**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): 

- the promotion and improvement of the efficiency and effectiveness of charities and the application of charitable resources by informing, advising and educating those who work for or with charities and voluntary organisations, or who are otherwise concerned with charities and voluntary organisations with a view to improving fundraising and planned giving to charities and for charitable purposes; 

- the advancement of education by providing sources of information about the ethics of career choices; 

- the prevention or relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities through undertaking and supporting research into factors that contribute to poverty and the most appropriate ways to mitigate these. 

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: 

- Events: 2,843 people attended our EA Global conferences (170% increase YoY), and 2,055 people attended EAGx regional conferences (329% increase YoY). An additional 254 people attended smaller retreats and events that CEA organised or funded. 

- Groups: CEA provided funding or advice to over 40 university, city & national groups. In addition, it made over 160 grants for small group projects (e.g. for books, technology and event costs). 

- Online: Users engaged with the EA Forum for 139,913 hours (124% increase YoY). It also revamped the EffectiveAltruism.org website, which had over 500,000 pageviews. 

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: 

- Moved towards becoming more grantee focused, including by moving its donation platform to GWWC and changing the focus of its website. 

- Retained grantmaking capacity by onboarding new fund managers (including using fund manager assistants). 

- Launched a public grants database to increase the transparency of our grantmaking. 

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: 

- Publishing an internal impact evaluation. 

- Taking a more proactive role in fostering the growth of effective giving internationally. 

- Building the foundations for growth by optimising internal systems and conducting growth experiments. 

- Building out research capacity and doing a first round of a new “evaluate the evaluators” project. 

- Continuing to grow the international community of effective givers. 

## **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: 

- Continue to educate philanthropists on their charitable giving, aiming to increase the number of donors giving to the world's most important problems. 

- Continue to conduct research and grantmaking in cause areas focused on reducing existential and catastrophic risk and ensuring a safe future for all. 

- Hold events to educate philanthropists and promote effective philanthropic giving. 

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: 

- Non-Trivial Pursuits became a project of EV UK. That project aims to educate young people about the world’s most pressing problems by running an 8 week intensive program. 

- Atlas Fellowship (“Atlas”) became a joint project of EV UK and EV US. Atlas also focuses on engaging young people with a particular focus on high school students. Atlas spun out and became an independent entity during FY23. 

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

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<br>paying staff to engage in research and outreach activities and to ensure our research is disseminated widely.<br>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 

- Regular briefs & discussions of PR strategies in team meetings / Slack 

- PR point & Community Liaison Officer developed system for preparing people for interviews 

- Policies & staff handbook; crisis comms procedure introduced 

- Head of Communications appointed in Q3 2022 

- External communications consultants called upon as appropriate (i.e. following the insolvency of FTX Foundation) 

## Safeguarding 

- Safeguarding policy and safeguarding code of conduct followed by all staff and volunteers; 

- No direct work with children, except for online mentoring; 

- Any safeguarding concerns taken seriously, and internal investigation ongoing in Q1 2023 in order to investigate concerns re past conduct of a former trustee. 

## Governance Issues 

- Legal Counsel appointed July 2022 

- Board updated the Articles in Q1 2022, to streamline decision-making processes for the future 

- A review of the governance and the make up of the board scheduled for Q4 2022 

- Standardised approach for Executive Director performance reviews approved in Q3 2022 

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 

- As noted above, in November 2022 a major donor to EV UK filed for bankruptcy protection and we do not expect to receive income from this donor in future. 

- We have responded by raising new funds from other donors, and by scaling down planned expenditure in affected projects where appropriate. 

- In respect of remaining major donors, we regularly engage to understand their intentions to continue to support us, and to obtain advance notice in case of any reduction in funding. 

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

- In November 2022 a major donor to EV UK filed for bankruptcy protection. We have taken steps (outlined above) to mitigate those risks 

- The Charity Commission opened a statutory inquiry into EV UK in December 2022. We have responded to all queries and are keeping the Charity Commission fully updated. 

- Potential damage to reputation as a result of negative media coverage due to the Charity Commission inquiry. We have worked with external PR consultants, and kept staff and donors as informed as possible about the progress of the inquiry. 

## **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 



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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)** 

## **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: 

- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 30 June 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements. 

