2025-12-31-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 2025

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 - 31

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)
	G Hadfield, Chair (from 15th May 2025)
	D AmodeI (resigned 1 March 2025)
	J Clifton (appointed 6 June 2025)
	R Donnelly (resigned 6 June 2025)
	T Graepel (appointed 2 October 2025)
	E Horvitz (resigned 3 December 2025)
	A Tang (appointed 15 May 2025)
Company registered number 13485176 Charity registered number 1201294 Registered office Courtenay House Pynes Hill Exeter EX2 5AZ Key management personnel L Hammond (Interim CEO from 1 March 2026) D Norman (Managing Director until 28 February 2026)) M Virgo (People and Operations Manager) Independent auditors Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2025 to 31 December 2025. 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 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.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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:

• Fund research directly. Priorities for progress in the field are still in formation, so we will continually update our focus areas and potentially support a broad portfolio of research approaches.

• Connect leading researchers in the field through hosting events at major AI conferences and through running a summer retreat.

• Support early career researchers in the field through our summer school and through a programme offering mentorship and financial support.

• Help steer new talent into the field, e.g. through promotion of our Cooperative AI curriculum.

2. Pathways to strengthen foundations of the field:

• Produce research aiming to set out a base for others to build on in fundamental areas such as failure modes or approaches to evaluation of Cooperative AI.

• Help reach agreement on the most important open research questions, and set out research roadmaps defining the steps needed to make progress.

• Produce and host core content for the field (such as definitions, bibliographies, curricula, and summaries for decision-makers).

• Identify opportunities for how Cooperative AI should build on work in other disciplines.

3. Pathways to strengthen influence:

• Engage in targeted policy processes to establish the relevance of Cooperative AI and to bring in experts from our field to contribute to policy development.

• Similarly engage with top AI labs, in both leading companies and academia, to create opportunities for cooperative AI insights to inform their work.

• Demonstrate the value of cooperative AI perspectives for the broader AI safety community and set out implications for evaluations and policy positions.

• Partner with other funders to support the field, enabling funders to see the relevance of cooperative AI for their funding priorities.

d. 2025 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.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Objectives and activities (continued)

e. Activities undertaken to achieve objectives

Research Grants

We made eight research grants aligned with our updated research scope, where the AI for Facilitating Human Cooperation subject area especially attracted strong, fundable. In all, we received 186 pre-proposals. Of these, 12 were invited to present a full submission and eight were approved for funding. Three of the successful applications were projects led by early career researchers who we are particularly pleased to be able to support. The new two-stage process significantly reduced the workload for applicants and for the CAIF reviewer team.

PhD fellowship

Our aspiration to build a thriving community of Cooperative AI researchers has been advanced by the first full year of the CAIF PhD Fellowship programme. Sixteen PhD students undertaking Cooperative AI research are being supported with career development funds, including conference attendance costs and research expenses. Our Fellowship Coordinator supported the development of the network, which included a Slack channel, regular newsletters and access to small group Q&As with our seminar series presenters. Six of the cohort received a higher level of support, to pay tuition fees and a living stipend.

Cooperative AI Research Fellowships and Mentorship

Small grants to the well-established PIBBSS (Principles of Intelligent Behaviour in Biological and Social Systems) and MATS (ML Alignment and Theory Scholars) career development programmes secured Cooperative AI tracks in both programmes and supported a further eight early career researchers in Cooperative AI. CAIF also was a major funder of a new three-month Cooperative AI Research Fellowship for junior researchers, facilitated by AI Safety South Africa, taking place in the first quarter of 2026. Across these programmes and several fellowships run by third parties, CAIF staff mentored eighteen researchers..

Cooperative AI Summer School

We ran our biggest ever summer school, for 60 participants in Marlow, UK. Attendees were typically early-stage PhD students, from a wide range of disciplines relating to Cooperative AI and Cooperation problems. We were pleased to welcome a gender-diverse group with 50% of participants identifying as female or nonbinary, and the programme met its objectives of developing skills, knowledge and motivation to pursue careers in Cooperative AI. We posted 11 full talks and 9 short talks from the summer school on our YouTube channel.

