2024-03-31-accounts

Opportunity Green

Report and Financial Statements For the Year Ended 31 March 2024

England and Wales Charity Number: 1199413 Charitable Incorporated Organisation

Opportunity Green Contents

Contents

Reference and administrative information ......................................................................................................................... 3 Trustees’ Annual Report .................................................................................................................................................... 4 Independent Examiner’s Report ...................................................................................................................................... 17 Statement of financial activities (incorporating an income and expenditure account)…………………………………………21 Balance Sheet…………………………………………………………………………………………………………………….....22 Statement of cash flows…………………………………………………………………………………………………………….23 Notes to financial statements…………………………..…………………………………………………………………..…..24-32

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Opportunity Green Reference and administrative information

Charity Number:	1199413 (registered as CIO)
Registered office and	40 Bowling Green
operational address:	London
	EC1R 0NE
Country of registration:	England & Wales
Country of incorporation:	United Kingdom
Trustees:	Trustees who served during the year and up to the date of this report
	were as follows:
	Rachel Goodwin - Chair
	Anna Bonderenko
	Faresi Farisai Nyaoda (appointed 2 October 2023)
	Gbemi Oluleye
	Isabelle Rojon
Accountants:	ExcluServ Limited
	133 Deepcut Bridge Road
	Camberley
	Surrey,
	GU16 6SD
Auditor:	Sayer Vincent LLP
	Chartered Accountants
	110 Golden Lane
	London EC1Y 0TG

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Opportunity Green Trustees’ Annual Report

Introduction from the Chair

It feels like this has been a foundational year for Opportunity Green. Success and growth are two positive terms, but it takes effort and care to manage them and there has been a huge focus on that at OG this year.

Opportunity Green has maintained the vision of using law, economics and policy to tackle climate change and to create a diverse and supportive environment for staff to drive this goal. It is gratifying to see that both of these aims have been adhered to this year and that funders and the media are recognising the value in this approach. Branding and defining the mission has given everyone at OG a clear sense of direction as well as the clarity to communicate the mission externally. Consistency of communication by a wide range of employees demonstrates the scope and depth of OGs work and the impact it has.

The key hire of our COO, our first full-time operations staff member created a strong framework for sustainable growth. Care and attention are taken to ensure the hiring process is rigorous and has a strong focus on Equality, Diversity and Inclusion (EDI). And the parental leave policy was expanded so that all new parents are entitled to 26 fully paid weeks of leave.

I think it’s fair to say that not even Aoife, the founder and CEO of OG, would have predicted the Opportunity Green of today – and at no point does anyone at OG take this success for granted. There is huge respect and appreciation for funders and a drive to ensure that their support and belief is used to drive results and impact.

The dedication and commitment of the staff is also pivotal to this success and building a structure that supports the staff has remained central throughout this year. The real commitment to the four-day week and to holding that space creates a better work/life balance for all. The enhanced parental leave benefit allows people to maintain their career path and make space for family at a crucial time.

My fellow trustees and I are committed to supporting Opportunity Green to thrive, to sustain its strong sense of purpose and to drive the high standards that have been a guiding force so far.

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Opportunity Green Trustees’ Annual Report

Introduction from the CEO

What a year it has been! We went from six staff members to 16; we tripled our turnover from our first financial year and achieved so many impactful things, I barely know where to start.

First, I’d like to express my huge appreciation for our funders who believe in the impact we are having – our grant portfolio has increased from four funders in the last financial year to nine! This is a true testament to the incredible team we’ve built at Opportunity Green, without whom none of this would be possible.

That’s why I’m also so proud of everything we have done to give back to the staff. We have really improved all of our EDI commitments with a move to software that blinds our hiring process and expanded our parental leave to 26 weeks’ full pay for all new parents. But perhaps most transformative of all, we’ve moved to a four-day week. I’ll admit that as CEO, I thought this wouldn’t apply to me, but it has been incredible at easing any stress that comes with building such a fast-growing team.

This entire report will set out everything we’ve achieved over the past year but just to name a few highlights that I’m super proud of:

• Our SASHA Coalition was launched on a webinar by Lord Deben, the then Chair of the UK Climate Change Committee. During the year we expanded the coalition to six members: ZeroAvia, Cranfield Aerospace Solutions, Zulu Associates, SAF+ Consortium and IðunnH2. Their dedication to creating real meaningful ambitious change to policy blows me away in our member meetings!

• We hired our first full-time operations person, Gill Johnson, our Chief Operating Officer! And her team will be growing very soon…

• We are one of Giving Green’s top recommendations for impactful work in the climate space. We had our theories of change tested and cost effectiveness probed in a really healthy way for this and I’m glad to say we passed with flying colours.

• Our briefings to climate vulnerable countries were described as their “bible” by one country as they followed the climate negotiations at the International Maritime Organization.

• We went through a rebrand so that now we look sleek, professional, fresh and bold. I LOVE our new look!

