2021-06-30-accounts - The 10:10 Foundation

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Trustees’ report and audited financial statements for the year ended

30 June 2021

Possible is the operating name of The 10:10 Foundation, registration number 1157363.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Registered and 8 Delancey Passage operating office London NW1 7NN

Trustees

Colin Baines Nicola Clegg Julian Cunningham Catriona Currie Simon Erskine, Treasurer Richard Furniss Carly McLachlan, Chair Paula Owen Tom Saunders Georgina Stevens (resigned 1/10/20)

* denotes members of the Finance and Fundraising Committee

Auditors

Goldwins Limited 75 Maygrove Road London NW6 2EG

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Introduction and objectives

The 10:10 Foundation (operating as Possible) is a charitable incorporated organisation (CIO) registered with the Charity Commission on 6 June 2014. Registration number 1157363.

The objects of Possible are:

To promote sustainable development for the benefit of the public by the preservation, conservation and protection of the environment and the prudent use of resources; and
To advance the education of the public in subjects relating to sustainable development and the protection, enhancement, and rehabilitation of the environment.

"sustainable development" means "development which meets the needs of the present without compromising the ability of future generations to meet their own needs".

Climate change developments

2020 and 2021 saw the pandemic continue to top public concerns, and responses to it dominate political agendas and profoundly reshape economies. And yet, fears that this could eclipse the climate crisis and detract from appetite to tackle it have, thankfully, proven unfounded.

Three main factors have conspired to maintain momentum on climate action even in the teeth of the unprecedented disruption caused by Covid-19. The first is that we have unmistakably entered the age of consequences. The unprecedented “heat dome” over North America and shock flooding in Germany each cost hundreds of lives. Whilst poorer nations more exposed to the direct impacts of increases in extreme weather events have been suffering such incidents for years, the reality that even the world’s wealthiest countries are not immune has at last begun to hit home. Flash flooding on a smaller scale still led to New York and London declaring states of emergency, inundating streets, subways and thousands of expensive properties in some of the richest neighbourhoods in the world. These are the places where global power is concentrated, rudely awakening global elites to the unfolding climate emergency - sometimes in their own homes. Climate now ranks as the

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

number two public concern in Germany, and has reached a record high in the UK, with 85% concerned and 52% ‘very concerned’.

The second factor is that the overwhelming and deadly effects of the covid pandemic have exploded the comforting myth of the constancy of the status quo, forcibly reminding us all that the edifice of human civilization is not eternal and unassailable but contingent and vulnerable. This puts a very new complexion on the climate threat for those in the west who have been accustomed to comfort and stability.

The third factor is the scale and pace of change to our economies and ways of life wrought by the pandemic itself, as well as the rediscovery of political horizons that had long been concealed from view by the ‘end of history’ narrative. Massive state intervention in economies in response to crisis is no longer merely a historical or hypothetical possibility, it is now an ongoing lived experience almost everywhere in the world, impossible to repudiate.

Meanwhile, behaviours and activities we had taken for granted as essential and impossible to change - like frequent international business travel - turn out to be things we can, for the most part, easily live without; analysts predict business flights will never recover to pre-pandemic levels. Patterns of work, leisure and consumption have all been transfigured, rendering past projections of future demand for travel and energy obsolete.

This turbulence has unfrozen the old certainties that governed our lives, and opened a window to change - which Possible is helping more and more people to climb through.

In the UK, keeping climate in focus has also been helped by the rescheduling of the COP26 UN climate summit, which will take place in this new, alien political and social landscape the pandemic has landed us in.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Our vision, mission, and theory of change

Our vision

A zero-carbon society built by and for the people of the UK.

Our mission

Inspiring people in the UK to take the action the climate crisis demands.

Our theory of change

At Possible, we know we need to tackle climate change, and we need to move fast.

The sheer scale of action required means it will touch everyone’s lives. If we are going to move at the speed required - and if we are going to ensure the new world we build is a fair one - people and communities have to be involved. Politicians, corporations, and other established institutions will have to play a key role too, but they will only move fast enough once they know their constituents and customers are on board.

The climate movement must be a mass movement, or it simply won’t achieve its aims. For that to happen:

There must be lots of different, accessible opportunities for people to take part - including brand new ways of doing things.
People must know about these opportunities.
These opportunities must be seen as appealing to a diverse range of people.

