Docusign Envelope ID". F567DA4E-c0O￿SS9-94O3-BAE3A9e08Bls
Carbon
Gap
CARBON GAP LTD
(A Company Limited by Guarantee
REPORT AND FINANCIAL STATEMENTS
FOR THE16 MONTH PERIOD ENDED
31st DECEMBER 2023
Company Registration No: 13557860
Charity Reglstration No:1200562

Oocusun Envelope ID.. F567DA4E-C005-4559-9403-BAE3A9808B15
REPORTOF THE TRUSTEES
Carbon
Gap
INDEX TO THE REPORT & FINANCIAL STATEMENTS
LEGAL AND ADMINISTRATIVE INFORMATION
REPORT OF THE TRUSTEES
STRUCTURE, GOVERNANCE AND MANAGEMENT
OBJECTIVES AND ACTIVITIES
ENSURING OUR WORK DELIVERS OUR AIMS
THE FOCUS OFOUR WORK
PUBLIC BENEFIT
WHO USED AND BENEFITED FROM OUR ACTIVITIES?
WHAT IMPACT DID OUR ACTIVITIES HAVE?
FINANCIAL PERFORMANCE
SOURCES OF INCOME
RESERVES POLICY
FUNDRAISING POLICY
io
TRUSTEESIDIRECTORS
RELATED PARTIES
io
10
RELATED PARTIES (CONTINUED)
FUTURE PLANS
TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
ii
RISK MANAGEMENT
12
AUDITENQUIRIES
12
AUDITORS
12
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF CARBON GAP LTD
13
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE
ACCOUNT)
17
BALANCE SHEET
19
STATEMENT OF CASH FLOWS
20
NOTES TO THE FINANCIAL STATEMENTS
21

DoGvsign Envelope ID.. F5870A4E.COD54559-940&BAE3A9808B15
REPORT OFTHE TRUS
Carbon
Gap
LEGAL AND ADMINISTRATIVE INFORMATION
REGISTERED ADDRESS
71-75 Shelton Street
Covent Gorden
LONDON
WC2H 9JQ
REGISTERED COMPANY NUMBER
13557860
REGISTERED CHARITY NUMBER
1200562
WEBSITE
www.corbongap.org
CHIEF EXECUTIVE OFFICER
Christoph Beuttler
BOARD OF TRUSTEES AND DIRECTORS
Timothy Kruger
Barbaralg Fleming
Cressida Pollock
Irena Spaziopan
Benjamln Tincq
BANKERS
Wise, London
Lloyds, London
AUDITORS
Cocke, Vellacott & Hill
Chartered Accountants
Unit 28 City Business Centre
Lower Road
LONDON
SE16 2XB

Docusign Envelop8 ID.. F567DA4E.c0O￿Ssg.9403.8AE3A98oBB15
REPORTOF THETRUSTEES
Carbon
Gap
REPORT OF THE TRUSTEES
For the16 month period ended 31st December 2023
The Trustees, who are also the Directors, present their report and the finoncial statements ot the
charitable company for the ie month period ended 31 December 2023, which are also prepared to
meet the requirements for a directors, report ond occounts for Companies Act purposes and which
comply with the current statutory requirements ond the requirements ol the charity's governing
Instrument.
Structure. Governance and Management
Carbon Gap is a charitable company limited by guarantee and governed by its Articles of
Association, revised and adopted on 22 September 2022.
Carbon Gap is managed by a board, made up of the TrusteeslDirectors who are also the rnembers
of the Company. The board met12 times during the16 month period.
The organisation is led by the Chief Executive Off icer, Christoph Beuttler. During the16 month period
the organisation was also led by the former Chief Executive Officer, Glenn Morley.
The senior management team is comprised of..
Mr P Wilson, Chief Operating Off icer
Mr E Mitchell-Larson, Chief Science and Advocacy Officer (resigngd 24, August 2024)
Mr J Townsend, Chief of Staff
Ms R Avornic, Associate Policy Director
Mr V Selen, Associate Policy Director
Dr S Delerce, Associate Research Director
Ms D Banerjee MBE, Associate Research Director (resigned 31°, August 2024)

