Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

**Charity number: 1206932** 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 8|
|**Independent auditors' report on the financial statements**|9 - 12|
|**Statement of financial activities**|13|
|**Balance sheet**|14|
|**Statement of cash flows**|15|
|**Notes to the financial statements**|16 - 23|





Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025** 

**Trustees** J A Henriksen, Chair D T Mlynski, Trustee H Tabakovic, Trustee L B Henriksen, Trustee **Charity registered number** 1206932 **Principal office** 4th Floor Bridgewater House Counterslip Finzels Reach Bristol BS1 6BX **Independent auditors** Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF 

Page 1 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025** 

The Trustees present their annual report together with the audited financial statements of the The Askehave Climate Foundation CIO UK for the year ended 31 December 2025. 

The comparative figures are for the period from 8 February 2024 to 31 December 2024. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The Askehave Climate Foundation CIO UK (the Charity) is devoted to the fight against the consequences of man-made climate change, by focusing on funding of: 

1. Disaster relief to poor people in the developing world impacted by the climate change triggered natural disasters; 

2. Initiatives advancing education in and knowledge about the means to tackle and reduce climate change, and; 

3. Support for public research into technologies, methods and theories, which can help the world understand, tackle and reduce climate change and the effects hereof. 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. 

## **b. Strategies for achieving objectives** 

It is the intention and strategy of the Charity to outsource the development, execution, support, and follow-up on calls to other UK or foreign charities which have an organisational setup, structure and network that can ensure the development of calls for support, a professional application process, assessment of applications and subsequent follow up on the grants. 

The cooperation and execution of the strategy is based on an application from another charity describing a theme within the Charity objectives, a list of relevant applicants, the assessment criteria and the professional committee engaged to assess the applicants. The Charity will, based on the application, make a grant to the executing charity. The grant receiving charity will run the application and assessment process, decide upon the final recipient within the framework of the grant agreement and finally fund and follow up on the selected project. 

The Charity will be kept informed on the progress and development in accordance with the grant agreement. 

Page 2 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Objectives and activities (continued)** 

## **c. Activities undertaken to achieve objectives** 

During 2025 the Charity made its second grant since its establishment. 

In December 2025 the Charity awarded a grant of £1,290,000 to the Danish charitable foundation Johan og Ajla Askehaves almennyttige fond til bek æ mpelse af klimaforandringer (Askehave Climate Foundation DK). The grant will fund the 2026 Askehave Climate Foundation Disaster Relief Grant. 

The theme of the 2026 grant programme is ”Acute disaster relief to poor and vulnerable people in Southeast Asia and Oceania based on an anticipatory action model, where the grant is intended to be utilised specifically as fuel funding for already established anticipatory action mechanisms in one or several countries”. 

Askehave Climate Foundation DK is responsilble for administering the grant programme and managing the application and selection process. During 2025 four international humanitarian organisations were invited by Askehave Climate Foundation DK to submit proposals based on their expertise in anticipatory disaster response. The final recipient will be selected by the board of trustees of Askehave Climate Foundation DK in March 2026. 

The project funded through this grant is expected to be implemented during the period 2026-2028. 

In addition to approving the 2025 grant, the trustees reviewed reports received from Askehave Climate Foundation DK concerning the grant awarded in December 2024. Following the selection of a project by the partner foundation in 2025, the supported activities commenced during the year. 

The trustees also reviewed the application submitted by Askehave Climate Foundation DK and ensured that the grant arrangements are governed by a formal grant agreement setting out reporting, oversight and compliance requirements. 

## **d. Grant-making policies** 

The Charity has adopted a grant-making policy outlining: 

1.   Funding priorities; 

2.   The qualified applicants; 

3.   The types of cost to be funded by the Charity; 

4.   Co-funding policies; 

5.   The decision-making process; 

6.   The due diligence process; 

7.   Reporting requirements, and; 

8.   Clawback and repayment. 

Page 3 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Objectives and activities (continued)** 

## **e. Main activities undertaken to further the Charity's purposes for the public benefit** 

The Charity furthers its purposes for the public benefit primarily through the provision of grants to charitable organisations working to address climate-related themes as described in the section "Objectives and activities - Policies and objectives" above. 