To get help us all get there, Possible works to be:

Storytellers : We tell stories about some of the most inspiring people taking action on climate change. We present climate action as accessible, appealing and inviting, something you want to be part of (not just something you feel you have to do).
Innovators : We bring whole new ways to tackle climate change to life, and trail new ways for people to participate in them too.
Movement builders : We help people work together in collective endeavours, connecting communities and technologies to bring new ideas to life, ensuring separate pockets of climate action are more than the sum of their parts and building capacity in those taking action.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Structure, governance, and management

The 10:10 Foundation, operating as Possible, is a charitable incorporated organisation (CIO)and its governing document is its constitution and the only voting members are the trustees.

The Board of Trustees meets quarterly, as does its Finance and Fundraising Committee which scrutinises these areas and makes recommendations to the Board.

The trustees have delegated the day to day management of the CIO to a senior management team consisting of four directors, one of whom is nominated to be the lead director for a limited period.

Our team

The team behind Possible includes a small but highly dedicated and skilled group of campaigners, fundraisers, operational staff and communications professionals.

We are run by a team of directors rather than one single CEO, and we’re committed to reducing hierarchy wherever possible. Our campaign development process is designed so everyone can pitch an idea for a project and work with others to develop it into a fully formed plan. Mirroring our approach to action on climate change, we know the best ideas do not just come from the top down.

We are committed to our organisational culture, treating it as a project we work continuously on alongside all of our other work. Staff benefits such as flexible working policies and paid volunteering leave are designed to attract the sort of creative, committed people we need for a mission-led organisation but also ensure they will not get burnt out.

We are proud to be a London living wage employer and are committed to removing barriers to work in environmental charities wherever possible.

Covid-19 impact

The COVID-19 pandemic continued to affect our work despite some relaxation in lockdown restrictions in the latter part of the year. We took the appropriate measures to mitigate the effects of COVID-19, such as social distancing, working from home and using digital solutions where appropriate to continue our activities.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Self-isolation and lockdown led to planned volunteer and community activities being cancelled or postponed. While supporter events and meetings are an important element of our delivery strategy, they make up a small proportion of our income and increasing use of digital media and applications helped to fill the gaps that the cessation of physical gatherings has left.

Looking ahead as vaccination rates increase and restrictions are lifted, we are working towards a phased return to the office. We will continue to follow government policies and advice and, in parallel, we will do our utmost to continue our operations in the best and safest way possible without jeopardising the health of our staff. Financial viability and sustainability remain a key focus for trustees and management.

Review of our work in 2020/21

Possible’s work is divided into five key challenges:

Cleaning up energy.
Working with nature.
Changing how we travel.
Changing what we eat and buy.
Talking about climate change.

Under each challenge we run more specific ‘missions’ which bring the issue to life and provide different ways the UK public can contribute to change. The beginning of our 20/21 financial year took place in the context of ongoing significant social and economic disruption due to the coronavirus pandemic, meaning much of our work could not proceed as originally planned - either in substance, timing, or both. Wherever possible we pivoted our plans to respond to opportunities or challenges presented by unfolding events.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Energy - achieving zero carbon power and zero carbon buildings.

Highlights

Development of a public facing campaign to raise the profile and understanding of heat pumps as the main solution to cleaning up the way we heat our homes in the UK.
Researched the scope for community owned onshore wind projects to power local hospitals, with surpluses reinvested in local fuel poverty alleviation interventions.
Our joint venture green tech start-up, Riding Sunbeams, secured funding and planning consent for our first full-scale community solar rail project, a ~4MW site in East Sussex being delivered in partnership with local group Cuckmere Community Solar, which will connect directly to the DC traction system on the Lewes to Eastbourne section of the East Coastway Line.

Our projects


Projects	Partners	Funders

Clean home heat	Glimpse	European Climate Foundation

Riding Sunbeams	Community Energy South, Network Rail, Ricardo Energy & Environment, Horizon Power & Energy, Cuckmere Community Solar, Thrive Renewables	InnovateUK RSSB Friends Provident Foundation Ministry for Housing & Local Government

Onshore wind	Power for People	Patagonia; Supporters

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Nature - Working with the natural world so that it can lock up carbon and build defences against climate impacts.

