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2024-03-31-accounts

Charity no. 1195850

Charity Entrepreneurship Report & Audited Financial Statements 31 March 2024

Trustees’ Annual Report

For the year ended 31 March 2024

Reference and administrative details Structure, governance and management Entity overview Appointment of Trustees Trustee selection Trustee induction and training Decision-making Related parties, key partnerships & wider networks Remuneration of key management personnel Objectives and Activities Our purposes Our activities Public benefit statement 12 Grantmaking 12 Volunteers 12 Achievements and performance 13 Achievements against objectives set 17 Financial review 18 Review of financial position as of 31 March 2024 18 Significant events 19 Fundraising 19 Principal funding sources 19 Reserves policy 20 Key risks 20 Future plans 21 Developing and scaling programs 21 Addressing ecosystem bottlenecks 21 Monitoring and Evaluation (M&E) for Impact 21 Building Organizational Resilience and Brand Recognition 22 Fostering a Thriving Ecosystem of Partnerships 22 Statement of responsibilities of the trustees 22 Auditors 24 Signatures 25 Financial Statements 26

Reference and administrative information set out on page 2 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).

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Reference and administrative details

Name of the charity: Charity Entrepreneurship Other names: Ambitious Impact AIM Charity registration number: 1195850 Principal office address: 52 Old Castle Street London E1 7AJ Bankers: National Westminster Bank Plc 250 Bishopsgate London EC2M 4AA

Wise Payments Ltd Floor 6, Tea Building 56 Shoreditch High Street London E1 6JJ

City National Bank NY 6TH Avenue Banking Office 1140 6TH Avenue New York, NY 10036 United States

Auditor: Moore Kingston Smith LLP 6th Floor, 9 Appold Street London EC2A 2AP Solicitors: Setfords Law Ltd

Setfords Law Ltd 46 Chancery Lane London WC2A 1JE

The Trustees of the charity and the senior management personnel to whom Trustees delegate day-to-day management responsibilities are as follows:

Appointed Resigned
Trustees: Brendan Eappen
Lucia Coulter
Devon Fritz
Thomas Billington
Andrés Jiménez Zorrilla
Akhil Bansal		 12 Dec 2020
25 Nov 2021
30 Jun 2022
30 Jun 2022
30 Jun 2022
9 May 2024		 21 January 2025
28 Mar 2024
10 Sep 2023
N/A
N/A
N/A

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

----- Start of picture text -----
Karolina Sarek 21 January 2025 N/A
Patrick Stadler 21 January 2025 N/A
----- End of picture text -----

Patrick Stadler 21 January 2025 N/A
Senior
management:		 Joey Savoie
Karolina Sarek
Devon Fritz
Samantha Kagel
Patrick Stadler
Sam Hilton
Alex Catalán Flores
Aidan Alexander
Judith Rensing
Morgan Fairless
Ben Williamson		 1 Dec 2021
1 Dec 2021
13 Sep 2023
15 Jul 2024
15 Nov 2021
1 Nov 2021
1 Aug 2022
1 Feb 2023
5 Jun 2023
5 Sep 2024
18 Apr 2024		 N/A
22 Jul 2024
N/A
N/A
15 Jul 2024
22 Nov 2024
N/A
31 Dec 2023
N/A
N/A
N/A

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 comprises four departments: Research, Recruitment, Programs and Operations. Each department is led by a Director. The Directors meet periodically with the Executive – composed of the Chief Executive Officer, Chief Operating Officer and Chief Program Officer – to discuss cross-departmental questions and strategic matters.

In February 2024, the charity rebranded to become Ambitious Impact (AIM) . Scaling initiatives led to the launch of multiple programs, forming an extended ecosystem that more suitably fit under the umbrella brand of ‘Ambitious Impact’. More details about this transition are provided via the link below:

https://forum.effectivealtruism.org/posts/cpuFnLtppbsLKcbbq/ambitious-impact-aima-new-brand-for-charity

This report will use the ‘Ambitious Impact’ and ‘AIM’ names instead of ‘Charity Entrepreneurship’.

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

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

A detailed explanation of AIM’s approach to trustee selection is available via the link below.

https://www.charityentrepreneurship.com/post/how-we-choose-our-board-members

Ambitious Impact’s trustees are past participants of its Charity Entrepreneurship Incubation Program who’ve successfully founded high-impact charitable projects. This achieves the following objectives:

  1. It provides a source of knowledge and experience from individuals with a proven track record of running their incubated charitable organisations successfully and responsibly who also have the necessary contextual understanding to advise on strategic questions facing AIM.

  2. It allows for a governance mechanism that is very closely linked to AIM’s beneficiaries, thus ensuring that the organisation is always striving towards achieving its mission and charitable purposes.

  3. It enables an important accountability mechanism for members of senior management who instead of being evaluated internally by other AIM employees or self-evaluating can be evaluated by a body empowered to enact corrective measures should performance be unsatisfactory.

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

Trustee induction and training

Ambitious Impact provides its trustees with copies of the Charity Commission’s ‘The essential trustee: what you need to know, what you need to do (CC3)’ guidance, as well as a copy of a Trustee Manual developed by AIM. This last document details more practical information

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

about trustees’ duties, such as the steps needed to run trustee meetings and hyperlinks to key documents (e.g. Constitution).

CE does not offer a formal training program for newly appointed trustees. This is primarily because trustees have, up to this point, been selected based on their preexisting understanding of AIM’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. The charity has analysed key decision bottlenecks and distributed decision-making authority among members of senior management. These are clearly outlined in an internal document to ensure staff understand decision-making flows and reviewed as needed to ensure operational efficacy.

Further, as of 20 April 2023 and until 20 April 2025, the trustees have given Joey Savoie, Karolina Sarek and Alex Catalán Flores 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.

Related parties, key partnerships & wider networks

Players Philanthropy Fund

Ambitious Impact 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 taxdeductible donations in the US.

CE’s relationship with PPF is key to our ability to support our incubated charitable projects. CE’s incubated projects receive their seed grants in bank accounts opened by PPF with City National Bank on CE’s behalf. Each charitable project is designated its own bank account to receive donations and make expenditures.

