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2025-06-30-accounts

Registered number: 07962181 Charity number: 1149828

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

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 - 11
Trustees' responsibilities statement 12
Independent auditor's report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 42

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 2025

Trustees

Mr L Quirk Mr P Gruban Mr E Rose

Company registered number

07962181

Charity registered number

1149828

Registered office

Trajan House, Mill Street, Oxford, OX2 0DJ

Chief executive officer

Mr R Gledhill

Independent auditor

Crowe U.K. LLP, Fourth Floor, St James House, St James Square, Cheltenham, GL50 3PR

Bankers

Barclays Bank PLC, PO Box 299, Birmingham, B1 3PF

Lawyers

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

Page 1

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025

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 2025 (“FY25”).

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 Director of Operations and the director of each charitable project within EV UK. During FY25, Rob Gledhill was CEO and later became the Director of Operations.

The Trustees seek input and research on strategic decision making from the Director of Operations 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.

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”). In December 2022, EV UK ceased to be the sole member of EV US. As a result, the financial statements for the year ended 30 June 2025 are not presented on a consolidated basis.

During the year ending 30 June 2025, EV UK was also affiliated with two organisations with which it shares a similar mission, the Future of Humanity Institute (FHI) and Global Priorities Institute (GPI), and shared office premises at Trajan House, Oxford. Both of the organisations have since ceased operations.

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' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Objectives and Activities

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

As noted above, EV UK is closely affiliated with EV US. 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 FY25 were fiscally sponsored jointly with EV US.

In November 2023, the Trustees of EV UK decided that the charitable purposes for which the charity was set up would be best served by spinning out all of the projects which were fiscally sponsored by EV UK, into new independent entities. Significant progress towards the goal has been made, though the exact timeline for completing this process is uncertain but is currently expected to be completed in the coming year. The board of EV UK does not intend to fiscally sponsor new charitable projects. It is therefore expected that EV UK will eventually wind down (in 2026 or beyond).

During FY25, EV UK continued the majority of its existing long-term projects. For each major project, achievements during FY25, and plans for the future are set out below. In some cases, these objectives may eventually be delivered by new legal entities following the spin-out of the project.

CEA

CEA is dedicated to nurturing a community focused on addressing the world's most critical challenges through careful, impactful action. Our programs are designed to help individuals explore their ideas, values, and potential for creating meaningful change by connecting them with advisors, experts, and opportunities in relevant domains, while facilitating high-quality intellectual discourse.

Page 3

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

In FY2025, CEA programs achieved the following:

In FY2026, CEA’s programs will continue stewarding the EA community while adding a new focus on building the foundations for scale - strengthening our infrastructure, systems, and leadership capacity to enable accelerated growth starting in 2027.

80,000 Hours

80,000 Hours provides research and support to help people enter careers that effectively tackle the world’s most pressing problems.

80,000 Hours completed its spin-out from EV UK on 31 March 2025. Until that date the project achieved its FY25 objectives including launching a new video programme, automating most of its headhunting pipeline, updating its organisational strategy in light of recent technological developments, and appointing a new Director of Web. The project grew its staff by 12% in the period.

Forethought

Forethought has historically had a broad focus on developing, promoting and communicating work that addresses the question of how to use our scarce resources to improve the world as much as possible.

Forethought completed its spin-out from EV UK on 28 February 2025. Until that date the project focussed on research into how to navigate the (potentially rapid) transition to a world with superintelligent AI systems. Accomplishments during the period included preparing the paper “Preparing for the Intelligence Explosion”, defining the research field that the project will work in; and preparing further papers on modelling the dynamics of an intelligence explosion, examining precedents for the international governance of AGI projects, and identifying AI tools to help humanity navigate rapid technological change. Forethought recruited three team members during this period, to advance its research agenda.

Page 4

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

EA Funds

Effective Altruism Funds (“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.

EA Funds’ FY25 objectives included:

In FY26, EA Funds aims to:

Wytham Abbey

The Wytham Abbey project was closed in the previous year, and no further educational events were hosted in the space. In summer 2024, the organization actively marketed the property for sale, at the original purchase price. However, property valuation experts advised the Board to make a significant change in the sale strategy, given significant reductions in market sentiment since the Charity originally purchased the property in 2022. Based on this advice, the Charity reduced the guide price significantly, and recorded an impairment loss of £8,593,798 as of June 30, 2025.

After the year ended, the Charity entered into a sales agreement and completed the sale of Wytham Abbey for £6m in November 2025.

