**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**
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## **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|
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## **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||
Page 1
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## **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
Page � Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## 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:
- Vikrant Bhargava (Chair)
- Robert Chapman
- Luke Ding
- Isobel Morton
- Anna McKelvey (appointed January 2024)
- Erin Platts (appointed May 2024)
- Andreas Haug (appointed September 2024)
Former Trustees who resigned within the year:
- Andrew McLoughlin (resigned in September 2024)
All Trustees can be reached via the principal office address of Founders Pledge Ltd: Runway East, 20 St Thomas Street, London SE1 9RS.
Page 3
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## 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).
Page 4
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## 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:
- Increased the size of our Growth team from 2 to 5 to enable greater reach for new members across a wider segment of the founder lifecycle;
- Deepened our focus on trust- and relationship-building as foundational elements of the member journey leading to greater HIFO giving through more targeted Community Management and Advisory practices;
- Improved features on our member app, including the launch of standardised DAF statements, multiadvisor app access, a more streamlined grantmaking and pledge user flow, and experimented with nudges to increase giving levels;
- Launching the ability for our US DAF-holders to contribute private shares, a significant enhancement given the unique cash-poor, share-rich position of many of our later stage members; and
- Introduced a new due diligence tool, allowing our PS team to support our members grantmaking more efficiently.
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:
- Fostering an engaged community, who trust FP
- Diversifying our Philanthropy Partnerships through a more flexible offering
- Consciously growing non-member HIFO donation channels
Page 5
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
- Investing and preparing for future HIFO
- Creating an environment where FP staff can perform at their best
## 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.
Page 6
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
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
Page 7
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
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:
- **`The likely consequence of any decision in the long term`** Our mission, vision and model, as set out above, have been carefully considered and selected as a long term strategy to meaningfully address some of the world’s most pressing problems. The Board routinely reviews external factors that could have an impact on the success of the charity, and ensures that we have a suitable strategy in place to continue to be able to deliver on our charitable objectives in the long term.
- **`The interests of the company’s employees`**
- The employees of the charity are critical to the success of our mission, and as such the Board gives ongoing consideration to ways in which we can ensure that employees are adequately supported in their roles. The People function prioritised the introduction of initiatives aimed to promote and encourage high performance, including a revised Performance Approach, and introduction of an employee recognition programme, and revision of our Compensation Philosophy. System optimisation and process improvement priorities led to the introduction of a new Applicant Tracking System that improved the effectiveness and diversity of our hiring practices.
> 1 ��������������������������������������������������������������������������������������������������������� ������������������������������������������ �������������������!��
2 Forecast r����������������������������������������������������������������������������������"��������� ��������������������������#$%!��������������������������� ��������������������
Page 8
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
- **`The need to foster the company’s business relationships with suppliers, members and other contacts`**
- Relationships with our suppliers, members and ecosystem contacts are paramount to the success of the charity. A single point of contact is assigned to each FP contact so that we can ensure a seamless and efficient experience for those who the charity works alongside. Any concerns are appropriately escalated and swiftly addressed, and we continuously receive overwhelmingly positive feedback from those members of the community with whom we have been actively engaged.
- **`The impact of the company’s operations on the community and the environment`** Founders Pledge recognises our responsibility to sustainability, and the impact of the charity's operations. A key focus since 2021 has been the growth of the Founders Pledge Climate Fund, which seeks to save lives that would otherwise be lost to air pollution, reduce energy poverty, and protect the planet for current and future generations. This year marked a landmark achievement with a transformative $40m donation from a non-member - an extraordinary endorsement of the Climate Fund’s impact and potential.
- **`The desirability of the company maintaining a reputation for high standards of business conduct`**
- The Trustees are deeply committed to upholding the reputation of the charity and take their responsibilities in this regard very seriously. They carefully consider the ethical and reputational implications of all company decisions - ranging from strategic initiatives to the consideration of members, suppliers, and contractors.
- **`The need to act fairly as members of the company`**
- The company is a company limited by guarantee, with the Trustees fulfilling the duties of members of the company. The company does not have shareholders. As such, all members have equal responsibility and rights, and each member is considered equally through the company’s decisionmaking process and actions.
## 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.
Page 9
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
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
Page 10
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## Trustees Report
## Structure, Governance and Management
Founders Pledge Ltd has two wholly owned subsidiaries, each of which have their own governance structures:
- Founders Pledge Inc, a Delaware non-stock corporation which is a 501(c)(3) private foundation registered in the USA; and
- Founders Pledge gGmbH, a registered non-profit limited liability company in Germany.
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.
Page 11
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## 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:
- to support the charitable sector by promoting and improving the efficiency and effectiveness of methods used to secure charitable resources, in particular (but not exclusively) by raising awareness among individuals involved in the digital business community;
- to advance the education of individuals and organisations working in technology, digital media and other digital industries as to the ways in which their business knowledge and experience could be used to improve the effectiveness of charities, in particular but not exclusively by:
- the provision of training; and
- the provision of educational programmes
- to further such purpose(s) which are exclusively charitable according to the law of England and Wales in such manner as the Trustees in their absolute discretion think fit.
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:
- Delivering 25 events in 2024 and engaging a total of 275 members of the FP community. Our offering included a multi-day winter ski retreat in France, a multi-day summer retreat in Morocco, and a one-day immersive event in California. In January 2025, we again delivered our flagship ski retreat; later this year we will host another one-day retreat in the US as well as a summer retreat in Italy. We will continue to increase our reach globally by offering community gatherings across the US and Europe (including UK, Germany, France, Sweden, the Netherlands) including intimate dinners and larger networking events.
- Making a significant number of grants: as at 31 December 2024, we and our members had made over 4,000 grants all-time, of which 18% were made in 2024. All time, we have moved $298m to more than 150 high impact recipients.
- Maintaining our ambition to grow our community of members and increase the pledge value of commitments.
- Continuing to expand our research expertise and publishing a number of reports, on topics ranging from artificial intelligence, climate change and track II diplomacy, which are available online.
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
Page 12
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any
- material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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
Page 13
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
**(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:
- give a true and fair view of the state of the Group's and the Charitable Company's affairs as at 31 December 2024 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 14 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
**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:
- the information given in the Trustees' Report, which includes the Directors' Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Strategic Report and the Director's Report included within the Trustees' Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:
- adequate and proper accounting records have not been kept; or
- the parent Charitable Company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
Page 15 Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
**(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.
Page 22 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)**
## **2.2 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
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## **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
Doc ID: fe93ca822a9a9a92c10238f26150f2f647622cb0
## **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