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2023-06-30-accounts

10 10 Foundation Trustees Report for the Year Ended 30 June 2023

The 10:10 Foundation - Trustees Report For The Year Ended 30 June 2023

Registered and operating office

8 Delancey Passage, London, NW1 7NN

Charity number 1157363

Trustees

Colin Baines Amy Cameron, Chair (appointed 23/01/2023) Catriona Currie Simon Erskine, Treasurer Richard Furniss James Goodman (appointed 14/07/2022) Hiba Mohamad (appointed 14/07/2022) Heather Murphy (appointed 14/07/2022) Daniel Seifu (appointed 14/07/2022) Sara Telahoun (appointed 14/07/2022) Natasha Yorke-Edgell* (appointed 14/07/2022) Nicola Clegg (resigned 14/07/2022) Julian Cunningham (resigned 14/07/2022) Carly McLachlan, Chair (resigned 14/07/2022) Paula Owen (resigned 14/07/2022) Tom Saunders (resigned 14/07/2022)

* denotes current members of the Finance and Fundraising Committee.

Auditors

Goldwins Limited, 75 Maygrove Road, London, NW6 2EG

Bank

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ

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The 10:10 Foundation - Trustees Report For The Year Ended 30 June 2023

Contents

Registered and operating office 2
Trustees 2
Auditors 2
Contents 3
Introduction and objectives 3
Climate change developments 4
Our vision, mission and theory of change 5
Our vision 6
Our mission 6
Our theory of change 6
Structure, governance, and management 7
Our strategy 2022-2025 8
Our target audiences 9
Our work 12
Review of our work from July 2022 - June 2023 14
Getting around 15
Getting away 18
What we eat and buy 18
Where we live 20
Legacy projects 21
Communicating with the public 21
Our unique contribution to the climate movement 22
Organisational goals 23
Finance 24
Fundraising 24
Communications 24
Operations 25
Financial review 25
Principal risks and uncertainties 25
Outlook for 23/24 26
Implementing our strategy 26
Organisational growth and development 27
Trustees and their responsibilities 27
Independent auditor’s report to the trustees of 10:10
Foundation CIO 29

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The 10:10 Foundation - Trustees Report For The Year Ended 30 June 2023

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 charitable 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".

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Climate change developments

The accelerating pace of climate impacts showed no signs of slowing during the 2022-23 year, with Antarctic sea ice reaching its lowest ever level since satellite records began in February, and setting a new minimum for June at the end of the year. Record breaking monsoon flooding left a third of Pakistan underwater by the end of summer 2022; the longest running drought ever in the Horn of Africa left millions facing starvation; Hurricane Ian slammed into Florida in a “500 year flooding event” which drowned over 100 people; and both China and Western Europe were hit with unprecedented heat waves killing tens of thousands. In the UK, we experienced our first ever temperatures in excess of 40ºC, with hundreds of wildfires across the country and the London Fire Brigade reporting their busiest day since the Second World War, as over 40 shops and houses in the capital burned in the blistering heat.

Unfortunately, the end of this period also saw the UK government receive its worst ever progress report from its statutory advisors, the Climate Change Committee. The Committee warned that the UK was losing its international leadership on the issue thanks to approval of a new coal mine in Cumbria, new oil and gas licences for the North Sea and “worrying hesitancy” on developing and implementing climate policy across a wide range of key areas. We ended the year further off track for achieving our legally binding carbon budgets than ever before.

Increasingly desperate climate activism in response to the government’s policy failures has been met not with new environmental legislation, but with new laws curbing the public’s right to protest. Over 150 climate activists who took part in peaceful civil disobedience were imprisoned in the UK during this period, with one receiving a sentence of over three - years for a protest which delayed traffic on the M25 one of Britain’s most congested roads.

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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:

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.

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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.

Structure, governance, and management

The 10:10 Foundation, operating as Possible, is a charitable incorporated organisation (CIO), 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 leadership team consisting of three co-directors, one of whom is nominated to be the lead director for a limited period on a rotating basis.

Our team

The staff team at 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 co-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 in accordance with our strategy 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 developing 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. In 2022-23 we completed work on our first

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organisational anti-oppression strategy and undertook a rigorous process to develop a further anti-oppression strategy to guide our work in the area in 2023-24.

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

Our strategy 2022-2025

“Sustainable choices are only possible for most people when underpinned with supportive policies and infrastructure. The members of the public that we spoke to suggested that individuals’ ambitions to make sustainable choices were limited by the options available and their personal circumstances.”

Sir Patrick Vallance, Government Chief Scientific Adviser, Net zero society: scenarios and pathways, How could societal changes affect the path to net zero? , April 2023

Possible’s role in driving the transition towards a zero carbon society and economy remains focused on where people - meet this transition and where changes to the way people live their lives will be both most needed, and felt most strongly. 2022-23 was the first year of delivering our current strategy, which centres making the right choice for the climate the easy choice for ordinary people. The climate crisis is a collective action problem, and people are fundamentally social beings. So wherever possible we work to bring people together to take action as both citizens and consumers, through a lens that makes clear they are a part of something bigger than themselves.

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“We need policies that make healthy, low-carbon options the easiest and cheapest options. Sustainable options should mean going with the flow and not feeling like you are desperately swimming upstream.”

Emma Garnett, University of Oxford, Calls for clearer communication to cultivate greener consumers , Financial Times, February 2023

The UK’s decarbonisation success to date has asked very little of the public, but further progress relies on this changing fast. A powerful expert consensus has emerged around the need - for action on the ‘demand side’ the social factors that drive - consumption and greenhouse gas emissions with around two thirds of the carbon cuts needed in the first half of this century depending on collective behaviour change at a large scale. Individual consumption patterns are largely a product of the ‘choice environment’ in which they take place, so changing established behaviours means changing the ‘menu’ of available options. Meanwhile, the British government remains seemingly unwilling to engage in any meaningful public engagement around the societal implications of meeting their own climate change targets.

