Registered number: 03443349 Charlty number: 1070942 THE MARCHES ENERGY AGENCY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protecting your future.
THE MARCHES ENERGY AGENCY (A company limlted by guarantea) CONTENTS Page Reference and admlnlstratlve detalls of the Company, its Trustees and advlsers Trustees. raport 2-10 Independent auditors, report on the financial statements Statement of financial activities 15 Balance sheet 16 Statement of cash flows 17 Notes to the financlal statements 18-33
THE MARCHES ENERGY AGENCY (A Company limltsd by guaranl¢e) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND VISERs FOR THE YEAR ENDED 31 MARCH 2024 Trustees Chrlslopher Deaves. Chalr (appolnted 16 May 2023) Andrew Bryers (resigned 26 May 2023) Angela Cattemle (appointed 29 February 2024) Frances Cullen Rufus Dean (apFointed 29 February 2024, resigned 16 June 2024) John Green (appolnted 18 Juty 2024) Sarah Hopkins (resigned 4 Decemb8r 2024) Elllot Jones {appolnted 16 May 2023) Stephen Marsh (reskJned 4 October 2023) Dr Mark Smith (resigned 7 June 2023) Company reglstered numb8r 03443349 Charlty reglstered fturnr 1070942 Reglstered office The Pump House Coton Hill Shrewsbury SY12DP Independent audltors WR Partners Chartered Aco)unlants ststutory Audltors Belmont House Shrewsl)ury Business Pa ShrvwsIry Shropshlre SY2 6LG Bankers The Cowoperative Bank P.0. Box 250 Skelmersdala WN8 6WT Trlodos Bank Dnery Road Brlstol BS15AS ExKutlve Dlrector Simon Ross (resigned 31 July 2023) Chlef Execullve Anna Brennand (appolnted 29 Febwary 2024) 8enlor Management Team Davina Allen - Operatl(ns Manager Phllip Towers - 8usines8 Support Man89er Julie Birtles - Finance Manager Page 1
THE hlARCHES ENERGY AGENCY IA company limlteql by guarantso) TRUSTEES, REPORT FOR THE YEAR ENDED 31 IIARCH 2024 The Trustees present their annual report together with the financial ststements of Ihe company for the ar ended 31 Marth 2024. The Trustees qx)nfirm that Ihe Annual Report and financial statements of the company comply with the currenl slatutory requirements, the requirements of the companys goveming document and the provisions of the Statement of Recommended Practi (SORP). applicable to charittes preparing their accounts in accordan wsth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (update effective 1 January 2019). Slnce the Lx)mpany qualifies as small under section 383, the StraI1C report requlred of medium and large companies under The CompleS Act 2006 (Strateglc Report and Direclo¢s Report) Regulations 2013 is not required. Marches Energy Agency (MEA). a registered charty. is a company limited by guarantee and, not having share (*pital, is govemed in accordance with the provisions contained in Its Arllcl68 of Association. The tharity operates under the name The Mar&Es Energy Agency. ObJectlve8 and actMtle¥ . Pollcles and objectlves Marches Energy Agency is a tharity working wlth IrKlivlduals, organisatlons, and communltles In the East and West Midlands and beyond. MEA spe(xalises In the dellvery of practlcal. effective. and creatlve ways of promotlng energy reductton and renewable energy solutions. MEA grew out of the Shropshire Energy Team, which was established within Shropshir8 County Council with European fundlng In 1995. In 1998, it became an irKlependent charitable compary. MEA receives no public subsidy. and fundtrKJ to empby its staff members comes from energy efficiency and renewable energy projects. More infomiatlon about Marches EnergyAgency and its activities are on the MEA website at vThM.m8a.org.uk. The charitable objectives of Marthes Energy Agency are: The advancement of education for the publlc tEnefiL In p8CUlar. but not exclusively, in relation to energy conservalion, the effictent use of energy and the utillsation of renewable sources of energy. The promotion. conseNallon. enhancement and improvement of the envlronment and Ihe encouragement of understanding and awareness of the importare of sustainable development in particular t)ut not 8xdusively in the Marches area of Engld and Wales. The relief of poverty and the preservation and protection of health by promoting the efficient use of eneryy {includlng energy for heating purposes) and utillsalion of renewablo styjrceg of energy. MEA Vlsion We see a future in which bulklings are warmer and theaper lo run; where those mosi in need Ilve In warm and secure homes. where carbon emissions and energy use are being significanlly reduced In Ilne wlth carbon budgets. where trusted local Inslallers have the confidence and technologles In place to athieve the raductions; and vthere people and communlttes are engaged in ltrese changes. Page 2
