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2024-12-31-accounts

Registered number: 13485176 Charity number: 1201294

COOPERATIVE AI FOUNDATION

(A company limited by guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 10
Independent auditors' report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 33

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees A Dafoe, Chair (until 14th May 2025)
D Amodei (resigned 1 March 2025)
R Donnelly (resigned 6 June 2025)
G Hadfield, Chair (from 15th May 2025)
E Horvitz
A Tang (appointed 15 May 2025)
J Clifton (appointed 6 June 2025)
Company registered
number
13485176
Charity registered
number
1201294
Registered office
Courtenay House
Pynes Hill
Exeter
EX2 5AZ
Key management
personnel
L Hammond (Research Director)
D Norman (Managing Director)
M Virgo (People and Operations Manager)
Independent auditors
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ

Page 1

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The Cooperative AI Foundation’s (henceforth, “CAIF”) charitable objectives are as follows:

  1. To advance education and research for the public benefit, in particular (but not exclusively) by promoting and supporting research into artificial intelligence (“AI”) and related fields, with a focus on cooperative intelligence in the context of AI systems, and to disseminate the useful results of such research.

  2. To promote the preservation and protection of the safety and health of the public by promoting the use, development and regulation of AI systems in ways that are safe for the public.

“Cooperative intelligence” refers to methods for achieving or enhancing cooperation (with other AI systems and/or with people).

b. Vision

Everything humankind has achieved has been built through cooperation. What sets us apart from other species is not just intelligence, but cooperative intelligence. Our agriculture, our medicine, our infrastructure, our social institutions, our digital technologies all arise through cooperation, and take cooperation to new levels. At the same time, many of the world’s problems, such as war and climate change, are rooted in cooperation failure.

Cooperative AI is the study and development of cooperative intelligence in advanced AI systems. With rapid advances in AI, people are already beginning to work with AI systems to accomplish goals that were formerly the work of human teams. Yet systematic work on cooperation between AI agents, and between AI and people, is still in its infancy.

CAIF’s vision is of a future in which humanity has a strong understanding of cooperative intelligence as it applies to AI systems. This understanding is put into practice, so that AI systems improve our collective ability to overcome cooperative challenges and we avoid the worst cooperation failures involving AI. Cooperative AI becomes a large, diverse, and thriving research field, central to the creation, deployment, and governance of AI systems. CAIF serves this field as a hub, enabling the research community to better address the most important problems. Cooperative AI anticipates, and is compatible with, the advent of AI systems that surpass human intelligence, contributing to a flourishing future for all.

Page 2

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

Objectives and activities (continued)

c. Strategy

We aim to achieve this vision by supporting research and practice that has the potential to improve the cooperative intelligence of advanced AI for the benefit of all.

We believe the following pathways will give CAIF the greatest chance of making a difference. They inform our choice of strategic priorities and our work plan.

1. Pathways to strengthen capacity in cooperative AI:

2. Pathways to strengthen foundations of the field:

d. 2024 Goals

  1. Fund priority research production and application

  2. Strengthen the cooperative AI community

  3. Increase cooperative AI influence in AI governance and safety

  4. Produce and disseminate influential research

  5. Strengthen CAIF’s team and processes

These goals all contribute directly to CAIF’s first organisational objective (advancing education and research in cooperative AI). They also lay the foundations for CAIF’s second organisational objective (preserving and protecting the safety and health of the public in relation to AI systems) through building the field of cooperative AI, with a focus on the field’s contributions to AI safety and the application of research to enable this.

Page 3

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

Objectives and activities (continued)

e. Activities undertaken to achieve objectives

Support for junior researchers entering the field

Summer School

CAIF summer schools are educational in-person events lasting four days, targeting junior researchers who are relatively new to the field of cooperative AI. The 2024 event was held in Santa Cruz, California. Most of the 46 attendees were students who had just started, or hoped to soon start, a PhD in a related topic.

One of the main goals was to build the knowledge and skills of early career researchers focused on cooperative AI. Another aim was to produce educational resources and raise CAIF’s profile as a resource hub for cooperative AI: we recorded and uploaded lectures to the CAIF YouTube channel.

PhD fellowship

Our first PhD fellowship was launched in the autumn of 2024. The main motivation for the program is to support junior researchers who wish to focus on cooperative AI during their PhD; a secondary aim is to increase CAIF’s visibility to prospective students and supervisors.

We received 150 applications. In the initial assessment stage, 30% of the applications were found to be relevant and high-quality. 16 applicants were eventually offered fellowship positions, eight with our full funding package (‘scholars’) and eight others for whom we provide other benefits as part of the fellowship programme (‘affiliates’).