Success in the fight against climate change therefore requires a mass movement that integrates rapid change at the personal, social and structural levels, and this is what our 2022-25 strategy is designed to support. Everything Possible does over these three years will be ultimately aimed at increasing meaningful public participation in climate action, at home, in our communities and workplaces, and in political engagement too. We are pursuing this through a range of complementary approaches and thematic areas of work, targeting two different categories of UK public audiences.

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Our target audiences

Excess : People with high carbon lifestyles and the means to reduce them

The Government continues to place their reliance on technological solutions that have not been deployed at scale, in preference to more straightforward encouragement of people to reduce high-carbon activities.

Climate Change Committee, Progress Report, June 2023

On the global scale, this ‘excess’ group with relatively high lifestyle carbon emissions and wherewithal to cut them includes most (but not all) people in the upper half of the UK income spectrum, many of whom also register the highest levels of public concern about the climate crisis.

“Wealthier people have greater impact potential across nearly all imaginable individual actions. Let’s call this out, take impactful actions ourselves, and build momentum for policies that directly address their/our disproportionate role in causing and addressing climate change.”

Kristian Steensen Nielsen, Assistant Professor at Copenhagen Business School Sustainability Centre, April 2023

As well as their disproportionate responsibility for lifestyle consumption emissions, this group also enjoys disproportionate levels of agency over solutions, as high socioeconomic status equates directly to influence as agents of social, political and economic change. Those with high social capital can leverage this for the collective interest, extending solidarity to those with less capacity to act, and Possible can help to guide them into this role.

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“Even where technological solutions exist, they require public buy-in and changes to how we live. Most of the emissions reductions will have to come from changes in demand.”

The road to net zero: UK public preferences for low-carbon lifestyles , Centre for Climate & Social Transformations, September 2022

There is therefore both a moral and a pragmatic case for this audience to lead demand side changes, as change here will deliver the greatest impact in both direct emissions reductions and in changing the conditions in which other members of society are making their own consumption choices.

We focus our workstreams targeting this group on the areas of consumption emissions where change by the public can make the biggest impact.

We focus our communications strategy targeting this group on positivity and optimism - inviting people to join a winning team in the fight against the climate crisis.

Access : People currently under-represented in the climate movement and policy debates

Fairness is key to effective behaviour change and now more than ever must be at the heart of policy design. As the country faces a cost-of-living crisis, the Government must tailor behaviour change interventions to avoid placing a burden on those who can least afford it.

In our hands: behaviour change for climate and environmental goals , House of Lords Environment and Climate Change Committee, October 2022

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This broad group includes many communities in the UK whose voices are seldom heard in climate discourse, and who may also be at higher risk of being adversely affected by unintended consequences of poorly designed changes to energy and transport systems. The cost of living crisis now escalating is likely to dominate public concerns over the coming years, and the enemies of climate action will be using every trick in the book to conscript these concerns into opposition to climate policies. Again, there is both an ethical and a practical case for positive engagement with this audience group.

We focus our workstreams targeting this group on providing access to opportunities to participate in climate action, and co-production of climate action projects based on the interests and priorities of the communities we are working with.

We focus our communications strategy targeting this group - on ‘co-benefits’ leading with how making the changes the climate needs will materially improve people’s lives today.

Our work

Each thematic area of work or ‘mission’ under our strategy addresses a different aspect of the changes the public needs to make to achieve societal climate goals.

Where we live

The UK has the leakiest homes in Europe, 90% of which are heated by fossil gas. We will work to demystify, normalise, popularise and collectivise the move to low carbon homes, to help make warm, cosy, well insulated homes heated by electricity and heat networks the new norm.

Headline mission aim: Heat pumps are a normal choice for replacing a boiler, with lower life cycle costs; good insulation is seen as a standard part of good housing, while fuel poverty due to poor housing is seen as unacceptable.

Getting around

Private car dependence cannot continue to dominate the UK’s transport system or public realm if we hope to meet climate goals, and the streetscape is the key locus where the transformation we need must be won. The built environment shapes our day to day travel choices more than any other factor; the presence or absence of free parking, benches, cycle storage or nearby bus stops closes or opens our options for movement.

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Headline mission aim: Traffic reduction is widely understood to be both desirable for towns and cities, and necessary for climate goals, public health and social justice and equity; official targets to reduce traffic are adopted and policies to achieve these targets are implemented.

Getting away

The best, and for the foreseeable future, only effective way to reduce emissions from air travel is to do less of it. But holidays hold a special place in the British psyche, which makes politicians reluctant to change the highly prejudicial tax treatment that in turn makes aviation artificially cheap relative to other modes of transport or leisure activities, and fails to price in environmental costs. We will work to reshape both incentives and social norms around air travel and its lower carbon alternatives.

Headline mission aim: A frequent flyer levy is being legislated for, and frequent flying and private jet travel are widely understood to be incompatible with climate goals; domestic and frequent leisure flights are increasingly seen as socially irresponsible while overseas train travel is seen as desirable.

What we buy

Trends around increasingly wasteful discretionary purchases of goods and services like fast fashion and electrical goods must be reversed. We will work to transform cultural attitudes and social practices around ‘excess’ consumption, as well as looking at the shifts needed in key areas like diet.

Headline mission aim: There is wide public understanding that household appliance repair is possible, accessible and desirable; and official curbs on high carbon advertising are implemented.

