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2023-12-31-accounts

Center on Long-term Risk

Annual report and financial statements

For the year ended 31 December 2023 Charity registration number: 1195079

Doc ID: 00cb89e3328174b40035841b0e01f4c24fb6c669

Center on Long- term Risk

Contents

Page
Reference and administrative details 1
Trustees’ report 2 - 8
Independent auditors’ report 9 – 11
Statement of financial activities 12
Comparative statement of financial activities 13
Statement of financial position 14
Statement of cash flow 15
Notes to the financial statements 16 - 27

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Center on Long-term Risk

Reference and administrative details

For the year ended 31 December 2023

Trustees Max Marian Daniel
Linh Chi Nguyen
Tobias Baumann
Jonas Emanuel Vollmer
Stefan Torges
Charity registered number 1195079
Registered address & Principal office 3rdFloor, Block C, Imperial Works
Perren Street,
London
NW5 3ED
Independent auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers Unity Trust Bank PLC,
Four Brindleyplace,
Birmingham
B1 2JB
Wise Payments Ltd,
6thFloor, Tea Building,
56 Shoreditch High Street,
London E1 6JJ
Legal advisers Stone King LLP
Boundary House
91 Charterhouse Street
London EC1M 6HR
Maurice Turnor Gardner LLP
15thFloor, Milton House
Milton Street,
London EC2Y 9BH
BDB Pitmans LLP
One Bartholomew Close
London
EC1A 7BL

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Center on Long-term Risk

Trustees’ report

For the year ended 31 December 2023

The trustees present their annual report together with the financial statements of Center on Long-term Risk (‘the Charity’) for the year ended 31 December 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Center on Long-term Risk (‘CLR’, the ‘Charity’) is a Charitable Incorporated Organisation, governed by its Constitution, as dated 25th March 2021.

The Charity, registered as a charitable incorporated organisation (CIO), is a corporate body with a constitution that is registered with and regulated by the Charity Commission. It was registered on 7 July 2021 with its Charity Registration Number being 1195079.

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. New trustees are given relevant internal documentation and onboarding materials, referred to Charity Commission guidance for new trustees, 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 following individuals:

Specific trustee and staff duties and delegations are set out in the Charity’s delegation scheme.

The trustees consider that they, together with the aforementioned senior management team comprise the Charity’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.

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.

1 In June 2023, Stefan Torges resigned 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 year ended 31 December 2023

Trustees

The trustees who served during the year were:

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 (“EAF Switzerland”), 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 receives donations to provide to CLR. EAF Switzerland’s affiliated non-profits in the USA and Germany, namely Effective Altruism Foundation, Inc. (‘EAF USA’) and Stiftung für Effektiven Altruismus (‘EAF Germany’), provide similar support. These three international non-profits have a website at ea-foundation.org/. CLR provides advice to these organisations, including making grant recommendations, but does not provide funding to them.

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 also loosely associated with the broader effective altruism movement, a community of individuals and organisations focussed on using evidence and reasoning to benefit others as much as possible.

OBJECTIVES AND ACTIVITIES

Policies and objectives

The principal objectives of the Charity are for the public benefit:

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Trustees’ report (continued)

For the year ended 31 December 2023

The trustees confirm that they have compiled with the Charity Commission’s guidance on public benefit when planning the Charity’s activities for this year.

Programs

CLR aims to advance research that reduces the worst risks of astronomical suffering (“s-risks”) in the future. We currently believe that such scenarios most likely involve transformative AI systems, and so have a primary focus on research aimed at making the development and deployment of artificial intelligence (AI) systems safer.

Our primary research programs are:

CLR also aims to make grants to support research efforts outside our organisation. 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 grantmaking 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:

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Trustees’ report (continued)

For the year ended 31 December 2023

ACHIEVEMENTS AND PERFORMANCE

Detailed strategic report

The below sections provide an overview of CLR’s aims, activities and achievements in 2023, and plans for 2024. Further detail on these topics is available in our 2023 annual review post on the Effective Altruism Forum.

