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2022-06-30-accounts

Registered number: 07962181 Charity number: 1149828

EFFECTIVE VENTURES FOUNDATION (UK) (Formerly known as EFFECTIVE VENTURES FOUNDATION and CENTRE FOR EFFECTIVE ALTRUISM)

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' and Strategic report 2 - 7
Independent auditor's report on the financial statements 13 - 16
Consolidated statement of financial activities 17
Consolidated balance sheet 18
Company balance sheet 19
Consolidated statement of cash flows 20
Notes to the financial statements 21 - 53

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2022

Trustees

Mr W D MacAskill Dr T D G Ord (resigned 29 July 2022) Ms C Zabel Dr O Cotton-Barrat (resigned 11 February 2023) Dr N M Beckstead (appointed 1 July 2021) Ms T McCauley (appointed 1 July 2021) Mr L Quirk (appointed 23 May 2023)

Company registered number

07962181

Charity registered number

1149828

Registered office

Trajan House, Mill Street, Oxford, OX2 0DJ

Company secretary

Mr Joshua Axford (resigned 11 February 2023) Mr Zachary Robinson (appointed 11 February 2023, resigned 14 July 2023 )

Chief executive officer

Mr H Lempel (appointed 16 November 2022)

Independent auditor

Crowe U.K. LLP, Black Country House, Rounds Green Road, Oldbury, West Midlands, B69 2DG

Bankers

The Co-operative Bank PLC, PO Box 250, Skelmersdale, WN8 6WT

Immigration Solicitors

Turpin & Miller LLP, 1 Agnes Court, Oxford Road, Oxford, Oxfordshire, England, OX4 2EW

Lawyers

Bates Wells, 10 Queen Street Place, London, EC4R 1BE

Page 1

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2022

The Trustees have pleasure in presenting their annual report and the financial statements, including the administrative detail on page 1, for the year ended 30 June 2022.

Structure, Governance & Management

Effective Ventures Foundation (UK) (“EV UK”) is a registered Charity (Charity number: 1149828) and a company limited by guarantee (Company number: 07962181), and it is governed by its Memorandum and Articles of Association, as updated at Companies House on 07 March 2023. EV UK’s previous name was “Centre for Effective Altruism”.

The Trustees for the year are listed within the reference and administrative details on page 1. The registered office (address on page 1) is also the principal office of EV UK. The Trustees are also Directors for the purposes of the Companies Act 2006 and company law.

New Trustees are appointed from time to time as required and are selected by the vote of the existing Trustees. The board seeks candidates that have expertise and experience relevant to the mission of the charity. New trustees are aware of their duties under charity law and as per the internal policies of the charity.

EV UK is governed by the Trustee board, however day-to-day operations have been delegated to the CEO, Howie Lempel, and the director of each project. The Trustees seek input and research on strategic decision making from the CEO and the project directors to inform their decisions. In the event that a Trustee opposes a resolution, it is usually deferred for further discussion.

Remuneration for key management personnel is set in accordance with EV UK’s salary policy which is reviewed by the Trustees. All salaries are set in accordance with industry norms, taking into account staff experience.

Senior Management Team (SMT)

The Trustees seek input and research on strategic decision making from the SMT to inform their decisions. In the event that a Trustee opposes a resolution, it is usually deferred for further discussion. The SMT are the key management personnel. Remuneration for key management personnel is set in accordance with EVF’s salary policy which is reviewed by the Trustees. All salaries are set in accordance with industry norms, taking into account staff experience.

Affiliations

EV UK is closely affiliated with a 501(c)(3) public charity registered in the US, Effective Ventures Foundation USA, Inc. (formerly Centre for Effective Altruism USA Inc.) (“EV US”). During FY22, EV UK was the sole member of EV USA. As a result of that structure, the financial statements for the year ended 30 June 2022 are presented on a consolidated basis.

EV UK is also affiliated with two organisations with which it shares a similar mission, the Future of Humanity Institute (FHI) and Global Priorities Institute (GPI) in the UK, with whom it shares office space and collaborates extensively.

EV UK provides advice and shares knowledge with these organisations and at times has provided financial support in the form of grants in collaboration with its donors and Trustees.

Page 2

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Objectives and Activities

Effective Ventures Foundation continues to pursue the objects for which it was set up, as set out in the Memorandum and Articles of Association, namely such charitable purposes according to the law in England and Wales as the Trustees determine, including in particular (but without prejudice to the generality of the foregoing):

As noted above, EV UK was the sole member of EV US during FY22. The objectives and activities of EV US are closely aligned with those of EV UK and a number of the projects pursued by EV UK during FY22 were joint projects of the two charities.

During the year, EV UK and EV US continued, and in some cases substantially expanded, their existing longterm projects. In addition, a number of new projects were added. For each major project, the main objectives for FY22, achievements during FY22, and plans for the future are set out below.

Main objectives for the year

CEA

The Centre for Effective Altruism (“CEA”) is a joint project of EV UK and EV US. CEA is dedicated to nurturing a community of people who are thinking carefully about the world’s biggest problems and taking impactful action to solve them. Our programs are designed to help people to consider their ideas, values and options for and about making impact, connect them to advisors, experts and employers in relevant domains, and facilitate high-quality discussion spaces.

CEA’s objectives for the FY22 included growing core programs to increase the number of people benefiting from using our online forum and attending in-person groups and events. During FY22, CEA grew significantly, as illustrated by the following metrics:

In FY23, CEA will focus less on growth, and more on helping people who have heard about EA to deeply understand the ideas and to find opportunities for making an impact in important fields, as well as expanding its community health and communications capacity.

Page 3

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

80,000 Hours

80,000 Hours is a joint project of EV UK and EV US. It provides research and support to help people enter careers that effectively tackle the world’s most pressing problems. FY22 objectives included increasing team capacity, growing marketing, and delivering its core website, podcast, job board, and advising programmes. During FY22, 80,000 Hours grew its core staff team by 42%, from 12 to 17 FTEs, and increased its marketing efforts. The web team, job board and podcast each grew their key lead metrics by 21-60%, and the advising team delivered over 1,000 calls.

In FY23, 80,000 Hours plans to continue growing its main four programmes and will experiment with additional projects, such as relaunching its headhunting service and creating a new, scripted podcast.

Forethought

The Forethought Foundation for global priorities research (“Forethought”) is primarily a project of EV UK with some support of particular initiatives from EV US. It aims to promote and communicate academic and nonacademic work that addresses the question of how to use our scarce resources to improve the world by as much as possible. Forethought supports and promotes individuals and institutions working on global priorities research, furthers and develops effective altruism and longtermism as ideas, and promotes and presents the ideas of effective altruism and longtermism in social and traditional media, in person, and within academia.

FY22 objectives included finalising, publishing and marketing What We Owe The Future, a book by William MacAskill on the importance of our actions in the long run, and initiating a plan to promote the book to a broad audience, and providing grants, networking opportunities, and mentorship for the Global Priorities Research Fellows and other researchers. What We Owe The Future sold well and was effective at promoting the messages of effective altruism and longtermism. Some of the marketing expenditure for the book was incurred by EV US. Forethought expects the effects of the book to have a long tail, as has occurred with Will MacAskill’s previous book, Doing Good Better.

FY23 objectives include further promoting What We Owe The Future, turning opportunities from the publication of the book into impact, and creating plans for the organisation for the next few years.

EA Funds

Effective Altruism Funds (“EA Funds”) is a joint project of EV UK and EV US. EA Funds aims to be the easiest way for small or early stage projects aiming to do an ambitious amount of good to receive funding. It is currently focussed on improving the lives of people in extreme poverty, improving the wellbeing of non-human animals, supporting the Effective Altruism community and making the long run future go well.

