## **The AI Education Foundation**
**Registered Charity, No: 1189058**
## **Trustees’ Annual Report, Statement of Financial Activity & Independent examiner’s report for the Year Ended 31 December 2022**
## **Trustees**
_Francesco Visin Francesco Romano Matteo Hessel_
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
_Page 1 of 10_
## **Table of content**
|**Reference and Administration Details**|**3**|
|---|---|
|Charity Name & Registration|3|
|Charity’s Address|3|
|Names of the Trustees Who Manage the Charity|3|
|Names of Advisors & Senior Members of Staff|3|
|Bank accounts|3|
|**Structure, Governance & Management**|**3**|
|Type of Governing Document|3|
|Charitable Objects|3|
|Trustee Selection Methods|4|
|**Activities**|**4**|
|Statutory Declaration|4|
|**Achievements & Performance**|**4**|
|Outputs and Outcomes for the Charity’s Beneficiaries|4|
|How the Public Have Benefitted.|4|
|**Financial Review**|**5**|
|Details of Any Funds Materially in Deficit|5|
|Policy on Reserves|5|
|Principal Sources of Funding and Outgoings|5|
|Remuneration of Trustees|5|
|Financial Status|6|
|Statutory Statements on Liabilities|6|
|Approval by the board of trustees|6|
|**Statement of Financial Activity**|**7**|
|Summary of Receipts & Payments Accounts|7|
|Receipts & Payments|8|
|Statement of Assets and Liabilities|9|
|Approval of the Board of Trustees|10|
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
_Page 2 of 10_
**Trustees Annual Report for the Year Ended 31 December 2022**
## **1 Reference and Administration Details**
## **1.1 Charity Name & Registration**
The charity is a Charitable Incorporated Organisation, registration no: 1189058, registered with the Charity Commission on 15 April 2020.
## **1.2 Charity’s Address**
Current Address:
- Flat 2, 80 Aberdeen Road, LONDON, N5 2XA, England, United Kingdom
e-mail: ai.education.foundation@gmail.com website: https://sites.google.com/corp/view/aieducationfoundation
## **1.3 Names of the Trustees Who Manage the Charity**
_**Role Appointed**_ Francesco Romano Trustee _15 April 2020_ Francesco Visin Trustee _15 April 2020_ Matteo Hessel Trustee _15 April 2020_
## **1.4 Names of Advisors & Senior Members of Staff**
The charity does not employ any staff.
## **1.5 Bank accounts**
The charity has the following bank accounts:
- Natwest: used for donations and sponsorships denominated in GBP.
- Date of account opening: 21/06/2021
- Wise: used for sponsorships denominated in currencies different from GBP. This account is not FSCS protected but allows the Charity to operate in the SEPA area with lower fees.
- Date of account opening: 27/03/2021
## **2 Structure, Governance & Management**
## **2.1 Type of Governing Document**
We are a Charitable Incorporated Organisations, where the Trustees are the only Members of the charity. Our constitution follows the charity commission’s Foundation model.
## **2.2 Charitable Objects**
As defined in _The AI Education Foundation_ Constitution (Governing Document), the charity’s objects are:
_TO PROMOTE AND ADVANCE EDUCATION ON THE TOPICS OF MACHINE LEARNING AND ARTIFICIAL INTELLIGENCE IN SUCH WAYS AS THE CHARITY TRUSTEES THINK FIT, INCLUDING BY ORGANISING AND SUPPORTING FORMATIVE ACTIVITIES AND NETWORKING EVENTS IN THE UK AND WORLDWIDE._
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
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## **2.3 Trustee Selection Methods**
There must be at least three charity trustees.
In accordance with the Constitution, Trustees are appointed or re-appointed by a resolution passed at a properly convened meeting of the charity trustees.
In appointing Trustees consideration is given to ensuring that the Trustees have, between them, the skills and experience necessary to manage the charity effectively and in accordance with charity law.
## **3 Activities**
## **3.1 Statutory Declaration**
The Trustees of The AI Education Foundation confirm they have paid due regard to the guidance by the Charity Commission on public benefit in deciding what activities the charity should undertake.
## **4 Achievements & Performance**
## **4.1 Outputs and Outcomes for the Charity’s Beneficiaries**
During 2022 the charity organised the second edition of the Mediterranean Machine Learning school.
The event took place from the 12th to the 16th of September 2022 and it was held in Milan, Italy in coordination with the Università degli Studi di Milano - Bicocca.
The speakers were selected among renowned researchers from industry and academia, providing attending students with state of the art information on machine learning and AI.
Further details on the event, including the full list of speakers and talks, can be found on the summer school’s website: https://www.m2lschool.org/past-editions/m2l-2022.