Grantmaking, research, and other field-building

Grantmaking

In 2024, a new grant process was launched with the purpose of increasing the efficiency and rigour of the evaluation process, with a particular focus on shortening the time from application to decision making and providing applicants with multiple opportunities for submission over the year. Over four deadlines from January to October, we received a little more than 350 applications, of which three were funded at a total value of £657,000. We also have pending revision requests for two additional projects (for approximately an additional £170,000). Based on learnings from the cohort of 2024, we have made significant updates to CAIF’s grant program, outlined below under Future Plans .

Concordia Contest

Contests have long been a driving force behind AI progress. In the autumn of 2024, CAIF organised the Concordia Contest as part of NeurIPS 2024. This contest challenged participants to advance the cooperative intelligence of language model agents in rich, text-based environments based on the recently released Concordia framework, which uses language models to create open-ended worlds similar to tabletop role-playing games.

The primary goal of the competition was to build a community of researchers interested in working on cooperation among language models. A secondary goal was that participants would design and build agents that demonstrate cooperation in complex scenarios. The contest generated 878 submissions from 197 participants, out of which 15 performed better than the highest baseline agent. A full report will be submitted to NeurIPS 2025 Benchmarks and Datasets.

Page 4

COOPERATIVE AI FOUNDATION (A company limited by guarantee)

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

Objectives and activities (continued)

Cooperative AI Retreat

The CAIF summer retreats are in-person events lasting for about three days, aimed at senior researchers in cooperative AI. The invited participants are selected based on the specific aims of the retreat, which change each year. As with the Summer School, we alternate the location of the retreat between the US and Europe. In 2024 the retreat was held in Santa Cruz, California, with 38 participants.

Feedback from attendees was overwhelmingly positive in our post-event survey, with a majority of respondents reporting that the retreat had seeded new projects or collaborations. A clear majority also reported that the retreat had helped them to clarify their research priorities.

Communication and policy engagement

Cooperative AI curriculum

In 2024 CAIF established an online on cooperative AI, with the aim of offering an accessible introduction to the field. Parts of the curriculum were used as preparatory material for the summer school, and a smaller introductory section was used by Impact Academy India for a module on Cooperative AI in their AI Safety Careers Course. In the future we plan to support others running in-person reading groups or courses based on the curriculum in different parts of the world.

EU Code of Practice engagement

During 2024, CAIF joined the consultation process for the EU AI Act Code of Practice. We presented an abbreviated version of our draft Multi-Agent Risks report and we were accepted as participants in the co-drafting process in the working groups on risk taxonomy and risk mitigation. A majority of our additions introducing multiagents risks to the risk taxonomy were incorporated in subsequent iterations of the Code of Practice, and we see the perspectives on multi-agent risks raised by CAIF increasingly recognised in multi-stakeholder discussions.

Activity **Status (On 31 Dec 2024) ** Goal(s)
Run a cooperative AI summer school Complete 2
Create a PhD fellowships program Complete 2
Launch a new grant process with multiple opportunities for submissions Complete 1
in 2024
Publish research report on multi-agent risks from advanced AI In progress (to be 4
launched in early 2025)
Run the Concordia cooperative AI contest Complete 2, 4
Run a Coperative AI retreat Complete 2
Establish an online cooperative AI curriculum Complete 2
Establish the relevance of multi-agent risks within the EU Code of Complete 3
Practice process
Recruit a Grants and Events Officer and a Policy and Partnerships Complete 5
Manager
Recruit new CAIF board members In Progress 5
Published new CAIF strategy Complete 5

f. Volunteers

CAIF solicited expert volunteer advice from senior researchers when reviewing grant applications, and our Board members are all volunteers. Otherwise we did not work with a significant number of volunteers during 2024.

Page 5

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

Achievements and performance

a. Main achievements of the Company

CAIF’s major milestones in 2024:

b. Measuring success

The field of cooperative AI is still at an early stage of development in 2024. CAIF’s theory of change leads to activities aiming for impacts that in most cases will take years to realise, so our reporting at this point is primarily focused on assessing short-term execution success rather than long-term impact.

For example, the success of our cooperative AI retreat and summer school encompasses the smooth running of the events, the productivity of the discussions, and contributions to strengthening our field. We track these through participant surveys (covering subjective experience as well as outcomes of the events) and through review meetings.

Our first impact report, to be published early in 2025, will begin the process of more systematically tracking and publishing our delivery performance and outcomes against expectations from year to year. It will also document our learning on what is most effective, clarifying how we intend to apply our learning in our future work.

c. Investment policy and performance

CAIF’s reserves are held in cash. We do not currently invest in interest bearing accounts or make other investments to generate income.

