Charity registration number 1194169
Compgny registration number 12303342 (England and Wale51
EA FOUNDATION
ANNUAL REPORT AND FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

LEGALAND ADMINISTRATIVE INFORMATION
Trustees
R Bronze
F Fosse
DrASen
Dr T Sikorski
L Mortimer
l Talbot
Legal Advisor
Maria Loukanova
Charity number
1194169
Company numb8r
12303342
Registered office
25 North Colonnade
London
E145HZ
Auditor
Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Contents
Openingstatement bythe Chalr and Foundation Director...................................................
Statement of Trustees. Responsibilities...............................................................................
Governanceand Financialreview.........................................................................................
Governance......................................................................................................................
Conflict of Interest..
Risk Management.............................................................................................................
FinancialRevi8w...............................................................................................................
Reserves Policy.................................................................................................................
Investment Policy.........-.......................-...........-....-......-...........-......-.........-......-....-.-........
EAFoundation'5Grant-makingObjective$...........................................................................
Grant-makingprocedure...................................................................................................
Key Actlvitles
Achievementsand Performanc8.......................................................................................
Highlights:.....................................................................................................................
GranlsAwarded.............................................................................................................. 10
GrantsAwarded...........................................................................................................
Pl8nsfor2024....
Statement of Trustees, Responsibilities..
IndependentAuditor's Report................................................................................................. 16
Statement of FlnancialActlvltles............................................................................................
Balance Sheet......................................................................................................................... 20
Notes........................
21

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Opening Statement by the Chair and Foundation Director
During 2023, the world continued its slow and focused post-covid recovery. This process was
made even more challenging by the global economic crisis triggered by the war in Ukraine and
several humanitarian emergencies across the world. All these events have put significant
pressure on the charitable sector, which has been forced to step up to respond to overwhelming
global needs, against a backdrop of shrinking statutory and wider funding, in addition to other
resource pressures.
This year, as a Foundation, we listened ever closer to our partners and worked to ensure that our
response was appropriate to meet their needs. We recruited our first Foundation Director who
was given a mandate to build 8 lean and efficient infrastructure that would enable us to achieve
our key objective to find and fund partners that deliver the greatest imp8Ct for the communities
we aim to support under each of our funding pillars. We have achieved a significant increase in
our grant-making this year with £1,082,749 of grants awarded, 81most 80Wo of which1£846,8871
was disbursed before theyear end. Subsequent payments will be made based on payment
schedules as agreed with all funded partners. We intend to build on this with the developrnent
of more strategic partnerships and higher value grants to a small and selected group of
partners.
As we look forward to 2024. we find ourselves in an amazing and privileged position. witnessing
the positive imp8et of projects that are underway. nurturing key partnerships 2nd learning from
communities who are best placed to lead on their own solutions. We will remain focused on
our comrnitment to fund under-served communities on under-supported issues across our
funding priorities. We hope this approach will result in the greatest improvements in the lives of
our partner communities.
Richard Bronze
Chair
Georgina Awoonor-Gordon
Foundation Director

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Trustees, Responsibilities
The Trustees present their report 8nd financial statements for the year ended 31 December
2023.
The fin8n¢ial statements have been prepared in accordance with the accounting policies set
out in note 1 to the financial statements and comply with the charity's articles of association,
the Companies Act 2006 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 IFRS 1021 leffective 1
J8nuary 20191"
Governance and Financial review
Governance
EA Foundation was established in November 2019 as 8 charitable company (company number
123033421, and then April 2021 as a registered charity Icharity number 1194169 in England and
Wales). It was set up by Amrita Sen, Fredrik Fosse, Richard Bronze and Trevor Sikorski,
committed to addressing inequities faced by some of the most marginalised communities
globally. They also control a company called Energy Aspects.
EA Foundation owns shares in EA Group Holdings Ltd Ithe parent company of the Energy
Aspects group) and currently derives its income solely from this source. In keeping with Charity
Commission guidelines, EA Foundation is completely independent and has no direct
connections with the operations of Energy Aspects or its clients. The Charity works entirely for
public benefit and in no way works to advantage Energy Aspects- which in turn has no control
over grant making or any other decisions at EA Foundation.
EA Foundation I'the Charity") is governed wholly by a Board of Trustees I'the Trustees") which
has overall responsibility for the Charity's activities, management and control. Trustees also sit
as Directors under Company Law and were appointed in a voluntary capacity to lend their
expertise to ensure the effective management of the Charity. Trustees are not paid and any
expenses and related party transactions are fully disclosed in notes 8 and 17 to these 8ccounts.
The original trustees are the founders of the Charity and all work for Energy Aspects, the main
donor to the Charity. Two trustees are not employees of Energy Aspects. None of the trustees
has any beneficial interest in the charitable company. All the trustees are members of the
charitable cornpany and guarantee to contribute £1 in the event of a winding UP.
The Board meets at least four times a year (every quarterl and the Charity is empowered to
delegate management of the Charity to an appointed Director. The Charity's Director is usually
present at Board ot Trustees meetings and is in regulai contact with the Chair of the Board of
Trustees.

