Charity registration number 1075679 Company re8iStration number 03621022 {England and Wales) ACT ON ENERGY ANNUAL REPORT AND FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2024
Acr ON ENERGY LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrA Boad DrSJuned Mr D Johnston Mrs M M Unwin Mr D Cowcher Mr R Dunlevv P Evan5 Secretary Ms R Jones Charity number 1075679 Company number 03621022 Registered office Unit 2 Lauriston Business Park Pitchill Evesham WRII 85N Auditor TC Group Celixir House Stratford 8u5iness & Technolo8y Park Innovation Way, Banbury Road Stratford-upon-Avon Warwickshire United Kingdom CV37 7GZ
ACTON ENERGY TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Act on Energy Annual Report and Accounts 202314 Introduction from our Chair of Trustees, Robin Dunlevy 2023 was a very specialyearforthe charity- marking our 25" anniversary. We have grown from a small, dedicated team focusing on improving energy eff iciency in Warwickshire to a team of more than 50 operating not only in Warwickshire but across Worcestershire and the whole of the West Midlands Combined Authority region, stretching from Wolverhampton to Coventry. And whilst energy efficiency is in our DNA, ourwork overthe past couple ofyears has been rooted in the effects of high energy prices and the effects on people's lives. It is indeed soberingthat we saw record nLtmbers of people calling our helpline and higher than ever fuel poverty statistics- whilst f lat lining levels of energy efficiency improvements. It's fairto say that's notwhat we dreamt of in 1998. In fact, our need has never been greater: the West Midlands has the highest proportion offuel povety households in the country. Duringthe year we've helped thousands of people with energy advice. support with bills and debt. lifelines to heating repairs. installations and energy efficiency measures as well as f inancial wellbeing. And whilst our dedicated team of energy advisors on the phones and in people's homes is a fantastic support to so many-we know it is a sticking plaster approach. That's whywe're continuingto bang the drum about a properlythought through energy eff iciency programme. Because we all know that the cheapestform of energy is the energy you don't use. Unfortunately. lower bills and a move to more sustainable energy solutions is still some way off - but preparing the groundworkfor a fair and just transition to net zero is uppermost in our plans. Our income at Act on Energy has increased overtheyear 2023124- mainly due to the levels of increased support packages we managed in partnership with a range of local authorities and other bodies. But other parts of our organisation also grew-from the number of projects we managed right through to the innovative services we started to offer. The Board ofTrustees is very gratefulto the continuing dedication of our CEO Racheljones who is a beacon of light and common sense to many decision makers across the West Midlands and indeed nationally. whetherthat's helpingto navigate an energy crisis or a pathwayto net zero all whilst leading a team of ded. ated colleagues whose sole interest isto make people's lives warmer, affor and safer. Robin Dunlevy Chair of Trustees
Acr ON ENERGY TRUSTEES, REPORT {CONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Whywe do, what we do. Ourvislon 1$ a net-zero carbon community. freefrom fuel poverty All about Act on Energy We my have got energy in cur nome - but it's people ot the heort of eliminotiry tuel pfftrty ond redIng - 01 planet. Thot's why we tirelessty with cwr portners ar l(xol communities to ttKkle the touses of prtY ond help mitKJate the impocts - oll whilst IpirKJ to the zero ¢)9endo. Our strategic objectives Empo4vering householders os ènèrgy customers Delivw equty parity across r region
ACT ON ENERGY TRUSTEES. REPORT ICONTINUED)IINCWDING DIREcfoRS' REPORT} FOR THE YEAR ENDED 31 MARCH 2024 17,000 We supported more than 17.000 caller5 on our helpline More than IO% lived in 2,000 Bimiingham More than 2.000 clients referred to us from partner organisations £182,000 1,933 We've helped more than 120 clients with benefits advice - helping them to increase their income by a combined total of more than £182,000 Our team of expert energy advisors mode 1.933 single home visits More than 250 of those clients wsrted hod children living in the home and 270 were pensioner-onty h(sehold5 I bra1 new offtce in Bimrn9lKm th¢ heart of fuel poverty in the ¢trY Funding partners
AcfoN ENERGY TRUSTEES, REPORT (CO1NUEO}1INcLuD1NG DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 2,334 We helped 2.334 ot the m05t vulnerable customers thfough the Worcestershire Household Support Fund with roial payments ot £1.152,563 £153,353 In Solihull supported 208 eustamers through its Household Support Fund with total payments reochTrng a53.353 208 customers 123 123 custom•rs supporied through Our illTbOVOtive Womith on Prns¢ripilon progfomme 1,020 1,020 people helped wtth their winler energy bills thonks to the C¢)dent FndlOn Wintei Support Fund - lololling £63,819 Cadentts Fovndolion
