EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Ch8rlty regisiratlon number 1194169 Comp8nyr•Klstratlon numb&i 12303342 (England and W81è81 EA Foundation EA FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 LEGAL AND ADMINISTRATIVE INFORMATION Trustees R Bronze (Chairl F Fosse DrASen DrT Sikorski L Mortimer J Talbot D Behl lappointed 20 May 20251 K Kibirango (appointed 20 May 20251 Companysacretary Bird & Bird Foundatlon Dlroctor G Awoonor-Gordon Charlty numbèr 1194169 Gompony number 12303342 Roglsterod offlc 25 North Colonnade London E145HZ Audltor Alliotts LLP Manfield House. 1 Southampton House London WC2R OLR
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Contents Openingstatement bythe Chairand Foundation Director................................................... Statement of Trustees. Responsibilities............................................................................... Governance and Financial review......................................................................................... Govarn8nco ................-...........-........-..-.........-........-.-.........-.-.......-.-.........-...........-........-... Confll¢t of Intorest.................................................-..........................................-..-........-... Rlsk Managèment............................................................................................ .......... Financial Review....... Reserves Policy................................................................................................................. Inv•8tment Poucy............................................................................................................. IntrodU10n to EA Foundatlon.............................................................................................. Vl810n...........................................-...........-....................................................................-... Ml$$lon Values............................................................................................................................... Grant-makSn8 Oblectlves...................................................................................................... Approach.......................................................................................................................... Straloglc Plllars................................................................................................................. Whowe Fund........................................................................... ............ Gr¥nt-m8kSng Pro¢odure............. Achlevements and Parforrnan¢¢. Hlghllghts In 2024: ....................................................................................................... Grants............................................................................................................................. 12 Plan5 for 2025.............................................................................................................. IndopendentAudltor'8 Report............................................................................................ 20 Statomont of Flnanclal A¢tlvltlo8............................................................................................23 Balance Sheet..........................................................................................................................24 Notes........................................................................................................................................25
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Opening Statement by the Chair and Foundation Director Throughout 2024. the world continued to feel the effects ot a slow post-covid economic recovery, the Cost-of-living crisis and the impact of geopolitics. We saw severe humanitarian crises across the globe, brought on by diverse issues including conflict, natural disasters and climate ch8nge. These challenges have only served to highlight the pivotal role that philanthropy can play in supporting communities through disaster mitlEation. resilience and adaptation. Philanthropy can catalyse cre8tivity. thereby strengthening individuals. families and communities to reach their full potential. We are proud ofthe partnerships that we have nurtured to date. and the commitment that our partners have shown in mitigating significant risks to Iheir partner communities from these global challenges and finding innovative ways to expand opportuniti&s. As a relatively new foundation. we have been on a learningjourney this year and have spent a lot of time listening to our funded partners. to better understand the barriers they and in-country P8rtneis face. We spent the year relleciing on howwe, as a lunder, could most effectively support the sector through Ihese challenging times. We provided new and follow-on funding. engagtsd and shared ltrarningwith other fundeTS and stakeholders, faeiliiÉièd introductions and created a Moniioring, Evaluation and Learning IMELI Fund, which provides small pois ol funding to partners to address any critical gaps in their MEL capacity. To maximise our impact. the Board transitioned to an invitation only funding process. Whilst we acknowledge th81 this potentially limiis ihe number of organisations we could fund, it me8n8 that we are better able to nurture more me8ningful partnerships and have more nuanced discussions, thereby enabling us to be more responsive to the changing contexts and needs. We are keen to ensure that this process doesny beeome a'elosed shop. 8nd so to keep 8bre8St of impactful work, potential applicanls can still submit expressions of interest through our website. We 81s0 regulgrly become aware of fantastic or8anisgtions through our own rese8r¢h 8nd our network ot other lunders and partners. In order to balance our porrfolio, we trialled a funding round focussed on a single one of our strategic pillars by inviting organisations working in environmental sustainability to submil applications. We engaged with a diverse range of environrnental actors and following robust assessments we welcomed a dynamic set of new partners. In 2024. the Board approvod £1.94m in grants 8cross our five strategic pi118rs, tsking our tot81 awards approved to just over £4m over the last fourye8rs. Please see pages 11-17 for a full list of grants approved this year and 36Qlg forthe r8nge ofwork we have funded to date. We feel privileged to be partnering wrth truly 8m8zing organisations that are committed to driving long-terrn change in the lives of their partner communities. and we look forward to deepening these partnerships in the coming years. Rithard 8ronze (Au9 16. 202S. 11.5) WI9 19. 2025, Richard Bronze Chair Georgina Awoonor-Gordon Foundation Director