Page 6

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

Achievements and performance (continued)

d. Future plans

i. Fund Priority Research Production and Application

Based on learnings from the cohort of 2024, we have made significant updates to CAIF’s grant program, which are discussed in detail on our website. The main changes are that the scope description and application guidelines have been made more specific and that we will adopt a two-stage process in 2025, where only the top applicants will be selected to submit a full proposal. We are also introducing an early-career grants track. Our ambition with these changes is to increase the quantity and impact of funded proposals in upcoming years, while also decreasing the overall burden on applicants.

ii. Strengthen the Cooperative AI Community

CAIF will contribute to setting an agenda for the field through our research, and we will complement this by convening conversations among the field’s leaders to reach agreement on theories of change, priority open questions, and research roadmaps to define pathways for making progress. To support this agenda setting and help make other connections across the field, we will host a further retreat for leading researchers in cooperative AI in the UK in the summer of 2025.

We will also strengthen our work on increasing the flow of new research talent into cooperative AI. We will run our summer school in the UK in 2025, and will make resources from this available to people not able to attend in person. We will work with other organisations to develop and run courses on cooperative AI, based on our curriculum, including in regions with growing pools of talent in AI outside Europe and North America.

iii. Increase Cooperative AI Influence in AI Governance and Safety

CAIF will expand our work to bring insights from cooperative AI to inform decision-making in governments and in major tech companies. We will continue to engage with AI plans and prospective regulation in the EU, UK, and US. We will increase our engagement with leading intergovernmental, research, and civil society organisations exploring the implications of a world with increasingly advanced AI systems. We will also look at CAIF’s potential niche in contributing to a growing global community working on applications of AI to strengthen democratic participation and deliberative decision-making.

iv. Produce and Disseminate Influential Research

In 2024, we completed much of the work on a flagship report on “Multi-Agent Risks from Advanced AI” and will launch this early in 2025. The report will be a broad reference for the field, accessible to both researchers and policymakers. It aims to establish the relevance of multi-agent risks for those with broader concerns; clarify why these risks are different from well-studied problems in single-agent settings; and outline potential pathways forward for the field and for related policy areas. In 2025 we plan to undertake further work on multi-agent evaluations and benchmarks. We will also submit a report on the Concordia Contest to NeurIPS 2025 Benchmarks and Datasets.

v. Strengthen CAIF's Team and Processes

We will bring CAIF’s board together in person in 2025 to shape CAIF’s new strategy. We also plan to recruit at least one new trustee to further broaden the range of experience within CAIF’s board. We will expand our research team, recruiting two new research analysts to increase our capacity for direct research and for research contributions to policy and other content. We will also recruit a Communications Officer to increase our external engagement and raise the profile of cooperative AI research.

Page 7

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

Financial review

a. Going concern

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

b. Reserves policy

Cooperative AI Foundation aims to hold a minimum of 3 months’ of general operating costs at any time which is approximately £150,000. On 31 December 2024, the Charity is holding £2,720,897 of unrestricted cash funds, which is adequate to meet this policy.

c. Financial statement

The Statement of Financial Activities shows total income received for the period to 31 December 2024 of £2,368,177 (2023: £1,970,726) with total expenditure for the year of £1,731,887 (2023: £2,345,257), to generate a surplus of £636,290 (2023: £374,531 deficit). Therefore, the charity has closing reserves of £2,720,897 (2023: £2,084,607) which is way in excess of its reserve policy.

Structure, governance and management

a. Constitution

Cooperative AI Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

Under CAIF's scheme of delegation, trustees set overall strategic direction, appoint members of the Executive Team, approve the main organisational policies, and make spending decisions above £200,000. Implementation of the strategic plan and day to day management are delegated to the Executive Team, currently comprising the Managing Director and Research Director, who jointly lead CAIF's staff team. A Grantmaking Committee (including external advisors) makes recommendations to trustees for approval or rejection of grant applications; the final decision on grants is made by trustees where a prospective grant exceeds £50,000, or by the Executive Team for grants of less than £50,000.

d. Policies adopted for the induction and training of Trustees

CAIF currently has no process for induction and training of trustees. We plan to recruit new board members in 2025, and induction and role expectations will be in place before new trustees start.