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Applying our aims to our two audiences: excess & access

These four key thematic areas are the objective priorities for reducing lifestyle consumption emissions in the UK, and we can be confident they are the right areas to target for our excess audiences. But the priorities of access audiences, who we are seeking to bring into the climate action space potentially for the first time, may not map neatly onto these - focus areas and in any case, the per capita carbon emissions from members of these communities may be very low already.

A number of our existing projects under these mission headings already target access audiences and focus on co-benefits, such as the Fixing Factory’s approach to addressing e-waste and cost of living for a diverse inner city community; or Clean Cars for Carers’s objective of overcoming barriers to EV takeup amongst self employed and agency rural home car workers, helping to drastically reduce their vehicle running costs. But we also want to be able to be led by and to learn from UK communities on the front line of the impacts of the climate crisis and, sometimes, the policy measures taken to address it, and that means being open to different priorities.

Our strategy therefore aims to co-produce new workstreams that focus on increasing participation in real world solutions amongst under-represented groups, through projects which increase their capacity to act by removing barriers; increase perceptions of the low carbon transition offering benefits and opportunities for all; and increase understanding of, familiarity with and support for solutions. We expect these co-produced workstreams to throw up new and hitherto unexplored opportunities arising from new perspectives on the challenge, which will not necessarily be bound by the mission aims described here.

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Review of our work from July 2022 - June 2023

Possible’s work was divided into four key themes for the financial year:

Each theme provides different ways the UK public can contribute to change.

Getting around

Swapping cars for public transport and active travel, and giving more space back to people and nature

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Heath (Birmingham); and worked with Brompton to take over a disused petrol station in Elephant & Castle (London).

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statement "Neighbourhoods should be for people, not cars".

Projects Partners Funders
Car Free Cities Active Travel Academy
(ATA), Clean Cities
Campaign, Healthy Air
Coalition, the Centre for
Climate Change and
Social Transformations
(CAST), Healthy Streets
Scorecard, ACT Climate
Labs		 Quadrature Climate
Foundation (QCF)
European Climate
Foundation (ECF)
Foundation for
Integrated Transport
Car Free Megacities ATA, Brooklyn Spoke,
Paris Sans Voiture,
Clean Cities Campaign,
New Weather Institute,
La Rue Est À Nous,
Transportation
Alternatives		 KR Foundation
Riding Sunbeams Thrive Renewables,
Community Energy
South		 Friends Provident
Foundation

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Clean Cars for Carers

New Automotive ECF The Care Workers Charity

Getting away

Making it easier to choose trains over planes, and highlighting the harms of frequent flying and private jets

Projects Partners Funders
Frequent Flyer Levy
and aviation
campaigning		 Chatham House, Leigh
Day, Green Gumption,
New Economics
Foundation, Stay
Grounded		 QCF
ECF
Oak Foundation
Network for Social
Change
Funders via the
Environmental Funders
Network
Climate Perks CAST
Byway
Ecosy
Sawday’s		 QCF
ECF

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What we eat and buy

Our Fixing Factory in Camden

Our Badvertising campaign to stop adverts fuelling the climate emergency.

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Projects Partners Funders
Badvertising New Weather Institute,
Adfree Cities		 KR Foundation
Fixing Factories Restart Project
West London Waste
Authority
Mer-IT
Ready Tech Go
North London Waste
Authority
Think and Do Camden
Veolia		 National Lottery -
Climate Action Fund
CAST
Menu Flipping Students Organising for
Sustainability UK
(SOS-UK)
CAST		 Ennismore Foundation

Where we live

Warmer, greener homes thanks to clean energy powering heat pumps

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Legacy projects

Communicating with the public

Our small but energetic communications team has had one of its most successful ever years in 2022/23.

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Our unique contribution to the climate movement

In order to do what the climate crisis demands of us, we have to find stories of a livable future, stories of popular power, stories that motivate people to do what it takes to make the world we need.

Rebecca Solnit, ‘If you win the popular imagination, you change the game’: why we need new stories on climate , January 2023

Working on the climate crisis can be a doom-laden affair; it is no exaggeration to say that we are facing the end of the world as we know it. Whether we make change happen or sit back and let change happen to us, human civilization will be transformed almost beyond recognition over the 21st century. We’re clear what a grave position years of inaction on the climate crisis has left us in, and know that communicating this is part of our job as a climate charity.

But we are also clear that solutions are there to be seized, and know it’s also our job to promote these too. It's where our name Possible comes from. At our best, we offer entry points to climate action that are like an invitation to a barn-raising; yes, we will roll up our sleeves and pick up tools for the hard work, but we will be doing it together with friends and neighbours, and there will be food and drink and music and dancing. And at the end of it all we can stand back and admire the new barn we have built together. We aim to find joy in the call to action.

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Optimistic but dissatisfied is the road to progress.

Hannah Ritchie, We need the right kind of climate optimism , March 2023

To truly achieve mass participation in building a zero carbon society, we have to be offering more opportunities than threats, more propositions than opposition, less staring into the void of climate breakdown and more looking skyward to a better world that is just within reach, if we only try. In practice, this means Possible aims to run ‘yes’ campaigns instead of ‘no’ campaigns as default; to foreground the co-benefits of taking the action needed to cut emissions; and to dream up innovative, evidence-based new ways to use emerging low carbon tech and social practices to cut emissions which people can get excited about. Climate action has to be something people want to be a part of, and that insight is perhaps the most important thing that Possible brings to the climate movement.

As a small charity with limited reach and resources working on an epic, planetary scale problem, we recognise that our best path to impact is to blaze trails on the frontier of the transition. We know that we have made lasting change when we encounter ideas we pioneered being built upon and scaled up by others, like crowdfunding solar PV for schools.

