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2024-12-31-accounts

Registered number: 08565148 Charity number: 1162201

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1 -�
Trustees' Report 3 - 13
Independent Auditor's Report on the Financial Statements 14 - 17
Consolidated Statement of Financial Activities 18
Consolidated Balance Sheet 19
Company Balance Sheet 20
Consolidated Statement of Cash Flows 21
Notes to the Financial Statements 22 - 44

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FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees V Bhargava
R I Chapman
L H L Ding
I Morton
A McLoughlin (resigned 20 September 2024)
A McKelvey (appointed 17 January 2024)
E M Platts (appointed 20 May 2024)
A Haug (appointed 20 September 2024)
Company registered
number
08565148
Charity registered
number
1162201
Registered office
Runway East
20 St. Thomas Street
London
SE1 9RS
Chief executive officer
D Goldberg
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
St James' Square
Cheltenham
GL50 3PR
Bankers
JP Morgan Chase
401 California Street
San Francisco
CA 94104
HSBC Innovation Bank Limited
Alphabeta
14-18 Finsbury Square
London
EC2A 1BR
Pictet Group
6th Floor
5 Stratton Street
London
W1J 8LA
Silicon Valley Bank
14-18 Finsbury Square
London
EC2A 1BR

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FOUNDERS PLEDGE LTD (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Legal Advisor Cooley UK LLP 69 Old Broad Street London EC2M 1 QS Legal Advisors Macfarlanes LLP 20 Cursitor Street London EC4A 1LT Legal Advisor Withers Worldwide 20 Old Bailey London EC4M 7AN Legal Advisor Mishcon de Reya LLP Africa House 70 Kingsway London WC2B 6AH Legal Advisor Watson, Farley & Williams 15 Appold St London EC2A 2HB

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Trustees Report

For the year ended 31 December 2024

(for inclusion in the 2024 Consolidated Financial Statement)

The Trustees present their annual report and strategic report, together with the audited financial statements for the year 1 January 2024 to 31 December 2024. This report is intended for Founders Pledge as a group comprising Founders Pledge Ltd, Founders Pledge Inc and Founders Pledge gGmbH, and all references to the “group” are intended to refer to all three entities. Founders Pledge Ltd also wholly owned Founders Pledge Trading Ltd, a dormant company, which was dissolved in April 2024. Separately, Pledge Ventures Ltd is an associate company of Founders Pledge Ltd.

The Trustees confirm that the annual report and financial statements of the group comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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) as amended by the updates.

Administrative Details for Founders Pledge Ltd

Charity Number: 1162201 Company Number: 08565148 Trading Name: Founders Pledge

The Trustees of Founders Pledge Ltd are:

Former Trustees who resigned within the year:

All Trustees can be reached via the principal office address of Founders Pledge Ltd: Runway East, 20 St Thomas Street, London SE1 9RS.

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Strategic Report

Mission, Vision and Model

Founders Pledge’s mission is to empower entrepreneurs to do the most good possible with their charitable giving. Our vision is that the value created by technology benefits those who need it most. We work to achieve this by helping our members become more informed and strategic philanthropists.

Once a member has joined Founders Pledge (FP), we connect with them through a range of tailored engagement opportunities. Guided by our theory of change, each member's journey is unique—there’s no fixed sequence or number of intervention activities they necessarily experience before making grants to charities. However, we believe that meaningful engagement with at least one intervention significantly increases the likelihood that a member will actively support our mission.

Intervention activities include: our Community, Events, and Communications teams engaging members; our Research team identifying the highest-impact funding opportunities (HIFO) within chosen cause areas, which are then shared with members by our Advisory team. In parallel, our Philanthropic Services (PS) and Product teams provide services that make members’ giving convenient, seamless and secure, ensuring due diligence and enhancing member confidence.

Our key output is to move additional money to our recommended HIFO. This reflects counterfactual impact: more money reaches these opportunities as a direct result of our work than would have otherwise. This can happen through direct influence - for example when we recommend a specific HIFO to a member, or when they discover it through our Member App or tailored communications. It can also occur indirectly, such as when a member is inspired to give more overall due to our support in helping them honour and expand their pledge, or when our PS team facilitates their donation in a way that enables greater giving.

There are also secondary outputs that are either a positive byproduct of our work or easy wins that we take because they are still positive even if they are not what we optimise for. These include members giving more to charity in general, giving to non-HIFO non-profits that were comparatively better than the alternatives, learning about impactful giving, our published research, or members supporting a wider culture of charitable giving by signalling their philanthropy to their peers.

Our Achievements

In 2024, our community guided more than $238m (£186m) to the charitable sector, through Founders Pledge’s Donor Advised Funds (DAFs), thematic Funds or other giving channels.

Through our members (including Philanthropy Partners) and the wider public, more than $143m (£112m) was granted to our recommended HIFO. We welcomed 130 new members who pledged a total of $549m (£430m).

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Member Journey

Despite ongoing economic headwinds in 2024 - including continued lower liquidity among many of our members and a still-constrained venture funding environment - we saw strong engagement across many service areas. Members remained active in deploying funds to HIFOs, participating in events and retreats, engaging with our research, and seeking guidance through our advisory services.

Over the year, we significantly deepened engagement with our US-based membership (particularly in San Francisco and New York) through hosting a higher volume of intimate events and collaborating with aligned organisations to connect more effectively with our US audience. These efforts were part of a broader USfocused strategy aimed at growing and reinvigorating our community, and they played a key role in strengthening connections with both existing and prospective members.