## **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: 

- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

Page 14 



## **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. 

Page 15 



## **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 

Page 16 



## **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**<br>**Income from:**<br>Donations and grants<br>4<br>Investments<br>5<br>Other income<br>6<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>8<br>**Total expenditure**<br>**Net income before net losses on**<br>**investments**<br>Net losses on investments<br>15<br>**Net income**<br>Transfers between funds<br>20<br>**Other recognised gains:**<br>Foreign exchange gains on<br>consolidation<br>22<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**37,818,347**<br>**292,244**<br>**179,137**<br>**38,289,728**<br>**20,412,671**<br>**20,412,671**<br>**17,877,057**<br>**(2,169,119)**<br>**15,707,938**<br>**14,976,340**<br>**5,044,444**<br>**35,728,722**<br>**10,046,964**<br>**35,728,722**<br>**45,775,686**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**102,261,996**<br>**-**<br>**22,865**<br>**102,284,861**<br>**58,796,829**<br>**58,796,829**<br>**43,488,032**<br>**-**<br>**43,488,032**<br>**(14,976,340)**<br>**-**<br>**28,511,692**<br>**13,325,115**<br>**28,511,692**<br>**41,836,807**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**140,080,343**<br>**292,244**<br>**202,002**<br>**140,574,589**<br>**79,209,500**<br>**79,209,500**<br>**61,365,089**<br>**(2,169,119)**<br>**59,195,970**<br>**-**<br>**5,044,444**<br>**64,240,414**<br>**23,372,079**<br>**64,240,414**<br>**87,612,493**|_Total_<br>_funds_<br>_2021_<br>_£_<br>_18,563,790_<br>_34,077_<br>_39,719_|
|---|---|---|---|---|
|||||_18,637,586_|
|||||_14,119,147_|
|||||_14,119,147_|
|||||_4,518,439_<br>_-_|
|||||_4,518,439_<br>_-_<br>_-_|
|||||_4,518,439_|
|||||_18,853,640_<br>_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**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>24<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Purchase of tangible fixed assets<br>Purchase of investments<br>Cash acquired on donation of subsidiary<br>Investment cash released to bank<br>**Net cash used in investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>25|**2022**<br>**£**<br>**38,158,518**<br>**292,244**<br>**(16,445,019)**<br>**(838,772)**<br>**15,046,054**<br>**679,890**<br>**(1,265,603)**<br>**36,892,915**<br>**20,946,700**<br>**57,839,615**|_2021_<br>_£_<br>_8,066,312_<br>_34,077_<br>_(1,948,404)_<br>_-_<br>_-_<br>_-_<br>**(1,914,327)**<br>**6,151,985**<br>_14,794,715_<br>_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: 

- Freehold property straight line over 100 years - Building improvements straight line over 50 years - Office equipment 25% straight line - Leasehold improvements straight line over the life of the lease 

## **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**<br>**funds**<br>**2022**<br>**£**<br>Donations and grants<br>21,132,105<br>Donation of EV US funds at 1 July 2021 (see note 22).<br>16,686,242<br>37,818,347<br>_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>Donations and grants<br>_6,232,505_<br>**5.**<br>**Investment income**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>91,127,390<br>11,134,606<br>102,261,996<br>_Restricted_<br>_funds_<br>_2021_<br>_£_<br>_12,331,285_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**112,259,495**<br>**27,820,848**|
|---|---|---|
|||**140,080,343**|
|||_Total_<br>_funds_<br>_2021_<br>_£_<br>_18,563,790_|
||||



|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Bank interest receivable<br>12,196<br>Investment income<br>280,048<br>292,244<br>_Unrestricted_<br>_funds_<br>_2021_<br>_Restricted_<br>_funds_<br>_2021_<br>_£_<br>_£_<br>Bank interest receivable<br>_33,893_<br>_184_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**12,196**<br>**280,048**|
|---|---|
||**292,244**|
||_Total_<br>_funds_<br>_2021_<br>_£_<br>_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**<br>**funds**<br>**2022**<br>**£**<br>Other income<br>179,137<br>_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>Other income<br>_25,198_<br>**7.**<br>**Analysis of grants**<br>**Grants to**<br>**Institutions**<br>**2022**<br>**£**<br>Grant making<br>38,361,155<br>_Grants to_<br>_Institutions_<br>_2021_<br>_£_<br>Grant making<br>_7,037,200_|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>22,865<br>_Restricted_<br>_funds_<br>_2021_<br>_£_<br>_14,521_<br>**Grants to**<br>**Individuals**<br>**2022**<br>**£**<br>11,918,038<br>_Grants to_<br>_Individuals_<br>_2021_<br>_£_<br>_1,391,970_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**202,002**|
|---|---|---|
|||_Total_<br>_funds_<br>_2021_<br>_£_<br>_39,719_|
|||**Total**<br>**funds**<br>**2022**<br>**£**<br>**50,279,193**|
|||_Total_<br>_funds_<br>_2021_<br>_£_<br>_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<br>High Impact Athletes<br>Harvard University<br>ID Insight Inc<br>Impact Labs<br>Innovations For Poverty<br>IRD Global Limited<br>Malaria Consortium<br>Metaculus<br>Mind First Foundation<br>Netzwerk für Effektiven Altruismus<br>New York University<br>Organisation for Economic Co-operation and Development (OECD)<br>Patient Philanthropy Fund (Founders Pledge)<br>Psychological Research on Altruism and Rationality<br>Pure Earth<br>Reckless Giving LLC<br>Rethink Priorities<br>SCI Foundation<br>Sinergia Animal<br>Stichting Effectief Doneren<br>Stitching Effective Foundation<br>Stowarzyszenie Otwarte Klatki<br>The Future of Humanity Foundation<br>The University of Edinburgh<br>UES – Gemeinnützige Unternehmergesellschaft (haftungsbeschränkt) für<br>effektives Spenden<br>University of Pennsylvania<br>US Right to Know (USRTK)<br>Utillery<br>Ville Skogland Household<br>Wild Animal Initiative<br>Grants <£100K|**103,395**<br>**150,697**<br>**245,588**<br>**72,335**<br>**226,046**<br>**-**<br>**423,459**<br>**49,151**<br>**304,923**<br>**150,697**<br>**198,696**<br>**226,046**<br>**357,094**<br>**111,239**<br>**1,276,395**<br>**1,258,322**<br>**128,093**<br>**934,516**<br>**71,767**<br>**150,697**<br>**112,724**<br>**-**<br>**149,190**<br>**-**<br>**-**<br>**175,099**<br>**150,697**<br>**150,697**<br>**1,498,232**<br>**128,072**<br>**513,034**<br>**5,741,402**<br>**38,361,155**|_-_<br>_-_<br>_-_<br>_429,701_<br>_-_<br>_1,359,210_<br>_-_<br>_820,249_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_164,286_<br>_180,900_<br>_-_<br>_200,000_<br>_-_<br>_152,861_<br>_150,677_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_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**<br>**funds**<br>**2022**<br>**£**<br>Core activities<br>19,907,285<br>80,000 Hours<br>-<br>Forethought<br>-<br>Grant making<br>505,386<br>20,412,671<br>_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>Core activities<br>_2,263,998_<br>80,000 Hours<br>_-_<br>Forethought<br>_-_<br>Grant making<br>_126,295_<br>_2,390,293_|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>1,988,656<br>3,365,635<br>3,668,731<br>49,773,807<br>58,796,829<br>_Restricted_<br>_funds_<br>_2021_<br>_£_<br>_925,778_<br>_2,133,270_<br>_366,931_<br>_8,302,875_<br>_11,728,854_|**Total**<br>**2022**<br>**£**<br>**21,895,941**<br>**3,365,635**<br>**3,668,731**<br>**50,279,193**|
|---|---|---|
|||**79,209,500**|
|||_Total_<br>_2021_<br>_£_<br>_3,189,776_<br>_2,133,270_<br>_366,931_<br>_8,429,170_|
|||_14,119,147_|



