Charfty reglstratlon number 1080137 (England and Wales) Company registration number 03176917 ENERGY PROJECTS PLUS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ENERGY PROJECTS PLUS towards a sustainable futur • xeinadin
ENERGY PROJECTS PLUS LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees S L Thompson D C A Colbourne DAPye LA Herwig (Appointed 19 June 2025) (Appointed 11 July 2025) Secretary DAPye Senlor Managemant P Owen Chief Executive Officer Charlty number (England and Wales) 1080137 Company number 03176917 Raglstered offlce Wirral Environment Centre Sandon Building Falkland Road Wirral Merseyside CH44 8ER Audltor Xeinadin Audit Limited 46 Hamilton Square Birkenhead Wirral Merseyside CH415AR Bankers The Co-operalive Bank 1-3 Parker Street Liverpool Merseyside L1 1DJ
ENERGY PROJECTS PLUS LIMITED CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report 8-10 Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Notes to the financial statements 14-26
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statemenls for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the ¢harily's governing document, the Companies AGt 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charities SORP "Accounting and Reporting by Chartties.. Statement of Recommended Practice applicable to charities preparing th8ir accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" Objectives and activities Our charity's purposes as set out in the objects contained in the company's Memorandum of Association are the.. Education of the public about energy efficiancy and other anvironmental issuas Promotion of energy efficiency Alleviation of fuel poverty Minimisalion of waste from electricity generating stations The aims of our charity are to reduce carbon emissions and fuel poverty and to achieve associated health improvements by providing advice, infomiation, training and fa¢ililating the inslallation of insulation, heating, renewable technologies and other appropriate measures. Historically we have concentrated our activiiy wilhin the counties of Cheshire and Merseyside, operating with an ethos of collaboration and partnership working. Ensuring our work delivers our aims We review our activities each year in line with our overall aims and objectives and periodically review those aims and objectives. The annual review looks at what we have achieved and the outcomes of our work in the previous 12 months. It looks at the success of each key activity and the benefits each has brought to those groups of people we are set up to help. In shaping our objectives for the year and planning our aclivilies, the management and Trustees have considered the Charity Commission's guidance on public benefit including the guidance "Public benefit.. running a charity IP821" The focus of our wo Our main objectives for the year continued lo be the reduction in carbon emissions and fuel poverty together with their associated health impacts. The methods we used to meet these objectives included.. Influencing local, regional and national policy and strategy through membership of steering groups, information sharing and forums. Working with partners including local authorities, registered housing providers, utilities, trusts and charilies, private and third sector organisations to identify need, potential solutions and promote the range of support available lo individuals and cornmunities to take action. Undertake project management of programmes funded by local authorities, central government, charities and trusts and other funders, including administration of funds to assist householders to improve the insulation andlor heating of their homes. Many of these projects align directly to the increased recognition of Ihe adverse health effects of fuel poverty and directly support the improvement in health and wellbeing of people, Ihereby contributing lo the alleviation of fuel poverty and achievement of health improvement targets. Continuing to provide online, lelephone and fa¢e-to-fa¢e advi¢e to individual and groups, led by the Save Energy Advice Service. Public benefit The trustees have paid due regard to guidan issued by the Chatity Commission in deciding whal activities the charity should undertake. Activities The principal activity of the charity was that of educating the public about energy efficiency and fuel poverty linked to direct access to measures. Delivery of a range of energy efficiency related projects supported by telephone and online advice through the Save Energy Advice Line and face lo face advice remained a cornerstone of our activities.
