2021-06-29-accounts

EY Foundation Annual Report and Financial Statements For the period ended 2 July 2021 Re9islered chaiily niimbei 1157154 (England & Wales) and SC045076 Iscotlandl Regisler8d company nufflber 8fi35629

Contents: Page 3.. Directors, & Trustees, Report for the perlod ended 2 July 2021 Page 17.. Independent Auditor s Report to the Members and Trustees of the EY Found81ion Page 20: Slalement of Financial Aclivilies {incorporating an Income and Expenditure Accounti Page 21- Balance Sheet Page 22: Statement of Cash Flows Page 23- Notes to the Financial Stalemenls Page 33: Reference and Administrative details Regislere(J clkrily numbèr 1157154 IEn9land & Walés) and SC045076 iS¢otlgnd Registered company niirnber 8935629

Directors, and Trustees, report for the period ended 2 July 2021 The Trustèés present the financial statements lor the period ended 2 July 2021. The financial statements cover the period 4 July 2020 to 2 July 2021 Ilhe crynparalive period being from 29 June 2019 10 3 July 20201. The financial statements comply with the Charities Aet 2011. the Companies A¢t 2006. thé Mèmorandum and Articles ol Association. and Accounting and Reporting by Charities.. S131ement of Recomtnended Practice appliGable lo charities preparing their aocounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019112" Edilionl and the Charities Accounts (Scotlandl Regulations 2006 las amendedl. Structure, governance and management Governinq documenl The EY Fourldation ("'EY Fotjndation or Ihe "Charity") was incorporated on 12 March 2014 as a privale company limited by guarantee. wilh no share capit81. EY Foundation is a regislered charity with regislered charity number 1157154 IEngland and Wales) since 21 May 2014. and SC045076 Iscotlandl since 26 August 2014. Thè objeols of the Chaiity are lor the benefit ol the publi¢ lo advance such exclusively Gharilable purposes as the Trustees may decide fr(Jn lime lo time. The Charity is govefnèd by a Board of Tiustees. who are also the direclors ol the EY Foundation. Trustees sel the strategic and policy direction with day-to-day managernenl functions being the respc>nsibilily of the leadership team. The Trustees who setved during the year were.. Appoinlrnenls Resignations Trustee CatÈgory_' Independent Independent Independent Independent Independent EY EY Independent EY Colleague EY Colleague until 3010912020. then Independent Independent EY Indèpendent Comtnitteeill Fahima Aklher Nafisa Bakkar Rosehanna Chowdhury Patrick Dunne Ichzirl Saia Fowler Sayeh Ghanbaii David Gitlleson Mark Hutchinson Julianna 013dipts Dan Richards YAB Ivice-chairl None A&RG Nomcorn A&RC Ichairl Nomcom Remcom Ichairl None 1710712020 2510112021 Nomcom, Rerncom Nomcom Rebecca Robins Peter WallaTr'" Joseph Watson Nomcom Ichairi Tieasurei YAB (Chairl. A&RC refer lo page 2 and 3 foi Trustees appointment terms and Sub cornrniltees remits and objectives partner from ivilhin the Financial Services Group Youth Advisory Board - YAB Audit & Risk Committee = A&RC The leadership team during the year wèrè.. Maryanne Matthews, Chief Executive Officer ICEOI Ip18nned absence from 01103121., left 211121211 Lynne Peabody. Acting Chief Executive Officei Ifrom 011031211., Head of Income and Projects Director104107120- 281021211 Mark Smith, Chief Finance Officei Michelle Chard. Head of People. Volunteering and D&1 Iseconded until 1111121. then permanent". left 311071211 Jodie McNally. Head ol Young People s Services lon leadeiship team lor interim period from 011121201 The leadership team were supported throughout the year by ils management team. Regislered charrty tbumber 1157154 (Englarbd & Wale5J and SC045076 IS¢¢iiatYII Regisleied company number 8935629

Directors. and Trustees, report for the period ended 2 July 2021 cont Structure, governance and management cont Patrons Our Patrons. who are a diverse group, act as ambassadors of the EY Foundation. influencing and raising abv8reness of our work. They have a commitment to improving the lives ol young people and iepresenl thè Charity al some evenls. Palrong are appointed by the Trustees. They have no I￿anagement or governance responsibilities 3nd are not Tiuslees. thus havè no legal liability. The Chaiily's patrons throughout the year weie Steve Valley. Dame Mary Marsh, Nathaniel Peal, Li2 eingliam. Chris Achiampong. Dawid Konotey-Ahulu and Doug13s Nisbet. Margaret Gibson was appointed as a patron in December 2020 ivhen she retired from hei posilitsn as Oepuly Chief Execulivel Scottish Hub Leader. Related parties The Charity's sole member l-the Member'l is Emst & Young LLP I'EY-I. EY Foundation's relatior)ship with EY consisls ol receiving funding amounts Ihiough a five-year funding agreement. and EY Foundation s use of their lacililies, information Syslerns and professional support. Recruilmelll and appoinlment of Trustees The Trustees aim lo iecruil as diverse a Board as possible. and to maintain an active focus on diversity and inclusion. Diiring the year. Dan Richards was the lead diversity and inclusion Tiustee on the Board The emphasis ive place on having ytsung people al the head as well as the heart ol what we do and the way we work is reflected In our Board through the Chair and Vice Chaii ol our YAB being Trustees throughout Iheir two-year lemi on the YAB. Persons may be appointed lo be a Trustee by ordinary resolution 01 by wrillen notice from the Member lo the Charity speofying the name of the person to be appointed as a Ttuslee an(J the dale ol their appoinlmenl. The Board, when complete. shall compiise.. at least three peoplè who are èach partners of the Mernber. two tsf whom are partners bvithin the UK & Ireland Group and one ol whotn is a partiier within the Financial Services Group I the EY Truslees").. at least one person who is a membei of staff ol the Member I'the EY Colleague Trustee")., and at least four Iiidependenl Trusteès, who have no currelll connection lo the Mèmbei as employees or partners I the Independent Trustees l. TrLJslees are appoinled loi a period ol three years, which can then be extended by ordinary resolution for another period of threè years The Chaii s position may be extended for a third term of up lo three years under the Articles Thère is no maximum nurnber of Trustees who may be appointed. No person may be appointed as 3 Iruslee. if. as a result of their appointment. the EY Trustee5 and Ihe EY Colleague Tiuslee together exceed the number ol Independent Trustees. The Chair of the Board musl always be independent wilh no cuirenl connection lo the Member as an employee or partner. The reciuilment ol neiv Trustees follows evaluation of the desired skills and experience for Ihe 8oaid. aligned lo the Charity s evolving sliategy. The skills assessment is overseen by the Nominations Committee. A Iigoious seleciion pro￿SS is adopted to provide polenlial calldidales with a rounded perspective of the Chaiity, and the environment in ivhich ive work. On joining the EY Foundation's Board. new Trustees receive a wèlcome pack with key documei)Is and an induction piogramme which Covers the Charity's values and purpose. and separately. includes infoimalion on the financial. governance and operaiior)al ariangements for the Charity. During induction, Trustees meet young people and meinbers ol the EY Foundation s management learn to hèlp them fully understand Iheir role as a Trustee. In addition. all Trustees 8re invited lo allend piogiainines and events lo see Ihetn in action and are asked lo take an interest in a particulai area ol the Charity s work via membership of one ol thè wrnmittees or in one of our champion rolès Isaleguaiding. diversity & inclLJsion. lechnologyl. Truslees receive ongoing support and up lo dale guidance to enable them to fulfil their responsibilities lo the organisation. They regularly meet with young people at events and participate in programme activities. Trustees receive insights on the Charity's work at Ils Tneetings and regular briefings from the comrnillees, staft. and the leadership team. The Board Theels quartèrly with oe¢asional additional tneelings as needed. The Tiusteè r(>le is unremurleraled. bul Trustees can elaim expenses where relevant. Training iequiremènls are considered regularly. and a budget exists for Trusteè training. All Trustees undertake training lo ellsuie they are awaie ol the importance ol safeguarding and child prole¢lion. During the year, Dan Richards was the lead Trustee for safeguarding Re9islered Charity number 11571J4 IEngland & L*%lalesTr and SC04Jf076 Iscoiiandl Reg151ered company number 8935629

Directors, and Trustees, report for the period ended 2 July 2021 conL Structure, governance and management conL Trustees. succession lannin Dan Richards, (formerly the EY Etllployee Colleague Trustee and then an independent Trusleel and David Giltleson's (Chair ol Remuneration Cornmilteel second terms came lo an end in December 2021. Julianna Oladipo was appointed to the EY Colleague vacancy in January 2021 in preparation lor succession to Dan Richards and was appoinled as Chair ol Remuneration Committee from January 2022 Planning lor trustee retiretnenls and othei vacancies arising is overseen by the Nominations Committee. The Chaii and Vice Chair of the YA8 were appointed as independent Iruslees in December 2019 for a two-yeai period that ended in Oecernbei 2021. Recruitment for a new Youth Advisory Board has been completed and two members ol the Y AB have been appointed a5 independent trustees. attending their first maelings from March 2022. Board effeclivènè view Trustees. supported by the Norninations Committee undertakes a review ol ils effectiveness from lime lo lime. the last Independent ieview being undertaken by Grant Thomlon in FY19. The recommendations Irotn that ieview continue lo be èmbedded and further implemenled. Trusteès arè planning a furthei effeGtiveness rewew in FY22. The Board has In place a scheme of delegation, darifyino the board's delegation of responsibilities lo its committees and lo the Chief Executive. The Y AB. facilitated by the leadership team. conducted a review during the year c>f its own effectiveness iii achieving its cole purpose. Organisational structurè Trustee Board business meetings are held quarteily. and Tiustees attend a further day each year to discuss and review the hanty s strategic direction. Meetings with Ihe Member ale held quarterly after each Board meeting and are attended by thè Chaii. CEO and other managers and Trustees by invilalion. Throughout the reporting period the Board operated an Audit & Risk Gommittee. Nominations Committee. and a Remuneration Committee. In addition. themalic strategic groups arè convened as needed to take a more agile approach to Trustee support and challenge. Example5 of their work include providing Insight irilo incorne opportunities, including development of major bids and contracts. the development ol our influencing work, and technologicalldigital direction. The fundamental rolè of the committees is to focus on w(>rk delegated by the Board, to provide added scrutiny and challenge, make recommendations lo the Boaid. and lo enhance Board effectivèness and productivity. All commillees ale governed by teims of reference sel by the Board and which are sel out in a Scheme of Delegation and Subject to regular ieview5 Audit & Risk Committe The Comrnrttee reviews and considers the Charity s framework of assurance. including internal controls, risk management and poliues before they are presented lo the Board for approval. The Commiltee meets at least four times each year. The Committee is chaired by all independent Tiuslee. Following an extensive Board appointment prO￿$S in 2020, new members were appointed to the Board. and subsequerilly. to the Cornmrtlee in June 2020. The CotYTrmittee agrees an annual rycle of business and rewebvs ils progress against that work plan al each meeting. Treasuier Peter Wallace has served as Treasurei since April 2019 to support the Board with its financial management oversight and scrutiny iole. The Treasurer meets regulaily with the Chief Finance OffI￿r and Head of Finance. Assurance and Risk. and attends the Audit & Risk Coinmittee by invitation il financial mattels are lo be consiJered. Remiineiation Committee The Coinrnitlee ￿VaS established lo determine and then recommend lo the Board the framework lor setting the EY Foundation s iernuneralion principles and for setting Senior executive pay. The Committee is chaired by a Trustee and includes an independent non-Trustee in its metnb8tship. Folloiving a board appointmènt p10Tr55 in 2020. new mernbers were appointed lo the Committee. During the year the Commillee met lo reviewi and approve the approach to role benchmaiking 8nd pay baiiding. including any amendinents proposed. The Committee also ievieived. speGilically. the approach to pay benchmarking lor the leadership tearn. Re9isiered charity number 1157154 IEnglarKI & Wale$i and SC04)076 Iscollaiidi Regislered company number 8935629

