EY Foundation Annual Report and Financial Statements For the year ended 30 June 2024 Registwed charity numkr 1157154 (England & Wales} a￿1 SC045076 {Scotland) Registered compary number 08935629 Contents Achieving our Vision . Trustees. Report................................................-.-.............- - Reference and Administrative Details.- .15 .21 Independent Auditofs Report to the members arKI Trustees of EY Foundation .... . Statement of financial activities (incorporating an Income and Expenditure account)......... 27 Balan￿ sheet...........................--.--..-..-.--.. .28 .23 Statement of cash flows........................... .... .29 Notes to the financial statements.-.-..-...-.....-..-...- . .30 Annual Report and Financial Statement5 For the period ended 30 June 2024 Achieving our Vision We believe that every young person in the UK eligible for Free School Meals can succeed in the workplace. and we believe every employer in the UK regardless of size or sector has an important role to play in giving young people a better start to their lvotking lives. Ourmission is to reduce the barriers to w(xk young people from a bw-income background face, supporting them to successfully transition into higher education. employment. or self•mploytT7enL Our Ambition To support in the achievement of our mission, in 2022 we established an ambition that we believe provides the motivation n8cessary to tackle the challenges of social mobility within the UK: We will enable all young people on Free School Meals to have an employment and earnings potential that is equitable to other young people in the UK. We will do so in collaboration with employers and key partners, through employability skills programmes, scalable digital interventions and by leveraging our convening power to influence systemic change. OurApproach For the financial years 3 July 2021 to 30 June 2024. we operated under a three-year strategic framework which set out our approach through four key strands of work: l. Programmes We will continue to offer high quality skills training to young people all around the country to boosl employability skills and ease the transition Irom school to employment. 2. Digital Greater use ol technology will help to create systemic change by providing the evidence-base for changing how young people are supported to succeed in the workplace. 3. Influence In our work delivering programmes. we will generate insights that can help shape the policies of employers and government at a national level. 4. Collaboration Through working with other organisations acioss the social mobility sector and with employers, we will increase the number of young people we support. Reoistered charity number 1157154 (Enoland & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision cont. Our Strategic Priorities The financial year ended 30 June 2024, was the final year of our threevyear strategic framework. For this year, our objectives were determined by the four key strands of work, under which rested seven strategic priorities.. Focus T¥g•W 14xuson employersawj PwJh¢eprfvat Amplily Youth Voice *Ll￿*￿ co-•boralo. aDd tts pErwi¥e. arw1 Chall￿esar0 WN)rtLWities tall￿tI to the scale Ilrect •* dlgiThal to wtwig peoplefrom an FSM backgr￿dID buud d tridorc+. er•di&l. Sustainability L¥Yerrily tyJr >)tome bas• ￿Tr￿M8 ofrLur¥ulttat Y￿re$ll￿$￿Sta￿ab1rCY. Irn￿t 8 Influence UniocA lYSttsTk cPaf4èand 1r.f'.Ue￿e rWa+ wirnaryandsecrrt•ry byan ovMJefKe"tsasedapprDactt to erncr5tr4:e art ?1 *￿￿￿. Tea Diversity. Equity 8 Inclusion aDÉlrwer on Our race commilTrenls ￿ expand tyJrt#ffl￿ff tntst0an¢)tr￿ prot•ctedthxKteristk. A key achievement of the financial year ended 30 June 2024 was the design, development and transition from this three-year stralegic framework and priorities into a new ten-year strategy which maps the road to achieving our ambitson, Further details of this are provided under'Future Plans, (p.131 Our Year Sn Numbers FY24 (Totr Free S￿￿1 Meal Young Pe* Eryaged 3.471 2,916 3268 Uniwe Voluntews Eng 2.010 2.510 Fththtslng PwUc*ants Not collected Unkije Efflthws Engaged Corporate Pafkne Registered charily number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision conL Our Impact Our Pr mm The directton of our programmes was driven by Iwo priorities under the thre8-year stralegi¢ framework: Focus and Scale. From July 2023 to June 2024. we delivered a tolal of 39 high impact programmes. These programmes induded: Smart Futures. Your Future. C￿r Future and Beyond Your Limits. We completed 99 short term interventions through our employabilty workshops and also delivered a new programme called Step into Business through 5 workshops across all 4 Hubs. This resulted in a totsl of 4.501, young people (2023: 4.163). 3.471 (2023: 2,9161 of whom came from a Free SchcM)t Meals (FSM) background. engaging with our programmes. of these young people were engaged in our high impact programmes a 4 /0 In￿eaSe on the p￿￿OuS year (2023.. 766). A totsl of 2,671 FSM participants Were suppy)rted through our short-tem inlerventions. a 24Yo increase on the previous year {2023: 2.150). This induded 142 young people through our new intliakn've, Step Into Business. > Smart Fthures.. Smart Futures offers young people the opportunty to learn more about the Chol￿$ available lo them when making decisions about their future.11 includes up to 2 weeks paid employability training. work experience and 1-tIF1 mentoring supporl. In the year ended 30 June 2024. we delivered 11 seL*)r-focused Smart Futur8s programmes, including 3 new sedor programmes Private Equity, Wealth and Asset Management and Sustainable Tech - to a total of 635 young people from an FSM background (2023: 589). Vvhen giving faedback on our Sm*i Future wogrammes. particlpants rated themselves 'Good' or 'Excellenf In the followlng VRJS: Transferable Skills: Self Our Future." Our Future works with young people. aged 16-19. who face significant barriers in entering the labour market and who are at tisk of becorning 'NEET (not in educati￿. employment or training). Following the introduction and growth of Your Future. Ihe Our Fulure programme is being wound down and merged with the Your Future programme. Following the delivery of the Our Future programme in I We engage non-FSM young people as we deliver a number of school based sessions throu9h our Employability Workshops and do not single out young people eligible for free school meals when worklng wlth a whole year group. Reqistered charlty wmber 1157154 {Eft¢Jland & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and financial Statements For the period ended 30 June 2024 Achieving our Wision conL Scotland in the summer of 2023 to 16 young people (2023: 38), we have not since delivered this programme and have no plans to do so in Ihe future. When gmng feedback on the Our Future programme. partlcipants rated themselves 'Good' or'ExcellenV in the following ways.. Transferable Skills: Self4onfidence jumped from 57% we- programme to 100QA p)St-p￿ramrne, 430A increase. Presentation skills improved from 579/0 to 710kn, marking a 140A increase. Networking skills surged from 28% 10 85'k, refflecting a 570A improvemenL Careers Advi￿ R￿]Ved.. Understanding of what employers look for when recruiting increased from 570/9 to 850/0, a 28°A improvemenl. Development of CV skills rose from 579kn to 85°A, refleding a 28°h increase. Interview skills improved from 42% to 850h. marking a 430h inctsase. > Your Future." Your Future rellects OUT ambltion of not only supporting young people to 'get ready for v￿rk, but also to help them 'get inio work.. Y(xJr Futyre tsrgets young people from low-income farnilies that wanl to get into employment after leaving school and college. As such we look to work with employer5 wf(h entry level roles and vacancies. In addition to paid employability training and wovk experien￿, each participant has a dedicated volunteer employment ¢oa¢h wtth the aim of supporknng Ihem into their first job role. We delivered 2 Your Future programmes across 2 Hubs to a total of 105 yourvJ people from an FSM background (2023.. 60) When giving feedback on ouryour Future programmes, participants rated themselve5'Good' or'Ex¢ellent in the following ways.. Transferable Skills= Self Beyond Your Llmlts (B YU.. The programme was designed to help ￿re expeiienced young people progress into education, ernployment or training. It provides young people ¥￿th a range of support. including paid employabilty skn.lls and financial literacy training. a work experience placement, a bursary and Optional mentoring for 6 months. In the financial year ended 30 June 2024. we deliVer￿j a lotal of 4 BYL programmes to 44 young people from an FSM background across 2 Hubs (2023: 33). Registered charity number 1157154 (England & Wales) ar)d SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision cont. In the financial year ending 30 June 2025, we have decided to pause this prDgramme and support care experienGed young people through our Smart Futures programme. Instead of deltvering a separate programme, we will offer additional support {e.g. personal develownent grant) through Smart Futures. We will look to collaborate with others to see how we can effectively scale support to car8 experienced young people. 'This programme provides great awarene55 whilst helping you develop your soft skills. your understanding of your career. and insight into prospering companies and how they work.. Beyond Your Llmlts Programme Partlclpant When giving feedback on our Beyond Your Limit programme, parttcipants rated Ihem5elves 'Good' or 'ExcellenY in the following brays: Transferable Skills.. Selfryconfidencè rated as 'excellent' or 'good' jumped from 44% pre-programme to 94% posi-programme. a 50% increase. Presentation skills rated as 'excellenV or 'good' improved from 47°A to 85Yo, marking a 38% increase. Networking skilb raled as 'eX￿llen¥ or 'giK)d' surged from 76% to 970h. reflecting a 21°A improvement. Careers Advice Re￿iVed.. Understanding of what employers look for when ￿￿111ng inGreased from 41Qkn pre- programme lo 560A post-piogramme, a 15.fi improvement. Development of CV skills rated as 'excellent' or'good. rose from 53°A lo 91°A. rellecting a 380/0 increase. Interview sknlls rated aS.ex￿11enr or.￿0d. improved from 4P/o to 970A, marking a 50°A increase. > Empjoyabllfty Workshops.. In the financial year ending 30 June 2024, we defvered employability workshops to 2,671 young people eligible for free school meals and a further 1.069 young people not eligible for free school meals_ Employability Workshops are half andlor full day sessions either at sthool or an employer site which provide young people an insight into different careers and an opportunity to develop employability skills. On feedback on our Employability Workshops. partiapants rated themselves in the following ways: Transferable Skllls rated 'Qutte' or Verye ConfidenL" caree￿ Advice Received rdted 'Goo(r or Confidence and optimism about the fulure 'Excellent': increased frorn 510A pre-programme to Av4*reness of dtfferent career palhs 680 post-pro3r8mme. 17% increased from 34% pre-programme to improvement. 68% post-programme. ￿fleCting a 340 MotNation to achieve future career goals improvement. rose from 61% to 760A. reflecting a 15% Awareness of what employers seek in increase. potential employees rose from 26% lo ConfidenGe in working in a ieam improved 65%, marking a 3VA increase. from 589A to 7￿. marking a 12VA increase. Understsnding of job application quirements improved from 2611A to 580A. showing a 320kn increase. > Step Into Business." Step into Business provides guidan￿ and support on how lo set up a new business. The programme kicks off with a 1-day intensNe workshop which leads participants through the various steps needed to lake business idea and tum tt into reality. Following the workshop. those with a business idea can r8quest a 1-to- 1 business coach with the alm of taking their busness idea forward and Can apply for a £2.000 start up grant frorn the EY FoundatKJn {EYQ. Registered tharity rnmber 1157154 ￿ngland & Wales) aFJd SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision cont. In the financial year endirKJ 30 June 2024, V￿ engaged 142 young F*ople through the initial 1-day workshop and 6 young people received a startup grant of £750 to £2000 following a pitching workshop held in Manthester. 