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2022-03-31-accounts

Charity no. 1195850

Charity Entrepreneurship Report and Unaudited Financial Statements

31 March 2022

Charity Entrepreneurship

Reference and administrative details

For the period ended 31 March 2022
Charity number 1195850
Registered office Unit 10, The Linen House
253 Kilburn Lane
London
W10 4BQ
Trustees The trustees who served during the period and up to the date of this
report were as follows:
Appointed Resigned
Thomas Billington 30 June 2021
Lucia Coulter 25 November 2021
Brendan Eappen 12 December 2021
Juliette Finetti 12 December 2021 30 June 2022
Devon Fritz 30 June 2022
David Moss 12 December 2021
Andres Jimenez Zorrilla 30 June 2022
Appointed Resigned
Senior management Joey Savoie 1 December 2021
Karolina Sarek 1 December 2021
Patrick Stadler 15 November 2021
Sam Hilton 1 November 2021
Alex Catalán Flores 1 August 2022
Bankers National Westminster Bank Plc
Wise Payments Limited
250 Bishopsgate Floor 6, Tea Building
London 56 Shoreditch High Street
EC2M 4AA London
E1 6JJ
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor, Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

Entity overview

Charity Entrepreneurship is a registered Charitable Incorporated Organisation (CIO) as of 20 September 2021 with registered charity number 1195850. The CIO’s only members are its Trustees and the CIO is governed by its foundation constitution which states the CIO’s objects and powers.

The charity’s organisational structure is composed of four departments: Research, Outreach & Communications, Programs & Vetting and Operations. Each department is led by a member of the Senior Management team. The Senior Management team meets periodically to discuss crossdepartmental questions and strategic matters.

Appointment of Trustees

The following constitutional provisions are relevant insofar as they govern the appointment of trustees:

All trustees give their time voluntarily and receive no benefits from the charity.

Trustee selection

In an effort to increase accountability and strengthen governance, Charity Entrepreneurship decided to constitute its Board of Trustees with past participants of its Incubation Program who’ve successfully founded high-impact charitable projects. Charity Entrepreneurship believes this arrangement achieves two important objectives:

  1. It creates a source of feedback from incubatees which we can then use to improve our programs and organisational effectiveness. Examples include feedback and ideas on the incubation program itself, information on unforeseen challenges they have faced during the start-up phase of their charitable projects, etc.

  2. It creates an important accountability mechanism for members of senior management, enabling performance evaluation which are undertaken by individuals who are on the receiving end of Charity Entrepreneurship’s activities. These individuals are uniquely placed to steer executive performance in a direction that continues to generate positive public benefit.

Charity Entrepreneurship also ensures that selected trustees are not disqualified as per the Charity Commission’s guidance on the automatic disqualification rules.

2

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Trustee induction and training

There is presently no formal training program for newly appointed trustees. This is primarily due to the fact that trustees have, up to this point, been selected on the basis of their preexisting understanding of Charity Entrepreneurship’s work and also their preexisting experience managing organisations and being responsible for governance functions.

Decision-making

The Trustees delegate day-to-day management and operational oversight of the organisation to members of the Senior Management team. In particular, on 8 December 2021, the charity’s Trustees gave Joey Savoie, Karolina Sarek and until 24 May 2022 Andrew Player full power of attorney and authority to sign, execute, deliver and/or issue all agreements, documents, certificates and instruments (all whether as a deed or not) listed in Schedule 1 of the signed power of attorney document. These include, among others, invoices in respect of suppliers, grant and service agreements, letters and forms representing the charity.

To ensure adequate governance and accountability, Trustees engage in a periodic executive evaluation process for Charity Entrepreneurship’s leadership. The first of these will take place towards the end of 2022.

