OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Center on Long-term Risk

Annual report and financial statements

For the year ended 31 December 2024 Charity registration number: 1195079

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long- term Risk

Contents

Page
Reference and administrative details 1
Trustees’ report 2 - 7
Independent auditors’ report 8 - 10
Statement of financial activities 11
Comparative statement of financial activities 12
Statement of financial position 13
Statement of cash flow 14
Notes to the financial statements 15 - 25

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Reference and administrative details

For the year ended 31 December 2024

Trustees Max Marian Daniel
Linh Chi Nguyen
Tobias Baumann
Jonas Emanuel Vollmer
Stefan Torges
Charity registration number 1195079
Registered office and principal address LABS Hawley Lock
1 Water Lane
London
NW1 8NZ
Independent auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers Unity Trust Bank PLC
Four Brindleyplace
Birmingham
B1 2JB
Wise Payments Ltd
1st Floor
Worship Square
65 Clifton Street
London
EC2A 4JE
Legal advisers Stone King LLP
Boundary House
91 Charterhouse Street
London EC1M 6HR
Maurice Turnor Gardner LLP
15th Floor, Milton House
Milton Street,
London EC2Y 9BH
BDB Pitmans LLP
One Bartholomew Close
London
EC1A 7BL

1

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Trustees’ Report

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 2024.

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 is 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. See the Affiliations section below for details of the Charity’s 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. 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.

Trustees

The trustees who served during the year were:

2

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Trustees’ report (continued)

For the year ended 31 December 2024

Affiliations

The Charity was founded 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 provided support to the Charity in 2024, including receiving donations 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’), provided similar support. These three international non-profits have a website at ea-foundation.org/. CLR provided advice to these organisations, including making grant recommendations, but never provided funding to them.

In 2024, EAF Switzerland opted to cease operations and began liquidation. It transferred both restricted and unrestricted donations to CLR with the intention to support CLR’s work and further its charitable purpose.

CLR has an affiliation with Macroscopic Ventures (renamed from ‘Polaris Ventures’ in early 2025), a Swiss non-profit. Macroscopic provides funding to CLR, and CLR has advised on Macroscopic’s grant making in the past.

CLR is also loosely associated with the broader effective altruism movement, a community of individuals and organisations focused 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:

To advance research, especially in the field of emerging technologies (such as artificial intelligence) and their risks and benefits, by activities such as:

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 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 (artificial intelligence) systems, and so have a primary focus on research aimed at making the development and deployment of AI systems safer.

Our primary research programs are:

● AI conflict: most of our research efforts are focused on better understanding on how we can prevent AI systems from engaging in catastrophic conflict.

● S-risk macrostrategy: broader research aimed at better understanding how we can reduce suffering in the longterm future, for example identifying causes or considerations that we have overlooked so far.

CLR’s team regularly considers the path to impact of our research and prioritise based on the research’s eventual implementation. We focus on identifying risks and possible interventions, and evaluating these interventions, with the goal of informing advocacy for the inclusion of relevant interventions in AI development.

3

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Trustees’ report (continued)

For the year ended 31 December 2024

In addition to our staff directly conducting research, we work to advance research in this field by supporting and building the community of people engaged in the field. Our primary programs here are:

CLR also makes 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 grant making 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:

Leadership and Strategy

In late 2024, our Executive Director stepped down, moving into a special advisory role at the Charity also involving research. The new leadership team were hired internally, since they are extremely well-placed to navigate new strategic directions because of their deep familiarity with CLR and our work. This team began formally in February 2025.

ACHIEVEMENTS AND PERFORMANCE

Detailed strategic report

The below sections provide an overview of CLR’s aims, activities and achievements in 2024, and plans for 2025.

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 2024, we have made research progress on:

4

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Trustees’ report (continued)

For the year ended 31 December 2024

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

Examples of our research that were published and/or worked on in 2024 include:

Community-building

In 2024, we undertook the following activities aimed at strengthening and supporting the community of people engaged or interested in s-risk research:

● In January and February 2024, we ran an ‘S-risk Introductory Fellowship’, which had 23 participants. The SIF is an online workshop series intended to help participants learn about CLR’s thinking on our research topics through background reading and discussion groups over a six-week period.

● We conducted coaching and advising calls with individuals and invited several people to visit our offices to meet with our team.

Grant making

We operate the CLR Fund to support research in our priority areas. In 2024, the Fund made three such grants totalling £128,874. We also recommended a further four grants which were made by EAF Switzerland, totalling £9,724. Illustrative grants included:

● A grant to cover living expenses for an independent research project related to our priorities on safe Pareto improvements.

