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2022-12-31-accounts

Company Registration No: 5062574 Charity No: 1104153

ANNUAL REPORT AND FINANCIAL STATEMENTS

Ashden Climate Solutions

A Company limited by guarantee and a registered charity

31 December 2022

The Peak 5 Wilton Road London SW1V 1AP

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Ashden Climate Solutions

CONTENTS CONTENTS PAGE
1 Report of the Trustees 3
2 Statement of Trustees’ Responsibilities for the Financial Statements 18
3 Independent Auditor’s Report 19
4 Statement of Financial Activities 22
5 Balance Sheet 23
6 Cash Flow Statement 24
7 Notes to the Financial Statements 25

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Ashden Climate Solutions

REPORT OF THE TRUSTEES

LEGAL AND ADMINISTRATIVE

‘Ashden Climate Solutions’ was formed as a company limited by guarantee on 3 March 2004. The company registration number is 5062574. The company was registered with the Charity Commission on 4 June 2004. The charity registration number is 1104153.

Trustees/ Richard Azarnia (resigned 13 December 2022) Directors Sarah Butler-Sloss (Chair) Mark Campanale Emma Colenbrander Caroline Holtum Nick Mabey Louise Marix Evans Jane Muigai-Kamphuis (appointed 16 March 2022) Agamemnon Otero Andrew Reicher (Treasurer) Dr Rebekah Shirley (appointed 16 March 2022)

Trustees are appointed by existing Trustees and are provided with relevant information relating to their responsibilities.

Company Secretary Karen Everett Registered Office The Peak, 5 Wilton Road, London SW1V 1AP Principal Officers Sarah Butler-Sloss (Founder and Chair of Trustees) Harriet Lamb (CEO) Karen Everett (SFCT Chief Operating Officer) Giles Bristow (Director of Programmes) Ed Dean (Director of Development) Jo Walton (Director Communications and People) Bankers Child & Co, 1 Fleet Street, London EC4Y 1BD Solicitors BDB Pitmans LLP, The Anchorage, 34 Bridge Street, Reasing. RG1 2LU Auditor Sayer Vincent LLP, Invicta House, 108-14 Golden Lane, London, EC1Y 0TL

The Trustees of Ashden Climate Solutions (also known as “Ashden”) who are also directors of the charitable company for the purposes of the Companies Act, present their annual report for the year ended 31 December 2022 under the Companies Act 2006, together with the audited financial statements for the period. They confirm that the latter comply with the requirements of the Act, the Memorandum and the Articles of Association, and the Charities SORP (FRS 102).

Ashden is governed by its Memorandum of Association and Articles of Association, last amended 21 November 2011.

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Ashden Climate Solutions

OBJECTS AND ACTIVITIES

The objects of the Charity as given in the Memorandum of Association are the advancement of education for the public benefit in developing countries and worldwide in relation to sustainable and renewable energy sources and related environmental and ecological issues; and to relieve poverty and to preserve and protect public health by promoting the use of sustainable and renewable energy sources in developing countries and worldwide.

OBJECTIVES

The aims of Ashden are to contribute to the protection of the environment, the advancement of education and relief of poverty for the public benefit in developing countries, UK and elsewhere, by promoting the use of local sustainable and renewable energy sources. Ashden will do this through:

CHARITY AND PUBLIC BENEFIT

Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Charity’s aims, activities and achievements in the many areas of interest that the Charity supports demonstrates the benefit to its beneficiaries, and through them to the Public, that arise from those activities.

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Ashden Climate Solutions

The 2022 Ashden Award winners on stage at our London ceremony.

In 2022, Ashden’s support for frontline innovators was stronger than ever

Sarah Butler-Sloss

Founder and Chair of Trustees, Ashden

“I was inspired to set up Ashden when I saw the dangers endured by most women in East Africa of cooking on dirty, polluting stoves even though healthy, clean and affordable alternatives that dramatically saved trees, as well as women’s health, time and money were available. So the idea that lower emissions, development and reduced inequality go hand-in-hand has always been central to what we do at Ashden. This thinking still underpins our work in 2022, which was also shaped by the launch of our new strategy, with its focus on jobs, skills and livelihoods.

“It’s an approach to supporting climate innovation that is needed now more than ever. Internationally, over 700 million people still go without access to electricity, and 1.2 billion to safe cooking. These are many of the people most vulnerable to the climate crisis. Affordable clean power to their homes and workplaces will bring better health, new opportunities to earn an income, and a higher standard of living. All while setting countries on the path to a zero carbon future.

“Meanwhile, in the UK fuel poverty is headline news. Upgrading cold and draughty homes, a major thematic focus of our UK activity, is a measure that can cut emissions and protect the most vulnerable in society.

“The core needs of climate innovators – those who can address these problems – remains the same. Finance and investment, access to a skilled workforce, and policies that help their solutions thrive. Our activities drive progress in all three areas.

“Make no mistake, with the right support these climate innovators really can thrive. I’ve seen how ideas that once greeted with scepticism by some, like rooftop solar in remote villages in Africa, have now become

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Ashden Climate Solutions

commonplace. Supporting and promoting the innovators at the cutting edge can push them into the mainstream faster, accelerating action.

“This acceleration is urgently needed at national and global levels. So I’m delighted we’ve launched campaigns aiming for change such as ‘Let’s Go Zero’, driving UK schools to zero carbon by 2030 and Power Up calling for investment in clean energy for all in Africa. I’m also pleased we’ve grown and strengthened partnerships with international brands such as IKEA and LinkedIn, sharing our ambition for major impact. Strategic partnerships will take our work up a gear too – such as our collaboration with Friends of the Earth, through which we’ve shared stories of climate innovation from councils all over the UK. Looking ahead, we expect new relationships to drive a major expansion of our work with UK schools.

“Our ambition is certainly matched by the 2022 Ashden Award winners. Companies such as Zonful Energy. Not content with training rural young people for roles in his own company, founder William Ponela has launched an app that connects them with employment opportunities right across the country’s clean energy sector. Big, bold and brave plans like William’s can truly inspire us all.

