EY Foundation The EY Foundation Annual Report and Financial Statements For the year ended 30 June 2025 Reglstered charity number 1157154 (England & Wales) and SC045076 {Scotlandl Registered company number 089￿629 Contents Achieving our Ambition Trustees, Report. Reference and Administrative Details........................................................................ 21 Independent Auditor's Report to the members and Trustees of The EY Foundation statement of financial activities (incorporating an Income and Expenditure account) Balance 5heet....................................................................................................... statement of cash flows 14 .23 .27 .28 .29 Notes to the financial statements .30 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition Our Ambition We will enable all young people on Free School Meals to have an ernployment 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 employablllty skills prograrnmes, scalable digital Interventions and by leveraging our convening power to influence systemic change. Our ten-year ambition 15 informed by our vision and mission. We believe that every young person in the UK elioible 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 working lives. Our mission is to reduce the barriers to work young people from a low-income background face, supporting them to successfully transition into higher education, employment, or self-employment. Our Approach From the financial year l July 2024 to financial year 30 June 2025, the EY Foundation has operated under our ambition framework. Wewlu... Powered by._ Continue to work élrectly wlth young people on Free School .leals. testing and iterating the most impactful Interventlon5 to move young people into or 105er to work. Increased collaboratlon 8etter leveraqing our EY connectlons antt and convening Dur nEtwoik. I l. Direct Delivery utllislng our growing ewidencÈ base of 'what works., youth volce expertise and employer networhs to drive chanqe. Increased Influence DeploylTrg ernerging technolo9y to grow impact En8ble developrnent of new trainlng 501utions and iéentify systemic risk5 and opptsrtunilies of new Lecfinolog¥. 2. Focu5 on Systemic change Increase our focu5 on ereatlno 5VSteTllic chan4e at both ends ol the laDour market. Bachborie to buildinq partnership5 that enable greater agility through testlng of new solutions anrj respondlng to rapid Changes in the sector. Partnership Innovatlon fund Increase our focus on developlng place based solutions and tailoring approaches to different commvnitles. 3. Pla¢e and ¢ommunllles Harnes5 the expert15f, passion ai)d cornrnittnent of tnovsands of supporters both trom within. and outside of EY. More volunteeis Our Strategic Priorities The EY Foundation ambition places specific focu5 on achieving systemic change at a national level. This is complementary to the core work that centres on delivering programmes to young people from a low-income background - who, in the context of our work, we define as those eligible for free school meals (FSM). The insights from core proiJramme delivery, combined with additional research and pilot activity, provides the basis for identifying the chanoe needed at a system-wide level to ensure FSM eligible young people have an employment and earnings potential that is equitable to other young people in the UK. To achieve our ambition, the EY Foundation has increased its focus on system change focused work. In addition to the quantitative data collected through programme5 which continues to be a central part of evaluation the system change work involves qualitative tracking of impact with key decision makers. Achieving this additional impact requires an increase in direct delivery resource. Registered charlty number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. The additional direct delivery resource has been used to l) manage new projects designed to generate insights to drive systems change, and 2) build decision maker relationships through an increased focus on public affairs, and wider stakeholder engagement. In the financial year ending 30 June 2025 - to accelerate our pivot towards our ambition - EY Foundation refreshed it5 overall organisational approach by creating an 'ambition framework, (set out above) that increased the amount of people and financial resource focused on achieving system change. In addition, impact was focused on four strategic priorities, supported by a fifth Internal priority that ensures the structures are in place needed to deliver the ambition. L'.,Iys.pl¥è,yourig..iieppl¢ thFough Careerssupport. £Tpagea.'i•iorkÈxperfeii¢¢ Revolution 3. ETrsure Employers actively 'enyagewith and reerult FSM young people Employers drive soclal mobllity vllhln Iheir orfjanisatlDn5, commillino lo recruit young people from FSIA backgravnds. This is done Ihrouqh early Investmeni in building a F* fiilly inGli&sw?lorall )rybung people All youfto people elioible lor free school meals nderstand the opporlunities nd have the skillsels needed lo Ihrlve In Ihe future or 'iork. Rapidly evolving technologies wlll unlock, ralher Inan entrench barrlers lo soclal rnoblllty. All young people e154lble for ree schools meals receive I conslslenl. relevant and hlgh- I quality careers support throughout Iheir primary secondary edy¢6tion. This wlll generate the knovilèdoe and aspliatlon to Iqnlte and Inspire I thelr career ambltlons. | All young people ellgltsle lor free school meals parti¢ipote In Igh quality mandatory work experSencÈ 8t key poiTrts In their educatlon. This will follow a model of dÈiivery tailored to thelr needs. the OPPOTtun*ties in dlfferenl locations an I sector5 of the economy. I creating S¥Stemlc chanoe which tyeneflls all young people. recrultmenl, proor&ssion, ano retention practlces. In turn, it wlll help address skills gaps eThsure organlsatlons benefit from untapped, dlverse talent. 5elf-tyellef ana raise alvareness about what is possible and what they can acnle¥e. 5. A thrlvlnq orqaThlsatlon We have an organlsatlonal structure that enables us to reach our ambitloD. Powered by collaboratlon, vibrant and diverse team and Board that delivers evldenced based insights and sustainable impact. Specif ic new strands of work that were implemented In the financial year ended 30 June 2025 to support the delivery of these strategic priorities included: Enhancing direct dellvery programrnes to improve outcome5 for young people. This increased the impact in support of individual young people and contributed to insights that can be shared more widely about how to most effectively support young people with the employability skills and work experlence needed to thrive in the labour market. Specifically, the EY Foundation: expanded the Smart Futures programme into new locations (Luton and Reading), supported targeted apprenticeship application support, and assisted young people to start their own business. Redeflnlng the model of work experience to ensure all young people are better prepared for work, focused on the development of a place-based pilot in Bradford. A key action has been the development of a high impact intervention by bringing key organisations together to share insight and best practise. Co-design sessions were conducted in Bradford to understand what high-quality work experience should look like, and how young people could be supported in the region to raise their aspirations and develop key skills. This outcome will be piloted in Bradford in the financial year ended 30 June 2025. Drivinq changes In employer practices to positively impact FSM young people. The EY Foundation commissioned a study with SMES in Northwest England to understand what drives businesses to prioritise social mobility activity. and the business benefits it brings. This was supported by convening five employer roundtables to understand what actions employers can take to drive social mobility. Carrying out several projects to proqress EY Foundatlon's work to ensure the future of work Is fully inclusive for all young people. This included: releasing an Al and Social Mobility paper