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
adVan￿d 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 COnferen￿S, 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 prede￿s8Or 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 ReSoU￿s.
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 fa￿S 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 Ca￿led 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 Un￿rtaIntieS 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 2￿6 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 inCu￿ed 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 non￿Can￿lIab1e 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