The Charity has so far worked in partnership with Askehave Climate Foundation DK, which administers a structured grant programme designed to identify high-impact projects delivered by experenced humanitarian organisations. Through this model the Charity supports initiatives that strengthen anticipatory disaster response mechanisms aimed at protecting poor and vulnerable populations exposed to climate-related disasters. 

The trustees maintain oversight of the use of funds through regular reporting from the partner foundation - currently Askehave Climate Foundation DK - and by reviewing progress reports on funded activities. During 2025 the trustees reviewed reports relating to the Oxford University project selected under the 2024 grant round, which commenced implementation during the year. 

In carrying out their duties the trustees have had regard to the Charity Commission's guidance on public benefit and consider that the Charity's grant-making activities provide clear public benefit by supporting humanitarian initiatives designed to reduce the impacts of climate-realted disasters on vulnerable communities. 

Page 4 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Achievements and performance** 

## **a. Main achievements of the Charity** 

During 2025 the Charity continued to pursue its charitable purposes through its annual grant-making activities. In 2025 it focused on climate-related humanitarian response. 

The Charity awarded a grant of £1,290,000 to Askehave Climate Foundation DK to support the 2026 Askehave Climate Disaster Relief Grant. The programme is designed to support anticipatory disaster response mechanisms aimed at protecting poor vulnerable populations exposed to climate-related disasters in Southeast Asia and Oceania. 

The grant will enable an experienced humanitarian organisation to implement activities during the period 20262028 that strengthen early reponse mechanisms and improve the ability of vulnerable communities to prepare for and respond to climate-related disasters. 

In addition, the Charity monitored progress in relation to the project funded under the 2024 grant round, which commenced implementation in 2025. 

## **b. Review of activities** 

During 2025 the trustees reviewed reports received from Askehave Climate Foundation DK relating to the grat awarded byy the Charity in December 2024. Following the selection of a project by the partner foundation in 2025, the supported activities commmenced during the year. The trustees reviewed the reports in order to monitor progress and ensure that the grant continues to be applied in furtherance of the Charity's purposes. 

During the year the trustees also considered an application from Askehave Climate Foundation DK for funding of the 2026 Askehave Climate Foundation Disaster Relief Grant. The trustees assessed the application and ensured that the proposed grant arrangements would be governed by a formal agreement including reporting, oversight and compliance requirements. 

In December 2025 the Charity made its second grant since establishment, awarding £1,290,000 to Askhave Climate Foundation DK. The partner foundation administers the application and selection process and invited four international humanitarian organisations to submit proposals. The final recipient is expected to be selected in March 2026, and the supported project will be implemented during the period 2026-2028. 

## **c. Factors relevant to achieve objectives** 

Having adopted an outsourcing strategy for accomplishing the objectives of the Charity, the ability to identify and access the quality and capabilities of the organisations capable of fulfilling the requirements for describing a theme within the Charity objectives, finding the relevant applicants, defining the assessment criteria and assessing applications via a professional assessment committee is the key critical factor relevant for the Charity’s ability to achieve the objectives of the Charity. 

## **d. Investment policy and performance** 

The Charity’s funds are expected to be distributed for grants in accordance the Charity objectives within 12 to 24 months after being received by the Charity. Long- and medium-term investment of the Charity’s funds are hence not feasible. It is the policy to seek the best available interest for on demand deposits. 

Page 5 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Financial review** 

## **a. Going concern** 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **b. Financial review** 

During the period, the Charity had incoming resources of £1,105,061 (2024: £1,587,608) and outgoing resources of £1,308,601 (2024: £583,537) leaving suplus unrestricted funds at the period end amounting to £800,531 (2024: £1,004,071). 