Highlights

Our extensive planned tree and hedge planting work had to be delayed to the 21/22 planting season in order to accommodate travel restrictions and social distancing rules.
Instead, we delivered online tree planting activities and a planting guide to help people take practical action on climate change in their own communities, by planting trees that store carbon. Almost 850 people interacted with us as part of this programme.

Our projects


Projects	Partners	Funders

Tree planting guide and online activities		The Times appeal

Travel - Swapping cars for public transport and active travel, planes for trains - and electrifying everything.

Highlights

We recruited a new eight person Car Free Cities team, to lead a large programme of work across six cities, including Paris and New York.
Local campaigners in Leeds, London, Birmingham and Bristol delivered projects including:
Parklets - reclaiming kerbside space from parked cars for social use
Traffic filter surveys - doorstep surveys to understand local attitudes towards established traffic filters and low traffic neighbourhoods
Car Free Megacities, an international project spanning London New York and Paris, began in March 2021, including:

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Launch event attended by 180 people across three time zones
Name Our Lanes - a competition to name London’s cycleways, which attracted 5,000 votes.
over 20 press mentions covering six new research reports, working with the Active Travel Academy
Launched Stride and Ride, a public pledge to switch to active travel after lockdown lifted in UK towns and cities. 7,000 people participated.
Our Climate Perks sustainable holiday travel employee benefit scheme was officially paused in early autumn 2020 due to the ongoing hiatus in aviation. We plan to relaunch in January 2022.
Our planned Frequent Flyer Levy campaign was delayed, due to commence in September 2021. However, funds available for the campaign were repurposed to undertake new research to support the campaign.
We partnered with the Centre for Sustainable Road Freight to add public communications expertise to the effort to build the UK’s first scale trial of an electric motorway.

Our projects


Projects	Partners	Funders

Car Free Cities	Active Travel Academy University of the West of England UK100 Living Streets	QCF

Car Free Megacities	Active Travel Academy New Weather Institute Paris Sans Voitures Doug Gordon, New York	KR Foundation

Stride and Ride	Glimpse	QCF

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021


Climate Perks	Glimpse	Foundation for Integrated Transport QCF

Frequent Flyer Levy	Survation Autonomy	Foundation for Integrated Transport QCF

E-motorways	Centre for Sustainable Road Freight	ECF

Talking - Breaking the climate silence and empowering everyone to understand the crisis we face.

Highlights

Designed, crowdfunded and distributed the second, international, version of Carbon City Zero, one of the first climate change board games in the world.
Hosted an online Climate Cabaret, creating a new space for artistic exploration of the climate crisis and selling 280 tickets.
Talking is also a part of all of our campaigns and projects as we believe everything we do should be designed to inspire discussion.

Our projects


Projects	Partners	Funders

Carbon City Zero International	Manchester Metropolitan University	Core, The Times appeal, Kickstarter

Climate Cabaret	10 performance artists,	The Times appeal

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Eat & buy - Switching to plant heavy diets, ending waste, and learning to love living with less.

Highlights

We launched our new 'Badvertising' campaign - against advertising for high carbon products - with new research into SUV adverts, which was covered by BBC Radio 4, The Guardian and other media outlets.
Our Climate Cook-in in July saw 90 people host planet friendly dinners for over 400 guests, raising over £500.

Our projects


Projects	Partners	Funders

Badvertising	New Weather Institute, Ad-Free Cities	KR Foundation

Climate Cook-in		Core

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Financial review

Income for the year was £871,498 (2020: £1,485,361) significantly lower compared to the previous year due to a decrease in unrestricted income and lower restricted income as a result of timing differences. Income for 2019/20 included grants of £630,000 relating to the Car Free Cities campaigns which began in the current period.

Expenditure for the year increased by 44% to £1,096,207 (2020: £763,018) reflecting an increase in headcount and direct expenditure as we started delivery of two major campaigns to end car dominance in towns and cities. Expenditure for the year includes costs of £35,654 incurred to develop our digital mobilisation and antioppression strategy.

The deficit on Unrestricted Funds for the year was £91,220 reflecting lower income and a provision for irrecoverable debts of £28,482. Unrestricted reserves ended the year at £149,971 and were within our reserves policy. The reserves policy aims to maintain reserves within a range of 4-8 months of unrestricted expenditure.

Principal risks and uncertainties

The Trustees have identified the principal risks and uncertainties to which the charity is exposed. They are monitored by the Management Team under the headings of: Strategic objectives, Sustainability, Compliance, and Reputation. These are reported twice a year at board meetings, along with any operational risks that have occurred in that time, and corrective action agreed.

