Center on Long-term Risk
Annual report and financial ststements
For the period ended 31 December 2022
Charity registration number.. 1195079
Doc ID.. 54c290a578fa959c947dac24b7eccd121ac90067

Center on Long- term Risk
Contents
P3ge
Reference and administrative details
Trustees. report
Independent Auditors, report
9-11
Statement of financial activities
12
Statement of financial posltion
13
Statement of Cash flow
14
Notes to the financial statements
15-23
Doc ID.. 54c290a578fa959c947dac24b7eccd121ac90067

Center on Long-term Risk
Reference and administrative details
For the period ended 31 December 2022
Trustee5
Linh Chi Nguyen
Tobi35 Baum3n
Max Marian Daniel
lonas Emanuel Vollmer
Stefan Torges
Charity registered number
1195079
Reglstered addreSs&FI*Kl￿offlce
3, Floor, Block C, Imperial Works
Perren Street,
London
NW5 3ED
IndependentAudltor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers
Unity Trust Bank PLC,
Four Brindleyplace,
Birmingham
B12JB
Wise Payrnents Ltd,
6" Floor, Tea Building,
56 Shoreditch High Street,
London El 6JJ
Legal Advlsers
Stone Kin8 LLP
Boundary House
91 Charterhouse Street
London ECIM 6HR
Maurice Turnor Gardner LLP
15 Floor, Milton House
Milton Street.
London EC2Y 9BH
8D8 Pitmans LLP
One Bartholomew Close
London
ECIA 7BL
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Center on Long-term Risk
Trustees, report
For the period ended 31 December 2022
The trustees present their annual report together with the financial statements of Center on Long-term Risk I'the
CharitVI for the period from 7 July 2021 to 31 December 2022.
STRu￿uRE, GOVERNANCE AND MANAGEMENT
Constitution
The Center on Long-term Risk I"CLR" the "Charity") is 3 Charitable Incorporated Orgariis3tion, governed by its
Constitution, as dated 25th March 2021.
The Charity has been recently registered as a charitable incorporated organisation ICIOI is a corporate body with a
constitution that is registered with and regulated by the Charity Commission. It was reElStered on 7 July 2021 with
its Charity ReEistration Number being 1195079. See the Affiliations section below for details of the Charity'5
founding.
Appointment of trustees
New trustees are selected by vote of the existing trustees. The trustees seek candidates who have expertise and
experience relevant to the Charity's operations and mission. Newtrustees are given relevant internal documentation
and onboarding materia15, referred to Charity Comrnission guidance for new tru5tee5, and introduced to existing
trustees and staff.
The Charity is governed by the board of trustees, however day-to-day operations are delegated to the senior
management team, consisting of the followinE individuals..
Jesse Clifton
Stefan Torges,
Emery Cooper
Daniel Kokotajlo
From December 2021
From Decerrber 2021 to April 2022
During the period, Je55e Clifton led the Causes of Conflict Research Group, CLR'S largest research program. Emery
Cooper and Daniel Kokotajlo led smaller research projects. Stefan Torges led CLR'S operations function, and it5
comrnunity-building activities.
Specific trustee and staff duties and delegations are set out in the Charity's delegation scheme.
The tru5tee5 consider that they, together with the aforementioned Senior management team cornprise the CharitV'S
key management personnel. The trustees are not remunerated for their services to the Charity. The remuneration
of the senior management team is reviewed and agreed annually by the trustees taking account of employment
market information and the needs of the Charity.
In 2023, Stefan Torges resiened from his senior management team position at CLR and his employment was
ended. He was later appointed as a trustee of the Charity.
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Center on Long-term Risk
Trustees. report (continued)
For the period ended 31 December 2022
The Charity is recognised by HMRC for Gift Aid.
The trustees have complete control of the Charity in relation to the application of funds. Trustees are appointed in
accordance with the Charity's governing document.
All decision-making of the Center on Long-term Risk is made in accordance with the Charity's Conflict of Interest
policy.
Trustees
The trustees who served during the period were..
Ruairi May Donnelly- Chair lappointed on 7 july 2021 and resigned on 3 july 20231
Linh Chi Nguyen (appointed on 18 January 20221
Tobias Baumann (appointed on l December 20211
Max Marian Daniel (appointed on 13 September 20211
Jonas Emanuel Vollmer lappointed on 7 July 20211
Daniel Kestenholz (appointed on 7 July 2021 and resigned on 15 September 20211
Following the end of the period, Stefan Torges wa5 appointed as 3 Trustee on 3 July 2023.
