THE GLOBAL WARMING POLICY FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2024
THE GLOBAL WARMING POLICY FOUNDATION I N DEX Year ended 30 September 2024 Page General information Chairman's statement Trustees, annual report Report of the Director Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial ststsments 10
THE GLOBAL WARMING POLICY FOUNDATION GENERAL INFORMA TION Year ended 30 September 2024 Charity Registration number 1131448 Company number 06962749 Directors and Trustees Dr Jerome Booth {Chairmanl Mr Terence Mordaunl (resigned on 30 August 2024) Judith Allison Pearson Anthony John Abbott AC Michael John Cole The Rl Hon Lord Frost CMG PC (resigned on 8 December 2024) Mrs Kathryn Gyngell (resigned on 30 September 20241 Professor Michael Kelly FRS FREng Graham Stringer MP Professor Fritz Vahrenholt Joseph Oliver {appointed 16 May 2024) Honorary Treasurer Martin Bralsford FCA Founder The Late The Rl Hon The Lord Lawson The Director Dr Benny Peiser Registered office 55 Tufton Street Weslminster London SW1P 3QL Independent examiner Suzanne Rose ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1 LS Bankers Barclays Bank PIC 1 Churchill Place London E14 5HP Legal advisers Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Darbys Solicitors LLP 52 New Inn Hall Street Oxford OX12DN
THE GLOBAL WARMING POLICY FOUNDATION CHAIRMAN'S ST A TEMENT Year ended 30 September 2024 l am pleased to present the report and accounts for the year 202312024. The Foundation continues in tts efforts lo fosler debale on global wamiing policy issues. largely through the commissioning of research and reports on relevant topics. The political mood on energy policy is changing. Many more people are questioning the affordability and deliverabilty of climate policy goals. They are also questioning the rationale of significant economic self- sacrtfice when increased C02 emissions from China and others swamp global reductions many times over. Impoverishment and job losses are evidently being caused by Net Zero energy policies, and for no gain. Moreover, the bulk of the pain of such policies is being paid by those least able to afford it, both in adVand economies where most if not all significant green policies are regressive, and in those developing countries where such policies are also adopted or imposed. As with lockdown during the COVID epidemic, it is apparent that major policy errors have resulted from groupthink in government and society- It may seem inconceivable that such extremely damaging policy ourses could be possible. but an examination of human psychology and hislory tells a different story. Hundreds of millions of people can indeed believe nonsense - nonsense which available evidence and critical thinking can and does reject. Yet critical thinking and constructive challenge are all too absent in numerous institutions. especially central government and mainstream media. No great conspiracy is required for such a state, though a rigorous disciplining of the groupthink to exclude allernalive views is. This is why lack of effeclive challenge through the closing down of debale is a common factor indicative of mass groupthink. Hence the Importan of GWPF'S work. Our role is to create debate where there is none,. to be ready wtth new ideas when governments and electorates are willing to listen. l am confident the Foundation is fulfilling its charitable objectives, and in so doing facilitates the creation and dissemination of factual and analytical materials to the public benefft. As the public mood changes our ability to influence is expected to grow. Consequently, with the help received from new and existing donors. we hope lo grow our activities in the year ahead. It would be good to expand our work.. host a number of COnferenS, hold more public lectures. and perhaps even expand our work into schools. I wish to thank all the staff of the GWPF for Iheir hard work throughout the year. In particular l extend my thanks to all our donors, most of whom are individuals, who make our work possible and whose anonymity we continue to uphold in accordance with our Memorandum & Articles and their wishes. We will miss Lord Fellowes. one of GWPF'S founders, who died during the year. Thanks also to Terence Mordaunt. my predes8Or as Chaimian and a huge sUPPOrt lo the Foundation from its inception, and to Kathy Gyngell, who both left the Board during the year. We welcome Joe Oliver to the Board. Joe was Canadian Minister of Finance and also Minister of Natural ReSoUs. DR JEROME BOOTH Chairman