OoGusign Envelope ID.. F567DA4E-C005-4559-9403-BAE3A9808815
RE
Carbon
Gap
OBJECTIVES AND ACTIVITIES
Our charity's purposes ore set out in the objects contained in the companys memorondum of
ossociotion, and are to..
Further the charitable purposes of promoting for the benefit of the public the conservation,
protection and improvement of the physical and natural environment, including the atmosphere
and global climate system, and advancing the science of Carbon Dioxide Removal and related
technologies.
Ensuring ourwork delivers ouraims
Carbon Gap has a theory of change to guide our strategy, which is reviewed by the board annually
both with the senior management team and during oway days. In this16 month period, Carbon Gap
held two offsite strategy sessions with the senior monagement team, and a closed strategy session
with board members and the CEO.
The theory of change states:
Carbon Gap's theory of chonge stipulates that Carbon Dioxide Removal will not scale
without making changes to the underlying 'rules of the gome,, such that all emissions are
one day tied to an obligation to remove more corbon than wos emitted, with an explicit
preference is to enshrine these chonges into law wherever possible.
Carbon Dioxide Removal will not reach the scale that it needs to reach on its own. Unlike
other climate technologies, such os solar and wind energy, Carbon Dioxide Removal has
no meaningful existing morket to sell into.
Carbon Dioxid8 Remov(Jl is o type of planetary waste manogemen¢ just like municipal
waste collection, wastewater treotment. and nuclear waste disposal. The challenge faced
in the cas8 of Carbon Dioxide Removal is arguably even more daunting than these other
examples, glven thot C02 is invisible, globally distributed, and extremely long lived in the
atmosphere. Just like these other forms of waste management, Carbon Dioxide Removal
will not scale without changing the ur]derlying 'rules of the game..
The focus of our work
The advancement of practices and technologies that directly or indirectly remove carbon
dioxide or other identified greenhouse gases from the atmosphere (referred to as -carbon
Dioxide Removal-),.
Carrying out and commissioning evidence-led research in the subject of Carbon Dioxide
Removal and publishing the useful result5,'
Organising, convening, tunding and delivering educational and research publications,
activities and events with key stakeholders, organisations and individuals.. and
Building the capacity of academics, policymakers, NGO'S. the public ond others to
understand, engage with and evaluate Corbon Dioxide Removal.

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Carbon
Gap
PUBLIC BENEFIT
In planning activities for the 16 month period, the Trustees referred to the Charity Commission
guidance on public benetit and the need to comply with their duties under section 4 of the Charities
Act 2011.
Our objects and funding limit the work that we do to the conservotion, protection and improvement
of the physicol and natural environment. Corbon Gap was created to be Europe's first independent,
philanthropically funded environmental advocacy organisation focused on Carbon Dioxide
Removal (Carbon Dioxide Removol).
There is a clear consensus among scientists and the IPCC thot Corbon Dioxide Removal needs to be
deployed at a massive scale. The consensus is thot it should be a complement to emissions
reductions os part of an integrated climate policy,. however, we don't yet have that consensus
among the public or poli¢ymokers.
Who used and benefited from our activities?
Our main activities ore described below. All our charitoble activities focus on the conservation,
protection and improvement of the physical and natural environment for the benefit of the public
and the planet.
Public benefit is derived fromthe outcomes ofthe activities we undertake, we do not directly engage
with the public. Our science and research led interv8ntions have meant meaningful changes in
policy, in law, and to the public understanding of the issues in the environment.
We work at multiple levels-.
Partnerships with other NGO'S and Charities
Gaining funding from independent philanthropic fovndotions
Toking part as experts in public ond privote groups including EU expert groups and advising
the politically agnostic UK civil service
Advising and educotlng policy makers across parties
Providing impartial, fact-based, research-led information to the public at large
National and EU parliaments
What impact did our activities have?
Carbon Dioxide Removal requires a public consensus. In part, due to other related fields ofwork such
as Carbon Capture and Storage being easier to understand and more widely discussed, more
educotion is required with policy makers and the public at large to reach a consensus outside of
science and academia that this is a critical part of the globol journey to net zero.
Ourworkoverthe16-month period hos been wide ranging. Corbon Gap does not offer paid services-
all the work we do is free to access including research, public dotabases, web portals, and expert
advice.

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Carbon
Gap
What impact did our activities have? {contlnued)
Policy Tracker
Our flagship initiative is the Carbon Gap Policy Tracker. The Policy Tracker is a free to use, public web
portal that launched in April 2023. Policy Tracker is a popular resourcethat has becomethestandard
for policy files related to Carbon Dioxide Removal. It is updated multiple times weekly and currentty
has comprehensive coverage of all 27 EU member states and four other European countries
including the United Kingdom.
Country Roadmaps for Carbon Dioxide Removal
With thanks to the generous donations from the Grontham Institute on Climote Change and
Environment. we have conducted an unparalleled lorge-scole assessment of the capacity,
leasibility, and social acceptability of Carbon Dioxide Removol. Using a large network of scientists,
and other experts, we have mapped out the geographical possibilities within each country for
removal methods that forthefirst timetake into accounteach country's economy,existing industriol
octivities, and based upon that research, created an indicative roadmap ot how removols could be
scaled to reach their individuol targets towards carbon neutrality.
Furthermore, our work saw us engage with the public directly through focus groups and workshops
to goin doto and ts better understanding of public attitudes to the varying removal methodologios
and how that may impact th8ir own communities.
We successfully compl8t8d our pilot programme during this 16-month period and we have secured
funding to roll out the programme to cover 80% of the European continental capacity for removals
during 2024. As well as this, we hove mode the methodology and datosets open-source and we will
publish a toolkit for global scalg-up to ensure that citizens of every country has the ability to have o
voice, and to see how their own community may work towards net zero.
Policy Advl¢e and Expert Guldan¢e
The Carbon Gap website has become a wide ronging document repository for reseorch-led white
papers and summaries that provide policy makers. industry and the public with independent
guidance on wide ranging topics including policy, science and technology research and nature.
Recent publications includ8 mitigation deterrence, soil health, certifying Corbon Dioxide Removal
and more.
The Carbon Gap team is comprised of expert researchers and policy strategists who have taken
part by invitation to the Eu's relevant expert groups (cross-partyworking groups), as well as working
directly with civil service, government and opposition advisors, and parliomentarians. Most recently
we have advised the UK civil servic8 Within the Department for Energy Security and Net Zero and the
office of the French Prime Minister. Our advice is always fact-based, research-driven and non-
partisan. To further demonstrate this, we work with policy makers from across the political spectrum
across individual nation states and the EU, our recommendations and guidance are published on
our public website for transparency and peer review.