FY22 objectives included finding a new project lead, beginning the process of moving responsibility for the donation platform to GWWC and making over $20M in grants. During FY22, EA Funds achieved its grantmaking target(details available on its website) and also:

Page 4

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

In FY23, EA Funds will continue to develop grantmaking moving millions of dollars towards impactful projects. It expects to see consistent growth in grantmaking and will be trying out some new experiments focused on increasing grantee performance, output from independent researchers and the number of high potential people on development grants.

GWWC

Giving What We Can (“GWWC”) is a joint project of EV UK and EV US. It inspires donations to the world’s most effective organisations. GWWC’s FY22 objectives included launching a new donation platform, building out our research capacity and increasing new donors and pledgers. The donation platform was successfully launched (migrated from EA Funds) and GWWC had its best financial year on record for new signups of The Pledge (1,413).

GWWC’s plans for FY23 include:

Wytham Abbey

Wytham Abbey was purchased on 1 April 2022. This project aims to run educational conferences on areas which are directly related to the charity’s mission, and to create a space for researchers to collaborate on globally significant problems. Wytham Abbey is a project of EV UK.

Objectives in FY22 included purchasing the building, securing insurance, appointing a managing director, and hiring additional staff, all of which have been achieved. By the end FY22 the following steps had taken place: appointment of a managing director; hiring of a property manager; recruiting for several additional roles; and trial hosting of 7 groups.

Longview

Longview Philanthropy (“Longview”) became a joint project of EV UK and EV US in January 2022. Longview educates and advises philanthropists on their charitable giving and conducts research into existential and catastrophic risks. This involves educating people about the world's most important problems, hosting events to connect philanthropists and experts, and researching and recommending grants.

FY22 objectives included increasing organisational capacity to advise more philanthropists, improving grantmaking procedures, and running events to promote the effective use of charitable resources and increase the number of donors to the world's most important problems. In the 6 months to June 2022 Longview worked with a number of philanthropists and foundations, held educational calls with cause area experts, investigated and recommended grants to reduce existential and catastrophic risk, conducted in-house research and hosted a multi-day educational and community-building event.

In FY23 Longview will:

Page 5

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

GovAI

GovAI - The Centre for the Governance of AI’s (GovAI) became a joint project of EV UK and EV US in late 2021. It is primarily based within EV UK. Its mission is to positively shape the lasting impact on the world of Artificial Intelligence (“AI”), by helping key institutions make better decisions. GovAI furthers this mission by producing helpful research and by developing and placing AI governance talent.

GovAI’s main goals for FY22 were commencing operations after spinning out of the University of Oxford in November 2021 and hiring an excellent team to execute on its goals.

In FY22 GovAI commenced operations as part of EV UK, hired a strong team to execute on its priorities, and set up a Policy Team to investigate measures public and private actors can take to improve the outcomes of the transition to a world with advanced AI. GovAI also completed hiring for its first early-career fellowship cohort, and made hires to begin its Research Scholars programme.

In FY23, GovAI aims to grow its team further, establish the fellowship as a bi-annual programme, and implement a Research Scholar programme of 1-year positions intended to give promising researchers the space to develop an understanding of the space and to work on a personal research agenda relevant to GovAI’s aims.

Restricted funds in deficit

Community Building Grants - Community Building Grants was a restriction used to track CEA’s grants for the purpose of community building. That tracking was consolidated using projects under the CEA restriction to better reflect that this was not a separate source of funding.

Forethought Foundation - Forethough Foundation received a grant post year end and is no longer in deficit. The agreement was executed after the year end so income has not been accrued for in FY22.

FHI General - FHI General incurred costs in moving to Trajan House which were higher than expected. In FY22 they continued to incur costs in respect of their share of the office space (rent and running costs). They have received funding to cover their deficit and future expenditure during FY23.

GPI - GPI incurred costs in moving to Trajan House which were higher than expected. In FY22 they continued to incur costs in respect of their share of the office space (rent and running costs). They have received funding to cover their deficit and future expenditure during FY23.

Other Projects

During FY22, EV UK and EV US also pursued a number of smaller projects not set out in detail above. In particular:

Page 6

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022

Grant Making

As set out in the financial review below, a substantial part of the expenditure of EV UK and EV US is accounted for by grantmaking. In all grant-making, EV UK senior management are mindful of the need to further our charitable objects and act for the public benefit. Grants are therefore made only when there is a clear tie-in to EV UK's charitable objects and core focus areas.

Public benefit

In carrying out its activities in the year under review, the Trustees confirm that they have complied with their duty in Section 17 of the Charities Act 2011 to have regard to the public benefit guidance issued by the Charity Commission for England and Wales. The Trustees are satisfied that the activities undertaken have all been for the public benefit. Specifically, they have strived to ensure that the two conditions of achieving public benefit are met: a) that there are identifiable benefits of our work and, b) that the benefits are to the public or a section of the public. Please refer to our objectives, listed above which explain the nature of our work in relation to meeting the public benefit requirement.

Page 7

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) AS AT 30 JUNE 2022

Financial review

Our main sources of income over the period were donations from individuals and grant income from Open Philanthropy. We are especially grateful for all contributions made. Total income for the year is as follows:

EV UK EV US Consolidated
FY22 £ £ £
Grant income and donations 55,502,744 84,577,599 140,080,343
Unrealisedgain/(loss)on investment - -2,169,119 -2,169,119
Other income 170,794 323,452 494,246
Total income 55,673,538 82,731,932 138,405,470
FY21
Grant income and donations 18,563,790 21,133,323 39,697,113
Unrealised gain/(loss) on investment - 3,650,512 3,650,512
Other income 73,796 125,810 199,606
Total income 18,637,586 24,909,644 43,547,230
We have used donations over the period to support our charitable objectives, largely by making grants, by
paying staff to engage in research and outreach activities and to ensure our research is disseminated widely.
Total expenditure for theyear was as follows:
EV UK EV US Consolidated
FY22 £ £ £
Grants 21,282,560 28,996,633 50,279,193
Other expenditure 16,215,252 12,715,055 28,930,307
Total expenditure 37,497,812 41,711,688 79,209,500
FY21 £ £ £
Grants 8,429,170 7,986,153 16,415,323
Other expenditure 5,689,977 1,574,694 7,264,671
Total expenditure 14,119,147 9,560,847 23,679,994

Page 8

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

Total funds at the year-end were as follows:

EV UK EV US Consolidated
FY22 £ £ £
Current assets 26,869,725 34,200,003 61,069,728
Fixed assets 17,805,570 12,963,744 30,769,314
Current liabilities -1,448,519 -2,778,030 -4,226,549
Net funds 43,226,776 44,385,717 87,612,493
Of which:
Restricted 13,648,945 28,187,862 41,836,807
Unrestricted 29,577,831 16,197,855 45,775,686
FY21 £ £ £
Current assets 23,297,041 29,059,675 52,356,716
Fixed assets 1,779,065 15,424 1,794,489
Current liabilities -1,704,026 -165,989 -1,870,015
Net funds 23,372,080 28,909,110 52,281,190
Of which:
Restricted 13,325,115 11,570,161 24,895,276
Unrestricted 10,046,964 17,338,950 27,385,914

EV UK’s consolidated free reserves (calculated as unrestricted funds less designated funds and fixed assets) as at 30 June 2022 totalled £25,903,197 (2021: Entity £8,192,824). The equivalent figure for EV US is included within the group (2021: £17,323,525).

The increase in fixed assets in FY22 is explained by the acquisition during the period of Wytham Abbey (see above). The value of Wytham Abbey is included in the figure given above for unrestricted funds but not in the figure for free reserves.

