# **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._ 



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

## **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. 



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

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: 

- Raising awareness of the significant social, economic and environmental benefits that renewable energy and energy efficiency can deliver. These include the significant social and economic benefits of increasing energy access to the poor in the developing world; increasing jobs and reducing fuel poverty in the UK and the environmental benefits of reducing carbon emissions. 

- Spreading the knowledge and expertise of the Ashden Award winners to encourage learning and replication. 

- Encouraging policy makers, NGOs and other funders, to incorporate sustainable energy into their agendas. 

- Generating publicity, making financial awards and giving business support to outstanding enterprises and programmes which are environmentally and socially beneficial. 

## **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. 



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

## **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_ 




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


_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. 



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

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_ 



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

## **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_ 




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


_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. 



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

## **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_ 



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


_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._ 



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

## **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 



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


_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._ 



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

## **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_ 



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


_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, 



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

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_ 



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

## **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_ 



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

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._ 



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

## **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. 



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

_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_ 



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

## **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. 



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

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_ 



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

## **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. 



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

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. 



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

## **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. 



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

## **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: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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: 

- There is no relevant audit information of which the charitable company’s auditor is unaware 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information 



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: 

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

- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Companies Act 2006 

## **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: 

- The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- The trustees’ annual report has been prepared in accordance with applicable legal requirements. 

## **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: 

- Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

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

- Certain disclosures of trustees’ remuneration specified by law are not made; or 

- We have not received all the information and explanations we require for our audit; or 



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

- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 

## **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: 

- We enquired of management and the finance and operations committee, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: 

- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; 

- The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 



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

- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. 

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. 

- We reviewed any reports made to regulators. 

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. 

- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 

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<br>**Income from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Other trading activities<br>4<br>Investment income<br>**Total income**<br>**Expenditure on:**<br>5a<br>Raising funds<br>Charitable activities<br>Sustainable towns and cities<br>(UK)<br>International Climate Solutions<br>Awards and Awards Ceremony<br>Let’s Go Zero<br>Other Programmes<br>**Total expenditure**<br>5a<br>**Net income for the year**<br>Transfers between funds<br>16a<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**<br>15a|**2025**<br>2024<br>Unrestricted<br>Restricted<br>**Total **Unrestricted Restricted<br>Total<br>£<br>£<br>**£**<br>£<br>£<br>£<br>653,995<br>6,288,091 **6,942,086**<br>774,266 5,511,282 6,285,548<br>336,240<br>-<br>**336,240**<br>89,457<br>-<br>89,457<br>116,417<br>-<br>**116,417**<br>65,701<br>-<br>65,701<br>40,834<br>-<br>**40,834**<br>37,480<br>-<br>37,480<br>1,147,486<br>6,288,091<br>**7,435,577**<br>966,904 5,511,282<br>6,478,186|
||455,210<br>-<br>**455,210**<br>317,660<br>-<br>317,660<br>108,814<br>799,210<br>**908,024**<br>95,414<br>615,100<br>710,514<br>156,504<br>1,664,323<br>**1,820,827**<br>(6,884)<br>284,913<br>278,029<br>148,130<br>279,035<br>**427,165**<br>87,876<br>579,050<br>666,926<br>68,349<br>3,472,993<br>**3,541,342**<br>17,037 3,368,381<br>3,385,418<br>-<br>-<br>**-**<br>259<br>72,882<br>73,141|
||937,007<br>6,215,561<br>**7,152,568**<br>511,362 4,920,326<br>5,431,688|
||210,479<br>72,530<br>**283,009**<br>455,542<br>590,956<br>1,046,498<br>(70,121)<br>70,121<br>-<br>(132,718)<br>132,718<br>-|
||140,358<br>142,651<br>**283,009**<br>322,824<br>723,674<br>1,046,498<br>463,968<br>3,125,425<br>**3,589,393**<br>141,144 2,401,751 2,542,895|
||604,326<br>3,268,076<br>**3,872,402**<br>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<br>**Fixed assets:**<br>Tangible assets<br>12<br>**Current assets:**<br>Debtors<br>13<br>Cash at bank and in hand<br>**Liabilities:**<br>Creditors: amounts falling due within one year<br>14<br>**Net current assets**<br>**Total net assets**<br>**The funds of the charity:**<br>16a<br>Restricted income funds<br>Unrestricted income funds:<br>Designated funds<br>General funds<br>Total unrestricted funds<br>**Total charity funds**|**2025**<br>2024<br>**£**<br>**£**<br>£<br>£<br>**7,064**<br>10,596<br>**645,560**<br>109,718<br>**4,051,057**<br>3,805,731<br>**4,696,617**<br>3,915,449<br>**(831,279)**<br>(336,652)<br>**3,865,338**<br>3,578,797<br>**3,872,402**<br>3,589,393<br>**3,268,076**<br>3,125,425<br>**138,152**<br>-<br>**466,174**<br>463,96<br>8<br>**604,326**<br>463,96<br>8<br>**3,872,402**<br>3,589,393||
||||
|||3,589,393|
|||3,125,425<br>-<br>463,96<br>8<br>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**||||
|---|---|---|---|
|<br>**Cash flows from operating activities**<br>Net income for the reporting period<br>Depreciation charges<br>Dividends, interest and rent from investments<br>(Increase) in debtors<br>Increase in creditors<br>**Net cash provided by operating activities**<br>**Cash flows from investing activities:**<br>Dividends, interest and rents from investments<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>**Analysis of cash and cash equivalents and of net debt**<br>Cash at bank and in hand<br>**Total cash and cash equivalents**|**2025**<br>2024<br>**£**<br>**£**<br>£<br>**283,009**<br>1,046,498<br>**3,532**<br>3,532<br>**(40,834)**<br>(37,480)<br>**(535,842)**<br>(3,076)<br>**494,627**<br>(43,464)<br>**204,492**<br>**40,834**<br>**245,326**<br>**3,805,731**<br>**4,051,057**<br>At 1 January<br>2025<br>Cash<br>flows<br>£<br>£<br>3,805,731<br>245,326<br>3,805,731<br>245,326||£|
||||966,010<br>37,480|
||||1,003,490<br>2,802,241|
||||3,805,731|
||||**At 31**<br>**December**<br>**2025**<br>**£**<br>**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: 

- Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose 

- Expenditure on charitable activities includes the costs of programmes and awards undertaken to further the purposes of the charity and their associated support costs 

- Support costs comprise staff and office costs. These costs support the charitable activity of the organisation, and as such have been allocated based on allocation of direct costs to each area of charitable activity. 

- Governance costs comprise those costs incurred by the organisation to meet its statutory requirements. 



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

- Other expenditure represents those items not falling into any other heading. Irrecoverable 

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<br>Other<br>Total income from charitable<br>activities|**2025**<br>2024<br>Unrestricted<br>Restricted<br>**Total **Unrestricted<br>Restricted<br>Total<br>£<br>£<br>**£**<br>£<br>£<br>£<br>336,106<br>-<br>**336,106**<br>89,009<br>-<br>89,009<br>134<br>-<br>**134**<br>448<br>-<br>448|
|---|---|
||336,240<br>-<br>336,240<br>89,457<br>-<br>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<br>Programme sponsorship<br>Membership income<br>Ticket sales<br>Total income from other trading<br>activities|**2025**<br>2024<br>Unrestricted<br>Restricted<br>**Total **Unrestricted<br>Restricted<br>Total<br>£<br>£<br>**£**<br>£<br>£<br>£<br>116,167<br>-<br>**116,167**<br>61,500<br>-<br>61,500<br>-<br>-<br>**-**<br>-<br>-<br>-<br>250<br>-<br>**250**<br>167<br>-<br>167<br>-<br>-<br>**-**<br>4,034<br>-<br>4,034|
|---|---|
||116,417<br>-<br>**116,417**<br>65,701<br>-<br>65,701|