We have continued to refine and improve our overall member experience across every stage of their journey in ways that will enable us to scale our offering, such as:

We continue to make efforts to increase diversity within our membership, and we work consciously to diversify attendees of and speakers at our events.

Research & Advisory

Identifying the most effective charities to solve the world’s most pressing problems is a challenging but critical element of our work. During 2024, our researchers continued to identify new HIFO recommendations. We have 96 live recommendations with the ability to absorb productively approximately $2.5 billion in funding. Our advisors continued to support our members in building tailored giving portfolios, informed by the latest charity research. With our values-based approach, our advisors guided members through big questions and helped them articulate the core values that underpinned their giving decisions.

As part of our Philanthropy Partnership programme, we work with ultra-high net worth donors in a collaborative arrangement in which we co-develop research questions in their interest areas, and integrate our evidence-based view of impact to provide the best HIFO recommendations. We also aim to expand these donors’ visions of effective philanthropy. This resulted in more than $89m of grants to charity in 2024, over $85m of which went to HIFO.

Future Plans

We will continue to focus on how we can leverage what matters most to our community and maximise every charitable dollar. In 2030, we want to be able to actively influence $350m to our recommended charities.

In 2025, on the path towards this goal, we plan to drive $129m to HIFO by:

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Fundraising

Generous donations in support of our mission allow us to offer a comprehensive range of services to our members—including bespoke advisory, DAF accounts, global grantmaking, and curated events—while also making our cutting-edge research and pooled philanthropic funds available to everyone. In doing so, we empower both our members and the wider public to engage in simple, effective, and evidence-based giving that truly makes a difference.

Our fundraising strategy centres around securing medium term commitments. Membership of the Foundry (major donors giving >$100k for members or >$250k for non-members) requires a multi-year commitment, and Sustaining Partners (members donating >$5k) is an annual giving programme for a larger pool of donors.

In 2024, we achieved 93% of our stretch fundraising target, which has ensured a solid fundraising foundation for 2025. We are continuing our focus on identifying and cultivating non-member donor prospects, as well as requesting multi-year gift commitments from both existing and new donors, which allow us to plan ahead and create organisational stability.

The group does not perform any fundraising activities which fall under the definitions set out in S162A of the Charities Act 2011.

Principal funding sources

Our principal funding sources are pledge fulfilment (when our members become liquid and choose to put their pledged assets into an FP DAF), member and non-member contributions into our publicly-available thematic Funds, and generous donations to support our operating expenses from our membership base, external foundations, corporations, and individuals alike. Donations from our members supported over 53% of our fundraising income in 2024.

In 2024 we received a major endorsement of our mission with an eight-figure donation, which, at the request of the donor, has been allocated between our thematic Climate Fund (95.2%) and operating expenses (4.8%). This extraordinary vote of confidence has turbocharged our capacity to do good and enabled us to expand our impact.

We were also delighted to receive the first donations from Pledge Ventures. The Trustees are confident that Pledge Ventures’ commitment to donating to Founders Pledge each year will grow into a key funding source over the medium to long term.

Founders Pledge recognises the provisions of the Charities (Protection and Social Investment) Act 2016, and takes a responsible approach to its fundraising, ensuring that pledgers and potential pledgers are treated with respect. FP has not used any commercial fundraising partners or outsourced its fundraising activity. No complaints were received in respect of our fundraising operations.

Financial Review

Total income for the year was £245,809,417 (2023: £111,338,352), of which £243,011,272 (2023: £110,640,883) related to donations. This was due to the success of our Philanthropy Partnerships programme.

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Our main source of income over the period was pledge income from our members and donations from individuals and philanthropists. We are especially grateful for all the contributions received without which we will not be able to fulfil our objectives.

Total expenditure for the year was £156,200,602 (2023: £108,291,142) of which £148,893,990 (2023: £101,073,249) related to grants.

Our total funds at year-end were £128,956,284 (2023: £38,390,785) of which £111,710,305 were restricted (2023: £27,712,845) and £17,245,979 (2023: £10,677,940) were unrestricted.

Going Concern

The Trustees are confident that the financial position of FP remains strong and the organisation will continue to operate as a going concern. Founders Pledge Ltd intends to remain in operation beyond the foreseeable future, supported by an ongoing dialogue with major donors regarding continued and increased funding.

As of 31 December 2024, the group had unrestricted cash reserves of $18m (£13.7m), representing 19 months of expected operations. It also had secured additional committed funding totalling $18.8m (£14.3m), effectively increasing this operating runway to 27 months.

While broader market conditions will continue to impact the timing of pledge fulfilment and donations to operating expenses, Founders Pledge concluded 2024 in a solid financial position with healthy cash reserves. The organisation anticipates sustained cash reserves throughout 2025 and beyond. Nevertheless, the cash position is monitored by management on a monthly basis and timely action will be taken if there are indications of reduced reserve levels.

Accordingly, the Trustees confirm their assessment that Founders Pledge is a going concern, and that there is no material uncertainty in this regard. The financial statements have therefore been prepared on that basis.

Investment Policy

We focus our investment approach on aligning financial sustainability of the organisation with the evolving needs of our members. Our portfolio encompasses a mix of assets designed to support both operational needs and philanthropic objectives.