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Carbon
Gap
What Impact did our activities have? (continued)
Direet Interventions
The Europeon Union has been very active in the sphare of the climate over the last 16 months. This
has included some signficant work on legislation and guldance that involves Carbon Dioxide
Removal. Carbon Gap hos worked to advocate for the best possible position in line with our
charitable purpose both on legislotion directly involving Carbon Dioxide Removal and that which,
while tangential, could still have a significant impact on the development of a robust, regulated
approach for Carbon Dioxide Removol at scale..
Carbon Removal Certification Framework
A key piece of legislotion defines the rules on certifying and regulating reliable Carbon
Dioxide Removal activities.
We were invited to the Expert Group to help correct the definitions of Carbon Dioxide
Removal, and the rules on the uses of certitied units
our odvice led directly to text
changes in the finol legislation passed by the Parlioment.
This legislation will increase the trust and legitimocy of removals such that the public
and industryareableto see a fair systemto help the scale-up otremovals and ensure
a legitimate approach is taken by corporations in their removals.
Green Claims Directive
The Green Claims directive (which in the EU means the member state chooses how
to implement the rule and requires national legislation) gives guidonce on ensuring
fair, accurate and verifiable clirnate claims in business and is a critical directive to
build public trust ond confidence.
We took a research led approach with Green Claims In which we made several
recommendotions to ensure that it linked fully to the Carbon Removal Certification
Framework as well as the like-for-like principle thot forms a core part of our advice in
which it ensures accurate, reliable equivolence between emissions and the Carbon
Dioxide Removal or mitigation efforts.
The final, adopted text by the EU institutions was very closely aligned with our
suggestions.
other legislotion
The chority hos worked actively on other research-18d policy areas such as the Net
Zero Industrial Act and Industrial Carbon Managernent strategy. Our advice in thes8
areas has led to direct changes in the Netzero Industriol Actadopted bythe European
Parliament to ensure that Carbon Dioxide Removal is included and in scope. Directly
in the United Kingdom we have advised tho UK civil seNice on a pro bono basis and
participated in a number of consultations in which we provide expert advice and
research to assist Policy Maker5 in the steps prior to legislation.

DoGu$ign Enve￿￿ ID" F567DA4E£005-4559-9403-BAE3A9808B15
REPORT OF THE TRUSTEES
Carbon
Gap
What impact did our activities have? (continued)
Direct Interventions
Thought leadership
The chority has throughout the 16-month period published a number of thought
leadership pieces in white paper and policy maker summary formats for the benefit
of the community. Our work is open source and publicly available and covers topics
such as Mitigation Deterrence, and Nature Based Solutions. The charity has also been
very active in leading the more general climate approoch to Climote Justice and
created a framework for Policy Makers to assess policy against historic and current
considerations such as historic emissions, the impact on the globol south, and
ensuring equity.
In the pursuit of non-portison public benefit, we have diligently creoted relationships across the
political spectrum in which we seo MEP'S, MP'S and other policy mokers speaking at our events,
requesting our guidance, and sitting side by side together building consensus across these critical
areas. We have created a unique niche in the climate world as w8 are truly seen to be independent
advisors and our work is unbiosed.
FINANCIAL PERFORMANCE
Carbon Gap is extremely grateful to all its donors throughout this 16-month period. In this finoncial
year, the charity continued to demonstrate solid finonclol performance despite ongoing challenges
withinthe external environment. Total income fortheyeor ornounted to £2,848,376, which represents
0 736Y. increase on the previous years donation5. In line with contracts income is released as
expenditure is incurred.
Sources of Income
Our income was derived exclusively from philanthropic, independent foundations, ond oll funds are
received as unrestricted funds. We do not derive funds from the general public, and we have not
received donations from any corporation, government or individual.
Our kind grant makers in the16-month period are..
Quadrature Climate Foundation
Rio Vista Foundation
Grantham Foundation
stichting Eff8cti8f Fonden
Breakthrough Energy Foundation
Reserves Policy
Our income rgcognition policy states that we do not operate reserves atthe yeor-end as all revenue
is deferred to the following year. We therefore assess our status as a going concern by ensuring we
have a year-end cash balance sufficient to cover 3 months operational expenditure.