• A media organisation that will remain nameless responded to one of our pitches with the wonderful: “Frankly we’ve been searching for clear and well-informed campaigning voices for years, so it’s great to have yourselves (and one or two others) holding industry and regulators to better account” – quite the endorsement!

• We expanded our trustee board to include our first Treasurer, Faresi Farisai Nyaoda.

• We submitted to the International Tribunal on the Law of the Sea and challenged the EU on their green investment rules on aviation and shipping. Showing how all the legal work behind the scenes is beginning to be pushed out into the world and provoke change.

• Finally (and I probably shouldn’t mention that I’m probably most proud of this but…) our Chief Security Officer, Roo was highlighted in the FT as bringing Christmas cheer to offices across the UK.

And if that is not enough, read on for much more…

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Opportunity Green Trustees’ Annual Report

About us

Climate change is a complex problem. As a global society we have had significant achievements in certain sectors such as renewables and electric cars. However, there are certain sectors, such as aviation, shipping, steel and buildings, where emissions are vast and not yet reducing. These are the sectors that Opportunity Green focuses on, using legal, economic and policy knowledge to tackle climate change.

If we use innovative and multiple strategies to increase ambition among governments; support those who are climate vulnerable; and challenge the climate laggards, then we can achieve climate justice.

Our vision is…

A world where we no longer need to fight for climate justice.

We're on a mission to…

Close the gaps in global climate action using law, economics and policy.

Key achievements and impacts over the past year

Legal action

• April 2023 : We published a report looking at the International Maritime Organization’s (IMO) legal remit on upstream fuel emissions. The report dispelled the myth that the IMO doesn’t have the legal ability to regulate the emissions from the full lifecycle of the fuel.

• May 2023: Working to support local communities in Kasteli, Crete, we submitted legal analysis to the regional and national public consultations on a new airport that will nearly double passenger capacity. Following this, the project’s environmental impact assessment was rejected and recommissioned.

• June 2023 : We submitted a written statement to support the request for an advisory opinion by the Commission of Small Island States on Climate Change and International Law (COSIS) before the International Tribunal for the Law of the Sea (ITLOS). Our supporting statement focused on States’ obligations to protect the ocean from greenhouse gas emissions and tackle international shipping’s harmful climate impacts.

• June 2023: We established an aviation greenwashing coordination group bringing together legal, technical and campaigning NGOs from across Europe to collaborate on greenwashing actions.

• September 2023 : We attended the hearings for the advisory proceedings on climate change and the ocean before ITLOS.

• September 2023 : We published our report, (Un)Sustainable from Ship to Shore , which examined greenwashing techniques in relation to the use of liquefied natural gas (LNG) across the cruise sector. The report highlighted the systemic nature of the cruise industry’s apparently misleading advertising, including claims being made by some of the biggest international cruise companies. As a result of the findings in the report, we also filed a series of complaints to the United Kingdom’s Advertising Standards Authority.

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Opportunity Green Trustees’ Annual Report

• November 2023 : We responded to the United Nation’s Special Rapporteur on climate change’s call for inputs on corporate accountability in the context of human rights and climate change. Our submission focused on the aviation and shipping industries which are major contributors to the climate crisis, yet poorly regulated in terms of GHG emissions.

• January 2024 : Along with four other NGOs – Fossielvrij, Protect our Winters, Dryade and CLAW – we launched a legal challenge against the European Commission, requesting it to review its green investment rules on aviation and shipping. This is the first step in the challenge which may lead to court action before the European Court of Justice if the Commission does not address the legal issues raised.

• March 2024 : We published a legal briefing which explores the breadth of climate change cases affecting the shipping industry to date and reflects on the broader lessons and impacts of such litigation.

• March 2024 : We filed a written statement to the International Court of Justice outlining States’ obligations under international law to mitigate the substantive GHG emissions from international aviation and shipping.

SASHA Coalition

• May 2023: In May we officially launched the SASHA Coalition at our webinar “Fuelling the Future: how green hydrogen and direct air capture will decarbonise aviation and shipping”. The webinar brought together attendees from across the shipping and aviation sectors to hear from Lord Deben and representatives from Airlines for Europe, Arup and the European Community Shipowners’ Association on the critical role that green hydrogen will play in decarbonising these sectors.

• September 2023: The first SASHA Coalition policy briefing and research, undertaken by Arup, was published. The Green Hydrogen Gap report outlines how strong policy and regulation can drive the production and use of green hydrogen-derived fuels for shipping and aviation. The report has formed the basis of our policy engagement since.

• November 2023: We began our policy engagement in Brussels in earnest with the participation in EU policy events and workshops, meetings with EU policymakers across Directorates-General (DGs) and securing registration on the EU Transparency Register, which will enable access to future highlevel policy consultations and networks.

• January 2024: We announced our initial SASHA Coalition membership. Since then, the coalition grew to a membership of six ambitious companies by the end of March 2024 from across the aviation and shipping sectors. These are: ZeroAvia, Cranfield Aerospace Solutions, Arcadia eFuels, SAF+ Consortium, IðunnH2, Zulu Associates and Oneiros Aerospace.

