DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 COMPANY NO. 12914740 CHARITY NO. 1194424 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS 31 MARCH 2025 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS COMPANY INFORMATION REPORT OF THE DIRECTORS STATEMENT OF DIRECTORS, RESPONSIBILITIES 12 STATEMENT OF DIRECTORS, RESPONSIBILITIES 13 INDEPENDENT AUDITOR'S REPORT 14 STATEMENT OF FINANCIAL ACTIVITIES 17 BALANCE SHEET 18 STATEMENT OF CASH FLOWS 19 NOTES TO THE FINANCIAL STATEMENTS 20 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 CURRENT TRUSTEES: Geoffrey David Sinclair Paraskevi Bertseka Ho Yan Yulanda Chung Mayumi Omi Arjuna Gihan Fernando PRINCIPAL & REGISTERED OFFICE: 7 Bell Yard London WC2A 2JR AUDITORS.. Crowe U.K. LLP R+ Building, 2 Blagrave Street Reading RG1 1AZ BANKERS: Unity Trust Bank PO Box 7193 Planetary Road Willenh811 WV19DG Barclays Bank UK PLC 1 Churchill Place, London E14 5HP SOLICITORS Bates Wells 10 Queen Street Place London EC4R 1BE Page I DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also Directors of the Charity, submit their report together with the audited financial statements for the year ended 31 March 2025, and confimi that they comply with the requirements of the Charities Act 2011 and the Companies Act 2006, thus including the Directors, Report and 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 to 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 16, together with the names of the senior executive staff. The principal place of business is staled on page 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The company is governed by its 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. Recruitment and Training of Trustees Potential Trustees are identified by existing trustees and are considered against the board's specifications concerning eligibility, competen￿, specialist skills and local availability. Materials are available lo the Trustees on general legal obligations applicable to the organisation. Organisational Management Within the organisalional structure, day-l¢>day decision-making is delegated lo Matthew Gray, Chief Executive Officer. Assisting and advising the CEO on day lo day decision making and leading specific functions within the organisalion.. Tim Haines, Technical Operations Director- Abhishek Shivakumar and Thomas Kouroughli, Co-Heads of Modelling., Duncan Byrne, Head of Marketing and Communications., Stephanie Stevenson, Chief Operating Officer. Laura O'Neill was promoted to Head of People (previously People Operations Manager) to work closely with the c-suite lo advise on People strategy. The CEO oversees the work of the key functions within the organisalion.. Technology, Product, Marketing and Communications, Modelling, Analysis and Operations. The CEO in turn reports lo the Board of Trustees as follows.. Formal Board Meetings each quarter. Inform81 meetings with the Chair of the Board of Trustees- weekly or as appropriate and necessary Informal discussions and correspondence by email between meetings - as needed. Page 2 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisational Development In addition lo renewing existing grants, Transitionzero secured fresh funding from the Banyan Software Foundation, Quadralure Climate Foundation lin partnership with Client Earthl and Sequoia subgranl through Radiant Earth. This means that the organisation had scope lo hire additional staff as well as to redefine and develop ils core functions. In the period, Transitionzero hired a total of 16 new team members and continues lo hire at a steady rate,. il is projected that by the end of the first quarter of Financial Year 202512026 the team will have grown to 44+ Specific updates regarding strategic aims and impact are detsiled further down in this report. Change management. Following COP28, we had a renewed focus on improving our internal processes to drive successful outcomes. This has resulted in extensive change throughout Transitionzero's operations, from company meetings through documentation and targeting of key issues. This focus on constant improvement has yielded good outcomes in employee satisfaction and productivity, and we are beginning to see the results in product completion and launch. Salary grading. Between February and April, we worked on revising our salary structure to give a more accurate representation of salaries across multiple disciplines al Transitionzero, including the development of entirely new bands for Product and Analysis (which were previously nested under'TechnOl￿Y l. This work quired research and benchmarking against similar organisations with the objective of paying good wages and avoiding overcommitting our people, thereby reducing the risk of bumoul. The salary grades revision has freed up £260K compared to the original forecast and budgeted 1 OO/a average salary increase acmss the organisation. The