Docusign Envelope ID." 20AC783A-C667452&BE87-F573DCCBEA9E CHARITY REGISTRATION NUMBER: 1181904 The RAAIS Foundation Unaudited financial statements 31 March 2025
Docusign Envelope ID". 20Ac783A-C6674528E87-F573DcCBEA9E The RAAIS Foundation Financial statements Year ended 31 March 2025 Page Trustee's annual report Independent examinerfs report lo the trustee Slalement of financial a¢livilies Balance sheet Notes lo tho financial slaltrments
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Trustee's annual report Year ended 31 March 2025 The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies sel out in notes lo the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recomrllended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administrative detai15 Registered charity name Th& RA41S Foundation Charlty rogl$lratlon numbor 1181904 Prlnclpal offlco First Floor SLJite 2 Hillside Business Park Bury Sl Edmunds IP32 7EA Th8 trusts• The trustees who served during the year and at the date of approval were as follows.. Dr Nathan Benaich Independent examiner Abigail Robinson BFP FCA Dcha Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury Sl Edmunds IP32 7EA
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Trustee's annual report (contlnuedj Year ended 31 March 2025 Objectives and activities The Charity's objective is the advancement of education and research in artificial intelligence. The activities of the Charity are undertaken, wilhoul geographical limitslion, for the benefit of current and future generations of the general public, students, technologists, and researchers who will use and create new artificial intelligence knowledge, tools, software, and products lo help accelerate progress across the many and varied fields in which artificial intelligence is applied in daily life. Public benefit In setting objectives and planning activities. due Consideration was given lo guidance published by the Charity Commission ielating lo public benefit, including Public benefit.. running a charity IPB21. Thg Trustees ¢onfim that they havg ¢omplied with thg duly in se¢tion 4 of th8 Charities Act 2011. Achlevomants and p8rfomiance In achieving this objective, the CIO aims lo increase the availability of a¢¢essible education in this field to the wider community, helping the public to understand the methods, benefits and potential conSequenS of the InCasing use of artificial intelligen¢e in daily life, as well as aid the development of ¢apabilities, wmpeten¢ies, and skills of individuals especially those who have limited or no opportunity to participate and encourage greater communily participation always without remunerative motives. Among other ways, the foundation will seek to further this object by.. issuing research and project grants lo individuals or groups who intend to, or are in the process of, creating new knowledge and open source resources in artificial intelligence for the greater benefit and welfare of society in areas such as education and healthcare, but do not have the financial resources to do so independently., promoting recent developments, stimulating discussion and exchanging of information, about artificial intelligence, by hosting non-profit making events such as the research and applied artificial intelligence summit IRAAISI and london.ai, which bring together interested members of the general public, academics, students and thinkers lo learn about artificial intelligence. The events facililale opportunities lo engage in educational programmes le.g. internships, research collaboralionsl in academia and industry and provide educational resources on Youlubel such as speaker lectures and accessible knowledge workshops and on the web generally- and publishing content that provides the general public with a structured arrangement of introductory resources and information in relation to artificial intelligence (such as the free-tO-a¢¢ess state of Al report 2018. which is a comprehensive and accessible guide to artificial intelligence research, industry applications, talent and national implieationsl. Maln achlevaments of thè charlty During the year and in line with its charitable objective of advancing education and research in artrficial intelligence, the Charity delivered its principal aclivity during the reporting period through the organisation of the 8th annual Research and Applied Al Summit IRAAISI, which served as the Charity's annual ftjndraising event. The Summit brought together eight expert speakers from leading organisations and institutions across the United Kingdom, the United States, Canada, and France. The programme was designed to disseminate recent advances in artificial intelligence research and applied practice, providing attendees with slruclured exposure to both theoretical developrnents and real-worfd applications. Approximately 200 individuals allended the event, including students, researchers, lechnologisls, and professionals from startups and established organisations. This diverse audience supported the Charity's objective of broadening access to high-quality educational content in artificial intelligence across different levels of experience and socioeconorNic backgrounds.