'Participating as a Step Into Buslness Coach has been both Inspiring and enriching. Working with talented young individuals allowed me to Pass on my entrepreneurial insights, helping thèm to overcome obstacles and pursue their goals with greater clarity. It has been a joy to watch their progress and l am grateful for the opportunity to contribute to their success through this programme. step Into Buslness Coach Influence Our influence slrand of work has built year on year under the fifth prionty- Impact & Influence - of our three year strategic framework. Our ability to use our direct delivery io genefate insights that can help shape the poli¢ies of employer5 and govemments at a national level has enabled us to reach out into new areas. engagé with differenl slakeholde15 and leverage the opinion and insights of our young people to drive thange. It will continue as a key area of focus for our new ten-year ambition strategy as well, as highlighted under Future Plans. Achievements of some of our projects over the pasl year include: > Social Mobility in the Metaverse To build on the su¢¢essful artist in residence approach pioneered by EY'S Metaverse Labs team in New York, the purpose of this project was to identify and promote barriers to social mobility in the metaverse. This was partn8tship project vmrking Ofcom, Manchester Metropolitan Unlversity's Schotsl for Dlgital Art young people from our programmes, digttal artist Alina Akbar and Metaverse Labs in New York. During the project, we held a series of 5 worksho s and immersive sessions with young people from low-inGome backgrounds from Greater Manthester. The final ple￿ of activity was for Aina to produc8 a visual athork in partnership with a Creative Technologist from EY Metaverse Lab team. The proJerA ￿lminated in the publishing of our Social Mobil- in the Metavetse Re ort. > Hamessing Al to Reduce Inequality and Boost Social Idobilty Building on our CE 'sbl ublished b Tech K as part of their Tech To ether Cam n, We'￿ working wtth technology experts to highlight the Importan￿ of considering scoal mobilty in the development of Al technologies and policies. > Breaking Bamers in Greatermanchester We piloied a series of activities bringiThJ both sides of the labour market together so that employers could better understand the often-hidden barriers experienced by young people from this demographic. Our re launched in Octob8r 2023. includes recommendations to shape the Local Skills Improvement Plan {LSIP> and support employers to y￿UrePrOof a more diverse workforce. Working closely with the Greater Manchester Chamber of Commerce. we enSU￿d the Greater Manchester LSIP prioritised. 1 } adéressing the skills needs in Greater Manchestels growth sectors and 2) transfomiing the employment prospects of young people from It)w-incorne backgrounds. Our recommendations and adivilies were induded in the LSIP which was approv8d by the Department for Education. > Social Alobility in the Charlty Sector As part of our efforts to raise awareness of and to increase soejal mobility in the charty sector, we commissioned social mobility 5pe(ialist Duncan Exiey to V•Tite our'socia Mobility In th8 Charity sec￿ r8POrt which gained national coverage in The Guardian. This report links to another strand of our social mobility in the sector actmty launched in 2023- our Impactful FLrtures programme - whith provides young people from low-income ba￿grOundS wrth the opportunity to learn more about the sector and gain much needed work experience. This year, the programme grew, supporting 31 FSM young people across 2 Hubs (Manchester and London). Another strand of this actiwty is to ensure as an employer we are helping to provide solutions to the challenging issues within ￿Cial rnobility. In 2023, we were proud to submit to the Soaal Mobilty Employer Registered chartty number 1157154 ￿nOland & Wales) and SC045076 (Scotlandl Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision cont. Index the first time, Wh￿ Yde were rdnked 100 out of 143 organisations, including Pwc. Historic England and the Cabinel Office. We have begun to implement the recommendations made by the Social Mobility Commission and are ddighted to have moved up to place in June 2024. > Work Experience Revolution We commissioned Groundswell InnovatM)n to research what ￿nStItuteS good work experience and explor8 opportuntlies for digital solutions to generate beller outcomes. The findings will infiym EY Foundatton's approach to a place-based pilot in Bradford. working with key stakeholders in the area to ¢O-design a project Ihal we hope can be scaled nationally as part of our broader ambition to revolutionise wotk expertence. Extemal & Public Affairs We've been wothng dosely with Eys public affays team to build our public affairs wo)* by coordinating activities al both the Labour Party and Conserrfalive Party conferences in 2023 and secured bi-lateral meetings with government officials. To build the Foundation's proffile and eThJage key slakeholders in our work. we partnered with EY lo host a (C￿ndIable and speak on several panels at Anthropvs September 2023 corrferencé and spoke al the Open Untversitys'Elevate Equity: Harnessing Young Talent May 2024 c￿ferenCe. Youth Volce Youth Voice is an essential part of our woth. as evidenced by our second priorty- Amplity YoLrth Voice- under the thre&year strategic framewo￿. It helps to ensure our activities represent the young people we seNe and supports them in the best way possible. We provide young people with opportunities to play a role in the development and implementation of projects which are designed to create a positive impact on benefi(aaries' liyes. Whether this be through supporting policy development to inftuencAng our slrategy. young people are given the opp)rtunty to be their own advocates and creale a better working world for their future. Youlh vol￿ vmrks through three central strands: our Y￿th Advtsory Board; our Alumni Community. and our Young Volunteers. In FY24, we also tested a new strand of activity to champion youth Vol￿ and empower young people to be their own advocates: our Comms Academy ￿10t. > Comms Academy Our comtnittnent to championing and embedding youth voice in￿deS developing ways to support our young people to advocate for themselves and for what they believe in. We know Ihat young people from low-income backgrounds suffer inequalty of participation in comparison to their more affluent peets. We also believe young people are the experts of their own expetience and should be listened to and aclively consulted. but that this relies on structured support to enable participation. During the year. we piloted a Comrnunications Academy with fve young people who had previousty taken part in our programmes. The Comms Academy was designed to support them to strengthen the skills and experiences needed to advixxte. campaign, and amplify youth voice. During the academy, the selected young people attended workshops on public speaking, social media. advocacy. and campaigning. All participants strongly agreed with the aim of Ihe Comms Academy, with 800 of them strongty agreeing that the Academy inGreased their underslanding of how to affect change and their understanding of youth voice. We took away valuable leamings from the pilot which enable us to improve the offering and develop this project to better support our youth Vol￿-focuSSed inttiatives and Ihe young people we work with. 'What stood out to me was how well the group worked together. and l enjoyed taking the time to consider the different ways media is used [...] I got a lot from the experience. Communications Academy Participant Reglstered charfty number 1157154 (England & Ylales) and SC045076 (Scotland) Registered compony number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision cont. > Youth Advisory Board The YoLrth Advisory Board IYAB) was established in November 2019 to advise The EY Foundation, its Trustees and Leadership Team on how best to senie the needs of young people maknng a transitron into furtherlhigher education, the Workpla￿ or self-employment. The YAB prO￿deS opportunities for young people to develop leadership skills and be part of the decision-making prO￿sS as we15 as providing opportuniiies for young people to gain experience and knowledge of business and charity practi(x. The YAB is an unremunerated voluntary posttion with no deosion-making powers. YAB Members sit for a tenure of two years. In November, our 2022-2023 YAB Cohort Co-designed and faalitated the eVent-'Over￿mlng Barrie￿. in Manchester - to wrap up our initial Future of Work Series in Greater Manchester. The event also saw 15 other local young peoplè join as panellists and ta￿￿e facililators to share their experiences. During the year, we recwiled a new Youth Advisory Board cohort (January 2024- December 2025). We had a total of 131 appli¢￿tiOnS whith were representative of the regions, ethnicities and backgrounds of the young people we serve. Ultimately, 12 young people were chosen to join our YAB after an intensive recruitment process which was co-designed by our previous YAB cohort. '1 have been a member of other types of advisory boards before, but have found the recruitment process and induction to be inclusive. informative and supportive. My neurodivergence was considered and supported during my application. and I felt instantly like a member of the team., Youth Advi50ry Board Member. 2024-2025 Taking on feedback from previous YAB cohorts and the wider leam, we identified the opportunity lo more purposefully include the YAB within key strategic decision making. As such, we appointed YAB mémbers to Representative Roles based on their interests. In addition to the opportunity to shape the future of a growing charity, YAB members also have aC￿sS to individual leaming and development budget and are assigned a 'Budty to suwort them wlth their professional and personal dev8lopmenL We plan to complete a YAB Review in March 2025 whith will ltsjk al the experience of the YAB just past the mid-point of their tenure and then recommend enhancements for frjture Gohorts. each iteration, we hope to be able to expand the role of ourYAB, ensuring they are fully embedded within th8 organisation. 'Before joinlng the YAB here at EYF. I was often apprehensive about speaking to a room of adults, wary that my voice and my ideas would not be taken seriously against people with years of experience. However. if my time at EYF so far has taught me anything, St Is that our age and our experience is our strength. Youth Advisory Board Member, 2024-2025 > Wirler Youth Voice Activity Alongside our ￿reyOUth Voice adivities, we prowded chances for young people to supportthe Foundation and build their advocacy, communic*ion and public speaking skills through a variety of acttvities induding" Our Impact Awards 2023 (October) as hosted by two of our young people, and another two young people became the recipient of awards- Ambassador of th8 Year and YoLrth Voice Champion. We invited young people lo attend two supporter events designed to increase engagement with stakeholders and donors. The young people present8d at both events. sharing their experien￿$ of their EYF programme and the impact it has had. 2 The names of the current YAB members can be found on page 22. io Reglstered chariiy number 1157154 (England & Wales) SC045076 (Scotlarbe Reglstered tompany number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Vision cont. Numerous podcast eprsodes, blogs arrd articles co-authored about issues affecting their lives, such as the use of Al in recruitment. social mobili and the future of work. We finalised our Youth Engagement Framework designed to support the organisation in ensuring that the voices of the young people we setve are at the centre of our work. The fram8work sets out the ways in which young people will have a say in what we do. and how we develop as an organisation. ensuring that we are meeting their diverse needs. Youth vol￿ will continue to rAay a ￿n1[al role. as part of our aMbthc￿. in ensuring we achieve our ulttmate goal. We want to ensure that young people are part of the changes which will affect Iheir futu￿. As such. we will further our work to embed the Youth Engagement Framework within the organisation. Additionally, we will ¢£￿tinue our collaborating with other youth employment organisations to share best practi￿ wÈthin the sector. Our Partnershlps and Fundraising Parinershl Two of the priorities within our three-yeai strategic framework" Focus and Sustainability. directed our partnerships and ftjndraising actiwty- We receNe most of our funding through our Master seNi￿s and Funding Agreement with Emst & Young LLP (EY). EY provides assuran￿. consulting. taxation, strategy and Iransaction services in the UK and Channel Islands. As an independent charity we also seek lo raise funds in several dtfferenl ways: engaging with Corporate Partners to deliver rnore programmes to young people,. organising challenge events and other traditifflal fundraisng events and adivities: working with high-net-worth indtviduals. and Se￿ring grant fi￿ding. For the financial year 1 July 2023 to 30 June 2024. the EY Foundation worked wilh 34 Cofporate Partners (2023.. 