REGISTERED C¢XAPANY NUIABEIL. 11813153 (England and Walm) MMONWEALTH CUMATE AND LAW INMATIVE PA rrED BY UARANTEE ITED FINANCIAL STATEMENTS FOR 1 MARCH 202S Sh•w G￿ LThmled Uni)n Road Farnhan SuTre4 GU9 7PT AND pirs OF T￿ FNAN L STAT 31 Ilarch 2025 Pag• R•wt of th• TnMt•8• 1 10 8 10 11 to 12 13 to 22 23 to 24 Do￿%￿n En￿k1p0 D.. 74138¢￿F86E40sC￿C￿¥CA3$￿7sf*3F COMIAOIIWEALTH CLMATE ANO LAW INrriATI REPORT OF THE TRUSTEES for the ear ended 31 March 2025 The truslees who are *0 dre(*ors of Ihe chwiy for the wrp)ses ol the Conynies Act 2008. present th￿r rewrt with the financial statements of th6 chwity ky the yfrar ended 31 March 2025. The trustees have adopkd the prtrlisions of fvth)untiffj Rep(Yting by Chwities: Statement of Recommended Practice applicable to ch¥ilies weparirwj their accounts in accordance with the Financial Rewrling St¥￿ard tho UK Republc of Iral￿d {FRS 102) (affective 1 January 2019). Contained within the SORP reqiireMts pwtaning to the tr￿tee8, asses8ment as to the chaws abilty to ¢onllnue as a going ¢oncem and Iha( il so detsrrined. the accounts are prepared on this basis. This matter has been dete￿ined in the positive and supported by resolulion of the trustees dated 30 June 2025. The trustee8' anatysis of grant furrfling negotiations occurring both wior subsequent to the 31 2025 balan￿ date whth support this posillve Condusion are oullirbed variousty in this ReF￿rt of Ihe Trustees the Notes lo the Financial Ststemen REPORT OF THE TRUSTEE OBJECTIVES AND ACTMTIE8 ObA¢ctives and alm• ses and Ai Our ch￿3 enVIr￿Mental p￿p0￿ as set th& objeds ¢<*ttained in the ¢￿7￿9n￿& memorandum of association are: adv￿Gi￿g the protection. We$￿tIOn CrA￿r¥th (l the fv*al and natwal envlronm•rt for the public benefft. in pwlicular trtrt not exclusi¥ety ty.. 1) research￿9 strategies and mech*isms Ihat may assiot to faclt*e a rffjxd. ordwty and effthnl revdkution of c4)itd to business and investsnent a¢liiAties that promote sustainable development and the transition to a global eart￿n econory to •ldr855 the threat of cataStr￿1C dlmate change, and publshlrKJ tho usefvl res￿18 ofthal research. 2) re8earching the m*rial risks of fvture legal liabilities thereby nM)tivatrrKJ a belHvN)ural shift in which company dlre¢torn pension fund lJuslees take accourt of physkal dinate change risk and societal responseg to dimate thange wi corporate and investment decIs￿n￿￿Oking. 3) promoting the Integration of the ￿ancial iisk5 and OpP)rt￿ltits of cThm* change across all ofcorporale governa￿e aThl Nivestrn￿I wackn: and 4) ejjucatlng pulhlc in aH matter5 relating to the law. pracllce adrniii5lratt(￿ of justic* COM•¢t￿n with dirr¢te change, su5ta¥iable deveknpment *)d the conseNation and protection of Ihe environm8nl the prudent ￿le of natural resowce& r aims We work to achieve our by undertaking ￿gaI research aKI 5takehokJer engageft*nt to accelerate underst￿￿l￿g of dimate and bM)dr4ersity rlsk ty athing existing companies WKI Se￿ntieS law8 to drive a rapvj and orderly tr￿S1110n lo a n&t zero emis8K)ns e￿￿ry. We produce leg* researth on fthciay duties pwtkal b)015 on lThi to irtegrate Ihe risks ar#J oppxlunilies of clmate change irto COTporate govemance, kn ￿der to minimize the risk of personal. liability dreclorn and tkn and ffAxvr#ze ne¥ Iwm efforts in the tr￿8111(￿ to a sustsinable economy. b1￿ ben athii88 them, s￿h as l&•vyers and accountants. or knfiuenca ￿ supervise them, s￿h a8 financial regulators) the b￿efiC1arieS of their inyoved uThJerstandwig of the legal risks and subsequent improvempnts in cOr￿￿ate and wwestor govemance and di5dosure are the publr at Iwge. This is because we all b8nefft from efforts to ac¢eknrnte the tr&18itM)n to a r*t zero emissions and regenerative economy ty mitsgatirKJ dangerous clwnate change and addressing bic*1r￿1Sty loss. Our leg￿ anatysis is freely avaleble onkne we fL￿U5 on free events that afe to Ihe public. If an event is closed to the p￿1¢. thls is to enablo hvJh level atteThl888 in ts ¢(ryirate, regulatcry, or legal communities to have space to learn colaborate. Page 2 REPORT OF THE TRUSTEES ded 