Affiliations
The Charity was founded in order to assume the operations of an existing research project that was previously
operated as part of the Effective Altruism Foundation I-EAF Switzerland~I, a Swiss non-profit. These operations were
transferred to the Charity in 2021-22.
EAF Switzerland still provides support to the Charity, including financial support, and receive5 donations to provide
to CLR. EAF Switzerland's affiliated non-profit5 in the USA and Germany, namely Effective Altruism Foundation, Inc.
I'EAF USA") and Stiftun8 fur Effektiven Altruismus l EAF Gerrnany I, provide similar support. These three
international non-profits have a website at ea-foundation.or
CLR provides advice to these organisations. including
making grant recommendations, but does not provide funding to them.
CLR has an affiliation with the Cooperative Al Foundation ICAIFI, a UK Charity. CLR staff advised on the founding of
CAIF, and provided advice and administrative support as it began operations.
CLR has an affiliation with Polaris Ventures, a Swiss non-profit. Polaris provides funding to CLR, and CLR has advised
on Polaris's grantmaking in the past.
CLR is 3150 loosely 3s50Clated with the broader effectNve fJltrui5m movement, a community of individuals and
organisations focu55ed on using evidence and reasoning to benefit others as much a5 P055ible.
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Center on Long-term Risk
Trustees. report Icontinuedl
For the period ended 31 December 2022
OBJEcfivES AND ACTIVITIES
Policies and objectives
The principal objectives of the Charity are for the public benefit..
To advance research, especially in the field of emerging technologies Isuch as artificial intelligence) and their
risks and benefits, by activities such as..
Conducting research
Supporting individuals and or8ani5ation5 to carry out research via grant making and non-financial
support
Hosting events such as workshops and retreats
Providing coaching, mentoring and scholarship5 to those interested in working in our research
field
To advance other purposes that are exclusively charitable under the law of England and Wales. as the trustees
determine, by grant making.
The trustees confirm that they have compiled with the Charity Commission's guidance on public benefit when
planning the Charity's activities for this period.
Pro8rams
CLR aims to advance research that reduces the worst risks of astronomical suffering l-s-risks~l in the future. We
currently believe that such scenarios most likely involve transformative Al systems, and so have a primary focus on
research aimed at making the development and deployment of artificial intelligence IAII systems safer.
Our primary research programs are..
Al conflict- Most of our research efforts are focussed on better understanding on how we can prevent Al
systems from eneaging in catastrophic conflict.
Evidential Cooperation in Large Worlds IECLI.. applied ethics research inve5tigatin8the implication5 of evidential
decision theory and findings of modern cosrnology for ethical decision-making.
S-risk macro strategy.. Broader research aimed at better understandin8 how we can reduce sufferine in the
long-term future, for example identifying causes or considerations that we have overlooked 50 far.
CLR'S team regularly consider the path to impact of our research and prioritise on the basis of the research's eventual
implementation. The bulk of our work focus5es on identifying risks and p055ible interventions, and evaluating
these interventions, with the goal of informing advocacy for the inclusion of relevant inteNentions in Al
development.
In addition to our staff directly conducting research. we work to advance research in thi5 field by supporting ènd
building the community of people engaged in the field. Our primary programs here are..
Running an annual Summer Research Fellowship. engaging a cohort of interns to conduct research projects
under the supervision of experienced mentors.
Running events to facilitate research progress and exchange of knowledge.
Providing mentoring, coaching and scholarships.
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Center on Long-term Risk
Trustees. report Icontinuedl
For the period ended 31 December 2022
CLR also aims to make grants to support research efforts outside our organisation, but no such grants
were made in this period Ithough grants were made from EAF Switzerland on CLR'S recommendation).
Grants are evaluated by a committee of fund managers appointed by the board and including two board
members,. and are made in accordance with a grant makinE policy.
Risks and uncertainties
The trustees have considered the key risks and uncertainties to CLR'S ability to carry out its charitable
purposes, including reputational and organisational risks, and are satisfied that Systems, actions and/or
procedures are in place in order to manage those risks.
Key risks and uncertainties. and their mitigations, include..
Strategic uncertainty around the most promising research directions, given the complex path to impact of
res8arch into the safety of emerging technologies. This risk is managed via regular review of strategic plans bv
the trustees, strategy discussions among the team and input from external experts and collaborators.
Risks to staff retention,. managed via regular check-ins of staff 5at15faction, and via notice period5 and
documentation of key operational processes.