average salary increase across Transilionzero is 5 /0 on salaries for 2023124. Codifying our culture and promoting employee wellbeing. Given the items outlined above, one of the most pressing issues for the Executive team this period was company culture. Feedback from various teams indicates that employees were experiencing increased stress during periods of heavy workloads, under- resourcing, communiGalion issues, and light deadlines. The Executive team recognises that sustsinable productivity cannot be achieved al the expense of employee well-being. To address this, we developed a comprehensive work plan for our People team and engaged an exlemal training provider. This provider has been providing ongoing training to different cohorts within our organisation. Our immediate focus was lo review and improve our reward schemes, performance management prO￿sses, and general operational practices. Finances. In terms of financial management, we continued to enhance our financial prO￿dureS and processes. The finance function is now comprehensively handled in-house, with the Financial Controller overseeing all accounting and bookkeeping opemtions. Additionally, the Financial Controller maintains and updates financial forecasts and budgets. We review all expenditures monthly and allocate each transaction lo the appropriate grants. Importantly. the finance team consistently provided monthly financial reports to the CEO to support well-informed financial decisions and future planning. The Executive team uses a forecasting sheet to predict the impact of spend and hiring decisions. Page 3 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Key Management Personnel Remuneration The trustees Consider the board of trustees, CEO, and Heads of Departments as comprising the key management personnel of the Charity, having authority and responsibility for planning, directing and controlling the activities of the charity, directly or indirectly, on a day to day basis. All trustees give off their lime freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 5 and 15 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 charity has established resources and review systems, which under normal conditions, should allow the risks identified by them to 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 Funder disconnection from theory of change- grant funders provide us funding for projects they wish us to 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￿$ Adherence lo Company Law & Charity Commission regulations IT failure and data protection.. loss of dats through theft or hacking Poor financial management Risk of potential legal action if individuals or organisations relying on data published by Transitionzero transpires to be incorrect 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 services of third-party organisations to help raise funds. Although we have not considered il necessary lo sign up to any regulatory code of fundraising practice. Transitionzero adheres lo best practice and no complaints have been received during the year about any aspect of the fundraising. Consideration is always given to integrity, privacy and diplomacy to ensure approaches for fundraising are appropriate. Page 4 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 OBJECTS, AIMS, OBJECTIVES & ACTivrriES Charitsble Objects The company's dedared 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 bul not limited lo clean energy, air pollution, renewable technologies and sustainable finan￿. 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 mission is to help more teams working on energy transition planning to use system models lo make better decisions, faster. Objectives for the Year Transitionzero's Objects as stated in its Articles of Association are= 2.1 the promotion of consetvalion, protection and improvement of the environment, in particular (but not limited lol, by promoting the reduction of carbon emissions and the improvement of air quality., and 2.2 the advancement of education and promotion of research into environmental protection and sustainable development in subjects including bul not limited lo clean energy, air pollution, renewable technologies and sustainable finan￿. For the purposes of this Article 2, "sustainable development" means development which meets the needs of the present without compromising the ability of future generations to meet their own needs." Strategies to Achieve the Yea￿S Objectives To achieve our charitable objectives, we are building an open-source energy system model without usability barriers and creating a user network effect through a scalable partnership model to support the development of a global standard for energy transition planning data. Our theory of change posits that once govemments 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 content 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 