Achievements during the year

Research

CLR’s primary research focus relates to understanding how we can prevent AI systems from engaging in catastrophic conflict. In 2023, we have made research progress on:

CLR’s work was disseminated to target audiences in various ways, including:

Community-building

In 2023, we undertook the following activities aimed at strengthening and supporting the community of people engaged or interested in s-risk research:

2 Additional published work is linked on our website, and in our 2023 annual review post on the Effective Altruism Forum

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Trustees’ report (continued)

For the year ended 31 December 2023

Grantmaking

We operate the CLR Fund to support research in our priority areas. In 2023, the Fund made three such grants totalling £31,533. We also recommended a further four grants which were made by EAF Switzerland, totalling £63,900.

Illustrative grants included:

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 of documents from relevant external researchers.

Plans for 2024

Research

CLR’s research team plans the following major projects for 2024:

Beyond these two priority areas, we will continue to conduct more exploratory research.

Community-building

In late 2023, we hired a Community Manager to lead our community-building efforts. Our plans for 2024 include:  Refreshing the strategy for our community-building activities

Grantmaking

In 2024, we plan to continue evaluating grant opportunities through the CLR Fund, both to make grants ourselves, and to recommend grants to EAF Switzerland.

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Trustees’ report (continued)

For the year ended 31 December 2023

FINANCIAL REVIEW

Result for the year

The results for the year are shown in the statement of the financial activities on page 12. A result for the comparative period, which covered the period 7 July 2021 to 31 December 2022, is included at page 13. During the year, the Charity received donations and other income totalling of £3,043,328 (2022: £3,375,082). The cost of raising funds for the year totalled £11,338 (2022: £3,154) and expenditure on charitable activities of £1,996,398 (2022: £1,717,793). The result for the year ended 31 December 2023 was a surplus of £1,035,592 (2022: £1,654,134).

The balance of the unrestricted reserves as at 31 December 2023 was £2,561,682 (2022: £1,535,347) and restricted reserves £128,044 (2022: £118,787).

Funding

CLR is funded by grants 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 grantmaking. Donors may make unrestricted gifts to CLR, or gifts to the CLR Fund specifically.

Reserves policy

CLR’s policy is to always maintain:

As of 31 December 2023, our bank balance (£2,070,934) less liabilities (£45,235) and restricted funds (£128,044) exceeded both targets.

Going concern

At the time of writing, the Charity has over 12 months of reserves based on the current planned rate of expenditure, including receivables and funds earmarked for CLR held with regranting partners, meeting the target set in the reserves policy. The trustees consider the state of CLR’s finances to be satisfactory, and consider it appropriate to prepare the financial statements 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 Standard 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.

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Trustees’ report (continued)

For the year ended 31 December 2023

In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time 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 and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

This report was approved by the trustees and signed on their behalf by:

Max Marian Daniel Trustee Date: 2024 / 10 / 28

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Independent auditor’s report to the Trustees of Center on Long-term Risk

For the year ended 31 December 2023

Opinion

We have audited the financial statements of Center on Long term Risk for the year ended 31 December 2023, which comprise the Statement of financial activities, the Comparative 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 of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 and Financial Statements, 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 is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 is a material misstatement of this other information, we are required to report that fact.

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Independent auditor’s report to the Trustees of Center on Long-term Risk

For the year ended 31 December 2023

Matters on which we are required to report 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:

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 misstatement, 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, disclosing, 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 alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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:

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Independent auditor’s report to the Trustees of Center on Long-term Risk

For the year ended 31 December 2023

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws 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.uk/auditorsresponsibilities. 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 made under section 154 of that Act. Our audit work has been undertaken so 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 6DL

Date:

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Center on Long-term Risk – Registered Charity number 1195079

Statement of financial activities

For the year ended 31 December 2023

Note
Income from:
Donations
3
Other income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
7
Net income and net movement in funds
Reconciliation of funds:
Total funds at 31 December 2022
Total funds at 31 December 2023
14		 Unrestricted
funds
2023
£
2,991,074
11,464
3,002,538
11,338
1,964,865
1,976,203
1,026,335
1,535,347
2,561,682		 Restricted
funds
2023
£
40,790
-
40,790
-
31,533
31,533
9,257
118,787
128,044		 Total
funds
2023
£
3,031,864
11,464
3,043,328
11,338
1,996,398
2,007,736
1,035,592
1,654,134
2,689,726

All recognised gains and losses are included in the above statement of financial activities.