Risk of105s of funding, managed by monitoring the diver51ty of funding strearns and rnaintaining substantial
financial reserves.
ACHIEVEMENTS AND PERFORMANCE
During 2021 and 2022, the activities of an ongoing research projectwere transferred from EAF Switzerland
to the Charity.
Detailed strategic report
The below sections provide an overview of CLR'S aims, activitie5 and achievements in 2021-22, and plans
for 2023. Further detail on all of these topics is available in our 2023 fundraiser
ost on the Effective
Altruism Forum
Athievements during thè period
Research
CLR'S Causes of Conflict Research Group works on understanding how we can prevent Al systems from engaging
in catastrophic conflict. In 2021-22, the group has made research progress on..
Understandin8 the reasons why Al systems might engage in conflict
Understanding the circumstances under which technical work done now could reduce these risks
Building methods and knowledge to support future work developing and assessing interventions for reducing
conflict
Beginning to develop and evaluate Specific interventions, including surro
oals preventing conflict-seekin
references, preventing commitment races and developing cooperation-related content for a hypothetical
manual for overseers of Al training.
Evaluating the behaviour and reasonin8 of Large Language Models ILLM51, particularly behaviours relevant
to cooperation.
ate
Other researchers at CLR have made progress on various topics relevant to our priorities, including..
The implication5 of Evidential Coo
er3tion in Lar
e Worlds for cause priorit153tion.
The probability that Earth-originating civilisation will encounter alien civilisations.
The optimal spending schedule for interventions to reduce Al risk.
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Center on Long-term Risk
Trustees. report (continued)
For the period ended 31 Decernber 2022
CLR'S work was disseminated to target audiences in various ways, including..
Publication in online forums of relevant research communities, for example
Je55e Clifton, Samuel Martin and Anthony DiGiovanni's When does technical work to reduce AGI conflict
make a difference? on the Al Alignment Forum
Tristan Cook and Guillaume Corlouerfs The o
Effective Altruism Forum.
Publication at acadernic conferences
Internal research documents have been shared with relevant individual external researchers.
Other research work ha5 not yet been shared, but 15 used to inform future re5earth, and/or will be published
in future.
timal timin
of s
endin
on AGI safet
work on the
Community-building
In 2022, we undertook the following activitie5 airned at Strengthening and supporting the community of people
engaged or interested in s-risk research..
In February-march 2022, we ran two S-risk Intro Fellowships, intended to help people learn about CLR'sthinking
on our research topic. with 7 participants each.
In October 2022, we ran an S-iisk Retreat with 33 participants, airned at facilitating the exchange of ideas
between participants in our research community.
In summer 2022. we ran a Summer Research Fellowship, where Fellows joined our team as interns for two
months, to carry out a research project supervised by an experienced mentor.
We conducted over 150 coaching and advising calls with individuals. and invited several people to visit our
offices to talk to our team.
We collected participant feedback after all of our event5, which was generally very p051tive.
Grontmuklng
We operate the CLR Fund to support research in our priority areas. In this period, no Erant5 were made from the UK
Charity. However, we recornmended nine grants which were made by EAF Switzerland, totallinE 304,350 USD.
Details of grants made and recommended may be seen on the Fund web
Evaluation
We collect systematic feedback on community-building and operations projects through surveys and interviews. We
collect feedback on our research by submitting articles to journals & conferences and by requesting feedback on
drafts Df documents from relevant external researchers.
Additional published work is linked on our website, and in our 2023 fundraiser
ost on the Effective Altruism Forum
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Center on Long-term Risk
Trustees. report (continued)
For the period ended 31 December 2022
Plans for 2023
Research
The Causes of Conflict Research Group plans the following work streams..
Evaluating Large Language Models.. We will continue building on our work on evaluating LLM5 that we started
in 2022. As well as publishing our existing results, we plan to scope an agenda for assessing cooperation-
relevant capabilities.
Cooperation-related interventions.. We will continue our evaluations of cooperation-related interventions
started in 2022, aiming to decide which interventions to prioritise for further development. In parallel, we will
continue developing content for an overseer's manual for Al systems.
S-risk macro strategy.. A number of re5earcher5 on the team will continue Spending sorne of their time thinkin8
about s-risk prioritization more generally, such as the value of alternative research priorities to Al conflict.
Other re5earcher5 at CLR will continue their work on Evidential Cooperation in Large Worlds, and 5trategy-related
qualitative modelling.
Communlty-bulldlng
At the end of 2022. we planned the following community-buildine activities for 2023..