setting out the opportunities and challenges for social mobility in an increasingly Al.driven future. completing the discovery phase of an Al and Social Mobility Grand Challenge to incentivise tech-focussed businesses to use Al to enhance social mobility in the UK. > Commissioning the Institute for the Future of Work (IFOW) to publish research on intrinsic motivation, focussing on how young people from low-income background5 can navigate the changes, especially technologically, occurring in our economy and society. Registered charity number 1157154 (England & Wales) and SC045076 (Scotlandl Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. Our Year In Numbers 2025 (Total) 2024 (Total) Free School Meal (FSM) Young People Engaged 4,003 3.471 Volunteer Opportunitie5 Created 3.076 3,268 Unlque Volunteers Engaged 2,052 2.010 Fundralslng Participants 1,509 1,602 Unique Employers Engaged 348 322 Corporate Partners 43 34 Our Impact Direct ro ramme deliver FY24 business plan objective - we said we would ('numbering outllned In future plans In prlor year financlal statements) > Business plan ob5ectlve 4*: Enhance our programmes to Improve outcomes for young people > Buslness plan objective 5.: Evidence impact of new careers support interventions throughout young person's school years From July 2024 to June 2025. the EY Foundation delivered a total of 46 (2024.. 39) high impact programmes. These programmes included Smart Futures and Your Future. 127 (2024: 99) short term interventions through our employability workshops were completed. the EY Foundation also continued to deliver it5 newest programme, Step into Business, through S workshop5 (2024: 5) across 4 Hubs (London, Birmingham, Manchester and Glasgow). Direct programme delivery resulted in a total of 5.2801 young people (2024: 4,501), 4,003 (2024: 3,471) of whom came from a Free School Meals (FSM) background, engaging with our programmes. 971 of these young people were engaoed in high impact proorammes a 2 1% increase on the previous year (2024.. 800). A total of 2,870 FSM participants were supported through short-term interventions, an 8% increase on the previous year (2024: 2,671). 162 young people took part in Step Into Business (2024.. 142). Our aim is to consolidate the number of programmes wè deliver whilst increasing the number of young people we support on them, thus maximising our efficiency and supporting more young people. > Smart Futures." Smart Futures offers young people the opportunity to learn more about the choices available to them when making decisions about their future. The programme includes up to 2 weeks paid employability training, work experience and l-to-l mentoring support. In the year ended 30 June 2025, we delivered 10 (2024: 11) sector-focused Smart Futures programmes, to a total of 848 young people from an FSM background (2024: 635). I We engage non-FSM young people as we deliver a number of school based sessions through our Employability Workshops and do not single out young people eligible for free school meals when working with a whole year group. Registered charity number 1157154 (England & Wales) and SC045076 (Scolland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. When giving feedback on Smart Future programmes, participants rated themselves 'Good' or 'Excellent' in the following ways.. Transferable Skills.. Self-confidence jumped from 48% pre- programme to 94% post-programme, a 46% increase. Presentation skills improved from 41% to 90%, marking a 49% increase. Networking skills surged from 47% to 96%, reflecting a 49% improvement. Careers Advice Received.. Understanding of what employers look for when recruiting increased from 42% to 96%, a 54% improvement. Development of CV skills rose from 41% to 88%, reflecting a 47% increase. Interview skills improved from 46% to 96%, marking a 50% increase. "Thi5 programme truly restored my faith in people. I've learnt a lot from the people around me and gained companions I will have for a long time. I developed a host of personal and technical skills like presentation writing/presentation /developed confidence" Smart Futures Bankinq & Finance Programme Particlpant > Your Future." Your Future reflects the EY Foundation's ambition of not only supporting young people to'get ready for work, but also to help them 'gel into work.. In addition to paid employabi5ity training and work experience, each participant has a dedicated volunteer employment coach with the aim of supporting them into their first job role. We delivered 9 Your Future programmes (2024: 2) acr055 4 Hubs (2024: 2) to a total of 123 young people from an FSM background (2024: 105). When giving feedback on Your Future programmes, participants rated themselve5 'Good' or 'Excellent' in the following ways: Transferable Skills: Self-confidence improved from 32% to 96% - a 64% increase. Presentation skills rated as 'excellent' or 'good' improved from 18% to 88%, markin¢J 8 70% increase. Networking ski115 climbed from 28% to 91%, reflectina a 63% imr)rovernent. Careers Advice Received: Understanding of what employers look for when recruiting grew from 24% to 97YD POSt- programme, a 73% improvement. Development of CV skills rose from 19% to 98%, reflecting a 79% increase. Interview skills increased from 22% to 96%. markino a 74% increase. "l enjoyed the program I loved the people I got to meet and the experience I got from it wa5 unreal it has really opened my eyes a lot and thanks for the opportunity" Your Future Glasgow Proqramme Participant Employablllty Workshops.. In the financial year ending 30 June 2025, the EY Foundation delivered employability workshops to 2,870 young people eligible for free School meals (FY24: 2,671) and a further 1,277 young people not eligible for free school meals (FY24: 1,069). Employability Workshops are half andlor full day sessions either at school or an employer site which provide young people with an insight into different careers and an opportunity to develop employability skills. On feedback on our Employability Workshops, participants rated themselves in the following ways: Transferable Skills rated 'Ouite' or'very. Confident.. Careers Advice Received rated 'Good' or 'Excellent': Confidence and optimism about the future Awareness of different career paths increased from 50% pre-programme to 74% increased from 46% pre-programme to 74% post-programme. a 24% improvement. post-programme, reflecting 28% Motivation to achieve future career goals improvement. rose from 68% to 82%, reflecting a 14% Awareness of what employers seek in increase. potential employees rose from 41% to 79%, Confidence in working in a team improved marking a 38% increase. from 63% to 80%. marking a 17% increase. Understanding of job application requirements improved from 36% to 72%, showing a 36% increase. Reglstered charity number 1157154 (England & Wales) and SC045076 (Scolland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. > step Into Buslness.. step into Business provides guidance and support on how to set up a new business. In the financial year ending 30 June 2025, we engaged 162 young people (FY24.' 142) through the initial l-day workshop and 7 young people (2024.. 