The Trustees continue to adopt a disciplined, long-term approach to risk, accepting appropriate levels of risk, including but not limited to, inflation, commercial investment risk, currency risk and market risk, reflecting the global and multi-year nature of our grantmaking. We are comfortable with capital value volatility and currency exposure in line with our international distribution objectives and long-term funding commitments. As in prior years, we tolerate short- and medium-term volatility in capital value in pursuit of long-term gains to support charitable outcomes. Investment decisions involving non-traditional or speculative assets are considered on a case-by-case basis by the Trustees but all investments are intended to generate long-term capital gains to be distributed for charitable purposes.

As a matter of policy, FP does not actively manage funds in-house. All funds, other than short-term cash holdings, are placed with or through vetted, reputable investment management professionals. In 2024, we continued our partnership with UBS as a key investment partner. Preferential terms will continue to apply should FP’s assets under management with UBS exceed $100m by Q2 2025. As of December 2024, we have reached 81% of this target, and the Trustees remain confident that UBS will continue to deliver institutional-grade service and pricing.

We consider a range of investment options for DAF assets in line with the diverse nature of donor needs and preferences. We seek to offer options that cover a mix of exchange tradable equity funds and fixed income products that accommodate different investment time horizons, spending rates and risk tolerances within our

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broader investment approach. In addition to our partnership with UBS, in response to member demand, we operate some externally-managed DAFs whereby members with at least $2m in US/£1.5m in UK in DAF assets may make a non-binding recommendation that FP engage a registered investment advisor (RIA) of their choice to manage their DAF assets.

Reserves Policy

We maintained reserves above our agreed minimum of 12 months[1] throughout 2024. As noted above, at 31 December 2024, unrestricted cash reserves amounted to $18m (£14m) which represents 19 months of expected operations, some 7 months above our minimum level. We have a forecasted runway of 27[2] months. Both these metrics are in line with our position at the start of the year. We believe that these targets continue to be both important to track for our financial health.

For 2025 we have increased our minimum reserve runway to 15 months to provide assurance during continued difficult economic conditions.

In line with the Charity Commission’s definition, our free reserves stood at $22m (£17m) which equates to our unrestricted funds excluding fixed assets.

Grant-Making Policy

The Philanthropic Services team recommends grants for approval either to the Trustees or to those with delegated authority to approve on their behalf. The team conducts due diligence on the potential recipient and as part of the approval process it is ensured that any grants made are aligned with FP’s Charitable Purposes.

Stakeholder Considerations

Section 172 of the Companies Act 2006 requires the directors (Trustees) to act in the way they consider, in good faith, would be most likely to promote the success of the charity to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to:

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Future Performance & Risks

We take a data-led and quantitative approach to risk management. Our aim is to ensure we are allocating resources as effectively as possible to manage and mitigate risks.

Factors likely to affect future financial performance

Overall, Founders Pledge mainly relies on both grant and individual funding to support its operations. The performance of the organisation, however, is measured both in how much money we can secure in committed pledge funds, as well as how many grants we make to end charities.

The main factors in securing pledge commitments are: trust in Founders Pledge by the public and potential members; our members’ ability to benefit from tax relief; the professionalism with which we can maintain our relationships with our members; and, the ability of the team to meet with founders and entrepreneurs at our own events as well as external events. The main factors in maintaining donor support for our operations are: the effectiveness of the grants we make, our ability to report that the donors’ money isn’t better spent elsewhere, and our ability to influence the money our members donate for grants.

Principal Risks and Uncertainties

The Trustees have established a risk management policy for the Founders Pledge group. It sets out what we do to manage risk, and who is accountable and responsible for risk management. The Trustees have overall accountability for risk management and they delegate responsibility to management for managing risk dayto-day. The Trustees have also appointed an Audit and Risk Committee which supports the Trustees in exercising their duties by advising on the effectiveness of management action in response to risk.

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Risk is reported on for the group as a whole, with any entity specific risks identified as appropriate. The Trustees review risk and receive reports from the Audit and Risk Committee at every meeting.

The Trustees have considered the principal risks and uncertainties of the group and identified the following as significant risks for attention:

Risks & Uncertainties How FP is managing the risk
Funding Stability and Donor Dependency
FP relies on non-members for around half (47% in
2024) of operating expense income, and a majority
of HIFO funds come from a small number of
donors. A sudden withdrawal or reduction of their
support, possibly due to economic downturns,
strategic realignment, or dissatisfaction with FP's
outcomes, could severely impact operational
funding and the availability to fund HIFO. This
scenario would jeopardise ongoing projects and the
organisation's ability to meet its strategic goals.		 To mitigate this risk, we are continuously seeking to
grow and diversify our funding from new and
existing members and donors, as well as corporate
partnerships, and grants from charities and
foundations. We secure multi-year donation
commitments wherever possible, and we also
carefully monitor our reserves and runway.
Data Security and Compliance
In an era of increasing digital threats, the risk of
data breaches poses a significant risk, particularly
with the potential loss of sensitive member
information. Non-compliance with stringent data
protection regulations in different operational
regions (UK, USA, Germany) could also lead to
legal actions, substantial fines, and reputational
damage, undermining trust among stakeholders.		 We have and will continue to strengthen our data
security infrastructure by implementing state-of-the-
art cybersecurity measures, including encrypted
data storage, multi-factor authentication, and
regular vulnerability assessments. Comprehensive
training is provided to all employees to ensure
understanding and compliance with global data
protection laws.
Bank and Economic Instability
Founders Pledge faces exposure to global
economic fluctuations and banking instability.
Economic downturns or crises, such as a
recession, could lead to reduced donor
contributions and affect member liquidity and
pledge value.		 While we can neither fully predict nor influence
global events. In 2024, we welcomed a new CFO to
the organisation and implemented new treasury
management.
Regulatory and Legal Compliance
As we operate across multiple jurisdictions, we face
the risk of non-compliance with complex regulations
and laws. This could lead to penalties, fines, or the
loss of FP’s tax-exempt status. These issues could
also lead to delays in grant disbursements and
potentially hinder the organisation's ability to
operate effectively in those regions.		 We have detailed processes, including robust
grantee due diligence, to mitigate the risk of
breaching laws or regulations in our grantmaking.
We also have ‘Know Your Donor’ processes to
ensure we know the source of the money we
receive. We will continue to work closely with
external legal advisors to ensure adherence to all
applicable laws and regulations.