Hosting another S-risk Intro Fellowship and Summer Research Fellowship
Continuing our coaching meetings and calls
Hosting another S-risk Retreat
Creating learning resources foi people interested in s-ri5k research
Evaluating new activities related to disseminating research ideas
Grantmttking
In 2023, we plan to continue evaluating grant opportunities throvgh the CLR Fund both to recomrnend grants to
EAF Switzerland and to make grants ourselves.
FINANCIAL REVIEW
Rèsult for the period
The results for the period are shown in the statement of the financial activities on page 12. During the period, the
Charity received donations and other income totalling of £3,375,082. The cost of raising funds for the period totalled
£3,154. Expenditure on charitable activities of £1,717,793. The result for the period ended 31 December 2022 was
a surplus of £1,654,134.
The balance of the unrestricted reserves as at 31 Oecember 2022 was £1.535,347 and restricted reserves £118,787.
Funding
CLR is funded bygrants from several charitable foundations in the UK and overseas. and by donations from individual
donors.
CLR maintains one restricted fund, the CLR Fund, for the purpose of giant making. Donors may make unrestricted
gifts to CLR, or gifts to the CLR Fund 5pecificallv.
ReseNes pollcy
CLR'S policy is to always maintain a minimum of at least 3 months, operating expenses in its own bank accounts,
which equates to a target of approximately £430,000 based on spending in 2022. At 31 December 2022, the bank
balance lapproximately £805.0001 less liabilities (approximately £108,000) exceeded this target. As an additional
target, CLR'S policy is to always ietain at least 6 month'5 operating expen5e5 including receivables, committed
funding and funds earmarked for CLR held with regranting partner5. This target was also exceeded on 31 December
2022.
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Center on Long-term Risk
Trustees. report (continued)
For the period ended 31 December 2022
Going concern
At the time of writing, it has IC> months of reseNes based on the current planned rate of expenditure. including
receivables. The trustees are satisfied that the Charity will be able to meet its liabilities for at least a period of 12
months following the end of the accounting period. They therefore consider the State of CLR'5 finance5 to be
satisfactory and consider it appropriate to prepare the financial st3ternent5 on a going concern basis.
Trustees, responsibilities statement
The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial
Reporting Standaid applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each
financial period. which give a true and fair view of the state of affairs of the Charity and of the income and
expenditure of the Charity for the period.
In preparing these financial statement5, the trustee5 are required to..
select suitable accounting policies and then apply them consistently..
observe the methods and principles in "Accounting and Reporting by Charities,. Statement of recommended
practice applicable to charities preparinE their accounts in accordance with Financial ReportinE Standard 102..
make judgements and accounting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disc105ed and explained in the financial statement5', and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Charity will continue in business.
The trustees are responsible for maintaining proper aecounting records which disclose with reasonable atcuraty at
any tirne the financial position of the Charity and enable them to ensure that the financial statements comply with
the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust
deed/constitution. 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.
The trustees are responsible for the maintenance and integrity of the Charity 3nd financial information included on
the Charity's web51te. Legislation in the United Kingdom goverriing the preparation and dissemination of accoLJnts
may differ from legislation in other jurisdictions.
This report was approved by the trustees and signed on their behalf bv..
Max M3rlan Danlel
Max Marian Daniel
Trustee
Date: 2023110130
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Buzzacott
Independent auditor's report to the Trustees of Center on Long-term Risk
For the period from 7 July 2021 to 31 December 2022
Oplnlon
We have audited the financial statements of Center on Long term Risk for the period ended 31 December 2022, which
cornprise the Statement of financial activities, the Statement of financial position, the Statement of cash flows and the
related notes, including a summary of significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic tsf Ireland, Iunited Kingdom Generally
Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the CharitV'5 affairs as at 31 December 2022 and of it5 result for the period
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 Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities underthose 5tandard5 are further described in the auditor'5 re5pon5ibilitie5 for the audit of the financial
staternent5 Section of our report. We are independent of the Charity in accoidance 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 thework 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 Charity '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 the report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in
the annual report, other than the financial statements and our auditor's report thereon. 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.
In connection with our audit of the financial statements, our responsibility 15 to read the other information and, in doing
so, consider whether the other information is materially incon51Stent with the financial Statements or our knowledge
obtained in 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 there is a material misstatement in the
financial statements or a material misstatement of the other information. If, based on the work we have performed, we
conclude that there 15 a material misstatement of thi5 Other information. we are required to report that fact.