|**9.**<br>**Analysis of expenditure by activities**<br>Core activities<br>80,000 Hours<br>Forethought<br>**Total 2022**|**Direct costs**<br>**2022**<br>**£**<br>13,160,955<br>2,886,401<br>2,621,385<br>18,668,741|**Grant**<br>**funding**<br>**2022**<br>**£**<br>49,427,387<br>-<br>851,806<br>50,279,193|**Support**<br>**costs**<br>**2022**<br>**£**<br>9,306,028<br>479,235<br>476,303<br>10,261,566|**Total**<br>**funds**<br>**2022**<br>**£**<br>**71,894,370**<br>**3,365,636**<br>**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<br>80,000 Hours<br>Forethought<br>_Total 2021_<br>**Analysis of direct costs**<br>**Analysis of direct costs - current year**<br>Books, Subscriptions, and References<br>Charges on donations<br>Contractors<br>Marketing<br>Office expenses<br>Professional fees<br>Salaries<br>Staff costs<br>Travel<br>Venues and events<br>Depreciation<br>Rent<br>Other costs<br>Donated services<br>**Total 2022**|_Direct costs_<br>_2021_<br>_£_<br>_1,317,689_<br>_920,294_<br>_160,251_<br>_2,398,234_<br>**Core**<br>**Activities**<br>**2022**<br>**£**<br>154,045<br>58,343<br>1,657,830<br>258,254<br>1,574,463<br>15,819<br>2,140,726<br>374,154<br>1,871,232<br>4,931,060<br>-<br>86,063<br>36,706<br>2,260<br>13,160,955|_Grant_<br>_funding_<br>_2021_<br>_£_<br>_8,171,090_<br>_-_<br>_258,080_<br>_8,429,170_<br>**80,000**<br>**Hours**<br>**2022**<br>**£**<br>46,341<br>-<br>190,995<br>639,103<br>119,930<br>680<br>1,260,766<br>166,891<br>11,959<br>5,426<br>26,738<br>391,500<br>26,072<br>-<br>2,886,401|_Support_<br>_costs_<br>_2021_<br>_£_<br>_1,872,087_<br>_1,212,976_<br>_206,680_<br>_3,291,743_<br>**Forethough**<br>**t**<br>**2022**<br>**£**<br>13,837<br>-<br>204,714<br>1,660,504<br>11,983<br>4,970<br>506,220<br>71,049<br>106,395<br>41,713<br>-<br>-<br>-<br>-<br>2,621,385|_Total_<br>_funds_<br>_2021_<br>_£_<br>_11,360,866_<br>_2,133,270_<br>_625,011_|
|---|---|---|---|---|
|||||_14,119,147_|
|||||**Total**<br>**funds**<br>**2022**<br>**£**<br>**214,223**<br>**58,343**<br>**2,053,539**<br>**2,557,861**<br>**1,706,376**<br>**21,469**<br>**3,907,712**<br>**612,094**<br>**1,989,586**<br>**4,978,199**<br>**26,738**<br>**477,563**<br>**62,778**<br>**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**<br>Books, Subscriptions, and References<br>Charges on donations<br>Computer expenses<br>Contractors<br>Depreciation and amortisation<br>Loss on Disposal of Fixed Assets<br>Donated Services<br>Food and Beverages<br>Foreign exchange losses/(gains)<br>Bank charges<br>Marketing<br>Office expenses<br>Venues and events<br>_Total 2021_|_Core_<br>_Activities_<br>_2021_<br>_£_<br>_(3,012)_<br>_44,817_<br>_23,938_<br>_419,645_<br>_9,796_<br>_5,158_<br>_18,498_<br>_132,035_<br>_44,101_<br>_539,160_<br>_71,572_<br>_11,128_<br>_853_<br>_1,317,689_|_80,000_<br>_Hours_<br>_2021_<br>_£_<br>_7,910_<br>_199_<br>_865_<br>_32,328_<br>_12,734_<br>_7,558_<br>_150_<br>_30,633_<br>_12,935_<br>_725,482_<br>_88,102_<br>_1,398_<br>_-_<br>_920,294_|_Forethought_<br>_2021_<br>_£_<br>_379_<br>_9_<br>_1,341_<br>_34,535_<br>_72_<br>_53_<br>_1,369_<br>_2,654_<br>_3,158_<br>_104,674_<br>_11,507_<br>_500_<br>_-_<br>_160,251_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_5,277_<br>_45,025_<br>_26,144_<br>_486,508_<br>_22,602_<br>_12,769_<br>_20,017_<br>_165,322_<br>_60,194_<br>_1,369,316_<br>_171,181_<br>_13,026_<br>_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**<br>Books, Subscriptions, and References<br>Contractors<br>Depreciation and amortisation<br>Foreign exchange losses<br>Bank charges<br>Governance costs<br>Office expenses<br>Professional fees<br>Rent<br>Salaries<br>Staff costs<br>Travel<br>Other costs<br>Loss on cryptocurrencies<br>**Total 2022**|**Core**<br>**activities**<br>**2022**<br>**£**<br>283,931<br>435,369<br>391,775<br>(100,582)<br>192,122<br>159,892<br>347,982<br>316,227<br>427,828<br>1,137,385<br>243,807<br>287,524<br>(3,425)<br>5,186,193<br>9,306,028|**80,000**<br>**Hours**<br>**2022**<br>**£**<br>58,299<br>30,066<br>-<br>6,046<br>1,032<br>18,915<br>71,859<br>30,533<br>-<br>168,369<br>64,583<br>18,780<br>10,753<br>-<br>479,235|**Forethough**<br>**t**<br>**2022**<br>**£**<br>183,954<br>40,660<br>-<br>12,679<br>525<br>5,505<br>57,400<br>19,910<br>18,080<br>83,524<br>16,530<br>37,089<br>447<br>-<br>476,303|**Total**<br>**funds**<br>**2022**<br>**£**<br>**526,184**<br>**506,095**<br>**391,775**<br>**(81,857)**<br>**193,679**<br>**184,312**<br>**477,241**<br>**366,670**<br>**445,908**<br>**1,389,278**<br>**324,920**<br>**343,393**<br>**7,775**<br>**5,186,193**<br>**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**<br>Computer expenses<br>Depreciation and amortisation<br>Loss on Disposal of Fixed Assets<br>Donated Services<br>Food and beverages<br>Foreign exchange (gains)/losses<br>Bank charges<br>Governance costs<br>Marketing<br>Office expenses<br>Online subscription services<br>Operations Support<br>Professional fees<br>Rent<br>Salaries<br>Staff