Directors, and Trustgos, rèport for thè period ended 2 July 2021 cont. Oryanisational structure cont. The Committee met formally twiGe during Ihe year. Nominations Committee The Norninations Committee s pritnary purpose is lo lead the Board, Committee. Patron. Youth Advisory Boarcs. and senior leadership appoiiittnenl processes and lo Inonitor board effectiveness and Triislee succes510n planniiig. The committee is chaiied by an Independent Trustee. The Commiltee mel formally loui limes during the year. Its work during the year focused on the recriiilmenl of an indepèndenl Truslee. the reciuitmenl of a new EY Colleague Trustee. establishing a TrustèèlYAB mentoring programme. Board siiccession planning. ievieiv ol IhÈ YAB recruitment process, and reviewing and appioving changes to the leadership team slru¢ture follo¥4iing the ietiremenl ol Margaret Gibson. Deputy Chièf Executive. Y ulh Adviso Board The Youth Advisory Board IYABI was established in Novembei 2019 to advisè The EY Foundation. its Trustees and execiilive on how best lo serve the needs ol young people making a transition into lurtherlhigher educalion. the woikplace 01 self- ernploymenl The establishment ol a YAB provides an ifflportanl forum lor ensuring our strategic delivery plans serve the needs of young people. identifying issues 2nd opportunities and advising on effective policy and service provision foi young people at a sliategic level. The YAB 3150 piovides opportunities for young people to develop leadership skills and be part ol the decisioii-making process Further, the Board piovides the opportunities lor young people lo gain experience and knowledge of bLJsiness and charity praclioes. The Chair and Vice-chair ol the YAB serve as EY Foundation Trustees during Iheii two-year period ol service on the YAB. The YAB has no delegatèd decision-making power. il serves only as an advi50ry function. In FY21, the YAB has supported the EY Foundation in both communications and volunle81ing capacities. developed working groups on social media and diversity and Inclusion alld advised the EY Foundation's leadership and Tiuslè8s on strategic matters. including. pioviding input into the EY Foui)dat105) S thiee-year strategy and FY22 business plan-. supporting Ihe leam with Trustee reciuitrnent by being on interviewing panels and providing feedback thereafter.. participating in programffles. and internal and exteinal events.. presenting al the EY Foundation s virtual Impact Awards event. establishing an Ambassador's Linkedln networkl group.. involved in project work le.g.. Leariiiiig aiid Work Instilute's Covid-19 projecl.- and helpirFg Ihe EY Foundation undertake an extensive review of how the YAB has operated. The YAB meinbers Iwo-year term of office completes in December 2021. Evaluation of the firsi YAB'5 experiences has informed the process lor advertising and iecruiling the néxt board from December 2021. Chaiit Governance Code The Board recognises the importance ol the Governance Code in promoting good governance in the Charity seclor. The Board and Audit & Risk Committee have lully self-assessed the Charity's compliance bvilh the Charily Governance Code and the liirthei guidance issued by the Chaiity Commission ielated lo chaiilies that are connected lo a non-ch8rily The assessmenl highlightèd a high level ol compliance with all aspects of the Code. An action plan has been developed and approve(J to enhance compliance where gaps have been identified. vi. As pari of an ongoing slienglhening of our goveinance and assurance processes. an overall assurance framework has been developed and impletnented over the period of review. This includes any further assurance required lo evidence full compliarTrce with the Charity Commission's guidance. Triislees continue lo kÈep Ihemselves appraised ol developments in the sector and on regulalory and good practice fequirernenls related to governance and ¢harity Inanagemenl. A loimal scheme ol delegation. setting out the mutual responsibilities of the Board. Committees. and the CEO. was approved iii FY20 and has now been iinplemented. mana ement ersonn The Trustees have delegated authorily lo the Chief Executive for the day-lo-day tnanagemenl ol the Charity. Thé EY Foundation's leadership team during the year comprised the CEOIAcling CEO. Deputy Chief Execiilive lunlil December 20201. the Chief Finance Officer. the Head of People. Volunteering and D&1, Head ol Incotne aiid Projects Director. and the Head of Young People s Services. Regislere¢J ch81ily nU1￿bE[ 11S71fJ4 IEn9laThl & Wales) and SC045076 IScoii¥Dd Regisieied company number 8935629

Directors. and Trustees, report for the period ended 2 July 2021 conL Organisational structure cont. In February 2021. Maryanne Mallhews. CEO, requested an extended period of absence lor personal reasons. This was granted by the Board and commenced in March 2021. To maintain conlinuily Ihiough this period a member ol the leadership team. Lynne Peabody. undertook an Acting CEO role. supported by other members of the leadership team. These arrangements ensured the Charity s work continued lo be delivered effectively and the year's results and achievetments are set out further in this report. During the year. a restructuring ol the leadership team was approved by tiuslee5 and Implemented in the summer 2021. with effect Irorn 1 Seplembei 2021. This restlUClLJre was considered and approved by trustees and is designed lo align core leadership roles ivith the key strategic imperatives sel out in the Charity's three-year strategic framework, and to clafify lèadeiship rÈsponsibililies and accountabilities. The leadership tearn was changed from the substantive 5.6FTE ioles ol CEO, Deputy CEO Ivacantl, CFO Ipart timel. Head of Income & Projects Director. Head of Young People s Services. Head of HR. Volunteering & D&1. to the 4.0 core fiill lime roles ol CEO, COO, CFO, and Head of Programtnes & Regions. Each role has a clear role profile of responsibilities and 2 neiv executive scheme of delegation ivill be developed diiiing FY22 to align core accountabilities to these roles. The nel overall change to this sliuclure is a cost saving over lime and an enhancement to the effectiveness of the running of the Ch2ri1y and continuity. Maryanne Matthews left the Chaiity In December 2021. An open recruitment campaign loi a new CEO has commeiiced 2nd is expected to be completèd by the end ol March 2022. The Board Nvould like lo thank Maryanne for all she has done lo help establish the Foundation. Objectives and activities The reporting period matk5 the completion of EY Foundation's seventh year as an independenl UK charity. Thè Chaiity was founded by EY. the professional servi¢es film. our first corporate Investor. Pur Our vision is that every young person in the UK can succeed in the workplace. Wè believe every employer in the UK regardless ol size. or sector has an important iole lo play in giving young people a better start lo their working lives. Our mission is lo reduce the barriers lo work young people Irorn a low-income background faGe. supporting them lo succèssfully transition into higher education. employment. or self-etnployment. Pijblic benefit The Tiuslees confirm that they have complied with the duly in the Charities Acl 2011 to have due iegard lo guidance on public benefit produced by the Charily Commission and believe the undertaking of these adivilies lully meels the requirefflents that all the Chaiity's aims are for the public benefit. The Trustees and managemont leain consider carefully any new iniliatives or changes to delivery models lo ensure they rneel the EY Foundation's primary chaiilable purpose. Our slrale In December 2020 Trustees approved a new three-year stralegic framework for FY22-24. Undèr this fiamework. our six 5tiategic priorities arè to-. Eiiable our CLJrrent activity to have more impact and a wider reach whilst being more effective, by rnaximising digital solutions available to us. Grow our lociis on etllployers and regions to support more young people lo get closér lo the laboui market and into work. Expand our incorne base and maintain a level of reserves that 8nsuiés our sustainability. Focus on funding from new sources and a55essing new delivery models that might unlock them. Define Ihe financial metrics useful for measuring our efficiency and value. Continue lo build on our impact measurement, sharing our results more widely wilh our stakeholders and beyond. Creating an evidence base and knowledge hub lo help wider slakeholdeis understand the importance tsf our mission. Develop and maintain a Ihiiving EY Foundation staff and supporter team. equipped with the right skill set to deliver our Increase in scale and impact Increase our activities io shale the knowledge and evidence base we build up more widely and regularly lo establish ouiselves as the knowledge provider. 5UPPQrt and molivalor lor etnployeis and Goveinrnent lo understand the changes needed lo support young people from low-income backgrounds Into work. Re9isiered chanly number 1157154 (England & Walesi and SC045076 {S¢oii8nd Regi51wed company number 8935629

Directors, and Trustees, report for the pèriod ended 2 July 2021 cont. Objectives and activities cont roach We achieve our strategic aims by working with employers, social and voluntary sectoi organisations, and local cotnmunilies across the UK. focusing on the key impact areas that we know rrake a real difference to young people being work ready. We work on both sides ol the labour market. designing. developing and delivering programme5 that help young people be more woik-ready and employers to be more young people-ready. By bringing young people and employers together we uiilock unlapped potèntial foi the benefit of everyone. Working in collaboration with others. we use the learning and in51ghl gained from our programmes lo challenge the status quo and support creating change al a national level that is long-tertn and susl8in3ble. Our activities include-. providing employability skills training, work experience and guidance lo young people from a lovl-income backgiound.. working with employers ol all sizes lo build an understanding of the opportunities of building a morè diverse workforce". encouraging and enabling social entrepreneuis lo grow Iheii businesses., raising ILinds lo grow and develop EY Found3b"on piogrammes for young people and social entrepieneurs.. collaborating with organisalions that shale our vision lo deepen and scale our impact.. and influencing national decision-makers so that young people's Iransiliori Into work is better supported. Our work with oun eo le Smart Futures Smart Futures is a 10-monlh piogramme for young people in Year 12 IEnglaridl and Filth year (Scotlandl of 5Ghool who have been eligible lor flee school meals in the past Iwo years or for young people that are eligible for college buisary or Education Maintenance Allowance. The programme Includes up lo 2 weeks ol employability tiaiiiing and ivork experien￿. an opportunity to take part in a programme that is formally recognized and approved by the Institute of Leadership and Managemènt. and mentoring support. Alongside thi5. the programme offers a seiies ol interaciive learning éxpeiiences and training, slructuied paid experieiices of work with local employers aiid a series of networking events. Upon graduation. every young person on the programtne joins the alumni network Smart Futures offers young people the opportunity lo leam more 8boul the choices available to 11)em when making decisions about their lulure. broadening their insight into a ivide variety ol industries including professitsnal seivices. heallhcaie. tech, or financial services. The programmè takes place during school holiday periods with the main irilakes being al Easter and Summer. During this period. Sm8rt Futures opeiaied in 13 locations.. Edinburgh, Glasgow, Manchester, Liverpool, Newcastle. Leeds, Bimingham. Cambridge. Lulon. London, Bristol. Reading and Stsulharnpton. Our Future Our Future works with young people, aged 16-19. who face significant barriers in entering the Izbour rnarkel and who are al iisk of becorning 'nol in education, employment oi training. INEETI. The programme helps thein rnake a smooth tiarTr511ion frorn statuloiy education into the labour market. The six-month programme includes up to two weèks of paid work èxperience. onè week ol paid employability training. one lo one support from a mentor. netWOFking events and an opportunity to take part in a programme thai is formally recognized and approved by the Institute of Leadership and Management. Our Future is sliuctured to creale local carèei awarenes5. piovide employability skills training aiid lo offèr extended periods of work experience to ils partieipanls. During the period of ieview. Our Future operated in Perth and Kinioss. London, Luton and Newcastle. Employability workshops The Charity providès workshops foi young people in Year 10 and 11 (Englandl. and third and fourth year Iscotlandl Ivho have been eligible lor flee school meals al any lime in Ihe last two years. Our Inleivenlions develop employability skills aiid build awareness ol diffeienl post-16 career options and pathways. The programtne is designed lo Connect young people ivilh local efflployers and opportunities. Reyisiered thanly number 1157154 IEtvJl8iid & Wales) and SC045076 IS¢oii31i(Jl Regisiered company nunber 893)629