“It is with sadness and huge gratitude that, as we complete our 2022 annual report, we also say goodbye to Harriet Lamb as our CEO. Through her great leadership she achieved so much exciting and impactful work in her four years at Ashden. But we are delighted to announce the arrival in June of Dr Ashok Sinha as our next Ashden CEO, ahead of what promises to be a very exciting time of growth for the organisation.”

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Ashden Climate Solutions

Banana farmers in Meru County, Kenya. 2022 award winner Sokofresh is supporting them with affordable, sustainable cold storage.

The story of Ashden in 2022

Harriet Lamb CEO, Ashden (2019-23 )

“2022 saw Ashden put our new strategy into action: accelerating climate action through a focus on jobs, skills and livelihoods. Our awards, programmatic work and storytelling all drew heavily on this theme, underpinned by an emphasis on inclusive climate solutions – those that create better lives and fairer societies, as well as lowering emissions.

“Ashden’s theory of change is simple – to discover, amplify, connect and scale inclusive climate solutions in the UK and Global South. Applying this model brought some notable successes – including recruiting 2,000 UK schools to our Let’s Go Zero campaign, and convincing government to adopt four of the campaign’s key policy asks.

“The Ashden-led Power Up coalition, accelerating climate adaptation funding for energy access, has mushroomed to over 70 organisations, from global heavyweights to inspiring frontline enterprises. And our work on sustainable towns and cities produced invaluable resources and networks for UK councils, while calling for change at a national level. All this while delivering prize money and opportunities to a new crop of Ashden Award winners – from investor pitching events to the chance to speak and network at COP27.

“While I moved on from Ashden in February 2023, I am proud of all the passionate, committed and growing team achieved last year. Together we strengthened Ashden’s financial position, launched exciting new initiatives, and moved forward based on our values of diversity, equity and inclusion.

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Ashden Climate Solutions

“Finally, I was delighted to hand over to a strong team of senior staff, ready for the arrival of my permanent successor – Dr Ashok Sinha, formerly CEO of the London Cycling Campaign – in June 2023.”

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Ashden Climate Solutions

Ashden’s work in 2022

An employee of 2022 Ashden Award winner B4Box makes a home more energy efficient. The organisations supports a diverse range of people with training and access to work.

Sustainable Towns and Cities (UK)

Supporting local authorities to take effective climate action is at the heart of our UK work. We ran local authority hubs in London, South West England and North East England, using online meetings and presentations to help dozens of councils work together to discover best practice and explore solutions to common challenges.

Meanwhile, meetings of our City Regions Network were attended by all but one of the UK’s Metro Mayoral and combined authorities. And our green communities network brought community organisations together with webinars covering issues such as securing funding for their work.

Examples of impact include supporting the launch of a new retrofit service by councils in Gloucestershire, and the adoption of new climate standards by the North East Combined Authority.

Our Cities team set out to share learning with all UK local authorities and relevant stakeholders. This was achieved by on- and off-line events reaching hundreds of attendees, chiefly council officers, and the growth of our digital Learning Out Loud platform.

Additions to the tools, stories and analysis on the platform in 2022 included around 50 case studies of council climate action co-produced with Friends of the Earth. And we updated our climate action co-benefits toolkit, a resource for local authorities.

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Ashden Climate Solutions

In Togo, 2022 Ashden Award winner Energy Generation is creating opportunities for young entrepreneurs like Nadine Zotti.

International Climate Solutions

A key focus of our international work was to increase understanding of the energy access skills and capacity challenges faced by innovators, and the role of skills in accelerating entrepreneurism in decentralised renewable energy. This was achieved through the creation of a deeply detailed landscape review for the European Climate Foundation, and was also the focus of a webinar run in partnership with Bloomberg.

Another of our events connected Ashden Award-winning organisations with funders and investors. We also realised plans to share learning from the conclusion of our successful Fair Cooling Fund (2020-22), which worked with a cohort of frontline organisations to grow access to cooling for those at greatest risk from rising global temperatures. Learning was amplified by sector leading organisations (SEforAll, The Clean Cooling Collaborative) and on our own channels. We also worked towards a goal of establishing new cohort programmes tackling energy access challenges, narrowing our focus to the area of humanitarian energy, with the intention of launching a cohort in 2023.

Finally, recognising the huge importance of increasing energy access to some of the most vulnerable people on the planet, we seized upon the opportunity to lead the creation of the Power Up campaign – Africa’s call for climate adaptation funding to boost energy access. By the end of 2022 this had attracted a coalition of more than 60 supporting organisations, been promoted at New York Climate Week and COP27, and earned media coverage in a range of African titles.

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Ashden Climate Solutions

2022 Ashden Award finalist FarmED promotes more sustainable, regenerative agriculture in the UK. The Cotswolds site include space for producers to grow and sell their crops.

The Ashden Awards

In 2022, our annual Ashden Awards set out to boost outstanding climate solutions – particularly those reflecting the themes at the heart of our strategy.

The discovery of fresh innovation was achieved with a rigorous, multi-stage assessment process of research by Ashden staff, reviews by panels of expert judges, and in-person assessment of finalist organisations. This led to the announcement of eight winning organisations at ceremonies in London and Nairobi at the end of the year.

We also brought publicity to 18 awards-shortlisted organisations in 2022. The amplification of their stories – and those of past Ashden Award winners – included PR work generating 363 pieces of press coverage in the UK and around the world.

Support helping winners scale up included prizes of £10,000 to £25,000, and the creation of eight films and original photography about their work. Connections were made at our award ceremonies and also by giving our winners a platform at global events including the COP27 climate talks – but many more will be generated in the coming years, through Ashden’s ongoing programmatic activities.

Introducing winners to impact investors and philanthropists, enabling them to scale up their work, remains central to our theory of change.

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Ashden Climate Solutions

Let’s Go Zero schools up and down the UK include Furze Platt Senior School in Maidenhead, Berkshire.

Let’s Go Zero

Ashden’s work with UK schools centres on leading the Let’s Go Zero coalition – a campaign uniting and supporting schools working to become zero carbon by 2030, and driving policy change that will make this ambition a reality.