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Remuneration of key management personnel

In the reporting period, AIM paid the following amounts as gross remuneration for key management personnel. The amounts below do not include pension contributions or other benefits. These amounts are included in the financial statements.

Individual Gross remuneration
Joseph Savoie GBP 32,878
Karolina Sarek GBP 44,891
Devon Fritz EUR 22,051
Samantha Kagel USD 24,185
GBP 15,133
Samuel Hilton GBP 32,400
Patrick Stadler CHF 14,664
Aidan Alexander GBP 34,407
Alex Catalán Flores GBP 43,186
Morgan Fairless GBP 43,537
Judith Rensing GBP 53,439

Ambitious Impact sets remuneration across the organisation according to a benchmarked range of approximately between £40,000 and £50,000 gross per annum for full-time work. We consider requests outside this range on a needs basis, and decisions are dependent on the specific person’s circumstances.

Objectives and Activities

Our purposes

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

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Ambitious Impact (AIM) achieves its charitable purposes by building and supporting an ecosystem of high-impact initiatives that address the world’s most pressing challenges. AIM’s approach includes identifying and incubating impactful new charities through its Charity Entrepreneurship Incubation Program, training philanthropists through its Grantmaking Program, empowering high-potential individuals via its Research and Founding to Give Programs, and producing research that highlights the most effective paths for change. Together, these programs foster a greater number of scalable, evidence-based charities, enable more targeted and effective funding for early-stage and mid-stage projects, and support for-profit ventures that commit a portion of profits to charitable giving. Through these activities, AIM drives measurable improvements for human and non-human lives, contributes to a social sector rooted in evidence and impact, and strengthens global efforts to eliminate suffering and create a flourishing future.

Our activities

Our key activities across our four departments are as follows:

Research

Only a small number of charities are amongst the most effective in the world. We continually profile and study these rare organisations to 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 5-10 ideas we identify each year.

The Research Team team is also responsible for running the AIM Research Program.

Recruitment Our Outreach and Vetting functions have been merged into the Recruitment Team, which is responsible for promoting our programs, processing applications and selecting the most promising participants. The Recruitment Team also promotes our events and online publications, including our research.

Programs

We ran four programs under the Ambitious Impact umbrella in the reporting period.

Our Charity Entrepreneurship Incubation Program (CEIP) is our original, flagship program. Run biannually, the CEIP 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

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

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, cost-effectiveness, gathering support, management, and fundraising.

The AIM Grantmaking Program is a nine-week, remote course offering essential skills in high-impact grantmaking through self-paced learning, expert-led discussions, and mentorship. Designed for both new and experienced grantmakers, the program includes practical application and access to cause-specific funding circles for peer learning and collaboration.

The AIM Research Program is a 12-week, fully funded online course designed to equip participants with the skills to identify, compare, and recommend effective charities and interventions. The program covers essential research methodologies, including Theory of Change development, cost-effectiveness analysis, and literature reviews. Participants receive expert feedback, engage in practical projects, and build a portfolio of impactful research reports. The program is ideal for early-career researchers and professionals aiming to enhance their research capabilities within an effectiveness-focused framework.

The AIM Founding to Give Program is a 12-week, fully funded preincubator designed to assist aspiring entrepreneurs in launching highgrowth companies committed to donating a significant portion of their profits to effective charities. Participants are matched with value-aligned co-founders, guided through the process of identifying and testing exceptional business ideas, and supported in developing compelling pitches and strategic plans. The program offers a robust community of mentors and peers, fostering an environment conducive to building successful, impact-driven enterprises.

We also announced a fifth program in December 2023 – the AIM Effective Giving Program . This will run in April-June 2024 and it is designed to help participants establish Effective Giving Initiatives (EGIs) that channel substantial donations to the world's most cost-effective charities.

Operations

Our Operations Team handles all of the routine tasks and incoming responsibilities to keep the charity operational.

The Operations Team also provides operational support to new charitable projects launched through our programs that do not yet have their own registration. We do this through a formal partnership with

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Players Philanthropy Fund, a US-based 501(c)(3) organisation, who can provide fiscal sponsorship services to newly established charitable projects.

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

Research (~25%) Our research covered five cause areas over this period:

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Recruitment (~30%)

The Recruitment Team oversees both the outreach and vetting functions. Outreach activities seek to promote our programs to increase visibility and applications from promising participants. Some examples of outreach activities include:

Vetting activities consist of the evaluation and selection of the most promising participants for each of our programs. This includes:

Programs (~30%)

We ran two CEIP cohorts in the reporting period – the first in JulyAugust 2023, and the second in February-March 2024.

The first cohort focused on global health, including health security and policy-focused interventions, and yielded four new projects:

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Nigeria.

The second cohort had a more varied focus, including animal welfare ideas. It yielded eight projects:

Our Grantmaking Program ran three cohorts of our training program during the reporting period, connecting both new and established grantmakers from over 12 different countries for structured skill-building and knowledge sharing. We expanded our funding circles initiative, launching new circles focused on global health and animal welfare while continuing to run our established mental health and meta-charity funding circles. Through these circles, funders collaborated to identify and support promising opportunities in their respective cause areas, with both the mental health and meta funding circles completing successful grant rounds. The program maintains a strong emphasis on peer learning and practical application, with participants receiving ongoing mentorship and alumni engagement following the program.

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Key accomplishments:

We piloted the AIM Research Program (formerly the Research Training Program) in autumn 2023 with 16 participants. Participants engaged in rigorous, hands-on projects, including intervention analysis and charity evaluations, receiving support from advisors and structured feedback. The pilot helped participants build key skills in intervention analysis, costeffectiveness evaluation, and charity assessment, resulting in 18 intervention reports and four charity evaluations. It also supported career advancement by connecting participants with high-impact opportunities, with several pursuing impactful roles and further training in the effective altruism space.

Public benefit statement

In setting objectives and planning activities, the Trustees have duly considered the general guidance published by the Charity Commission on public benefit.

