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2025-12-31-accounts

Annual Report and Financial Statements Ashden Climate Solutions 31 December 2025

2 Ashden Climate Solutions: 2025 Annual Report and Financial Statements

Contents

Contents
Legal and administrative statements 3
Messages from the Chair of Trustees and CEO 5
Our work in 2025 10
The Ashden Awards 10
Sustainable schools 12
Sustainable towns and cities 14
International climate solutions 17
Climate storytelling 19
Organisational development and fundraising 21
Reserves and financial review 23
Statement of trustees’ responsibilities for the financial statements 26
Independent auditor’s report to the members of Ashden Climate Solutions 28
Statement of financial activities 32
Balance sheet 33
Statement of cash flows 34
Notes to the financial statements 35

Front cover: Solar installation by India’s SELCO, an energy access pioneer and 2026 Ashden Award winner.

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Legal and administrative statements

‘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/ Directors

Sarah Butler-Sloss (Chair) Wim Vanderhoof (Treasurer) Mark Campanale Emma Colenbrander Kit England Louise Marix Evans Hannah Harrison (Resigned 17[th ] March 2026) Kate Huges (Resigned 4[th ] Feb 2025) Jane Muigai-Kamphuis Agamemnon Otero (Resigned 11[th ] December 2025) Dr Rebekah Shirley Shruti Suresh

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) Dr Ashok Sinha (CEO) Karen Everett (SFCT Chief Operating Officer), Ed Dean (Director of Development), Mike Irwin (Director of Operational Programmes), Jo Walton (Director Communications and People)

Bankers : Royal Bank of Scotland, 36 St Andrew Square, Edinburgh, EH2 2YB

Solicitors : BDB Pitmans LLP, 1 Bartholomew Close, London, EC1A 7BL

Auditor : Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG

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 2025 under the Companies Act 2006, together with the audited financial statements for the period.

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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

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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Messages from the Chair of Trustees and CEO

Impact and growth in a landmark year

Sarah Butler-Sloss, Founder and Chair of Trustees

2025 brought a landmark celebration for Ashden – marking 25 years of the Ashden Awards and programmes. I’m proud to say that in that time our annual awards, and the programmes that support and promote our winners, have helped more than 250 climate innovators scale up and succeed, or be replicated far and wide. Often, our work has unlocked transformational investment and partnership for these enterprises and organisations.

Over those 25 years, we’ve showcased, supported and connected our winners to investors, funders and policymakers. Helping them thrive and expand, and influencing the growth and development of their sectors.

In a special year, it was fitting that we hosted a special set of awards. We gave four Outstanding Achievement Awards to past champions from the UK and Global South. Honouring enterprises and organisations who have become game-changers in their sectors they work in – boosted by the kudos and publicity of their initial award win, and our ongoing support. We also gave two ‘breaking barriers’ awards to rising stars, who we will support further in the years ahead.

“Our work has unlocked transformational investment and partnership”

Sarah Butler-Sloss, Founder and Chair of Trustees

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BURN won the 2026 Ashden Award for Outstanding Achievement. Their cookstoves bring savings and better health to millions of households. Credit: Jon Spaull/Ashden

In 2025 I had the pleasure of visiting some of these outstanding achievement winners, whose progress has been outstanding. The first was BURN, based in Kenya. The company’s clean and ultra-efficient cookstoves are an affordable, made–in-Africa solution to deadly indoor air pollution.

Boosted by an Ashden Award and ongoing support, BURN have now protected the health of 28 million people in 14 countries across Africa. Their products have dramatically lowered the fuel costs faced by families, and significantly cut the time women and children spend cooking or foraging for firewood. As well reducing CO2 emissions by 26.2 million tonnes, and saving 14.7 million tonnes of wood. The company is Africa’s leading clean cookstove manufacturer, and like many of our champions creates a ‘win-win-win’: benefiting people, their pockets and the planet.

The second Outstanding Award winner that I visited, in south London, was for Repowering London. For more than a decade, this enterprise has put people at the heart of the energy system, bringing community-owned solar to urban rooftops. Its groundbreaking projects have created jobs and training for young people, tackled fuel poverty, and delivered funds for local initiatives.

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Ashden has promoted and supported Repowering’s impact since its first award win in 2016, when it was in one borough of London, now it is working across half a dozen, with more expansion planned. I was delighted that the organisation was recently singled out in the UK government’s Local Power Plan, as an exemplar of community energy success. And I’m personally delighted to now be a community energy investor in my local Repowering rooftop solar array in Hammersmith!

These stories capture the qualities that unite our winners – delivering better opportunities, better health, improved finances for the most marginalised or least-served, but also tackling climate mitigation and adaptation in ways that benefit us all.

Congratulations to the six champion winners, all named later in this report. It’s great to see that our rising stars are already securing recognition and investment linked to their award win. The success of our programmes in 2025 has brought further value to former champions – for example, two past winners, Salpha Energy and Gogo Electric, were supported to secure investment totalling 4million USD.

I founded Ashden to accelerate pathfinders delivering a ‘triple win’ – creating environmental, social and economic benefits for all, and ensuring no-one is left behind. Our progress in 2025 confirms the power of these innovators, and the importance of Ashden’s work rewarding, supporting and showcasing them.

BURN have created high-quality jobs, supporting women to take roles in manufacturing and engineering. Credit: Jon Spaull/Ashden

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Ashden’s support “changed everything”

Dr Ashok Sinha, Ashden CEO

In 2025, Ashden launched fully into delivery of our 2025-30 strategy. And what a pleasure it was to see this strategy come to life – creating impact in the UK and Global South.

It’s clear our work and messages are resonating with funders, policymakers and other critical stakeholders. Why does that matter? Because these influential audiences have the power to accelerate climate solutions that create social and economic benefits today, as well as a better tomorrow. Exactly the solutions we showcase and support, from solar energy enterprises to community-driven climate adaptation.

Our Chair and Founder has shared the success of the 2025 Ashden Awards, and this success was echoed across our fantastic programmes. These include Let’s Go Zero, Ashden’s campaign for all UK schools, colleges and nurseries to be zero carbon by 2030. More than a quarter of UK schools have now joined the campaign, and our Climate Action Advisors have helped more than 3,000 schools develop and deliver a bespoke climate action plan. Supporting them to lower their energy use, bring green spaces to life, and put climate on the curriculum in a fun and engaging way.

Also in the UK, we grew two critical programmes nurturing nature-based adaptation and charging up community energy. Our deepening policy work created impressive impact too. Intense advocacy in 2025 has seen our recommendations adopted in three UK government strategies: the Education Estates Strategy, Warm Homes Plan and Local Power Plan.

“Our messages are resonating with funders, policymakers and other critical stakeholders.”

Dr Ashok Sinha, Ashden CEO

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Our programmes support 18 refugee-led organisations, including South Sudanese Women Building Association. Executive Director Martha Guguel helps bring affordable clean power to her neighbours. Credit: Andrew Kartende/Ashden

Our international programmes supported enterprises and organisations working with some of the most marginalised communities on the planet. Whether they operate in refugee settlements or tropical forests, local pioneers have inclusive and lasting solutions to poverty, poor health and environmental destruction.