Possible’s specialism is grassroots innovation, where we spot new opportunities to move things forward, find partners with the specialist expertise to make the ideas a reality, and develop projects and solutions that seek to spark ideas and action that can be replicated without us. From ‘sticky’ policy innovations like the frequent flyer levy and social innovations like Climate Perks through to technical and commercial innovations like solar railways and heat pumps under public parks, our work accelerates change by opening new horizons of collective imagination about what’s possible when it comes to climate action.

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Organisational goals

Finance

Over the year we successfully built up our organisational reserves and improved our overhead recovery on project work through redeveloping our project budgeting process. Looking ahead we will support our new finance team to improve our internal financial processes to ensure that we have high-quality and timely financial information to guide our decision-making.

Fundraising

Our fundraising activity over the year meant that we ended the year nearly fully funded for our campaigning work in 2023/24 with a number of live prospects for funding for future years. Going forward our focus is on securing new multi-year core funding to improve our organisational sustainability and resilience to shocks, and to work with funders to take a programmatic approach to our campaigning work.

Communications

The government must talk to the public about net zero. Net zero will affect everyone in the UK and nearly half the policies in the government’s Net Zero Strategy rely on individual action. There is widespread support for net zero, but often this is undermined by a lack of information, cost, and opportunities we cannot access.

MISSION ZERO: Independent Review of Net Zero , Rt Hon Chris Skidmore MP, January 2023

Our communications work over 2022/23 has seen some of the strongest numbers across key metrics which we have ever recorded, from highest ever engagement on our mailing list, to the greatest reach we have ever achieved in the press. Moving into 2023/24, we will seek to make our

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communications more targeted and tailored to our two target audiences.

Operations

We improved a number of internal systems, processes and policies over the year, including strengthening our IT systems, and refreshing key staff policies in line with our commitment to anti-oppression, including our policy on parental and family leave and pay. Looking ahead, our focus is on continuing with the implementation of our anti-oppression strategy and developing a people strategy to help us recruit and retain diverse staff members.

Financial review

Income for the year was £1,271,025 (2022: £1,480,665), slightly below the previous year, with a higher amount of funds brought forward at the start of the year. Unrestricted income included two key grants from the European Climate Foundation and the Samworth Foundation, as well as substantial donations from our supporters. While restricted income was slightly lower than in the previous year we continued to receive funding across our campaign areas including for aviation, reducing car dominance and fixing factories.

Expenditure for the year decreased by 6% to £1,311,263 (2022: £1,393,344) with a small reduction in the number of staff on payroll and a 19% reduction in spending on project direct costs.

We ended the year with a surplus on unrestricted funds of £97,735 (2022: £95,172). An additional £30,904 was transferred to unrestricted funds from restricted funds, reflecting completed projects where funders allowed us to redirect remaining resources to our wider work. Unrestricted reserves ended the year at £373,782 (2022: £245,143) which is beyond the upper reserves range stated in our reserves policy and reflected our approach during the year to raise a significant proportion of unrestricted income for 2023/24 in advance given a lack of ongoing multi-year core funding. The level of unrestricted reserves is projected to fall during 23/24. The reserves policy aims to maintain reserves within a range of 4-8 months of unrestricted expenditure.

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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: staff morale and organisational culture, organisational leadership, strategic campaigns risks, financial sustainability and reputational risks. These are reported quarterly at board meetings, along with any key operational risks that have occurred in that time, and corrective action agreed.

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

Lack of sustainable funding: 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.

Impact of our work: The nature of our work on climate change makes it inherently difficult to quantify the impact of our work, but we are working towards an impact matrix which will support us to better assess our strategy and 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 23/24

Implementing our strategy

The year 2023/24 will be the second year of implementing our current three-year organisational strategy for 2022-25. Having completed remaining legacy projects from our previous strategy in 2022/23, we will focus this year on achieving our mission aims across our four strategy areas: where we live, getting around, getting away and what we eat and buy. We will undertake delivery of currently funded work while developing proposals to secure further funding for each of these programme areas, as well as seeking funding to

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work specifically with our access audience and increasing representation from marginalised groups.

Organisational growth and development

We will develop a people strategy to help us to recruit and retain a diverse pool of staff members, with strengthened staff support, training, performance management and recruitment processes. The implementation of our new anti-oppression strategy will ensure that anti-oppression and inclusion are operationalised in the design and delivery of all our campaigns, projects and communications, and ensure there is visibility and accountability for this work, as well as continuing to work on improving our internal working practices.

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:

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disclosed and explained in the financial statements; and

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 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 30 January 2024 and signed on their behalf by:

Amy Cameron - Chair

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

Opinion

We have audited the financial statements of The 10:10 Foundation (CIO) for the year ended 30 June 2023 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:

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.

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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.

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.

30

The 10:10 Foundation - Trustees Report For The Year Ended 30 June 2023

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:

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

31

The 10:10 Foundation - Trustees Report For The Year Ended 30 June 2023

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:

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.

32

The 10:10 Foundation - Trustees Report For The Year Ended 30 June 2023

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.