Grantmaking

Towards the end of each Incubation Program, participants prepare a project proposal on their chosen idea. This proposal outlines the initial proposed implementation of the idea and includes a request for funding. The Programs Team provides feedback on these proposals, and then they are submitted to the Seed Network – a small network of approximately thirty individual donors (i.e. not institutional donors) interested in early-stage projects who fund across different cause areas and have often been excited about the historical results of the CEIP.

Ambitious Impact also occasionally makes grants to organisations deemed to be working towards similar aims such that a financial contribution from CE would in effect be a contribution towards fulfilling CE’s mission and charitable purposes. This may be because we deem the

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

project to be in a start-up phase similar to our incubated charities, or because the project has requested CE to receive a donation on its behalf to later be forwarded (i.e. conduit funding), or another reason.

Information about grants made by AIM can be found in Note 4 of the Notes to the Financial Statements section of this report.

Volunteers

The charity engaged one volunteer over a two-month period (Jun 2023 - Aug 2023) as part of a London Business School intern placement. The volunteer rotated through the charity’s departments, gaining insights into each area. The volunteer’s focus ranged from designing charity programs and sourcing participants to investigating new ideas and enhancing organizational efficiency.

Achievements and performance

We note that the achievements listed in the table below are an illustrative sample of the charity’s and its incubated projects’ achievements, not an exhaustive list. We have aimed to include examples across cause areas and programs.

Date Event Link (if applicable)
April 2023 Healthier Hens(CEIP 2021) announces a strategic
downscale due to funding challenges. It transitions to
a volunteer-led organisation and plans to reassess by
late summer 2023.		 https://forum.effectivealtruis
m.org/posts/6eaY7MEDWn
K39sCEi/healthier-hens-y1-
5-update-and-scaledown-
assessment
April 2023 Fish Welfare Initiative(CEIP 2019) publishes the
results from their small-scale supplementary feed test,
one of the tests their Welfare Standards team is
conducting in order to improve the impact and
implementability of FWI’s welfare improvements.		 https://www.fishwelfareinitiat
ive.org/post/supplementary-
feed-test
April 2023 Vida Plena(CEIP 2022) starts a new partnership with
the low-income health clinic run by the main
Ecuadorian public university, to receive referrals for
new group participants.		 N/A
April 2023 Shrimp Welfare Project(CEIP 2021) publishes their
Vietnam Scoping Report, exploring why Vietnam was
chosen as a scoping country.		 https://www.shrimpwelfarepr
oject.org/vietnam-scoping-
report
April 2023 Suvita(CEIP 2019) receives a three-year $3.3 million
grant from GiveWell for Suvita’s SMS reminders and
immunization ambassadors programs in Bihar and
Maharashtra, India.		 https://www.givewell.org/res
earch/grants/suvita-sms-
reminders-ambassadors-
immunization-april-2023

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

----- Start of picture text -----
May 2023 As part of pilot design, Maternal Health Initiative N/A
(CEIP 2022) runs its first training sessions this week,
for health staff from six facilities across Mion and
Kumbungu Districts in Northern Ghana.
May 2023 Family Empowerment Media (CEIP 2020) completes N/A
a nine-month family planning campaign in Kano,
Nigeria, reaching an audience base of 5.6 million over
2,600 times.
June 2023 Charity Entrepreneurship announces its Research https://forum.effectivealtruis
m.org/posts/AdouuTH7esiD
Training Program and opens applications for the first
QPExz/announcing-ce-s-
cohort.
new-research-training-
program-apply-now
June 2023 Vida Plena (CEIP 2022) signs a MOU with World N/A
Vision Ecuador to conduct depression screenings for
3,000 vulnerable families in the south of Quito.
June 2023 Shrimp Welfare Project (CEIP 2021) launches N/A
Sustainable Shrimp Farmers of India (SSFI), a farmer-
backed group that aims to support shrimp farmers in
adopting more sustainable practices.
July 2023 Charity Entrepreneurship announces research ideas https://forum.effectivealtruis
m.org/posts/2Nnu9ykixiqG2
for the February 2024 cohort of the CEIP.
mMit/ce-announcing-our-
february-2024-charity-ideas-
apply-now
July 2023 Meta Charity Funding Circle launches with https://forum.effectivealtruis
m.org/posts/5WLGmCg7vSf
coordination and technical assistance from Charity
XeqSWC/launching-the-
Entrepreneurship.
meta-charity-funding-circle-
mcf-apply-for
July 2023 Ansh (CEIP 2023 H1) establishes two knowledge N/A
partnerships with r.i.c.e. and Community
Empowerment Lab, who are guiding project
development and M&E.
July 2023 Kaya Guides (CEIP 2022) launches its pilot program. N/A
Over the course of 8 weeks, young adults in India will
receive self-help videos to their WhatsApp which teach
proven exercises to reduce depression, and have a 15-
minute weekly call with a “guide.”
July 2023 HealthLearn (CEIP 2023 H1) completes their first visit N/A
to Nigeria, focusing on setting up a pilot. The team met
with officials in the Federal Ministry of Health and
National Primary Health Care Development Agency.
----- End of picture text -----

