## **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
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**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:
1. 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
2. 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
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**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.
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**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.
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**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.
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**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.
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**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|
||||
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**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:
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**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|
||||
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**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|
||||
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**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|
||||
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**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.
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**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.
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**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.
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**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**
15
## **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.
16
## **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.
17
## **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.
18
## **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**
19
## **The 10:10 Foundation Statement of financial activities**
(incorporating an income and expenditure account) **For the year ended 30 June 2021**
|**Note**
**Income from:**
Donations and legacies
**2**
Charitable activities:
**3**
- Energy
- Talking
Investment income
**4**
Other income
**Total income**
**Expenditure on:**
Raising funds
**5**
Charitable activities:
**5**
- Energy
- Nature
- Travel
- Talking
- Eat & buy
**Total expenditure**
Net gains / (losses) on investments
**6**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net income / (expenditure) before net**
**gains / (losses) on investments**
**Net income / (expenditure) for the year**|**Unrestricted**
**funds**
**£**
342,901
-
-
727
4,612|**Restricted**
**funds**
**£**
468,024
29,380
25,854
-
-|**2021**
**Total funds**
**£**
**810,925**
**29,380**
**25,854**
**727**
**4,612**
**871,498**
**183,411**
**92,092**
**45,098**
**601,540**
**88,283**
**85,783**
**1,096,207**
**-**
**(224,709)**
**-**
**(224,709)**
**1,064,883**
**840,174**
**(224,709)**|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.
20
## **The 10:10 Foundation Balance sheet As at 30 June 2021**
|**Note**
**Fixed assets:**
**9**
**10**
**Current assets:**
**11**
**Liabilities:**
**12**
**15**
Total unrestricted funds
Tangible assets
Investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
General funds
**Total funds**
**Net current assets**
**Total net assets**
**Funds**
Restricted funds
Unrestricted funds:|**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.
21
**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|
22
**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:
23
**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.
24
**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.
25
**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
|Basis of
allocation
Staff costs
Direct
Direct costs
Direct
Grants
Direct
Premises
Administration
Governance costs
Support costs
Headcount
Governance costs
Headcount
**Total expenditure 2020**|£
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**|
26
**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|
27
**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.
28
**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**|
29
**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
|**Restricted funds:**
Aviation
Badvertising
Blown Away
Car Free Cities
Car Free Mega Cities
CAST - Food
Climate Perks
Climate cabaret
E-Motorways & Coaches
Energy Dash
Heat Games
Heat Homes
Hedge Fund
Powering Parks
Riding Sunbeams
The Times Appeal
Trees
Other
**Total restricted funds**
**General funds**
**Total unrestricted funds**
**Total funds**|£
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.
30
**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.
31
**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**
|£
Cash at bank and in hand
540,062
**Total cash and cash equivalents**
**540,062**
Analysis of cash and cash equivalents (prior year)
£
Cash at bank and in hand
179,277
Total cash and cash equivalents
179,277
At 1 July 2020
At 1 July 2019|£
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|
32
**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.
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**The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021**
## **23 Statement of financial activities (prior year)**
|**Income from:**
Donations and legacies
Charitable activities:
- Energy
Investment income
Other income
**Total income**
**Expenditure on:**
Raising funds
Charitable activities:
- Energy
- Nature
- Travel
- Talking
- Eat & Buy
**Total expenditure**
Net gains / (losses) on investments
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
**Net income / (expenditure) for the year**
**Net income / (expenditure) before net gains /**
**(losses) on investments**|**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**|
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.
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**The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2021**
## **24 Movements in funds ( prior year)**
|**Restricted funds:**
1. Blown Away
2. The Times Appeal
3. Climate Retreat
4. Car Free Cities
5. Powering Parks
6. Heat Network
7. Heat Games
8. Energy Dash
9. Riding Sunbeams
10. Trees
11. Badvertising
12. Climate Perks
13. Car Free Mega Cities
14. Aviation
**Total restricted funds**
**Unrestricted funds:**
Designated funds:
Fundraising investment
Total designated funds
**General funds**
**Total unrestricted funds**
**Total funds**|£
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**|
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