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

## **5a. Analysis of expenditure (current year)** 

|Staff costs<br>(Note 8)<br>Direct Costs<br>Grant<br>Expenditure<br>(Note 6)<br>Support<br>Staff costs<br>(apportioned)<br>Direct<br>Support Cost<br>(apportioned)<br>**Total**<br>**expenditure**<br>**2025**<br>Total<br>expenditure<br>2024|Charitable activities<br>Raisin<br>g<br>funds<br>Sustainable<br>towns and<br>cities (UK)<br>International<br>Climate<br>Solutions<br>Awards and<br>Awards<br>Ceremony<br>Let’s Go<br>Zero<br>Other<br>Pro-<br>grammes<br>Support<br>costs<br>**2025**<br>**Total**<br>2024<br>Total<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>**£**<br>£<br>365,828<br>252,871<br>257,548<br>186,781 2,744,623<br>-<br>577,358<br>**4,385,009**<br>3,438,597<br>21,379<br>169,859<br>432,213<br>108,477<br>160,796<br>-<br>523,284<br>**1,416,008**<br>1,086,158<br>-<br>347,385<br>838,666<br>40,000<br>125,500<br>-<br>-<br>**1,351,551**<br>906,933<br>55,471<br>38,343<br>39,052<br>28,322<br>416,170<br>- (577,358)<br>**-**<br>-<br>12,532<br>99,566<br>253,348<br>63,585<br>94,253<br>- (523,284)<br>**-**<br>-|
|---|---|
||455,210<br>908,024<br>1,820,827<br>427,165 3,541,342<br>-<br>-<br>7,152,568<br>5,431,688<br>**455,210**<br>**908,024**<br>**1,820,827**<br>**427,165 3,541,342**<br>**-**<br>**-**<br>**7,152,568**<br>**317,660**<br>**710,514**<br>**278,029**<br>**666,926 3,385,418**<br>**73,141**<br>**-**<br>**-**<br>**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<br>Raisin<br>g<br>funds<br>Sustainable<br>towns and<br>cities (UK)<br>International<br>Climate<br>Solutions<br>Awards and<br>Awards<br>Ceremony<br>Let’s Go<br>Zero<br>Other<br>Programme<br>s<br>Support<br>costs<br>**2024**<br>**Total**<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>**£**<br>Staff costs<br>(Note 8)<br>214,255<br>247,512<br>112,530<br>288,661<br>2,188,883<br>842<br>385,914<br>**3,438,597**<br>Direct Costs<br>57,248<br>57,393<br>90,924<br>130,692<br>317,067<br>-<br>432,834<br>**1,086,158**<br>Grant<br>Expenditure<br>(Note 6)<br>-<br>278,068<br>25,000<br>134,362<br>400,500<br>69,003<br>-<br>**906,933**<br>Support<br>Staff costs<br>(apportioned)<br>27,086<br>31,290<br>14,226<br>36,492<br>276,714<br>106 (385,914)<br>**-**<br>Direct<br>Support Cost<br>(apportioned)<br>19,071<br>96,251<br>35,349<br>76,719<br>202,254<br>3,190 (432,834)<br>**-**<br>**Total**<br>**expenditure**<br>**2024**<br>**317,660**<br>**710,514**<br>**278,029**<br>**666,926 3,385,418**<br>**73,141**<br>**-**<br>**5,431,688**<br>**6.Grant making**<br>Grants to<br>organisations<br>**2025**<br>2024<br>£<br>**£**<br>£<br>**Cost**<br>Powering Clean Energy<br>Investment<br>168,900<br>168,900<br>-<br>Thriving Forests<br>384,766<br>384,766<br>-<br>Transforming Humanitarian<br>Enery Access (THEA)<br>285,000<br>285,000<br>-<br>Sharing Spaces<br>4,880<br>4,880<br>43,744<br>Zero Carbon Fund<br>112,500<br>112,500<br>387,500<br>At the end of the