costs<br>Travel<br>_Total 2021_|_Core_<br>_activities_<br>_2021_<br>_£_<br>_(10,870)_<br>_3,341_<br>_119,896_<br>_337,700_<br>_59,737_<br>_4,712_<br>_13,014_<br>_-_<br>_110,252_<br>_714_<br>_525,958_<br>_33,499_<br>_359,901_<br>_244,137_<br>_57,770_<br>_12,057_<br>_269_<br>_1,872,087_|_80,000_<br>_Hours_<br>_2021_<br>_£_<br>_7,301_<br>_118_<br>_10,209_<br>_44,990_<br>_78,224_<br>_6,977_<br>_200,429_<br>_111_<br>_(30,172)_<br>_(105)_<br>_122,873_<br>_(38,272)_<br>_391,500_<br>_373,733_<br>_35,283_<br>_9,777_<br>_-_<br>_1,212,976_|_Forethought_<br>_2021_<br>_£_<br>_8,440_<br>_106_<br>_21,812_<br>_-_<br>_883_<br>_98_<br>_3,287_<br>_399_<br>_11,156_<br>_(285)_<br>_30,389_<br>_5,168_<br>_9,013_<br>_87,535_<br>_20,591_<br>_8,088_<br>_-_<br>_206,680_|_Total_<br>_funds_<br>_2021_<br>_£_<br>_4,871_<br>_3,565_<br>_151,917_<br>_382,690_<br>_138,844_<br>_11,787_<br>_216,730_<br>_510_<br>_91,236_<br>_324_<br>_679,220_<br>_395_<br>_760,414_<br>_705,405_<br>_113,644_<br>_29,922_<br>_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<br>Social security costs<br>Contribution to defined contribution pension<br>schemes|**Group**<br>**2022**<br>**£**<br>**5,081,877**<br>**527,305**<br>**105,046**<br>**5,714,228**|_Group_<br>_2021_<br>_£_<br>_2,074,721_<br>_216,999_<br>_38,816_<br>_2,330,536_|**Company**<br>**2022**<br>**£**<br>**3,628,444**<br>**437,600**<br>**105,046**<br>**4,171,090**|_Company_<br>_2021_<br>_£_<br>_2,074,721_<br>_216,999_<br>_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<br>Support|**Group**<br>**2022**<br>**No.**<br>**73**<br>**19**<br>**92**|_Group_<br>_2021_<br>_No._<br>_23_<br>_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**<br>At 1 July 2021<br>Additions<br>Revaluations<br>On acquisition of subsidiary<br>Foreign exchange movement<br>At 30 June 2022<br>**Amortisation**<br>At 1 July 2021<br>Charge for the year<br>On acquisition of subsidiary<br>At 30 June 2022<br>**Net book value**<br>At 30 June 2022<br>_At 30 June 2021_|**Domain**<br>**names**<br>**£**<br>**5,451**<br>**-**<br>**-**<br>**-**<br>**-**<br>**5,451**<br>**3,598**<br>**1,799**<br>**-**<br>**5,397**<br>**54**<br>_1,853_|**Cryptocurrencies**<br>**£**<br>**-**<br>**5,417,957**<br>**(5,186,193)**<br>**1,507,390**<br>**327,765**<br>**2,066,919**<br>**-**<br>**-**<br>**-**<br>**-**<br>**2,066,919**<br>_-_|**Computer**<br>**software**<br>**£**<br>**-**<br>**-**<br>**-**<br>**23,473**<br>**-**<br>**23,473**<br>**-**<br>**-**<br>**23,473**<br>**23,473**<br>**-**<br>_-_|**Total**<br>**£**<br>**5,451**<br>**5,417,957**<br>**(5,186,193)**<br>**1,530,863**<br>**327,765**<br>**2,095,843**<br>**3,598**<br>**1,799**<br>**23,473**<br>**28,870**<br>**2,066,973**<br>_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**<br>**Cost**<br>At 1 July 2021<br>At 30 June 2022<br>**Amortisation**<br>At 1 July 2021<br>Charge for the year<br>At 30 June 2022<br>**Net book value**<br>At 30 June 2022<br>_At 30 June 2021_|**Domain**<br>**names**<br>**£**<br>**5,451**|
|---|---|
||**5,451**|
||**3,598**<br>**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**<br>At 1 July 2021<br>Additions<br>At 30 June 2022<br>**Depreciation**<br>At 1 July 2021<br>Charge for the year<br>At 30 June 2022<br>**Net book value**<br>At 30 June 2022<br>_At 30 June 2021_|**Freehold**<br>**property**<br>**£**<br>**-**<br>**16,445,019**<br>**16,445,019**<br>**-**<br>**-**<br>**-**<br>**16,445,019**<br>_-_|**Office**<br>**equipment**<br>**£**<br>**38,029**<br>**-**<br>**38,029**<br>**10,302**<br>**6,398**<br>**16,700**<br>**21,329**<br>_27,727_|**Leasehold**<br>**improvements**<br>**£**<br>**2,144,361**<br>**-**<br>**2,144,361**<br>**394,877**<br>**410,316**<br>**805,193**<br>**1,339,168**<br>_1,749,484_|**Total**<br>**£**<br>**2,182,390**<br>**16,445,019**|
|---|---|---|---|---|
|||||**18,627,409**|
|||||**405,179**<br>**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**<br>**Cost or valuation**<br>Additions<br>On acquisition of subsidiary, net of cash<br>Revaluations<br>Movement of cash held to Bank<br>Foreign exchange movement<br>At 30 June 2022<br>**Net book value**<br>At 30 June 2022<br>**Principal subsidiaries**|**Listed**<br>**investments**<br>**£**<br>**838,772**<br>**11,351,291**<br>**(2,169,119)**<br>**(679,890)**<br>**1,555,771**<br>**10,896,825**<br>**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**<br>Other debtors<br>**Due within one year**<br>Other debtors<br>Prepayments and accrued income<br>Tax recoverable|**Group**<br>**2022**<br>**£**<br>**1,725,036**<br>**81,490**<br>**1,219,052**<br>**204,535**<br>**3,230,113**|_Group_<br>_2021_<br>_£_<br>_1,614,918_<br>_110,368_<br>_432,814_<br>_119,931_<br>_2,278,031_|**Company**<br>**2022**<br>**£**<br>**1,658,799**<br>**81,490**<br>**965,932**<br>**204,535**<br>**2,910,756**|_Company_<br>_2021_<br>_£_<br>_1,614,918_<br>_110,368_<br>_432,814_<br>_119,931_|
|---|---|---|---|---|
||||||
|||||_2,278,031_|