Fundraising

Due in large part to the generosity of our existing donor base, during 2022/23, the charity had no public fundraising activities requiring disclosure under S162A of the Charities Act.

Reserves Policy

EV UK and EV US will continue to adopt a policy of holding not less than 6 months of future operating costs net current assets at all times, with the aim of increasing this to 12 months over time (see also “investment policy” below).

During FY22, the charity underwent substantial growth leading to a decline in the number of months of operating costs represented by the reserves held at the end of 2022. As of 30 June, the net current asset balance of EV UK (£26m) represented approximately six months operating costs and was therefore at the lower end of the range based on our policy. The net current asset balance of EV US at 30 June 2022 (£42m) remained in excess of six months operating costs.

Page 9

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) AS AT 30 JUNE 2022

As has been widely reported in the press, one of EV UK’s and EV US’s larger funders, FTX Foundation (FTXF), filed for bankruptcy protection in the USA in November 2022. As a result, neither EV UK nor EV US expects to receive any future grant income from this source. The Trustees recognise that bankruptcy proceedings may lead to claims against EV US and EV UK to return funds received from FTXF and/or related organisations. Taking this possibility into account, as of 30 June 2022, EV UK’s reserves still represented approximately six months operating costs, and EV US’s reserves remained in excess of six months operating costs.

Investment Policy

Effective Ventures Foundation holds between one month and three months of operating costs in cash at all times in each of EV UK and EV US. The remainder of reserves are held in a combination of high interest notice accounts, money market accounts and in the case of EV US, US Treasury bills.

In addition to general reserves, EV US also holds some funds, approximately £10m at the year end, in equity index funds at the request of the original donors of those funds. These investments are sold over time as they are applied to the charity’s activities.

At 30 June 2022, EV US also held approximately £1.9m in cryptocurrency which has since all been liquidated. It is the policy of both EV UK and EV US to liquidate donations received in the form of cryptocurrency on receipt.

Risk Management

Effective Ventures Foundation regular reviews and identifies risks and reports these to the trustees. The risks are discussed and monitored by the trustees, and mitigations are identified by the Director of Operations and the CEO. The key current risks as identified in our Risk Register and the control systems are shown below, along with the progress made on risks identified for the previous reporting period.

The Charity Commission opened a statutory inquiry into EV UK in December 2022. The trustees are cooperating fully with the Commission, and welcome the opportunity to discuss the steps they have taken since November to secure the charity’s assets for the future.

Management of existing risks

Major PR / reputation loss

Safeguarding

Governance Issues

Page 10

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' AND STRATEGIC REPORT (CONTINUED) AS AT 30 JUNE 2022

Major cyber security issue

Regular briefs on information security; cyber awareness month Annual penetration testing completed

Secure systems in place (2FA, LastPass, bank dual authorisation) 80,000 Hours annual data security audit

We conducted a full data audit and engaged a consultant to conduct testing of our security systems.

Loss of major donors

Regarding other risks, we note that after the year ended on 30 June 2022, other risks arose, which are outlined below:

Going Concern

The Trustees consider the state of the EV UK’s financial affairs to be satisfactory, and therefore consider it appropriate to prepare the financial statements on a going concern basis. In particular, the projects affected by the bankruptcy of FTXF have adjusted their plans for FY 22/23 accordingly, both by fundraising from other sources, and by reducing planned expenditure where necessary. EV UK and EV US continue to receive sufficient funding to operate all their activities from their existing donor base.

Post Balance Sheet Events

The Charity Commission opened a statutory inquiry into EV UK in December 2022. The trustees are cooperating fully with the Commission, and welcome the opportunity to discuss the steps they have taken since November to secure the charity’s assets for the future.

After the year end 31 June 2022, EV UK ceased to be the sole member of EV US and the two organisations now operate as independent charities. Due to the alignment of their missions, the two charities coordinate certain activities pursuant to an affiliation agreement.

After the year end 31 June 2022, the US Charity changed its name from Centre for Effective Altruism USA to Effective Ventures Foundation (US).

Page 11

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EFFECTIVE VENTURES FOUNDATION (UK)

Opinion

We have audited the financial statements of Effective Ventures Foundation (UK) (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 30 June 2022 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, 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 to 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 concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EFFECTIVE VENTURES FOUNDATION (UK) (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. 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 stated in our report, we do not express 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 with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EFFECTIVE VENTURES FOUNDATION (UK) (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company'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 to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were taxation legislation and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EFFECTIVE VENTURES FOUNDATION (UK) (CONTINUED)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kerry Brown (Senior statutory auditor) for and on behalf of

Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 24 August 2023

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EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2022

Note
Income from:
Donations and grants
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net income before net losses on
investments
Net losses on investments
15
Net income
Transfers between funds
20
Other recognised gains:
Foreign exchange gains on
consolidation
22
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
37,818,347
292,244
179,137
38,289,728
20,412,671
20,412,671
17,877,057
(2,169,119)
15,707,938
14,976,340
5,044,444
35,728,722
10,046,964
35,728,722
45,775,686		 Restricted
funds
2022
£
102,261,996
-
22,865
102,284,861
58,796,829
58,796,829
43,488,032
-
43,488,032
(14,976,340)
-
28,511,692
13,325,115
28,511,692
41,836,807		 Total
funds
2022
£
140,080,343
292,244
202,002
140,574,589
79,209,500
79,209,500
61,365,089
(2,169,119)
59,195,970
-
5,044,444
64,240,414
23,372,079
64,240,414
87,612,493		 Total
funds
2021
£
18,563,790
34,077
39,719
18,637,586
14,119,147
14,119,147
4,518,439
-
4,518,439
-
-
4,518,439
18,853,640
4,518,439
23,372,079

The notes on pages 21 to 53 form part of these financial statements.

Page 17

2022 2021
Note £
Fixed assets
Intangible assets 13 2,066,973 1,853
Tangible assets 14 17,805,516 1,777,211
Investments 15 10,896,825
30,769,314 1,779,064
Current assets
Debtors 16 3,230,113 2,278,031
Investments 17 175,000 175,000
Cash at bank and in hand 57,664,615 20,771,700
61,069,728 23,224,731
Creditors: amounts falling due within one
year 18 (4,226,549) (1,631,716)
Net current assets 56,843,179 21,593,015
Total assets less current liabilities 87,612,493 23,372,079
Total net assets 87,612,493 23,372,079
Charity funds
Restricted funds 41,836,807 13,325,115
Unrestricted funds 45,775,686 10,046,964
Total funds 20 87,612,493 23,372,079

2022 2021
Note
Fixed assets
Intangible assets 13 54 1,853
Tangible assets 14 17,805,516 1,777,211
17,805,570 1,779,064
Current assets
Debtors 16 2,910,756 2,278,031
Investments 17 175,000 175,000
Cash at bank and in hand 23,783,969 20,771,700
26,869,725 23,224,731
Creditors: amounts falling due within one
year 18 (1,448,519) (1,631,716)
Net current assets 25,421,206 21,593,015
Total assets less current liabilities 43,226,776 23,372,079
Total net assets 43,226,776 23,372,079
Charity funds
Restricted funds 13,648,945 13,325,115
Unrestricted funds 29,577,831 10,046,964
Total funds 43,226,776 23,372,079

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022

Note
Cash flows from operating activities
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Purchase of investments
Cash acquired on donation of subsidiary
Investment cash released to bank
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25		 2022
£
38,158,518
292,244
(16,445,019)
(838,772)
15,046,054
679,890
(1,265,603)
36,892,915
20,946,700
57,839,615		 2021
£
8,066,312
34,077
(1,948,404)
-
-
-
(1,914,327)
6,151,985
14,794,715
20,946,700

The notes on pages 21 to 53 form part of these financial statements

Page 20

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

1. Company status

Effective Ventures Foundation is registered as an incorporated charity limited by guarantee with Companies House, (registered no. 07962181 England and Wales) and Charity Commission (registered no. 1149828).