So as well as showcasing their work, we showcased a better model of climate finance – giving flexible funding direct to local organisations, on terms that they need. Does this approach work? You could ask Bajirenge, founder of Rafiki wa Mazingira. This enterprise makes clean, affordable cooking fuel in Kenya’s Kakuma refugee settlement. He said: “The support we received from Ashden changed everything for us. For the first time we were trusted to decide what works best for us, in terms of the equipment and the system we need to grow.”

Of course, we couldn’t back Bajirenge, and many more pioneers, without our funders and partners. In a challenging financial environment, we are hugely grateful their support. One final highlight of this year was the growth of our Changemakers programme, through which major donors – long-standing and new – showed their belief in our work. Thankyou to all of them. That ambitious, positive, ‘changemaking’ spirit is what powered us in 2025 – and will continue to do so in the future.

And finally, huge thanks to our visionary and indefatigable Founder and Chair, who will leave the board in 2026. All the successes Ashden has had and the tremendous contributions it has made to a greener, fairer world, flow from her foresight and dedication. She departs with our tremendous gratitude and admiration.

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Our work in 2025

The Ashden Awards

In 2025 we aimed to accelerate the growth of four past Ashden Award winners through ‘outstanding achievement’ awards, and to honour two organisations that had not previously won an Ashden Award. We planned to showcase these innovators at a special award ceremony in London, celebrating 25 years of Ashden, and through post-ceremony promotion on range of channels.

Our 25[th ] Anniversary Ceremony took place at the Royal Geographical Society on June 11, during London Climate Action Week. It was hosted by BBC World Service broadcaster Myra Anubi, and featured guest speakers Rachel Kyte (UK Climate Envoy) and Vanessa Nakate (Ugandan climate activist). We welcomed international winners from Nigeria (Sosai), Kenya (Burn) and India (SELCO) to London. They were joined by three champions from the UK – Repowering London, Cotality and Emergent Energy. Our case studies and promotion films about the 2025 winners are available at Ashden.org.

The 2026 Ashden Award winners included past champions and rising stars. Credit: Andy Aitchison/Ashden

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2026 winner SELCO has sparked access to clean energy for more than 2 million people. Credit: Selvaprakash Lakshmanan/Ashden

Sosai, another 2026 champion, has powered up small businesses in rural Nigeria. Credit: Emeke Obanor/Ashden

We supported winners to share their story and network with funders and policymakers, at our own ceremony and other London Climate Action Week events – including ’ an Ashden-hosted showcase on financing Africa s Clean energy innovators. Our showcasing included outreach to journalists that led to coverage in Reuters, BBC platforms, Geographical Magazine and other outlets. A LinkedIn campaign featuring our winners generated reach of more than 1.6 million, with a click-through rate of 0.51%.

In 2026 we will give five Ashden Awards to organisations delivering access to clean, affordable energy, or nature-based climate solutions. We will also showcase innovation in financing school decarbonisation. We will promote our winners to funders, investors and policymakers at a live-streamed ceremony on June 18 at the National Gallery in London. And we will continue to amplify their work through digital channels, PR and events. Promotion of winners will include featuring them in our programmes and advocacy work. Finally, we will undertake a two-day ‘alumni retreat’ with former champions, where we will explore deeper, long-term collaboration with these organisations.

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Sustainable schools

Let’s Go Zero is Ashden’s campaign for all UK schools, colleges and nurseries to be zero carbon by 2030. In 2025, we aimed to ensure 8,000 schools had signed up to the campaign by the end of the year. We also planned to showcase the impact of our Zero Carbon Fund, and to see solutions developed in our Innovative Finance Project trialed in UK schools.

Let’s Go Zero has been backed by thousands of UK schools – including Esher Church School in Surrey. Credit: Jon Spaull/Ashden

By 31 December 2025, sign-ups stood at 8,229. Through the year, our Climate Action Advisors helped thousands of UK schools understand their carbon impact, and plan and enact positive changes that created benefits for staff and students – from lower bills to inspiring lessons and new green spaces. Our OVO Foundation Nature Prize gave 25 schools up to £1,000 to deliver on-site green projects, from sensory gardens to foodgrowing initiatives.

Our Zero Carbon Fund powered five innovative partnerships between schools and other organisations. In April we showcased the results with an event for stakeholders in the school sustainability sector – and, later in the year, created a detailed report about the fund’s impact

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The OVO Foundation Nature Prize has boosted biodiversity and engaged young people. Credit: Jon Spaull/Ashden

We’ve helped students track and understand energy use at their own school. Credit: Jon Spaull/Ashden

The Let’s Go Zero Climate Action Advisors were commissioned as delivery partners for the GB Energy Solar Partnership, delivering behaviour-change support to 79 schools in northwest England. This programme is funded by the Department for Energy Security and Net Zero and the Department for Education. It will use innovative approaches to deliver school retrofit and install renewables at scale and pace.

Our Innovative Finance Project, a collaboration with the Green Finance Institute, launched a report in May 2025 on financing the decarbonisation of schools. This was shared with the key stakeholders and a Department for Education minister at our event in July. We see its impact in policymaking, with private finance, holistic funding and innovative solutions being key elements of the latest department strategies. We continued to work with key partners to further develop concepts in this area, such as a new Education Carbon Credits scheme for school retrofit. In November, the Government’s Curriculum Review echoed our call for every child to receive climate and sustainability education.

In 2026, we aim to continue supporting schools to take climate action, through our sector-leading Climate Action Advisor programme – and look to have 12,000 schools, colleges and nurseries signed up to Let’s Go Zero by the end of the year. We will continue to deliver our GB Energy Solar Partnership programme, and will pursue opportunities to work on similar projects. We continue to push for policy change to support the innovative finance needed for school decarbonisation. In partnership with OVO Foundation we will award 30 schools prizes of £500 for nature, adaptation and community projects. And we will deliver new research on school decarbonisation with The University of York and University College London.

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Sustainable towns and cities

Outside of our work with schools, we also delivered and boosted UK climate action through our sustainable towns and cities team. Their work included expanding our climate adaptation programme, developing a new climate action initiative with faith communities, and sparking the growth of community energy initiatives through our Energy Learning Network. They also featured advocating for government action to create energy-efficient homes, and charge up community energy .

2025 saw the growth of our Resilient Roots programme, nurturing nature-based adaptation solutions in north-west England. The programme delivered webinars and enabled mentorships that gave councils and community groups knowledge and connections in this area, with more than 150 attendees taking part. Meanwhile, our adaptation network brought blogs and online events to local authorities around the UK – more than 500 professionals have joined the network, accessing insights from guest speakers including the UK Health Security Agency and Department for Environment, Food and Rural Affairs.

As a partner in the Energy Learning Network, we created original reports, resources, webinars and mentoring opportunities – and shared them with stakeholders in the community energy sector. The network’s events reached 1,257 people in 2025. A survey

Our partners in the Energy Learning Network include community energy associations from every UK nation. Credit: Jon Spaull/Ashden

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Our parliamentary event focused on the Government’s Warm Homes Plan – including its impact on jobs and skills. Credit: Jon Spaull/Ashden

in 2025 suggests that 75% of ELN participants increased knowledge of how to support community energy projects and around 80% gained a better understanding of the sector.