THE GLOBAL WARMING POLICY FOUNDATION TRUSTEES ANNUAL REPOR T Year ended 30 September 2024 Creation The Global Wamiing Policy Foundationllhe Foundation.) was incorporaled as a company limited by guarantee with no share capital. The Foundation is registered as a charity under reference 1131448. Details of company number and registered office are set out on page 2. Goveming instrument The goveming instruments are the Memorandum and Articles of Association. Objects The Global Waming Policy Foundation is an educational charty. Its main purpose is to advance the public understanding of global warming and of its possible consequences, and also of the measures taken or proposed to be taken in response to such wamiing. Public benefft The Trustees, having regard to the Public Benefit guidance published by the Charity Commission in accordance with section 4 of the Charities Act 2006, consider that the purpose and actniities of the Foundation satisfy the requirements of the public benefft test set out in section 3 of the same act. Protocol for the Acceptance of Gifts The Trustees are satisfied that the self-denying Ordinan contained in the Protocol for the Acceptance of Gifts laid down at the first meeting of the Board of Trustees to ensure the Foundation's Independen from energy interests is being strictly observed. Directors and TTUStees The names of the directors who have served during the year are set out on page 2. The directors of the charitable company (the charity} are its Trustees for the purpose of charty law and throughout this report are collectivety referred to as the Trustees. The Trustees have control of the propety and funds of the charity. The subscribers to the Memorandum, being Professor Michael Kelly. Ms Kathryn Gyngell (resigned 30 September 20241. Graham Stringer MP, Mr Terence Mordaunt (resigned 30 August 20241, and Dr Jerome Booth, may serve as Truslees indefinitely. There should be at least three and not more Ihan fourteen Trustees other than the founder. Trustees shall hold Offi for a pertod of three years, bul may be reappointed as Trustee. provided Ihat they do not act for more Ihan Iwo consecutive tems of office without the prior written consent of the Chairman. Trustees may be appointed by ordinary resolLrtion of the members. At least three Trustee meetings must be held each year, during which a quorum is at least Trustees lor 50 /0 of Ihe members if greater). Oryanisational structure The Foundation has established a Remuneralion Committee to oversee matters conceming employees and salaries. The members of the Remuneration Committee being Professor Michael Kelly, Ms Kathryn Gyngell (resigned 30 September 20241, Graham Stringer MP, Mr Terence Mordaunt {resigned 30 August 2024) and Dr Jerome Booth. Recommendations are put foNRrd to Ihe Trustees at Trustee meetings. Risk The Trustees have formally considered the major risks to which the charity is exposed. These will be regularly monrlored and all necessary steps laken to mthgate Ihem.
THE GLOBAL WARMING POLICY FOUNDATION TRUSTEES Year anded 30 September 2024 Reserves In line with the guidance issued by the Charity Commission, the Trustees have reviewed the need for reserves. The Trustees seek to apply all income in pursuance of the stated objects of the Fund as soon as is reasonably prudent, but are conscious that until the ongoing level of donations and subscriptions is known, sufficient reseNes will be maintsined to cover at least one year's anticipated expenditure. The Trustees monitor the level of reserves held at each Trustees meeting. Connected charities There are no connected charities. Flnanclal revlew During the year income totalled £275,35912023 - £279,925), as set oui on page 8. In accordance with the reserves policy stated above, resetves of unrestricted income funds amounting to £569,55012023 - £719,736) are being held until required. Financial ststements Accounts are set out on pages 8 to 14. They have been drawn up in compliance with the Companies Act 2006 the relevanl provisions of Ihe Charilies Acl 2011 and the recommendations of the revised Statement of Recommended Praclice: Accounting and Reporting by Charities (FRS 1021. issued by the Charity Commissioner for England and Wales ISORP FRS 102 - effectwe 1 January 20191. Audit exemption and special provisions The Trustees have taken advantage of the exemption from audtt conferred by Section 477 of the Companies Act 2006 and the accounts for the year are unaudited. This report is prepared in accordan with the Slatement of Recommended Practice.. Accounting and Reporting by Charities ISORP FRS 102 - effective 1 January 2019) and the provisions applicable to companies subject to the small companies regime in Part 15 of the Companies Act 2006. On behalf of the Trustees DR JEROME BOOTH Chairman