Cooperative AI Retreat and Board Retreat

The Cooperative AI Retreat in 2025 had two key strands: capabilities and propensities of AI agents; and AI for human Cooperation. Attendees from academia and industry met over three days to share insights and develop new directions for their chosen strand. These insights were disseminated via two blogposts, one of which became a paper entitled ‘Agent Properties for Multi Agent Safety’, accepted tothe ‘Agents in the Wild’ workshop at ICLR 2026. The retreat also provided a setting for an in-person CAIF trustee meeting, where the Board were able to discuss in detail research direction and strategic positioning for CAIF.

Cooperative AI Curriculum and Course

The Cooperative AI Curriculum has been fully updated, with eight modules now freely available online for anyone to access. A facilitated course based on this curriculum, which enables cohorts to learn together over an eight-week period, was successfully piloted during 2025. A small team of CAIF facilitators supported 32 people from eight regions globally. Feedback was highly positive with 95% of people saying they would recommend the course, and 100% reporting that they would be excited about participating in future activities run by CAIF.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Objectives and activities (continued)

Cooperative AI Seminar Series

The new Updates in Cooperative AI seminar series attracted 461 attendees over six seminars in 2025. Topics included ‘Multi-Agent Risks from Advanced AI’, ‘AI Enhanced Deliberative Democracy’ and ‘Do LLM Agents Cooperate?’ The presentations were followed by lively question and answer sessions, and opportunities for CAIF PhD Fellows to meet the speakers for a more in-depth discussion after the public event.

Publication and Promotion of Multi-Agent Risks from Advanced AI Report

This flagship technical report, which synthesises contributions from 44 experts, was released in early 2025, and shared with CAIF’s stakeholders. The launch seminar attracted 185 attendees, and as of April 2026 the report has been cited over 150 times and shared over 100 times across other media including in Forbes, Nature and Bloomberg as well as LinkedIn, X, and Bluesky.

Policy Engagement

In 2025, CAIF scaled up its policy engagement, contributing to the EU AI Act General-Purpose AI Code of Practice, where multi-agent risks were included in the final guidelines for AI providers. In parallel, we joined the ISO standard-setting process for AI in the UK, the OECD Agentic AI Expert Group, and made multiple policy consultation submissions in the EU and US. We also hosted a reception with The Future Society at the House of Lords for speakers and decision-makers on the evening before the Athens Roundtable, introducing them to the ideas of Cooperative AI and multi-agent risks. Related pieces were published by CAIF staff in relevant external outlets such as Tech Policy Press.

AI Evaluations Research

Early in 2025 CAIF submitted its contribution to the UK AI Security Institute’s (UK AISI) evaluations bounty programme, to which CAIF had successfully applied the previous year. The evaluation focused on testing the ability of agents to manipulate each other in real-world settings and has since been turned into a more fully fledged project with collaborators from UK AISI, RAND, and Uppsala University to be submitted to NeurIPS in 2026.

Recruitment

Thore Graepel and Audrey Tang were recruited as CAIF trustees in 2025. Thore, Chair of Machine Learning at University College London and a Distinguished Research Scientist at Google DeepMind, is a foundational contributor to multi-agent reinforcement learning and to Cooperative AI more broadly. Audrey, formerly Taiwan's Minister of Digital Affairs, is a globally recognised pioneer in using digital tools and AI to enable large-scale democratic deliberation and human Cooperation. Jesse Clifton also joined the trustee group as the nominated director for Macroscopic Ventures. In turn, Eric Horvitz departed from the board in November 2025. CAIF also recruited a Communications Officer and a Research Analyst to the staff team during 2025.

f. Volunteers

CAIF solicited expert volunteer advice from senior researchers when reviewing grant applications, and our Board members are all volunteers.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

a. Summary of Achievements

During 2025 CAIF:

• Published our first flagship technical report, Multi-Agent Risks from Advanced AI. Since its early 2025 release it has been cited over 150 times and covered in Forbes, Nature, and Bloomberg.

• Funded eight new research grants, with particular strength in AI for Human Cooperation, including three grants to early career researchers.

• Developed an in-house multi-agent evaluations research programme, with work to be submitted to NeurIPS in 2026 in collaboration with UK AISI, RAND and Uppsala University.

• Supported sixteen PhD Fellows through the first full year of our Fellowship Programme and a further eight early career researchers via PIBBSS and MATS partnerships, alongside seeding a new threemonth Cooperative AI Research Fellowship facilitated by AI Safety South Africa.

