2024-03-31-accounts

COMPANY NO. 12914740 CHARITY NO. 1194424 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS 31 MARCH 2024

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS COMPANY INFORMATION REPORT OF THE DIRECTORS STATEMENT OF DIRECTORS, RESPONSIBILITIES 15 INDEPENDENT AUDITOR'S REPORT 16 STATEMENT OF FINANCIAL ACTIVITIES 19 BALANCE SHEET 20 STATEMENT OF CASH FLOWS 21 NOTES TO THE FINANCIAL STATEMENTS 22

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 CURRENT TRUSTEES: Geoffrey David Sinclair Paraskevi Bertseka Ho Yan Yulanda Chung Mayumi Omi PRINCIPAL & REGISTERED OFFICE: 28 St. John's Square London EC1M 4DN AUDITORS.. Crowe U.K. LLP R+ Building, 2 Blagrave Street Reading RG1 1AZ BANKERS: Unity Trust Bank PO Box 7193 Planetary Road Willenh811 WV19DG SOLICITORS Orange Grove Law 20 Red Lion Slr8el London WC1R 4PS Bates Wells 10 Queen Street Place London EC4R 1BE Page I

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also Directors of the charitable company, submit their report together with the audited financial ststemenls for the year ended 31 March 2024, and confirm that they comply with the requirements of the Charities Act 2011 and the Companies Act 2006, thus including the Directors, Report anij Strategic Report under the 2006 Act, together with the audited financial statements for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Transitionzero is a charitable company limited by guarantee, company registration number 12914740, charity registration number 1194424. The company, not having a share capital, is limited by guarantee. Each member's liability is limited lo an amount not exceeding £1 in the event of the company being wound up. The present Trustees, and any past Trustees who served during the year, are given on page 14, together with the names of the senior executive staff. The principal pla￿ of business is staled on page 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is governed by ils Memorandum and Articles of Association dated 30 September 2020., updated version dated 13 August 2023. Governing Body The Board of Trustees is responsible for the overall govemance of the Charity. Existing trustees appoint new Trustees, and the appointment is minuted. Recruilmenl and Training of Trustees Potential Trustees are identified by existing trustees and are considered against the board's specifications concerning eligibility, competence, specialist skills and local availability. Training has been provided to all new appointees on their obligations as a Trustee. Materials are available to the Trustees on general legal obligation applicable to the organisalion. Organisational Management Within the organisalional structure, day-to-day decision-making is delegated to Matthew Gray, Chief Executive Officer. Assisting and advising the CEO on day lo day decision making and leading specific functions within the organisation.. Lucas Kruitwagen, Chief Technology Officer,. Sabah Zdanowska, Head of Product,. Abhishek Shivakumar, Head of Analysis las of April 20241,. Duncan Byme, Head of Marketing and Communications,. Hrislina Petkova, Head of Operations. Emily Anshaw was promoted to Chief of Stsff (previously People & Culture Manager) to work closely with the CEO and advise on decision-making and strategic planning. The CEO oversees the work of the key functions within the organisalion.. Technology, Product, Marketing and Communications, Analysis, Operations. The CEO in turn reports to the Board of Trustees as follows.. Formal Board Meetings each quarter. Informal meetings with the Chair of the Board of Trustees - weekly or bweekly, as appropriate and necessary Informal discussions and correspondence by email between meetings - as needed. Page 2

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organisational Development In addition to renewing all existing grants, Transitionzero secured fresh funding from the Sequoia Climate Foundation, Google.org, Tara Climate Foundation. This meant that the organisalion had scope lo hire additional staff as well as lo redefine and develop its core functions. In the period, Transitionzero hired a total of 16 new team members and continues to hire al a steady rate- il is projected that by the end of the first quarter of Financial Year 202412025 the team will have grown to 35+ Spectfic updates regarding strategic aims and impact are detailed further down in this report. Transitionzero pivoted towards becoming a product-led organisation and hired a Head of Product (Sabah Zdanowskal. The main goals for the organisation from a prodLJCt perspective are.. Bewme a responsive and agile organisation which continuously adapts and improves our flagship products through testing, learning, and iterating To understand the users, behaviours and needs by knowing the "what, how, why" that drives them and to better understand how we can influence users, behaviours which, by definition, are always changing., Be innovative with technology in order to solve problems better and be always aware of the innovator's dilemma The Technology, Energy Systems Modelling, and Analysis teams, structures have been refined into subleams or consolidated to reflect the "producl-first. approach of the organisalion.. Technology team.. Software products Systems modelling and research Data products - Machine leaming, Heavy Industry, Power Data Analysis and Energy Systems Modelling team Consolidation leffeclive April 20241- The primary goal of the consolidation team is to develop and operationalise the analysis products. The overarching aim is to attract and relain high-qualily users to the plarform. Regarding people and culture management, we have continued to refine and improve our internal policies and prO￿dureS lo keep pa￿ with the organisalion's growth and address any new gaps identified. Our ongoing objectives are to achieve fairness, clarity, and adaptability throughout these policies and procedures.. Fairness.. We have ensured that all decisions are made based on standardised guidelines, so every team member knows they are being treated equitably. Clarity.. We have enhanced the accessibility of our policies, with the operations team promptly and openly addressing any questions or concerns. Adaptability.. Our policies and prO￿dureS are now more robust and flexible, capable of being applied to every employee as the organisation grows. We have designed all internal policies lo support continuous development and scalability. In lemis of financial management. we continued to enhance our financial procedures and processes. We have successfully kept to our clear and well-managed path in managing our finan￿S. The financial function of the organisation is now comprehensively handled in-house, with the Financial Controller overseeing all accounting and bookkeeping operations. Additionally, the Financial Controller maintains and updates financial forecasts and budgets. We review all expenditures monthly and allocate each transaction to the appropriate grants. Importantly, we consistently provided monthly financial reports lo the CEO lo support well-informed financial decisions and future planning. Page 3