The address of its registered office is Trajan House, Mill Street, Oxford, OX2 0DJ.

On 17 August 2022, the Charity changed its name from Centre for Effective Altruism (CEA) to Effective Ventures Foundation.

On 10 February 2023, the Charity changed its name from Effective Ventures Foundation to Effective Ventures Foundation (UK).

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Effective Ventures Foundation (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Trustees consider the state of the EV UK’s financial affairs to be satisfactory, and therefore consider it appropriate to prepare the financial statements on a going concern basis. In particular, the projects affected by the bankruptcy of FTXF have adjusted their plans for FY 22/23 accordingly, both by fundraising from other sources, and by reducing planned expenditure where necessary. EV UK and EV US continue to receive sufficient funding to operate all their activities from their existing donor base.

Page 21

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

2. Accounting policies (continued)

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.4 Income

Income is included in the Statement of Financial Activities ("SOFA") as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Charity is considered probable.

Donations and gifts represent amounts receivable during the year, together with any associated tax refund and do not include the value of any pledges secured for future donations.

Grants are included in the financial statements on a receivable basis. The balance of income received for a specific purpose but not expended during the year is shown in the relevant funds on the Balance Sheet. Where entitlement occurs before income is received, the income is accrued.

Donated services are included in the SOFA to the extent that the value to the Charity is quantifiable, and these are recognised at market value. A corresponding entry in expenditure for these donated services is also recognised. In line with FRS 102, voluntary help is not included within the financial statements.

During the year, EVF UK had 79 individuals volunteer at the Charity. Their donated time has not been accounted for.

Page 22

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is accounted for on an accruals basis. Support costs and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year on a basis consistent with use of the resources. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs include strategic planning costs for the Charity’s future development, external audit and all costs of complying with constitutional and statutory requirements, such as costs of board and committee meetings and for preparing statutory financial statements and satisfying public accountability and are included within support costs.

2.6 Grant making

The Charity makes regular grants to its recommended charities.

Grant awards are accounted for as soon as a valid expectation has been communicated to the recipient charity. If an offer is conditional upon events outside the Charity's control and it is possible but not probable that an outflow of economic benefits will arise, such amounts are recognised as contingent liabilities until the grant conditions are fulfilled.

2.7 Intangible assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following bases:

Domain names - 33 % straight line Computer software - 33 % straight line

Page 23

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

2. Accounting policies (continued)

2.7 Intangible assets and amortisation (continued)

Cryptocurrencies

Cryptocurrencies are held on the balance sheet as intangible assets, and are accounted for under the revaluation model, and are initially recognised at cost. They are subsequently carried at a revalued amount, being its fair value at the date of revaluation. The policy is to immediately liquidate Cryptocurrencies unless the donor requests otherwise.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

2.9 Investments

Current asset investments represent deposit accounts.

Fixed asset investments held in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.10 Debtors

Short term debtors are initially measured at transaction price, less any impairments.

Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due.

Page 24

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

2. Accounting policies (continued)

2.12 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into Sterling at the spot rate on the date of the transaction.

On consolidation, the results of overseas operations are translated into Sterling at the average exchange rate. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in the Statement of Financial Activities, within other recognised gains/(losses).

2.13 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with accrued income and other debtors. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and deferred income.

2.14 Pensions

The pensions costs charged in the financial statements represent the contributions payable to the personal pension plans of certain employees during the year. Amounts paid in relation to these schemes are charged to the Statement of Financial Activities when they fall due. All pension costs are allocated to the relevant restrictions by employees.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant critical estimates or judgments in these accounts.

Page 25

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

4. Income from donations and grants

Unrestricted
funds
2022
£
Donations and grants
21,132,105
Donation of EV US funds at 1 July 2021 (see note 22).
16,686,242
37,818,347
Unrestricted
funds
2021
£
Donations and grants
6,232,505
5.
Investment income		 Restricted
funds
2022
£
91,127,390
11,134,606
102,261,996
Restricted
funds
2021
£
12,331,285		 Total
funds
2022
£
112,259,495
27,820,848
140,080,343
Total
funds
2021
£
18,563,790
Unrestricted
funds
2022
£
Bank interest receivable
12,196
Investment income
280,048
292,244
Unrestricted
funds
2021
Restricted
funds
2021
£
£
Bank interest receivable
33,893
184		 Total
funds
2022
£
12,196
280,048
292,244
Total
funds
2021
£
34,077

Page 26

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

6. Other income

Unrestricted
funds
2022
£
Other income
179,137
Unrestricted
funds
2021
£
Other income
25,198
7.
Analysis of grants
Grants to
Institutions
2022
£
Grant making
38,361,155
Grants to
Institutions
2021
£
Grant making
7,037,200		 Restricted
funds
2022
£
22,865
Restricted
funds
2021
£
14,521
Grants to
Individuals
2022
£
11,918,038
Grants to
Individuals
2021
£
1,391,970		 Total
funds
2022
£
202,002
Total
funds
2021
£
39,719
Total
funds
2022
£
50,279,193
Total
funds
2021
£
8,429,170

Grants were made to 826 individuals during the year.

Page 27

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

7. Analysis of grants (continued)

2022 2021
£ £
Grants to Institutions
Africa Network for Animal Welfare 151,451 -
Against Malaria Foundation 3,798,711 1,443,950
AI Safety Support Ltd 161,831 -
Alpenglow Group Ltd 223,303 -
Animal Charity Evaluators 200,401 -
Anti Entropy 113,023 -
Association Effective Altruism Geneva 258,430 135,947
Berkeley Existential Risk Institute (BERI) 306,669 -
Blacksmith Institute USA - Operating 2,902,537 -
Brown University 188,974 -
Cambridge Effective Altruism Cic 914,426 -
Cambridge in America 150,697 -
CCTmarketplace DBA New Incentives 131,027 -
Center for Global Development 904,183 -
Center on Long-Term Risk 136,090 -
Ceské priority, z.ú. (Czech priorities) 134,814 -
Charity Entrepreneurship 871,741 -
China Plant Based Foods Alliance 339,069 -
Çiftlik Hayvanlarini Koruma Dernegi (Farm Animals Protection Association) 109,255 -
Clean Air Task Force 409,220 -
Coalition for Rainforest Nations 112,762 -
Conjecture Ltd 185,665 -
Council on Strategic Risks 1,205,578 -
Czech Association for Effective Altruism 228,945 -
EA Projects 570,122 468,316
Other Effective Altruism organisations 2,987,446 -
Equalia 239,323 110,669
Eurogroup for Animals 123,177 -
Evidence Action 287,114 235,343
Fish Welfare Initiative 151,744 -
Fortify Health (318,720) -
Founders for Good 209,784 212,785
Founders Pledge 963,301 -
GiveDirectly 440,252 132,212
Global Challenges Project 266,691 -
GovAI 520,617 -
Helen Keller International 2,723,199 -

Page 28

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Hellenic Animal Welfare Federation
High Impact Athletes
Harvard University
ID Insight Inc
Impact Labs
Innovations For Poverty
IRD Global Limited
Malaria Consortium
Metaculus
Mind First Foundation
Netzwerk für Effektiven Altruismus
New York University
Organisation for Economic Co-operation and Development (OECD)
Patient Philanthropy Fund (Founders Pledge)
Psychological Research on Altruism and Rationality
Pure Earth
Reckless Giving LLC
Rethink Priorities
SCI Foundation
Sinergia Animal
Stichting Effectief Doneren
Stitching Effective Foundation
Stowarzyszenie Otwarte Klatki
The Future of Humanity Foundation
The University of Edinburgh
UES – Gemeinnützige Unternehmergesellschaft (haftungsbeschränkt) für
effektives Spenden
University of Pennsylvania
US Right to Know (USRTK)
Utillery
Ville Skogland Household
Wild Animal Initiative
Grants <£100K		 103,395
150,697
245,588
72,335
226,046
-
423,459
49,151
304,923
150,697
198,696
226,046
357,094
111,239
1,276,395
1,258,322
128,093
934,516
71,767
150,697
112,724
-
149,190
-
-
175,099
150,697
150,697
1,498,232
128,072
513,034
5,741,402
38,361,155		 -
-
-
429,701
-
1,359,210
-
820,249
-
-
-
-
-
-
-
-
-
-
164,286
180,900
-
200,000
-
152,861
150,677
-
-
-
-
-
-
840,094
7,037,200

The Fortify Health negative balance of £318,720 relates to a grant committed to in the prior year but has been withdrawn during the year.