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Conflict of Interest
The Charity's Director 18 responsible for ensuring that all transactions are compliant with our
Conflict of Interest policy. Trustees are required to verbally declare any conflicts of interest at
all Board meetings and to submit written dectarations for all funding rounds. Where a conflict
with an applicant has been declared, Trustees would be expected to discuss the application,
however, would not be included in any final decisions.
Risk Management
We have adopted the Charity Commission's definition of risk as'any event that could prevent a
charity achieving its aims or carrying out its strategies,. Trustees work to ensure that appropriate
policies and procedures are in place to mitigate exposure to risks which might jeop8rdise the
wellbeing of the communities we work with and EA Foundation's reputation and that of our
partners.
Our Risk Management policy has been developed in direct response to the guidance provided
by the Charity Commission ICC261. We ensure that our assessment of risk is guided by our
capacity to continue meeting the needs of our end target communities, now and in the future.
As a funder, it is our responsibility, in addition to ensuring our own organisational sustainability,
to also strongly consider relevant risks and related impact on our target communities. funded
partners, staff and aff iliates.
guidance on managing
organisational risk to support the achievement of our strategic objectives, protect key
stakeholders, business assets and to ensure the continuation of business operations and
financial sustainability. Ikn&PoL￿a frameworktorthe following..
Risk governance
Identification of risks
Assessment ot risks
Mitigation
Monitoring and review
Communicating and Reporting
Financial Review
In total, our spending consisted of £846,887 in grant awards12022: £167,4261 and £59,765 on
staff costs and administrative overheads12022: £17,652).
The increase in administrative costs was mainly due to the recruitment of a Director in lune
2023, and establishing new operational systems and processes to increase efficiency of our
operations as we scaled up.
Despite this significant growth in gr8nt-m8king and administrative costs, we were able to off-set
extra Costs by Continuing to benefit from the skills of variou$ staff at Energy A$pe¢ts who donate
their time to support our growth in various areas including communications, finance,
administration and graphic design. We acknowledge and appreciate the invaluable assistance

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
provided free-of-charge. Their contributions have not been monetised in these accounts or by
Energy Aspects Ltd.
Our revenue in the year totalled £212,63112022'. £5,063,597). There is a notable difference in
this year's income due to the fact that the Foundation realised significant income last year of
£4.97rn f rom the sale of some its shares in Energy Aspects, which is suff icient to fund our
operations for several years.
As part of our 2022-25 strategic plan, we will continue to draw down on this income and interest
generated by it to fund our grant-making and operational costs. The Board h8s approved a three-
year budget to implement our strategic plan over this period and will be guided by our Reserves
policy.
Reserves Policy
In the period of 31 December 2023, our Reserves policy states that the Charity should hold
unrestricted funds suff icient to enable the award of grants up to £1.5m in 2024 and £2.6m in
2025 in addition to holding 6 months of reserves to cover operational costs for the respective
years. The level of reserves might be adjusted in subsequent years, accordingly, based on any
contextual considerations and projected income from the future sale of shares.
Investment Policy
Shares owned in Energy Aspects are our main source of income, along with bank interest
generated on our cash reserves. The Trustees are keen to ensure long-term sustainability of the
Charity and will explore the investment options which will enable us to continue meeting our
objectives.