6) received a startup grant of £750 to £2000 following a pitching workshop held In Manchester. "This programme has opened me up to a community of young entrepreneurs as well as more experienced people who have been in my position before. My mentor has been there to support me on my éntrepreneurial journey as well as helping me to withstand many challenges. l also won a grant that l used towards my website as well a5 marketlng tools" Step into Buslness Participant Inf luence and D FY24 business plan objective - we said we would > Business plan objectlve 5: Redefine the model of work experience to ensure all young people are better prepared for work > Business plan obJective 6: Become a leadlnq voice for ensurlng the future of work Is inclusive for all young people The EY Foundation committed to creating a 'Disruption Lab, during the year ended 30 June 2025. We have discontinued the 'Disruption Lab, title but have put a firm focus on creating new ideas and action through the convening of diversity of thought to provide radical approaches for disrupting the status quo. This included our work in Bradlord, our focus on Al and social mobility and new research into employer behaviour and how it can be changed to unlock system change. > Work experience Groundswell Innovation were commissioned to conduct research on the work experience landscape in the UK, looking at how effective work experience could reduce inequalities. This insight is being put into use in the partnerships being built in Bradford, where we are testing new approaches to work experience. Taking an evidence-based approach, the EY Foundation worked with place-based practitioners Renaisi-TSlP to facilitate a series of workshops with key stakeholders In the Bradford district to develop a Theory of Change that sets out how meaningful impact can be created. This insight was used as a basis for co-design sessions with over 150 people from civil society, employers, local authority. schools, parents and carers and young people, to understand what high-quality work experience should include. We are working with schools, employers and local stakeholders to develop a pilot programme in the next academic year. Our aim is to address these challenges and align with statutory guidance on careers education and the government's commitment to a new work experience guarantee for all young people in secondary education. > Al and soclal mobility Our accelerating shift towards an Al-driven economy is fundamentally transforming the labour market, altering the nature of work and reshaping the skills landscape. In October 2024, the EY Foundation hosted a panel to discuss the opportunitie5 and risks of Al on the future of the young people we support as part of Digital Leaders Week. In January we published our Al and Social Mobility paper, which Set out what we see as the key opportunities and challenges for social mobility in an increasingly Al-driven future. Endorsed by the Chair of the Social Mobility Commission, this paper moved beyond ideas to introduce two projects designed to generate practical insights into how Al can be harnessed to support young people. Building on our Al and Social Mobility paper, we explored how to direct innovation to ensure technology positively impacts society through an Al and Social Mobility Grand Challenge. This uses a competition format to incenlivise tech entrepreneurs to use Al to improve Social mobility. To develop the challenge concept and focus, the EY Foundation worked in collaboration with the Social Mobility Comm15sion and Social Tech Trust to engage over 30 organisations in workshops and conversations. With the Discovery Phase complete, we are now moving to the delivery phase in the financial year ended 30 June 2026. Registered charity number 1157154 (Erigland & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. > Intrinsic motivation and technological transformation The Institute for the Future of Work (IFOW) were commissioned to run a research project on intrinsic motivation, focussinq on how young people, particularly those from low-income backgrounds, can navigate the changes occurring in our economy and society. This research highlights the vital role of intrinsic motivation in developing key skills such as creativity, problem-solving, and collaboration, which are increasingly important in today's job market. The research reveals that a lack of Intrinsic motivation - defined as engaging in activities for their inherent enjoyment or satisfaction can hinder young people from building fulfilling careers. IFOW ha5 developed 'The Good Work Motivatlon Cycle (GWMC), to identify effective strategies for fostering intrinsic motivation among young people from low-income backgrounds, thereby enhancing their educational and career pathways. This research not only deepen5 our understanding but also provides practical insights for policymakers seeking to support young people in their transition from education to work. ultimately contributing to a fairer society. As part of the next stage of this project, we will be testing the framework through our employability skills programmes. 'Access Thelr Skills, Campaign The EY Foundation led on a national campaign to broaden our reach and impact. We did this by working with young people from low-income backgrounds, to tell their story and to encourage employers to see their incredible potential. This resulted in an 'Access Your Skills. campaign, which appeared on Sky News, in Bloomberg Digital, in cinema5, and was submitted for a Cannes award. External & Public Affairs A key event was the EY Foundation's first parliamentary reception in the House of Commons. Minister Alison McGovern was the keynote speaker, with over 100 MPS and sector leadèrs attending the event, which celebrated the Foundation's impact over the past ten years. We also worked closely with EY'S public affairs team to build the EY Foundation's public affairs work by coordinating activities at both the Labour Party and Conservative Party conferences in 2024, we have also achieved growth in the number of bi-lateral meetings with government officials. To build further the EY Foundation's prof ile and engage key stakeholders in our work, we hosted a roundtable and a panel event at Anthropy's March 2025 conference. We also took part in numerous panel events and roundtables, including a session run by the Department of Science Innovation and Technology on Al and the future of work. Youth Volce Youth Voice is an essential part of the EY Foundation's work and one we are committed to embeddlno at all levels of our organisation. The Youth Enqagemenl Framework was refreshed during the financial year ended 30 June 2025 and Youth Voice helps to ensure our activities represent the young people we serve and Supports them in the best way possible. Youth Engagement Framework Refresh The Youth Engagement Framework was reviewed to: Better align with EYF'S strategic ambition, ensuring Youth Voice is central to all our work streamline and make Youth Engagement at EYF more efficient Embed learning from the framework Implementation so far There were two central updates to the framework: firstly, a Code of Practice is outlined for EYF collea¢Jues to follow when engaging with young people to ensure that each engagement is meaningful,. secondly, a refining of our Young People groups to better ensure the EY Foundation is able to support them and their differing needs. > Youth Advlsory Board (YAB) The Y AB undertook two core projects: To design and present a workshop to the EY Foundation Board of Trustees about how the 'Future of Work, could affect young people from low-income back¢Jrounds. The YAB asked the Board to make commitments to the YAB which will be reviewed in the financial year ended 30 June 2026 A Communications Project. where the Y AB researched and created their own content for EYF'S social media channels. The theme of this project was 'Location Lottery,, looking 8t how where you are from affects your access to resources for your professional development. Reglstered charity number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. A review of the Y AB was undertaken and some key changes to how the group will operate in the future made. This was an important consultation with the current member5 of the group to best understand the impact of their role so far on their own development, but also how the role has impacted the EY Foundatlon. Common feedback points included that the name of the group (particularly the word 'Board') did not match their experience of the role, that an interest in Social Mobility was central to Succeeding in the role, and ensuring that the group were more aware of the importance of communicating and engaginq with the EY Foundation throughout their tenure. As a result the Y AB will be re-branded as the Youth Voice Forum (YVF) from lJuly 2025 and we will no longer have a Chair. These amendments respond directly to feedback from our young people and will ensure greater alignment to the EY Foundation's Youth Voice ambitions and greater equity amongst the group. Before joining the YAB, I was struggling with my conf idence. often feeling shy to speak up in meetings. However, since being on the YAB, my confidence has increased. The access to opportunities has been so transformative. For example. through the YAB I had the opportvnity to have a speaking coach. This Is when I was able to see a real shift in my confidence. I began to carry myself differently and put myself forward for opportunitie5. Youth Advisory Board Member. 