30} and 322 unique employers (2023: 353). We expanded delivery and collaboraled with various new employers, including Tripledol, Appian, ISG. Unicef and Triodos Banl across our sectoi-based programmes including Banknng. Tech and Non-Profrt. We also launched three new sector-based programmes= Private Equity Futures. Wealth & Assel Management Futures and Sustainable Tech Futures. > Generatlng Inslghts from employers thmugh programme delivery As part of our engagemenl wyth employer partners. we collecl qualitabve and quantitative data before and after programmes to generate inslghts on Ihelr objectives a￿Und SOCFal mobility. as well as their spe(ific experience with the EY Foundation. Reflections from the 6 employers and 45 volunleer5 involved in our Easter 2024 Tech Fulures ptogramme highlights that.. Employers reported that participaling in the programme provided them with insights on engaging with young people in a rapidly changing technological landscape. The programme's volunteering and business hosb.ng opportuniiies boosted employer brand exposure and supported efforts to attract diverse tslent. while also allowing them to evaluats their appeal to prospective recrults as part of their Diversty & Indusion strategies. Engagement with the EY Foundation has reinfO￿d the importance of young people to organisations. lighlighted the significanco of meaningful work experience. and the vitsl role employets have in shaping the future wo￿orCe. Employees valued the opportunty io give back volunteering is a useful tool for retsining and doveloping the current workforce, at all levels of seniority. 93% of employets said they were extremely likety to recommend EY Foundation programmes to other organisations. 100% of business volunteers said that they would voluTrteer with the EY Foundation again and 63% of volunteers said they would reference their experfence at their perfomun¢e review. li Reglstered cl￿ri￿ number 1157154 ffngland & Wales) and SC045076 (Scotland) Registered cornpany number 0893S629 Annual Report and Financial Statements For the period ended 30 June 2024 Achieving our Wision conL Building on our sector-focussedappmach On our new Sustsinable Tech Futures programme. we partnered wtth Extr8me E and their Sustainability Partner. EY, to develop a programme whereby young people had the opportunity to leam al)out the variety of careers and pathways inta Sustainable Tech. The programme 5UPPOrted 17 young people from London to aC￿sS skills, insights and experien￿ in the world of Sustainable Technology. You can hear about their ex erien￿ here. 'As a championship which is constantly looking ahead to the future. it was great to collaborate with the EY Foundation to support the next generation of talent coming through as a result of the Sustainable Tech Futures programme.. Extreme E. Partnershlp Representatlve Leveraging our employer nehvort to drive change Aside from growing the nurnber of Corporate Partners we work with and our sector-based programmes, we also began hosting a series of employer roundtable events, providing an opportunity for our employer network to come together lo discuss challenges they are facing around social mobility and share ideas and best practice. In FY24, we held three roundtables in London and Manchester. attended by a total of 22 employers from 8 S￿(0[5 including law, tech. construction and financial seNices. Discussion topics induded: overcoming challenges to implementing work experience": tangible actions employers a￿ taking to further social mobility and articulating the business case for investing in diverse talent and social mobility. To deepen our understanding of the challenges our ernployers face around s(￿la1 mobility, we have a further two roundtable events planned in Q1 of FY25", one with the Youth Futures Foundalion to explore the relationship be￿een Al and Human-cenlric skills, and another in Edinburgh in partnership with EY and Scottish Financial Enterprise focusing on sctial mobility and financial services. Traditional fundrdisln rants and hi h net worth Individuals Over 1.600 people took part in fundraising actiwties in support of EY Foundation from across the UK. Of Ihese. 234 people took part in our annual Mud Trial event and many undertook their own fundraisers, from football toumaments to bake sales. Unfortunately, global events meant our two ¢hallenge treks to Wadi Rum did not go ahead, but we hope to welo)me back several of our trekkers in November 2024 for replanned treks to Angkor Wat. Overall. we raised £84,196 (2023: £122.185) in donations in the financial year ending 3Q June 2024. We continued to work wtth a small nuTnber of grant funders and received £97.557 (2023: £214,826) in the financial year ending 30 June 2024 as well as continuing to develop our High Net Worth Individual (HNWI) stream, hosting four stewardship events in the year and raising £153.853 (2023. £127,733) from 82 supporters. The team has been busy planning a packed calendar of Fundraising events for the financial year ending 30 June 2025 to allgn wlth acttvitie5 and events to ma￿lha EY Foundation's 10 Year Anniversary. The EY Foundation subst7ibes to the Fundraising Regulatorand its code of fvndraising praCts"￿. We strive to cxeate a posrtive donor experience for our supporters. and will Continue to make improvements, adhe to new regulations and build engagement and value by 8nsuring our suprM)rters are at the heart of our work. Our income generation is managed by our trained in-house leam. We do not engage in street fvndraising or telephone frjndraising campaigns and do not ouisource any fundraising to third parties. Our mission is lo raise funding to support young people and none of our fvndraising adiwties are directed towards seeking funding from those we are here to help. We take the r8sponsible use of personal data seriously and assess our level of GDPR compliance as part of a developing framework of assurance. We wThl only ever contact donor5 who have explicity 'opted in, 12 Registered charity number 1157154 (England & Wlales) and SC045076 (Scolland) Reglstered company number 08935629 Annual Report and financial Statements For the period ended 30 June 2024 Achieving our Wision cont. to receive communications from us. Should we fall short ofthe stsndards expected by our donors we have acom lainls where their concems can be submitted. During the year ended 30 June 2024 there were no complaints recetved about fundraising for Ihe Charity. Our Volunteers We would not be able to deliver our programmes or activity rf nol for our wonderful volunteers and fundraisers. We see them as a core part of ourwork. included in our three-year strategic frameworf( under the Team objective. In the financial year enrfing 30 June 2024, we created 3.268 volunleering opportunities {2023.' 3,087) facilttated by 2.010 unique volunteers (2023: 2.510). Of these, we created 70 Young Volunteeting opportunÉties on our programmes through the year. a new CA)hort of volunteers who have begun to create speofic opportunities for. During Ihis time. our focus was on the recognition of our Current volurrteer nelwork by implementing an employee engagement model across our volunteer management process as well as establishing new components induding feedback reporting and vdunteer d8velopmenl opportunities. The next phase of the volunteer plan aGross the financial year ending 30 June 2025 will indude: How we capitallse on the skillset of (wr volunteer5: Ensuring optimisation of the impact on young people whilst tapping inio the 'competenty element of the volunteer in accordan￿ vmth self4letemiinalion theory to encourage participation and maximtse qualty assurance. How we extend the volunteer oppothnity across EY & extemally: Anatysing the offices. netrmorks and communits.es ￿OsS EY to e￿OUrage a more diverse pool of volunteers and how we do this using effective methods. as well as strategic consideration on extemal organisations to reach out to. Maxlmising how wè work across toams: StreamliniThJ approach and activity a¢ross EYF leams to capitalise on all communi¢alions. events and relationships. '1 really enjoyed participating in the mock interviews and I came away from it feeling great as the young people were so well prepared. I was 50 impressed by the skills they had learned in such a short space of time. EYF Programme Volunteer Future Plans In June 2024, we ￿Mpleted and approved our new ten-year strategic plan. Based on our ambition, the new stralegy fowses on ffive key aims that we believe will help to deliver positive outcom8s for all young people on Free Schoot Meals. Our five strategic aKns are: 2.Cr••le Jw•rk AThyouDgpeorle for freeschoob . AllbwyJ PEWeÈbgYI e forfr4*scknl m4als - Vvebwe an pwI￿￿￿te in high tlksleoable5W to re6th 8reeFSSUPk*rt ex¢EfiesKeal kelp Ih*reducathM. Ths thp 51i55elsnpErYEd to thrive ￿ VEfvivre of v￿￿￿tand￿￿tISetearn d BoafdlhatdpfNefs vviden1￿ l￿￿dTThs￿hts and SuslallialAE impact. andsecond 4ducatHJts. This will gEnerèi* knowkdg• andaspifatiOrtIo ign nd￿s￿•re*tt￿ Gsreer bftwlDvfiwfole rn0detsytl￿fL￿ 5eEf. bElief waiene5sabwt**at15 tal￿rP￿t0 their thgQPWrtwllip5 ther Ihanwrtwench b&rri•rs to$￿ (an achi￿. 13 Registered charity rwiber 1157154 IEngland & Wales) and SC045076 (Scotland) Registered Company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Achievlng our Vision cont The road to achieving this vision of the fijture is not simple or straightfoTrvard. It will tske o)mmitment. collaboration and disruption. BLrt we are fully committed to finding new ways to create a step change in impact. Therefore, in the ¢oming years, we wll shape the future by grOv￿ng. Our Direct Delivery - Changing one lrfe at a time we will &￿Ie our operations to deliver our progrnmmes to as many young people from low incom&ba¢kgrounds as we can. Our Employer Engagement- Supporting employers to lead wilh purpose, we will wotk logeth6r to generate insights into the Specif￿ challenges and opportunilies employers face in accelerating %)cial inclusion. Our Influence - Putting new ideas into action, we will build strategic partnerships and lead by example to remove barriers and unlock new opportunth'es for young people from low-income backgrounds that enable them to thrive in the workpla￿. We also recognise that the challenges within social mobilty will not be simply solved and require big thinking. In cur new strategy. we have idenbfied new key areas of work that we b81ieve will produc£ new impacfful Solutions to these challenges. induding.. Establishment of an 'lnnovation Fund. (name TBC) - turbo charging scalable solutions and supporling pilots and programmes thal address swal mobility. Leading on Nalonal Campaigns - broadening impact we will co-design high profile G9mpaigns alongside young people, employers and educators to laC￿e key so(ial mobility Challenges. Creating a Disruption Lab - creating new ideas and aclion through the convening of diversity of thought to provide radical approaches for disrupting the status quo. Fostering a Community of Support - uniting an army of advocates to raise awareness of the challenges young peO￿e from low-income ba¢kgrounds fra￿ and the ways to support. For the year ahead, our main obiectNes as defined in our business plan are: 1. Consolidate the income model required lo fvnd Ihe ten-year ambition 2. Drive changes in employer practices to positively impact FSM young people 3. Agree and begin to implement an organisalion Structu￿ th* can impact 2 million FSM young people 4. Enhance our programmes to improve outcomes for young people 5. Redefine the mc¥Jel of wotft experience to ensure all young people are b8ttei prepa￿d for WOTk 6. Become a leading voice for ensuring the future of V￿rk is indusive for all young people Evidence imp* of new career5 SUPPOrt interventions throughout a young person's school years Develop a mf)Jel for charilies to inuease socio*conomic diverstty and begin testing with trailblazer organisations 14 Reglstered chafit¥ number 1157154 (Enoland & Wales) and SC045076 (Scotland) Registered tompany number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Trustees. Report The Trustees present the f￿anCIal statements for the year ended 30 June 2024. The ffinancial statements cover the year 1 July 2023 10 30 June 2024 {the comparalive period being ftorn 1 July 2022 to 30 June 2023). The finanaal statements comply with the Charities Ad 2011. the Companies Act 201￿. the Memotandum and Articles