THE MARCHES ENERGY AGENCY IA company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvltles (contlnued) Business Plan Objectives MEA'S business plan sets out objectives for the following year. as well as longer term goals. The three main sections are.. delivery, development and operations. b. Activities undertaken to aGhieve objectives Context The Financial Statements for the year 2023-2024 are set out on pages 1 &34 of the financial statements. 2023-24 has seen further growth in staffing numbers, with the number of staff at 46 by the end of the year. A number of larger projects entered their second year and successful applications for repeat funding has helped drive growth. 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 joumey support for household energy efficiency grant sch8mes and training. In addition, there has been a modest growth in our community focused activities, as vrfell as building retrofit capability and expertise amongst communities, installers and households who are undertaking self-funded works. MEA'S reputation as a leading authorty in the region on l)ome 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 ¥ucGessful delivery and partnership has allowed us to secure repeat and new funding in the form of grants, service level agreem8nts and some private donations. MEA'S geographical footprint has remained stable. Activty has grown in Shropshire, as well as in Telford & Wrekin, with the Telford Energy Advice project continuing to bring together local partners and expertise and a strongar relationship with the Local Authority. Work in the East Midlands continues to flourish, with successful work on the Warmer Derby & Dert)yshire project, Sustsinable Wamith and Fuel for Food schemes helping us provide a comprehensive 8nergy advic8 service for residents, as well as cement our reputation with partners in the region. In the Black Country, which includes, Sandwell & Dudley and Wolverhampton, we retain our Customer Journey Suppart services for the Sustainable Wamith programmes. 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 ctimate change become ever more urgent, sustsined, and meaningful action to reduce carbon emissions will require coordinated action, including at a local and communty level. Summary In Financial year 2023-24 MEA prOVed energy advice and support to over 14.500 householders, providing energy advice over the phone and in person at events. We visited over 800 homes to give more detailed energy advice and support. We have worked with 319 organisations and trained over 450 front-line workers to deliver energy advice. and referring on for further support including energy efficiency measures, financial advi, and crisis interventions. Energy efficiency measures, installed as a result of referrals to over 1,000 homes, include Air Source Heat Pumps, internal and extemal wall insulation. energy efflent storage heaters and solar PV. Page 3
THE MARCHES ENERGY AGENCY IA company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities Icontlnued) Progress Agalnst Buslness Plan MEA'S business plan sets out objectives for the following year. as well as longer temi goals. Devebpment has been in conjunction with personnel at all Jevels and progress is shared at 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 SeiCe throughout an extremely busy winter. We have increased the capacty of others to provide basic advi, through training, working through partner agencies to provide financial guidance and guidance support and the provision and dissemination of 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 in5tall8rs was identified as key to enabling householders to a$S appropriate energy efficiency measures that are fitted in a tim8ty way. Whilst the instsbility of the wider policy landscape, grant schemes and rapid technological innovation have all created 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 te8m-based approach to supporting households with complex needs, allowing access to a rang8 of project 8pKIf expertise. We aspire to a make a lrfe changing difference to households, which Can be captured and shared 88 case studies. We hav8 also developed our expertise and capability to deliver a 'whole house approach, to retrofrt, in accordan with current frameworks such as PAS 20-35. Staff have accessed specialist trofit training, and we now have capacity to deliver Energy Performance Certificates and Retrofrt Assessments in house. We have also developed an innovative new Heat App through funding support from Cadent, which will provide detailed infomiation on potential energy savings for householders through analysing their use of appliances and energy in their home. Operations- key achievements and developments include: Senior Managers have focused on building stsff Confiden 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 intemal controls and processes, including the introduction of a new accounting system. Area based activity Cross area collaboratton, partnership working and building the capacty of other organisations has continued to feature strongly in our work. We have introduced cross-area managerial roles. including an Advtce 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 Joumey 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 deliver home visits and telephone advice across our areas as part of a continuing partnership with Cadent. Page 4