The notes on page 16 to 27 form part these financial statements.

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Center on Long-term risk Ltd – Registered company number: 08032149

Comparative statement of financial activities

For the period from 7 July 2021 to 31 December 2022

Note
Income from:
Donations
3
Other income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
7
Net income and net movement in funds
Reconciliation of funds:
Total funds at 31 December 2021
Total funds at 31 December 2022
14		 Unrestricted
funds
2022
£
3,256,238
56
3,256,294
3,154
1,717,793
1,720,947
1,535,347
-
1,535,347		 Restricted
funds
2022
£
118,787
-
118,787
-
-
-
118,787
-
118,787		 Total
funds
2022
£
3,375,025
56
3,375,081
3,154
1,717,793
1,720,947
1,654,134
-
1,654,134

All recognised gains and losses are included in the above statement of financial activities.

The notes on page 16 to 27 form part these financial statements

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Center on Long-term Risk – Registered Charity number 1195079

Statement of financial position

As at 31 December 2023

Note
Fixed assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
Net current assets
Total assets less current liabilities
Charity funds
Unrestricted funds
14
Restricted funds
14
Total funds		 2023
£
376,416
2,070,934
2,447,350
(45,235)
2,402,115		 2023
£
287,611
2,402,115
2,689,726
2,561,682
128,044
2,689,726		 2022
£
277,973
914,356
1,192,329
(107,829)
1,084,500		 2022
£
569,634
1,084,500
1,654,134
1,535,347
118,787
1,654,134

The financial statements were approved by the trustees on and signed on their behalf by: 2024 / 10 / 28

………………………....

Max Marian Daniel Trustee

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Statement of cash flows

As at 31 December 2023

Cash flows from operating activities
Net cash provided by operating activities
A
Cash flows from investing activities:
Purchase of fixed assets
Net cash provided by investing activities
Change in cash and cash equivalent in the
year/period
Cash and cash equivalents at the beginning of
the year/period
Cash and cash equivalents at the end of the
year/period
Reconciliation of net income to net cash flow from
Net income for the reporting year/period
(as per the statement of financial activities)
Assets received as donation
Depreciation charges
Loss on the sale of fixed assets
Increase in debtors
(Decrease)/ increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Net cash provided by operating activities		 2023
2023
£
£
1,166,095
(9,517)
(9,517)
1,156,579
914,356
2,070,934
operating activities		 2022
£
(607,975)
£
2023
1,035,592
-
290,517
1,022
(98,443)
(62,593)
1,166,095
£
2,070,934
2,070,934		 2022
£
1,522,330
(607,975)
914,356
-
914,356
£
2022
1,654,134
(48,612)
44,941
42,012
(277,973)
107,828
1,522,330
£
914,356
914,356

The notes on pages 16 to 27 form part of these financial statements.

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Center on Long-term Risk

Notes to the financial statements

For the year ended 31 December 2023

1. General information

Center on Long-term Risk (‘the Charity’) is a charitable incorporated organisation (CIO), not having share capital, and is incorporated in England and Wales. The Charity registration number is 1195079. Its registered office is in 3[rd] Floor, Block C, Imperial Works Perren Street, London NW5 3ED.

2. Accounting Policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the financial reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)”, ‘The financial reporting standard applicable in the UK and Republic of Ireland (‘FRS’ 102)’ and the Charities Act 2011.

The Charity continues as public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

2.2 Critical accounting estimates and areas of judgement

The preparation of financial statements 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 estimates and judgements have been applied:

2.3 Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect 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 of 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 year ended 31 December 2023

2.4 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 Charity.

2.5 Income recognition

Income is recognised 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.

2.6 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the 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 reliably.

Expenditure is included in the accounts on an accruals basis and includes attributable 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 relating to that activity.

Expenditure comprises the following:

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Notes to the financial statements (continued)

For the year ended 31 December 2023

2.8 Tangible fixed assets

Capitalisation policy of the Charity is that items over £1,000 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 asset over its estimated useful life.