Also working in partnership, we launched the GrassRoutes programme – helping diverse faith organisations in Birmingham deliver inclusive climate projects. The initiative has created funding and guidance for setting up projects, as well the chance for different faith groups to collaborate and learn from each other.

Across our UK work, we also undertook ‘seeing is believing’ tours – showing audiences funders, policymakers and practitioners examples of energy-efficient homes, community energy projects and urban greening schemes.

A new focus was place-based work, through upcoming projects in Grimsby and in Bedfordshire, working with local partners including community groups to develop climate solutions that provide wider benefits such as addressing fuel poverty.

Our advocacy related to home retrofit included partnering with the Aldersgate Group on a Westminster event, hosted by the Chair of the All-Party Parliamentary Group on Climate Change, platforming Ashden Award winners. We also created a report on jobs in the retrofit sector. We initiated and supported a campaign by the Green Homes Group,

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to protect the £13.2bn Warm Homes Plan at the Spending Review and Autumn Budget, including a targeted social media campaign. We also advocated for a Local Power Plan that works for all communities.

In 2026, we will continue to grow our place-based work. Targets include securing funding for an inclusive clean energy project benefiting a marginalised neighbourhood in the town of Grimsby, and delivering a toolkit and guidance that will help housing associations and councils create local skills and jobs from home decarbonisation. We will continue to back community energy through our Energy Learning Network and Community Energy Go project, which offers free support to community groups. We will also extend our Resilient Roots programme to London.

Furthering our advocacy, we will work with partners to drive forward the implementation of the Warm Homes and Local Power Plans. Alongside this, we will create and promote a Resilient Roots policy brief that advances nature-rich, climate-resilient communities. We will deepen engagement with policymakers through high-impact visits and events – with elections and the Ashden Awards key moments in our efforts. We will showcase compelling evidence, local solutions and lived experience through films, case studies and campaigns.

In 2026 Ashden will showcase innovators like Canopy Housing from Leeds – who build skills while creating warm, energy efficient homes. Photo: Jon Spaull/Ashden

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International climate solutions

Through our international programmes, we aimed to deliver support to 43 Global South enterprises and organisations, helping them deliver tropical forest protection or access to clean, affordable energy (in refugee camps and other settings). This included making these partners more attractive to funders and investors. We also aimed to build the membership and reach of our Power Up, our Kenya-focused energy access campaign.

Our support in 2025 included disbursing over £750,000 in grants, and providing technical assistance worth nearly £100,000 to organisations participating in our three central programmes – Thriving Forests, Powering Clean Energy Investment and Transforming Humanitarian Energy Access (THEA). Under the THEA programme alone in 2025, 2,900 people living in displacement settings in east Africa gained new or improved access to clean energy products and services.

Common uses of our grants included buying and servicing renewable energy and manufacturing equipment, and fueling livelihoods projects involving local communities. We also helped organisations create strategies, grow their workforce and strengthen their administration, sales and marketing functions. Recipients also used our grants to unlock further funding from other sources.

Shabaka General Services, a partner in our THEA programme, offer solar-powered phone charging to refugees in Uganda. Credit: Andrew Kartende/Ashden

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Communications support frequently involved website development, and the creation of films, photography and brochures. Our technical assistance helped two ventures in our Powering Clean Energy Investment programme (Salpha Energy and GoGo Electric) secure investments totaling USD4 million.

We also advocated for more climate funding and support to reach Global South enterprises and organisations. Examples of this included showcasing innovators with events at London Climate Action Week, IUCN Global Congress and COP 30, and highlighting the issue in a media release marking World Humanitarian Day.

Our Power Up campaign grew its membership from 34 to 55 organisations, and hosted events at the Africa Climate Summit and COP30. Its recommendations were presented to the Kenyan Government’s Energy Committee and Power Up was appointed to the County Energy Forum Technical Committee.

CAMGEW, a partner in our Thriving Forests programme, support communities in Cameroon to restore nature and earn a better living. Credit: Wirsiy Bobongha/Ashden

In 2026 we will deepen the support we provide to our current grant holders, by delivering strategic communications support, and tailored technical assistance, with an estimated total value of £500,000 (excluding Ashden’s direct costs). We will also onboard another cohort of five companies under the Powering Clean Energy Investment programme, drawing from applicants for the 2026 Ashden Award for Solving Energy Challenges, and disbursing to them grants totalling £125,000.

A further £95,000 in grants will be disbursed to refugee-led energy projects in Uganda, and we will continue to convene our grant holders, programme partners and stakeholders at events including the Sankalp Africa Summit, Humanitarian Finance Summit, Energy Access Investment Forum, and Humanitarian Energy Conference.

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Climate storytelling

Our storytelling showcased Ashden Award winners such as Repowering London, who charge up community energy across the UK capital. Credit: Jon Spaull/Ashden

Our communications plans for 2025 included upgrading the Ashden website, implementing a new audience strategy, and the creation of films, press campaigns and reports.

Our new audience strategy – focused on funders, investors and policy-makers – governed our communications in 2025. It guided the selection of invitees to our Ashden Awards ceremony and the targeting of numerous paid social media campaigns, which achieved a combined audience reach of more than 2 million. These campaigns reflect our adoption of a digital first strategy, with PR and press deployed strategically where it can reach priority audiences. We also created and deployed a social media strategy.

Film-making included packages created for our 2025 award winners, as well as original content about improving the sustainability of cultural buildings, nature projects at UK schools and our work in tropical forest protection. The last of these was requested by UK Government to screen at COP30. Our reports included pieces on energy-efficient homes in the UK, and energy access in East Africa’s refugee settlements. Work to upgrade our website (including its SEO performance) was commissioned in 2025, but will take place in 2026.

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Our plans for 2026 will include using AI tools to improve the efficiency and accuracy of our communications work. We will also create and implement a website strategy. In the delivery of our programmes we expect to activate multi-channel communications campaigns around clean energy in refugee settlements, protection for tropical forests, and (dependent on funding) community energy in the UK. We also plan to deliver a greater level of communications support to programme participants – including new or significantly improved websites for at least ten partners, and film or photography assignments for the same number.

Storytelling focused on powerful human stories – like that of Sosai founder Habiba Ali (right), breaking gender barriers in the energy sector. Credit: Emeke Obanor/Ashden

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Organisational development and fundraising

Our 2025 plans included consulting Ashden Award winners and other stakeholders on how the awards can better serve climate innovators, and making better use of data and evidence from across our programmes. We also planned to launch an internship pathway for people from minoritised and disadvantaged backgrounds.