THE MARCHES ENERGY AGENCY IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (continued) Shropshlro, Tolford & Wrekin Activity in Shropshire, Telford & Wrekin is undertaken by the Marches Team, much of it under the local branding of Keep Shropshire Wami and Telford Energy Advice. In Shropshire. MEA has continued to work closely with Shropshire Council to deliver Keep Shropshire Wann and has deliveraj multiple energy advice and capital retrofit projects for householders under this branding. These include.. Heafthy Homes Shropshire, which has 8ecured repeat funding through Energy Redr88S. Customer journey support for the Sustainable Warmth programmes, prinGipally the Home Upgrade 2 {HUG2) projects). South Shropshire Climate Action community project. In Telford & Wrekin, Telford Energy Advice has continued to act as the main point of contact for energy advice for residents. Wtth Telford & Wrekin Council MEA has delivered top up funding for granls 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 EC04 process, and deliver the Customer Journey Support for HUG2, as part of Marches wide funding. In Shropshire and Telford & Wrekin we have delivered, monitoring and evaluation work as part of the Connexus Wamier Homes Project, Age UK Home Energy Checks, small grant and crisis funding including prepayment meter vouchers. Derby & Derbyshlre Our Derby & Derby8hire Team 18 well estsblished and integrated within the area. The Warmer Derby & Derbyshire project has progressed and the partnership5 Wlth Boznia and Herzegovina Society in Derby and Sahahra hub in Derby have worked well. Fuel for Food, supporting fo¢xI bank users in Derbyshire with energy advice, debt support, small energy efficiency measures. The project has provided vital support for vary vulnerable households during the energy crisis. Customer journey support for HUG2, in partnership with local councils. Dudley. Sandwell, Walsall & Wolverhampton (Black Country MEA delivered Customer Journey Support for the HUG2 programme. c. Stafflng During the year Simon Ross, the chartys k)ng-serving Director stepped down and Trustees started the recruitment process to appoint a new CEO. Simon has been involved with MEA since 2007 and became Director in 2014. During his tenure he grew the organisation from a tumover of £220k to £2.9m in 2023124 and introduced many initiatives induding phone help lines. support for householders with energy debt, 8vants, training sessions and many new projects. In February 2024 Anna Brenn8nd w8S 8ppointed as MEA'S new CEO. Anna brings a weah of experience from leading a variety of different charities, having worked in the sector since 2007. Most recently, Anna was Director at the Sidney Nolan Trust, an arts chartty based in Herefordshire. Anna was also previously Chief Executive at the Cabrach Trust in north-east Scotland and the Ironbridge Gorge Museum Trust, one of the largest independent museums in the worfd. Anna is also a qualifEd accountant and previously worked as UK Finance Director for FTSE 100 li8ted ICAP PLC for 10 years. Page 5
THE MARCHES ENERGY AGENCY IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities Icontinued) d. Volunteers MEA welcomes volunteers for limited roles within the charity. In the past year, three people have volunteer8d for MEA. In addition, all Trustees are volunteers. e. Maln actfvltles undertaken to further the Company's purposes for the public benefit In setting objectives and planning for activities, the Trust88s hav8 given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance. Achievements and performance . Revlew of actlvltles The major expenditures in the past year have included: Wages and salaries sla1 security costs Project costs Offi'ce expenses The charity's funds have all been applied in accordanrE with its objects. The charity's assets are all being maintained in furtherance of these objects. b. Investment pollcy and perk>rniance Under the Memorandum and Articles of Association, the charity has the power to invest and deal with the moni8S of the charity, not immediately required for the purposes of the Objects, in investments and securities. During this reporting p8ri0d such monies have b88n 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 concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies. Page 6
THE MARCHES ENERGY AGENCY IA company limited by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policy MEA employs 46 staff, all of whom have a specialised knowledge and experience. Retaining this workforce in orderto maintain our services to the communty 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 TrUStS 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 stocrfl at £325,054 (2023: £285,518) 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. Prfnclpal rfsks and uncertalntles The Board of Trustees have explored and assessed the major risks to which the charity IS 8xposed. 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 guid8 to the level of reserves necessary to address any major risks that could potentially arise. d. Income generation The main sources of income during the last year have been from: Local Authorities including.. Dert)yshire County Council Nottinghamshire County Council Shropshire Council Telford & Wrekin Council Hef0rdshi Council Age UK Shropshire, Telford and Wrekin. and Hereford & Localities Department of for Energy Security and New Zero (DEZNZ) Connexus Housing Wrekin Housing Group Western Power Distribution (National Grid). Cadent Gas Electricty North West Energy Redress scheme run by Energy Saving Trust A variety of public, private and charitable sources 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 SUPF)Ort 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 2024 Structure, governance and management 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 provisn$ contained in its Articles of Associatron. 