Acr ON ENERGY TRUSTEES, REPORT (CONTINUEDI(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 We're proud of our achievements We've continued to support thousands of people across our community by providing a local energy advice centre, offeringfree and impartial advice and access to grants and funding for ene efficiency improvements. Here's a taste of howfar our reach extends: Freephone advice line operated by qualified energy advisors who offer information, advice and guidance on all energy matters, including access to funding and grants and signposting to partner OanIsatIOns. Ateam of qualified outreach off icers who offer our mostvulnerable clients dedicated one to one SUPPDrt in the home. Often these are our most complex cases which take considerable time to resolve. Offering a website which contains up to date information on energy saving advice as well as grants and funding availabilitywhich can be filtered by local authority. Advice by email is also available as well as our professional referrals form-we received more than 2.000 referrals from professional partners across our region. We offer a range of drop-in events for people to hear firsthand expert advice as well as talks and presentations at local events. We offer training to front line professionals across a range of organisations such as the NHS, local authorities, other charities and not for profit organisations to spot the signs of vulnerability and fuel poverty. We knowthatworkingtogether means spottingthose who are struggling with their energy bills or a cold and damp home early- will mean better outcomes for residents. We trained nearly 400 front line professionals under our Energy Outreach Project alone. We've received fundingfrom 28 partners. Not only do we receive fundingfrom local authorities and statutory bodies. but also from commercial organisations such as Coventry Building Society. Our Warmer Homes West Midlands project specificallyworks across the West Midlands Combine Authority areas to deliver energy advice and low-cost energy saving measures to thousands of people. Innovative projects such as ourworcestershire Warmth on Prescription service offers dedicated one to one supportforthe most vulnerable who otherwise would quite often be hospitalised as a result of living in cold and damp homes. We're also mindful that many of our residents do not quality for grant funding, so our pilot project with Warwick District Councilto support homeowners with bespoke retrofit advice set out to plug the gap.
ACT ON ENERGY TRUSTEES, REPORT {CONTINUED)IINCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Other local projects have included Keeping CoventryWarm- a project run on behalf of Public Health and Coventry City Councilto deliver warmer homes for those diagnosed with a long-term health condition or disability and on a low income. We're trusted partners for Worcestershire Countycouncil. Solihull MBC and Warwickshire County Council to deliver energy financial support as part ofthe DWP'S Household Support Fund. We're integral partners to the Home Upgrade Grants scheme (HUGS) providingcustomerjourney support to the Midlands Net Zero Hub, delivering energy advice to residents across our wider area. And our work even extends beyond our traditional heartland. We've delivered impartial retrofit advice for schemes in London and the NW of England, and we're proud to be the national secretariat for the Association of Local Government otticers providing support. advice and training to more than 300 professional officers. Governance, management and employees Act on Energy is a registered charity and company limited by guarantee. It's governed by its memorandum and articles of association. The trustees listed below. are members of the company and all served throughoutthe year. Trustees Robin Dunlevy- Chair Susan Juned- Vice Chair Peter Evans-Treasurer Alan Boad George Cowcher David Johnston Mary Unwin William Buckler- resigned 1612124 The liability of members is limited to £10 per member in the event of winding up. In accordance wrth the company's Articles ofAssociation. Robin Dunlevy and David Johnston will retire by rotation at the next AGM and be eligible for re-election. The tfustees govern the overall organisation and meet quarterly to discuss the charity's performance and consider its future strategy and direction. They have overall responsibilityfor the organisation's strategy and compliance. with delegated responsibility lying with Racheljones {CEO and Company Secretary}.