• Ran our largest ever summer school (60 participants, 50% female or nonbinary), posting 20 talks to YouTube. Held our annual senior researcher retreat, leading to the production of a paper accepted at the Agents in the Wild workshop at ICLR 2026.

• Fully reworked our Cooperative AI curriculum across eight online modules and successfully piloted a facilitated cohort course with 32 participants across eight global regions.

• Scaled up policy engagement, joining two EU AI Code of Practice working groups – securing the first inclusion of multi-agent risks in that text – and making multiple submissions in the EU and US. Hosted a reception at the UK House of Lords ahead of the Athens Roundtable.

• Strengthened communications through a new seminar series (461 attendees across six events), a revamped newsletter, and first articles in external outlets including Tech Policy Press.

• Welcomed two new trustees – Thore Graepel and Audrey Tang – and grew the staff team with a Communications Officer and Research Analyst.

b. Measuring success

CAIF published a 2024 impact report in early 2025, and this has influenced our priorities during the year. In particular, we have increased the proportion of resources going to early career researchers and taken steps to improve the gender balance and geographical distribution of CAIF beneficiaries. Our 2025 impact report will be published in the second quarter of 2026.

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. Steps are now being taken to open an interest-bearing account with a UK bank, an avenue that was previously unavailable to us.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance (continued)

d. Future plans

Following the departure of the Managing Director in February 2026, the Board has commissioned an external recruiter to lead the search for a new CEO, with an appointment anticipated in the second half of the year. The Research Director is leading the team's day-to-day work as interim CEO, and Q1–Q2 priorities have been set on a ‘no regrets’ basis to maintain momentum without pre-empting decisions for the incoming CEO. Subject to that appointment, we expect to expand both the team and the breadth of CAIF's activities over the second half of the year.

A major organising priority for 2026 is to set a clearer agenda for the field and to ‘lead from the front’ more. We will publish a refreshed Cooperative AI research agenda, alongside a redesigned website, to coincide with the new CEO taking up post. We also intend to resume work on a roadmap on AI for human Cooperation that identifies the applications and technologies where progress could most plausibly improve collective human decision-making. These will be complemented by published outputs from our two early-2026 workshops – cohosted at IASEAI 2026 with the Brookings Institution and with Google DeepMind – and by results from our continuing in-house work on multi-agent evaluations.

A second priority is to expand the resources available to the field. We are in advanced discussions with Schmidt Sciences and Google DeepMind about a co-funded grantmaking programme on Cooperative AI and multi-agent (or 'distributional') AI safety, with the potential to direct significant new resources to the field over the coming years. Alongside its primary purpose, this kind of partnership would also allow CAIF to sustain a meaningful grantmaking presence in the field while drawing less heavily on our own reserves. We continue to pursue conversations with other prospective funders and project-based partners with the aim of diversifying CAIF's funding base, and are taking steps to open an interest-bearing account with a UK bank to generate modest income from cash reserves.

We also intend to take a more proactive stance in policy. Building on the inclusion of multi-agent risks in the EU AI Code of Practice and our growing engagement with US standards bodies, we will work to translate our research outputs – including our workshop reports and results from the in-house evaluations programme – into concrete recommendations for policymakers. We are also exploring deeper forms of collaboration with a new US-focused policy initiative on multi-agent risks, currently in early stages of development, which could provide another avenue of influence.

Our community-building and talent-development work continues at scale. The 2026 cohort of CAIF PhD Fellows has now been onboarded; the 2026 Cooperative AI Summer School will be held in Toronto in August; we will cohost a workshop on AI-facilitated Cooperation with the Foresight Institute, co-located with ICML; and we will continue scaling our facilitated curriculum courses. Our 2025 impact report will be published in the second quarter of 2026.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 £250,000. On 31 December 2025, the Charity is holding £2,214,304 of unrestricted cash funds, which is adequate to meet this policy. Cooperative AI Foundation will start 2026 with a balance of £2.2M and an approved interim annual budget of £1.6M. The organisation is recruiting a new CEO and will approve a new strategy in early-to-mid 2026. The Trustees expect to approve an increased spending projection based on the new strategy starting in Q3 2026.

c. Financial statement

The Statement of Financial Activities shows total income received for the period to 31 December 2025 of £2,313,864 (2024: £2,368,177) with total expenditure for the year of £2,820,457 (2024: £1,731,887), to leave a deficit of £506,593 (2024: £636,290 surplus). Therefore, the charity has closing reserves of £2, 214,304 (2024: £2,720,897) which is comfortably 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

New Trustee induction is undertaken jointly by the Executive Team and the Chair. The People and Operations Manager provides support with access to key documents, and day to day questions about the running of the organisation.