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Statement of Trustees. Responsibilities The Trustees present their report and financial statements foi the year ended 31 December 2024. The financial statements havts been prepared in accordance with the accounting policies set out in note 1 to the financial siatements and complywith the charity's articles of association, the Companies Act 2006 and"Accounting and Reporting by Charities: Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 january 20191" Governance and Financial review Governance EA Foundation was established in November 2019 as a company Icomp8ny number 123033421, and then in April 2021 as a registered charity Icharity number 1194169 in England and Wales). It was set up by Amrita Sen, Fredrik Fosse, Rich8rd Bronze and Trevor Sikorski, comrnitted to addressing inequities faced by some of the most m8rginalised communities globally. They also control a company ca118d Energy Aspects. EA Foundation owns shares in EA Group Holdings Ltd Ithe parent ¢omp8ny ofthe 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 eonnections wilh the operations of Energy Aspeets or its clients. The Charityworks entirely for public benefii and in no way works io advantage Energy Aspects., which in turn has no control over grant making or any other decisions ot EA Foundation. EA Foundation I'the Charity") is governed wholly by a 808rd of Trustees 1.the Trustees") which in addition io the founding Tiustees, includes foul Trusiees (two new trustees were appointed in May 20251 not affiliated with the Compony. with over011 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 ol the Charity- Trustees are not paid and any expenses and related party transactions are fully disclosed in notes 6 and 15 to these accounts. The original Trustees are the founders of the Charity and OLL work for Energy Aspects. the main donor lo the Charity. None ol the Trustees has any beneficial interest in the charitable company. All the Trustees are members of the charitable company and guarantee to contiibute £1 In the event of a winding up. The Board meets at least four times a year levery quarterl and the Charity is empowered to delegate rnanagernent of the Charityto an appointed Foundation Director. The Charity's Foundation Director is usually present at Board of Trustees meetings and is in regular contsct with the Chair of the Board of Trustees.
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Conflict of Interest The Charity's Foundation Director is 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 declarations for all funding rounds. Where a onflict with an applicant has been declared. Trustees would be expected to discuss the application, however, would not be included in anyfin81 decisions. Rlsk Management We hav8 adopted the Charity Cornmission's definition of risk as'any event that could prevent a charity achieving its aims or carrying out its strategies.. Tiustees work to ensure that appropriate policies and procedures are in place to mitigate exposure to risks which might jeopardise the wellb8ing 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 bythe Charity Commission ICC261. We ensure that our assessment of risk is guided by our capacity to continu& meeiing the needs of our end t8rget communities, now 8nd in the fulure. As 8 funder, it is our responsibility, in addition to ensuring our own organisational sustainability, to strongly consider relevant risks and related impg¢t on our tgrget communities. funded P8rtneis, staff and 8ffili8tes. The Risk Man8gement policy provides guidance on m8n8ging organisational risk to support the achievement of our sirategic objectives, proteci key stakehol(Jers. business assets and lo ensure the continuation of business operations and financial sustainability. The Policy olIneS 8 f18mework foi the following: Risk governance Identification of risks Assessment of risks Mitigation Monitoring and review Communieating8nd Reporting Financial Review In total, our spending consisted 01 £1.544,255 in grants payable12023: £846,88718nd £100,769 on administrative overheads12023.' £59,765). The increase in this year's expenditure is a clear demonstiation of our commitment to scale-up our grant-making. whilst maintainingconservative overheads. We continue to off-set significant operaiion81 costs by benefitting from the skills of a growing nuwnber of staff 8t Energy Aspects who offer their time voluntarily across various areas including IT, communications, finance, and graphic design. We acknowledge and appreciate the invaluable assistance provided without charge. Their contributions have not been monetised in these accounts or by Energy Aspects Ltd. ht
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Our revenue in the year totalled E179.76912023.. £212.6311, mainly from interest. We continue to draw down on income of £5.1 m from the initial sales of shares in 2022. This year. Trustees agreed a'spend down. strategy with an estimated allocation per cycle up to mid-2026. Net movement in funds for the year was 8 negative £11,466,544112023- negative £1697,0631 and retained unrestricted reserves were É2.777.44112023: É4.243.9851. Reserves Policy In the period to 31 December 2024, our Reserves policy slates that the Charity should hold unrestricted funds I'lree resetves'l sufficient to enable the award of grants up to É2.2m in 2025 1£1.Sm in 20241, split equitably across our strategic pillars. in addition lo holding 6 months of reserv8S to cover operational costs for the respective years; this equates to approximately £2.25m. At the year end. free reserves stood at £2.77m. The level of reserves might be adjusted in subsequent years. accordingly. based on any contextual consid&r8tions and projected income trom the futuie sale of shares. Investment Pollcy Shares owned in Energy Aspeets are our main source of income, 81ong with bank inter&st generated on our cash resetves. The Trustees are keen to ensure long-term sustainability of the Charity and will continue to explore appropriate and timely investment options which will enable us to continue m8eting our strategic objectives. Our future gronl.rnaking will be informed by the sale of more shares, the timing and amount ofwhich has not yet been determined.