This strategic report was approved by the Trustees in their capacity as company directors on 18 September 2025 and signed on their behalf by Vikrant Bhargava, Chair of Trustees.

Vikrant Bhargava

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Trustees Report

Structure, Governance and Management

Founders Pledge Ltd has two wholly owned subsidiaries, each of which have their own governance structures:

Founders Pledge Trading Ltd was a dormant company owned by Founders Pledge Ltd. It was dissolved on 2 April 2024.

As Founders Pledge Ltd has overall control, these are consolidated on a line by line basis.

Founders Pledge Ltd also has an investment in an associate, Pledge Ventures Limited. Founders Pledge Ltd holds a 45% equity investment and its share of the profits are recognised in the financial statements.

Governing Document

Founders Pledge Ltd is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new Trustees

Founders Pledge recognises that an effective Board of Trustees is essential if the charity is to be effective in achieving its objects. The Board must seek to be representative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. Individual Trustees must have sufficient knowledge, both of trusteeship in general and of the charity's activities, to enable them to carry out their role and to represent the charity at meetings and other events.

Individuals who appear suitable candidates will be invited to attend individual meetings with existing Trustees and will receive further information regarding the role of being a Trustee. If, following this meeting, at least two Trustees wish to proceed the candidate will need to be approved by a two-thirds vote of existing Trustees. New Board members are inducted via sharing a data-pack of relevant reading materials, after which a series of meetings are scheduled with relevant employees for briefing and Q&A.

Decision-Making

The Trustees focus on strategy, performance and assurance, and delegate operational matters to the CEO and staff of Founders Pledge. Specific Trustee delegations are set out in the Founders Pledge Signing Matrix. Trustees approve budgets, policies, and remuneration proposals for the CEO. All grants are approved by the Trustees or by senior staff according to the Founders Pledge Due Diligence and GrantMaking Policy. The Founders Pledge Signing Matrix and the Financial Approvals Matrix outline where Trustees delegate approvals and signatory authority to staff members and at which thresholds. Staff proactively bring any decisions which are high risk or novel to the Trustees for their oversight, and the Trustees regularly review the Founders Pledge risk register and make recommendations. The Audit and Risk Committee also make recommendations to the Trustees to inform their decision making.

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Pay policy for key management personnel

The Trustees consider and assess pay levels for all staff taking into account market conditions as well as individual roles and responsibilities. The pay of senior personnel is reviewed annually by the Trustees to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

Objectives and Activities

Objectives and aims for the public benefit

The objects of the Charity are:

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant-making policy for the year.

The Charity carries out these objects through its charitable activities by:

As at 31 December 2024, our members have committed nearly $11 billion to the charitable sector by signing a Founders Pledge pledge.

Statement of Trustees Responsibilities

The Trustees (who are also directors of Founders Pledge Ltd for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and UK Generally Accepted Accounting Practice (UK Accounting Standards).

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

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and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s articles of association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditors

The Trustees reappointed Crowe U.K. LLP as their auditors for this accounting period. Insofar as each of the Trustees of the charity at the date of approval of this report is aware, there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charity’s auditor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the group’s auditor is aware of that information.

Crowe U.K. LLP have expressed a willingness to be reappointed as auditors, in accordance with section 487 of the Companies Act 2006.

This report was approved by the Trustees in their capacity as company directors on 18 September 2025 and signed on their behalf by Vikrant Bhargava, Chair of Trustees.

Vikrant Bhargava

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(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNDERS PLEDGE LTD

Opinion

We have audited the financial statements of Founders Pledge Ltd ('the Charitable Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

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FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNDERS PLEDGE LTD (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 Strategic Report or the Directors' Report included within the Trustees' Report.