GovAI

The Centre for the Governance of AI’s (GovAI)’s mission is to positively shape the lasting impact on the world of Artificial Intelligence (“AI”), by helping key institutions make better decisions regarding the development and deployment of AI. GovAI furthers this mission by producing research, running education and training programs, advising relevant stakeholders, and organizing workshops and other educational events.

GovAI completed its spin-out from EV UK on 15 November 2024. Until that date the project grew its team of researchers, and continued to produce helpful and relevant research.

Page 5

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Non-Trivial

Non-Trivial runs an online fellowship to help talented teenagers start tackling the world’s most pressing problems.

Non-Trivial completed its spin-out from EV UK on 11 April 2025. Until that date the project:

Grant-making

As set out in the financial review below, a substantial part of the expenditure of EV UK 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.

Fundraising

During FY25, the charity received generous support from our existing donor base. As we did not conduct any formal fundraising appeals or campaigns during this period, there are no fundraising activities requiring disclosure under S162A of the Charities Act.

Page 6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

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 was as follows:

FY25 FY24
£ £
Grant income and donations 11,242,238 30,493,725
Investment income 581,380 967,998
Other income 260,202 202,096
Total income 12,083,820 31,663,819

We have used donations over the period to support our charitable objectives, largely by making grants, by paying staff to engage in research and outreach activities and to ensure our research is disseminated widely. Total expenditure for the year was as follows:

expenditure for the year was as follows:
FY25 FY24
£ £
Grants 13,436,151 11,795,737
Other expenditure 15,504,911 23,489,356
Exceptional - impairment loss 8,593,798 -
Total expenditure 37,534,860 35,285,093

Total funds at the year-end were as follows:

FY25 FY24
£ £
Current assets 12,435,554 27,936,089
Fixed assets 6,072,557 16,764,164
Current liabilities (700,084) (1,441,188)
Net funds 17,808,025 43,259,065

EV UK’s free reserves (calculated as unrestricted funds less designated funds and fixed assets) were £62,563 as at 30 June 2025. The free reserves as at 30 June 2024 were in deficit by £1,337,181.

Page 7

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Reserves Policy

EV UK has a policy of holding not less than 6 months of future operating costs in net current assets at all times. As of 30 June 2025, the net current asset balance of EV UK (£11,735,468) represented approximately 12 months of future operating costs and was therefore within our policy.

Plans for the future

The Trustees consider the state of the EV UK’s financial affairs to be satisfactory. However, as noted above, the Trustees of EV UK have decided that the charitable purposes for which the charity was set up would be best served by spinning out all of the projects which are currently fiscally sponsored by EV UK, and it is therefore expected that EV UK will eventually wind down in FY26 or beyond. For this reason, the financial statements are not prepared on a going concern basis.

Investment Policy

EV UK holds between one month and three months of operating costs in cash at all times. The remainder of reserves are held in high interest notice accounts. It is the policy of EV UK to liquidate donations received in the form of cryptocurrency on receipt.

Risk Management

EV UK regularly 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. 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.

Management of existing risks

Major PR / reputation loss

Safeguarding

Governance Issues

Page 8

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

charitable purposes for which the charity was set up would be best served by spinning out all of the projects which are currently fiscally sponsored by EV UK, into new independent entities. This process is ongoing, and expected to complete in the coming year. The board of EV UK does not intend to fiscally sponsor new charitable projects, once the existing projects have spun out. It is therefore expected that EV UK will eventually wind down (in FY26 or beyond).

Data Security / Privacy

Loss of major donors / reduced funding from major donors

Carbon and energy usage

The Charity’s estimate of its energy consumption and resulting CO2 emissions in FY25 are as follows:

2025 2024
UK energy use (kWh) 505,000 855,000
Associated greenhouse gas emissions (kgCO₂e) 90,000 175,000
Intensity ratio: emissions per square metre of office space (kgCO₂e/m2) 21 40

Energy efficient actions

In the year we took the following energy efficiency actions:

Page 9

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Methodologies

Associated Greenhouse gases were calculated using the GHG Corporate Standard Reporting Protocol. The charity’s activities determined that the report should account for emissions related to the operation of its four properties: two office spaces, one event space, and one accommodation unit.

Actual meter data and invoices from each property’s electricity and gas suppliers were used to determine kWh usage. These usage numbers were then multiplied by conversion factors set out in the 2025 UK Government’s GHG Conversion Factors for Company Reporting.

In instances where electricity and gas usage figures were unavailable (e.g. when the supply and payment of electricity and gas are not handled directly by the charity) a reasonable usage estimate was made using the area of the leased space, the average yearly commercial energy consumption per area, and the average commercial gas and electricity consumption split. These estimated gas and electricity usage figures were then multiplied by the 2025 UK Government’s GHG Conversion Factors for Company Reporting.