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Introduction to EA Foundation Irision A more equitable fvture for rnarginalised cornmunities Mission To support community-driven initiatives which work to improve the lives of disadvantaged communities in low to medium income countries- specifically focused on improving access to education and basic services. relieving poverty. promoting environmental sustainability and responding to hum8nitari8n crises. Values Champlonlngcommunlty That affected communities lead on theii own solutions and vision for their future Ensurlng Equlty and Incluslon That our funding reaches the most m8rgin81ised communities t8cking under-supported or under-reported issues Promotlng Partner$hlp Taking a meaningful opproo¢h to p8rtner$hip and nurturing 8 $p8¢e for org8ni$8tionÈl growth and sustainability Enhanclng Learnlng Creating space for partners to share learningto encourage greater sector collaboration Grant-making Objectives Approach As a trust-based partner, we strive to achieve the following- Being an'8pproachable' funder Supporting partners, growth beyond grant-making (Funder Plus) Creating space for honest conveTsations with partners Being self-reflective Sharing learning with other funders and continuously striving to ensure apptication of best practice We are keen to ensure that our grant-making processes are as accessible as possible. and that the majority of our income is passed on to ourfunded partners. This year, to ensure streamlined
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 operations and to maximise the impact of our own bmited resources. Trustees took the decision to shift calls for proposals to invitation only. We now invite applications in funding rounds per year. Whilst we will continue to fun¢J projects internationally which work to address issues aligned to our five strategi¢ pillars outlined. in order to target our available resources in a manner that maximises the impact of our funding. we will nowlocus OUT work primarily in low to middle. income countries, and in areas which clearly demonstrate the most significant disparities and marginalisation of communities at risk. Any work outside of these geographies will be by exception only. Strategic Pillars Trustees continue to pay due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the charity shoulij undertake. We are committed to our mission of supporting communily-driven solutions as aligned to our strategic pillars as outlined below.. Baslc Servlces: to improve aecess to basie serviees 8nd infr8Strueturè to disadvantaged communities, including but not limited io healthcare, cle8n w8tei and electricity. Education: io provide educational opportunilies. p8rticu18rly tor dlsadv8n18ged individuals and communities. Envlronmental Sustalnabillty: to address environmentslch811enges and promote sustainable development. both in its own right and through the pursuit of the other key oreas of focus. Poverty Reductlon: to 8ddiess the diverse range of ch811enges affecting marginalised communities and invest in long-term solutions. Humanitarian Responge: to supporting activities which address the suffering of communities affected by conflict, healih, natural dis8Sters or other emergencies. We provide grants to reputable organis8tions to contribute to rapid and effective emergency responses io crises across the globe. Whowe Fund We invite the following types of organisations to applyfor funding- UK Registered Charity Registered Charitable Incorporated Org8nisation ICIOI Charitable company. limiied by guar8ntee Community Interest Company ICICI. limited by guarantee This yearwe mainly funded UK-based charitable organisations. although we are actively exploring ways to identify and support more organisations based in our target geographies, while maintaining a high standard of due diligence and accountability.