prodLJcing content that demonstrates ils value. Our current objectives are to ensure all OLJtputs funded by reslricled grants are delivered on time and to the funder's satisfaction, to successfully launch Scenario Builder and build a modelling methodology for future projects. Page 5 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Product development. s￿nariO Builder, formerly known as Future Energy Outlook, is our long-awaited flagship product, now ready for Bets testing. The Scenario Builder Ul has been developed lo empower no- code energy professionals with a powerful, relevant, and user-friendly modelling tool for energy transition planning. We launched the private bela version of this product in May 2025 to a mix of local governmental and academic users, as well as funders. We are moving from 'big bang, releases to building earliest usable versions that deliver value from the start. This resel is culminating in the MVP release of S￿nario Builder for a training wort(shop for the Indonesian government in June. Meanwhile we are also testing Scenario Builder with low- to no-code users and strategic partners who are high trust programmatic users, such as TBI. Tech roadmap overhaul. We have incfftmenlally overhauled our tech roadmap during FY '24-25, utilising Notion and introducing regular sland up for all live projects, to allow for cross-dependencies between the Software, Data and Analysis teams and the specific deadlines for grant deliverables. Consistent delivery amidst leadership change. In July and October '24 ￿SpectIve1y, the CTO and Head of Product left the business. Transilionzero's conlinuily plan was ulilised during this period, providing an open and empalhelic environment with a clear sense of direction. Through this period the Tech team's productivity significantly improved, as leads have become more self-assured, taken greater initiative, and collabofftted to realign the roadmap in support of the Analysis team. We are working to sustain this improved working environment. Modelling development. We launched our ASEAN Power Grid model in De￿rnber 2024, with material uptake from users in the region. TZ-APG is a PyPSA-based model focused on transmission. 11 covers the len member stales of the Association of Southeast Asian Nations IASEANI across 24-nodes, on a 2023 10 2035 time horizon. It provides an open-access platform for simulating regional power mart(et integration, enabling policymakers and researchers lo analyse trade scenarios, grid stability, and economic impacts. Progress made on fundraising. We achieved significant success with fundraising, which is a testament to our brand, technology and team. The Banyan Software Foundation awarded us $1 million over two years lo support our ML-derived datasets, most notably TZ-SAM. With a $100 million endowment, Banyan selected us as one of two inaugural grantees, making them a potentially significant funding partner for us moving forward. QCF has agreed to award us a £500k grant lo support our activities in the Philippines la restricted grant) and also renewed our unrestricted grant.. $1.5M per year for three years. Page 6 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEE REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Partnerships, presentations. and meetings A key focus for Transitionzero continues lo be to create a user neI￿Ork 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 wlh with multiple key organisalions- Transitionzero selected for the Greenhouse Gas Protocol Sco e 2 Technical Workin Transitionzero artners with the GIZ Ener Pro ramme Indonesia l ASEAN to su Transition Transitionzero receives ma roduct An announcement is pending for our partnership with The Tony Blair Institute. Grou ort Indonesia's Ener rant from new 100M Ban an SofbNare Foundation to advance o en-a¢￿sS solar In 2024 Transitionzero joined the GHG Protocol Scope 2 Technical Working Group. where our software and modelling expertise will directly inform revised reporting standards for corporate decarbonisalion. Transitionzero deepened its relationship with ClientEarth, adding their legal expertise to our ongoing energy transition modelling work with The Philippines Department of Energy. As part this work, in 2024 we released TZ-CAT Philippines, a novel data product for assessing the costs and benefits of early coal plant reliremenl. Our SEA analysts completed impactful roadshows across ASEAN. including successful engagements with investors. govemmenls, regulators. and utility operators. Our engagement strategy has helped us deepen our collaborations with high-impacl organisalions.. ClientEarth, The Tony Blair Institute, and GIZ (Germany's international development agency). We hosted our most successful webinar lo date for TZ-APG, with nearly 200 energy leaders and academics across Southeast Asia in attendance. In 2024, the team had 22 speaking