REGISTERED NUMBER: 14019068 (England and Wales)

DOWNING SUSTAINABLE INVESTMENT I LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

DIRECTORS:

T S Williams

V Desai

REGISTERED OFFICE:

10 Lower Thames Street

City of London

London

EC3R 6AF

REGISTERED NUMBER:

14019068 (England and Wales)

AUDITORS:

Berringers LLP

Chartered Accountants

and Statutory Auditors

3rd Floor, Imperial House

21 - 25 North Street

Bromley

Kent

BR1 1SD

FIXED ASSETS

Investments

4

2,174,255

1,387,387

CURRENT ASSETS

Debtors

5

35,048,909

33,577,662

Cash at bank

343,178

83,869

35,392,087

33,661,531

CREDITORS

Amounts falling due within one year

6

3,173,379

91,440

NET CURRENT ASSETS

32,218,708

33,570,091

TOTAL ASSETS LESS CURRENT LIABILITIES

34,392,963

34,957,478

CAPITAL AND RESERVES

Called up share capital

7

36,883,370

36,883,370

Retained earnings

8

(2,490,407

)

(1,925,892

)

SHAREHOLDERS' FUNDS

34,392,963

34,957,478

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

V Desai - Director

1.	STATUTORY INFORMATION

Downing Sustainable Investment I Limited is a private company, limited by shares, registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The functional and presentational currency of the Company and financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources, and support from the group, to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Downing Sustainable Investment I Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Human Capability Foundation, Silverdale Industrial Estate, Silverdale Road, Hayes, London, United Kingdom, UB3 3BL.

Revenue recognition

Dividend income is recognised when the right to receive payment is established.

Investments in subsidiaries

Investments in subsidiary undertakings are initially recognised at cost, being the fair value of the consideration given.

The directors assess whether the carrying amount of the investment continues to be supported by the underlying value of the subsidiary. Where subsequent transactions, including capital reductions, distributions or other returns of value, indicate that the recoverable amount of the investment is lower than its carrying value, the investment is written down accordingly.

Investments in subsidiary undertakings are subsequently measured at cost less accumulated impairment losses. At each reporting date the company assesses whether there is evidence that an investment is impaired. Where indicators of impairment exist, the recoverable amount of the investment is estimated and the carrying value is reduced to the recoverable amount. Any impairment loss is recognised immediately in profit or loss.

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

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.

Basic financial 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Investments

The valuation is deemed to be at cost and is measured subsequently at fair value. Fair value movements in the valuation of an investment are taken to the profit and loss account and recognised in the Statement of Income and Retained Earnings. Any unrealised gains or subsequent losses up to the value of those gains previously recognised at the Balance Sheet date are transferred to the revaluation reserve in the Statement of Changes in Equity.

Cash and cash equivalents

Cash is represented by deposits with financial intuitions repayable without penalty on notice of more than 24 hours, Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 January 2025

1

1,387,386

1,387,387

Additions

11,745,784

-

11,745,784

Disposals

-

(1,387,386

)

(1,387,386

)

Impairments

(9,571,530

)

-

(9,571,530

)

At 31 December 2025

2,174,255

-

2,174,255

NET BOOK VALUE

At 31 December 2025

2,174,255

-

2,174,255

At 31 December 2024

1

1,387,386

1,387,387

Shares in group undertakings includes an investment in Scots Wind Property Ltd, a 100% owned subsidiary with share capital of £1, and in Homer Renewables Ltd, a 100% owned subsidiary with share capital of £0.01. During the year, the company purchased the entire share capital of Curlew Power Ltd for £11,745,784, which was impaired as per note 5.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,294

85

Amounts owed by group undertakings

34,864,012

33,392,694

Other debtors

17,048

26,126

VAT

6,041

108,948

Accrued income

157,514

49,809

35,048,909

33,577,662

Balances with group undertakings are repayable on demand and no interest is charged on outstanding balances.

Amounts owed by group undertakings includes £1,435,648 (2024: £2,601,813) owed by the ultimate parent, relating to unpaid share capital and £1,848,690 relating to intercompany balances.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

25,200

-

Other creditors

2,625,657

-

Accrued expenses

522,522

91,440

3,173,379

91,440

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

£

36,883,370

Share capital 1

£1

36,883,370

36,883,370

8.

RESERVES

Retained

earnings

£

At 1 January 2025

(1,925,892

)

Deficit for the year

(564,515

)

At 31 December 2025

(2,490,407

)

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

The Report of the auditors was unqualified.

Paul Allan BSocSc FCA (Senior Statutory Auditor)

for and on behalf of Berringers LLP

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company paid management fees to Downing LLP of £310,347 (2024: £191,004), a company related due to mutual management. Expenditure of £151,320 (2024: £48,284) was also incurred from Infram LLP for asset management services, a company with mutual management.

11.	ULTIMATE CONTROLLING PARTY

The Company's ultimate parent and controlling entity is Human Capability Foundation, a company incorporated in England and Wales. The financial statements of Human Capability Foundation, can be obtained from the Company's registered office: Natco Cash & Carry Silverdale Industrial Estate, Silverdale Road, Hayes, London, United Kingdom, UB3 3BL.