Building improvements - 25% on straight line Fixtures and fittings - 25% on straight line IT equipment - 25% on straight line

The Charity has given notice to give up the lease on its current office space at the end of 2024. For this reason, depreciation on building improvements and fixtures and fittings which will not be retained by the charity after giving up the lease, has been accelerated effective from 1[st] January 2023, on an accelerated straight-line basis to reach zero net book value at the end of 2024.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount, less any provisions for non-recoverability. 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 such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisitions.

2.11 Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 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 future cash payment where such discounting is material.

2.12 Taxation

Center on Long-term risk is a registered Charity and therefore is not liable to income tax or corporation tax on come derived from its charitable activities, as it falls within the various exemptions available to registered charities.

3. Donations & legacies

Donations
Grants
Gift Aid income		 Unrestricted
fund
Year to 31
December
2023
£
8,904
2,979,963
2,207
2,991,074		 Restricted
fund
Year to 31
December
2023
£
-
40,790
-
40,790		 Total
fund
Year to 31
December
2023
£
8,904
3,020,753
2,207
3,031,864

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Notes to the financial statements (continued)

For the year ended 31 December 2023

Donations
Grants
Gift Aid income
Grants from EAF group – Donation in Kind (Note 17)
4.
Other income
Other income
Other income		 Unrestricted
fund
Period from 7 July
2021 to 31
December 2022
£
18,774
3,184,160
4,693

48,611
3,256,238
Unrestricted
fund
Year to 31
December
2023
£
11,464
11,464
Unrestricted
fund
Period from 7 July
2021 to 31
December 2022
£
56
56		 Restricted
fund
Period from 7 July
2021 to 31
December 2022
£
-
118,787
-
-
118,787
Restricted
fund
Year to 31
December
2023
£
-
-
Restricted
fund
Period from 7 July
2021 to 31
December 2022
£
-
-		 Total
fund
Period from 7
July 2021 to 31
December 2022
£
18,774
3,302,947
4,693
48,611
3,375,025
Total
fund
Year to 31
December
2023
£
11,464
11,464
Total
fund
Period from 7
July 2021 to 31
December 2022
£
56
56

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Notes to the financial statements (continued)

For the year ended 31 December 2023

5. Raising funds

Expenditure on charitable activities
Grants (note 8)
Other expenditure on charitable activities (note 7)
Grants (note 8)
Other expenditure on charitable activities (note 7)
Allocated costs (note 7)
Allocated cost (note 7)		 Unrestricted
fund
Year to 31
December
2023
£
2,471
1,962,394
1,964,865
Unrestricted
fund
Period from 7
July 2021 to 31
December
2022
£
4,878
1,712,915
1,717,793
Unrestricted
fund
Year to 31
December
2023
£
11,338
11,338
Unrestricted
fund
Period from 7
July 2021 to 31
December 2022
£
3,154
3,154		 Restricted
fund
Year to 31
December
2023
£
31,533
-
31,533

Restricted
fund
Period from 7
July 2021 to 31
December
2022
£

-
-
Restricted
fund
Year to 31
December
2023
£
-
-
Restricted
fund
Period from 7
July 2021 to 31
December 2022
£
-
-		 Total
fund
Year to 31
December
2023
£
34,004
1,962,394
Total
fund
Year to 31
December
2023
£
11,338
11,338
Total
fund
Period from 7
July 2021 to 31
December 2022
£
3,154
3,154
1,996,398
Total fund
Period from 7 July
2021 to 31
December
2022
£
4,878
1,712,915
1,717,793

6. Expenditure on charitable activities

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Notes to the financial statements (continued)

For the year ended 31 December 2023

7. Analysis of total expenditure

Staff Costs (Note 16)
Grants (Note 8)
Travel & Accommodation
Staff Welfare expenses
Contractors’ expenses
Other professional services
Insurance
Rent & Maintenance expenses
Immigration
Bank fees
Furnishings under £1000
Telephone, Printing & Stationery
Software expenses
IT equipment under £1000
Events
Other operational expenses
Depreciation
Loss on disposal of assets
Bank Revaluations
Realised Currency Gains
Governance cost
Legal fees
Audit fees
Accounting fees
Total expenditure		 Raising funds
(note 5)
Year to 31
December 2023
£
6,826
-
4,512
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,338
-
-
-
-
11,388		 Charitable
activities
(note 6) Year to 31
December 2023
£
930,593
34,004
55,784
49,798
31,108
6,120
6,438
441,025
18,338
6,927
7,441
12,977
55,289
2,333
4,315
4,805
290,517
1,022
1,265
(166)
1,959,933
18,781
10,400
7,284
36,465
1,996,398		 Total
Funds
Year to 31
December 2023
£
937,419
34,004
60,296
49,798
31,108
6,120
6,438
441,025
18,338
6,927
7,441
12,977
55,289
2,333
4,315
4,805
290,517
1,022
1,265
(166)
1,971,271
18,781
10,400
7,284
36,465
2,007,736