At the 2026 Ashden Awards ceremony, we welcomed new and long-standing sponsors – including Impax Asset Management, who have supported Ashden for more than a decade. Credit: Jon Spaull/Ashden

Our extensive review of the awards included a stakeholder consultation in the UK and East and West Africa, gathering feedback from 99 individuals and organisations. Their views, on questions such as prize money and application process, will inform future awards design. We also advanced our internal data collection related to our Let’s Go Zero campaign, with the creation of a bespoke tracking system on the Microsoft Dynamics platform. Data gathered was used in a variety of ways – including in the production of the first Let’s Go Zero impact report.

We did not launch an internship scheme – but our work on diversity, equity and inclusion (DEI) continued in other ways. At the start of the year, staff reviewed the findings of DEI analysis undertaken by The Better Org in 2024, and selected priority areas for action.

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This led to the creation of working groups on three key themes (DEI strategy, wellbeing, and power-sharing). The groups’ activities are ongoing, with outputs so far including a draft DEI vision and goals for the organisation. We also continued our participation in the RACE (Racial Action for the Climate Emergency) report scheme.

Recruitment and restructuring included the creation of new permanent roles: Director of Programmes, Major Donor Lead, International Investor Engagement Lead, and Head of Communications. Two roles were made redundant - Press & PR Lead and People & Operations Manager (the latter due to increased support from SFCT Central Services).

Our fundraising activities included the full launch of our major donor programme, ‘Changemakers’. Key to its success was our Ashden Party with Brian Eno, a celebration and auction at the musician’s studio. We also participated in the Big Give Christmas Appeal, with a campaign that foregrounded our work with displaced people. In a funding environment made very challenging by geopolitics, we nonetheless forged new relationships with funders such as the Energy Industry Voluntary Redress Scheme and Howden Foundation. And we continued to partner with long-standing funders such the Auora Trust, the Linbury Trust and the Lund Trust.

In 2025 we developed a new project management and monitoring system and decisionmaking framework, and updated our digital nomad and TOIL policies for staff.

In 2026 we will strengthen Ashden’s approach to evaluation and learning, and make our data management more consistent and constructive. We will also refine our new project management system, and develop an organisational carbon reduction plan.

This year, we were honoured to host our second fundraising event with legendary musician and activist Brian Eno. Credit: Jon Spaull/Ashden

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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 of 31 December 2025, the charity held total reserves of £3,872,402 (2024: £3,589,393) and free reserves of £597,262, (2024: £453,372), of which £138,152 has been designated by Trustees for future Let’s Go Zero programme work, excluding fixed assets. Restricted funds at the end of the year were £3,268,076 (2024: £3,125,425), which are not available for the general purposes of the charity.

Ashden’s aim is to build a stable free reserve at a 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 £466,174 along with committed funding for 2026 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 2025, the Trustees were delighted to have support from:

Alan & Babette Sainsbury Charitable Fund, The Aurora Trust, BAHU Trust, BAME Voice, Bloomberg L.P, Calouste Gulbenkian Foundation, Centre for Sustainable Energy, Charities Trust, Department for Energy Security and Net Zero, Energy Industry Voluntary Redress Scheme (managed by Energy Saving Trust), The Flora Fund, French American Charitable Trust, Green Future Investments Ltd, The Howden Foundation, The Headley Trust, The JJ Charitable Trust, John Swire 1989 Charitable Trust, Kusuma Trust, The Linbury Trust, LinkedIn Ad Grant, Silicon Valley Community Foundation, Lund Trust, Lux Nova, The Mark Leonard Trust, MCS Charitable Foundation, Mercy Corp Europe, NextEnergy Foundation, OVO Foundation, The Nature Recovery Project, The

National Lottery Community Fund (Climate Action Fund), The Sustainable Development Foundation, The Staples Trust, The Tedworth Charitable Trust, The Waterloo Foundation.

Ashden would like to thank the generous sponsors of various programmatic and awards activity, Impax Asset Management, Downing LLP, as well as its generous individual donors and Changemakers, 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 (SFCT), 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.

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The Trustees recognise income as a key financial consideration for the charity. This is actively managed through a robust fundraising strategy that engages a diverse range of funders and by ensuring that new projects proceed only when funding is secured.

Ashden also aims to include a fair allocation of overhead costs in all sources of restricted income, this approach supports the sustainability of core functions enabling delivery of its projects effectively and contributes to the ongoing 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.

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 following annual reviews, line managers may recommend individual members of staff for an increase

in pay step within their existing band. These recommendations are reviewed and approved by Ashden’s executive management team (EMT) if budget allows. There is an annual cost of living increase for all staff, following the lead of the wider SFCT group. Benchmarking is carried out by SFCT People team in consultation with Ashden EMT.

Fundraising

The charity only submits proposals to funders and individuals whose programmes and interests are aligned with Ashden’s mission. Ashden protects vulnerable people through its policy of no ‘cold calling’ fundraising activity, and by following internal safeguarding policies.

Ashden Climate Solutions is registered with the Fundraising Regulator, and is compliant with the Code of Fundraising Practice. During the year, there have been no instances of non-compliance with the Code of Fundraising Practice, nor has the organisation received any complaints regarding their practices.

Organisation

The Trustees are aware of the Charity Governance Code (revised 2025) which sets out the principles and recommended practice for good governance within the sector.

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Trustee recruitment and training

Trustee vacancies are advertised on the Ashden website, and social media channels and an external platform aimed at trustees. 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

may 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, as well as information about Ashden, previous meetings from board meetings and 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. We also arrange training with NCVO.

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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:

27 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

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 9[th ] June 2026 and signed on their behalf by:

Sarah Butler-Sloss

Founder and Chair of Trustees

28 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

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 2025 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.

29 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

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.

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:

30 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

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 non-compliance with laws and regulations, our procedures included the following:

31 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

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: 16 June 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, EC1Y 0TG

32 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

Statement of financial activities

Incorporating an income and expenditure account

For the year ended 31 December 2025

For the year ended 31 December 2025
Note
Income from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
Total income
Expenditure on:
5a
Raising funds
Charitable activities
Sustainable towns and cities
(UK)
International Climate Solutions
Awards and Awards Ceremony
Let’s Go Zero
Other Programmes
Total expenditure
5a
Net income for the year
Transfers between funds
16a
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15a		 2025
2024
Unrestricted
Restricted
Total Unrestricted Restricted
Total
£
£
£
£
£
£
653,995
6,288,091 6,942,086
774,266 5,511,282 6,285,548
336,240
-
336,240
89,457
-
89,457
116,417
-
116,417
65,701
-
65,701
40,834
-
40,834
37,480
-
37,480
1,147,486
6,288,091
7,435,577
966,904 5,511,282
6,478,186
455,210
-
455,210
317,660
-
317,660
108,814
799,210
908,024
95,414
615,100
710,514
156,504
1,664,323
1,820,827
(6,884)
284,913
278,029
148,130
279,035
427,165
87,876
579,050
666,926
68,349
3,472,993
3,541,342
17,037 3,368,381
3,385,418
-
-
-
259
72,882
73,141
937,007
6,215,561
7,152,568
511,362 4,920,326
5,431,688
210,479
72,530
283,009
455,542
590,956
1,046,498
(70,121)
70,121
-
(132,718)
132,718
-
140,358
142,651
283,009
322,824
723,674
1,046,498
463,968
3,125,425
3,589,393
141,144 2,401,751 2,542,895
604,326
3,268,076
3,872,402
463,968 3,125,425 3,589,393