The campaign’s aims in 2022 included building the movement of schools it represents, deepening its engagement with them, and empowering them to take climate action. This was achieved by growing the number of schools in the campaign from 799 to 1,819, and by welcoming new organisations to the coalition, including the National Association of Head Teachers.

The campaign engaged with schools through monthly newsletters and eight webinars attracting 670 attendees. This outreach promoted access to resources and opportunities for schools, and we also shared their stories at education sector events and through the press.

The campaign also aims to be recognised as a key partner in the school climate space – specifically by working with government. Successes included hosting roundtables bringing together government, industry and schools, and also being invited to input into the Department for Education's Sustainability and Climate Change Strategy, and work on its implementation.

As a result, four of the campaign’s seven policy asks have now been adopted by government – and the campaign is leading work to ensure that all education settings have a nominated sustainability lead and climate action plan.

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Ashden Climate Solutions

2022 Ashden Award winner Kakuma Ventures empowers entrepreneurs to bring internet access to their neighbours in Kakuma refugee camp, Kenya.

Communications and policy

Storytelling was woven through all the activities above – supporting our communications goals of establishing Ashden as an expert voice on climate action for councils, schools and in the energy access sector, and of communicating the potential of green skills and work to accelerate a just transition.

Further examples of our rich storytelling include a digital report on Togo’s pioneering energy access work – a social media campaign linked to this earned more than 1 million impressions. We placed opinion pieces on barriers to energy access in African media (a linked social media campaign earned 208,000 video views) and took displays of powerful climate photography to the SEforAll Forum in Kigali and the Reset Connect conference (a London Climate Action Week event).

With support from LinkedIn, and funding from the Silicon Valley Community Fund, we also developed a digital campaign supporting UK SMEs to seize the business benefits of going green. The campaign outputs reached 1.2 million people, with more than 200,000 people viewing the campaign’s short animation video, and 5,000 visiting the Ashden website for further information.

We also set out to support evidence-based policy making in the UK, based on insights taken from the awards process and our programmes. This was achieved by writing and promoting a policy brief on retrofit skills, and also frequent comment on key UK energy issues published in specialist press (such as Investment Week, Civil Society and Edie).

Ashden also contributed, through sharing case studies and PR support, to the Warm This Winter campaign - working in coalition to accelerate action on upgrading UK homes.

Organisational change

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Ashden Climate Solutions

New roles created within the Ashden team in 2022 included Operations and People Manager, Schools Programme Co-ordinator, and Communications Assistant. Two new Africa-based trustees joined the organisation in February – Rebekah Shirley and Jane Muigai Kamphuis – bringing more diverse backgrounds and experiences to the Ashden board.

Ashden supports hybrid working for its staff, with most spending part of the week at the organisation’s office combined with working from home. We returned to hosting in-person events in 2022, although most continue to be online.

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Ashden Climate Solutions

2022 Ashden Award finalist CINI brings holistic support to woman farmers in India. This includes access to clean energy technology, finance and markets.

Future plans

In the second half of 2023 we will launch a major expansion of our Let’s Go Zero campaign and programme, and of the team powering it. Over the coming years we will greatly increase our impact, supporting schools to become zero carbon and help inspire climate action for students and wider communities.

Other UK programme activity in 2023 will include continuing to support local authorities to act on climate through bringing them together into learning networks, to share and connect on best practice on key issues like retrofit and nature adaptation. Ashden will also be doing much more over the next year to work directly with communities, to facilitate and co-design local climate action.

New awards for 2023 will highlight work by local communities using nature to protect against climate impacts as well innovative approaches to training the famers of the future (both in the UK) and energy access innovation in Africa. Our awards and programmatic work will build on established partnerships such as those with Linkedin, IKEA, The Linbury Trust, the UK Government and Impax Asset Management, as well as new partnerships with organisations like OVO Foundation and Lund Trust.

Our work focused on the Global South will include more activities supporting energy access in humanitarian settings, and the scaling up of the Power Up campaign – including a focus on Kenya.

We will ensure our work is visible at key climate moments such as Nairobi’s Africa Climate Summit and London Climate Action Week – while we aim to remodel our own London awards ceremony as a more immersive, inclusive experience.

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Ashden Climate Solutions

RESERVES AND FINANCIAL REVIEW

The Charity aims to operate a balanced budget for each financial year and generally aims to return a small surplus. As at 31 December 2022, the charity held total reserves of £728,996 (2021: £607,913) and free reserves of £303,676 (2021: £207,992), representing unrestricted funds excluding those held in tangible fixed assets. Restricted funds at the end of the year were £407,660 (2021: £382,779), which are not available for the general purposes of the charity.

Ashden’s longer term aim is to build a stable free reserve level of £500,000 or three months committed spend, whichever is higher, to allow for any unexpected shortfalls in income. The Trustees are satisfied that current free reserve levels of £303,676, along with committed funding for 2023 are sufficient for the Charity’s activities for the foreseeable future. There are no material uncertainties about the Charity’s ability to continue as a going concern.

In 2022, the Trustees were delighted to have support from Alan & Babette Sainsbury Charitable Fund, Barrow Cadbury Trust, The Aurora Trust, Children's Investment Fund Foundation, Climate Crisis Foundation, Department for Business, Energy and Industry Strategy, Esmée Fairbairn Foundation, European Climate Foundation, The Garfield Weston Foundation, Green Future Investments, JAC Trust, The JJ Charitable Trust, The John Ellerman Foundation, Joseph Rowntree Charitable Trust, The Linbury Trust, Silicon Valley Community Foundation, Lund Trust, MCS Charitable Trust, Oak Foundation, Octopus Renewables, Open Society Foundations, Polden Puckham Charitable Foundation, Climate Emergency Collaboration Group (a sponsored project of Rockefeller Philanthropy Advisors), OVO Foundation, The Tedworth Charitable Trust, Wallace Global Fund and The Waterloo Foundation.

Ashden would like to thanks the generous sponsors of various programmatic and awards activity, IKEA plc and Impax Asset Management, as well as its generous individual donors and Friends, all of whom are greatly valued.