Charity registration number: 1195850

14

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

----- Start of picture text -----
July 2023 Family Empowerment Media (CEIP 2020) published https://www.familyempower
mentmedia.org/post/empow
an update reviewing their last year and a half.
ering-numbers-fem-since-
2021
August 2023 Fortify Health (CEIP 2017) announces that it has https://www.fortifyhealth.glo
bal/blog/fortify-health-
established a partnership with the Food Fortification
launches-a-partnership-
Initiative (FFI) to support wheat flour fortification in with-the-food-fortification-
India. initiative-to-support-wheat-
flour-fortification-in-indian-
government-programmes
Sept 2023 Canopie (CEIP 2020) reaches 10,000 expecting https://www.linkedin.com/po
sts/canopie_maternalhealth-
mothers with preventative mental health support
maternalmentalhealth-
through their partnership with Aeroflow Healthcare.
lactationsupport-activity-
7097635080671514624-
HH25/?utm_source=share&
utm_medium=member_des
ktop
October 2023 Healthy Futures Global (CEIP 2023 H1) prepares to N/A
launch a pilot of syphilis screening and treatment for
pregnant women in the Philippines.
October 2023 Lafiya Nigeria (CEIP 2023 H2) joins the Federal N/A
Ministry of Health in its Family Planning Technical
Working Group, co-convened by Clinton Health Access
Initiative, to realize Nigeria’s family blueprint through
partnering with the broader family planning landscape
in-country.
October 2023 Ansh (CEIP 2023 H1) establishes partnerships with N/A
implementation partners. Ansh’s first pilot program is
being launched in Baran, Rajasthan, in collaboration
with Action Against Hunger India, whereas their second
pilot is being launched in Pali, Rajasthan, with Sahaj
Sansthan.
October 2023 CEARCH (CEIP 2022 H1) identifies hypertension N/A
prevention via sodium reduction policy advocacy and
diabetes prevention via soda taxes as especially cost-
effective ideas.
Nov 2023 Charity Entrepreneurship Co-Founders, Joey Savoie https://www.vox.com/23892
and Karolina Sarek, are featured in Vox’s Future 694/joey-savoie-karolina-
sarek-charity-
Perfect 50 – a list of the scientists, thinkers, scholars,
entrepreneurship-future-
writers, and activists working on solutions to today’s perfect-50-2023
(and tomorrow’s) biggest problems.
Nov 2023 Suvita’s (CEIP 2019) Co-Founders, Fiona Conlon and https://www.vox.com/23891
092/varsha-venugopal-
Varsha Venugopal, are featured in Vox’s Future Perfect
fiona-conlon-cofounders-
50.
suvita-nonprofit-india-future-
----- End of picture text -----

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

----- Start of picture text -----
perfect-50-2023
Nov 2023 Animal Charity Evaluators renews recommended https://animalcharityevaluat
ors.org/blog/announcing-
status for Fish Welfare Initiative (CEIP 2019) and
our-2023-charity-
awards Shrimp Welfare Project (CEIP 2021) recommendations/
recommended status.
Nov 2023 Giving Green (CEIP 2020) released its top nonprofits https://www.givinggreen.eart
h/post/top-climate-
for 2023, including two new recommendations for
nonprofits-2023-best-bets-
nonprofits advocating for next-generation geothermal
for-your-climate-donation
energy and decarbonizing aviation and maritime
shipping.
Nov 2023 HealthLearn (CEIP 2023 H1) shared the results of the https://healthlearn.org/blog/fi
rst-pilot
pilot of its recently completed pilot of a course on
foundational newborn care.
Nov 2023 Clear Solutions (CEIP 2023 H2) is currently in Nigeria, N/A
visiting National and State Primary Health Care
agencies, a shortlist of implementation partners, and
the communities they serve.
Dec 2023 Charity Entrepreneurship announces its Effective https://forum.effectivealtruis
m.org/posts/ME4ihqRojjuhpr
Giving Incubation Program and opens applications.
ejm/effective-giving-
incubation-apply-to-ce-and-
gwwc-s-new
Dec 2023 Lafiya Nigeria (CEIP 2023 H2) conducts a successful N/A
scale-up in Kebbi in December 2023, bringing its overall
number of Lafiya Sisters to 62. The team grows further
with two Program Officers joining to help facilitate the
ambitious growth plans for 2024.
Jan 2024 Charity Entrepreneurship opens applications for the https://forum.effectivealtruis
second iteration of its Research Training Program . m.org/posts/BcjqfECWBvht
BMZou/apply-now-to-ce-s-
second-research-training-
program
Jan 2024 Shrimp Welfare Project (CEIP 2021) has signed a N/A
commitment with the Ecuadorian shrimp producer
Cofimar, Dutch seafood trader Klaas Puul, and retailer
Albert Heijn.
Feb 2024 Charity Entrepreneurship announces rebrand to https://forum.effectivealtruis
Ambitious Impact . m.org/posts/cpuFnLtppbsLK
cbbq/ambitious-impact-aim-
a-new-brand-for-charity
Feb 2024 Clear Solutions’ (CEIP 2023 H2) pilot in Kano, Nigeria, N/A
reaches ~4000 homes of children under 5 with over
7000 co-packages of oral rehydration solution and zinc
----- End of picture text -----

Charity registration number: 1195850

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Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

----- Start of picture text -----
(ORSZ) provided by community health workers with
instruction on preparation and usage.
Feb 2024 Healthy Futures (CEIP 2023 H1) launches its pilot of N/A
testing pregnant women for syphilis in the Philippines.
Mar 2024 Ambitious Impact announces new Founding to Give https://forum.effectivealtruis
Program . m.org/posts/q2PwXNsXsfD
YkxeHb/aim-ce-new-
program-founding-to-give-
apply-now-to-launch-a
Mar 2024 Ambitious Impact identifies that the new limiting factor https://forum.effectivealtruis
for new charities has shifted from founder talent to m.org/posts/AXhC4JhWFfsj
BB4CA/the-current-limiting-
early-stage funding . factor-for-new-charities
Mar 2024 Maternal Health Initiative (CEIP 2022) shuts down. https://maternalhealthinitiati
ve.org/final-summary-of-our-
work/#:~:text=The%20leade
rship%20team%20of%20M
HI,the%20resources%20at
%20its%20disposal.
Mar 2024 Clear Solutions (CEIP 2023 H2) publishes its pilot https://www.clearsolutions.gl
obal/pilot
results report, detailing the estimated impact of
distributing ORS+zinc co-packs to ~4000 homes of
children under 5 in Kano, Nigeria.
Mar 2024 Animal Policy International (CEIP 2023 H1) unveils https://www.animalpolicyinte
rnational.org/post/report-
its comprehensive new report, "Closing the Welfare
calls-on-new-zealand-to-
Gap: Why New Zealand Must Apply Its Animal close-animal-welfare-
Protection Standards to Imports" at an event held at the standards-gap-for-imports
New Zealand Parliament hosted by MP Steve Abel.
----- End of picture text -----

Achievements against objectives set

In the past year, AIM has made substantial progress toward achieving its goals, continuing our trajectory of growth and refinement across multiple programs and initiatives. Below is a summary of the organization’s achievements, structured around the goals established in previous reports and measured against our primary objectives.