THE GLOBAL WARMING POLICY FOUNDATION REPOR T OF THE DIRECTOR Year ended 30 Sopt•mber 2024 The last twelve months have been momentous for international climate and energy policy. As the rising cost of radical climate policies are hitting households and businesses ever harder, a growing public backlash is forcing govemments across Europe to water down. delay and roll back their Nel Zero plans. Europe's Net Zero plans are in disarray as the continent faces a severe economic crisis and political backlash. For the first time in 30 years, there has been an official acknowledgement that the Eu's unilateral climate policies have led to dramatic economic stsgnation and a decline in inlemational competitiveness. In the United States, Donald Trump's election victory is likely to lead to radical changes to climate and energy policy. Farmers have been on the march in France, Germany. Italy, Spain, Poland, Romania, Bulgaria, Belgium, and the Nethedands. Parties that oppose Net Zero plans have significantly increased their representalion in the European Parliament. Surveys in most European countries show that climate is no longer a core issue for most voters. Instead. Ihe cost of living, the cost of energy. the cost of Net Zero and national security concerns have become top priorities for most volers. As a result, the EU is shifting its spending priortties from Net Zero to investing in defence. as Ihe bloc faS a public backlash over the cost of Net Zero and grapples with Russia's war in Ukraine. The UK. which started and set off the Industrial Revolution. has become the leader of its reversal. In September, Britain's last remaining coal-fired power station tumed off its turbines. The sleelworks at Port Talbot closed its last coal-powered blast furna, costing 2,800 jobs. It was also announced that Grangemouth, Scotland's only oil refinery. is to close by the summer of next year. with the loss of 400 jobs. Britain's induslrial electricity prices are now the highest in the wodd. In Europe, a once-proud and world-leading car industry has found ilself on its knees, struggling to be competitive in producing electric vehicles, while at the same time supporting mandatory tsrgets for their use. Sir Kier Stsmier was one of the only majorwortd leaders to attend the COP29 summit which saw increasingly fractious wrangling between developed and developing countries over climate funding. It is highly unlikely that the $300 billion in annual funding will ever materialise unless and until China and other emerging nations abandon their'developing nation, status. The Foundation continues to be one of the worfd's leading educational charities promoting and encouraging research, scrutiny and debate on the costs and benefits of climate policies, both in the UK and inlemationally. In the last twelve months we have published more than a dozen papers and reports. Joe Olrver. former finance and resources minister of Canada, joined the Board of Trustees of the Global Wamiing Policy Foundation IGWPF}. Harry Wilkinson, the GWPF'S Head of Policy, was interviewed on numerous occasions by GB News. Talk TV, Sky and the BBC throughout the year. GWPF director Benny Peiser. gave public lectures on the state of UK and intemational climate policies in Ihe US. Canada. Sweden, Holland and Switzerland. Dr John Carrjoined the GWPF'S Academic Advisory Council. The 2024 Annual GWPF Lecture was delivered by Professor Judith Cury on the issue of Climate Uncertainty and Risk. DR BENNY PEISER Director
THE GLOBAL WARMING POLICY FOUNDATION INDEPENDENT EXAMINER'S REPOR T Year ended 30 September 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GLOBAL WARMING POLICY FOUNDATION I report to the Trustees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibllities and basls of report As the charity Trustees of the Company (and also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). You are satisfied that an audit is not required for this year under charity or company law and that an independent examination is needed. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Acl and are eligible lor independent examination, I report in respect of my examination of your charity's accounts as Caled out under section 145 ofthe Charities Acl 2011 {'the 2011 Act.). In carying out my examination I have followed the Directions given by The Charity Commission under section 145(51(bl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audil goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the accounts present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent examinerfs statement l am qualified to undertake the examination by being a qualified member of the Insttlute of Chartered Accountants in England and Wales. I have completed my examination. I confirm Ihal no material matters have come lo my attention in connedion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Acl., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihal the accounls gtve a 'true and fair view. which is not a matter considered as part of an independenl examination., or 4. the accounts have not been prepared in accordance with the melhods and principles of the Statement of Recommended Praclice for accounting and reporttng by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102). I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. SUZANNE ROSE ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1 LS
THE GLOBAL WARMING POLICY FOUNDATION ST A TEMENT OF FINANCIAL ACTIVITIES Year ended 30 September 2024 Unrestricted Unrestricted Funds Funds 2024 2023 Note Income and endowments from: Income- book sales Donations and legacies - membership fees Donations and legacies - donations Investment income - interest receivable Other income- Glft Aid 1,474 10,666 215,204 15.343 32.672 9,921 201,195 7,666 61, 143 Total income and endowments 275,359 279,925 Expenditure on: Charitable activities 425,545 432,504 Total expenditure Net (expenditure)lincome 425,545 432,504 (152,579) 1150.186) Net movement in funds for the year Total funds brought forward Total funds carried forward (150.186) 719.736 (Y52,579) 872,315 569,550 719,736 All amounts are in respect of continuing operations.
THE GLOBAL WARMING POLICY FOUNDATION Company number. 06962749 BALANCE SHEET At 30 September 2024 Note 2024 2023 Flxed assets Tangible fixed assets 1,521 1.521 1,661 1,661 Current assets Debtors Cash at bank and in hand 45,158 597,507 43,434 735, 164 642,665 778,598 Creditors: amounts falling due viithin one year Other credrtors Accrued expenses and deferred income 67,635 7,001 53,258 7,265 60,523 718,075 719. 736 74,636 Net Current assets 568,029 Total net assets 569,550 Represenled by.. Unrestricted funds 569.550 719,736 Trustees, statement For the year ended 30 September 2024. the Foundation was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the Foundation to obtain an audit of its accounts forthe year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordan wtth the provisions applicable to companies subject to the small companies regime in Part 15 ofthe Companies Act 2006. The financial statements on pages 8 to 14 were approved by the Trustees on I signed on their behalf by.. Lx*94 2025 and DR JEROME BOOTH Chairman
THE GLOBAL WARMING POLICY FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 30 September 2024 General infomiation The Global Waming Policy Foundation is a company limtted by guarantee with no share capttal incorporaled in England and Wales. The address of the registered office is: 55 Tufton Street Weslminster London SW1P 3QL Accounting policies Basis of preparation and assessment of going concern The financial statements have been prepared in accordance wtth applicable accounting standards, the Statement of Recommended Practice 'Accounting and reporting Charities. applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP FRS 1021 (effective 1 January 2019) and the Charities Act 2011. The particular accounting policies adopled are described below. The Foundation constitutes a public benefrt entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaclion value unless otherwise stated in the relevant accounting policy note. The Trustees consider that there are no material UnrtaIntieS about the Foundation's ability to continue as a going concem. The financial slatements are presented in Sterling which is the financial currency of the Foundation and rounded to the nearest £. The Foundation was enlitled to exemption from Ihe requirement to prepare group accounts under section 399 of the Companies Act 26 relating lo small companies and the Charities Act 2011. Cash flow The financial statements do not include a cash flow statement because the charty, as a small reporting entty. is exempt from the requirement to prepare such a statement under FRS 102. Income Membership fees a recognised in the Ststement of Financial Acliviiies in the period or periods to which they relate. Deferred income relates to annual membership fee not related to the period. All donations are recognised when the Foundation has entitlement lo the income, it is probable that the donalion wll be received. and the amount of donation can be measured reliably. Intsrest recewable is recognised in the period to which it relates. Expenditure and liabilities Liabiltties are recognised as soon as there is a legal or constructive obligation committing the Foundation to the expenditure. tl is probable that settlement will be required and the amount of the obligation can be measured reliably. Atl expenditure is accountsd for on an accruals basis, and is inclusive of irrecoverable VAT. Direct charitable expenditure Direct charitsble expenditure includes all expendf(ure incurred in pursuance of Ihe Charity's objectwe and relate to expenditure made under the Charity's criteria. 10
