REGISTERED COMPANY NUMBER.. 02898698 {England and Wales} REGISTERED CHARITY NUMBER: 1055753 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR SOUTH EAST WALES ENERGY AGENCY LIMITED MHA Etfed House Oak Tree Court Cardiff Gale Business Park CARDIFF CF23 8RS
SOUTH EAST WALES ENERGY AGENCY LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examiner's Report Ststement of Financial Actlvlties Balance Sheet Notes to the Financial Statements 9 to 15
SOUTH EAST WALES ENERGY AGENCY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors of the charlty for the purposes of the Companies Act 2006, present their report wllh the financ¢al statemenis of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In aceordanee with the Financial Report¢ng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019). The Charity is also known as the South East Wales Energy Advlce Cenlre. OBJECTIVES AND ACTIVITIES Charltable objects To advance the education of the public within South East Wales In energy conservation and the efficient use of energy, land, water and other natural resources. transport and waste recycling. To conseNe and protect natural resources. To relieve those in need by the provision of adv¢ce and assistance including advice in the more efficient and economical use of energy in their homes. Objectives and activitles Raising awareness ol climate change and fuel poverty through various media. Providing a free Telephone Advice servi to the public and landlords on all matters relating to the utilizalion of ellergy and renewable energy generation. Outreach activity including attending events. giving presentations. Renewable energy promotion advice and presentations. Training and supporting community groups and local organisalions to eliminate fuel povety and unhealthy colif and damp homes Grant giving criteria We have received restricted funds from various sources to provide grants to vulnerdble households as part of our Healthy Homes project. With these funds now diminished they will be used to provide small items that can help people keèp warm during cold weather or simple to fit DIY measures. Public benef*t The organisalion's trustees can confirm that they have complied with the duty in Seclion 17 of the Charities Act 201110 have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during the year that demonstrate public benefit are set out below. Page 1
SOUTH EAST WALES ENERGY AGENCY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charltable aetivlties When the charity was established in 1994 il was the only organization in the region raising awareness of climate change and offering free and impartial advice lo the public in ways lo combat il Ihfough energy efficiency and renewable energy. This was supplemented by providing tsngible assistance through securing grant fvnding lo reduce energy consumption in homes through installing insulation, modem healing systems and more re¢enly solar panels. The majority of our income to fttnd our free advice setvice came throLtgh managing these grant $¢hemes on behaK of energy suppliers and govemment. Now inlts 30th year, the charity is one of the UK'S oldest established Regional Energy Agencies. During this time the ¢harity has provided bespoke advice lo over 286.000 households, helped achieve ¢umulalive energy bill reductions of £165 million and reducod lifetime carbon emissions by 594.000 lonlles, the equÈvalent of planting over 2 million trees. Some £20 million in grant aid had been secured and directly funded improvements to more than 28,550 homes. The Energy Efficiency and Carbon Reduction Advice Line is a free and impartial service for householders although there has been an increase in on-line activity responding lo email enquiries. Whilst we were promoting the EC04 Flex energy saving grant scheme and had a very good response our efft)rts were hampered by one of the main local authOtieS we supported not adopting the scheme and the other two years on still not in position to approve applications. This is despite the necessary work being fully funded by the obligated energy companies. We provided the secretarial for the Caon Action Netwoth Cymru that has now been renamed the Association of Local Energy Officers. This consists of local government officers primaiily responsible for delivering home energy efficiency and carbon reduction ir¢iliatives. Whilst being domiant for several years it has now been revitalized with the main focus being to collaborate on delivering their EC04 Flex schemes. We have provided free energy survèys for village halls in conjunction with the Halls Together initiative and the Wye Valley AONB helping then access grants to make improvements. Working with Food Banks we have used our funds to provide Winter gift bags to their rectpients. Page 2
