliw are appifed lo pani¢￿arCal$Qori￿$ of inmM8'. Voluntary irKome i8 re￿Ned by way of graniB. donations, bJad85 and gffts and 18 In￿(￿ In full In tho StAtement af Flnandal rtrLwvab￿. Gr8nl$, where enbllement k4 not Gonditw)n￿ on the ddNery of a Spe￿fiC performanc8 ty Ihs charfty, aro rncognW when harityl)owm95 urKondN6ona1￿enttttel tothegrant. Imoodonations rela18 lo aworkprogramrnebasÉd Dn acadpmt year5, th&n recdptin advance is deferrad lo the approprwt8 y3ar. Thi5 represents a changa in th8 applicalkin oftr policy whith had pra¥lo￿ty re0)gn￿ed grants on the basr& ofthe agfftd timin9 ofgrant recepts on stages oflhe pwj8Ct8. rnlh8r thsn the agreed work budget Is8? 161., For dOna￿on$ lo bo recollnised, the ¢harity t4an notrfBd of Iha arnounts and ts sètMbm8nt dBte in vnibny. W Ihere Are conthb?ns dar￿10￿ and thi5 requirE5 a oTperfonnanc8 b8fore ents"dgmgnl fan be obtained. Ih8n incoma is d8farr8d Un￿11h￿8¢ondJI￿ons are fulty met orthe fulfiNm8nt of tho88 condilkins is wtthin the control af chanty ana it* Probab￿ that Ihey ￿11 bè fU￿l￿d. Thls reprosEn￿l a thange in polKywhth previously reccgniued Gbbal Partner donations acro85 lh9 duTation of th8ir invol¥ernont, an(1 n¢yN reflects entilknent h accordance with the Gbb partnei [￿￿J1r￿ 4re8rnents (see rrfJlR 161. 20

Ellèn MacArthur Foundation Roport and Finnclal Statements for Ihe yfrar ènd￿ 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS {con￿nU&d_.l Income recognltlon I￿n￿nU&ll t)Dnated and rbnated profe¥s￿nal seNK•sar• recoonlsed in incorEatlheirfoirvaI￿whenth¥SrecQ￿0m1G ten•fft prDbakJ￿, il be mea8urnd rellabty and the charity has cwtrol overthe item. Fair valuo * detgrmirEd on tht bagLs ol the vAlue of gfft io It% charty. For examplg.. fho arnounl th& charity vmukj bowllin9 trj pay kn Iha open m&thetlor s￿h lacifrti8s serviG89. AcorreyTrJiry 8mount is tg(x)gntsed In expeNJrture'. Value In Khd comrnilments on prDiects L% Oftgn a5 R mBthryJ lo obtaln engag￿ftt funding partners on projetts, although these OT? not wrthin thè CharW$ control, and cannot b• verfld, and a5 a rB5utt a laii YRlue estlmate cannot be dat•rmined lo be Induded in the ac¢rxJnts. No amount i4 indLKled In th8fvano81 $talen￿￿t8 for￿unIe0rt￿e in Iwth1￿ SORP IFRS 102). Furthor delail. given In 1h9Tr￿1eeB, Annu Report". Income frcfjn tradlng includes IncDme oarrd frorn fvndmknlffj events and tradlng aclivit8 to rahe fund8fortr Charity. Income rwed exchany for$wp￿ good5 and xrvts In rtsrto ra￿fuftd$ and B rgcogntsed when entthrnont hos owjrred. InoJmirtg msource8 frorn graTrts, where relBted to ￿rformance arKI spedk ddwern￿as. ar& acmuntsd for 85 the eams thp Trahl trj tor6k1era11￿ by its perfomance. In¥•siment Income Bearnedthrough hokling assetsforim$bnent purpoa8S 8ucaslunds on ¢J8PO8it. sharBS 8fKI pryrty. Includ¥ interesl. VL indud•d when the arnount can bE measured rgliabty. D8bior8 Trode aTrJ oth8rdebtors aye at tho s•ttternent aTh￿tdUe. Prepaymths Bre valuod atthe Th￿￿￿t ptepshl. Ac¢ru•d In¢orn¢ The #mounts re￿1v¥b￿ on fiknre dal9& undar81Jn•J fundkng agregmgnt5 aTe irKI￿d In BCCN8d in¢ome. l e)widiture accounlBd foron 8n accruals b#sL% a￿1 has bean da55r￿ed untsrheadirvJ$ that aggregate al costs rdated tDthe category. ExFendltur8 k rnc4)onlsed wh8re theTB15 a tÉgal orcon5tructDfO obligatlon to make payrnentslo Ihitd parbes, it ￿ probab tts 89W8Ment￿ll b? rffjwired. the ￿ount of t￿ oblu8tion GaD be mea8ured rnI￿b￿. tt is categorffjed urKlerÉhe foll￿)ng headinBs.' Costs of TaL8ing fvnds inthdoy to $eek oul and agree te￿8 wlth mjor doTh)o. togetherwith thts Go5ts of th• trading subsTrJlary', ExpeTrjrtu￿ on charitabk In￿ud03 proiacl costs w th8 char￿8 variou$ projects 88 ￿Ent￿ In notes to th accDunls," and Othgr expendi￿re mp￿en￿thO&a itams not faifirvj into the categDiies ab￿ Ind￿￿1￿9 g0veman￿ cosls. Irr?￿VarAble VAT 1$ chargad a8 an ry•nse agalrt th8 acti¥6tyforwhith 8xpendttur8 #rose. Credltors C￿ditOrS8nd proviBions are rewnwd wherethe tharity haj o prBsenioblvJation resullrgfrorn a pastevert that￿111 prebabty resutt in tho transf8roffur￿s to a thrrl paty ¥nd amount dua to 5ettk the obl¥Jotlon can be masur￿ or ¥sknated r81iabty. Cr•dll?r¥ P￿￿s1On8 ar8 nofflialty recf)Jnis8d 81 their5eitknnent amount 8ft•r AlkM"ng for any iTade dH¢ount$ duo. Grants payabkn to thlrd partss are within the rarlt8ble Dbpctw•s. ￿ere uncondittonsl grants •re off8rgd, lh￿$ ig Acerued a$ &c￿n as Is notffd ofthournnL a8thi¥ gNes rm to a rH￿nab￿ 8xpxtsti)n thatthg wpk?nl will Thcive theorants. Whèr• grant$ a￿ ccnJRlonal re￿Ing to rkrformanceth8n the grnntL4 only8ccl￿d Ythen ary UnfU￿ed condition$ arn outsth oftt￿ controj ofthe ¢harty. Pension Th& carity has a tbffned csntsbulion PBfoK)n schemg for ￿1 elvJbls empb)ye8s. Tho 858eL8aflh• s(em& arE hdd separatety lo the Charity. Perwkjn costs chaw n the Statemant ofFinarKialAdpths repre88ntthB ￿n￿blI￿n3 P¥ab￿ forthe y8•r. 8upport¢o•ls allocallon Support Costs arD those that 95B151 tth work of the ¢hadty do not dir8Ctty repreggnt eharflablp and indud• offke costs. govemance costs, ¥Jrninistrthe payroll Costs. Th8y arg Incurr￿ direth in support of expanditure on th8 object5 of Ihe Gharty and Include pr<¥ect rnanagarn8nt Where 3w>port Costs cannot b& diredty *trbul8d to paibGLlar h8adlngs have been allocated to tèst of rolslro lunds aTrJ 8%￿d￿jra on chartsbls 8Clivitiès on a basB CO￿￿￿n1W1th of lh8 r850urces. 21