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 responsibilty of the Trustees who are elected and Cc0Dted undÈr the temis of the Memorandum and Articles of Association. c. Organisational structure and dl$lOnmakJng policies The Executive Director. Simon Ross, resigned on 31st July 2023. An Interim Management Committee was appointed by the Trustees to manage day to day operations, until the new Chief Executive Officer joined in February 2024. d. Pollcles adopted for the induction and training of Trustees All potential new Truste8s are briefed on the work of MEA by the CEO 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. . Pay policy for key management personnel MEA'S pay for key management personnel is reviewed annualty by the Board and recommendations implemented on 1 October each year. f. Related party relatlonships All Trustees are volunteers, and no remuneration is paid. Travel expenses may be reimbursed, if requested by a trustee. All Trustees complete annual confiict of interest forms. There have been no transactions with those persons and entibes that are dosely connected to the charity or tts Trustees. g. Financial risk management The Board of Trustees have explored and assessed the major risks to vthi¢h the charity is exposed, notabty those relating to the operations and finances of the Gharity and are satisfied that systems are in place to mitigate exposure to the major risks facing the charty. 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 th8 Charity. h. Trusteos. indemnltles 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 limitsd by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Plan8 for future perlods MEA will continue to develop its offer and support for e1 poor householders including understanding bett8r the health and wellbeing benefits of our work. MEA will also be looking to develop its climate change work again, after a long perii)d of very limited work and a difficult Folicy environment. Statement of Trustees, r8sponsibilities The Twstees (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 year. Under company law, the Trustees must not approve the financial statements unless they a 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 ts income and expenditure, for that period. In preparing these financial statements, the Trustseg are requirad to: select suitabl8 accounting policies and then appty them consislently., observe the methods and principles of the Charities SORP {FRS 102),. make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any mat8rial departures disclosed and explained in the financial statements" prepare the financial statements on the going concern basis unles8 it is inappropriate to presume that the Company will continue in business. The Trustees are responsib18 for ke8ping adequate accounting records that are sufficient to show and explain th8 Companls 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 Infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confim)ed that: so far as that Trustee is aware. there is no relevant audit information of which the charitls auditors are unaware,. and that Trustee has taken all the steps that ought to have been taken as a Trustee in ordèr to awar8 of any relevant audit information and to establish that the charivs auditors are aware of that infonnation. Page 9
THE MARCHES ENERGY AGENCY (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Audltors Appointment of auditors, for the next financial year, is b8ing 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.. Chrlstopher Deav Chair Date: Page 10
THE MARCHES ENERGY AGENCY (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARCHES ENERGY AGENCY Oplnlon We hwrfe audf(ed the financial statements of The MarGhes Energy Agency (the 'charitable company) for the year ended 31 March 2024 which comprise the statement of financial activities, the balan 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= give a true and fair view of the state of the charitable companvs affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordanc8 With United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We ar8 independent of the charitsble 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 concem 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 hav8 P8rform8d, 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 abilty to continue as a going conrn 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 concem ar8 d8scrib8d in the relevant sections of this report. Page 11
THE MARCHES ENERGY AGENCY {A Company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MARCHES ENERGY AGENCY (CONTINUED) Other inforniation The other infomiation comprises the infomation 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 ststements does not cover the other information and, except to th8 extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher infonnation and, in doing so, consider whether the other infomiation 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 mat8rial inconsistencies or apparent material misststements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we hav8 pèrformed, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect of the fr)Ilowing matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the infomiation given in the Trustees, report is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns; or we hav8 not receiv8d all the information and explanations we require for our audit. 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 satlsfied that they give a true and fair view, and for such int8rnal control as the Trustees delemiine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companys abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conc8rn basis of accounting unless the Trustees either intend to liquid8t8 th8 charitsble company or to cease operations. or have no realistic alternative but to do so. Page 12