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
EA Foundation's Grant-making Objectives
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding
what activities the charity should undertake. We fund projects internationally which work to
address issues aligned to our five strategic pillars outlined in the Key Activities below. We are
open to applications from a diverse range of organisations, irrespective of turnover, especially in
relation to our support of emergency response appeals.
The following types of organisations are eligible to apply for funding=
Registered Charitable Incorporated Organisation ICIOI
Charitable company, limited by guarantee
Other UK Registered Charity
Community Interest Company ICICI, limited by guarantee
We fund mainly through UK-based organisations, with closed calls for charitable organisations
registered overseas. All eligible companies las outlined above) must have an asset lock in their
constitution which ensures that funds and any profit are ploughed back into the organisation.
Grant-making procedure
ooooo'oo
The diagram above shows an overview of our grant-making process. For more information on
our grant-making procedure, please see our Guidance at htt
".Ilwww.

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Key Activities
The Board of Trustees remains committed to our mission of providing financial Support to
organisations to help them address issues aligned to our 5 strategic pillars as outlined below.
Edu¢ation.' to provide educational opportunities, particularly for disadvantaged
individuals and comrnunities.
Basic SeNices.' to improve access to basic services and infrastructure to
disadvantaged communities, including butnot lin7ited to healthcare, clean water
and electricity.
Poverty Reduction.. to support people in reduced circumstances, with in
sufficient me8ns. or those who 8re experiencing times of need therebyproviding
important support for the relief ofpoverty or otherforms ofdis8dv8ntage such 8$
disability.
Environmental Sustainability.. to address environmental challenges and
promote sustainable development, both in its own right and through the pursuit
of the otherkey 8re8s of focus.
Emergency R8sponse.' The Board is committed to supporting activities which
8ddress the suffering ofcommunities 8ffected by conflict. health. natural
dis8sters or other emergencies. We provide grants. by invitation only. to
reputable organisations to ensure rapid and effective emergencyresponses to
crises across the globe.
E4 Foundation
Achievements and Performance
This year, the Board set out ambitious plans to activate its commitment to our strategic pillars
by investing in our operations to scale up our Erant-making. Our focus over the year was on our
core grant-making activities.
Highlights in 2023:
The Board awarded over£1m in grants.
This year saw our first structured open call for proposals bringing in over 500
applications for funding,.
Over the course of the year, Trustees awarded 31 gr8nts to 24 organis8tions, of which
approximately 45¥0 were to organisations new to us, resulting in a thematic and
geographic diversification of our porttolio.

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Trustee Amrita Sen and our Communications volunteer made our first project visit to
India to visit funded partners The Cycle and Sanitation First India
This year saw the recruitment of 8 Director in June to scale up our gr8nt-making and
strengthen operational infrastructure to ensure we were fit for purpose..
To enhance our operations, we developed an Employee Handbook of key policies and
procedures, led by our Legal Advisor.
Strategic partnership.. this year saw us establish the first multi-year partnership
8rrangementwith The Cycle- and,
In line with our commitment to transparency, we started publishing data on all grants
approved on 360Giving Initiative
Grants
Tho Board approved the following Project and Emergency Response grants. Most of the projects
we fund cut across two or more of our five strategic pillars and for ease of reference, the grants
outlined below have been grouped according to their primary objectives..
Grants Awarded
Education
Partner
AdAmi Project
Amount
£10,000
Location
Sierra Leone
Summary
Working with vulnerable young
mothers18ged up to 251 in Bo district,
Sierra Leone, to= al complete their
education bl move towards
employment
A remote programme for up to 20
post-doctoral African researchers, to
strengthen skills in post-doctoral
academic grant writing.
Top-up funding for the primary school
library hub
Street Connected Children and Young
People ISCCYPI project in Mombasa
8ddrosses access to basic education
which acts as a barrier to livelihoods
off the street.
The Catalyse Leadership Programme
aims to enable 40 community-based
volunteers I'catalysts'l, to catalyse
Africa Research
Excellence Fund
£23,925
Afric8-wide
{AREF}
African Children's
Fund
Consortium for
Street Children
£5, 700
Zimb8bwe
£50,000
Kenya
Eduspots
£44.666
Gh8n8
htt
htt
10