engagements, including attendance al New York Climate Week, Singapore International Energy Week, Openmod, The Economist Suslainabilily Week, ASEAN Energy Business Forum and 148th Assembly of the Inler-Parliamentary Union. Our CFE work for Goo le.or began in 2024, encompassing novel modelling research of key ASEAN countries. This research will be released publicly in Q3 2025. We have also consolidated our long-running collaboration with ClimateTRACE, building data pipelines that have enabled the coalition to begin releasing data on a monthly basis. This high-impact data work provides transparency on heavy industry emissions at the global level. Page 7 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Publications How can nationall determined contributions hel countries reach net zero emissions? How do countries sel reenhouse as emissions limits? What are reenhouse as emissions limits and carbon bud ets? Vietnam.. new ear new ower lan Mala sia.. from sce lic lo believer utheasl Asia at the crossroa lar Asset Ma eris n OLJr Secret Master Plan Solar Asset Ma er shines a bri hler s ht on solar rowth ASEAN'S no-re ret transmission corridors accordin to TZ-APG Modellin ASEAN cross-border transmission with TZ-APG From Vision lo Volta e with TZ-APG Satellites and steel decarbonisation What's in the PPA? Introducin TZ-SAM.. Solar Asset Ma The Tortured Transition De artment Southeast Asia's balancin act Marketing and Communications performance metrics, April 12024- March 312025 Data downloads 1,112 data downloads from our website be￿een April 2024 and March 2025 Communications metrics Press.. 90 articles, including a major data collaboration with The New York Times, two data collaborations with The Economist, and a major online feature with ABC News Australia. Website Iraffi¢.' 73k page views from 35k unique visitors Social media.. Linkedln- 7.550 followers, 10k average monthly impressions. Launched new channels on Bluesky, InslagramlThreads. 3,920 Marketing Contacts, 1,580 Newsletter Subscribers Public Benefit The Trustees consider that the activities carried out by Transitionzero during the past year illustrate that they have provided considerable benefit to the public as summarised above. The Trustees have therefore complied with their duty 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 reqU1￿ment under that Act. Page 8 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 RELATED PARTIES AND OTHER ORGANISATIONS There are no related parties. Transilionzero works primarily with its Funders to deliver its objectives. Our current funders are.. Quadrature Climate Foundation Climaleworks Foundation via Bloomberg Philanthropies WattTime Corporation via the Climate TRACE coalition. European Climate Foundation Client Earth Tara Climate Foundation Sequoia Climate Foundation Google.org Banyan SofbNare Foundation Transitionzero also works 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 duplieation of work and maximising opportunities for impact. Page 9 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEWAND RESULTS FOR THE YEAR Income for the year amounted to £4,769K of which £4,644K was grant income 12024 was £3,116KI. Expenditure for the year was £4,362K leaving £1,484K total funds held by the charitable company at the year end {2024 was £2,908KI- By far the largest element of expenditure was the cost of employing our staff lo provide the activities of the charity- Principle sources of funding were from Quadralure Climate Foundation,. Climateworks Foundation via Bloomberg Philanlhropies,. Sequoia Climate Foundation- Banyan Software Foundation- Google.org,' WallTime Corporation via the Climate TRACE coalition., European Climate Foundation., Client Earth., and Tara Climate Foundation. Please see below for background of how funding supports our objectives. Quadrature Climate Foundation. Climateworks Foundation via Bloomberg Philanthropies. Sequoia Climate Foundation and Banyan Software Foundation provide us with unrestricted funding to support the design and development of Scenario Builder, to cover management expenses and other non-restricted grant aligned costs. Google.org provides us with restricted funding with a key focus on improving energy transition planning for governments worldwide, but especially in Asia Pacific. The key delivembles for this project are to support the development of a global open-source energy system model which will lead to aC￿sSible, auditable and reproducible data to support 2417 carbon-free energy worldwide,. and lo produce reports investigating the syslem-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 {GHGI 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 selected heavy industry subseclors and will support the ClimateTRACE deliverables as follows.. Country Level Data Asset Level Data User Support Communications European Climate Foundation- reslricled funding for specific