THE MARCHES ENERGY AGENCY (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE MARCHES ENERGY AGENCY (CONTINUED) Auditors. rasponsibilitias for th6 audit of tha financial statèments We have been appointed as audttor 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 8 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 rf, individualty or in the eggregate, they could reasonably be axpected to influence the economic decisions of users taken on the basis of these financial statemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilit18S, Outlined above. to d8t8Ct material misstat8m8nts in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detsiled below. . We reviewed the susceplibility of the charitable Compsnrfs financial statements to material misstatement and identified the principal risks, implementing a series of testing procedu8 to provide us with sufficient comfort to issua 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 identfy any instances of non-compliance. . We also assessed the charitable Companys 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 8 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 r8quired 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 misstat8m8nt in the financial statements or nonwcompliance with regulation. This risk increases the more that compliance wrth a law or regulation is removed from the events and transactions refiected in Ihe financial statements, as we wtll 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.or .ukl8uditorsres onsibilities. This description forms part of our auditors, report. Page 13
THE MARCHES ENERGY AGENCY (A company limited by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE MARCHES ENERGY AGENCY (CONTINUEDI U88 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, y do not accept or assume responsibilty to anyone other than the charitsble Company and its members. as a body, for our audit work, for this report, or for the opinions we have fonned. WR Partners Chartered Accountants ststutory 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 Ilmlted by guarante8) STATEMENT OF FINANCIAL ACTivmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted funds 2024 Unrestricted funds 2024 Totsl fvnds 2024 Total funds 2023 Income frorn: Donations and legacies Charitable activities Investments 50.5T1 2.848.308 641 51.212 2,848.308 2.535 51.694 2.095,957 418 2.535 Total income 2,898,879 3.176 2.902.055 2, 148,069 Expendlture on: Charitsble activities 2,550.317 2.550.317 2, 176. 125 Total expendlture 2.SS0.317 2,550.317 2, 176, 125 Net incomel(expenditure) Transfers between funds 348.562 {35,843) 3,176 35.843 351,738 (28,056) 13 Net movement in funds 312,719 39.019 351.738 (28,056) Reconciliation of funds: Totsl funds brought fonvard Net mov8ment in funds 144.486 312,719 297.540 39,019 442.026 351.738 470,082 (28,056) Total funds carrled fOard 457,205 336,559 793,764 442,026 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 18 to 33 fonn 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 2024 2024 2023 Note Fixed a888ts Tangible assets 10 11,$05 12,022 11,505 12,022 Current assets Debtors Cash at bank and in hand 11 453.341 663.611 55T,611 170,441 1.116.852 728,052 Creditors.. amounts falling due within one year 12 (334,593) (298,048) Net current assets 782.259 430,004 Total assets less current liabilities 793,764 442,026 Total net assets 793,764 442,026 Charity funds Restrided funds Unre5trided funds 13 13 457.205 336.559 144,486 297,540 Total funds 793.764 442,026 The entty 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 Twstees athnowledge their responsibilities for complying with the qu1MentS of the Act with respect to accounting words and preparation of financial statements. The financial statements have been prepared in accordance with the provision5 applicable to entities subject to the small companies regime. The financial ststements were approved and authorised for issue by the Trustees and signed on their behalf by.. Chrlstopher Deaves Chair Date.. Page 16
THE MARCHES ENERGY AGENCY (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 16 499,527 (271,391) Cash flows from investing activities Dividends, intest5 and rents from investments Purchase of tangible fixed a88et8 Proceeds from sala of tangibl6 fixèd as88ts {2,636) (3.922) (418) (4, 637) Net cash (used in)Iprovided by investing activitles (6,457) Cash flows from financing activities Net cash providod by financing activities Change in cash and cash aquivalonts In the year Cash and cash equivalents at the beginning of the year 493,070 (269,546) 439,987 170.441 Cash and cash equlvalents at the end of the year 17 663,511 170,441 The notes on pages 18 to 33 fomi part of these financial statements Page 17
THE MARCHES ENERGY AGENCY (A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Marches Energy Agency 18 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. SY12DP. Accounting policies 2.1 Basis of preparat5on of financlal 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 eff8Ctive 1 January 2019), the Financial Reporting Stsndard 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 benefrt entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNiise 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 liabilty in respect of the guarantee is limited to £10 per member. Page 18
