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2025-12-31-accounts

CLEAN AIR FUND 20 25 Annual report and accounts

CONTENTS

CONTENTS
LETTER FROM OUR
CHAIR AND CEO 03
TRUSTEES’ REPORT 04
OUR YEAR AT A GLANCE 05
WHY CLEAN AIR? 06
OUR MISSION 06
OUR STRATEGY 08
STRATEGIC REPORT 09
OVERVIEW 09
WHERE WE WORK 10
TOP CLEAN AIR WINS IN 2025 11
OUR STRUCTURE,
GOVERNANCE AND
MANAGEMENT 12
RISKS 15
FINANCIAL REVIEW 16
ADDITIONAL POLICIES 20
STATEMENT OF TRUSTEES’
RESPONSIBILITIES 21
INDEPENDENT AUDITOR’S REPORT 22
FINANCIAL STATEMENTS FINANCIAL STATEMENTS 25
CONSOLIDATED STATEMENT
OF FINANCIAL ACTIVITIES 26
BALANCE SHEET 27
CONSOLIDATED STATEMENT
OF CASH FLOWS 28
NOTES TO THE STATEMENT OF
CASH FLOWS FOR THE PERIOD
ENDED 31 DECEMBER 2024 29
REFERENCE AND
ADMINISTRATIVE DETAIL 53

LETTER FROM OUR CEO AND CHAIR

JANE BURSTON CEO

KATHERINE GARRETT-COX CBE Chair of the Board of Trustees

2025 was a challenging year for global cooperation on many fronts. Yet even in the face of profound geopolitical uncertainty, we saw bold efforts to tackle toxic air at every level.

Reducing air pollution delivers fast, tangible benefits. It protects people’s health, strengthens economies and helps mitigate climate change. Actions that deliver cleaner air are supported by people from all walks of life and across the political spectrum. This is why — despite political headwinds — global cooperation on clean air is accelerating.

At an international level, countries endorsed the World Health Organization’s (WHO) roadmap to halve deaths from air pollution by 2040. In November, under South Africa’s G20 presidency, world leaders adopted a landmark declaration on air quality. On the sidelines of COP30 in Brazil, nine countries made a frst-of-its-kind announcement to tackle the major sources of black carbon. These milestones underlined that clean air can be a common cause that cuts across political differences.

Last year also saw real progress at a national level. In Ghana, new legislation laid the foundations for coordinated air quality management across the country. In India, state-wide clean air programmes are scaling clean transport and emissions monitoring for more than 270 million people. In the UK, the government brought forward targets to significantly reduce the most harmful kind of air pollution by a decade.

limits for the frst time ever in 2024, nearly 200 years earlier than predicted. In Bogotá, air pollution has fallen by almost a quarter since 2018, earning the city the Earthshot Prize for its pioneering interventions. Nairobi and Accra rolled out new sensor networks, allowing policymakers and communities to identify toxic air hotspots and take tailored action. The result: cleaner neighbourhoods, healthier children and fewer workdays lost to the effects of toxic air.

2026 brings major opportunities to accelerate impact. We are scaling our efforts in Indonesia and across Southeast Asia, working with partners to deliver bold, practical reforms. We will support countries to make the first national commitments under the EU’s revised Ambient Air Quality Directive (AAQD), foster greater alignment between city and national action, and continue growing international ambition to cut super pollutants like black carbon.

In a year where progress often felt precarious, our partners, donors, and staff helped to make air quality a political, economic and public health priority – paving the way to deliver clean air everywhere, for everyone.

Cities are taking bold action as part of Breathe Cities . London reached legal NO₂

TRUSTEES’ & STRATEGIC REPORT

Clean Air Fund is a global philanthropic organisation working with governments, funders, businesses and campaigners to create a future where everyone breathes clean air.

OUR YEAR AT A GLANCE

270 million people set to benefit from a clean air action plan across the IndoGangetic Plain and Himalayan Foothills

9 countries announced plans for major black carbon reductions at COP30

$34.0m committed to new

14 cities delivering action through Breathe Cities

2,500+ urban areas included in a new tool mapping emissions from major industrial polluters

projects

The 10 µg/m³ PM2.5 target brought forward by 10 years in the UK

262 total air quality projects

3 million lives projected to be saved by new commitments made at the WHO Global Conference on Air Pollution and Health

Harry Mhlanga checks and cleans the inlets of the ambient air quality monitoring station managed by South African Weather Services. Gulshan Khan / Climate Visuals

WHY CLEAN AIR?

Air pollution is everywhere. Invisible particles penetrate cells and organs in our bodies: our lungs, heart, blood and brain. Dirty air is a leading cause of heart attacks, strokes and many other diseases.

In addition to harming our health, air pollution is linked to climate change. Some health-harming pollutants, like black carbon and tropospheric ozone, have a very high global warming potential. The sources of air pollutants and greenhouse gas emissions are often the same — burning fossil fuels for energy, transport, industry or agriculture.

Air pollution is the largest environmental threat to human health worldwide.

8.1 million premature deaths annually

are attributed to air pollution: more than tobacco.

99% of people breathe air that exceeds World Health Organization

(WHO) guidelines.

The annual health costs of air pollution are $6 trillion – equivalent to 5% of global GDP.

IT DOESN’T HAVE TO BE THIS WAY.

OUR MISSION

We’re working toward a world where everyone breathes clean air.

We accelerate action on clean air through:

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DATA
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DEMAND
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DRIVE

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Putting compelling Growing public
evidence in the awareness and
right hands political will
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Influencing and supporting decision-makers to commit to and implement ambitious clean air measures.

Cleaner air will create a healthier, fairer, more prosperous future for everyone. Clean Air Fund aims to accelerate the movement for clean air by:

Funding and partnering with organisations across the globe that promote data, build public demand for clean air and drive action

Influencing and supporting decisionmakers to act on clean air, bringing together funders, researchers, policy makers, businesses, and campaigners to build and strengthen the air quality cause

Working with communities disproportionately affected by air pollution

OUR STRATEGY

Our ambitious Clean Air for All strategy (2023-2026) sets out how we will catalyse progress on air pollution. Our strategic results framework enables us to systematically measure progress and draw out lessons and insights from our portfolios.

DURING THIS PERIOD, WE AIM TO:

galvanise global leaders to agree on significant action on air pollution

drive significant progress on reducing air pollution in at least 8 countries and 55 cities, through ambitious laws and policies and impactful air quality management plans

encourage at least 75 multinational

companies to commit to ambitious plans to reduce their air pollution footprints across their value chains

catalyse a total of $250 million in funds for air quality programming

AREAS OF WORK

We significantly increased the scale of our grant making and charitable projects, committing funding to 190 new projects, worth $34 million in multi-year value during 2025. We managed a total of 262 projects, an increase of 88 from the previous year (174 in 2024).

PROJECTS EXPENDITURE BY DEPARTMENT AND PORTFOLIO ($ MILLION)

OUR AREAS OF WORK ARE:

■ Global action: Advocacy, Air Quality Data, Health, Private Sector Engagement and Super Pollutants

■ National and regional action: Europe (including the UK, EU and Poland), Ghana, India, Indonesia, and South Africa

action: Breathe Field Building, Cities initiative and Learning and with Bloomberg Insights Philanthropies and C40 Cities in 14 cities, and the Clean Air Accelerator programme

WHERE WE WORK

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EUROPE
UNITED launched in 2019
KINGDOM with Poland &
launched in 2019 Bulgaria; expanded
to include EU level
London, UK advocacy in 2022
launched in 2018
Warsaw, Poland
Brussels, Belgium INDIA
launched in 2022
launched in 2023 launched in
Mexico City, Mexico Paris, France Sofia, Bulgaria 2019, present in four states
launched in 2024 launched in 2023
launched in 2023
Milan, Italy
launched in 2023
Bangkok, Thailand
GHANA Accra, Ghana launched in 2024
Bogotá, Colombia launched launched in 2023
launched in 2024 in 2022
Nairobi, Kenya
launched in 2023 Jakarta, Indonesia
launched in 2023
Rio de Janeiro, Brasil
launched in 2023 Johannesburg, South Africa
SOUTH-EAST ASIA
launched in 2023
regional work launched in 2025
SOUTH AFRICA
launched in Dec 2023
INDONESIA
launched in 2025
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KEY ACHIEVEMENTS

Here are the key achievements from 2025.

THE G20 ENDORSES A HISTORIC

DECLARATION ON AIR QUALITY. G20

Environment and Climate Ministers adopted a landmark declaration which put air quality on the G20 agenda as a standalone priority for the first time. This represents growing recognition among the world’s largest economies that cleaner air is essential for health, prosperity and climate ambition.

WHO, UNGA AND MEMBER STATES RECOGNISE CLEAN AIR AS A GLOBAL PUBLIC

HEALTH PRIORITY. At the 78th World Health Assembly, member states approved a target to halve air pollution deaths by 2040. The voluntary target provides a unifying global framework for national action and international cooperation. Early roadmap commitments from 24 countries offer a clear path to save millions of lives and reduce burdens on health systems.

