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2023-03-31-accounts

Registered number: 03443349 Charity number: 1070942

THE MARCHES ENERGY AGENCY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 10
Independent auditors' report on the financial statements 11 - 14
Statement of financial activities 15
Balance sheet 16 - 17
Statement of cash flows 18
Notes to the financial statements 19 - 34

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Andrew Bryers (resigned 26 May 2023)
Frances Cullen
Christopher Deaves, Chair (appointed 16 May 2023)
Sarah Hopkins
Elliot Jones (appointed 16 May 2023)
Dr Mark Smith (resigned 7 June 2023)
Stephen Marsh (resigned 4 October 2023)
Company registered
number
03443349
Charity registered
number
1070942
Registered office
The Pump House
Coton Hill
Shrewsbury
SY1 2DP
Independent auditors
WR Partners
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Bankers
The Co-operative Bank
P.O. Box 250
Skelmersdale
WN8 6WT
Executive Director
Simon Ross (resigned 31 July 2023)

Page 1

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the company for the year ended 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (update effective 1 January 2019).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Marches Energy Agency (MEA), a registered charity, is a company limited by guarantee and, not having share capital, is governed in accordance with the provisions contained in its Articles of Association. The charity operates under the name The Marches Energy Agency.

Objectives and activities

a. Policies and objectives

Marches Energy Agency is a charity working with individuals, organisations, and communities in the East and West Midlands and beyond. MEA specialises in the delivery of practical, effective, and creative ways of promoting energy reduction and renewable energy solutions.

MEA grew out of the Shropshire Energy Team, which was established within Shropshire County Council with European funding in 1995. In 1998, it became an independent charitable company. MEA receives no public subsidy, and funding to employ its staff members comes from energy efficiency and renewable energy projects. More information about Marches Energy Agency and its activities are on the MEA website at www.mea.org.uk.

The charitable objectives of Marches Energy Agency are:

MEA Vision

We see a future in which buildings are warmer and cheaper to run; where those most in need live in warm and secure homes; where carbon emissions and energy use are being significantly reduced in line with carbon budgets; where trusted local installers have the confidence and technologies in place to achieve the reductions; and where people and communities are engaged in these changes.

Page 2

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Business Plan Objectives

MEA’s business plan sets out objectives for the following year, as well as longer term goals. This is the organisation’s key operational document. Its development has been with in conjunction with personnel at all levels and progress is shared at quarterly Trustees meetings as well as regularly with staff. The three main sections are: delivery, development and operations.

b. Activities undertaken to achieve objectives

Context

The Financial Statements for the year 2022-2023 are set out on pages 15-34 of the financial statements.

2022-23 has seen a stabilisation in staffing numbers, with the number of staff remaining at 41 over the period, after a period of considerable growth in the previous two years. A number of larger projects driving growth entered their second year. Demand for our services has been very high throughout the year, with the winter of period in particular seeing significant numbers of customers and partner agencies seeking our expertise for energy advice, customer journey support for household energy efficiency grant schemes and training. In addition, there has been a modest growth in our community focused activities as well as building retrofit capability and expertise amongst communities, installers and households who are undertaking self funded works. MEA’s reputation as a leading authority in the region on home energy efficiency and climate awareness, has been built on the increasing expertise of staff, both technically and with respect to supporting vulnerable customers. A strong track record of successful delivery and partnership has allowed us to secure repeat and new funding in the form of grants, service level agreements and some private donations.

MEA’s geographical footprint has shifted over the year. Activity has grown in Shropshire, which remains the focus of much of our work. Our work in Telford & Wrekin has also grown, with repeat funding for the Telford Energy Advice project bringing on board local partners and expertise and a stronger relationship with the Local Authority. Our focus has also shifted towards the East Midlands, with successful work on the Warmer Derby & Derbyshire project, Sustainable Warmth and Fuel for Food schemes helping us provide a comprehensive energy advice service for residents as well as cement our reputation with partners in the region. We have chosen to scale back our advice service in the Black Country, whilst retaining our Customer Journey Support services for the Sustainable Warmth programmes, allowing us to consolidate our organisational structures and staffing, whilst retaining some key regional partnerships.