• February 2024: Our set of green hydrogen factsheets and regulatory roadmaps for the UK and EU were published. The factsheets and roadmaps are informed by our Green Hydrogen Gap report findings and will be used throughout the next year for our political outreach.

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Opportunity Green Trustees’ Annual Report

International shipping policy

• May 2023 : We supported the Royal Thai Embassy in London in organising and hosting an informational seminar on IMO greenhouse gas developments ahead of the 80[th] session of the Marine Environment Protection Committee (MEPC 80) and the revision of the IMO’s Green House Gas (GHG) Strategy. More than 90 participants attended online, in addition to in-person participation from a wide range of IMO delegations. The event included notable speakers such as the Ambassador of Thailand to the United Kingdom, representatives from the IMO Secretariat, the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Global Compact.

• May – June 2023 : Comprehensive negotiations briefings packs were developed for 24 climate vulnerable, ambitious IMO Member States ahead of the 15[th] Intersessional Working Group on GHG Emissions (ISWG-GHG 15) and MEPC 80.

• June 2023 : We attended ISWG-GHG 15 and MEPC 80 at the IMO, the crucial meetings during which the revised IMO GHG Strategy was adopted.

• December 2023 : Our Shipping Manager, Ana Laranjeira used COP 28 as a media moment to influence the narrative around an IMO GHG levy in a TradeWinds article on financing and international shipping.

• February – March 2024: During this period, we prepared our regular pre-meeting negotiations briefing documents to climate vulnerable ambitious countries in advance of ISWG-GHG 16 and MEPC 81 and engaged in bilaterals with varied stakeholders.

• March 2024: Opportunity Green responded to the UK Government’s call for evidence on the expansion on an Emissions Control Area (ECA) in UK waters. This involved an accompanying communications campaign, with a joint open letter sent to 10 UK Secretaries of State and Government Ministers and a press release for media engagement.

• March 2024 : Opportunity Green attended ISWG-GHG 16 and MEPC 81 at the IMO.

Key media moments

May 2023

The launch of the SASHA Coalition is widely covered in trade press, including TradeWinds, H2 View, Splash247 and ship.energy.

22 June 2023

Our Legal Director, Carly Hicks, gives an exclusive interview to The Guardian in a piece that explores the role of the law of the sea and the IMO in holding the shipping industry accountable for its greenhouse gas emissions.

7 July

A live TV interview with CGTN Europe with our CEO Aoife O’Leary on the goals set at the IMO negotiations

3 September

Op-ed by our CEO Aoife O’Leary published in the Financial Times on why we’re wasting our precious supply of green hydrogen.

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Opportunity Green Trustees’ Annual Report

18 September

Op-ed by our Policy Officer, Nuala Doyle on the gaping green-hydrogen gap in EU policy is published in the EU Observer.

26 September

‘The cruise industry says LNG is a climate solution. It’s not’. Our Chief Strategy & Impact Officer Carly Hicks writes an opinion piece in Climate Home News drawing on our report '(Un)sustainable from ship to shore'.

November

Vox lists Opportunity Green as one of the most impactful charities fighting climate change for 2023 and 2024: The best climate change charities for 2023 and 2024 - Vox

February

Our Policy Officers Nuala Doyle and Blánaid Sheeran and our Legal Officer Isabela Keuschnigg were all featured in this year’s Bunkerspot Survey, which examines the state of play in maritime’s decarbonisation.

28 February

'If aviation wants to go green, it can start with fairer taxes' says Our Project Assistant, Sabrina Khan-Dighe in Business Green.

5 March

Our Senior Shipping Manager, Ana Laranjeira, makes the case for a shipping levy in Climate Home News ahead of the upcoming round of IMO negotiations.

March 2024

OG's submission to the International Court of Justice ICJ, calling for international shipping and aviation to be considered in States’ NDCs is covered widely in international and UK media, including Splash 247, Green Air Online, Ishka Savi and Sagar Sandesh.

January 2024 – EU Taxonomy challenge

Our challenge to the EU Commission over its Taxonomy rules gets extensive coverage across UK and international titles. Highlights include: an op-ed in Business Green 'EU Taxonomy: Are low carbon aviation and maritime investments really 'green'?'; exclusive coverage in the Financial Time’s Europe Express newsletter; an interview on the TradeWinds podcast; and an in-depth news story in Green Air Online. Our CEO also wrote to the Financial Times in her role of SASHA Director to say the EU taxonomy misleads investors on what is ‘green’.

Through our partnerships with European NGOs, international coverage included Trouw, de Volkskrant, OTS and der Standard.