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
change in their communities through
their leadership of up to 40
community-owned library-education
spaces.
Providing leadership educ8tion to
over 700 girls113- 21 years) living in
some of the most marginalised
communities in the Majority World
(Global Southl-
Global Girl Project
£30,000
Glob81
Majority
United World
Schools IUWSI
£40,554
M8d8gascar
Enabling 250+ children in two
communities of the highly remote
Andavadoaka region of southwest
Madagascar to gain literacy,
numeracy. and essential life skills
through quality, inclusive primary
education.
Developing a mobility ecosystem
using bicycles to improve education,
health and livelihoods in the Zomba,
Lilongwe and Kasungu regions of
Mal8WI.
World Blke Rellef
£50,000
Malawi
Basic Services
Partner
African Adventures
Foundation
Amount
£10,000
Location
Ghana
Summary
Addressing access to sanitation, 'Not
Just a WASHroom' willsee the
Construction of 12 new accessible
latrines and six new urinals at three
schools in Woe, with access to clean
piped water installed.
Funding for the Refugee Advice
Project, supporting new refugees to
access sustainable income and
housing- crucial stepping stones out
of poverty.
To embed and integrate lifesaving and
life-changing Community Health
Worker ICHWI training into the fabric
of partner organisations across
Pakistan.
Strategic grant to support both
organisation development and
contribution towards project costs.
to expand WCF'S proven
methodology of mobilising
community health groups run by
trained local women to bring people
together to identify their most critical
British Refugee
Council
£25,000
London
MAITS
£23,000
Pakistan
The Cycle
£100,000
Indi8
Women and
Children First (WCF)
£23,000
M&lawi,
T8nz8ni8,
Uganda
11

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
problems and find imp8cttul,
sustainable solutions
Poverty Reduction
Partner
Aliv8 and Kicking
Amount
£45,876
Location
Kenya
Summary
Supporting activities which offer
pathways out of poverty for refugees
8nd their families by upskilling 30
refugees to set up their own micro
enterprises producing and repairing
sports b811s.
Eastside House
£39, 7 75
USA
Fighting Food security in the Bronx,
Newyork.
Promoting sustainable agriculture
and livelihoods initiative in the
Amhara region of Ethiopia.
Follow-on funding: providing training
8nd support beekeepers and farmer$
in the Aleppo region of Syria.
For the renovation of the kitchen,
critical to the successful delivery of
the courses and in effectively
reaching thousands of marginalised
women at risk.
Mercy Hands
Europe
£39.853
Ethiopia
Mercy Hands
Europe
£55,000
Syria
Wonder Foundation £36,433
El Salv8dor
Practical Action
£20,000
Bangladesh
Providing dignified employment
through gathering and recycling
floating waste in the Padm8 River.
Bangladesh.
Towards Sparking Futures, an
employability program specifically
designed to support the most
marginalised young women, aged 14
to 22 years in London to overcome
socio-economic barriers
Sparking Futures programme: as
above
The Baytree Centre
£70,000
UK
The Baytree Centre
£50,000
UK
Environmental Sustainabillty
Partner
APT Action on
Poverty
Amount
£20.000
Locatlon
Ugand8
Summary
Funding for a skills development
programrne to increase the capacity
for climate smart, market orientated
vegetable production among South
Sudanese refugees in Palabek
Refugee Settlement.
12