Directors, and Trustees, report for the period ended 2 July 2021 cont. Our work w5th young people conL Into Work As part of the Implementation ol our stiategic framework. we havè begun to develop a new programme thal will be focusèd on moving youiig people directly into work. This programme will launch in the second h311 of FY22 across all our Hub locations. I n addition. this year we launched a new Professional Services programme which aims lo reduce the bariiers for young people wishing lo enlei this sector. Beyond Your Limits The Charity. Ivilh the support of C3reTech Foundation. spent almost a year listening lo the needs and ambitions of care- experienced young people. their professionals and employeis, and co-created a progratnme foi 16-18 year olds. Beyond Your Limits combines employability skills development and paid work experience, with mentoring, a bursary and holistic support that viill be tailored lo each young person s needs. The piogramme provides up to two years o15UPPOrt and Is designed lo help the young people piogress into education, eTnploymenl or training. During the perio(*, the programme operated in London, Manchester and Glzsgow Our work with social entre reneurs Accelerate EY Foundation Provides business support to social enleipiises by offering a 12-month progiamme enabling them lo access skills capital from business coaches, workshops. networking and project support. We want lo help social éntèiprises to grow and thrive so that Ihey can cc>nlinue to play an important role In stimulating local economies and affecting social change. Our focus Is on young social entrepreneurs and those social enterprises focused on the youth sectoi. Social enterprises are vilal lo addressing some of the tnost entrenched social Issues in our communities today. But the day- to-day business ch311enges they lace alè no different to those ol any other enliepreneur- and that includes seGuring funding and income.. vital lo becoming a long-teim force lor Change. We can help tnore young people to reach their polenlial by working with social entreprèneuis. Those young people mighl run Iheii own social enleiprise or be supporled by one. In Ihe period ol this review AC￿lerate actively supported so¢ial entiepreneurs in Scotland. London. the North West. and Yorkshire. Due to the unpiecèdenled nature ol Covid-19. we offered the cohort. which began the progratnme In 2018. an extension ol 6 months. This oflei was taken up by a significant number ol the cohort. and the leedba¢k was that Ihe support was invaluable during that period. Achievements, Performance. and Impact Qur response to_G_ovid-19 With Covid-19 making face-lo-lace delivery impossible diiring the year. we built upoll our FY20 innovations lo continue to deliver our piogrammes virtually. As with the prioi year, we listened to ouryoun9 people lo ensure we wére undeislandiiig and addressing their concerns diieGlly and helping them navigate this period of uncertainly. Viriual dèlivery enabled the EY Foundation lo reach those who previously may not have been physically able to attend due lo a decrease in travel or geographiGal conslrainls. We know Ihal not everyone has easy access to digital learning. so we worked to ensure we Gould provide laptops to all young people due to lake pari in our programtn8s. Using insights from FY20. we developed and deployed 33 online prograrnrnes. including a virtual work experience placement lor each student. We commissioned the Learning and Work Institute to undertake an independeiil study of the impact ol the move to virtuallhybrid delivery, lo infoirn our plans lor lulure progiarnme delivery. The final ieporl was received in August 2021 Key filldings were. Overall young people who partlClP81ed in our programme5 weie seen lo be experiencing more challenges in their lives than pre-paiidemic cohorts. The noted benefils ol virtiial delivery iveie that.. Programmes were considered more accessible to young people and employers. They beller enabled less confident young people to contribute. Registered chariiy nuMi￿r 1157154 (England & Wales) ar￿ SC045078 Iscoiiandl Regislered company Duml)er 8935629

Directors, and Trustees, report for the period ended 2 July 2021 cont. Achievements, Performance and lrnpact cont. Virtual mentoring wa5 rnore convenient for both yOLJng people and volunteers. Challenges faced were.. Maintaining engagement from the young people. some of whom were reticent about being visible on scrèen. Understanding who needed feedback and support. Learning about cotporale culture and building networks wilh peers and employers. Young people's home environments were not always conducive to learning. The intended progratnme outcomes were achieved through virtual delivery and feedback was broadly sirnilar lo face-to- face delivery. Howevei. some groups experienced lèss benefits from online delivery le.g young Black people. those from households on benefits. and those kvho were English lor Speakers of Other Languagesl We should develop flexible models ol luluie delivery. Cov4d-19 impacted negativèly on our ability lo raise external funds through Iradilioiial fund raising. particularly through the canTrllalion 01 postponement ol all domestic 2nd international tieks and events. All planned lundiaising events in FY21 ivere can￿lled or deferred. To rnitigale this iinpacl. digilzl fundraising ac11vilies were tiialled. inclLJding our #Slepsforsuccess digital active challenge. Grant makers concenlraled more on suppoiling those charities pioviding immèdiate crisis provision. which reduced our ability lo secLire new funding sources in FY21. Our cotporale partneis supptsrted our move lo virtual delivery Ihiough this period. We continued lo develop our approach ol working with etnployers on seclor-based ¢ollaboration5. building on the success of existin9 parti)erships During the year the EY Foundalion started lo develop ils approach to engaging with individuals ol high nel worth. Our first event in April 2021 was pivotal in building these relationships and led directly lo a new torporale partnèrship. new introductions. and new volunteers. Performance a ainsl outc me tar els During the peiiod. the EY Foundation continued to tnake progress in helping young people acr05S the UK reach their full potential. Considering the effects of Ihe Covid-19 pandemic and the uncertainly that this event has brought to the UK economy, it was anticipated that our movement lo online programme delivery would reduce our ability lo inteFact bvilh our key slakeholdeis (young people, social enterprises. volunteers and employers). Thèiefoie. in our 2021 financial year. Ive look a conservative approach lo selling our performance largels as we continued to adjust to a new foirnal of online programme delivery. OLJring the period" Our piograrnmes supported the folloiving participants.. 2,440 young people. including 1,163 partlGipanls who qualified lor Free School Meals and a further 20 young people curiently in the care system.. and 63 social eTrtiepieneurs. A loial of 2,503 young people and eiitrepreneur5 were supported during the FY21 financial year. exceeding our annual largel 011.123 by 123Q/.. However. this is 8 64°A decrease on the prior year IFY20". 6.95Jl. 2.510 volunteers supported our programmes and fundiaising activities Our perforrnance exceeded OLJr annual largel of 925 by 171°/o and ièpiesented an increase over the prDr year 0115.1. IFY20.' 2.1761. 272 employers ivere engaged in OUF work. Our performan￿ exceeded our annual target 01196 by 39°/o and represented a decrease over the PFior year of 200A IFY20'. 3411. Perfoiin ncea ain financial tai els We took a cautious approach to budgeting lor FY21 due lo the unquantifiable Impact of Covid at the liine the budget wa5 PFepared. Income targels were based on secured income only. with no assumptions loi secLJring furthèr grant. employer 01 fundraising income Iii the year. Al the same lime our locus was on proleding our higher impact ivork. our team. aiid the Chaiily s financial sustainability. This iesulled in a budgeted defiat of É394k loi thè linar)cial yèai. The reserves posltion was sufficient to protect the Charity from significant finanaal risk during the year. Against Ihis cautious backdrop we therefore ex¢eeded all our financial targets for the yeai, In terms tsf income raised. expenditure contained within budget. and the resultant net benefit lo the bollom-line surplus lor the year. Registered (harty nLimber 1151 1J4 IEng13nd & Walesi aiid SC04J076 Iscoiiandl Registered Conipany nw)iber 8935629

Directors, and Trustees, report for the period endèd 2 July 2021 conL Achievements, Perfom)anc• and Impact cont. In FY21 we supported 2,440 young people and 63 social enterprises. In supporting the young Peop￿ and soaal enlerpiises ¥ve created 2,510 volunleei and 272 employer opportunities. 61°/0 ol the young people were female and 83°/ts non-white. We havè bèen innovating since our inception. back in 2014. and the need to continue doing this has never been dearer. From July 2020 to June 2021. we Innovated lo increase impacl in the following ways.. Programmè delivery all our programmes have beèn delivered virtually this yeai. We worked viith the Leaming and Work In5tilule to gain a deeper understanding ol the impact of virtual training. with full findings published in October 2021 Working wrth more employers vie ve targeted fasl-growing sectors ol the economy and laLJnched several new. sector specific programmes. These includè Tech FLJluies. Secure Futures and a partnership wilh the Chartered Banker Inslilule. Increasing locus on diversity and inclusion action has been taken inleillally and externally. This included publication of 11 lace commitments and OLJr joinl report with EY 'Getting In and gelling on. Governance and suslainability appointment of new board members. new 5-year funding agreement with EY and approval ol a new 3-year 5tiategic fiamework. Financial review The Charity funds ils activities through corporate and individual donations and fiotn fundiaising events. Total income raised in the period was £3.496k 12020.. £3,064kl of which £275k 12020.. £949kl wa5 iestiided Total expenditure was £3,278k12020'. £3.323kl. As a result. thè charity produced a surplus of £218k and was able to increase unrestricted iÈserves by £144k. In this period our prograTnmali¢ activity has been funded through donations by EY. other corporate partnerships. and through new graiils secured during the year. We se¢ured a new five-year funding agree￿ent and master services agreement wilh EY. with effect from July 2020. We take an incremental lockstep approach to expendituie. increasing progiatmtne staffing resources once additional revenue is Confirmed. This Is 8 critical part ol the Charity'5 financial risk maTragernent process. From March 2020, one ol the actions taken in response to Covid-19 was to freeze all recruitment and lo eliminate all non-essential spend. Our approach was guided by livo principles." to innovate the work do in ordei to create maximurn impaol through virtual delivery. and to protect our staff and the Charity from the impact ol Covid-19. This approach strengthened the Charity's resilience al the start of the period. enabling inveslments lo be made during the year. Covid-19 and concern The Charity look early action in Mareh 2020 to recognise, and then mitigate, the financial and operational impact of Covid-19. Immediate steps Included pausing or cancelling all staff recruilmenl. re-foiec3sling based on the most pessimisti¢ of 3 range of POS5ible scenafios. mandating virtual working, and moving face to face piogramme delivery lo a virtual model. These 8clion5 protected the Charity s cash and reserves p0511ion. whilst also prolecling services to our beneficiari85 throLJgh rapid innovation in programme design and delivery. All Cowd-19 risk5 were reviewed and monitored through a specific r1sk register. and the financial impacts assessed through scenario planning. business intelligence. and sector knowledge. A budget for FY21 was approved by Trustees, prepared based on conlracled 01 otherwise-secured income sources only. To &nable the Charity lo be responsive lo any further financi81 Impacts, positive or nèg£live. performance against the budget was subject to continuous review lo 12cililale further reductions or new Investments where needed. whilsl remaining in Ihe agreed reserves poli¢y. The Charity budgeted lor a £394k deficit. of which £145k was a deficit on unrestricted funds. With this level ol deficit. the Charity's reserves were still projected to be within the agreed po￿leY level. and thè cash flow position showed a Clear ability lo remain a going concein. Subsequent to selling the FY21 budget. Tiuslees have continued lo monitor the additional savings rnade and income secured by the Charity and have adjusted lorecasis a¢coidingly, continuing to adopt the posrtion of forecasting only secured income, whilst investing resources in the developtnent of new funding opptsrtunitieg. Tfuslees wntinue to consider that the Charity is a going concein and able to meel Ils debts as they fall due, based on the ftrllowing aNalysis' Having a >year funding arnd ma5tei services agreement in placè with EY, with lunding provided on an unrestricted basis This provides surety on the Charrty's principal source ol funding and. with funding provided quarterly In advaiic8. also ieduces cash Ilobv risk. Budgels and forecasts lor FY22 ale based on known and secured sources or with further additional in¢ome taigels Ihal are considered lo be achievable. The Cliarily has no fixed cosls aiid all costs are under the control of the Charity s Tiustees and management, enabling responsiveness lo any further doivnturn. Registered chaiity nun)ber 1157154 (Ewland & Wales) 3n¢ SC045076 Iscollandl Re9islered company nuillber 893￿29