Given the context within which Possible works, the principal risks are:

COVID -19: Possible continued to take the necessary measures to mitigate the immediate risks of Covid-19 and the situation continues to be monitored. Plans are in place to transition back to the office and normal operations as the restrictions are lifted.

Lack of regular donations: The charity aims to maintain unrestricted reserves sufficient to cover at least four months of unrestricted expenses. Annual budgets are set within a longer-term financial model to ensure that plans are sustainable. Management accounts and a pipeline of future funding are reviewed quarterly by the Finance & Fundraising Committee prior to each board meeting.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Impact of our work: The nature of our work on climate change makes it inherently difficult to quantify the impact of our work. Each project is measured against agreed strategic objectives within an overall strategic plan and progress reports are made to each board meeting as well as to donors.

Outlook for 21/22

We will continue to deliver our two major multiyear campaigns for Car Free Cities. With Covid restriction lifting we will relaunch our projects on hedge and tree planting, Climate Perks and begin work on our three-year partnership with the Centre for Climate Change and Social Transformations (CAST), helping design and test successful strategies for behaviour change in line with keeping to below 1.5º C global warming.

Alongside our confirmed work, we will develop proposals and seek funding to deliver further projects in line with our strategic challenges, in particular relating to onshore wind, domestic heat decarbonisation and intercity transport.

We will also be seeking further investment in our joint venture with Riding Sunbeams to manage and commercialise the innovations developed to allow energy from solar arrays to be fed directly into electrified railways.

Organisational growth and development

A major delivery in 2021/22 will be the development of our new three year strategy with input from our whole staff team, our key partners and the board of trustees.

Over the past year our staff team has doubled in size and we have invested in operations expertise and capacity to support this growth. We will continue to invest in our people and infrastructure to ensure that this growth is sustainable and our staff team well supported. We will implement our anti-oppression strategy which we developed in the last year to ensure we are a truly anti-oppressive organisation that is welcoming and supportive of demographics under-represented in the environmental sector, and those most likely to suffer environmental and social injustice.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

Trustees and their responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 charity and of the income and expenditure of the charity 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 Statement of Recommended Practice;
Make judgments and accounting estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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 maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE 10:10 FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021

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

This report was approved by the Trustees on 16 November 2021 and signed on their behalf by:

Carly McLachlan - Chair

Independent auditor’s report to the trustees of 10:10 Foundation CIO

Opinion

We have audited the financial statements of 10:10 Foundation (CIO) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Charity’s affairs as at 30 June 2021 and of 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 Charities Act 2011.

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 Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs 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 the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Independent auditor’s report to the trustees of 10:10 Foundation CIO

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and 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 Charities Act 2011 requires us to report to you if, in our opinion:

sufficient accounting records have not been kept;
the financial statements are not in agreement with the accounting records and returns; or
we have not obtained all the information and explanations necessary for the purposes of our audit.

Independent auditor’s report to the trustees of 10:10 Foundation CIO

Responsibilities of the trustees

As explained more fully in the trusteesʼ responsibilities statement, the trustees 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 they 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Our 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 auditorʼs 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.

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, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures:
We inspected the minutes of meetings of those charged with governance.
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.

Independent auditor’s report to the trustees of 10:10 Foundation CIO

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at:

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorʼs report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

19/11/2021

Goldwins Limited

Statutory Auditor Chartered Accountants

75 Maygrove Road

West Hampstead London NW6 2EG

The 10:10 Foundation Statement of financial activities

(incorporating an income and expenditure account) For the year ended 30 June 2021

Unrestricted funds £ 342,901 - - 727 4,612	Restricted funds £ 468,024 29,380 25,854 - -	2020 Total funds £ 1,317,862 144,869 - 992 21,638
348,240	523,258	1,485,361
183,411 46,441 31,273 108,998 39,295 30,042	- 45,651 13,825 492,542 48,988 55,741	183,587 207,543 80,433 165,813 83,492 42,150
439,460	656,747	763,018
- (91,220)	- (133,489)	(3,000) 722,343
(91,220) -	(133,489) -	719,343
(91,220) 241,191	(133,489) 823,692	719,343 345,540
149,971	690,203	1,064,883

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

The 10:10 Foundation Balance sheet As at 30 June 2021

2021 £ 100,284 317,430	2021 £ 6,724 511,734	2020 £ 75,255 540,062	2020 £ 2,455 511,304
	518,458 321,716		513,759 551,124
417,714 (95,998)		615,317 (64,193)
149,971		241,191
	840,174		1,064,883
	690,203 149,971		823,692 241,191

	840,174		1,064,883

The financial statements were approved and authorised for issue by the Trustees on 16 November 2021 and signed on their behalf by:

Carly McLachlan Chair

The attached notes form part of the financial statements.