In September, the UN General Assembly formally recognised air pollution as a major driver of noncommunicable diseases. This creates a mandate for governments to integrate pollution reduction into health systems and disease prevention.

INDIA ACCELERATES REGIONAL CLEAN AIR ACTION WITH LANDMARK WORLD BANK SUPPORT. In December, the World Bank approved major financing for Uttar Pradesh and Haryana, set to benefit 270 million people. Uttar Pradesh’s $300 million Clean Air Management Programme will expand clean cooking to 3.9 million households, deploy 15,000 electric three-wheelers and 500 electric buses, and incentivise the replacement of 13,500 heavy-duty vehicles. Haryana’s $300 million programme will strengthen emissions monitoring and scale clean transport.

GHANA’S LEGISLATION SETS A NEW ERA FOR

CLEAN AIR GOVERNANCE. Ghana updated its environmental legislation through the new Environmental Protection Act and a strengthened Environmental Protection Authority. This marked the most significant reform in decades. A cornerstone of this shift was the government’s Air Quality Management Regulation in September 2025, which created a national legal basis for comprehensive air quality monitoring for the first time. It requires every district to develop its own

Air Quality Management Plan, centralising data from all monitoring sources to provide real-time insights that enable national and municipal authorities to target interventions where pollution burdens are greatest.

UK BRINGS FORWARD ITS PM2.5 TARGET

BY 10 YEARS. The UK government brought forward its commitment to meet the WHO particulate matter (PM2.5) pollution guideline level of 10 µg/m³ to 2030. This new target aligns the UK with the ambition set under the EU’s Ambient Air Quality Directive. The government also committed to consult on domestic biomass combustion — a major PM2.5 source — and progressed legislation giving local authorities stronger environmental decision-making powers.

14 BREATHE CITIES DRIVE CLEAN AIR

ACTION. Cities are making fast progress on clean air action. Highlights this year include: London reaching legal NO₂ limits for the first time in 2024; Accra’s adoption of air quality action plans across 13 districts; Nairobi’s new sensor network and City County Air Quality Action Plan; Brussels confirming the next phase of the Low Emission Zone for 2026; Sofia winning the Bloomberg Philanthropies Local Leaders Climate Award and Bogotá winning the Earthshot Prize for Clean Air.

NINE COUNTRIES ANNOUNCE PLANS FOR MAJOR BLACK CARBON REDUCTIONS AT COP30. Ministers and senior officials from Canada, Chile, Colombia, Costa Rica, Dominican Republic, Madagascar, Nigeria, Sri Lanka and Uganda made a first-of-itskind announcement to tackle major sources of black carbon emissions during COP30 in Belém, Brazil. The announcement elevates black carbon as a critical climate and health challenge on the global stage. Actions range from integrating black carbon into climate strategies to targeted interventions in the electricity, transportation, and oil and gas sectors.

OUR STRUCTURE, GOVERNANCE AND MANAGEMENT

OVERVIEW

Clean Air Fund is a charitable company limited by guarantee (registered company number 11766712), constituted in 2019 and governed by its Memorandum and Articles of Association. Clean Air Fund is a charity registered in England and Wales (registration number 1183697) under the Charities Act 2011. The Charity had three subsidiary organisations in the year ended 31 December 2025:

PUBLIC BENEFIT

As a charity, Clean Air Fund is a Public Benefit Entity. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit including (PB2 Public Benefit: Running a Charity).

As a grant making organisation, we work through the organisations we fund, which include NGOs and research organisations. Our beneficiaries are people living in the countries and cities in which our partners are working to clean the air. Ultimately, the beneficiaries are much wider, as our aim is to improve air quality globally for the benefit of every individual in the geographies where we work. We coordinate a collective strategy to reduce air pollution, provide grant funding to a multi-national portfolio of clean air programmes, fund research and knowledgebuilding activities, and provide a means of knowledge sharing and networking between stakeholders.

THE BOARD OF TRUSTEES

The Board of Trustees is the governing body of the organisation and has legal, financial and managerial responsibility for the Charity. Clean Air Fund currently has five Trustees, of which one is a funder Trustee and four are independent Trustees. The Chair is one of the independent Trustees. All Trustees are also Members.

Trustees serve a four-year term from their date of appointment. Trustees are eligible to serve up to three full terms. Trustee appointment is confirmed at a meeting of the Board. There were no changes to Board membership during 2025.

New Trustees are appointed following a selection process based on our needs, including considerations around diversity, and gaps in expertise of existing Board members. Potential new Trustees meet with the CEO and Chair of Trustees to assess their fit with the organisation. New Trustees receive an induction briefing from the Company Secretary and relevant members of the Senior Leadership Team, and are provided with documents covering their legal and regulatory responsibilities and relevant information about Clean Air Fund.

The Board updated its Board skills matrix during 2025 and met quarterly with Board meetings focused on strategy, impact, organisational policy, financial health, risk, people and culture.

KATHERINE GARRETT – COX CBE (CHAIR) Re-appointed for a second term — 09 December 2022

GUNJAN SHAH

Appointed 02 November 2022

STYLIANOS KYRIAKAKIS Appointed 08 August 2023

MILENA NIKOLOVA Appointed 01 March 2024

SELLAH BOGONKO Appointed 02 December 2024

In addition, we have individuals from our donors who attend and input into Board discussions, but do not have any voting rights. These are:

ANNA HAKOBYAN Observer since 10 October 2023

PRIYA SHANKER Observer since 10 October 2023

THIRD PARTY INDEMNITY PROVISION FOR TRUSTEES

Qualifying third party indemnity provision was in place for the benefit of all trustees of the Charity.

SENIOR LEADERSHIP TEAM

The Senior Leadership Team of the Clean Air Fund comprises seven current members. Current members at the date the Annual Report and Financial Statements were approved:

Chief Executive Officer JANE BURSTON OBE

Chief Operating Officer VENETIA BELL*

Executive Director of Strategic Partnerships & Communications SEAN MAGUIRE

Executive Director of Programmes SHIRISH SINHA

Executive Director, Breathe Cities CECILIA VACA JONES Appointed April 2026

Executive Director, Europe MARIA-KRYSTYNA DUVAL Appointed January 2026

Chief Impact Officer SIETSKE VAN DER PLOEG

Served during reporting period:

Executive Director, Breathe Cities JAIME PUMAREJO Served until June 2025

HR Director JACQUIE MCLELLAND Served until December 2025

Project Director, Breathe Cities MIKE SAXTON Served until February 2026

The Senior Leadership Team is responsible for setting Clean Air Fund’s strategy and driving its implementation. The Senior Leadership Team’s responsibilities cover people and culture, strategy and impact, organisational processes and planning, risk and reputation.

*Venetia Bell is registered at Companies House under her legal name, Venetia Cooper (p. 55).

DECISION MAKING

The Trustees, together with the CEO and Senior Leadership Team, make up the key management of the charity and are responsible for directing, controlling and running the charity on a day-to-day basis.

The Trustees have delegated certain decisionmaking responsibilities to the CEO and two sub-committees: the Finance, Audit and Risk Committee, and the Grant and Charitable Activities Committee. Significant decisions of sub-committees are reported and monitored at each subsequent Board meeting.

GRANT AND CHARITABLE ACTIVITIES COMMITTEE

The Grant and Charitable Activities Committee is a sub-committee of the Board. The Committee’s membership includes designated Trustees, independent advisors with relevant technical or geographic expertise, and donors that have contributed at least $500,000 per year to the pooled fund.

The Grant and Charitable Activities Committee meets at least three times per year to consider and approve portfolio strategies and approve potential grant awards, up to a value of $6m.

Clean Air Fund’s Board has strategic and operational oversight of all Clean Air Fund activities, and decision making on strategy and major grants.

The Board has delegated grant making authority for smaller grants to both the Grant and Charitable Activities Committee and to the CEO.

FINANCE, AUDIT AND RISK COMMITTEE

The Finance, Audit and Risk Committee is a sub-committee of the Board. The Committee’s membership includes designated Trustees and independent advisors with relevant technical expertise.

The Committee meets at least twice per year to consider budgeting and financial planning, financial reporting, risk management and audit, assurance, systems and controls.

The Committee meets prior to the Board meetings and a report from each meeting is taken to the Board.

RISKS

The Trustees, in conjunction with the Senior Leadership Team, are responsible for the management of the risks faced by Clean Air Fund. This is documented in Clean Air Fund’s risk management policy which sets out our risk management principles, and roles and responsibilities. The risk management policy includes a five-part risk management process (identification, assessment, evaluation, treatment, reporting) and risk categories and sub-categories, including strategic, governance, financial, people, compliance, legal and operational risks. There were no serious incidents or other matters reported to the Charity Commission in 2025.