## **17. Current asset investments** 

|**Group**<br>**2022**<br>**£**<br>Cash equivalents on deposit<br>**175,000**<br>**18.**<br>**Creditors: Amounts falling due within one year**|_Group_<br>_2021_<br>_£_<br>_175,000_|**Company**<br>**2022**<br>**£**<br>**175,000**|_Company_<br>_2021_<br>_£_<br>_175,000_|
|---|---|---|---|
|||||



|Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income<br>Grant commitments|**Group**<br>**2022**<br>**£**<br>**837,202**<br>**179,973**<br>**80,100**<br>**762,408**<br>**2,366,866**<br>**4,226,549**|_Group_<br>_2021_<br>_£_<br>_415,860_<br>_62,861_<br>_16,582_<br>_543,316_<br>_593,097_<br>_1,631,716_|**Company**<br>**2022**<br>**£**<br>**-**<br>**179,973**<br>**31,394**<br>**600,535**<br>**636,617**<br>**1,448,519**|_Company_<br>_2021_<br>_£_<br>_415,860_<br>_62,861_<br>_16,582_<br>_543,316_<br>_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<br>Commitments made in the year<br>Grants paid during the year<br>Grants withdrawn during the year<br>**Commitments at 30 June**|**2022**<br>**£**<br>**593,097**<br>**50,598,781**<br>**(48,506,293)**<br>**(318,720)**<br>**2,366,865**|_2021_<br>_£_<br>_420,486_<br>_8,429,170_<br>_(8,256,559)_<br>_-_|
|---|---|---|
|||_593,097_|