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Feed the Minds
£48, 777
M8d8g8SC8r
Follow-on funding for the Tanjon8
Livelihoods and Biodiversity Project
supporting 90 women in Mandrosoa
in Silk production
Supporting smallholder farmers
ISHFI in Gwanda District,
Matabeleland Province to adapt to
the effects of climate change on
poverty, family food and nutrition
security and household sustainable
livelihood.
To significantly impact climate
change mitigation, reduce
greenhouse gas emissions from
household Cooking, and
deforestation
Practical Action
£49,974
Zimbabwe
Vita UK (formerly
New Hopel
£50,000
Ethiopia
Emergency Response
Partner
Mercy Hands
Europe
Amount
£4,927
Location
Syria
Summary
Emergency support for families in
Aleppo district of Northern Syria
affected by a severe earthquake,
primarily in the form of cash
transfers.
British Red Cross
£20,000
Syria / Turkey Towards the earthquake crisis
appeal.
British Red Cross
£50,000
Africa
Towards the Africa Food crisis appeal
to support populations struggling for
food in Eastern Africa due to severe
droughts.
British Red Cross
£25,000
Libya
Emergency response to the floods in
Libya
British Red Cross
£50,000
the Occupied Emergency response to the
Palestinian
humanitarian crisis in Israel and the
Territory I
Occupied Palestinian Territory
Israel
Global
UKforUNHCR
£31,950
Supporting UNHCR'S Emergency
Fund. to enable timely response to
future humanitarian crises across the
world.
13

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Plans for 2024
As part of our FunderPlus supportto ourfunded partners, we plan to set up two special
funds to support the strengthening of our partners. Safeguarding and Monitoring,
Evaluation and Learning IMELI activities;
Partnership working: we will strengthen our relationships with funded partners,
building on initial project grants to strategic partnerships and higher value gr8nts- and,
Project visits: we will endeavour to visit projects to ensure continuous 18arning and
improvement of ourgrant-makingapproach.
The trustees, who are also the directors for the purpose of company law, and who served during
the year and up to the date of signature of the financial statements were=
R Bronze
F Fosse
DrASen
Dr T Sikorski
L Mortirner
J Talbot
Auditor
In accordance with the company's articles, a resolution proposing that Alliotts LLP be
reappointed as auditor of the company will be put at a General Meeting.
The trustees. report was approved by the Board of Trustees.
R Bronze
Trustee
2410912024
Date..
14

EA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Trustees, Responsibilities
The trustees, who are also the directors of EA Foundation for the purpose of company law, are
responsible for prep8ring the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted
Accounting Practicel-
Company Law 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 the income and expenditure, of the charitable company
for that year.
In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent,.
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 operation.
The trustees are responsible for keeping adequate accounting records that disclose 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 of the charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
15

EA FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EA FOUNDATION
Oplnlon
We have audited the finanaal statements of EA FoLJndation (the 'charity'l for the year ended 31 December 2023
which comprise the statement of financial activities, the balan￿ sheet and notes to the financial statements,
including 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 the UK and Republic of Ireland (United Kingdom Generally AC￿pted
Accounting Practice).
In our opinion, the financial slatemenls..
give a true and fair view of the slate of the charitable company's affairs as at 31 December 2023 and of its
incoming resour￿$ and applicab'on of resources. including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance wf(h United Kingdom Generally AC￿pIed Accounting Practi￿.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted Dur audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described In the Audilorts ￿SponSIbl1111es for the audit of
the financial slalements section of our report. We are Independent of the charity in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of
accounting in the preparation of the financial staternenls is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or
conditions that, Individually or collectively, may ca51 significant doubl on the charity's abilty lo continue as a going
concern for a period of at least twelve months from when the financial slalements are authorised for issue.
Our responsibilities and the responsibilities of the trustees ¥hrith respect lo going concern are described in the
relevant sections of this report.
Other Infomiatlon
The other information comprises the information induded in the annual report other than the fina￿la1 statements
and our audilorfs report Ihereon. The trustees are responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our
re5ponsibilily is lo read the other information and, in doing so, consider whether the other information is materially
inconsislenl wth the financial slalements or our knowledge obtsined in the course of the audit, or otherwise appears
to be materially misstated. If we idenb'fy such material inconsistencies or apparent material misslalemenls, we are
required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If,
based on the worf( we have performed, we condude that there is a material misststement of this other information,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit..
the information given in the Iruslees, report for the financial year for which the finanryal slalements are
prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the
financial statements., and
the directors. report included within the trustees. report has beèn prepared in accordance with applicable legal
requirements.
16-