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COOPERATIVE AI FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 . 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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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:

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 _______ and signed on their behalf by:

10/06/2026

G Hadfield

Chair of Trustees

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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 2025 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:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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.

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(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:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

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.

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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.

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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: 11/6/26

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

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COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025 £ 2,304,912 8,952 2,313,864 2,820,457 2,820,457 (506,593) 2,720,897 (506,593) 2,214,304	Total funds 2025 £ 2,304,912 8,952 2,313,864 2,820,457 2,820,457 (506,593) 2,720,897 (506,593) 2,214,304	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

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

The notes on pages 19 to 31 form part of these financial statements.

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COOPERATIVE AI FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 13485176

BALANCE SHEET AS AT 31 DECEMBER 2025

Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Current liabilities 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 14 Unrestricted funds 14 Total funds	7,825 3,896,064 3,903,889 (1,694,148)	2025 £ 4,563 4,563 2,209,741 2,214,304 2,214,304 2,214,304 - 2,214,304 2,214,304	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

Page 16

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025

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:

10/06/2026

G Hadfield

Chair of Trustees

The notes on pages 19 to 31 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 2025

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from the sale of tangible fixed assets 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 31 form part of these financial statements	2025 £ (64,539) 160 (3,690) (3,530) - (68,069) 3,964,133 3,896,064	2024 £ 360,688 - (2,460) (2,460) - 358,228 3,605,905 3,964,133

Page 18

COOPERATIVE AI FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025

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:

Office equipment	-	25% straight-line
Computer equipment	-	25% straight-line

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 2025

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 contribution 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 2025

4. Income from donations and legacies

Grants Grants 5. Income from charitable activities Event funding Other income Event funding Other income	Unrestricted funds 2025 £ 2,304,912 Unrestricted funds 2024 £ 2,360,012 Unrestricted funds 2025 £ 8,661 291 8,952 Unrestricted funds 2024 £ 7,038 1,127 8,165	Total funds 2025 £ 2,304,912
		Total funds 2024 £ 2,360,012
		Total funds 2025 £ 8,661 291
		8,952
		Total funds 2024 £ 7,038 1,127
		8,165

Page 22

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

6. Analysis of grants

Grant disbursals Grant disbursals	Grants to Institutions 2025 £ 1,171,537 Grants to Institutions 2024 £ 750,096	Grants to Individuals 2025 £ 458,662 Grants to Individuals 2024 £ 278,142	Total funds 2025 £ 1,630,199
			Total funds 2024 £ 1,028,238

During the year ended 31 December 2025, the following grant disbursals were made:

1. £441,299 for PhD Fellowships

2. £5,000 for Alan Turing Institute

3. £90,790 for Massachusetts Institute of Technology

4. £119,927 for AI Safety Cape Town

5. £208,638 for the Evens Foundation

6. £17,446 for Democracy sandbox

7. £50,221 for Epistea

8. £51,214 for Uppsala University

9. £11,863 for Koranis Tanuswith

10. £49,600 for Centre on Long Term Risk

11. £113,058 for New York University

12. £70,880 for Principles of Intel

13. £28,692 for Stockholm International Peace Research Institute

14. £5,500 for Sonja Kraiczy

15. £366,070 for Oxford University

Page 23

COOPERATIVE AI FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

7. Analysis of expenditure by activities

Charitable activities Charitable activities	Activities undertaken directly 2025 £ 812,860 Activities undertaken directly 2024 £ 683,843	Grant funding of activities 2025 £ 1,630,199 Grant funding of activities 2024 £ 1,028,238	Support costs 2025 £ 377,398 Support costs 2024 £ 19,806	Total funds 2025 £ 2,820,457 Total funds 2024 £ 1,731,887

Analysis of direct costs

Staff costs Events Grantmaking Consulting Compliance	Activities 2025 £ 510,377 193,327 (830) 69,356 40,630 812,860	Total funds 2025 £ 510,377 193,327 (830) 69,356 40,630
		812,860