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

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(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNDERS PLEDGE LTD (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 12, 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 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 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 together with the Charities SORP (FRS 102) 2019 and the Internal Revenue Service for compliance with the local tax regulations in the United States of America. 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 and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charitable Company and the Group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), 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 timing of recognition of fundraising income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing of fundraising income, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Page 16 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FOUNDERS PLEDGE LTD (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 the Charitable Company's 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: 25 September 2025

Page 17 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations
4
Other trading activities
5
Investments
6
Share of associate net income
18
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income before net gains/(losses)
on investments
Net (losses)/gains on investments
14
Net income
Transfers between funds
18
Foreign exchange gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
7,003,009
322,178
956,901
-
8,282,088
629
7,305,983
7,306,612
975,476
141,988
1,117,464
5,324,874
125,701
6,568,039
10,677,940
6,568,039
17,245,979		 Restricted
funds
2024
£
236,008,263
-
1,519,066
-
237,527,329
-
148,893,990
148,893,990
88,633,339
(326,506)
88,306,833
(5,324,874)
1,015,501
83,997,460
27,712,845
83,997,460
111,710,305		 Total
funds
2024
£
243,011,272
322,178
2,475,967
-
245,809,417
629
156,199,973
156,200,602
89,608,815
(184,518)
89,424,297
-
1,141,202
90,565,499
38,390,785
90,565,499
128,956,284		 Total
funds
2023
£
110,640,883
241,330
448,225
7,914
111,338,352
94,325
108,196,817
108,291,142
3,047,210
799,739
3,846,949
-
(337,605)
3,509,344
34,881,441
3,509,344
38,390,785

The notes on pages 22 to 44 form part of these financial statements.

Page 18

Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 08565148

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 758,769
78,289,091
79,047,860
(2,815,579)		 2024
£
32,064
52,691,939
52,724,003
76,232,281
128,956,284
111,710,305
17,245,979
128,956,284		 2,592,846
33,724,501
36,317,347
(487,010)		 2023
£
42,699
2,517,749
2,560,448
35,830,337
38,390,785
27,712,845
10,677,940
38,390,785

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:

V Bhargava

Chair of Trustees Date: 18 / 09 / 2025

The notes on pages 22 to 44 form part of these financial statements.

Page 19 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 08565148

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 1,540,022
32,636,194
34,176,216
(2,378,458)		 2024
£
19,932
2,056,850
2,076,782
31,797,758
33,874,540
22,455,504
11,419,036
33,874,540		 3,108,041
27,984,824
31,092,865
(238,523)		 2023
£
22,825
1,734,812
1,757,637
30,854,342
32,611,979
26,167,453
6,444,526
32,611,979

The Company's net movement in funds for the year was £ 1,262,561 (2023 - £6,288,364) .

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:

V Bhargava

Chair of Trustees Date: 18 / 09 / 2025

The notes on pages 22 to 44 form part of these financial statements.

Page 20 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of equity investments
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
21		 2024
£
92,451,473
2,475,967
-
(12,056)
(50,350,794)
(47,886,883)
44,564,590
33,724,501
78,289,091		 2023
£
70,995
1,006,085
(45)
(46,495)
(1,054,875)
(95,330)
(24,335)
33,748,836
33,724,501

The notes on pages 22 to 44 form part of these financial statements

Page 21 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

Founders Pledge Ltd is a charitable company, limited by guarantee, domiciled in England and Wales, company registration number 08565148 and charity registered number 1162201. The registered office is Runway East, 20 St Thomas Street, London, SE1 9RS.

The members of the Company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Founders Pledge Ltd meets the definition of a public benefit entity under FRS 102.

The financial statements consolidate the accounts of Founders Pledge Ltd and its subsidiary undertakings. The subsidiary charities, Founder Pledge Inc. and Founders Pledge GmbH have been included in the consolidation as Founders Pledge Ltd is deemed to have control as they are able to appoint the Trustees of the charities. The results of the subsidiaries have been consolidated on a line by line basis.

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own income and expenditure account.

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(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.2 Going concern

The Trustees are confident that the financial position of FP remains strong and the organisation will continue to operate as a going concern. Founders Pledge Ltd intends to remain in operation beyond the foreseeable future, supported by an ongoing dialogue with major donors regarding continued and increased funding.

As of 31 December 2024, the group had unrestricted cash reserves of $18m (£13.7m), representing a cash runway of approximately 19 months. It also had secured additional committed funding totalling $18.8m (£14.3m), effectively increasing the operating runway to 27 months.

While broader market conditions will continue to impact the timing of pledge fulfilment and donations to operating expenses, Founders Pledge concluded 2024 in a solid financial position with healthy cash reserves. The organisation anticipates sustained cash reserves throughout 2025 and beyond. Nevertheless, the cash position is monitored by management on a monthly basis and timely action will be taken if there are indications of reduced reserve levels.

Accordingly, the Trustees confirm their assessment that Founders Pledge is a going concern, and that there is no material uncertainty in this regard. The financial statements have therefore been prepared on that basis.

2.3 Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 23 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure

All expenditure is accounted for on an accruals basis and includes irrecoverable VAT where applicable. 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.

Costs of raising funds relates to activities that are intended to generate income.

Expenditure on charitable activities is allocated to the relevant charitable activities on a basis consistent with resources used against the strategic plan.

Governance costs relate to the governance of the Group apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.5 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.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

2.6 Taxation

As a Charity the Group is exempt from UK corporation tax to the extent that its income is applied to its charitable objects.

Founders Pledge Ltd is a VAT registered charity and therefore required to comply with VAT law. Quarterly VAT returns are submitted in arrears to HMRC.

2.7 Tangible fixed assets and depreciation

All items with a value over £2,000 are reviewed to identify if they are of a capital nature. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Page 24

Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their residual value on a straight line basis over their estimated useful lives.