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REPORT OF THE TRUSTEES
Carbon
Gap
Fundraising Policy
Carbon Gop conducts its own fundraising activity and does not use a commercial fundraiser.
Corbon Gop does not use diract mailing to raise funds from the public. Carbon Gap received no
complaints about Its fundraising activities In 2023. Trustees review Carbon Gap's fundraising on a
regular basis. Carbon Gap is particularly grateful tor the support of its many benefactors.
TrusteeslDirectors
The Trustees of the charity in office during the 16-month period, who also served as Directors for the
purposes of company law, were..
Cressida Pollock (Current Chairperson, appointed 22ndJanuary 2024,. appointed Trustee 28
February 2023)
Remi Bouteille (resigned 27th February 2024)
Timothy Kruger (appointed 28Eh February 2023)
Susan Hooper (former Chairperson, resigned as trustee and chair 22 Januory 2024)
Barbara le Fleming (appointed 241tt October 2023)
Irena Spazzapan (appointed 28th February 2023)
Benjamin Tincq (appointed 26th May 2022)
nd
The Trustees are not paid for their services to act as a trustee, however under section 185 of the
Charity Act 2011, and in accordance with our memorandum and articles of associotion, the Trustees
by quorum chose to contract with Tim Kruger for a specific piece of work which required his expertise
during this 16 month period. No other trustees have an interest in any contract with Carbon Gap nor
do they receive any renumeration for their seTvices.
Reloted Parties
As port of our commitrnent to transpargncy, we are required to disclose any related party
tronsactions thot have occurred during the linanclol year. A related party includes individuals or
organisations connected with the charity, such 0$ trustees, employees, or close family members.
Details of other relat9d party transactions are given at note12 to these accounts.
During the16 month period, the following related paty tronsoctions took ploce..
Trustee Name l Related Party.. Borboro le Fleming
Nature of the Tron$actlon'. Reloted party is a Trustee of Carbon Gap whilst also
remaining in position as the Financial Director of Quadrature Climate Foundation, a
major funder of Carbon Gap.
Amount ol the Transaction.. £1.2m was received from Quadrature Climote Foundation
during the 16 month period. the related party was not a Trustee of Carbon Gop at the
time these transactions took place.
Reason for the Transaction.. The transaction is critical core funding for the charity,
and the charity require the expertise of the related porty as a valued member of the
trustee board due to her unique experiences.
io

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REPORT OF THE TRUSTEES
Carbon
Gap
Related Parties (continued)
Trustee Name l Related Party.. Barbara18 Fleming (continued)
Approval Process.. Quadrature Climate Foundation have been a funder of the charity
since incorporation. During board meeting discussions, and where o quorum Is
required for decisions, the related party recuses herself and this is noted in the
minutes of the board of trustees. The board also satisfies itself that there is no conflict
of interest in her role at Quadrature Climate Foundation as the related porty olso
recuses herself formally with ony discussion or decision related to the chority.
Truste¢ Name l Related Party.. Tim Kruger
NaturooftheTransa¢tion.' Related party is a Truste8 of Carbon Gap whilst also being
paid to work on a project for Carbon Gap.
Amount ol th¢ Trunsaction: £18,000 was paid during the16 month period tor the work
conducted.
Reason for the Transaction.. The related party is considered an expert in his field, and
his servic95 were sought on a paid-basis dueto the amount of time and engagement
required on the specific project.
Approval Process.. The trustee board, upon recommendation of the sensor leadershlp
teom undertook a decision within a closed Session, excluding the related party, to
approve the scope and payment for the services required. The decision was reached
by quorum and noted by the board of trustees in the minutes.
The charity has procedures in place to ensure thot any contlicts of interest ar8 identified ond
managed. All trustees and senior management staff are required to disclose any potential conflicts
at the start of each trustee meeting.
Future plans
The charity plans continuing the activities outlined above in the forthcoming years subject to
satisfactory funding arrangements. In particular, we seek funding tor the exponsion of the Policy
Tracker to include funding opportunities for scienc8, reseorch and industry in the field of removals
os well as continuing with the Country Roadmops work to achieve 80% coverage during 2024.
With directives being passed at EU level, we will next look to assisting individual member stotes and
other non-EU European countries to formulate and achieve their own activities.
Trustees. responsibilities for the financial statements
The TrusteeslDirectors are responsible for preparing the Report of the Trustees and the finoncial
stotements in accordance with applicable law and with opplicable Financial Reporting Standards.
Company law requires the Trustees to prepare financial statements for each financial period, which
give a true and fair view of the state of affairs of the charlty ond of the income and expenditure of
the charity tor that period. In preparing those financial statements the Trustees are required to:
li