EA FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EA FOUNDATION
Matters on whlch we are requlred to report by exceptlon
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the
audit, we have not identified material misstatements in the directors. report included wthin the trustees, report.
We have nothing lo report in respect of the following mallers in relaty'on lo which the Companies Act 2006 requires
us to report lo you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us", or
the financial statements are not in agreement with the accounting records and returns., or
rtain disclosures of Iruslees, remuneration 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 not entitled to prepare the financial statements in accordance with the small companies
regime and lake advantage of the small companies, exemptions in preparing the trustees, report and from the
requirement lo prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the
charity for the purpose of company law, are responsible for the preparation of the financial slalemenls and for being
satisfied that they give a true and fair view. and for such internal control as the Iruslees determine is necessary lo
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error. In preparing the financial statements. the trLJStees are responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease
operations, or have no realistic altemalive but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objedives are lo obtain reasonable assurance about whelhei the financial slalemenls as a Who￿ are free from
material misslatemenl, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always delect a material misslalement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, lo delect material misstatements in respect of irregularities. including
fraud. The extent lo which our procedures are capable of delecling Irregularf(ies, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
the engagement partner ensurèd that the engagement team colledively had the appropriate compètencè,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.,
we identified the laws and regulations applicable to the charity through discussions with Iruslees and other
management, and from our kno￿edge and experience of the se¢tor',
• we focused on specific laws and regulations which we considered may have a direct material effect on the
rinancial statements or the operatlons of the charity, including the Companies Act 2006, the Charities Act
2011, the Charities SORP, laxalion legislation and data protection, antFbribery, employment, environmental
and health and safely legislation.,
we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence," and
identified laws and regulations were Communicated wthin the audit team regulady and the team remained
alert to instsnces of non-compliance throughout the audit.
17-

EA FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EA FOUNDATION
We assessed the susceplibilty of the charity's financial statements lo material misslalement, including obtsining an
understanding of how fraud might 0￿Ur. by.
making enquiries of management as to where they Considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud,.
• considering the internal controls in place lo mitigate risks of fraud and norFcompliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we".
perfomied analytical procedures lo identify any unusual or unexpected relationships",
tested journal entries lo identify unusual transactions.,
assessed whether judgements and assumptions made in detemiining the accounting eslimales were
indicative of potential bias., and
investigated the rationale behind significant or unusual transactions.
Audit response to risks identified
In response lo the risk of irregularities and non-compliance wth laws and regulations, we designed procedures
which included. but were not limited lo".
agreeing financial statement disdosures to underfying supporting documentation.,
enquiring of management as to actual and Potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial Iransaclions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required lo identify non-compliance wth laws and regulations lo
enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
A ftjrther description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11
www.frc.org.LJklaLJditorsresponsibilities. This description fomis part of our auditorfs report.
Use of our report
This report is made solely lo th& charitsble company's members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit worf( has been undertaken so that we might stsle lo the charitstle company's
members those matters we are required to slate lo them in an auditorfs report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable
company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we
have formed.
Stephen Meredith BA FCA DChA (Senior Statutory Auditor)
for and on behalf of Alllotts LLP
2510912024
Chartered Accountants
ststutory Auditor
3 London Square
Cross Lanes
Guildford
GU1 1UJ
18-

EA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestrlcted Unrestrlcted
funds
funds
2023
2022
Notes
In¢om9 from:
Donations and legacies
Investments
5,045,648
17,949
212,631
Total income
212,631
5,063,597
Expenditure on-
Charitable activities
906,652
185,078
Total expenditure
906,652
185,078
Net incomellexpenditurel
{694,0211
4,878,519
Other recognised gains and losses..
Other gainslllossesl
11
13,0421
8,235
Net movement in funds
{697,C631
4,886,754
Reconciliation of funds:
Fund balances al 1 January 2023
4,941,048
54,294
Fund balances at 31 December 2023
4,243,985
4,941,048
The statement of finanaal activities includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.
19-