The 10:10 Foundation Statement of cash flows For the year ended 30 June 2021

Note 2021 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 16 Cash flows from investing activities: Interest/ rent/ dividends from investments 727 Sale/ (purchase) of fixed assets (5,860) Sale/ (purchase) of investments (430) Cash provided by / (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 17	Note 2021 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 16 Cash flows from investing activities: Interest/ rent/ dividends from investments 727 Sale/ (purchase) of fixed assets (5,860) Sale/ (purchase) of investments (430) Cash provided by / (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 17	2021 £ (217,069) (5,563)	2020 £ 992 (1,850) (397,000)	2020 £ 758,643 (397,858)

		(222,632) 540,062		360,785 179,277
		317,430		540,062

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

1 Accounting policies

a) 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 - effective 1 January 2019) - (Charities SORP FRS 102).

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Charities SORP FRS 102 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 (SORP 2005) which has since been withdrawn.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. 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.

c) 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 been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

d) Donatio

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.

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.

e) 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.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

g) 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:

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

1 Accounting policies (continued)

Costs of raising funds comprise of trading costs and 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 activities undertaken to further the purposes of the charity and their associated support costs.

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.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities or fundraising. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charitable programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 5.

i) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures	25%
Computer	25%

k) Unlisted investments

Investments in community energy companies and in Riding Sunbeams Apollo Ltd are held as part of the charity's charitable activities. They are valued at their cost price which is not considered to be materially different from their fair value at the year end.

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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

p) Pensions

The charity makes contributions to the personal pension schemes of employees based on a percentage of salary.

q) Investm

Investments in joint ventures and associated companies are stated at cost less accumulated impairment losses in the Company’s balance sheet. On disposal of investments in joint ventures and associated companies, the difference between net disposal proceeds and the carrying amount of the investment is taken to the income statement.

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

2 Income from donations and legacies

Trusts and foundations Corporate Individuals	£ 202,243 2,000 138,658 342,901 Unrestricted	£ 451,296 7,000 9,728 468,024 Restricted	2021 Total £ 653,539 9,000 148,386 810,925	2020 Total £ 1,146,117 22,042 149,703
				1,317,862

Unrestricted income includes £24,965 (2020: £41,675) received from the Joseph Rowntree Charitable Trust, £50,000 (2020: £112,500) from the Esmee Fairbairn Foundation, and Nil (2020: £75,000) from the Generation Foundation.

Income from donations and legacies (prior year) Unrestricted Restricted £ £ Trusts and foundations 261,675 884,442 Corporate 21,970 72 Individuals 137,527 12,176 421,172 896,690 Income from charitable activities Unrestricted £ £ Energy NESTA - 10,480 Riding Sunbeams - 18,900 UKERC - - Talking Individuals - 25,854 Total income from charitable activities - 55,234 All income from charitable activities in 2020 was restricted. Income from investments Unrestricted £ £ Bank interest 85 - Dividend income 642 - 727 - Restricted Restricted	2020 Total £ 1,146,117 22,042 149,703 1,317,862 2021 Total £ 10,480 18,900 - 25,854 55,234 2021 Total £ 85 642 727	2019 Total £ 250,684 24,304 126,155
		401,143
		2020 Total £ 95,000 31,491 18,378 -
		144,869
		2020 Total £ 462 530
		992

3 Income from charitable activities

4 Income from investments

All income from investments in 2020 was unrestricted.