EA FOUNDATION TRUSTEES. REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 Grant-making Procedure As outlined above, applications are now by irwitation only. The diagram above gives an ov8rvi8w of our grant-m8king process. For more inform8tion on our gr8nt-m8king procedure, please se& our Guidance at https'.Ilwww.ea-foundation.or&uklgrant-making-guidanc8 10
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Achievements and Performance This year. the Board set out ambitious plans to actW8te its commitment to our strategic pillars by investing in our operations to scale up our grant-making. Our focus over the year was on our core grant-m8king activities. Highlights in 2024 The Board awarded £1,991.176 in grants Isome of which witl be paid out in future financial years) With funding for humanitarlan crises totalling 2177, 500. this year saw a significant increase in our response to increasing emeigency and pioiracted crises globally We deepened collaboration with 38 funded partners with 47 grants approved We expanded our geographic leach to at least 24 countries with a few partners working across regions. To strengthen our ¢ommitm8nt to environmental sustainability, and to create a more balanced porttolio, we ran 8 funding round. foeused specifically on this strategie This year saw the introduction of our Monitoring. Evaluation and Learnlng (M EL) Fund? providing sm811 pots of fundingto partners to strengthen their MEL capacity Our Director made a project wsit to India to see first-hand, the invaluable work dèlivered by one ot our strategic partners. The Cycle and Sanitation First India in Tamil Nadu We worked to Stren8lhen engagement with other funders. in order to learn and apply best practlc8
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EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Plans for 2025 Continue to nurtur¢ partnorshlp$ with organisations committed to ¢ommunlty-drlv¢n Initiatives and impaet Project visits: we will contirbue to visit ourfunded partners to ensure continuous learning and improvement of our grant-making approach Convene partners for shared l&arnlng Develop a new online grants management system to streamline our processes and enable a more dynamic capture of our impact data Conduct a perception suNey to receive anonymous feedback from partners on our systems. processes and pannership approach Provide safèguardlng support to funded partners 17
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 The Trustees, who are also the Directors for the purpose ot company taw, and who served during the year and up to the date of signature of the financial statements were.. R Bronze F Fosse DrASen DrT Sikorski L Mortimer l Talbot D Behl (appointed 20 May 20251 K Kibirango (Appointed 20 May 20251 Audltor In accordanc8 Wlth the company's articles. a resolution proposing that Alliotts LLP be reappointed as auditor of the company will be put at 8 General Meeting. The Trustees, report was approved by the Board of Trustees. 3rd Branze IAu9.18 2025. 11 $6arnl R Bronze Trustee Date.. 18 Aug 2025
EA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2024 Statement of Trustees, Responsibilities The Trustees, who are also the Directois of EA Foundation for the purpose of comp8ny18w. are responsible lor preparingthe Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pr8Cticel. Company Law requires the Trustees to prepare financial statements lor each financial year which give a true and fair view of the state ot affairs of the charity and of the incoming resources and application ol resources. including the income and expenditure. ol the charitable company for that year. In preparing these financial statements. the trustees are required to: selèct 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 m8tèri81 d8partures disclosed 8nd explained in the lin8nci81 st8tements; and prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the ch8rity will continue in operation. The Trustees 8re responsible for keeping adequate 8eeounting records th8t disclose with reasonable 8ccur8Cy 81 any time the financi81 position of the charity 8nd enable them to ensure that the financi81 statèments ¢omply with the Comp8nies Act 2006. They 8re 8lso responsible for safeguarding the assets of the charity and hence foi 18king re8sonable steps for lh& pr&ventlon and detection ol fraud and other irregularities. 19
EA FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EA FOUNDATION Opinion We have audited the financial statements of EA Foundation Ithe 'charity'l for the year ended 31 December 2024 which comprise the statement of financial activib"es, the balance sheet and notes to the financial statements, including significant accounting policies. The financial porting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. induding Financial Reporting Standard 102 The FinanGi81 Reporting Standard applicable in the UK and Republ of lTrland (United Kingdorn Generalty Accepted Accounting Practice). In our opinion, the financial statements". give a true and fair view of the state of Ihe charilable companys affairs as al 31 December 2024 and of ils incoming resour¢es and application of resources, including rts income 8nd expendr(ure, for the year then ended", have been property prepared in acKordance wth United Kingdom Generally Accepted Accounting PraCts... and have been prepared In accordance wrth the requirements of the Companies Act 2006. 