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Key Management Personnel Remuneration The trustees Consider the board of trustees, CEO, and Heads of Departments as comprising the key management personnel of the charitable Company, having authority and responsibility for planning, directing and controlling the activities of the charitable company, directly or indirectly, on a day lo day basis. All trustees give off their lime freely and no Iruslee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 5 and 14 to the accounts. The pay of the charity's key staff management personnel is reviewed annually. Risk Management The board has examined the principal area of the charity's operations and considered what major risks may arise in each of these areas. In the opinion of the Trustees, the charitable company has established resources and review systems, which under normal conditions, should allow the risks identified by them lo be mitigated to an acceptable level in its day-to-day operations. Principal risks and uncertainties have been identified Insufficient funds to maintain current staffing levelsl loss of income Failure to demonstrate Impact Funder leading - grant funders provide us funding for projects they wish us lo pursue, not those we believe are the most impactful Loss of key personnel Skills gaps undermining charity effectiveness Political environment hostile to campaigning for climate targets Other NGOS and digital movements encroach on the organisation's unique selling proposition Seeking and accepting funds from inappropriate SoUr￿S Adherence to Company Law & Charity Commission regulations IT Failure and Data Proleclion.. loss of data through theft or hacking Poor financial management Inaccurate or potentially libellous information given out by members of staff through reports, event appearances andl or through digital communications Negative press coverage Fundraising Transitionzero does not raise funds from the general public, does not employ a professional fundraiser nor engage the ServI￿S of Ihird-paty organisalions lo help raise funds, and therefore have not considered it necessary lo sign up lo any regulatory code of fundraising practice. No complaints have been received during the year about any aspect of the fundraising and consideration is always given to privacy and diplomacy to ensure approaches for fundraising are appropriate. Page 4

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OBJECTS, AIMS, OBJECTIVES & ACTivrriES Charitable Objects The company's declared objectives are the promotion of conservation, protection and improvement of the environment, in particular by promoting the reduction of carbon emissions and the improvement of air quality. The advancement of education and promotion of research into environmental protection and sustainable development in subjects including bLJt not limited to clean energy, air pollution, renewable technologies and sustainable finance. For the purposes of this definition, 'sustainable development. means development which meets the needs of the present without compromising the ability of future generations to meet their own needs. Strategic Aims and Intended Effect Transitionzero's mandate is lo create open data products lo enable the access and adoption of fundamental climate data. We create publicly available outputs lo facilitate this access. Objectives for the Year Transitionzero's Objects slated in its Articles of Association are.. the promotion of conservation, protection and improvement of the environment, in particular {bul not limited tol, by promoting the reduction of carbon emissions and the improvement of air quality., and the advancement of education and promotion of research into environmental protection and sustainable development in subjects including but not limited to clean energy, air pollution, renewable technologies and sustainable finance. For the purposes of this Article 2, "sustainable development" means development which meets the needs of the present without compromising the ability of futu￿ generations to meet their own needs." strategies to Achieve the Yeals Objectives To achieve our charitable objectives, we are building an open-source energy system model without usability barriers and create a user network effect through a scalable partnership model lo support the development of a global standard for energy transition planning data. Our theory of change posits that once governments in emerging economies realise that clean energy is the most cosl-effective form of new energy in nearly every global market, they will prioritise the policy changes needed to ensure clean energy is deployed lo meet their development goals. Previously, our impact strategy combined lowering entry barriers for system modelling with creating conlenl lo highlight clean energy's cosl-effectiveness. Now, we believe our greatest impact may lie in ensuring policymakers effectively use our modelling platform and in producing Content that demonstrates ils value. Page 5

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Model Builder (previously Future Energy Outlookl- beta launch at COP28 At the lime of the launch the open source energy systems modelling plafform covered 201 nodes across 163 Countries representing 99,/0 of the global population. As part of the of SDG7 Pavillion's 'Newsmakers' section, Matthew Gray ICEOI and Lucas Kruitwagen ICTOI demonstrated the bela version of the plafform and hosted a discussion on the vital role of open data and tools in enhancing capacity for energy transitions in developing countries, featuring a panel of current TZ partners.. Maria Tiuse¢o, Esq - Undersecretary of Finance, Republic of the Philippines Brian Dean - Director for Energy Transition, SEforAII Brigitte Hoyer Gosselink - Director of Product Impact, Google.org From a technical perspective, the launch consisted of the following- Data Viewer User Interface for non-techniGal users to easily view results for different nel zero and coal phase-out scenarios, and for comparing against current policies Python Client for easy-enlry programmatic aC￿sS and Jupyler notebooks: released along with guided walk-throughs of platfomi capabilities and different use cases Application Programming Interface IAPII for programmatic access at scale Sel to be released in 2024, the platfomi will allow decision-makers lo ask 'what if... questions to establish the impacts of various scenarios depending on different assumptions. Model Builder will support power system investment planning, allowing users to identify and navigate Irade-offs with costs, land impacts, and climate policies in addition to grid dispatch modelling for prices, operations, and grid resilien￿. The modelling suite is underpinned by Transitionzero's platform layer, with federated a¢￿sS to numerical solvers, an API backbone for s¢alabilily and single-entry point authentication. In short, we're making il easier for users to create, scrulinise and share their own 'whal if questions. Model Builder combines web scraping with satellite data and machine learning. This is matched with production and generation data, and the use of asset locations lo match land impacts, renewables potentials, weather and climate dats. Crucially, our data is then validated by in-country experts and partner organisations, ensuring il is complete. correct, and up-to-date. Page 6

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Transitionzero's Model Builder Accessible and auditsble modeL tooL and data piatForm Data Sourc88 Modelllng Sulte Interfaces eb app $3tylllr¥ machine WithTZ n•phlP4Th•W• ran51tionZero Data Sources w•b Sernplr4 D&t4v4ihJatlon . sttdillt•dth4m&thln• i••mlni Scables To Change The World, _ report presented at COP28 Page 7