Page 29

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2022
£
Core activities
19,907,285
80,000 Hours
-
Forethought
-
Grant making
505,386
20,412,671
Unrestricted
funds
2021
£
Core activities
2,263,998
80,000 Hours
-
Forethought
-
Grant making
126,295
2,390,293		 Restricted
funds
2022
£
1,988,656
3,365,635
3,668,731
49,773,807
58,796,829
Restricted
funds
2021
£
925,778
2,133,270
366,931
8,302,875
11,728,854		 Total
2022
£
21,895,941
3,365,635
3,668,731
50,279,193
79,209,500
Total
2021
£
3,189,776
2,133,270
366,931
8,429,170
14,119,147
9.
Analysis of expenditure by activities
Core activities
80,000 Hours
Forethought
Total 2022		 Direct costs
2022
£
13,160,955
2,886,401
2,621,385
18,668,741		 Grant
funding
2022
£
49,427,387
-
851,806
50,279,193		 Support
costs
2022
£
9,306,028
479,235
476,303
10,261,566		 Total
funds
2022
£
71,894,370
3,365,636
3,949,494
79,209,500

Page 30

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Core activities
80,000 Hours
Forethought
Total 2021
Analysis of direct costs
Analysis of direct costs - current year
Books, Subscriptions, and References
Charges on donations
Contractors
Marketing
Office expenses
Professional fees
Salaries
Staff costs
Travel
Venues and events
Depreciation
Rent
Other costs
Donated services
Total 2022		 Direct costs
2021
£
1,317,689
920,294
160,251
2,398,234
Core
Activities
2022
£
154,045
58,343
1,657,830
258,254
1,574,463
15,819
2,140,726
374,154
1,871,232
4,931,060
-
86,063
36,706
2,260
13,160,955		 Grant
funding
2021
£
8,171,090
-
258,080
8,429,170
80,000
Hours
2022
£
46,341
-
190,995
639,103
119,930
680
1,260,766
166,891
11,959
5,426
26,738
391,500
26,072
-
2,886,401		 Support
costs
2021
£
1,872,087
1,212,976
206,680
3,291,743
Forethough
t
2022
£
13,837
-
204,714
1,660,504
11,983
4,970
506,220
71,049
106,395
41,713
-
-
-
-
2,621,385		 Total
funds
2021
£
11,360,866
2,133,270
625,011
14,119,147
Total
funds
2022
£
214,223
58,343
2,053,539
2,557,861
1,706,376
21,469
3,907,712
612,094
1,989,586
4,978,199
26,738
477,563
62,778
2,260
18,668,741

Page 31

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Analysis of direct costs - prior year
Books, Subscriptions, and References
Charges on donations
Computer expenses
Contractors
Depreciation and amortisation
Loss on Disposal of Fixed Assets
Donated Services
Food and Beverages
Foreign exchange losses/(gains)
Bank charges
Marketing
Office expenses
Venues and events
Total 2021		 Core
Activities
2021
£
(3,012)
44,817
23,938
419,645
9,796
5,158
18,498
132,035
44,101
539,160
71,572
11,128
853
1,317,689		 80,000
Hours
2021
£
7,910
199
865
32,328
12,734
7,558
150
30,633
12,935
725,482
88,102
1,398
-
920,294		 Forethought
2021
£
379
9
1,341
34,535
72
53
1,369
2,654
3,158
104,674
11,507
500
-
160,251		 Total
funds
2021
£
5,277
45,025
26,144
486,508
22,602
12,769
20,017
165,322
60,194
1,369,316
171,181
13,026
853
2,398,234

Page 32

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Analysis of support costs

Analysis of support costs - current year
Books, Subscriptions, and References
Contractors
Depreciation and amortisation
Foreign exchange losses
Bank charges
Governance costs
Office expenses
Professional fees
Rent
Salaries
Staff costs
Travel
Other costs
Loss on cryptocurrencies
Total 2022		 Core
activities
2022
£
283,931
435,369
391,775
(100,582)
192,122
159,892
347,982
316,227
427,828
1,137,385
243,807
287,524
(3,425)
5,186,193
9,306,028		 80,000
Hours
2022
£
58,299
30,066
-
6,046
1,032
18,915
71,859
30,533
-
168,369
64,583
18,780
10,753
-
479,235		 Forethough
t
2022
£
183,954
40,660
-
12,679
525
5,505
57,400
19,910
18,080
83,524
16,530
37,089
447
-
476,303		 Total
funds
2022
£
526,184
506,095
391,775
(81,857)
193,679
184,312
477,241
366,670
445,908
1,389,278
324,920
343,393
7,775
5,186,193
10,261,566

Page 33

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Analysis of support costs - prior year
Computer expenses
Depreciation and amortisation
Loss on Disposal of Fixed Assets
Donated Services
Food and beverages
Foreign exchange (gains)/losses
Bank charges
Governance costs
Marketing
Office expenses
Online subscription services
Operations Support
Professional fees
Rent
Salaries
Staff costs
Travel
Total 2021		 Core
activities
2021
£
(10,870)
3,341
119,896
337,700
59,737
4,712
13,014
-
110,252
714
525,958
33,499
359,901
244,137
57,770
12,057
269
1,872,087		 80,000
Hours
2021
£
7,301
118
10,209
44,990
78,224
6,977
200,429
111
(30,172)
(105)
122,873
(38,272)
391,500
373,733
35,283
9,777
-
1,212,976		 Forethought
2021
£
8,440
106
21,812
-
883
98
3,287
399
11,156
(285)
30,389
5,168
9,013
87,535
20,591
8,088
-
206,680		 Total
funds
2021
£
4,871
3,565
151,917
382,690
138,844
11,787
216,730
510
91,236
324
679,220
395
760,414
705,405
113,644
29,922
269
3,291,743

Page 34

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

10. Auditor's remuneration

2022 2021
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 26,000 17,500
Overrun fee 27,000 -
Fees payable to the Company's auditor in respect of:
Other services 3,500 3,925

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2022
£
5,081,877
527,305
105,046
5,714,228		 Group
2021
£
2,074,721
216,999
38,816
2,330,536		 Company
2022
£
3,628,444
437,600
105,046
4,171,090		 Company
2021
£
2,074,721
216,999
38,816
2,330,536

During the year there were redundancy or termination payments made totalling £14,999 (2021 - £2,616) . No amounts were outstanding at the year end.