SOUTH EAST WALES ENERGY AGENCY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Due to the onerous contractual conditior¢s associated with managing fuel povety and erivironmental schemes for energy supplieTS and the Welsh Government now contracting with a single ¢ontraclor for all of Wales the decision was taken to discontinue our managing agent roles. This resulted In the traditsonal funding streams that were derived from fees for managing these projects eeased. Fortunately, due lo our level of reseNes we have been able to contlnue th our core activity, Ihat of providillg free and impartÉal advice to the public. Income for the year came solely from Inte51 on investments and amounted to £41.392 {2023'. £43,3311- The charity's expenditure in the year amounted to £83.752 {2023.. £104.2711. Despite the current level of income falling below that of expenditure the level of reseNes and the interest generated means that the charity will be able to continue providing Its core free and impartial advice service for some time to come. Reserves policy No longer acting as managing agents meant that we no longer needed to hold the high level of working capitsl required to finance such schemes. Therefote. we aim to run down our reserves to fund both our existing free advice wort( as well as funding new projects that support our wider charitable objecttves. It was decided that as there was little prospect of developing a purpose-built environment centre the £1.000,000 that had been designated for its constojction wll be used to fund a wider range of smaller projects. Therefore as at 31 March 2024 the charity had total fvnds of £2,065,155 (2023. £2,107,515) of these £6.56412023.. £7.3921 were restricted. Funds In deficit There are no funds in deficit. Princlpal funders Due to our high levels of reserves and opting out of previous managing agent work in the medium tem we no longer require or seek funding from external sources. As we do not receive or require funding from outside bodles such as govemment. local authorities, energy suppliers. etc. our advice can be seen to be truly independent and without bias. Fund raising code of practice The chartty has never raised funds from the public and eurrentty has no plans lo do so. It therefore does not have or need a ndraising code of practice or policy to protect vulnerable donors. Investment policy Reserves are held on deposit with security of the funds given a higher priority than higher returns that would introduce higher element of Tisk. We aim to pla funds where retums are competitive and covered al least in part by the UK Financial Services Compensation Scheme. Remuneratlon of seniorstaff The charity's policy is lo base the salary of senior staff by benchmarking them against other similar posts in the charity sector. Expenses of trustees The only expenses paid to trustees of the charity during Ihe year relaled to travel costs of £212 12023.. £127) for attending trustee meetings. Page 3
SOUTH EAST WALES ENERGY AGENCY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FUTURE PLANS Wilh the govemm8nl encouraging the installation of electriG heat-pumps in place of gas boilers the introduction of Ihls technology into homes will undoubtedly lead to an increase in both the requirement for advice prior lo taking decisions on installing the appropriate $ystems along with subsequent advice on operating the new equipment. We are therefore Prepared for the increased demand on our services in this area along with that relallng to the uptake In eleclriG vehi¢les and solar energy. Whilst lor reasons mentioned eadier, we will no longer be acting as managing agents for schemes il is our intention to use our reseNes and ineome generated from them lo meet gaps in the present provision of advice. We will continue to seek funding to install measures, particulady for those in fuel poverty or experienckng poor health and take every opportunity to assist by referring them into other existing schemes that may help. Over recent years many other org8nis8tlOll5 have entered Ihe domeslic energy advice and fuel poverty sector and so instead of duplicating the services available to the public it was decided to diversrfy away from solely energy and embrace our wider environmental charitable objectives, particularfy into areas less well served. We have Commenced pilot pr()jecls with primary schools to detetmine how we can use some of our funds lo ftjrther their environmental projects by providing capital equiprnent that is outside their limited and squeezed resources. This will allow pupils to gain hands on experienGe with fi)tsd production. including pollinators, food preparation avoiding produce associated with deforestation, water conservation and renewable energy. There is also a pllot with a community ntre and Cookalong Clwb to sponsor a family cooking initiative where parents and children can be laught how to cook economically, l)oth with sustainable healthy ingredients and with low energy use. We are looking at extending this to work with Food Banks and similar groups. Our work supporting community buildings to reduce their energy consumption and costs will continue as Ihere is little free assistance available for this group. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The eharily is a company limited by guarantee, govemed by its Memorandum and Articles of Association. The liability of each member is limited to £1. Appolntment of trustees The trustees are appointed by the Board of Trustees 2nd are selected ork the basis of their knowledge of the charity's activities, of sustainable energy. energy efficiency. housing, etc as this adds value lo the work of the charity. They are usually current or previoLES funders and $0 familiar with the management and workings of the charity, as well as the environment in which it operates. Oryanisation The Board of Trustees who are also directors of the company oversees the charity. The day-to4ay management and strategic direelion of the eharity rests with the Agency Director. Induetion of trusteé$ Al their time of appoinlmenL tnjslees are familiar with the work of the dtarity and have considerable experience of the field that we work in. The induction process therefore onEy involves infomiing them of their responsibilities as trustees and for this we use material provided by the Charity Comrnission. Related parties The charity is totally independent with no related parties. The charlly has no trading subsidiaries and no finan¢ial Interest in any other business or organisation. Risk management The trustees have procedures in place to idenlrfy and revlew the risks to which the eharity is exposed and to ensure appropriate controls are in place to provide reasonable assuran¢e against fraud and error. Page 4