## **c. Reserves policy** 

It is the intention of the Charity to distribute grants at a minimum of £1.2 million per year to projects within the objectives of the Charity. It is in accordance herewith the policy of the Charity to always hold a least £1.2 million in reserve for the following year’s distributions. 

As at 31 December 2025, the Charity held reserves amounting to £800,531 as they work towards achieving their target reserves policy amount. 

## **d. Principal risks and uncertainties** 

Being funded exclusively by donations from EDTC Ltd and Outlook Energy Holdings Limited the principal risks and uncertainty of the Charity are related to: 

1.   The performance of EDTC Ltd and; 

2.   The willingness of the owners of EDTC Ltd and Outlook Energy Holdings Limited to continue to fund the Charity. 

## **e. Financial risk management objectives and policies** 

The Charity has not defined financial risk management objectives and not adopted a financial risk management policy. 

## **f. Principal funding** 

The Charity is funded exclusively by donations from EDTC Ltd and Outlook Energy Holdings Limited. 

Page 6 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Structure, governance and management** 

## **a. Constitution** 

The Askehave Climate Foundation CIO UK is a registered charity, number 1206932, and is constituted under a Charity Commission Scheme. 

## **b. Methods of appointment or election of Trustees** 

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme. 

The first trustees of the Charity were appointed directly in the Constitution of the Charity. Subsequent appointments of trustees are done by a resolution passed by the Charity’s trustees. 

Only natural persons who are 18 years of age or older can be elected as trustees. The trustees shall, when appointing trustees, take into consideration skills and knowledge and expertise within the Charity’s field of operation. 

## **c. Organisational structure and decision-making policies** 

The affairs and operation of the Charity are and shall be managed by the trustees. Decisions are taken in a meeting of trustees and by written or electronic resolution. Specific powers or functions of the trustees may be delegated to committees, provided that the terms and conditions of the committees are determined by the trustees and that the chair of the committee is a trustee. Delegation can be revoked or altered by the trustees. 

## **d. Pay policy for key management personnel** 

The Charity has no management personnel and hence no pay policy for such personnel. 

## **e. Related party relationships** 

Johan Askehave Henriksen and Dr. David Thomas Mlynski are both Directors of EDTC Ltd and Outlook Energy Holdings, which are the principal funding sources for the Charity. 

Johan Askehave Henriksen is Chairman of Askehave Climate Foundation DK, which received the 2024 grant from the Charity. Johan Askehave Henriksen was excused from participation in the decision making concerning the grant in full compliance with the Conflict of Interest Policy of the Charity. 

## **f. Trustees' indemnities** 

The trustees, being the members of the Charity as a CIO have no liability to contribute to the Charity assets and no personal responsibility for settling its debts and liabilities cf. the Constitution article 8. 

## **Plans for future periods** 

The plans for 2025 and 2026 are to make grants of at least £1.2 million for a three years disaster relief framework in 2025 and of at least £1.2 million for a following three years advancing education in and knowledge about the means to tackle and reduce climate change framework in 2026. 

Page 7 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **Statement of Trustees' responsibilities** 

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial  which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) 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 business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. 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. 

## **Disclosure of information to auditors** 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

## **Auditors** 

The auditors, Adler Shine LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

................................................ 

**J A Henriksen** Trustee 

Date: 15-Apr-26 | 5:16 AM PDT 

Page 8 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **Opinion** 

We have audited the financial statements of The Askehave Climate Foundation CIO UK (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2025 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; and 

- 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 the charity'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. 

Page 9 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASKEHAVE CLIMATE FOUNDATION CIO UK (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditors' 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- 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 trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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. 

Page 10 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASKEHAVE CLIMATE FOUNDATION CIO UK (CONTINUED)** 

## **Auditors' 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 the Act and relevant regulations made or having effect thereunder. 