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 and conferences and by requesting feedback on drafts of documents from relevant external researchers.

Plans for 2025

Research

CLR’s research team plans the following major projects for 2025:

● Research into Large Language Models (LLMs), focusing on either the development of AI model personas and how training choices affect the emergence of different behavioural patterns and preferences, or the automation of conceptual research methods to enable AI assistants to contribute to strategic research. We expect to focus on one of these directions.

5

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Trustees’ report (continued)

For the year ended 31 December 2024

Community-building

Due to the leadership team changes, strategy changes, and temporary contracts ending, our community building function was reduced towards the tail end of 2024. We plan to reassess our community building needs and plans regularly throughout 2025.

Grant making

CLR maintains one restricted fund, the CLR Fund, for the purpose of grant making. In 2025, we plan to continue evaluating grant opportunities through the CLR Fund (more information on the Fund may be found here).

FINANCIAL REVIEW

Result for the year

The full results for the year are shown in the statement of the financial activities. During the year, the Charity received donations and other income totalling £2,310,362 (2023 figure: £3,043,328). The cost of raising funds for the year totalled £8,353 (2023: £11,338). Expenditure on charitable activities of £2,347,406 (2023: £1,996,398). The result for the year ended 31 December 2024 was a small deficit of £45,397 (2023: £1,035,709 surplus).

The balance of the unrestricted reserves as at 31 December 2024 was £2,516,822 (2023: £2,561,682) and restricted reserves £127,507 (2023: £128,044).

Funding

CLR is funded by grants from several charitable foundations in the UK and overseas, and by donations from individual donors. Donors may make unrestricted gifts to CLR, or gifts to the restricted CLR Fund specifically.

Reserves policy

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 £452,000 based on spending in 2024. On 31 December 2024, the bank balance (approximately £2,521,000) less liabilities (approximately £198,678) exceeded this target. As an additional target, CLR’S policy is to always retain at least 6 month’s operating expenses including receivables, committed funding and funds earmarked for CLR held with regranting partners. This target was also exceeded on 31 December 2024.

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).

6

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Trustees’ report (continued)

For the year ended 31 December 2024

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 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: 2025 / 10 / 29

7 Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

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

For the year ended 31 December 2024

Opinion

We have audited the financial statements of Center on Long term Risk for the year ended 31 December 2024, 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 other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

8 Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

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

For the year ended 31 December 2024

We have nothing to report in this regard.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement contained within the Trustees’ report, 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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:

9

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

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

For the year ended 31 December 2024

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 Kingdom and Republic of Ireland(FRS 102); and

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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Audit LLP

Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 30 October 2025

10 Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Statement of financial activities

For the year ended 31 December 2024

Note
Income from:
Donations
3
Other income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
7
Net expenditure and net movement in funds
Reconciliation of funds:
Total funds at 31 December 2023
Total funds at 31 December 2024
14		 Unrestricted
funds
2024
£
2,129,195
44,218
2,173,413
8,353
2,209,920
2,218,273
(44,860)
2,561,682
2,516,822		 Restricted
funds
2024
£
136,949
-
136,949
-
137,486
137,486
(537)
128,044
127,507		 Total
funds
2024
£
2,266,144
44,218
2,310,362
8,353
2,347,406
2,355,759
(45,397)
2,689,726
2,644,329

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

The notes on page 16 to 26 form part these financial statements.

11

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Comparative 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 26 form part these financial statements

12

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk – Registered Charity number 1195079

Statement of financial position

As at 31 December 2024

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		 2024
£
311,440
2,520,823
2,832,263
(198,678)
2,633,585		 2024
£
10,744
2,633,585
2,644,329
2,516,822
127,507
2,644,329		 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

The financial statements were approved by the trustees on and signed on their behalf by: 2025 / 10 / 29

………………………....

Max Marian Daniel

Trustee

13

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Statement of cash flows

As at 31 December 2024

2024
2024
£
£
Cash flows from operating activities
Net cash provided by operating activities
A
454,871
Cash flows from investing activities:
Purchase of fixed assets
(4,982)
Net cash provided by investing activities
(4,982)
Change in cash and cash equivalent in the year
449,889
Cash and cash equivalents at the beginning of
the year
2,070,934
Cash and cash equivalents at the end of the
year
B
2,520,823
A Reconciliation of net income to net cash flow from operating activities
Net (expenditure)/income for the reporting year
(as per the statement of financial activities)
Depreciation charges
Loss on the sale of fixed assets
Decrease/(Increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
B Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 2024
£
(4,982)		 2024
£
454,871		 2023
£
(9,517)
2024
£
(45,397)
281,849
-
64,976
153,443
454,871
2024
£
2,520,823
2,520,823		 2023
£
1,166,095
(9,517)
1,156,579
914,356
2,070,934
2023
£
1,035,592
290,517
1,022
(98,443)
(62,593)
1,166,095
2023
£
2,070,934
2,070,934

The notes on pages 16 to 26 form part of these financial statements.