8a818 for oplnlon We conducted our aufjlt In a¢¢ordan¢e wilh Intemalional Standafd$ on Auditin9 IUKI IISAS IUKII and appll¢abl$ law. Our résponsibilities under those standards are further desuibed in the Audiloffs msponsibililies for the &udit ol the financial stgtemenls secth)n of our report. We are independenl ol the charity in accordance wrth the ethical requirements that a relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher eth1 responsibililie5 in accordance wrth these requirements. We believe that the audit evidence we have obiained is suffirient and 8ppropri8te to provide a basis for our opinion. Con¢lu¥lon$ r*l•tlng io golng ¢on¢em In auditing the financial statements. we have concluded thal the trustees, use of the going concem basis of accounting in the preparation of Ihe financial slatemenls is appropiiate. 8ased on the work we have perfomied. we have not identrfied any material uncertaSnties relatlng to events or conditions that, individually or collective. may cast Slgnificanl doubl on the charity's ability to continue as a going concern for a penod of at least Iwefve months from when the finanaal statements 8re authorised for issue. Our responsibilities and the responsibilities of the tnjstees wth respect to going concem a described in the relevant sections ol this report. Othèr Infomiatoon The other information comprises ihe information included in the annual report other than the finarcial statements and our audi¢orfs report thereon. The tru51ees are responsible lor Ihe other infornialion contained within the annual report. Our opinion on the fin8ncial statements does nol co¥er the other information and. except to the extent otherwise explicitty stated in our report, we do not expiess any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other Information is materially inconsistent wrth the financial statements or our kthedge obtained in the course ol the audrt, or othetwise appears to be materialty misstated. If we identify such material inconsistenues or apparent material misstatements, we are required to delemiine whether Ihis gives rise to a material misslatemenl in Ihe financial Statements themselves. 11. based on the work we have performed. we condude that Ihere is 8 rnaterial fflis5tatemenl of this other infomiation. we are required to report that fact. We have nothing to report in this gard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the cou15e of our audtL the inforrnation given in the trustees. report for the financial year for which the financial ststements are prepared. which includes the directors, rew)rt prepared for Ihe pufposes of MpanY law. is consistent with the rinancial statement5." and the directors, report induded within the trustees. report has been prepared in ac£ordance wth applicable legal requirements. -20-
EA FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF EA FOUNDATION Matters on which we are required to report by exception 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 induded wrthin the trustees. report. We have nothing to report in respect of the followThJ matters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion.. adequate accounting records have not been kept. or retums adequate for our audrt have not been received from branches not visbted by us., or the financial statements are not in agreement vAth the accounbng records and relums,. or certain disclosures of truslees. remuneralion speuffied by law are not made.. or we have not received all the infomation and explanations we require for ouf audit," or the trustees were not ents'tled to prepare the financial slalements in accordance with the small companies regime and take advantage of the small comp8nies' exernpbon5 in preparing the trustees, report and from the requirement lo prepare 8 $tr8legi¢ report. R••pon•lbllltl•s ol tru8té•s As explained more fully in the statement of trustees. responsibililies. Ihe twstees. who are also the directors of the charity for the purpose of company law. are responsible lor the preparation ol the finanryal stslemenls and for being satisfied that they give a true and lair ¥iew. and for such intemal control as the Iruslees delemine Is necessary to enable the preparation oi financial statements that are free from matenal misslalement, whether due to fraud or error. In preparing the financial slalemenls. the Iruslees are responsible for assessing the charity's ability to continue as a going conm, disdosing. as applicable. matters relaled to going concern and using the going concern basis of accounting unless the trustees erther intend to liqUale the charitable company or lo cease operations, or have no 811$b¢ 8Nem8twe bul tts do so. Audltorf$ rnspon$lbllbll¢$ lor th• audlt of th• finan¢lal $tst¢m*nt• Our objectives are lo obtain reasonable assurance about whelher the financial staternenls as a Who are free from material mi5slalemenl. whether due to fraud or error. and to 155ue an audito¢s report that includes our opinion. Reasonable assurance is