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REPORT OFTHE TrUSTEES
Carbon
Gap
Trustees, responsibilities for the financial statements (¢ontinugd)
select suitoble occounting policies and then apply them consistently,.
makejudgements and estimates that are reosonable ond prudent,. and
prepore the financial statements on the 'going concern, bosis unless it is inappropriate to
(Jssume that the charity will continue to operate.
The Trustees are responsible for keeping proper accounting records which 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 Companies Act 2006. They ore olso responsible for
safeguarding the assets of the charity and hence for taking reasonable steps for the prevention ond
detection ol fraud and other irregulorities.
Risk Management
The Trustees reviewed the major risks to which the charity is exposed at each board meeting ond
satisfied themselves that proper systems and procedures are in place to manage those risks. All
processes ond procedures are reviewed by the trustee boord once per year even in the event that
no chonges are proposed. Trustees continue to pay close attention to all developments that could
affect the operations ot Carbon Gop's partners ond other donors, and their ability to continue to
support Carbon Gop.
Finoncial risk is managed at each boord meetlng by reviewing management accounts, budgets
and a cash-tlowforecast to ensurethot we remain at all times a going-concern andthatthe actuals
meet the forecasted range.
Any staff travel to conflict-offected areas takes tull account of Foreign, Commonwealth and
Development Office Travel Advice, and of the views of local contacts.
An insurance policy covering Directors. and Officers. Liability and Corporate Liability in connection
with any negligence, default, breach of duty or breach of trust in relation to th8 company wos in
force during the16-month period ond ot the time the report was approved, in addition to standord
policies for Employers. Liability Insurance and Public and Products Liability Insurance.
Audit Enquiries
As far as Trustees are aware. there is no relevant audit information of which the choritoble
company's aLiditors are unaware. Each ot the Trustees has token all steps that they ought to have
taken as Trustees in order to make themselves aware ol any relevant audit information and to
establish that the company's auditors are aware of such intormation.
Auditors
Cocke, Vellacott & Hill continue as auditors of the company.
By Order of the Board
OoGMSlgnedby'.
Cressida Pollock
TrusteelDirector, and Chair of the Board
27/2024
90144749F83F49C
27th September 2024
12

OoGu$vJn Enve￿Pe IO". F567DA4EI005.455￿94O3.￿AE3A98o8Bl5
AUIYTORV REPORT
Carbon
Gap
INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OFCARBON GAP LTD
Oplnlon
We hove oudited the finonciol statements ol Carbon Gap Ltd for the 16 month period ended 31 December
2023 which comprise the statement ol financial activities (incorporating income and expenditure
account), balance sheet, statement ol Cosh flows and notes to the financial statements including a
summary of significant accounting policies. The financial framework that has been applied in their
prgparotion is opplicoble law ond United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Proctico) including FRS102-The Financial Reporting Standord opplicoble in the UK
and Republic of Ireland-.
In our opinion the financial statements..
give a true ond fair view of the state of the charitable companws affairs as at 31 December 2023. and
ol its incoming resources CTnd application of resources for the16 month period then ended,.
have been properly prepared in occordance with United Kingdom Geneially Accepted Accounting
Practice,. and
have been prepared in accordanee with the requirements of the Companies Act 2006.
Basi$ for Opinion
We conducted our oudit in occordance with International Stondards on Auditing (UK) (ISAS {UK)) ond
applicable law. Our responsibilities under those stondards are further described in the Auditor's
Responsibilities foi the Audit of the Financial Statements section of our report. We are independent of the
charitoble company in accordance with the ethical requirements thot 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 evldence 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 hove concluded that the directors. use of the going concern bosis
ot accounting in the preparotion of the financlal statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or Conditions thot, individually or collectively, moy cast significant doubt on the company's ability
to continue os a going concern for a period of at least twelve months from when the financial statements
are authorised tor issue.
Our responsibilities and the responsibilities of the directors with respect to going concem are descrlbed
In the relevant sections ot this reporL
13

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IUDITOPS. REPORT.
Carbon
Gap
other intormatlon
The oth9r information comprise5 the information included in the annual report, other th¢Jn the flnancial
statements and our auditor's report thereon. The directors are responsible for the other information. Our
opinion on the financial statements doe5 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. In
connection with our oudit ol the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other informotion is materially inconsistent with the tinancial
statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated,11 we
identity such material inconsistencies or apparent material misstotements. we are required to determine
whether there is a moterial misstotement in the financial statements or a material misstatement ol the
other information. If. based on the work we have performed, we conclude thot there is o material
misstatement of thls other Information, we aTe required to report that lact.
We have nothing to report in this regard.
Opinions on other matters proscribed bythe Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the inlormation given in the Trustees, Repor¢ which incorporates the Directors. Report prepared for
the purposes of company law, for the financial 16 month period for which the tinoncial statements
are prepared is consistent with the financial statements,. and
tt)e Directors. Report included in the Trustees, Report has been prepared in accordance with
applicable legal requiiements.
other malters on which we tsre required to roPOVt by gxception
In the light of the knowledge and understanding ot the charitable company and its environment obtained
in the course of the oudit, we have not identified material misstCTtements in the Directors, Report, included
within the Trustees, Rgporl
We have nothing to report in respect ol the following matters where the Companies Act 2006 requires us
to report to you if, in our opinion..
adequate and proper accounting records have not been kept, or returns adequate for our audit have
not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns,. or
certoin disclosures of trustees, remuneration specified by low ore not made-, or
we have not received all the information and explanations we require for our audit,. or
the trustees were not entitled to prepare the financial statements in accordonce with the small
companies regime and take advantoge of the small companies, exemptions in preporing the
directors. report and from the requirement to prepore a strategic report.
14