14

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements

For the year ended 31 December 2024

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 Labs Hawley Lock, 1 Water Lane, London, NW1 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.

15

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

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:

16

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

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 gave notice to give up the lease on their office space at the end of 2024. For this reason, depreciation on building improvements and fixtures and fittings which will were not retained by the charity after giving up the lease, were 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

Donations
Grants		 Unrestricted
fund
2024
£
172,252
1,956,943
2,129,195		 Restricted
fund
2024
£
-
136,949
136,949		 Total
fund
2024
£
172,252
2,093,892
2,266,144

17

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

Donations
Grants
Gift Aid income
4.
Other income
Other income
Other income
5.
Raising funds
Allocated costs (note 7)
Allocated cost (note 7)		 Unrestricted
fund
2023
£
8,904
2,979,963
2,207
2,991,074
Unrestricted
fund
2024
£
44,218
44,218
Unrestricted
fund
2023
£
11,464
11,464
Unrestricted
fund
2024
£
8,353
8,353
Unrestricted
fund
2023
£
11,338
11,338
Restricted
fund
2023
£
-
40,790
-
40,790
Restricted
fund
2024
£
-
-
Restricted
fund
2023
£
-
-
Restricted
fund
2024
£
-
-
Restricted
fund
2023
£
-
-
Total
fund
2023
£
8,904
3,020,753
2,207
3,031,864
Total
fund
2024
£
44,218
44,218
Total
fund
2023
£
11,464
11,464
Total
fund
2024
£
8,353
8,353
Total
fund
2023
£
11,338
11,338

18

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

6. Charitable activities

Grants (note 8)
Other expenditure on charitable activities (note 7)
Grants (note 8)
Other expenditure on charitable activities (note 7)		 Unrestricted
fund
2024
£
-
2,209,920
2,209,920
Unrestricted
fund
2023
£
2,471
1,962,394
1,964,865		 Restricted
fund
2024
£
137,486
-
137,486
Restricted
fund
2023
£
31,533
-
31,533		 Total
fund
2024
£
137,486
2,209,920
2,347,406
Total fund
2023
£
34,004
1,962,394
1,996,398

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
Dilapidation expenses
Immigration
Bank fees
Furnishings under £1000
Telephone, printing & stationery
Software expenses
IT equipment under £1000
Other operational expenses
Depreciation
Bank revaluations
Realised currency gains		 Raising funds
(note 5)
2024
£
4,276
-
4,077
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,353		 Charitable
activities
(note 6)
2024
£
852,373
137,486
73,222
85,559
38,959
3,914
10,323
602,134
115,000
27,327
2,161
137
11,724
67,801
2,930
4,823
281,849
(14,370)
(380)
2,302,972		 Total
Funds
2024
£
856,649
137,486
77,299
85,559
38,959
3,914
10,323
602,134
115,000
27,327
2,161
137
11,724
67,801
2,930
4,823
281,849
(14,370)
(380)
2,311,325

19

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

7. Analysis of total expenditure (continued)

Governance cost
Legal fees
Audit fees
Accounting fees
Total expenditure		 Raising funds
(note 5)
2024
£
-
-
-
-
8,353		 Charitable
activities
(note 6)
2024
£
13,858
10,800
19,776
44,434
2,347,406		 Total
Funds
2024
£
13,858
10,800
19,776
44,434
2,355,759
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)
2023
£
6,826
-
4,512
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,338
-
-
-
-
11,338		 Charitable
activities
(note 6) 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
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

20

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

8.
Grants
Grants from the CLR Fund (see note 14)
Scholarships awarded to individuals
Grants from the CLR Fund (see note 14)

Auditors’ remuneration
Audit fee
Other non-audit services		 Unrestricted
funds
2024
£
-
-
Unrestricted
funds
2023
£
2,471
-
2,471		 Restricted
funds
2024
£
137,486
137,486
Restricted
funds
2023
£
-
31,533
31,533
2024
£
10,800
6,130
16,930		 Total
funds
2024
£
137,486
137,486
Total
funds
2023
£
2,471
31,533
34,004
2023
£
10,400
3,630
14,030

9. Auditors’ remuneration

10. Trustees’ remuneration

No trustees received any emoluments for their services as trustees during the year (Prior year: nil). Reimbursement of expenses incurred by Trustees are disclosed in note 17.