Related parties, key partnerships and wider networks

Players Philanthropy Fund

Charity Entrepreneurship maintains a key partnership with Players Philanthropy Fund (PPF), a Maryland charitable trust with federal tax-exempt status as a public charity under Section 501(c)(3) of the United States Internal Revenue Code. PPF provides a fiscal sponsorship service whereby CE can operate under and utilise PPF’s 501(c)(3) status to solicit donations in the US that are tax deductible.

CE’s relationship with PPF is key for us to be able to support our incubated charitable projects. CE’s incubated projects receive their seed grants in bank accounts held by ‘PPF doing business as Charity Entrepreneurship’. Each charitable project is designated their own bank account with which it can receive donations and make expenditures.

Effective Altruism

Charity Entrepreneurship is part of the Effective Altruism movement, a research field and practical community that aims to find the best ways to help others, and put them into practice.

Remuneration of key management personnel

In the reporting period, Charity Entrepreneurship paid the following amounts as gross remuneration (including employers' NI and employers' pension contributions) for key management personnel:

Individual Remuneration (£)
Joey Savoie 9,086
Karolina Sarek 8,371
Sam Hilton 11,156
Patrick Stadler 4,698

Charity Entrepreneurship sets remuneration across the organisation according to a benchmarked range between £32,000 and £48,000. We consider requests outside this range on a needs basis and decisions are dependent on the specific person’s circumstances.

3

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Objectives and activities

Our purposes

As detailed in its Constitution, Charity Entrepreneurship’s charitable purposes are, for the public benefit, to:

Charity Entrepreneurship seeks to achieve its charitable purposes by enabling more high-impact nonprofits and voluntary organisations to exist in the world. It does this through its extensive research process to identify high-impact ideas for new charitable projects, its incubation programs, and also its published short-form and long-form content. These outputs lead to an increased number of highly tractable and effective new charitable projects to exist in the world, and also influence existing organisations and policymakers to implement our findings. All in all, these activities and outputs lead to Charity Entreprneurship’s impact being more human and nonhuman animal lives saved and improved, and also a social sector that is more evidence-based and impact-focused.

Our activities

Our key activities can be broken down into the following categories:

Research

Only a small number of charities are amongst the most effective in the world. We continually profile and study these rare organisations, so that we can help launch more projects like them. Our team conducts thousands of hours of research each year to identify the most exciting new project ideas. We publish detailed reports on the top 3-5 ideas we identify each year. We then recruit, train and fund aspiring entrepreneurs through our Incubation Program to start new projects based on these ideas.

Communications The main focus of our communication work is to promote our Incubation Program to find the most promising participants, and to publicise our research. We also promote events and articles relevant to entrepreneurship and effectively running an evidence-based charity.

Vetting Processing applications to our Incubation Program to identify the most promising 10-20 people to take part in the two-month online training course.

4

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Incubation Program This is a two-month online training course that guides participants through the most important decisions they will need to make as charitable project founders and helps them find the best idea and co-founder match. By asking participants to do small projects with other participants, the training course explores the critical components of evidence-based projects such as intervention prioritisation, impact analysis, costeffectiveness, gathering support, management, and fundraising. Mentorship We provide weekly one-on-one mentorship calls to newly founded projects, both those that have started through our Incubation Program and those that have started independent of our Incubation Program. These mentorship calls provide advice on many important topics for earlystage entrepreneurs such as drafting geographic assessments and performing country scoping visits, outlining one-year plans, and preparing a monitoring and evaluation plan.

Operational Support We provide operational support to new charitable projects that do not yet have their own registration. We do this through formal partnership with Players Philanthropy Fund, a US-based 501(c)(3) organisation, who are able to provide fiscal sponsorship services to newly established charitable projects.

Specific examples of activities undertaken for each category during the relevant reporting period are presented in the table below, along with estimated percentages of total staff time spent on each workstream. These are approximate post-hoc estimates.

Research (35%)

Our research covered 3 cause areas over this period:

Global health and development policy : We completed our research into global health and development policy in December 2021. Through an iterative research process we narrowed down a list of 250 ideas to three top ideas: improving road traffic safety legislation in LMICs, increasing tobacco taxation rates in LMICs, and advocacy to improve aid quality and quantity. We published in-depth reports into these top ideas and three other reports into other interesting interventions in January 2022.