Key risks are documented within an organisational risk register, which documents the most relevant risks arising from across the organisation held in Directorate and Portfolio risk registers. The risk evaluation process grades the risks according to their importance by assessing the likelihood and level of impact of each risk both before and after any mitigating actions. The organisational key risk register is updated and reviewed by the Senior Leadership Team, and is also reviewed by the Finance, Audit and Risk Committee every six months and by the Board once a year. Emerging risks were considered alongside organisation key risks by the Finance, Audit and Risk Committee and the Board at the end of 2025. Where necessary, Clean Air Fund also creates and maintains risk or incident response plans for specific incidents, reporting to the Finance, Audit and Risk Committee and / or the Board if necessary.

Clean Air Fund’s risk appetite is determined by the Board. Significant work was undertaken in 2024 to formalise the Risk Appetite Statement and this was approved by the Board in 2025. While Clean Air Fund has low appetite for many categories of risk, it is prepared to take some programming and grant making related risks; for instance, supporting innovative programmes whose outcome is uncertain.

The Trustees are satisfied that plans, systems, controls and policies are in place to mitigate and manage exposure to such major risks identified by the Senior Leadership Team and the Trustees.

The highest-rated risks identified by the Trustees in 2025 were similar to 2024. This is to be expected as many of the higher-rated risks are external to Clean Air Fund and are harder to mitigate. However, there was a change of emphasis and a crystallisation of US-related political risks.

FINANCIAL REVIEW

SUMMARY OF FINANCIAL POSITION

2025 was the third year of our 2023-2026 strategic period. Clean Air Fund continued to grow through the year, with total expenditure increasing 23% year-on-year.

Income continued to grow, with a year-onyear increase of $22m to a total of $64m, breaking through the $60m mark for the first

time in Clean Air Fund’s history. Funding for Breathe Cities and Black Carbon programmes, alongside ongoing support from key donors, continued from 2024, and new funding was received from the IKEA Foundation for our new Ambient Air Quality Directive in Europe programme, enhancing the total income level in 2025.

The following table summarises Clean Air Fund’s financial results over the past five years, along with a breakdown of our sources of income, areas of expenditure and overall financial results for 2025.

SUMMARY OF HISTORIC INCOME AND EXPENDITURE

2021 2022 2023 2024 2025
USD $m
Total Income 17.8 15.1 33.9 42.1 64.3
Total Expenditure 11.8 18.6 26.6 36.1 44.5
Total Grant and Charitable 7.8 13.3 19.9 24.9 30.8
Project Spend
Net Movement in Funds 6.0 (3.5) 7.3 6.0 19.8
Fund balance 14.9 11.4 18.7 24.7 44.6
Restricted 0.9 0.9 8.0 13.4 37.9
Unrestricted: General 14.0 3.3 9.5 11.3 6.7
Unrestricted: Designated - 7.2 1.2 - -

SUMMARY OF HISTORIC INCOME AND EXPENDITURE

2021 2022 2023 2024 2025
Average number of employees 22.9 26.9 48.3 77.2 93.2
Total Funds awarded to Partners 13.0 14.8 24.6 22.9 26.3
($m)
Grant disbursements ($m) 6.7 10.1 12.8 17.5 22.5

2025 FINANCIAL STATEMENTS REVIEW

INCOME: $64.3M

Total income in 2025 was $64.3m, an increase of $22.2m from 2024 (+53%). The majority of this income is from large scale grants from philanthropic funders, with contributions from 10 funders totalling $62.9m (+$22.3m; +55%), with $17.8m being unrestricted and $45.1m being restricted.

Restricted funding continued to form a substantial proportion of our income, representing 71% of total income (2024: 53%). This is driven by the receipt of project funds for Breathe Cities, Black Carbon and our newly established programme supporting the implementation of the EU Ambient Air Quality Directive (AAQD), as well as funding restricted for use in particular geographies and a handful of smaller project-restricted funds. Unrestricted income continued at a consistent level with 2024 (2025: $18.8m, 2024: $19.7m), from core funding supporting our overall mission.

marginally to $4.5m (+$0.16m, +4%). Combined, this represents increased spending on grants and charitable projects to $30.8m (2024: $24.9m, +24%).

Overall direct costs represent $39.1m, an increase of $7.5m on 2024. Direct costs for both years represent 88% of total expenditure, demonstrating that the growth in expenditure has been driven primarily by increased programme activity rather than administrative overhead. This consistently high proportion reflects a continued focus on directing resources towards mission-critical work and maintaining strong cost discipline as the organisation scales its impact.

Support and governance costs increased by $0.9m to $5.4m (2024: $4.5m, +23%), which is largely from increased costs for support staff (+$1.4m, 65%) as Clean Air Fund continued to grow and overall staff numbers increased. The average headcount for 2025 increased to 93.2 (2024: 77.2).

FINANCIAL RESULTS

In 2025, Clean Air Fund generated $1.2m of interest income (2024: $1.5m) from interestbearing short-term deposit accounts and low-risk money market funds. $0.16m was recognised in respect of gifts in kind (2024: $0.10m); these relate to pro-bono services received supporting the development of our strategic plan.

Income is recognised in accordance with Clean Air Fund’s accounting policy (when there is entitlement to funds, receipt is probable, and the amount is measurable), which means there is significant variation in annualised income depending upon our funders’ profile of payments and mid-grant review processes across different financial periods.

Clean Air Fund ended the year with a surplus of $19.8m (2024: 6.0m). Unrestricted funds recorded a $4.6m deficit (2024: $0.6m surplus), whilst restricted funds had a surplus of $24.4m (2024: $5.5m), due to grant income for our AAQD in Europe programme being received in full, on commencement of the programme, this funding will continue to be spent down in forthcoming financial years. Overall financial results are in line with expectations and our financial plans for the four-year strategic period ending in 2026.

EXPENDITURE: $44.5M (+24%)

Total expenditure for 2025 was $44.5m, an increase of $8.4m (+23%) from 2024. Expenditure on charitable activities forms the majority of spending at $44.1m (99% of 2025 spending), an increase of $8.5m (+24%) from 2024.

The most significant area of Clean Air Fund’s charitable activities expenditure is from grants to our partner organisations. This amounted to $26.3m of expenditure in 2025, an increase of $5.8m from 2024 (+29%). Expenditure on activities undertaken directly (through charitable service contracts with non-charitable organisations) increased

BALANCE SHEET

Clean Air Fund’s balance sheet strengthened significantly during 2025, with total net assets increasing to $44.5m (+19.8m, +80%).

As of 31 December 2025, current assets held totalled $65.2m (2024: $40.6m), of which $64.3m comprised cash and cash equivalents (2024: $39.6m), being an increase of $24.8m (63%). The strong cash balances are due to the receipt of donor funds in advance of programme delivery, particularly for restricted projects, consistent with prior years. The year-on-year increase is predominantly from the receipt of funds from IKEA Foundation for the AAQD programme, for which the funding was received at the end of 2025. These funds allow us to make multi-year grant commitments to our grantees where the corresponding grant expenditure is disbursed in staged tranches over the lifetime of the grant.

These cash balances helped Clean Air Fund to generate over $1.2m of interest income in 2025, despite interest base rates decreasing through 2025.

Total liabilities amounted to $20.6m (2024: $15.9m), an increase of $4.7m (+30%). The two key drivers of change were:

RESERVES POLICY

The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to between four to six months of unrestricted operational costs. The Trustees consider that this level will provide sufficient funds to respond to and manage ongoing grants and ensure coverage of support and governance costs.

At 31 December 2025, reserves totalled $44.5m, formed of $37.9m of restricted reserves and $6.7m of unrestricted reserves. Of the unrestricted reserves, we consider our core reserves to be $4.0m, being approximately six months of unrestricted operating costs, and therefore within policy.

There were no designated reserves brought forward and no designations made in the year. The Trustees may, at their discretion, ringfence further unrestricted funds for future essential spend or for a specific purpose.

GOING CONCERN STATEMENT

Clean Air Fund is in a good financial position, delivering both increased grant giving and increased income through strong relationships with our donors, including additional restricted funding for major programmes: Breathe Cities, Black Carbon and the newly established AAQD programme. Clean Air Fund has a healthy financial outlook, from which to build on going into 2026 and the start of a new strategic period.

Taking into account the robust financial position of the organisation, healthy reserves, cash-flow projections and our contracted grant income, the Trustees and Senior Leadership Team believe that Clean Air Fund has adequate financial resources to continue to operate and implement our plans. Accordingly, the financial statements have been prepared on the going concern basis.

The closing position was total funds of $44.5m (2024: $24.7m), of which $6.7m relates to unrestricted funds and $37.9m restricted (2024: $11.3m unrestricted and $13.4m restricted).

ADDITIONAL POLICIES

INVESTMENT POLICY

Clean Air Fund does not have an endowment and, therefore, investment is not a major part of the Fund’s activities. Our funds are held to support future grant expenditure. The aim of the investment policy is to minimise risk and protect capital security and therefore, such assets are held as cash, invested to obtain a yield where possible. Driven by the high interest rate environment during 2025, we held the majority of our cash in short-term, lowrisk, money market and liquidity funds over the year, which resulted in earning $1.24m of income from the interest and dividends on the funds held in these accounts.