projects such a global energy outlook and coal economics Client Earth restricted fuT)ding lo deliver original asset level economic analysis against ClienlEarth targets in Asia, including in Japan, Indonesia, Philippines. Tara Climate Foundation - reslricled funding lo deliver economic analysis focusing on the South East Asia region. QCF Philippines work - restricted funding {in addition to core funding) specifically for a project in partnership with Client Earth to deliver policy advice in the Philippines Open Imagery Network- Radiant Earth- a consortium funded by Sequoia, funding a group oflech non-profits working together to create a digital ecosystem for climate action. The goal is lo provide reliable, e8Sy-to-use data, models, and tools. Page 10 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy The amount of total funds held by the charity at the year end was £1,484,168. The amount of funds which are restricted and not available for general purposes of the charity at the year end were £201,774. Our Board of Trustees mandates that we must have al least 3 months funding reserves at all times lo support financially sustainable decision making when it comes to tsking on new projects, hires and growth of the organisation. Based on our current expenditure levels, this equates to approximately £1,143,000. We have not dropped below this threshold in this financial year. TRUSTEES AND KEY MANAGEMENT PERSONNEL The trustees and key management personnel during the year were as follows= Trustees: Geoffrey David Sinclair Paraskevi Bertseka Ho Yan Yulanda Chung Mayumi Omi Arjuna Gihan Fernando Resigned.. March 2025 Appointed.. March 2025 Appointed as Chair.. May 2025 Key Management Personnel.. Matthew Gray- CEO Tim Haines- Interim Technical Operations Director stephanie Stevenson - Chief Operating Officer Duncan Byrne - Head of Marketing and Communications Abhishek Shivakumar- C¢>Head of Modelling Thomas Kouroughli - Co-Head of Modelling Laura O'Neill - Head of People Lucas Kruitwagon Sabah Zdanowska Emily Anshaw Appointed.. November 2024 Appointed.. November 2024 Appointed.. April 2024 Terminated.. July 2024 Terminated.. Ortober 2024 Resigned.. October 2024 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 stalemenls. PROVISION OF INFORMATION TO AUDITORS Insofar as each of the directors of the charity al the dale of approval of this report is aware there is no relevant audit infomialion linfomialion 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 charity's auditor is aware of that information. Pagell DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF DIRECTORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 AUDITORS The Auditors, Crowe U.K. LLP will be proposed in accordance 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 contained therein, and is signed as authorised on ils behalf by.. thxus￿n￿d by.. A588cFC840F￿3 Arjuna Gihan Fernando Director and Chair of the Board of Trustees Date.. 1710712025 Page 12 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 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 company18wI are ￿spOnSible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable18w and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl. 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 sufficientto show and explain the charitsble company's transactions, disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial statements 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 13 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 Independent Auditor's Report to the Members and the Trustees of Transitionzero Opinion We have audited the financial statements of Transilionzero I'the charitable company'l for the year ended 31 March 2025 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 Accepted Accounting Praclicel. 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 2025 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 14 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 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 15 **Docusign Envelope ID: 4CE4BAB1-144B-4163-94F8-F5812D1DF5F2** ## **Independent Auditor's Report to the Members and the Trustees of TransitionZero** Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to 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, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, reading minutes of meetings of those charged with governance. Our audit procedures to 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 statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company's 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 state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Alastair Lyon Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor ## **Reading** Date: 22 July 2025 Page 16 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds Restricted Funds Total 2025 Total 2024 Notes Income and