31 h 2025 OWECTIVES AIXI ACTivrriES Slgnmcant actlvltl Th The CCLI was Iwn¢kned in 2015 ty His Royal Hi￿rIe$s. tr* Prince of Wales. as a collaboraiive proiect bet4¥een Oxford Universty Smilh Schcol of Enterprw and EnVIrc￿Ment UK ¢harilie$ ClientEarth A¢￿Unting fix Sustainabdty (A4SI. The woject was spun wi 2019, from its adm￿lstratiVe ￿nbrella ol the Uni¥er* of Oxford to operate as a charitable company Ilmited by warante& The cornpary is funded ty env¥omrta philanthropy and research grants. The CCU works tThvards an economi¢ e￿$Y$l￿M i) which dgciswJrFmakers are ed￿ated and advised on dimate and nalwe crises a5 risks to thew Comp￿leS aTrJ investments, rath8r than perceiving them as exlemal ethical or envronmental issues. and on what the law requres or permtis them to do wilh this infoThation. ￿r w)rk exwrines the legal basi8 for directors and tnJst8es to manage rewt on climate change and naturtrrelated ri8k under existing companies and securilies lthv. We coMTh￿10n legal 01mn￿n& from independent experts withn a juri8diction to build the authoritatpie evidEn¢e base WKI shift the mainstream understanding of the requirements of corporate and securities law5 as they relate to clHTkite change avNJ other nature crises. Wt infomi directors. filuciarM. inves1￿. and regulaiors of the potential fc persijnal liabilty of dredors and fiducAaries Ni reLation to the impxts of climate chan9e. through robust *al anatysls and I￿act engagement strategles. We also wovlde practleal tools for directors and fiduuaries to integr* the rlsks OpportU￿leS of clmate change into corporate govemance and di8thsure. (h of ow is a frKus ￿ telng out¢onE-f0¢￿ed and 6vidence-led. The CCLI has carried out work tn I￿$dIdIonS wothide aThJ has seen irtreas6d awareness of dimate change risk and its impacts on t¥JSWW5s and irNestm￿ ThvJd•15 during this lime. In our experience, the naure of and disdoswe laws {by wh￿h relevant decisioTrmaker8 rmy face personal liabilty for bfexhe8) makes them an important lever for changing decisioTrrnaking behaviour. By bringing deciwn-maker8' atten1K￿ to this. and by w(rting with Ihey •Jvisor8 and cl￿1 Society, we aim to drive behavicwr changes on an indNidual 18vel in (xder to ￿celerate the transitvJn b a net zero econory in Iw* with the Pwis go &gnificantty in 202425. CCLI has been able to seaxe fwlher funding enabling the company to continue and mcxlesty eX￿d its wrrfllxeakirwJ **)rk examlnlw the legal basis for dire¢tors and trustees to ¢on$ider, manage aThY on dimate change, the circumslan¢e¥ which may gNe rise lo ￿abIty. TIMS has c¢curred against the b*kdrop of signffi¢*rt m￿agement effort in the yew towanls dofining a suitaL4e basis of strategic and operational grTh¥th aloNJ with idèntifying complementary grant-based finarting. CircJJmstances adversely impacliDg on the latter of these endeavours which 8pan 2024-25 and into the 8thequent year have promoed the Trustees to give specific reference in ther assessmerrt ofthe ¢cmpany a5 a goirvj wn¢¢m. Page 3 REPORT OF TRUSTEES 31 IAavch ACHIEVEME￿ AND PERFO￿NcE Charftable activities Ourlng the financial year erKled 31 March 2025. CCU lo dovdop its legol research and engagemgnt ￿ dinate and natwe risks mwwgivj a permjl of Organisati￿ tran8￿10n. In Othbef 2024, CCLI appoirted a nthy EXeC￿rrfe D￿e¢lor. ah)ngside recruitment of a part-tyne Communications Mantyer {October 2024) and opwat￿n9 Finance Manager (December 20241. The8e P￿re5 br￿ght greater st*rflity after eart￿ challenges wlh slaff Ilne88 and turn(wer. A staff str*y offsite in January 202S alowed the lewn lo refloct on CCLI'S theory of change and the $ubslanlial woth alrealy und•takn and WWKled a nKTr Structured basis for the next ph888 of activ￿rf. 8uibJiNJ on outy)ut8 dehTered wi 202&2024. CCLI wOgress￿l signrfirAnt proixts. In March 2025. CCLI published an upjated report M Jap•08• dKectors' duties in relation to climate and b¥yJpMsty risk ?