Trustees’ duties in relation to section 172 of the Companies Act

The Board of Trustees is aware of its duty under Section 172 of the Companies Act 2006. This duty includes acting in the interests of stakeholders when promoting the success of the charitable company. The Trustees act in accordance with this requirement and in doing so have regard to:

Engaging with staff

The CEO and executive team keep in touch with staff through regular team meetings as well as via email and Slack. Staff feedback surveys are regularly conducted to assess staff engagement and understand the key issues driving morale. Staff are encouraged to speak up outside these channels as well and we aspire to sustain a strong culture of open communication and feedback across levels.

The CEO and their team regularly briefs the Trustees on important matters at board meetings. Issues discussed include:

Each of our projects is separately responsible for interactions with volunteers.

Engaging with other stakeholders

Our external stakeholders include: donors, grant recipients, suppliers, attendees at our educational events, EA group organisers and members, users of the EA forum, participants in careers advising and educational courses, the academic community with which we collaborate, the EA community broadly defined, and the general public.

Page 10

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

We engage in two-way communication with all these stakeholders and are continuously looking for feedback and ways to improve both the services we provide and the relationships we build. Two key processes through which we engage are:

Individuals and organisations we partner with are expected to comply with the requirements of any relevant professional standards or trade bodies, as well as all applicable laws, statutes, regulations and codes of practice. For example, the requirement for compliance with applicable laws, statutes etc. is included in all of our grant agreements.

The Trustees periodically review financial and operational performance. They are responsible for establishing and maintaining an effective system of internal controls to detect, prevent and manage risks. They are also responsible for reviewing legal and regulatory compliance. For more on risk management, please see the dedicated section above.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr L Quirk (Trustee)

Date: 2026-01-29

Page 11

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2025

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Mr L Quirk (Trustee)

Date: 2026-01-29

Page 12

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 'charitable company') for the year ended 30 June 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 2.2 to the financial statements which explains that the Trustees have decided that the charitable purposes for which the charity was set up would be best served by spinning out all of the projects which are currently fiscally sponsored by EV UK. It is therefore expected that EV UK will eventually wind down in 2026 or beyond. For this reason, the financial statements are prepared on a basis other than a going concern.

Our opinion is not modified in respect of this matter.

Page 13

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

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 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 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 grant 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 and performing audit procedures over grant 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 noncompliance 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.

Tara Westcott (Senior statutory auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 06 February 2026

Page 16

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025

Note
Income from:
Donations and grants
4
Investments
5
Other income
6
Total income
Expenditure on:
Exceptional costs
7
Charitable activities
8
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
3,950,862
13,131
104,491
4,068,484
8,593,798
4,770,737
13,364,535
(9,296,051)
5,249
(9,290,802)
15,426,983
(9,290,802)
6,136,181		 Restricted
funds
2025
£
7,291,376
568,249
155,711
8,015,336
-
24,170,325
24,170,325
(16,154,989)
(5,249)
(16,160,238)
27,832,082
(16,160,238)
11,671,844		 Total
funds
2025
£
11,242,238
581,380
260,202
12,083,820
8,593,798
28,941,062
37,534,860
(25,451,040)
-
(25,451,040)
43,259,065
(25,451,040)
17,808,025		 Total
funds
2024
£
30,493,725
967,998
202,096
31,663,819
-
35,285,093
35,285,093
(3,621,274)
-
(3,621,274)
46,880,339
(3,621,274)
43,259,065

The notes on pages 20 to 42 form part of these financial statements.

Page 17

EFFECTIVE VENTURES FOUNDATION (UK) (A company limited by guarantee) REGISTERED NUMBER: 07962181

BALANCE SHEET AS AT 30 JUNE 2025

Note
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
16
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 2,479,230
9,956,324
12,435,554
(700,086)		 2025
£
6,072,557
17,808,025
17,808,025
11,671,844
6,136,181
17,808,025		 4,930,367
23,005,722
27,936,089
(1,441,188)		 2024
£
16,764,164
43,259,065
43,259,065
27,832,082
15,426,983
43,259,065

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr L Quirk

(Trustee)

Date: 2026-01-29

The notes on pages 20 to 42 form part of these financial statements.

Page 18

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Investment income
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
21
The notes on pages 20 to 42 form part of these financial statements		 2025
£
(14,893,764)
581,380
1,284,700
(21,714)
1,844,366
(13,049,398)
23,005,722
9,956,324		 2024
£
(6,669,098)
967,998
7,399
(46,258)
929,139
(5,739,959)
28,745,681
23,005,722

Page 19

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. Company status

Effective Ventures Foundation (UK) 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.

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.