Ellen MacArthurFoundation Report and Flnanclal Stat8monts lor thtr year ended 31 August 2020 NOTES TO THE FINANCJAL STATEMENTS Iconttnued..) Fln•n¢thl o¥s•l¥ and 4ablllti ChaTty ha$ gLgct8d lo app￿ prmions of Sectlon 11 'Buic F￿ancIal kn8trumenls' Bt¥l SpdiDn 12 ￿ther Fln&nwl Inslrwnont Issues, of FRS1D2 lo all N8 fhanckql Instnjments. Financiil Ir￿tsUMbrt8 ￿ recogni8ed ￿ the charity5 balatte s￿t￿h8n the charty be¢cffie$ patyto ths contractual prDVi8ioll8 of IhE Instrument. Baskfinancial as8Ots (which inctude debtQTB and bank and ¢a$h baLwn¢x51 and basK financK41 in8lmrnents (which indudes ¢fvttitoTsl are initi81ty mea5urDY al transaction price includirvJ Iran3actKJn co$15, and 8r8 gub$8qU8nlty carthed at amortK%ed cost. Financw as88ts ctsssffied a$ recewabb ￿h1n 0￿y￿r oifmantiBI liablitias 0$ poyAbk8 within oney?8r 8re not arnortk88d. FLxod A888ts4nd oopreclatlon A88et8 Costing rn0￿ than £500 are CBpitali8ed. Depr•uob"on ts provkle(l Atthe fdi0V￿￿g annual ratss ln orderlo wdte off •&ch HS8•t ov•rits #timated useful life." Compulor equipment Fumitur6 2nd equipmant IMkYov8m8nts to ￿aSehOl1 Prcpety 25% ar¥J 33% 20% and 25% 10%to33% StrakJht11 Reducing balance Stratghl lin8. Ovgrthe duratkin ofth• ￿16 Taxation No corwation tax has been kY0vid￿ in these a¢xounts bocauu the Incclne Dfth8 charfty 1$ wtthin the Èxèmption granted by HM Revenuu & G￿toM$ to th? extent that these funds are spplBd to Chaniablg Oti¢ls. F•￿ign Currèncy Tran5a¢long Transactions in foR￿Jn curronciBS ar8 trangJaW inio Stèrfw at the avertye rgte prevailing forthe month in which they J￿r. Monetsry assets and liabilkneB denominal8d In foreh3n Curran¢￿ are tr•n$laled Into SllTr)g at lh8 r8ies o16xthan9e ru￿n9 81 Ih bAlan¢8sh￿I data. Tr• r•8utts ol t￿ US and Brazil sister L#titMs arB ttan51aled at averag8 rats IlnctNw and exp￿$#%} arwj closlng rats for th8 purposes Ot ConsolklJlkn. Judgements and key sources ofestimatlon uncèrtalnty In the 8ppliealiDn of the charitkblg cOmpaTh￿8 accountiThJ policles, Ihe Trus gfft wuired tD m8k8 judg8m8nts. estimt88 and 355umpb.ons about Ihe carryir¥J 8mDunt of a858ts and liabilities thal are not readity w8r¢nt from other8aurc8s. The esUmat85 and ssociated as$umpiions 8ro based on higtorical experierKe and othertÈdor5 that are consthrerl to ￿ rabvant. Acbjol rE5utts may dDTtirfrom theye esomatss. The eslthales and underfying assumplion5 are reviFAEd on an ongeing bas￿. R6vi81Q￿ to a￿untIng e$limate8 are recOgn￿ad in Ih8 p8rtod which lho8stima16 p4 rovBed wheR th8 revi$lon aife¢J8 Dnty that Feriod, or in th8 perbd ofthe revisKin and fubJr8 periods where the roYi8ion affects both current and lutura p6riDd8. Gtslng contem Subsequent lotheyear-enLI, as A re5L41tofth• knpact ofth6coronavirus and the wasures taken ty gD¥8mm6nts both in the UKaTra overseas, Ihe group has transhknn8d sucrssfuNy Into remote worklng wlth di8ruption to the 0¢￿¥it1￿8 of the group. Thi4 8 ￿{￿u3$*1 in rnorg detail ITh tha Tru8tees Report on pages 12 and 13. The foracasts and bLKJgÈt$ have been adjusted actordlngty, and tha group confid8ntlhat it can meet its Ivdbditi8s as they fal d￿f0rd perbl of at ￿￿t moThth5 tromthB dato of aFPf0¥81 of Ih8s8 financial slat8mants.