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Trustee's annual report (contlnuedj Year ended 31 March 2025 The Summit provided opportunities for attendees to leam about state-of-the-art developments in artificial intelligence, to engage directly with leading practitioners, and lo access information about career, grant, and employment DPPOrtunilies that may otherwise have been less accessible. The educational benefit delivered by the Summit was assessed through posl-evenl participant feedback. Quanlitalive survey results indicated a high level of satisfaction among both allendees and speakers. The event achieved a Nel Promoter Score of 91 out of 100 from attendees and 90 out of 100 from speakers. Attendees reported that the Summit mel their expectslions to a high degree. with an average score of 4.4 out of 5, while speakers reported an average score of 4.5 out of 5. Qualitative f&edba¢k further indicated that participants valued the quality of th& speaktrrs, the depth of discussion, and the opportunity lo engage dirtrclly with leading r&sear¢hers and practitioners in an accessiblg setting. Participants also highlighted thè value of networking and knowledge-sharing facilitated by the evènt, particulady th8 opportunity to angagè aeross diffèr8nt18vèls of expériènc8 and organisational background. The Charity's annual fundraising event was structured and delivered so as lo provide educational benefit by.. Disseminating up-to4ate research and applied knowledge in aricIal intelligence Increasing access to expert insight for individuals who may otherwise have limited exposure to leading practitioners in the field Facilitating professional development through exposure to career, grant, and employment opportunities Encouraging collaboration and knowledge-sharing across different levels of experience and sttioeconomic backgrounds Through these activities, the Charity advanced education and research in artificial intelligence by increasing understanding of current developments, improving access to expert insight, and encouraging engagement across the artificial intelligence community. All activities were delivered on a non-profit basis and solely in furtherance of the Charity's charitable objects. Fin8n¢i81 review The RAAIS Foundation generated income of £95,10912024.. £32,426) during the reporting period. Income was derived principally from the Charitls annual fundraising event, the Research and Applied Al Summit IRA41SI. Total expenditure for the period amounted to £39,93512024.. £9.4071. Expenditure related primarily to Costs incurred in the delivery of the Charity's activities and to administrative expenses necessary for the effective operation of the Charity. At the year end, all funds were held in current or savings accounts and the cash balan rose to £149,825 12024.. £98,859). Rosarvos pollcy The foundation has no outstanding commilments or cash demands which are not adequately covered by existing resources. The nel assets of the charity are regarded as free reserves and the funds at 31 March 2025 will be retained to make grants in accordance with the foundation's charitable objects. The trustee considers that freely expendable funds are appropriate and adequate taking into account plans for grants lo be awarded in the future and have therefore not yel designated a specific reserves policy. However, the trustee will keep this under constant review. In future years a specific reserves policy may be adopted.