ACT ON ENERGY TRUSTEES, REPORT ICONTINUEDI(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Priorto Ithe formal meetings. the trustees declare any interests they may have in relation tothe work carried out by the charity. If there is a conf lict of interest. the trustee either leaves the meeting during the relevant discussion or abstains from voting if necessary. The trustees also hold an Annual General Meeting. The trustees do not receive any renumeration fortheir services. nor do they claim any expenses incurred. The dayto day running at the charity is managed by Racheljones who is responsible for the charity's performance in achieving its objectives and developing its future activities. Welfare ot Act on Energy's employees and the quality-of-service delivery remains crucial to Rachel's role. Rachel also leads a Senior Management team {SMT) who collectively implement the charity's policies and strategy. Specific areas of activity include managing partner agreements to provide Energy Advice across the region and develop and deliver specialist services. The charity currently has a total of 51 employees and all members of staff are trained to a minimum Level 3 City and Guilds in Energy Awareness Trustees, financial review and results Overview The full set of financial results torthe year are set out in the Annexed accounts. We rely on funding from Local Authorities and through specific project funding bids to local, regional and nationaigovernment bodies and other agencies. Some income is earned from specialist work such as home and business energy surveys and referral fees from commercial organisations. Since March 2024, we have been registered with the Fundraising Regulatorto allowfor donations from the general public, although none were received during the financialyear. We do not have a trading subsidiary to contribute to our funding. We considerAct on Energy's financial position continues to be viable. Additionally, significant income is available as reserved bank accounts to service grant funding for energy eff iciency programmes as well as fuel poverty initiatives. The funding is provided by our Local Authority partners and is in addition to their Service Level Agreement funding. We've also been successful in securing additional funding f rom other organisations including some government initiatives. We have not made any changes to the Charity's objects, which remain to educate the public and promote public involvement in energy conseNation and efficiency, environmental resources and to help in the relief of fuel poverty. The policies adopted include: The provision of free and impartial advice to the public The marketing and promotion of energy efficiency Delivering educational programmes in schools and colleges
Acr ON ENERGY TRUSTEES, REPORT {cOlNUED){INCluD1NG DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Devising and managing specialist schemes on behalf of others to promote the uptake of energy efficiency measures and help with fuel poverty and energydebt and seeking fundingto cover the cost of such schemes Working in partnership with charities, voluntary bodies, statutory authorities and others that can assist in the achievement of the objects There has been no change in these policies duringthe year. Public Benefit The charity encourages people to reduce their energy needs by improved energy eff iciency, behavioural changes and the use of renewable technologies. Using less energy is not only greener, but cheaper. And of course, there is a wider benefit than just the individual household- helpingto mitigate the effects of climate change and helping to reach the UK'S net zero commitments. All the activities are in line with the strategic objectives outlined previously. The charitywill continue to work with partner organisations that support our aims including developing new and innovative solutions. The level of advice and support provided to individuals and organisations is tailored to their specific needs. In some circumstances, we may make a change forthe SeiCe if it is deemed additionalto the charity's objects or requires specific skills, training or equipment. Reserves Policy Our policy maintains unrestricted funds, which includes the free reserves of the Charity, at a level which provides sufficient funds to meetthe ongoing operating expenditure. We are satisfied that at present the free reserves provide about tour months of such expenditure. Investment policy Under the Memorandum and Articles of Association. the charity has the powerto invest monies not immediately required forthe delivery of its objectives, as it sees fit. It is our policyto maximise income within a low-risk environment. Risk management The board oftrustees continue to examinethe major strategic, business and operational risks which the charity faces, and develops and implements systems to mitigate anyexposure. The loss of 8 significant