RISK ASSESSMENT

The Trustees have examined the major strategic, business and operational risks to which the company may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

The Trustees identified the uncertainty of fundraising income to constitute the charity’s major financial risk. This includes the Trustees’ assessment of the impact of the coronavirus on its risk assessment. This is mitigated by a fundraising strategy with a diverse range of funders and by committing expenditure for new projects only when funding has been secured. Ashden also aims to include an element of overhead contribution income in all sources of restricted funding. This helps to subsidise unrestricted income and support the strategic development of the organisation.

Reputational risks around fundraising are mitigated by Ashden’s ethical fundraising policy and appropriate due diligence processes. Ashden continues to strive to improve the review process of its fundraising and financial performance with advice and guidance of the Finance and Operations Committee.

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STAFF REMUNERATION

The remuneration of all staff (including key management personnel) is reviewed and approved by Ashden’s executive management team on an annual basis taking into account the requirements of their role and performance during the year. From time to time the SFCT Management Committee and Ashden executive management team benchmarks pay levels against the comparable positions in similar organisations.

FUNDRAISING

The charity only submits proposals to funders with whom a personal relationship has already been established by a member of the Ashden staff, or seeks funding from individuals who have subscribed to Ashden’s promotion material. This year, a fundraising appeal reached out to individuals with whom Ashden had already established relationships, encouraging them to support one of the Ashden awards. Ashden protects vulnerable people through its policy of no ‘cold calling’ fundraising activity, and by following internal safeguarding policies.

The charity raises small sums from the public via the donate link on Ashden’s website.

Ashden does not actively fundraise from members of the public, nor does it contract others to do so on its behalf. Ashden is not a member of a regulatory body and therefore has no codes of conduct against with its activities could be considered non-compliant. No complaints regarding Ashden’s fundraising approach have been received.

ORGANISATION

The Trustees are aware of the Charity Governance Code (revised 2020) which sets out the principles and recommended practice for good governance within the sector. Ashden is in the process of reviewing its governance arrangements against the principles within the code, but believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.

TRUSTEE RECRUITMENT

Trustee vacancies are advertised on the Ashden website and social media channels. We aim to recruit a diverse range of trustees representing the sector we work in and bringing the range of skills required. Applicants are interviewed by the Chair, CEO and other relevant Trustees. The panel can sometimes involve a member of the Ashden team, depending on the role we are recruiting.

All new Trustees are supplied with a pack outlining their role and responsibilities, and well as induction meetings with key staff members. Ongoing support is supplied to trustees at the annual trustee retreat, as well as on an individual basis as the need arises.

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Ashden Climate Solutions

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The trustees (who are also directors of Ashden Climate Solutions for the purposes of company law) are responsible for preparing the trustees’ annual 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

Approved by the Board on 6 June 2023 and signed on their behalf by:

…………………………..

SARAH BUTLER-SLOSS

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Ashden Climate Solutions

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASHDEN CLIMATE SOLUTIONS

Opinion

We have audited the financial statements of Ashden Climate Solutions (the ‘charitable company’) for the year ended 31 December 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Ashden Climate Solutions’ ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, 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.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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.

Auditor’s responsibilities for the audit of the financial statements

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

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

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

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

Date: 23 June 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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Ashden Climate Solutions

STATEMENT OF FINANCIAL ACTIVITIES (incorporating Income and Expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Income from:
Donations
2
Charitable activities
3
Other trading activities
4
Investment income
Total Income
Expenditure on:
Raising funds
Charitable activities:
Sustainable towns and cities (UK)
International Climate solutions
Let's Go Zero
Other programmes
Total Expenditure
5
Gains/(losses) on foreign exchange
Transfers between funds
11
Net movement in funds
Reconciliation of funds:
Funds brought forward
Total funds carried forward
10
Awards and Awards ceremony
Net operating income/(expenditure)
before other recognised gains and losses		 Unrestricted
Restricted
Funds
Funds
£
£
£
£
805,904
1,489,166
2,295,070
1,858,328
88,274
-
88,274
62,297
244,284
-
244,284
152,593
1,335
-
1,335
64
1,139,797
1,489,166
2,628,963
2,073,282
267,363
-
267,363
187,359
120,236
242,410
362,646
336,996
110,667
157,968
268,635
192,628
226,105
771,159
997,264
1,003,704
203,446
33,000
236,446
163,428
53,192
339,688
392,880
174,105
Total Funds
2021
Total Funds
2022
981,009
1,544,225
2,525,234
2,058,220
158,788
(55,059)
103,729
15,062
17,354
-
17,354
(4,365)
(79,940)
79,940
-
-
96,202
24,881
121,083
10,697
225,134
382,779
607,913
597,216
321,336
407,660
728,996
607,913

Detailed comparative information is provided in Note 13.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movement in funds are disclosed in Note 11 to the financial statements.

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Ashden Climate Solutions

BALANCE SHEET AS AT 31 DECEMBER 2022

Company Registration number: 5062574

Notes
FIXED ASSETS
Tangible fixed assets
7
CURRENT ASSETS
Debtors
8
Cash at bank and in hand
CURRENT LIABILITIES
Creditors -amounts falling due within one year
9
NET CURRENT ASSETS
NET ASSETS
Unrestricted funds
Restricted funds
TOTAL FUNDS
10		 2022
2021
£ £
£
17,660
17,142
303,862
68,700
647,177
789,752
951,039
858,452
239,703
267,681
711,336
590,771
728,996
607,913
321,336
225,134
407,660
382,779
728,996
607,913

Approved by the Trustees and authorised for issue on 6 June 2023. Signed on their behalf by:

……………………………………………

SARAH BUTLER-SLOSS CHAIR

Page 23 of 36

Ashden Climate Solutions

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
£ £
Cash flows from operating activites
Net cash used in operating activites (143,910) (138,637)
Cash flows from investing activities
Interest 1,335 64
Net cash provided by investing activities 1,335 64
Change in cash and cash equivalents in the year (142,575) (138,573)
Cash and cash equivalents at the beginning of the year 789,752 928,325
Cash and cash equivalents at the end of the year 647,177 789,752
Reconciliation of net cash used in operating activities
Net movement in funds as per statement of financial activities 121,083 10,697
Interest (1,335) (64)
Depreciation charges (518) 15,682
Increase in debtors (235,162) (40,130)
Decrease in creditors (27,978) (124,822)
Net cash used in operating activities (143,910) (138,637)
Analysis of decrease in cash during the year
Change in
2022 2021 period
£ £ £
Cash at bank and in hand 647,177 789,752 (142,575)
647,177 789,752 (142,575)

Page 24 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

a) Statutory information

The charitable company is limited by guarantee (registered number 05062574) and has no share capital. The members undertake to contribute no more than £10 each if required in the event of a winding up of the charitable company.