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢hievements and perfomiance Significant activities and achievements againsl objectives Our main activities and who we are trying to help are described below. All our activities achieve the objects of the charity detailed previously and directly achieve public benefit by increasing knowledge and understanding, redu¢ing fuel poverty and Ihe environmental effects of energy use as well as increasing health and wellbeing of vulnerable people. During the year lo 31 st March 2025 demand for our services increased significantly and our charity supported over 9,000 households, securing on behalf of Merseyside and Cheshire residents over £1.3m in grant funds and direct savings on fuel bills as well as reduced carbon emissions through energy efficiency measures. Our programmes that have achieved this valuable support include.. Delivery of the lo¢al freephone and online Save Energy Advice Line (SEAL), which was used as the singl8 point of ¢onlacl for all programm8s delivered by Energy Projects Plus throughout the year. SEAL provided advice and support to households on energy efficiency, fuel poverty, tariffs, fuel bills, retrofit, and renewable energy. This included acting as a conduit lo accessing replacement boilers, heating repairs, insulation measures, heat pumps and simple measures such as LED lightbulbs together with financial support such as fuel vouchers and fuel debt relief. Community engagement and support is a key area of activity aimed at reaching those residents who would benefil but do not actively request support. As part of this a¢livily, we continued delivery of projects such as th8 British Gas En8rgy Trust funded Liverpool Affordable Warmth scheme, the Wirral Fuel Poverty and Energy Efficiency Programme (funded by Wirral Council}, Energy Outreach Programme training and community engagement scheme funded through Citizens Advice, Energy Redress funded scheme Warm and Well, Affordable Warmth Wirral (funded by Burbo Bank Extension Community Fund), and various local aulhority Household Support Fund schemes. We also continued delivery of the Cadent Foundation funded project Warmth4Health. During 2024-25 we further increased our delivery of LEAP (Agiliiy Eco Services, Local Energy Advice Programme) across Merseyside and Cheshire. This programme offers home visits for advice and easy measures to reduce energy use and fuel bills with additional access lo boiler replacement or rèpairs, replacement while goods, and boiler servicing. We su¢cessfully bid for 'Gamechangel' funding ihrough Wirral Public Health aimed al new interventions that will create a shift in achievement against core issues they had identified, in our case. fuel poverty. 11 has enabled us to unlock direct relationships wilh primary care neorkS and their services supporting patients al risk of health effects of cold homes. We have created new information, training, and referral paths that will directly benefit patients. During 2024-25, our annual review, by Cilalion Iso Certification, reaffimied our ISO 9001 and ISO 14001 accredilations, thus demonstrating to polenlial funders and partners the quality and robustnèss of our charity and its processes. In addition to delivering projects aimed at achieving direct action by residents to reduce carbon emissions and improve affordability of bills, our charity also engaged at senior level with decision makers aGr05s Ihe Liverpool City Region and Cheshire. We maintained representative roles on the COOL Wrral Partnership {where our Chief Executive held the role of Chair), the Liverpool City Region Climate Partnership and various affordable warmth steering groups as well as continued attendance of national and regional consultation workshops. Our active involvement is aimed at maintaining the profile of climate change, energy efficiency, and fuel poverty with key decision makers, and leads to other programmes being developed which ultimately achieve di support to individuals across our area and beyond. Flnanclal review In reviewing the overall financial standing of the charity there was a net increase during the year in total assets of £244,676. This resulted from a surplus of £123,924 on General Fund (2024 - Surplus £35,360) and a surplus of £120,752 on restricted funds {2024 surplus £153,024). Building on the surplus in 2024 the surplus in 2025 indicates further increase in the scale of the charity's activities and financtal position.