2024-2025 > Wider Youth Volce Activity Alongside our core Youth Voice activities, the EY Foundation provided chance5 for young people to support the Foundation and build their advocacy, communication and public 5peakin¢J skills through a variety of activities including: Decade of Impact Celebrations: Young people were invited to attend the EY Foundation's gala dinner and parliamentary reception to celebrate the Foundation's work over the last decade and to talk about their experience as an alumni of the EY Foundation. Co-hosting the EY Fovndation's Impact Awards in October 2024, Supporting the production, of our 'Access Their Skills, campaign. Speaking directly to corporate partner5 on panels. or at roundtable events hosted by the EY Foundation. Designing and facilitating the EY Foundation's first Alumni Community Networking event bringing together over 50 employer5 and 200 Alumni to learn from each other and reconnect with the EY Foundation. Youth Voice will continue to play a central role in the EY Foundation's ambition ensurinq that young people are part of the change5 which will affect their future. The Youth Engagement Framework will be embedded within the organisation and the EY Foundation will continue to work collaborating with other youth employment organisations to share best practice within the sector. Our Partnerships and Fundraising FY24 business plan objectlve - we said we would > Business plan objective I: Consolldate the income model required to fund the ten-year ambltion > Buslness plan objective 2: Drlve changes in employer practices to posltively impact FSM younq people Partnershi Althouqh the EY Foundation receives most of its funding through the Master Services and Funding Agreements with Ernst & Young LLP (EY), as an independent charity we also seek to raise funds in Several different ways: engaging with corporate partners to deliver more programmes to young people. organising challenge events and other traditional fundraising events and activities. working with high-net-worth individuals; and securing grant f unding. Reglstered charity number 1157154 (England & Wales) and SC045076 {Scolland) Reglstered company number 08935629 Annual Report and Financial Statement5 For the period ended 30 June 2025 Achieving our Ambition cont. For the financial year l July 2024 to 30 June 2025, the EY Foundation worked with 43 Corporate Partners (2024: 34) and 348 unique employers (2024: 322). The EY Foundation expanded delivery and collaborated with various new employers, including Swiss Life, Mercer and Network Rail across our sector-based programmes and a150 launched a new programme, Roal Estate Futures. > Building on our sector-focussed approach The Real Estate sector is evolving rapidly and is often viewed as one of tho m05t exciting and rewarding industries within which to develop a career. However, it 15 failing to attract and retain talent from diverse and low socioeconomic backgrounds. The 2023 Real Estate Balance NextGen Survey highlighted that the sector is predomlnantly made up ol Individuals from higher or professional backgrounds, with 26% educated at independent schools, well above the national average. 70% of respondents found the industry through personal connections or by chance, highlighting the necessity for broader access and reduced barriers lo entry. For these reasons, with the support of 6 leading employers and over 20 volunteers, the EY Foundation welcomed 15 young people on to its first Real Estate Futures programme in Summer 2024. "Taking part in the programme is a really rewarding feeling, and you get to understand the tangible impact, which is so valuable. Would love to talk about any other ways we can get involved too. Verseone Prior to the programme, employer5 expressed concern that young people lacked awareness of careers in the Real Estate sector. After completing the programme. 93% of young people rated their awareness of careers within the Real Estate sector as Good or Excellent, with all showing an interest in working within Real Estate (loo%). The p05t programme survey showed that participants had significantly enhanced their professional skills with 93YD of young people rating their skills development an 8 or above after completing sessions on teamwork, self-reflection, presenting, and more. Additionally, 87% of young people rated their business experience a 7 or above out of 10. > Generating insights from employers through programme dellvery As part of the EY Foundation's partnership with employers, both qualitative and quantitative data are collected before and after proorams lo gain insights into their objective5 related to social mobility and their experiences with the EY Foundation. Reflections from the ten employers and 47 volunteers involved in our Smart Future5 Banking and Finance 2025 programme highlights that: Employers discovered that participating in the program provided valuable insights into engaging with young people. They gained signif icant benefits in understanding what young people seek in employment and what they value. which inspired them to rethink how they promote their brand and recruit young people. The volunteering and business hosting opportunities offered by the program increased employer brand visibility with potential customers and Supported efforts to attract diverse talent. Additionally, it enabled participants to make the busines5 case for supporting social mobility within their organisations more effectively. Engagement with the EY Foundation has highlighted the importance of young people to orqanisalions, emphasi5ed the significance of meaningful work experience, and underscored the vital role employers play in shaping the future workforce. Employers strongly agreed that the program provided meaningful volunteering opportunities for their employees, including the development of their management skills, particularly in guiding others. Notably, 100% of volunteers would recommend the experience to their peers. An impressive 92% of business volunteers expressed their willingness to volunteer with the EY Foundation again. Furthermore 92% of employers indicated they were extremely likely to recommend EY Foundation programs to other organisations io Registered charity number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. > Leveraglnq our employer network to drive change In addition to growing oijr corporate partnership network and sector-specif ic programs, the EY Foundation has increased the number of employer roundtable events it hosts. These events provide our employer network with a platform to discuss the challenges they face regarding social mobllity and to exchange ideas and best practice. In the financial year ended 30 June 2025, five roundtables in London and Manchester were hosted across seven sectors, including hospitality, financial services, technology, non-profitlcharity, recruitment, and transportation services. Key discussion topics included employers, orqanisational approaches to Social mobility, strategies for better reachino young talent, and how best to become an employer of choice for young people. Additionally. the EY Foundation explored what employers are looking for in terms of skills. abilities, and experience in young people, including how to better support retention and progression among young employee5. Employers are encouraoed to articulate the business case for investing in diverse talent and commit to implementino short- and long-term plans to drive systemic change. The EY Foundation has also recently launched its latest