endowments from: Donations and legacies Donations and legacies Income from charitable activities Grants receivable Service Income TOTAL INCOME 38,459 38,459 38,659 2,443,572 86,000 2,568,031 2,200,769 4,644,341 86,000 4,768,800 3,077,352 2,200,769 3,116,011 Expendlture on: Expenditure on charitable activities Provision of emissions analysis TOTAL EXPENDITURE 2.142.836 2.142.836 2.219,178 2.219,178 4.362,014 4,362,014 2.907.985 2.907.985 Net (Expenditurell Income 425.195 118.409) 406,786 208.026 Transfers between funds 6.884 {6.884) NET MOVEMENT IN FUNDS 432,079 125,293) 406,786 208,026 Funds at 31 March 2024 850.315 227,067 1.OTI,382 869.356 FUNDS AT 31 MARCH 2025 10 1.282,394 201,774 1,484,168 1.077,382 The notes on pages 20 to 31 fomi part of these financial statements Page 17 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI BALANCE SHEET 31 MARCH 2025 COMPANY NUMBER: 12914740 2025 2024 Notes FIXED ASSETS Tangible assets 6.301 9.825 CURRENT ASSETS Debtors 204,253 290,942 Cash at bank and in hand 2,258,345 2,462,598 2,100,693 2.391,635 CREDITORS: amounts falling due within one year 984,731 NET CURRENT ASSETS 1,477,867 1,213,795 CREDITORS: amounts falling due after more than one year 146,238 NET ASSETS 1484 168 1077 382 FUNDS Restricted 10 201,774 1,282,394 227,067 850,315 Unreslricled - General TOTAL FUNDS 1,484.168 1.077.382 Approved and authorised for issue by the Board of Directors on and signed on its behalf by=_ 1710712025 Arjuna Gihan Fernando Director and Chair of the Board of Trustees The notes on pages 20 to 31 fomi part of these financial statements Page 18 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash generated by operating activities (see below): 160,096 917,352 Cash flows from Investlng actlvltles Purchase of fixed assets 2,444 157.652 5,886 911,466 Change in cash and cash equivalents at the end of the year Reconclllatlon of net cash flow to movement In net fundsldebt Net funds at 0110412024 Increasel Idecreasel in cash in the year Net funds at 31 March 2025 2,100,693 157,652 2,258.345 1,189,227 911,466 2,100,693 Analysis of cash and cash equivalents Cash in hand Total Cash and Cash equivalents at end of the year 2,258,345 2,258.345 2,100,693 2,100,693 Reconciliation of cash flows from operating activities Net movement in funds Depreciation Decreasellincreasel in debtors Increasel Idecreasel in creditors Net cash provided by operating activities 406,786 5,968 86,689 1339,347) 160,096 208,026 8,717 1175,8221 876,431 917,352 Analysis of changes in net debt Opening 2,100,693 2,100,693 Cashflow Closing 2,258,345 2.258.345 Cash in Hand 157,652 157,652 Total Cash and cash equivalents The notes on pages 20 to 31 form part of these financial statement Page 19 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Charity information Transitionzero is registered as a company limited by guarantee (without share Capilall incorporated in the UK with its registered office al 7 Bell Yard, London, WC2A 2JR. Its principal activity is 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. 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 re￿Ipt basis. Grant income is included when the related condition for legal enlitlemenl lo the grant has been mel. 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. Restricted fund.. Restricted funds are to be used for specified purposes laid down by the donors. Expenditure for those purposes is charyed to the fund. For more detail on these funds please see note 10. Page 20 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 capitsl. 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 dale12024.. 4 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 21 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 2025 2024 ClientEath European Climate Foundation - Future Energy Outlook European Climate Foundation - Steel European Climate Foundation - Economics Tara Climate Foundation 164,565 253,778 164,034 125,372 179,804 584,951 175,942 153,￿9 190,095 114,355 94,225 176,229 91,399 21,849 434,011 97,252 Google.org V20 Watttime- Phase 5 Wattiime- Phase 6 Watttime- Phase 7 Climaleworks Quadrature Climate Foundation Sequoi8 QCF Philippines work Open Network Imagery- Radiant Earth Banyan Software Foundation 446,048 23,637 264,732 1,287,486 790,081 63,771 18,867 101,273 4.644,341 210,684 950,000 543,346 3,077,352 Page 22 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 NET INCOMEI{EXPENDITURE) Total 2025 Total 2024 Is ststed after charging.. Depreciation of tangible assets Audit Fee (excluding VATI Non-Audit Fee {excluding VAT} 5,968 19,985 10,458 8,717 15,870 3,272 4a) CHARITABLE ACTivrriES Unrestrictsd Funds Restricted Funds Total 2025 Total 2024 Staff costs Depreciation Other operating expenses Support costs 1,474,913 5,968 110,943 551,012 2.142.836 1.769,389 3,244.302 5,968 307.404 804,340 4,362.014 1,820.745 8.717 580.577 497,946 2.907.985 196,461 253,328 2.219.178 