2.2 Going concern

The Trustees consider the state of the EV UK’s financial affairs to be satisfactory. EV UK continues to receive sufficient funding to operate all its activities from its existing donor base. However, the Trustees of EV UK have decided that the charitable purposes for which the charity was set up would be best served by spinning out all of the projects which are currently fiscally sponsored by EV UK, and it is therefore expected that EV UK will eventually wind down in 2026 or beyond. For this reason, the financial statements are prepared on a basis other than going concern. The use of a basis other than going concern has not resulted in any changes to the recognition or measurement of items in the financial statements.

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 Company 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 Company 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.

Page 20

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

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, EV UK had 122 (2024: 115) individuals volunteer at the Charity. The Charity’s volunteers support its activities in a variety of ways, including assisting with events, administrative support, and programme delivery. Their donated time has not been accounted for.

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 Company'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.

Page 21

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

2.6 Grant making

The Charity makes regular grants to its recommended charities and other organisations.

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 basis:

Domain names

2.8 Tangible fixed assets and depreciation

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

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

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

Depreciation is provided on the following bases:

2.9 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.

Page 22

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

2.10 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.

2.11 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.

2.12 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.

2.13 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.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Wytham Abbey, included within tangible fixed assets with a net book value of £6m after impairment, was sold for £6m after the year-end. An impairment loss of £8,593,798 related to Wytham Abbey has been recognised in the year ended 30 June 2025.

Page 23

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

4. Income from donations and grants

Unrestricted
funds
2025
£
Donations and grants
3,950,862
Unrestricted
funds
2024
£
Donations and grants
2,584,220
5.
Investment income
Unrestricted
funds
2025
£
Bank interest receivable
13,131
Unrestricted
funds
2024
£
Bank interest receivable
104,816		 Restricted
funds
2025
£
7,291,376
Restricted
funds
2024
£
27,909,505
Restricted
funds
2025
£
568,249
Restricted
funds
2024
£
863,182		 Total
funds
2025
£
11,242,238
Total
funds
2024
£
30,493,725
Total
funds
2025
£
581,380
Total
funds
2024
£
967,998

Page 24

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

6. Other income

Unrestricted
funds
2025
£
Other income
104,491
Unrestricted
funds
2024
£
Other income
100,015		 Restricted
funds
2025
£
155,711
Restricted
funds
2024
£
102,081		 Total
funds
2025
£
260,202
Total
funds
2024
£
202,096

7. Exceptional costs

2025 2024
£ £
Impairment loss 8,593,798 -

The Trustees have considered that Wytham Abbey's recoverable amount is less than its carrying amount, and so an impairment loss of £8,593,798 has been recognised in the year ended 30 June 2025.

Page 25

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. Analysis of grants

Grant making
Grant making		 Grants to
Institutions
2025
£
12,679,932
Grants to
Institutions
2024
£
10,117,146		 Grants to
Individuals
2025
£
756,219
Grants to
Individuals
2024
£
1,678,591		 Total
funds
2025
£
13,436,151
Total
funds
2024
£
11,795,737

Grants were made to 224 individuals during the year (2024: 241) .

Page 26

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. Analysis of grants (continued)

Grants to Institutions
Against Malaria Foundation
Animal Charity Evaluators
Animal Equality UK
Alignment Research Center
CEEALAR
Charity Entrepreneurship
Crustacean Compassion
Clean Air Task Force
Conjecture Ltd
Effective Altruism Germany
Effective Altruism Netherlands
Effective Ventures Foundation USA, Inc
Equalia
Other Effective Altruism organisations
Evidence Action
Family Empowerment Media
Fish Welfare Initiative
FAR AI
The Humane League UK (THL UK)
Founders Pledge Climate Fund
GiveDirectly
GiveWell
Giving What We Can UK
The Nuclear Threat Initiative
The Good Food Institute
Nutrition International
Helen Keller International
Lead Exposure Elimination Project
Malaria Consortium
Non-Trivial
Resolve to Save Lives
Rethink Priorities
University of Cambridge
University of Oxford
Grants <£100K
Grant making		 2025
£
54,089
41,871
129,392
-
145,174
37,842
-
144,680
-
425,084
394,047
1,750,000
-
899,305
52,133
-
77,726
-
150,676
283,945
125,645
766,594
4,908,020
11,842
32,143
-
48,984
21,866
52,355
305,889
411,302
69,258
-
171,545
1,168,525
12,679,932		 2024
£
142,391
104,718
-
173,196
-
103,139
68,291
697,294
(12,129)
469,513
355,766
-
71,819
765,234
67,545
45,155
18,089
78,717
150,702
568,657
280,941
466,017
-
104,465
93,307
2,052,041
61,616
36,587
1,002,774
-
-
539,871
(41,349)
-
1,652,779
10,117,146

Page 27

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. Analysis of grants (continued)

The Conjecture Ltd negative balance of £12,129 in the year ended 30 June 2024 related to the return of unspent grant funds. The grant was issued to support a workshop, and the unused portion was returned by the grantee.