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Trustee's annual report (contlnuedj Year ended 31 March 2025 Plans for future periods The trustee does not propose to deviate from the current objectives and activities of the charity as detailed above and will further develop and refine his slralegies, pM)licies and procedures for the future. The Charity intends to continue advancing ils charitable objectives in the coming year through the delivery of educational and research-focused aclivilie5 in artificial intelligence. The next iteration of the Charity's annual fundraising event, the Research and Applied Al Summit, is scheduled to lake place in London on 13 June 202519th edilionl. In addition, the Charity has relaunched ils RAAIS Fellowship programmes, aimed at supporting ambitious open-source artificial intelligence projects and fostering innovation for public benefit. Thg Charity has sufficient resources lo pursue those plans whilo maintsining financial suslainabilily. Structure, govarnance and managament Constltutlon The RAAIS Foundation I'the Charity") is a Charitable Incorporated Organisation registered in England and Wales with Charity Number 1181904 under a CIO constitution, established on 6 February 2019. The registered address of the Charity is First Floor Suite, 2 Hillside Business Parf(, Bury St Edmunds, IP32 7EA. Trustee and methods of appointment or election of trustee Dr Nathan Benaich served as the sole trustee of the Charity throughout the reporting period and was responsible for the governance and strategic direction of the Charity. The management of the charity is the responsibility of the trustee who is elected and co-opted under the terms of the CIO constitution. Internal controls The trustee has over811 responsibility for ensuring th81 the charty has appropriate systems of internal controls. He is responsible for keeping proper 8¢¢ounting rerS which disclose with re8son8bl& 8ccur8Cy al any lime the financial posrfcion of the charity 8nd enable him to ensu Ih8t the fin8n¢ial $18tements follow best pr8¢1ice and all 8ppIic8ble laws, regulations 8nd guidance. The Iruslee is also responsible for safeguarding the Charity's assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Tho system of internal controls is designed lo provide reasonable, bul not absolute, assurance against material misslalem&nl or loss. The trustee confirms that the Charity has complied with its governing docLJment and with the requirements of charity law. The CIO governing document is available on the Charity Commission register.. htlps.'register-of-charities.charitycommission.gov.uklenlcharity-searchl-Icharity-details151269241governing-d ocument Financial risk management A risk assessment has been undertaken which comprises of.. an annual review of the risks the charity may face.. the establishment of systems and procedures lo mitigate those risks.. and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. The continuing prOsS will identify risk areas to which the charity is vulnerable and highlight any necessary safeguards that will need lo be put in place. No major risks were identified al the dale of these financial statements.
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Trustee's annual report (contlnuedj Year ended 31 March 2025 The trustee has assessed the major risks to which the charity is extx)sed, in particular those related to the operations and finances of the charity, and is satisfied that systems and procedures are in place to mitigate exposure to the major risks. The trustee's annual report was approved on Iruslees by.. 231112026 and signed on behalf of the board of Dr Nathan Benaich Trustee
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Independent examiner's report to the trustee of The RAAIS Foundation Year ended 31 March 2025 I report to the charity trustee on my examination of the financial statements of the charity for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet and the related notes. Responsibilities and basis of report As the charity's trustee you are responsible for the preparation of the financial stslemenls in accordance with the requirements of the Charities Act 2011 I'lhe A¢t'l. I report in respect of my examination of the charity's financial slalements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have eomplatèd my examination. I confirm that no matèrial matters havè comè to my attsntion in connèction with th8 8xamination giving m8 causè to believe that in any matèrial r8SPèCt'. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with those records,. or Ihe financial statements do not comply wilh the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Your attention is drawn lo the fact that the Charity has prepared the accounts (financial slatementsl in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulations bul has since been withdrawn. l understand that this h8s been done in order for the accounts to provide a true and f8ir view in accordance with the Generally Accepted Accounting Pra¢ti¢e effective for reporting periods beginning on or after 1 January 2015. Abigail Robinson BFP FCA Dcha Independent Examiner Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury Sl Edmunds IP32 7EA 231112026
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Statement of financial activities Year ended 31 March 2025 2025 Unrestricted funds Total funds 2024 Total funds Note Income and endowments Donations and legacies Charitable activities 1,491 93,618 1,491 93,618 54 32,372 Total income 95,109 95,109 32,426 Expenditure Charitable activities 39,935 39,935 9,407 Total ¢xpenditur¢ 39,935 39,935 9,407 Net In¢ome and net movement In funds 55,174 55,174 23,019 Re¢on¢lllatlon of funds Total funds brought forward Total funds carried foThYard 90,566 90,566 67,547 145,740 145,740 90,566 The stalemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 12 form part of these financial statements.