Animal welfare: We started our research into animal welfare interventions in January 2022. We began by collating a list of 275 intervention ideas and then by March 2022, the end of the review period, we had already reached stage 4 of 5 of our iterative research process. This stage involves writing 5-10 hour research reports on each intervention, conducting expert interviews, identifying and assessing crucial considerations, and looking for evidence against interventions.

Biorisk/health security: We also started research on biorisk/health security in January 2022. Progress was similar to the progress of research on animal welfare.

5

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Vetting (10%)

Processing and vetting ~3,000 applications to our upcoming Incubation Program (June-July 2022) to find the top 10-20 applications who will take part in our two-month training course. We connect promising applicants outside of the top 10-20 to other impactful job opportunities in other charities and voluntary organisations.

We also spent a significant amount of time preparing and improving content for the upcoming Incubation Program (June-July 2022). Mentorship (5%) We provided mentorship to five new charitable projects started through our previous Incubation Program:

6

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Public benefit statement

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

Grantmaking

Charity Entrepreneurship did not engage in any grantmaking activities during the reporting period.

All future grants will be in line with Charity Entrepreneurship’s Grantmaking and Non-financial Support Policy, as well as the Charity Commission’s guidance on:

Volunteers

The charity did not engage any volunteers in the relevant period whose contributions were significant to the charity’s ability to carry out its aims and objectives.

Achievements and performance

Given the relevant reporting period only covers a portion of Charity Entrepreneurship’s activities (i.e. October to March), a description of the charity’s achievements isn’t reflective of its full scope of operations over a given year. Charity Entrepreneurship’s Trustees’ Annual Report for the year ended 31 March 2023 will provide a more comprehensive and representative description of the charity's achievements and performance.

In saying the above, Charity Entrepreneurship can list the following important activities in the reporting period:

Date Event Link(ifapplicable)
Sep 2021 Canopie (Incubation Program 2020) announced
a partnership with the District of Columbia
government to provide free access
to the
Canopie app, a scalable and cost-effective
digital program to prevent and treat perinatal
mood disorders.		 https://mayor.dc.gov/rele
ase/mayor-bowser-
announces-partnership-
provide-free-access-
canopie-maternal-
mental-health

7

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Date Event Link(ifapplicable)
Sep 2021 Fortify
Health
(first
incubation
program)
published
a
comprehensive
reflection
on
lessons learned over 4 years of operation.		 https://forum.effectivealtr
uism.org/posts/GxxcXM
CNma4jwxqxf/in-search-
of-systems-change-that-
lasts-3-lessons-we-ve
Oct 2021 Family
Empowerment
Media
(Incubation
Program 2020) launched a pilot campaign in
northern Nigeria, airing a show about family
planning and childbirth spacing on Freedom
Radio Nigeria alongside their partners iDevPro-
African Institute and the Kano State Ministry of
Health.
Oct 2021 Animal
Ask
(Incubation
Program
2020)
launched a partnership with Animal Equality
UK.		 https://www.animalask.o
rg/post/animal-equality-
partnership
Oct 2021 Charity Entrepreneurship attended the Effective
Altruism Global Conference in London, giving
the keynote presentation on the second day
“What it really takes to found a high-impact
charity”.
Nov 2021 Happier Lives Institute (Incubation Program
2019) published a new analysis comparing the
cost-effectiveness
of
cash
transfers
and
psychotherapy in low-income countries in terms
of subjective well-being.		 https://www.happierlivesi
nstitute.org/overview.ht
ml
Nov 2021 Suvita (Incubation Program 2019) expanded its
SMS
vaccination
reminders
program
for
parents to a new district in Bihar, India.
Dec 2021 Charity
Entrepreneurship
expanded
its
incubation program to run twice a year. CE also
announced
and
published
reports
on
its
recommended ideas for the 2022 Summer
Incubation Program.		 https://www.charityentre
preneurship.com/blog/ca
tegories/research
Dec 2021 Shrimp Welfare Project (Incubation Program
2021) partnered with the Federation of Indian
Animal Protection Organisations (FIAPO) in
December to interview farmers and take water
quality readings on 20 farms in the region of
Andhra Pradesh.