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Buzzacott
Independent auditor's report to the Trustees of Center on Long-term Risk
For the period from 7 July 2021 to 31 December 2022
Matter5 on which we are required to rèport by exception
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to
report to you if, in our opinion..
the information given in the trustees, annual report, is inconsistent in any material respect with the accounts:
or
sufficient accounting records have not been kept,. or
the accounts are not in a8reernent with the accounting record5 and return5; or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees. responsibilities statement on page 7, the Trustees 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 mi55tatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a
going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of
accounting unless the Trustees either intend to liquidate the Charity or to cease operations. or have no realistic
Iternative but to do so.
Auditor's re5pon5ibilities 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 aecordante with
ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements can arise frorn fraud or error and
are considered material if, individually or in the aggregate, they could reason3bly b8 expected to influence the econornic
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 irreEularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows..
the engagement director ensured that the engagement team collectively had the appropriate competence,
tapabilities and skills to identify or recognise non-compliance with applicable laws and regulations..
We identified the laws and regulations applicable to the Charity throuÉh discussions with management and
from out knowledge and experience of the Charity sector-
We focused on specific laws and regulation5 which we considered may have a direct material effect on the
accounts or the activities of the Charity. These included but were not limited to the Charities Act 2011,
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable to the United KinEdom and
Republic of IrelandlFRS 1021 leffettive l January 20191,. and
We 355essed the extent of compliance with the laws and regulations identified abovethrough making enquiries
with management and review of minute5 of trustee5' meetings.
io
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Buzzacott
Independent auditor's report to the Trustees of Center on Long-term Risk
For the period from 7 July 2021 to 31 December 2022
We a5se55ed the susceptibility of the Charity'5 financial statement5 to material mi5Statement, including obtaining an
understanding of how fraud might occur, by..
making enquiries of management as to their knowledge of actual, suspected and alleged fraud,. and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To addre55 the risk of fraud through management bia5 and override of contro15, we..
performed analytical procedures to identify any unusual or unexpected relation5hip5; and
reviewed journal entrie5 to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included, but were not limited to..
reading the minutes of meetings of those charged with governance., and
enquiring of management a5 to attual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that law5 and regulations are
from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing standards also
limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and
other management and the inspection of regulatory and legal correspondence. if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
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.uklauditorsresponsibilities. This description forms part of our
Auditor's report.
Use of our report
This report is made solely to the Charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011
and with regulations rnade under section 154 of that Act. Our audit work has been undertaken 50 that we might state
to the Charity's trustees 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 Charity and
the Charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed.
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 60L
Date.. 31 October 2023
li
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Center on Long-term Risk- Registered Charity number 1195079
Statement of financial activities
For the period from 7 July 2021 to 31 December 2022
Unrestrlcted
Restrlcted
Total
funds
funds
funds
Note
2022
2022
2022
Income from..
Donations
3,256.238
56
118.787
3,375.025
56
Other income
Total Income
3,256,294
118.787
3,375.081
Expenditure on:
Raisingfunds
Charitable activities
3,154
1.717,793
3,154
1,717.793
Total expenditure
1,720,947
1,720,947
Net Income and net movement In funds
1.535,347
118.787
1,654.134
Reconciliation of fund5:
Total fund5 at 31 December 2021
Total funds at 31 December 2022
14
1.535,347
118.787
1,654.134
This is the Charitws first period of activity since its formation.
All reeognised gains and losses are included in the above statement of financial activities.
The notes on page 15 to 23 form part these financial statements.
12
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Center on Long-term Rlsk- Registered Charlty number 1195079
Statement of financial position
As at 31 December 2022
2022
2022
Note
Fixed A55et5
li
569,634
Current 355ets
Debtors
Cash at bank and in hand
12
277,973
914,356
1,192,329
Creditors: Amounts falling due within one year
13
1107.8291
1,084,500
Net current assets
1,084.500
Totsl assets less current Ilabllltles
1,654,134
Charity funds
Unrestricted funds
Restricted funds
Total funds
14
1,535,347
118,787
1,654,134
14
The financial statements were approved by the trustees on 30 October 2023
and signed on their behalf by..
Max Marlan Danlel
Trusteè
13
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Center on Long-term Risk
Statement of cash flows
As at 31 December 2022
2022
2022
Cash flows from operating activitie5
Net cash provided by operating activities
1,522,330
Cash flows from investing activities..