amount of funding is a riskforthe longterm. The charity has maintained funds to coverthe loss of some income in the shortterm but may not withstand it long term. Alongside our CEO, we'll continue to maintain close control of the financial situation to ensure that the appropriate action is taken to support Act on Energy's financialviability. We understand the risk of losing key. experienced staff while delivering our commitments, and this is being addressed through investing in training and development: a new staff welfare package and annual staff survey. We have identified a major riskfor the charitywhich is the provision of energyadvice. All employees are required to have achieved a level 3 Energy Awareness qualitication and to receive ongoingtraining as required. When providing energy audits during a home visit and
ACT ON ENERGY TRUSTEES, REPORT ICONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR EAIDED 31 MARCH 2024 in other buildings- cover is provided by public liability indemnity insurance. together with training in appropriate risk assessment procedures. Staff attend regular team meetings to keep up to date with current practice and this is held electronically on individual PCS. Protection against claims for inappropriate advice is maintained by professional indemnity insurance covering claims of up to £2m and public liability covering claitns up to £10m. Health and safety at work risk assessments are carried out and procedures are in place to ensure that all staff are made aware of any real or potential issues. As employees may meet children and vulnerable adults, we require all frontline staff to provide basic DBS checks which are renewed every three years. Act on Energy handles personal data as defined in the Data Protection Act 2018 and is registered with the Data Protection Registrar as a data controller and processor. The General Data Protection Regulations have been fully implemented and no breaches have been recorded. The charity has a Health and Safety at work policy and Staff Handbook which contains all relevant information and other policies and procedures including office risk assessment and a risk assessment for out of office activities.
ACT ON ENERGY TRUSTEES. REPORT (CONTINUEDI{INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Auditor In accordance with the company's articles, a resolution proposing that TC Group be reappointed as audFtor of the company will be put at a General Meeting. Oisclosure of information to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify Such relevant information and to establish that the audrtor is aware of such information. The rustees, rep rt was approved by the Board of Trustees. Mr R Dunlevy Trustee Dated: 13 December 2024 10-
Acr ON ENERGY STATEMENT OF TRUSTEES, RESPONSIBILITIE5 FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors of Act on Energy for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently." observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed. subjert to any material departures disclosed and explained in the financial statements: and prepare the financial statement5 on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The Trustees are responsible for keeping adequate accounting records that 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. 11
ACT ON ENERGY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AcfoN ENERGY Opinion We have audited the financial statements of Act on Energy (the 'Company'l for the year ended 31 March 2024 which comprise the statement of financial activrties, the balance sheet, the statement of cash flows and notes to the financial statements. including 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 Finonciol Reporting Stondord applicable in the UK and Republic of Irelond (United Kingdom Generally Accepted Accountin8 Prarticel. In our opinion, the financial statements: give a true and fair view of the state of the charrtable company's 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 accordance with United Kingdom General ACpted Accounting Prattice,. and have been prepared in accordance wrth the requirements of the Companies Act 2C6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the oudit of the financiol stotements section of our report. We are independent of the Company in accordance wtth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audr( evidence we have obtained is sufficient and appropriate to provide a basi5 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 have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 responsibilitie5 and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other information cornprises the information included in the annual report other than the financial statements and our auditor's 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 otheNise 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 wrth 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 rnaterial 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. 12-