8

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Date Event Link(ifapplicable)
Jan 2022 Charity
Entrepreneurship
launched
its
handbook,
How
to
Launch
a
High-Impact
Nonprofit, for sale on Amazon.		 https://www.charityentre
preneurship.com/book
Jan 2022 Lead Exposure Elimination Project (Incubation
Program 2020) published First Year in Review,
a collection of lessons learned.		 https://leadelimination.or
g/annual-review-2020-
21/
Jan 2022 Charity Entrepreneurship opened applications
for five staff member positions, making it the
largest recruitment round the charity has run.
Jan 2022 After a successful pilot in January 2021, Charity
Entrepreneurship
launched
a
Foundations
Incubation Program aiming to take 2 to 6
grantmaking foundations from beginning-stage
to field leaders		 https://www.charityentre
preneurship.com/post/ce-
is-launching-a-training-
program-for-
grantmaking-foundations
Jan 2022 Suvita (Incubation Program 2019) wrapped up
the implementation of a feasibility study in
Maharashtra alongside Prof. Seb Bauhoff of
Harvard, funded by J-PAL, investigating the
feasibility
of
using
the
state
government's
administrative data for a future large-scale RCT
to evaluate the impact of programs aiming to
increase immunisation uptake in the state.
Jan 2022 Fish
Welfare
Initiative
(Incubation
Program
2019) published 2021 in Review, outlining their
highlights and impact from the preceding year.		 http://fwi.fish/post/2021r
eview
Jan 2022 Happier Lives Institute’s (Incubation Program
2019) meta-analysis on the effects of cash
transfers on subjective wellbeing and mental
health
was
published
in
Nature
Human
Behaviour.		 https://www.nature.com/
articles/s41562-021-
01252-z?fbclid=IwAR3-
SCl3hGEaZzWHxr7JPo
M46XGR3a4cLLqS1ArE
peEl8xQFGyHo23PcV1g

9

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Date Event Link(ifapplicable)
Mar-22 Animal
Ask
(Incubation
Program
2020)
released two important pieces of intervention
research. With the growing interest in both
Meat
Tax
Campaigns
and
Divestment
Campaigns, they took a deep dive into the
research to find out what the real pros and cons
were for farmed animals, in relation to both
asks.		 https://www.animalask.o
rg/research#:~:text=INT
ERVENTION%20RESE
ARCH%3A

Financial review

Review of financial position as of 31 March 2022

The charity’s statement of financial activities is shown on page 15.

During the relevant period, Charity Entrepreneurship received total revenue of £775,697 and had total expenditures of £97,085, amounting to a net income of £678,612.

The amount of the total funds the charity holds at the end of the reporting period is £678,612 of which £446,246 are restricted.

The Trustees have a reasonable expectation that Charity Entrepreneurship has adequate resources to continue in operational existence for the foreseeable future, and so will continue to prepare the charity’s financial statements on a going concern basis.

Significant events

There have been no significant events in the reporting period.

Principal funding sources

The following constitute the principal funding sources for Charity Entrepreneurship in the relevant reporting period:

Name Type of donor Amount received
Good Ventures Foundation Registered US 501(c)(3) nonprofit £533,293
Centre for Effective Altruism Registered US 501(c)(3) nonprofit £218,294

Reserves policy

As of the end of the reporting period, Charity Entrepreneurship did not have a reserves policy. The Trustees agree that a reserves policy is necessary for the responsible management of the organisation and to give confidence to Charity Entrepreneurship’s stakeholders about its financial health, and so they will endeavour to establish a reserves policy before 31 March 2023. The Trustees will review the Charity Commission’s guidance on reserves policies, best practices in the sector and seek any professional advice they deem necessary.