￿d ctrhosted a with the ja￿ Clinate Leaders, Partnershi>. The laur webinar altrxted tr48r 320 wtriponts. incl￿1￿9 dYe¢tCff8. knYyw8, regulators and financkal professhinal$, and the TePQrt has si￿0 Lwn downloaded more th￿ 600 times. The publication coincided wlh Japan's adoption of ISS￿￿.gned sustainabllity stsndards, signifunty ampllfylNJ its rele4an¢o. Feedback confimxd the rerAxI is Infiuencing policy th8cussion$ wiihin Japan's Financial ServKes Agency arKI govern￿Ce waCt￿e8 acrnss m8y institutions During this reportlng period, CCLI also ￿￿ertc<& ￿stantial wepwatory VKffk tchvwds c4)mmlsslonlng a nffiv legal opinKJn on Canadian dr￿10￿. duties in relatMM to nature risks. This induded d8veloping brlefing materials, engaging serior cowwl. cocrdnaling with industry networks to ensure the opinion rellect8 bolh f￿￿lary obligalKTh and rFghts considwakn. The wdl be launched in Juty 2025. In parallgl, CCLI contir1￿ lo ColalK￿ wilh 1he cIn￿le Iniliative on the gkbal DiTectors' Duties Navigalor tocl. whKh covers 33 courtri8s and the EU. Since launch 2021, the Navigator h88 attracted (vRr 70,000 views. Und￿sCO￿ng its utility to dire¢loTS their athilgors. We also etrautho￿ a bo¥d briefing. N*ure th8 bDard.' Vthat directors must uThJgrstand and act on. shared with sensor g)verraKo leadgr8 throu￿ the Vlorfd Econom Fonm Beyond research wblications. CCLI expandod its converM¥ and eThJa9ement activitiés. CCLI hosted quarterty blodi￿SitY ltyatM)n rO￿dt8bl8s in￿thing over 60 participants globally. In late 2024 and early 202S, se58ions focused on trad8th between dinmte xtion, biodbversity and social juslice in are&s such as ¥￿ntary markets tr￿siti)n mineral8, deepening understanding of 5yStemic rtsts. We wer• aso WNited to speak al a webinar hosted by the Taskfm on NaturHelated Fuianci81 Disdoswes (TNFD) on Board$ and Nature (July 2024). hold a wwkshop for the l))vemance Prolesslonals of can￿la ESG Carlif￿ (September 2024). and to host a rnaior se88ion at the uNEp-￿¢mc Nalure Aclicffi Di8k¥ues (March 2025) to piknt decisi￿8. CCLI'S influence VA$ rec(gnised a 8h(xlbs1 AY ofthe Y￿r at the 2025 ed￿ Awwd8. FINANCIAL REVIEW Fln•n¢l•l p￿llIOn The charlty se¢ured funding of £184.258 (please refer to Ncts 2). Thr& prA*Ne rna￿181 fArtcom8 Nl Its fifth year of operation continues to rene¢t the wool of concept. legal expertw and repulation b￿lt by the trustees and their teams while the CCU opw*l unlil 2019 as a woiect under the ausixces ofthe University of Oxford. Page 4 COMM AND LAW INITIA REPORT OF THE TRUSTEES ended 31 March 2025 FINANCIAL REVIEW Prfn¢ipal funding ¥ourc•• Thè charity rtte1￿$ Testiicled furnI￿g from envwonmental philanthrow. This ts from direct grants Ifmm lunders FoundatKJn for Internatb￿al Law for the Environment aTrJ Ful Circle FoundatM)n) the Letter of which had in 2022-23 enabled tr* chwity to subslantAty expand its fixus to indude examinwig Ihe ac(%lerrknn of Ixffjiness iwestor xtion on b*xlbvefsity t1￿U9h fKluciwy duty. The charity ￿75 prevM>usly receNed suwrants frrMn tre UK th*ity ClientEarth and research or academic funding fr(Mn the Uni¥ersty ol Brili8h cokUnb￿ and may in f￿U[e recei¥e these frorn Oxford UnNWSty. R•8•rv•s pollcy The trustees have èxamined th8 charity's requrements lor reserves in ligm of the main risks to the organisaticffi. Tha trustees have established an aspiralK4n th¥eby Ihe uTrreslricAed funds not committed to projects or inve8led in tsngl￿e fixed assets hekj ty the chwity should be befv￿n 3 to 6 months of exFerthure. HTr¥ever. ￿1th I￿ operat￿9 c4)sts. the trustees do not deèm li ntrxssary to put an figure on this. The years negative reserves fr(Yn unrestrictsd funds of £9,106 has t￿n rethced to zero through tec(wilion of accounling fees and olhor overheads as expenditure the scq)e of the cOntr￿t wlth CCLfs main f￿der. N8Vertheless, ff r85trictsd funds do not come in. the wil d¢Mn its a¢triit*s to not incw liab￿11*5. All enyloyee s*rie5 are C￿￿red by reslrthd I￿￿$. Funding c(rn in hjmp sum of restKted fuThJ8. wlith m•1 be re(wnised #) one year. and spent over tho course of M￿tiple yews in a¢£Or￿Ce with Gharrtable acbvihes planned and arvroved by tho relevant funder. The present *1 of unspent re5trthd funds available to the chaty amounts to £213.808 (£373.210 n 2023) (please refer