## **19. Summary of funds** 

## **Summary of funds - current year** 

|**Balance at 1**<br>**July 2021**<br>**£**<br>Designated<br>funds<br>**76,929**<br>General funds<br>**9,970,035**<br>Restricted funds<br>**13,325,115**<br>**23,372,079**|**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**-**<br>**-**<br>**38,289,728**<br>**(20,412,671)**<br>**102,284,861**<br>**(58,796,829)**<br>**140,574,589**<br>**(79,209,500)**<br>_Balance at_<br>_1 July 2020_<br>_£_<br>_Income_<br>_£_<br>_76,929_<br>_-_<br>_2,970,256_<br>_6,291,596_<br>_15,806,455_<br>_12,345,990_<br>_18,853,640_<br>_18,637,586_|**Transfers**<br>**in/out**<br>**£**<br>**14,976,340**<br>**-**<br>**(14,976,340)**<br>**-**<br>_Expenditure_<br>_£_<br>_-_<br>_(2,390,293)_<br>_(11,728,854)_<br>_(14,119,147)_|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**2,875,325**<br>**-**<br>**2,875,325**<br>_Transfers_<br>_in/out_<br>_£_<br>_-_<br>_3,098,476_<br>_(3,098,476)_<br>_-_|**Balance at**<br>**30 June**<br>**2022**<br>**£**<br>**15,053,269**<br>**30,722,417**<br>**41,836,807**|
|---|---|---|---|---|
|||||**87,612,493**|
|||||_Balance at_<br>_30 June_<br>_2021_<br>_£_<br>_76,929_<br>_9,970,035_<br>_13,325,115_|
|**Summary of funds - prior year**|||||
|Designated funds<br>General funds<br>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**<br>**July 2021**|**Income **|**Expenditure**|**Transfers**|**Gains/**<br>**(Losses)**<br>**Balance at**<br>**30 June**<br>**2022**|
|---|---|---|---|---|---|
||<br>**£**|**£**|**£**|**£**|**£**<br>**£**|
|**Designated**<br>**funds**||||||
|80,000 Hours|**76,929**|**-**|**-**|**-**|**-**<br>**76,929**|
|Wytham Abbey|**-**|**-**|**-**|**14,976,340**|**-**<br>**14,976,340**|
|Total<br>Designated<br>funds|**76,929**|**-**|**-**|**14,976,340**|**-**<br>**15,053,269**|
|**General funds**||||||
|General Funds|**9,970,035**|**38,289,728**|**(20,412,671)**|**-**|**2,875,325**<br>**30,722,417**|
|**Total**<br>**Unrestricted**<br>**funds**|**10,046,964**|**38,289,728**|**(20,412,671)**|**14,976,340**|**2,875,325**<br>**45,775,687**|
|**Restricted**<br>**funds**||||||
|EA Funds -<br>Grantmaking|**8,005,580**|**51,188,260**|**(39,668,048)**|**-**|**-**<br>**19,525,789**|
|80,000 Hours|**4,287,728**|**5,673,951**|**(3,365,635)**|**-**|**-**<br>**6,596,044**|
|Community<br>Building Grants|**(185,826)**|**-**|**(16,516)**|**-**|**-**<br>**(202,342)**|
|EA Grants|**409**|**-**|**-**|**-**|**-**<br>**409**|
|FHI Research<br>Scholars|**132,746**|**-**|**(3,387)**|**-**|**-**<br>**129,359**|
|Forethought<br>Foundation|**769,374**|**1,103,053**|**(3,949,494)**|**-**|**-**<br>**(2,077,067)**|
|FHI General|**(106,080)**|**299,715**|**(843,892)**|**-**|**-**<br>**(650,257)**|
|Giving What We<br>Can (GWWC)|**292,760**|**1,340,111**|**(582,972)**|**-**|**-**<br>**1,049,899**|
|GPI|**(408,685)**|**-**|**(554,937)**|**-**|**-**<br>**(963,622)**|
|LE Project|**478,794**|**-**|**(7,173)**|**-**|**-**<br>**471,621**|
|The Precipice|**58,315**|**23,282**|**(15,822)**|**-**|**-**<br>**65,775**|
|Asterisk|**-**|**550,045**|**(101,144)**|**-**|**-**<br>**448,901**|
|Atlas Fellowship|**-**|**5,666,840**|**(1,609,537)**|**-**|**-**<br>**4,057,303**|
|FTX Projects|**-**|**128,093**|**(34,081)**|**-**|**-**<br>**94,012**|
|GovAI|**-**|**5,613,273**|**(701,523)**|**-**|**-**<br>**4,911,750**|
|Harvard Square|**-**|**-**|**(938)**|**-**|**-**<br>**(938)**|
|Longview|**-**|**12,460,615**|**(6,893,875)**|**-**|**-**<br>**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<br>Philanthropy|**-**|**164,464**|**(36,708)**|**-**|**-**|**127,756**|
|Oxford<br>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**<br>**Restricted**<br>**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_<br>_July 2020_<br>_Income_<br>_Expenditure_<br>_Transfer_<br>_in/(out)_<br>_Balance at_<br>_30 June_<br>_2021_|_Balance at 1_<br>_July 2020_<br>_Income_<br>_Expenditure_<br>_Transfer_<br>_in/(out)_<br>_Balance at_<br>_30 June_<br>_2021_|_Balance at 1_<br>_July 2020_<br>_Income_<br>_Expenditure_<br>_Transfer_<br>_in/(out)_<br>_Balance at_<br>_30 June_<br>_2021_|_Balance at 1_<br>_July 2020_<br>_Income_<br>_Expenditure_<br>_Transfer_<br>_in/(out)_<br>_Balance at_<br>_30 June_<br>_2021_|_Balance at 1_<br>_July 2020_<br>_Income_<br>_Expenditure_<br>_Transfer_<br>_in/(out)_<br>_Balance at_<br>_30 June_<br>_2021_|
|---|---|---|---|---|
||<br>**£**|**£**|**£**|**£**<br>**£**|
|**Designated funds**|||||
|80,000 Hours|_76,929_|_-_|_-_|_-_<br>_76,929_|
|**General funds**|||||
|General Funds - all funds|_2,970,256_|_6,291,596_|_(2,390,293)_|_3,098,476_<br>_9,970,035_|
|**Total Unrestricted funds**|_3,047,185_|_6,291,596_|_(2,390,293)_|_3,098,476_<br>_10,046,964_|
|**Restricted funds**|||||
|Giving What We Can|_367,106_|_5,141_|_(79,487)_|_-_<br>_292,760_|
|80,000 Hours|_6,049,230_|_371,768_|_(2,133,270)_|_-_<br>_4,287,728_|
|EA Outreach|_409_|_-_|_-_|_-_<br>_409_|
|EAF|_18,067_|_-_|_-_|_(18,067)_<br>_-_|
|EA Funds-Animal Welfare|_320,867_|_-_|_-_|_(320,867)_<br>_-_|
|EA Funds - Global<br>Community|_266,754_|_-_|_-_|_(266,754)_<br>_-_|
|EA Funds - Global<br>Development|_1,911,437_|_-_|_-_|_(1,911,437)_<br>_-_|
|EA Funds-Grantmaking|_-_|_11,560,566_|_(7,434,960)_|_3,879,974_<br>_8,005,580_|
|EA Funds-Long term future|_261,046_|_-_|_-_|_(261,046)_<br>_-_|
|Alliance to Feed the Earth in<br>Disasters|_9,195_|_-_|_-_|_(9,195)_<br>_-_|
|Future of Humanity Institute<br>(FHI)|_2,373,900_|_-_|_(249,496)_|_(2,230,484)_<br>_(106,080)_|
|Against Malaria Foundation|_250,338_|_-_|_-_|_(250,338)_<br>_-_|
|Animal Charity Evaluators|_3,509_|_-_|_-_|_(3,509)_<br>_-_|
|Charity Science Foundation<br>of Canada|_9,064_|_-_|_-_|_(9,064)_<br>_-_|
|Give Well|_100,688_|_-_|_-_|_(100,688)_<br>_-_|
|Schistosomiasis Control<br>Initiative|_145,624_|_-_|_-_|_(145,624)_<br>_-_|
|Project Healthy Children|_12,532_|_-_|_-_|_(12,532)_<br>_-_|
|Give Directly|_46,808_|_-_|_-_|_(46,808)_<br>_-_|
|Evidence Action (Deworm<br>the World)|_147,584_|_-_|_-_|_(147,584)_<br>_-_|
|Evidence Action (Dispensers<br>for safe water)|_10,089_|_-_|_-_|_(10,089)_<br>_-_|