Anthony Epton (Senior Statutory Auditor)

for and on behalf of

Goldwins Limited

Statutory Auditor and Chartered Accountants 75 Maygrove Road, West Hampstead, London NW6 2EG

33

The 10:10 Foundation

Statement of financial activities

(incorporating an income and expenditure account) For the year ended 30 June 2023

Note
Income from:
2
3
4
Total income
Expenditure on:
5
5
Total expenditure
Net income / (expenditure) before net gains
/ (losses) on investments
Net income / (expenditure) for the year
6
Net movement in funds
Reconciliation of funds:
Total funds carried forward
Donations and legacies
Charitable activities:
- Energy
- Talking
Investment income
Other income
Raising funds
Charitable activities:
- Energy, Nature, Travel, Talking, Eat & Buy
- Getting Around
- Getting Away
- Where we Live
- What we Eat and Buy
Net gains / (losses) on investments
Transfers between funds
Total funds brought forward		 Unrestricted
funds
£
395,156
-
7,453
7,097
48		 Restricted
funds
£
861,271
-
-
-
-		 2023
Total funds
£
1,256,427
-
7,453
7,097
48		 2022
Total funds
£
1,366,593
10,206
90,463
1,289
12,114
409,754 861,271 1,271,025 1,480,665
141,823
-
87,301
30,934
19,776
32,185		 -
-
620,556
156,194
98,613
123,880		 141,823
707,857
187,128
118,389
156,065
-		 176,796
1,216,548
-
-
-
-
312,019 999,243 1,311,262 1,393,344
-
97,735		 -
(137,972)		 (40,237)
-		 -
87,321
97,735
30,904		 (137,972)
(30,904)		 (40,237)
-		 87,321
128,639
245,143		 (168,876)
682,352		 (40,237)
927,495		 87,321
840,174
373,782 513,476 887,258 927,495

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.

34

The 10:10 Foundation Balance sheet As at 30 June 2023

Note
Fixed assets:
9
10
Current assets:
11
10, 17
Liabilities:
12
Net current assets
Total net assets
Funds
15
Total funds
Tangible assets
Investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Restricted funds
Unrestricted funds:
General funds
Total unrestricted funds		 2023
£
413,253

565,557		 2023
£
8,267
11,734		 2022
£
66,074
905,561		 2022
£
5,043
11,734
20,001
867,257		 16,777
910,718
978,810
(111,553)		 971,635
(60,917)
373,782 245,143
887,258 927,495
513,476
373,782		 682,352
245,143
887,258 927,495

The financial statements were approved and authorised for issue by the Trustees on 30 January 2024 and signed on their behalf by:

Amy Cameron Chair

The attached notes form part of the financial statements.

35

The 10:10 Foundation Statement of cash flows For the year ended 30 June 2023

Note
2023
£
Cash flows from operating activities:
16
Cash flows from investing activities:
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the end of the year
17
Net cash provided by / (used in) operating activities
Interest/ rent/ dividends from investments
7,097
Sale/ (purchase) of fixed assets
(5,161)
Cash and cash equivalents at the beginning of the year		 Note
2023
£
Cash flows from operating activities:
16
Cash flows from investing activities:
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the end of the year
17
Net cash provided by / (used in) operating activities
Interest/ rent/ dividends from investments
7,097
Sale/ (purchase) of fixed assets
(5,161)
Cash and cash equivalents at the beginning of the year		 2023
£
(341,940)
1,936		 2022
£
1,289
-		 2022
£
86,842
1,289
(340,004)
905,561		 88,131
817,430
565,557 905,561

36

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023

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) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised.

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:

37

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023

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 and fittings 25% reducing balance method Computer equipment 25% reducing balance method

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.

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) Investments in Joint Ventures and Associated companies

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.

38

The 10:10 Foundation

Notes to the financial statements For the year ended 30 June 2023

2 Income from donations and legacies

2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Trusts and foundations 281,500 819,807 1,101,307 1,201,948
Corporate - 12,000 12,000 2,092
Individuals 113,656 29,464 143,120 162,553
395,156 861,271 1,256,427 1,366,593

Unrestricted income includes £135,000 (2022; £190,712) received from the European Climate Foundation, £85,000 (2022; £85,000) from the Samworth Foundation, and £nil (2022; £25,045) from the Joseph Rowntree Charitable Trust.

Income from donations and legacies (prior year) 2022 2021
Unrestricted Restricted Total Total
£ £ £ £
Trusts and foundations 316,363 885,585 1,201,948 653,539
Corporate 2,092 - 2,092 9,000
Individuals 145,553 17,000 162,553 148,386
464,008 902,585 1,366,593 810,925

3 Income from charitable activities

Income from charitable activities
2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Energy
Riding Sunbeams - - - 10,206
Talking
Individuals 7,453 - 7,453 90,463
Total income from charitable activities 7,453 - 7,453 100,669

Of income from charitable activities in 2022, £78,647 was restricted.

4 Income from investments

Income from investments
2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Bank interest 6,845 - 6,845 554
Dividend income 252 - 252 735
7,097 - 7,097 1,289

All income from investments in 2022 was unrestricted.

39

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023

5 Analysis of expenditure

Basis of
allocation
Total expenditure 2023
Staff costs
Direct
Direct costs
Direct
Premises
Administration
Marketing
Governance
Support costs
Headcount		 Cost of
raising
funds
£
69,469
15,114
-
-
-
-		 Charitable activities Charitable activities Support
costs
£
266,952
-
38,652
47,646
44,794
6,000		 2023
Total
£
789,395
384,775
38,652
47,646
44,794
6,000		 2022
Total
£
805,392
475,386
37,097
69,469
-
6,000
Getting
Around
£
243,772
254,166
-
-
-
-		 Getting
Away
£
94,708
36,926
-
-
-
-		 Where we
Live
£
38,418
44,862
-
-
-
-		 What we
Eat and
Buy
76,076
33,707
-
-
-
-
84,583
57,240		 497,938
209,919		 131,634
55,494		 83,280
35,109		 109,783
46,282		 404,044
(404,044)		 1,311,262
-		 1,393,344
-
141,823 707,857 187,128 118,389 156,065 -
0		 1,311,262 1,393,344

Of the total expenditure, £312,019 (2022: £392,147) was unrestricted and £999,243 (2022: £1,001,197) was restricted. Charitable spending categories have been updated to be in line with the new strategic plan.