Ellon MacArthur Foundatlon Report and Flnancigf Stat8ment8 forthe year ended 31 August 2020 MOTE5 TO THE FINANCiAL STATU1ENTS Icontlnuod.-I Z COMPARATIVE STATEMENT OF FINANCIAL ACTMTIES Unrestrlcted R￿tricted Total Tetsl Fund5 Fundy 2019 2018 A* restatsd As re¥tated As restatsd A• re8tat•d £'ooo £'ooo £'ooo INCOME AND ENDOWMENTS FROPI: Donations and Charitable artivitès Other trading operation Inve5tmenl$ 4,4TI 11.127 15,604 10 3,454 7,356 11 3.080 17 TOTAL INCOIAE 7,9S9 11,134 19,093 10.453 EXPÉNDITURE ON: Fund raising Costs CommerrAal tradiro operaliong Charitsble aCtiv￿e$ 143 2,555 2,109 70 143 2,555 393 2.714 7,413 57 4,887 TOTAL EXPENDrruRE 4.877 4,887 9,764 10,577 NET INCOMEIIEXPENDITUREI 3,082 6,247 9,329 1124) Trar￿ferS between fimds 237 NEf SURPLLIS FOR THE PERIOD 9,329 11241 RECONCIUATION OF FUNDS FuThJ balances as al 1 Septernter 2018 Fund b￿anCeS as at 31 Au9USt 2019 6,759 10,074 16,833 7,504

Ellèn MacArthur Foundatlon Report and Financlal sta￿m￿ts forthe year •ndod 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS (cont#iu￿_.l DONATIONS. LEGACIES AND GRAKf INCOME Unrostrlctqd Re#lrfctsd Funds Fund¥ Totsl 2020 Total 2019 A8 restatsd £'ooo £'ooo L•arnlng: The Schmidt-MacArthur HE Program 276 276 607 Buslne89: Global Partner Donations Core Philanthropic FurKling 1.350 1.872 1.350 1,872 2,250 1.889 Institutlon8, Governments and Cltk•s: Sp8afic Research Projocts International Outreach 434 1.433 221 2,443 431 Systamlc Inltl8tlv•8: New Plastics Econorny InitiatNe Makg Fashion Cirojlar Cfoes and Cirojlar Econorny for Fopd 5,832 1,267 1.248 1.248 88 Told grant$ ar￿ donations 3,853 4,628 8.281 15,604 For detsils of the grant income and restricted funds, ￿88s0 re￿r lo ntste 15. As part of fvnding agreements, lor many projects, the Foundation seeks v81ua in kmd commitments to rosearth projects, which amhough pledged, eannot be verified and are therefore not indudèd wrfdlin thèsè statsrnents. Compamliva DOr￿t￿n$. Legaues and grant Ir￿m& Unrestri¢ted R08tricted Total Total Funds Funrl$ 2019 201B As rg5tatsd AS restat•d A$ reBtatsd As restst•d £'ooo £'ooo Lèarnlng: The Sd)mldt-MacArthur HE Programme The Schmidt-MacArthur Ftsundalion Buslnegs: Global Partner Donations Core Philanthropic Funding Instltutlons. GovernmÈnts and Cltles: flc Re5earth Projects Intemational Outr8ach 2,250 1,669 2,250 1,669 1.585 221 1,885 221 1,581 Systsmlc Ihltlathvè: New Plastics Economy 1n1tlat￿6 MakÈ FaÈhion Circular CiJes and Circubr EcoTrJmy foT Food 5,832 1,287 5,832 1,267 315 1,469 Total grants dOna￿On5 4.477 11,127 15,604 24