EA FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Notes
Fixed assets
Investments
12
27,900
Current assets
Debtors
Cash at bank and in hand
13
49,350
4,612,213
4,951,981
4,661,563
4,951,981
Credltots: amounts falllng due wlthln
one year
14
1445,4781
110,9331
Net current assets
4,216,085
4,941,048
Totsl assets less current liabilities
4,243,985
4,941,048
Net assets excluding pension liability
4,243,985
4,941,048
The funds of the charlty
Unrestricted funds
4,243,985
4,941,048
4,243,985
4,941,048
The financial statements were approved by the Iruslees on .
24109k024
R Bronze
Trustee
Company registration number 12303342 (England and Wales)
-20-

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles
Charity infomiation
EA Foundation is a private company limited by guarantee incorporated in England and Wales. The registered
office is 25 North Colonnade, London. E14 5HZ.
1.1 Accountlng conventlon
The financial statements have been prepared in accordance with the charity's Articles of Association, the
Companies Act 2006 and 'Accounting and Reporting by Charities.. Slalement of Recommended Practi
applicable lo charities preparing their accounts In accordance with the Finanaal Reporting Standard
applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" The charity is a Public
Benefit Enlily as defined by FRS 102.
The financial statements are prepared in sleding, which is the functional currency of the charity. Monetary
amounts in these financial statements are rounded lo the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2 Going concern
Al the lime of approving the financial stslemenls, the trustees have a reasonable expectation that the charity
has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees
continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestrictèd funds a￿ available for use at the discretion of the trustees in furtherance of their charitable
objectives.
1.4 Income
Income 15 recognised when the charity is legally entitled to il after any performance conditions have been met,
the amounts can be measured reliably, and il is probable that income will be received.
Cash donations are recognised on re￿ipt. Other donations are recognised once the charity has been notified
of the donation and a cash value can be established ¥Mth reasonable certainty, unless performance conditions
require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or
deeds of covenant is recognised al the lime of the donation.
Legacies are recognised on receipt or otherwse if the charity has been notified of an impending distribution,
the amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a
contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo
third paty, it is probable that a transfer of economic benefits will be required in selllemenl, and the amount of
the obligation ¢an be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of diwl costs and
shared costs, induding Support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and
support costs which are not attributable to a single activity are apportloned between those aclivilvès on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
Expenditure is allocated to each charitable activity on a direct cost basis, or as an apportionment of support
costs based on time spent by stafflvolunteers
21

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounllng poll¢lg$
Icontlnuedl
1.6 Flxod asset investments
Fixed asset investments are initially measured al cost and subsequently measured al cost less any
accumulated impaiimènt losses. The investments are assessed for impairment al each reporting dale and any
impaiment losses or reversals of impairment losses are recognised immediately in nel incomellexpendilurel
for the year.
1.7 Cash and cash equivalents
Cash and cash equivalents Include cash in hand, deposits held at call with banks, other short-lerm liquid
investments with original malurilies of three months or less, and bank overdrafts. Bank overdiafis are shown
¥Mthin borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of its financial instrLJmenls.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the
contractual provisions of the inslrumenl.
Financial assets and liabilities are offset, w(th the net amounts presented in the financial slatemenls, when
there is a legally enforceable right lo set off the recognised amounts and there is an intention lo settle on a net
basis or lo realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which indude debtors and cash and bank balan￿s, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is
measured al the present value of the future receipts discounted al a market rale of interest. Financial assets
classified as receivable within one year are not amortised.
BasiTC financial IITabilitses
Basic financial liabilities, including creditors are initially recognised at transaction price unless the
arrangement constitutes a financing transacty'on. Financial liabilities classified as payable within one year are
not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
1.9 Retlrement beneflts
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In¢omg from donatlons and 19gac19$
Unrestrlcled unrestr1￿Qd
funds
funds
2023
2022
Donations and gifts
Gift of shares
82,471
4,963,177
5,045,648
-22-