The University of Cambridge negative balance of £41,349 in the year ended 30 June 2024 related to the return of an overpaid grant. The original grant was issued in GBP instead of the intended USD amount. This was later adjusted through an updated agreement, and the grantee returned the excess funds accordingly.

9. Analysis of expenditure by activities

Centre for Effective Altruism
80,000 Hours
EA Funds & Giving What We Can
Other charitable activities
Total 2025
Centre for Effective Altruism
80,000 Hours
EA Funds & Giving What We Can
Other charitable activities
Total 2024		 Direct costs
2025
£
6,285,278
3,645,558
327,812
814,254
11,072,902
Direct costs
2024
£
6,381,209
4,665,837
894,319
5,348,117
17,289,482		 Grant
funding
2025
£
1,850,213
1,809,047
9,654,875
122,016
13,436,151
Grant
funding
2024
£
1,711,276
47,440
9,544,406
492,616
11,795,738		 Support
costs
2025
£
-
-
-
4,432,009
4,432,009
Support
costs
2024
£
-
-
-
6,199,875
6,199,875		 Total
funds
2025
£
8,135,491
5,454,605
9,982,687
5,368,279
28,941,062
Total
funds
2024
£
8,092,485
4,713,277
10,438,725
12,040,608
35,285,095

Page 28

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

9. Analysis of expenditure by activities (continued)

Analysis of support costs
Contractors
Depreciation and amortisation
Bank charges
Professional fees
Governance costs
Repairs and maintenance
Rent
Salaries
Staff costs
Books, Subscriptions, and References
Office expenses
Foreign exchange loss
Travel
Other costs
Loss on disposal of fixed assets
Interest payable
Auditor's remuneration
Fees payable to the Company's auditor for the audit of the Company's
annual accounts
Financial services
Tax advisory services		 2025
£
41,931
14,475
32,351
513,515
65,869
395,400
530,811
1,528,099
119,368
248,164
504,900
31,133
48,201
77,118
280,674
-
4,432,009
2025
£
33,000
3,600
8,000		 2024
£
118,691
19,947
58,095
1,740,584
48,525
281,696
300,634
2,424,032
302,350
268,708
436,650
14,895
88,607
34,372
-
62,089
6,199,875
2024
£
32,400
3,600
-

10. Auditor's remuneration

Page 29

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
5,688,636
521,626
379,637
6,589,899		 2024
£
8,967,010
943,233
602,803
10,513,046

During the year there were redundancy or termination payments made totalling £Nil (2024: £41,419). No amounts were outstanding at the year end.

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

Charitable activities
Support		 2025
No.
56
12
68		 2024
No.
93
16
109

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

2025 2024
No. No.
In the band £60,001 - £70,000 7 14
In the band £70,001 - £80,000 6 11
In the band £80,001 - £90,000 4 12
In the band £90,001 - £100,000 - 5
In the band £100,001 - £110,000 - 4
In the band £110,001 - £120,000 - 3
In the band £120,001 - £130,000 - 1
In the band £150,001 - £160,000 1 -
In the band £160,001 - £170,000 1 -
In the band £170,001 - £180,000 - 1
In the band > £200,000 1 -

Aggregate employee benefits of key management personnel (inclusive of employers NI and pension) were £390,095 (2024: £459,006) .

Page 30

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024: £Nil) .

During the year ended 30 June 2025, expenses totalling £ 3,008 were reimbursed or paid directly to 2 Trustees (2024: £8,405 to 1 Trustee) for travel and subsistence.

13. Intangible assets

Cost
At 1 July 2024
At 30 June 2025
Amortisation
At 1 July 2024
At 30 June 2025
Net book value
At 30 June 2025
At 30 June 2024		 Domain
names
£
5,451
5,451
5,451
5,451
-
-

Page 31

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. Tangible fixed assets

Cost or valuation
At 1 July 2024
Additions
Disposals
Impairment of asset
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
On disposals
At 30 June 2025
Net book value
At 30 June 2025
At 30 June 2024		 Freehold
property
£
16,536,782
-
(1,490,327)
(8,593,799)
6,452,656
331,454
158,726
(37,524)
452,656
6,000,000
16,205,328		 Office
equipment
£
63,477
-
(5,498)
-
57,979
39,625
13,361
(3,818)
49,168
8,811
23,852		 Leasehold
improvements
£
2,143,686
21,714
(276,381)
-
1,889,019
1,608,702
382,062
(165,491)
1,825,273
63,746
534,984		 Total
£
18,743,945
21,714
(1,772,206)
(8,593,799)
8,399,654
1,979,781
554,149
(206,833)
2,327,097
6,072,557
16,764,164

The Wytham Abbey, included within tangible fixed assets with a net book value of £6m after impairment, has been agreed to be sold for £6m after the year-end.