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The report was developed in partnership with CCG, Dartmouth College and Simon Fraser University and was presented by Abhishek Shivakumar {Head of Analysis) at a panel discussion assessing the crucial role of inlerconneclion and the political, financial and economic challenges that need to be addressed to support a Paris-aligned energy transition. Using our culling-edge modellin suite based on the OSeMOSYS-Global model, Transilionzero has conducted a firsl-of-its-kind global analysis of electricity grid requirements to 2040 al a national and subnational scale. The model covers 163 countries. Of these, 153 are modelled at the national level and 10 at the subnational level. The latter therefore includes inler-regional electricity trade within the country in addition lo between countries. In collaboration with our partners al Dartmouth Colle e, Simon Fraser Universil , and Climate Com atible Growth CCG , we have compiled the most complete open-source dataset of existing and planned grid capacities, comprising 800 transmission pathways. Using this data as a starting point. we then assessed how much new generation, storage and transmission infrastructLJre is needed to achieve net-zero in the power sector by 2040 under two scenarios. There are two main types of transmission projects'.11 } links between electricity markets and121 links from a power generation capacity lo an electricity market. For the moment, our modelling focuses only on the first kind as it allows for bidirectional power trade and entails unifying electricity markets. Both of our s￿na￿oS depict potential strategies for the global power sector to become net-zero by 2040. The underlying model includes constraints ensuring zero emissions across the entire power system. The important distinction between the two S￿narioS is that one allows for the expansion of transmission infraslruclure beyond their levels today, while the other does not. In doing so, we make a significant contribution to the debate on transmission.. to build or not to build? For the very first lime, this allows US to unravel the opportunities and Irade-offs that come with a globally integrated power network. Here are the key findings of the report.. Building grids could save nearly $3 trillion In the net-zero transition. Reinforcing transmission lines within and between countries redU￿S the amount of cosuy generation and storage infraslruclure needed, saving the global economy trillions in transition costs. The savings could be greater still when the system resilience and macroeconomic benefits of grids are considered. Many countries could become net exporters of clean electricity. Transmission allows several nations across the world to tap into their vast solar and wind resources. allowing surplus generation to be exported lo other countries. This creates new export revenue streams. Grids create new corridors of global trade. Expanding the transmission systems reshapes the global power network and creates new tffide relationships. primarily along an east-lo-west supply corridor. This highlights the importance of mullilaleralism between countries at a time of increasing protectionism. Ten cables to change the world. Based on a dataset containin more than 800 lar e transmission Ihwa LS, we create a shortlist of len cables which, if built, could play an outsized role in decarbonising global electricity supply at minimal cost to consumers and taxpayers Climate finance for grid investments. Our study highlights and quantifies the emission reduction benefits of grid investments. This can help steer the flow of climate finance tOW8rds this sector by showing these investments are both cost-effective and transformational. Page 8

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TrJijor expansions of transmission required for net-zero Transboundary transmlsslon capaclty In 2040 IGWI ro-c&thn cllpkrity cipwt 2011 9040 ?U4Q r3nsltlonZero the global power system is developed by allowing expansion of existing and new transmission capaGIty. Coal Asset Transition ICATI Tool - Philippines Dataset release {January 20241 The launch webinar featured a panel with the Institute for Climate and Sustainable Cities IICSC}, ACEN. and the Department of Energy IDOEI. A datsset, blog and analyst slidedeck accompanied its release. The CAT dataset has been socialised lo target audiences, including CSOS. government and financial institutions. Presentations have been given lo several Bureaus in the DOE, ERC, and the international JETP working groups. The Coal Asset Transition ICATI Tool is an open data product that provides asset-level information to inform refinancing and replacement decisions for coal plants. Specifically, for the Philippines, il provides estimates on the cost of buying out remaining power supply agreements IPSAS, often referred lo as PPASI, which are pivotal to the economic viability of each coal unil. In addition, CAT evaluates various parameters such as long-temi profitability, the remaining lifespan of each asset, and th8 levelised cost of transitioning lo clean power sources, as well as incorporating battery storage. This facililales a comprehensive screening proc8SS lo detemiine which coal plants might b8 suitable for r81iremenl. Beyond economic considerations, CAT also gauges societal impacts. It estimates the tangible costs associated with emission reductions as well as the potential job losses resulting from the closure of each coal unit. With this data, policymakers, planners and financiers can use the CAT Tool for.. High-level screening to identify plants that can be prioritised for coal refinancing based on various screening metrics Assel-level deep dives into financial metrics, operating wsls, and environmental and social 8xlernalilies Identification of candidates for coal phaseout at the asset level based on criteria most important to the end user Page 9

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Key findings of the dataset release include.. The average abatement cost lo buy and repla￿ coal plants in the Philippines is $1401tCO2, comprising $411tC02 to 'buy-ouV supply agreements and $991tC02 to replace them with solar plus storage. Retiring coal plants five years ahead of schedule could prevent 290 million tons of C02, double the Philippines, annual C02 emissions, aligning the country with the Paris Agreement's objectives. The fOr￿d outage rate for coal plants averaged 9 /0 from 2020 10 2022, debunking the common belief that they provide uninlerrupled 2417 power. Slrucluring deals and refinancing transactions for coal power is a complex task, requiring consideration of characlerislics and realities at the plant level. The Philippine Energy Transition Plan IPETPI needs lo inTrntivise early movers, ensuring that plant owners view earfy refinancing as a core strategy. The CAT tool is vital to support coal plant refinancing decisions and guide the Philippines, energy transition strategy. The CAT tool provides reliable historical data to support negotiations regarding asset value and PSA buy-outs. While further due diligence is necessary forfinancing deals per asset, the CAT tool is invaluable for evaluating coal plants, guiding refinancing schedules, and informing policies during the Philippines, energy transition. Partnershlps, presentatlons. and meetlngs A key focus for Transitionzero continues lo be to create a user nelMork effect through a scalable partnership model to support the development of a global standard for energy transition planning data. To this end, we have established partnerships with with multiple key organisalions= Transilionzero connectivil Transitionzero becomes GF rkstream artner on the mana ed haseout of coal in APAC Transitionzero artners with World Resources Institute Africa to su ort the acceleration of Africa's ener transition Transitionzero artn with in tr Transitionzero to Develo en Source Ener S stems Model for the ASEAN Power Grid Transilionzero and ClientEarth Partner lo Accelerate Ener Transition in Southeast Asia Transitionzero artners with Powerin Past niv ner b levera en source data tools artners with ESCAP to accelerate Iow-carbon develo ment throu h ener nnin In 2023, we undertook a Southeast Asia roadshow to showcase our tools to policymakers and regulators. undertake training for partners, and meet with key stakeholders to understand their data needs. It InclLJded the fi)Ilowing highlights and meetings.. Association ofsoutheasl Asian Nations (ASEAN) - focused work Asia Energy Business Forum Presentation.. On a session on 'Acceleraling Power Grid Inlerconnectivity in Southeast Asia.. Enhancing Cooperation with Partners in ASEAN" organised by the World Resources Institute, ACEC, and UNOps Energy Transition Partnership, we highlighted the importance of open data and t￿nSparent modelling for the ASEAN Power Grid IAPGI. Exploring UNOps Energy Transition Partnership collaboration.. We shared our progress and roadmap for FEO and the intersections related their ongoing work on managed coal phaseoLJt. and capacity building for energy systems modelling in Indonesia, Vietnam and the Philippines United Nations Economic and Social Commission for Asia and the Pacific IUNESCAPI.. We previewed preliminary FEO APG results and narrative, and discussed how this aligns with ESCAPS Page 10