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Opportunity Green Trustees’ Annual Report

New starters

Our team has grown quickly with seven new recruits joining the OG team during this year…

– Olivia Moyle (she/her) Legal Assistant (September 2023)

As the Legal Assistant at Opportunity Green, Olivia supports across the legal workstreams and offers administrative support to the wider OG team. She writes insightful blogs and contributes to legal research to ensure aviation is on the international climate agenda and harmful practices are challenged.

– Daniel Lubin (he/him) Digital Communications Assistant (November 2023)

As Digital Communications Assistant, Daniel supports across all teams writing copy and managing the website and social media channels as well as producing multimedia content, working with colleagues to develop and edit blogs, and working on outreach strategy to get OG’s messages to our target audiences.

– Gill Johnson (she/her) COO (November 2023)

In her role as COO, Gill is responsible for OG's finance, people and operations strategy and leading the operations team. She ensures the efficient running, growth and development of Opportunity Green, providing the team will the tools and infrastructure they need to perform at their best.

– Dominika Leitane (she/her) Legal Officer (February 2024)

Dominika leads OG's work in the buildings sector. As a Legal Officer, her work focuses on developing innovative legal strategies to decarbonise buildings in the UK, EU and internationally.

– Kirsty Mitchell (she/her) Legal Manager (February 2024)

As Legal Manager, Kirsty is responsible for leading OG’s legal work on the steel sector and developing potential legal strategies to accelerate the sector’s decarbonisation. She also supports the wider work of the legal team, including strategic legal actions in other sectors as well as OG’s international legal advocacy.

– Aqila K. Indra (she/her) Project Assistant (March 2024)

In her role as Project Assistant, Aqila is responsible for supporting the International Shipping Policy team to achieve a just and equitable transition in shipping decarbonisation. She is active in engaging with the newest IMO developments and provides technical support for the team to ensure OG's work with partnering member states and organisations runs smoothly.

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Opportunity Green Trustees’ Annual Report

Travel update

We’re passionate about keeping our work-related travel emissions as low as possible and our team is committed to taking the train over the plane whenever possible.

It’s important for us to be accountable and transparent about both our efforts and shortcomings when it comes to reducing our own GHG emissions. So this year we have once more monitored our team's international travel emissions taken on behalf of Opportunity Green using a distance-based accounting of emissions.

Ideally, a broader scope of travel emissions would have been covered, but due to limitations in our own internal capacity, we've taken a similar approach to last year and focused on the travel segment that generates the most emissions. This means we are exclusively reporting on international travel.

We've used the UK government's conversion factors for UK and international organisations reporting of GHG emissions as a trustworthy way to calculate our travel emissions in a standardised manner – using a distance-based accounting of emissions.

One improvement from last year's reporting is that we now look at all GHG emissions, rather than just carbon dioxide emissions. These are presented in the table as carbon dioxide equivalent, or CO2e – a widelyused measurement of the total greenhouse gases emitted, expressed in terms of the equivalent measurement of carbon dioxide, with regards to their global warming potential.

We've continued to make a conscious effort to, whenever possible, take the train instead of booking a flight – even if it means allowing team members to take more days to travel. This reporting year, we haven’t taken any flights, with team members going as far as Valencia and Berlin by train.

Opportunity Green's international emissions are accounted for in the following table:

Dates	Origin	Destination	Mode	Reason	Distance travelled (est, Km)	Emissions factor	KG CO2e emissions
June 27 - 30 2023	London	Amsterdam (return)	Eurostar	ECF Partners Retreat	710	0.004459078	3.165945275
October 16- 17 2023	London	Brussels (return)	Eurostar	Speaking at Shipping Event Antwerp	634	0.004459078	2.827055358
November 21-22 2023	London	Brussels (return)	Eurostar	Hydrogen Europe Conference	634	0.004459078	2.827055358
February 20- 22 2024	London	Brussels (return)	Eurostar	Meetings with various DGs re SASHA	634	0.004459078	2.827055358
September 18-20 2023	London	Brussels (return)	Eurostar	European ShippingSummit	634	0.004459078	2.827055358
October 12 2023	London	Brussels (return)	Eurostar	Renewable Hydrogen Summit	634	0.004459078	2.827055358
October 22 2023	London	Paris	Eurostar	ECAC/EU Aviation Dialogue	342	0.004459078	1.525004626
October 22 2023	Paris	Latour de Carol-Env	SNCF Intercités de nuit	ECAC/EU Aviation Dialogue	712	0.035462964	25.2496302
October 23 2023	Latour de Carol-Env	Barcelona	Renfe	ECAC/EU Aviation Dialogue	122	0.004459078	0.544007498
October 23 2023	Barcelona	Valencia	EuroMed	ECAC/EU Aviation Dialogue	303	0.035462964	10.74527802

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Opportunity Green Trustees’ Annual Report