SAFEGUARDING AND CHILD PROTECTION

Clean Air Fund is committed to best practice with regard to safeguarding and child protection. Clean Air Fund is committed to:

Clean Air Fund continues to voluntarily disclose carbon emissions from international travel. In 2025, total emissions from international travel were 291,940 kg, representing a reduction of 14.5% compared to 341,403 kg in 2024. This reduction reflects continued emphasis on selecting the most appropriate method of travel, while recognising that international travel is a necessary part of Clean Air Fund’s work and all trips are taken with the ultimate purpose of delivering our mission.

FUNDRAISING

Clean Air Fund does not undertake any public fundraising activities that meet the Charities (Protection and Social Investment) Act 2016.

REMUNERATION

None of the Trustees are remunerated for their services to the charity.

SUSTAINABILITY AND CARBON REPORTING

In 2025, Clean Air Fund became a signatory to the International Philanthropy Commitment on Climate Change, reinforcing our approach to aligning our funding, operations and influence with a sustainable future. As we grow and evolve as an organisation, we remain committed to ensuring that sustainability is embedded across our operating model. Key elements of the sustainability approach are:

The remuneration of the CEO and key management is reviewed annually and is based on a combination of philanthropic and not-for-profit market rates. The CEO’s remuneration is reviewed and agreed annually by the Chair of the Board, on behalf of the Trustees.

Staff salaries are based upon pay scales that are set with reference to philanthropic and not-for-profit market rates.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors for the purposes for company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulations and United Kingdom generally accepted accounting practice (United Kingdom accounting standards), including FRS 102 (The Financial Reporting Standard) applicable in the UK and Republic of Ireland.

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the company 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 corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In preparing these financial statements, the Trustees are required to:

So far as the Trustees are aware, there is no relevant audit information of which the charitable company’s auditor is unaware. The Trustees have taken all the steps that they ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

The Trustees’ Annual Report, including the Strategic Report, was approved and authorised for issue by the Board of Trustees on 9th July 2026 and signed on its behalf by

KATHERINE GARRETT-COX CBE, CHAIR OF TRUSTEES

INDEPENDENT AUDITOR’S REPORT

OPINION

We have audited the financial statements of Clean Air Fund (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 December 2025 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including 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:

In auditing the financial statements, we have concluded that the trustee’s 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 charitable company’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 trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

CONCLUSIONS RELATING TO GOING CONCERN

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion based on the work undertaken in the course of our audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement set out on page 21, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S 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 auditor’s 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be necessary to the charitable group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable group for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income, going concern and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, detailed review of budgets and forecasts, reviewing accounting estimates for biases, designing and performing audit procedures for grant income, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

TARA WESTCOTT

Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Cheltenham Date: 09 July 2026

FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDED 31 DECEMBER 2025

NOTES UNRESTRICTED RESTRICTED TOTAL TOTAL
FUNDS FUNDS FUNDS FUNDS
2025 2025 2025 2024
$’000 $’000 $’000 $’000
INCOME FROM:
Donations 2 17,804 45,080 62,884 40,545
Investments 3 809 426 1,235 1,455
Other income 4 157 - 157 100
TOTAL 18,770 45,506 64,276 42,100
EXPENDITURE ON:
Raising funds 5 (399) - (399) (540)
Charitable activities 5 (22,961) (21,098) (44,059) (35,516)
TOTAL (23,360) (21,098) (44,458) (36,057)
Net income before net gains (4,590) 24,408 19,818 6,043
& losses on investments
Net income before transfers (4,590) 24,408 19,818 6,043
Transfers - - - -
Net income/(expenditure) 14 (4,590) 24,408 19,818 6,043
and net movement in funds
RECONCILIATION OF FUNDS:
Fund brought forward at 1 11,276 13,446 24,722 18,679
January
Fund carried forward at 31 6,686 37,854 44,540 24,722
December

BALANCE SHEET

AS AT 31 DECEMBER 2025

NOTES THE GROUP THE CHARITY
2025 2024 2025 2024
$’000 $’000 $’000 $’000
FIXED ASSETS:
Investments 10 - - 192 192
- - 192 192
CURRENT ASSETS:
Debtors 11 817 1,020 538 933
Cash at Cash equivalents 64,341 39,591 64,025 39,563
65,158 40,611 64,563 40,496
LIABILITIES FALLING DUE WITHIN ONE YEAR:
Grants payable 13 (18,223) (13,540) (18,223) (13,540)
Creditors 12 (2,207) (1,335) (2,059) (1,566)
(20,430) (14,875) (20,282) (15,106)
NET CURRENT ASSETS 44,728 25,736 44,281 25,390
TOTAL ASSETS LESS 44,728 25,736 44,473 25,582
CURRENT LIABILITIES
LIABILITIES FALLING DUE AFTER ONE YEAR:
Grants payable 13 (188) (1,014) (188) (1,014)
TOTAL NET ASSETS 44,540 24,722 44,285 24,568
FUNDS:
UNRESTRICTED FUNDS:
General funds 6,686 11,276 6,250 11,122
Designated funds - - - -
RESTRICTED FUNDS 37,854 13,446 38,035 13,446
TOTAL FUNDS 18 44,540 24,722 44,285 24,568

All of the charity’s activities derived from continuing operations during the above financial period. All recognised gains and losses are included in the above statement of financial activities.

These accounts have been prepared in accordance with the Companies Act 2006. (Company number 11766712). Results of the charity are disclosed in note 18.

Notes 1–18 form part of these financial statements. The financial statements were approved by the members of the Board of Trustees on 8th July 2026 and signed on their behalf by:

CONSOLIDATED STATEMENT OF CASH FLOWS

AS AT 31 DECEMBER 2025

2025 2024
$’000 $’000
CASH FLOWS FROM OPERATING ACTIVITIES
Net movement in funds 19,818 6,043
Dividend and interest from investments (1,235) (1,455)
Increase/(decrease) in debtors 203 (206)
(Increase)/decrease in creditors due in less than
one year		 5,555 (85)
(Increase)/decrease in creditors due in greater (826) 590
than one year
Net cash provided by operating activities 23,515 4,887
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interest from investments 1,235 1,455
Disposal/(Purchase) of fxed assets - 4
Net cash provided by investing activities 1,235 1,459
CHANGE IN CASH AND CASH EQUIVALENTS IN THE
PERIOD		 24,750 6,346
CASH AND CASH EQUIVALENTS AT 1 JANUARY 39,591 33,245
CASH AND CASH EQUIVALENTS AT 31 DECEMBER 64,341 39,591
REPRESENTED BY
Cash and cash equivalents 64,341 39,591

NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 DECEMBER 2025

1. BASIS OF PREPARATION

A. BASIS OF ACCOUNTING

The Charity is a charitable company limited by guarantee (registered number 11766712), which is incorporated and domiciled in the UK and is a public benefit entity. The Charity is registered in England and Wales (registered number 1183697). The Charity was incorporated on 15 January 2019 and the year end date was changed from 31 January to 31 December. The Charity started trading on 1 May 2019. These financial statements cover the period from 1 January 2025 to 31 December 2025.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2019.

The charity constitutes a public benefit entity as defined by FRS 102.

B. FUNCTIONAL AND PRESENTATIONAL CURRENCY

The financial statements are presented in US dollars and are rounded to the nearest dollar. US dollars is the currency of the primary economic environment in which the entity operates reflecting the currency of both the majority of income and grants awarded.

All amounts have been rounded to the nearest thousand, unless other indicated.

C. BASIS OF CONSOLIDATION

The consolidated financial statements include the results of Clean Air Fund and its subsidiary Clean Air Fund Services Private Limited (registered address: Unit 202 Crescent Building Lado Sarai, Mehrauli, New

Delhi 110030).

Details of Clean Air Fund’s subsidiary is listed in note 9. A separate Statement of Financial Activities and Balance Sheet has been presented for Clean Air Fund. No separate cash flow statement has been prepared for Clean Air Fund as permitted by the exemption in paragraph 1.12 of FRS 102.

D. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Preparation of the accounts requires the Board of Trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

E. ASSESSMENT OF GOING CONCERN

Clean Air Fund’s Board of Trustees have assessed whether the use of going concern basis is appropriate and have considered feasible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. Specifically, the Trustees have considered Clean Air Fund’s current financial position, our cash-flow projections and scenario planning forecasts and future funding streams.

Clean Air Fund’s finances remained strong through 2025, marking the third year of the charity’s strategic and funding period, from 2023 to 2026. New funding was secured from the IKEA Foundation for the Ambient Air Quality Directive in Europe programme, and support continued from existing donors into 2026, ensuring a secure income base and a healthy financial outlook.

F. INCOME

Income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured reliably.

Donations received by the Charity, which are made up of grants, include those from donors that provide core funding, or are of a general nature. In the event that a grant is subject to conditions, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity, and it is probable that those conditions will be fulfilled, including those committed over multiple years.