Depreciation is provided on the following basis:

Office equipment - 25% Computer equipment - 33%

Where any assets are impaired in value, provisions are made to reduce the book value on such assets to the recoverable amount.

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Founders Pledge Ltd holds a 45% shareholding in Pledge Ventures Ltd and has been accounted for as an associate. Investments in associates are stated at the amount of the Group's share of net assets. The Consolidated Statement of Financial Activities includes the Group's share of the associated companies' net income or expenditure using the equity accounting basis.

Investments held as fixed assets are shown at cost less provision for impairment.

2.9 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 25

Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.10 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.11 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 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.

Restricted funds are donor 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.

Patient Philanthropy Fund (PPF) was set up during 2021. This is not a seperate legal entity and is included within the charity's own results. This is a restricted fund and is treated as a special trust.

Page 26 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 Group 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.

Critical areas of judgement:

In applying the Group's policy for income recognition the Trustees are required to consider the Group's entitlement to the receipt of the income based on the terms of the 'pledge'. The applied accounting treatment is that of receipts, given the uncertainty of whether the funds would be received through Founders Pledge or whether the ‘pledge’ funds would be directed through a private foundation or other Charity.

4. Income from donations

Unrestricted
funds
2024
£
Donations
7,003,009
Total 2023
5,244,745		 Restricted
funds
2024
£
236,008,263
105,396,138		 Total
funds
2024
£
243,011,272
110,640,883		 Total
funds
2023
£
110,640,883

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2024
£
Fundraising event
322,178
Total 2023
241,330		 Total
funds
2024
£
322,178
241,330		 Total
funds
2023
£
241,330

Page 27

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FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6.
Investment income
Unrestricted
funds
2024
£
Bank interest
956,901
Total 2023
62,056		 Restricted
funds
2024
£
1,519,066
386,169		 Total
funds
2024
£
2,475,967
448,225		 Total
funds
2023
£
448,225

7. Expenditure on raising funds Costs of raising voluntary income

Unrestricted
funds
2024
£
Website
629
Total 2023
94,325		 Total
funds
2024
£
629
94,325		 Total
funds
2023
£
94,325

Page 28 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Charitable activities
7,305,983
Total 2023
6,634,714		 Restricted
funds
2024
£
148,893,990
101,562,103		 Total
2024
£
156,199,973
108,196,817		 Total
2023
£
108,196,817

9. Analysis of expenditure by activities

Charitable activities
Total 2023		 Activities
undertaken
directly
2024
£
232,067
234,287		 Grant
funding of
activities
2024
£
148,893,990
101,073,249		 Support
costs
2024
£
7,073,916
6,889,281		 Total
funds
2024
£
156,199,973
108,196,817		 Total
funds
2023
£
108,196,817

Page 29 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Events costs
Freelance fees
IT costs
Staff training
Recruitment
Other staff costs
Support travel costs
Foreign exchange loss/(gain)
Audit and accountancy
Bank charges
Telephone and internet
Legal expenses
General office expenses
Property rent and other costs
Other costs
Governance costs		 Direct
activities
2024
£
5,280,090
22,691
146,463
95,902
191,327
10,930
2,273
457,719
115,811
48,294
24,322
80,118
3,367
134,914
56,702
219,203
139,778
44,012
7,073,916		 Total
funds
2024
£
5,280,090
22,691
146,463
95,902
191,327
10,930
2,273
457,719
115,811
48,294
24,322
80,118
3,367
134,914
56,702
219,203
139,778
44,012
7,073,916		 Total
funds
2023
£
4,838,299
26,955
116,856
31,768
224,419
22,286
7,944
343,814
81,406
599,679
19,878
46,867
2,597
116,153
52,005
207,327
122,209
28,819
6,889,281

An amendment has been made to cost allocations within Direct costs and Support costs within 2024. As a result of this, the allocation of costs in 2023 has been revised to remain consistent with 2024. The total expenditure in 2023 remains unchanged.

Page 30 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Analysis of grants

Grants
Total 2023		 Grants to
Institutions
2024
£
148,893,990
101,073,249		 Total
funds
2024
£
148,893,990
101,073,249		 Total
funds
2023
£
101,073,249

Name of institution

The Group has made the following material grants to institutions during the year:

2024 2023
£ £
Convergent Research 11,143,544 793,563
Deploy/US 8,928,910 1,090,892
Imagine Worldwide - Building Education Foundations Malawi 7,594,472 3,514,715
Teaching at the Right Level (TaRL) Africa 6,200,000 8,108,089
Global Talent Network Foundation 5,713,830 -
Lead Exposure Elimination Project (LEEP) - 5,177,723
MIT Foundation (UK) Limited 5,066,814 1,945,000
Open Philanthropy Advisors Inc 5,000,000 -
EIDU 4,466,942 1,300,000
RestoringVision 4,412,821 -
OCCRP (Journalism Development Network) - 4,145,763
Sightsavers 4,000,000 2,539,328
Global Talent Lab 3,953,610 -
Bandhan - Targeting the Hardcore Poor Programme (THP) 3,875,385 -
Helen Keller International (HKI) 3,539,307 3,317,307
Schmidt Sciences LLC 3,512,694 -
Evidence Action Inc. 3,457,500 4,205,337
University of Chicago Foundation Limited 3,400,000 -
Charity Entrepreneurship - 3,280,210
The RAND Corporation 3,191,700 -
Tsinghua Education Foundation North America Inc. - 3,166,703
Center for Global Development 3,000,000 -
London School of Hygiene & Tropical Medicine 2,950,000 -
Educate 2,626,696 -