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16a

33 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

Balance sheet

Balance sheet
As at 31 December 2025 Company no. 5062574
Note
Fixed assets:
Tangible assets
12
Current assets:
Debtors
13
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
14
Net current assets
Total net assets
The funds of the charity:
16a
Restricted income funds
Unrestricted income funds:
Designated funds
General funds
Total unrestricted funds
Total charity funds		 2025
2024
£
£
£
£
7,064
10,596
645,560
109,718
4,051,057
3,805,731
4,696,617
3,915,449
(831,279)
(336,652)
3,865,338
3,578,797
3,872,402
3,589,393
3,268,076
3,125,425
138,152
-
466,174
463,96
8
604,326
463,96
8
3,872,402
3,589,393
3,589,393
3,125,425
-
463,96
8
3,589,393

Approved by the trustees on 9[th ] June 2026 and signed on their behalf by:

Sarah Butler-Sloss

Chair

34 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

Statement of cash flows

For the year ended 31 December 2025

Cash flows from operating activities
Net income for the reporting period
Depreciation charges
Dividends, interest and rent from investments
(Increase) in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
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
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents		 2025
2024
£
£
£
283,009
1,046,498
3,532
3,532
(40,834)
(37,480)
(535,842)
(3,076)
494,627
(43,464)
204,492
40,834
245,326
3,805,731
4,051,057
At 1 January
2025
Cash
flows
£
£
3,805,731
245,326
3,805,731
245,326		 £
966,010
37,480
1,003,490
2,802,241
3,805,731
At 31
December
2025
£
4,051,057
4,051,057

35 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

Notes to the financial statements

For the year ended 31 December 2025

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 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006/Charities Act 2011.

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

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements 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. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

Key judgements that the charity has made which have a significant effect on the accounts include, the trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The Trustees have assessed Ashden Climate Solutions ability to continue as a going concern throughout 2025. This assessment was revisited at the Board meeting on 11[th ] December 2025 as part of setting the 2026 budget. This was also reviewed at the board meeting on 17[th ] March 2026. 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.

e) Income

Income is recognised when the charity 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 measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have

36 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

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

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

g) Interest receivable

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

h) Fund accounting

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

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

37 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity’s objects.

Grants are awarded through an application process and assessed by programme teams against set criteria. Contracts issuesd to grantee’s include conditions such as financial updates, progress reports, delivery of agreed outcomes, and adherence to timelines. Payments are made in instalments and remain conditional on meeting these requirements. Liabilities are only recognised for amounts where the charity has no discretion to avoid payment. Future instalments are not recognised as liabilities where performance-related conditions give the charity discretion to withhold funding.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. 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.

l) 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.

m) Cash at bank and in hand

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

n) Creditors and provisions

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.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value and subsequently measured at amortised cost using the effective interest method.

p) 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.

38 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

2. Income from donations and grants

2025 2024
Unrestricted Restricted **Total ** Unrestricted Restricted Total
£ £ £ £ £ £
Grants and donations received
Alan & Babette Sainsbury Charitable Fund - 15,750 15,750 - 15,000 15,000
The Aurora Trust 200,000 300,000 500,000 300,000 260,000 560,000
BAHU Trust - 8,854 8,854 - 4,405 4,405
BAME Voice - 4,740 4,740 - 7,860 7,860
Bloomberg L.P - 30,000 30,000 - - -
Calouste Gulbenkian Foundation - 75,000 75,000 - 100,000 100,000
Centre for Sustainable Energy - 16,206 16,206 - - -
Charities Trust 2,000 - 2,000 - - -
City Bridge Foundation - - - - 44,511 44,511
Department for Energy Security and Net Zero - 346,987 346,987 - 411,488 411,488
Energy Industry Voluntary Redress Scheme,
managed by Energy Saving Trust - 28,976 28,976 - - -
eEnergy - - - 6,000 - 6,000
The Flora Fund 20,000 17,292 37,292 - - -
French American Charitable Trust 10,000 - 10,000 - - -
Green Future Investments Ltd - 3,479,624 3,479,624 - 3,235,446 3,235,446
The Howden Foundation - 185,100 185,100 - - -
The Headley Trust 2,500 - 2,500 - - -
JAC Trust - - - - 10,000 10,000
The JJ Charitable Trust 20,000 - 20,000 50,000 - 50,000
The John Ellerman Foundation - - - - 45,000 45,000
John Swire 1989 Charitable Trust 1,000 - 1,000 - - -
Kusuma Trust - 57,541 57,541 - 90,416 90,416
The Linbury Trust 100,000 104,850 204,850 148,850 50,000 198,850
LinkedIn Ad Grant 96,623 - 96,623 79,572 - 79,572
Lund Trust - 90,000 90,000 - 90,000 90,000
Lux Nova - 10,000 10,000 - 3,000 3,000
The Mark Leonard Trust 20,000 10,000 30,000 30,000 - 30,000
Mercy Corp Europe - 339,521 339,521 - 8,211 8,211
Nadara Group - - - 8,700 - 8,700
New Economics Foundation - - - - 2,500 2,500
NextEnergy Foundation - 70,000 70,000 - 25,000 25,000
OVO Foundation - 120,903 120,903 - 116,461 116,461
The Nature Recovery Project - 523,803 523,803 - 458,896 458,896
The National Lottery Community Fund
(Climate Action Fund) - 333,241 333,241 - 360,166 360,166
The Sustainable Development Foundation - - - - 3,340 3,340
Silicon Valley Community Foundation - 66,238 66,238 - 14,296 14,296
The Staples Trust 10,000 - 10,000 - - -
The Tedworth Charitable Trust - 20,000 20,000 - 20,000 20,000
The UN Institute for Training and Research - - - - 26,261 26,261
The Waterloo Foundation - 25,000 25,000 - 100,000 100,000
MCS Charitable Foundation - 8,465 8,465 - - -
Donations from individuals 151,872 - 151,872 151,144 9,025 160,169
Legacy - Philip Clarkson Webb 20,000 - 20,000 - - -
653,995 6,288,091 6,942,086 774,266 5,511,282 6,285,548

During the period, the charity received grants, donations and a legacy from the organisations and individuals listed above:

39 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

3. Income from charitable activities

Energy consultancy and audits
Other
Total income from charitable
activities		 2025
2024
Unrestricted
Restricted
Total Unrestricted
Restricted
Total
£
£
£
£
£
£
336,106
-
336,106
89,009
-
89,009
134
-
134
448
-
448
336,240
-
336,240
89,457
-
89,457

£138,152 of this income has been desginated for use on the Lets Go Zero programmes in 2026.