Other income received by the charity is Gift-in-kind (GIK). GIK is a type of charitable giving in which contributions take the form of tangible goods or services or time given instead of money. Clean Air Fund’s reported GIK were donated services, and they were valued at fair market value on receipt of the service.

Grants received with a restricted purpose are allocated on receipt directly into the correct fund and are not transferred between funds.

Income received in advance of the start of the grant agreement and with time-related conditions attached to the grants are deferred until the commencement date as agreed with the donor.

G. EXPENDITURE

All expenditure is accounted for on an accrual basis and is recognised as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party. It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Grants are made to institutions and are recognised where the beneficiary has been formally notified in writing of the award. This notification gives the recipient a reasonable expectation that they will receive the oneyear or multi-year grant. In the case of an unconditional grant offer, this is accrued once the recipient has been notified in writing of the grant award. Grant awards that are subject to the recipient fulfilling conditions are accrued when any remaining unfulfilled conditions attached to that grant are outside of the control of the Charity.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award; there are no unfulfilled performance conditions under the control of the Charity that would permit the Charity to avoid making the future payment(s); settlement is probable, and the effect of discounting is material. The majority of Clean Air Fund’s grants are accounted for on an annual basis due to an annual performance review within our grant agreements. The grantees’ performance is seen as being outside the control of the Charity.

In accordance with the Charities SORP (FRS 102), the charity is required to disclose material grants made to institutions or individuals.

To maintain clarity and focus in the financial statements, only individual grants with a value of $100,000 or more are disclosed in detail in Note 6. This threshold has been applied to ensure that disclosures remain meaningful and proportionate, without obscuring the overall financial picture with excessive detail.

The total value of all grants awarded, including those below the disclosure threshold, is fully reflected in the aggregate figures presented in the Statement of Financial Activities and related notes.

Costs of raising funds include staff time incurred seeking new donations and additional funding for the Charity.

H. ALLOCATION OF SUPPORT COSTS

Support costs comprise general management, financial management, operations management, information systems and premises costs. Governance costs are those incurred in connection with the management of the Charity’s assets, organisational administration and compliance with constitutional and statutory requirements. Support costs are allocated based on the total direct costs for each activity.

I. DEBTORS

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

J. CASH AT BANK

Cash at bank represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

K. CREDITORS

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event; it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

L. FUNDS STRUCTURE

General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity, and that have not been designated for other purposes. Designated funds are unrestricted funds earmarked for a particular purpose by the trustees. Designation does not legally restrict the trustees’ discretion to apply the fund. Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors.

and employee’s control over their pension contributions, and to improve comparability of staff cost disclosures between periods. This change affects presentation only and has no overall impact on total staff costs.

N. FOREIGN CURRENCY TRANSLATION

Monetary assets and liabilities denominated in a foreign currency are translated into USD at the exchange rate ruling on the balance sheet date. Transactions in foreign currencies are recorded at the average rate of exchange for the month the transaction was incurred.

All exchange differences are taken to the statement of financial activities.

O. FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as financial assets or financial liabilities.

P. TAXATION

Clean Air Fund is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Q. LEASES

All income and expenditure of Clean Air Fund has been included in the Consolidated Statement of Financial Activities.

M. PENSION COSTS

Contributions payable to defined contribution pension schemes and/or personal pension plans are accounted for in the year in which they are payable. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Rentals payable under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the term of the lease. Rent-free periods and other lease incentives are accounted for as a reduction to the lease expense over the lease term on a straight-line basis. Clean Air Fund does not have any finance leases.

The charity operates a salary sacrifice arrangement in respect of employee pension contributions. Under this arrangement, employees make pension contributions directly from their gross salary. From 1 January 2025, amounts sacrificed by the employee are recorded as employee contributions, and accordingly, staff costs are based on pre-sacrifice salaries. The total cost of salaries to the charity reflects salaries before salary sacrifice. Employer pension costs now reflects the employer’s contribution only. This change has been made to reflect the substance of the transaction

2. INCOME FROM DONATIONS

UNRESTRICTED RESTRICTED TOTAL 2025 TOTAL 2024
2025 2025 $’000 $’000
$’000 $’000
Grant income 17,804 45,080 62,884 40,545
TOTAL 17,804 45,080 62,884 40,545

The above grant income includes a restricted grant from the IKEA Foundation relating to AAQD Europe: Implementing new air quality standards in Europe. For the year ended 31 December 2025, the following has been recognised within the Statement of Financial Activities in respect of this grant:

TOTAL 2025
$’000
Restricted grant income
(€20m)		 23,495
Restricted expenditure (610)

The carried forward balance of the grant is reflected in note 14.

3. INCOME FROM INVESTMENTS

UNRESTRICTED RESTRICTED TOTAL 2025 TOTAL 2024
2025 2025 $’000 $’000
$’000 $’000
Bank interest and dividends 809 426 1,235 1,455
TOTAL 809 426 1,235 1,455

4. OTHER INCOME

UNRESTRICTED RESTRICTED TOTAL 2025 TOTAL 2024
2025 2025 $’000 $’000
$’000 $’000
Gifts in kind 157 - 157 100
TOTAL 157 - 157 100

5. EXPENDITURE

A. CHARITABLE EXPENDITURE

DIRECT COSTS
GRANTS
(Note 6)
$’000
STAFF
COSTS
$’000
OTHER
DIRECT
COSTS
$’000
SUPPORT AND
GOVERNANCE
COSTS
$’000
TOTAL
2025
$’000
ACTIVITIES
UNDERTAKEN
DIRECTLY
$’000
CHARITABLE
ACTIVITIES
Global Action		 8,415
1,227
2,234
416
1,730
14,022
National
& Regional
Action		 9,328
1,040
1,366
346
1,405
13,485
City Action 8,569
1,692
1,847
634
1,966
14,708
Cross-Cutting -
555
839
222
228
1,844
TOTAL
CHARITABLE
ACTIVITIES		 26,312
4,514
6,286
1,618
5,329
44,059
RAISING
FUNDS		 -
-
351
-
48
399
TOTAL
CHARITABLE
EXPENDITURE		 26,312
4,514
6,637
1,618
5,377
44,458

Direct expenditure of $4,514k (2024: $4,359k) on charitable activities was to further the Charity’s mission and objectives. This includes undertaking evaluations, supporting advocacy of the clean air movement, conducting research, publishing and disseminating reports, organising convenings and conferences, and providing technical assistance to our grantees and other charitable organisations.

PRIOR YEAR

DIRECT COSTS

GRANTS ACTIVITIES
UNDERTAKEN		 STAFF OTHER
DIRECT		 SUPPORT AND
GOVERNANCE		 TOTAL
(Note 6) DIRECTLY COSTS COSTS COSTS 2024
$’000 $’000 $’000 $’000 $’000 $’000
CHARITABLE
ACTIVITIES
Global Action 6,145 1,847 1,873 318 1,450 11,633
National &
Regional Action		 7,211 1,608 1,098 195 1,439 11,551
City Action 7,120 511 1,452 576 1,380 11,079
Cross-Cutting - 353 457 288 156 1,254
TOTAL
CHARITABLE 20,476 4,359 4,880 1,377 4,425 35,517
ACTIVITIES
RAISING
FUNDS		 - - 456 16 68 540
TOTAL
CHARITABLE 20,476 4,359 5,336 1,393 4,493 36,057
EXPENDITURE

B. SUPPORT AND GOVERNANCE COSTS

2025 2024
$’000 $’000
SUPPORT COSTS
Staf costs 3,436 2,085
Other staf related costs 338 459
Communications & events 292 152
Legal & professional services 198 310
Consultant costs 72 93
Ofce & IT 1,218 1,015
Travel 76 106
Foreign exchange (440) 175
TOTAL SUPPORT COSTS 5,190 4,395
GOVERNANCE COSTS
Auditors’ remuneration (UK & overseas) 52 39
Accountancy 40 7
Trustee costs 95 52
Consultant costs - -
TOTAL GOVERNANCE COSTS 187 98
TOTAL SUPPORT AND GOVERNANCE COSTS 5,377 4,493

6. GRANTS

In accordance with the Charities SORP (FRS 102), the charity is required to disclose material grants made to institutions or individuals.