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Going conc8m After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has adequale resources to continue in operational existence for the foreseeable future. For this reason, il conlinues to adopt the going concern basis in preparing the financial slatements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies. Reserves policy The Trustees have examined th8 charity's requiremenl for reserves in the light of the main risks to the organisalion. It has established a policy whereby the unrèstricted funds not Committed or invested in tangible fixed assets should be equal lo at least 6 months combined expenditure on unreslrided and reslricted funding of Energy Projec15 Plus aGlivity. Annual expenditure is projected at £1,012,000 for 2025-26 and Iherefore the Current target is for £506,000 in general funds after allowing for the net book value of fixed assets. Unrestricled funds at 31 March 2025 (after excluding tangible fixed assets) are £611,200 and so exceed this target. The reserves are considered necessary lo meet the working Capital requirements of the charity and meet the potential costs related to changes in lease terms or ownership of the charity's main office and possible investment in alternative premises. The Trustees are confident at the current lèvel of reserves that they are still able lo cover against such contingencies, continue the current activities of the charity and, should projecled income streams reduce requiring restriction of activities, provide sufficient time for this to happen. Principal fvnding sources During the year the charity maintained div8rse sources of funding. The conlinued investment by central and local govemment in cost of living support seNices. including those deliv8red by Energy Proj8Cts Plus, and a one-off programme funded through Nel Zero Hub, means that 340/0 of the charity's income was sourced through the public sector. Other significant funders were British Gas Energy Trust, Energy Redress Scheme, and Cadent Foundaliori. lnvestnntp0IicY The retention of funds ready for use in support of projects and compliance with the charity's reserve poli¢y means that currently there are few funds for long or medium term investment. Having considered the options available, the Trustees decided to continue lo invest the relatively small amount available in several short-term notice accounts with building societ18s and similar 'not for profit financial institutions. This is to minimise over-exposure to risk by having excessive funds invested with any one provider whilst still maximising investment return and complying with our ethical investment policy. Major risks The Trustees have a duly to identify and review the risks to which the charity is expos8d and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A full risk assessment procedure continues lo be repealed on an annual basis, led by the Finan Manager, and resultant system improvements continue to be instigated as part of an on-going process. These aim to mitigate any significant business or operational risk. The Trustees will Continue lo review all risk assessments on an annual basis and believe that maintaining an adequate level of reserves combined with an annual review of the controls over key financial and operational systems will provide sufficient resources lo enable the charity to continue to operate through adverse conditions if needed. Attention has also been focused on non-financial risks under guidance of the Company Secretary, David Pye, on areas such as IT and cyber security, and the Chief Executive on staffing policies and issues, fire risks and hearth and safely. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future period$ The consislenl high level of fuel prices and the increasingly urgent issue of climate change means delivery of our services and awareness raising remain a high priority. The cost of fuel continues lo drive demand for support in reducing bi115 and seeking financial support, but within th8 cont8Xt of people struggling to meet daily needs it remains equally important to the ¢harity to deliver action lo address the climate crisis. This remains firmly within the plans of our charity through maintaining focus on retrofit programmes and the importance ofadvice and support to make sense of a continually fragmènted sector. Whole house retrofit and whole lifestyle approaches to tackling the climate crisis and fuel povety remain our goal for acceleratin9 take up of measures and other action. We have been su¢¢essful in our applicalion lo the Pfizer UK Climate Action Programme delivered by the School for Social Entrepreneurs, which from March 2025 supported our Chief Executive lo receive training and engage with similar environmental organisalions over a 7-month programme aimed at sharing knowledge and experience with peers, and strengthening resilience. sustainability and strategic planning of our charity. The Close link between cold homes and health, together with the impending impacts of climate change, particularly on vulnerable people, has enabled Energy Projects Plus to forge new and stronger relationships with the formal health sector. We have secured funding to work with the health sector to more dire¢lly link health seNices supporting at-risk population with the retrofit and advice support available from our charity. This is a long-standing investment that is starting to bear fruit and will need lo be nurtured as it expands further across the various health organisations. The clear co-benefits to health and well-being and environmental improvements will continue to be a driver for our activity over the next few years. There is a recognition of the necessity to invest time, expertise and resource to develop programmes that align the needs of the health sector, those of patients. and the sustainability agenda with the aim of achieving future-proofed homes (in both the new-build and existing housing stock> that are fit for purpose both now and