The event was attended by 144 participants from 20 different countries, who got access to 23 hours of lectures, 10 hours of laboratories, 3+ hours of poster sessions. 74% of participants were PhD students, 11% master students and the rest coming from industry or faculty positions.
In line with the charity’s goal of supporting diversity while providing high quality education, our speakers included 10 female speakers out of 21 total speakers. More than 37% of the attendees were female. Both ratios are well above the average in the current machine learning community.
## **4.2 How the Public Have Benefitted.**
During 2022 the charity organised the second edition of the Mediterranean Machine Learning school. 144 attendees received lectures, practical sessions, keynote speeches, and networking opportunities with some of the leading researchers in machine learning world wide.
Feedback collected from attendees after the event was overwhelmingly positive: all the attendees were satisfied (4/5) or very satisfied (5/5) with the choice of speakers and 98% attended most or all lectures.
The event was completely free of charge for all attendees, ensuring we could reach all eligible attendees regardless of their financial situation and socio-economic status.
In line with the charity mission to bolster high level education for students everywhere, whenever the lecturer gave their consent, we made sure to record the lecture and we published slides and video recordings in a freely accessible form at
https://www.m2lschool.org/past-editions/m2l-2022/talks-2022 and on our YouTube channel: https://youtube.com/playlist?list=PLF-wkqRv4u1agtfVaDsDUaMHmToP84Fk6.
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
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**5 Financial Review**
## **5.1 Details of Any Funds Materially in Deficit**
The Charity has no funds which are materially in deficit.
## **5.2 Policy on Reserves**
The Charity’s funds are to be applied for the purpose of promoting high-level education in the field of machine learning and artificial intelligence in accordance with the charity’s objectives.
The Trustees acknowledge that the funds raised from sponsorships and donations in the future will potentially vary considerably over time and thus reserves must be held to ensure the charity can cover future expenses that may occur as part of the pursuit of the charity’s goals.
For the year 2022 the Trustees decided most of the charity’s yearly income to be held as reserve, to be used to cover future expenses in future years. These may include essential administrative expenses (for example cover the account examination costs, as required by law) and costs related to the organisation of future educational events in line with the charity’s objectives (for example to minimise the cost of attendance for students, in particular from disadvantaged backgrounds).
As of 31/12/2022 the reserves amount to:
- 19,812.93 GBP
- 53,104.68 EUR, equivalent to 45,080.56 GBP at the exchange rate 1 EUR = 0.8489 GBP (Average rate for 2022 from HMRC).
All reserves are held in cash in the previously mentioned bank accounts.
## **5.3 Principal Sources of Funding and Outgoings**
For the year 2022 fundings come from two main sources:
- Donations collected through Benevity[1] for a total of 2,949.24 GBP.
- Sponsorship for the Event for a total of 82,197.67 GBP, including both sponsorships denominated in GBP and sponsorships denominated in EUR and exchanged to GBP using the exchange rate 1 EUR = 0.8489 GBP (Average rate for 2022 from HMRC).
One additional Event sponsorship, amounting to 15,000.00 EUR (converted with the same exchange rate to 12,733.50 GBP) has been banked in 2023. It will be considered as income for the financial year 2023.
During the financial year 2022, the Charity sustained outgoings in relation to the organisation of the school, mainly in providing catering, speakers’ travel reimbursement and scholarship for students.
The full report is provided in the Statement of Financial Activities section.
## **5.4 Remuneration of Trustees**
All Trustees act in a voluntary capacity.
No trustee receives any payments for the services they provide to the charity.
Out-of-pocket expenses incurred necessarily, reasonably and incidentally in the course the charity’s activities _can_ be reimbursed at cost. However, no Trustees received any reimbursement of out-of-pocket expenses in the current financial year.
## **5.5 Financial Status**
The charity reported a positive end-of-year balance. For operations denominated with currency different from GBP, their value in the records corresponds to the equivalent GBP using the 2022 year
> 1 Benevity is a company that provides charitable donation-management and grant-management platforms. We are registered with Benevity to receive donations from employees in companies like Google, etc. https://benevity.com/
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
_Page 5 of 10_
average exchange rate as provided by the HMRC. Mismatch in currency conversion between successive financial years (due to currency exchange rate fluctuation) are marked as “foreign exchange rate gain/loss) in the balance sheet. All amounts are held in cash as reserves, to be used in the next financial year in accordance with the Charity’s scope. More details are reported in the Statement of Financial Activity section.
## **5.6 Statutory Statements on Liabilities**
The Trustees declare that:
- ✔ The charity has given no guarantees where potential liability under the guarantee is outstanding at the date of this statement ( _eg:_ any outstanding/ongoing contract or legal undertaking to buy or provide specific services);
- ✔ The charity has no debt outstanding at the date of this statement which is owed by the CIO and
which is secured by an express charge on any assets of the CIO ( _eg:_ a mortgage on property owned by the charity);
## **5.7 Approval by the board of trustees**
The Trustees declare that they have approved the Annual Report.