21

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

11. Fixed assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Depreciation charge for
the year
Impairment charge
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Building
improvements
£
561,747
-
561,747
304,925
117,105
139,717
561,747
-
256,822		 Fixtures
and fittings
£
28,316
-
28,316
8,435
5,700
14,181
28,316
-
19,881		 IT
equipment
£
18,472
4,982
23,454
7,564
5,146
-
12,710
10,744
10,908		 Total
£
608,535
4,982
613,517
320,924
127,951
153,898
602,773
10,744
287,611

The charity vacated the office space in 2024 and moved to new one. The building improvements' carrying value is fully impaired, and no significant costs are anticipated as a result of the decision to vacate the property.

12 . Debtors

Other debtors
Prepayments
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Taxation and social security
Accruals		 2024
£
215,617
95,823
311,440
2024
£
4,585
119,710
21,832
52,551
198,678		 2023
£
266,263
110,153
376,416
2023
£
10,450
3,858
21,014
9,913
45,235

13. Creditors: amounts falling due within one year

Included in other creditors is a £115,000 provision for dilapidations on the company’s former premises.

22

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

14. Analysis of movement in funds

Balance as on 1 January 2024
Income
Expenditure
Balance as at 31 December 2024		 Unrestricted
fund
2024
£
2,561,682
2,173,413
(2,218,273)
2,516,822		 Restricted
fund
2024
£
128,044
136,949
(137,486)
127,507		 Total
fund
2024
£
2,689,726
2,310,362
(2,355,759)
2,644,329

15. Analysis of assets between funds

Tangible fixed assets
Current assets
Current liabilities
Balance as at 31 December 2024
Tangible fixed assets
Current assets
Current liabilities
Balance as at 31 December 2023
16. Analysis of staff costs

Salaries
Employer’s national insurance
Employer’s pension contributions
Total staff costs		 Unrestricted
fund
2024
£
10,744
2,704,756
(198,678)
2,516,822
Unrestricted
fund
2023
£
287,611
2,319,306
(45,235)
2,561,682
Raising
funds
2024
£
3,832
428
16
4,276		 Restricted
fund
2024
£
-
127,507
-
127,507
Restricted
fund
2023
£
-
128,044
-
128,044
Charitable
activities
2024
£
747,087
77,609
27,677
852,373		 Total
fund
2024
£
10,744
2,832,263
(198,678)
2,644,329
Total
fund
2023
£
287,611
2,447,350
(45,235)
2,689,726
Total
fund
2024
£
750,919
78,037
27,693
856,649

23

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

Analysis of staff costs (continued)

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

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		 2024
4
1
-
5		 2023
6
2
1
9

The average number of staff during the year of report (on a pro-rata basis for part-time employees) was 17 (2023 – 13).

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 £232,815 (2023 - £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 £462,582 (2023 - £1,631,234) and Restricted donations and grants totalling £9,002 (2023 - £nil) were received from related parties during the reporting period.

The following amounts of trustees' expenses were covered in 2024:

No amounts were due to trustees at year end (2023 - £nil).

£Nil (2023 - £2,813) of travel expenses and £Nil (2023 - £2,231) of accommodation expenses were met in 2024 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.

24

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

Center on Long-term Risk

Notes to the financial statements (continued)

For the year ended 31 December 2024

18. Commitments under operating lease

As at 31 December 2024, 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		 2024
£
57,600
-
57,600		 2023
£
417,047
-
417,047

25

Doc ID: 2b45e9811492d91eeaea16ec9f1bc7571192c712

CLR 2024 Audit - financial statements for signing CLT002_FY24_Finan...r_signing__1_.pdf 2b45e9811492d91eeaea16ec9f1bc7571192c712 YYYY / MM / DD Signed

2025 / 10 / 28 Sent for signature to Max Daniel
00:13:03 UTC (max.marian.daniel@gmail.com) from
operations@longtermrisk.org
IP: 133.204.210.128
2025 / 10 / 29 Viewed by Max Daniel (max.marian.daniel@gmail.com)
14:18:55 UTC IP: 62.232.135.142
2025 / 10 / 29 Signed by Max Daniel (max.marian.daniel@gmail.com)
14:20:30 UTC IP: 62.232.135.142
2025 / 10 / 29 The document has been completed.
14:20:30 UTC