for decades to come. Progress on allernalive premises for the charity will need to be accelerated, still with the aim of exemplar environmental performance. We will continue our dialogue with potential partners and property owners to realise Ihis goal. 2025-26 will see the opportunity to secure new programmes whilst some existing programmes will reach their contracted end. We will invest in community level programme$ aimed at achieving our renewed focus on people and the outcomes achieved on their behalf. We will also continue to recfult new Trustees and align our governance and reporting to the forthcoming changes to Charity Commission requirements. Structure, governance and management The charity is controlled by its governing document, a deed of Irust, and conslitules a limited ¢ompany, limited by guarantee as defined by the CompaniesAct 2006. The company was incorporated on 25 March 1996 and registered as a charity on 30 March 2000. The company was established under a Memorandum of Association which established the objects and powers of the ¢haritable company and is governed under its Articles of Association. In the event ofthe company being wound up members are required to contribute an amount not exceeding £1. The trustees, who are also the directors for the purpose of company law, and who seNed during the year and up to the date of signature of the financial statements were.. A L Hughes (Resigned 11 July 2025) S L Thompson D C A Colbourne DAPye LA Herwig (Appoinled 19 June 2025) (Appointed 11 July 2025)
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Racmitment and appointment of tmstegs The directors of the company are also charity Trustee5 for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the Trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General meeting. The Trustee due lo retire by rotation will be as per the members, AGM notification. The Board has th8 power lo appoint additional Trustees as it considers fit. The Board continues to seek to appoint further additional Trustees in ordèr to widen the Board's overall breadth of experience. Such appointments would then be subject to confirmation at the AGM following. All Trustees gave their time as Trustees voluntarily and received no benefits or expense payments in connection with that work. Qrganisational structur8 The charily is organised so that the Trustees should meet quarterly to manage its affairs. The full-lime Chief Executive reports to and consults with the Trustees regularly in beeen those meetings. He is assisted in the day to day administration of the charity and successful delivery of projects and events by a management team made up of individual department heads who meet together formally bettvèen Trustee meetings and informally as required. Induction and training of trustees All existing Trustees had pre-existing knowledge of Energy Projects Plus and its activities and, as part of their appointment as Trustees, were givén an induction by the Company Secretary in their role as a Truste8 including legal obligations under charity and company law, the ¢onlent of the Memorandum and Articles of Association, current business plan and recent financial performance. Opportuniiy has been taken at Trustee meetings to update on subsequent issues such as Charity Commission guidance on public benefit and Trustèes are able to attend appropriate external training as this arises. Any future Trustee without pre-existing involvement with Energy Projects Plus would in addition receive a full induction in the organisation and its activities. Remuneration policy The Trustees consider the senior management team comprises the key personnel of Ihe charity in charge of controlling, running and operating the charity on a day lo day basis. The pay of the Senior staff is reviewed annually and any increase does not exceed the average increase awarded lo all staff. All the Trustees give all of their time freely and Trustees received no remuneralion in the year to 31 March 2025. Any connection between a Trustee or senior manager of the charity and any individual or organisation with which partnership working of any kind is proposed must be disclosed to the Board of Trustees. In the ¢urrent year no such related party transactions were reported. At the same time Energy Projects Plus wishes lo acknowledge its long-standing relationship with Wirral Environmental Netwofk, an entirely separate charity wilh which it shares premises and co-operates in provision of services. Auditor In accordan with the company's arti¢les, a resolution proposing that Xeinadin Audit Limited b8 reappointed as auditor of the Company will be put at a General Meeting.
ENERGY PROJECTS PLUS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of inforniation 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 thal they have takèn appropriate steps to identify such relevant information and lo establish that the auditor is aware of such information. The Irustees, report was approved by the 8oard of Trustees. C A Colbourne Trustse Dat8.. q/i.Llz{.......
ENERGY PROJECTS PLUS LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also the directors of Energy Projects Plus Limited for the purpose of company law, are responsible for preparing the Truslees, Report and Ihe financial statements in accordance wilh appli¢able law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Praclicel. Company law requires the trustees to prepare financial slatemènts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for thal year. In preparing these financial statements, the Irusle8s are required to.. select suitable accounting policies and then apply them consisten*ly', 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, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operalion. The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy al any lime the financial position of the charity 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 Charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities.