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 auditors' 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 is detailed below: 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have: 

- considered the nature of the industry and sectors, control environment and business performance; 

- made enquires of management about their own identification and assessment of the risk of irregularities; 

- performed audit work over the risk of management override of controls, including testing of journal entries 

- and other adjustments for appropriateness and reviewing accounting estimates for bias; 

- undertaken appropriate sample based testing of bank transactions; 

- identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; 

- discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. 

Due to 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report. 

Page 11 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASKEHAVE CLIMATE FOUNDATION CIO UK (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Adler Shine LLP** 

Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF 

Date: 15-Apr-26 | 6:40 AM PDT 

Adler Shine LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 12 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**Year ended**<br>**31 December**<br>**2025**<br>**£**<br>**1,054,488**<br>**50,573**<br>**1,105,061**<br>**1,308,601**<br>**1,308,601**<br>**(203,540)**<br>**1,004,071**<br>**(203,540)**<br>**800,531**|**Total**<br>**funds**<br>**Year ended**<br>**31 December**<br>**2025**<br>**£**<br>**1,054,488**<br>**50,573**<br>**1,105,061**<br>**1,308,601**<br>**1,308,601**<br>**(203,540)**<br>**1,004,071**<br>**(203,540)**<br>**800,531**|_Total_<br>_funds_<br>_Period ended_<br>_31 December_<br>_2024_<br>_£_<br>_1,574,160_<br>_13,448_<br>_1,587,608_|
|---|---|---|---|
||||_583,537_<br>_583,537_|
||||_1,004,071_|
||||_-_<br>_1,004,071_<br>_1,004,071_|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 16 to 23 form part of these financial statements. 

Page 13 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **BALANCE SHEET AS AT 31 DECEMBER 2025** 

|**Note**<br>**Current assets**<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: amounts falling due within one<br>year<br>9<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Unrestricted funds<br>10<br>**Total funds**|**809,531**<br>**809,531**<br>**(9,000)**|**2025**<br>**£**<br>**800,531**<br>**800,531**<br>**800,531**<br>**800,531**|_1,578,071_<br>_1,578,071_<br>_(574,000)_|_2024_<br>_£_<br>_1,004,071_|
|---|---|---|---|---|
|||||_1,004,071_|
|||||_1,004,071_|
|||||_1,004,071_|



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 


## **J A Henriksen** 

(Trustee) 

Date: 15-Apr-26 | 5:16 AM PDT 

The notes on pages 16 to 23 form part of these financial statements. 

Page 14 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Income from investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**Year ended**<br>**31**<br>**December**<br>_Period ended_<br>_31_<br>_December_<br>**2025**<br>_2024_<br>**£**<br>_£_<br>**(819,113)**<br>_1,564,623_<br>**50,573**<br>_13,448_<br>**50,573**<br>**13,448**<br>**(768,540)**<br>**1,578,071**<br>**1,578,071**<br>_-_<br>**809,531**<br>_1,578,071_|**Year ended**<br>**31**<br>**December**<br>_Period ended_<br>_31_<br>_December_<br>**2025**<br>_2024_<br>**£**<br>_£_<br>**(819,113)**<br>_1,564,623_<br>**50,573**<br>_13,448_<br>**50,573**<br>**13,448**<br>**(768,540)**<br>**1,578,071**<br>**1,578,071**<br>_-_<br>**809,531**<br>_1,578,071_|
|---|---|---|
|||_13,448_<br>**13,448**|
|||**1,578,071**<br>_-_|
|||_1,578,071_|



The notes on pages 16 to 23 form part of these financial statements 

Page 15 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **1. General information** 

The Askehave Climate Foundation CIO UK is a charitable incorporated organisation registered with the Charities Commission. Its registered office address is Aston House, Cornwall Avenue, London, N3 1LF. 