lo Note 121. In I￿h1 of the Trustees assessmert of unceitkn 88 to the ojnparfs to ¢onlinue as a gc4ng concern and the wedominan¢e of resth¢knY fur¥Jing. rt was fwlher re801ved ty the trustees at their 30 June 2025 meeting, th* were Ihe c(rfnpany W￿b}e to secure core fundwig to ensure the company. at any mon￿1 in tThe. has funds to continue cwrating for Ihe next three rnnths then the Trustees will address whether it is approFKiate to wknd up tho company. The trustees believe thts accLYds TAryth the intent ol th¥itts' regula11￿ *MI the av0mlw￿e ofwrongful trading. The going con￿rA a•8u8monl Described bekny in Nole 14 to the Flnanua staterne￿ is the fund Global FD Sourced Irtyn the Foundation for Internthnal Law th8 Envyonment {RLE) which. whlist a ￿$tricted fund, provides through an agreed l￿dg81 thg prinwy source of funding for core slaff. organisational acllvitles and Overt￿ad6. COMh10 LAW INrnATIVE REPORT OF THE TRUSTEES •ar ond•d 31 IAarch FUTURE PLANS In 202&2026. CCLI wil expand rts to pkne a ¥troryer ￿8￿1& on inve8tor¥ dutie8 to address dimale and nature-related risks. wilh ￿ Mil￿1 f￿5 on the Unfted Slates, supported by proie¢l fvnding frorn the Generation Foundat￿. At the same time, wll Continue to engage In work on direLlors' duties. partioAarty in C￿ada and the phI￿.p￿e5. bulding on our exlsllng initiati¥es. A key priority ftjr the year wll be ￿tr1d￿￿g rrlmtsl 8nd effect￿* govemance pract￿ through practical. industy.8pecific tods resources. such as bowd h￿dt￿kS and sector-specific guides, airned at drivwvJ tangtile behaVi￿ra1 sluts. We ¢onlnue to th ckns•ty with inflwrtial stakehclders standwd setters. indudvig the TNFD, wilh whLYn we have devehped a strong collaborati￿ rdalKinshlp. CCLI will mainlakn its A)proach of parln*ing w*h ￿9￿￿KIn5 such as the CGI and other dlrector networks. rttognising that Such ¢c4labor*ions *e essertnl to rylfyiThJ the impxt of our work and ensuring meanlngful change in governance practices. STRLICTURE, GOVERNANCE AND IAANAGEIENT Govemlng doc￿￿￿¢ The CCLI is ￿ntrOlled ty its governing do￿￿( a meM￿nduM of association. and is ¢onstituted as a cOm￿Y lirnited ty gurntee. as defM)ed ty the CompaThes Ad 2006. In the event of the company bekng wwfid ￿ menkn we required to contriixjte an amount not eX￿edIng £10. RKruitmont and appoinlrn•nt of newtrustees In aG￿rdance with the companY¥ Ariicles one of lh8 tnmtses reqund to resign at ea¢h AGM after the financial yw. 8fthLxJgh they ￿e entitled to be rK)minated rmlection. The trustees are ex￿rtS in the f￿￿1 of xcounlwN. suslawiable finance, wld acadewia. They bring th18 8ubslanti¥e exp¥b'se to the ch8ritalA8 act1vrt1￿ on W Yesearch arnl stakehothr ongagement, as well as their govemance of the chwrly. and replacement trustees will be recrniled where a need18 Identified and suilth traw1N￿ and prov*Jod to en#blo them to fulfil ther role. C(x)sistent with the Tru5tse's asse55￿ of the a5 a s¥Jirq c￿Cern, Iwo additional tfustees have been appoirrted effectbve 11 Ayst 2025 wrih the w)tenlv)n that tr￿1r respective expertise viill contrilxrte to identsficathjn aKI of a secure and bMsi5 of operaion for the company. Page 6 co ONW ND LAW INMA REPORT TRUSTEES •nd•d 31 March 2026 STRUCTURE. GOVERNANCE AND MANAGEW4T Ory•ni•ational $tN¢tsve During part of the rewxting period the cmipany was managed on an interim basis by a board trustee. Prof. C. Williams. In O¢tobef 2024. the c¢ynpary recruited a p8rmn8nt Executive Director, Ms. N. Shipp6n, who was in the fdkmiirvj ￿rf)nth winted lo the t*)ard. A$ a small charlty, this enables the EXeart1￿ Director to have the p(Mers to manage the day-to-day operations of the company, such as autlKty ts ban￿.ng arKI entry into contrals in accordance with Ihe delegation granted by the Board, while alx> being able to p* a role in governan activilies alorvJside other trustees. The Executive Dyeclor leads a smal team of emptyees (which at the erKI of the reFLvting peiiod consithd of the equivalent of f(wr emph)yeesl, and r￿arch a5Si5tants and legal experts engaged on a conwllaw basis. In Sght of subsequent grant fvndiNJ constraints