ENERGY PROJECTS PLUS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENERGY PROJECTS PLUS LIMITED Opinion We have audited the financial statements of Energy Projects Plus Limited (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, 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 Financial Roporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PractiC81. In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2025 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 Companies Act 2006. Basls for oplnlon We Conducted our audit in accordance wilh Inlemalional Standards on Auditing (UK) IISAS (UK)} and applicable law. Our responsibilities under those slandards are further described in the Auditoffs responsibilities for the audit of the financial statgments section of our report. We are independent of the charily in accordance with the ethical requirements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Slandard, 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 appropriat8 to provide a basis for our opinion, Conclu8lon8 relatlng to golng con¢ern 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 slalements is appropriale. Based on the work we have performed, w8 have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authoris8d for issue. Our responsibilities and the responsibilities of the truslees with respect lo going concern are described in the relevant sections of this report. Other Infomiation The other information comprises the informalion included in the annual report other than the financial statements and our audilorfs report Ihereon. The trustees are responsible for Ihe olher information contained wrthin the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the olher information is materially inconsistent with Ihe financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we ¢onciude that there is a material misstalement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companies Act 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 statements are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial stalements: and the directors, report included within the trustees, report has been prepared in accordance with appIlble legal requirements.
ENERGY PROJECTS PLUS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ENERGY PROJECTS PLUS LIMITED Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified rnaterial 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 2006 requires us to report to you if, in our opinion.. adequate ac¢ounting records have not been kept, or returns adequate for our audit have not been received from branches nol visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain dis¢losures 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 Iruslees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a slrategic report. Rosponslbllllle$ of tru8ts08 As explained more fully in Ihe statement of trustees, responsibilities, the trustees, who are also the directors of the charity 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 io enable the preparation of financial statements that are free from malerial misstatement, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of a¢¢ounting unless the trustees either intend to liquidate the charitable company or lo Cease operations, or have no realistic alternative but lo do so, Audltorfs re$pon$lbllltle8 for the audlt of the financlal statements Our objectives are to obtain asonable 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'5 report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audil ¢onducted in accordanc8 with ISAS (UK) will always detect a material misstatement when it exists. Misstatemenls can arise from fraud or error and a considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these financial statements. The extent to which our prOdureS a Capable of detecting irregularities, including fraud, is detailed below. Our approach to identifying and assessing the rlsks of material misstatement in respect of irregularilies, induding fraud and non-compliance with laws and regLtlalions, was as follows.. the engagement partner ensured Ihal Ihe engagement team collectively had the appropriale competence, ¢apabililies and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experien of Gharity sector., we focused on specific laws and regulations which we considered may have a direct matérial effect on the financial statements or the operations of the charity, including the Companies Act 2006. Charities Act 2011, data protection, anli-bribery, employment and health and safety legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management team and inspecting legal correspondence., and identifiéd laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non- compliance throughout the audit.