4. Income from other trading activities

Awards and events sponsorship
Programme sponsorship
Membership income
Ticket sales
Total income from other trading
activities		 2025
2024
Unrestricted
Restricted
Total Unrestricted
Restricted
Total
£
£
£
£
£
£
116,167
-
116,167
61,500
-
61,500
-
-
-
-
-
-
250
-
250
167
-
167
-
-
-
4,034
-
4,034
116,417
-
116,417
65,701
-
65,701

40 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

5a. Analysis of expenditure (current year)

Staff costs
(Note 8)
Direct Costs
Grant
Expenditure
(Note 6)
Support
Staff costs
(apportioned)
Direct
Support Cost
(apportioned)
Total
expenditure
2025
Total
expenditure
2024		 Charitable activities
Raisin
g
funds
Sustainable
towns and
cities (UK)
International
Climate
Solutions
Awards and
Awards
Ceremony
Let’s Go
Zero
Other
Pro-
grammes
Support
costs
2025
Total
2024
Total
£
£
£
£
£
£
£
£
£
365,828
252,871
257,548
186,781 2,744,623
-
577,358
4,385,009
3,438,597
21,379
169,859
432,213
108,477
160,796
-
523,284
1,416,008
1,086,158
-
347,385
838,666
40,000
125,500
-
-
1,351,551
906,933
55,471
38,343
39,052
28,322
416,170
- (577,358)
-
-
12,532
99,566
253,348
63,585
94,253
- (523,284)
-
-
455,210
908,024
1,820,827
427,165 3,541,342
-
-
7,152,568
5,431,688
455,210
908,024
1,820,827
427,165 3,541,342
-
-
7,152,568
317,660
710,514
278,029
666,926 3,385,418
73,141
-
-
5,431,688

Within support costs above, governance costs totalled £24,695 (2024: £18,465), comprised of audit fees and the costs of holding trustee meetings. Travel expenses of £4,513 (2024: £1,334) were paid on behalf of 5 Trustees (2024: 2). Accommodation expenses of £1,170 (2024: £298) were paid on behalf of four trustees (2024: 1)

41 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

5b. Analysis of expenditure (prior year)

5b. Analysis of expenditure (prior year) sis of expenditure (prior year) sis of expenditure (prior year) sis of expenditure (prior year) sis of expenditure (prior year)
Charitable activities
Raisin
g
funds
Sustainable
towns and
cities (UK)
International
Climate
Solutions
Awards and
Awards
Ceremony
Let’s Go
Zero
Other
Programme
s
Support
costs
2024
Total
£
£
£
£
£
£
£
£
Staff costs
(Note 8)
214,255
247,512
112,530
288,661
2,188,883
842
385,914
3,438,597
Direct Costs
57,248
57,393
90,924
130,692
317,067
-
432,834
1,086,158
Grant
Expenditure
(Note 6)
-
278,068
25,000
134,362
400,500
69,003
-
906,933
Support
Staff costs
(apportioned)
27,086
31,290
14,226
36,492
276,714
106 (385,914)
-
Direct
Support Cost
(apportioned)
19,071
96,251
35,349
76,719
202,254
3,190 (432,834)
-
Total
expenditure
2024
317,660
710,514
278,029
666,926 3,385,418
73,141
-
5,431,688
6.Grant making
Grants to
organisations
2025
2024
£
£
£
Cost
Powering Clean Energy
Investment
168,900
168,900
-
Thriving Forests
384,766
384,766
-
Transforming Humanitarian
Enery Access (THEA)
285,000
285,000
-
Sharing Spaces
4,880
4,880
43,744
Zero Carbon Fund
112,500
112,500
387,500
At the end of the year
956,046
956,046
431,244		 Charitable activities
Raisin
g
funds
Sustainable
towns and
cities (UK)
International
Climate
Solutions
Awards and
Awards
Ceremony
Let’s Go
Zero
Other
Programme
s
Support
costs
2024
Total
£
£
£
£
£
£
£
£
214,255
247,512
112,530
288,661
2,188,883
842
385,914
3,438,597
57,248
57,393
90,924
130,692
317,067
-
432,834
1,086,158
-
278,068
25,000
134,362
400,500
69,003
-
906,933
27,086
31,290
14,226
36,492
276,714
106 (385,914)
-
19,071
96,251
35,349
76,719
202,254
3,190 (432,834)
-
317,660
710,514
278,029
666,926 3,385,418		 73,141 -
5,431,688
Grants to
organisations
£
168,900
384,766
285,000
4,880
112,500
956,046		 2025
£
168,900
384,766
285,000
4,880
112,500
956,046		 2024
£
-
-
-
43,744
387,500
431,244

All grants given help to further Ashden’s charitable objectives.

42 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

In 2025, drawing on Ashden’s extensive portfolio of award winners, finalists and new applicants, the international team made 43 grants totalling £838,666 in value. These development grants are valued between £5,000 to £26,000 and are intended to support grant holders to strengthen and scale their work in our three areas of international work in Powering Clean Energy Investment, Transforming Humanitarian Enery Access (THEA) and Thriving Forests.

The Sharing Spaces project concluded in 2025 with the final £4,880 being distributed to three grantees in 2025 based on eligible project delivery.

The Zero Carbon Fund grant concluded in 2025 with the final £112,500 being distributed to the five grantees based on eligible project delivery and their final project reports. The grants were paid to Brighton & Hove CC, Keep Britain Tidy/Eco-Schools, RAFT, Students Organising for Sustainability and Shropshire Good Food Project.

Grant commitments due within one year are £110,551 which is made up of £23,400 for Thriving Forests, £67,658 for Transforming Humanitarian Enery Access (THEA).

Reconciliation of grants payable

Commitments at 1
January2025
Grants expenditure for the period
Grant Giving
Partnership grants
Awards, Prizes
Total Grant expenditure
for the period (note 5)
Grants paid during the period
Commitments at
31st December 2025		 2025
£
-
956,046
342,505
53,000
1,351,551
(1,241,000)
110,551		 2024
£
25,000
431,244
328,327
147,362
906,933
(931,933)
-

In 2025, 2 Award prizes (2024: 13) were awarded as part of the 2025 Ashden Awards (Ashden 25th Year Celebration Awards). The total amount awarded was £40,000 (2024: £134,362), with a highest prize amount of £25,000 (2024: £25,392). Also as part of the OVO Nature Prize for Schools programme, compitition prizes of upto £1,000 were allocated to 25 schools supporting green projects totalling £13,000 (2024: £13,000). The awards and prizes are given to organisations which help to further Ashden’s charitable objectives.

Within Partnership Grants, Sustainable Towns and Cities £342,505 consist of grants disbursed to project partners. Collaborating with these partners has enabled the projects to scale effectively. We have worked with five partners to deliver the Energy Learning Network project, three partners on Energise Grimsby - Solar Streets project, and one partner for the Sharing Spaces project, working collaboratively increases the project’s reach and strengthens delivery capacity.

43 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

7. Net income for the year

This is stated after charging:

This is stated after charging:
2025 2024
£ £
Depreciation 3,532 3,532
Auditor’s remuneration - Audit 12,800 11,650
Auditor’s remuneration - other - -
Legal fees 3,064 7,082

8. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined
contribution pension schemes
Redundancy & termination costs		 2025
2024
£
£
3,415,178
2,740,795
440,260
306,564
505,270
391,238
24,301
-
4,385,009
3,438,597

The charity had 8 (2024:5) members of staff paid over £60,000 during the period (salary plus taxable benefits excluding pension and NI contributions).