The average number of persons employed by the Company during the year was as follows:

Charitable activities
Support		 Group
2022
No.
73
19
92		 Group
2021
No.
23
6
29

Page 35

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No. No.
In the band £60,001 - £70,000 4 5
In the band £70,001 - £80,000 6 6
In the band £80,001 - £90,000 8 3
In the band £90,001 - £100,000 1 -
In the band £100,001 - £110,000 5 -
In the band £110,001 - £120,000 2 1
In the band £140,001 - £150,000 1 -

Aggregate employee benefits of key management personnel (inclusive of employers NI and pension) were £1,416,349 (2021 - £521,949) .

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 30 June 2022, expenses totalling £ 4,818 were reimbursed or paid directly to no 2 Trustees (2021 - £76 to 1 Trustee) for travel and subsistence.

Page 36

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

13. Intangible assets

Group

Cost
At 1 July 2021
Additions
Revaluations
On acquisition of subsidiary
Foreign exchange movement
At 30 June 2022
Amortisation
At 1 July 2021
Charge for the year
On acquisition of subsidiary
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Domain
names
£
5,451
-
-
-
-
5,451
3,598
1,799
-
5,397
54
1,853		 Cryptocurrencies
£
-
5,417,957
(5,186,193)
1,507,390
327,765
2,066,919
-
-
-
-
2,066,919
-		 Computer
software
£
-
-
-
23,473
-
23,473
-
-
23,473
23,473
-
-		 Total
£
5,451
5,417,957
(5,186,193)
1,530,863
327,765
2,095,843
3,598
1,799
23,473
28,870
2,066,973
1,853

Cryptocurrencies are held on the balance sheet as intangible assets, and are accounted for under the revaluation model, and are initially recognised at cost. They are subsequently carried at a revalued amount, being its fair value at the date of revaluation. The policy is to immediately liquidate Cryptocurrencies, unless the donor requests otherwise.

During the year, cryptocurrency donations totalling £6,002,721 were received in the US, of which £509,762 were liquidated immediately.

During the year, cryptocurrency donations totalling £286,797 were received in the UK, of which £286,797 were liquidated immediately.

Page 37

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

13. Intangible assets (continued)

Company
Cost
At 1 July 2021
At 30 June 2022
Amortisation
At 1 July 2021
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Domain
names
£
5,451
5,451
3,598
1,799
5,397
54
1,853

Page 38

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

14. Tangible fixed assets

Group and Company

Cost or valuation
At 1 July 2021
Additions
At 30 June 2022
Depreciation
At 1 July 2021
Charge for the year
At 30 June 2022
Net book value
At 30 June 2022
At 30 June 2021		 Freehold
property
£
-
16,445,019
16,445,019
-
-
-
16,445,019
-		 Office
equipment
£
38,029
-
38,029
10,302
6,398
16,700
21,329
27,727		 Leasehold
improvements
£
2,144,361
-
2,144,361
394,877
410,316
805,193
1,339,168
1,749,484		 Total
£
2,182,390
16,445,019
18,627,409
405,179
416,714
821,893
17,805,516
1,777,211

During 2022, additions totalling £1,468,679 relate to Lakeside property improvements, which are included within freehold property and £14,976,340 related to Wytham Abbey.

Page 39

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

15. Fixed asset investments

Group
Cost or valuation
Additions
On acquisition of subsidiary, net of cash
Revaluations
Movement of cash held to Bank
Foreign exchange movement
At 30 June 2022
Net book value
At 30 June 2022
Principal subsidiaries		 Listed
investments
£
838,772
11,351,291
(2,169,119)
(679,890)
1,555,771
10,896,825
10,896,825

The following was a subsidiary undertaking of the Company:

Name Registered office or principal Registered office or principal
place of business
EV US (Formerly Centre for Effective Altruism USA, Inc.) San Francisco, California
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss Net assets
£ £ )/ Surplus/ £
(Deficit) for
the year
£
EV US (Formerly Centre for Effective 57,270,659 40,705,791 16,564,867 44,385,716
Altruism USA, Inc.)

Page 40

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

16. Debtors

Due after more than one year
Other debtors
Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2022
£
1,725,036
81,490
1,219,052
204,535
3,230,113		 Group
2021
£
1,614,918
110,368
432,814
119,931
2,278,031		 Company
2022
£
1,658,799
81,490
965,932
204,535
2,910,756		 Company
2021
£
1,614,918
110,368
432,814
119,931
2,278,031

17. Current asset investments

Group
2022
£
Cash equivalents on deposit
175,000
18.
Creditors: Amounts falling due within one year		 Group
2021
£
175,000		 Company
2022
£
175,000		 Company
2021
£
175,000
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Grant commitments		 Group
2022
£
837,202
179,973
80,100
762,408
2,366,866
4,226,549		 Group
2021
£
415,860
62,861
16,582
543,316
593,097
1,631,716		 Company
2022
£
-
179,973
31,394
600,535
636,617
1,448,519		 Company
2021
£
415,860
62,861
16,582
543,316
593,097
1,631,716

Page 41

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Reconciliation of grant commitments

Commitments at 1 July
Commitments made in the year
Grants paid during the year
Grants withdrawn during the year
Commitments at 30 June		 2022
£
593,097
50,598,781
(48,506,293)
(318,720)
2,366,865		 2021
£
420,486
8,429,170
(8,256,559)
-
593,097

19. Summary of funds

Summary of funds - current year

Balance at 1
July 2021
£
Designated
funds
76,929
General funds
9,970,035
Restricted funds
13,325,115
23,372,079		 Income
£
Expenditure
£
-
-
38,289,728
(20,412,671)
102,284,861
(58,796,829)
140,574,589
(79,209,500)
Balance at
1 July 2020
£
Income
£
76,929
-
2,970,256
6,291,596
15,806,455
12,345,990
18,853,640
18,637,586		 Transfers
in/out
£
14,976,340
-
(14,976,340)
-
Expenditure
£
-
(2,390,293)
(11,728,854)
(14,119,147)		 Gains/
(Losses)
£
-
2,875,325
-
2,875,325
Transfers
in/out
£
-
3,098,476
(3,098,476)
-		 Balance at
30 June
2022
£
15,053,269
30,722,417
41,836,807
87,612,493
Balance at
30 June
2021
£
76,929
9,970,035
13,325,115
Summary of funds - prior year
Designated funds
General funds
Restricted funds
23,372,079

Page 42

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

20. Statement of funds

Balance at 1
July 2021		 **Income ** Expenditure Transfers Gains/
(Losses)
Balance at
30 June
2022

£		 £ £ £ £
£
Designated
funds
80,000 Hours 76,929 - - - -
76,929
Wytham Abbey - - - 14,976,340 -
14,976,340
Total
Designated
funds		 76,929 - - 14,976,340 -
15,053,269
General funds
General Funds 9,970,035 38,289,728 (20,412,671) - 2,875,325
30,722,417
Total
Unrestricted
funds		 10,046,964 38,289,728 (20,412,671) 14,976,340 2,875,325
45,775,687
Restricted
funds
EA Funds -
Grantmaking		 8,005,580 51,188,260 (39,668,048) - -
19,525,789
80,000 Hours 4,287,728 5,673,951 (3,365,635) - -
6,596,044
Community
Building Grants		 (185,826) - (16,516) - -
(202,342)
EA Grants 409 - - - -
409
FHI Research
Scholars		 132,746 - (3,387) - -
129,359
Forethought
Foundation		 769,374 1,103,053 (3,949,494) - -
(2,077,067)
FHI General (106,080) 299,715 (843,892) - -
(650,257)
Giving What We
Can (GWWC)		 292,760 1,340,111 (582,972) - -
1,049,899
GPI (408,685) - (554,937) - -
(963,622)
LE Project 478,794 - (7,173) - -
471,621
The Precipice 58,315 23,282 (15,822) - -
65,775
Asterisk - 550,045 (101,144) - -
448,901
Atlas Fellowship - 5,666,840 (1,609,537) - -
4,057,303
FTX Projects - 128,093 (34,081) - -
94,012
GovAI - 5,613,273 (701,523) - -
4,911,750
Harvard Square - - (938) - -
(938)
Longview - 12,460,615 (6,893,875) - -
5,566,740