Looking to the future, we will continue to build on our services to meet the expected need in householder support for increasing the energy efficiency of homes and reducing energy costs to meet basic needs. In addition, as the present and future consequences of climate change become ever more urgent, sustained, and meaningful action to reduce carbon emissions will require coordinated action, including at a local and community level.

Summary

In Financial year 2022-23 MEA provided energy advice and support to over 11,500 householders, increasing by 2,000 from last year, providing energy advice over the phone and at over 1,000 home visits. We have partnered with 319 organisations, training their staff to deliver energy advice, and referring on for further support including energy efficiency measures, financial advice, and crisis interventions. Energy efficiency measures, installed as a result of referrals, include Air Source Heat Pumps, internal and external wall insulation, energy efficient storage heaters and solar PV.

Page 3

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Progress Against Business Plan

MEA’s business plan sets out objectives for the following year, as well as longer term goals. In the last year, this has become the key operational document. Development has been in conjunction with personnel at all levels and progress is shared at quarterly Trustees meetings as well as regularly with staff. The three main sections of the plan are: delivery, development and operations.

• Delivery – key achievements and developments include:

Providing a positive response for struggling households through the energy crisis. Our energy advisors have continued to provide a triaged service throughout an extremely busy winter. We have increased the capacity of others to provide basic advice to others, through training, working through partner agencies to provide financial guidance and guidance support and the provision and dissemination up to date materials. Our support is therefore focused on those cases where our energy expertise and access to funding is most impactful.

Building positive relationships with trusted installers was identified as key to enabling householders to access appropriate energy efficiency measures that are fitted in a timely way. Whilst the instability of the wider policy landscape, grant schemes and rapid technological innovation have all recreated significant challenges for installers, particularly smaller locally based businesses, the organisation has continued to work strongly throughout our projects to build constructive relationship with installers on our framework and those procured by council run schemes.

• Development – key achievements and developments include:

Strengthening support for complex households. MEA has developed a team-based approach to supporting households with complex needs, allowing access to a range of project specific expertise. We aspire to a make a life-changing difference households, which can be captured and shared as case studies.

We have also developed our expertise and capability to deliver a ‘whole house approach’ to retrofit, in accordance with current frameworks such as PAS 20-35. Staff have accessed specialist retrofit training, and we now have capacity to deliver Energy Performance Certificates and Retrofit Assessments in house. With further staff undertaking training, we anticipate this as being an area of growth for 2023/4.

• Operations – key achievements and developments include:

Senior Managers have focused on building staff confidence to act, for example through a focus on this at our Away Days. Due to increasing opportunities, a number of staff have received internal promotions and continue to grow the breadth of expertise and succession strategy should that be required. We have also been building our financial reporting structures and strengthening internal controls and processes, including undertaking a scoping exercise for an automated system to be introduced in the next financial year.

Area based activity

Cross area collaboration, partnership working and building the capacity of other organisations has continued to feature strongly in our work. We have introduced cross area managerial roles, including an Advice Service Manager and Senior Project Manager for Retrofit. These managers work closely with the Area Leads to ensure any work is appropriately tailored to local needs. Our Sustainable Warmth Customer Journey Support Teams for Derbyshire, Marches & the Black Country, for example, work collaboratively across areas to share insights, as well as with the local delivery teams and on the ground support. MEA has been contracted to continue to act as West Midlands Regional Coordinator for the Affordable Warmth programme for Western Power Distribution (now National Grid Electricity Ltd) and Big Energy Saving Network and have delivered home visits and telephone advice across our areas as part of a continuing new partnership with Cadent.

Page 4

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Shropshire, Telford & Wrekin

Activity in Shropshire, Telford & Wrekin is undertaken by the Marches Team, much of it under the local branding of Keep Shropshire Warm and Telford Energy Advice.

In Shropshire, MEA has continued to work strongly with Shropshire Council to deliver Keep Shropshire Warm and has delivered multiple energy advice and capital retrofit projects for householders under this branding. These include:

IIn Telford & Wrekin, Telford Energy Advice has continued to act as the main point of contact for energy advice for residents. With Telford & Wrekin Council MEA has delivered top up funding for grants for home energy efficiency works as well as providing home visits and advice as part of projects funded by Western Power Distribution and others. We have also taken on management of their ECO4 process, and deliver the Customer Journey Support for LADS, as part of Marches wide funding.