Analysis of expenditure (prior year) Comparative figures

Basis of
allocation
Staff costs
Direct
Direct costs
Direct
Premises
Administration
Governance costs
Support costs
Headcount
Governance costs
Headcount
Total expenditure 2022		 Cost of
raising
funds
£
120,448
10,025
-
-
-		 Charitable activities Charitable activities Eat & Buy
51,500
1,884
-
-
-		 Support
costs
£
149,930
-
37,097
69,469
6,000		 2022
Total
£
805,392
475,386
37,097
69,469
6,000
Energy
£
63,147
119,788
-
-
-		 Nature
£
44,268
27,221
-
-
-		 Travel
£
344,841
240,041
-
-
-		 Talking
31,258
76,427
-
-
-
130,473
45,264
1,059		 182,935
22,632
529		 71,489
15,088
353		 584,882
143,336
3,353		 107,685
15,088
353		 53,384
15,088
353		 262,496
(256,496)
(6,000)		 1,393,344
-
-
176,796 206,096 86,930 731,571 123,126 68,825 - 1,393,344

40

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023 Net Income I lexpendlturel for the year This is ststed after charging l {Cre{l￿ng1- 2023 2022 Operating lease rentals". Property Depreaation Audit fees lexcluding VATI 26,000 1,937 5,000 26,000 1,681 5.000 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows= 2023 2022 Salaries and wages Social security costs Ernployer's contributs'on to defined contribution pension scheme5 Other employee benefits 700,891 6S,934 15,460 7,110 713,044 66,325 16,339 9,684 789,395 805.392 No employee eamed £60,0(Kl or more12022:Nill. The tot81 employ88 b8n8fits including pension contribub.ons of the key managetnent personn81 and Nl Contributions were £166,19612022.' £197.7691_ The charity trustees were not paid and did not receive any other benefits from employmenl wth the Foundalion in the year12022." Enill. No trustees were ￿1Mbu[Sed expenses during the year.12022". £nill. No charity trustee received payment for professional or other seNces supplied to the charity12022= £nill. Staff numbers The average number of employees (Full Time Eouivalentl employed during the year was as follows.. 2023 No. 2022 No. Raising funds Charitable aotivrties Support 14.3 14.0 18.3 20.0 Taxatlon The charity is exempt from tor￿[3￿.0n tsx as all its income is charitable and is applied for charitable purposes. 41

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023 Tangible fixed assets Flxtures and fittin95 Computer equipment Totsl Cost At the start of the year Additions in year Disposals In year 7,640 3.387 3,268 1.774 10.908 5,161 At the end of the year 11.027 5,042 Depreciation At the start of the year Charge for the year Eliminated on disposal 3.740 1.540 2,125 397 5.865 1,937 At the end of the year 5,280 2,522 7.802 Net book value At the end of the year 5,747 2,520 8,267 Al the stsrt of the year 1,143 5,043 All of the above assets are used for charitable purposes. 10 Investments Restated The 2022 value of Investments and Cash at bank and in hand have been restated. Investments had included £500.000 of cash deposit5 which are now incjuded as part of Cash at bank and in hand. This has redu¢ed the Investments shown in the 2022 statutory aco)unts from £511.734 to the £11.734 shown in Ihis yearfs balance sheet comparats'ves. Cash at bank and in hand has increased accordingly from the £405,561 shown in the 2022 statutory accounts to £905,561 shown in this yearf5 balance sh8et cotnpardb"ves. 2023 2022 Investments at fair value= Unlisted inveslments Shares in Riding Sunbeams Apollo Lld 11,304 430 11,304 430 11,734 11,734 So¢ial or mixed motive investments Unlisted investrnents are in communty energy (wpanies and were tx)ughl as part of the charity's charitsble activiities. 42

The 10:10 Foundation

Notes to the financial statements For the year ended 30 June 2023

11 Debtors

Debtors
2023 2022
£ £
Trade debtors 31,870 45,287
Grants receivable (see note 22) 364,783 -
Other debtors including accrued income 7,000 2,000
Prepayments 9,600 18,787
413,253 66,074
Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 69,796 28,651
Taxation and social security 317 -
Other creditors 4,438 5,328
Accruals 37,002 26,938
111,553 60,917

12 Creditors: amounts falling due within one year

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

General
unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets 8,267 - - 8,267
Investments - - 11,734 11,734
Net current assets 365,515 - 501,742 867,257
Net assets at the end of the year 373,782 - 513,476 887,258

Analysis of net assets between funds (prior year)

General
unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets 5,034 - - 5,034
Investments - - 11,734 11,734
Net current assets 240,109 - 670,618 910,727
Net assets at the end of the year 245,143 - 682,352 927,495