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<br>Institute|_1,166_|_-_|_-_|_(1,166)_<br>_-_|
|---|---|---|---|---|
|Helen Keller International<br>Vitamin A|_18,671_|_-_|_-_|_(18,671)_<br>_-_|
|DMI|_8,646_|_-_|_-_|_(8,646)_<br>_-_|
|Iodine Global Network (IGN)|_3,019_|_-_|_-_|_(3,019)_<br>_-_|
|Sightsavers|_26,191_|_-_|_-_|_(26,191)_<br>_-_|
|Donor Lottery|_131,493_|_-_|_-_|_(131,493)_<br>_-_|
|Malaria Consortium|_103,575_|_-_|_-_|_(103,575)_<br>_-_|
|END|_5,123_|_-_|_-_|_(5,123)_<br>_-_|
|Community Building Grants|_716,063_|_3,643_|_(905,532)_|_-_<br>_(185,826)_|
|FHI Research Scholars|_167,188_|_-_|_(34,442)_|_-_<br>_132,746_|
|Forethought Foundation|_1,538,923_|_1,552_|_(625,011)_|_(146,090)_<br>_769,374_|
|GPI|_495,547_|_-_|_(182,340)_|_(721,892)_<br>_(408,685)_|
|Regrant - Animal Charity<br>Evaluations (ACE)|_4,637_|_-_|_-_|_(4,637)_<br>_-_|
|Regrant-EA Norway|_2,392_|_-_|_-_|_(2,392)_<br>_-_|
|Regrant-Rethink Charity|_3,479_|_-_|_-_|_(3,479)_<br>_-_|
|Regrant - Stiftung fur<br>Effektiven Altruismus (REG<br>Fund)|_6,442_|_-_|_-_|_(6,442)_<br>_-_|
|Regrant - Charity<br>Entrepreneurship Incubated<br>Charities (CE)|_33,136_|_-_|_-_|_(33,136)_<br>_-_|
|Regrant - Johns Hopkins<br>Center for Health Security|_5,594_|_-_|_-_|_(5,594)_<br>_-_|
|Regrant - Machine<br>Intelligence Research<br>Institute (MIRI)|_5,959_|_-_|_-_|_(5,959)_<br>_-_|
|The Precipice|_98,200_|_14,428_|_(54,313)_|_-_<br>_58,315_|
|Long-term Incubator|_119,905_|_388,892_|_(30,003)_|_-_<br>_478,794_|
|Other restricted funds|_4,390_|_-_|_-_|_(4,390)_<br>_-_|
|**Total Restricted funds**|_15,806,455_|_12,345,990_|_(11,728,854)_|_(3,098,476)_<br>_13,325,115_|
|**Total of funds**|_18,853,640_|_18,637,586_|_(14,119,147)_|_-_<br>_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**<br>Intangible<br>**Current Assets**<br>Debtors<br>Investments<br>Cash at bank and in hand<br>**Total Assets**<br>**Creditors**<br>Due within one year<br>**Total Identifiable net assets**|**Book value**<br>**£**<br>**1,507,390**<br>**1,507,390**<br>**75,843**<br>**11,440,142**<br>**14,957,203**<br>**27,980,578**<br>**(159,730)**<br>**27,820,848**|**Fair value**<br>**£**<br>**1,507,390**|
|---|---|---|
|||**1,507,390**<br>**75,843**<br>**11,440,142**<br>**14,957,203**|
|||**27,980,578**<br>**(159,730)**|
|||**27,820,848**|