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 activities on interconnectors under the Expert Working Group on Energy Connectivity. A presentation of the FEO APG model to the Working Group is being planned. ASEAN Centre for Energy- PFS Department.. Discussed the need for transparency and open data and assumptions for modelling the APG, as well as additional scenarios and metrics that FEO can capture lo complement their work. We have confirmed ACE as an exlemal validator for our FEO APG model. Indonesia Work Skillshares on Transitionzero Tools.. Through an event organised by Bersihkan Indonesia, we presented on Energy Modeling 101 and Transilionzero tools ICAT and FEOI to 22 local CSOS, namely Trend Asia, IESR, IEEFA, Cellos, IRID, ICEL, WALHI EKNAS, CERAH, AEER, Auriga Nusantara, Greenpea￿ Indonesia, STUEB, Coaction Indonesia, 350 INDONESIA, ENTER NUSANTARA, PWfP, CPI, YLBHI, RUMAH ENERGI, The Habibie Cenler, WRI, and RMI. Another skillshare was organised by I-CLIMB Ilndonesia Climate Modeling and Policy Hub), which included local banks, academics and government representatives. Both sessions allowed us to gather feedback, and will help us tailor and expand these tools lo align with ongoing efforts in Indonesia. IESR.. Discussed collaborations that can be pursued under the OpenSEA umbrella, the current stale of the JETP & CIPP, their focus post-CIPP, and the possibility for collaboration on completing Indonesia's and ASEAN'S data in FEO. Captive Coal & Industrial development.. Dialogues with key actors, including from the JETP Secretarial and MENTARI (Low Carbon Energy & Infrastructure Team, UK Embassy}, raised this a crucial issue with many data challenges. These insights will be integrated into our analytical work for this year and incorporated into our FEO roadmap for 2024. Government consultations.. We also organised meetings with the MEMR, PT SMI, and KADIN to understsnd their priorities and next steps, following the JETP CIPP. We will add a few modelling needs that emerged to our roadmap. It also became clear that there is an opportunity for us to work on translating energy systems models and our findings into financial terms that are relevant lo investors and the finance community. Publications Pakistan's redicament China ue on new coal Ja an's toxic narrative on ammonia Two billion reasons.. how Indonesia can Bahasa Indonesia Our secret master lan Access all areas.. Tearin ca ower oes ro et ahead of the net zero curve also available in don't tell an bod down barriers to cuttin eene s stems modellin Cables to chan e the world- The economic benefits of transmission investments to decarbonise lobal ele¢tri¢it Introducin our"What Ir. machine- Model Builder Coal Refinancin in the Phili ines= Usin the Coal Asset Transition Southeast Asia faces a reckonin the rid connectivit Process Not Product: Wh Southeast Asia's Ener evolve su CAT tool on ower o Transition Mechanisms need time to Pagell

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Marketlng and Communlcatlons performance metrlcs Data downloads 2,069 data downloads from our website beMeen April 2023 and March 2024 Including from, but not limited lo Harvard, Berkeley, Yale, Princeton, BloombergNEF, Columbia University, RMI, HSBC Asset Management, UK Department for Business and Trade, Reuters, UCL, Decathlon, Natwesl, Adi, Lazard, Czech Ministry of Environment, BNP Paribas, EY,PwC Communications metrics Press.. 368 pieces of coverage between April 23 - March 24, including, but not limited to Financial Times, Sky News, Bloomberg, 11 Sole 24 Ore, Time Magazine. Reuters, Carbon Brief. Nikkei Asian Review, Climate Home, The Japan Times, Eco-Business, ESG Investor, The Financial Post, South China Morning Post, The National, Manila Standard Website traffic.. 91 k page views from 39.1 k unique visitors Social media.. Linkedln - 5,550 followers, 1 gk average monthly impressions, 90/0 engagement rate., Twitter - 2,700+ followers, 3.60/0 engagement rate.138 /0 growth in social media followers between April 2023 and March 20241 Email contacts.. 2715.. 1792 Marketing Contacts,. 1258 Newsletter Subscribers Public Benefit The Trustees consider that the activities carried out by Transition Zero during the past year illustrate that they have provided considerable benefit to the public as summarised above. The Trustees have therefore complied with their dLJty in section 17151 of the Charities Act 2011 to have due regard lo the Charity Commission's published general guidance concerning the operation of the public benefit requirement under that Act. RELATED PARTIES AND OTHER ORGANISATIONS There are no related parties. Transitionzero works primarily with its Funders to deliver ils objective. Our current funders are.. Quadrature Climate Foundation and Climateworks Foundation via Bloomberg Philanthropies WattTime Corporation via the Climate TRACE coalition. European Climate Foundation Client Earth Tara Climate Foundation Sequoia Climate FoLJndation Google.org Transitionzero also wort(s with Subak, an accelerator for climate not-for-profits. This allows for collaborations with other think tanks and organisalions focused on climate change in order to avoid duplication of work and maximising opportuni118s for impact. Page 12