a hi9h level of assur8n¢e but is nol a guarantee Ihat an 8udi¢ conducted in 8¢¢ord8n¢e with ISAS IUKI will alway$ deted a material mis$tslem¥nl when il exists. Mis$tslemenl$ ¢&n arise from fraud or error and are considered material if. IndNidually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on Ihe basis of these financial statements. Irregularities. including fraud. are instances ol non•compliance wilh laws and regulations. We design procedures in line with our responsibilities. oullined above. lo detect malerial misslalements in respect of irregularities. including fraud. The extent to which our procedure3 are ¢apable of detecting irregularitses. induding fraud, is detsiled below. Extent to whlch th• audlt was con•ld•red capablfr of detèctlng IrregularltS63, Includlng fraud the engagernent partner ensured that Ihe engagemenl team collectively had the appropriale competen, c8pabilitie5 and skills to entIty or recognise non-compliance appliG4ble laws and regulations., we identified the laws and iegulations applicable to the chartty through discussions wrth trustèès and tsthèr management, and from our knowledge and experience ofthe sector., • we focused on specrfic laws and regulats)ns which we considered may have a direct material effect on the finanaal statements or the operations ol ihe charity. induding Ihe Companies Ac12006, the CharItS Act 2011. the Charities SORP. taxation legislation and data protection. anlkbribery. employment. environrnental and health and safety legislation.. we assessed the extent of compliance vrith the laws and wulations identtfied above through making enquiries of management an¢J inspecting legal correspondence." and identffjed laws and regulations were communicated wrthin the audit team regula and the team remained alert to InStanS ol non-complian throughout the audit. 21
EA FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF EA FOUNDATION We assessed the susceptibility of the charity's financial ststernents to material misstatement. induding obtaining an underst8nding of how fraud might occur, by. making enquiiies of managemènt as to where they (x>nsidered there was suscepts"bility to fraud, their knowledge of actual, suspected and alleged fraud," considering the intemal controls in place to mrtigate risks of fraud and nofvcompliance wth laws and regulations. To 8ddress the risk offraud through managernent bias and override of controls. we.. performed anatytical procedures to identify any unv$ual or unexpected relatlgn$hip$,' tested joumal entries to Identify unusual transactions". assessed whether judgements and assumptions made in detem)ining the accounting estimates were indicative of potential bias.. and • investigated the rationale behind significant or unusual transactKJns. Audlt response to rityk¥ Identified In response to the risk ol irregularities and nowompliance wih laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to undertying supportt'ng dc&umentatson'. enquiring ol management as to actual and potents'81 libgabon and daims. Th&re are inherent limllallon$ In our audrt pro¢¢dures dewbed above. Th¥ more removed Ihot law$ and regulations are from financial transaCtnS, the less like it is that we would become aware of non-compliance. Auditing Standards also limrt the audit proCedUS qUired to identsfy non-compliance with laws and regulations to enquiry of the directors and other management and the inspecbon ol regulatory and legal correspondence, rf any. Material misslalernenls that arise due to Iraud can be harder to deteci Ihan those (hal arise from trrrtsr 88 they may involve deliberat& nCealMent or ¢ollusion. A further description ol our responsibilibes is available on the Finanaal Reportj'ng Council's website at.. https.'Il W¥vw.Irc.org.uklauditorsresponsibil.es. This description forms part of our auditorfs report. U•0 of our rèport This report is made solety lo the ¢harrfable ccrfnpany's members. 8$ a body. in a¢cord8nce with Chaptèr 3 of Part 16 of the Compani85 Act 2006. Our audit work has been undertaken so that wè might State lo thè charitaue company's membèrs those matters we are required lo state to them in an auditor's 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 charrtable company s members as a body. for our audit work, for this report, or for the opinions we have lomied. SlephÈn PA Stephen Oledi "th 6A'WcA 6dhA Isenlor Ststutory Auditorl for and on behalf olAlllotts LLP 24J 18 Aug 2025 Chartered Accountants Statutory Auditor Manfield House 1 Southampton Street London WC2R OLR
EA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 untricted funds 2024 Unrestricted funds 2023 Notes Income from: Investments 179,769 212,631 Total Income 179,769 212,631 Expendlture on.. Charitable activities 1,645,024 906,652 Total expendltur• 1,645,024 906,652 Net expendlture 11,465,255) 1694,0211 Other r•cognlied galn• and loss••'. Other losses 11,2891 13,0421 Net movement In funds 11.466,5441 1697,0631 Reconclllatlon ol funds: Fund balances at 1 January 2024 4,243,985 4,941,048 Fund balanc•8 at 31 D•c•mb•r 2024 2,777,441 4.243,985 The statement of financial activrties includes al gains and losses recognised in Ihe year. All Income and expenditure derive from contsnuing activities. -23-