Page 31

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FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Nuclear Threat Initiative (NTI) - 2,590,040
Clean Air Task Force (CATF) - 2,493,467
Project Numina 2,485,500 -
Resolve to Save Lives 2,400,000 1,950,210
Center for Applied Rationality (CFAR) - 2,396,221
GiveWell - 2,368,890
Alignment Research Centre - 2,301,470
Cooperative AI Foundation - 2,245,869
Carnegie Endowment For International Peace 2,079,090 -
Ubongo - 2,005,240
Dimagi CommCare Connect 2,000,000 -
University of Washington Foundation 1,977,750 -
Allfed Institute - 1,977,319
Ukraine TrustChain 1,854,920 4,873,023
XPRIZE for Global Learning Recovery and Acceleration - 1,684,402
Energy for Growth Hub - 1,647,781
Language and Learning Foundation - 1,604,195
Middle East Media Research Institute (MEMRI) 1,590,100 -
Manifold for Charity (AKA Manifold Markets) - 1,547,196
Centre for Long-Term Resilience / Alpenglow 1,456,780 -
FAR AI Inc - 1,430,003
We Help Ukrainians - 1,400,000
WePlanet 1,377,720 -
Massachusetts Institute Of Tech - 1,371,531
Effective Ventures Foundation USA - 1,367,666
SecureBio - 1,352,960
Players Philanthropy Fund - 1,312,810
SilverLining 1,306,666 -
Project InnerSpace 1,300,000 1,500,000
Strong Towns - 1,292,859
Carnegie Mellon University - 1,246,733
Cornell University Foundation UK 1,185,086 -
Meridian Prime - 1,246,733
Kaivalya Education Foundation - 1,211,165
University Health Network 1,150,000 -
The University of Oxford 1,142,978 -
Center for Artificial Intelligence Safety, Inc. - 1,133,281
Berkeley Existential Risk Initiative - 1,098,372
Center on Long-Term Risk - 1,064,382
Quantified Carbon Ltd 1,000,000 -
Friends of IHES - 1,000,000

Page 32

Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

EvE Bio (Convergent Research)
GiveDirectly (GD)
Suvita
Digital Harbor Foundation
Center for Artificial Intelligence Safety, Inc.
1Day Sooner
TerraPraxis
Combat Hate Foundation
Open Collective Foundation
Zaka North Inc
Redwood Research
Crucible Leadership Academy of Lusaka
Colorado State University
Grants less than £645,000
11.
Auditor's remuneration
Fees payable for the audit of the consolidated group accounts
Fees payable to the group's auditor in respect of:
Audit of the US subsidiary
All non-audit services not included above		 -
978,109
-
913,855
859,593
820,000
788,706
788,300
-
757,800
-
737,500
665,248
21,244,064
148,893,990
2024
£
21,000
14,087
4,486		 988,984
-
920,314
-
-
-
-
-
785,416
802,096
745,547
-
-
3,908,365
101,449,170
2023
£
20,000
13,195
3,663

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
4,688,333
461,037
130,720
5,280,090		 Group
2023
£
4,297,937
436,668
103,694
4,838,299		 Company
2024
£
2,651,643
285,351
78,332
3,015,326		 Company
2023
£
2,381,800
272,414
61,709
2,715,923

Page 33

Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Staff costs (continued)

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

Employees
Directors		 Group
2024
No.
55
9
64		 Group
2023
No.
50
11
61

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 13 8
In the band £70,001 - £80,000 7 6
In the band £80,001 - £90,000 5 3
In the band £90,001 - £100,000 6 9
In the band £100,001 - £110,000 2 1
In the band £110,001 - £120,000 2 3
In the band £140,001 - £150,000 1 1
In the band £160,001 - £170,000 - 1
In the band £240,001 - £250,000 1 -

Total remuneration in respect of key management personnel was £1,456,145 (2023: £1,755,305).

During the year ended 31 December 2024, no Trustee received remuneration (2023: £nil) and no Trustee expenses have been incurred (2023: £nil) .

Page 34 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets

Group

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
494
-
494
494
-
494
-
-		 Computer
equipment
£
146,283
12,056
158,339
103,584
22,691
126,275
32,064
42,699		 Total
£
146,777
12,056
158,833
104,078
22,691
126,769
32,064
42,699

Page 35 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets (continued)

Company

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
equipment
£
494
-
494
494
-
494
-
-		 Computer
equipment
£
103,860
11,732
115,592
81,035
14,625
95,660
19,932
22,825		 Total
£
104,354
11,732
116,086
81,529
14,625
96,154
19,932
22,825

Page 36 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Fixed asset investments

Group
Valuation
At 1 January 2024
Additions
Revaluations
At 31 December 2024
Company
Valuation
At 1 January 2024
Additions
Revaluations
At 31 December 2024		 Listed
investments
£
2,509,790
44,432,607
(176,604)
46,765,793		 Unlisted
investments
£
-
5,918,187
-
5,918,187
Listed
investments
£
1,734,767
29,716
292,322
2,056,805		 Equity
investments
£
7,959
-
-
7,959
Equity
investments
£
45
-
-
45		 Total
£
2,517,749
50,350,794
(176,604)
52,691,939
Total
£
1,734,812
29,716
292,322
2,056,850

Founders Pledge Ltd holds a 45% equity investment in Pledge Ventures Limited. The investment is accounted for using the equity method in the group.