Directors, and Trustees, report for the period ended 2 July 2021 conL Financial review cont. The cash flow forecast lor the next 12 months. prepared on the above assumptions, show5 a positive cash flow foi all months with the minimum cash balance falling to £1.285k over that period. Cash flow foiecasts have been stiess-lesled, principally lo reflect any potential wilhdiawal or deferial of unsigned contiacted income by corporate partneis. The maximum loss ol income under this stress test is £1.665k. With this potential loss of income, the net IlTipacl on the minimum cash b31ance would bè £1.173k. As at the dale ol siglling of these financial statements. the Trustee5 forecasts Indicate that the EY Foundation i'iill be able to maintain liquidity for 8 period of al least one year following the date of signing these financial slalemenls and ivill therefore be able lo continue lo operate as a going ¢oncern. The Tiuslees consider that no material uncertainly éxisis in ielalion to going concern lor the EY Foundation. Reserves policy. A substantial proportion ol the Chaiily's income comes from EY in the form of baseline fundiiig defiiied wilhin the funding agreement between the two enlities. A new funding agrèement wilh EY was agreed in June 2020 coveiing the period up lo 2025. All fulure inwme from EY is treated as unreslricled income for the pursuit ol our charitable activities. Trustees agreed a new reserves policy in June 2021. which builds upon the previous iisk-based approach. The poliw idenlif16S the risk factors for which reserves 3Fe ietained. the process foi estirnaling the level ol reserves required against each risk area. and the CiFcumstanc&s under which reseNes may be built above the minimum reserves level for future Investment. In addition lo restricted and ur)reslricted reserves, the policy also indudes thè establishment and use ol designated reserves. al the discielion ol Trustees. Total funds al the peiiod end are £1.306k12020' £1.088kl". unrestricted ieserves stood at £1.072k12020.' £927kl 2nd iestricled resetves at £234k12020." 2161 kl. Trustees designated £100k12020' nill ol unreslricled resèives for investment an Into INork programme during FY22. In preparing the budget lor FY22 the assessment ol the minimum unrestricted ieserves level required. based on the assessment of risks was £549k to £815k. The level ol unreslricled resèrves at 2 July 2021 was therefore above the minimum requirement. Inveslmentpolic The Charity ieceives funding from EY. the main funder, on a quarterly basis. The EY Foundation has a low tolerance lo capital volalilily and adopts a cautious attitude to iisk. The Board has Ihereloie decided thai the Charity s reserves should be maintained in limmedialely accessiblel cash deposits with low-risk financial inslitulions. The policy and guidance are reviewed and updated annually or as necessary to ieflecl change5 in issues of particular interest. best practice and new invèslmenl laws. regulations. or advice. Risk management The Board and management acknowledge that sound risk m8nagement 1s fundamental lo both good governance and good management practice. Risk management lorrns an essèntial part ol the Charity's decision-making piocess and is inlegraled Into strategic and opeiatioiial planning. Risk assessments arè carried out on all activities and projects lo ensure they adheie lo the Chaiity s objective5. Risk an8gement Is part of the Chaiily s internal control system. A risk register covering all key corporate risks Is maintained and updated and reviewed by the management learn during thè year. The Board. Commillees and leadership team consider all key acliwly wilh a risk mindset and this contributes to the way new Initiatives are developed and performance is moniloied and reported. The effecliveness ol the risk management framebvork is regularly reviewed and updated as considered appropriate. All staff ale provided with adequale training on iisk management lo help them eflici&nlly fulfil their roles aiid responsibilities. The Audit & Risk Committee reviews the iisk iegisler al least twice annually and makes regular reports available to the Board peiiodically. and in accordance with the natufe of any identified risks. During the year the Board re-confirmed and monitored the Charity's principal iisks and reviewed the ongoing specific risks to the Charity arising from Covid-19. The Board $150 considered its risk appetite. Regisiered charity nuinber 1157154 (England & Wales) and sc045076 IS¢oii¥iidl Registered comp8ny number 8935629

Directors. and Twstees, report for the period ended 2 July 2021 ¢onL Financial rèview cont. Risk assessment The formal risk assessment process involves the identification. analysis. priorilisation. Management and monitoring of each risk. This inlormalion is then used lo populate the risk register and to carry out subsequent updates. The register ideiilifies some key iisks associated with each of the following categories.. governance.. external laclors.. financial., operational,. and compliance w11h laws and regulalions. These are shtswn ttsgelher with the potential impact and the action required lo manage IhÈ8e iisks. The input of the Board and management is Crucial in ensuring Ihe register is tailored lo addiess the specific issues aflecling. or that could potentially affecl. the Charity's operations. The Board's allilude lo risk and the nature ol the activities undertaken Ljllimately delerrnine the iisk grading assigned lo any risk area. The Board consider ils risk appelile during the year. Prlnclpal risks Thè EY Foundation adopts a managed appr03ch to risk. overseen by the Audit & Risk Committee. The corporate risk register is reviewed by the management team and Audit & Risk Committee periodically, within a broader framework ol assurance. Actions lo m3nage operational iisks ale identified and implemented Ihrough Ihe managemènt slruclurè. Strategie corporate risks are reported lo the Board and Audit & Risk Comtnitlee and mitigation actions discussed regularly. The 5-yeaF funding relationship with EY provides an element of financial risk miligalion but the landscape in which the Charity works. as lor all charities has changed due to the impact of Covid-19 and the ensuing economic uncertainty. The key strategi risks ale theiefoie considered lo be. achieving a broad diver51ficalion of income in the eurrenl economic and social climate.. allracting. and then ietaining. sufficient staff ¢apacily to deliver our strategies and programtnes". and the ability lo work with employers. fundeis. and other slakeholders, in the complex and highly regulated environment in ivhich we operate. Fundraising The Charity funds its actlV1ties through corporate and individual donations. grant bodies, and fundraising evènts and activities. Soine fundraising events ale controlled and carried out directly by the Charity rather than through third parties Our treks and challenges are USL5ally eairied out by a third party %vith oversight from the Charity and the relevant Insurance In place. Most ol the fundraising activity during the period was targeted at. and generated by. EY partners and sitff. Due lo the onset of Covid- 19, face to face fulldiaising events ceased frotn March 2020 and onl'iards throughout FY21 loi public safely. The EY Foundation subscribes to the Funding Regulator and ils code ol fundraising p13clice. The iegulalor assumed responsibility for regulating fundiaising from Jiily 2016 and investigates complaints and lundi3i5irig that has c8used significant piiblic concern We strive to create a positive donor experien¢e foi our supporters, and will continue to make improvements. adheie lo new regulations and build engagernenl and value by ensuring our suppoiteis ale al the heart of our work. Our Tieasurer oversees lundiaising performance and rèlated fvnd18ising policy and pracliee, and our cotllp11an￿ with the re9ulatory standards. We would again like to thank all our supporters lor the generous funding and donations. whi¢h have enabled us to help even more young people in 2021. In addition lo our main corporale donor. EY. we are also very gratelLJI foi the support and funding from an increasing number of funders and for their flexibility during this challenging year. Our sUPPOrters and volunteer5, both internal lo EY and external. are key to our charitable activities and fundraising. Outside of the EY donation, we iai5e funds in several diffÈrenl ways.. engaging with corporate partners to deliver more pro9rammes lo more young people., tsiganised challenge events and oth81 traditional fundraising events and acliviliÈs-. working with high net worth individuals.. and se¢uiing grant funding. Our incorne generation is managed by our trained in-house team. We do not engage in street lundra1sing or telephone liii)draising cafflpaigns and do not OLltsource any fundraising to Ihird parties. Our mission is to raise funding to support young people and none of our fundraising activitie5 are diFected lo￿VardS seeking funding from those we ale here to help. Registered charily numbei 1157154 IEtvJ13nd & INalesi and SC04507fj Iscollaiidl Regisiered company nutnber 8935629