of Association. and Accounting and Reporting by Charities: Statement of Recommended Praclice applicable to chariknes prepafing their ac￿￿nts in accordance bwth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectsve 1 January 2019) (2- Edition) and the Charities Accounts (Scotland) Regulations 20{￿ {as amended). The Trustees confimi that they have complied wilh the duty in the Charities Act 2011 to have due regard lo guidance on public benefrt produced by the Charity Commission and believe the undertaking of these actimties fijlly meets the requlrements that all the ChariVs airns are for the public ben8fit. Th8 Trust88S and Leadership Team carefully consider any new inits"atives or changes to delivery models to ensure they meet the EY Foundalion's primary ch*itsble purpose. structure and Governance About EY Foundation The EY Foundation fEY Foundalion" OT the "Chariv) was incorporated on 12 March 2014 as a privat8 company limited by guarantee. with no share capttal. EY Foundation is a registered charity with registered charity number 1157154 (England and Wales) Sin￿ 21 May 2014, and SC045076 (Scotland) since 26 Augusl 2014. The objects of the Charity are for the benefit of the public to advance such exdusively charitable purposes as the Trustees may decide from time to lime. The Charity is govemed by a Board of Twstees. who are also the Directors of the EY Foundation. Trustees set the stralegi¢ and policy diiection wrth day-to-day management fvnctions being the responsibility of the Leadership Team. Public benefit The Trustees confirm that they have complied with the duty in Ihe Charities Act 2011 to have due regard to guidance on public beneffit produ(￿ by the Charty Commisston and believe ￿ undertaking of these actiwties fulty rneets the requirements Ihat all the Charivs aims for Iha public benefft. The Trustees and Leadership Team carefully consider any new initiatives or changes to delivery models to ensure they meet EY Foundation's primary tharitab18 pixpose. Board and Committees The Trustees who Se￿ed duting the year and those appointed before Ihe dale of this report are listed on Page 21. The Board met four times during the year and attended a further Board Away Day to discuss and r8Vi8w th8 Charlty's strateglc direction {October 2023). Meeb'ngs with the Member (EY) were held quarterly after each Board meeting and were attended by the Chair. CEO and olher Leadership Team members and Trustees by invilation. The Comrnittees report to the Board and were comprised of: the A￿￿1 and Risk Commiitee. the Nomination Committee and the Remuneralion Committee until January 2024 when tthe Nomination Committee and Remuneratton Committee were amalgamated to the Nomination and Remuneration Committee, chaired by Julianna Oladipo. The charTty also maintains a Youth Advisory Board. Th8 Audlt and Rlsk C(xnmittee Teviews aTrJ considers the Charivs framework of assurance, indu(fing intemal controls. risk management and policies before they are presented to the Board for approval. The Committee meets at least three limes each yeai and Fs chaired by an EY Trustee (as of Ouring the year ended 30 June 2024). The Nomination and Remuneration Committee leads the Board. Committee. Patron. Youth Advisory Board, and Leadership Team appointment pro￿sseS monitors Board effeckn"veness and Trustee 15 Registered charity n￿ber 1157154 (England & Wales) and SC045076 (Scotland) Regi51ered company nuwnber 08935629 Annual Report and Financial Statement5 For the period ended 30 June 2024 Trustees, Report conL successlon planning and wews the fram8VK)rf( for seding the Charivs remuneratlon principrfes, for setting senior executive pay. The Commtttee meets at least four times per year. All Committees a￿ encouraged to have youth Vol￿ representation within them. All Committees agree an annual cyde of business and ￿VIeW its progress against that WO￿ plan at each meeting. Youth Advisory Board The Youth Advisory Board CfAB) was established in November 2019 to advise The EY Foundation, rts Trustees and Leadership Team on how best to serve the needs of young people making a transition into fijrtherlhigher education, the workplace or seSf-employment. The YAB provides opportunities for young people to develop leadership skills and be part of the deasion-making process as well as prowding opportunities for young people to gain experience and knowledge of business and ctharity practices. The YAB is an unremunerated voluntary position V￿th no decision-making powers. The YAB members who served during the year and those appointed before the dale of Ihis report ale listed on page 22. Related Parties The Chanty's sole member fthe Memb8ff) TS Emst & Young LLP (EY). EY Foundatron's relatEonshlp wtlh EY consists of receiwng funding through a five-year funding agreement, and EY Foundation's use of their facilities. informalion systems and professional support. Recruitment and Appointment of Trustees Truste8s are apF)ointed for a peric*J of three years, which can then be exiended by ordinary resolution for another period of Ihree years. The Chairfs position may be extended for a third temi of up to three years under the Artides. There is no maximum number of Ttustees who may be appointed. No person may be appointed as a Trustee, if, as a result of their appointment, the EY Tnjstees and the EY Colleague Trustee together exceed the number of Independent Trustees. The Chair of the Board must ah¥ays be independent with no cu￿ent connectii)n to the Member as an employee or Partner. The recwitmenl of new Trustees follows an evaluats.on of the desired skills and experience for the Board, aligned to Ihe Charitls evofving strategy. A rigorous seledlon process is adopted to promde potential candidates with a rounded perspeclive of the Charity. and the environment in which we work. On joining the EY Foundation's Boar(l. new TTUStees receive a welcome pack wrlh key documents and an induction programme which covers the Charity's values and purpose, and separately, includes infomiation on the financial, governan￿ and operational arrangements for the Charity. Ml Tmstees are invited to volunteer on our programrnes to see them in aLlion. All Truslees undertake training to ensure they are aware of the importance of safeguarding and child protection and must obtain an up-tTrdate Enhanced DBS (England) or PVG (Scotland) The Trustee role is unrwnunerated. bLrt Trustees can daim expenses where relevant. Training requirements are considered regularly, and a budget exists for Trustee training. Charity Governance Code The Board recognises the importance of Ihe Govemance Code in promoting good govemance in the Charity sector. Tnjstees continue to keep themselves appraised of developments in the seclor and on regulalory and good pracaice requirements related to goveman¢e arhj Charity management via updates from the Govemance and Assurance Officer and Chair of the Board. Key Management Personnel The Trustees have delegated authority to the Chief ExerJJtive for the day-1041ay management of the Charity. The EV Foundation's Leadership Team who served during the year and those appointed before the date of this report are listed on page 21. Pay is benchmatked for all roles against a recognized benchmarking iwl forthe Charity sector, from whith pay bands have been (xeated. All roles are mapped against them, induding the Chief Executive. The remuneption of all employees, including key management personn81. is based on the outcoffle of this independent, sector-specifjc. benchmark evalualion. The Remuneration Cornmittee approves and oversees the methodology adopted. 16 Registered ¢hartty number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Trustees, Report cont. Financial Review The Charity funds its activities through corporate and indivtdual donations and from fundraising events. Total in¢orne raised in the year was £3.824k (2023: £4.008k) of which £175k (2023: £401 k) was restricled. Total expenditure was £3,756k (2023.- £4,026k)- As a result. the charity produced a surplus of £68k (2023.. deficit £20k) and was able to increase unrestricted reserves by £97k (2023 restated: £260k). Our programmatic acti4ity has been funda this year through donations by EY. other corporate partnerships. and thiough new grants secured during the year. We take an incremental loGkstep approach to expenditure, increasing programme staffing tesources once additional revenue is Confirmed. This is a crilic81 parl of the Chwitys financial fisk manag8m8nt process. Going concern The period of the TTUStee's going COn￿M assessment is the period to 30 June 2026. A budget for FY25 was approved by Trustees. prepared based on contracted or otherwise-secured income sources and new potential grants and contracts and it is anli¢ipated that activities in FY26 will be broadly similar. Reflecting that the EY Foundation's reseNes ￿ above the rarNJe determined by our agreed reserves policy an FY25 budget defiot of £490k was approved by the Board. This is a planned investment to support our Ambition strategy to enable all Free School Meal young people to have an employment and eamings potenlial that is equitable to other young people in the UK as outlined cffl page 3 and to bring our reseNes more in line with our policy. To enable the Charity to be responsive to any furtherfinanctal impacts. positive or negative. performance against the budget was subject to conts-nuous review to factlitate further reductions or new investments where needed. With the £490k defiiit budgeted. the Charitys reserves were stlll projected to be above the agreed polry level, and the cash flow positb)n showed a clear ability to remain a going ¢oncem. Subsequent to setting the FY25 budget. Trustees have continued to monilor Ihe additional savings made and income secured by the Chartty and have adjusted forecasts, accordingly. continuing to adopt the position of forecasting only secured income. whilst investing iesources in the development of new funding opportunities. Trustees conlinue to cxjnsider that Charity is a going o)nom and able to meet its debts as they fall due, based on the following analysis. EY Foundation's ojtrent five year funding &Jreement. which provides unrestricted funding under the master services agreement comes to an end on 30 June 2025. A new master servicEs agreement (the ffillh) will be negotiated early in 2025. EY has confimied in wtiting its intent to provide the EY Foundation with funding for 1 July 2025 to 30 June 2026 at the same level as FY25. EY is proud of its inveslment in the EY Foundation and refers to its donation and the impacl made with the Foundation in ils annual impad reporL This provldes security around the chari￿s prin¢ipal SOU￿ of funding and. with ftjnding provided quarterfy in advance. also reduces cash flow risk. Budgets and fOre￿sIS for FY25 are based on kr¥)wn and secured Sour￿ or with furthfjr additional income tsrgets that are considered to be achievable. Aclivty in FY26 is envisaged lo be in line with FY25_ The Charity has no fixed costs. and al costs are under the control of the Charivs Trustees and management, enabling responspieness to any further downtum. The Master sep11￿ A9reement in place with EY covers all utilities and propety overheads. therefore the Charity is less susceptible to the tsjrrent inflationary pressures and energy priang crisis. The (ash flow forecast for the period to 30 June 2026, prepared on the above assumptions. shows the minimum cash balance falling to £1.2m over that period. Howevei, rf only EY income is received. the loss of non-EY income of up to £1.2m would not lead to Ga5h Ilow or liquidity concems over the period of the assessment to 30 June 2026. The Charity has stsrted to se¢ure long tenn corporate partnerships beyond a year. promding moTe Int￿rne certainty above the ￿ounts secured from EY. As at the date of signing of these financial statements. the forecasts approved by the Trustees indicate that the EY Foundalion V￿11 be able to maintain liquidity for the period to 30 June 2026. folloTrMng the date of signing these fiftanctal statemenis and will therefore be able to conlinue to operate as a 17 Reglstered charlty n￿Mber 1157154 ffn¢Jland & Wales) and SC045076 (Scotland) egistered company number 08935629 Annual Report and financial Statements For the period ended 30 June 2024 Trustees, Report cont. going concem. The T￿Slee5 ConS￿￿er that no material UnC￿LaInty exists in relation to going ￿nCern for the EY Foundation for the period to 30 June 2026. Reserves policy Our reserves policy identifies the risk factors for which reserves are retained, the process for estimating the level of reserves required against each risk area. and the circumstances