Acr ON ENERGY INDEPENDENT AUDITOR'S REPORT {coKnNUED) TO THE MEMBERS OF Acr ON ENERGY Opinions on other rnatters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Trustees, report for the financial year for which the financial statement5 are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements; and the directors, report included within the Tru5tees' report has been prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and tts environment obtained in the course of the audit, we have not identified material misstatements in the directors. report included within the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2Crf)6 require5 US to report to you rf, in our opinion- adequate accounting records have not been kept. or returns adequate for our audtt have not been received from branches not visited by us- or the financial Statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit- or the Trustees were not entbtled to prepare the financial statements in accordance wrth the small companies regime alld take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the statement of Trustee5' responsibilities. the Trustees, who are also the directors of the Company for the purpose 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 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 e¢ther intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objective5 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condutted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, 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 13-
ACT ON ENERGY INDEPENDENT AUDITOR'S REPORT (COPtriNUEDI TO THE MEMBERS OF AcfoN ENERGY Extent to which the audit was considered capable of detecting irregularities. including fraud The objectives of our audit. in respect to fraud. are- to identlfy and assess the risks of material misstatement of the financial statements due to fraud- to obtain Sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designin8 and implementing appropriate response5; and to respond appropriately to fraud or suspected fraud identtfied during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged wtth governance of the entty and its management. Our approach was as follows: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management {as required by auditing standards), and discussed with the dirertors and other management the policies and procedures regarding compliance with laws and regulations- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Companies Act 20061 and the relevant tax compliance regulations in the UK; We considered the nature of the industry, the control environment and business performance, including the key drivers for management's muneratIOn,. We communicated identified laws and regulations throughout our team and remained alert to any indication5 of non-compliance throughout the audit,. We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent. deter and detect fraud; and how senior management monrf(ors those proBfdmmes and controls. Based on this understanding we designed our audtt procedures to identrfy non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audtt procedures to address each identified fraud risk. These procedures included- testing manual journals- reviewing the financial statement disclosure5 and testing to supporting documentation,. performing analytical procedures: and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitat10115 of an audrt, there is an unavoidable risk that we may not have detected some material mi55tatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularttiesl is from the events and transactions reflected in the financial statements, the le55 likely the inherently limvLed procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. http5://www.frc.or8.uk/Our-Work/Audit/Audtt-and-assurance/Standards-and-guidance/Standards-and-guidance- forauditors/Auditors-respon5ibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description form5 part of our audttor's report. 14-
ACT ON ENERGY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF Acr ON ENERGY Use of our port This report is made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an audttor'5 report and for no other purpose. To the fullest extent permbtted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charttable company's members as a body. for our audit work, for this report, or for the opinions we have formed. Mark Bullock FCA (Senior Ststutory Auditor) for and on behalf of TC Group 13 December 2024 Statutory Auditor Celixir House Stratford Business & Technology Park Innovation Way, Banbury Road Stratford-upon-Avon Warwickshire United Kingdom CV37 7GZ 15-