ENERGY PROJECTS PLUS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ENERGY PROJECTS PLUS LIMITED We assessed Ihe susceptibility of the charity's financial statements to material misstatement, including oblaining an understanding of how fraud might occur, by.. making enquiries of management team as lo where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and ¢onsidering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulalions. To address th8 risk of fraud through managemenl bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships.. tested journal entries to identify unusual Iransaclions., assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias,. and investigated Ihe ralionale behind significant or unusual transactions. In response lo the risk of irregularities and non-compliance wilh laws and regulations, we design8d procedures which included, but W8re not limited to.. agreeing financial statement disdosures to underlying supporting documentation; enquiring of management as lo actual and potential litigation and claims., and reviewing ¢orresponden¢e wilh HMRC and relevant regulators. There are inherent limilations in our audil procedurès dès¢ribed abové. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealm8nl or collusion. A further description of our r8sponsibilitl8s is available on the FinancAal Reporting Council's website at.. https'.11 www.frc.org.ukjauditorsresponsibilities. This descriplion forms part of our audilorfs report. Use of our report This report is made solely lo the charilab18 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 slate to them in an auditor's report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Helen Furlong FCCA (Senior Statutory Auditor) For and on behalf of Xeinadin Audit Limited, Slalulory Auditor Chartered Accountants 46 Hamilton Square Birkenhead Wirral Merseyside CH415AR Date.. ..1.9.. 1.7.. 1 10
ENERGY PROJECTS PLUS LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Rastrlcted funds funds 2025 2025 Total Unre$tri¢ted Restricted funds funds 2024 2024 Totsl 2025 2024 Notes Income and endowments from: Donations and legacies Charitable aclivili8s Investments Other income 80 463,180 5,841 191 80 782,012 1,245,192 5,841 191 3,350 265,189 5,943 234 3,350 771,030 1,036,219 5,943 234 Total Income 469,292 782,012 1,251.304 274,716 771.030 1,045,746 Expendltur8 on: Raising fijnds Charitab18 activities 13,835 331,533 13,835 992.793 13,440 225,916 13,440 843,922 661,280 618.006 Total expendlture 345,368 661,280 1,006,628 239,356 618,006 857,362 Net income 123,924 120,752 244,676 35,360 153,024 188,384 Transfers between funds 41,062 (41,062) Net movement In funds 10 164,986 79,690 244,676 35,360 153,024 188,384 Re¢onclllatlon of fund3: Fund balances at 1 April 2024 447,247 256,818 704,065 411,887 103,794 515,681 Fund balan¢e$ at 31 March 2025 612,233 336,508 948,741 447,247 256,818 704,065 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditur8 derive from continuing activities. 11
ENERGY PROJECTS PLUS LIMITED BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 14 1,033 1,444 Current assets Debtors Cash at bank and in hand 15 339,948 687,550 358,071 460,444 1,027,498 818,515 Creditors: amounts fallSng due wlthln one year 16 (79,790} (115,894) Not Current assets 947,708 702,621 Total assets less current Ilabllitles 948,741 704,065 The funds of the charity Reslrided income funds Unrestricted funds 19 20 336,508 612,233 256,818 447,247 948,741 704,065 The financial statements were approved by the trustees on D C A Colbourne Trustse Company registration number 03176917 {England and Wales) 12-
ENERGY PROJECTS PLUS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activitles Cash generated froml(absorbed by) operations 24 221,265 (98,472) Investlng actlvltles Purchase of tangible fixed assets Investment income received {660) 5,943 5,841 Not ¢a8h generated from Investlng actlvltie8 5,841 5,283 Net cash generated from flnan¢lng actlvlties Net In¢reasel{docreasal In ca8h and cash equlvalents 227,106 193,189) Cash and cash equivalents al beginning of year 460,444 553,633 Cash and cash equivalents at end of year 687,550 460,444 13
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policles Charity informatlon Energy Projects Plus Limiled is a private company limited by guarantee incorporated in England and Wales. The registered office is Wirral Environment Centre, Sandon Building, Falkland Road, Wirral, Merseyside. CH44 8ER. 1.1 Basis of preparation The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}" The charity is a Publi¢ Benefil Entily as defined by FRS 102. The financial statemen15 are prepared in sterling, which is the functional currency of the charity. Monetary amounts in thése financial statements are rounded lo the nearest £. The financial statements have been prepared under Ihe historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern Al the lime of approving the financial statements, the truslees have a reasonable expectation that the charity has adequate resources lo 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 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their Charilable objectives. Restricted funds are subject lo specific conditions by donors or granlors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 In¢omo Income is recognised when the charily is legally entitled to il after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the arnounl. Income lax recoverable in relation lo donations received under Gift Aid or deeds of ¢ovenant is recognised at the lime of the donation. Income from charitable activities includes income received under contract or where entitlement to the grant funding is subject to performance conditions. Income is recognised in the Statement of Financial Activities when the related services have been provided, income received in advance of those services being provided 15 deferred. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charily. This is normally on notification of the interest paid or payable by the bank. 14-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) l.S Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct ¢osts and shared costs, including support cosls involved in undertaking each activity. Dire¢t ¢osls attr5butable lo a single activity are allocated directly to that activity. Shared ¢osls which Contribute to more than one activity and support costs which are not attributsble lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central slaff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Raising funds indudes all expenditure incurred by the charity to raise funds for ils charitable purposes and in¢ludes costs of all fundraising activities, events and non-charitable activities. Liabilities are r8cognis8d as expenditur8 as soon as th8r8 is a legal or constructive obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all cost related to the category. Where Costs cannot be directly attributed to particular headings Ihey have been allocated to activities on a basis Consistent with the use of resourc8S. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs are those that assisl the work of the charity bul are not directly attributable to the charilable activities. Support cosls include office costs, administrative payroll costs and governance costs which support th8 charity's activities. Governance costs represent costs associated with meeting the constitutional and statutory requiremenls of the charity and include the audit fees and costs linked to the strategic management of the charity. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured al 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.. Fixtures and fittings Computers Office equipment 150h straight line on cost 25°h straight line on cost 209/9 Straight line on cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale pro¢eeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrnient of flxed assets At each reporting end dale, the charity reviews the carying amounts of its tangible assets to delemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimaled in order to determine Ihe extent of the impaiment loss (if any). 15-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continuedl 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instrum8nls' and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instnjments. Financial inslrumenls are recognised in Ihe charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial stalemenls, 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 lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transalOn price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute5 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a markel rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt inslruments 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 ¢lassified a$ current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is récognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide lermination benefi15. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 16-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimatss and Judgements In the application of the charity's accounting policies, thè trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabililies that are not readily apparènt from other sources. The estimates and associated assumptions are based on historical experi8nce and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestricted Unrestrictsd funds funds 2025 2024 Donations and gifts 80 3,350 Income from charitable actlvltles Unrestrlcted Rostrlcted funds funds 2025 202S Total Unrestrlcted Re8trlcted funds funds 2024 2024 Totsl 2025 2024 Charftsble actlvltles Energy efficiency advice Local authorities service level agreemenls Olher funders 152,625 315,239 467,864 240,695 240,695 46,161 264,394 192,388 274,385 238,549 538,779 69,686 195,503 318,473 211,862 388,159 407,365 463,180 782,012 1,245,192 265,189 771,030 1,036,219 Income from Invastments Unrestricted Unrestricted funds funds 202S 2024 Inlerest receivable 5,841 5,943 17-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Other income Unrestricted Unrestri¢ted funds funds 2025 2024 Other income 191 234 Expenditure on ralslng funds Unrestricted Unrestrl¢tsd funds fund$ 202S 2024 Fundralslng and publlclty Staff costs 13,835 13,440 18-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on ¢haritabla actlvltles Charltable activities 2025 Charitsble actIvIe9 2024 Dlrect costs Staff costs Depreciation and impairment Rent and rates Insurances Telephone Advertising and stationary Sundries Motor and travel Repairs and maintenance Consultancy Householder grants Irrecoverable VAT 595,337 411 17,736 4,679 11,257 8,181 19.965 28,289 4.866 12,380 100,958 5,746 444,591 888 17,543 3,975 7,355 21,484 24,536 20.401 1,047 17,166 149,137 5,710 807,805 713,833 Share of support and governance costs (see nots 9) Support Governance 173,855 11,133 119,791 10,298 992,793 843,922 Analysls by fund Unrestricted funds Restricted funds 331,533 661,260 225,916 