In Shropshire, Telford & Wrekin we have delivered, monitoring and evaluation work as part of the Connexus Warmer Homes Project, Age UK Home Energy Checks, small grant and crisis funding including prepayment meter vouchers.

Derby & Derbyshire

Our Derby & Derbyshire Team is now established and integrated within the area.

Dudley, Sandwell, Walsall & Wolverhampton (Black Country)

Under the banner of Warmer Homes West Midlands, MEA delivered a range of Energy Advice and interventions in the Black Country (local authority areas of Dudley, Sandwell, Walsall & Wolverhampton) until November 2022. In addition we provided Customer Journey Support for the Local Authority Delivery scheme, which will continue as part of a two year programme.

c. Volunteers

MEA welcomes volunteers for limited roles within the charity. In the past year, three people have volunteered for MEA. In addition to that, all Trustees are volunteers.

d. Main activities undertaken to further the Company's purposes for the public benefit

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 and in particular to its supplementary public benefit guidance.

Page 5

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. Review of activities

The major expenditures in the past year have included:

The charity’s funds have all been applied in accordance with its objects. The charity’s assets are all being maintained in furtherance of these objects.

b. Investment policy and performance

Under the Memorandum and Articles of Association, the charity has the power to invest and deal with the monies of the charity, not immediately required for the purposes of the Objects, in investments and securities. During this reporting period such monies have been placed in an interest bearing account.

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company 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. Reserves policy

MEA employs 41 staff, all of whom have a specialised knowledge and experience. Retaining this workforce in order to maintain our services to the community is reflected in these reserves. Funding our projects is an area in constant change and our reserves are flexed to reflect this. The Policy agreed by the Board of Trustees is to aim for a minimum reserves level of £265,497. This level of reserves is sufficient in order for the Charity to settle any non cancellable liabilities as they fall due, including statutory staff costs.

The free reserves at the end of the year stood at £285,518 (2022: £204,104) and indicate a sufficient level of reserves to meet these commitments at year end. Forecasts indicate Trustees would expect to increase free reserves over the next 12 months.

c. Principal risks and uncertainties

The Board of Trustees have explored and assessed the major risks to which the charity is exposed, notably those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks facing the charity. The adoption of a reserves policy has provided a guide to the level of reserves necessary to address any major risks that could potentially arise.

Page 6

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

d. Income generation

The main sources of income during the last year have been from: Local Authorities including:

e. Summary

MEA has increased unrestricted reserves again this year. In addition, the pipeline of potential work is looking encouraging and long-standing customers continue to support our work. MEA will continue to trim costs and overheads where possible.

Page 7

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

a. Constitution

Marches Energy Agency, a registered charity, is a company limited by guarantee and registered in England and Wales. Not having share capital, it is governed in accordance with the provisions contained in its Articles of Association. The Charity operates under the name The Marches Energy Agency.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

The Executive Director, Simon Ross, resigned on 31st July 2023. An Interim Management Committee has been appointed by the Trustees to manage day to day operations. A new Chief Executive Officer has accepted an offer of employment and formal appointment is expected to complete in February 2024.

d. Policies adopted for the induction and training of Trustees

All potential new trustees are briefed on the work of MEA by the Director/Interim Management Committee and by the Chair of Trustees. All new trustees are provided with a copy of MEA’s Memorandum and Articles and with a copy of the Charity Commission’s CC3 – The essential trustee what you need to know guide, which they read, as well as undertaking a programme of induction.

e. Pay policy for key management personnel

MEA’s pay for key management personnel is reviewed annually by the Board and recommendations implemented on 1 October each year. Pay is linked to performance, as determined through MEA’s performance appraisal process, in accordance with the salary policy, and according to pay structures.

f. Related party relationships

All Trustees are volunteers, and no remuneration is paid. Travel expenses may be reimbursed, if requested by a trustee. All Trustees complete annual conflict of interest forms. There have been no transactions with those persons and entities that are closely connected to the charity or its trustees.

g. Financial risk management

The Board of Trustees have explored and assessed the major risks to which the charity is exposed, notably those relating to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to the major risks facing the charity. The adoption of a reserves policy and the meeting of the reserves target identified within that policy have further mitigated exposure to the major risks facing the charity.

h. Trustees' indemnities

MEA holds appropriate levels of Professional Indemnity and Public Liability Insurances as protection against errors of judgement and mistakes in our professional undertakings.