October 25 2023	Valencia	Barcelona	EuroMed	ECAC/EU Aviation Dialogue	303	0.035462964	10.74527802
October 26 2023	Barcelona	Paris	TGV Duplex	ECAC/EU Aviation Dialogue	830	0.004459078	3.701034617
October 26 2024	Paris	London	Eurostar	ECAC/EU Aviation Dialogue	342	0.004459078	1.525004626
September 10 2024	Berlin	Hamburg	Train	ITLOSAO hearing	256	0.035462964	9.078518722
September 13 2024	Hamburg	Cologne	Train	ITLOSAO hearing	356	0.035462964	12.6248151
October 9- 11 2023	London	Ghent (return)	Eurostar	ECF heating conference	540	0.004459078	2.40790204
May 31 - 1 June 2023	London	Brussels (return)	Eurostar	Our Fish meeting	634	0.004459078	2.827055358
April 12-15 2023	London	Brussels (return)	Eurostar	ICCT meeting	634	0.004459078	2.827055358
September 13 2024	Cologne	Brussels	Train	ITLOSAO hearing	184	0.004459078	0.820470325
September 13 2024	Brussels	London	Eurostar	ITLOSAO hearing	317	0.004459078	1.413527679
April 13-15 2023	Brussels	Liege (return)	Train	ICCT meeting	178	0.035462964	6.312407549
April 13-15 2023	Liege	Aachen (return)	Train	ICCT meeting	80	0.004459078	0.356726228
April 13-15 2023	Aachen	Berlin (return)	Train	ICCT meeting	1080	0.035462964	38.30000086
November 2 2023	Brussels	London (return)	Eurostar	Interview	634	0.004459078	2.827055358
December 11 - 12 2023	Brussels	London (return)	Eurostar	OG Team meetings	634	0.004459078	2.827055358
February 25- 27 2024	Brussels	London (return)	Eurostar	OG Team Meetings	634	0.004459078	2.827055358
February 8 2024	Leuven	Werkendam (return)	Hybrid Electic Vehicle	FPS Waal Launch	315	0.093916412	29.58366981
September 18-20 2023	London	Brussels (return)	Eurostar	European ShippingSummit	634	0.004459078	2.827055358
November 21-22 2023	London	Brussels (return)	Eurostar	Hydrogen Europe Conference	634	0.004459078	2.827055358
						Total Emissions	192.0238855

Team and culture

We believe that when staff are enabled to do their jobs well through a supportive work environment that prioritises wellbeing, they will be more productive and effective in tackling climate change.

As a young and fast-growing organisation, we’re eager to keep our unique culture as we expand. This isn’t something we take for granted and we work hard at making sure we live by our company objective “to be a great place to work where great staff are valued and treated well”.

On a practical level, we have introduced stronger parental leave policies, offering 26 weeks’ fully-paid parental leave for all qualifying parents, with at least three months’ compulsory leave for all fathers or partners in the first 12 months.

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Opportunity Green Trustees’ Annual Report

We also consulted closely with our team and ran a three-month trial, before fully implementing a new fourday working week and becoming an accredited ‘Four-Day Week Organisation’. Our team now works Monday to Thursday and has Friday off, with no drop in pay. This has been a great success, and staff surveys show that the new system not only benefits our team’s health and wellbeing, but also creates a more equal approach, taking away the pressure of being a ‘part-timer’.

Growing a strong HR and admin team will be key to supporting the organisation as it grows. We’ve made a start on this by appointing a new COO this year, with plans to introduce a People & Culture Manager and an Admin Assistant in the near future.

EDI is important to us, and is something we strive to embed in all aspects of our work. Our EDI team looks at procedural improvements, like introducing blind recruitment, and also encourages group discussions and outings to help us recognise and celebrate different perspectives.

Financial review

Opportunity Green is in a healthy financial position with a turnover of £1,720,068 during the financial year. Opportunity Green is also in a good position with regard to reserves. The balance held as reserves at the end of the period was £236,948. The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. Opportunity Green has been successful at funding multiple projects fully. There are no financial investments and there were no significant events having a financial impact during the reporting period. On the basis of the cash-flow projection and overall financial outlook for the 12 months subsequent to the signing-off date to the final accounts, the Trustees are happy to confirm Opportunity Green as a going concern.

Our funding comes from our donors: ClimateWorks Foundation, the European Climate Foundation, Oceankind and individuals who either donate directly to Opportunity Green or via Giving Green, to whom we are very grateful for their support. Additional funding came from consulting services to other charities in line with our charitable mission.

Fundraising

Opportunity Green has been extraordinarily successful in raising funds. The vast majority of our funding comes from philanthropic foundations with a small number of donations from individuals. The charity incurred no cost other than staff time in raising funds. There were no formal fundraising targets set but the 2023-2024 financial year triple the amount raised in the previous nine-month long financial year. The below table compares our first financial year to the current year.