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"AUDfw•RS' REPORT
Carbon
Gap
Responslbllltles of trustees
As expluined more fully in the trustees. responsibilities statement sgt out on page11 the trustees (who are
olso directors of the charitable company tor the purposes of company law) are responsible for the
preparation of the tinancial statements and for being Satisfied that they give o true and fair view, and for
such internal contiol as the directors determine is necessary to enable the preparation of financial
stotements thot ore free from material misstatemenL whether due to fraud or error.
In preporing the financiol stotements, the trustees ore responsible for assessing the charitable companys
obility to continue os o going concern, disclosing, as applicable, motters related to going concern and
using the going concern basis of accounting unless the trustees either intend to liquidate the charitable
company or to cease operations, or have no reolistic alternative but to do so.
Aud6tor's responsibilities forthe audit ol thg financial statements
Our objectives are to obtain reasonable ossuronce about whether the finonciol statements as a whole
org freg from material misstatement, 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 (UK) will always detect a material misstatement when it exists.
Misstatements con arise from fraud or error and are considered material if, individually or in the
oggrggote, they could reasonably b9 expected to influence the economic decisions of users taken on the
basis of these financial statements.
Ext8nt to which the audit was considered capable of detectlng Irregularities. including fraud
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,
Includlng fraud, is detailed below.
We have obtained an understanding of the charitable compony's policies and procedures through
discussions with senior management.
We also drew on our existing understanding of the work that the charitoble company does.
We understand that the charitable company complies with its responsibilities through Close involvement
of the CEO and COO in the day to day running of the business and regular liaison between him and the
Chair of trustees. Were there any litigation or claims they would com9 to the attention of the Executive
Director directly.
The choritablB company also holds regular board meetings. We hove reviewed the minutes of all
meetings, ond no irregularities were identified.
In the context of the audit, we considered those lows and regulations which determine the torm ond
content ot the financial statements, which are central to the charitoble company's ability to conduct
business and where failure to comply could result in material penalties.
We hove considered the disclosure requirements of the Componies Act 2006 and the Charities Act 2011,
along with the Charities SORP FRS102 ond thg Charities (Accounts and Reports) Regulations 2008 as pait
of our finolisation processes.
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DoGusigll Envelope ID.. F567DA4E-C0054559-94o￿E3A9808B15
".>uDrroRP/ REPORT .
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Ext¢nl to whi¢h the audit was considered capable of detecting irregularities. in¢luding fraud
(¢ontinued)
We discussed the possibility of fraud with senior management and whether they hod any knowledge of
any actual, alleged or suspected fiaud. We designed our audit tests to consider controls and tested a
sample of payments to fellows paying attention to the evidence obtained in respect of our scmple
fellows. identities.
In common with all oudits under ISAS (UK) we also performed specific procedures to respond to the risk
of management override. We ossessed that the churitable company's control environment is adequate
for the size ond operating model of such a charitable company.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms
part of our auditor's report.
Use of our report
This report is made solely to the charitoble companys members, as a body, in accordonce with Chapter
3 of Part 16 of the Companies Act 2006. Our audit work hos been undertaken so that we might state to
the charitable companys members those motters 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 thecharltable company and the charitablecompanys members os o body, for our
oudit work, for this report, or for the opinions we have formed.
DAVID WARREN BA FCA (Senior Statutory Auditor)
For and on behalf ofCOCKE, VELLACOTT & HILL
Chartered Accountants and Statutory Auditor
Unit 28 City Business Centre
Lower Road
LONDON SE16 2XB
27 September 2024
16

DocU￿9n Envelo￿ ID.. F567DA4E-C0O5455￿94a3-BAE3Ag808B]S
AIIDITORYREPORT,
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STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNT)
For the16 month period ended 31st December 2023
unrestricted Funds
Notes
2023
2022
Income from:
Charitable activities
Grants received
2846,531
386,907
Activities for Generotlng Funds
Investment Income
1,845
Total income
2,848,376
386,907
Expenditure on:
Raising funds
Charitable activities
Grants poyable
Programme ond project work
2,843,617
386,907
Total expenditure
2,843,617
386,907
Net incomel(expenditure)
other recognised gains l (losses)
Corporation tax paid
4,759
Net movement in fund$
Reconciliation offunds
Total funds brought forward
13
Total funds carried forward
13
All of the operations undertoken by the charitable company during the current and preceding 16
month periods are continuing operations and therewereno other recognised 9ains ond losses other
than those above.
17

Docusign Envelope ID". F5670A4E-C005-4559-9403-BAE3A9808B15
FINANCIAL STATEMENTS
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The notes on pages 20 to 26 form part of these finoncial statements
18