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEWAND RESULTS FOR THE YEAR Income for the year amounted lo £3,116k of which £3,077k was grant income 12023 was £1,953kl. Expenditure for the year was £2,908k, leaving £1,077k total funds held by the charitable company at the year end {2023 was £869kl. By far the largest element of expenditure was the cost of employing our staff lo provide the activities of the charitable company. Principle sources of funding were from Quadralure Climate Foundation, Climateworks Foundation via Bloomberg Philanthropies., Sequoia Climate Foundation,. Google.org,' WattTime Corporation via the Climate TRACE coalition, European Climate Foundation, Client Earth, Tara Climate Foundation. Please see below for background of how funding supports our objectives. Quadrature Climate Foundation. Climateworks Foundation via Bloomberg Philanthropies, and Sequoia Climate Foundation provide us Wlth unrestricted funding lo support Transilionzero building on existing open data and open source projects as well as bolstering private sector initiatives by making transition capital more aligned with positive climate outcomes. Google.org reslricled funding with a key focus on improving energy transition planning for govemments worldwide, bul especially in Asia Pacific. The key deliverables for this project are to support the development of a global open-source energy system model which will lead lo accessible, auditable and reproducible data to support 2417 carbon-free energy woddwide,. and lo produce reports investigating the system-level costs and benefits of 2417 electricity procurement in Japan, India, Singapore, Taiwan. and Malaysia. WattTime Corporation via the Climate TRACE coalition- Climate TRACE is a project founded by a global coalition of nonprofits. tech companies, and universities created to make meaningful climate action faster and easier by independenuy tracking greenhouse gas IGHGI emissions with unprecedented detail and speed. Climate TRACE harnesses satellite imagery and other forms of remote sensing, artificial intelligence, and data science expertise lo identify human-caused GHG emissions when and where they happen. Transitionzero provides emissions for power generation and selected heavy industry subsectors and will support the ClimateTRACE deliverables as follows.. Country Level Data Asset Level Data User Support Communications European Climate Foundation - restricted funding for specific projects such as the Future Energy Outlook IFEO}. Heavy Industry work, and Coal Economics Client Earth - reslricled furnding lo deliver original asset level economic analysis against ClienlEarth targets in Asia, including in Japan and Indonesia. Tara Climate Foundatlon - reslricled funding lo deliver economic analysis focusing on the South East Asia region. Vulnerable 20 Group (via Financial Futures Centre)- reslricled fijnding for 8 project to build Least Cost Power System Modelling Reserves Policy The amount of total funds held by the charitable company al the year end was £1,077,383. The amount of fijnds which are reslricled and not available for geneffil purposes of the charitable company at the year end Were £228,686. Our Board of Trustees mandates that we must have al least 3 months cash in hand at all limes to support rinancially sustainable decision making when it comes to taking on new projects, hires and growth of the organisalion. So far, we have never dropped below this threshold. Page 13

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES AND KEY MANAGEMENT PERSONNEL The Iruslees and key management personnel during the year were as follows- Trustees: Thomas David Gardner (chair) Geoffrey David Sinclair Paraskevi Bertseka Ho Yan Yulanda Chung Mayumi Omi Resigned.. August 2023 Appointed as chair.. September 2023 Key Management Personnel.. Matthew Gray- CEO Lucas Kruitwagen - Chief Technology Officer Hrislina Petkova - Head of Operations Sabah Zdanowska- Head of Product Duncan Byrne - Head of Marketing and Communications Emily Anshaw- Chief of Staff Abhishek Shivakumar- Head of Analysis Sebastian Kennedy- Head of Insights Appointed.. September 2023 Appointed.. October 2023 Appointed.. January 2024 Appointed.. April 2024 Resigned August 2023 GOING CONCERN BASIS The charitable company has cash resources to meet its day to day working capital requirements. Current forecasts indicate that the charitable company expects to be able lo operate within these facilities for the foreseeable future. The Iruslees continue to believe the going concem basis of accounting is appropriate in preparing the annual financial slalemenls. PROVISION OF INFORMATION TO AUDITORS Insofar as each of the directors of the Charitable company al the date of approval of this report is aware there is no relevant audit information linformalion needed by the charity's auditor in Connection with preparing the audit report) of which the charity's auditor is unaware. Each director has taken all of the steps that they should have taken as a director in order lo make themselves aware of any relevant audit information and lo establish that the charitable company's auditor is aware of that information. AUDITORS The Auditors, Crowe U.K. LLP will be proposed in awordance with section 485 of the Companies Act 2006. In preparing this report, the directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Trustee Body of Transilionzero in their capacity as company directors approving the Reports contsined therein, and is signed as authorised on ils behalf by." Geoffrey David Sinclair Director and Chair of the Board of Trustees Date.. 2610712024 Page 14

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF DIRECTORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of Transitionzero for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable18w and United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standardsl- Company law requires the Trustees to prepare financial statements for each financial period. 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 period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent- stste whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial slalemenls on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's Iransaclions, disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the financial ststemenls comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 15

Independent Auditor's Report to the Members and the Trustees of Transitionzero Opinion We have audited the financial statements of Transilionzero I'lhe charitable company'l for the year ended 31 March 2024 which comprise of a Statement of Financial Activities, Balan￿ Sheet, Slalement of Cash Flows and Notes lo the Financial Slalemenls, 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 A¢￿pted Accounting Practi￿1. In our opinion the financial ststemenls.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2024 and of income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting Practice,. and have been prepared in accordance with the reqLJiremenls of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs IUK}l 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 charitable company 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 lo provide a basis for our opinion. Conclusions relating to going concem 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 doubl on the charitable company's ability lo 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 lo going cOn￿M 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 onclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or othenNis8 appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise lo a material misstslemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstsl8menl of this other infomialion, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. Page 16