year<br>956,046<br>956,046<br>431,244|Charitable activities<br>Raisin<br>g<br>funds<br>Sustainable<br>towns and<br>cities (UK)<br>International<br>Climate<br>Solutions<br>Awards and<br>Awards<br>Ceremony<br>Let’s Go<br>Zero<br>Other<br>Programme<br>s<br>Support<br>costs<br>**2024**<br>**Total**<br>£<br>£<br>£<br>£<br>£<br>£<br>£<br>**£**<br>214,255<br>247,512<br>112,530<br>288,661<br>2,188,883<br>842<br>385,914<br>**3,438,597**<br>57,248<br>57,393<br>90,924<br>130,692<br>317,067<br>-<br>432,834<br>**1,086,158**<br>-<br>278,068<br>25,000<br>134,362<br>400,500<br>69,003<br>-<br>**906,933**<br>27,086<br>31,290<br>14,226<br>36,492<br>276,714<br>106 (385,914)<br>**-**<br>19,071<br>96,251<br>35,349<br>76,719<br>202,254<br>3,190 (432,834)<br>**-**||||
||**317,660**<br>**710,514**<br>**278,029**<br>**666,926 3,385,418**||**73,141**|**-**<br>**5,431,688**|
|||Grants to<br>organisations<br>£<br>168,900<br>384,766<br>285,000<br>4,880<br>112,500<br>956,046|**2025**<br>**£**<br>168,900<br>384,766<br>285,000<br>4,880<br>112,500<br>956,046|2024<br>£<br>-<br>-<br>-<br>43,744<br>387,500<br>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<br>January2025<br>Grants expenditure for the period<br>Grant Giving<br>Partnership grants<br>Awards, Prizes<br>Total Grant expenditure<br>for the period (note 5)<br>Grants paid during the period<br>Commitments at<br>31st December 2025|**2025**<br>£<br>**-**<br>**956,046**<br>**342,505**<br>**53,000**<br>**1,351,551**<br>**(1,241,000)**<br>**110,551**|2024<br>**£**<br>**25,000**<br>**431,244**<br>**328,327**<br>**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<br>Social security costs<br>Employer’s contribution to defined<br>contribution pension schemes<br>Redundancy & termination costs|**2025**<br>2024<br>**£**<br>£<br>**3,415,178**<br>2,740,795<br>**440,260**<br>306,564<br>**505,270**<br>391,238<br>**24,301**<br>-<br>**4,385,009**<br>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<br>£70,001 - £80,000<br>£80,001 - £90,000<br>£90,001 - £100,000<br>£100,001 - £110,000<br>£110,001 - £120,000<br>£120,001 - £130,000|**2025**<br>2024<br>**No.**<br>No.<br>**4**<br>1<br>**1**<br>1<br>**1**<br>1<br>**1**<br>1<br>**-**<br>-<br>**-**<br>1<br>**1**<br>-<br>**8**<br>**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**<br>At the start of the year<br>At the end of the year<br>**Depreciation**<br>At the start of the year<br>Charge for the year<br>At the end of the year<br>**Net book value**<br>**At the end of the year**<br>At the start of the year|Leasehold Improvements<br>£<br>146,224<br>146,224<br>135,628<br>3,532<br>139,160<br>7,064<br>10,596|**Total**<br>**£**<br>**146,224**|
|---|---|---|
|||**146,224**|
|||**132,096**<br>**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<br>Prepayments<br>Taxation<br>Accrued income|**2025**<br>**£**<br>**192,514**<br>**5,606**<br>**-**<br>**447,440**<br>**645,560**|2024<br>£<br>32,094<br>-<br>8,225<br>69,399|
|---|---|---|
|||109,718|