THE GLOBAL WARMING POLICY FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 30 September 2024 Accountlng pollcles (continued) Tangible assets Tangible assets are slated at cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Depreciation Depreciation is charged so as to write off the cost of assets over their estimated useful lives as frjllows.. Asset class Depreciation method and rate 20 /D Strarght line 33.33°A straight line Fixtures and frttings Computer equipment Charitable activities 2024 2023 Publications. publicty and printing Wages and salaries offi costs Other support costs Deprecialion Accountancy fees relating to independent examination 64,948 288.346 27.354 41,841 1,556 1.500 80,267 278,041 25,321 45.414 1,961 1,500 425,545 432,504 Analysis of governance costs included in Charitable activities 2024 2023 Accountancy fees relating to independent examinations other accountsncy fees Legal fees 1,500 12.906 11.279 1.500 10,545 22.938 25,685 34,983 11
THE GLOBAL WARMING POLICY FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 30 September 2024 Charitsble activities (continued) Analysis of other support costs 2024 2023 Other accountancy fees Legal fees WebsÉte costs Subscriptions Bank charges Insuran 12.906 11,279 9,205 7,445 291 715 10,545 22, 938 9,452 1,883 318 278 41.841 45,414 Analysis of wages and salaries 2024 2023 Wages and salaries Social security Defined contribution pension schemes other 248.371 32,985 6,470 520 234, 804 36, 821 6,373 43 288,346 278,041 The average number of employees during the year was four (2023 - four). One employee received employee benefrts for the year of more than £60,000 (2023- one). Tangible fixed assets Fixtures & rittings Cornputer equipment Total Cost At 1 October 2023 Additions 4,133 172 21,042 1.245 25.175 1,417 At 30 Seplember 2024 4.305 22,287 26,592 Depreciation At 1 October 2023 Charge forthe year At 30 September 2024 Net book value 3,668 200 19,847 1.356 23,515 1,556 3.868 21.203 25,071 At 30 September 2024 437 1,084 1,521 At 30 September 2023 465 1.196 1.661 12
THE GLOBAL WARMING POLICY FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 30 September 2024 Investments Net Zero Watch, a company limtted by guarantee, was a wholly owned subsidiary of the Foundation until 30 August 2024. when the company ceased to be a subsidiary. Debtors 2024 2023 Other debtors Prepayments and accrued income 4.453 40,705 33,811 9.623 45,158 43,434 Accrued expenses and deferred income 2024 2023 Accruals Deferred income 5,050 1,951 4,514 2,751 7,001 7,265 Trustees Trustees are not remunerated and there have been no trustee expenses (2023 - remuneration £nil. expenses £nil). Related party During the year, The Global Warming Policy Foundation inCued expenses of£79,713 (2023- £87.656) on behalf of its fonner subsidiary, Net Zero Watch Limited, and received payments of £89,11012023- £127.774). At the balance sheet date, Net Zero Watch Limited is no longer a related paty. The amount due to Net Zero Watch Limited was £49.51512023- £40,118) and is included in other GTedttors. The amount due is unsecured, interest free and repayable on demand. The fully allocated shared expenses are closely monitored, invoiced to Net Zero Watch Limited at the end of each quarter and promptly settled Ihereafter. 10. Tax The compary does not have any taxable sources of income and is therefore tax exempt. 13
THE GLOBAL WARMING POLICY FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 30 September 2024 11. Guarantees and other financial commitments Operating lease commitments As at 30 September 2024 the company had totsl commitments under nonCanlIab1e operating leases as follows: 30 September 2024 September 2023 Not later than one year Laler than one year and not later than five years 33,390 71,628 33,390 4,940 Total lease payments included in the Statement of Financial ActNtties in the year were £19,478 (2023- £16,695). 12. Control The company is controlled by its Trustees. 14