Staffing numbws have been reduced as of necessary cost-base adjustments. The company has been ￿nstitu1ed as a charitablo company. and the wkles of associalion have been rrKKleled on that of a ch*itable cornpany. The cc#npary is registered vitlh tho Charity Commis$lon und¥ reglstratkn 1203501. Rlsk managem￿t The major risks ta which the charty is exp)sed as Idenlified ty the Irustees have been reviewed and systems have been established to mitigate those risks. Tlw risks lo ensuring ntinuty of core l￿ding witlmn reasonable twne h(xizons WKI ￿Suring the putlications tiDJlwty legal opinions. we of th? hpJhesl Coll￿e. REFERENCE AND ADMINISTRATIVE DETAIL8 Regi•ter•d Company nurn￿r 11813153 lE￿and and Wales> Regl•t•red Char5ty nwnb 1203501 R•￿sta1•d offlc• 128 Cty Road London EC1V 2NX Tru*l•e• Dr J A Purcell, Accountwrt aThl Ph. D in Lw Ms S A Kilg)ur. Solicilor T O Welzer, Legal Academ Professor C Imlliarns. Legal A&qder Professor E Lim. Legal Academk Mrs N Shippen. Lawyef (appointed 16.11.24) Page 7 CLAIA REPORT OF THE TRUSTEES h 2025 REFERENCE AND ADMINISTRATIVE DETAILS Ind•p•ndont E¥amin•r Andrew H¢￿ett$ BA FCA Shaw Gibbs Limited Wey Court West Uni)n Road Farnham GU9 7PT AFproved ty order ofthe board of trustees on 8th Deceth 2025 signed on its behalf by: Dr J A Purcell- Tn DEPENDENT EXAMINE TO THE TRUSTEE COMMONW CUMATE AND LAW INMATIVE Indepfrnd•nt •x•min•ts r•port to the truIt￿$ of Climato And Law Inltlatlv• IYh• Compan￿) I report to the charity tNstees on nry exarrinalKx) ol the acC￿jnts of the Company fw the year ended 31 March 2025. Rupon•lbllltlu and bas1• of r•wt AS the charitys trustees of the Cc¥npany (and also ils dITed￿S th8 puryM)seJ of company law) you are r•5ponsible for the preparalKm of account5 in ￿Corda￿e wlh the requirements of tIN8 C￿￿rI¢S Act 2006 (Ihe 21]06 AcV}. Having sattsfied ryself Ihat the accounts of the Company we r*ot required to be audited under Part 16 of the 2006 A¢1 and are elIg￿le for independent e￿MinatI)n, I reFLYt In rèspect of my e￿mInati1)n of your charity's accounts as carried out under SectvJn 145 of the Charilie8 Act 2011 (Ihe 2011 Acri. In caryiig out my exam*Btion I have the DreciicTh given ty the Charity Commission under Seclion 145(51 (b) of the 2011 Act. Independont •xamln*• •tat•m•nt I have ccrtnpleted my oxamination. I confirni ttwt no mattern have como to rry attention in ac￿Unting record8 not ke0 in IB¥P￿t of the as rewired ty SectM)n 386 of the 201% Act: or the accounts ￿ not *c(Yd tIKMe reu¥d8: ( the accounts do nol compty with the accounting requirements of Se[*1(￿ 396 ofthe 201A Act other than any requirement that the xcounts glve a true fair *thich is a matter considered as part of ￿ independent examinatKM; ( the accounts have not been ryepared in *c￿danCe wbth the meth¢￿$ and Princ￿lIeS of the Statement of Recorr*Y*nded Prxtice for accounting and reporting by charl￿$ (applicable lo eharities preparing thelr accounts n xcordance with the Fiiancial Reporting Standard applKable in the UK arKJ Re￿th of Irelwml (FRS 102)). I have no Concerns have come other maltws in ￿nrttlk￿ wilh examination to whtch attenlion should be dr?￿n in Ihts report tti enable a prcyer unders￿ding of th8 accounts to be rnxhed. Andrew Hodgetts BA FCA The Institute of Chartered A¢¢wntwts in EThJl*)d and Wales Shaw Gibb8 Limited Wey Court V¥e Union Road Famham Surrey Gug 7PT Page 9 LTH W INmAn STATEM NCORPORATIN FINANCIAL ACTI￿TlE COAIE AND EXPEND ended 31 March 202S ccouNr 2025 2024 Total funds a& rnstatad nd fmd$ Ndes INCOME AND ENtthVMEPlfS FROM Donations and leg8¢ie8 184.258 184,258 332,483 Totsl EXPENDITURE ON Charltabl• actlvlllo• Research and Education NEf INCOMEI(EXPENDITURE Tran$for• botvmofi fund* (581) (158,275) (158.856) 84.052 12 Net MOV•￿ In l￿dI (159,402) (158,856) 84,052 RECONCILwnoN OF FUNDS Total funds brwt fryward 373.210 373,210 289,158 TOTAL FUNDS CARRIED FORWARO Py10 AND LAW BALANCE SHEEr 31 2025 Tolal funds 2024 Total funds as restated fuThJ funds FIXED ASSET8 Tangible assets 543 827 CURRENT ASSEf8 Debtors Cash at bank 10 6.139 6,175 510 242,rJ)6 242.552 380,899 CREDITORS