Purchase of Fixed Assets
1607,9751
Net cash provided by investin8 activities
1607,9751
Change in cash and cash equivalent in the period
914,355
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
914,355
Reconciliation of net income I lexpenditurel to net cash flow from operating activities
Net income for the reporting period
las per the statement of financial activities)
Assets received as donation
Depreciation charges
L055 on the Sale of fixed assets
Increase in debtors
Increase in creditors
1,654,134
148,6121
44,941
42,012
1277,9731
107,828
Net cash provlded by operatlng actlvltles
1.522.330
The notes on pages 15 tts 23 form part of these financial statements.
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Notes to the financial statements
For the period ended 31 December 2022
General information
Center on Long-term Risk I'the Charitll is a charitable incorporated organisation iaoi, not having share capital.
and is incorporated in England and Wales. The Charity registration number is 1195079. Its registered office is in 3,
Floor. Block C. Imperial Works Perren Street. London NW5 3ED.
Accounting Policies
Basls of preparatlon of flnanclal ststements
These accounts have been prepared for the period from 7 July 2021 to 31 December 2022. The period is more
than 12 month5 due to this being the Charit¢s first accounting period since registration.
The financial statements have been prepared under the historical cost tonvention. The financial statements
have
been prepared in accordance with the Statement of Recommended Practice applicable to charitie5
preparing their financial statements in accordance with the financial reporting standard applicable in the
United Kingdom and Republic of Ireland IFRS 1021 (Charities SORP IFRS 1021" The financial reporting standard
applicable in the UK and Republic of Ireland I'FRS, 1021, and the Charities Act 2011.
The Charity continues as publit benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
Critical accountin8 estimates and areas of judgement
The preparation of financial statement5 in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting
policies.
The following principal accounting estirnates and judgements have been applied..
The estimate of the useful economic lives attributed to tangible fixed assets
The estimate of the value ascribed to donated assets
The method used for apportioning indirect costs across different expenditure heading5
The judgement rnade as to whether the accounts should be prepared on a going concern
basis (see 2.3 below)
Assessment of golng concern
The trustees have 355essed whether the use of the going Concern assumption is appropriate in preparin8
these accounts. The trustees have rnade this assessment in re5PeCt to a period of at least one year from the
date of approval of these accounts.
The trustees of the Charity have concluded that there are no material uncertainties related to events or
conditions that may cast significant doubt on the ability tsf the Charity to continue as a going concern. The
trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall
due.
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Notes to the financial statements (continued)
For the period ended 31 December 2022
Fund accounting
Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets their
criteria is charged to the fund.
Unrestricted general funds are available for use at the discretion of the trustees in the furtherance of the
general objectives of the Charitv.
Income recognition
Income is reco8ni5ed in the period in which the Charity Is entitled to receipt, the amount can be measured
reliably, and it is probable that income will be received. Grants and donations received for the general purposes
of the Charity are included as unrestricted funds.. grants and donations for activities restricted by the wishes of
the donor are taken to restricted funds. Donated assets are initially recognised at an estimate of its carrying
value at the time of transfer.
Expendlture
Liabilities are reco8N15ed as expenditure as 500n a5 there is 3 legal or constructive obligation committingthe Charity
to make a payment to a third party or it is probable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliablv.
Expenditure 15 included in the accounts on an accruals basis and includes attributabl8 VAT, which cannot be
recovered.
Expenditure is allocated to the particular activity on a direct basis or by allocation based on the level of direct
expenditure relatirig to that activity.
Expenditure comprises the following..
a. The cost5 of charitable activities comprise expenditure related to the Charity 's prirnary charitable purposes.
Such costs include..
General overhead costs
Related support costs
b. The cost of raising funds comprises expenditure related to the Chariv expenses in relation to raising funds for
the Charity. Such costs include..
Related support costs
c. Support costs are the costs associated with the governance arrangements of the Charity and the general
running of the Charity. Included within this category are costs associated with the strategic management of
the Charitrfs activities as opposed to day-to-day management. Support costs are allocated on the basis of
time spent of these attivitie5.
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Notes to the financial statements (continued)
For the period ended 31 December 2022
Tangible fixed assets
Capitalisation policy of the Charity is that items over £l.000 in individual value are capitalised.
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of
each a55et over it5 estimated useful life.
Buildin8 improvements
Fixtures and fittings
IT equipment
25% on straight line
25% on straight line
25% on straight line
Oebtors
Trade and Dther debtors are recognised at the settlement amount, less any provisions for non-recoverabilitv.
Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future
cash receipt where such discounting is material.