	Financialyear 2022/23(9 months)	Financialyear 2023-24(12 months)
Expenditure	£295,000	£1,205,327
Number ofgrants	4	9
Staff headcount	7	16

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Opportunity Green Trustees’ Annual Report

Risk

The principal risks facing Opportunity Green are funders choosing not to support Opportunity Green in future and funders having limits on indirect expenses within grants which mean that the full costs of projects cannot be recovered. The trustees consider widening the funders who fund Opportunity Green and frequent discussions with current funders as our chief mitigation strategies. Ultimately, Opportunity Green would like to gain core funding to make up for the shortfall in coverage of indirect expenses from grants where those restrictions exist and/or potentially minimise the funding coming from funders with strict indirect expenses limits.

A further risk to OG is that of a legal challenge. This is mitigated through having insurance in place, an internal legal review process and, where needed, review of reports and publications by a defamation barrister before publication.

Governance

Structure, governance and management

Opportunity Green was registered as a Charitable Incorporated Organisation (registered charity number 1199413) on 22 June 2022 in England and Wales.

Opportunity Green had five trustees over this financial year, with a new Treasurer, Faresi Farisai Nyaoda appointed on 2 October 2023.

Our trustees delegate the day-to-day running of the charity to the CEO, and by implication to the staff, including the Senior Leadership Team (SLT), which was created this year following the appointment of a Chief Operating Officer, and Chief Strategy and Impact Officer.

New trustees are appointed by the existing trustees and serve for three years after which they may put themselves forward for reappointment. The Constitution provides for a minimum of three trustees, to a maximum of 12 trustees. Opportunity Green’s Constitution allows the trustees to meet and conduct meetings virtually which the trustees have done this year with one in-person meeting in October 2022.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

The role of our trustees

Our five trustees form a vital part of our team. They bring a wealth of diverse expertise from across the business, charity and policy sectors, and skills including financial and risk management, clean technologies and fuels, policy and funding through to coaching and leadership.

As the organisation continues to grow, their expertise will help us achieve our ambitious goals, not only ensuring that we have the right governance and policies in place, but keeping us on track to make sure Opportunity Green remains a brilliant place to work for all our employees.

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Opportunity Green Trustees’ Annual Report

“Climate change is everyone’s problem, so the principles of global equity and sustainable development need to be at the heart of conversations,” says our trustee Gbemi Oluleye.

“The work Opportunity Green does is guided by this and supports global decarbonisation via building ambitious coalitions. This is what attracted me to become a trustee – Opportunity Green is on the right path to accelerate decarbonisation of the shipping sector, and ripple effects to other sectors.”

Statement of responsibilities of the trustees

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period.

In preparing financial statements giving a true and fair view, the trustees are required to:

• Select suitable accounting policies and then apply them consistently.

• Observe the methods and principles in the Charities Statement of Recommended Practice (SORP).

• Make judgements and estimates that are reasonable and prudent.

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Opportunity Green Trustees’ Annual Report

Future plans

We have big plans for the future that are limited only by our funding and capacity. We are looking at opening our first overseas office in Belgium, hiring a senior economist and moving offices for the third time, having outgrown our current one! Not to mention new work areas of agriculture and critical minerals. As ever we are incredibly grateful to our funders who have enabled us to do what we do. We have been so fortunate this past year that we received three times the support we did in our first financial year. As we go forward, we will increasingly be looking to find funders who operate on a trust-based model to allow us to have maximum flexibility in how we spend the funds received so that we can ensure that all projects and staff are fully supported with operational needs.

So, keep an eye on all we do at Opportunity Green as we hire more extremely talented individuals, initiate more legal cases, put more ambitious companies in front of policymakers and support as many climate vulnerable countries as we can. We’re so excited for this upcoming year!

---

Rachel Goodwin

Chair of the Board of Trustees

Date: 10 September 2024

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Opportunity Green Auditors Report to the Trustees of Opportunity Green

Opinion

We have audited the financial statements of Opportunity Green (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

• Have been prepared in accordance with the requirements of the Charities Act 2011

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Opportunity Green's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Opportunity Green Auditors Report to the Trustees of Opportunity Green

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;

• Sufficient accounting records have not been kept; or

• The financial statements are not in agreement with the accounting records and returns; or

• We have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Opportunity Green Auditors Report to the Trustees of Opportunity Green

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

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Opportunity Green Auditors Report to the Trustees of Opportunity Green

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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Date: 25 September 2024

Jonathan Orchard

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Prepared by ExcluServ Ltd

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Opportunity Green Statement of Financial Activities (incorporating an income and expenditure account) for the year ending 31 March 2024

Notes Income and endowments from: Donations and legacies 2 Income from charitable activities 3 Other income 4 Total income and endowments Expenditure on: Charitable activities 5 Total Expenditure Net Income/(expenditure) for the year Transfer between funds Net movement of funds Reconciliation of funds Total funds brought forward 14 Total funds carried forward	Unrestricted Restricted Total Funds Total Funds for 10 months ending 31 March 2024 2024 2024 2023 £ £ £ £ 10,279 - 10,279 107,427 76,318 1,632,354 1,708,672 601,180 326 791 1,117 54
	86,923 1,633,145 1,720,068 708,661
	74,317 1,131,010 1,205,327 295,883
	74,317 1,131,010 1,205,327 295,883
	12,606 502,135 514,741 412,778 - - - -
	12,606 502,135 514,741 412,778
	233,978 178,800 412,778 -
	246,584 680,935 927,519 412,778