Amounts falling due withwi one y 11 (28.741) {28,741) (8.518) NET CURREKf A8SErs 213811 372 383 TOTAL ASSETS L&8S CURRENT LIABILITIES 213,808 214.354 373,210 NET ASSETS 213 808 373 210 FUNDS Unreslricted lurKIs Restricled fvnds 12 213.808 373 210 TOTAL FUNDS 373.210 The charitable conyary is entitled to exemptityi wdit uThJ¥ Secti(m 477 of the C(Knpanies Act 2006 for the year endèd 31 Marth 2025. The members have not requirwj the cornp￿ry lo olAain ￿ wdit of Its financial Statements ILY t year ended 31 Marth 2025 in xcordan¢e wlh sect￿ 476 of the CompwI￿ Act 2006. The trustees acknowledge their respMsblbt*s for la) ellsuring that the Gharilable company keeps xcountiig recmls that comlty with Section$ 386 and 367 of the Conyanies kt 2006 and {b) preparing ffin￿￿al statements whKh gr¥e a tnJe far ¥i8w of the state of affaivs of the harrtable company as at the end ol each financHI year and of its swplu8 or defKrt for each financial year in accordance the requirements of Sections 394 and 395 and vthich Othep￿ ccrfnpty with Ihe requirements of the Companies Ad 2006 relattng to financial $taten*nts. $0 far ￿ applrable to the ¢h¥labk ¢cAN>ary. P4e 11 continued... OMAIO NCE SH The* ffinan￿81 ststements have been prep￿d in a¢¢crfdance with the prcY¥lsiDns applicable to The financial statements were apwoved ty the Board of Tr1￿ WKI •Jihori8ed for is8W C December 2025 and were signed on its behal by: J A F>urcell- Trustee Pago 12 ONWEALTH CLIIAATE AND LAW INrriATIVE OTES TO THE FINANCIAL STATEMEiirs 31 arch 2025 AccouKfiNG POUCIES Basis of preparing the financlal •latem The ffinan￿al statements of the thwitable c￿npany. vthich is a publ￿ benefit enity under FRS 102. have been prepared in ￿0rdar￿ with Charities SORP IFRS 102) 'A¢¢ounting and Reporbng ty Charities: Staten￿l of Re¢Omry￿dod Practica applKable to ¢haribe$ preparir#J their a¢¢ounts in a¢MrdaKe with Ihe FThrKlal Repjlng Standard appllcable In the UK and Republ￿ of Irefand (FRS 1021 {dlective 1 January 2019>., Financial Reporting Standard 102 'The Finan(¥al Repsxting Standard apph'cable in the UK and Republic of Ireland aThl the Cowies Act 2006. The financial statements have been prepared ￿￿er tho cost Gorwerthn on the basis of the CO￿￿nY being a 90ing o)ncem. Golng corrAm The Tn￿le83 requirrnts set out in pwa. 3.14 ofthe Charrtw SORP and the undetyiw guid￿¢¢ provwjed in pwa. 26 01 IAS1 P￿en18t￿n of Financlal Statements and have assessed p05t bala￿0 date events relaied prospective information rdating lo financlal Tr8¢yJr¢es as supporting a p05itr¥e ccmdusyon as to Ihg chwity's abihty to contnue as a gO￿g concem. The Trustees. deliterations on this matter are variousty set out in tr￿1r Report which accompantes these Financial Statements and wilhn the further Noles to Ihe Fin￿￿al Statements and are supprKt by ResO￿ti(￿lS ol the tjrectorsl Trustees. The Trustees further the requirement ol para 123 of the Charities SORP thal Such assessment ￿ made at the date of appr￿lIng the rewrt and accounts and accordingly do way of a Resokrtion approvry the Repxt ol the T￿￿tee8 and th8 Financial Statements. The trustees note thal It has been ￿ to implement adjustments to the company's cost base in resp￿Se to the changiry funi*rvJ c4)nditions aThl neverthebess remain confKlent that prosFth grani nW'atK)ns wll crystalise fijnding ena￿Ing operations to continue beyorKI the current knrylm fundirvj of Juty 2026. Incrm• All income is recognised in the Statement of FIn￿Ch4 Activities once the charity has entitl&ment to the funds, it 18 probable that ts rKome WIN be receNed and the amount can be m8asured relthty. Exp•Thdltur• Liabililies are re¢ognIS￿ a5 exwditUTe as soon a5 there is a legal or wnstructive obligation commilling the charity lo that ex￿ndIture. it is probable that a transfer of economic beneffts wll be require41 in settlement and the aTr￿U￿t of the obligats'on can be measured reliabty. Expenditure is *eounted for on an aecruas basis and ha8 been dasslfied under headlngg thal aggrega10 al cosl related to the category. IAther8 costs cannol be directty attitluled lo pwticular headrKJs