Page 8

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

MEA will continue to develop its offer and support for fuel poor householders including understanding better the health and wellbeing benefits of our work. MEA will also be looking to develop its climate change work again, after a long period of very limited work and a difficult policy environment. MEA has recently appointed a new Chief Executive Officer who will take up the post in February 2024.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 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:

The Trustees 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.

Disclosure of information to auditors

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

Page 9

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Auditors

Appointment of auditors, for the next financial year, is being considered by Trustees. The designated Trustees will propose a motion to appoint auditors at a meeting of the Trustees.

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

Christopher Deaves

Chair

Date: 5th December 2023

Page 10

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARCHES ENERGY AGENCY

Opinion

We have audited the financial statements of The Marches Energy Agency (the 'charitable company') for the year ended 31 March 2023 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).

In our opinion the financial statements:

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 charitable company 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 charitable company'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 11

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARCHES ENERGY AGENCY (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:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARCHES ENERGY AGENCY (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 reviewed the susceptibility of the charitable Company's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion.

• We reviewed the charitable Company's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the charitable Company and its environment and identify any instances of non-compliance.

• We also assessed the charitable Company's internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures.

• The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charitable Company awareness to carry out our work to the required standard.

Because of 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 13

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MARCHES ENERGY AGENCY (CONTINUED)

Use of our report

This report is made solely to the charitable Company'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 charitable Company'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 charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

WR Partners

Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Date:

WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Net (expenditure)/income
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
50,000
2,095,809
-
2,145,809
2,174,487
2,174,487
(28,678)
(79,235)
(107,913)
252,399
(107,913)
144,486		 Unrestricted
funds
2023
£
1,694
148
418
2,260
1,638
1,638
622
79,235
79,857
217,683
79,857
297,540		 Total
funds
2023
£
51,694
2,095,957
418
2,148,069
2,176,125
2,176,125
(28,056)
-
(28,056)
470,082
(28,056)
442,026		 As restated
Total
funds
2022
£
1,153
1,608,743
36
1,609,932
1,455,907
1,455,907
154,025
-
154,025
316,057
154,025
470,082

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

The notes on pages 19 to 34 form part of these financial statements.

Page 15

THE MARCHES ENERGY AGENCY (A company limited by guarantee) REGISTERED NUMBER: 03443349

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets		 557,611
170,441
728,052
(298,048)		 2023
£
12,022
12,022
430,004
442,026
442,026
442,026		 236,747
439,987
676,734
(220,231)		 As restated
2022
£
13,579
13,579
456,503
470,082
470,082
470,082

Page 16

THE MARCHES ENERGY AGENCY (A company limited by guarantee) REGISTERED NUMBER: 03443349

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

Note
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 2023
£
144,486
297,540
442,026		 As restated
2022
£
252,399
217,683
470,082

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

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

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

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

Christopher Deaves Chair

Date: 5th December 2023

The notes on pages 19 to 34 form part of these financial statements.

Page 17

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 19 to 34 form part of these financial statements		 2023
£
(271,391)
(418)
(4,637)
6,900
1,845
-
(269,546)
439,987
170,441		 As restated
2022
£
180,264
(36)
(13,641)
-
(13,677)
-
166,587
273,400
439,987

Page 18

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Marches Energy Agency is a private company limited by guarantee, incorporated in England and Wales, with its registered office and principal place of business at The Pump House, Coton Hill, Shrewsbury, SY1 2DP.

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) (update effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Marches Energy Agency 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 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member.

Page 19

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 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.

Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 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.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

2.5 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Page 20

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles - 4 year straight line - Office equipment 5 year straight line - Computer equipment 5 year straight line

2.6 Going concern

The financial statements have been prepared on the going concern basis.

The Trustees assess whether the use of the going concern basis is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the abillity of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 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.

2.9 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 company 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. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Liabilities are recognised at the amount that the Company 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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

Page 21

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.10 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.

2.11 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 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.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

3. Income from donations and legacies

Donations
Total 2023
Total 2022		 Restricted
funds
2023
£
50,000
50,000
-		 Unrestricted
funds
2023
£
1,694
1,694
1,153		 Total
funds
2023
£
51,694
51,694
1,153		 Total
funds
2022
£
1,153
1,153

Page 22

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from charitable activities

Project income
Total 2023
Total 2022 as restated		 Restricted
funds
2023
£
2,095,809
2,095,809
968,803		 Unrestricted
funds
2023
£
148
148
639,940		 Total
funds
2023
£
2,095,957
2,095,957
1,608,743		 As restated
Total
funds
2022
£
1,608,743
1,608,743

The prior year restatement relates to the impact of a misclassification of VAT on project work. The change has resulted in a reduction in prior year reported project income of £17,263 (refer to note 13). The change has also resulted in an increase in prior year reported project costs of £28,857 and support costs of £6,692 (refer to note 6).

5. Investment income

Investment income
Total 2023
Total 2022		 Unrestricted
funds
2023
£
418
418
36		 Total
funds
2023
£
418
418
36		 Total
funds
2022
£
36
36

Page 23

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Analysis of expenditure by activities

Charitable Activities
Total 2023
Total 2022 as restated
Analysis of direct costs
Wages
Project costs
Total 2023
Total 2022 as restated		 Activities
undertaken
directly
2023
£
1,916,572
1,916,572
1,295,778		 Support
costs
2023
£
259,553
259,553
160,129
Activities
2023
£
846,424
1,070,148
1,916,572
1,295,778		 Total
funds
2023
£
2,176,125
2,176,125
1,455,907
Total
funds
2023
£
846,424
1,070,148
1,916,572
1,295,778		 As restated
Total
funds
2022
£
1,455,907
1,455,907
As restated
Total
funds
2022
£
560,101
735,677
1,295,778

Page 24

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Support staff salaries
Depreciation
Motor expenses
Travel & subsistence
Office expenses
Rent
Accountancy
Professional fees
Postage and stationery
Sundry
Irrecoverable VAT
(Profit)/loss on disposal of fixed assets
Website costs
Advertising and promotion
IT & Telecommunication provision
Staff training & recruitment
Premises maintenance
Insurance
Governance costs
Total 2023
Total 2022 as restated		 Activities
2023
£
146,494
4,358
2,062
251
11,079
14,015
7,110
2,145
6,114
2,285
11,872
(5,064)
-
-
26,983
9,981
1,959
2,833
15,076
259,553
160,129		 Total
funds
2023
£
146,494
4,358
2,062
251
11,079
14,015
7,110
2,145
6,114
2,285
11,872
(5,064)
-
-
26,983
9,981
1,959
2,833
15,076
259,553
160,129		 As restated
Total
funds
2022
£
80,484
5,132
2,863
1,221
5,212
10,248
3,374
1,646
2,703
643
6,692
-
365
475
19,016
8,495
-
2,560
9,000
160,129

7. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £10,175 ( 2022 - £12,000 ).

Page 25

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
886,403
70,220
36,295
992,918		 2022
£
575,510
44,294
20,781
640,585

The average number of persons employed by the Company during the year was as follows:

2023 2022
No. No.
Employees 41 27

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel received remuneration of £132,275 (2022: £89,669) during the year. No benefits were received.

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, expenses totalling £ 106 were reimbursed or paid directly to 1 Trustee (2022 - £NIL ). The amount reimbursed related to travel expenses.