Ellen MacArthur Foundatlon R•port and FlnanGi•l Statemen18 forlho yearonded 31 August 2020 NOTES TO THE FINANCIAL 5TATEMEiifs Icontlnued...) COklE FROIJJ CHARITABLE A¢TIWTIES Unrestrict•d Ro•trlctgd Funds Fund Totsl 2020 Totsl 2019 Rental income Rechargeabb itoms 12 12 Total other irhxjming reBourc8s 17 17 10 ¢￿ParatIVe Inoxjme from Charitable UnrÉ•trietsd Restricted Funds Fundg Total 2019 rooo Total 2018 £'ooo Rgntal income Rechar9eab191t9rn8 Total other Incomlro rgsources 1D 10 INTEREST AND INVESTMENT INCOME UnTeBtrlC1￿ R•8tr1ctsd Fundg Fund¥ £'oDo £'ooo TDtal 2020 £'ooo Total 2019 Bank interest- monies hekl in Inlerest aring depostt accfxjnts 18 Comparatl¥• Intern8t and 1nv•gtTr￿nf Incom• UnTEstrl¢ted R￿trIct•d Fund5 Funds £'ODO £'ooo Total 2019 rooo Total 2018 £'ooo Bank interest- mon￿5 hpld In Int¢rest b￿r0 dep08Tt a¢¢ounts 25 17

Ellen MacArthur Foundatlon Rèport and Flnanclal Statemonts for tho year endèd 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS Icontkn￿I...) FINANCIAL PERFORMANCE OF THE CHARITY Tha Consolidated Statamant of Financial Activitias indudè8 the ￿8Uts of the Charty's wholly owned subsidiary Elkn MacArthur Foundation Trading Lirnrted and the results ol Ellon MacArthur Ftrundatson Inc.. which opersle events and 8ervl¢es lor the Charity and d￿nIs. The Bummary financial pertOrMan￿ oftre charity alone is.. 2020 2019 A• restated £.￿0 £'ooo InuJm8 from ¢Jonation5 8TrJ18gaci8S Rechargeable items Rental Irurno Grft aid donation from subsidiary compary Investment income 7,850 15.046 12 364 25 8,784 15,435 Expenditur8 un (8witab10 actSvttlg5 Cost ol generating fijnds (8,7151 352 {9.Cfi71 16,5991 143 16.7421 Nel income for the year 12831 8,693 Totsl funds brought fO￿ard Total funds aqrrfad forward 15.258 15,541 Represented by.. Rastriciad funds Unrestricted funds 8,598 10,074 15,258 15,541 INCOMING RESOURCES FROM ACTIVITIES FOR GENERATING FUNDS Income from Tradlng Subsldlary.. The wholly pwn￿ tradiny subsidiary Ellen MacArthur Foundation Trading Limitod is Incorporated in England and W81es end pays all ol its proffits to the Ch8rlty by dislrfbutron. The company operates events. runs Cirollar Economy 1QiO programme for businesses, publishes books, and und•rtak8s commerrial trading OF48rations. Charity ¢)wns the £1 ordinary share ofthe company. The surnmary I￿an￿al perfc¥mance of the subsidiary above l 2020 2019 rooo Tumover Cost ofsal95 and admin costs 4,193 3.448 Ngt Pr¢)fft Retained in the 8ub31dlary 2,013 899 The asse18 and Ikqbililie8 of the subsidiary wer&.. Fixed assets Currant assèts Current liabilitwts 257 3,903 175 2,406 Net assets 2,013

Ellen MacArthur Foundation R•port and FinanGial Slatements for th• year ended 31 August 2020 NOTES TO THE RNANCIAL STATEMENTS IcontlnuBd_.I INCOMING RESOURCES FROM ACTMTIES FOR GENERAnNG FUNfJs {contlnued...I Svb8oquert to the balanc8 sheet dats a distribution of£2,013.frJO wag rnade lo the Charity. TheBe GrDup ¥Gwunts a160 include thè r8suJis of the US sister charltable cornpany El￿n M8cArthur Foundaknon In¢.. which for the year genèrated a sufplLB of£84,00012019'. £91.0001 had f05erves carried fomrd Of £4TI,LKX)12019: £393,0001. The Foundation alBo ha5 a $lts charity In Brazil. Ellan MaG4rthur FouTKlatlon Brasil, which for the gen￿t￿l a Surp￿ of£21,CK)012D19- £1.￿0 8urplu81, and has resèrves caryied foThv8rd of £21,00012019- £01. EXPENDITURE BY ACTIVTrY Total Fundral$lng 2020 Total 2019 Ch•rliabl• Support Othér (Gtsvornancel £'ooo £'ooo £'ooo £'ooo Lgamlng.. The Schrnidt-MacArthur HE Programma 511 SchmidtJI8cAthur Foundation Edu¢alSu)n Projects 458 541 Busirt•88: Global Partner8 #nd Fundlng 353 421 157 Gr*tt payment Institullon8, Govemments And Clttes: 8¢JerAfic Re￿rCkn Projects 74 612 870 IntematTrJnal Outr 2,139 158 2,298 1.828 Systsmk InSUati￿5. New Plastics Ecorvjmy 1,677 167 1,125 Make F88hkn Glr¢ular Cbti'es and Clrculor E￿￿)rny For Food 515 $73 766 Finance 112 134 37 In8Eght & Gommunlcallon¥ 178 1,098 615 GO￿rnan¢• Auditand acts)unia L8081 and professional Support allocation 109 111 27 111 7.818 220 353 9,393 7,209