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

5 Analysis of expenditure

Analysis of expenditure
Basis of allocation Staff costs Direct Direct costs Direct Grants Direct Premises Administration Governance costs Support costs Headcount Governance costs Headcount Total expenditure 2021 Total expenditure 2020	£ 96,783 46,173 - - - - Cost of raising funds		Charitable activities				Support costs £ 110,963 - - 34,285 90,485 7,000	2021 Total £ 688,006 271,431 5,000 34,285 90,485 7,000	2020 Total £ 481,606 209,738 - 35,389 31,693 4,592
		Energy £ 45,957 14,165 5,000 - - -	Nature £ 30,075 1,538 - - - -	Travel £ 303,057 177,116 - - - -	Talking 43,587 31,211 - - - -	Eat & Buy 57,584 1,228 - - - -
	142,956 39,289 1,166	65,122 26,192 778	31,613 13,096 389	480,173 117,867 3,500	74,798 13,096 389	58,812 26,193 778	242,733 (235,733) (7,000)	1,096,207 - -	763,018 - -
	183,411	92,092	45,098	601,540	88,283	85,783	-	1,096,207	763,018
	183,587	207,543	80,433	165,813	83,492	42,150	-	763,018

Of the total expenditure, £439,460 (2020: £511,009) was unrestricted and £656,747 (2020: £252,009) was restricted.

Analysis of expenditure (prior year)

Comparative figures

£ 112,366 45,326 - - - - Cost of raising funds		Charitable activities	Charitable activities	Charitable activities		Support costs £ 47,013 - - 35,389 31,693 4,592	2020 Total £ 481,606 209,738 - 35,389 31,693 4,592	2019 Total £ 361,331 169,424 44,750 35,251 26,667 5,481
	Energy £ 101,403 79,165 - - - -	Nature £ 58,040 4,051 - - - -	Travel £ 84,732 57,344 - - - -	Talking 45,956 23,509 - - - -	Eat & Buy 32,096 343 - - - -
157,692 24,893 1,002	180,568 25,931 1,044	62,091 17,633 709	142,076 22,819 918	69,465 13,484 543	32,439 9,335 376	118,687 (114,095) (4,592)	763,018 - -	642,904 - -
183,587	207,543	80,433	165,813	83,492	42,150	-	763,018	642,904

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

6 Net income / (expenditure) for the year

Net income / (expenditure) for the year
This is stated after charging / (crediting):	2021	2020
	£	£
Operating lease rentals:
Property	26,000	26,000
Depreciation	1,591	407
Audit fees	6,000	6,000

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

Staff costs were as follows: Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes Other employee benefits	2021 £ 605,201 53,707 14,199 14,899	2020 £ 411,865 36,123 12,267 21,351
	688,006	481,606

No employee earned £60,000 or more (2020:Nil).

The total employee benefits including pension contributions of the key management personnel were £190,723 (2020: £189,984).

The charity trustees were not paid and did not receive any other benefits from employment with the Foundation in the year (2020: £nil). No trustees were reimbursed expenses during the year. (2020: £nil ). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Staff numbers

The average number of employees (Full Time Equivalent) employed during the year was as follows:

Raising funds Charitable activities Support	2021 No. 2.9 14.9 2.9	2020 No. 2.4 8.6 0.7
	20.7	11.7

The 10:10 Foundation Notes to the financial statements

For the year ended 30 June 2021

8 Taxation

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

9 Tangible fixed assets

Tangible fixed assets
Cost At the start of the year Additions in year Disposals in year At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal At the end of the year Net book value At the end of the year At the start of the year	£ 1,780 5,860 - Fixtures and fittings	£ 3,268 - - Computer equipment	Total £ 5,048 5,860 -
	7,640	3,268	10,908
	1,357 1,083 -	1,236 508 -	2,593 1,591 -
	2,440	1,744	4,184
	5,200	1,524	6,724
	423	2,032	2,455

All of the above assets are used for charitable purposes.

10 Investments

Investments
Investments at fair value: Unlisted investments Cash held on long term deposit Movements Market value at the start of the year Additions at cost Disposals at carrying value Market value at the end of the year Shares in Riding Sunbeams Apollo Ltd	2021 £ 11,304 430 500,000	2020 £ 11,304 500,000
	511,734	511,304
	511,304 430 -	114,304 400,000 (3,000)
	511,734	511,304

Social or mixed motive investments

Unlisted investments are in community energy companies and were bought as part of the charity's charitable activiities.