Doubling the Number of Charities Founded

In line with our commitment to scale charity creation, we launched approximately 10 new charities, meeting our target and solidifying a consistent pipeline of high-impact projects. Our evolving structure and increased program capacity mean we are on track to sustain this output, with plans to expand further to potentially 20 charities annually, provided the sector can absorb this volume from a funding perspective.

Charity registration number: 1195850

17

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Doubling the Quality of Charities Founded

AIM set an ambitious objective to increase the proportion of high-performing charities within our portfolio. Based on our most recent assessments, we have seen promising results: approximately three out of five of our charities are now classified as “highly promising” upon launch, compared to two out of five in previous years. While we have reached a plateau regarding achievable quality improvements at this stage, this represents meaningful progress toward our goal of nurturing consistently impactful organisations.

Expanding the Number and Type of Programs

To support our ecosystem approach, AIM successfully expanded its programming, adding two new offerings in addition to the AIM Grantmaking Program piloted last year. These include the AIM Research Program aimed at enhancing analytical capabilities in charitable contexts, and the AIM Effective Giving Incubation Program, which addresses funder diversity and mid-stage funding needs for promising projects. This year, we also announced the AIM Founding to Giving Program, a specialised pre-incubator designed to support individuals interested in founding high-growth, for-profit companies with the purpose of generating substantial donations to effective charities. Initial feedback on these programs has been positive, and we anticipate that their continued refinement will allow us to solidify their place within our core offerings.

Additional Strategic Goals and Initiatives

Beyond our primary objectives, AIM pursued several additional goals this year:

Charity registration number: 1195850

18

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Financial review

Review of financial position as of 31 March 2024

The charity’s statement of financial activities is shown on page 29.

During the relevant period, AIM received total revenue of £4,998,564 and had total expenditures of £2,797,242, amounting to a net income of £2,201,322.

The amount of the total funds the charity holds at the end of the reporting period is £3,768,666, of which £123,341 are restricted.

The Trustees have a reasonable expectation that AIM 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.

Fundraising

AIM does not carry out any public fundraising activities in which it openly solicits donations from members of the public.

Instead, it mainly receives donations from large philanthropic foundations – namely the Centre for Effective Altruism/Effective Ventures Foundation, Good Ventures Foundation and Founders Pledge. Members of the charity’s Executive apply for funding and have fundraising calls with staff from these organisations on an ad hoc basis.

Ambitious Impact also has a donate button on its website, which links potential donors to the following third-party public donation pages on crowdfunding platforms:

Charity registration number: 1195850

19

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Principal funding sources

The following constitute the principal funding sources for Ambitious Impact in the relevant reporting period.

Name Type of donor Amount received
Founders Pledge Ltd Registered charity in England and 3,300,000 GBP
Wales
Silicon Valley Community Registered US 501(c)(3) nonprofit 380,200 USD
Foundation
CAF American Donor Fund Registered charity in England and 265,000 USD
Wales
CAF America Registered US 501(c)(3) nonprofit 227,050 USD
NPT Transatlantic Registered charity in England and 210,000 USD
Wales
UES - gemeinnützige GmbH Registered non-profit organisation 150,000 EUR
für effektives Spenden in accordance with §5 I 9 KStG

Reserves policy

The charity retains the same reserves policy as in the previous reporting year. It aims to maintain a minimum total reserves level of £233,289, which represents the estimated costs of winding up the charity. Reserves as of end of March 2024 were £3,768,666, of which £3,645,325 were unrestricted.

Key risks

Ambitious Impact is committed to identifying and managing the principal risks that could affect our financial performance, operational effectiveness, and long-term resilience. Below, we outline the primary risks we have identified this year and the measures we have taken to address them.

Leadership Continuity and Resilience

The continuity of AIM’s senior leadership is essential to maintaining the stability and success of our programs. The risk of unexpected unavailability or burnout among key leaders could impact AIM’s capacity to fulfil its objectives. AIM has implemented an organisational structure that promotes delegation and builds redundancy, allowing senior responsibilities to be shared more broadly across the team. This approach helps to balance workloads and ensures that AIM is prepared to adapt smoothly to any changes in leadership availability.

Charity registration number: 1195850

20

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Mid-Stage Funding Gap for Incubated Charities

AIM-supported charities face a notable funding gap as they transition from seed funding to securing more substantial mid-stage funding. This risk could impact the sustainability of these charities and, in turn, AIM’s overall impact. To address this, AIM has established targeted funding circles focused on high-need areas, such as mental health and animal welfare, to attract mid-stage funders and diversify funding sources. Additionally, senior staff are dedicating time to fostering connections between our network of charities and funders interested in these causes, strengthening AIM’s support for charities through this critical growth phase.

Talent Absorbency and Sector Capacity

AIM’s growth has increased the number of program participants, but there is a sector-wide risk that the demand for high-impact roles may not match the supply of skilled individuals. To mitigate this, AIM has developed and expanded partnerships and job placement efforts within the AIM ecosystem and the wider charitable sector. We aim to ensure that participants who complete our programs find meaningful roles, maximising their potential impact while supporting AIM’s mission.

Reputation and Associations with Wider Movements

AIM’s affiliations with certain high-profile movements, such as Effective Altruism, introduce reputational risks, particularly if these movements face public scrutiny. AIM’s risk management strategy in this area includes careful monitoring of our public associations, maintaining a distinct brand identity, and implementing a communication strategy.

Operational and Financial Oversight

The risk of AIM losing its lean and agile operational model, which could lead to inefficiencies and overspending, is carefully managed through regular budget reviews and a commitment to financial discipline. AIM’s financial oversight includes stringent budget assessments and ongoing process evaluations to ensure cost-effectiveness. This approach supports our mission by maintaining operational agility and optimising resources as we continue to scale.

AIM remains dedicated to regularly reviewing and adapting our risk management strategies to support our long-term impact. This approach ensures that AIM is prepared to address evolving risks and maintain resilience in a dynamic environment.