The charity is registered in England and Wales, incorporated in the United Kingdom. The charity registration number is 1104153.

The registered office address is The Peak, 5 Wilton Road, London, SW1V 1AP.

b) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The charitable company constitutes a public benefit entity as defined by FRS 102.

The Trustees have assessed Ashden Climate Solutions ability to continue as a going concern. This assessment was revisited at the Board meeting on 6th June 2023. The Trustees have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements including a review of updated forecasts and consideration of key risks.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Fund accounting

Unrestricted funds are donations and other income received or generated for the charitable purposes of the charitable company.

Restricted funds are to be used for specific purposes laid down by the donor. Expenditure which meets these criteria is charged to the fund.

d) Total income

Income from trading activities is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be reliably measured.

Income from grants is recognised when the charity has entitlement to the funds, performance conditions have been met, it is probable that the income will be received, the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition have been met.

Page 25 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

1. ACCOUNTING POLICIES (continued)

e) Interest receivable

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

f) Government grants

g) Total expenditure

h) Pensions

Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.

i) Foreign exchange

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Realised exchange differences are included within the relevant transaction as part of expenditure. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. The exchange differences are included in other gains and losses, where material.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £5,000. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. This is 7 years for the existing asset.

Page 26 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

1. ACCOUNTING POLICIES (continued)

k) Debtors

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

l) Creditors

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

m) Financial instruments

The Trust 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 amortised cost using the effective interest method.

n) Cash and cash equivalents

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

o) Critical accounting judgements and key sources of estimation uncertainty

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

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

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Page 27 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

2. DONATIONS

During the period, the charity received grants and donations from the following organisations:

Grants received Unrestricted
Restricted
Total Funds
Funds
Funds
£
£
£
2022		 2021
Unrestricted
Restricted
Total Funds
£
£
£
Alan & Babette Sainsbury Charitable Fund
-
50,000
50,000
Barrow Cadbury Trust
-
19,500
19,500
The Aurora Trust
333,333
103,350
436,683
Chapman Charitable Trust
-
-
-
Children's Investment Fund Foundation
-
2,014
2,014
ClimateWorks Foundation
-
-
-
Climate Crisis Foundation
22,016
-
22,016
Department for Business, Energy and Industry
Strategy
-
281,683
281,683
DOEN Foundation
-
-
-
Eden Sustainable
-
-
-
Esmée Fairbairn Foundation
-
83,000
83,000
European Climate Foundation
-
3,558
3,558
The Garfield Weston Foundation
-
80,000
80,000
Green Future Investments
-
50,000
50,000
The Headley Trust
-
-
-
JAC Trust
-
30,000
30,000
The JJ Charitable Trust
50,000
-
50,000
The John Ellerman Foundation
-
20,000
20,000
Joseph Rowntree Charitable Trust
-
40,000
40,000
The Linbury Trust
170,000
30,000
200,000
Silicon Valley Community Foundation
-
335,181
335,181
Lund Trust
25,000
-
25,000
The Mark Leonard Trust
-
-
-
The Morel Trust
-
-
-
MCS Charitable Trust
-
16,266
16,266
Oak Foundation
-
29,923
29,923
Octopus Renewables
-
10,000
10,000
Open Society Foundations
171,248
-
171,248
Polden Puckham Charitable Foundation
-
5,000
5,000
Climate Emergency Collaboration Group, a
sponsored project of Rockefeller Philanthropy
Advisors
-
62,521
62,521
OVO Foundation
-
27,793
27,793
Pickwell Foundation
-
-
-
The Schroder Foundation
-
-
-
The Swire Charitable Trust
-
-
-
The Tedworth Charitable Trust
-
15,000
15,000
Tellus Mater Foundation
-
-
-
UN Development Programme
-
-
-
Urban Movement Innovation Fund
-
-
-
Wallace Global Fund
-
75,012
75,012
The Waterloo Foundation
-
100,000
100,000		 -
35,000
35,000
-
-
-
333,333
80,000
413,333
-
1,000
1,000
-
-
-
-
95,886
95,886
5,497
-
5,497
-
215,750
215,750
-
75,000
75,000
-
1,000
1,000
-
83,000
83,000
-
18,188
18,188
-
80,000
80,000
-
-
-
-
2,000
2,000
-
-
-
50,000
-
50,000
-
50,737
50,737
-
40,000
40,000
170,000
20,000
190,000
-
-
-
-
-
-
50,000
-
50,000
-
7,000
7,000
-
53,687
53,687
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,500
2,500
40,000
-
40,000
-
30,000
30,000
-
15,000
15,000
-
10,000
10,000
-
112,674
112,674
-
8,195
8,195
-
-
-
-
100,000
100,000
Donations from individuals 34,307
19,365
53,672		 16,756
56,125
72,881
805,904
1,489,166
2,295,070		 665,586
1,192,742
1,858,328

Page 28 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

3. CHARITABLE ACTIVITIES

3. CHARITABLE ACTIVITIES
Energy consultancy and audits
Other		 Total Funds
Total Funds
2022
2021
£
£
87,525
60,837
749
1,460
88,274
62,297

All income in both periods is considered unrestricted.