Page 32

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

15. Debtors

Due after more than one year
Other debtors
Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable		 2025
£
-
1,990,868
398,888
89,474
2,479,230		 2024
£
1,632,179
321,940
2,122,254
853,994
4,930,367

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals
Grants commitments
Reconciliation of grant commitments
Commitments at 1 July
Commitments made in the year
Grants paid during the year
Grants withdrawn during the year
Commitments at 30 June		 2025
£
200,409
136,496
23,543
156,181
183,457
700,086
2025
£
40,317
190,195
(46,099)
(956)
183,457		 2024
£
127,363
202,178
40,014
1,031,316
40,317
1,441,188
2024
£
2,700,484
77,961
(2,733,777)
(4,351)
40,317

Page 33

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
July 2024
£
14,744,964
682,019
27,832,082
43,259,065
Balance at
1 July 2023
£
13,502,913
5,375,485
28,001,941
46,880,339		 Income
£
1,109
4,067,375
8,015,336
12,083,820
Income
£
1,393,113
1,395,938
28,874,768
31,663,819		 Expenditure
£
(8,932,052)
(4,432,483)
(24,170,325)
(37,534,860)
Expenditure
£
(151,062)
(6,072,404)
(29,061,627)
(35,285,093)		 Transfers
in/out
£
259,595
(254,346)
(5,249)
-
Transfers
in/out
£
-
(17,000)
17,000
-		 Balance at
30 June
2025
£
6,073,616
62,565
11,671,844
17,808,025
Balance at
30 June
2024
£
14,744,964
682,019
27,832,082
Summary of funds - prior year
Designated funds
General funds
Restricted funds
43,259,065

Page 34

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

18. Statement of funds

General funds
EV Central
Designated funds
Wytham Abbey
Total Unrestricted funds
Restricted funds
EA Funds Grantmaking
GWWC Grantmaking
Discretionary Grantmaking
80,000 Hours (80K)
Forethought Foundation
Giving What We Can (GWWC)
GPI
GovAI
Harvard Square
Longview Philanthropy
Non-trivial Pursuits
Special Projects
Ringfenced Funds
Bluedot Impact
Kendall Square
CEA
EA Funds Operations
Trajan Visitors
Trajan OAISI
Total Restricted funds
Total of funds		 Balance as
at 1 July
2024
Income
Expenditure
Transfers
Balance as
at 30 June
2025
£
£
£
£
£
682,019
3,813,030
(4,432,484)
-
62,565
14,744,964
255,454
(8,932,051)
5,249
6,073,616
15,426,983
4,068,484
(13,364,535)
5,249
6,136,181
4,873,609
1,668,659
(2,579,974)
-
3,962,294
6,282,264
815,846
(7,033,429)
-
64,681
29,907
(70)
-
-
29,837
6,076,665
(18,010)
(5,064,002)
-
994,653
277,259
256,786
(380,550)
-
153,495
86,761
12,596
(87,368)
-
11,989
760,174
(487,802)
(4,213)
-
268,159
1,127,250
280,608
(1,402,609)
(5,249)
-
8,640
(1,191)
(7,449)
-
-
-
(1,532)
1,532
-
-
681,827
(44,582)
(501,328)
(17,824)
118,093
8,983
17,446
(23,310)
-
3,119
274,451
(274,451)
-
-
-
24,443
-
(24,443)
-
-
9,640
(63)
(9,577)
-
-
6,970,069
6,085,674
(6,891,891)
17,824
6,181,676
40,600
(20,328)
(161,714)
-
(141,442)
299,540
(283,341)
-
-
16,199
-
9,091
-
-
9,091
27,832,082
8,015,336
(24,170,325)
(5,249)
11,671,844
43,259,065
12,083,820
(37,534,860)
-
17,808,025

Page 35

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

18. Statement of funds (continued)

Income within General funds - EV Central includes certain centralised charges against restricted funds which are based on analysed usage of central resources. These charges are reflected within restricted funds as reductions of income.

The restricted funds are described below:

EA Funds Operations - CEA and EA Funds are merging as of 1 July 2025. The current deficit in the EA Funds Operations fund will be covered by CEA in the next financial year.