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Notes to the financial statements (continued)

For the year ended 31 December 2023

7. Analysis of total expenditure (continued)

Staff Costs (Note 16)
Grants (Note 8)
Travel & Accommodation
Staff Welfare expenses
Contractors’ expenses
Other professional services
Insurance
Rent & Maintenance expenses
Immigration
Bank fees
Furnishings under £1000
Telephone, Printing & Stationery
Software expenses
IT equipment under £1000
Events
Other operational expenses
Depreciation
Loss on disposal of assets
Bank Revaluations
Unrealised Currency Gains
Realised Currency Gains
Governance cost
Legal fees
Audit fees
Accounting fees
Total Expenditure		 Raising funds
(note 5)
Period from 7
July 2021 to 31
December 2022
£
3,154
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,154
-
-
-
-
3,154		 Charitable
activities
(note 6) Period
from 7 July 2021
to 31 December
2022
£
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
5,507
412
(153)
1,660,168
39,109
10,000
8,516
57,625
1,717,793		 Total
Funds
Period from 7
July 2021 to 31
December 2022
£
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
5,507
412
(153)
1,663,322
39,109
10,000
8,516
57,625
1,720,947

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Notes to the financial statements (continued)

For the year ended 31 December 2023

8. Grants

Scholarships awarded to individuals
Grants from the CLR Fund (see note 14)
Scholarship awarded to Individual		 Unrestricted
funds
Year to 31
December
2023
£
2,471
-
2,471
Unrestricted
funds
Period from
7 July 2021
to 31
December 2022
£
4,878
4,878		 Restricted
funds Year to
31 December
2023
£
-
31,533
31,533
Restricted funds
Period from
7 July 2021
to 31
December 2022
£
-
-		 Total funds
31 December
2023
£
2,471
31,533
34,004
Total funds
Period from
7 July 2021
to 31
December 2022
£
4,878
4,878

9. Auditors’ remuneration

Audit fee Year to 31
December 2023
£
10,800
10,800		 Period from
7 July 2021
to 31
December 2022
£
10,000
10,000

10. Trustees’ remuneration

No trustees received any emoluments for their services as trustees during the year. Reimbursement of expenses incurred by Trustees are disclosed in Note 17.

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Notes to the financial statements (continued)

For the year ended 31 December 2023

11. Fixed assets

Cost
At 1 January 2023
Additions
Disposal
At 31 December 2023
Depreciation
At 1 January 2023
Depreciation charge for
the year
Impairment charge
Disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Building
improvements
£
559,847
1,900
-
561,747
25,193
140,015
139,717
-		 Fixtures
and fittings
£
22,798
5,518
-
28,316
1,782
6,653
-
-		 IT
equipment
£
17,823
2,099
(1,450)
18,472
3,859
4,132
-
(427)		 Total
£
600,468
9,517
(1,450)
608,535
30,834
150,800
139717
(427)
304,925
256,822
534,654		 8,435
19,881
21,016		 7,564
10,908
13,964		 320,924
287,611
569,634

An impairment charge has been recognized in reflection of the decision taken to vacate the charity's current leasehold premises on 31 December 2024. No other significant costs are expected in relation to the decision to vacate the property.