under which ￿serveS may be buitt a￿ve the minimum reseNes level for future investment. In addrbon to restricted and unrestricted reserves, the policy also includes the establishment and use of designated reseNes. at the discretion of Trustees. Totsl funds at the y8ar end are £1,746k (2023: £1,677k)' unrestrK*ed reserves stood at £1,662k (2023.. £1.565k) and restricted reserves at £84k (2023.. £112k). Trustees have not designated any funds {2D23'. £nil) of unrestricted resetves during the financial year ended 30 June 2024 and have released £90k of designated funds for thé Beyond Your Limits programme back to unrestricted funds given this programme has been paused. In preparing the budget for FY25 the assessment of the minimum unrestricted reserves level required. based on the assessment of risks was £426k to £1,097k. The level of unrestricted reserves at 1 JLsly 2024 was therBfore above the minimum requirement. The EY Foundation has an ambition to enable all young people who are eligible for Free Sch￿1 Meals (of which Ihere are currently 2 million) lo have an employment and eamings potentr'al that is equitable to other young people in the UK. Plans to: increase our programme delivery, work with Employets to lead with purpose and build strategic partnerships to inffluence the removal of barrier5 and unlocking of opportunities will support our new ten- year plan. The approval of the FY25 budgeted defiat of £490k will utilise unrestricted funds and bring them back to wilhin the acceptable policy level. The Charity receives funding from EY. the main funder. on a quarterfy basis. The EY Foundation has a low tolerance to capital volatility and adopts a cautious attitude to risk. The Board has therefore decided that the Charitys reserves should be maintsined in Cimmediately accessible) cash d8tM)Stts wtth low-risk financial institutions. The policy and guidan￿ are reviewed and updated annually or as neossary. Risk management The Board and Leadership Team acknowledge Ihat sound risk management is ffijndamental to both good governan￿ and good management practi￿. Risk managernent forms an essenlial part of the Charity'5 decision-making process and is integrated into strategic and operational planning. Risk management is part of the Charws intemal control system and is assessed and presented via our Board Assuran￿ Fram8work. This framework ensures all key risks are maintained and updatsd and reviewed by the designated Risk Leads and Leadership Team. Staff are prowded with adequate training on risk management to help them efficientty fulfil their roles and responsibilities. The Audit & Risk Committee and Board of Trustees reviews the Board Assurance Framework at least twice annually. The Leadership Team and Risk Leads revithvs the Board Assuran Framework on a quarterty basis. Princlpal rlsks The five-year funding relationship with EY provides an element of financial risk mitigalion but the landscape in which the Foundation operates. as for all charities, changes per our economic and politir21 environment. The key strategic risks for FY24 and their mitigations were as follows.. 18 Registered charity number 1157154 (En¢Jland & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period Ènded 30 June 2024 Trustees. Report cont. Rlsk Identlfied > Achieving a broad diversfficabon of income in the wrrent economic. social and political dimate. Mitt allon Building relationship with EY Partners and Bid teams to diversity channels. Planned annual budget and tsrgets include alternattve income streams to reduce impact on 1radits.onal fundraising. Increased resour￿ for corpoTale partnerships through FTE and se¢ondments from EY. Compliance measures arKI processes rdentified and mapped Training and resources provided for team members to ensure understanding on regulations and restriclions. Ongoing monitoring of contracts. parlnerships and business relationships. > The ability to work wilh employers, funders. and other stakeholders. in Ihe complex and highly regulated environment in which we operate. > A¢hieving our pledged public race commtlments. 8 out of 11 Race Commitments achi8ved. DEI fo￿Sed recruitment agencies approved as preferred suppliers and used for variety of roles from Senior Management Team to Board. Talent Initiative for Black. Asian and Ethnic Minority employees launched Augusl 2023. Annual review of EY Foundation Culture and Inclusion Poli statement of Truste•s' Responslbllltl8s The Truslees are responsible for preparing the Directors. and Tru5tees' Report and th8 financial statements in accordance with applicable law and United ￿"ngdoM Accounting Standards. induding Financial Reporting Standard 102, The Financial Reporting Standard applicable in Ihe UK and RepubliG of Ireland (United Kingdom Generally Ac*pted Accounting Practbce). The law applicable to charities in England and Wales, and Scodand requires The Twstees to prepare financial statements for each finanual year which gkve a true and fair view of the state of affairs of Ihe Charity and of the incoming resources and application of resources, including income and expenditure for that period. In preparing these financial statements. The Truslees are required lo: select suitable accounting polictes and Ihen apply them LX)nSiStenty" make judgements and estimates thal are reasonable and pwdent" state whelher applicable UK Accounling standards have been followed. subject to any material departures disdosed and explained in the financial statements-. and prepare the financial statements on the ￿Ing concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Chariws tr8nsactrons and disclose with reasonable a¢curacy al any time the financial position of the Charity and enable them to ensure that Ihe fjnancial statements compty with the Companies Act 2006. They are also iesponsible for safeguarrfing the assets of the Chartty and hence for taking reasonable steps for the prevention arKI deteGlion of fraud and other irregularities. So far as each person who was a Twstee at th8 date of approiAng this report is aware. there is no relevant audit infomiation, being information needed by the auditor in connection with preparing its report, of which the audilor ts unaware. Having made enquiries of fellow Ttustees and the auditor. each Trustee has taken all the steps that helshe is obliged to take as a Ttustee in order to make himselflherself aware of any relevant audil infomiab.on and to estabSsh that Ihe authtor is aware of that infomiation. 19 Registered charity number 1157154 (En¢Jland & Wales) and SC045076 (Scotland) Registered company nurnber 08935629 Annual Report and Financial Statements For the period ended 30 June 2024 Trustees, Report cont. The Trustees are ￿spOnsible for the maintenance and integrity of the c>Jrporate and finanual information induded on the ¢hartiable compan￿5 webpages. Legislation in the United Kingdom goveming the preparation and dissemination of financial ststements may dTffer from legislation in other jurisdictions. Auditors BDO LLP have been appointed as the Charitrfs auditors during the period. In preparing this Twstees, report advantage has been taken of the small companies. exemption. The Directors. and Trustees, Rep(xi on pages 3 - 20 was signed on behalf of the Director5 and Trustees by Edel Harris OBE. Chair 04 De￿Mber, 2024 20 Registered charity number 1157154 (Enqland & Wales) and SC045076 ISGotland) Registered company numbèr 08935629 Reference and Administrative Details Trustees Jade Bamett Sally Bartolo Sarah Baugh Julie Cavin Patrick Dunne OBE - Chair Sayeh Ghanbari4 Edel Harris OBE- Chair Mark Hutchinson Ebenezer Odubanjo Julianna Oladip Maria (￿￿sU Mensah Erol Mustafa - Treasurer Rebecca Robins Rachel Sandby Thomas Peter Wallace - Treasurer (resigned 16 September 2024) (from 06 December 2023) (resigned 06 December 2023) (from 06 December 2023) (resigned 06 December 2023) (resigned 06 December 2023> (from 13 March 2024) (resigned 27 February 2024) (resigned 11 Matth 2024) Leader3hip Team Lynne Peabody. CEO Liz Crossley. CFO (from 11 September 2023) Jodie McNally. Chief Programmes Officer Kathryn Easlwood. Director of Fundraising Ewan Bennie. Dtrector of Communications arKI Inlluen¢e Nil Neale. CFO (resigned 28 July 2023) Patrons Chris Achiampong Liz Bingham OBE Patrick Dunne OBE Margaret Gibson OBE Dawid Konotey-Ahulu Dame Mary Marsh Douglas Nisbet Steve Varley (from December 2023) Audit and Risk Committee Julie Cavin- Chair Sayeh Ghanbari Rachel Sandby Thotnas Jane Musyoki (co-optee) Jade Bamétt (from December 2023} (from c￿ June 2024) Nomination and Remunerallon Julianna Olarfip)- Chair Committee Sarah Baugh Sayeh Ghanbari Edel Harris OBE Mark Hutchinson Dianne Hughes [c￿Oplee) (from 06 June 2024) (resigned 06 December 2023) EY Partner fTOrn UK&I Audit EY Partner from UK&I Consulting 5 EY Dlrector 6 EY Partner from Financial Services EY Partner from Financial Services .21 Reglstered chariiy nL¥nber 1157154 (England & Wales) aEbJ SC045076 {Scotland} Registered compary number 08935629 Reference and Administrative Details Cont. Youth Advisory Board (resigned 31 Dec 2023) Maria ￿us￿ Mensah- Co-chair Ebenezer Odubanio- Ctrchair Olivia Agbe Ikra Choudhury James Fraler Zubair Junjunia Gertrude Kyeremaa Victoria Penev Muhammad Abid-ur Rahman Emmanuel Saliu Youth Advisory Board (from 01 January 2024) Natalie Stuart- Chair Elijah Amoako Fairy Chi Michelle Fotsing Henry Hughes Syeda Islam Huma lQyani Raphael Mathews Ife Obasa Fome ()Nuasu Ha￿Y Sharma John Walker The EY Foundation Registered charity number. 1157154 (England & Wales) Registered charity number. SC045076 {ScoUand> Registered company number. 08935629 1 More London Plac London SE12AF Banker8 Bardays Bank 1 Churchill Place London EC14 5HP Solicitors Bates Wells 10 Queen Street Pla London EC4R 18E Auditors BDO LLP 2 City Pla Beehive Ring Road Gahvick RH6 OPA RgisteNI charity nLAmtJer 1157154 (England & Wale5} and SC045076 IScotlaThJl Registered company number 08935629 Independent Auditorfs Report to the members and Trustees of EY Foundation Opinion on the financial statements In our opinion. the financial ststements: gtve a true and fair view of the state of the Charitable CoMpan￿S affairs &s at 30 June 21Y24 and of incoming resources arKI apph"cation of resources for the year then ended: have been properly prepared in accordance with United lfjngdom Generalty Accepted Accounting Practi￿. and have been prepared in accordance with the requirements ofthe Companies Act 2L￿. the Charities and Truslee Investment (Scolland) Act 2005 and regulations 6 aTrJ 8 of the Charilies Ac(x)unts (Scotland) Regulalions 2006. as amended. We have audited the financial statements of EY F(￿ndation fthe Charitable Companf) for the year ended 30 June 2024 which comprise the staternent of financial aCtr￿ltieS (incorporating an ino)me and expenditure account), the balance sheet. the statement of (2shflows and notes to the financial statements. including a summary of significant accounting policies. The fina￿la1 reporting framework that has been applied in their preparalion is applicable law and United lfjngdom A¢¢ounting Standards. including Financial Reporling Stsndard 102 The Financial Reporttng Standard applicable in the UK and Repubiic of Ireland (United Kingdom Generally Accepted Accounting Practice). Basis for opinion We conducted our audit in aC￿rdan￿ with lntemab.onal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our resrx)nsibiliti8s under those stsndards ￿ further described in the Audltols responsibilities for the audit of the financial statements section of our feport. We believe Ihal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Indep8nd8ncg We remain independent of the Charitable Company in accordan￿ with the ethical requiremenls relevant to our audit of Ihe financial statements in the UK. including the FRC'S Ethical Standard. and we have fu5fi118d Our Other ethical responsibilities in accordance wilh these requirements. Conclusions related to going concern In auditing the financial ststements. we have conduded that th8 Trustees. use of the going concern basis of accounting in Ihe prepatation of the financial statements is appropriate. Based on the work we have perfcrfmed. we have rHrt identified any material uncertainlies relating to events or conditions that, individually or collectively, May cast signtficant doubt on the Charitable CoMpan￿S ability to continue as a going con￿rn for a period of at least Iwelve months from when the financial statements are aulhorised for issue. Our responsibilitses and the responstFAfilies of Truslees wilh respect to going cx)ncem are described in the relevant sections of this report. Other information The Trustees are responsible for