EA Funds Grantmaking - These Funds aim to be the easiest way for small or early stage projects aiming to do an ambitious amount of good to receive funding. EA Funds 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.

GWWC Grantmaking - These are funds donated to EV through the GWWC donation platform. They are used to make grants to partner charities and organisations recommended by GWWC.

Discretionary Grantmaking - These funds represent donations to EVF that are used to make onward grants at EV's discretion.

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.

Forethought Foundation - The Forethought 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 for support of the Future of Humanity Institute, a multidisciplinary research institute at the University of Oxford with the mission to bring the tools of mathematics, philosophy and social sciences to bear on big-picture questions about humanity and its prospects.

Giving What We Can (GWWC) - GWWC inspires donations to the world’s most effective organisations. GWWC’s FY23 objectives included launching a new donation platform, building out our research capacity and increasing new donors and pledgers. This fund represents the operational costs of the project (as distinct from GWWC Grantmaking funds above).

GPI - Funds held for support of the Global Priorities Institute, an interdisciplinary research centre at the University of Oxford with the mission to conduct foundational research that informs the decisionmaking of individuals and institutions seeking to do as much good as possible. GPI uses the tools of multiple academic disciplines, especially philosophy and economics, to explore the issues at stake.

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.

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

18. Statement of funds (continued)

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 - A project primarily of EV US to provide coworking space for organisations in the Effective Altruism movement. EV UK incurred a small amount of expenditure on this project, which has been funded by grants from EV US.

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.

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.

Bluedot Impact - Bluedot Impact is a fiscally sponsored project of EV UK. It focuses on building online courses that support people to use their careers to solve some of the world’s most pressing problems.

Kendall Square - a project primarily of EV US to provide coworking space for organisations in the Effective Altruism movement. EV UK incurred a small amount of expenditure on this project, which has been funded by grants from EV US.

Trajan Visitors - Income and expenses associated with a grant received to support the programs and operations of Trajan House, a space dedicated to promoting the ideas, research, and giving in effective altruistic causes.

Trajan OAISI fund - A grant to support EVF's work on providing desk space and room bookings for the Oxford AI Safety Initiative at Trajan House, Oxford

Funds transfer:

During the year, a transfer of £279,816 was made from EV Central to cover the annual running costs of the Wytham Abbey.

During the year, a transfer of £5,250 was made from GovAI to cover the annual running costs of the Wytham Abbey.

During the year a transfer of £17,824 was made from Non-trivial Pursuits to CEA, to support the running of an educational conference.

Page 37

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Statement of funds - prior year

General funds
EV Central
Designated funds
Wytham Abbey
Total Unrestricted funds
Restricted funds
EA Funds Grantmaking
GWWC Grantmaking
Discretionary Grantmaking
80,000 Hours (80K)
Forethought Foundation
FHI General
Giving What We Can (GWWC)
GPI
LE Project
The Precipice
Asterisk
GovAI
Harvard Square
Longview
Non-trivial Pursuits
Oxford Accommodation
Special Projects
Wytham Abbey
Ringfenced Funds
Bluedot Impact
Kendall Square
CEA
Funds (General)
Trajan Visitors
Total Restricted funds
Total of funds		 Balance as
at 1 July
2023
Income
£
£
5,375,485
1,395,938
13,502,913
1,393,113		 Expenditure
£
(6,072,404)
(151,062)		 Transfers
Balance as
at 30 June
2024
£
£
(17,000)
682,019
-
14,744,964
18,878,398
2,789,051		 (6,223,466) (17,000)
15,426,983
4,968,348
4,271,251
2,877,022
8,429,642
29,602
85,816
6,138,698
4,341,699
1,024,511
(147,720)
249,403
(178,714)
1,516,022
(822,337)
50,199
932,564
107,022
(107,022)
77,911
(77,911)
(95,118)
95,118
1,231,044
2,515,679
19,334
1,850
738,945
625,019
193,585
1,044,735
(133,627)
161,874
191,157
54,590
1,650,637
(716,887)
240,270
48,931
82,449
481,481
12,518
12,362
6,740,496
7,489,021
91,513
32,445
-
301,282
28,001,941
28,874,768		 (4,617,879)
(4,962,292)
(85,511)
(4,394,494)
(599,532)
(70,689)
(601,678)
(222,589)
-
-
-
(2,446,738)
(12,544)
(1,356,964)
(556,493)
(28,247)
(236,764)
(964,251)
(14,750)
(539,487)
(15,240)
(7,250,385)
(83,358)
(1,742)
(29,061,627)		 251,889
4,873,609
(62,108)
6,282,264
-
29,907
(9,238)
6,076,665
-
277,259
-
-
(5,246)
86,761
-
760,174
-
-
-
-
-
-
(172,735)
1,127,250
-
8,640
(7,000)
-
-
681,827
-
-
-
8,983
30,501
-
-
274,451
-
24,443
-
9,640
(9,063)
6,970,069
-
40,600
-
299,540
17,000
27,832,082
46,880,339
31,663,819		 (35,285,093) -
43,259,065