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

11 Debtors

Trade debtors Grants receivable Other debtors including accrued income Prepayments	2021 £ 3,108 61,231 19,000 16,945	2020 £ 71,193 - 2,323 1,739
	100,284	75,255

12 Creditors: amounts falling due within one year

Trade creditors Taxation and social security Other creditors Accruals	2021 £ 35,589 17,418 2,918 40,073	2020 £ 10,397 10,563 11,918 31,315
	95,998	64,193

13 Pension scheme

The charity operates a defined contribution pension scheme. The charity makes contributions to the personal pensions of its employees based on a percentage of salary.

14 Analysis of net assets between funds

Tangible fixed assets Investments Net current assets Net assets at the end of the year	General unrestricted £ 6,724 - 143,247	Designated £ - - -	Restricted £ - 511,734 178,469	Total funds £ 6,724 511,734 321,716
	149,971	-	690,203	840,174

Analysis of net assets between funds (prior year)

Tangible fixed assets Investments Net current assets Net assets at the end of the year	General unrestricted £ 2,455 - 238,736	Designated £ - - -	Restricted £ - 511,304 312,338	Total funds £ 2,455 511,304 551,074
	241,191	-	823,642	1,064,833

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

15 Movements in funds

Prior year movements are provided in Note 24

£ 6,701 39,676 654 400,750 228,562 - 2,655 - - 11,304 3,634 - - 29,970 - 98,694 1,092 - At the start of the year	£ 48,500 43,183 5,725 - 228,751 16,010 6,625 3,100 43,200 - 22,754 25,027 35,000 10,480 18,900 - 4,003 12,000 Incoming resources & gains	£ 65,313 50,071 6,379 205,729 139,334 5,670 16,696 17,100 40,751 - 34,977 5,732 1,680 30,450 14,720 - 12,145 10,000 Outgoing resources & losses	Transfers £ 21,390 - - (47,958) - - 26,568 14,000 - - 20,500 - 53,094 - - (98,694) 11,100 -	£ 11,278 32,788 - 147,063 317,979 10,340 19,152 - 2,449 11,304 11,911 19,295 86,414 10,000 4,180 - 4,050 2,000 At the end of the year
823,692	523,258	656,747	-	690,203
241,191	348,240	439,460	-	149,971
241,191	348,240	439,460	-	149,971

1,064,883	871,498	1,096,207	-	840,174

*Funds brought forward at the start of the period for Car Free Cities included funds for aviation projects which have been allocated to Aviation and Climate perks campaigns during the period. The Times appeal funds have been utilised to fund Hedge fund, Climate Cabaret, Heat Games and Solar hunt projects in line with the appeal conditions.

Purposes of restricted funds

Each of the restricted projects is described in more detail below. Where expenditure was more than income transfers have been made from general funds.

The 10:10 Foundation Notes to the financial statements

For the year ended 30 June 2021

Purposes of restricted funds (continued)

1. Aviation

Researching public attitudes to air travel funded by Foundation for Intergrated Transport and Quadrature Capital Foundation (QCF).

2. Badvertsing

A campaign to end high-carbon advertising.

3. Blown Away

A campaign to highlight the popularity of onshore wind, and to lobby for more supportive government policies, supported by donations from trusts, corporates and individuals.

4. Car Free Cities

A project to increase local community action through traffic reduction in Birmingham, Bristol, Leeds and London funded by Quadrature Capital Foundation (QCF).

5. Car Free Mega Cities

Promoting best practice internationally between three iconic cities, London, Paris & New York.

6. CAST

A project funded by Centre for climate change and social transformation to work on carbon reducing campaigns

7. Climate Perks

A employee benefits scheme designed to kickstart the movement for flight-free holiday travel.

8. Climate Cabaret

Event to bring new audiences to the conversation about climate change.

9. E-Motorways and Coaches

Project to establish electric highways as a credible approach to UK freight decarbonisation -as well as intercity passenger transport, Funded by European Climate Foundation, QCF and Innovate UK.

10. Energy Dash

Funds donated by the public to enable the charity to support community energy companies by purchasing their shares.

11. Heat Games

A fun idea to investigate heat loss from buildings funded by supporters and Times fund.

12. Clean home heat

Campaign to clean home heat funded by European Climate Foundation.

13. Hedge Fund

A plan to link the public and farmers to improve hedgerows and lock up carbon, funded by Bannister Charitable Trust, Swire Charitable Trust and Times appeal.

14. Powering Parks

A Nesta funded project with Hackney Borough Council to trial using heat pumps in parks to power nearby buildings.