EA FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notès Fixed assets Investments 10 27.900 27,900 Current assets Debtois Cash at bank and in hand 11 49,350 4.612.213 2.891.933 2,891.933 4,661.563 Credltor8'. amounts falllng due vAthln one year 12 1142.3921 1445.4781 Net current assets 2.749.541 4.216.085 To¢al a¥Jet• le¥s curr•nt Ilabllllle• 2,777.441 4.243,985 The lund¥ ol the charlty Unrestricted funds 14 2,777,441 4,243,985 2.777,441 4.243,98S 05 Aug 2025 The flngn¢lo1 $tst8ments wero gpproved by the tru$tees ......................... Ri¢hord BronzÈ.IAui18 2025, 11.'56•ml R 8ronze Tru8t•• Company registration number 12303342 IEngland and Wales) -24-
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity inforrnation 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 Accounting convention The financial statements have been prepared in accordance vthh the charity's AleS of AssoaatK)n. the Companies Act 2006 and Accounling and Reporting by Charities.. Statement of Recornrrended 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 January 20191" The charity is a Public enefil Entity as defined by FRS 102. The financial statements are prepared in steding, which is th• functional currency of th& Charity. Monètary amounts in these financial statements are rounded lo the nearest £. The finanu815tatements have been Prepared under the historical cost convention. 1.2 Golng concern At the time of approving the financial statemenls. the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational exislence for the foreseeable futu. Thus the trustees continue lo adopt the going concem basis of accounling in preparing the financial ststernents. 1.3 Charttabl• fund8 Unr&$tri¢led funds 8re ovailoble for use al the dis¢r¥lion of the Irusles in fvrthr4n of Ihoir ¢harit8bl& oblectivgs. IA Income Income is recognised when the charity is legalty entitled to it after any perfomance conditions h8ve been met, the amounts can be measured reliabty, and it is probable thal income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been nots'fied of the donation and a cash value can be established wtth reasonable certainty. unless performance conditions quire deferral of the amounl. Income tax recoverable in latiOn lo donations received under Grft Aid or deeds of covenant is reo)gnised at the lime of Ihe donation. Legacies are recognised on receipt or otherwse if the charty has been noiffjed of an impending distribution. the amount is known, and reIpl is expected. 11 the amounl is not known, Ihe legacy is treated as a contingent asset. 1.S Expendlture Expenditure is recognised once there is a legal or constructNe obligation to transfer economic benefit to 8 third party, rt is probable that a transfer of economic benefits 11 be required in settlement, and the amount of the obligation can be measured reliabty. Expenditure is classffjed by aclivty. The costs of each aclNity a made up of the total of dIrt costs and shared costs. including support costs involved in undertaking each adivity. Direct wsts 8ttributable to a single activity are allocated directy to that actNity. Shared costs whith contribute to rnore than one activity and support costs which are not attributable to a single activty are apportsoned between those activrties on a basis consistent wrth the use of resources. Central staff costs a allocated on the basis of time spent, and depreciation charges are allocated on the portion of the assefs Use. Expenditure is allocated to each charrtable aclivrty on a direct cost basis, or as an apporb"onment of support costs based on time spent by stafflvolunteers -25-
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢coun¢ing policies (Continuedl 1.6 Flxed asset Investments Fixed a55et investrnents are inilialty measuTed at cost and subsequentty measured at C05t le5S any 8ccumulated impairment1055es. The investfflents are assessed for impairment at each reportin9 date and any impairment losses or reversals ol impaiment losses are recognised immediatety in net incomellexpenditurel lor the year. 1.7 Cash and eash oqulval•nts Cash and cash equivalents include cash in hand. deposils held al call with banks, other short-terrn liquid investments wrth original ma¢urities of three monlhs or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowng$ in current liabilths. 1.8 Flnanelal Instrum•nts The charity has elected to apply the provisions of Section 11 'Basic Frnanci81 Inslrumenls, and Section 12 'Olher Fin8nrial Inslrvmenls Issues. of FRS 102 to all of its finanri81 instruments. Flnancial instruments are recognised in the charity's balance sheet when the chanty becomes patty to the contractual provisions of the instrument. Financial assets and liabililies a offset. with Ihe net amounts pSented in the financial statements. when there is a legally enforceable right to set off Ihe recognised amounts and there is an intents'on to settle on a net basis or lo r&ali$& the a$s&l and the liability $imuN8neousty. B•$le flnanclal •ss•ts Basic finana81 assets. which indvde deblors and cash and bank b818nces. are initially measured at Ir8nsa¢lion price including ir8ns8dion costs and are subsequentty carried ai amortised $1 using the trffedive interest mtrlhod unle$s the arran9èmenl n$t11Ut•S a financing transaction. where the iransaelion is measured at the prèsent valuè of thè lulurè rIptS discounted at a morket rats of Interest. Finanu81 a$$&ts classified as receivable within one year are not amortised. Baslc flnanclal Ilabllltl•s Basic financial liabilities. in¢luding crèilrtors ar¢ inrtialty recogniwd at transaction pri¢0 unless the arrangement constrtutes a finanang transacts"on. Finanoal liabilities classffied as payable within one year are not amortised. Dèr•eognition of financial liAbiliti•s Financial liabilities are dere¢ogni5ed vthen Ihe chanty's ¢ontractual obligations expire or are discharged or cancelled. 