Date: 10/07/2023
Name: Francesco Visin Francesco Romano Matteo Hessel
Signatures:
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
_Page 6 of 10_
**Statement of Financial Activity for the Year Ended 31 December 2022**
## **6 Statement of Financial Activity**
## **6.1 Summary of Receipts & Payments Accounts**
The charity used “Receipts and Payments” accounting
During the financial year ending the 31st of December 2022:
- The charity received income from private donations and from sponsorships connected to the organised educational event.
- The charity did not sell assets and/or investments.
- The charity did not purchase assets and/or investments.
- The charity holds only cash assets
In the next sections, we report the accounts according to template CC16 downloaded from https://www.gov.uk/government/publications/charity-accounting-templates-receipts-and-payment s-accounts.
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
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## 6.1.1 **Receipts & Payments**
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
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## 6.1.2 **Statement of Assets and Liabilities**
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
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## **6.2 Approval of the Board of Trustees**
The Trustees declare that they have approved the Statement of Financial Activity.
Date: 10/07/2023
Name: Signatures: Francesco Visin Francesco Romano Matteo Hessel
_The AI Education Foundation: Trustees’ Annual Report & Financial Statements_
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||**The AI Education Foundation**|**The AI Education Foundation**|**The AI Education Foundation**|**The AI Education Foundation**|**1189058**|**CC16a**|
|---|---|---|---|---|---|---|
||**Receipts and payments accounts**||||||
||**For the period**
**from**||01/01/2022|**To**|31/12/2022||
||||||||
|**Section A Receipts and payments**|||||||
|**Unrestricted**
**funds**
**to the nearest**
**£**
**A1 Receipts**|||**Restricted**
**funds**
**to the nearest £**|**Endowment**
**funds**
**to the nearest £**|**Total funds**
**to the nearest £**|**Last year**
**to the nearest £**|
|Donations from Benevity|**-**
**2,949-**||**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**|**-**
**--**|**-**
**2,949-**|**-**
**1,236-**|
|Income from Charitable event
sponsorship in GBP|**-**
**18,530-**|||**-**
**--**|**-**
**18,530-**|**-**
**--**|
|Income from Charitable event
sponsorship in ex-GBP, converted at
1EUR=0.8489GBP|**-**
**63,668-**|||**-**
**--**|**-**
**63,668-**|**-**
**--**|
|Income from charitable activities|**-**
**--**|||**-**
**--**|**-**
**--**|**-**
**26,288-**|
|**_Sub total_**_(Gross income for_
_AR)_
**-**
**85,147-**
**A2 Asset and investment sales,**
**(see table).**|**-**
**85,147-**||**-**
**--**|**-**
**--**|**-**
**85,147-**|**-**
**27,524-**|
||||||||
|**A2 Asset and investment sales,**
**(see table).**|||||||
||**-**
**--**||**-**
**--**
**-**
**--**|**-**
**--**|**-**
**--**||
||**-**
**--**|||**-**
**--**|**-**
**--**|**-**
**--**|
|**_Sub total_-**
**--**
**_Total receipts_ -**
**85,147-**
**A3 Payments**|**-**
**--**||**-**
**--**|**-**
**--**|**-**
**--**|**-**
**--**|
||||||||
||**-**
**85,147-**||**-**
**--**|**-**
**--**|**-**
**85,147-**|**-**
**27,524-**|
||||||||
|Website Domain renewal|**-**
**10-**||**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**|**-**
**--**|**-**
**10-**|**-**
**10-**|
|Independent account examination
FY2021|**-**
**300-**|||**-**
**--**|**-**
**300-**|**-**
**--**|
|Event food (catering, social events)
converted at 1EUR=0.8489GBP|**-**
**29,007-**|||**-**
**--**|**-**
**29,007-**|**-**
**--**|
|Stationary, event swags converted at
1EUR=0.8489GBP|**-**
**1,964-**|||**-**
**--**|**-**
**1,964-**|**-**
**--**|
|Speakers reimbursement (GBP)|**-**
**1,376-**|||**-**
**--**|**-**
**1,376-**|**-**
**--**|
|Speakers reimbursement (ex-GBP
converted at 1EUR=0.8489GBP)|**-**
**1,576-**||**-**
**--**|**-**
**--**|**-**
**1,576-**|**-**
**--**|
|Scholarship (GBP)|**-**
**1,256-**||**-**
**--**|**-**
**--**|**-**
**1,256-**|**-**
**--**|
|Scholarship (ex-GBP
converted at 1EUR=0.8489GBP)|**-**
**12,318-**||**-**
**--**|**-**
**--**|**-**
**12,318-**|**-**
**--**|
|Bank fees converted at 1EUR=0.8489GBP|**-**
**90-**||**-**
**--**|**-**
**--**|**-**
**90-**|**-**
**1-**|
|Foreign exchange gain/(loss)|**-**