The financial statements are presented in Sterling (£), rounded to the nearest £1. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The Askehave Climate Foundation CIO UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

## **2.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

Page 16 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **2. Accounting policies (continued)** 

## **2.3 Expenditure (continued)** 

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.4 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 institution with whom the funds are deposited. 

## **2.5 Cash at bank and in hand** 

Cash at bank and 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. 

## **2.6 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

## **2.7 Financial instruments** 

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. 

## **2.8 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Investment income, gains and losses are allocated to the appropriate fund. 

Page 17 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **3. Income from donations and legacies** 

||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**Year ended**|**Year ended**|_Period ended_|
||**31**|**31**|_31_|
||**December**|**December**|_December_|
||**2025**|**2025**|_2024_|
||**£**|**£**|_£_|
|Donations|1,054,488|**1,054,488**|_1,574,160_|



## **4. Investment income** 

||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**Year ended**|**Year ended**|_Period ended_|
||**31**|**31**|_31_|
||**December**|**December**|_December_|
||**2025**|**2025**|_2024_|
||**£**|**£**|_£_|
|Bank deposit interest|50,573|**50,573**|_13,448_|



## **5. Analysis of grants** 

||**Grants to**|**Total**|
|---|---|---|
||**Institutions**|**funds**|
||**Year ended**|**Year ended**|
||**31**|**31**|
||**December**|**December**|
||**2025**|**2025**|
||**£**|**£**|
|Relief of poverty and hardship|1,290,000|**1,290,000**|



Page 18 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **5. Analysis of grants (continued)** 

||_Grants to_|_Total_|
|---|---|---|
||_Institutions_|_funds_|
||_Period ended_|_Period ended_|
||_31_|_31_|
||_December_|_December_|
||_2024_|_2024_|
||_£_|_£_|
|Relief of poverty and hardship|_565,000_|_565,000_|



## **6. Analysis of expenditure by activities** 

||**Grant**|||
|---|---|---|---|
||**funding of**|**Support**|**Total**|
||**activities**|**costs**|**funds**|
||**Year ended**|**Year ended**|**Year ended**|
||**31**|**31**|**31**|
||**December**|**December**|**December**|
||**2025**|**2025**|**2025**|
||**£**|**£**|**£**|
|Relief of poverty and hardship|1,290,000|18,601|**1,308,601**|



Page 19 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **6. Analysis of expenditure by activities (continued)** 

||_Grant_|||
|---|---|---|---|
||_funding of_|_Support_|_Total_|
||_activities_|_costs_|_funds_|
||_Period ended_|_Period ended_|_Period ended_|
||_31_|_31_|_31_|
||_December_|_December_|_December_|
||_2024_|_2024_|_2024_|
||_£_|_£_|_£_|
|Relief of poverty and hardship|_565,000_|_18,537_|_583,537_|



## **Analysis of support costs** 

|**Relief of**<br>**poverty and**<br>**hardship**<br>**Year ended**<br>**31**<br>**December**<br>**2025**<br>**£**<br>Office administration<br>5,314<br>Legal and professional<br>3,751<br>Bank charges<br>536<br>Governance costs<br>9,000<br>18,601<br>**7.**<br>**Auditors' remuneration**<br>Fees payable to the Charity's auditor for the audit of the Charity's annual<br>accounts<br>Fees payable to the Charity's auditor in respect of:<br>All non-audit services not included above|**Total**<br>**funds**<br>**Year ended**<br>**31**<br>**December**<br>**2025**<br>_Total_<br>_funds_<br>_Period ended_<br>_31_<br>_December_<br>_2024_<br>**£**<br>_£_<br>**5,314**<br>_3,211_<br>**3,751**<br>_6,159_<br>**536**<br>_167_<br>**9,000**<br>_9,000_<br>**18,601**<br>_18,537_<br>**Year ended**<br>**31**<br>**December**<br>_Period ended_<br>_31_<br>_December_<br>**2025**<br>_2024_<br>**£**<br>_£_<br>**6,000**<br>_6,000_<br>**3,000**<br>_3,000_|
|---|---|



Page 20 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **8. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . 