Ihe other information. The other infomiatK>n comprises the information induded in the Annual Report, other than the financial stalements and our auditorfs report th8reon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciuy slated in our report, we do nol express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsiimlity is to read the other information and. in doing so. consider whelher the other information is materialty inconsistent with the financial sialements or our knowledge obtained in the audit or otherééise appears to be materi311y misstated. If we identrfy such material in¢onsistenGies or apparent malerial misstatements. we are ￿qUIred to deterrnine whether there is a malerial misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a matetial misstatement of this other informab"on. we are required to report that fact. We have nothing to report in this regard. .23 Reg"stued nunthr 1157154 (Engl8ThJ & Wales) ar¥J SC045076 {ScoUand} Re￿stered company number 08935629 Independent Auditorfs Report to the members and Trustees of EY foundation conL Other Companies Act 2006 reporting In our opinion, based on the worf( undertaken in the course of the audit.. the infonnation given in the TNsiees' ReporL whith Indudes the Directors, Repcft prepared for the purposes of Company Law. for the financial year for which the financial statements are prepared is consislent with the financial statements: and the Dlrectors, ReporL ￿4¢h are induded in the Tn￿es. ReporL has been prepared in acixxdance wtth applicable legal requiremerrts. In the light of the knowledge and understanding of the Chantable Company and its environment obtained in the course of the audiL have not identified material misststsmant in the TNstae's r8POrt. We have nothing lo report in rest*d of the following matters in relalion to whi¢h the Companies Act 21)06 and the Charities Accounts (Scotland) Regulations 2Crf)6 requires us to report to you rf, in our opinion.. proper and adequate aC￿untIng recAJrds have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial ststements are not in agreement with the accounting reconts and r8tums". or certain disdosures of Di￿¢￿. r8mun8ration specified by law are not made. or we have not received all the information and explanations we require for our audit: or the trustees were nct entilled to prepare the financial statements in actordance with the small compani8s' regime and take advantsge of the small companies. ex￿￿pIlOns in p￿paring th8 directors. report. Responslbilities of Trustees As explained more fulty in the Statèment of Trust8es' responsibilities. the Tnkstees (who are also th8 directors of the charitable company for the purposes of company law) are ￿sponSible for the preparation of the financial statefflents and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees detennines is n￿Sary to enable the preparation of financial ststements that are free from material misststement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assesslng the Charitable CoMpan￿S abilrty to continue as a going concem, disdosing, as appli(xble. matters related to going con￿￿ and using the going ¢on¢em basis of accounting unless the Trustees either intend to liquidate the Charitable Company or lo cease operations, or have no realisti¢ altemative t￿t to do so. Audftorfs responsibllltles for the audit of the financial statements We have been appointed as auditor under section 44(1)(c) ofthe Charilies and Tnjstee Investm8nt (Scotland) Act 2005 and under the Companies Act 2006 and report in ac¢ordan¢e with the Acts and relevant regulations made or having effect ther8under. Our objectives are to obtain reasonable aSSUrar￿ about whether the ffinancial staiements as a whole are free from material misstaiement. ￿ether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assuran￿ is a high level of assuran￿. but is not a guarantee that an audit conducted in accordance with ISAS {UlQ will always dele& a material misstaternent when it exists. Misstatements ¢an arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to inffluerKe the economtc deLisions of users taken on the basis of thes8 finanryal statements. ,24 R4isl&wJ chaity nLrnber 11S7154 (England & Wales) and SC045076 (ScollaThJl Registered company number 08935629 Independent Audltorfs Report to the membern and Trustees of EY foundation conL Extent to which the audit was capable of detecting iwlarifies, including frdud Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misslaiemer7ts in respect of irregvlarities. induding fraud. The extent to which our pio(xduies are capable of delecting irregularities, induding fraud is detailed below.. Non-compliance with laws and Trgulalions Based on: Our understanding of the Charitable Company and the sector in which it operates: Eh"scussion with management and those charged with govemance including the Audtt and Risk Committee.. and Obtaining and understanding of the ChaTitable CompanYs pdides and procedures regardlng Complian￿ laws and regulations. we considered the signifi(2nt laws and regulations to be the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS102) and the Companies Act 2006. The Charitsble Cornpany is also subject to laws and tegulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financi31 statements. for example through the imposition of fines or litigations. We identified such laws and regulations to be Ihe health and safety legislation, UK tax legislation. Employment Taxes and the Bribery Act 2010. Our procedures in respect of the above induded: Review of minutes of meeting of those charged with govemaThx for any instances of non- Complian￿ with laws and regulations,. Review of correspondence regulatr)ry and tsx aulhorities for any instarw of non-compliance th laws and regulations: aThJ Review of finanrial statement disdosures and agreeing to supp)rting documenlation. Fraud We assessed the susceptibilty of the financial statements to material misststement. including fraud. Our risk assessment procedures in¢luded." Enquiry with management and those Charged wilh govemance regardiNJ any known or suspected instances of fraud" Oblaining an understanding of tha CharitatAe Compan￿$ poliues and proGedures relatlng trj: Detethg and responding to the risks of fraud,. and Intemal controls established lo miligate risks related to fraud. Review of minlrtes of meeting of those tharged with g0Veman￿ for any known or suspected instances of fraud: Oiscussion amongst the engagement team as to how and where fraud might occur in the financial statements: and Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud: Based on our risk assessment. we considered the areas most SU$￿ptsl￿e to fraud to be income recognition and management override of control& Our procedures in respect of the above included: Tests"ng a sample of journal entries throughout the year. whi¢h mel a defined risk criteria, by agreeing to supporting documentation- Testing a sample of other journal entries Ihroughout the year by agreeing to supporting documentalion., Review of application ofjudgements aSS￿xatsd with aCC￿Jntlng estim*es for indication of potentiat bias: Testing a sample of income throughout the year to source re(J)rds-. and Testing a sample of income for cut-off and revenue ￿gnItion. ,25 Registered clwty nurrtjer 1157154 {England & Wales) arKI SC045076 (Scotlandl R￿31St￿e￿ ctynpary numtw 08935629 Independent Auditorfs Report to the mernbers and Trustees of EY foundatlon conL We also communicated relevant identiffied laws and regulations and potential fraud risks to all engagement team members and remaned alert to any indications of fraud or non-complianr£ with laws and regulations throughout the audit. Our audit procedures w8re designed to res￿nd to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentstions or through collusion. There are inherent limitations in the audit prO￿dureS perfomied and the further removed non-compliance wth laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to beccffle aware of it A further description of our responsibilities for the audit of the finanaal statements is located at the Financial Reporting Council's fFRC's"J webslta at: hltps..1fv￿vW.fr¢.org.uk/a￿dltorsrespQnSlbllllle$. Thls description fofft￿ part of our 8uditorfs report. Use of our report Thls report Is made solely to the Charftable Companys members. as a body. in attordance ￿ryth Chapter 3 of Part 18 of the Companies Act 2006, and to the Charitable Companys tNStees. as a body. In accordanc8 with the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charltable Company's members and ITUSte8S those matter5 we are required to state to them in an aydttorfs repcrt and for no other purpose. To the fullest extent pemiittad by law, we do not accept or assume responsibilty to anyone other than the Chartiable Company, the Charitable Compan￿$ members as a body and th8 Charitable Cornpanws truste8s as a body, for our audtt work, for this reporL or for the opinions we have fomied. Svjned by.. Iho CgA7C7386A354&8.. Laurence Elliott (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Gatwick. UK Date 09 January 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC30512n. ,26 Registered chaiTty ft￿￿0er 1157154 (E￿land & Wale5) and SC045076 {ScotlaN* RegIStw￿ company number 08935629 Statement of financial activities (incorporating an Income and Expenditure account) For the year ended 30 June 2024 Year ended 30 June 2024 Year ended 30 Juné 2023 Unresblcle4Y Totsl restaie(I (note 15) Totsl funds (rw)te 15) INCOME FROM Donations 3.135.78f 3.135.781 3.(th.691 191319 3.199.010 Charitable adivibes 493.705 175￿7 .052 208.979 Pa7.￿6 lrtorne frorn tsading activities 990 8.880 Investrnents 18.194 18.194 Tdtslincome a648.670 174347 1824.017 3.604.498 401.298 4.005.796 EXPENDITURE ON Raising fvr•Js 6 {1.023.5W) (1,IJZJ.590) (949.755) (75.708) (1.025,463) Charitable acti¥ilies 528,151) (204.127) R731278) 12,394.556) (805.643) (3.000.199) Total expefftfftu (3.551.741) 1%)4.127) (3.75&868) ￿314.311} (681.351) (4.025.662) NETINCOMEAND (NETE¥PEND17UREJ INFUNDS FOR THE FINANCIAL YEAR &*.929 128.7801 68.149 260.187 (1g,866) NETMOVEMENTIN FUNDS 929 f2&780) 68.149 260.187 (280.053> (19.866) RECONCILA TION OF FUNDS Totsl ftjnds bro￿h( forward 1.564121 112.￿0 1.677.421 1.097.287 TOTAL FUNDS CARRIED FORWARD 1.661￿ 81¥20 1.745.570 f.56&121 112J70 1.677.421 All income and expendiiure relates to continuing adrlities. The Charity has no recognised gains or losses other Ihan those induded in the results above and therefore. no separate statement of total recognised gains and losses has been presented. The accompanying notes form part of Ihese financial statemenls on pages 30 - 40. .27 Rg3lster*l chartty runbèr 1157154 lEwar￿ & Wales) SC045076 (Scolland) Registered company number 0893562g Balance sheet at 30 June 2024 Registered Company Number.. 08935629 30 June 2024 30 Jun 2023 u￿eS￿l¢teO Restricked fvnds funds As restated As resta115e (749,99T) 149.9971 NET CURRENT ASSET5 1.627,758 83,520 1.711.278 1.522.829 112.300 163S 129 NET ASSETS 1.662,050 &3.520 1745.570 1.565 121 112,3 1,677.421 FUNDS UnrestrrAe Funds Restricted Fund5 TOTAL FUNDS CARRIED FORWARD 15 1.662.OS) 1.565,121 15 83,520 112,300 1.745,570 1,6TT,421 The accompanying notes fom part of these fi[la￿la1 statements on pages 30 - 40 These ffinancial statements have been p￿pared in accordance wtth the provisions applicable to compani8S sufyect to the small companies, regirne. The finanaal ststements were approved and authorised for issue by the Board of Trustees on December 2024 and were signed on its behaFf by". Ed81 Harris OBE, Chair De￿rnber 2024 .28 Regist￿￿￿ tharity number 1157154 IETrJland & Wa&) and SC045076 {Scc4landl Registered ¢A)mpary number 08935629 Statement of cash flows for the year ended 30 June 2024 Period 2023 2024 Cash flows from operatlng a¢tlvlt19S Net Cash {usedinyfmm ope￿11ng4dNtss 183.262) 216.645 Cash flows Used in irwesting aC￿VitieS Amortisai?on Olintan￿"1Y18 aS￿ts 8,000 Change in cash and cash equr￿lents Ihe year <75,262) 224,645 Cash and cash equivakrts al beginning ofyear 2.069.498 1.844,853 Cash and cash equfvalgnts at gnd of wlod 1.994.236 2.{￿,498 aP Reconciliation of net incomel{expenditure) to net ush Ivsed iny frorn perating a¢tivitie5: Period 2023 PoTlod 2024 Nel surplusl(defi¢it) for iFE finarKial year (as perlhe Slaternent of Finan(ial Activities) Adjustments fcr. (Decreasey Increase in credttors Decrease in debtors 68.149 (19.8661 (237.5591 86.148 197.159 39.352 (1S1.411) 236.511 Nel cash (￿d Inyfr(th Lwaling acbvittes (83.262) 216.645 The accompanying noles fijrm part of these financial statements on pages 30- 40. ,29 Registered chaiity number 1157154 (England & Wale5).awvJ SC045076 {Scotlartd) Rgjislered company number 08935629 Notes to the financial statements at 30 June 2024 1. ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared on the auxuals basis of a(xounts'ng using historical cost basis and fair value basis on ￿rtain items as described below; and in accordance with Accounting and Reporting by Chartties: Statement of Recommended PradirE applicable to Charities preparing accounts in accordance wtth the Financial Reporting Standards (FRS 102 SORP 2015) effectrve October 2019 (2nd Edition) and the Companies Act 2006 and the Chartlies Acl 2011 and the Charities AG¢ounts (Scotland} Regulations 2006 (as amended). EY Foundation (the °EY Foundatlon- or the 'chariV) is incoTwrated, under the Companies Act 2006, as a private company limiled by guaranlee, with no share capital. The Charity is domiciled and registered in England and Wale5 With registered company number 08935629. The registered offir£ address is 1 More London Place. London SE12AF. The CharTty is a public benefft enlity. The financial statement5 have been drawn up for the year from 1 July 2023 to 30 June 2024 (the comparative period being from 1 July 2022 to 30 June 2023>. G￿ng concem The periol of the Trustee's going concem assessment ts the period to 30 June 2026. A budget for FY25 was approved by Trustees. based on contracted or Othe￿Ise-seCUred income sources and new potential grants and contracts. To enable the Chanty to be responsive to any further finan￿al impacts. positive or negative, performance against the bL*Jget was subject to continuous review to facilitate further r8ductions or new investments where needed. whilst remaining in the agreed reserves policy. The Charity budgeted for a £490k defidt. Wlth this lev81 ofdeficit. the Charitys reserrfes were still projected to be within the agreed poliry level, and the ¢ash flow position showed a clear ability to remain a going concem. Trustees continue to consider that the Charity is a going COn￿M and able to meet its debts as they fall due, based on the following anatysis.. EY Foundalion's CU[￿nt five year funding agreement. which pmvldes unrestricted fijnding under the master services agreernent comes to an end on 30 June 2025. A new master services agreement (the fifth) will be negotiated early in 2025. EY has confimed in writing its intent to provide the EY Foundation with fijnding for FY26 to 30 June 2026 al the same level as FY25. EY is proud of its investment in the EY Foundation and refers to its donation and thè impaGt made with the Foundation in tts annual impact reporL This provides security around the Charity's principal source of funding and. with funding provided quarterfy in advance, also redu￿5 cash flow risk. Budgets and forecasts for FY25 are based on known and secured sources or with lurther addifjonal inix>me tsrgets thal are achievable. Adivity in FY26 is enwsaged to be in line wilh FY25. The Charity has no fixed costs, and all cA)sts ar8 under the contfDI of the Chaitys Tnjstees and management, enabling responsiveness to any fvrther downtum. Cash flow forecasts have been stress-tested. principally to relect any potential Mthdrawal or deferral of unsigned contracted income by ￿1POrate partners. The cash flow fore￿St forthe period to 30 June 2026, prepared on the above assumptions, shows the minimum cash balan￿ falling to £1.2m over that period assuming income crystsllises as planned. and under the stress-test S￿nariO falling to £0.9m. providing comfort ihal the Charty will be able to meet its finanrial obligations. As at the date of signing of these financial statements, the forecasts approved by the Twstees indicate that the EY Foundation will be able to maintain liquidity for the period to 30 June 2026. following the date of signing these financial statements and will therefore be able to continue to operate as a going concern. The Trustees consider that no material uncertainty exists in relation to going concem for Ihe EY Foundation for the period to 30 June 2026. ,30 Registtted d￿rity nUM￿r 11S7154 (Eryland & Wales) aryj SC045076 {Scollandl Registered company nurnber 08935629 Notes to the financial statements cont. at 30 June 2024 1. ACCOUNTING POLICIES CONTD. Income Donations are recognised when there is entillemen( probabilty of re￿Ipl and the amount 12n be measured with sufficient reliabilty. for example an agreement for funding is in pla￿. Gtft aid is daimed on all donations which meet the criteria and where a signed dedaralion is in place from Ihe individual or Partnership. Gift aid income is accrued for. where daims will be submilted to HMRC in line with gift aid requirements and the gift aid relates to donations re￿iVed within the reporb.ng period. Donated services and facilities are induded as income at Current markel value where the Charity has control over the item. Where a maTket value is not available. appropriate estimates are made. In the current period the value ol donated services and facilities was ascertained from the enb.ties that made the donations. Examples of donated services indude secondees. IT support. and p￿rnIses. Income from special organised events is (ategorised as Donations. as any participalion fees are recognised in Other Trading Activities. Income is recognised where there is entitlement. probabilty of receipt and the amount can be measured with sufficient reliability. foi example. where an agreement is in place, but deposits or participant fees have not yet been received. Income from corporate partnerships is categOriS￿ as Income from Charitable Actiwties as is primary purpose trading. As most programme cosls are inCUr￿d in the delivery weeks, we recognise the income evenly over this period. Income is deferred where the donor has specified that the income is to be expended in a future period or where contractual condit￿nS for entillement will be met in a future period. Debtors are ￿cOgnised when a Commitment lo pay EY Foundatbon has been made givtng entitlement, where the amount i)wed to us can be calculated and rerxpt is probable. Grants receivables are included in the SOFA when Ihe EY Foundation believes it has entitlement, reGeipt is probable, and the amount can be measured reliably. Grants has been recorded as an income from charitable activities. Interest on funds h81d on deposit is included when receivable and Ihe amount Can be measured reliably by the charity. This is nomially upon notification of the interest paid or payable by the bank. Expenditur8 Expenditure. including grants payable. is recognised when there is a legal ￿ constnKtive obligation on the part of the Charity, and it is accounled for on an accruals basis. Expenditure has been classified under headings that aggregate all costs refated to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to acbvities on a basis consistent with the lime spent on projects. Support costs are those fundions that asstst the work of the Charity. Governance costs are part of support costs and comprise the costs of compliance wilh constitutional and statutory requirements. Support costs include the salaries of those staff which are not direcuy attributable to a particular programme of charitable work, goveman¢e costs. finan￿, IT. HR. office running costs and consumables and other overheads not speofically attributable to a particular prografflme of chariiable work. Support costs are allocated between Cost of raising funds and expendilure on tharitable activities based on the proportion of staff lime spent on Ihese activities. Irrecoverable VAT is ￿Cognised as expenditure under the same category as the item rt relates to. Cost of raysing funds Costs of raising funds include rtems relating to special events organised by the EY Foundation to raise awareness of the Charity and its objects. as well as salaries and overhead costs of the staff who undertake fundraising activities and the marketing costs associated with raising the profile of the EY Foundation {but nol those which are used in an educational manner in furtherance of the Charity's objects). These and other fundraising costs are regarded as ne￿Sary to generate funds that are needed to finance charitable activities. ,31 Regislerèy tharity number 1157154 (England & Wales) and SC045076 (Scotlandl Reg151w￿j comparry nutnbu 08935629 Notes to the financial statements cont. at 30 June 2024 1. ACCOUp￿ING POLICIES CONTD. Expenditure on charitable activihes These costs relate to projects undertaken by EY Foundalion and include travel costs, a proportion ofsupport staff salaries and other costs considered to be in the furtheranoe of the tharilable objectives of the Chaiity. Taxation The company is a charity wtthin the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the company is potentially exempt from taxation in resped of income or capital gains within Gategories covered by Chapter 3 of Part 11 of the Corporalion Tax Act 2010 or Section 256 Df the Taxation of Chargeable Gains Act 1992, to the exterrt that Such income or gains are applied exdusively to tharitable purposes. No tax charge arose in the year. Pensions The EY Foundation parbapates in a defined contribution pension scherne for its stsff. The assets of the scheme are not owned by the EY Foundation. Pension contribulions Charged in the SOFA represent the contributions payable by the EY Foundation in the year. Intangible Fixed Assets Intangible assets are stated al c05t less accumulated amortisation and accumulated impaimient losses. Amortisalion is Calculated, using the stra￿ht-IIne melhod. to allocate the depreciable amount of the assets to their residual values over their estimated useful INes. as follows. Sotlware and Website costs- 5 years. Where assets are still in development and not in use. these a￿ treated as "Assets Under Construction", where no amortisation charge is incurred until the asset is complete. Volunte815 Approximately 2,010 (2023: 2.510) volunteers gave Iheir time freely to nurture and develop our young pe¢ple. The value ol this is not re(￿gnised in the accounts. Fund accounting The frjnds of the EY Foundation have been segregated as follows: Restricted ￿ndS consist of EY donations and grants re￿iVed forwhich the donor or grant giver has specified the purposes for which resources Gan be utilised. Expenditure on restriGted funds reflect the appropriate expenditure that has been charged to those funds. Restrided funds are disdosed by programme in the notes to the ffnancial staternents. unrestn.cted fijnds consist of all other income that has not been restricted and Gan be used in a¢)xrdan¢e with the chartlable objectives at the disuetion of the Tntslees Un￿Stricted fvnds which have been set aside by Trustees for Spear￿ use are considered designated funds. Transfers are made between fvnds where there is a r8leas8 of restricted fvnds to unrestricted funds or charges are made between funds. Two transfers behveen funds have taken pla￿ in the finanaal statements forthe year ended 30 June 2024.. > 2024: Release of £90,OC(I funds designated to the Beyond Your Limits programme to unreslricted funds (see note 15). The decision was iaken to pause the Beyond Your ￿mits programme, with care experienced young people taknng part in Smart Fuiures instead. > 2023.. Transfer of £21,860 restrÉcted expenditure in the financial year ended Xl June 2023 to unrestricted expenditure. The year end restricted bala[￿e had been reported in error with restricted funds carried forward being understated by £21.860 relating to fvnds from The Paul Hamlyn Foundation and the unrestricted funds carried forward being overstated. .32 Registered thaEIty nurt￿ 1157154 (England & Wales) aThJ SC045076 {Scotland) Regist￿ed corr7pary number 08935629 Notes to the financial statements cont. at 30 June 2024 1. ACCOUNTING POUCIES CONfD. The impact on the primary statements and notes of the 2023 redassification ts: As Pf8viousIy reported As rEsfated at 30 Juna 2023 Impact on the Balance Sheet and note 15 R8dassifical￿n Unrestricted funds 1.373.981 213.0(M) 1.586.981 (21.860) 1.352.121 213.c￿0 1,565.121 112.300 1,677.421 Designated fund Total Unreslricted fund5 Restricted funds (21.860) 21.860 1,677.421 ATre&Wat&7Jvre 2tr23 mpa¢1¢￿ thg A and rKrte 7 Ewditu¥e on Raising FurttLs Expendthjre on Charitatle ExpendibJr8 511197 1,DZ5.4SI 949.755 75. 1.025.463 13792S4 3.IKJO.199 15.302 (15. 2.394y 3.oriJ.199 OW Expgnddure 322.451 7(kl311 4.025 21.8 .wo) 3.314311 681.351 4.025.862 Netrnov￿en1 in Funds 282.¢M7 )1.913) 1190e (21.8 21. 260.187 I2￿￿3} I19￿88} Tolal Funds caried forward IXfj.9Y11 1ffl7.421 P1.8 21.￿0 1565.121 112. 