1.9 Retirement benefits Payments to defined Contribuln retiremenl benefft schemes are charged as an expense as they fall due. -26-
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities Charitsble activitles Charitsble activities 2024 2023 Direct costs Staff costs Gr8nts awarded Donations 69,196 1,544.255 8,Lo 36,952 646,887 100 1.619,451 883,939 Share of support and gov•man¢e costs Isge not? 4) Support Gov&rn8nce 3,354 22,219 1,085 21,628 1,645,024 906,652 Analy818 by fund Unrestn'cted funds 1,645,024 906,652 -27-
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable 2024 2023 Grants to institutions.. Able Child Africa AdAmi Project ADD Internath)nal Afriran Adventures Foundation African Children's Fund Alrica R8sèar¢h Excèllencfj Fund Alrikids Allve and Klckin9 APT Acts'on on Povety Baytree Cent BE REEL British Red Cross British Refvgee Coun¢il Chance for Childhood CoalilionWLD Concern Worldwide Consortium for Street Children East Side House Eduspots Fèed the Mind$ Fields ol Life Frank Water Projects Global Girf Project Guardians Wortd Wide Health Poverty Action Humanity & Inclusion Kuwait America Foundation MAITS Mercy Hands Europe Mumba Children'3 Project Practical Action R8ilway Children Sanitation First Shared Intèrèst Found8tion Smart Girf5 Uganda Smiling Through Light Sophia Akash Foundation Syrian Forum Tackle Africa Their Future Today UK for UNHCR United Worfd Sch¢)ols UNRWA Vita UK War Child Wasteaid fild Foundation 24,542 4.000 35,000 9,000 5,000 5,700 21,533 7,5Cl 27,867 41,288 10.000 35,000 3,OCKJ 14,470 45,0 145,000 22,500 37,774 20,000 47,000 S3.000 36,402 10.793 25,000 22,333 24,388 41.112 31,640 51,000 45,000 18,972 60,518 19,943 27,000 11.500 93,529 S1,638 16.000 64,977 35,000 115,250 41,044 47.553 30,000 50,000 49,000 20,033 25.0(X) 40,000 119.963 45,0(K) 87,500 10,650 36.499 45,000 20,000 45,000 20.214 -28-
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payablg (Continuedl Women and Children First Wornen for Vvornen Wonder Foundation World 8icycle Relief World Land Trust 20,700 50,OCKJ 32,790 50,000 65,000 24,027 1.544.255 646.887 Support costs allocated to aclivitl 2024 2023 Bank charges Website and admin expenses In$uran¢& Telephone Travel and subsl$t8n Governance costs 564 190 369 292 1,939 22.219 100 758 99 128 21.628 25,573 22,713 Analy8•d b•tw••n.' Charitable ac¢ivits'es 25.573 22,713 Governance costs includes payments lo the auditors for ihe audit of £10,2(XI12023'. £8,100). Net movement In funds 2024 2023 The net mtsvemenl in fvnd$ is stated after ¢h8rgingll¢rediDngl= Fe¥$ payable for th& audit of the ¢harity'$ ffinanu81 statsments 10,200 8,100 Tru¥tees None of the trusttres lor any persons connectèd wth thèm} recèived any remunèration or b8nèfits from thè charity during the year. Employees The average monthty number of employees during the year was: 2024 Number 2023 Number -29-
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees (Continuedl Employment costs 2024 2023 Wagès and salariès Soaal security costs Other pension costs 65,328 1.447 1,761 36,000 952 69,196 38,952 The number of employees vknose annual femuneration was more than £60.000 is as follows.. 2024 Number 2023 Number £60.000 to £70,OC Remuneratlon of key management pev8onnel The remuneratson ol key management personnel was as follows.. 2024 2023 Aggregate compensation 65,0 33,272 Taxatlon The charity is exempt from tax on income and gains falling wthin section SOS ol the Taxes Act 1988 or section 252 01 the Taxats'on ol Chargeable GainsAcl 1992 to Ihe extenl that these are applied to rts charrtable objects. Other g¥ln8 ond I¥9$ Unmtrict•d Unrn8trlct•d funds funds 2024 2023 G8inslllossesl upon.. For8ign exch8ngè 1,289 3,042
EA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Fixed asset investments Unllsted Investments Cost or valuation At 1 January 2024 & 31 December 2024 27,900 Carrylng amount Al 31 De¢ember 2024 27,900 At 31 D8eèmb•r 2023 27,900 11 Debtorn 2024 2023 Amounts folllng du• wbthln on• y•or= Other debtors 49,350 12 Cr•dllOrn.' amounts l•lllng du¢ vthhln on• y••r 2024 2023 Trade creditors Other credrtors Accruals and deferred income 119 128.292 14.100 445,359 142.392 445.478 13 Retlrement benellt schemes 2024 2023 Dellned conlrfbutlon schemes Charge lo profrt or10ss in respect of define(I contribution schemtrs 1.761 952 The charity operates a defined conlribubon pension scheme lor all qualifying employees. The assets of the Scheme 8re held separalety from those ol the charity in an independentty administered fund. 31