Page 8

COOPERATIVE AI FOUNDATION (A company limited by guarantee)

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

Structure, governance and management (continued)

e. Pay policy for key management personnel

CAIF's compensation policy aims to ensure that we can attract and retain good team members regardless of where they live; that we value and reward positive impact; and that our broad salary bands keep up with inflation. Trustees set the salary of Executive Team members; other team members' salary is set annually by the Executive Team in line with the compensation policy.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Page 9

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

Auditors

The auditors, Griffin, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on _______ 07/29/2025 and signed on their behalf by:

G Hadfield

Chair of Trustees

Page 10

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERATIVE AI FOUNDATION

Opinion

We have audited the financial statements of Cooperative AI Foundation (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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.

Page 11

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERATIVE AI FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERATIVE AI FOUNDATION (CONTINUED)

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

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

Our audit procedures have reviewed for evidence of management override, any ongoing legal cases, completeness of related party transactions, as well as an ongoing consideration of fraud and irregularities during the whole audit process.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 13

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COOPERATIVE AI FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Waycott FCA (Senior statutory auditor)

for and on behalf of Griffin Courtenay House Pynes Hill Exeter EX2 5AZ

Date: 10/8/25

Griffin are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
2,360,012
8,165
2,368,177
1,731,887
1,731,887
636,290
2,084,607
636,290
2,720,897		 Total
funds
2024
£
2,360,012
8,165
2,368,177
1,731,887
1,731,887
636,290
2,084,607
636,290
2,720,897		 Total
funds
2023
£
1,948,409
22,317
1,970,726
2,345,257
2,345,257
(374,531)
2,459,138
(374,531)
2,084,607

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 19 to 33 form part of these financial statements.

Page 15

COOPERATIVE AI FOUNDATION

(A company limited by guarantee) REGISTERED NUMBER: 13485176

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 41,388
3,964,133
4,005,521
(1,287,982)		 2024
£
3,358
3,358
2,717,539
2,720,897
2,720,897
2,720,897
-
2,720,897
2,720,897		 15,429
3,605,905
3,621,334
(1,539,281)		 2023
£
2,554
2,554
2,082,053
2,084,607
2,084,607
2,084,607
-
2,084,607
2,084,607

Page 16

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on

_______ and signed on their behalf by: 07/29/2025

G Hadfield Chair of Trustees

The notes on pages 19 to 33 form part of these financial statements.

Page 17

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 19 to 33 form part of these financial statements		 2024
£
360,688
(2,460)
(2,460)
-
358,228
3,605,905
3,964,133		 2023
£
3,407,183
(2,714)
(2,714)
-
3,404,469
201,436
3,605,905

Page 18

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

1. General information

Cooperative AI Foundation is a Charitable Company registered in England and Wales, registration number 13485176. The registered office is Courtenay House, Pynes Hill, Exeter, EX2 5AZ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Cooperative AI Foundation 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.

2.2 Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.4 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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Page 19

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

2. Accounting policies (continued)

2.4 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

2.7 Debtors

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

2.8 Cash at bank and in hand

Cash at bank and 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.

Page 20

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Company 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 measured at amortised cost using the effective interest method.

2.11 Pensions

The Company operates a defined benefits pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There were no estimates or assumptions that we considered to be significant.

Page 21

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

4. Income from donations and legacies

Unrestricted
funds
2024
£
Grants
2,360,012
Unrestricted
funds
2023
£
Grants
1,948,409
5.
Income from charitable activities
Unrestricted
funds
2024
£
Event funding
7,038
Other income
1,127
8,165
Unrestricted
funds
2023
£
Event funding
21,393
Other income
924
22,317		 Total
funds
2024
£
2,360,012
Total
funds
2023
£
1,948,409
Total
funds
2024
£
7,038
1,127
8,165
Total
funds
2023
£
21,393
924
22,317

Page 22

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

6. Analysis of grants

Grant disbursals
Grant disbursals		 Grants to
Institutions
2024
£
750,096
Grants to
Institutions
2023
£
1,801,577		 Grants to
Individuals
2024
£
278,142
Grants to
Individuals
2023
£
10,000		 Total
funds
2024
£
1,028,238
Total
funds
2023
£
1,811,577

During the year ended 31 December 2024, the following grant disbursals were made:

  1. £278,142 for PhD Fellowships

  2. £706 to support conference attendance

  3. £1,495 to MLChallenges

  4. £14,533 to Principles of Intelligent Behaviour in Biological and Social Systems

  5. £169,401 to Harvard University

  6. £276,001 to University of Michigan

  7. £233,416 to University of Washington

  8. £54,544 to MATS Research Inc

7. Analysis of expenditure by activities

Activities Grant
undertaken funding of Support Total
directly activities costs funds
2024 2024 2024 2024
£ £ £ £
Charitable activities 683,843 1,028,238 19,806 1,731,887