Page 26

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Motor
vehicles
£
7,350
-
(7,350)
-
5,514
-
(5,514)
-
-
1,836		 Office
equipment
£
1,530
500
-
2,030
1,330
300
-
1,630
400
200		 Computer
equipment
£
31,266
4,137
-
35,403
19,723
4,058
-
23,781
11,622
11,543		 Total
£
40,146
4,637
(7,350)
37,433
26,567
4,358
(5,514)
25,411
12,022
13,579

Page 27

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2023
£
370,732
186,879
557,611		 2022
£
203,791
32,956
236,747

12. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
86,645
149,435
61,968
298,048		 As restated
2022
£
54,686
80,591
84,954
220,231

13. Prior year adjustments

The accounts have been restated to incorporate the impact of a misclassification of VAT on project work. The change has resulted in unrestricted funds at 31st March 2022 reducing by £59,618, of which £52,813 relates to 2022 and £6,805 relates to periods prior to 2022. The impact has also been to increase the prior year other creditors balance by £59,618. The impact on income and expenditure is disclosed in note 4.

Page 28

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
Derby City Council & Local
Derby Councils
Sundry Projects
Connexus Housing Group
Wrekin Housing Group Ltd
Energy Saving Trust
Cadent Gas Limited
Telford & Wrekin Council
Shropshire Council & Local
Town Councils
Projects with Partner Charities
Nottingham Energy Partnership
Nottingham City Council
Electricity North West
Western Power Distribution
Herefordshire Council
Restricted Donations
Home Upgrade Phase 2 - Black
Country
Home Upgrade Phase 2 -
Derbyshire
Home Upgrade Phase 2 -
Marches
Total of funds		 Balance at 1
April 2022
£
217,683
49,410
4,008
-
-
27,352
-
7,900
-
37,812
37,690
88,227
-
-
-
-
-
-
-
252,399
470,082		 Income
£
2,260
157,094
18,029
26,622
8,042
768,516
227,448
11,503
163,322
194,695
119,240
195,923
20,800
125,025
17,879
50,000
1,925
13,675
26,071
2,145,809
2,148,069		 Expenditure
£
(1,638)
(146,600)
(25,650)
(28,646)
(4,452)
(767,331)
(225,084)
(23,613)
(160,450)
(217,407)
(123,294)
(270,625)
(8,843)
(107,603)
(20,126)
(38,096)
-
-
(6,667)
(2,174,487)
(2,176,125)		 Transfers
in/out
£
Balance at 31
March 2023
£
79,235
297,540
(17,561)
42,343
8,360
4,747
2,024
-
(3,590)
-
(28,537)
-
12,637
15,001
4,210
-
14,663
17,535
(15,100)
-
(30,636)
3,000
1,275
14,800
(11,957)
-
(17,422)
-
2,247
-
156
12,060
-
1,925
-
13,675
(4)
19,400
(79,235)
144,486
-
442,026

Page 29

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Derby City Council & Local
Derby Councils
Sundry Projects
Connexus Housing Group
Wrekin Housing Group Ltd
Energy Saving Trust
Cadent Gas Limited
Telford & Wrekin Council
Shropshire Council & Local
Town Councils
Projects with Partner Charities
Nottingham Energy Partnership
Nottingham City Council
Total of funds		 As restated
Balance at
1 April 2021
£
199,258
79,243
-
4,400
-
33,156
-
-
-
-
-
-
116,799
316,057		 As restated
Income
£
641,129
81,542
9,677
6,726
4,149
181,833
1,860
63,934
80,965
117,678
139,705
280,734
968,803
1,609,932		 As restated
Expenditure
£
(633,124)
(126,130)
(7,078)
(15,222)
(4,149)
(211,703)
(8,215)
(50,345)
(103,598)
(48,565)
(45,694)
(202,084)
(822,783)
(1,455,907)		 As restated
Transfers
in/out
£
10,420
14,755
1,409
4,096
-
24,066
6,355
(5,689)
22,633
(31,301)
(56,321)
9,577
(10,420)
-		 As restated
Balance at
31 March
2022
£
217,683
49,410
4,008
-
-
27,352
-
7,900
-
37,812
37,690
88,227
252,399
470,082

Page 30

THE MARCHES ENERGY AGENCY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Restricted Funds

Energy Saving Trust - Energy Saving Trust administer the Energy Redress Scheme. This provides funding for a variety of projects supporting vulnerable customers in Marches, Derby and West Midlands as well as a project building the capacity of domestic retrofit works in the Marches.