2.10 Cash at bank and in hand
Cash at bank and in hand represents suth accounts and instruments thatare available on demand or have a maturityof
less than three months from the date of acquisitions.
2.11 Creditors and proVis￿S
Creditors and provision5 are recogni5ed when there is an obligation at the balance Sheet date as a result of a past event,
it 15 probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be
estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle the
debt. They have been discounted to the present value of the fvture cash payment where such discounting is material.
2.12 Taxation
Center on Long-term risk is a rwstered Charity and therefore 15 not liable to income tax or corporation tax on come
derived from its charitsble activities, as it falls within the various exemptions available to registered charitie5.
2.13 jUd￿mentS in apptying attountingpoli¢ies and key sources of estimation untsrtainty
The preparation ofthefinancial statements require5 managementsto rnakejudgements, estimatesand assumptions that
affect the arnounts reported for assets and liabilities as at the period end and the amounts reported for revenues and
expenses during the period. However, the nature of estimation means that actual outcomes could differ from these
estimates.
The Trustees believe that there are no areas Invo￿1ng Significant estimation, uncertainty or the application of significant
judgement.
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Notes to the financial statements (continued)
For the period ended 31 December 2022
Donations & legacies
Unrestrlcted
fund
Restrlcted
fund
Total
fund
Period from
7 July 2021 to
31 December
2022
Perlod from 7
July 2021 to 31
December
2022
Perlod from 7
July 2021 to 31
December
2022
Donations
18,774
18.774
Grant5
3,184,160
118,787
3,302,947
Gift Aid income
4,693
4.693
Grants from EAF group- Donation in KindlNote 171
48,611
48.611
3.256,238
118,787
3,375.025
Other income
Unrestritted
fund
Restrirted
fund
Total
fund
Perlod from 7
July 2021 to 31
December 2022
Perlod from 7
July 2021 to 31
December 2022
Perlod from 7
July 2021 to 31
Detember 2022
Other income
56
56
56
56
Raising funds
Unrestrided
fund
Restrirted
fund
Total
fund
Period from 7
July 2021 to 31
December 2022
Period from 7
July 2021 to 31
December 2022
Period from 7
July 2021 to 31
Detember 2022
Allocated staff cost Inote 71
3.154
3.154
3,154
3,154
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Notes to the financial statements Icontinuedl
For the period ended 31 December 2Q22
Expenditure on charitable activities
Unrestricted
fund
Restricted
fund
Total
fund
Period from 7
July 2021 to 31
December 2022
Period from 7
July 2021 to 31
December 2022
Period from 7
July 2021 to 31
December 2022
Grants (note 81
Other expenditure on charitable activities
(note 71
4,878
1,712,915
4,878
1.712.915
1,717,793
1,717.793
Analysis of total expenditure
Raising fund5
(note Sl
Charitable
activities
(note 61
Total
fund5
Staff Costs (Note 161
Grants INote 81
Travel & Accommodation
Staff Welfare expenses
Contractors, expense5
Other professional services
Insurance
Rent & Maintenance expenses
Immigration
Bank fees
Furni5hing5 undei £lOOO
Telephone, Printing & Stationery
Software expenses
IT equipment under £lOOO
Events
other operational expenses
Depreciation
Loss on disposal of assets
Bank Revaluation5
Unrealised Currency Gains
Realised Currency Gains
Total support costs
3.IS4
878.823
4,878
110.943
68.562
56,542
3,923
3,197
237.934
5,308
9,132
10,937
25,791
75.681
6,374
61.643
8,230
44,942
42.012
5,057
412
11531
1.660.168
881.977
4.878
110,943
68.562
56,542
3.923
3.197
237.934
5.308
9.132
10.937
25.791
75.681
6.374
61.643
8,230
44,942
42.012
5.057
412
11531
1.663,322
3.154
Governance cost
Legal fees
Audit fee5
Accounting fee5
39,109
10.000
8,516
39,109
10.000
8,516
Total charltable actlvlties
57.625
1.717.793
S7.625
1.720,947
Total Expendlture
3.154
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Notes to the financial statements (continued)
For the period ended 31 December 2022
Grants
Unrestrirted
fund
Period from 7 July
2021 to 31
December 2022
RestrictÈd
fund
Period from 7 July
2021 to 31
December 2022
Total
fund
Period from 7 July
2021 to 31
December 2022
Scholarship awarded to Individual
4,878
4078
4.878
4.878
Audltors. remuneratlon
Period from
7 July 2021
to31
Oetèmbèr 2022
Audit fee
10.000
10.000
10. Trustees, remuneratlon
No trustees received any emoluments for their services as trustees during the period. Reimbursement of
expenses incurred by Trustees are disclosed in Note 17.