research, produced in partnership with Groundswell Innovation, which explores the business case for Social mobility for SME employers. This microstudy focused on the North West of England has highlighted useful findings and recommendations that we will be testing with our employer network over the coming year. Tradltlonal fundraisin Over 1,500 people took part in fundraising activitie5 in support of the EY Foundation from across the UK. After the disappointment of last year's cancellations due to global events, we are pleased this number included 22 trekkers who undertook an 8-day trek in Cambodia on behalf of the EY Foundation. As part of the celebrations for the EY Foundation's iolh Anniversary we hosted our first ticketed dinner. The Decade of Impact Dinner was a celebration of ten years of transforming young lives, attended by nearly 200 guests. hosted by Amol Raj3n and featured inspiring EY Foundation alumni speakers. The event raised over £143,000 through table sales, donations and a silent auction. rants and hi h net worth Individuals The EY Foundation continued to work with a small number of grant funders. Timing and participant recruitment challenges impacted this year's total and we will take a revised approach to grant fundraising in future years. This year an invite only group of high-net-worth individuals (HNWI) raised an incredible £50. 175 trekking for the EY Foundation in Cambodia. The EY Foundation will continue to develop our small community of 77 HNWI supporters. The EY Foundation subscribes to the Fundraising Regulator and its code of fundraising practice. In financial year ended 30 June 2025 the regulator launched a new Code of Practice. The EY Foundation has planned its response to this update and will implement changes to policy and update internal guidance to meet the new requirements by the November 2026 implementation. We strive to create a positive donor experience for our supporters, and will continue to make improvements, adhere to new regulations and build engagement and value by ensuring our supporters are at the heart of our work. The EY Foundation's income generation is managed by our trained in-house team. We do not enfjage in street fundraising or telephone ftjndraising campaigns and do not outsource any fundraising to third parties. Our aim is to raise funding to support young people and none of our fundraising activities are directed towards seeking funding from those we are here to help. The EY Foundation takes the responsible use of personal data seriously and assesses our level of GDPR compliance as part of a developing framework of assurance. We will only ever contact donors who have explicitly 'opted in. to receive communications from us. Should we fall short of the standards expected by our donors we have a com laints olicLwhere their concerns can be submitted. During the year ended 30 June 2025 there were no complaints received about fundraising for the Charity. Registered charlty number 1157154 (England & Wale5) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. Our People Volunteers FY24 business plan objective - we sald we would > Business plan objective 4: Enhance our programmes to Improve outcomes for young people The EY Foundation would not be able to deliver its programmes or activity if not for our wonderful volunteers and fundraisers. In the financial year ending 30 June 2025, we created 3,076 volunteering opportunities (2024.. 3,268) facilitated by 2,052 unique volunteers 12024: 2,010). In addition to our volunteering opportunities, the EY Foundation offers dedicated roles for young people to develop both personal and professional skills. These positions are specifically reserved for members of our alsjmni and Youth Advisory Board, providing targeted opportunities to build key employability skills. Importantly. these roles are integral to our Youth Voice commitment, ensuring that young people's perspectives are embedded in our work and decision-making processes. Development opportunities include supporting prograrnme delivery, contributing to Youth Voice initiative5. consulting on internal activities, and assisting with our influencing work. During the financial year ended 30 June 2025, we facilitated 381 distinct development opportunities for young people and alumni, reflecting our ongoing commitment to youth empowerment and meaningful engagement. EYF Team Members FY24 business plan objective - we sald we would > Business plan objective 3: Agree and begin to implement an orqanisation structure that can impact 2 million FSM young people Due to some delays with finalisino the EY Foundation's f ollow on Master Services (MSA) and funding agreements with EY (which have both now been finalised and signed) work on our organisational structure was paused. However, the EY Foundation continued to invest in the skills development of the team, running and funding training and development activities. In addition, the team met twice in the th vear to discuss strategic priorities, celebrate achievements and impact and mark our 10 anniversary birthday. 12 Registered charSty number 1157154 (Enoland & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Achieving our Ambition cont. Future Plans For the financial year ended 30 June 2026. our main aims - as set out in our business pSan - are to increase progress against our strategic priorities. In terms of the ambition framework structure, the EY Foundation will merge strategic priority two on work experience with strategic priority one on inspiring young people through careers support. Thi5 ref lects the close interconnections between each strand of work and the increased impact that would be achieved by formally combining these two aspects of our work. As a result, we now have three priorities focused on external delivery underpinned by the internal priority ensuring the structures are in place to deliver the ambition: Insplre young people through careers sUPPOrt Ensure employers actively engage wlth and recruit FSM ellqlble young people Ensure the future of work is fully Incluslve for all younq people eliqible young people Evolve the current model of work experience delivered for young people with the delivery of pilots In Bradford schools Increase and enhance our reach through direct delivery programme5 Test new actions through pilot programme delivery. svch as intrinsic motivation, to help young people from low-income backgrounds to thrive in an evolving job market Position EY Foundation as a go- to organisation in driving the business case for social mobility, harnessing evidence from our employer experience network and new research with Demos Amplify and simplify practical resources for increasing social mobility and systemically share with employers via roundtables, 12 1 discussions Deepen understanding of the motivations, aims and Starting points of wider EYF network to more effectively engage them across strategic pillars. low- income backgrounds to thrive in an evolving job market Implement the recommendations of our A5 and Soclal Mobility report. Specifically, an Al and Social Mobility grand challenge and youth voice research with the University of Nottingham, who will work with a group of young people and an employer who is implementing Al across their organisation Leverage the Impact Fund to accelerate proqress towards our ambition Build the evidence base, coalition of influential voices and increase knowledoe of the sector to ensure young people from low- income backgrounds have equitable access to the green workforce Thrlvlng organisation Identify and implement the organisational structure needed to deliver the ambition Ensure the long-term sustainability or the EY Foundation To support our growth against each strategic priority, the EY Foundation will implement: A new impact framework to demonstrate how each individu818ctivity takes the Foundation towards our long-term ambition. A Social Return on Investment ISROI) assessment project that will evaluate the social value generated by our core programmes so we can clearly see which initiatives deliver the greatest impact. Our new