Unrestricted funds at 31 March 2022 were £232,366, which is more than 14 months total expenditure at current levels. Current reserves are therefore deemed to be sufficient to assert going concern status for the charity for a period 1 year from signing these accounts.

10

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

Key risks

Charity Entrepreneurship is still in the process of conducting a review of major risks. We will consult with relevant stakeholders in this risk assessment. Risks will be assessed on the basis of their likelihood and potential impact, and mitigation strategies will be put in place to manage them in line with the organisation's risk appetite. Once identified, risks will be documented and reviewed annually and, where appropriate, systems or procedures will be established to manage the risks the charity faces.

Plans for future periods

2022-23 Financial Year

Charity Entrepreneurship’s main objectives for the 2022-23 financial year are as follows:

Beyond

We will continue to run two Incubation Programs each year: one in Summer (June-July) and one in Winter (February-March). We hope to increase the number of charitable project ideas researched and recommended for each Incubation Program, as well as increase the number of cause areas researched as the research team grows.

11

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

We will assess whether our first Foundation Program was successful and had the intended impact of giving the participants the skills to make strong grantmaking decisions, and if so we will repeat this in Autumn of every year. Even if we do not end up repeating the Foundation Program, we will synthesise the information taught in this program into a handbook which we will self-publish via Kindle Direct Publishing. This handbook will allow anyone to learn about evidence-based grantmaking, allowing our reach to be much larger than the five individual organisations that take part in our Foundation Program each year.

We hope to improve the quality of participants taking part in our Incubation Programs as we believe that the strength of the co-founding team is highly correlated with the overall impact of a newly started charitable project. To do this, we will better target our communications and outreach, and we will also raise the bar that has to be met during vetting.

The deliver on our future plan, we plan on employing the following resources into the future:

2022 2023 2024
Base budget £888,815 £988,742 £1,196,355
FTE equivalent ~13 ~15 ~17

Statement of responsibilities of the trustees

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 year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which 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 constitution. The trustees 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.

12

Charity Entrepreneurship

Report of the trustees

For the period ended 31 March 2022

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were appointed as independent examiners to the charity during the period and have expressed their willingness to continue in that capacity.

Approved by the trustees on 12 January 2023 and signed on their behalf by

Lucia Coulter

Devon Fritz

13

Independent examiner's report

To the trustees of

Charity Entrepreneurship

I report to the trustees on my examination of the accounts of Charity Entrepreneurship (the CIO) for the period ended 31 March 2022, which are set out on pages 15 to 24.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

Godfrey Wilson Limited also provides payroll services to the CIO. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 17 January 2023 Alison Godfrey FCA Member of the ICAEW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

14

Charity Entrepreneurship

Statement of financial activities

For the period ended 31 March 2022

Restricted Unrestricted
Note
£
£
Income from:
Donations and legacies
2
533,293
242,396
Other trading activities
-
8
Total income
533,293
242,404
Expenditure on:
Raising funds
-
622
Charitable activities
87,047
9,416
Total expenditure
4
87,047
10,038
Net income and net movement in funds
5
446,246
232,366
Reconciliation of funds:
Total funds brought forward
-
-
Total funds carried forward
446,246
232,366		 2022
Total
£
775,689
8
775,697
622
96,463
97,085
678,612
-
678,612

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 11 to the accounts.