have been albcated to activities on a basis c￿81$tent with Ihe use of reK4Jr¢e& Tanglbl• flx•d •M•ts Depre¢i*ion is provided at the fthrng annual rates in order to T￿lte off each asset over its estimated useful life. Computer equiwnent - 25% (m cost Pwje 13 o￿tin￿l... LAW OTES TO THE ANANC STATEMEKr 31 - ¢onllnu ACCOUNTING POUCIES- corflrn*l Taxatl¢)n A8 a registered charity the comp•ry 15 not 8ubie¢t to Cwxation lax to the exlent that it apFlies its surpluses for Its stated olwbtatAe pwp(A￿. The c for 24-month legal resewth and stakeholder engwJement projed for al￿derating busness d investly a¢lion on bNJdiverty through fduciary thjty. The obiectNe of the woject is to shlft mainstream undwstandiTrJ ol fiduclary duty applies to the finan¢o1 issues of loss of blodNeTsty and ecosystem servi￿$ in ￿der to hel) pr￿e biodr¥ersity ri5l drive wital towards biodv￿r8fy posilive soluth)ns, dii¥e the transilion lo￿rdS a regeneraive economy that ¥￿teCts and reslores bi(w&versity. Biodtwersty b)s5 can be characlerised as a substantial market falure. in whkh ¢WTattons are to Iw)th drive biodiversity loss. and externalis8 the of doing $0. al the sarne a8 beiig vdr*ernNe to the economi effects of such1088. The CCLI al￿ i) this project to biild the eVid￿ce ljase to demon¥trate Ihat biL*Ji¥ersty Ioss FO8e8 risks to bw%1￿$eS investm&nts which need8 to be ¢Port gk)bal syslem Inter¥enti)n5, focusing on embedding bA￿￿er$ity ri8k into corporaie this#)n-ffAk*ig. The projed *ill deltver practical resources. inchJdiffJ iw)*d handb￿kS and #idustry-SF*cift ￿ld95. and wil continue to strengthen CCLI'S engagernt ￿itti wkntial st*elKkn. regul*ors. and standard setters. ensuring that bikxli¥w*ty iisk is It￿￿ted as a material financlal and ￿￿eMan¢¢ Pag8 20 continued... OMMONVIEALTH CLIMATE AND 140TES TO THE FINANCIAL STATEMENTS. contln 31 March 2025 FUNDS- contknued obal FD The nitial Gbbal FD fimxl wa8 a £649.070 fund received in Ihree tranches from Fo￿datIon for Internthonal Law for the EnVirOnn￿nI (FILE) a pe￿d of two years and Ihree mnths for resear¢h and ¢d￿tA)n a¢tNilies to help transfomi the nwinstream understanding of fiduciary (*Jty clmate tharwe. The is for CCLI to buihj capacity and resources to undertake legal research and stakehokler engagement a￿Ing existing company frameworks in COMM￿ law jurisd￿tIonS to the bssue of clwnate chan9e in order to drive 8 rapid and tranSitK￿ towards a net zero arassbns eMnomy that underpins the Parls oals. The fund includes £125.(KM) to coU8t#)r* with behavioural scientists to develop robust evidenctrbased approach to behayioural change ty directors, officers and tN$toos in fvlfilling their r￿u¢lary thties on ch'rnate change. This expert anatysis informs the activf(ie8 and interventi(￿5 of th8 CCLI other civil 8rKiety and rudemi¢ a¢tCK8 wryking to trw)8fomi corporate and irbveslor decision-maki￿ on dp)We ¢hange. Even though this was restr1(￿ funding. the Ixoad nature of Ihe approv￿ budget and activth¥ mean¥ thbs fund operates as de facto core fundiry for our staff. virtual office expenses and other wisat1)n￿ actNities. The sy)al of the suwrant. to transfomi main5trearn underthdww of fid￿lary duty. Tellects the c¢xe of the tharitys aim$ and charitable activities. The initial grarf conckKled at the of October 2023 after 'n(kcosf extensKJns and was imrnediatety followed by further related grant 01 £327.0(￿) {USD416.441) for a Iwel¥e month tenn lo 31 October 2024. this ITh tl supwl CCLI to evofve 18 strategy and deterM￿e how its work can continu? to have wnpxt in the c¢ntexi ol the changing litlgationl ESG landscape. The tbYel¥trmonth term to 31 Ocknber 2024 wa8 then subject lo a 'nL￿r extension through to 31 2025. In Febnw 2025 thts grani was further amended to provide addltional lop ￿. luNlkvJ of £114.258 (USD 150,000) and Ihe temi of thb additlonal fundlng alw temiiiales ￿ 31 Juty 2025. By Mwch 2025 newthtw)ns h•Y progressed with FILE for a Iwlher IMM>year grant of 8uffic*nt level that would alty•4 CLYnpany to embark upon a grcthth strategy that had been endorsed by the truslees. Subsequent to this. arKI