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REGISTERED NUMBER: 13680867 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

TRANSITION PATHWAY INITIATIVE LIMITED

TRANSITION PATHWAY INITIATIVE LIMITED (REGISTERED NUMBER: 13680867)

Contents of the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

TRANSITION PATHWAY INITIATIVE LIMITED

Company Information

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | C P Rule

| D Russell

| S Bartholdy

| S Barrie

| P O'Hara

| D Spencer

| V P Piani

| REGISTERED OFFICE: | 5th Floor

| Halo

| Counterslip

| Bristol

| BS1 6AJ

| REGISTERED NUMBER: | 13680867 (England and Wales)

| AUDITORS: | Gravita Audit Western Limited

| Chartered Accountants and Statutory Auditors

| 2nd Floor, South

| One Castle Park

| Tower Hill

| Bristol

| BS2 0JA

TRANSITION PATHWAY INITIATIVE LIMITED (REGISTERED NUMBER: 13680867)

Balance Sheet

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 4 | 127,869 |  | 96,149 |  |

Cash at bank | 305,541 |  | 195,332 |  |

433,410 |  | 291,481 |  |

CREDITORS

Amounts falling due within one year | 5 | (174,921 | ) | (77,966 | ) |

NET CURRENT ASSETS | 258,489 |  | 213,515 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 258,489 |  | 213,515 |  |

RESERVES

Income and expenditure account | 258,489 |  | 213,515 |  |

258,489 |  | 213,515 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2026 and were signed on its behalf by:

D Russell - Director

TRANSITION PATHWAY INITIATIVE LIMITED (REGISTERED NUMBER: 13680867)

Notes to the Financial Statements

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | COMPANY INFORMATION

| Transition Pathway Initiative Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Each of the members is liable to a contribution not exceeding £1 towards the assets of the company in the event of liquidation.

| The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

| The directors consider that the form of the Income and Expenditure Account used is more appropriate to the activities of the company than the formats included in the Companies Act.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| The company receives pledges for income into the future which requires judgement in respect of the recognition of income which is based on the likelihood of future receipt.

| Judgements are also made in respect of funds held as agent for projects undertaken by others.

| Income

| Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of applicable VAT.

| Income also includes funding pledged in support of the activities undertaken by the company to the extent that it is virtually certain that the income will be received.

TRANSITION PATHWAY INITIATIVE LIMITED (REGISTERED NUMBER: 13680867)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income and Expenditure Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

TRANSITION PATHWAY INITIATIVE LIMITED (REGISTERED NUMBER: 13680867)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 8 (2024 - 8 ) .

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 63,502 |  | 42,412 |  |

| VAT | 13,691 |  | 968 |  |

| Prepayments and accrued income | 50,676 |  | 52,769 |  |

127,869 |  | 96,149 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 253 |  | 23,581 |  |

| Tax | 4,787 |  | 3,793 |  |

| Accruals and deferred income | 169,881 |  | 50,592 |  |

174,921 |  | 77,966 |  |

6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Matthew Bracher BSc FCA (Senior Statutory Auditor)

| for and on behalf of Gravita Audit Western Limited

7. | RELATED PARTY DISCLOSURES

| The company paid consultancy fees of £180,121 (2024 - £161,556) to David Russell ESG Ltd, a company of which Mr D Russell is a director. These consultancy payments are in accordance with an approved consultancy agreement and calculated on an arms-length basis.

| The company is under the control the directors.

8. | ASCOR

| Income of £105,000 (2024 - £7,729) was received in relation to The Assessing Sovereign Climate-related Opportunities and Risks (ASCOR) Project. Up until 31 December 2024 these funds were held on behalf of ASCOR and shown as a creditor. The funds are ringfenced for the work of ASCOR and at the year end amount to £57,011 (2024 - £7,729).

TRANSITION PATHWAY INITIATIVE LIMITED (REGISTERED NUMBER: 13680867)

Notes to the Financial Statements - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

9. | CONTINGENT ASSETS

| During the year, the company signed an agreement for the licencing of its intellectual property effective for a three year period from 1 January 2025. The income generated by this licence is split between a fixed annual fee, which has been recognised in the financial statements, and a contingent fee dependent upon revenues generated by the licensee. In the opinion of the directors, at 31 December 2025, the data is unavailable to reasonably quantify the level, if any, of this contingent fee, and as such no revenue in respect of this has been recognised in the financial statements. This income, if any, will be recognised at the point when it can be quantified with reasonable certainty.