To maintain clarity and focus in the financial statements, only individual grants with a value of $100,000 or more are disclosed in detail in Note 6. This threshold has been applied to ensure that disclosures remain meaningful and proportionate, without obscuring the overall financial picture with excessive detail.


with excessive detail.
NATIONAL & YEAR TO
GLOBAL REGIONAL CITY DECEMBER
ACTION ACTION ACTION 2025
$’000 $’000 $’000 $’000
Air Pollution Action Group - 199 - 199
AirClim (Luftförorenings- och klimatsekretariatet) 188 - - 188
Airparif - 6 257 263
AirQo, Makerere University, Clean Air Fund 266 - - 266
AMAP (Arctic Monitoring and Assessment
Programme)		 112 - - 112
A-PAG, IIT-Delhi - 132 - 132
Association SmogAlert - 932 - 932
Asthma + LungUK - 335 - 335
BRAL - 197 - 197
Business UnitySouth Africa (BUSA) - 160 - 160
C40 Cities 1,033 - 1,499 2,532
CEBRI (Brazilian Center for International
Relations or Centro Brasileiro de Relações 171 - - 171
Internacionais)
Centre for Science and Environment 132 - - 132
Centro de Transporte Sustentable de México A.C.
(WRI Mexico)		 - - 150 150
Clean Air Institute - - 150 150
Clean Cities (t&E) - 270 - 270
Climate Catalyst - - 368 368
Climate Outreach, Maker Change 131 - - 131
Confederation of Indian Industry(CII) - 277 - 277
Conservation StrategyFund (CSF) Brazil - - 150 150
Consumers International 111 - - 111
Corporación Movilizatorio - - 120 120
Council for Scientifc and Industrial Research
(CSIR)		 60 160 - 220
CSIR-Building and Road Research Institute
(CSIR-BRRI)		 - - 130 130
Environmental Defense Fund (EDF) - - 120 120
European Environmental Bureau(EEB) - 176 - 176
Faculty of Public Health, Thammasat
University (Hub of Talents on Air Pollution
and Climate (HTAPC), the Collaborating - - 278 278
Center for Clean Air and Climate Change
(CCCACC))
FEANTSA - 108 - 108
Forum Energii - 293 - 293
FPPE - 465 - 465
Frank Bold - 104 - 104
Fundação Coordenação de Projetos,
Pesquisas e Estudos Tecnológicos - - - 100 100
COPPETEC
Fundacja Przedsiębiorczości Technologicznej
(The Foundation for Technology - 155 - 155
Entrepreneurship)
Global ReportingInitiative(GRI) 160 - - 160
Green Africa Youth Organization(GAYO) - 124 - 124
Health and Environment Alliance(HEAL) - 265 - 265
Health Efects Institute 677 - - 677
Health PolicyWatch 108 - - 108
Health Systems Trust(HST) - - 250 250
Healthcare Without Harm - 321 - 321
HEI 110 - - 110
iForest - 256 - 256
IGDP (Institute for Global Decarbonisation
Progress)		 156 - - 156
IGSD & IIT Bombay 143 - - 143
IIT- Delhi - 182 - 182
IIT- Kanpur - 209 - 209
Imperial College London - 489 35 524
Iniciativa Climática de México AC - - 179 179
Instituto Ar 350 - - 350
Instituto Ar & DESMA-UERJ (State University
of Rio de Janeiro)		 - - 100 100
Instituto Tecnologia e Sociedade - - 100 100
Janaagraha Centre for Citizenship and
Democracy		 - 140 - 140
Kwame Nkrumah University of Science and
Technology		 - 129 - 129
Labour Climate and Environment Forum
(LCEF)		 - 203 - 203
Les Chercheurs d’Air - - 199 199
Les Petits Débrouillards Ile-de-France - - 158 158
More In Common - 327 - 327
Mums for Lungs - 132 - 132
NCD Alliance 109 - - 109
New Narratives - 150 - 150
NRDC 160 - - 160
OpenAQ 350 - - 350
Our Kids Climate 180 - - 180
Our Kids’ Climate 160 - - 160
Pan American Health Organisation (PAHO) 161 - - 161
Polityka Insight - 239 - 239
Possible - 109 - 109
PSNM - 211 - 211
Royal College of Paediatrics and Child Health
(‘RCPCH Global’)		 257 - - 257
Seas at Risk 491 - - 491
Seriti Institute - - 201 201
ShareAction 144 - - 144
SLYCAN Trust 200 - - 200
Social Good Fund 202 - - 202
South African Waste Pickers Association
(SAWPA)		 - 157 - 157
SPARTAN based in Washington University 150 - - 150
Stockholm Environment Institute 136 - - 136
SUR Instituto del Sur Urbano AC - - 270 270
The Active WellbeingSociety - 130 - 130
The European Heat PumpAssociation(EHPA) - 165 - 165
The International Council on Clean
Transportation(ICCT)		 121 146 - 267
Transport & Environment - 100 - 100
Transport and Environment (Clean Cities
Campaign Warsaw)		 - 156 - 156
UK100 - 163 - 163
UNDP 100 - - 100
United Nations Development Programme
(UNDP)		 - 150 - 150
United Nations Environment Programme (PHU
and UNEP-FI teams)		 137 - - 137
Universidad de La Salle - - 155 155
Universidad de los Andes - - 190 190
Universidad Iberoamericana, Environmental
and Climate Justice Lab		 100 - - 100
Université catholique de Louvain(UC Louvain) - 150 - 150
Universityof Chicago Trust- EPIC - 194 - 194
Universityof Helsinki 105 - - 105
Urban Better 207 - - 207
Urban Studies Institute Foundation(USI) - - 266 266
Vital Strategies - 50 633 683
WattTime ClimateTRACE 250 - - 250
World Athletics 157 - - 157
World Economic Forum 150 - - 150
World Resources Institute - Kenya Ofce - - 100 100
World Resources Institute(WRI)Colombia - - 210 210
Grants below $100k, FX variance and write
backs onprioryeargrants		 480 1,280 1,233 2,993
Total 8,415 10,296 7,601 26,312

PRIOR YEAR

PRIOR YEAR
NATIONAL & YEAR TO
GLOBAL REGIONAL CITY DECEMBER
ACTION ACTION ACTION 2024
$’000 $’000 $’000 $’000
Air Parif 232 - 57 289
Association SmogAlert - 427 - 427
Brown University 272 - - 272
C40 Cities Climate LeadershipGroup, Inc. - - 3,388 3,388
Centre for Public Interest Law - - 105 105
Centre for Science and Environment - 957 - 957
Chaordika - - 100 100
Clean Air Institute 376 - - 376
Columbia University 202 92 - 294
Confederation of Indian Industry (CII) - 241 - 241
CSTEP - 317 - 317
Enact Equality - 104 - 104
Environmental Capacities and Sustainability
Institute(ECAS Institute)		 - - 312 312
European Clean Air Center(ECAC) - 299 - 299
European Heat PumpAssociation - 144 - 144
Forum Energii - 382 - 382
Fundacja Promocji Pojazdów Elektrycznych
(FPPE, Electric Vehicles Promotion - 416 - 416
Foundation)
Fundacja Przedsiębiorczości Technologicznej
(The Foundation for Technology - 150 - 150
Entrepreneurship)
Green Africa Youth Organization - 226 - 226
HabitatMap 137 - - 137
Health & Environment Alliance(HEAL) - 264 - 264
Health PolicyWatch 125 - - 125
Health Efects Institute(HEI) 269 - - 269
IIT Delhi - 177 - 177
IIT-Kanpur - 440 - 440
Infnity970 - - 126 126
Innovative Green Development Program SL
(iGDP)		 193 - - 193
Inter-American Development Bank 140 - - 140
International Council on Clean Transportation
(ICCT)		 - - 269 269
Italian Climate Network - - 100 100
ITDP Brasil - - 180 180
Kigali Collaborative Research Centre 240 - - 240
Kusudi Cause Communication Trust - - 148 148
Kwame Nkrumah University of Science and
Technology		 - 301 - 301
Labour Climate and Environment Forum - 118 - 118
Legambiente - - 191 191
Les Petits Débrouillards - - 161 161
Lund University 485 - - 485
Natural Resources Defense Council 240 - - 240
Open AQ 475 - - 475
People’s Dialogue on Human Settlements - 175 - 175
Polityka Insight - 269 - 269
Possible - 128 - 128
PSPA - 142 - 142
Raahgiri Foundation - 193 - 193
Royal College of Paediatrics and Child Health
(RCPCH)		 278 - - 278
ShareAction 104 - - 104
Smart Freight Centre 138 - - 138
Social Good Fund 106 - - 106
Stockholm Environment Institute 104 - - 104
Stockholm University 359 - - 359
The Active WellbeingSociety - 113 - 113
The EnergyResources Institute(TERI) - 261 - 261
Transport and Environment - - 169 169
UNDP (United Nations Development
Programme)		 200 - 102 302
Union for International Cancer Control(UICC) 120 - - 120
Universityof Birmingham - 161 - 161
Universityof Energyand Natural Resources - - 138 138
Universityof Ghana - 59 98 157
Vital Strategies - - 739 739
Washington Universityin St Louis 150 - - 150
WattTime 250 - - 250
World Health Organization(WHO) 540 - - 540
World Resources Institute(WRI) - 249 - 249
Grants less than $100k 419 672 737 1,835
FX Variance and Writebacks on prior year
grants		 (9) (273) - (282)
Total 6,145 7,211 7,120 20,476

7. NET (EXPENDITURE)/INCOME BEFORE TRANSFERS

This is stated after charging:

TOTAL TOTAL
2025 2024
$’000 $’000
Auditor remuneration for the audit of these f-
nancial statements		 37 33

8. STAFF COSTS

THE GROUP THE CHARITY
RESTATED RESTATED
2025 2025
$’000 2024
$’000		 $’000 2024
$’000
Wages and salaries 7,986 6,223 7,182 5,521
Social security costs 1,037 736 1,037 736
Pension costs 699 341 666 309
TOTAL 9,722 7,300 8,885 6,566
Other staf related benefts 159 120 122 112
TOTAL 9,881 7,420 9,007 6,678

Included within salaries and wages above is $11,338 of redundancy and termination costs (2024: $nil).