43

The 10:10 Foundation

Notes to the financial statements

For the year ended 30 June 2023

15 Movements in funds

Prior year movements are provided in Note 24

Restricted funds:
1 Aviation
2 Badvertising
3 Car Free Cities
4 Parklets
5 Car Free Mega Cities
6 CAST - Food
7 Clean heat
8 Climate Perks
9 E-Coaches
10 E-Motorways
11 Energy Dash
12 Fixing factories
13 Menu Flipping
14 Hedge Fund & Trees
15 Onshore wind
16 Powering Parks
17 Riding Sunbeams
18 Clean Cars for Carers
19 Wind and Heat
20 Primrose Hill
21 Other
Total restricted funds
General funds
Total unrestricted funds
Total funds		 At the start of
the year
£
88,375
33,047
198,541
-
110,589
9,950
(1,591)
51,920
2,470
42,015
11,304
36,993
-
36,500
48,327
3,000
10,886
-
-
-
26		 Incoming
resources &
gains
£
167,486
12,000
291,259
24,464
49,218
15,000
5,005
45,000
-
-
-
63,500
20,000
24,908
20,225
-
5,000
24,031
89,175
5,000
-		 Outgoing
resources &
losses
£
(95,022)
(35,247)
(408,993)
-
(159,807)
-
8,108
(58,702)
(2,470)
(37,949)
-
(72,633)
(16,000)
(42,052)
(60,204)
(3,000)
(10,182)
(3,625)
(1,160)
(305)
-		 Transfers
£
-
-
(38,000)
38,000
-
(24,950)
(11,522)
10,000
-
-
-
10,000
4,950
(19,356)
(8,348)
-
-
-
8,348
-
(26)		 At the end of
the year
£
~~-~~
160,839
~~-~~
~~-~~
9,800
~~-~~
~~-~~
42,807
~~-~~
~~-~~
62,464
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
48,218
~~-~~
~~-~~
-
~~-~~
~~-~~
4,066
~~-~~
~~-~~
11,304
~~-~~
~~-~~
37,860
~~-~~
~~-~~
8,950
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
5,704
~~-~~
~~-~~
20,406
~~-~~
~~-~~
96,363
~~-~~
~~-~~
4,695
~~-~~
~~-~~
-
~~-~~		 At the end of
the year
£
~~-~~
160,839
~~-~~
~~-~~
9,800
~~-~~
~~-~~
42,807
~~-~~
~~-~~
62,464
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
48,218
~~-~~
~~-~~
-
~~-~~
~~-~~
4,066
~~-~~
~~-~~
11,304
~~-~~
~~-~~
37,860
~~-~~
~~-~~
8,950
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
-
~~-~~
~~-~~
5,704
~~-~~
~~-~~
20,406
~~-~~
~~-~~
96,363
~~-~~
~~-~~
4,695
~~-~~
~~-~~
-
~~-~~
~~-~~
682,352
~~-~~		 ~~-~~
861,271
~~-~~		 (999,243) (30,904) ~~-~~ 513,476
~~-~~
~~-~~
245,143
~~-~~		 ~~-~~
409,754
~~-~~		 (312,019) ~~-~~ 30,904
~~-~~		 ~~-~~ 373,782
~~-~~
~~-~~
245,143
~~-~~		 ~~-~~
409,754
~~-~~		 (312,019) ~~-~~ 30,904
~~-~~		 ~~-~~ 373,782
~~-~~
~~-~~
927,495
~~-~~		 ~~-~~
1,271,025
~~-~~		 (1,311,262) ~~-~~ -
~~-~~		 ~~-~~ 887,258
~~-~~

General funds were relatively high this year – this is explained in the financial review on page 25.

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. Within the year permission was sought to unrestrict a number of restricted funds for projects that had completed or to transfer to similar projects.

44

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023 Purposes of restricted funds Icontinuedl 1. Aviation Researching public atbtudes to air travel., lobbying for iMrAementab.c￿ of a Irequent flyer levy., and research and raising awareness of aviation false solution5 and greewa5hing_ 2. Badvèrtsing A￿t￿paIgn to end high-carbon a(fverb5ing. 3. Car Fr•• Citi•s A project to Increase Iunlries is one of Ihe key drivers of Ihe dimate crisis- hile eontributing to Ill health. This project builds on cuttsng edge acadernic researth to p)pulari5e'rnenu-flipping - the inversion of meauplant based food option rat105 on menus. 14. Hedge Fund & Trees After this campaign w88 completed, remaini￿ funds hekl in this restricted W were reassessed and detemiined to have been generated as part of an unresthcted fvndTaisit¥ catnpa%JTr. 15. Onshore wind A￿mpaIgn to highlight the kK)pularity of onslK)re ￿nd. a[￿ to lobby for rnore supporbve governtrient FK>liues. funded by Renewable UK. The project has b8en fdded into Wind and Heat lor administrab.ye purFoses as they share the sam8 restrict8d funding conditions. 16. Powering Parks A Nesla funded prqect wilh Hackney Borough Counol to thal usiry Iwt wrnps in parks to FK>wer nearby buildings. 17. Riding Sunbeams A proj8Ct in partnership wth Communty Energy South to test the feasibility of u&ng community en8ryy schemes to power ele¢trified railways. 18. Cl•an Cars for Carèrs A proj8Ct looking to 8xplore the best ways lo overcome the barriers lo l(yW-incom8, h3￿lleag? driv8r8- sperafically rural care- workers tnaking hotne visits- gaining acce55 ￿ the betEffts of 5￿tchI[￿ to Evs. 19. Wind and Heat A project to show how cornrnunty and heat projects provide afftydable. seojre energy and a pathway to end relian on ga8. 20. Primrose Hill Project l(K>king at ground and air SOU￿ heatiry putnp and power sdutK)n5 for an aTea of Primr05e Hill 21. Other Some smaller one off prqect5 which I[￿ude collaiwation olher organisabon5. 45