SOUTH EAST WALES ENERGY AGENCY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 02898698 (England and Wales) Registèred Charlty number 1055753 Registsred office 8 Dinch Hill Unijy Caldicot Monmouthshire NP26 3JL Trustees A M Bassett Jones A T Roberts M E Roberts Agency Director and Company Secretsry A David Independont Examiner MHA (trading name of Maclntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 CARDIFF CF23 8RS Bank Cooperative Bank 16-17 High Street CARDIFF CF10 1AY Approved by order of the Board of Trustees on ... . and signed on its behalf by.. A David - Secretary Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTH EAST WALES ENERGY AGENCY LIMITED Independent examlner's report to the trustees Of South East Wales Energy Agency Llmlted I'the Company.) I report to the charlly trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's Iruslees of the Company (and also its directors for thè purposes of company lawl you are responsible for the preparation of the accounts in accordance with the reqLrirements of the Companies Act 2006 {'the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and a eligible for independent examination, I report in respect of my examination of your ¢harity's accounts as Caled out under Section 14S of the Charities Act 2011 {'Ihe 2011 Acl'l. In carying out my examination I have followed the Directions given by the Charrty Commission under Section 145(51 {bl of the 2011 Act. Independent examinerfs statemont I have completed my examination. I confirm that no Matte have come lo my attention In connection with the examination giving me cause to believe- accounting fecords were not kept in respect of the Company as required by Section 386 of the 2006 Act- or the accounts do not accord with those records- or the accounts do not comply with the accountin9 requirements of Section 396 of the 2006 Act other than any requirement that Ihe accounts give a true and fair view whtch is not a matter ¢orksidered as part of an independent examination-, or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance wtlh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10211. I have no concems and have come across no other matters in connection with the examination to which attenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Julia Mortimer FCCA MHA CARDIFF CF23 8RS MHA 15 the trading name of Maclntyre Hudson LLP Limited Liability Partnership in England and Walés (Registered number OC312313) Page 6
SOUTH EAST WALES ENERGY AGENCY LIMITED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Totsl funds Unrestricted funds Reslricled funds Notes INCOME AND ENDOWMENTS FROM Investment income Other income 41,392 41,392 25,224 18,107 Total 41,392 41,392 EXPENDITURE ON Charltable activltles Energy Efficiency Advice Centre Strategic activities Healthy Homes 73.168 4.878 73.168 4.878 5.706 84,114 18,098 2.059 828 Total 82,924 828 83.752 104.271 NET INCOMEIIEXPENDITURE) {41.5321 (8281 (42.360) (60,940} RECONCILIATION OF FUNDS Total funds brought fOard 2,100,123 7,392 2,107.515 2.168.455 TOTAL FUNDS CARRIED FORWARD 2.058.591 6.564 2.065.155 2.107.515 The notes form part of these financial statements Page 7
SOUTH EAST WALES ENERGY AGENCY LIMITED BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restrictsd funds Notes FIXED ASSETS Tangible assets 35,656 35.656 48,716 CURRENT ASSETS Debtors Cash at bank 12 795 2.024,312 795 2.030,876 160 2.060 674 2,025,107 6,564 2.031,671 2.060.834 CREDITORS Amounts falling due wlthln on6 year 13 (2.172) (2.172) (2,035) NET CURREMf ASSETS 2.022.935 6.564 2.029.499 2,058,799 TOTAL ASSETS LESS CURRENT LIABILITIES 2,058.591 2.065,155 2.107.515 NET ASSETS 2.058,591 6,564 2.065.155 2.107.515 FUNDS Unrestricted funds Restricted funds 14 2,058,591 2.100.123 7,392 TOTAL FUNDS 2.065,155 2.107,515 The charitable company is entltled to exemption from audit under Section 477 of the Companies 2006 for the year ended 31 March 2024. The members have not required Ihe company to obtain an audrt of its financiat statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities lor (a) ensuring that the charitable company keeps accounting records that comply wsth Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the stste of affairs of Ihe charttsble company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenbvise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) These financial ststements have been prepared in accordan with the provisions applicable to charitable compani6s subject to the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for Issue on .. and were signed on its behalf by: A T Roberts - Trus The notes fomi parl of these financial statements Page 8