Prior year employee pension contributions have been reclassified from pension costs to salaries and wages. The charity operates a salary sacrifice arrangement in respect of employee pension contributions. Under this arrangement, employees make pension contributions directly from their gross salary. From 1 January 2025, amounts sacrificed by the employee are recorded as employee contributions, and accordingly, staff costs are based on pre-sacrifice salaries. The total cost of the group and charity reflects salaries before salary sacrifice. Employer pension costs above now reflects the employer’s contribution only. This change has been made to reflect the substance of the transaction and employee’s control over their pension contributions, and to improve comparability of staff cost disclosures between periods. This change affects presentation only and has no overall impact on total staff costs.

The average number of employees over a 12-month period (by head count), analysed by function, was as follows:

2025 No. 2024 No.
Fundraising 3.9 3.5
Charitable activities 67.6 53.8
Support 21.7 19.9
TOTAL 93.2 77.2

By 31 December 2025 Clean Air Fund had a headcount of 95 employees (2024: 85).

There were 35 employees (2024: 32) whose emoluments amounted to over $79,000 (£60,000) per annum or more (excluding benefits) during the year, based on the average exchange rate for the year.

2025 No. RESTATED 2024 No.
$79,337 to $92,559 (£60,001 to £70,000) 7 10
$92,560 to $105,781 (£70,001 to £80,000) 7 6
$105,782 to $119,004 (£80,001 to £90,000) 7 5
$119,005 to $132,227 (£90,001 to £100,000) 4 2
$132,228 to $145,450 (£100,001 to £110,000) 3 1
$145,451 to $158,673 (£110,001 to £120,000) - 3
$158,674 to $171,896 (£120,001 to £130,000) 1 1
$158,674 to $171,896 (£130,001 to £140,000) 4 2
$185,119 to $198,341 (£140,001 to £150,000) - 1
$251,234 to $264,455 (£190,001 to £200,000) 1 -
$304,125 to $317,347 (£230,001 to £240,000) - 1
$330,571 to $343,792 (£250,001 to £260,000) 1 -
TOTAL 35 32

Remuneration bands for 2024 were restated following a methodology update to better capture the substance and transparency of how employee pension contributions are presented, as outlined previously.

The key management personnel of Clean Air Fund has been defined as the CEO and the Senior Leadership team. The total employee benefits including employer’s pension contributions of the key management personnel were $1,835,823 (2024: $1,723,148).

The trustees did not receive any remuneration for their services during the period. Three trustees were reimbursed expenses for travel and subsistence in the year for a total of $7,888 (2024: Three trustees were reimbursed $23,411).

9. SUBSIDIARY UNDERTAKINGS

Clean Air Fund has a wholly-owned trading subsidiary undertaking, Clean Air Fund India Private Limited (CAFIPL), a company incorporated and registered in India (registered no. U74999DL2022FTC405832). The principal activities of this company are to provide grant research and management services to Clean Air Fund. All its profits are retained by the entity. The charity owns the entire issued share capital of 1,600,000 equity shares of INR 10 each.

CLEAN AIR FUND INDIA PRIVATE LIMITED (CAFIPL)

PROFIT AND LOSS ACCOUNT 2025
$’000		 2024
$’000
Turnover 1,183 1,050
Cost of sales (1,082) (955)
Gross proft 101 95
Administration expenses - -
PROFIT ON ORDINARY ACTIVITIES 101 95
BALANCE SHEET
Current assets 603 368
Creditors: amounts falling due within one year (155) (22)
TOTAL ASSETS LESS CURRENT LIABILITIES 448 346
Called up share capital 192 192
Retained proft and loss account 256 154
SHAREHOLDERS’ FUNDS 448 346

10. FIXED ASSET INVESTMENTS

THE GROUP THE CHARITY
Investments held in 2025
2024		 2025 2024
subsidiary $’000 $’000 $’000 $’000
Clean Air Fund India Private
Limited(CAFIPL) (Note 9)		 - - 192 192
TOTAL INVESTMENTS - - 192 192

11. DEBTORS

THE GROUP THE GROUP THE CHARITY
2025 2024 2025 2024
$’000 $’000 $’000 $’000
Trade Debtors 9 - 9 -
Accrued income 54 410 54 410
Prepayments 218 200 208 195
Other debtors 536 410 267 328
TOTAL 817 1,020 538 933
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
THE GROUP THE CHARITY
2025 2024 2025 2024
$’000 $’000 $’000 $’000
Trade creditors 154 494 111 484
Social security costs 192 132 158 132
Accruals 1,807 679 1,722 668
Deferred income (note 16) - - - -
Other creditors 54 30 61 30
Intercompany - - 7 252
TOTAL 2,207 1,335 2,059 1,566

Deferred income comprises grant funds which the charity has received but to which it is not yet entitled, due to time-related conditions attached to the terms of the grant. The movement in deferred income, included above, is analysed below.

THE GROUP THE CHARITY
2025
2024		 2025 2024
$’000 $’000 $’000 $’000
Deferred income at 01
January2025		 - 2,830 - 2,830
Released in year - (2,830) - (2,830)
Deferred in year - - - -
DEFERRED INCOME AT 31 - - - -
DECEMBER 2025

13. GRANTS PAYABLE

13. GRANTS PAYABLE
2025 2024
$’000 $’000
GRANT COMMITMENTS AT 1 JANUARY 14,554 11,410
Grants awarded in the year 26,340 20,758
Grants written back in the year (28) (181)
Grantspaid in theyear (22,455) (17,333)
GRANT COMMITMENTS AT 31 DECEMBER 18,411 14,554
Payable within one year 18,223 13,540
Payable after one year 188 1,014

14. MOVEMENT IN FUNDS

THE CHARITY AT 1 AT 31
JANUARY INCOME EXPENDITURE TRANSFERS DECEMBER
2025 $’000 $’000 $’000 $’000 2025 $’000
UNRESTRICTED FUNDS
General fund 11,122 18,770 (23,642) - 6,250
Designated funds - - - - -
TOTAL UNRESTRICTED
FUNDS		 11,122 18,770 (23,642) - 6,250
RESTRICTED FUNDS
Breathe Cities 7,373 14,875 (14,695) - 7,553
Black Carbon Project 3,055 4,948 (3,705) - 4,298
Ozone Project 37 - (32) - 5
Ambient Air Quality
Directive (AAQD) in - 23,495 (609) - 22,886
Europe
Clean Air Fund in India 1,520 - (525) - 995
India Evaluation 130 - (94) - 36
EME Support 185 250 (43) - 392
Global South & Health 800 1,667 (690) - 1,777
Breathe Warsaw 278 - (278) - -
Clean Air Fellowships - - 1 - 1
Birmingham Clean Air
Project		 39 - - - 39
EU Cleanairtech &
Clean HeatingCoalition		 22 - - - 22
Clean Air Justice
Network		 7 131 (131) - 7
Ambient Air Quality
(AAQD)in Germany		 - 140 (116) - 24
TOTAL RESTRICTED 13,446 45,506 (20,917) - 38,035
TOTAL FUNDS 24,568 64,276 (44,559) - 44,285

THE GROUP

THE GROUP
AT 1 AT 31
JANUARY INCOME EXPENDITURE TRANSFERS DECEMBER
2025 $’000 $’000 $’000 $’000 2025 $’000
UNRESTRICTED FUNDS
General fund 11,276 18,770 (23,360) - 6,686
Designated funds - - - - -
TOTAL UNRESTRICTED
FUNDS		 11,276 18,770 (23,360) - 6,686
RESTRICTED FUNDS
Breathe Cities 7,373 14,875 (14,739) - 7,509
Black Carbon Project 3,055 4,948 (3,837) - 4,166
Ozone Project 37 - (35) - 2
Ambient Air Quality
Directive (AAQD) in - 23,495 (610) - 22,885
Europe
Clean Air Fund in India 1,520 - (525) - 995
India Evaluation 130 - (94) - 36
EME Support 185 250 (43) - 392
Global South & Health 800 1,667 (690) - 1,777
Breathe Warsaw 278 - (278) - -
Birmingham Clean Air
Project		 39 - - - 39
EU Cleanairtech &
Clean HeatingCoalition		 22 - - - 22
Clean Air Justice
Network		 7 131 (131) - 7
Ambient Air Quality
(AAQD)in Germany		 - 140 (116) - 24
TOTAL RESTRICTED 13,446 45,506 (21,098) - 37,854
TOTAL FUNDS 24,722 64,276 (44,458) - 44,540

General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity, and that have not been designated for other purposes.

