The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company is that of trade of electricity.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Overview

The Climate Innovation District 312 (CID312) development was around 94% complete as of 31st December 2025 (average of 60% as of 31/12/2024), with 293 homes at build completion status or occupied along the Riverside and Aire Lofts. The utility business plan operates at full efficiency when the development is complete.

The trading surplus generated from all utilities at CID312 in 2025 was £70,849 (£55,512 in 2024). This surplus has been added to the C/F figure from 2024 which was £77,116, which has resulted in a cumulative surplus position of £147,965.

Electricity

An energy contract was signed with Octopus which commenced 1st February 2022, initially for two months, then for a period of 24 months. This contract expired on 31st March 2024 and stood at a day rate of 31.7p per kWh and a night rate of 21.25p per kWh. This produces an average blended rate of 29.06p per kWh, which was the rate charged to residents.

An energy contract was signed with EDF which commenced 1st April 2024. This contract stood at a day rate of 24.51p per kWh and a night rate of 19.95p per kWh. This produces an average blended rate of 23.45p per kWh, which has been the rate charged to residents since implementation of this contract.

From Nov 1st, 2024, it was decided prudent to offer those residents paying by Direct Debit the current electricity tariff of 23.45p per kWh, whilst updating the tariff for those who did not pay by direct debit by 2% in order to cover the payment fees that had been levied onto CID312 Utilities Ltd per transaction, this had been previously absorbed by the CIC.

During 2025, a total of 1,297,511 kWh of electricity was purchased.

The total cost of electricity consumption billed to residents, the property management company (for communal meters) and the development company (site meters) in 2025 was £340,213. The amount purchased from EDF was £302,698. This resulted in a £37,515 surplus on the energy consumption costs.

The total cost of electricity standing charges billed to residents, the property management company (for communal meters) and the development company (site meters) in 2025 was £27,499. The standing charge and MOP costs charged by EDF to CID312 was £19,279. This resulted in a £8,220 surplus on the energy standing charge costs and was mainly due to back-billing and newly onboarded units.

As occupancy increases throughout the future build cycle, the amount recovered from residents to meet the incoming supply cost standing charges will continue to increase.

Other considerations

During 2025, residents of Climate Innovation District 247 (CID 247) continued to receive their electricity supply via a connection across the bridge from Climate Innovation District 312 Utilities Ltd. All the consumption used by CID247 residents (and associated construction) was recharged from Climate Innovation District 312 Utilities Ltd. Landing place will continue to use this supply until it has its own supply is installed which is currently underway.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Solar Electricity Generation

Total solar production in 2025 was 180,653 kWh (vs 133,891 kWh in 2024). The total amount of electricity consumed by Climate Innovation District was 1,433,819 kWh (electricity purchases plus solar generation). After deducting the 121,949 kWh of electricity used by CID247 (for both houses and site construction), and also deducting 64,536 kWh for CID312 on site construction (paid for by Citu as the same £/ kWh as residents), a total of 1,247,334 kWh was consumed by homes and communal supplies.

Solar energy therefore provided 14 % of all electricity used by residents in 2025 (vs 2024 13%). Based upon the price of electricity at 23.45p/ kWh, the value generated from solar electricity was £42,363 (£30,664 in 2024). The cash value generated by Solar is applied as a surplus to the CIC which can be utilities by the CIC however seen fit once the development is finalised.

Data

The monthly data tariff was increased on 1st November 2024 in order to reflect the market rate for the service being provided. The tariff increased from £29.67 per month (plus VAT) to £33.33 per month (plus VAT). The income generated from the provision of data was £85,504 verses costs of £31,085. As occupancy increases,

the surplus will continue to increase.

Administration

Billing and administration standing charges of £17,255 were charged to residents against costs of £27,985. As with electricity standing charges, this gap will close due to the fixed element of some of these costs as more residents take occupation throughout the development of the scheme. The resulting deficit has been offset against other surpluses.

Accountancy and Bookkeeping costs totalled £9,028 in 2025.

Energy Finance Management costs totalled £4,584 in 2025. This covered the overseeing of usage data, monitoring and instructing on meter commissioning for homes that came online throughout the year.

In line with previous years, the directors received no remuneration for their role.

Debtors & Creditors

As at 31 December 2025, the trade debtors totalled £119,175 and the trade creditors totalled £17,167.

*Notes

(1) All prices above quoted exclude VAT.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Climate Innovation District 312 Utilities Ltd for the year ended 31 December 2025 which comprise the income and expenditure account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the board of directors of Climate Innovation District 312 Utilities Ltd, as a body, in accordance with the terms of our engagement letter dated 13 August 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Climate Innovation District 312 Utilities Ltd and state those matters that we have agreed to state to the board of directors of Climate Innovation District 312 Utilities Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Climate Innovation District 312 Utilities Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Climate Innovation District 312 Utilities Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Climate Innovation District 312 Utilities Ltd. You consider that Climate Innovation District 312 Utilities Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Climate Innovation District 312 Utilities Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

Climate Innovation District 312 Utilities Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is C/o Azets, Carlton House, Grammar School Street, Bradford, BD1 4NS.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet 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.

Income and expenses are included in the financial statements as they become receivable or due.

Cash and cash equivalents are basic financial assets and 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.

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 in the company's balance sheet 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

As at 31 December 2025, the company was owed £27,773 from CITU Group Ltd, £5,647 from CITU Low Fold LLP and £5,000 from Little Kelham Utilities Ltd.

In 2024, the company owed £14,793 to CITU Group Ltd and £2,555 to CITU Low Fold LLP.