Docusign Envelope ID.. F5670A4E-C00>4559-9403-BAE3A9808B15
FINANCIAL STATEMEITrs
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BALANCE SHEET
as at 31st December 2023
Notes
2023
2022
rixed assets
Tangible ossets
15.372
Total fixed assets
15,372
Current assets
Debtors
Cash at bank and in hand
15.260
1.181.443
377,140
Total current asset5
,196.703
377,140
Liabilities
Creditors.. Amounts falling due
within one year
10
{1.212,075)
(377.140)
Net current assets (Ilabllltles)
(15,372)
Totol assets less current liabilities
Cfeditors: Amounts falling due after one year
Total ossets less current liabilities
Thefunds of the charity.
Unrestricted Funds - general
13
Total Charfiy funds
13
The financial statements were opproved by the Board of Trustees on the 27th September 2024 and
signed on its behalf by.. -
Do¢uSlgnedby'.
Cressida Pollock (Trustee}
BB144749F63F4>C
9/27/20Z4
Company Registratlon No: 13557860
The notes on pages 20 to 26 form part of these finonciol statements
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Docusign Envelope ID.. F567DA4E£005455W940&BAE3A9808B15
FINANCIAL STATEMENTS
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STATEMENT OF CASH FLOWS
For the16 month period ended 31st December 2023
2023
2022
Notes
Cash flows from operating activities
Net movement in funds
Add back depreciation charge
Decreasel{increase) in debtors
Increase in creditors
1.741
{15.260)
834.935
10
377,140
Net cash generated from operating activities
821.416
377,140
Cash flows from InvestSng actlvities
Purchase ot tongible fixed assets
(17,113)
Net cash used in investing activities
(17.113}
Increase in cash
804.303
377,140
Bank and cash balance brought forward
377.140
Bank and cash balance carried forward
1.181,443
377,140
The notes on pages 20 to 26 form port of these ffinancial statements
20

Docusign Envebpe ID". F5670A4E-COO54559-9403-BAE3A9808B15
FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS
For the16 month period ended 31st December 2023
Accounting policies
These financial statements have been prepored underthehistorical cost convention as modified
by the inclusion of fixed assets investments at market volue, and in accordance with the Charitie5
Act 2011, the Companies Act 2006, and the Financial Reporting Standard applicoble in the UK and
Republic of Ireland (FRS 102), and follow the recommendotions of the Chority Commission in
Accounting and Reporting by Charities: Statement of Recommended Practice opplicable to
charities preparing their accounts in accordance with the Financial Rgporting stondard
opplicable in the UK and Republic of Ireland (FRS 102), the -Churities SORP (FRS 102)". The
company is registered in England and Woles, is a public benefit entity and reports in £sterling, its
principal currency. This year's financial statements are for the extended 16 month period I
September 2022 to 31 December 2023. Corresponding figures are for the year ended 31 August
2022.
The principal accounting policies adopted are as follows..
min
All incoming resources are recognised once the charity has entitlement to the resources, if it
is certain thot the resources will be receivgd, ond the monetary volue ot the incoming
resources can be measured with sufficient reliability. Income is deferred where the charity
has to meet conditions imposed by the donor before expenditure of resources can take
place. Investment income ond interest received includes income tax recoverable where
applicable.
resources
Ibl Resources ex
Expenditure is included in the accounts on an accruals basis.
lill Expenditure incurred on activities falling directly within one cost category is
attributed to that category. Other expenditure, including salaries, has been
reasonably and consistently apportioned to charitable activities and governance
costs on a time spent basis.
liiil Choritoble awards authorised by the chority and agreed by the grantee in the
financial 16 month period and committed for payment before the end of the next
finonciol 16 month period have been occrued in the accounts.
ende
The depreciable volue of each asset is written off over its expected useful life. This is currently
expected to be three year periods for office equipment, while the depreciation charge on
office furniture is calculated at 15/0 on book value. The useful life of each asset, its residual
volue ond the amounts of depreciation charged are reviewed annuolly.
Idl Taxation
Provision for corporation tax is not necessary as the charitable company is a registgrod
charity. No deferred tox provision is required. The charity is non-troding and is not registered
for VAT.