11. Tangible F5xed Assets
Bulldlng
Improvements
Flxtures
and Flttlngs
IT
Equlpment
Total
Cost
Additions
Donated Assets
Disposal
At 31 December 2022
567,354
8.711
116.2181
559,847
22,798
22,702
122,7021
22,798
17,823
17.198
117.1981
17,823
607,975
48.611
156,1181
600,468
Depreciation
Charge for the period
Di5P05a15
At 31 December 2022
29,325
14.1321
25,193
7,458
15.6761
1,782
8,159
14,3001
3,859
44,942
114,1081
30.834
Net book value
At 31 December 2022
534,654
21,016
13,964
569,634
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Notes to the financial statements (continued)
For the period ended 31 December 2022
12. Debtors
2022
Other debtors
252,141
25,832
277.973
Prepayments
13. Creditors
2022
Trade creditors
60,575
964
Taxation and Social security
Accruals
46,290
107,829
14. Analysis of Movement in Funds
Unrestricted
fund
Perlod from 7
July 2021 to 31
Detember 2022
Restricted
fund
Perlod from 7
July 2021 to 31
December 2022
Total
fund
Perlod from 7
July 2021 to 31
December 2022
Income
Expenditure
Balante as at 31 De￿mber 2022
3,256,294
11.720.9471
1,535,347
118.787
3.375,081
11,720.9471
1,654,134
118,787
The restricted fund relates to CLR Fund which is used to make grants to organisations and individuals working
to advance CLR'S priorities, for example supporting independent researchers.
IS. Analysis of assets between funds
Unrestrlcted
fund
Restrlcted
fund
Total
fund
Tangible fixed assets
Current assets
569,634
1,073.542
1107,8291
1,535.347
569,634
1.192,329
1107.8291
1.654,134
118,787
Balance as at 31 December 2022
118,787
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Notes to the financial statements (continued)
For the period ended 31 December 2022
16. Analysls of staff costs
Ralslng
funds
Charltable
activities
Total
fund
2022
2022
2022
Salaries
Employer'5 national insurance
Employer's pension contributions
Total staff costs
2,735
285
134
757.7
83.002
38,031
760.525
83,287
38,165
3,154
878,823
881.977
The number of employees whose remuneration (including taxable benefits but excluding employerfs pension
contributions) was £60,000 or more during the year were as follows=
2022
£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£90,001- £100.000
The average number of staff during the period of report lon a head Count basis) was 15.
The key management personnel comprise of the trustees and the senior management team. who have the authority
nd responsibility for plannin& directing and controlling the activities of the Charity, under the guidance of the trustee5.
Tot31 salary given to key management personnel duringthe period was £245,564. Trustees are not remunerated fortheir
services.
17.
Rèlated Parties
During the reporting period the following transactions occurred with related parties..
Unrestricted donations and grants totalling £2,731,439 were received from related parties during
the reporting period.
The Charity reimbursed out of pocket expenses incurred by trustees in tarrying out their duties on behalf of the
Charity durin8 the reporting periods as follow5:
A total of £6,983 of travel expense5 were met relating to 4 trustees.
£115 of computing expenses were met relating to I trustee.
£67 for food expenses were met relating to I trustee.
£108 for office supplies were met relating to I trustee.
No amounts were due to these trustees at period end.
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Notes to the financial statements (continued)
For the period ended 31 December 2022
16.
Related Parties Icontinuedl
Donatlon In klnd:
A research project previously operated by Effective Altruism Foundation I'EAF Switzerland") was taken over by Center
on Long-term Risk, and the physical assets used by the former in relation to thi5 project were also transferred to the
Charity on 31 December 2021 as part of this arrangement.
The carrying values of the assets transferred were as follows..
2022
Building Improvements
Furniture & non-IT equipment over £lOOO
IT equipment over £lOOO
Total
8.711
22.702
17,198
48.611
An equivalent amount has been recorded within income frtsm donations, effectively reflecting the receipt of donated
asset5, and the above amounts have been taken to equal the deerned c05t of the relevant assets foi these account5.
There were no other related party transactions during the period of report.
18.
Commitments under operating lease
As at 31 December 2022, the Charity has future minimum lease payments due under non-cancellable operating leases
for each of the following period5'.
2022
Not later than l year
Later than l year and not later than S years
Total
388.094
323,412
711.506
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