4. OTHER TRADING ACTIVITIES

4. OTHER TRADING ACTIVITIES
Total Funds Total Funds
2022 2021
£ £
Awards and events sponsorship 65,000 60,000
Programme sponsorship 174,997 92,259
Membership income 250 334
Ticket sales 4,037 -
244,284 152,593
All income in both periods is considered unrestricted.
During the year, sponsorship for awards was gratefully received from IMPAX Asset Management UK. Programme sponsorship
was gratefully received from IKEA plc. Last year we received income from the same sponsors - additionally, sponsorship for
events was received from Bloomberg.

5. ANALYSIS OF EXPENDITURE

5. ANALYSIS OF EXPENDITURE
Current year
Sustainable towns and cities (UK)
International Climate Solutions
Awards and Awards Ceremony
Let's Go Zero
Other Programmes
Raising funds
Support costs		 Staff costs
Direct costs
Support staff
costs
(apportioned)		 Other support
costs
Total costs
(apportioned)
£
£
£
207,071
93,088
54,840
116,476
112,103
30,847
345,280
517,988
91,444
177,274
11,295
46,949
122,937
219,363
32,559
205,084
7,360
54,314
310,953
78,962
(310,953)		 £
£
7,647
362,646
9,209
268,635
42,552
997,264
928
236,446
18,021
392,880
605
267,363
(78,962)
-
Total expenditure 1,485,075
1,040,159
-		 -
2,525,234
Prior year
Sustainable towns and cities (UK)
International Climate Solutions
Awards and Awards Ceremony		 Staff costs
Direct costs
Support staff
costs
(apportioned)		 Other support
costs
Total costs
(apportioned)
£
£
£		 £
£
208,059
76,576
47,245		 5,116
336,996
73,537
95,980
16,698		 6,413
192,628
365,215
520,763
82,931		 34,795
1,003,704
Let's Go Zero 110,350
26,264
25,058		 1,756
163,428
Other Programmes
Raising funds
Support costs
Total expenditure		 137,732
4,779
31,275		 319
174,105
147,028
6,513
33,386		 432
187,359
236,593
48,831
(236,593)		 (48,831)
-
1,278,514
779,706
-		 -
2,058,220

Page 29 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

5. ANALYSIS OF EXPENDITURE (continued)

Within support costs above, governance costs totalled £15,318 (2021: £9,447), comprised of audit fees and the costs of holding a trustee retreat. Travel expenses of £3,842 (2021: £115) were paid on behalf of 4 Trustees (2021: 1). Accommodation expenses of £2,076 (2021: £0) were paid on behalf of 2 Trustees (2021: nil).

In 2022, 8 prizes (2021: 9) were awarded as part of the Ashden awards process. The total amount awarded was £235,000 (2021: £161,000), with a highest prize amount of £25,000 (2021: £20,000). The money is semi restricted in nature due to the requirement that the recipient organisation use the funds to further their charitable objectives.

Expenditure is stated after charging/(crediting):

Depreciation of tangible fixed assets
Auditor's remuneration-audit
Auditor's remuneration-other
Legal fees
Irrecoverable VAT		 2022
2021
£
£
(518)
15,682
9,400
8,240
1,780
1,875
(4,715)
17,860
30,889
7,435
36,836
51,092

During the period, £10,800 (2021: £8,400) was charged for the current period's audit, and £1,400 (2021: £160) was released as an over accrual of the prior year fee.

An over accrual of £4,920 (2021: nil) relating to legal fees for the prior year was released this year.

Louise Marix Evans, a trustee, was paid a £600 honorarium as a judge for the awards selection process - this is in line with honorarium payments offered to the other judges.

Reconciliation of grants payable

Reconciliation of grants payable
Commitments at 1 January 2022
Grants approved in the period
Grants payable for the period
Grants paid during the period
Commitments at 31 December 2022 due within one year		 2022
2021
£
235,000		 £
£
£
-
97,098
161,000
235,000
258,098
(235,000)
(258,098)
-
-

6. ANALYSIS OF STAFF COSTS

6. ANALYSIS OF STAFF COSTS
Wages and salaries
Social security costs
Pension costs		 Total Funds
Total Funds
2022
2021
£
£
1,193,643
1,012,828
132,726
103,638
177,046
162,048
1,503,415
1,278,514

Some of the charity administration and the Registered Office costs are shared with the Sainsbury Family Charitable Trusts. A share of support and administration costs has been allocated to Ashden Climate Solutions, including a proportionate share of the costs of employing administrative staff in 2021/22.

The actual number of staff employed during the year was 33, mostly full time but some are on a part-time basis (2021: 33). This equates to 22 full-time employees (2021: 21), and a monthly average head count of 28.8 (2021: 27.6). The charity considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer pension contributions, of those key management personnel were £459,994 (2021: £413,670), incurred by 5 (2021: 5) members of staff.

Page 30 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

6. ANALYSIS OF STAFF COSTS (continued)

The charity had 6 (2021:4) members of staff paid over £60,000 during the period (salary plus taxable benefits excluding pension contributions).

benefits excluding pension contributions).
£60,001-£70,000
£70,001-£80,000
£80,001-£90,000
£90,001-£100,000
£100,001-£110,000		 2022
2021
1
3
1
-
2
-
1
1
1
-
6
4

No trustees received any salary or other benefits for their work as a trustee, except travel and accommodation costs to attend meetings as those outlined in note 5.

7. TANGIBLE FIXED ASSETS

7. TANGIBLE FIXED ASSETS 7. TANGIBLE FIXED ASSETS
Leasehold Improvement
£
Cost
At 1 January 2022
Additions
Cost at 31 December 2022
Depreciation
At 1 January 2022
Charge back for the year
Accumulated depreciation at 31 December 2022
Net book value at 31 December 2022
Net book value at 31 December 2021		 146,224
-
146,224
129,082
(518)
128,564
17,660
17,142

All of the above assets are used for charitable purposes.

During the year, an adjustment of £4,050 was made to account for depreciation over charged in 2021. Total depreciation charge for the year was £3,532.