faling after the 31 Ma￿h 2025 balance date. the ¢on¥)any was ad¥ised of a h'kely subst*rtialty dtyrnrd revised grant offer from FILE that woukj have $ubskMlial on both Ujffent and anbcpated scale and focus of operalvjns. This matter was canvassed in detail at a meetwig of the truslees which coincKled wlh the companys annual general meeting held ￿ 14 May 2025 aThJ is th8 context In whi¢h are makirwJ their assessment of uncertaintw about tho ccffj)anW8 abilty to contlnue as a goirKJ CO￿eM. In response, the trustèès have convened a serles of board meetwigs ￿knin8￿ng in th8 abwentioned 30 June 2025 rn88ting to decide a path forward. con5wJering also Options s￿h as or winding up. and at which based on condud¢d negotiatM)ns with FILE, along With other matters (refer in thi5 Note referenco to CE and Generatron Foundation). enable a fa¥ourable awssment of the company continuing as a going con¢em. Spxw. the ¢{Y￿￿jded fvrther grant arrangement with FILE is that of fundfftg of US$250.000 for a Iwm through to 31 Juty 2026. The impa¢t against the initially proposed ex￿91)n and frxu$ of oKtratKMis is nevertheless siwifi¢ant in tems of staffing {refer Report of the Trustees - Organisaional StrU￿￿e and Note 6 to the Fin￿claI Slatements). slKJrt temi oper*ng fouJ$ (refer Rep)rt ol the Trustees - Future Plans) and the need lo •￿pt ￿ 0￿rtty cOnseNatr￿ Teserves (￿fer Report of the Trustees - Finaniial Review. Page 21 contnued... COM NO S TO THE RNANC L STATEMENTS. •d31 14. FUNDS- contlnu•d us The US fund Is a £￿.509 (US $120.IMJS CLyrtr&￿> suw from the charlty, ClentEarlh, for an l￿ft￿h project to undertake a series of acbvilies lo eX￿d US directors. and offi¢ers' kn¢)wledge of diNAte change as a malerial f￿￿ck￿l rtsk and the iwolications ol this for their govern￿Ce a)d discbsure of cknate clw)ge under existing corporate and se¢urilies I￿. U8C The UBC is a snwl $￿art from Ihe Brlish CO1￿￿* £8,602 (CAD $15,oc￿ contr￿) for knohledge mobiMs8liM aThWifi¢2tion In relation lo the Canada al opiiwjn published in 2025. Clartfying US Investors. Lega thAies This grant from Gerw*K)n Foundation th(wh falhng in the fin￿¢181 year subsequent to that being rep￿￿ed, does within its first year Sum of £250.IK)O provide * althyance of £42,600 for general staffing and trrfethead costs asKle trcyn that18rger ￿noUn1 ctherkn regarded as restricted funds. and as such. Is relevant to currerrt going Concern con8idwallon8 and broader mthrs ofthe ¢ompanYs abilty to pty its debts as and vthen due. TH CLAIATE AND LAW I AILED TEMENf OF FINANCIAL ACTMTES for tho ear endod 31 March 20 2025 Totsl funds 2024 Total funds as restated UnreSt￿led RestrKtsd funds INCOIAE AMD ENDOWIEN Donatlons and l•gacle• Grants 184.258 184.258 332,483 Invostmwrt Incom• Interest receivable Total Incornlng resou 184.257 185.979 332,484 EXPENDtTURE Charltabl• a¢tlvlU TnJste88' salartes Trustees, consuKancy fees Trnstees, soaal security Trustees. per*ions paid Wages Social secuiity Penslons Third Party Con5uIti Rent- event hire Travel & SU￿$tenCe Staff recruitment cost Conferen¢e and event expenses Work Space hire 20,086 5.782 2.445 313 168.061 13.705 3.052 53,033 20.086 5.782 2.445 313 168,(￿1 13,705 3,052 53,033 23,01D 178 79,282 4.359 2.011 89.S03 9.588 8.399 674 13,086 1,097 2.303 13,760 1,097 2,600 297 1.411 971 287.940 288.911 222,215 Support Costs anagement Trustees salarie8 Trustees, consultanw fees Trustees, social securty Trustees, pensiorfj pakl 6.695 17.347 815 104 6.695 17.347 815 104 6,486 521 3.598 5.753 SOCI￿ security Insurance Professional fees Work Spa¢e hire Cathed fomard 521 8.268 255 1.291 36,857 36.857 14,321 Thls page d06s not f(¥m wt ofthe financial ststements Page 23 TEAND rr AILED ST for ENT OF FINANCIAL A r •nd•d 31 2025 2024 Total furwjs as restatsd funds Brought forward General expenses Entertain￿nt IT Con5wnabl8• Trawl 36.857 872 36.857 872 14.321 71 6.880 6.880 3,925 5,631 47,202 48.534 20,328 GOV0rn•n￿ costs Ac¢ountancy and legal fees Independent exarrinef$ fee Computer ewilxnert 4,915 4.915 2.000 475 475 587 2 303 342 532 344 835 Mot Incom• 581 ￿15& 858) 84 052 Page 24