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from Investments
Unrestricted Unrestricted
funds
funds
2023
2022
Interest receivable
212,631
17,949
Expendlture on charltable actlvltles
Charitable
actlvltles
2023
Charitable
actlvltles
2022
Dlroct ¢o$ts
staff costs
Grants awarded
Donations
36,952
848,887
100
167,426
883,939
167,426
Share of support and governance costs (see note 61
Support
Governance
1,085
21,628
762
16,890
906,652
185,078
Analys1$ by fund
Unrestricted funds
906,652
185,078
-23-

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Grants payable
2023
2022
Grants lo institutions..
SanitatlDn First
The Baytree Centre
Mercy Hands Europe
British Red Cross
United World Schools
African Children's Fund
AdAmi Project
Africa Research Excellen￿ Fund
African Adventures Foundation
Alive and Kicking
APT Action on Povety
British Refugee Council
Consortium for Street Children
Eduspols
Feed the Minds
Global Girl Project
MAITS
Practical Action
UK for UNHCR
Vita UK
Women and Children First
Wonder Foundation
World Bicycle Relief
87,500
35,000
93.529
145,000
36,499
5.700
9,000
21,533
5,000
41,288
10,000
22,500
25,000
22,333
24,388
27.000
11,500
64,977
10,650
45,000
20,700
32,790
50,000
87,500
37,726
22,200
20,000
846,887
167,426
Support costs allocated to actlvltles
2023
2022
Bank charges
Website and admin expenses
Insurance
Telephone
Governance costs
100
758
99
128
21,628
157
605
16,890
22,713
17,652
Analysed between:
Charitable activits'es
22,713
17,652
Governance costs includes payments to the auditors for the audit of £8,10012022.' £8,100).
-24-

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Net movement In funds
2023
2022
The nel movement in funds is slated after chargingllcredilingl..
Fees payable for the audit of the charity's financial statements
8,100
8,100
Trustees
None of the trustees lor any persons connected with them) received any remuneration or benefits from the
charity during the year.
Employees
The average monthly number of employees during the year was..
2023
Number
2022
Number
Employment costs
2023
2022
INages and salaries
Other pension costs
36,000
952
36,952
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows..
2023
2022
Aggregate compensation
33,272
10 Taxatlon
The charity is exempl from lax on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects.
-25-

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11 Other galns and losses
Unrestricted Unrestricted
funds
funds
2023
2022
Gainslllossesl upon".
Foreign exchange
3,042
18,2351
12 Flxed asset Investments
other
investments
Cost or valuation
Al 1 January 2023
Additions
27,900
Al 31 December 2023
27,900
Carrying amount
Al 31 De￿mber 2023
27,900
Al 31 December 2022
13 Debtors
2023
2022
Amounts falling due within one year-
Other debtors
49,350
14 Creditors- amounts falling due within one year
2023
2022
Trade creditors
Accruals and deferred income
119
445,359
564
10,369
445,478
10,933
15 Retlrement beneflt schemes
2023
2022
Defined contribution schèmes
Charge to profit or loss in respect of defined contribution schemes
952
-26-

EA FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15 Rgtlrgmgnt bgneflt s¢h9me$
Icontlnuedl
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the charity in an independently administered fund.
16 Unre$trlcted funds
The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are
not SLJbject to specific conditions by donors and grantors as to how they may be used. These indude
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 January
2023
Incomlng
resourcgs
Resources
gxpended
Galns and
losses
A131
De¢gmbar
2023
General funds
4,941,048
212,631
1906,6521
13,0421
4,243,985
Previous year-
At 1 January
2022
Incoming
resources
Resources
expended
Gains and
losses
At31
December
2022
General funds
54,294
5,063,597
1185,0781
8,235
4,941,048
17 Related party transactlons
During the year, the charity acquired an additional shareholding valued at £27,900 in a class of shares of EA
Group Holdings Ltd. which are re¢orded al purchase ¢osl. The Charity also holds a minor shareholding in EA
Group Holdings Ltd that was previously gifted to it. for which the trustees were not able to establish a value.
EA Group Holdings Ltd is the ultimate parent of Energy Aspects Ltd, which is currently the source of all
donations lo the charity.
As detailed in the Trustees. Report, four of the trustees are employees of Energy Aspects Ltd.
-27-