Ellen MacArthur Foundatio Report and Finanoial Statemonts for the year ended 31 August 2020 NOTES TO THE FINANCIAL STATEMEfrrrs Icontlftugd...) EXPENDJTURE BY ACTivrrY (contInu￿...) The ￿ant payable within tha prtor yaar was in r8sp8ct of wT)rk carried out by a third paty resewth partner. Support ¢osts 8re mada up 8s folow8'. 2Q20 £'ooo 2019 £'ooo Communication5 and IT Desisn, print and office c08ts Rent, and property co$t8 Insurances DepreThalion Professional s6rvicas and consdtancy Currency translation and financ8 costs Staff costs Travd training and recrurfment 169 14 124 24 103 23 28 21 17 114 12 1,002 567 sup￿ costs are all￿ated to direct projects, fiTsty un the basis of any *3reed proj8Ct contribub.on to 8UPPOrt costs, and thon on the b38is of the totsl resources incurred in each ar&a. Comparatlv• Expndlturn by Actmty Totsl Fundra181ng 2019 Total 2018 Charltable Support Oth¥r IGtw•rnan¢•l £'ooo £yJoo £.￿0 £'o&o £'ooo LgaTning." Tha Schmiitt-MaeArthur HE Programme Schmidt-MacArthur FoundatEon Education Prqects 47 511 215 147 K7 491 541 Buslnoss: Global Partners and Funding Gr8nt Payment 14 143 157 393 295 Institullon8. Governmonts and Citi•s: Speafic Research Projacts InternatiDnal Outreath 726 1.522 870 1,626 237 1,567 104 Systemic Initiatives.. New Plastics Economy Inthalive Make Fashion Circular Gffjes and cir￿1& Economy For Fc Finance 1,107 18 1.125 682 723 37 Inslght & Comrnunkallons 615 472 Gov•manc• Audit and ￿untarLY Legal and professional Support allocation 27 43 39 18 43,168 6.429 70 143 7,209 28

Ellen Ma¢Arthur Foundatlon ReF￿rt and Flnancial Statements for the yoarènded 31 August 2020 NOTES TO THE FINANCIAL 8TATEMENT8 Icontlnugd...) RESOURCES EXPENDED Group 2020 £'ODO Group 2019 rooo Charfty 2020 £'ODO CharKy 2019 Included in adrninislrativg 8xpense5 are the followng amounts.. Audit f89- Moore Kingston Smr NoTraudf( serwtYé8 Payroll sèrvicEs Taxation servie Deprociation of ON￿ed fixed 8s¥e18 61 18 16 12 114 67 28 11K STAFF COST8 2020 £'ooo 2019 Stsff c08ts in the Charitsbl8 CoMp￿Y arKI Tra(Jing Company wag￿ and salar Soaal Security ¢o8ts Pen8ion costs Other Ernployee B￿￿TrtS 5,977 4.769 12T 10 111 11 6,641 5.331 Tr Charlty and Tr8ding Company have autwro11￿ to rn￿lhe requlrements ofempltryer pen$ions. The Charity and Comp8ry operates a defined contribution scherne. the assets of￿1Ch arè hdd Separate￿ from those of the Charity In an independènty adminisl8r8d funLI. The pansion ￿8t charye represents ctsntributions payab by the Charity to the fuThJ. Amourts wng at th•y•ar-8nd amounted to É39,LNJO12019.' £30.0001 and aTe I￿ll￿ded in other creilitots. 2020 2019 Thg averageweekty numbor of employees durirKJ th& ￿lcOl waB as follows.. 129 105 Twefve employa•s12018 - venl re¢eW remuneraoon In excess of £6Y),O(YJ, and they fell in the bands as 2020 2019 £eo,000 to £7Q,C4)0 £70,000 to £80,WO £eo,coo to £90.￿0 £￿1,C1]0 to £10D.000 £120.000 to £130.OCQ £150.000 to £160.(X)O £170.000 to £180,C￿0 Pryments to Tntst•8s aTrJ expenses reimbursed can be Seen in note 19 to the80 ￿unts. The payment of gro8s r8munerab¢Jn to Senior Management P6rsonn81 durlng the year w8s £935,￿ P019- £686,Q)01.

Ellen MacArthur Foundation Report and Flnanclal Statoments fortho yèar onded 31 August 2020 NOTES TO THE FINANCIAL STATEAIENTS (Co￿nued...> 11. TANGIBLE FIXED ASs￿S- GROUP AND CHARITY Improvements to Leasehold l>roperty £'ooo Plant and Equlpment t,￿0 Total Congolldatod.. Cost at 1 September 2019 AdditK)ns 243 725 17 359 Al 31 August 202Ct 301 1.142 Depreciatiori 811 Septernber2019 Charge forthe year 208 176 At 31 August 2020 287 221 Net BoDk V8luè 8t 31 August 2020 Net Book Value al 31 August 2019 274 341 Improvements to Leasehold Property vooo Plant and Equipmont £'ooo Total £'ooo Charlty: Cost at 1 September 2019 Additions 119 425 276 272 At 31 August 2020 578 123 701 Dapr8daUon at 1 Septamber 2019 Charge forlhs year 149 53 112 261 At 31 August 2020 202 115 317 Net Book Value at 31 August 2020 376 Nat Book Valu8 at31 August 201 157 164 12 FIXED ASSEf INVESTMENTS Sharos In group und8rtaklngA and partlelpatlng Interests Ellèn MaeArthur Foundatio Trad'n The charitable company holds 100% 01 the share ¢apitsl ol th8 Ellen MacArthur Foundab"on Tr8ding Limtie¢J. This Company is registÈrÈd in England and Wales (company number 071107671, and provides consutsncy senrice8 based on the arcular gconorny, organi585 the CE11)J programme and books and pubts'cations. The cost of sha￿S a5 investment in the charty as at 1 September 2019 and 31 AugU8t 2020 was £1, and the nat bcN)k valu9 as at 31 ALVaLOt 2019 awvj 31 ￿9￿5t 2020 was also £1. EMF The charilable company holds 100% of the ¥hare caprtal ofthe EMF Trgdlng USA Inc. Thi5 Company is registered in the Stale of Delthvar•, UW and has b•8n dormant Since incorporation on 18 May 202Ct. The ￿¥t of