AcfoN ENERGY STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOU FOR THE YEAR EIVDED 31 MARCH 2024 Unrestricted Restrirted funds funds 2024 2024 Total Unrestrirted Restrirted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 215.005 1,173,834 1.388,839 7,064 2.584,121 3,284.185 7,244 1,576 8,820 13,484 1,178.940 1,192,424 108.980 3,043.232 3,152,212 1.190 1,190 Total income 922.313 3,759.531 4,681,844 123.654 4,222,172 4,345.826 Expenditure on: Charitable activities Other expenditure 1.029.261 3,187.273 4,216,534 22.599 22,599 507.762 3.739,138 4,246,91X) Total expenditure 1,051.860 3.187.273 4.239.133 507,762 3,739,138 4.246,900 Net income/(expenditurel 1129,5471 572,258 442.711 1384,1081 483,034 98,926 Transfers between funds 1107,2161 107,216 350,021 1350,0211 Net movement in funds 1236,763) 679,474 442,711 {34,0871 133,013 98,926 Reconciliation of funds: Fund balances at l April 2023 891,027 269.092 1.160,119 925,114 136.079 1,061,193 Fund balances at 31 March 2024 654,264 948.566 1,602.830 891.027 269,092 1.160,119 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 16-
Acr ON ENERGY BALANCE SHEEr ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets li 27,904 34,900 Current a55ets Debtors Cash at bank and in hand 12 612,903 2,108,847 782,520 1.642,212 2.721.750 2,424,732 Creditors: amounts falling due within one year Taxation and social security Other creditors 146,560 I,0(,264 209,511 1.090,002 13 1,146,824 1,299,513 Net current assets 1.574.926 1,125,219 Total assets less current liabilities 1,602,830 1,160,119 Net assets excluding pension liability 1.602.830 1,160,119 The funds of the Company Restricted income funds Unrestricted funds 16 948,566 654.264 269,092 891,027 15 1.602,830 1,160,119 The inancial statements were approved by the Trustees on 13 December 2024 Mr R Dunlevy Trustee Company registration number 03621022 (England and Wales)
ACT ON ENERGY NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Act on Energy 15 a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 2, Lauriston Business Parl Pitchill. Evesham, WRII 85N. 1.1 Accounting convention The accounts have been prepared in accordance with the Company's Articles of Association. the Companies Act 2006 and "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 IFRS 1021" las amended for accounting periods commencing from l January 20161. The Company is a Public Benefit Enttty as defined by FRS 102. The Company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the Company. Monetary arnounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accountin8 policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds cornprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the note5 to the financial statements. Restricted funds are subjert to specific conditions by donors or grantors as to how they rnay be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subjert to specific conditions by donors that the capital must be maintained by the Company. 1.4 Income Income relatin8 to service level agreements Wtth local or gIOnal authorities is recognised when the Company is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it is probable that income will be receNed. Typically this is equally over the term of the agreement which tends to be on an accounting year basis. 18-
Acr ON ENERGY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Income relating to general services is recognised when task is completed. typically relating to Energy performance certification and Thermal imagin8. Income relating to grants or funding from local or regional authortties for specific activities is recognised when the Company is legally entitled to Ét after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be reIved. Typically this is when cost5 are incurred meaning that the criteria for the grant or funding are met. 1.5 Expenditure Resources expensed are included in the Statement of Financial Activities on an accrua15 basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and machinery Fixtures. fittings & equipment 20% straight line basi5 IIPA straight line basis The gain or 105s arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less. and bank overdrdfts. Bank overdrafts are Shown within borrowings in current liabiltties. 1.8 Financial instruments The Company ha5 elected to apply the provisions of Sertion 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of tts financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basicfinoncial ossets Basic financial assets. which include debtors and cash and bank balances. are Initial measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constrtutes a financing transaction, where the transaction is measured at the present value of the future reiptS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 19-