1.677,421 SignrfiGantmanagementjudsEments and key sources olestimation and unc8rtainty Estimates and assumplions are based on histori121 eviden￿ and other faclors induding expectations of future events that are believed to be reasonable within the EY Foundation. The only estimates believed to be significant are Deferred Income on Grants ar￿ Corporate Partnerships and the holiday accrual: Holiday accrual - the Ca1￿latIOn of the value of annual leave not taken as at the reporting date includes an assumption that employees have an average holiday carried foward of 3 days and that they would have tsken half of their holiday entitlement by the EY Foundation's year end. The value of the hotiday accrual as at 30 June 2024 is £63.192 {2023: £73,163). Deferred Income on Grants and Corporate parkner5hips IT￿me from cc￿pOrate partnerships is calegorised as Income from Charitable Actrwities as is primary purpose trading. As most programme costs are incurred in the delivery weeks. we recognise the inC￿Me evenly over Ihis period. Income is deferred where the provider has specified that the income is to be experKled in a future period or where ¢ontraGtual conditions for entitlement will be met in a fu1U￿ period. ,33 Reglstered nurter 1157154 (Engla￿1 & Wales} and SC045076 IS¢oUarKII Regislefed comparty number 08935629 Notes to the financial statements cont. at 30 June 2024 2. INCOME FROM DONATIONS Year 2024 Year 2023 UnTrstiicted Resti7Cted EY donations.. cash EY donations.. staff. services and factlities Olher donations Sponsored events Gift Aid regarding EY donation.. cash 2,036.0(X) 478.795 580.31)) 40,686 2,036,000 478,795 580,300 40,686 2.036.OOQ 763,774 290,876 70.040 38.320 3,199,Q10 3.135.781 3,135.781 3. INCOME FROM CHARITABLE ACTIVITIES Year Year un￿St([Cfed Restsicted 2024 2023 Income from corporate partnerships Grants 493.705 493,705 175,347 669.052 588,927 208,979 797.906 175,347 175.347 493,705 4. INCOME FROM OTHER TRADING ACTIVITIES Year 2024 Year 2023 Un￿striCted Restsicted Fundraising participants fees 990 990 8.880 8,880 5. INVESTMENT INCOME Year 2024 Yèar 2023 UnTrstrict8d Restricted Deposit account interest 18.194 18.194 18,194 18,194 6. COSTS OF RAISING FUNDS Year 2024 Year 2023 un￿s￿1Cted Reshicted Salaries Support costs (note 8) 321,286 702.304 1.023.590 321.286 702.304 1,023,590 313,651 711,812 1,025,463 Registe￿1 ¢harity number 1157154 (England & Wales) SC0450T6 (Scotlandl RoJ(slere￿ company nUM￿r 08935629 Notes to the financial statements cont. at 30 June 2024 7. EXPENDITURE ON CHARITABLE ACTPJITIES Support (note 8) Y8ar 2024 Year 2023 Programme Costs Smart FLrtures Our Fulurel Your Fulure Acceleratel Step into Business Care ProgrammelBYL Other Programme Costs 692.789 1.080.372 1,773,161 143.(M)7 133.720 276.727 17.185 20.064 37.249 156.808 238.046 394.854 77.943 172.344 250.287 1.087.732 1.644.546 2,732.278 1,968.303 162.475 104,666 634.457 130.298 3,000.199 Direct Support Costs Costs As restated Year 2023 Year 2024 Analysed as.. Unrestrided Reslricted 954.748 1.573.403 2,528.151 2,394,556 132.984 71.143 204.127 605.643 1.087.732 1,644.546 2.732,278 3,000,199 The prior year fiwres have bee￿ restated to increase unrestricted expenditure by £21,860 and reduce restricted éxpenditure by £21,860 refiecling the redasstfication of the restricted funds carried fonNard to indude the Paul Hamlyn Foundation per note 15. SUPPORT COSTS Costs of Chaiitable i&ng fU￿ts activities Year 2024 Year 2023 Office running costs total Other Costs Marketing costs {exd. salaries) Salaries and on costs Donated services & facilities Supporter engagement costs Monitoring & evaluation costs Governance costs Technology Inveslment costs 88.143 88.143 89.401 155.415 19.740 19.740 969.253 1.446.647 320.793 478.795 25,704 145,214 35,466 1.330,643 763,774 11,292 49,393 73.692 5,628 2.440,806 66.014 477.394 158.002 894 58.432 58.432 58.352 58.352 40.432 40,432 1,644.546 2.346,850 702,304 9. AUDITOR'S FEES Year 2024 Year 2023 Fees payabl8 to the ChariV8 auditor for Ihe au(fft of lh8 annual accounts (No non-audrt fees were paid lo Ihe auditor) 28.000 25.1)00 28.(N)O 25.000 ,35 Register&J chaiity number 1157154 (England & Wale5) arwj SC045076 {Scotland) RegisleKèJ t￿nY nurnber 08935629 Notes to the financial statements cont. at 30 June 2024 10. TRUSTEES REMUNERATION AND OTHER BENEFITS Trustees are reimbursed their travel and accommodation expenses only when travelling on EY Foundation business {i.e., lo Board meetings). Total expenses paid out to three Trustees totalled £369 (2023.. £691. None ofthe Truslees are remunerated as a Trustee. There were no short-tenn contracts offered to Trustees in FY24 <2023: £0). 11. STAFF COSTS Staff are recruited under pay scales that were histori￿llY benchmathed against charity pay scales. Year Reststed. 2023 Year 2024 Wages and salaries fprioryear restated) Social security costs Other pension costs ("pii0ryear￿statedj Benefits ("prior Year￿stated) 1.881,738 205,749 144,649 172,655 2,404,791 1,856,847 207,525 126,087 154,778 2,345,237 Benefits indudes other fonns of employee benefits 2nd a review has determined that £56,355 of employee benefits were in error not induded in the total in 2023 ￿lating to G9r allowance paid as cash, medical insurance and Group Inwme Protection. Additionally. a reGlas5ifi¢ation has been made to reclassify employee pension cx)sts of £96,724 induded in error in other pension costs in the prior into wages and salaries. The average monthly number of slaff during the year was as follows: 2024 Full Time Eq￿valents 2024 Headcount 2023 Full Time Equivalents 2023 Headcotjnt Chief execLrtive Programme Fundraising support Marketing Other support staff 1.00 23.00 7.80 3.00 16.80 51.60 24.(Ki 18 15.60 51.20 13 43 15 49 Key management pefsonnel The EY Foundation's Leadership Team (its key management personneTr are in charge of: dire¢ling, controlling, running and operating the charity on a day to day basis and comprises the 5 posts outlined on page 21 12023: 3 posts). During the year ended 30 June 2024, these 5 posts were taken up by 6 members of staff du8 to th8re being one leaver during the year. The totsl remuneration (including taxable benefits) of the six key management petsonnel was £541.702 (2023: £293.438 three key managernent roles). Pay is benchmarked for all roles against a re¢ognized benchmarking tool for Ihe Charity sector, from which pay bands have been created. All roles are mapped against them, including the Chief Executive. The r8munerats.on of all employees, induding key management personnel. is based on the outcome of this independent, seGtor-spec4fic, benchmark evaluati(m. The Remuneration Comrnittee approves and oversees the methcxjology adopted. ,36 Rg3iSt8red charriy nLwnkr 1157154 (Eroland & Wales) and SC045076 (Scotlan(l} Registered compalry number 08935629 Notes to the financial statements cont. at 30 June 2024 11. STAFF COSTS CONT. During the year the number of employees who eamed between the amounts staled below (induding taxable benefits blrt exduding employer pension and national insurance contribuiions) were: 2024 2023 "restated" £60,000 - £70,000 £70,001- £80,000 £80.001- £90.000 £90,001- £100,000 £100,001- £110,000 £110,001- £120,000 "The prior year has been restated as the bandings analysis in error did not indude all earnings (nduding laxable beneffts. 12. INTANGIBLE FIXED ASSETS Assets Under Construction Websrte Total Cost or Valuation At 1 July 2023 Additions At 30 June 2024 18.292 40.0(K) 58,292 18.292 40.000 58,292 Al l July 2023 Charge for the year At 30 June 2024 16.(￿10 8.IX)O 24.(100 16,000 8.000 24.000 Net Book Value At 1 July 2023 18,292 24.0(Ki 42.292 At 30 June 2024 18.292 16.lYJO 34.292 The asset under consiruction refers to a CRM system and new website being developed by the EY Foundation. Both projects are underway and expected to be complete and further enhan￿d in FY25 These will be amortised from the point in time that the assets are complele. 13. DEBTORS: AMOUNTS FALLING DUE VVITHIN ONE YEAR 2024 2023 Trade debtors Prepayfflents Accrued Income Amounts owed from EY Tolal debtors 98.193 18.265 41.397 71.625 229.480 250.430 53.257 11,941 315.628 ,37 Rey'ste￿I chaiity number 1157154 IEnglaThY & Wales) ar*J SC045076 (Scollandl Registered company numbw 08935629 Notes to the financial statements conL at 30 June 2024 14. CREDITORS.. AMOUNTS FALLING DUE VMTHIN ONE YEAR 2024 2023 Trade creditors Taxation and social security Accruals Deferred income Amounts owed to EY 32.689 106.043 236.342 72,053 65.311 512.438 30,374 356.277 267,191 96,155 749,997 15. MOVEMENT IN FUNDS Opening Funds As restated T￿nsfer belween fvnds" Year 2024 Nét Movement Closing Funds Unrestricted Designated Restricted 1.352.121 3,648.670 (3.475,986) 213,000 (75,755) 112,300 175.347 {204,12n 1,677,421 3,824.017 (3.755,868) 90,000 (90,000) 262,684 1.614.805 (165,755) 47.245 (28,780) 83,520 68,149 1,745,570 "Funds of £90.0(K) designated for the Beyond Your Limits programme have been released to unrestricted funds as the programme ￿11 no longer be delivered as a separale programme. Restricted funding in 2024." Opening Funds Income Net Eypenditure Movément Closing Funds EY LLP (HNWI and Partner5 fine) Paul Hamlyn Foundats" The Gannochy Trust Haberdashers, Benevolent Foundation Wal¢ot Foundation Chartered Bankers Institute Worshipful Company of Security Professionals Charitable TNst Total Re￿ricted Funds (90.440) (90.440} 21,860 121,860) (4,345) (21,860) 31,447 52,073 35,792 31,447 52,073 9.692 76,360 52,073 (9,692) (76.360) 1,430 {1.430} 112,300 175.347 P04.127) (28,780) 83.520 ,38 Regi8teRd chaty number 1157154 (England & Wales) aNI SC045076 fscotlandl Regisler&J company number 08935629 Notes to the financial statements cont. at 30 June 2024 15. MOVEMENT IN FUNDS CONT. Transfer ljelween funds statement osing Funds Year 2023 Opernng Funds Expenditure As ￿$tated Net Movement As reststed Income restated Unrestricted Designated Restricted 948,934 356.000 392.353 1.697.287 3.604.498 13.179,451) (143.0fy)) 401.298 (703.211) 4,005.796 (4.025.662) (21.860) 403.187 (143.000) (280.053) {19.866) 1.352.121 213.000 112.300 1,677.421 21,860 Prior year restatement: £21.860 should have been included as a reslricted fund carried fO￿ard f￿M The Paul Hamlyn Foundation from the year ended 30 June 2023. This has been shown as transfer of funds in the table above from unrestricted lo restricted funds. The funds have been spent in their entirety in the year ended 30 June 2024 and there is no balance carried fO￿ard as at 30 June 2024. Restated Restricted funthng in 2023." Opening Funds Closing Funds Income E¥penditure Nel Movement 207.286 21.860 130.749 49.449 4.869 192,319 (309,165) {116.846) 90,440 21,860 Paul Hamlyn Foundalion CareTech Foundation The M8rcers' COmp￿Y DYW University of Warwick LNER grant Haberdasher grant Gannochy grant Total Restsicted Funds {130,749} (49.449) {39.135) {40.OIX)) {42.204) (56.717) 35.792 (703.211) {130,749) (49,449) (4.869) 34,266 40.000 42.204 56,717 35,792 401.298 414,213 (301.913) 112.300 Funding from EY ts generally unrestricied and is provided by way of a Funding agreement to achieve maximum impact and influence from the resour￿$ invested. Funding from grants is used to support the delivery of employabilty training. work experien￿. or olher programme actiifjty. as speafied in the grant ternis. 16. RELATED PARTY DISCLOSURES EY donated the following during the year: Year 2024 Year 2023 Cash donalion Donations in kn-nd (note 2): EY Staff Servi￿$ and buildings Technology 2.036.(X)o 2.036,000 249.330 229.465 278.720 235.849 249.205 2.799.774 2.514.795 ,39 Registered charity nurnber 1157154 (England & Wale5) and SC045076 {Scotlandl Regislere(I company numlw 08935629 Notes to the financial statements conL at 30 June 2024 16. RELATED PARTY DISCLOSURES CONT. The Majority of purthases are paid for directly by EY Foundation. However, several Costs are paid for directly by EY and then recharged to EY Foundation on a rnonthly basis. At the end of the year amounts owed to EY were £65,311 {2023'. £0) and balances due from EY were £71,625 (2023. £11.941). TTUStees' remuneration and other beneffts have been disclosed in Note 10. 17. ULTIMATE CONTROLLING PARTf The Charity is controlled by the Board of Tnjstees. The Trustees consider that the Charity's parent undertaking is Emst & Young LLP, a limited liability partnership registered in England and Wales. Emst & Young LLP is the parent undertaking of the largest group that consolidates these financial staternents, copies of which are available from tts registered offi￿, 1 More London Pla￿. London, SE1 2AF. EY Foundation is a registered charity wrth registered charity number 1157154 (England and Wales), SC045076 {S¢olland). R&JiSter￿1 rknrity number 1157154 (England & Wales) and SC045076 Iseotlandl Registeted ￿mPary number 08935629