Page 38

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
6,072,557
Current assets
763,710
Creditors due within one year
(700,086)
Total
6,136,181
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Tangible fixed assets
16,764,164
Debtors due after more than one year
-
Current assets
104,007
Creditors due within one year
(1,441,188)
Total
15,426,983		 Restricted
funds
2025
£
-
11,671,844
-
11,671,844
Restricted
funds
2024
£
-
1,632,179
26,199,903
-
27,832,082		 Total
funds
2025
£
6,072,557
12,435,554
(700,086)
17,808,025
Total
funds
2024
£
16,764,164
1,632,179
26,303,910
(1,441,188)
43,259,065

Page 39

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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

Net (expenditure) for the period (as per Statement of Financial
Adjustments for:
Depreciation charges
Investment income
Decrease in debtors
(Decrease) in creditors
Impairment of fixed assets
Loss on sale of fixed asset
Net cash (used in) by operating activities
21.
Analysis of cash and cash equivalents
Cash at bank and in hand
22.
Analysis of changes in net debt
Cash at bank and in hand		 Activities)
At 1 July
2024
£
23,005,722
23,005,722		 2025
£
(25,451,040)
554,149
(581,380)
2,451,137
(741,102)
8,593,798
280,674
(14,893,764)
2025
£
9,956,324
Cash flows
£
(13,049,398)
(13,049,398)		 2024
£
(3,621,274)
577,087
(967,998)
7,712,518
(10,369,431)
-
-
(6,669,098)
2024
£
23,005,722
At 30 June
2025
£
9,956,324
9,956,324

Page 40

EFFECTIVE VENTURES FOUNDATION (UK)

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

23. Pension commitments

The Charity contributes to personal pension plans of certain employees. At the year end there were outstanding contributions of £15,068 (2024: £39,832) .

24. Operating lease commitments

At 30 June 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2025
£
55,261
-
55,261		 2024
£
940,394
2,531,766
3,472,160

The Charity transferred one of its operating leases during the year, and another post-year-end, which has resulted in the operating lease commitments decreasing significantly.

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2025 2024
£ £
Operating lease rentals 822,778 902,345

Page 41

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

25. Related party transactions

During the year, royalties were earned totalling £14,038 (2024: £50,959) on former Trustee, Will MacAskill's books, "Doing Good Better : How Effective Altruism Can Help You Make A Difference" and "What We Owe The Future". Royalties of £4,377 (2024: £8,998) were received on former Trustee, Toby Ord's book "The Precipice".

As at the year end, the Charity had outstanding balances due from Effective Ventures Foundation USA (EV US) amounting to £19,636 (2024: £16,708) for transactions incurred during the year. Additionally, within the year, the Charity received £1,071,421 in grants from EV US, and sent outgoing grants of £1,750,000 to EV US in support of the Charity’s stated purposes.

One of the charity's current Trustees, Eli Rose, and one former trustee, Claire Zabel (resigned in March 2024), are employed at Open Philanthropy, our largest funder. As a result of that position, Mr Rose and Ms. Zabel have significant influence over some of the funding decisions made by Open Philanthropy in relation to several of the charity's projects. During the year, the Charity received grant income from Open Philanthropy totalling £7,076,993 (2024: £14,393,034) and reimbursements of £Nil ( 2024: £200) . As at the year end, the Charity had a grant income debtor of £Nil (2024: £1,823,031) outstanding from Open Philanthropy.

One of the charity's current Trustees, Patrick Thomas Gruban, was formerly Co-Director of Effective Altruism Germany. The Charity has provided grant funding to support activities of Effective Altruism Germany totaling £425,508 in 2025 (2024: £469,513). Mr Gruban has not been involved in approval or decision making relating to these grants.

Holly Morgan, the partner of a former trustee, was engaged to provide consultancy services and received payment of £2,500 within the year.

Rose Hadshar, the partner of a key manager within the Charity, was engaged to provide consultancy services and later hired as an employee and received payments of £47,020 within the year.

Impact Operations Limited, a company partly owned by a former key management employee, was engaged as a contractor and received payments of £3,312 within the year

Good Impressions, a company owned by a former trustee, was engaged as a contractor and received payments of £5,790 within the year.

There were no other related party transactions.

Page 42