Page 43

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

20. Statement of funds (continued)

Pursuits - 823,175 (12,361) - - 810,814
Open
Philanthropy		 - 164,464 (36,708) - - 127,756
Oxford
Accommodation		 - - (4,746) - - (4,746)
Special Projects - 249,985 (21,015) - - 228,970
Wytham Abbey - 17,000,000 (373,023) (14,976,340) - 1,650,637
Total
Restricted
funds		 13,325,115 102,284,861 (58,796,829) (14,976,340) - 41,836,807
Total of funds 23,372,079 140,574,589 (79,209,500) - 2,875,325 87,612,493

21. The restricted funds are described below:

EA Funds Grantmaking - EA Funds aims to be the easiest way for small or early stage projects aiming to do an ambitious amount of good to receive funding. It is currently focussed on improving the lives of people in extreme poverty, improving the wellbeing of non-human animals, supporting the Effective Altruism community and making the long run future go well.

80,000 hours - 80,000 Hours is a project that provides research and support to help people enter careers that effectively tackle the world’s most pressing problems. FY22 objectives included increasing team capacity, growing marketing, and delivering its core website, podcast, job board, and advising programmes.

Community Building Grants - An inactive program and restriction, all associated income and spend was associated with the Community Building Grants program run by CEA, the organisation.

EA Grants - An inactive program and restriction, all associated income and spend was associated with the Community Building Grants program run by CEA, the organisation.

FHI Research Scholars - An FHI program, inviting scholars from around the world to learn macrostrategy-driven research strategies for questions about the long-term future.

Forethought Foundation - The Forethough Foundation project aims to promote and communicate academic and nonacademic work that addresses the question of how to use our scarce resources to improve the world by as much as possible. Forethought supports and promotes individuals and institutions working on global priorities research, furthers and develops effective altruism and longtermism as ideas, and promotes and presents the ideas of effective altruism and longtermism in social and traditional media, in person, and within academia.

FHI General - Funds held and expenses for the Future of Humanity Institute, a multidisciplinary research institute at the University of Oxford. Mission: bring the tools of mathematics, philosophy and social sciences to bear on big-picture questions about humanity and its prospects. FHI holds reserves in its University of Oxford-affiliated organisation.

Page 44

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Giving What We Can (GWWC) - GWWC project inspires donations to the world’s most effective organisations. GWWC’s FY22 objectives included launching a new donation platform, building out our research capacity and increasing new donors and pledgers.

GPI - Funds held and expenses for the Global Priorities Instititute, an interdisciplinary research centre at the University of Oxford. Mission: Our aim is to conduct foundational research that informs the decisionmaking of individuals and institutions seeking to do as much good as possible. We use the tools of multiple academic disciplines, especially philosophy and economics, to explore the issues at stake. GPI holds reserves in its University of Oxford-affiliated organisation.

LE Project - An inactive program and restriction, from the Longtermist Entrepreneurship project.

The Precipice - Royalties and misc income for the grantmaking operations associated with The Precipice, a book about the science behind the existential risks humanity faces.

Asterisk - Asterisk is a quarterly journal of writing and clear thinking designed to educate the public about things that matter.

Atlas Fellowship - Atlas focuses on engaging young people with a particular focus on high school students. Atlas spun out and became an independent entity during FY23.

FTX Projects - Income and expenses associated with projects supported by FTX Foundation. This fund became inactive during FY23.

GovAI - Its mission is to positively shape the lasting impact on the world of Artificial Intelligence (“AI”), by helping key institutions make better decisions. GovAI furthers this mission by producing helpful research and by developing and placing AI governance talent.

Harvard Square - Income and expenses for a proposed office in Harvard Square, USA.

Longview - Longview educates and advises philanthropists on their charitable giving and conducts research into existential and catastrophic risks. This involves educating people about the world's most important problems, hosting events to connect philanthropists and experts, and researching and recommending grants.

Non-trivial Pursuits - That project aims to educate young people about the world’s most pressing problems by running an 8 week intensive program.

Open Philanthropy - Income and expenses associated with projects supported by Good Ventures Foundation. Currently supporting book distribution.

Oxford Accommodation - Incoming grants and expenses for Lakeside, an accommodation in Oxford.

Special Projects - Income and expenses associated with independent researchers and other special projects.

Wytham Abbey - Wytham Abbey was purchased on 1 April 2022. This project aims to run educational conferences on areas which are directly related to the charity’s mission, and to create a space for researchers to collaborate on globally significant problems.

Page 45

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Restricted funds in deficit

Community Building Grants - Community Building Grants was a restriction used to track CEA’s grants for the purpose of community building. That tracking was consolidated using projects under the CEA restriction to better reflect that this was not a separate source of funding.

Forethought Foundation - Forethough Foundation received a grant post year end and is no longer in deficit. The agreement was executed after the year end so income has not been accrued for in FY22.

FHI General - FHI General incurred costs in moving to Trajan House which were higher than expected. In FY22 they continued to incur costs in respect of their share of the office space (rent and running costs). They have received funding to cover their deficit and future expenditure during FY23.

GPI - GPI incurred costs in moving to Trajan House which were higher than expected. In FY22 they continued to incur costs in respect of their share of the office space (rent and running costs). They have received funding to cover their deficit and future expenditure during FY23.

Funds transfer:

During the year, the purchase of Wytham Abbey was completed. As the Charity has met the donor's wishes, this fund is no longer restricted and so a transfer has been made to transfer this to unrestricted funds.

Page 46

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Statement of funds - prior year

Balance at 1
July 2020
Income
Expenditure
Transfer
in/(out)
Balance at
30 June
2021		 Balance at 1
July 2020
Income
Expenditure
Transfer
in/(out)
Balance at
30 June
2021		 Balance at 1
July 2020
Income
Expenditure
Transfer
in/(out)
Balance at
30 June
2021		 Balance at 1
July 2020
Income
Expenditure
Transfer
in/(out)
Balance at
30 June
2021		 Balance at 1
July 2020
Income
Expenditure
Transfer
in/(out)
Balance at
30 June
2021

£		 £ £ £
£
Designated funds
80,000 Hours 76,929 - - -
76,929
General funds
General Funds - all funds 2,970,256 6,291,596 (2,390,293) 3,098,476
9,970,035
Total Unrestricted funds 3,047,185 6,291,596 (2,390,293) 3,098,476
10,046,964
Restricted funds
Giving What We Can 367,106 5,141 (79,487) -
292,760
80,000 Hours 6,049,230 371,768 (2,133,270) -
4,287,728
EA Outreach 409 - - -
409
EAF 18,067 - - (18,067)
-
EA Funds-Animal Welfare 320,867 - - (320,867)
-
EA Funds - Global
Community		 266,754 - - (266,754)
-
EA Funds - Global
Development		 1,911,437 - - (1,911,437)
-
EA Funds-Grantmaking - 11,560,566 (7,434,960) 3,879,974
8,005,580
EA Funds-Long term future 261,046 - - (261,046)
-
Alliance to Feed the Earth in
Disasters		 9,195 - - (9,195)
-
Future of Humanity Institute
(FHI)		 2,373,900 - (249,496) (2,230,484)
(106,080)
Against Malaria Foundation 250,338 - - (250,338)
-
Animal Charity Evaluators 3,509 - - (3,509)
-
Charity Science Foundation
of Canada		 9,064 - - (9,064)
-
Give Well 100,688 - - (100,688)
-
Schistosomiasis Control
Initiative		 145,624 - - (145,624)
-
Project Healthy Children 12,532 - - (12,532)
-
Give Directly 46,808 - - (46,808)
-
Evidence Action (Deworm
the World)		 147,584 - - (147,584)
-
Evidence Action (Dispensers
for safe water)		 10,089 - - (10,089)
-