Directors. and Trustees, report for the pèriod ended 2 July 2021 ¢onL Fundraising cont. We lake Ihe responsible use of personal data seriously and assess our level of GDPR compliance as parl ol a developing franiewoik ol assurance. We will only &ver contact donors who have explicitly 'opled in to receive comniunic3tioiis froin us. Should we fall short ol the standards expected by our donors we have a complaints policy laG¢essible via our websilel where their concerns can bè submitted. In the financial period 2021 there were no cotnplainls receivèd about fundraising foi the Charily12020'. nill. We are committed as a Charity lo oulslanding fundraising conduct and believe that over the year. EY Foundalioii has mel the iequiieineiils in this dornain. Plans for future periods During the reporting pÈiiod we continued lo work pioactively to piolecl our Charily fioin the on-going consequences from Covid-19 and in response accelÈialed the innov3tion ol the desigri and delivery of our prog13mmes Duiing FY21 the Charity sel a new strategic fiarnework lor the nexl three years. building upon and consolidating the work done in the pievious reporting period and the lèaiiiing from Ihis extraordinary year. This has been supported by a Iotwaid-looking financial strategy. The econotnic context In which we will operate in FY22 is expècted to be less arduous than the past year and thus should afford us the opportunity to continue to grow tsur ohaiity in ils leach and deeper Impact. con5idei hybrid programme delivery models and engage in more traditional fundraising aclivilies (depending on gafety measures 3nd goveri)IHelll gu..delinesl. On this basis we have been more atnbitious in our setting ol large15 and financial plai)ning for Ihe year ahead than In FY21. A key element ol our stiategic Irameivoik is lo design and develop a more dynatnic approach lo our adoption of digital and tè¢hnology approaches. The EY Foundation continues to respond to the diversity and inclusion issues highlighted Ihrough the Black Lives Movement. Our sleéiing group, Race Forward 21. Iva5 set up. and set our 11 public commitments detailing hobv ive will li￿p[Ove raaal diversity In our organization sl all levels. on our prograrnmes. and the outcomes we strive lor through our ivork We will continue to stiive towaid5 these cominilmenls in the year ahead and thereafter. Oiji work in FY22 will be focused on five key aieas.. 1. Impact and roach We will continue with our Ready to Vvork employability progiammes le.g . Smart Futures and Beyond Your Limits) and pilot a new programme.. lrnlo Work. which should provide the platform on which we can partiiei with employers from larg8led. growth sectors across the UK to assist young people into Ihe work place. These objectivés will be supported by.. building and strenglh6niTrg relationships. partnerships and networks. implernentation of a new CRM and website which will provide both intern81 efficiencie5 and external awaieness. respeclively." and engaging with young people, data and government on a deepei level to understand the exlenl ol, and Sliive to resolve. youth unèrnployment 2. Sustainability There are three facels lo our sustainability Inodel. The fiisl is.. Income sources. Following the establishment ol our FY22 financial stralegy Ive are aware of the optimal mix and level of incotne desired and thus can work lobvards this. Our approach over the coming year will be lo.. target trLJSiS and foundations that share our desired Into Wtsik impact outcomes.. develop new ai)d existing corporate partnerships.. assess the potential for digital fundraising and the implications ol the changing fundraising mechanistns.. and eiigage with high nei worth individuals and relevant philanthropic funds. Our second facéi to sustainability is." Kno%vledge. This will include financial upskilling of the wider team to en5uie we are making sustainable kn'ds that provide good value lor money and Felum on investment. Our third and final facet is.. Governancè. which will balance the need for reserves with the need lo put our In¢orne to work. Regi51ered charity nulli￿[ 1157154 IEn9lcind & Walesi ar￿ SC045076 IScoiiail(I Registered company nutnber 8935629

Directors, and Trustees, report for the period ended 2 July 2021 ¢ont. 3. Measuring impact and butilding an evidence bas• We will continue lo build our irnpael measurement, sharing our results rntsie widely with our stakeholders and beyolld By Ciealing an agile eviden¢e base and knowledge library will help wider stakeholders undeisland the itnportance of our mis510n and enable lis to be responsive lo chaiiges in young peoples and employers needs. To ensure we have continuous development and appropriate measurement milestones we will engage exleinal evaluations ol our new piogramtnes. Approach to people We ivill invest time into our tearns. and volunteers development ol ski115 to facilitate an environment of growth and le3rning. This dèvelopment will enable informed and relevant discussions to be had with. and provided lo. employers. young people and tsur network5. Oiversily and inclusion will continue to be key as we drive towards delivering on our race commitments sel in thè piior year and creating a cullure ol inclusion and belonging. 5. Sharer and provider of knowledge W6 viill continue to provide a voice ol young people. ensuring that their needs and Ihoughls are ieflected in our work. Through our Investment in technology aiid by working collaboratively with external partiÈs. we would like lo reach and engage young people and employer5 via a sophisticated. relevant, and content rich method of communication In order create change. We will strive lo better understand how our brand enhances our ability to engage both sides of the labour maikel. how our targel audiences respond to il and what changes can be made 10 1ncrease impact This going hand in hand with building our relationships with EY lo fa¢ilitale promotion ol volunteering opportunities to support programme delivery. Registered charity 1157154 IEngisDd & Wales) ¥nd SC045076 IS¢oilar￿￿ Registered cotnpany n￿llber 8935629

Statement of Trustees, responsibilities The TIu51ees are responsible for preparing the Directors. and Tiustees, Report and the financial statemeiils in accordance with applicable laiv and United Kingdom Accounting Standards. including Fillancial Reporting Standard 702 Tlie Fiiiaiicial Repoitiiig Stai?dard applicable iii Ilie UK and Repiiblic of Irelaiidlunited Kingdom Generally Accepted Accounling Practicèl. Thè law applicable to ¢harities in England and Wales, and Scolland requires The Trustees lo prepare linanaal slalernents for each financial year which give a tiue and fair view of the slate ol affairs of the Charity and of the incoming resources and application ol resour￿$. including income and expenditure for that period. In preparing these financial slalemenls. The Trustees are required lo.. Seleel suitable accounting policies and then apply them consistently Make judgemènts and estimates that are reasonable and prudent Slate whelhei applicablè UK Accounting standards have been followed, subjecl lo any material departures disclosed and explained in the linan¢ial statements Prepare the financial statements on the going concern basis unless it is inappiopiiate lo presume that tlie Charity will continue in businÈss The Trustees are responsible lor keeping adequate accounting re¢ords that are sufficient lo show aiid explain the Chaiily s transactions and digclose with reasonable accura¢y at any time the financial posilion of Ilie Charity and enable them lo èn5vre that thè financial slalemenls comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assèts of the Charily and hence foi taking reasonable sleps lor the prevenlion and detection olfraud and other irregularities. Sof3r as each person who was a Trustee at the dale of approving this report is aware. there is no relèvant audit information. being infonnalion needed by the 8udilor in connection with pieparing ils ieport. ol which Ihe aLJditor Is uiiaware. Having made enquiiies ol fellow Trustees and the auditor. each Trustee has taken all the steps that hèlshe is obliged lo lake as a Trustee in order lo make hitnselflherself awaie of any relevant audit infoitnation and to establish that the auditor Is aware of thal information. The Trustees are responsible lor the maintenance and integrity ol the corporate and fi'nancial information included on the charitable company"s webpages Legislation in the United Kingdom governing the preparation and dissemination ol financial statements may diffei Iroin legislation in othèr jurisdictions. Auditois BDO LLP have been appointed as the Charity s auditors during the period. In preparing this Trustees. report advanlage has been taken ol the small companies. exemption. including the option not lo pioduce a strategic report. The Directors and Trustees Report on pages 3-15 was signed on behalf of the Directors aiid TrLlStees by.. Patrick Dunne (Chairman) 16 March 2022 Registered Charity number 1157154 IEn9land & Walesl and SC045076 Iscoiiaiidi Reyisiered cotnpany niimbei 8935629

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE EY FOUNDATION Opinion on the financial statements In our opinion. the financial statements.. give 3 triie and lair view of the stale of the Chzritable Company's affairs a5 at 2 July 2021 and ol incoming resources and application ol resources for the period then ended.. have been pioperly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and havè been prÈpaied in 3ccoidance with the requirements of the Gotnpaniès Act 2006, the Charilies and Trustee Inveslmenl Iscotlandl Act 2005 and iegulation 8 of the Chaiities Accounts ISGotlandl Regulations 2006, as amended in 2010. We have audited the financial slalèments of the EY foundation 1.the Charitablè Company") lor the period ended 2 July 2021 which compiise the slaletnenl of financial activities liiicorporating an Income and expendituie accountl. the balance sheet, Ihe stalemenl of cash flows and noles lo the financial statements. including a summary of significant accounting policies. The financial reporting frameivoik that has been applied in their preparation is applicable law and Uniled Kingdom AC￿lIntIng Standards, including Financial Reptsrting Standard 102 The Financial Reporting Standaid zpplicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Pra¢li¢el. Basi5 for opinion We conducled our aLJdil in accordancÉ with Intèrnational Slandaids on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those sland3rds are further de5cnbed in the Auditor's responsibilities foi the audit ol the financial slalemenls section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate lo piovide a basis for our opinion Ii?dep8iideiice We remain independent of the Char1table Company in ac¢oidance wf(h the ethical iequiiements relevant to our audit of the finan¢ial slatemenls In the UK. including th& FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordaiice with these requirements Conclusion5 related to going concem In aLiditing the financial statemen15. we have concluded that the Trustees. use of the going concern basis ol accounting in the preparation ol the financial statements is appropriate. Based on the work we have pertormed. we have nol identified any material uncertainties relating to events or conditions that. individually or collectively. may casl significant doiibt on the Charitable Cornpany s ability lo continue as a going concern lor a period of at leasl twelve months from when the linanaal slalements arè aulhorised for Issue. Our responsibililies and the iesponsibilities ol the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Tiustees are responsible lor the other information. The othèi information comprises the information included in the Annual Report. other than the financial slalements and our auditor s report thereoll. The othei informatioll cotllpiises the Directors and Trustees, report for the period ended 2 July 2021. Our opinion on the financial statements does not Cover the othei information and. except lo Ihe extent otherwise expli¢illy staled in our report. we do not express any foim of assuranTr conclusion Ihereon. Our responsibility is lo lead the other Infoiinalion and. in doing so. consider whether the other Information Is malerizlly inconsistent with the financial statements or OL5r knoivledge obtained in the audit or otherwise appears to be materially tni55tated. 11 ive identify such material incoiisislencies 01 3PP31enl mat&iial Inisstalernpmls. we are required to determine whether there Is a material misslzlemenl in the financi21 statetnent5 or a material misstatement of the other infoimalion. If. based on the work we have performed. we conclude that theiè is a tTralerisl Inisstalemeiil of this olhei information. we are iequiied lo report that fact. We have nothing lo report in this iegard. Reg151ered charity nufiiber 1157154 (England & Walesi and SC045076 Isrollandl Registered company nunber 8935629

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE EY FOUNDATION cont. Other Companies Act 2006 reporting In our opinion, based on the work undertaken in the couise ol the audit.. the information given In the Trustees. Report. which includes thè Directors, Report prepared lor the purposes ol Coinpany Law. lor IhÈ financial period for which the financial slalernents are prepared Is consislenl ivith the financial slatements.. and the Directors Report. which are included in the Trustèès. Report. have been prepared In accordance with applicable legal requirements. In Ihé light ol the kriowledge and understanding ol the Chaiilable Company and its environment obtained In the course ol the aud￿1, we have not Identified tnalerial misstatement in the Trustee's report. ive havè nothing lo report in respect ol the lollowirFg rnatteis In relation lo which the Companies Act 2006 and the Charities and Trustee Investment Iscollandl Acl 2005 rèquires us lo report lo you il. In our opinion, proper and adequate accounting records have not been kept. or returns adequate for our audit have not been received Iiom branches not visited by us., or the fi'nanaal slalemenls are not in agreemènt with the accounting records and retums", 01 certain disdosures of Directors. remuneration specified by lavi are not made.. or we have not received all the information and explanalions we require loi our audit., or the Iruslees weie not enlilled lo prepare the financial statement5 in accordance ¥'iith the sinall companies regime and lake advantage of the small coinpanies exernptlDns in preparing the directors. report and Iioin the requirement lo preparé a stiategic report. Responsibilities of Trustees As explained more lully in the Statement of Ttustees, rÈsponsibililie5. the Trustees (who are also the directors of the charitablè company lor the purposes of company 12wl ale respongible for thè preparalion of the financial Statements ai)d foi being satisfied that they give a true and lair vieiv. and for such internal conlrol as the Trustees delermines is necessary lo enable the preparation ol financial slalemenls that are free from material misstatement. whether due lo fraud or error. In preparing the financial slalemenls. the Trustees are iesponsible for assessing the Charitable Company s ability to continue as a going concern. disclosing. as applicable. m8llers ielated lo going concern and using the going concern basis of accounting uiiless the Trustees either intend lo liquidate the Charitable Company 01 to Cease operations, or have no realistic alternative biit to do so. Auditor's responsibillties for the audit of the financial statements We have been 8ppoinled as audiloi under section 4411llcl of the Charities and Trustee Investment IScotlai)dl A¢1 2005 and under the Companies A¢1 2006 and report In accordance viilh the Acts and relevant regulations made or having effect thereiinder. Our objectives ale lo obtain reason3ble assurance about whether the financial slalemenls as a whole are free frtstn material misstatement. whether due to fraud 01 error. and lo issue an auditor s report thal includes oiir opiiiion. Reasonable assu13nce is a high level of assuran￿. bul is not a guarantee that an audit conducted In accordance ¥vilh ISAS IUKI will always delecl a material misslalement when il exists. Misstatements can aiise from fraud or eiror and are considered material if. individiially 01 In the aggregate. they could reasonably be expected to influence the economic decisions ol useis taken on the basis ol these Iinaiicial stalemenls. Ext8iit to whi¢h the audit was capab18 of delectii?g Ir￿gUI￿nI1s. includii?g fraud Iriégularities. including Iiaud. are instances of non-compliance with laws and regulations We design procedures in line with our responsibilitiès. outlined above, lo detect material Inisslaletnenls in respect of irregularlties. induding fraud. The extent to which our pro￿di1res are capable of detecting irregularities. including IraLJd Is detailed below-. Regisleied charity nurQr 1157154 IEn9Sand & VQalesi and $¢045076 Iscollaiid Regisieied company numbei 8935629