Youth Voice Forum (previously our YAB) to further embed the voice of young people in everything we do. 13 Reglstered charity number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report The Trustees present the financial statements for the year ended 30 June 2025. The financial statements cover the year l July 2024 to 30 June 2025 (the comparative period being from l July 2023 to 30 June 2024). The financial statements comply with the Charitie5 Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) (2nd Edition) and the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulation5 2006, as amended. The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to guidance on public benefit produced by the Charity Commission and believe the Undertaking of these activities fully meets the requirements that all the Charity's aim5 are for the public benefit. The Trustees and Leadership Team carefully consider any new initiatives or changes to delivery models to ensure they meet The EY Foundation's primary charitable purpose. structure, governance and risk management About The EY Foundatlon The EY Foundation ("EY Foundation" or the 'Charity") was incorporated on 12 March 2014 as a private company limited by guarantee, with no share capital. The EY Foundation is a registered charity with registered charity number 1157154 (England and Wales) since 21 May 2014, and SC045076 (Scotland) since 26 August 2014. The object5 of the Charity are for the benef it of the public to advance such exclusively charitable purposes as the Tf Ustees may decide from time to time. The Charity is governed by a Board of Trustees. who are also the Directors of the EY Foundation. Trustees set the Strategic and policy direction with day-to-day management functions being the responsibility of the Leadership Team. Public benefit The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to guidance on public benefit produced by the Charity Commission and believe the undertaking of these activities fully meets the requirements that all the Charity's aims are for the public benefit. The Trustees and Leadership Team carefully consider any new initiatives or changes to delivery mode15 to ensure they meet the EY Foundation's primary charitable purpose. Board and Commlttees The Trustees who served during the year and those appointed before the date of this report are listed on page 2 1. The Board met four times during the year and attended two further Board Away Days to discuss and review the Charity's strategic direction Ioctober 2024 and April 2025). Regular meetings with the Member (EY) were held with the CEO. The Committees report to the Board and were comprised of the Audit and Risk Committee and the Nomination and Remuneration Committee. The charity also maintains a Youth Advisory Board (YAB) which has been renamed the Youth Voice Forum (YVF) in the financial year ended 30 June 2026 to reflect its focus on youth engagement rather than statutory responsibility. The Audit and Risk Committee reviews and consider5 the Charity's framework of assurance, including internal controls, risk management and policies before they are presented to the Board for approval. The Committee meets at least three times each year. The Nomination and Remuneration Committee: leads the Board, Committee, Patron, YABIYVF, and Leadership Team appointment processes; monitors Board effectiveness, Trustee succession planning: and reviews the framework for settinq the Charity's remuneration principles for setting senlor executive pay. The Committee meets at least four times per year. 14 Registered charity number 1157154 (England & Wales) and SC045076 (Scolland) Reglstered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report cont. All Committees are encouraged to have youth voice representation within them and agree an annual cycle of business, reviewing progress against that work plan at each meeting. Youth Advisory Board (renamed the Youth Volce Forum) The Youth Advisory Board (Y AB) was established in November 2019 to advise The EY Foundation. its Trustees and Leadership Team on how best to serve the needs of young people making a transition into furtherlhigher education, the workplace or sell-employment. The Y AB was renamed the Youth Voice Forum (YVF) in Julv 2025 and continues to provide opportunities for young people to develop leadership skills and be part ol the decision-making process as well as providing opportunities for young people to gain experience and knowledge of business and charity practices. The YVF is an unremunerated voluntary position with no decision-making powers. The Y AB members who Served during the year and those appointed before the date of this report are listed on page 22. Related Parties The Charity's sole member ("the Member") is Ernst & Young LLP (EY). EY Foundation's relationship with EY consists of receivinq funding through a five-year funding agreement. and EY Foundation's use of their facilitie5, information system5 and professlonal support. Recruitment and Appolntment of Trustees Trustees are appointed for a period of three years, which can then be extended by ordinary resolution for another period of three years. The Chair's position may be extended for a third term of up to three years under the Articles. There is no maximum number of Trustees who may be appointed. No person may be appointed as a Trustee, if, as a result of their appointment, the EY Trustees and the EY Colleague Trustee together exceed the number of Independent Trustees. The Chair of the Board must always be independent with no current connection lo the Member as 8n employee or Partner. The recruitment of new Trustees follows an evaluation of the desired skills and experience for the Board, aligned to the Charity's evolving strategy. New Trustees receive a welcome pack with key documents and an induction programme which covers the Charity's values and purpose, and separately, includes information on the financial, governance and operational arrangements for the Charity. All Trustees are invited to volunteer on EY Foundation's programmes to see them in action. All Trustees undertake training to ensure they are aware of the importance of safeguarding and child protection and must obtain an up-to-date Enhanced DBS (England) or PVG (Scotland). The Trustee role is unremuneraled, but Trustees can claim expenses where relevant. Training requirements are considered regularly, and a budget exists for Trustee training. Charity Governance Code The Board recogni5e5 the importance of the Governance Code in promoting good governance in the Charity sector. Trustees continue to keep themselves appraised of developments in the sector and on regulatory and good practice requirements related to governance and charity management via updates from the Governance Officer and Chair of the Board. Key Management Personnel The Trustees have delegated authority to the Chief Executive for the day-to-day management of the Charity. The EY Foundation's Leadership Team who served during the year and those appointed before the date of this report are listed on page 22. Pay is benchmarked for all roles against a recognized benchmarking tool for the Charity sector, from which pay bands have been created. All roles are mapped against them, including the Chief Executive. The remuneration of all employees, including key management personnel, is based on the outcome of this independent, sector-specific, benchmark evaluation. The Nomination and Remuneration Committee approves and oversees the methodology adopted. In the financial year ended 30 June 2025 the Nomination and Remuneration Committee also commissioned an external HR firm Roots HR CIC - lo complete an additional independent review of the Leadership Team remuneration to ensure continued rigor of the approach. 