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Balance sheet 31 March 2025 2025 2024 Note Current assets Debtors Cash al t)ank and in hand 115 149,825 107 98,859 149,940 98,966 Creditors- Amounts falling due within one year 14,2001 18,4001 Net ¢urrent assets 145,740 90,566 Total assets less current liabilities 145,740 90,566 Nèt assèts 145,740 90,566 Funds of the charlty Unrestricted ftjnds 145,740 90,566 Total ¢harlty funds 10 145,740 90,566 Th se financial siaternents were approved by the board of trustees and authorised for issue on Pii2026 and are signed on behalf of the board by.. Dr Nathan Benaich Trustee The notes on pages 9 to 12 form part of these financial statements.
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Notes to the financial statements Year ended 31 March 2025 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is First Floor Suite, 2 Hillside Business Park, Bury Sl Edmunds, IP32 7EA. Statsment of compliance The charity conslilules a public benefit entity as defined by FRS 102. The financial stslemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Ac¢eptod Accounting Pra¢li¢e. Aceountlng pollcl8s Ba$ls of preparatlon The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency ol the entity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accounting Unreslricled funds are available for use al the discretion of the Iruslees lo further any of the charity's purposes. Designated funds are unreslrided funds earmarked by the trustee for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the temis of an appeal and fall into one of two S¢18s5eS.' reslricled income funds or endowment funds. In¢ome All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categoriès of in¢ome'. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. income from contracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il lo be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Notes to the financial statements fconrfnuedj Year ended 31 March 2025 Accounting policies (contlnuedj Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial a¢tivilies lo which il relates.. expenditure on charitable activith.es includes all costs incurred by a charity in undertaking activities that further ils charitable airlls for the benefit of ils beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to Charitable aclivilies. l Costs are allocated to expenditure caltrgories reflecting the use of Ihtr resourc&. Direct costs allribulabltr lo a single a¢tivity are allo¢altrd dirtr¢lly to that a¢livily. Shared ¢osls are apprortioned betwaén thè a¢livitiès thèy contribut& to on a roasonablè, justifiabla and ¢onsist8nt basis. Flnanclal Instrumènts A financial asset or a financial liability is recognised only when the enlily becomes a party lo the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction cosis, unless the arrangement consb'tutes a finanang transaction, where it is recognised at the present value of the future payments discounted at a market rate of inlerest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Donations and legacies unstrICted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Donations 1,491 1,491 54 54 Charitable activities Unreslricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from charitsble activities 93,618 93,618 32,372 32,372 10
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Notes to the financial statements fcontlnuedj Year ended 31 March 2025 Expenditure on charitable activities by fund Unreslricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Independent examination fees Loss on foreign exchange Website costs Room hire costs Bank fees and charges Other adminislralion charges 2,700 252 581 35,612 47 743 2,700 252 581 35,612 47 743 8,700 218 489 8,700 218 489 39,935 39,935 9,407 9,407 Trustee remuneratlon and expenses No trustees received any remuneration or reimbursed expenses during this or the prior year. Debtors 2025 2024 Prepayments and accrued income 115 107 Creditors: Amounts falling due within one year 2025 2024 Accruals and deferred income 4,200 8,400 10. Analysis of charitable funds Year ended 31 March 2025 Unrestricted funds At 31 Mar 2025 At 1 Apr 2024 Income Expenditure Transfers General funds 9Q,566 95,109 139,9351 145,740 Year endod 31 March 2024 Unro$trl¢ted fund$ At 31 Mar 2024 At 1 Apr 2023 Income Expenditure Transfers General funds 67,547 32,426 19,4071 90,566 11
Docusign Envelope ID." 20AC783A-C567452&8E87-F573DCCBEA9E The RAAIS Foundation Notes to the financial statements fcontlnuedj Year ended 31 March 2025 11. Analysis of net assets between funds Unreslricled Total Funds Funds 2025 Current assets Creditors less than 1 year Net assets 149,940 14,2001 145,740 149,940 14,2001 145,740 Unrestricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net a$sots 98,966 18,4001 90,566 98,966 18,4001 90,566 12. Relatod partle$ There were no related paty transactions in this or the prior year. 12