Future plans

AIM’s overarching aim by the end of 2025 is to position itself as a foundational entity fostering a thriving ecosystem of programs, funding, and talent aimed at eliminating major sources of suffering globally. Our current two-year plan focuses on strategic growth, impact evaluation, and resource optimisation to enhance AIM’s long-term mission of promoting effective, sustainable change through high-impact initiatives.

Charity registration number: 1195850

21

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Developing and scaling programs

AIM anticipates having 5-6 robust programs by the end of 2025. This includes stabilising our current portfolio of four programs while identifying and incubating 1-2 additional initiatives. Program decisions, including any potential closures, will be guided by regular impact evaluations to ensure resource alignment with high-impact outcomes. Securing diversified funding for each program remains a priority, facilitating sustained growth and financial resilience.

Addressing ecosystem bottlenecks

With a focus on optimising the ecosystem’s effectiveness, AIM will continue mapping critical needs in talent, funding, and ideas across the sector. In response to identified bottlenecks— particularly the mid-stage funding gap for incubated charities—AIM will strategise targeted interventions and partnerships to streamline resource allocation and support.

Monitoring and Evaluation (M&E) for Impact

A robust M&E framework is in development across AIM’s programs to assess and guide the impact of our initiatives. This data-driven approach will inform future resource allocation, program direction, and operational decisions, strengthening AIM’s adaptive strategy as we refine our ecosystem’s focus areas.

Building Organizational Resilience and Brand Recognition

As AIM matures, emphasis will be placed on developing strong internal systems, processes, and personnel training to ensure continuity. This includes fostering brand recognition, particularly within the Effective Altruism (EA), Animal Welfare, and Global Health sectors, establishing AIM as a thought leader and trusted partner in impactful project delivery.

Fostering a Thriving Ecosystem of Partnerships

Our goal is to cultivate an ecosystem where talent and resources flow organically toward the most promising initiatives. By 2025, AIM envisions enhanced collaboration within its network and with aligned organisations, creating synergistic partnerships that amplify collective impact.

This adaptable strategy, guided by semi-annual OKR reviews, allows AIM to respond to changing conditions and emerging opportunities, ensuring continued alignment with our mission and maximisation of our impact across global challenges.

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

Charity registration number: 1195850

22

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

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.

In so far as the trustees are aware:

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.

There is no requirement that Members of the charity contribute an amount to the assets of the charity in the event of winding up.

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Charity registration number: 1195850

23

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Auditors

Moore Kingston Smith LLP were appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.

Charity registration number: 1195850

24

Charity Entrepreneurship Trustees’ Annual Report for the year ended 31 March 2024

Signatures

This report was approved by the Trustees on ______ and signed on their behalf by 31 January 2025

…………………………………...

Thomas Billington- TRUSTEE

Charity registration number: 1195850

25

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHARITY ENTREPRENEURSHIP FOR THE YEAR ENDED 31 MARCH 2024

Opinion

We have audited the financial statements of Charity Entrepreneurship for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland.

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 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 UK, including the FRC’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 this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. 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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

26

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHARITY ENTREPRENEURSHIP FOR THE YEAR ENDED 31 MARCH 2024

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement set out on page 22, 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 regulations made under section 154 of that Act.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Charity.

27

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHARITY ENTREPRENEURSHIP FOR THE YEAR ENDED 31 MARCH 2024

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. 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 any party other than the Charity and Charity's Trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory auditor

Date: 31 January 2025

9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

28

Charity Entrepreneurship

Statement of financial activities

For the year ended 31 March 2024

2024
Restricted Unrestricted Total 2023 Total
Note £ £ £ £
Income from:
Donations 2 1,109,865 3,881,627 4,991,492 1,950,998
Other trading activities - 5,004 5,004 4,915
Investments - 2068 2,068 58
Total income 1,109,865 3,888,699 4,998,564 1,955,971
Expenditure on:
Raising funds -
32,275		 32,275 12,635
Charitable activities 2,040,821
724,146		 2,764,967 1,507,157
Total expenditure 3 2,040,821
756,421		 2,797,242 1,519,792
Net income and movement in
funds		 5 (930,956)
3,132,278		 2,201,322 436,179
Reconciliation of funds:
Total funds brought forward 1,054,297 513,047 1,567,344 1,131,165
Total funds carried forward 123,341 3,645,325 3,768,666 1,567,344

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 13 to the accounts.

29

Charity Entrepreneurship

Balance sheet

As at 31 March 2024

----- Start of picture text -----
2024 2023
Note £ £
Fixed assets
Tangible assets 8 7,696 1,200
Current assets
Debtors 9 12,286 53,831
Cash at bank and in hand 3,823,882 1,553,327
1,607,158
3,836,168
Liabilities
Creditors: amounts falling due within 1
10 (41,014)
year (75,198)
Net current assets 3,760,970 1,566,144
Net assets 12 3,768,666 1,567,344
Funds 13
Restricted funds 123,341 1,054,297
Unrestricted funds 3,645,325 513,047
Total charity funds 3,768,666 1,567,344
31 January 2025
Approved by the trustees on ….......................................... and signed on their behalf by
----- End of picture text -----

Thomas Billington

30

Charity Entrepreneurship

Statement of cash flows

For the year ended 31 March 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Investment income
Decrease in debtors
Increase/(Decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Investment income
Net cash provided 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		 2024
£
2023
£
2,201,322
436,179
764
400
(2,068)
(58)
41,545
347,385
34,184
(79,914)
2,275,747
703,992
(7,260)
-
2,068
58
(5,192)
58
2,270,555
704,050
1,553,327
849,277
3,823,882
1,553,327

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

31

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

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) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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.

The financial statements are prepared in sterling and are round to the nearest pound.

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 reviewed the current reserve position and the forecasts of income and expenditure. 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.

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.

d) Fund 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.

32

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

e) 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.

f) Grants payable

Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).