Independent Auditor's Report to the Members and the Trustees of Transitionzero adequate and proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records and retums,. or certain disdosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or Responsibilities of trustees As explained more fully in the trustees, responsibilities statement sel out on page 15. the trustees (who are also the directors of the charitable company for the purposes of company lawl 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 lo enable the preparation of financial statements that are free from material misstslemenl, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and lo 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 IUKI will always detect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial stslemenls. 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.or .uklauditorsres onsibililies. This description forms part of our auditor's report. Extent to which the audlt was consldered capable of detectlng Irregularltles, Includlng fraud Irregularities. including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misslatemenl of the financial statements from irregularities. whether due lo fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company 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 Charities Act 2011 together with the Charities SORP IFRS 1021. 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 fundamental to the charitable company s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation IGDPR}, Health and safety legislation and Employment legislation. Page 17

Independent Auditor's Report to the Members and the Trustees of Transitionzero Auditing standards limit the required audit procedures to idenlify non-compliance with these laws and regulations lo 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 income, and the override of controls by management. Our audit procedures lo respond to these risks included enquiries of management and the trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, fftviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those charged with governance. Our audit procedures lo respond to income recognition risks include sample testing income throughout the period agreeing to supporting documentation and reviewing income received either side of the year end to ensure this has been recognised correctly. 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 slatemenls, even though we have properly planned and performed our audit in accordan￿ 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 8 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 lo the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charitable company s members those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent pemiilled by law, we do not a¢￿pt or assume responsibility to anyone other than the Charitsble company and the charitable company's members as a body and the ¢haritsble Company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. PL 24 14.'57 GMT+il Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Reading Date.. 2610712024 Page 18

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Restricted Funds Total 2024 Total 2023 Notes Income and endowments from: Donations and legacies Donations and legacies Income from charitable activities Grants receivable 38.659 38,659 1,704.030 1,742,689 1,373,322 1,373,322 3,077,352 3,116,011 1.953,413 1,953,413 TOTAL INCOME Expendlture on: Expenditure on charitable activities Provision of emissions analysis TOTAL EXPENDITURE 1.520.180 1.520.180 1,387,805 1,387,805 2.907.985 2.907.985 1.924,865 1.924,865 Net Incomel{Expenditure) 222.509 {14,483) 208.026 28.548 Transfers between funds 10 1.618 11.618} NET MOVEMENT IN FUNDS 224,127 {16,101} 208,026 28,548 Funds at 31 March 2023 626.188 243,168 869.356 840,808 FUNDS AT 31 MARCH 2024 10111 850.315 227,067 1.077.382 869,356 The notes on pages 22 to 33 fomi part of these financial statements Page 19

(A COMPANY LIMITED BY GUARANTEE)

TRANSITIONZERO

BALANCE SHEET

31 MARCH 2024

COMPANY NUMBER: 12914740

		2024	2023
	Notes	£	£
FIXED ASSETS
Tangible assets	6	9,825	12,656
CURRENT ASSETS
Debtors	7	290,942	115,120
Cash at bank and in hand		2,100,693	1,189,227
		2,391,635	1,304,347
CREDITORS:amounts falling due within one year	8	1,177,840	447,647
NET CURRENT ASSETS		1,213,795	856,700
CREDITORS:amounts falling due afer more than one year	9	146,238
NET ASSETS		1,077,382	869,356
FUNDS
Restricted	10	227,067	243,168
Unrestricted - General		850,315	626,188
TOTAL FUNDS	11	1,077,382	869,356

Approved and authorised for issue by the Board of Directors on 26/07/2024 and signed on its behalf by:-

Geoffrey David Sinclair Director and Chair of the Board of Trustees

The notes on pages 22 to 33 form part of these financial statements

Page 20

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash generated by operating activities (see below): 917,352 135,394 Cash flov￿ from investing activities Purchase of fixed assets Change in cash and cash equivalents at the end ofthe year 15,8861 911.466 {7,4511 127,943 Reconciliation of net cash flow to movement in net fundsldebt Net funds al 0110412023 Increasel Idecreasel in cash in the year Net funds at 31 March 2024 1,189,227 911,466 2,100.693 1.061,284 127,943 1.189,227 Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents at end of the year 2,100,693 2,100,693 1,189,227 1,189,227 Reconciliation of cash flows from operating activities Net movement in funds Depreciation Decreasellincrease} in debtors Increasel Idecreasel in creditors Net cash provided by operating activities 208,026 8,717 1175,8221 876,431 917.352 28,548 7,157 23,711 75,978 135,394 Analysis of changes in net debt Opening 1,189,227 1.189,227 Cashflow 911,466 911,466 Closing 2,100,693 2.100.693 Cash in Hand Total Cash and cash equivalents The notes on pages 22 to 33 form part of these financial statement Page 21

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Charity information Transitionzero is registered as a company limited by guarantee (without share capilall incorporated in the UK with its registered office at 28 Sl. John's Square, London, EC1 M 4DN. Its principal activity is the promotion of conservation, protection and improvement of the environment, in parbcular by promoting the reduction of carbon emissions and the improvement of air quality. bl Basis of preparation The financial statements have been prepared in accordan￿ wlh Accounting and Reporting b Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Transitionzero meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise slated in the relevant accounting policy note {sl. Golng Concem The charitable company has cash resources to meet ils day lo day working capital requirements. Current forecasts indicate that the charitable company expects lo be able to operate within these facilities for the foreseeable future. Having regard to the above, the Iruslees believe il is appropriate to adopt the Going Concern basis of accounting in preparing the financial statements. dl Income recognition policies Income from donations and special efforts are recorded on a receipts basis. Grant income is included when the related condition for legal enlillemenl lo the grant has been met. Contract income is included when the relevant performance conditions within the contract have been met. All other inwme is recorded on a re￿1vable basis. Funds General fund.. These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. Reslricled fund.. Restricted funds are lo be used for specified purposes laid down by Ihe donors. Expenditure for those purposes is charyed to the fund. For more detail on these funds please see note 10. Page 22