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) 2.3 Income All income is recognised once the Charty 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 balan of income received for Specif pUose8 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 induded in creditors as deferred income. Where entitlement cccurs 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 b88n 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 infotmab'on about their contribution. On receipl donated professional SeiceS and faciliti'es are recognised on th8 basis of the valu8 of the gift to the Charty which is Ihe amount it would have been willing to pay to obtain seprfices or facilities of equivalent economic benefrt on the open market" a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations reiVed 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 lo the extent the goods have been provided or on completion of the service. 2A Expenditure Expenditure is recognised once there is a legal or constwctive obligation to transfer economic benefrt to a third patty, it is pri)bable that a transfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs. including support cost8 involved in undertaking each activty. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activty and support costs which are not attributable to a single 1vty are apportioned between those activities on a basis consisterrt with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges alk)cated 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 governan of the company apportioned to charitable activities. 2.5 Tangible flx8d assets and depreciation A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carying 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. Impaimient losses are recognised in the Statement of financial activities incorporating income and expenditure account. Page 19
THE MARCHES ENERGY AGENCY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (contlnued) 2.5 Tanglble fixed assats and depreclatlon (continu8d) 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.. Office equipment Computer equipment 5 year straight line 5 year straight line 2.6 Golng concern The financial ststements 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 mat8rial uncertainties related to events or conditions that may cast significant doubt on the abillty of the Charity to continue as a going cOnrn. The trustees make this assessment in respe of a period of one year from the date of approval of the financial statements. 2.7 Debtors Trade and other debtors are recc•Jnised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid n8t of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short4erm 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 resutt of a past event, it is probable that a transfer of economic benefft 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 sett18 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 effed of the time value of money is material, the provision is based on the present Value of those amounts. di8count8d at the pre-tsx discount rate that reflects the risks specific to the liabilty. The unwinding of the discount is recognised within interest payab18 and similar charges. Liabilities are recognised at the amount that the Company anticipstes it will pay to settle the debt or the amount it has received as advanced payments for the g¢)ods or services it must provide. Provisions are measured at the best estimate of the amounts r8quired 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 refleds the risks specific to the liabilty. The unwinding of the discount is recognised in the statement of financial activities as a fi'nance cost. Page 20
THE MARCHES ENERGY AGENCY (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢Gounling policies (continued) 2.10 Financial instruments The Charty 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 subsequent measured at their settlement value with the exception of bank loans which are subsequently measured at amort15ed cost using the effectNe interesl 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 th8 discretion ol the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to th8 financial statements. Restricted funds are funds which are to be used in accordance wth 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 specrfic 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 albcated to the appropriate fund. Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total fvnds 2023 Donations 50,571 641 51,212 51,694 Total 2024 50,571 51.212 51.694 Total 2023 1,694 5q,694 Page 21
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitsble activitles Restricted Unreslricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Prt48Ct income 2.848,308 2.848.308 2,095.957 Total 2024 2,848.308 2.848,308 2,095, 957 Total 2023 2,095,809 148 2,095,957 Investment income Unrestrictad funds 2024 Total funds 2024 Total funds 2023 Investment income 2,535 2.$35 418 Total 2024 2,535 2,636 418 Total 2023 418 418 Page 22