ACT ON ENERGY NOTES TO THE FINANCIAL STATEmEPs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continuedl 8a5icfinonciol liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transartion price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified a5 payable within one yearare not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one vear or less. If not, they are presented as non-current liabiltties. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effertive interest Method. DerecognitiTon offinancial liabilities Financial liabilities are derecognised when the Companrfs contrartual obligations expire or are discharged or cancelled. 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination beneftts are recognised immediately as an expense when the Company is demonstrably committettto terminate the employment of an employee or to provide termination beneftts. 1.10 Retirement benefits Payments to defined contribution retirement benefrt schemes are charged as an expense as they fall due. -20-
Acr ON ENERGY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from/labsorbed by) operations 18 457,815 199,0901 Investing activities Purchase of tangible fixed assets Investment income received 112,313} 1.190 8,820 Net cash generated from/lused in) investing artivities 8,820 111,1231 Financing attivities Repayment of borrowings 110,270} Net cash used in financing activities 110,2701 Net increase/(decreasel in cash and cash equivalents 466,635 1120.4831 Cash and cash equivalents at beginning of year 1,642.212 1.762,695 Cash and cash equivalents at end of year 2.108,847 1,642.212 21
Acr ON ENERGY STATEMENT OF CASH FLOWS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income frorn charitable artivities Unrestricted Restrirted funds funds 2024 2024 Total Unrestrirted Restricted funds funds 2023 2023 Total 2024 2023 Income Sale of professional services Services provided under contract 34,516 19,750 54,266 16,842 332.838 349,680 665,548 2,564.371 3,229.919 92,138 2,710,394 2,802,532 700,064 2,584,121 3.284,185 108,980 3,043,232 3.152,212 Donations and legacies Unrestrirted Restricted fund5 funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 DonatiOJ15 and gifts Government Grant Income 5.5(K) 5,5(X) 209,505 1.173.834 1,383.339 13,484 1,178,940 1,192.424 215.005 1,173,834 1.388,839 13,484 1.178,940 1,192,424 -22-
Acr ON ENERGY STATEMENT OF CASH FLOW5 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Restricted funds funds 2024 2024 Total Unrestrirted Restrirted funds funds 2023 2023 Total 2024 2023 Interest receivable 7.244 1,576 8,820 1,190 1,190 Investment income is derived from the Charities cash savings. -23-
AcfoN ENERGY STATEMENT OF CASH FLOWS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Staff cost5 Depreciation and impairment Projects Rent and rates Training Insurance Expenses Office repairs and renewals Postage Stationery Telephone Marketing Professional fees Computer and IT costs Lease and motor costs 1.578,571 992,099 6.996 13,844 2,197,516 2,946,178 48,934 27.371 10,314 5,654 16,252 7,133 30,594 34,885 19,334 844 16,944 34,794 7,543 5.319 18,688 20.428 8,2 14,778 160,479 71,046 74,556 66,710 21,811 5,817 4,216,534 4.246,900 4.216,534 4,246,9¢y) Analysis by fund Unrestricted funds Restricted funds 1,029,261 507,762 3,187,273 3,739,138 4.216,534 4,246,900 -24-
ACTON ENERGY STATEMETrtr OF CASH FLOWS (COPINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after charging/{creditingl: Fees payable to the charity's auditor: for the audit of the charity's financial statements for other financial services Depreciation of owned tangible fixed assets 15,000 19,000 6,996 15,000 29,505 13,844 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the Company during the year12023- none). During the year. none of the trustees claimed any expenses from the charity12023 - none). Employees The average monthly number of employees during the year wa5: 2024 2023 Number Number Employees 51 35 Employment costs 2024 2023 Wages and salarie5 social security costs Other pension costs 1.389,001 127,638 61,932 875,587 73.465 43,047 1,578,571 992,099 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2024 Number 2023 Number £60,001 to £70,000 25-
Acr ON ENERGY STATEMENT OF CASH FLOWS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Employees {Continued) Remuneratlon of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 244,255 111,091 Other than the remuneration of key management peonnel detailed above, there were no transactions with related parties in the year12023 none). Auditor's remuneration The analysis of auditor's remuneration ts as follows- 2024 2023 Audit of the annual accounts 15,Cl)O 15,000 Non-audit services All other non-audit services 19,¢ 29,505 The nature of the services provided during 2023 was payroll and financial statements preparation. 10 Taxation The charity is exempt from taxation on its activities because all its irbcome is applied for charf(able purposes. -26-