8. DEBTORS

Trade debtors
Prepayments
Accrued Income
Gift aid recoverable
Other debtors		 2022
2021
£
£
144,000
-
-
3,936
22,175
32,477
20,559
12,900
117,128
19,387
303,862
68,700

Page 31 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

9. CREDITORS - AMOUNTS DUE WITHIN 1 YEAR

9. CREDITORS - AMOUNTS DUE WITHIN 1 YEAR
Trade creditors
Deferred Income
Accruals
Taxation and social security
Other creditors		 2022
2021
£
£
42,300
22,222
125,000
129,997
49,211
102,152
23,192
13,141
-
169
239,703
267,681

Deferred income in 2022 comprises funds from two contracts with IMPAX Asset Management and IKEA plc. Funds will be spent in 2023, when further activity will take place. Last year deferred income was comprised of funds from two contracts with Bloomberg NEF and IKEA plc - funds were spent in 2022.

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current year

Fund balances at 31 December 2022 are represented by:
Tangible fixed assets
Current assets
Current liabilites
Total net assets
Prior year
Fund balances at 31 December 2021 are represented by:
Tangible fixed assets
Current assets
Current liabilites
Total net assets		 Unrestricted
Restricted
Total
Funds
Funds
2022
£
£
£
17,660
-
17,660
522,379
428,660
951,039
(218,703)
(21,000)
(239,703)
321,336
407,660
728,996
Unrestricted
Restricted
Total
Funds
Funds
2021
£
£
£
17,142
-
17,142
430,142
428,310
858,452
(222,150)
(45,531)
(267,681)
225,134
382,779
607,913

Page 32 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

11. MOVEMENT IN FUNDS

Analysis of movement on Restricted Funds
Current year
Sustainable towns and cities (UK)
The Aurora Trust
Esmée Fairbairn Foundation
The Garfield Weston Foundation
The John Ellerman Foundation
Joseph Rowntree Charitable Trust
MCS Charitable Trust
The Swire Charitable Trust		 Balance as at
Income
Expenditure
Balance as at
01.01.2022
31.12.2022
£
£
£
£
£
-
50,000
1,259
-
48,741
38,169
74,981
72,729
-
40,421
7,226
-
8,709
1,483
-
33,364
20,000
55,155
1,791
-
-
40,000
40,339
339
-
8,393
16,266
26,659
-
(2,000)
-
-
2,590
24,762
22,172
Transfer to/(from)
unrestricted funds
Other (below £25k)
International Climate Solutions
The Aurora Trust
ClimateWorks Foundation
Wallace Global Fund
Other (below £25k)
Awards and Awards ceremony
Alan & Babette Sainsbury Charitable Fund
Department for Business, Energy and Industry Strategy
The Garfield Weston Foundation
JAC Trust
The Linbury Trust
Climate Emergency Collaboration Group, a sponsored
project of Rockefeller Philanthropy Advisors
Silicon Valley Community Foundation
The Swire Charitable Trust
Other (below £25k)
Let's Go Zero
Green Future Investments
Oak Foundation
OVO Foundation
Other (below £25k)
Other programmes
UN Development Programme
Silicon Valley Community Foundation
The Waterloo Foundation
Other (below £25k)		 16,305
44,500
34,970
-
25,835
-
30,000
30,000
-
-
11,618
-
25,431
13,813
-
-
75,012
75,012
-
-
34,636
3,558
27,525
1,855
12,524
(890)
50,000
40,524
5,206
13,792
(49,122)
281,683
267,157
5,033
(29,563)
74,421
80,000
94,275
14,828
74,974
-
30,000
30,000
-
-
-
30,000
30,000
-
-
-
62,521
11,800
-
50,721
(12,163)
214,493
234,177
27,628
(4,219)
24,762
-
-
(24,762)
-
(1,278)
49,398
63,226
12,845
(2,261)
-
50,000
6,110
-
43,890
-
29,923
17,868
-
12,055
-
27,793
8,569
-
19,224
(5,961)
-
453
-
(6,414)
112,009
-
111,360
(649)
-
-
120,688
116,397
(4,291)
-
94,623
100,000
106,855
-
87,768
(3,333)
8,350
5,076
59
-
382,779
1,489,166
1,544,225
79,940
407,660

During the year, transfers occurred where costs were under or over those budgeted and included in funder proposals. Where costs have been underspent, this has been communicated to the funder and the transfer of the remaining balance into unrestricted funds agreed.

Page 33 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

11. MOVEMENT ON FUNDS (continued)

Prior Year
Sustainable towns and cities (UK)
Esmée Fairbairn Foundation
The Garfield Weston Foundation
The John Ellerman Foundation
Joseph Rowntree Charitable Trust
MCS Charitable Trust
Other (below £25k)
International Climate Solutions
ClimateWorks Foundation
Other (below £25k)
Awards and Awards ceremony
The Ashden Trust
Bank of America Merrill Lynch
ClimateWorks Foundation
Department for Business, Energy and Industry Strategy
DOEN Foundation
Esmée Fairbairn Foundation
The Garfield Weston Foundation
The Swire Charitable Trust
The Waterloo Foundation
Other (below £25k)
Let's Go Zero
Other (below £25k)
Other programes
UN Development Programme
Waterloo Foundation
Other (below £25k)		 Balance as at
Income
Expenditure
Balance as at
01.01.2021
31.12.2021
£
£
£
£
£
29,935
31,515
23,281
-
38,169
-
-

32,954
40,180
7,226
13,362
50,737
30,735
-
33,364
-
40,000
40,064
64
-
(1,695)
53,687
43,599
-
8,393
6,297
15,000
4,992
-
16,305
98,332
-

110,561
23,847
11,618
-
38,188
26,964
23,412
34,636
-
80,000
95,809
15,809
-
8,347
-
756
(7,591)
-
24,784
95,886
92,651
(23,847)
4,172
(7,686)
215,750
259,335
2,149
(49,122)
-
75,000
86,007
11,007
-
8,334
51,485
67,497
-

(7,678)
103,328
80,000
77,050
(31,857)
74,421
-
30,000
5,238
-

24,762
24,288
-
876

(23,412)
-
16,599
102,125
126,915
(2,634)
(10,825)
8,333
20,695
23,258
(11,731)
(5,961)
-
112,674
665
-
112,009
94,623
100,000
111,845
11,845
94,623
-
-
3,333
-
(3,333)
427,181
1,192,742
1,264,385
27,241
382,779
Transfer (to)/from
unrestricted funds

Page 34 of 36

Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

11. MOVEMENT IN FUNDS (continued)

Description of restricted funds

Alan & Babette Sainsbury Charitable Fund - Funding for the 2022 Energising Refugee Livelihoods and the 2023 Humanitarian Energy awards. During the year, £9,106 was transferred from core income to cover overspend on the 2022 award.