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE EY FOUNDATION cont. Auditor's responsibilities for the audit of the financial statements conL We obtained an understanding ol the legal and iegulatory frameworks through our accumulated knowledge and conside131ion of sector information that is applicable to the Charitable Company. We determined that the most significant which ale directly relevant to specific assertions in the financial slalemerils are those ielated to the financial reporting frainework including bul not limited to United Kingdom Generally Accepted Accounting Praclice. the Charities Act 2011. the Companies Act 2006. Trustee Investment (Scollandl Act 2005. Data Protection Act 2018, Bribery Act 2010 and tax We undeislood how the Charitabl8 Company is complying with those legal and règulatory frameworks by making enquiries to Iranagemenl and those iesponsible for legal and compliance piocedures. We corroboialed our enquiries through our ieview ol minutes. We as5es5ed the susceptibility ol the Charitable Company's financial statetnents to material misslalemenl. including how fraud might occur by discussing wrth management vihere it 15 considered there was a susceptibility ol fraiid relating to maiiageinenl override of controls and impropèi income recognition. In addressing the risk of fraud, including the management overiide of controls and itnpioper Incorne recognition, Ive leslèd Ihe appiopiiateness ol certain manual jouri)als. reviewed Ihe application of judgements associated with accounting estitnales for the indication of potential bias and lesled the application of cut-off and revenue recognition. Our audit pioceduies ivere designed lo respond to risks ol material misslalemenl in the financial staterrenls, recognising that the risk ol llot detecting a material misslalemenl du6 to Iiaud is higher than the risk of not delecling one resulting from error. ag fraud may iiivolve deliberate concealment by. lor exarnple. forgery, misrepresentations 01 through collusion. Thèrè arè inherent litnitalions in the audit procedures performed and the further removed non-¢ornpliance viilh laws and regulations Is frorn the events and transactions iefleoted in the financial slalements, the less likely we are to become aware ol it. A further description of our rèsponsibilities for thè audit of the financial statements is locateLI at the Financial Reporting Council's I"FRC's I website at.. hlt 5".Ilwww frc.or .uklauditorsres onsibilities. This description forms part ol our auditoi s report. Use of our report This report is made solely to the Chanlable Company's members. as 8 body. in accordance with Chapter 3 01 Part 16 01 the Companies Acl 2006. and lo the Charitable Company's Iruslees. a5 a body. in accordance with the Charities and Trustee Investment Iscollandl Act 2005. Ouf audit work has been undertaken so that we tnighl slate lo the Charitable Company's members aiid Iruslee5 those matters vle are required to slate lo them in an auditor s report and for no other purpose. To the fullest exlenl permitted by law. vrfe do not accept or assume responsibility to anyone other than the Charitable Coirpany, the Chaiitable Company's members as a body and the Charitable Company's Iruslees as 3 body, for our audit work. for this ieport, or lor the opinions ive have formed. Do S*n•dby'. C9A7C738W5456 Laurence Ellioll Isenior Statutory Auditor) For and on behalf ol BDO LLP. slalutory auditoi Galwick. UK Dale.. 23 March 2022 BDO LLP is a limited liability partnership registered in England and Wales Iwith registered number OC3051271. 19 Regisiered charity number 1157154 (Englano & Walesl and SC046076 (SCO￿and RegL%iered ¢omp8ny number 8935629

Statement of financial activities (incorporating an Income and Expenditure account> for the period ended 2 July 2021 Period ended 2 July 2021 Period ended 3 July 2020 NDte3 Unrestricted funds Restricted funds Unrestricted funds Restricted funds Total funds Total funds INCOME FROM Donations 2.828.047 144.981 2.973.028 1,904,541 703,090 2.607.631 Charitable activities 392,832 129,900 522,732 167,964 246,353 434.317 Other trading activities 22,168 22.168 Total iiicoin8 3,220.879 274.881 3,495, 760 2,114.6T3 949.443 3,064. 116 EXPENDITURE ON Raising funds 11,094.3701 121,6471 11.116,0171 1621.0881 1227.5961 1848.6841 Charitable aclimtiès 11.956,6971 1205,0911 12.161,7881 11,083.Oefjl 11,39LI,7641 12.473.830) Tolal exp&iJdifu 13.051,0671 1226,7381 13.277,8051 11,704.1541 11,618,360} 13,322.5141 NET INCOME AMD NET EXPENDITLIRE IN FUNDS FOR THE FINANCIAL PERIOD 169,812 48,143 217.955 410.519 1668,9171 1258.3981 Trèiisler 8elwègiJ F1113ds 14 125,4351 25,435 IVET A40VEfvIEMT IN FUJVDS 144,377 73,578 217.955 410.579 {668,917J 1258.3981 RECONCILIA rioN OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FOR WARD 927,48g 160.574 7.088.003 516,970 829.431 1.346.401 l.Q71,866 234.092 1.305.958 927.489 160,514 1.088.003 All income and expenditure relates lo conliniiing aclivilies. The Charity has no ieeognised gains 01 losses other than those included in the results above and therefore, no separate stalement of total recognised gains and 105ses has been preseriled The accowpanying noles fom part of these financial slalements on pages 23 - 32. 20 Regisiered chaiity nuinbey 1157154 IEn9land & Walesi anu sc045076 ISGoiiaiid Regisleied company nutnber 893J629

Balance sheet at 2 July 2021 Registered Cornpany Number.. 08935S29 2 July 2021 Total funds 3 July 2020 Total funds No'.es Unrestricted fLJnds Resliicled funds Unrestricted fund5 Restricted funds ON-CURRENT ASSETS Intaipgible assgts 58,292 58.292 58.292 58,292 41.522 41.522 41,522 41.522 CURRENT ASSETS Cash at bank and in hand Oeblors 1.406,976 234.092 1,641.068 1.237.113 128,873 1.365.986 526.991 526,991 679.693 48.937 728,630 1.933.967 234.092 2,168.059 1.916.806 177.810 2.094,616 CREDITORS Amounts falling due within one year ij 1920,3931 1920.3931 11,030,8391 117,2961 11,048.1351 NST CURRENT ASSETS 1.013.574 234,092 1,247,666 885.967 160,514 1.046.481 NET ASSETS 1.071.866 234,092 1,305,958 927.489 160.514 1.088,003 FUNDS Ulliesliicled Funds Reslricled Funds TOTAL FUNDS CARRIED FORWARD 1.071.866 234.092 927.489 160.514 1.305.958 1,088.003 These financial 51atetnenls have been prepared in accordance with the provisions applicable lo companies subject to the small companies. regime. The financial statements were appitsv8d and authorised lor issue by thè Board of Tiustees on 16 March 2022 and were signed on Ils behalf by.. Patrick Dunne (Chairl 16 March 2022 The accompanying notes form part of these financial statements on pages 23- 32. Registered charity Trumber 1157154 IEngland S Walesi and SC045076 Iscoiiandi Registered company numbei 8935629

Statement of cash flows for the period ènded 2 July 2021 Note Period 2021 Period 2020 Cash flows frorn I lused Inl operatlng activities Jvel casli fiDIFi/fused iiil operc?tlflQ 8Gtivilies Cash flows used in investing activitie5 P£irch3se of itrythiigi171e assets 291.852 1354 1021 116.7701 141.5221 Change in cash and cash equivalents during the period 275.082 1395.6241 Cash and cash equivalents al beginning of period Cash and cash equivalents at end of period 1.3S5,986 1.761.610 1.641.068 1.365.986 al Reconciliation of net income to n•t cash provided by I lused inl operating activlties: Period 2021 Period 2020 N8t income for the reporting period las per thè Statement of Financial A¢tiviliesl Adjustments for.. IDecreasel I Increase in creditors Decrease / Ilncreasel in debtors 217,955 1258.3981 1127,7421 201,639 73,897 421.713 517.4171 195.7041 Nel cash provided I (used inl operating acliiilies 291.852 1354.1021 The accomp3nying notes form part of these financial slalernenls on pages 23- 32. 22 Re9isiered charity number 1151154 (England & Wales) and SC045076 IS¢oiiandl Registered coinpany n￿nber 8935629