Page 47

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Global Catastrophic Risk
Institute		 1,166 - - (1,166)
-
Helen Keller International
Vitamin A		 18,671 - - (18,671)
-
DMI 8,646 - - (8,646)
-
Iodine Global Network (IGN) 3,019 - - (3,019)
-
Sightsavers 26,191 - - (26,191)
-
Donor Lottery 131,493 - - (131,493)
-
Malaria Consortium 103,575 - - (103,575)
-
END 5,123 - - (5,123)
-
Community Building Grants 716,063 3,643 (905,532) -
(185,826)
FHI Research Scholars 167,188 - (34,442) -
132,746
Forethought Foundation 1,538,923 1,552 (625,011) (146,090)
769,374
GPI 495,547 - (182,340) (721,892)
(408,685)
Regrant - Animal Charity
Evaluations (ACE)		 4,637 - - (4,637)
-
Regrant-EA Norway 2,392 - - (2,392)
-
Regrant-Rethink Charity 3,479 - - (3,479)
-
Regrant - Stiftung fur
Effektiven Altruismus (REG
Fund)		 6,442 - - (6,442)
-
Regrant - Charity
Entrepreneurship Incubated
Charities (CE)		 33,136 - - (33,136)
-
Regrant - Johns Hopkins
Center for Health Security		 5,594 - - (5,594)
-
Regrant - Machine
Intelligence Research
Institute (MIRI)		 5,959 - - (5,959)
-
The Precipice 98,200 14,428 (54,313) -
58,315
Long-term Incubator 119,905 388,892 (30,003) -
478,794
Other restricted funds 4,390 - - (4,390)
-
Total Restricted funds 15,806,455 12,345,990 (11,728,854) (3,098,476)
13,325,115
Total of funds 18,853,640 18,637,586 (14,119,147) -
23,372,079

Page 48

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

22. Business combinations

On 01/07/2021, Effective Ventures Foundation (UK) gained control of Centre for Effective Altruism USA, Inc. The net assets acquired totalling £27,820,848 has been recognised as a donation to the Charity (see note 4).

Fixed Assets
Intangible
Current Assets
Debtors
Investments
Cash at bank and in hand
Total Assets
Creditors
Due within one year
Total Identifiable net assets		 Book value
£
1,507,390
1,507,390
75,843
11,440,142
14,957,203
27,980,578
(159,730)
27,820,848		 Fair value
£
1,507,390
1,507,390
75,843
11,440,142
14,957,203
27,980,578
(159,730)
27,820,848

The results of Centre for Effective Altruism USA, Inc. since acquisition are as follows:

Revenue
Surplus for the period since acquisition		 Current
period
since
acquisition
£
57,270,659
16,564,867

Page 49

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
17,805,516
Intangible fixed assets
2,066,973
Fixed asset investments
10,896,825
Debtors due after more than one year
-
Current assets
17,195,721
Creditors due within one year
(2,189,349)
Total
45,775,686
Analysis of net assets between funds - prior year
Unrestricted
funds
2021
£
Tangible fixed assets
1,777,211
Intangible fixed assets
1,853
Debtors due after more than one year
-
Current assets
8,267,900
Creditors due within one year
-
Total
10,046,964		 Restricted
funds
2022
£
-
-
-
1,725,036
42,148,971
(2,037,200)
41,836,807
Restricted
funds
2021
£
-
-
1,614,918
13,341,913
(1,631,716)
13,325,115		 Total
funds
2022
£
17,805,516
2,066,973
10,896,825
1,725,036
59,344,692
(4,226,549)
87,612,493
Total
funds
2021
£
1,777,211
1,853
1,614,918
21,609,813
(1,631,716)
23,372,079

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EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Loss on investments
Dividends, interests and rents from investments
Loss on the revaluation of intangible assets
Decrease/(increase) in debtors
Increase in creditors
Foreign exchange movement
Non-cash donation income from EV US
Non-cash intangible asset additions
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2022
£
59,195,970
416,714
1,799
2,169,119
(292,244)
5,186,193
(876,239)
2,435,103
3,160,908
(27,820,848)
(5,417,957)
38,158,518
Group
2022
£
57,839,615
57,839,615		 Group
2021
£
4,518,439
380,890
1,799
-
(34,077)
161,446
2,254,867
782,948
-
-
-
8,066,312
Group
2021
£
20,946,700
20,946,700

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EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

26. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1 July
2021
£
20,771,700
175,000
20,946,700		 Cash flows
Acquisition
and
disposal of
subsidiaries
£
£
19,874,391
17,018,524
-
-
19,874,391
17,018,524		 At 30 June
2022
£
57,664,615
175,000
57,839,615

27. Pension commitments

The Charity contributes to personal pension plans of certain employees. At the year end there were outstanding contributions of £23,917 (2021 - £16,582) .

28. Operating lease commitments

At 30 June 2022 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2022
£
916,461
1,880,972
-
2,797,433		 Group
2021
£
330,927
1,323,707
269,275
1,923,909		 Company
2022
£
832,112
1,880,972
-
2,713,084		 Company
2021
£
330,927
1,323,707
269,275
1,923,909

The following lease payments have been recognised as an expense in the Statement of financial activities:

Group Group Company Company
2022 2021 2022 2021
£ £ £ £
Operating lease rentals 873,567 330,927 787,534 330,927

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EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

29. Related party transactions

During the year, royalties were earned totalling £35 (2021: £46) on Trustee, Will MacAskill's book, "Doing Good Better : How Effective Altruism Can Help You Make A Difference". Royalties of £22,865 (2021: £14,428) were also earned on Trustee, Toby Ord's book "The Precipice". Indirect benefits are expected to be received as readers learn more about Effective Altruism, they will be inspired to donate to Effective Ventures Foundation (UK), or the recommended charities.

As of 1 July 2021, CEA USA became the subsidiary of Effective Ventures Foundation (UK). Through the sharing of staff, during the year Effective Ventures Foundation UK received donated administrations services from CEA USA totalling £192,293 (2021: £58,064). Effective Ventures Foundation (UK) were also in the receipt of uncharged access to services paid for by CEA US valued at £19,079 (2021: £47,654). These transactions have been eliminated on consolidation and there were no balances outstanding at the year end between the two entities.

During the year, the Charity received donations from FTX Foundation totalling £1,478,708. One of the Board of Trustees for the Charity was also the CEO of FTX Foundation during the year.

There were no other related party transactions.

30. Contingent liabilities

After the year end (in November 2022), one of the EV UK's and EV US's larger funders, FTX Foundation (FTXF), filed for bankruptcy protection in the USA. It is possible that the bankruptcy proceedings will lead to claims against EV US and EV UK to return funds received from FTXF and/or related organisations. The timing and amount of any future liability arising from such claims is uncertain.

31. Post balance sheet events

The Charity Commission opened a statutory inquiry into EV UK in December 2022. The trustees are cooperating fully with the Commission, and welcome the opportunity to discuss the steps they have taken since November to secure the charity’s assets for the future.

After the year end 31 June 2022, EV UK ceased to be the sole member of EV US and the two organisations now operate as independent charities. Due to the alignment of their missions, the two charities coordinate certain activities pursuant to an affiliation agreement.

After the year end 31 June 2022, the US Charity changed its name from Centre for Effective Altruism USA to Effective Ventures Foundation (US).

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