The Aurora Trust (previously The Ashden Trust) - Funding for the 2022 Energising Refugee Livelihoods award and for the Power Up campaign and investor pitching events.

Climate Emergency Collaboration Group, a sponsored project of Rockefeller Philanthropy Advisors - Funding for the 2023 Integrated Energy Africa award.

ClimateWorks Foundation - An opening balance of £12,584 related to a consultancy contract incorrectly treated as restricted funded last year has been derestricted this year and transferred to unrestricted funds. £1,641 was transferred from core income to cover an overspend on the cooling project.

Department for Business, Energy and Industry Strategy - Funding for 2020 System Innovation for Energy Access, 2021 Energy Access Innovation, 2021 & 2022 Natural Climate Solutions and 2022 Energising Agriculture awards . £5,033 transferred from core income to cover overspends on 2020/21 awards. BEIS funds in arrears, and funds for carried forward overspends on 2022 activity will be received in 2023.

Esmée Fairbairn Foundation - Funding for work with the North of Tyne Combined Authority, demonstrating how climate policy can deliver better outcomes across the Authority’s work .

The Garfield Weston Foundation - Funding for the 2022 Low Carbon Skills in the UK and the 2023 Skills in Sustainable Land Management awards. £14,828 was transferred from core income to cover the overspend on the 2022 award.

Green Future Investments - Funding for a decarbonising schools rapid evidence review on behalf of Green Future Investments.

JAC Trust - Funding for the 2022 Energising Refugee Livelihoods award.

The John Ellerman Foundation - Funding for Sustainable towns and cities Just Transition project. £1,791 was transferred from core income to cover the overspend.

Joseph Rowntree Charitable Trust - Funding towards the Sustainable towns and cities programme. A small overspend of £339 was covered by core income.

The Linbury Trust - Funding for the 2022 Energising Refugee Livelihoods award.

MCS Charitable Trust - Funding towards the Sustainable towns and cities programme. MCS withholds 10% of total grant until project is completed, funds to cover overspends on 2022 activity will be received in 2023.

Oak Foundation - Funding to grow the the Let's Go Zero campaign in Wales, Scotland and Northern Ireland.

OVO Foundation - Funding for the delivery of the 2023 OVO Nature Prize for schools, as part of the Let's Go Zero campaign.

Silicon Valley Community Foundation - Funding for the 2022 international Energy Access Skills and Greening All Work in the UK awards, grants to longlisted organisations for the 2021 Green Skills and Energy Access Skills awards, and the creation of marketing resources promoting green jobs. £27,628 was transferred from core income to cover the overspend on this work. So far, £4,219 has been spent on the 2023 Energy Access Skills, income for which will be received in 2023.

The Swire Charitable Trust - Originally this was funding towards the 2022 Green Communities award but as agreed with the funder, funds were repurposed to support the Sustainable Towns and Cities programme.

UN Development Programme - Funding for the UK Climate Heroes campaign. An adjustment of £648 was made between restricted funds and core income to account for additional overheads that should have been charged to the campaign.

Wallace Global Fund - Funding towards the Power Up campaign.

The Waterloo Foundation - Funding to support strategic development for 2021-2023.

Other (under £25k) - A total of £14,759 was transferred to cover overspends in various areas. Notably, £12,265 of this transfer was to cover costs of the Nairobi awards ceremony which were not covered by partial funding received for the ceremony.

Management are satsified that where funds are in a deficit position at the end of the year, funds will be received in 2023 to cover these.

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Ashden Climate Solutions

NOTES TO THE FINANCIAL STATEMENTS (continued)

12. RELATED PARTY TRANSACTIONS

During the year, amounts totalling £761,572 (2021: £691,683) were received from related parties. Of this amount, £563,222 (2021: £553,333) was received as unrestricted grants or donations.

Amounts totalling £198,350 (2021: £135,000) were received as restricted income from related parties. Details of these amounts are outlined in Note 2, with descriptions of the use of funds outlined in Note 11. All were received in the normal course of Ashden’s charitable activities, at arm’s length and within the normal terms and conditions of the grantor’s activities. £nil (2021: £3,350) of restricted income remained outstanding 31 December 2022.

Also received were donations of £12,000 (2021: £22,640) from Sarah Butler-Sloss for activities related to the 2022 awards and awards ceremony. No amount (2021: £nil) remained outstanding 31 December 2022.

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 December 2021

Notes
Income from:
Donations and voluntary income
2
Charitable activities
3
Other trading activities
4
Investment income
Total Income
Expenditure on:
Cost of raising funds:
Fundraising costs
Charitable activities:		 Unrestricted
Restricted
Total Funds
Funds
Funds
2021
£
£
£
665,586
1,192,742
1,858,328
62,297
-
62,297
152,593
-
152,593
64
-
64
880,540
1,192,742
2,073,282
187,359
-
187,359
Sustainable towns and cities (UK)
International Climate Solutions
Awards and Awards Ceremony
Let's Go Zero
Other Programmes		 161,371
175,625
336,996
55,103
137,525
192,628
191,570
812,134
1,003,704
140,170
23,258
163,428
58,262
115,843
174,105
793,835
1,264,385
2,058,220
86,705
(71,643)
15,062
(4,365)
-
(4,365)
(27,241)
27,241
-
55,099
(44,402)
10,697
170,035
427,181
597,216
225,134
382,779
607,913
Total Expenditure
5
Net operating surplus/(deficit)
(Losses) on foreign exchange
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds brought forward
Total funds carried forward
11

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