Ellen MacArthur Foundatlon Report and Financial Statements fof tho yaaT endod 31 August 2020 NOTES TO THE FINAMCIAL STATEMENTS IconUnued.,.I shares 89 Investment In the char'ty as at 1 Sept8mber 2019 was £nil and 31 August 2U20 £0.82, and the net t>Jok valLbe as at 31 August 2019 and 31 August2020 w88 also £1. 11 DEBTORS Group Charlty 2020 2019 A• Te¥t4t•d 2019 A¥ rgStat•d £'ooo Trade debtor8 other debtr)rs Acerued incK>me Prepayments Amounts du8 from Trading Subsidiary Ellen MacArthw Fwndation Trading Lirnited 1,580 1,$52 521 573 2,914 5,578 412 189 87 5.458 7.735 4,381 6,504 I￿luded In tho above figures. fDr both Il Gmup and Charity, are £450,CnO12019- £1.B95,LMXJ as restatedl of debtors that due after more thn 1 year. 1& CREDrroR8 Gro Char 2020 2019 2020 2019 Amounts Tralliny du9 wlthln one year. Trade creditors-projocl costs Aceruals Other creditors Taxation and ScKial SeBurity Deferred incom 12019120 income reGeW in advance) 271 57 156 200 573 41 237 42 14B 3,405 2,725 1,470 1,098 Defer￿1 income arises on donalions in advance of the various v+￿rk progr8mmes relaung to the 202(V21 nanaal yearwhich c￿MOTh¢ed on 1 Septernber 2020. ￿1 ofthe ino)rne defprr8d at 31 August 2019was takan to lh8 ir￿orne and expenditure awount in the 2020 accounts. Group Char 2020 2019 2020 2019 £'o £'JOO Deferred income r4)resentsd'. At 1 Septèmber 2019 AmDunls roleased lo income in the yéar 1,733 11,7331 12.0461 (7861 1504) ConsuEtsry fa8s in advance Schmkll HE FibTes NPEC Circular Econorny 100 ￿￿1Ved 681 1071 452 1,071 375 225 At 31 August 2020 2,721 1.071 31

Ellen MacArthur Foundation Report and Financial Ststements for thè yèar 0nded 31 Augu#t 2020 NOT&8 TO THE FINANCIAL STATEMETr¥fs (corrtlnuEd... 15. RESTRICTED FUNDS TranthTred fro un.restri¢ted At 31 AugI￿t fund 2020 At I SepteM￿r 2019 As restated £'ooo Incomo Fund roeÉlvod Expendhur £'ooo £w¢ £'ooo Lwnlny: Schmidl-MacArthur Highgr Education Programme111 271 278 15501 13} In•titullons, Governments and Cltles: MAVA G&C, CE1QQ and Circular Matsrials (61,181 207 IY51 Chlna191 1,934 1.433 11,736) 1.831 8y¥tomlc Initiatfves: New PLestics Economy Initiatwe1101 5,882 11,8441 4,187 Mak8 F￿hlOn CiruJlari111 1,088 {1.0561 1.280 Cities and Circular EcoThJmy For Food111 892 573 Total 10,074 4.K28 16,1041 8,598 32

Ellen MacArthur Foundation R•port and Flnanclal Ststom•ntB fDr thg year endod 31 August 2020 )TES TO THE FINANCIAL STATEMENTS (Con￿nu￿...) 10. RESTRICTED FUNDS Icontlnued...) Compathve informatFon for R86trKled Funds At 1 Septprnber Incom• Fund 201 received Expendlture A5 restated As restateil £'ooo £'ooo T￿n%￿rIod fmrn unwrnstr1ct￿ At 31 AUg￿t fund 2019 A8 re8tatod rooo £'thJo L2arnlng'. Schmldt-MacArthur Higher Educalon Prograrnme11} 175 15111 271 InstltutlonB, Gmmments and Cities: Rescom Funded Project (2) 12 115) Polcy Makers Toolkit IMAVAI131 (20) Growth WEltrin (Sun FoundatiDnl 141 (341 Eric & ￿ntsy Sthmidt Fund 14 {381 MAVA G&C, CE100 and CirBular Nlaterkals 181.18) 270 (619) 207 H&M (n 221 {2191 121 Chlna (91 (9331 Systemie Inlilatlve5". Naw Plastics Eu)ntsmy Initiatwa (1 11,1941 5,682 Make Fashion circ￿lar Iiii 1.288 18721 Crfes end Clrojlar EcoThJmy For Foo(t114 Total 3.590 11.134 {4.8871 237 10.074 Al ￿&trictsd fijnds are held W4￿￿n Ellen MacArthur Foundalon. suth conscAidated and onty restrio*thY nd$ are one and the sam8.