**130-**||||**-**
**130-**||
|**_Sub total_ -**
**47,767-**
**A4 Asset and investment**
**purchases, (see table)**|**-**
**47,767-**||**-**
**--**|**-**
**--**|**-**
**47,767-**|**-**
**11-**|
||||||||
|**A4 Asset and investment**
**purchases, (see table)**|||||||
||**-**
**--**||**-**
**--**
**-**
**--**|**-**
**--**|**-**
**--**||
||**-**
**--**|||**-**
**--**|**-**
**--**||
|**_Sub total_ -**
**--**
**_Total payments_ -**
**47,767-**
**_Net of receipts/(payments)_ -**
**37,380-**
**A5 Transfers between funds**
**-**
**--**
**A6 Cash funds last year end**
**-**
**27,513-**
**_Cash funds this year end_ -**
**64,893-**|**-**
**--**||**-**
**--**|**-**
**--**|**-**
**--**||
||||||||
||**-**
**47,767-**||**-**
**--**|**-**
**--**|**-**
**47,767-**|**-**
**11-**|
||||||||
||**-**
**37,380-**||**-**
**--**|**-**
**--**|**-**
**37,380-**|**-**
**27,513-**|
||**-**
**--**||**-**
**--**
**-**
**--**
**-**
**--**|**-**
**--**|**-**
**--**|**-**
**--**|
||**-**
**27,513-**|||**-**
**--**|**-**
**27,513-**|**-**
**--**|
||**-**
**64,893-**|||**-**
**--**|**-**
**64,893-**|**-**
**27,513-**|
||||||||
CCXX R accounts (SS)
## **Section B Statement of assets and liabilities at the end of the period**
|**Categories**
**B1 Cash funds**|**Details**|**Details**|**Unrestricted**
**funds**
**to nearest £**|**Unrestricted**
**funds**
**to nearest £**|**Restricted**
**funds**
**to nearest £**|**Restricted**
**funds**
**to nearest £**|**Endowment**
**funds**
**to nearest £**|
|---|---|---|---|---|---|---|---|
||Natwest Account||**-**
**19,813-**||**-**
**--**||**-**
**--**|
||Wise EUR account (to GBP using
0.8447)||**-**
**45,081-**||**-**
**--**||**-**
**--**|
||||**-**
**--**||**-**
**--**||**-**
**--**|
|**B2 Other monetary assets**
**B3 Investment assets**
**B4 Assets retained for the**
**charity’s own use**
**B5 Liabilities**|**_Total cash funds_**
(agree balances with receipts and payments
account(s))
**Details**
Sponsorship income receivable
**Details**
**Details**
**Details**
Independent examination FY2022||**-**
**64,893-**||**-**
**--**||**-**
**--**|
||||||||OK|
||||**Unrestricted**
**funds**
**to nearest £**
**-**
**12,734-**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**Fund to which**
**asset belongs**
**Fund to which**
**asset belongs**
**Fund to which**
**liability relates**
**480**||**Restricted**
**funds**
**to nearest £**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**Cost (optional)**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**Cost (optional)**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**Amount due**
**(optional)**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**
**-**
**--**||**Endowment**
**funds**
**to nearest £**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
|||||||||
||||||||**Current value**
**(optional)**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**Current value**|
||||||||
**(optional)**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**-**
**--**|
||||||||**When due**
**(optional)**|
||Independent examination FY2022||**480**||**-**
**--**|||
||||||**-**
**--**|||
||||||**-**
**--**|||
||||||**-**
**--**|||
||||||**-**
**--**|||
CCXX R accounts (SS)
|Signed by one or two trustees on
behalf of all the trustees|Signature|Print Name
Francesco Romano
Francesco Visin|Date of
approval|
|---|---|---|---|
|||Francesco Romano|10/07/2023|
|||Francesco Visin|10/07/2023|
CCXX R accounts (SS)
## **Independent examiner's report on the accounts**
**Section A Independent Examiner’s Report Report to the trustees/** The AI Education Foundation **members of On accounts for the year** 31 December 2022 **Charity no** 1189058 **ended (if any) Set out on page** 8-9 I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the period ended 31 December 2022. **Responsibilities and** As the charity trustees of the Trust, you are responsible for the preparation **basis of report** of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. **Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- accounting records were not kept in accordance with section 130 of the Act or
- the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Signed: Date:** 11 July 2023 **Name:** Chaweevan Williams FCCA **Relevant professional** Chartered Certified Accountants **qualification(s) or body :**
||||
|---|---|---|
|**Address:**|Verdant Accountants Limited||
||20-22 Wenlock Road, London N1 7GU||
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