£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000		 2025
2024
No.
No.
4
1
1
1
1
1
1
1
-
-
-
1
1
-
8
5

The total employee benefits (including pension contributions and employer’s national insurance) of the key management personnel were £459,733 (2024: £514,937). The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2024: £0). No charity trustee received payment for professional or other services supplied to the charity (2024: £0). 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 2024/25

44 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

9. Staff numbers

The actual number of staff employed during the year was 87, mostly full time but some are on a part-time basis (2024: 88). This equates to 63.9 full-time employees (2024: 53.7). The charity considers its key management personnel to comprise the Principal Officers.

10. Related party transactions

During the year, amounts totalling £839,750 (2023: £896,078) were received from related parties. Of this amount, £389,150 (2024: £551,078) was received as unrestricted grants or donations.

Amounts totalling £450,600 (2024: £345,000) 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 16a. 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. £335,020 (2024: £184,363) of restricted income remained outstanding 31 December 2025.

Donations of £10,450 (2024: £22,228) were received from Sarah Butler-Sloss for unrestricted activities. No amount remained outstanding at 31 December 2025.

11. Taxation

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

12. Tangible fixed assets

Cost
At the start of the year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Leasehold Improvements
£
146,224
146,224
135,628
3,532
139,160
7,064
10,596		 Total
£
146,224
146,224
132,096
3,532
135,628
10,596
14,128

All of the above assets are used for charitable purposes.

45 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

13. Debtors

Trade debtors
Prepayments
Taxation
Accrued income		 2025
£
192,514
5,606
-
447,440
645,560		 2024
£
32,094
-
8,225
69,399
109,718

14. Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income		 2025
£
149,630
50,162
357,466
167,808
106,213
831,279		 2024
£
27,474
-
254,621
54,557
-
336,65
2

15a. Analysis of net assets between funds (current year)

Tangible fixed assets
Net current assets
Net assets at 31 December 2025		 Designated
£
-
138,152
138,152		 General unrestricted
£
7,064
459,110
466,174		 Restricted
£
-
3,268,076
3,268,076		 Total funds
£
7,064
3,865,338
3,872,402

46 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

15b. Analysis of net assets between funds (prior year)

Tangible fixed assets
Net current assets
Net assets at 31 December 2024		 Designated
£
-
-
-		 General unrestricted
£
10,596
453,372
463,968		 Restricted
£
-
3,125,425
3,125,425		 Total funds
£
10,596
3,578,797
3,589,393

16a. Movement in funds (current year)

Transfers
At 1 from / (to) At 31
January Income & Expenditure Unrestricted December
2025 gains & losses funds 2025
£ £ £ £ £
Restricted funds:
Sustainable Towns and Cities (UK)
Calouste Gulbenkian Foundation 8,889 75,000 (37,256) - 46,633
Centre for Sustainable Energy (CSE) - 16,206 (16,206) - -
Energy Industry Voluntary Redress
Scheme, managed by Energy Saving Trust - 28,976 (28,976) - -
Green Future Investments Ltd. - 72,114 (32,913) - 39,201
The John Ellerman Foundation 4,698 - (4,698) -
Kusuma Trust - 57,541 (57,541) - -
The Linbury Trust - 79,850 (67,921) 17,324 29,253
Lund Trust - 90,000 (70,580) - 19,420
The National Lottery Community Fund
(Climate Action Fund) 127,003 333,242 (460,245) - -
Others (Below £25k) 1,378 42,059 (22,874) - 20,563
International Climate Solutions
The Aurora Trust 177,598 300,000 (189,411) - 288,187
Department for Energy Security and Net
Zero - 346,987 (346,987) - -
The Howden Foundation - 185,100 (131,566) - 53,534
Mercy Corps Europe - 339,521 (337,947) - 1,574
The Nature Recovery Project 400,707 523,803 (552,698) - 371,812
The Waterloo Foundation 158,043 - (72,145) - 85,898
Others (Below £25k) 24,584 15,750 (33,569) - 6,765

47 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

16a. Movement in funds (current year) (continued)

Awards
Bloomberg LP
The Linbury Trust
NextEnergy Foundation
Silicon Valley Community Foundation
The Waterloo Foundation
Others (Below £25k)
Let’s Go Zero
Green Future Investments Ltd.
OVO Foundation
The Flora Fund
Others (Below £25k)
Total restricted funds
General funds - Unrestricted
General funds - Designated LGZ
Total unrestricted funds
Total funds		 At 1
January
2025
£
-
-
-
-
-
-
2,202,099
20,427
-
-
3,125,425
463,968
-
463,968
3,589,393		 Income &
gains
£
30,000
25,000
70,000
66,238
25,000
10,000
3,407,510
120,903
17,292
10,000
6,288,091
1,147,486
-
1,147,486
7,435,577		 Expenditure
& losses
£
(30,000)
(25,000)
(70,000)
(66,238)
(25,000)
(62,797)
(3,339,658)
(127,409)
(5,927)
-
(6,215,561)
(937,007)
-
(937,007)
(7,152,568)		 Transfers
from / (to)
Unrestricted
funds
£
-
-
-
-
-
52,797
-
-
-
-
70,121
(208,273)
138,152
(70,121)
-		 At 31
December
2025
£
-
-
-
-
-
-
2,269,951
13,921
11,365
10,000
3,268,076
466,174
138,152
604,326
3,872,402

The narrative to explain the purpose of each fund is given at the foot of the note below.

48 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

16b. Movement in funds (prior year)

At 2 January
2024
£
Restricted funds:
Sustainable towns and cities (UK)
The John Ellerman Foundation
(3,454)
The National Lottery (Community fund)
-
Calouste Gulbenkian foundation
47,403
Kusuma Trust
36,483
The Linbury Trust
-
Others (Below £25k)
(6,988)
International Climate Solutions
The Nature Recovery Project
-
UNITAR (UN Institute for Training &
Research)
37,822
The Aurora Trust
-
The Waterloo Foundation
100,000
Others (Below £25k)
23,139
Awards and Awards ceremony
Department for Energy Strategy and
Net Zero
(168,095)
Silicon Valley Community Foundation
97,023
Lund Trust
(9,035)
The Linbury Trust
-
NextEnergy Foundation
-
Others (Below £25k)
(15,107)
Let’s Go Zero
Green Future Investments
2,210,454
Oak Foundation
11,076
OVO Foundation
8,371
Others (Below £25k)
-
Other programmes
City Bridge Trust
29,685
Silicon Valley Community Foundation
2,974
Others (Below £25k)
-
Total restricted funds
2,401,751		 Income &
gains
£
45,000
360,166
100,000
90,416
20,000
38,275
458,896
26,261
260,000
100,000
8,211
411,488
17,270
90,000
30,000
25,000
33,855
3,235,446
-
116,461
3,000
44,511
(2,974)
-
5,511,282		 Expenditure &
losses
£
(36,848)
(233,163)
(138,514)
(128,004)
(50,552)
(28,019)
(58,189)
(66,424)
(82,402)
(41,957)
(35,941)
(243,918)
(116,920)
(81,185)
(30,000)
(25,000)
(82,027)
(3,223,945)
(10,107)
(124,261)
(10,068)
(71,081)
-
(1,801)
(4,920,327)		 Transfers
£
-
-
-
1,105
30,552
(1,890)
-
2,341
-
-
29,175
525
2,627
219
-
-
63,279
-
(969)
-
7,068
(3,115)
-
1,801
132,718		 At 31 December
2024
£
4,698
127,003
8,889
-
-
1,378
400,707
-
177,598
158,043
24,584
-
-
-
-
-
-
2,221,955
-
571
-
-
-
-
3,125,425