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

|Revenue<br>Surplus for the period since acquisition|**Current**<br>**period**<br>**since**<br>**acquisition**<br>**£**<br>**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**<br>**funds**<br>**2022**<br>**£**<br>Tangible fixed assets<br>17,805,516<br>Intangible fixed assets<br>2,066,973<br>Fixed asset investments<br>10,896,825<br>Debtors due after more than one year<br>-<br>Current assets<br>17,195,721<br>Creditors due within one year<br>(2,189,349)<br>**Total**<br>45,775,686<br>**Analysis of net assets between funds - prior year**<br>_Unrestricted_<br>_funds_<br>_2021_<br>_£_<br>Tangible fixed assets<br>_1,777,211_<br>Intangible fixed assets<br>_1,853_<br>Debtors due after more than one year<br>_-_<br>Current assets<br>_8,267,900_<br>Creditors due within one year<br>_-_<br>**Total**<br>_10,046,964_|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>-<br>-<br>-<br>1,725,036<br>42,148,971<br>(2,037,200)<br>41,836,807<br>_Restricted_<br>_funds_<br>_2021_<br>_£_<br>_-_<br>_-_<br>_1,614,918_<br>_13,341,913_<br>_(1,631,716)_<br>_13,325,115_|**Total**<br>**funds**<br>**2022**<br>**£**<br>**17,805,516**<br>**2,066,973**<br>**10,896,825**<br>**1,725,036**<br>**59,344,692**<br>**(4,226,549)**<br>**87,612,493**<br>_Total_<br>_funds_<br>_2021_<br>_£_<br>_1,777,211_<br>_1,853_<br>_1,614,918_<br>_21,609,813_<br>_(1,631,716)_<br>_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)<br>**Adjustments for:**<br>Depreciation charges<br>Amortisation charges<br>Loss on investments<br>Dividends, interests and rents from investments<br>Loss on the revaluation of intangible assets<br>Decrease/(increase) in debtors<br>Increase in creditors<br>Foreign exchange movement<br>Non-cash donation income from EV US<br>Non-cash intangible asset additions<br>**Net cash provided by operating activities**<br>**25.**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**Total cash and cash equivalents**|**Group**<br>**2022**<br>**£**<br>**59,195,970**<br>**416,714**<br>**1,799**<br>**2,169,119**<br>**(292,244)**<br>**5,186,193**<br>**(876,239)**<br>**2,435,103**<br>**3,160,908**<br>**(27,820,848)**<br>**(5,417,957)**<br>**38,158,518**<br>**Group**<br>**2022**<br>**£**<br>**57,839,615**<br>**57,839,615**|_Group_<br>_2021_<br>_£_<br>_4,518,439_<br>_380,890_<br>_1,799_<br>_-_<br>_(34,077)_<br>_161,446_<br>_2,254,867_<br>_782,948_<br>_-_<br>_-_<br>_-_<br>_8,066,312_<br>_Group_<br>_2021_<br>_£_<br>_20,946,700_<br>_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<br>Liquid investments|**At 1 July**<br>**2021**<br>**£**<br>**20,771,700**<br>**175,000**<br>**20,946,700**|**Cash flows**<br>**Acquisition**<br>**and**<br>**disposal of**<br>**subsidiaries**<br>**£**<br>**£**<br>**19,874,391**<br>**17,018,524**<br>**-**<br>**-**<br>**19,874,391**<br>**17,018,524**|**At 30 June**<br>**2022**<br>**£**<br>**57,664,615**<br>**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<br>Later than 1 year and not later than 5 years<br>Later than 5 years|**Group**<br>**2022**<br>**£**<br>**916,461**<br>**1,880,972**<br>**-**<br>**2,797,433**|_Group_<br>_2021_<br>_£_<br>_330,927_<br>_1,323,707_<br>_269,275_<br>_1,923,909_|**Company**<br>**2022**<br>**£**<br>**832,112**<br>**1,880,972**<br>**-**<br>**2,713,084**|_Company_<br>_2021_<br>_£_<br>_330,927_<br>_1,323,707_<br>_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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