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2024-12-31-accounts

Charity registration number 1196392

GIVEWELL UK

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

GIVEWELL UK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees E Hassenfeld (chair)
L Ding
D House
Charity number 1196392
Registered office 10 Queen Street Place
First Floor
London
EC4R 1BE
Auditor UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Bankers Natwest
156 Fleet Street
PO BOX 281
London
EC4A 2DX

GIVEWELL UK

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent auditor's report 5 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 17

GIVEWELL UK

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Charity is established to be the UK presence of GiveWell, a non-profit organisation registered as a charity in the United States under s501(c)(3) of the Internal Revenue Code (“GW US”).

GW US is a research and grant making organisation established in 2007 which rigorously tests the effectiveness of interventions intended to improve global health and human wellbeing. GW US is dedicated to promoting and achieving effective giving through the research and publication of its analysis to help donors decide where they can give to maximise the impact of their philanthropic giving. A key goal is to help donors have the greatest impact for every pound or dollar donated.

GW US focuses on charities which primarily aim to save and improve lives in the developing world because the charitable dollar or pound has proven to go much farther in those locations.

Achievements and performance

Significant activities and achievements against objectives

Our donors have continued in their generosity in the past year, with donations totalling £3,381,822 (2023: £10,119,732). All of these donations have been granted to GiveWell US for onward disbursement to identified charities, achieving the objectives of the Charity.

Fundraising practices

The Charity raises funds from individual and corporate donors. At the point of donation, donors can choose to either donate to a specified Top Charity (a “pre-allocated donation"), Top Charity Fund, All Grants Fund, or GW US Operations. Donations to the Top Charities Fund go to the Top Charities, but on a timescale and amount determined by GW US, according to ongoing analysis of the present needs of the Top Charities. The All Grants Fund supports grants at GiveWell US's discretion. The GW US Operations fund supports spending on any GiveWell US priority, including our own operating expenses.

The Charity has not received any complaints relating to the subject of fundraising activities.

Financial review

The Charity received donations during the year of £3,381,822 (2023: £10,119,732) which includes £320,378 (2023: £2,398,212) of Gift Aid claims. Donated goods and services amounted to £83,558 (2023: £nil). The net surplus amounted to £289,081 (2023: £67,405 deficit). The value of the Charity's net assets is £113,339 (2023: £175,742 net liabilities). The Charity is financially supported by GW US.

Reserves policy

The Charity does not have a policy of maintaining reserves, as it has the support of GiveWell US. The Charity has received a letter of support from the Trustees of GiveWell US, confirming that GiveWell US will provide sufficient financial support to the Charity to enable it to continue to meet its liabilities.

GIVEWELL UK

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Major risks

Trustees review the risk position, internal controls assessment and compliance with relevant statutory and finance regulations. All transfer of funds from GiveWell UK to GiveWell US are approved by the Trustees prior to transfer. Due to the nature of the Charity, there is minimal risk involved.

Plans for future periods

In the medium to long term, the Charity plans to provide charitable support in accordance with its Objective and Activities.

Structure, governance and management

GiveWell UK is a Charitable Incorporated Organisation (CIO) and the official UK partner of GiveWell, a US 501(c)(3) organization that identifies outstanding giving opportunities by conducting in-depth research to determine how effectively given programs can save and improve lives per dollar spent. GiveWell UK is dedicated to helping donors in the United Kingdom find and support these outstanding giving opportunities through tax deductible donations.

GiveWell UK is governed by three Trustees and benefits from the operational support of GiveWell US. The Trustees referred to the guidance contained in the Charity Commission's general guidance on public benefit, as required by Section 17 of the Charities Act 2011, when reviewing the objects and strategy of the Charity and in planning future activities.

The Trustees who served during the year and up to the date of signature of the financial statements were: E Hassenfeld (chair)

L Ding D House

Recruitment and appointment of trustees

New Trustees may be appointed by the Trustees, or by the Member, to fill a vacancy or as an additional Trustee. The Charity shall select appropriate Trustees and provide them with an induction to acquaint them with the governance and polices of the Charity as well as what is expected of them in their new role. Additional training and/or information will be provided to the Trustees on an ongoing basis.

Grant making policy

The Charity raises funds and supports the work of GW US by making grants to GW US, for the purpose of GW US distributing the funding. The Charity will have access to all the research and information which GW US produces in assessing the most effective charities, and will make decisions each quarter as to whether it is appropriate to send funds to GW US according to donor’s wishes.

A small minority of grants received by the Charity from donors may come with the purpose of funding GW US’ own costs. However, the funds raised by the Charity will primarily be used to support the charities which GW US has assessed as being the most effective use of charitable donations, rather than to fund GW US’ own costs.

GIVEWELL UK

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees' report was approved by the Board of Trustees.

E Hassenfeld (chair)

4 June 2025

GIVEWELL UK

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 of the incoming resources and application of resources of the Charity for that year.