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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Opportunity Green Balance Sheet as at 31 March 2024

Notes Fixed Assets Tangible assets 10 Current Assets Debtors and prepayments 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net Current Assets /(liabilities) Net Assets /(liabilities) The funds of the charity: Restricted Funds 14 Unrestricted Funds 14 Total charity funds	31-Mar-24 31-Mar-23 £ £ 9,636 6,983 493,245 41,757 467,098 380,509
	960,343 422,266 (42,460) (16,471)
	917,883 405,795
	927,519 412,778
	680,935 178,800 246,584 233,978
	927,519 412,778

The financial statements were approved by the Board of Trustees and authorised for issue on 10[th] September 2024 and were signed on its behalf by:

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Rachel Goodwin

Chair of the Board of Trustees

Date: 10 September 2024

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Opportunity Green Statement of Cash Flows for the year ended 31 March 2024

Net cash flow from operating activities Cash flow from investing activities Payments to acquire tangible fixed assets Net cash flow from investing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at 1 Apr 2023 Cash and cash equivalents at 31 Mar 2024 Cash and cash equivalents consists of: Cash at bank and in hand Cash and cash equivalents at 31 Mar 2024 Reconciliation of net income / (expenditure) to net cash flow from operating activities Net income / (expenditure) for year/period Increase in debtors (decrease) / Increase in creditors Depreciation Net cash flow from operating activities	31-Mar-24 31-Mar-23 £ £ 92,021 388,128 (5,432) (7,619)
	(5,432) (7,619)
	86,589 380,509 380,509 -
	467,098 380,509
	467,098 380,509
	467,098 380,509
	31-Mar-24 31-Mar-23 £ £ 514,741 412,778 (451,488) (41,757) 25,989 16,471 2,779 636
	92,021 388,128

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Opportunity Green

Notes to the Financial Statements for the year ended 31 March 2024

1) Accounting Policies

a) Statutory information

Opportunity Green is a charitable incorporated organisation and is incorporated in England and Wales. The registered office address and principal place of business is 40 Bowling Green Lane, London, EC1R 0NE

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note .

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable organisation ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition is met.

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

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

• Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs

• Other expenditure represents those items not falling into any other heading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

j) Employee benefits

The charity operates a defined benefit contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The useful life is as follows:

• IT Equipment 3 years

• • Office furniture 5 years

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users .

n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

2) Income from donations and legacies

Donations )Income from charitable activities Grants Consultancy income Grants received breakdown ClimateWorks Foundation European Climate Foundation Oak Foundation Humane America Animal Foundation Oceankind )Income from investments Other income

Unrestricted Restricted Total Funds 2024 Total Funds for 10 months ending 31 March 2023 £ £ £ £ 10,279 - 10,279 107,427 10,279 - 10,279 107,427 Unrestricted Restricted Total Funds 2024 Total Funds for 10 months ending 31 March 2023 £ £ £ £ 53,854 1,632,354 1,686,208 552,422 22,464 - 22,464 48,758 76,318 1,632,354 1,708,672 601,180 Unrestricted Restricted Total Funds 2024 Total Funds for 10 months ending 31 March 2023 - 851,841 851,841 167,054 - 573,506 573,506 212,500 - - - 89,217 53,853 - 53,853 - - 207,007 207,007 100,000 53,853 1,632,354 1,686,207 568,771 Unrestricted Restricted Total Funds 2024 Total Funds for 10 months ending 31 March 2023 £ £ £ £ 326 791 1,117 54 326 791 1,117 54

3) Income from charitable activities

4) Income from investments

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

5) Analysis of expenditure on charitable activities and support costs

Staff costs Audit/Independent review Charitable Donations Communication Consulting Depreciation Finance costs Information technology Other professional fees (incl legal) Office costs (incl rental) Travel costs Other	Direct Charitable Activities Support costs Total Funds 2024 Total Funds for 10 months ending 31 March 2023 £ £ £ £ 717,821 20,399 738,220 197,331 13,312 - 13,312 3,500 9,984 - 9,984 - 42,527 - 42,527 9,349 163,601 - 163,601 15,730 2,556 223 2,779 636 22,828 - 22,828 6,836 14,372 - 14,372 9,438 14,437 - 14,437 - 114,751 16 114,767 35,422 33,738 137 33,875 8,491 (18,917) 53,542 34,625 9,150
	1,131,010 74,317 1,205,327 295,883

6) Governance costs

)Governance costs
Audit/Independent review Trustee expenses AGM and trustee meeting costs Company secretarial and legal fees Other	Unrestricted Restricted Total Funds 2024 Total Funds for 10 months ending 31 March 2023 £ £ £ £ - 13,312 13,312 3,500 - 21 21 - 64 - 64 189 - 13 13 - - - - 198
	64 13,346 13,410 3,887