15

Charity Entrepreneurship

Balance sheet

As at 31 March 2022

Note
Fixed assets
Tangible assets
8
Current assets
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
9
Net current assets
Net asset
10
Funds
11
Restricted funds
Unrestricted funds
Total charity funds		 695,941
695,941
(18,929)		 2022
£
1,600
1,600
677,012
678,612
446,246
232,366
678,612

Approved by the trustees on 12 January 2023 and signed on their behalf by

Lucia Coulter Devon Fritz

16

Charity Entrepreneurship

Statement of cash flows

For the period ended 31 March 2022
Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Increase in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash provided by / (used in) investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 2022
£
678,612
400
18,929
697,941
(2,000)
(2,000)
695,941
-
695,941

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

17

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Charity Entrepreneurship meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

These accounts are prepared for the approximately six month period from the charity's formation on 20 September 2021, to 31 March 2022, the charity's accounting period reference date. As this is the first period of account, no comparative information can be provided.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

18

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

1. Accounting policies (continued)

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to charitable activities.

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings

5 years

Items of equipment are capitalised where the purchase price exceeds £1,000.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

19

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

1. Accounting policies (continued)

m) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

o) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the period end.

p) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

2. Income from donations and legacies

Grants:
Centre for Effective Altruism
Good Ventures Foundation
Woodleigh Impact
Donations
Total income from donations and legacies		 Restricted
£
£
-
219,563
533,293
-
-
22,000
-
833
533,293
242,396
Unrestricted		 2022
Total
£
219,563
533,293
22,000
833
775,689

3. Government grants

The charity received no government funding during the period.

20

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

4. Total expenditure

Staff costs (note 6)
Programme costs
Conference costs
Office costs
Travel and subsistence
Equipment and software
Legal and professional
Depreciation
Foreign exchange (gain) / loss
Miscellaneous costs
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising
funds
£
622
-
-
-
-
-
-
-
-
-
622
-
622		 Charitable
activities
£
81,045
992
-
-
-
-
-
-
-
-
82,037
14,426
96,463		 Support and
governance
costs
£
2,007
-
1,179
6,308
5,067
1,818
4,606
400
(8,921)
1,962
14,426
(14,426)
-		 2022 Total
£
83,674
992
1,179
6,308
5,067
1,818
4,606
400
(8,921)
1,962
97,085
-
97,085

Total governance costs were £2,640.

21

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

5. Net movement in funds

This is stated after charging:

2022
£
Depreciation 400
Trustees' remuneration Nil
Trustees' reimbursed expenses Nil
Independent examiner's remuneration:
▪Independent examination (including VAT) 2,640
▪Other services 457

6. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff		 2022
£
58,526
1,074
733
23,341
83,674

No employee earned more than £60,000 during the period.

The key management personnel of the charity comprise the Trustees and Senior Management Team. The total employee benefits of the key management personnel were £33,311.

Average head count 2022
No.
5

7. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

8. Tangible fixed assets

22

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

the period ended 31 March 2022
Cost
At 20 September 2021
Additions in period
At 31 March 2022
Depreciation
At 20 September 2021
Charge for the period
At 31 March 2022
Net book value
At 31 March 2022
At 20 September 2021		 Total
£
-
2,000
2,000
-
400
400
1,600
-

9. Creditors: amounts due within 1 year

Trade creditors
Accruals
Other taxation and social security
Other creditors		 2022
£
4,831
10,848
2,843
407
18,929

10. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2022		 £
-
446,246
-
446,246
Restricted
funds		 £
1,600
249,695
(18,929)
232,366
Unrestricted
funds		 Total
funds
£
1,600
695,941
(18,929)
678,612

23

Charity Entrepreneurship

Notes to the financial statements

For the period ended 31 March 2022

11. Movements in funds

Movements in funds
Restricted funds
Good Ventures Foundation
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 20
September
2021
£
-
-
-
-
-		 Income
£
533,293
533,293
242,404
242,404
775,697		 £
(87,047)
(87,047)
(10,038)
(10,038)
(97,085)
Expenditure		 £
446,246
At 31 March
2022
446,246
232,366
232,366
678,612

Purposes of restricted funds

Good Ventures Foundation

To provide general support, excluding budget items dedicated to animal welfare.

12. Related party transactions

There were no related party transactions in the current period.

24