15. Riding Sunbeams

A project in partnership with Community Energy South to test the feasibility of using community energy schemes to power electrified railways.

16. The Times appeal

Funds raised as part of the The Times appeal in 2020 have been utilised to deliver a number of community events and campaigns incl Climate Cabaret; Heat Games; and Hedge Fund.

17. Trees

Online tree planting activities and tree planting guide funded by Times appeal.

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

16 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period (as per the statement of financial activities) Depreciation Interest, rent and dividends from investments (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities	2021 £ (224,709) 1,591 (727) (25,029) 31,805	2020 £ 719,343 407 (992) 24,409 15,476
	(217,069)	758,643

17 Analysis of cash and cash equivalents

£ 540,062 At 1 July 2020	Cash flows £ (222,632)	£ - Other changes	£ 317,430 At 30 June 2021
540,062	(222,632)	-	317,430
	Cash flows £ 360,785	£ - Other changes	£ 540,062 At 30 June 2020
179,277	360,785	-	540,062

18 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Less than 1 year 1 - 5 years	Property 2021 £ 26,000 52,000	2020 £ 26,000
	78,000	26,000

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

19 Contingent assets or liabilities

There are no contingent liabilities or assets.

20 Legal status of the charity

The 10:10 Foundation is a charitable incorporated organisation (CIO) registered with the Charity Commission (registration number 1157363) on 6 June 2014. Its governing document is its constitution and the only voting members are the trustees.

21 Related party transactions

Riding Sunbeams Limited is a company Limited by Guarantee which is jointly owned by Community Energy South and The 10:10 Foundation. It was established to work with corporate partners and government bodies to develop innovative ways of powering railways using community energy schemes. Income during the period from RSL relating to staff tiime spent on the project was £nil (2020:£36,361). Amounts outstanding as at the end of June 2021 of £17,711 have been provided for as they are payable when further investment in the company is secured. The 10:10 Foundation's share of net assets as at 30 November 2020 was £2,004.

On 6 June 2020 Riding Sunbeams Apollo Limited (RSAL), a company in which the Charity owned 35.25% of the share capital, was incorporated to commercialise and manage the innovation developed by Riding Sunbeams Ltd. During the period RSAL secured further equity investment from Thrive diluting the Charity's shareholding to 29% as at 30 June 2021. Income during the period from RSAL relating to staff tiime spent on the project was £11,600 (2020: nil). Amounts outstanding as at the end of June 2021 of £10,000 have been provided for as they are payable when further investment is secured.

22 Post balance sheet events

The COVID-19 pandemic continued to impact operations during the period. However, as a number of restrictions have been lifted and with the successful vaccination drive the outlook for the coming year is expected to be more positive with activities slowly returning to normal. Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

23 Statement of financial activities (prior year)

Unrestricted £ 421,172 - 992 21,638	Restricted £ 896,690 144,869 - -	2020 Total £ 1,317,862 - 144,869 992 21,638
443,802	1,041,559	1,485,361
183,587 68,119 76,382 92,703 60,492 29,726 511,009 - (67,207) (67,207) 308,398 241,191 (67,207)	- 139,424 4,051 73,110 23,000 12,424	183,587 - 207,543 80,433 165,813 83,492 42,150
	252,009	763,018
	(3,000) 789,550	(3,000) 722,343
	786,550	719,343 -
	786,550 37,142	719,343 345,540
	823,692	1,064,883

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021

24 Movements in funds ( prior year)

£ 2,523 - - - 15,680 (1,566) - 14,304 - 5,071 - 1,130 - - At the start of the year	£ 241 98,694 23,000 415,000 95,000 18,378 11,935 - 31,491 72 52,100 4,500 229,034 62,114 Incoming resources & gains	£ 2,110 - 23,000 14,250 80,710 16,812 8,301 3,000 31,491 4,051 12,424 2,975 472 55,413 Outgoing resources & losses	Transfers £ - - - - - - - - - - - - - -	£ 654 98,694 - 400,750 29,970 - 3,634 11,304 - 1,092 39,676 2,655 228,562 6,701 At the end of the year
37,142	1,041,559	255,009	-	823,692
20,000	-	20,000	-	-
20,000	-	20,000	-	-
288,398	443,802	491,009		241,191
308,398	443,802	511,009	-	241,191

345,540	1,485,361	766,018	-	1,064,883