Ellen MacArthur Foundation Report and Flnanclal Statements for the yèar ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS Icontlnued...) 15. RESTRICTED FUNDS leontinuèd...I (1) The Schmidt-MacArthur Higher Education Programme rel8le$ to funding received from thp S¢hmidt FouThJalion, * US based Trust, and aims to educate more than onè million le$mers globally. It has ￿en ffinancially supported by the Eric and Wendy Schmidt Fund for Strat¢9b¢ Innovation and wa8 launched in 2019. 121 The Rescom Funded project was a four ya8r working Project. working with global manufaclurfng buslnes5e5 to identify opportunities to move towards circular economy models, this has now comtAeled. 13) Poly Makers Toolkit- in 2015, tho MAVA Foundation ￿nded a Foundation-lÈd proje¢t lo create a toolkit for policymakers inspiced by the vision of what a circular economy could look likè in a ¢ty or region. 14) Gr¢wth Whhin, In 2015, the SUN FourKlation funded a reseBreh project to look at a circular economy vision for a ompotitivo ELwope, which the Foundation deh'vered in conjunction wth McKins8y & Co. 151 Eric and Wendy Schmidl Fund for Strategic Innovation- D9&ign for Circular Economy Course. In 2016 funding was rÈceived for a web-based toolkit, aimed to build capability amongst designers, who are d&signing forthe tyicular PCOr￿My. 161 MAVA G&C. CE100 and Circular Materials- The Govemmont 8n¢J Cf(Ès project relates to funding lo advance the eroagement of government and crties wtth circular eGDnomy. The CE1Crt) projoct r818tès to fijnding to drive momentum In the Circular Economy innovation in Cities. The Ciroulor Materials project relates to a projèct to Carry out initial research lo advarKe the understandiThJ ofth8 circular matèri81g landscape. 17) H&M-A collaborativ¢ PIOFGI bolwggn the Ellen MacArthur Foundation, The Sto¢kholm Resilience Centre ISRCI and H&M, working towards creating a vision for a circular textile fibre industry. The Ellèn Ma¢Arthur Foundation are adÉng as a commercial intermèdiary contracting SRC on H&M Foundation's behalf in ifjgard to th￿ coll8boralion. 8) The Mavo Partnorshlp- the Ellen MacArthur Foundaiion acts as a Partner Organisalion to MAVA. providing technical kno￿edge and strategic advice lo identtFy opportunities for engagement undèr Mw's proposed strategy outcom05 SE4 'Circular Economy in Europe. and SE5'Circular Economy for Plastics,. 19) China IMAVAI- MAVA have fvnded a prolect to mobilise the broader momenlutll and focu5 on the CiTcdJlar Economy" China. including the growing alignment bolwegn the private and public sactor on the role the Circular Economy Can ￿aY in enabling better fomis of economic growlh. 1101 The New Plastics Economy Initiativè projèct launehèd in 2016 to bring togethei key stskeholders to rethink and r8d8sign the fijture of plastics. &tsrting with paGkaginy. Phase 11 ￿u￿thed in 2019 and runs until 2025. 111) The Make Fashion Circular proj8Ct IS an inibative lo l*lp the fashion industy ensure dothes a￿ made from safe and renewable mat￿laIS and inv8stig8tè new businÈs$ models that increase their usg and tum old clothes into new. This n lextsles economy would bengfit bu$lness, $oc5ety. and the environment. 1121 The Cities and Circular Economy for Food initiat￿e 8yms to fundamentally relhink th8 rofe of ertiès in the food systern based on the principles of 8 eircular economy. The inthative will stimulate, infowm and mobilise new approaches for restorative and regenefab.vè urban food syst￿5 and related bio-cyde economi¢ a￿￿lty.

Ellen MacArthur Foundatlon Raport and Flnancial sL￿•Mants for the year ended 31 August 2020 16. PRIOR PERIOD ADJUSTMENT Consolidated fund8: Unrestrfctsd Funds £'ooo Restrlcted Funds £'ooo Totsl Funds £'ooo As previously ststed 1 Septert)er 2018 Pre-comparative prior period adjustrnent Idescrited belowl As reststed 3,914 3,020 570 3,590 6.934 570 7.504 3,914 Year ended 31 Au ust 2019 Net surplus as previously reported Pmr period adjustment Idescribed belowl 2,845 3,739 6.584 At 31 August 2019 6,759 10,074 16.833 Charlty funds: Unrgstricted Funds £'ooo Restricted Funds £'ooo Total Funds £'ooo As previously stated 1 September 2018 Pre-comparativ8 prior wiod adjustmenl1111 beh)wl As restated 3,258 3.020 570 3.590 6,278 570 6,848 3,258 Year nded 31 Au 2019 Net surplus as previousty reported PrK)r period adjustment111) belowl At31 August2019 2,209 3.739 5,948 5,467 10,074 15,541 Prfor period adJustm•nts: The Prior period adjustments reloted to a change in policy on the recognition of restricted project income in line with Ihe Charity SORP treatment. Previously the income was recognised over the period of the fvnding agreements. typically three years. with the in¢ome recognised each year in line wf(h the receipt on the anniversary of the date of the agreement. The Charity believes that entiuement is provided by the agreemen( and so in accordance with the Charty SORP the income should be recognised on i￿￿ption of the agreement with the corresponding debtor included wthin accrued income. The effect of th8 prior period adjustment is to record £570,000 income prior to the start of the comparative pencil, with a corresponding increase to accrued income as al 31 August 2018. In 2019 a net increase of £2,745,000 in income is re¢oJnised, with a corresponding increase to accrued income as at 31 Augusl 2019. 35