Notes to the financial statements at 2 July 2021 1. ACCOUNTING POLICIES 8I?sis of preparat1017 The financial 51atetnen15 have been prepared on thè accrLJals basis of accounting using historical cost basis and fair value basis on certain items as described below," and in accoidance with Accounting and Reporting by Chaiilies." Statement ol Recommendèd Practice applicable lo Charities preparing accounts in accordance with the Financial Reporting Slandaids IFRS 102 SORP 20151 effective Oclobei 201912nd Edilionl and the Companies Act 2006 and the Chaiilies Act 2011 and the Charities A¢counls Iscollandl Regulations 2006 las amendedl. EY Foundation (the "EY Foundation 01 the "charily'l is incorporated. under the Companies Act 2006. as a private company limited by guarantee. with no share capital. The ChaFiIy 15 domiciled and registered in England and Wales with regislefed company numbèr 08935629. The registered officè address Is 1 More London Place, London SE12AF. The Charity is a piiblic benefit entity. The financial slalements have been drawn up loi the period from 4 July 202010 2 July 2021 Ilhe ¢ornpaiative period being from 29 June 2019 10 3 July 20201. Going coiicern The Charity look early action in March 2020 to iecognise. and then miligale. the financial and operational impact ol Covid-19. Immediate steps included pau51ng or cancelling all slaff rèciuitmenl. re-forecasling based on the most pessitnistic of a range of possible scenarios. mandating virlual working, and moving lace lo face programme delivery lo a virtual rnodel These actions piolecled the Chaiity"s cash and ieseNes position. whilst also prolecling services lo our beneficianes through rapid innovation in programtne design and delivery. All Covid-19 risks weie 18viewed and monitored through a specific risk register. and the financial I￿pacI$ assessed through scenario planning. business intelligence, and sectoi knowledge. A budget for FY21 was approved by Trustees. prepared based on coiilracled or olherwise-secuied income sources only. To eriable the Charity lo be resptsnsive to arly furthei finanrial impacts. positive or negative, perlorrn3nce against the budget was subiect to continuous review lo facili121e further rèduclions or new Iiiveslments ¥vhere needed, Ivhilst remaining in the agreed reserves policy. The Charity budgeted lor a £394k deficit, of which £145k ivas a deficit on unreslricled funds. With this levèl of deficit. the Charity's reserves were still proiecled to be within the agreed policy level. and the Gash flow position showed a clear ability lo remain a going concern. Subsequent lo setting the FY21 budget. Trustees have continued to monitor thè additional savings made and income secured by the Charily and have adjusted forecasts accordingly. continuing to adopt the position of forecasting only secured income. whilst iiivesling resources in the development ol new funding opportunilies. Trustees continue to oonsider th81 the Charity is a going Goncern and able lo meet Its debts as they fall due. based on the following analysi5. Having a 5-year funding and master services agieemenl in place with EY. with lun(5ing piovided on an uniestricted basis. This provides stJr&ly on Ihe Charity's princip81 source of funding and. with funding provided qLJarteily in advance. also feduces cash flow iisk. Budgets and foiecasls lor FY22 are based on knoivn and secured sources or with lurthei additional income targets thal are considered lo be achievable. The Charily has no fixed costs and all cost5 are Ljnder the control ol the Charity'5 Tiuslees and management. enabling responsiveness to any further downturn. The cash flow forecast for the next 12 months, prepared on the above 8ssumplion5. shows a posilive Qash flow for all months with the minimum cash balance falling lo £1.285k over that peiiod. Cash flow forecasts have been stiess-tested. principally to reflect any potential withdrawal or deferral ol unsigned nlra¢led income by corporate partners. The maximum loss of incorne under this stress tesl is £1,665k. With this potential loss ol income. the net impact on the minimutn cash balance would be £1.173k. As at the date of signing ol these financial slatemenls. the Trustees forec351s indicate that the EY Foundation will be able to maintain liquidily lor a period of al least one year following the date of signing these financial stalements and will therefore be able lo continue lo operate as a going concern. The Trustees consider that no material uncertainty exists in relation to going concéin for the EY Foundation. 22 Reg151ered chariiy niimber 1157154 IEngland & Wales) 8nd SC04507fj (Sc￿land) Registered cotnpatiy nutllber 8935629

Notes to the financial statements cont. at 2 July 2021 1. ACCOUNTING POLICIES CONT'D. Incoine Donations are recognised whèn there is enlitletnerTrl. probability of receipl and the amount can be measured wilh suffitienl reliability. for example an agreement for funding Is In place. Gift aid is claimed on all donations ¥vhi¢h meet the criteria and where a signed dèclaralion is in place from the individual or Partnership. Gift aid inGome is accruÈd for where claims ivill be submitted lo HMRC in line with gift aid requirements and the gift aid relates lo donations received within the reporting period. Donated services and facilities are included as Income al curient market value where the Charity has control over the item. Where a market value Is not available. appropriate estimates aré rnade. In the eurrenl period the value of donated services and facilities was ascertained from the enlilies that made the donalions. Examplés of donated sÈtvices iiic5ude secondees. IT support. and premises. Income Iforn special organised events Is categorised as Oonalions. as any parlicip31ion fees are recognised in Olhei Trading Activities Income is iecognised where there is entitlement. probability of ieceipt ar)d the amount can be measured ivilh sufficient rèliability. foi example. where an agieernent is in place, but deposits 01 participant fees have not yel been received. Income Iiom corporate partnerships is calegorised a5 Income from Chaiitable Activities as Is primary purpose Irading. As the maioiily ol programme ¢osts are incurred in the delivery wèeks we recognise the inc(>me evenly over this period. lllcoine is deferred where the donor has specified that the income is lo be expended In a lulure period or wherè contractual conditions for entitlement will be tnet In a fuluie period. Debtois are recognised when a commitment to pay EY Foundation has been made giving enlillement. where the amount owed lo ys can be ¢8lculaled and receipt is probable. Grants ieceivable are included in the SOFA when the EY Foundation believes it has entitlèment. receipt is probable, and the amounl can be measured reliably. Giants has bèen recorded 3$ an income from charitable activities. ExpeiFditure Expendituie. induding grants payable, is iècognised when there is a legal or consliuclive obligation on the part of the Chaiity and it is accounted for on an acciuals basis. ExpendilLJrè has been classified under headings that aggregate all cosls related lo the categoiy. Where Costs cannot be directly allribuled to parliculai headings they have beèn allocated lo activities on a basis consistent with the time spent on projects. Support costs are those functions Ihal assist the ivoik ol the Cttaiity Governanee sls are pam of supporl costs and comprise the costs ol cornpliance wilh consiilulional and slalutory requiiemenls. Support costs include the salaries of those staff which are nol directly 8ttiibutable to a particular programme ol charitable work. governanTr costs, finance, IT. HR. office tunning costs and consumables and other overheads nol specifically attributable lo a particular progratnrne olcharitable work. Support costs are allocated between cost of raising funds aiid expendituie on charitable activities based on the proportion of staff liine spent on these a¢livilies. Irrecoverable VAT is recognised as expenditur8 under the same category as the item it relates lo. Cost of raisitig fiiiids Cos15 01 raising funds include ilems relating lo special events organised by the EY Foundation lo raise awareness ol the Charity and ils objects. as well as salaries and overhead costs of the staff who undertake fundraising activities ai)d the 1Tr2rkeling costs associated Yiilh raising the profile ol the EY Foundation Ibul not those which are used in an educational Manner In fuilherance ol the Charily's obiectsl. Thése and other fundraising costs are regarded as necessary lo generate funds that are needed to finance charitable activities. Expendit(Ire oil cliarttable activit18S These costs relate lo projects undertaken by EY Foundation and include travel costs. a proportion of support staff salaiies and other costs considered lo be in the furtherance of the chaiitable objectives ol the Chanly. 24 Registered ¢harity number 11$7154 IEnglai3d & Walesi and SC045076 IS¢oiiDTh11 Registered comp8ny numbei 8935629

Notes to the financial statements cont. at 2 July 2021 1 ACCOUNTING POLICIES CONT'D. Téx&tioii The company is a charity within Ihe meaning ol Para 1 Schedule 6 Finance Act 2010. Accordingly. the company is potentially exernpl from laxalion in respect of incorne or capital gains within calegories covered by Chaplei 3 01 Part 11 01 the Corporation Tax Act 2010 or Section 256 of the Taxalion ol Chargeable Gains Act 1992, to the extent that such income 01 gains ale applied exclusively lo charilable purposes. No tax charge aiose in the period. P&i?sioi?s The EY Foundatioll participates in a defined contiibulion pension scheme foi ils staff. The assets of the soheme are not oivned by thè EY Foundation. pens￿On conliibulions charged in the SOFA represent the contributions payable by the EY Foundation in the year. liitaiigible Fixèd Assels Intangible assets are slated at cost less accumulated amortisation and accumulaled impairment losses. Amortisalion is calculated. Using the straighl-line mèthod. to allocate the depreciable amount of the assets lo their residLJal values over Iheii eslirnated useful lives. as folloivs". Sothvaie and ',Nebsite costs- 5 years Where assets are 51111 in development and not in use. thesè are Ire8led as "Assets Under Constru¢tion where no amortisation charge is InGurred until the assel 15 complete. Voliinte8rs Approximately 2,510 volvnleers gavè their lime freely to nurture and develop our young people. The value of this is not recognised in the accounts. Fiiiirt accoiintiiig The funds of ihe EY Foundatioii havè been segiegaled as follows.. Re5tri¢led funds con51sI of EY donalions and grants received for which the donor or grant giver has specified the purposes for which resources can be utilised. Expendiluie on restricted funds ieflect the appropriate expenditure th81 has been charged lo Ihose funds. Restricted funds are disclosed by piogramme in the notes lo the financial slalemenls. Unrestricted funds consist ol all other income that has not been reslricled and can be usèd In accoidance with the charitable objectives at the discretion ol the Trustees. Unreslricled lund5 which have been set aside by Trustees loi specific use are considered dèsignated funds. Transfer5 are made belw8en funds where thère is a release ol restricted funds lo uniestricted funds or charges are made bèliveen funds. 25 Registered (l)arity number 1157154 IErylaDd & Wales) and SC045076 IScollrind} R￿lsiered coinpary Thuinber 8935629

Notes to the financial statements cont. at 2 July 2021 1. ACCOUNTING POLICIES CONT'D. Sigipificant inanageinent jiJdgeme17ts aiid key soiirces of estiinatioi? aiid iii?certaii?ly Eslimales and assumptions ale based on hislorical evidence and other factors including expectations of future events thai are believed lo be reasonable within the EY Foundation. The only eslitnates believed to be significant ale Defer¥ed Incoine on Grants and Corporate Partnerships and the holiday a¢crual'. Holiday acciual thè calculation of the value ol annual leave not taken as al the reporting dale include5 an assumplioii that employees have an average holiday carried forward 013 days and th31 they would have taken half of Iheir holiday entitlement by the EY Foundation's year end. The value of the holiday accrual as at 2 July 2021 is £53k IFY20." £37kl. Deferred Income on Giants and Corporate partnerships - Income from coiporale paitnerships is C3legorised as Incotne from Chaiilable Activities as is primary purpose trading. As Ihe tnajority ol programme costs are incuiied in Ihe delivery weeks we iecognise the ii)coine evenly over this period Income is deferred where the piovider has specified that the Income is lo be expended in a future period or where conliaclual conditions for entitlement will be Met in 3 future period. Oeblois are iecogni5ed whén a commilmenl lo pay EY Foundation has been made giving enlitlètnenl. bvhere the amount oived to us Gan be calculaled and receipt is probable. Giants receivable ale included in Ihe SOFA when the EY Fourndalion believes Il has ènlilleiiienl. receipt is probable, and the amount can be rneasured reliably. Grants has been recordèd as an ineome from eharilable activities. Incotne is deleried ¥'ihere the donor has specified that income is lo be expended in a future pèriod or viheie conlraelual conditions loi enlilletnent will be mei in a future period. 2. INCOME FROM DONATIONS Pe170d 2021 Peiiod 2020 Unrestricted Restricled EY donations.. cash EY donations. Staff. services and facilitiès Other donations Sponsored event5 Regular giving Gift Aid ie9arding EY donation.. cash 1,637.240 807.018 1.637.240 807.018 141.981 159.822 184.574 42.393 2.973.028 1.678.536 532,662 140.000 75.037 69.101 112,095 2.607,631 141,981 3.000 156.822 184.574 42.393 2,828.047 144,981 3. INCOME FROM CHARITABLE ACTIVITIES Peilod 2Q21 Pe170(1 U17reslKtcted Resliicled 2020 In￿me from corpoiale partnerships Grants 342,832 50.000 342.832 179.900 137.964 129.900 296.353 392.832 129.900 522.732 434.317 26 Regislered charily number 1157154 IEwi8nd & Wales) and SC045076 IScoii3iidl Regislered coinpaT)y Dunber 8935629