15 Registered charlty number 1157154 (England & Wales) and SC045076 (Scolland) Reglstered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report cont. Going concern The period of the Trustee's going concern assessment is the period to 30 June 2027. A budget for the financial year to 30 June 2026 was approved by Trustees, based on contracted or otherwise-secured income sources and new potential grants and contracts. To enable the Charity to be responsive lo any further financial impacts. positive or neqative, performance against the budget is subject to continuous review to facilitate further reductions or new investments where needed, whilst remaining in the agreed reserves policy. The Charity budgeted for a £752k deficit for the financial year to 30 June 2026 and the going concern review assumes a similar level of activity for the financial year to 30 June 2027. With this level of deficit, the Charity's reserves are still projected to be within the aoreed policy level, and the cash flow position shows a clear ability to remain a going concern for the period to 30 June 2027. The Trustees continue to consider that the Charity is a going concern and able to meet it5 debts as they fall due. based on the following analysi5: EY Foundation has signed a five-year funding agreement and Master Services agreement with EY covering the period from l July 2025 to 30 June 2030, which provides unrestricted funding. EY is proud of its investment in the EY Foundation and refers lo its donation and the impact made with the Foundation in its annual impact report. This provides security around the Charity's principal source of funding and, with funding provided quarterly in advance, also reduces cash flow risk. Budgets and forecasts for FY26 are based on known and secured sources or with further additional income targets that are achievable. Activity in FY27 is envisaged to be in line with FY26. The Charity has no f ixed costs, and all costs are under the control of the Charity's Trustees and management, enabling responsiveness to any further downturn. Cash flow forecasts have been stress-tested, principally to reflect any potential withdrawal or deferral of unsigned contracted income by corporate partners. The cash flow forecast for the period to 30 June 2027, prepared on the above assumptions, shows the minimum cash balance falling lo £l.Om over that period assuming income cry5tallises as planned, and under the stress-test scenarios remains within agreed policy levels. As at the date of signing of these financial statements, the forecasts approved by the Trustees indicate that the EY Foundation will be able to maintain liquidity for the period to 30 June 2027. 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 concern for the EY Foundation for the period to 30 June 2027. Reserves policy EY Foundation's reserves policy identifies the risk factors for which reserves are retained, the process for eslimaling the level of reserves required against each risk area, and the circumstances under which reserves may be built above the minimum reserves level for future investment. In addition to restricted and unrestricted reserves, the policy also includes the establishment and use of designated reserves, at the discretion of Trustees. Total funds at the year-end 30 June 2025 are £2,626k (2024: £1,746k),' unrestricted reserves stood at £2,593k (2024: £1.662k) and restricted reserves 8t £33k (2024: £84k). Trustees have not designated any funds (2024: £nil) of unrestricted reserves during the financial year ended 30 June 2025. In preparing the budget for the financial year ended 30 June 2026 the assessment of the minimum unrestricted reserves level required was taken into consideration. The level of unrestricted reserves at the year ended 30 June 2025 based on the assessment of risks was £571k to £1,495k. The level of unrestricted reserves at l July 2025 was therefore above the minimum requiremÈnt of £571k. The EY Foundation has an ambition to enable all young people who are eligible for Free School Meals (of which there are currently over 2 million) to have an employment and earnin(Js potential that is equitable to other young people in the UK. PSans to: increase our programme delivery, work with Employers to lead with purpose and build strategic partnerships to influence the reffloval of barriers and unlocking of opportunities will support our new ten-year plan. The budgeted deficit of £752k for the year ended 30 June 2026 will utilise unrestricted funds and bring them back to within the acceptable policy level. The Charity receives funding from EY, the main funder. on a quarterly ba515. The EY Foundation has a low tolerance to capital volatility and adopts a cautious attitude to risk. The Board has therefore decided that the 16 Registered charity number 1157154 (England & Wales) and SC045076 (Scotland) Re¢Jistered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report cont. Charity's reserves should be maintained should be maintained in cash and treasury deposits of no more than six months with low risk financial institvtions. The policy and guidance are reviewed and updated annually or as necessary. Grant maklng policy In order to accelerate progress towards our ambition of enabling 'AII young people on Free School Meals to have an employment and earnings potential that is equitable to other young people in the UK, the EY Foundation has made grants to organisations that will help us extend our breadth and impact through strategic funding partnerships. These are targeted grants which support The EY Foundation's charitable objectives and have been agreed in line with Charity Commission guidance on decision making. In the financial year ended 30 June 2025, two grants were made to The Institute for the Future of Work totalling £85,000 Supporting research into actions that will enable young people from low-income backgrounds to thrive in an evolving job market and one grant to New Philanthropy Capital for £30,000 to make sure that marginalised young people, with a focus on those from low-income backgrounds, have equitable access to the green workforce (2024: £nil). The EY Foundation also makes some small grant5 to young people taking part in the Step Into Business programme as seed funding for their start up business ideas. These range from £0.3k to £2k per grant. In 2025 there were seven grants totalling £6,763 (2024.. Six grants, £8,000). Risk management The Board and Leadership Tearn acknowledge that sound risk management is fundamental to both good governance and good management practice. Risk management forms an essential part of the Charity's decision-making process and is integrated into Strategic and operation81 planning. Risk management is part of the Charity's Internal control system and is assessed and presented via our Board Assurance Framework. This framework ensures all key risks ère maintained and updated and reviewed by the designated Risk Leads and Leadership Team and is reviewed by the Board at least twice annually. Staff are provided with adequate training on risk management to help them efficiently fulfil their roles and responsibilities. Principal risks The key strategic risk5 for the financial year ended 30 June 2025 and their mitigations were as follows: Risk Identified > Achieving a broad diversification of income in the current economic, social and political climate Miti ation(s) Building relationship with EY Partners and Bid teams to diversify channels Planned annual budqet and target5 include alternative income streams to reduce impact on traditional fundraising Increased resource for corporate partnerships through FTE and secondments from EY Compliance measures and processes identif led and mapped Training and resources provided for team members to ensure understanding on regulations and restrictions Qngoing monitoring of contracts, partnerships and business relationships > The ability to work with employers, funders, and other Stakeholders, in the complex and highly regulated environment in which we operate 17 Registered charity number 1157154 (England & Wales) and SC045076 (Scotland) Regislereu company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report cont. Prlnclpal risks cont. Risk Identified > Threat of cyber security attack Mitigation(s) EY processes and protections provide EY Foundation with protection including: l. Governance & Strategy: Cyber Security