Ellen MaeArthur Foundation Report and Flnanclal Statoments for tho year ended 31 Augugt 2020 17. ANALYSIS OF GROUP NET ASSETS BY FUN[>8 Con8011dated: Unr05trtot¢d Rostrteted Funds Fund* Total 2020 Total 2019 Aa restated É'ooo £'ooo £'ooo ass Current assets Cash at bank Credibrs 341 7.735 11,482 725 4,254 6,774 5.45B 15,072 8,298 9,171 8.598 17,789 16,833 CharFty: Unro•trl¢ted R85trlcted Fund8 Fund# Total 2020 Total 2019 A8 restatod £'ooo rooo £'ooo F￿ed assets Current as8ets ash al bank Creditors 164 8,504 9,971 3,177 3.665 1,204 8,298 4,381 11.983 6,660 8,598 15.258 15,541 Comparative Anatysis of Group and Charity NètA85ets by type offiJThJ Consolldate(t: Unregtrictrd Rg¥trlcted Total Total Funds Fundg 2019 2018 As rgstated AS re8tst•d As ro8tst•d As restated £'ooo roDo Fkwj assets Current assets Cash at bank Credrtors 341 3,393 4.807 341 7.735 11,482 4.342 6,875 3,471 5,849 159 6,759 10,074 16.833 7,504 Charlty: UnreStrIct￿ Roslrictod Total Total Funds Fundg 2015 201B As restatsd A• reBtat•d As restatèd As restated £'ooo £'ooo eooo É'ooo Foxed ajsèts Current a55ets Cash at bank Creditors 192 3,113 2,162 3.29S 155 4.342 6,875 6,504 9.971 5,467 10,074 15,541

Ellen MacArthur Foundatio Report and Flnanci•l Statsments for the y•ar ended 31 Augu8t 2020 I& FIK4NCIAL cixIMrrMENTS- LEASES Al 31 August 2020 th? group had the folicw.iry mlnlmvm leag9 P8ymenls undgr non-￿ncelIable opergting I￿se5, as follows.. 2020 Prop•rty £'ooo 2020 Ot￿r 2019 Propgrty 2019 £'ooo solid Due within 1 y09r Dug bFiween 24 years Due aft￿ mcfe than 5 year 88 349 58 315 26 14 17 675 19 Cha Due within l yaar D￿ betr￿en 2-5 yeor8 Du8 after morg than 5 year 58 315 349 675 S35 19. RELATED PARTIES During the year the CharSty and Trading Company have c¢¢upr¢d offices at an agr•ed rent, 0￿ed by EM (IOW) Ltd, a Company 50% owned by D8mè Ellen MaG4rthur. A charge was rnadg by EM IIOW Limited for £37,OC(I 019- £35,C#301 in rgswt ofthe offtt rental, and at treyear end £NIL12019- £Nill ￿￿s ouistan(Ung, ￿th £NIL {2019- £ Nll I Indu(Jed in prepaym8n Chorges were made by EM IIOW Ltcl to Ellen kfacArthw FouNJaOon for £18,1K#J (2019- £33,8CrfJI in resp8Ct of services prowded by Dame Ellen Ma¢Arthur, who is a TrL￿ ol the Charity and also a ￿1￿ctOr of the trading subsidiary. At the yearend £10,0￿, 12019- £ Nill was outstanding. These BervicBSwerg in respectof Ellen's t.rne as a speaker, 8nd for appearance5 in helplrrfJ the Company cary out its aCti￿￿"eS. The p8ymenl$ were not in pect of Ellen's dutias as a Trustee ol the Clk*rity. and pemkqlon was gfanled in 2014 by the Charty C¢mmIss￿￿ in respect ofthese payments. No rwnuneration vft8 paid to Tn￿lee3 for Iheir $eMces as Tru91￿{2019- £ Nill. Experffjes were reimbuwd to one Twstee totalling £297 P019- Trusts8s £5ae) in resP8Ct of home phone •XF•nses. At the yw erKI, £58 12019- £1421 was ouEstandiNJ. 20. copmiowNG PARTY th8rity kq controlled by the TrustsO8. 21. FINANCIAL INSTRUMENTS Group 2020 2019 restated 2020 2019 £'ooo Cwrying arnount of finan(?al assets Debl Irystruments M￿ured al amortised c£)8t 20.234 18.805 16,155 18,387 C4rryirvJ amount of finaTrS81 IkibSllfjes Uabblitie5 mea$￿ed al ￿OrtiSed cost 19,550 18.184 15.755 16,102 37