12 . Debtors

Other debtors
Prepayments
Creditors: Amounts falling due within one year
Trade creditors
Accruals
Taxation and social security
Other creditors		 2023
£
266,263
110,153
376,416
2023
£
10,450
9,913
21,014
3,858
**45,235 **		 2022
£
252,141
25,832
277,973
2022
£
60,575
46,290
964
-
107,829

13. Creditors: Amounts falling due within one year

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Notes to the financial statements (continued)

For the year ended 31 December 2023

14. Analysis of Movement in Funds

Balance as on 1 January 2023
Income
Expenditure
Balance as at 31 December 2023		 Unrestricted
fund
2023
£
1,535,347
3,002,538
(1,976,203)
2,561,682		 Restricted
fund
2023
£
118,787
40,790
(31,533)
128,044		 Total
fund
2023
£
1,654,134
3,043,328
(2,007,736)
2,689,726

15. Analysis of assets between funds

Tangible fixed assets
Current assets
Current liabilities
Balance as at 31 December 2023
Tangible fixed assets
Current assets
Current liabilities
Balance as at 31 December 2023		 Unrestricted
fund
2023
£
287,611
2,319,306
(45,235)
2,561,682
Unrestricted
fund
2022
£
569,634
1,073,541
(107,829)
1,535,347		 Restricted
fund
2023
£
-
128,044
-
128,044
Restricted
fund
2022
£
-
118,787
-
118,787		 Total
fund
2023
£
287,611
2,447,350
(45,235)
2,689,726
Total
fund
2022
£
569,634
1,192,329
(107,829)
1,654,134

16. Analysis of staff costs


Salaries
Employer’s national insurance
Employer’s pension contributions
Total staff costs		 Raising
funds
2023
£
5,693
666
467
6,826		 Charitable
activities
2023
£
825,576
93,276
11,741
930,593		 Total
fund
2023
£
831,269
93,942
12,208
937,419

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Notes to the financial statements (continued)

For the year ended 31 December 2023

Analysis of staff costs (continued)

Salaries
Employer’s national insurance
Employer’s pension contributions
Total staff costs		 Raising
funds
2022
£
2,735
285
134
3,154		 Charitable
activities
2022
£
757,790
83,002
38,031
878,823		 Total
fund
2022
£
760,525
83,287
38,165
881,977

The number of employees whose remuneration (including taxable benefits but excluding pension contributions and employer’s national insurance) was £60,000 or more during the year were as follows:

£60,000 - £70,000
£70,000 - £80,000
£80,000 - £90,000
£90,001 - £100,000		 2023
6
2
1
-
9		 2022
1
-
1
1
3

The average number of staff during the year of report (on a pro-rata basis for part-time employees) was 12.7 (2022 - 9).

The key management personnel comprise of the trustees and the senior management team, who have the authority and responsibility for planning, directing and controlling the activities of the Charity, under the guidance of the trustees. Total salary given to key management personnel during the year (including taxable benefits, pension contributions and employer’s national insurance) was £264,068 (2022 - £296,844). Trustees are not remunerated for their services.

17. Related Parties

During the reporting year the following transactions occurred with related parties:

Unrestricted donations and grants totalling £1,631,234 (2022 - £2,731,439) were received from related parties during the reporting period.

The following amounts of trustees' expenses were covered in 2023:

No amounts were due to trustees at year end (2022 - £nil).

£2,813 of travel expenses and £2,231 of accommodation expenses were met in 2023 (2022 - no such reimbursement) for a volunteer who was also the romantic partner of a Lead Researcher. The expenses were met to enable the volunteer’s activities providing research mentorship to Fellows as part of the charity’s Summer Research Fellowship program.

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Notes to the financial statements (continued)

For the year ended 31 December 2023

Related parties (continued)

Donation in kind:

A research project previously operated by Effective Altruism Foundation (‘EAF Switzerland’) was taken over by Center on Long-term Risk, and the physical assets used by the former in relation to this 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:

Building Improvements
Furniture & non-IT equipment over £1000
IT equipment over £1000
Total		 2023
£
-
-
-
-		 2022
£
8,711
22,702
17,198
48,611

An equivalent amount has been recorded within income from donations, effectively reflecting the receipt of donated assets, and the above amounts have been taken to equal the deemed cost of the relevant assets for these accounts. There were no other related party transactions during the period of report (2022 – no other).

18. Commitments under operating lease

As at 31 December 2023, the Charity has future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Not later than 1 year
Later than 1 year and not later than 5 years
Total		 2023
£
417,047
-
417,047		 2022
£
388,094
323,412
711,506

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