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysis of expenditure by activities Actlvltles undertaken directly 2024 Support costs 2024 Total fund8 2024 Total fvnds 2023 Charitable Activities 2,186,126 364.191 2.550.317 2, 176. 125 Total 2024 2,186,126 364,191 2,550.317 2, 176, 125 Total 2023 1,916,572 259,553 2, 176, 125 Analysis of direct costs Total funds 2024 Total funds 2023 Actlvltles 2024 Wages Project costs 1,074,508 1,111,618 1,074.608 1.111.618 846,424 1.070. 148 Total 2024 2,186,126 2.186,126 1,916,572 Total 2023 1,916,572 1.916.572 Page 23
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by actlvltles (Continued) Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Support staff salaries Depreciation Motor expenses Travel & subsistence Office expenses Rent & utilities Accountsncy Professional fees Postage and stationery Sundry Irrecoverable VAT Bad debts recov8red {Profit)Iloss on disposal of fixed assets Website costs Advertising and promotion IT & Telecommunication provision Staff training & recruitment Premises maintenance Insurance Govemance costs Bank Charges & interest 165,201 4.439 2,286 899 165.201 4,439 2,286 899 146.494 4,358 2,062 251 11,079 14.015 7.110 2, 145 6.114 2,285 11,872 6.226 23.579 50,329 8,900 3,540 1,577 25,718 (431) 23.579 50.329 8.900 1,577 25,718 (5,064) 470 20 41,758 15,136 470 20 41.758 15.136 26,983 9,981 1.959 2.833 15.076 3.203 10.580 761 3.203 10.580 761 Total 2024 364,191 364.191 259, 553 Total 2023 259,553 259,553 Audltors, remun8ration The auditors, remun8ration amounts to an auditor fee of £10,580 (2023- £10, 179. Page 24
THE MARCHES ENERGY AGENCY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs 2024 2023 Wages and salaries sla1 security costs Contribution to defined contribution pension schemes 1,109,149 78,961 51,599 886,403 70,220 36,295 1.239,709 992,918 The average number of persons employed by the Company during the year was as follows.. 2024 No. 2023 No. Employe88 41 No employee received remuneration amounting to more than £60.000 in either year. Key management personnel received remuneration of £145.886 (2023.. £132,275) during the year. No benefits were received. Trustees, remuneration and exp•nses During the year, no Trustees received any remuneration or other benefrts (2023- £NILJ. During the year ended 31 March 2024, no Trustees recerved expenses (2023: £106). Page 25
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Tangible fixed assets Office equipment Computer equipment Total Cost or valuatlon At 1 April 2023 Additions 2,030 36,403 3,922 37,433 3.922 At 31 March 2024 2.030 39,325 41.355 Depreciation At 1 April 2023 Charge for the year 1,630 100 23.781 4.339 25,411 4,439 At 31 March 2024 1,730 28,120 29,850 Net book value At 31 March 2024 300 11.205 11,SOS At 31 March 2023 400 11,622 12,022 Page 26
THE MARCHES ENERGY AGENCY (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Debtors 2024 2023 Due wlthln one year Trade debtors Prepayments and accrued income 138,295 315.046 370, 732 186,879 453,341 557,611 12. Creditors.. Amounts falling due within one yèar 2024 2023 Trade creditors Other creditors Accruals and deferred income 96.725 203,561 34,307 86, 645 149, 435 61,968 334.593 298,048 Page 27
THE MARCHES ENERGY AGENCY (A company Ilmlted by guaranto0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of funds Statement of funds - current year Balance at 1 Aprll 2023 Transfers Balance at 31 inlout March 2024 Income Expenditura Unrestricted funds General Funds- all funds 297.540 3,176 35,843 336.659 Restricted funds Derby City Council & Local Dert)y Councils Sundry Projects Connexus Housing Group Wrekin Housing Group Ltd Energy Saling Trust Cadent Gas Limited Telford & Wrekin Council Shropshire Council & Local Town Councils Projects with Partner Charities Nottingham Energy Partnership Nottingham City Council Herefordshire Council Restricted Donations & legacies Home Upgrade Phase 2 - Black County Home Upgrade Phase 2 - D8rt)yshire Home Upgrade Phase 2 - Marches National Grid West Midlands 42.343 4.747 532,643 39,836 30,661 3,806 816,343 200,607 60,757 (236,705) (35,3361 131,315 {3,470 (796,166) {174,687) (34,027) 2,799 (9,247> 4,264 (336) (21,178) {13.421) 17.030) 341,080 3,500 16,001 27,500 19,700 17,535 199,942 13.778 126,107 156,930 27,918 1211,406) {31,887) (133,544) (160,537) (27.187) 4,419 18,109 4,437 (7,193 (731 10.490 3,000 14,800 4.000 12,060 $0.571 159,827) 9,996 12,800 1.925 71,760 (58,5131 {2) 15,160 13,675 100,660 197,603) (2,372) 14.360 19.400 229,SSO 237,130 (240,331) (218,777) 14) (18,353) 8,615 144,486 2,898.879 (2,550,317) (35,843) 457.205 Total of funds 442,026 2,902,055 (2,550,317) 793,764 Page 28
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of funds (continued) Statement of funds - prior year Balance at 31 Mah 2023 Balance al l April 2022 Transfers in/oul Income Expenditur8 Unrestricted funds General Funds - all funds 217,683 2, 260 (1. 638) 79,235 297.540 Restricted funds Derby Cty 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 wrth Partnar Charities Nottingh8m Energy Partnership Nottingham City Council Electricity North West Westem Power Distribution Herefordshire Council Donations & legacie5 Home Upgrade Phase 2- Black County Home Upgrade Phase 2- D8rbyshire Home Upgrade Phase 2 - Marches 49.410 157,094 18.029 26,622 8,042 768,516 227,448 11,503 (146, 600) (25, 650) (28, 648) (4, 452) (767,331) (225.084) (23, 613) (17,561) 8,360 2,024 (3, 590) (28,537) 12,637 4,210 42.343 4,747 27,352 15,001 163,322 194, 695 119,240 195,923 20,800 125,025 17,879 (160.450) (217.407) (123,294) (270,625) (8, 843) (107,6Q3) (20, 126) (38, 096) 14,663 (15, 100) {30, 636) 1,275 (11,957) {17.422) 2,247 156 17.535 37,812 37,690 88,227 14,800 12.060 1,925 1,925 13,675 13,675 26,071 (6, 667) 79,400 252,399 2, 145,809 (2, 174,487J (79,235) 144,486 Total of funds 470,082 2, 148,069 (2, 176, 125) 442,026 Page 29