Page 23

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

7. Analysis of expenditure by activities (continued) Analysis of expenditure by activities (continued)
Activities Grant
undertaken funding of Support Total
directly activities costs funds
2023 2023 2023 2023
£ £ £ £
Charitable activities 354,771 1,811,577 178,909 2,345,257

Page 24

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Events
Grantmaking
Consulting
Staff costs
Events
Grantmaking		 Activities
2024
£
381,545
249,931
2,730
49,637
683,843
Activities
2023
£
165,473
148,313
40,985
354,771		 Total
funds
2024
£
381,545
249,931
2,730
49,637
683,843
Total
funds
2023
£
165,473
148,313
40,985
354,771

Page 25

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Recruitment costs
Advertising and marketing
IT costs
Accountancy
Insurance
(Gain)/loss of foreign transactions
Travel and subsistence
Other staff costs & Entertainment
Office costs
Legal and professional fees
(Profit)/loss on sale of tangible assets
Governance costs		 Activities
2024
£
1,138
2,672
2,066
9,374
8,761
5,165
(38,918)
22,114
4,505
631
749
518
1,031
19,806		 Total
funds
2024
£
1,138
2,672
2,066
9,374
8,761
5,165
(38,918)
22,114
4,505
631
749
518
1,031
19,806

Page 26

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Depreciation
Recruitment costs
Advertising and marketing
IT costs
Accountancy
Insurance
(Gain)/loss of foreign transactions
Travel and subsistence
Other staff costs & Entertainment
Office costs
Legal and professional fees
Governance costs		 Activities
2023
£
938
17,956
1,136
8,809
6,917
1,195
75,637
5,416
4,820
597
49,818
5,670
178,909		 Total
funds
2023
£
938
17,956
1,136
8,809
6,917
1,195
75,637
5,416
4,820
597
49,818
5,670
178,909

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £5,670 ( 2023 - £5,670 ).

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
300,805
36,459
44,281
381,545		 2023
£
148,995
8,472
8,006
165,473

Page 27

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

9. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

2024 2023
No. No.
Average number of employees 6 5

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £90,001 - £100,000 1 -

The total employee benefits, including employers pension costs, of the key management personnel of the charity were £192,898 (2023 - £122,372).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 28

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

11. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Debtors
Due within one year
Other debtors
Prepayments and accrued income		 Office
equipment
£
-
224
-
224
-
56
-
56
168
-		 Computer
equipment
£
3,752
2,236
(1,038)
4,950
1,198
1,082
(520)
1,760
3,190
2,554
2024
£
-
41,388
41,388		 Total
£
3,752
2,460
(1,038)
5,174
1,198
1,138
(520)
1,816
3,358
2,554
2023
£
28
15,401
15,429

12. Debtors

Page 29

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

13. Creditors: Amounts falling due within one year

Trade creditors
Pension fund loan payable
Accruals and deferred income		 2024
£
20,796
7,941
1,259,245
1,287,982		 2023
£
5,727
8,118
1,525,436
1,539,281

14. Summary of funds

Summary of funds - current year

General funds
Summary of funds - prior year
General funds		 Balance at 1
January
2024
£
2,084,607
Balance at
1 January
2023
£
2,459,138		 Income
£
2,368,177
Income
£
1,970,726		 Expenditure
£
(1,731,887)
Expenditure
£
(2,345,257)		 Balance at
31
December
2024
£
2,720,897
Balance at
31
December
2023
£
2,084,607

Page 30

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,358
Current assets
4,005,521
Creditors due within one year
(1,287,982)
Total
2,720,897		 Total
funds
2024
£
3,358
4,005,521
(1,287,982)
2,720,897

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
2,554
3,621,334
(1,539,281)
2,084,607		 Total
funds
2023
£
2,554
3,621,334
(1,539,281)
2,084,607

Page 31

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

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

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement
Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
17.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
18.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1
January
2024
£
3,605,905
3,605,905		 2024
£
636,290
1,138
518
(25,959)
(251,299)
360,688
2024
£
3,964,133
3,964,133
Cash flows
£
358,228
358,228		 2023
£
(374,531)
938
-
2,248,055
1,532,721
3,407,183
2023
£
3,605,905
3,605,905
At 31
December
2024
£
3,964,133
3,964,133

Page 32

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

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

19. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £44,281 (2023 - £8,006) and £3,917 (2023 - £4,635) were payable to the fund at the balance sheet date and are included in creditors.

20. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2024.

Page 33