49 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

Purposes of restricted funds

The Aurora Trust - Funding three international programmes: Power Up Kenya - a campaign seeking to ensure that bold climate commitments made by the Government of Kenya, and by international organisations and financiers, are translated to inclusive policy and action at local level; Transforming Humanitarian Energy Access (THEA) - as part of the wider THEA programme, Ashden is developing and testing viable, replicable and scalable models for the provision of clean energy access to households and enterprises in displacement settings, and developing the case for investment and support to refugee led initiatives and Powering Clean Energy Investment (PCEI) - through development grants, technical assistance and strategic communications support, small and medium sized enterprises from the Global South who are tackling the energy access challenge, are being supported to secure investment.

Bloomberg L.P - Funding for the 2025 Ashden Awards (Knowledge Partner)

Calouste Gulbenkian Foundation - Funding the Sustainable Towns and Cities programme with a focus on community engagement, co-design and climate adaptation.

Centre for Sustainable Energy (CSE) - Funding for Community Energy Go (via Energy Industry Voluntary Redress Scheme, managed by Energy Saving Trust). The project is prototyping a support model for novice community energy actors, helping them to understand their options, build their capabilities and access feasibility funding though a dedicated project specific 1:1 support service, sign-posting to existing resources and group learning activities.

Department for Energy Security and Net Zero (DESNZ) - Funding Powering Clean Energy Investment (PCEI) - through development grants, technical assistance and strategic communications support, small and medium sized enterprises from the Global South who are tackling the energy access challenge, are being supported to secure investment, and Thriving Forests - The programme is working to restore, recover, and protect 1 million hectares of rainforest in the Global South. The programme supports 15 Indigenous and Local People Led organisations through grants, technical assistance and communications support to help grow their work and their ability to attract funding.

Energy Industry Voluntary Redress Scheme, managed by Energy Saving Trust - Funding Energise Grimsby: Solar Streets. The project is developing a viable and scalable business model to both share solar surpluses and install rooftop solar and batteries at no up-front cost to low income, terraced homes in the East Marsh area of Grimsby.

Green Future Investments Limited - Funding for Let’s Go Zero, the campaign for all UK schools, colleges and nurseries to be zero carbon by 2030. The campaign provides support and guidance to schools, and works with government, industry and civil society to create a funding and policy environment that nurtures zero carbon schools.

The Howden Foundation - Funding for Transforming Humanitarian Energy Access (THEA)- as part of the wider THEA programme, Howden Foundation are supporting the programme to work with local entrepreneurs and Refugee Led Organisations (RLOs) to scale innovative clean energy solutions to address drought, extreme heat and other climate hazards in refugee settlements in northern Kenya and Uganda.

The John Ellerman Foundation - Funding for Sustainable Towns & Cities programme.

Kusuma Trust - Funding Sharing Spaces programme. This project turned underused community spaces into hubs of climate action – increasing Londoner’s awareness and engagement on climate and spurred climate action projects led by and for local residents.

The Linbury Trust - Funding an Energy Efficiency Learning Network . This includes the development, expansion, delivery, and evaluation of a learning network focused on helping charitable organisations develop their skills and understanding related to energy efficiency.and the 2025 Ashden Awards.

50 | Ashden Climate Solutions: 2025 Annual Report and Financial Statements

The Lund Trust - Funding Resilient Roots - a project to support those in the North West region to progress nature-based climate adaptation initiatives.

Mercy Corps is supporting the Transforming Humanitarian Energy Access programme. THEA is funded by UK aid from the UK government via the Transforming Energy Access platform. THEA aims to support a shift towards more sustainable energy delivery models in humanitarian settings and to increase access to clean energy solutions for displacement-affected communities.

The National Lottery Community Fund (Climate Action Fund) - Funding the UK Energy Learning Network (ELN). The ELN aims to share learning and support collaboration between communities acting on energy, as well as between the organisations that support them across the UK.

The Nature Recovery Project - Funding Thriving Forests - The programme is working to restore, recover, and protect 1 million hectares of rainforest in the Global South. The programme supports 15 Indigenous and Local People Led organisations through grants, technical assistance and communications support to help grow their work and their ability to attract funding.

NextEnergy Foundation - Funding for the 2025 Awards (International Breaking Barriers Award funder)

OVO Foundation - Funding for the 2025 OVO Nature Prize for Schools, as part of Let’s Go Zero, the national campaign which aims for all schools, colleges and nurseries to be zero carbon by 2030.

Silicon Valley Community Foundation - (disbursing funds for LinkedIn) – Funding for the 2025 Ashden Awards (Headline Sponsor).

The Waterloo Foundation funding for Powering Clean Energy Investment (PCEI)- through development grants, technical assistance and strategic communications support, small and medium sized enterprises from the Global South who are tackling the energy access challenge, are being supported to secure investment and 2025 Ashden Awards

Included in Sustainable Towns and Cities - Others (UK) (below £25k), we received restricted funds from BAHU Trust to support the delivery of the Birmingham Faith Climate Action Partnership. BAME Voice to support the delivery of the BAME community climate action knowledge exchange empowerment programme. The Tedworth Charitable Trust towards programme delivery and MCS Charitable Foundation for Retrofit Futures - a research project which seeks to equip retrofit commissioners with tools and guidance to embed and enforce social value in procurement.

Included in the International Programmes other (below £25k) we received from Alan & Babette Sainsbury Charitable Fund towards the Transforming Humanitarian Energy Access programme

Included in Awards - Other (below £25k,) we received restricted funds from the Mark Leonard Trust for the 2025 Ashden Awards

Included in Let’s Go Zero (UK) Other (below £25k) we received restricted funds from The Flora fund to carry out research in how we could replicate the LGZ approach in Italy, and Lux Nova towards the Let’s Go Zero community energy work

During the year, transfers occurred where costs were under or over those budgeted and included in funder proposals. A total of £70,121 was transferred from core income to cover overspends, and unfunded programmatic projects. The Trustee agreed in 2025 to designate £138,152 of unrestricted funds towards the 2026 LGZ project delivery.

With support from Ashden, CAMGEW are growing a brighter future for communities in Cameroon. Their work raises incomes, safeguards traditional knowledge, and protects the climate benefits of tropical forests. Credit: Credit: Wirsiy Bobongha/Ashden

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