Notes to the financial statements cont. at 2July 2021 4. INCOME FROM OTHER TRADING ACTIVITIES Peritxl 2021 Period 2020 Un￿sINGled Restricled Fund1315ing participants fees 22,168 22.168 5. COSTS OF RAISING FUNDS Period 2027 Period 2020 Uiirèstri¢led Restftcled Salaiies Other direct costs Sponsored event costs Support costs Inole 71 226.566 1.627 92.106 774.071 1.094.370 226,566 23,274 92.106 774,071 1,116,018 291,214 42.504 89.909 425.057 848,684 21.647 21.647 6. EXPENDITURE ON CHARITABLE ACTIVITIES Support Costs (i?ote 7) Dir8Ct Costs Period 2021 P&riod 2020 Progiamme Costs Smart Futures Our Futurè Ac¢eleiate School to Vlork Care Progiatntne Othei Programme Costs 631.200 57.991 36.441 80.601 54.255 46.214 )6,702 839.826 112.284 69.713 6.932 128,733 97,598 1.255.086 1,471.026 170,275 106,154 87.533 182,988 143.812 2.161.788 1.062.392 284.275 238.905 318.036 113,796 456,426 2,473,830 DI￿¢1 Costs S£ipport Costs Period 2027 P&nod 2020 Aiialys8d a5.. Unieslricted Reslricled 701.611 205.091 906. 102 1.255.086 1.956.697 205,091 2,161,788 1,083.066 1.390.764 2,473.830 1,255.086 27 Reg151ered ch81ity niimber 1157154 IEngl8n¢ & Wales) and SC045076 IScoii8ndl Registered coinpany nutT&er 893￿29

Notes to the financial statements cont. at 2 July 2021 7. SUPPORT COSTS Costs of Cliaritable aclivilies Period 2021 PeiFod 2020 Office running costs total Travel costs Othei Costs Marketing costs lexcl. salaries) Salaries and on cosls Donated services & lacililie5 Supporter engagement costs Monitoring & evaliialion costs Governance costs 15.698 30.223 45.921 383.815 8299 6.770 41.341 1.011.478 64.004 32.806 20.412 60.337 1.629.2G2 73 113 32.910 637,302 492,911 52S 186 32.910 1.043.422 807.018 18.937 406.120 314.107 18.411 19.662 774.071 81.101 1,255.086 80,763 2.029,157 8. AUDITOR'S FEES Period 2021 Perio(J 2020 Fees payable to the Charity s auditor for the audit of the annual accounts Under provisioii of FY2020 Audit Fee 18.250 17,825 4.500 22.750 17.825 No non-audil fees were paid to the auditor. 9. TFiUSTEES REMUNERATION AND OTHER BENEFITS Trustees are reimbursed their travel and accornmodalion expenses only when Iravellii)g on EY Foundalion business li.e. lo Board meelingsl. Total expenses paid out to three Trustees totaled £012020". £752 to three Tru51eesl. None ol the Ttuslees gre ietnunerat6d as a Trustee. There were no shorl-lerm contracts offered lo Trustees in FY21 10 lrn FY201. 10. STAFF COSTS Staff are recruited under pay s￿leS that were historically benchmarked againsl charity pay scales. Pe170d 2021 Peiic>d 202Q Wages and salaries Social sè¢urily costs Olhei pension Costs Benefits 1.535,203 165.267 172.253 112.074 1.984.797 1,871,504 159.578 101.571 79.459 2.212.112 28 Regislered charity number 1157154 IErylaDd & Wales) and SC04fJ076 lScoll4?ndl Registered Company number 893J629

Notes to the financial statements cont. at 2 July 2021 10. STAFF COSTS CONT. The average monthly nutnb8r ol staff during the period was as follows.. 2027 Full Time Equiva18nt5 0.67 16.81 1.73 2.49 10.75 32.45 2027 Headcoiiiil 2020 Full Time Eqiiiva181115 2020 Headcount Chief executive Prograinme Fundiaising support Marketing Other support staff 1.00 2600 2.00 300 14.00 4600 0.80 31.64 3.39 3.94 2.09 41.86 0.80 3020 4.00 440 3.00 42.40 Key management personnel The key management pers(>nnel during the period Inot all for the full yearl were the Chief Executive. Deputy Chief Executive. Head ol People. D&1 and Volunleerino. Head ol Programmes, Head of Incorne and Projects Director, and Chief Financial Officer. Those six members of key management received 5alaiy and benefits. including any bonus entitlement, of £480,429 in lolal12020." four key management roles listed re¢eived £354.5081. The lolal payment of £83.602 lof which £20k related to pension payment) was made to the Chief Executivè, m3iyannÈ Matthèws. in relation to cotnpensation for loss ol office. Pay Is benchmarked for all roles against a recognized benchmarking tool foi the Charity sector. from which pay bands have been crealed. All role5 are tllapped against them. Including the Chief Executive. The remuneration of all employees. Includ￿n9 key rnanagemenl peisonnel. is based on the outcoine of this independent. sectoi-specific, benchrnaik evaluation. The Rernuneralion Committè$ appioves and oversees the mèthodology adopted. During the period the number ol employees who earned between the amount5 Stated below lincludiiig taxable benefits bul excluding employei pensioii and iialional insurance coiilribulionsl were.. 2021 2020 £60.000- £70.000 £70.001 - £80.000 £150.000- £160.0(KI £200.001 £210.000 29 Rè9isiered ¢harily niiiHber 1157154 IEn9lanol & Wales) and SC04J076 IS¢oiiaiidi Registered Company number B935629

Notes to the financial statements cont. at 2 July 2021 11. INTANGIBLE FIXED ASSETS Assets Under Construction Total Cost or Valuation At 03107120 Additions AI 02107121 41.522 16,770 58,292 41,522 16.770 58,292 Accumulated Amortisalion AI 03107120 Charge foi Ihe year At 02107121 Net Book Value AI 03107120 41.522 41.522 At 02107121 58,292 58.292 The asset under consliuction refers to a CRM Syslem and new website being developed by the EY Foundalion. Both projects ale undemay and expected to be complete in FY22. These will be amortised from the p(>int in time that the assets are complete. 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade deblors Prepayments Accrued Income Olher Deblors AmoLJnts o¥ved from EY Total debtors 364,038 53.632 69.944 39.377 64.200 59.302 182.205 12.195 410,128 728,630 526.991 13 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade Cr6dilois Amounts owed lo EY Tax81ion and social security Accruals Deferrèd Income Othei Creditors 31.601 33.575 516.282 127,438 210.455 1.042 920.393 6.460 29.968 200.606 119,593 690.467 1.041 1.048.135 ftegislered chafily number 1157154 IEngland & Walesi and SC045076 Iscoiiandl Registered comp8ny nuinber 8935629

Notes to the financial statements cont. at 2 July 2021 14. MOVEMENT IN FUNDS Opeiiiiig Filiids IIFGQIFle Expei?diture Tmiisler of luiids Net Moveinei?t Period 2021 Closing Fuiids Unrestricted Restricted 927,489 160.514 1.088,003 3,220,879 274,881 3.495,760 13.051,0671 1226,7381 13.277,8051 125.4351 25.435 144.377 73.578 219.955 1,071,866 234.092 1,305.958 Openi17g Fiiiids Incoinè Expeiiditu Transferof fiiiids Net Movement PERIOD 2020 Closing Fuiids Unrestricted Restricted 516.970 829,431 1.346.401 2.114.673 949.443 3.064.116 11.704,1541 11.618,3601 13.322,5141 410,519 1668.9171 1258.3981 927.489 160,514 1.088.003 RèslriGl8d fiiiidiiig iii 2027- Opening Funds Incorne Expenditure Transfer of FU￿d5 Nel Movement Closing Funds EY CareTech Foundation The Mercers Cornpany DYW The CEC Company The Gannochy Trust Prospectus - Kickslart Paul Hamlyn Fund Total Restricted fiinds 85,283 55.054 20,177 185,2831 174,0181 124.0041 117.0141 112.3441 17.5001 13.0001 3.575 1226,7381 185,2831 103.963 33.038 177.981 57.042 17.014 12.344 7.500 3.000 159.017 53.215 25.435 25.435 21,860 73.578 21.860 234.092 160.514 274.881 Opeiiing Funds Income Expenditure Transfer of Funds Nel Movement Closing Funds Reslricted fiii?ding iii 2Q20.' EY CareTech Foundation The Mercer5 Company The CEC Company Paul Hamlyn fund Other Total Reslricled funds 722.237 563.090 168.850 109.771 32.335 50.000 25.397 949,443 11.200.044) 1113.7961 1196.7881 132.3351 150.0001 25,397 11,618,360) 1636.9541 55.054 187,0171 85,283 55,054 20.177 107.194 829.431 1668.9171 160.514 Funding from EY 15 unreslricled and is piovided by way of a Funding agreement to achieve maximum impact and influence from the iesoLJrces invested. Funding from grants is Ljsed to support the delivery of employability training. work experience. or olhei programme aetivily. 3s specified in the grant t8itns. Regislereo charity nuthr 1157154 (Enyland & Wales) Ind SC045076 Iscollandi Re9islered coryany number 8935629

Notes to the fjnancial statements cont. at 2 July 2021 15. RELATED PARTr DISCLOSURES EY donated the following during the period.. Period 2021 Penod 2020 Cash donation Donations in kind Inole 21.. Staff Services and buildings 1.637.240 1.678.536 95.365 711.652 2.444.257 235 039 297.823 2.211.398 The majority ol purchases are paid lor directly by EY Foundation and uploaded lo the NAV accounting system by EY Absoliite. HowÈver a number ol costs are paid lor directly by EY and then recharged lo EY Fouiidalion on 3 quarterly b8sis. Al the end of the period amounts obved lo EY were £33.57512020". £29.9671 and balances due from EY weie £0 12020. £410.7281. Tru5tees' remuneration and olher benefits have been disclosed in Note 9. 16. ULTIMATE CONTROLLING PARTY The Charity is controlled by the Board of Tiuslees. The Trustees considèi Ihal the Charity s parent undertaking is Einst & Young LLP. a litniled liability partnership registered in England and Wales. Einst & Young LLP is the parent undertaking ol the largest group that consolidates these financial slalemenls. copies ol whi¢h are available from its registered office. 1 More London Place. London. SE1 2AF. EY Foundation is a registered charity wilh iegislered charity number 1157154 IEngland and Wales). SC045076 (Scotlandl. Registered chartty nLJmbÈr 1157154 (England & Vb'ales) and SC04fJ076 ISGollaiidi Re9isierÈd coinpany niimber 8935629

Reference and Administrative details Registered charity number 1157154 (England & Wales). Registered charity numbei SC045076 (Scollandl. Registered company numbei 08935629 1 Mole London Place London SE1 2AF nk Barclays Bank plc 1 Churchi11 Place London EC145HP Bales We115 Brailhwaitè 10 Queen Street Place Loiidon EC4R 1BE BDO LLP 2 City Place Beehive Ring Road Galwick RH6 OPA Chris Achiartipong Liz Bingham Margarei Gibson Dawid Konotey-Ahulu Dame Mary Marsh Dtsuglas Nisbel Nalhaiiiel Peal Steve Varley 33 Reyisieied charily number 1157154 (Englan¢ & VJalesi and SC045076 (Scollandi Registered Company numbei 8935620