Docusign Envelope ID.. F567DA4E-CLNJ54559-9403-BAE3A9808B15
FINANCIAL STATEMENTS
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NOTESTO THE FINANCIAL STATEMENTS (continued)
For the16 month period ended 31st December 2023
Accounting policies (continued)
lel Unrestricted Funds
The General reserve represents those funds that the Board may use in the furtherancg ofthe
charltable objectives of the charitable company.
Igl Forei
Assets and liabilities denominoted in foreign currencies at the balance sheet date are
translated into sterling at the closing rate. Transactions in foreign currencies are converted
to sterling ot the rate ol exchange prevailing on the day of the tronsaction.
eratin
leases
n exchan
ains and losses
Rent poyable under operating leases is charged to the income ond expenditure account os
Incurred.
lil Pensions
Eligible stoff members received monthly payments of 8Yo of their salaries into a scheme
administered by SMART in the UK and 4% in Belgium. One ellgible stalf member has opted
out. Contributions made in the 16 month period are treated os an expense.
2. Charitable activiti¢$
During the16 month period the charity received grants and donations from the following
2023
Unrestricted
2022
Unrestricted
Quadrature Climate Foundation (QCF)
Breakthrough Energy Foundation
SED- Stitching Effectief Doneren
Grantham Foundation
Climate Pathfinders Foundation
South Pole France
Other institutions and trusts
1,288.091
167.966
122.311
1.169.179
85.179
1.728
12.077
386,907
2.846.531
386,907
3. Investment Income
2023
2022
Interest from funds on deposit
1.845
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Docusign Envelope ID.. F567DA4E-cOO￿Ss9.94O3.8AE3Ageo6815
FINANCIAI STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the16 month period ended 31st December 2023
4. Charitableactivities- Programme and project work
2023
Unrestrlcted
2022
Unrestricted
Salaries ond associated costs (notes i(b) (li) and 5)
Directors and key management remuneration
other personnel costs
Consultancy costs
Staff training
Advertising and marketing
Sponsorship tees
Travel and events
Rent
office costs including IT expenditure
Insurance
.098,860
109.015
44.489
.094.183
3.603
28.589
120.000
87.260
69.116
39.827
1.874
6.000
106,015
7,075
25,693
277
88,039
58,814
200,999
4,369
6,079
1,112
1,699
Audit costs
AccountaT)cy fees
Legol and professional costs
Finance charges
Interest paid
Depreciation
13,072
12528
193
1.741
2,843.617
386,907
Support costs included above amount to £150,387 (2022. £58,175).
Governance costs included above amount to £19,075 (2022. £6,000) as r)oted below.
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Do¢u$lgn Envelope ID.. F567DA4E.C0O￿5S￿94o￿BAE3A9e08B15
FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the16 month period ended 31st December 2023
Charitable aetlvltles - Programme and project work (continued)
Governance costs included are as follows-.
2023
Unrestri¢ted
2022
Total
Director Remuneration
Senior management time
Professional Fees
Meetings and related travel costs
Audit
Aocountancy and payroll related fe8s
Legol fees
6,000
6,000
6,000
7,075
Totol governance costs
19,075
6,000
In common with many other charitoble companies of our size and nature we use ourauditors to
ossist in the preporotion of the tinancial statements.
5. Staff costs and particulars of employees
2023
2022
2023
2022
Total remuneration ot employees..
Numbers
Numbers
Wages and salaries
Social security costs
Pension contributions
938.883 85,400
110.864
822
49.113
1,817
li
.098.860 88,039
6 employees (2022- none) eorned above £60,000 per annum.
No trustee had any remuneration during the current or preceding period. No trustee (2022
none) was reimbursed for travel expenses (2022 - £nil). There ore no other related party
transactions other than as described in the rewrt of trustees.
The salories figure above includes £144,390 {2022= £57,536) which relates to key management
costs. Further informotion relating to additional key monagement costs 15 contained in note 6.
The charitable company makes poyments into approved pension funds. The assets of the
schemes are held separatety from those of the charitable company in independently
administered funds. The pension costs charge represents contributions payable by the
charitable company to the funds and amounted to £49,113 (2022 £1,817). No contributlons were
outstanding or repoyable (2022 Nil outstonding or r8payabl8) to the funds at the period end.
24

Do¢usvJn Envelope ID". F567DA4E-C0054559.9403.BAE3A9808815
FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the16 month period endgd 31st December 2023
6. Key management remuneratlon
2023
2022
Key management compensation
Key management pension contributions
109,015 49,750
9,064
109.015 58,814
7. Taxation
2023
2022
Corporation tax paid in relation to prior year
(relates to period betore registration as a charity)
4,759
8. Tangible fixed assets
Equipment
Total
Cost
Balance at 1st September 2022
Additions
Disposals
17,113
17,113
Balance at 31st December 2023
17,113
17,113
Accumulated de
reciation
Balance at 1st September 2022
Charge for the16 month period
1,741
1,741
Balance at 31st December 2023
1,741
1,741
Net ljook value at 318t De¢ember 2023
15,372
15,372
Net book value at 31st August 2022
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Docusun EnvekJpe ID.. F567DA4E.C005.4559.9403.BAE3A9808815
FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the16 month period ended 31st December 2023
9. Debtors
2023
2022
Sundry debtors
Income tax recoverable
Accrued incorne
Prepoyments
other debtors
1.734
13.526
15,260
10. Credltors.. amounts folling due in one year
2023
2022
Trade creditors
Short term compensated absencos
other creditors and accruals
Deferred income
Taxation and sociol security Costs
123,492
33,452
237.192 150.048
801.048
213,093
16.891
7,385
6,614
,212.075
377,140
i i. Financial commitments
At the year end the choritable company had total commitments under non-cancellable
operoting leases amounting to £4,576 (2022.. £0).
12. Reloled partytran$a¢tion$
As noted in the Trustees. Report, Barbara la Fleming is o senior munagement employee at
Quadrature Climate Foundation, a major funder. She has no involvement in any funding
decisions made by them. Tim Kruger was performed consultancy seNices amounting to £18,000,
lee commensurate with the work done. There ore no other related party tronsoctions to
disclose.
26

Docusign Envelope ID.. F567DA4E-C0054559-9403.BAE3A9808B15
FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For thè16 month period ended 31st Decernber 2023
13. Total Charity Funds
Balanee at
I Sept 2022
Incoming
Re$ources
Resources
Expended
Balanc• at
31st Dec 2023
Unrestricted lunds
General reserve
2,848,376
(2,848,376)
Total ehurity lund$
2,848,376
(2,848,376)
27