Futhermore, equity investments includes amounts held in liquid holdings.

15. Debtors

Amounts owed by subsidiaries
Other debtors
Prepayments and accrued income		 Group
2024
£
-
24,070
734,699
758,769		 Group
2023
£
-
66,376
2,526,470
2,592,846		 Company
2024
£
804,267
17,760
717,995
1,540,022		 Company
2023
£
560,197
57,999
2,489,845
3,108,041

Page 37 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to subsidiaries
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2024
£
1,295
-
94,363
69,419
2,650,502
2,815,579
Group
2024
£
223,882
450,206
(223,882)
450,206		 Group
2023
£
5,052
-
100,293
68,708
312,957
487,010
Group
2023
£
314,320
223,882
(314,320)
223,882		 Company
2024
£
-
-
94,363
16,518
2,267,577
2,378,458
Company
2024
£
47,144
87,285
(47,144)
87,285		 Company
2023
£
5,887
21,178
100,293
20,482
90,683
238,523
Company
2023
£
128,339
47,144
(128,339)
47,144

Deferred income relates to a consultancy contract.

17. Financial instruments

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 52,691,939 1,734,767 2,056,805 1,734,767

Financial assets measured at fair value through income and expenditure comprise listed investments.

Page 38 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Restricted
funds
Pledge
fulfilment fund
Total of funds		 Balance at 1
January
2024
£
10,677,940
27,712,845
38,390,785		 Income
£
8,282,088
237,527,329
245,809,417		 Expenditure
£
(7,306,612)
(148,893,990)
(156,200,602)		 Transfers
in/(out)
£
5,324,874
(5,324,874)
-		 Gains/
(Losses)
£
267,689
688,995
956,684		 Balance at
31
December
2024
£
17,245,979
111,710,305
128,956,284

Restricted funds

Pledge fulfilment fund represents pledges received from members where due diligence on a potential recipient has not been completed.

The Patient Philanthropy Fund (PPF)

The Fund was launched as a special trust within Founders Pledge Ltd in October 2021. The PPF is an FP-incubated grant-making vehicle which invests to give for maximum long-term impact.

The PPF takes a patient approach to philanthropy: it invests contributions until the time is optimal for it to make large grants aimed at improving the long-term future. This means that - in addition to identifying the highest-impact giving opportunities at any particular point in time - it aims to identify the point in time when the highest-impact opportunities are available, which may be years, decades, or even centuries ahead.

In accordance with its long-term strategy and purpose (and Charity Commission guidance). Founders Pledge Ltd is the sole trustee of the PPF. It has appointed and devolved all management responsibilities to a Management Committee (MC) consisting of purpose-aligned experts on timing of giving.

Transfers between funds reflect the realignment of restricted fund balances and reconciled to DAF balances held.

Page 39 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

FOUNDERS PLEDGE LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds -
all funds
Share of net
income from
associates
Total
Restricted
funds
Pledge fulfilment
fund
Total of funds		 Balance at
1 January
2023
£
10,588,342
24,293,099
34,881,441		 Income
£
Expenditure
£
5,548,131
(6,729,039)
7,914
5,556,045
105,782,307
(101,562,103)
111,330,438
(108,291,142)		 Transfers
in/out
£
1,683,217
(1,683,217)
-		 Gains/
(Losses)
£
(420,625)
882,759
462,134		 Balance at
31
December
2023
£
10,670,026
7,914
10,677,940
27,712,845
38,390,785

Page 40 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
32,064
Fixed asset investments
4,331,170
Trade investments
45
Current assets
13,237,218
Creditors due within one year
(354,518)
Total
17,245,979
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
42,699
Fixed asset investments
7,914
Trade investments
45
Current assets
10,937,554
Creditors due within one year
(310,272)
Total
10,677,940		 Restricted
funds
2024
£
-
48,352,810
7,914
65,810,642
(2,461,061)
111,710,305
Restricted
funds
2023
£
-
2,509,790
-
25,379,793
(176,738)
27,712,845		 Total
funds
2024
£
32,064
52,683,980
7,959
79,047,860
(2,815,579)
128,956,284
Total
funds
2023
£
42,699
2,517,704
45
36,317,347
(487,010)
38,390,785

Page 41 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0

(A Company Limited by Guarantee)

FOUNDERS PLEDGE LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Share of income in associate
Loss/(gain) on investments
Dividends and interest from investments
Decrease/(increase) in debtors
Increase in creditors
Foreign exchange losses/(gain)
Net cash provided by operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
22.
Analysis of changes in net debt
At 1
January
2024
£
Cash at bank and in hand
33,724,501
33,724,501		 Group
2024
£
89,424,297
22,691
-
184,518
(2,475,967)
1,834,077
2,320,655
1,141,202
92,451,473
Group
2024
£
78,289,091
78,289,091
Cash flows
£
44,564,590
44,564,590		 Group
2023
£
3,846,949
26,955
(7,914)
(209,567)
(1,006,085)
(2,681,881)
440,143
(337,605)
70,995
Group
2023
£
33,724,501
33,724,501
At 31
December
2024
£
78,289,091
78,289,091

Page 42 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0