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.
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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.
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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.
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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.
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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.
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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
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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.
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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
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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
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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.
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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 1hrislina@transitionzero.orgl
Slalus..
Signe(I
Transaction ID..
CBJCHBCAABAAIETVog20KLFPYyftlSET2vyRfXyMGkN4Y
"Final & Approved_Audited Financial Statements and Trustee R
eport 2023_2024" History
Docum8nt created by Hrislina Pelkova Ihrislina@Iransilionzero.orgl
2024-07-25- 2.'38.'16 PM GMT
Document emailed to Geoffrey Sinclair Igeoff@camco.energyl for signature
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Email viewed by Ge0￿Y Sindair Igeoff@cam¢o.energyl
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Document e-signed by Geofftey Sindair (geoff@￿M¢o.energYl
Signature Dale.. 2024-07-25- 2'.57'.28 PM GMT- Time Source.. server
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DocLJment e-signed by Aastair Lyon lalastair.lyon@crowe.co.ukl
Signature Date.. 2024-07.26- 1..57..20 PM GMT. Time Source.. 5etver
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