THE MARCHES ENERGY AGENCY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Restricted Funds Derb Cit Council & Local Derb Councils - Funding from Derby and D8rbyshire Councils and other l¢xal 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 joumey support for some national initiatives. Sund Pro"ects - Small projects with charities and town councils supporting vulnerable householders with energy efficiency. Connexus Housin Grou Two projeds one supporting and advising tenants on energy savings and one a development prqect around improving propety energy efficiency. Wrekin Housin Grou Ltd - Supp¢)rting and advising tenants on energy savings efficiencies. Ener Savin 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 capacty of domestic trOfit worf(s in 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. Telford & Wrekin Council - Enabling low income and vulnerable householders in Telford & Wrekin to access funding for energy efficiency improvements. Shr shire Council & Local Town Councils Fundiro 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, induding customer journey support for some national initiatives. Pro ects with Partner Charities - Local Authority Delivery of customer journey support in the Black Country, delivered as part of a partnership with Act on Eneryy. Big Energy Saving Nebjvork, training front line workers and delivering energy advice to members of the public in community settings. Supporting Share Energy Co-operative in delivery of an Energy Redress Project. Nottin ham Ene P8rtnershi - Two projects providing customer joumey support for Local Authorities in Derby & Derbyshire , retrofitting homes for vulnerable areas in the community. Nottin ham Cit Council - Customer joumey 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 retrofrtting homes. acies - Donation from a benefactor interested in developing net zero carbon in Restricted Donations & le South ShropShi. Home U rade Phase 2 - Black Count - CustoffÈr journey support for Local Authority Delivery in Black Country retrofIng energy inefficient homes in areas of poverty and need. Home U rade Phase 2 - Derb hire Customer journey support for Local Authority Delivery in Derbyshir8 retrofitting energy ineffKient homes in areas of poverty and need. rade Phase 2 - Ma hes - Customer journey support for Local Authority Delivery in Marches retrofrtts.ng eneryy inefficient homes in arèas of poverty and need. Page 30
THE MARCHES ENERGY AGENCY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 National Grid West Midlands A consortium project providing affordable wamth advice and support across the West Midlands area. 15. Analysis of net assets between funds Analysls of net assets between funds - current period Restricled Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fed assets Current assets Creditors due within one year 11,505 11,605 659.647 1.116.852 {334,593) {334,593) 457,205 Total 457.205 336,559 793,764 Anaty818 of net assets between funds - prior period Restricted Unrestiicted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Curr8nt a&8ets Creditors due within one year 12,022 12,022 583, 566 T28,052 (298, 048) (298.048) 144,486 Total 144.486 297, 540 442,026 Page 31
THE MARCHES ENERGY AGENCY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Reconclllation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activiti8s) 351,738 (28.056) Adjustments for: Depreciation charges Dividends, interests and rents from investments Lossl(profit) on the sale of fixed assets Decreasel(increase) in debtors Increase in creditors 4,439 2,535 4.358 418 (5,064) (320,864) 77,817 104,270 36,545 Net Gash provided byl(used in) operating activities 499,527 (271, 391) 17. Anatysis of cash and cash equivalents 2024 2023 Cash in hand 663,511 17Q,441 Total cash and cash equivalents 663,511 170,441 18. Analysls of changes In net debt At 31 March 2024 2023 Cash flows Cash at bank and in hand 170,441 493,070 663,511 170,441 493,070 663,511 Page 32
THE MARCHES ENERGY AGENCY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Pension commitments The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Cc)mpany in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £51,599 (2023.. £36,295). £8,728 (2023: £608) was payable to the fund at the balance sheet date and is included in other creditors due within one year. Operating lease commltments At 31 March 2024 the Company had commitments to make future minimum lease payments under non- CanlIable operating18ases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 17,147 20,005 11,635 17,260 37,152 28,895 21. Related party transactions During the year, sales of £50.571 were made to South Shropshire Climate Action (2023: £52,648). Purchases totalling £59,827 (2023.. £41,598) were received from South Shropshire Climate Action and a reslricted reserves balance of £12,800 was held at 31 March 2024 {2023: £12,060}. Frances Cullen (Trustee) and Simon Ross (Executive Director to 31.07.23) are Communications Chair and Lead Member respectively for South Shropshire Climate Action. Page 33