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

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GIVEWELL UK

Opinion

We have audited the financial statements of Givewell UK (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GIVEWELL UK

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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, 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 cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GIVEWELL UK

Auditor's responsibilities for the audit of the financial statements

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

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

Based on our understanding of the Charity, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Charity, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to misappropriation of funds.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GIVEWELL UK

UHY Hacker Young

5 June 2025

Chartered Accountants Statutory Auditor

UHY Hacker Young is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

GIVEWELL UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations 3 3,465,380 10,119,732
Total income 3,465,380 10,119,732
Expenditure on:
Charitable activities 4 3,176,299 10,187,137
Total expenditure 3,176,299 10,187,137
Net income/(expenditure) and movement in funds 289,081 (67,405)
Reconciliation of funds:
Fund balances at 1 January 2024 (175,742) (108,337)
Fund balances at 31 December 2024 113,339 (175,742)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GIVEWELL UK

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Current assets
Debtors 10 133,674 -
Cash at bank and in hand 1,033,022 970,659
1,166,696 970,659
Creditors: amounts falling due within 11
one year (1,053,357) (1,146,401)
Net current assets/(liabilities) 113,339 (175,742)
The funds of the Charity
Unrestricted funds 12 113,339 (175,742)
113,339 (175,742)

The financial statements were approved by the Trustees on 4 June 2025

E Hassenfeld (chair)

GIVEWELL UK

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 14 62,363 689,793
Net cash used in investing activities - -
Net cash used in financing activities - -
Net increase in cash and cash equivalents 62,363 689,793
Cash and cash equivalents at beginning of year 970,659 280,866
Cash and cash equivalents at end of year 1,033,022 970,659

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

GIVEWELL UK

1 Accounting policies

Charity information

Givewell UK is a Charity registered in England & Wales. The address of the registered office is given in the legal and administrative information in these financial statements. The nature of the Charity’s operations and principal activity is to be the UK presence of GiveWell, a non-profit organisation grant making organisation registered as a Charity in the United States under s501(c)(3) of the Internal Revenue Code (“GW US”).

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

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

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand.

GIVEWELL UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees consider the following to be critical judgements:

Unrestricted donations

Whilst donors express a preference as to the use of the funds when making donations, the Trustees consider that this is non-binding and as such falls short of imposing a restriction in trust law. Therefore, the donations have been included as part of unrestricted funds.

3 Donations receivable

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations receivable 3,381,822 10,119,732
Donated goods and services 83,558 -
3,465,380 10,119,732

GIVEWELL UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4 Expenditure on charitable activities

Direct costs
Grant funding of activities (see note 5)
Share of support and governance costs (see note 6)
Support
Governance
Analysis by fund
Unrestricted funds		 Charitable
activites
2024
£
3,240,913
(95,497)
30,883
3,176,299
3,176,299		 Charitable
activites
2023
£
10,093,723
64,833
28,581
10,187,137
10,187,137

5 Grants payable

The charity undertook no direct charitable activities, but awarded donations to GiveWell US in the furtherance of its charitable objectives as a grant making charity.

6 Support costs allocated to activities

Intercompany operating charge/(credit)
Bank charges and payment processing fees
Governance costs
Analysed between:
Charitable activites		 2024
£
(127,468)
31,971
30,883
(64,614)
(64,614)		 2023
£
38,824
26,009
28,581
93,414
93,414

GIVEWELL UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6
Support costs allocated to activities
Governance costs comprise:
Audit fees
Accountancy
Legal and professional		 (Continued)
2024
2023
£
£
20,241
18,100
3,870
1,778
6,772
8,703
30,883
28,581		 (Continued)
2024
2023
£
£
20,241
18,100
3,870
1,778
6,772
8,703
30,883
28,581
28,581

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

8 Employees

The Charity has no employees. All activities were carried out by GiveWell US staff, this time has been covered by the intercompany operating charge.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Debtors

10
Debtors
Amounts falling due within one year:
Other debtors
11
Creditors: amounts falling due within one year
Amount owed to GiveWell US
Accruals and deferred income		 2024
£
133,674
2024
£
1,053,357
-
1,053,357		 2023
£
-
2023
£
1,125,202
21,199
1,146,401

GIVEWELL UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Unrestricted funds

The unrestricted funds of the Charity comprise the unexpended balances of donations which are not subject to specific conditions by donors as to how they may be used.

At 1 January
2024
£
General funds
(175,742)
Previous year:
At 1 January
2023
£
General funds
(108,337)		 Incoming
resources
Resources
expended
£
£
3,465,380
(3,176,299)
Incoming
resources
Resources
expended
£
£
10,119,732
(10,187,137)		 At 31
December
2024
£
113,339
At 31
December
2023
£
(175,742)

13 Related party transactions

GiveWell UK and GiveWell US are separate legal entities. GiveWell US is the sole member of GiveWell UK and provides services and support to GiveWell UK under the terms of the Framework Agreement agreed to by both organisations.

GiveWell US is a US 501(c)(3) registered nonprofit organisation, located in Oakland California. Consolidated financial statements can be found on the GiveWell website.

During the year, GiveWell UK (pursuant to its discretion) made grant commitments of £3,244,154 (2023: £10,093,723) to GiveWell US, its sole member. At the year end £1,053,357 (2023: £1,125,202) was owed to GiveWell US by GiveWell UK, pursuant to the Framework Agreement. The current year's intercompany operating charge totalled £83,558 (2023: £65,800), being expenditure recharged from GiveWell US to GiveWell UK in respect of staff time and invoices paid on GiveWell UK's behalf. During the year, a total of £238,631 (2023: £nil) relating to the past three year's intercompany operating charges was forgiven by GiveWell US. As a result, the current year's intercompany operating charge £83,558 (2023: £nil) was recognised as a donation in kind.

During the year, the charity received £1,000 (2023: £5,700,020) in donations from one Trustee. Gift aid of £nil (2023: £2,125,000) has been claimed on the donations from the Trustee

GIVEWELL UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

14
Cash generated from operations
2024
£
Surplus/(deficit) for the year
289,081
Movements in working capital:
(Increase) in debtors
(133,674)
(Decrease)/increase in creditors
(93,044)
Cash generated from operations
62,363
15
Analysis of changes in net funds		 2023
£
(67,405)
-
757,198
689,793

The Charity had no material debt during the year.