7) Analysis of staff costs

Payroll Details: Wages and Salaries Social Security Costs Pension contributions Staff training and development Staff recruitment	2024 Total Total for 10 months ending 31 March 2023 £ £ 592,475 163,427 60,369 8,512 57,526 23,955 13,059 1,437 14,791 -
	738,220 197,331

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

The average headcount number of staff employed during the year was:

The average headcount number of staff employed during the year was:
Staff	2024 Total Total for 10 months ending 31 March 2023 Number Number 11 7
	11 7

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

£60,000 - £69,999 £70,000 - £79,999 £80,000 - £89,999 £90,000 - £99,999	2024 Total Total for 10 months ending 31 March 2023 - - 1 - - - 1 -
	2 -

8) Analysis of trustee remuneration and expenses, and the cost of key management personnel

No members of the Board of Trustees received or waivered any remuneration. One member of the Board of Trustees received reimbursements of expenses for travel in the current year (2023: None)

The total amount of employee benefits received by key management personnel is £260,407 (2023: £56,352) The charity considers its key management personnel to comprise of the Chief Executive Officer, Chief Strategy and Impact Officer and Chief Operating Officer.

9) Related party transactions

There were no related party transactions in the current and prior year..

10) Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

11) Tangible Fixed Assets

Cost: At 1 April 2023 Additions At 31 March 2024 Accumulated Depreciation: At 1 April 2023 Charge for the year At 31 March 2024 Net book value: At at March 2023 At 31 March 2024 12)Debtors Trade Debtors Prepayments and accrued income Other debtors	Computer equipment Furniture Total 2024 £ £ £ 6,921 698 7,619 5,432 5,432	Computer equipment Furniture Total 2024 £ £ £ 6,921 698 7,619 5,432 5,432
	12,353 698 13,051
	578 58 636 2,639 140 2,779
	3,217 198 3,415
	6,343 640 6,983
	9,136 500 9,636
		31-Mar-24 31-Mar-23 £ £ 454,803 5,074 38,422 36,683 20 -
		493,245 41,757

13) Creditors: amounts falling due within one year

3)Creditors: amounts falling due within one year
Trade Creditors Accruals Pension Payable	31-Mar-24 31-Mar-23 £ £ 8,562 5,304 33,898 5,500 - 5,667
	42,460 16,471

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

14) Movement in Funds

Current Year Restricted Funds ClimateWorks Foundation (CWF) European Climate Foundation (ECF) Oak Foundation Oceankind Total restricted funds Unrestricted Funds General fund Total unrestricted funds Total Funds	At 1 April 2023 Income Expenditure At 31 March 2024 £ £ £ £ 52,783 851,906 (412,162) 492,527 49,327 573,575 (550,161) 72,741 76,690 14 (76,704) - - 207,650 (91,983) 115,667
	178,800 1,633,145 (1,131,010) 680,935 233,978 86,923 (74,317) 246,584
	233,978 86,923 (74,317) 246,584
	412,778 1,720,068 (1,205,327) 927,519

Restricted purpose:

CWF - Legal avenues to reduce aviation and shipping emissions; supporting ambitious climate vulnerable countries to participate in international climate negotiations on shipping; policy briefings on the potential use of revenue from a shipping levy.

ECF - Building a coalition of shipping and aviation companies to call for green hydrogen and direct air capture to go to their sectors; legal avenues for reducing emissions from the buildings and steel sectors; and changing the climate finance narrative of international shipping.

Oak Foundation - Legal avenues to reduce aviation emissions

OceanKind - bringing law and economics to the nexus between shipping and the climate crisis, especially through the lenses of climate finance and climate litigation.

Prior Year Restricted Funds CWF ECF Oak Unrestricted Funds General fund Total Funds	At 22 June 2022 Income Expenditure At 31 March 2023 £ £ £ £ - 109,689 -56,906 52,783 - 212,500 -163,173 49,327 - 89,217 -12,527 76,690
	- 411,406 (232,606) 178,800 - 297,255 -63,277 233,978
	- 708,661 -295,883 412,778

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Opportunity Green Notes to the Financial Statements for the year ended 31 March 2024

15) Analysis of net assets between funds

Current Year Fund balances at 31 March 2024 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Prior Year Fund balances at 31 March 2023 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year	Unrestricted Restricted 2024 Total £ £ £ 9,636 - 9,636 257,346 702,997 960,343 (20,398) (22,062) (42,460)
	246,584 680,935 927,519
	Unrestricted Restricted 2023 Total £ £ £ 6,983 - 6,983 238,162 184,104 422,266 (11,167) (5,304) (16,471)
	233,978 178,800 412,778

16)Operating leases Less than one year Two to five years	31-Mar-24 31-Mar-23 £ £ 25,485 92,875 - 59,465
	25,485 152,340

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