StrateqylPlan 2. EmpSoyee Awareness & Training: Mandatory Cyber Security Training 3. Technical Controls including: Penetration Testing Network Perimeter Security Encryption Security Tools 4. Data Management & Protection: Data Classification & Backups 5. Incident Response & Recovery: Incident Response Plan 6. Third Party Assurance: Third Party Controls: For service providers holding critical datasets, SOC2 or equivalent service auditor reports are obtained & revlewed 7. Continuous Improvement: Policy Review5.' All key policies are regularly reviewed, updated. and evidence of review is maintained statement of Trustees, Responsibilities The Trustees are responsible for preparing the Directors. and Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accountino Standards, including Financial Reportino standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, and Scotland requires The Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including income and expenditure for that period. In preparing these f inancial slalements, The Trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; Observe the methods and principles of the Charities SORP., state whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disc105e with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each person who was a Trustee at the date of approvinq this report is aware, there is no relevant audit information. being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow Trustees and the auditor, each Trustee has taken all the steps that helshe is obliged to take as a Trustee in order to make himselflherself aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's webpages. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 18 Registered charity number 1157154 {England & Wales) and SC045076 (Scolland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report cont. Financial Review The Charity funds its activities through corporate and individual donations and from fundraising event5. Total income raised in the year was £5,496k (2024.. £4,064k) of which £95k (2024: £176k) was restricted. Total expenditure was £4,616k (2024: £3.995k). As a result, the charity produced a surplu5 of £880k (2024: 69k) and was able to increase unrestricted reserves by £93 Ik (2024: £97k). Our programmatic activity has been funded this year through donations by EY, other corporate partnerships. and through new grants secured during the year. We take an incremental lockstep approach to expenditure, increasing programme staffing resources once additional revenue is confirmed. This is a critical part of the Charity's financial risk management process. Income Income recognised in the year increased by £1,432k (35%) due primarily to the receipt of unbudgeted additional donations from EY £1. Im, and increased donation in kind support of £909k (2024: £718k). The main income streams were: EY donations Donations from EY which increased to £3,344k (2024: £2,0236k) Corporate partnerships Income from corporate partners who 5UPPOrt young people to take part in EY Foundation's programmes, which increased to £545k (2024- E493k) Grants Grants received support EY Foundations direct programmes and reduced to £95k (2024: £175k) Sponsored events Events run throughout the year including the Decade of Impact dinner celebrating EY Foundation's 10th birthday raised £262k (2024: £41k) Gifts in kind and donated services income The EY Foundation receives the benefit of donated staff, services and facilities. Income and equivalent costs in the year were £909k (2024: £718k). rI6w4JJr¢ Income £5,496k Ct 19 Registered charity number 1157154 (England & Wales) and SC045076 (Scolland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Trustees, Report cont. Expenditure- The EY Foundation aims to maximise the amount of expenditure on activitie5 that contrlbute directly to achieving our charitable aims. All expenditure ultimately goe5 towards helping young people. be it direct expenditure on our charitable activities or expenditure to secure future income. In line with The EY Foundation's ambition, it has broadened ils charltable activities to include influence and digital and employer practices activity as well as making orants to institutions and to indlviduals in addition to delivering direct programmes which remaln at the heart of what the EY Foundation does. DiiprCcTrar1t￿￿thry1a¥er pr3cNrES Expenditure £4,616k VilecECTrèrlt*￿￿hPr Auditors BDO LLP have been appointed as the Charity's auditors during the period. In preparing this Trustee5' report advantage has been taken of the small companie5, exemption. The Directors, and Trustees. Report on pages 3 - 20 was signed on behalf of the Directors and Trustees by Edel Harris OBE, Chair December, 2025 20 Registered charity number 1157154 (Enoland & Wale51 and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Reference and Administrative Details Name The EY Foundation Reglstered charity number 1157154 (England & Wales) SC045076 (Scotland) Registered company number 08935629 Reglstered office l More London Place London SEI 2AF Trustees Sally Bartolo Sarah Baugh Julie Cavin Sayeh Ghanbari (retired 12 March 2025) Edel Harri5 OBE - Chair Chelsea Hargreaves Ashley Hodges Mark Hutchinson Julianna Oladipo Erol Mustafa5 _ Treasurer Rachel Sandby Thomas Lucia Wilde (appointèd 4 December 2024) (appointed 12 March 2025) (appointed S December 2024) Audlt and Risk Committee Julie Cavin - Chair Sayeh Ghanbari Erol Mustafa Interim Chair Jane Musyoki (co-optee) Rachel Sandby Thomas (retired a5 Chair March 2025) (appointed March 2025) Nomination and Remuneratlon Committee Julianna Oladipo - Chair Sarah Baugh Edel Harris OBE Dianne Hughes (co-optee) Mark Hutchin50n Patrons Chris Achiampong Liz Bingham Patrick Dunne OBE Margaret Gibson OBE Dawid Konotey-Ahulu Dame Mary Marsh Douglas Nisbet steve Varley EY Partner from UK&I Audit EY Partner from UK&I Consulting 4 EY Director EY Partner from Financial Services Registered charity number 1157154 (England & Wales) and 5C045076 {Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Reference and Administrative Details cont. Leadership Team Lynne Peabody, CEO Liz Crossley, CFO Jodie McNally, Chief Programmes Officer Ewan Bennie, Director of Communications and Influence Kathryn Eastwood. Director of Fundraising (to 24 September 2025) Youth Advisory Board (YAB) (renamed Youth Voice Forum (YVF) from July 2025) Natalie Stuart - Chair (from 01 January 2024) Elijah Amoako Fairy Chi Michelle Fotsing Henry Hughes Syeda Islam Huma Kiyani Raphael Mathews Ife Oba5a Fome Owuasu Harry Sharma John Walker Auditor5 BDO LLP 55 Baker Street London WIU 7EU Bankers Barclay5 Bank plc I Churchill Place London EC14 5HP Sollcltors 88tes Wells 10 Queen Street Place London EC4R IBE 22 Reglstered charity number 1157154 (England & Wales) and SC045076 (Scotland) Registered company number 08935629 Annual Report and Financial Statements For the period ended 30 June 2025 Independent Auditor's Report to the members and Trustees of The EY Foundation Opinion on the financial statements In our opinion, the financial statements: give a true and fair view of the state of the Charilable Company's affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companie5 Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regvlations 2006, a5 amended. We have audited the financial statements of The EY Foundation ("the Charitable Company") for the year ended 30 June 2025 which comprise the Statement of financial activities (incorporating an Income and Expenditure account), the Balance sheet, the Statement of cashflows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (15A5 (UK)) and applicable law. Our responsibilitles under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions related to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee5 Wlth respect to going concern are described in the relevant sections of this report. other information The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the f inancial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 23 Registered charity number 1157154 (England & Wales) and SC045076