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES ICONTINUEDI Expenditure Expenditure is recognised in the Statement of Financial Activities ISOFAI as incurred. Expenditure on charitable activities relates to the provision of emissions analysis data. Support costs are those functions that assist the work of the charitable company but do not directly undertake charitable activities. Support costs include back office costs, finance. personnel, payroll and govemance costs which support the charitable company s activities. gl Depreciation and capitalisation of tangible fixed assets Fixed assets are depreciated over their expected useful economic lives as follows=_ Computer equipment 330/0 Straight line Conlribulions towards the cost of fixed assets are included as income whilst the gross cost of fixed assets are capilalised. Items under £150 are not capitalised. h) Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions Creditors and provisions are recognised where the charitable company 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 al their settlement amount. Legal status Transitionzero is a company limited by guarantee and has no share capital. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. There were 4 members at the Balance Sheet dale12023.. 5 members). kl Financial instruments The charitable company only has financial assets and financial liabilities of 8 kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their setuement value. Page 23

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES ICONTINUEDI Pension costs The company operates a defined contribution pension scheme. The charge in the SOFA is the amount of contiibulions payable to the pension scheme in respect of the accounting period. ml Critical accounting judgements and key sources of estimation uncertainty Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. CritlC81 accounting estimates and assumptions.. The ch8ri18ble company makes estimates and assumptions concerning the futu￿. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The Trustees consider that there are no material judgements. GRANTS 2024 2023 ClientEath 153,909 190,094 114,355 94,224 159,702 16,527 91,399 21,849 139,917 79,379 101,403 European Climate Foundation - Future Energy Outlook European Climate Foundation - Steel European Climate Foundation - Economics Tara Climate Foundation - 1 Tara Climate Foundation - 2 Google.org V20 14,965 Watttime- Phase 4 Watttime- Phase 5 Watttime- Phase 6 Climaleworks Quadrature Climate Foundation Sequoia Centre for Research on Energy and Clean Air RY Subak 518,538 88,252 434,011 97,252 210,684 950,000 543,346 54,134 950,000 2,659 4,166 1,953,413 3,077,352 Page 24

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEI{EXPENDITURE) Total 2024 Total 2023 Is stated after charging.. Depreciation of tangible assets Audit Fee (excluding VATI Non-Audit Fee {excluding VAT} 8,717 15,870 3,272 7,157 13,800 18,236 4a) CHARITABLE ACTivrriES Unrestricted Funds Restricted Funds Total 2024 Total 2023 Staff costs Depreciation Other operating expenses Support costs 894,349 8,717 298,073 319,041 1.520.180 926,396 1,820,745 8,717 580,577 497,946 2,907.985 902,688 7,157 596,456 418,564 1.924.865 282,504 178,905 1.387.805 4b) OTHER OPERATING EXPENDITURE Total 2024 Total 2023 Consulting Staff training 579,974 603 580.577 564,508 31,948 596.456 Page 25

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 4¢) SUPPORT COSTS Total 2024 Total 2023 Advertising & Marketing Audit & Accountancy fees Bank Charges Exchange Gains Insurance 20,357 23,664 808 4,680 4,524 4,046 47,310 217 2,683 3,824 42,332 26,813 65 31,068 171,056 13,245 21,575 15,091 39,239 Miscellaneous Motor and Travel Expenses Printing, postage and stationery Professional Fees Rent Software and office expenses staff Cost - recruitment 59,783 519 20,485 168,049 46,347 9,113 32,461 106,938 219 Staff welfare cost Subscriptions Repairs and maintenance 497 947 Govemance costs for the year lotalled £36,35512023'. £44,868) Page 26

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs Medical Insuran 1,600,020 188,943 26,918 4,864 1.820,745 794,450 94,586 13,652 902.688 2024 2023 No. No. The average number of employees during the period- 23 12 During the year none of the Trustees received any remuneration. During the year one trustee received reimbursement of expenses lotaling £2,565 {2023.' £6,005) and no expenses were waived in the year by the trustees and senior management {2023'. None} The number of employees earning over £60,000 during the year was as follows =_ 2024 No. 2023 No. 60,001- 70,000 70,001-80,000 80,001-90,000 110,001 120,000 120,001 130,000 180,001- 190,000 190,001- 200,000 The trustees consider the board of Iruslees, the CEO and Department Heads as comprising the key management personnel of the charitable company. The total number of benefits of the key management personnel of the charity in the year were £645,92512023.. £410,589). Page 27

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Computer Equipment COST.. Al 1 April 2023 Additions Disposals At 31 March 2024 25,638 5,886 31,524 DEPRECIATION.. Al 1 April 2023 Charge for the year Disposals Al 31 March 2024 12,982 8,717 21,699 NET BOOK VALUES: At 31 March 2024 9,825 Al 1 April 2023 12,656 All fixed assets are employed directly in furtherance of the charity s objects. or in support thereof. DEBTORS 2024 2023 Other debtors 25,186 67,577 Prepayments and accrued income 265,756 47,543 290,942 115,120 Page 28

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors Other creditors Awruals and deferred income 19,369 7.083 1,151,388 1.177.840 47,862 399,785 447.647 CREDITORS- Amounts falling due after more than one year 2024 2023 Accruals and deferred income 146,238 146.238 10. RESTRICTED FUNDS 2024 Transfers betsveen funds 31-Mar-23 Income Expenditure 314¥lar-24 Walttime phases 1- 3 Walllime phase 4 - 5 Walllime phase 6 Client Earth 2022-23 Client Earth 2023-24 Centre for Research on Energy and Clean Air- China project European Climate Foundation FEO European Climate Foundation FEO 2023-24 European Climate Foundation Steel European Climate Foundation Steel 2023-24 European Climate Foundation Economics 2023-24 ECF Workshop Google TARA 2023-24 TARA 2024-25 V20 1,208 207,232 11,208} 434,011 97,252 1640,9451 169,3151 1271 (153.9091 298 27,937 14871 514 153,909 3,243 13,243} 2,396 507 12,9031 1166.0061 190,094 24,088 25,559 120,0001 5,559 114,355 166,4801 47,875 94,224 189,7081 4,516 76 176) 91,399 159,702 16,527 21,849 1,373,322 91,399 5,830 1165,5311 18,0031 14,9781 11.387.805) 8,524 16,871 227.067 243,168 11.6181 Page 29