ACT ON ENERGY sfATEMENT OF CASH FLOWS (co1NUEDl FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fixed assets Plant•rKI Nmtures. fittings ma¢hinery & o4uipment Totsl Cost At l April 2023 28,650 46,886 75,536 At 31 March 2024 28,650 46,886 75,536 Depreciation and impaimient At l April 2023 Depreciation charged in the year 11,536 2,307 29,100 4.689 40,636 6,996 At 31 March 2024 13.843 33,789 47.632 Carrying amount At 31 March 2024 14,807 13,097 27,904 At 31 March 2023 17,114 17,786 34,900 12 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 422,953 65,898 124,052 647,980 6,220 128,320 612,903 782,520 13 Creditors: amounts talling due within one year 2024 2023 Other taxation and social security Trade creditors Other credttors Accrua15 and deferred income 146,560 175,748 12,057 812,459 209,511 148.977 941,025 1,146,824 1,299,513 -27-
ACT ON ENERGY STATEMENT OF CASH FLOWS (CorlNuED} FOR THE YEAR EIVDED 31 MARCH 2024 14 Retirement benefit schemes Defined contribution schemes The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The charge to profit or loss in respect of defined contribution Schemes was £61,93212023 - £43,047). 15 Unrestrirted funds The unrestritted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestrirted funds by the trustees for specific purposes. At l April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 891.027 922,313 11.051,8601 1107,2161 654,264 Previous year: At l April 2022 Incoming resources Resources expended Transfer5 At 31 March 2023 General funds 925,114 123,654 1507.7621 350.021 891,027 16 Restrirted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At l April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Service Level Agreements Affordable Warmth Schemes Household Support Funds Sustainable Warmth HUG52 Other Projects 137.880 291.484 1,760,6(XJ 132,560 447,685 989,322 175,3741 1299.659) 11.524,4591 145.0871 {335,7251 1906,9691 62,506 18,1751 426,564 87,473 111,960 268,238 I,423 78,669 107,216 269,092 3.759.531 {3.187,2731 107,216 948,566 -28-
Acr ON ENERGY STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Restricted funds (Continued) Previous year: At l April 2022 Incoming resources Resource5 expended Transfers At 31 March 2023 350.021 1350.0211 Warm & Well in Warwickshire Home Improvement Pilot Solihull HSF Worcesterwinter Fuel Scheme/HSF LADS Keeping Coventry Warm Waickshire HSF Warmer Hornes West Midlands Solihull Retro Ff( HofE Complex Case Worker Stratford Energy Fund Coventry Cost of Ltving Fund Big Saving Energy Network Other smal grants 69,248 318.850 169,248} 1165,1371 153,713 136,079 1.535.375 756.140 546,101 100,otM) 584,573 27.200 36,836 67.500 I15.¢) 37.232 28,116 11,671.4541 {756.1401 (546.1011 163,2901 1584,573) I27.2) 136,8361 167,5001 136.3321 {37.2321 {28,1161 36,710 78,668 136,079 4,222.172 13,739,138} 1350,021) 269,092 29-
Acr ON ENERGY STATEMENT OF CASH FLOWS (coNfiNUEDI FOR THE YEAR ENDED 31 MARCH 2024 16 Restrirted funds (Continued) Unrestritted funds These relate to the numerous local and regional service level agreement5 made with authorf(ies along with any 3rd party sales made by the Charity as a part of its ongoing activities. Restricted funds All restricted funds have criteria attached to the funding which require funding to be ring-fenced in separate bank account. Warm and Well in Warwickshire Home Improvement Pilot - Arranging home visrts and assessments to those within the geographical area whom meet eligibilty criteria. Referral to appropriate providers for the identified improvement work to be completed. Household Support Fund - is a final safety net for those who are experiencing a crisis and cannot resolve financial difficulties any other way. The HSF provides essential item5 for people in urgent need. It does not provide cash. The HSF runs across Worcestershire, Warwickshire and 50lihull. Keeping Coventry Warm - a project run on behalf of Public Health and Coventry Cty Council to deliver warmer homes for those diagnosed with a long-term health condition/disability and on a low income. Warm Homes West Midlands - delivering energy advi and support to residents across Birmingham, The Black Country. Solihull, Coventry and 50lihull. Provision of Customer Journey Support to for the Midlands Net Zero Hub to support the deljvery of the Local Authortty Delivery Scheme and the Home Upgrade Grants Scheme across the WMCA area, Warwickshire, and Worcestershire. 17 Analysi5 of net assets between funds General Rertrirted Total Fund balances at 31 March 2024 are represented by: Tangible assets Current assets/lliabilities) 27,904 625,296 27,904 1,574.926 949,630 653.2C(I 949,630 1,602,830 -30-
ACT ON ENERGY STATEMEP4T OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Cash generated from operations 2024 2023 Surplus for the year 442,711 98,926 Adjustments for: Investment income recogni5ed in statement of financial acttvities Depreciation and impairment of tangible fixed assets 18.8201 6,996 11,1901 13,844 Movements in working capital- Decrease in debtors IDecreasel in creditors 169,617 1152,6891 74,059 1284,7291 Cash generated from/{absorbed by) operations 457,815 199,0901 31