4b) OTHER OPERATING EXPENDITURE Total 2025 Total 2024 Consulting Staff training 272,945 34,459 307.404 579.974 603 580.577 Page 23 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 4¢) SUPPORT COSTS Total 2025 Totsl 2024 Adverbsing & Marketing Audit & Accountancy fees Bank Charges Exchange Gains Insuran Miscellaneous Motor and Travel Expenses Printing, postage and stationery Professional Fees Rent Software and office expenses Staff Cost- recruitment Staff Cost- WFH allowance Staff welfare cost Subscriptions Repairs and maintenance 63,513 37,471 574 557 10,827 61,601 56,399 6,038 38,052 237,454 55,664 13,112 1,180 27,909 193,989 20,357 23,664 808 4,680 4,524 59,783 519 20,485 168,049 46,347 9,113 32,461 106,938 219 497,947 804,340 Govemance costs for the year lotalled £58,03712024'. £36,355) Page 24 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS 2025 2024 Wages and salaries Social security costs Pension costs Medical Insuran 2,807,262 332,501 94,559 9,980 3 244 302 1,600,020 188,943 26,918 4,865 1820 745 2025 2024 No. No. The average number of employees during the period- 37 23 During the year none of the Trustees received any remuneration. During the year one trustee received reimbursement of expenses tolaling £110.20 12024.. £2,565) and no expenses were waived in the year by the trustees and senior managemenl12024'. None) The number of employees earning over £60,000 during the year was as follows =_ 2025 No. 2024 No. 60,001- 70,000 70,001- 80,000 80,001-90,000 90,001- 100,000 100,001 110,000 110,001 120,000 120,001 130,000 190,001- 200,000 10 The tnjstees consider the board of Iruslees, the CEO and Department Heads as comprising the key management personnel of the charitsble company. The total number of benefits of the key management personnel of the charity in the year were £940,04712024.. £645,925). Page 25 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Computer Equipment COST.. Al 1 April 2024 Additions Disposals At 31 March 2025 31,524 2,444 33,968 DEPRECIATION.. Al 1 April 2024 Charge for the year Disposals Al 31 March 2025 21,699 5,968 27,667 NET BOOK VALUES: At 31 March 2025 6,301 Al 1 April 2024 9,825 All fixed assets are employed directly in furtherance of the charity s objects. or in support thereof. DEBTORS 2025 2024 Other debtors 90,180 25,186 Prepayments and accrued income 114,073 265,756 204,253 290,942 Page 26 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 CREDITORS: Amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals and deferred income 28,839 22,632 933,260 984.731 19,369 7,083 1,151,388 1,177.840 CREDITORS: Amounts falling due after more than one year 2025 2024 Accruals and deferred income 146,238 146,238 10. RESTRICTED FUNDS 2025 Transfers between funds 31-Mar-24 Income Expenditure 314lar-25 Watttime phase 4- 5 Walttime phase 6 Walttime phase 7 Client Earth 2024-25 European Climate Foundation FEO 2023-24 298 27,937 12981 446,048 23,637 164,565 1473,9861 {18,4541 1164,5651 5,183 24,088 60,682 {83,5591 (1.2111 European Climate Foundation Steel European Climate Foundation Steel 2023-24 European Climate Foundation Economics 2023-24 European Climate Foundation Economics 2024-25 European Climate Foundation FEO 2024-25 European Climate Foundation Steel Google TARA 2024-25 V20 Open Imagery Network Radiant Earth 5,559 12,5681 (2.9911 47,875 36,573 {83,4891 19591 4,516 29,958 {34,2801 11941 95,414 {92,7221 2,692 193,096 130,029 584,951 179,804 175,942 1186,4161 1127,3161 1570,7911 1188,2421 1191,6671 6,680 2,713 105,559 91,399 8,524 16,871 1861 {1.1461 18,867 18,867 QCF Philippines work 63,771 2.200,769 3,691 (2,219,178) 60,080 227,067 16,884) 201,774 Page 27 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 dats 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 ClimaleTF4ACE deliverables as follows.. Country Level Data Asset Level Data User Support Communications Client Earth restricted funding to deliver original asset level economic analysis against ClienlEarth targets in Asia, including in Japan, Indonesia. Philippines European Climate Foundation: FEO restricted funding 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 economic 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 technical 8SSiStance to support the development and Maintenan￿ of CPPS for the V20 member countries. Page 28 DoGusign Envelope ID". 4CE4BAB1_144B4163-94F8-F5B12D1DF5F2 TRANSITIONZERO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11. ANALYSIS OF NET ASSETS Fund balances al 31 March 2025 are represented by'.- Unrestricted General Funds Restricted Funds Totsl Funds Tangible fixed assets Current assets Non-current liabilities Current liabilities 6301 2,371,410 6301 2,462,598 91,188 502,301 1.875,410 482,430 391.242 984,731 1,484,168 Fund balances at 31 March 2024 are ￿presented by:_ Unrestricted General Funds Restricted Funds Total Funds Tangible fixed assets Current assets Non