SOUTH EAST WALES ENERGY AGENCY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION South East Wales Energy Agency Limited is a registered charity and private company limlted by guarantee without share capital, incorporated in Wales in the United Kingdom. The registered office is 8 Dinch Hill, Undy. Caldicot. Wales. NP26 3JL. The nature of the ¢haTitable CoMpanS operations and principal activities is disclosed wlthin the Report ofthe Tru$tee$. The financlal statements are presented in Sterling (£1, the charitys functional currency. and rounded lo the nearest pound. The significant accounting policie$ applied in the preparation of these financial statements are sel out below. These policies have been consistently applied lo all years presented unless otherwise staled. ACCOUNTING POLICIES Basis of preparing the financlal statements The financial 51alemenls of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1031 {effeelive l January 2019}'. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convenlion. There has been no departures from Financial Reporting Standard 102. Income All income is recognised in the Statement of Financial Activities once the charity has enlillement to the funds, it ts probable that the income will be received, and the amount can be measured reliably. This includes capital grants. Income from charltable activities Income fmm charitable activities includes inc(rne received under contract or where entittement to grant funding is subject to specific performance conditions. This income is recognised as the relaled services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient rellability- Income is deferred when the amounts received a in advance of the perfomance of the service or event lo which they relate. Investment Income Investment income is recognised on a re¢eivable basis. other in¢orne Other income includes gains on disposals of tangible fixed assets held for the charity's own use. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 aeeounled for on an a¢¢ruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to adivities on a basis consislenl with the use of resources. Expenditure on charitable activities comprises those costs incuned by the charity in the delivery of its activities and serv¢ce5 for its beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Page 9 continued...
SOUTH EAST WALES ENERGY AGENCY LIMITED NOTES TO THE FINANCIAL STATEMENTS - Gontinuod FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Expenditure Support costs are those costs that, whilst necessary to deliver an a¢tivty, do not themselves produce or constitute the oulpul of the charitable activity. This includes govemance costs which a Ihose costs associated with meeting the Constitutional and statutory requirements of the charity and include the aecounlancy fees and costs linked to the strategic management of the Charity as well as a proportion of salaries based on an approximation of lime spent in this area. AllocatSon and apportlonment of costs Support cos15 are allocated lo each activity on the basis of Ihe number of hours spent. Tangible fixed assets Depreciation is calculated so as to write off the cost of an asset, less ils estimated residual value, over the useful economic life of that asset as follows: Equipment- 33% of cost per annLtm Motor Vehicles- 25¥0 of cost per annum Taxation The charity is exempl from corporation tax on its charitable activities. Financlal instruments The charity only has financial assets and financial liabilities of a kind that qualify as a basic financial instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. Trade debtor5 and other debtors are recognised at the setuement amount due and prepayments are valued al the amouril prepaid. Creditors are recognised where the charily has a present obligation resulting from a past event that will ptobably result in the transfer of funds lo a third party and the amounl due to settle the obligation can be measured or estimated reliably. Creditors are normally re(x)gnised at their setttement amount after allowing for any trade discounts due. Funds structure Unrestricted funds represent resources available to be applied by the trustees for the gener21 purF)oses of the charity. Restrtcted funds are resources that the donor has 5b"pulated may only be applied for particular purposes within the harity'5 Qbjects. Designated funds are amounts set aside from the general unrestricted funds to be used for particular purposes. They remain part of unrestricted frjnds. INVESTMENT INCOME 2024 2023 Bank interest receivable 25.224 Page 10 continued...
SOUTH EAST WALES ENERGY AGENCY LIMrrED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 OTHER INCOME 2024 2023 Gain on sale of tangible fixed assets 18,107 CHARrrABLE ACTIVITIES COSTS Direct Costs (see note 6) Support costs {see note 71 Totals Energy Efficiency Advice Centre Strategic activities Healthy Homes 60,731 4.049 4.877 12,437 829 829 73,168 4.878 5.706 69.657 14,095 83,752 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs InsuTanc6 Motor and travel Gosts Telephone Marketing Sundry Office expenses Printing, postage and stationery Fees Healthy Homes project costs Depreciation 53.000 1,168 629 371 129 581 170 188 556 828 12.037 71,966 1,015 509 335 330 329 128 2,059 9,990 69,657 86.661 SUPPORT COSTS staff Costs Other costs Governance costs Depreciation Totsls Energy Efficiency Advice Centre Strategic activities Healthy Homes 5,501 367 367 1.874 125 125 392 26 26 4.670 311 311 12.437 829 829 6.235 2,124 444 5.292 14,095 Page 11 continued...