During the year ended 31 December 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ . 

## **9. Creditors: Amounts falling due within one year** 

|Other creditors<br>Accruals and deferred income|**2025**<br>**£**<br>**-**<br>**9,000**<br>**9,000**|_2024_<br>_£_<br>_565,000_<br>_9,000_|
|---|---|---|
|||_574,000_|



## **10. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>General Funds<br>**Statement of funds - prior year**<br>**Unrestricted funds**<br>General Funds|**Balance at 1**<br>**January**<br>**2025**<br>**£**<br>**1,004,071**|**Income**<br>**£**<br>**1,105,061**<br>_Income_<br>_£_<br>_1,587,608_|**Expenditure**<br>**£**<br>**(1,308,601)**<br>_Expenditure_<br>_£_<br>_(583,537)_|**Balance at**<br>**31**<br>**December**<br>**2025**<br>**£**<br>**800,531**|
|---|---|---|---|---|
|||||_Balance at_<br>_31_<br>_December_<br>_2024_<br>_£_<br>_1,004,071_|



Page 21 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **11. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Current assets<br>809,531<br>Creditors due within one year<br>(9,000)<br>**Total**<br>800,531<br>**Analysis of net assets between funds - prior year**<br>_Unrestricted_<br>_funds_<br>_2024_<br>_£_<br>Current assets<br>_1,578,071_<br>Creditors due within one year<br>_(574,000)_<br>**Total**<br>_1,004,071_|**Total**<br>**funds**<br>**2025**<br>**£**<br>**809,531**<br>**(9,000)**<br>**800,531**<br>_Total_<br>_funds_<br>_2024_<br>_£_<br>_1,578,071_<br>_(574,000)_<br>_1,004,071_|
|---|---|



## **12. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/expenditure for the year (as per Statement of Financial<br>Activities)<br>**Adjustments for:**<br>Investment income<br>(Decrease)/increase in creditors<br>**Net cash provided by/(used in) operating activities**|**Year ended** _Period ended_<br>**2025**<br>_2024_<br>**£**<br>_£_<br>**(203,540)**<br>_1,004,071_<br>**(50,573)**<br>_(13,448)_<br>**(565,000)**<br>_574,000_<br>**(819,113)**<br>_1,564,623_|
|---|---|



Page 22 



Docusign Envelope ID: 6F3C0C56-9BF9-4DA4-9B63-1FAA4CCB936A 

## **THE ASKEHAVE CLIMATE FOUNDATION CIO UK** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **13. Analysis of cash and cash equivalents** 

|Cash in hand<br>Notice deposits (less than 3 months)<br>**Total cash and cash equivalents**|**2025**<br>**£**<br>**95,510**<br>**714,021**<br>**809,531**|_2024_<br>_£_<br>_4,623_<br>_1,573,448_|
|---|---|---|
|||_1,578,071_|



## **14. Analysis of changes in net debt** 

|Cash at bank and in hand|**At 1**<br>**January**<br>**2025**<br>**£**<br>**1,578,071**<br>**1,578,071**|**Cash flows**<br>**£**<br>**(768,540)**<br>**(768,540)**|**At 31**<br>**December**<br>**2025**<br>**£**<br>**809,531**<br>**809,531**|
|---|---|---|---|



## **15. Related party transactions** 

During the year the charity received £Nil (2024: £528,750) in donations from Outlook Energy Limited, and £1,054,488 (2024: £1,045,410) from EDTC Limited. Both companies are incorporated in England and Wales and are connected to the charity Trustees. 

During the year the charity made a grant commitment of £1,290,000 (2024: £565,000) to The Askehave Climate Foundation DK, a registered charitable foundation in Denmark also run by the same Trustees. The commitment was paid on 16 December 2025 and covers a period to 31 March 2029. 

Page 23