Grants to Incubated Charities are recognised for the initial round of seed funding and are included as expenditure in the Statement of Financial Activities when the funds are authorised or paid to the Incubated Charities bank account, whichever is earlier.

g) 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 on the basis that the charity has very little direct fundraising activity.

h) 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.

i) 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.

j) 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.

33

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

k) 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.

l) Conduit funding

Conduit funds are monies received for third parties and do not belong to the charity. The incoming funds and outgoing payments are excluded from the primary Financial Statements. Any conduit funds in hand at the year end are detailed in note 11.

m) Financial instruments

The charity 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.

Key estimates and areas of judgement are set out below:

The charity holds funds under a fiscal sponsorship arrangement with Players Philanthropy Fund (PPF) in the United States. The charity is deemed to have full rights to, and control over, the funds held with PPF and as such they are included as assets within the balance sheet.

34

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

q) Accounting estimates and key judgements (continued)

The charity receives funds intended for third parties which it passes on. The charity has no discretion over the application of these funds. As such, they are considered to be conduit funds and are excluded from the charity's financial statements . Any balances held on behalf of third parties at the year end are included in note 11.

The charity incubates new charities, ultimately spinning them off to become independent entities known as "Incubated Charities". Some judgement is involved in establishing when the incubated charities cease to be part of Charity Entrepreneurship. This is generally considered to be the point at which the entity opens a bank account in its own name and takes control of the application of its funds. Once this point is reached, any funds paid from Charity Entrepreneurship to the Incubated Charity are recognised as grants payable in the statement of financial activities.

35

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

----- Start of picture text -----
2 Income from grants & donations 2024
Restricted Unrestricted Total
£ £ £
CAF America 187,448 - 187,448
Effective Ventures Foundation 6,030 - 6,030
-
Founders Pledge Ltd 3,279,112 3,279,112
-
Silicon Valley Community Foundation 303,787 303,787
Other donations and grants 612,600 602,515 1,215,115
Total income from grants and donations 1,109,865 3,881,627 4,991,492
2023
Restricted Unrestricted Total
£ £ £
CAF America 76,556 - 76,556
Effective Ventures Foundation 37,656 47,873 85,529
Good Ventures Foundation 1,321,804 - 1,321,804
-
Fidelity Charity Centre 58,832 58,832
Future Fund 39,221 - 39,221
The Fish Initiative 7,220 - 7,220
The Prism Charitable Trust 160,000 - 160,000
-
Silicon Valley Community Foundation 13,727 13,727
Donations 147,803 40,306 188,109
Total income from grants and donations 1,862,819 88,179 1,950,998
----- End of picture text -----

36

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

3. Total expenditure

Raising
funds
Charitable
activities
Support and
governance
costs
2024 Total
£
£
£
£
Staff costs (note 6)
32,275 804,464 115,597952,336
Grants payable (note 4)
- 1,108,881
-1,108,881
Programme costs
- 393,076
-393,076
Office costs
- - 154,732154,732
Travel and subsistence
- 15,314
-15,314
Equipment and software
-
29,63929,639
Legal and professional
- - 77,46177,461
Depreciation
- - 764764
Foreign exchange (gain) / loss
- - 65,03965,039
Sub-total
32,275
2,321,735
443,232
2,797,242
Allocation of support and governance costs
-
443,232
(443,232)
-
Total expenditure
32,275
2,764,967
-
2,797,242
Total governance costs were £14,100 (2023 £6,000)

Prior period comparative :

Staff costs (note 6)
Other staff costs
Grants payable (note 7)
Programme costs
Office costs
Travel and subsistence
Equipment and software
Legal and professional
Advertising
Depreciation
Foreign exchange (gain) / loss
Sub-total
Allocation of support and
governance costs
Total expenditure		 Raising
funds
Charitable
activities
Support and
governance
costs
2023 Total
£
£
£
£
3,432 476,296 71,206550,934
- - 23,87723,877
- 655,722
-655,722
- 174,357
-174,357
- - 92,37492,374
- - 3,9523,952
- - 11,36011,360
9,203 9,203 16,56334,969
- 2,363
-2,363
- - 400400
- -
(30,516)
(30,516)
12,635
1,317,941
189,216
1,519,792
- 189,216 - 189,216
-
12,635
1,507,157
-
1,519,792

37

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

4 Grants payable

During the year, 14 (2023: 10) new grants were awarded to 8 institutions (2023: 10) for funding non-profits through Charity Entrepreneurships incubation program and other organisational support.

Total grants committed to during the year were as follows:

Grants payable to institutions:
Incubated charities:
Alliance for Reducing Microbial Resistance
Animal Policy International
Center for Effective Aid Policy
Centre for Exploratory Altruism Research
Charity Science Foundation of Canada
Clear Solutions
Concentric Policies
EA Germany
Fortify Health
HealthLearn
Healthy Futures Global
High Impact Professionals
Kaya Guides
Lafiya Nigeria
Maternal Health Initiative
Vida Plenta
Other non material grants		 2024
2023
£
£
125,000
-
84,000
-
-
117,663
-
78,834
-
14,120
123,000
-
77,000
-
43,000
-
-
78,442
103,000
-
170,000
-
-
-
-
86,286
95,000
-
-
173,357
-
103,544
288,881
3,476
1,108,881
655,722

38

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

5 Net movement in funds

This is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Depreciation|764|400| |Operating lease payments|40,103|60,216| |Trustees' remuneration|Nil|Nil| |Trustees' reimbursed expenses|2,475|Nil| |Auditor's remuneration:| |•Audit (excluding VAT)|14,100|6,000| |•Other services|3,120|4,800| |6|Staff costs and numbers| |Staff costs were as follows:|2024|2023| |£|£| |Salaries and wages|483,299|327,043| |Social security costs|46,528|30,415| |Pension costs|7,683|4,421| |Freelance staff|192,876|189,055| |730,386|550,934|

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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 £372,744 (2023: £175,362).