SOUTH EAST WALES ENERGY AGENCY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMEI{EXPENDITURE} Net in¢omel(expendilure} is staled after chargingllcreditingl.. 2024 2023 Independent examination fee DepreallOn- owned assets Surplus on disposal of fixed assets 1,950 14.161 1,950 11,753 18.107) TRUSTEES. REMUNERATION AND BENEFITS There were no twstees. remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trktstees. expense$ There were trustee's expenses of £212 (2023= £127} paid lo 2 trustees for the year ended 31 March 2024 for reimbursement of travel expenses. 10. STAFF COSTS 2024 2023 Wages and salaries Social secursly costs 59,925 2,428 80.931 3.735 62.353 84.666 The total key management personnel remuneration benefits paid during the year was £65.199 {2023: £65.8521. The average monthly number of employees during the year was as follows: 2024 2023 Administration stsff Advice workers No employees recewed emoluments in excess of £60,0(10. There were temiination payments during Ihe year of £NIL {2023- £9,585). Page 12 continued..
SOUTH EAST WALES ENERGY AGENCY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 MARCH 2024 11. TANGIBLE FIXED ASSETS Motor vehides Equipment Totals COST Al 1 April 2023 Additions 2,222 1.101 55.675 57,897 1,101 At 31 March 2024 3,323 55,675 DEPRECIATION At 1 April 2023 Charge for year 2,222 242 6,959 13.919 9,181 14.161 At 31 March 2024 2.464 20.878 23,342 NET BOOK VALUE At 31 March 2024 859 34.797 35.656 At 31 March 2023 48,716 48.716 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors VAT Prepayments and accrued income 146 176 473 74 86 795 160 13. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Social security and other taxes Accnjals and deferred income 100 2.072 2.035 2.172 2.035 14. MOVEMENT IN FUNDS Nel movement in funds At 3113124 At 114123 Unrestrlcted funds General fund Construction and maintenance of Environment Centre 1,100,123 141,532) 1,058,591 1.000.000 1.000,000 2.100,123 141.532} 2.058.591 Restricted funds Crisis Fund 7,392 18281 TOTAL FUNDS 2,107,515 42,360 2,065.155 Page 13 ¢onlinued.
SOUTH EAST WALES ENERGY AGENCY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 14. MOVEMENT IN FUNDS - contlnued Net movement in funds, included in the above are as follows: Incomlng resources Resources expended Movement in funds Unrestricted funds General fund 41,392 {82,924) 141,5321 Restricted fvnds Crisis Fund (828) (828) TOTAL FUNDS 41.392 83.752 42,3601 Comparatives for movement in funds Net movement in lunds Transfers beeen funds At 3113123 Al 114122 Unrestricted funds General fund Construction and rna1ntenan of Environment Centre 1.158,455 158.881) 549 1,100,123 1,000,000 1,000.000 2,158,455 {58.8811 549 2.100,123 Restricted funds Crisis Fund 10.000 {2.059} (5491 7.392 TOTAL FUNDS 2,168,455 60.9401 2.107,515 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted fvnds General fvnd 43.331 (102,2121 {58,8811 Restricted funds Crisis Fund 12,059) 12.059) TOTAL FUNDS 43,331 104.271) 60,940) Designated funds The Board of Trustees agreed to set up a designated fund of £1 million to cover the purchase and maintenance costs of a new Environment Cenlre. Page 14 Continued...
SOUTH EAST WALES ENERGY AGENCY LIMITED NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDED 31 MARCH 2024 14. MOVEMENT IN FUNDS - contlnued Restrlcted funds Crisis Fund This funding allows the organisalion to spend on low cost Élems. to assist low income farnllies. The items are dislribuled via oulrea¢h events attended. 15. RELATED PARTY DISCLOSURES During the year the charity paid s81ary of £NIL {2023'. £14,267) (including benefits in kindl plus a redundancy payment of £NIL (2023= £9,585) to a close family member of key management personnel. Page 15