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Google.org restricted funding with a key focus on improving energy transition planning for govemments worldwide, bul especially in Asia Pacific. The key deliverables for this project are to support the development of a global open-source energy system model which will lead lo accessible, auditable and reproducible data lo support 2417 carbon-free energy woddwide,. and lo produce reports investigating the system-level costs and benefits of 2417 electricity procurement in Japan, India, Singapore, Taiwan, and Malaysia. WattTime Corporation via the Climate TRACE coalition - Climate TRACE is a project founded by a global coalition of nonprofits, tech companies, and universities created to make meaningful climate action faster and easier by independently tracking greenhouse gas IGHGI emissions with unprecedented detail and speed. Climate TRACE harnesses satellite imagery and other forms of remote sensing, artificial intelligen￿, and data science expertise to identify human-caused GHG emissions when and where they happen. Transilionzero provides emissions for power generation and selected heavy industry subsectors and will support the ClimaleTRACE deliverables as follows.. Country Level Data Asset Level Data User Support Communications Client Earth restricted funding lo deliver original asset level economic analysis against ClienlEarth targets in Asia, including in Japan, Indonesia. Philippines European Climate Foundation: FEO restricted fLJnding for Future Energy Outlook {FEOI platform which supports energy transition campaigning and decision making in different geographies by developing a credible and transparent altemalive to incumbent energy models providers. European Climate Foundation: Steel- restricted funding focusing on the Heavy Industry sector, specifically on Steel. The funding is intended for the improvement the existing methodology that allows tracking of the artivily of global steel facilities using satellite imagery with a small latency. European Climate Foundation: Coal Economics- restricted funding aimed al combating false narratives surrounding coal and promote the transition to dean energy by leveraging data-driven insights and hosting targeted webinars. TARA- restricted funding to deliver e¢onomi¢ analysis focusing on the South East Asia region. Vulnerable 20 Group (via Financial Futures Centrel restricted funding for a project lo build Least Cost Power System Modelling including Grid Modernizalion and Storage Options in select countries to provide electricity data, systems modelling, and leehnical assistance to support the development and Maintenan￿ of CPPS for the V20 member countries. Page 30

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11. ANALYSIS OF NET ASSETS Fund balances al 31 March 2024 are represented by'.- Unrestricted General Funds Restricted Funds Totsl Funds Tangible fixed assets Current assets Non-current liabilities Current liabilities 9,825 2,180,540 9,825 2,391,635 1146,2381 1,177,840 1,077,382 211,095 {146,2381 768,001 703.144 409,839 1.780,526 Fund balances at 31 March 2023 are represented by'.- Unrestricted General Funds Restricted Funds Total Funds Tangible fixed assets Current assets Current liabilities 12,656 1,061,179 447,647 626 188 12,656 1,304,347 447,647 869 356 243,168 243 168 12. PENSION COSTS The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in a separately administered fund. The pension cost represents contributions payable by the charity to the fund and amounted to £26,918 {2023 £13,652). There was £7,083 outstanding balance at the period end (2023.. £NILI. Page 31

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13. FINANCIAL INSTRUMENTS 2024 2023 Basic financial assets measured at amortised Cost 2,336,975 1,294,298 Basic financial liabilities measured at amortised cost 55,843 64,092 Basic financial assets measured at amortised cost are all cash in hand and debtors minus prepayments and VAT debtor. Basic financial liabilities measured at amortised cost are all Creditors minus other taxes and social security and deferred income. The entity's income, expense, gains and losses in respe¢l of financial instruments are summarized below.. 2024 2023 Total interest income for basic financial assets 14. RELATED PARTY TRANSACTIONS There were no related party transactions in the period12023.' None). Page 32

TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES 18 month period to 31 March 2022 Unrestricted Funds Restricted Funds Total 2023 Notes Income and endowments from: Donations and legacies Donations and legacies Income from charitable activities Grants receivable Climate Training TOTAL INCOME 500 1,010.959 942.454 1.953,413 2,457.152 26.735 2,484.387 1,010.959 942.454 1.953,413 Expendlture on: Expenditure on charitable activities Provision of workshops Provision of emissions analysis TOTAL EXPENDITURE 26,660 1,616.919 1,643.579 1,167,681 1,167.681 757,184 757.184 1,924,865 1.924,865 Net Incomel (Expenditure) {156,7221 185,270 28,548 840,808 Transfers between funds NET MOVEMENT IN FUNDS {156,7221 185,270 28,548 840,808 Funds at 31 March 2022 782,910 57,898 840,808 FUNDS AT 31 MARCH 2023 10 626.188 243,168 869,356 840.808 Page 33

Final & Approved_Audited Financial Statements and Trustee Report 2023_2024 Final ALJdil Report 2024-07-26 Created.. 20244)7-25 By.. Hristina Petkova [e-mail] Slalus.. Signe(I Transaction ID.. CBJCHBCAABAAIETVog20KLFPYyftlSET2vyRfXyMGkN4Y "Final & Approved_Audited Financial Statements and Trustee R eport 2023_2024" History Docum8nt created by Hrislina Pelkova [e-mail] 2024-07-25- 2.'38.'16 PM GMT Document emailed to Geoffrey Sinclair [e-mail] for signature 2024-07-25- 2..38..33 PM GMT Email viewed by Ge0￿Y Sindair Igeoff@cam¢o.energyl 2024-07-25- 2."57."02 PM GMT Document e-signed by Geofftey Sindair (geoff@￿M¢o.energYl Signature Dale.. 2024-07-25- 2'.57'.28 PM GMT- Time Source.. server Document emailed to Alastair Lyon [e-mail] for signature 2024-07-25- 2..57..30 PM GMT Email viewed by Alastsir Lyon {[e-mail] 2024-07-26- 1.'53."00 PM GMT DocLJment e-signed by Aastair Lyon [e-mail] Signature Date.. 2024-07.26- 1..57..20 PM GMT. Time Source.. 5etver Agreement completed. 2024-07-26- 1."57."20 PM GMT IJ Adobe Acrobat Slgn