Designated funds are unrestricted funds earmarked for a particular purpose by the trustees. Designation does not legally restrict the trustees’ discretion to apply the fund.

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors. All income and expenditure of Clean Air Fund has been included in the Statement of Financial Activities. A summary of the material restricted funds held are:

PRIOR YEAR

THE CHARITY AT 1 AT 31
JANUARY INCOME EXPENDITURE TRANSFERS DECEMBER
2024 $’000 $’000 $’000 $’000 2024 $’000
UNRESTRICTED FUNDS
General fund 9,416 19,692 (18,030) 44 11,122
Designated funds 1,164 - (1,164) - -
TOTAL UNRESTRICTED
FUNDS		 10,580 19,692 (19,194) 44 11,122
RESTRICTED FUNDS
Breathe Cities 4,731 11,709 (9,067) - 7,373
Black Carbon Project 1,679 4,163 (2,787) - 3,055
Ozone Project - 650 (613) - 37
Clean Air Fund in India 414 2,830 (1,724) - 1,520
India Evaluation - 259 (129) - 130
EME Support - 500 (315) - 185
Global South & Health - 1,667 (867) - 800
Breathe Providence 272 - (272) - -
Breathe Warsaw 377 300 (355) (44) 278
Technical Centres of
Excellence in India		 300 - (300) - -
Project Clean Air EU 4 - (4) - -
Clean Air Fellowships 36 187 (223) - -
Birmingham Clean Air
Project		 227 (162) (26) - 39
EU Cleanairtech &
Clean HeatingCoalition		 - 178 (156) - 22
Clean Air Justice
Network		 - 127 (120) - 7
TOTAL RESTRICTED 8,040 22,408 (16,958) (44) 13,446
TOTAL FUNDS 18,620 42,100 (36,152) - 24,568

The GROUP

The GROUP
AT 1 AT 31
JANUARY INCOME EXPENDITURE TRANSFERS DECEMBER
2024 $’000 $’000 $’000 $’000 2024 $’000
UNRESTRICTED FUNDS
General fund 9,475 19,692 (17,935) 44 11,276
Designated funds 1,164 - (1,164) - -
TOTAL UNRESTRICTED
FUNDS		 10,639 19,692 (19,099) 44 11,276
RESTRICTED FUNDS
Breathe Cities 4,731 11,709 (9,067) - 7,373
Black Carbon Project 1,679 4,163 (2,787) - 3,055
Ozone Project - 650 (613) - 37
Clean Air Fund in India 414 2,830 (1,724) - 1,520
India Evaluation - 259 (129) - 130
EME Support - 500 (384) - 185
Global South & Health - 1,667 (867) - 800
Breathe Providence 272 - (272) - -
Breathe Warsaw 377 300 (355) (44) 278
Technical Centres of
Excellence in India		 300 - (300) - -
Project Clean Air EU 4 - (4) - -
Clean Air Fellowships 36 187 (223) - -
Birmingham Clean Air
Project		 227 (162) (26) - 39
EU Cleanairtech &
Clean HeatingCoalition		 - 178 (156) - 22
Clean Air Justice
Network		 - 127 (120) - 7
TOTAL RESTRICTED 8,040 22,408 (16,958) (44) 13,446
TOTAL FUNDS 18,679 42,100 (36,057) - 24,722

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

THE CHARITY
GENERAL DESIGNATED RESTRICTED TOTAL
FUND FUNDS FUNDS 2025
$’000 $’000 $’000 $’000
CHARITY ONLY
Fixed Assets 192 - - 192
Current Assets 18,377 - 46,186 64,563
Current Liabilities (12,131) - (8,151) (20,282)
Non-Current Liabilities (188) - - (188)
TOTAL NET ASSETS 6,250 - 38,035 44,285
THE GROUP
GENERAL DESIGNATED RESTRICTED TOTAL
FUND FUNDS FUNDS 2025
$’000 $’000 $’000 $’000
Fixed Assets - - - -
Current Assets 18,969 - 46,189 65,158
Current Liabilities (12,095) - (8,335) (20,430)
Non-Current Liabilities (188) - - (188)
TOTAL NET ASSETS 6,686 - 37,854 44,540

PRIOR YEAR

PRIOR YEAR
THE CHARITY
GENERAL DESIGNATED RESTRICTED TOTAL
FUND FUNDS FUNDS 2024
$’000 $’000 $’000 $’000
Fixed Assets 192 - - 192
Current Assets 16,043 - 24,453 40,496
Current Liabilities (4,780) - (10,326) (15,106)
Non-Current Liabilities (333) - (681) (1,014)
TOTAL NET ASSETS 11,122 - 13,446 24,568

THE GROUP

THE GROUP
GENERAL DESIGNATED RESTRICTED TOTAL
FUND FUNDS FUNDS 2024
$’000 $’000 $’000 $’000
Fixed Assets - - - -
Current Assets 16,158 - 24,453 40,611
Current Liabilities (4,549) - (10,326) (14,875)
Non-Current Liabilities (333) - (681) (1,014)
TOTAL NET ASSETS 11,276 - 13,446 24,722

16. TRANSACTIONS WITH RELATED PARTIES

No related parties’ transactions have taken place with senior management. Clean Air Fund’s Conflict of Interest policy is that Board or Grant and Charitable Activities Committee members who have an interest in any grant awarding decisions do not take part in that decision and disclose any interest.

Stelios Kyriakakis (Trustee, appointed 08/08/2023) holds the position of Chief Operating Officer at IKEA Foundation. During the year Clean Air Fund received $10,000,000 from the IKEA Foundation in respect of a grant for 2025, awarded in 2022 for a fouryear period, and $23,482,000 in respect of a new grant awarded in 2025, restricted to Clean Air Fund’s work on Ambient Air Quality

Directive (AAQD) in Europe. The trustee did not receive remuneration in his capacity as a Trustee.

In respect of Clean Air Fund’s subsidiary, Clean Air Fund India Private Limited (CAFIPL), intercompany transactions totalling $1,183,077 (2024: $1,049,371) were incurred. There was a year-end creditor of $6,577 (2024: $159,002) in the Charity’s accounts.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

17. OPERATING LEASES COMMITMENTS

2025 2024
$’000 $’000
Less than one year 376 657
Two – fve years - 321
TOTAL 376 978

18. CHARITY STATEMENT OF FINANCIAL ACTIVITIES

The Charity Statement of Financial Activities reflects the results of the Clean Air Fund charity only, excluding the results of the trading subsidiary undertaking, Clean Air Fund India Private Limited (CAFIPL).

UNRESTRICTED RESTRICTED TOTAL TOTAL
2025 2025 2025 2024
$’000 $’000 $’000 $’000
INCOME FROM:
Donations 17,804 45,080 62,884 40,545
Investments 809 426 1,235 1,455
Other income 157 - 157 100
TOTAL 18,770 45,506 64,276 42,100
EXPENDITURE ON:
Raising funds (399) - (399) (405)
Charitable activities (23,243) (20,917) (44,160) (35,747)
TOTAL (23,642) (20,917) (44,559) (36,152)
Net income before net gains (4,872) 24,589 19,717 5,948
before transfers
Transfers - - - -
Net expenditure/income and net
(4,872)		 24,589 19,717 5,948
movement in funds
RECONCILIATION OF FUNDS:
Fund balances brought forward 11,122 13,446 24,568 18,620
at 1 January
Fund balances carried forward 6,250 38,035 44,285 24,568
at 31 December

REFERENCE AND ADMINISTRATIVE DETAILS

REGISTERED NAME Clean Air Fund
DATE OF INCORPORATION 15th January 2019
COMPANY NUMBER 11766712
REGISTERED CHARITY NUMBER 1183697
TRUSTEES Katherine Garrett-Cox CBE
Gunjan Shah [Appointed 02 November 2022]
Stylianos Kyriakakis [Appointed 08 August 2023]
Milena Nikolova [Appointed 01 March 2024]
Sellah Bogonko [Appointed 02 December 2024]
CHIEF EXECUTIVE OFFICER Helen Jane Burston
COMPANY SECRETARY Venetia Bell [Appointed 18 July 2024]
REGISTERED OFFICE
CLEAN AIR FUND Phoenix House
106-114 Borough High Street
London
SE1 1LB
REGISTERED OFFICE
CLEAN AF SERVICES INDIA Ground Floor and First Floor,
Worldmark 1, Asset Area 11
Aerocity, IGI Airport
Southwest Delhi
New Delhi, Delhi
India
110037
BANKERS HSBC Bank Plc
69 Pall Mall
St James
London SW1Y 5EY
SOLICITORS Mills & Reeve
24 King William Street
London EC4R 9AT
AUDITORS Crowe U.K. LLP
Fourth Floor
St James House
St James’ Square
Cheltenham
GL50 3PR

The Clean Air Fund (UK) is registered in England with company number 11766712 and charity number 1183697. Registered address: Phoenix House, 106114 Borough High Street, London SE1 1LB

info@cleanairfund.org www.cleanairfund.org @cleanairfund