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023 16 Reconciliation of net income l {expenditurel to net cash flow from operating activities 2023 2022 Nèt incom• I 1•X￿AditUr0I for thè rèporting pèriod las per the statement of financSal actSvltSes) Depreaation Interest. rent and dividends from investments Iln¢r8asell decrease in debtors Increasel Idecreasel in creditors 140.2371 87,321 1,937 17,097} 1347,1791 50.636 1,681 11.2891 34,210 35,081 Nat Cash provid•d by I (US￿ Inl opèrating aetiviti•s 1341,9401 86,842 17 Analysis of cash and cash equivalents Other changes At 30 June 2023 At 1 July 2022 Cash flows Cash at bank and in hand 9)5.561 {340.(K)41 565.557 Total cash and cash equivalents 905,$61 {340,0041 565,557 Analysis of cash and cash equivalents (prior yearl Restated other changes At 30 June 2022 At 1 July 2021 Cash flows Cash at bank and in hand Short term deposit. 317.430 500,000 88,131 405,561 500,000 Totsl cash and cash equwalents 817.430 88,131 905,561 'Cash held on long temi deposit was restated as short tem) deposit. 18 opera￿ng lease commltments Total future minimum lease payments under non-cancellable operating leases are as follows.. Property Restated 2022 2023 Less than 1 year 1- 5 years. 6,500 26,000 6,500 32,500 6,500 'Prior Year Lease Commitments were restated after taking into consideration a break dause. 46

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023 19 Contingent asset$ or liabilibes There are no contingent liabilities or assets. 20 Legal status of the charfty The 10'.10 Foundation is a charitable incorrx)rated organisation {CIOI registered wilh the Charity Commission (registration number 11573631 on 6 Jun8 2014. Its govemirhg document IS tts constitub.on and the only voting members are the trustees. 21 Related party transactions Riding Sunbeams Limited is a tompany Limited by Guarantee which is joinuy owned by Community Energy South and The 10..10 Foundation. It w8s established to work corporate pathers and government bodies to develop innovative ways of powering railways using community energy schernes. As at 30 November 22, RSL had a net liabilities of £10,300. The liability of ead) member in the event of wnding up is limited to £1. Income during the P8riod from RSL relats.ng to stafl bme spent on the project was fnil12022..£nill. Amounts outstanding as at th8 end of June 2022 of £17,711 have been provide(I for as Ihey are payable when further investment is secured. On 6 June 2020 Riding Sunbeams AFM)Ilo Limited IRSALI. a o)mpany in which ihe Charity owns 29% of the share capital, was incorporated to commercialise and manage the innovation developed by Riding Sunbeams Ltd. Arnounts outstanding as at the end of June 2022 of £10,000 have been provided for as they ar8 payable when further investment is secured. 22 Post balance sheet events The balanTr sheet coniains a significant element ol accrued income followng a backlog of interim and final reports that were due tr) be sent to funders. At the year end this backlog was being actively reduced and the majority of the Grants receivable shown in Note 11 have been received after the balance sheet date. 47

The 10:10 Foundation Noles to the financial statements For the year ended 30 June 2023 23 Statement of financial activibes (prior yearl 2022 Total Unrestricted Restricted Income from.. Donations and legacies Charitable activities". Energy Talking Investment income Other incorne Total incorne 464.008 902.S85 1.366.593 10,206 68.441 10.206 90,463 1,289 12.114 1,480,665 22,022 1,289 12.114 993,346 487,319 Expenditure on.. Raising funds Charitable activities.. - Energy Nature Tr8vel Talking Eal & Buy 176,796 176,796 16,341 16,013 125.157 38,473 19,367 189,755 70,917 606.414 84,653 49,458 206,096 86,930 731.571 123,126 68.825 Total expenditu 392.147 1,001,197 1,393,344 Net income I lexpenditurel before net gains l {lossesl on 95.172 17,8511 87,321 Net gains I Ilossesl on investments Net income I lexpenditurel for the year 95,172 17,8511 87,321 Transfers between funds Net movement in funds 95,172 17,8511 87,321 Reconciliats"on of funds.. Total funds brought forward Totsl funds rarried forward 149,971 245,143 690,203 682,352 840.174 927,495 Al of Ihe above results are derived from o)ntinuing 8th¥￿es. There were no other recognised gains or losses otherthan Ihose stateil aLh)ve. The attached notes fomi part of thÈse finan(xal statsments. 48

The 10:10 Foundation Notes to the financial statements For the year ended 30 June 2023 24 Movements in funds I prior yearl Incoming resouroes & gains Outgoing res¢wrc£s & losses At the stsrt of the year At the end of the year Transfers Restricted funds.. Aw8tion Badvertising Car Free Cities Car Free Mega Cities CAST- Food Cl8an heat Climate Perf(s COP cycle E-coaches E-mot0n￿ays Energy Dash Fixing factories Heat Gatnes" Hedge Fund & Trees Onshore wind Powering Parks Riding Sunbeams Other 11,278 32,788 149.063 317,979 10.340 19,295 19,152 176.235 30,029 321.782 4.5(X) {99,1381 {29,7701 {272.3041 1211,8901 {3901 140,9081 123,0831 1fj4.1601 139,9911 165.4381 88,375 33,047 198.541 110,589 9,950 11,5911 51,920 20.022 55.851 64,160 64.659 82.806 22,198 24.647 11,304 2,470 42,015 11,304 36,993 56.2 {19,2971 11,1721 170,9161 127,9181 17.0001 18,5001 119,3221 11,911 110,7391 10,739 6.213 76.245 36,500 48,327 3,000 10,886 26 10,0(K) 4,180 15,206 19,348 Total restricted funds 690.203 993.346 11.001.197) 682,352 General funds 149.971 487.319 1392.1471 245,143 Total unrestricted fijnds 149,971 487,319 1392,1471 245,143 Total funds 840,174 1,480.665 11,393,344) 927,495 'Funds set aside for this project which were funded by the Times Appeal, have been reall<)cated to Hedge fund as significant technical issue5 made the original plan unviable. This ieassignment iemains in line with the appeal conditions. 49