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|||| |---|---|---| |2024|2023| |No.|No.| |Average head count|12|10|

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7 Taxation

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

39

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

----- Start of picture text -----
8 Tangible fixed assets
Total
£
Cost
At 1 April 2023 2,000
Additions 7,260
Cost at 31 March 2024 9,260
Depreciation
At 1 April 2023 800
Charge for the period 764
At 31 March 2024 1,564
Net book value
At 31 March 2024 7,696
At 1 April 2023 1,200
9 Debtors: amounts due within 1 year
2024 2023
£ £
6,680 14,606
Prepayments
Accrued Income 5,606 39,225
12,286 53,831
10 Creditors : amounts due within 1 year 2024 2023
£ £
Trade creditors 6,317 6,317
Accruals 53,588 19,781
Other taxation and social security 12,400 13,337
Other creditors 2,893 1579
75,198 41,014
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40

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

11 Conduit funding
Balance at the start of the year
Funding received during year
Funding distributed during year
Balance at the year end		 2024
2023
£
£
-
96,708
25,000
23,532
(25,000)
(120,240)
-
-

Conduit funds are monies received for third parties and do not belong to the charity. The charity passes funding, excluding the initial seed grants, through the accounts under a unique project code as a service to other Incubated Charities to help their charitable purposes, but does not claim gift aid nor has control over their use. The receipts and payments referred to above have been excluded from the Statement of Financial Activities and the balance sheet.

12 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2024
Prior year comparative :
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 March 2023		 Restricted
Unrestricted
Total
funds
funds
funds
£
£
£
-
7,696
7,696
123,341
3,712,827
3,836,168
-
(75,198)
(75,198)
123,341
3,645,325
3,768,666
Restricted
General
Total
funds
funds
funds
£
£
£
-
1,200
1,200
1,095,311
511,847
1,607,158
(41,014)
-
(41,014)
1,054,297
513,047
1,567,344

41

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

----- Start of picture text -----
13. Movements in funds
At 1 April At 31 March
2023 Income Expenditure 2024
£ £ £ £
Restricted funds
Good Ventures Foundation 585,987 - (585,987) -
Animal Welfare 410,227 - (410,227) -
Schmidt Futures 58,083 - (58,083) -
Silicon Valley Community Foundation - 201,340 (200,486) 854
CAF America CEIP - 187,448 (187,448) -
Silicon Valley Community Foundation - 102,447 (54,540) 47,907
Regrants to incubated projects - 443,498 (440,394) 3,104
Effective Ventures Foundation - Travel - 6,030 (6,030) -
Seed Donors 169,102 (97,626) 71,476
Total restricted funds 1,054,297 1,109,865 (2,040,821) 123,341
Total unrestricted funds 513,047 3,888,699 (756,421) 3,645,325
Total funds
1,567,344 4,998,564 (2,797,242) 3,768,666
----- End of picture text -----

Purposes of restricted funds

Effective Ventures Foundation

General support from the EA Infrastructure Fund for the 2022 cycle of the Charity Entrepreneurship Incubation Programme, including research into new intervention ideas and a training programme.

Good Ventures Foundation

Provision of general support for Charity Entrepreneurship's human-centred work excluding budget items dedicated to animal welfare.

Good Ventures Foundation - Animal Welfare

Provision of general support for Charity Entrepreneurship's work incubating new charities working in farm animal welfare.

Schmidt Futures

Supporting Charity Entrepreneurship to develop an automated vetting infrastructure to enable scaling.

Regrants to incubated projects

Provision of seed grants for new incubated charities arising from the Charity Entrepreneurship Incubation Program.

Silicon Valley Community Foundation

This grant is to fund work on incubating health security organizations and startups for one year.

CAF America CEIP

This funding is to be utilied for non-stipend and non-US teavel costs for the incubation programme.

Seed donors fund

This fund is to be utilised for the use of organisations within the Seed programme.

42

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

14 Movements in funds (continued) - Prior period comparative

----- Start of picture text -----
|||||| |---|---|---|---|---| |At 1 April|At 31 March| |2022|Income|Expenditure|2023| |£|£|£|£| |Restricted funds| |Effective Ventures Foundation|218,294|-|(218,294)|-| |The Fish Welfare Initiative|-|7,220|(7,220)|-| |Good Ventures Foundation|330,970|703,681|(448,664)|585,987| |Good Ventures Foundation-| |Animal Welfare|-|618,123|(207,896)|410,227| |Schmidt Futures|162,006|-|(103,923)|58,083| |Seed Donors|-|533,795|(533,795)|-| |Total restricted funds|711,270|1,862,819|(1,519,792)|1,054,297| |Unrestricted funds| |General funds|419,895|93,152|-|513,047| |Total unrestricted funds|419,895|93,152|-|513,047| |Total funds|1,131,165|1,955,971|(1,519,792)|1,567,344|

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15 Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Amount falling due :| |Within 1 year|12,608|105,580| |Within 2 - 5 years|-|6,500| |12,608|112,080|

----- End of picture text -----

43

Charity Entrepreneurship

Notes to the financial statements

For the year ended 31 March 2024

18. Related party transactions

The two Co-Executive Directors of Charity Entrepreneurship, Joseph Savoie and Karolina Sarek, are co-founders of Charity Science Foundation of Canada ((809636236 RR 0001). In the prior year, Charity Entrepreneurship paid a grant of £14,120 to Charity Science Foundation of Canada to cover core operating expenditure. No grants were made to Charity Science Foundation of Canada in 2023/24.

Due to the nature of the charity's activities and the composition of the Board it is inevitable that transactions may take place with seed organisations in which a member of the Board or an employee of Charity Entrepreneurship may have an interest. All transactions involving organisations in which a member of the Board may have an interest are conducted at arm's length and in accordance with the respective organisations normal procedures.

Thomas Billington is a trustee of Charity Entrepreneurship. His partner is employed by the charity and received employee benefits of £41,765 (2023:£37,204) during the year. He was also reimburesed travel expenditure of £1,300 (2023: £nil) during the year.

A trustee, Brendan Eappen, is the co-founder of Fortify Health. During the year, Charity Entrepreneurship paid Fortify Health a grant totalling £nil (2023: £78,442).

One further trustee was reimbursed £1,175 (2023:nil) in relation to travel expenses during the year.

One trustee donated £3,979 (2023: £nil) during the year.

44