Cadent Gas Limited - One project to develop a home energy audit app and one project supporting vulnerable people with home visits and telephone support.

Electricity North West - A project supporting Electricity North West customers in North West Derbyshire.

Western Power Distribution - A consortium project providing affordable warmth advice and support across the West Midlands area.

Nottingham City Council - Customer journey support for Local Authority Delivery in Shropshire, retrofitting energy inefficient homes in areas of poverty and need.

Herefordshire Council - Support for eligible Herefordshire householders to retrofitting homes.

Restricted Donations & legacies - Donation from a benefactor interested in developing net zero carbon in South Shropshire.

Nottingham Energy Partnership - Two projects providing customer journey support for Local Authorities in Derby & Derbyshire , retrofitting homes for vulnerable areas in the community.

Telford & Wrekin Council - Enabling low income and vulnerable householders in Telford & Wrekin to access funding for home enery efficiency improvements and the provision of training on the impact of cold homes to health workers.

Shropshire Council & Local Town Councils - Funding from Shropshire Council and other local town councils in Shropshire, for a variety of projects supporting low income and vulnerable customers, for example with debt relief, energy efficiency measures and advice, including customer journey support for some national initiatives.

Derby City Council & Local Derby Councils - Funding from Derby & Derbyshire Councils and other local councils in the area, for a variety of projects supporting low income and vulnerable customers, for example with debt relief, energy efficiency measures and advice, including customer journey support for some national initiatives.

Projects with Partner Charities - Local Authority Delivery customer journey support in the Black Country and Warmer Homes West Midlands energy advice service, delivered as part of a partnership with Act on Energy. Big Energy Saving Network, training front line workers and delivering energy advice to members of the public in community settings.

Connexus Housing Group - Two projects one supporting and advising tenants on energy savings and one a development project around improving property energy efficiency.

Wrekin Housing Group Ltd - Two projects one supporting and advising social housing tenants on energy savings and one a development project around passive houses

Page 31

THE MARCHES ENERGY AGENCY

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Home Upgrade Phase 2 - Marches - Customer journey support for Local Authority Delivery in Marches retrofitting energy inefficient homes in areas of poverty and need.

Sundry Projects - Small projects with charities and town councils supporting vulnerable householders with energy efficiency and providing net zero carbon audits on town council buildings.

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
£
-
144,486
-
144,486		 Unrestricted
funds
2023
£
12,022
583,566
(298,048)
297,540		 Total
funds
2023
£
12,022
728,052
(298,048)
442,026

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
-
252,399
-
252,399		 Unrestricted
funds
2022
£
13,579
424,335
(220,231)
217,683		 Total
funds
2022
£
13,579
676,734
(220,231)
470,082

Page 32

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operating activities
18.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
19.
Analysis of changes in net debt
Cash at bank and in hand		 of Financial
At 1 April
2022
£
439,987
439,987		 2023
£
(28,056)
4,358
418
(5,064)
(320,864)
77,817
(271,391)
2023
£
170,441
170,441
Cash flows
£
(269,546)
(269,546)		 As restated
2022
£
154,025
5,132
36
-
(137,375)
105,634
127,452
2022
£
439,987
439,987
At 31 March
2023
£
170,441
170,441

Page 33

(A company limited by guarantee)

THE MARCHES ENERGY AGENCY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,295 (2022: £20,998). £608 (2022: £808) was payable to the fund at the balance sheet date and is included in other creditors due within one year.

21. Operating lease commitments

At 31 March 2023 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2023
£
11,635
17,260
28,895		 2022
£
7,495
4,997
12,492

22. Related party transactions

During the year, sales of £52,648 were made to South Shropshire Climate Action (2022: £2,963). Purchases totalling £41,598 (2022: £5,257) were received from South Shropshire Climate Action and a restricted reserves balance of £12,445 was held at 31 March 2023. Frances Cullen (Trustee) and Simon Ross (Executive Director) are Communications Chair and Lead Member respectively for South Shropshire Climate Action.

Page 34