## **14. Creditors: amounts falling due within one year** 

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



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

|Tangible fixed assets<br>Net current assets<br>**Net assets at 31 December 2025**|Designated<br>£<br>-<br>138,152<br>**138,152**|General unrestricted<br>£<br>7,064<br>459,110<br>**466,174**|Restricted<br>£<br>-<br>3,268,076<br>**3,268,076**|**Total funds**<br>**£**<br>**7,064**<br>**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<br>Net current assets<br>**Net assets at 31 December 2024**|Designated<br>£<br>-<br>-<br>**-**|General unrestricted<br>£<br>10,596<br>453,372<br>**463,968**|Restricted<br>£<br>-<br>3,125,425<br>**3,125,425**|**Total funds**<br>**£**<br>**10,596**<br>**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**<br>Bloomberg LP<br>The Linbury Trust<br>NextEnergy Foundation<br>Silicon Valley Community Foundation<br>The Waterloo Foundation<br>Others (Below £25k)<br>**Let’s Go Zero**<br>Green Future Investments Ltd.<br>OVO Foundation<br>The Flora Fund<br>Others (Below £25k)<br>**Total restricted funds**<br>**General funds - Unrestricted**<br>**General funds - Designated LGZ**<br>**Total unrestricted funds**<br>**Total funds**|At 1<br>January<br>2025<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>2,202,099<br>20,427<br>-<br>-<br>3,125,425<br>463,968<br>-<br>463,968<br>3,589,393|Income &<br>gains<br>£<br>30,000<br>25,000<br>70,000<br>66,238<br>25,000<br>10,000<br>3,407,510<br>120,903<br>17,292<br>10,000<br>6,288,091<br>1,147,486<br>-<br>1,147,486<br>7,435,577|Expenditure<br>& losses<br>£<br>(30,000)<br>(25,000)<br>(70,000)<br>(66,238)<br>(25,000)<br>(62,797)<br>(3,339,658)<br>(127,409)<br>(5,927)<br>-<br>(6,215,561)<br>(937,007)<br>-<br>(937,007)<br>(7,152,568)|Transfers<br>from / (to)<br>Unrestricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>52,797<br>-<br>-<br>-<br>-<br>70,121<br>(208,273)<br>138,152<br>(70,121)<br>-|**At 31**<br>**December**<br>**2025**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**2,269,951**<br>**13,921**<br>**11,365**<br>**10,000**|
|---|---|---|---|---|---|
||||||**3,268,076**|
||||||**466,174**<br>**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<br>2024<br>£<br>**Restricted funds:**<br>**Sustainable towns and cities (UK)**<br>The John Ellerman Foundation<br>(3,454)<br>The National Lottery (Community fund)<br>-<br>Calouste Gulbenkian foundation<br>47,403<br>Kusuma Trust<br>36,483<br>The Linbury Trust<br>-<br>Others (Below £25k)<br>(6,988)<br>**International Climate Solutions**<br>The Nature Recovery Project<br>-<br>UNITAR (UN Institute for Training &<br>Research)<br>37,822<br>The Aurora Trust<br>-<br>The Waterloo Foundation<br>100,000<br>Others (Below £25k)<br>23,139<br>**Awards and Awards ceremony**<br>Department for Energy Strategy and<br>Net Zero<br>(168,095)<br>Silicon Valley Community Foundation<br>97,023<br>Lund Trust<br>(9,035)<br>The Linbury Trust<br>-<br>NextEnergy Foundation<br>-<br>Others (Below £25k)<br>(15,107)<br>**Let’s Go Zero**<br>Green Future Investments<br>2,210,454<br>Oak Foundation<br>11,076<br>OVO Foundation<br>8,371<br>Others (Below £25k)<br>-<br>**Other programmes**<br>City Bridge Trust<br>29,685<br>Silicon Valley Community Foundation<br>2,974<br>Others (Below £25k)<br>-<br>**Total restricted funds**<br>2,401,751|Income &<br>gains<br>£<br>45,000<br>360,166<br>100,000<br>90,416<br>20,000<br>38,275<br>458,896<br>26,261<br>260,000<br>100,000<br>8,211<br>411,488<br>17,270<br>90,000<br>30,000<br>25,000<br>33,855<br>3,235,446<br>-<br>116,461<br>3,000<br>44,511<br>(2,974)<br>-<br>5,511,282|Expenditure &<br>losses<br>£<br>(36,848)<br>(233,163)<br>(138,514)<br>(128,004)<br>(50,552)<br>(28,019)<br>(58,189)<br>(66,424)<br>(82,402)<br>(41,957)<br>(35,941)<br>(243,918)<br>(116,920)<br>(81,185)<br>(30,000)<br>(25,000)<br>(82,027)<br>(3,223,945)<br>(10,107)<br>(124,261)<br>(10,068)<br>(71,081)<br>-<br>(1,801)<br>(4,920,327)|Transfers<br>£<br>-<br>-<br>-<br>1,105<br>30,552<br>(1,890)<br>-<br>2,341<br>-<br>-<br>29,175<br>525<br>2,627<br>219<br>-<br>-<br>63,279<br>-<br>(969)<br>-<br>7,068<br>(3,115)<br>-<br>1,801<br>132,718|**At 31 December**<br>**2024**<br>**£**<br>**4,698**<br>**127,003**<br>**8,889**<br>**-**<br>**-**<br>**1,378**<br>**400,707**<br>**-**<br>**177,598**<br>**158,043**<br>**24,584**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**2,221,955**<br>**-**<br>**571**<br>**-**<br>**-**<br>**-**<br>**-**|
|---|---|---|---|---|
|||||**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_ 


W: ashden.org 

T: 020 7410 0330 E: info@ashden.org 

Ashden, The Peak, 3rd Floor, 5 Wilton Road, London, SW1V 1AP 

All content © 2025 Ashden. Registered in England and Wales as a company limited by guarantee No: 05062574. 

Registered charity No: 1104153