Page 24

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Analysis of direct costs (continued)
Staff costs Events Grantmaking Consulting	Activities 2024 £ 381,545 249,931 2,730 49,637 683,843	Total funds 2024 £ 381,545 249,931 2,730 49,637
		683,843

Analysis of support costs

Depreciation Recruitment costs Advertising and marketing IT costs Accountancy Insurance (Gain)/loss of foreign transactions Travel and subsistence Staff wellbeing & entertainment Office costs Legal and professional fees (Profit)/Loss on sale of tangible assets Trustee travel Governance costs	Activities 2025 £ 1,663 7,055 2,135 15,313 7,537 4,934 277,122 31,086 9,959 3,781 944 688 9,231 5,950 377,398	Total funds 2025 £ 1,663 7,055 2,135 15,313 7,537 4,934 277,122 31,086 9,959 3,781 944 688 9,231 5,950
		377,398

Page 25

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 Staff wellbeing & 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 3,091 5,165 (38,918) 22,114 4,505 631 749 518 6,701 19,806	Total funds 2024 £ 1,138 2,672 2,066 9,374 3,091 5,165 (38,918) 22,114 4,505 631 749 518 6,701
		19,806

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £5,950 ( 2024 - £5,670 ).

9. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2025 £ 402,251 55,481 52,645 510,377	2024 £ 300,805 36,459 44,281
		381,545

Page 26

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

9. Staff costs (continued)

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

	2025	2024
	No.	No.
Average number of employees	8	6

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

		2025	2024
		No.	No.
In the band £70,001	- £80,000	1	1

The total employee benefits, including employers pension costs, of the key management personnel of the charity were £218,725 (2024 - £192,898).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 December 2025, expenses totalling £ 9,231 were incurred on behalf of 2 Trustees (2024 - £NIL to Trustee) in relation to travel.

Page 27

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

11. Tangible fixed assets

Cost or valuation At 1 January 2025 Additions Disposals At 31 December 2025 Depreciation At 1 January 2025 Charge for the year On disposals At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 Debtors Due within one year Prepayments and accrued income	Office equipment £ 224 972 - 1,196 56 183 - 239 957 168		Computer equipment £ 4,950 2,718 (1,098) 6,570 1,760 1,479 (275) 2,964 3,606 3,190 2025 £ 7,825		Total £ 5,174 3,690 (1,098) 7,766 1,816 1,662 (275) 3,203 4,563 3,358 2024 £ 41,388
			7,825		41,388

12. Debtors

Page 28

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

13. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2025 £ 8,299 11,942 4,447 1,669,460 1,694,148	2024 £ 20,796 3,681 4,260 1,259,245
		1,287,982

14. Statement of funds Statement of funds - current year

Unrestricted funds General Funds Statement of funds - prior year Unrestricted funds General Funds	Balance at 1 January 2025 £ 2,720,897 Balance at 1 January 2024 £ 2,084,607	Income £ 2,313,864 Income £ 2,368,177	Expenditure £ (2,820,457) Expenditure £ (1,731,887)	Balance at 31 December 2025 £ 2,214,304
				Balance at 31 December 2024 £ 2,720,897

Page 29

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2025 £ Tangible fixed assets 4,563 Current assets 3,903,889 Creditors due within one year (1,694,148) Total 2,214,304	Total funds 2025 £ 4,563 3,903,889 (1,694,148) 2,214,304

Analysis of net assets between funds - prior year

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

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

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Loss on the sale of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities	2025 £ (506,593) 1,662 688 33,563 406,141 (64,539)	2024 £ 636,290 1,138 518 (25,959) (251,299) 360,688

Page 30

(A company limited by guarantee)

COOPERATIVE AI FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

17. Analysis of cash and cash equivalents

Cash at bank and in hand Total cash and cash equivalents	2025 £ 3,896,064 3,896,064	2024 £ 3,964,133
		3,964,133

18. Analysis of changes in net debt

Cash at bank and in hand	At 1 January 2025 £ 3,964,133 3,964,133	Cash flows £ (68,069) (68,069)	At 31 December 2025 £ 3,896,064
			3,896,064

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 £52,645 (2024 - £44,281) and £4,393 (2024 - £3,917) 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 2025.

Page 31

SIGNATURE CERTIFICATE

REFERENCE NUMBER A5185B9A-200D-481B-9CAE-F96979C08D91

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SIGNERS

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AUDITS

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