618,008 992,793 843,922 Support costs allocated to activities 2025 2024 Staff cosls Bank charges Computer expenses Consultancy Governance costs 55,423 999 9,676 107,757 11,133 46,330 885 20,934 51,642 10,298 184,988 130,089 Analysed between: Charilable activities 184,988 130,089 19-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities (Continued) 2025 2024 Govemance costs comprise: Audit fees Legal and professional 5,425 5,708 5,300 4,998 11,133 10,298 10 Net movément In fund8 2025 2024 The nel movement in funds is stated after chargingl(creditingl'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 5,425 411 5,300 888 11 Trustses None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 12 Employee8 The average monthly number of employees during the year was.. 2025 Number 2024 Number 31 25 Employrnent costs 2025 2024 Wages and salaries Social security costs Other pension costs 603,557 47,834 13,204 464,355 30,428 9,578 664,595 504,361 There were no employees whose annual remuneration was more than £60,000. Remuneration of key managernent personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 78,918 67,702 -20-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employees (Continued) The key management personnel of the charity comprise of the Chief Executive, Finance Manager and IT Technician. 13 Taxatlon The charily is exempt from laxation on its activities because all its income is applied for charitable purposes. 14 Tanglble fixed assets Flxturm Ind Ilttlngs Computers Offlc• •quSpm•nt Total Cost At 1 April 2024 11,637 18,005 24,758 54,398 At 31 March 2025 11,637 18,005 24,756 54,398 Depreclatlon and Impairment At 1 April 2024 Depreciation charged in the year 11,613 16,970 302 24,371 109 52,954 411 At 31 March 2025 11,613 17,272 24,480 53,365 Carrylng amount At 31 March 2025 24 733 276 1,033 At 31 March 2024 24 1,035 385 1,444 15 Debtors 2025 2024 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 70,870 262,168 6,910 50,754 299,195 8,122 339,948 358,071 21
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Creditors: amounts falling due within one year 2025 2024 Notes Other taxation and social security Deferred income Trade creditors other creditors Accruals 28,353 2,500 5,089 3,573 40,275 20,019 47,950 6,229 2,778 38,918 17 79,790 115,894 17 Deferred Income 2025 2024 Other deferred income 2,500 47,950 Deferred income is included in the financial statements as follows.. 2025 2024 Deferred income is induded within.. Current liabilities 2,500 47,950 Movements in the year.. Deferred in¢ome at 1 April 2024 Released from previous periods Resources deferred in the year 47,950 147,950) 2,500 125,265 (125,265) 47,950 Deferred income at 31 March 2025 2,500 47,950 18 Rerement beneflt schemes 2025 2024 Defined contribution schemes Charge to profil or loss in respect of defined contribution schemes 13,204 9,578 Thè charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separalely from those of the charity in an independently administered fund. 22-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Restrictsd funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 April 2024 In¢omlng resources Resources expended Transfers At 31 March 2025 Prize money & olh8r funds Health Through Warmth Wirral- Warm Homes, HMRI et¢ Halton - HEARTH & Energy Zone project Sefton- SEARCH, SEARCH+ Cosy Homes etc Cheshire Easl Cashbacks BGET - Liverpool Affordab18 Warmth EST & Local Authorily - Fuel Voucher Schemes Cadenl Foundation LEAD Energy Outreach 3,795 16,980 3,795 14,087 12,893) 114,078 251,052 {204,121) 161,009 17,325 10,391 (11,202) 16,514 31,546 11,295 70,500 (36,268) 65,778 11,295 14,129 128,035 (127,165) 14,999 1,599 5,009 1446) (103,480} (175,684) 1,153 47,879 146,350 175,684 41,062 {41 ,062) 256,818 782,012 1661.2601 {41,062) 336,508 Prevlous year: At 1 Aprll 2023 Incomlng Resources resources oxpended Transfers At 31 March 2024 Prize money & other funds Health Through Warmth Wirral - Warm Homes, HMRI etc Halton - HEARTH & Energy Zone project Sefton - SEARCH, SEARCH+ Cosy Homes et¢ Cheshire East Cashba¢ks BGET- Liverpool Affordable Wamth EST & Local Authority- Fuel Voucher Schemes Cadent Foundation LEAD Energy Outreach 3,795 19,177 3,795 16,980 (2,197) 16,007 386.156 (288,0851 114,078 9,118 23,475 (15.268) 17,325 39,664 11,295 79,854 (87.972) 31,546 11,295 101,386 (87,257) 14,129 4,738 84 25,850 112,111 42,114 (3,223) 120,841) (112,111) (1,052) 1,599 5,009 41,062 103,794 771,030 (618,0061 256,818 -23-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Restri¢ted funds (Continued) Prize mone & other funds Comprising funds lo promote energy efficiency across Che5hire,' funds to support the organisation of the North We51 Association of Local Energy Officer5 {ALEONW)', donations lo general funds to promote fuel poverty support. ower Health Throu h Wamith Comprising funds to support the installation of heating measures in the homes of vulnerable people across Merseyside. Wirral - Warm Homes HMRI et Comprising funds to support thè installation of heating and insulalion measures in Ihe homes of vulnerable peopl8 across Wirral. Halton HEARTH & Ener Zone ro ects Comprising funds to support the installation of heating and insulation measures in the homes of vulnerable people across Hallon. Sefton - SEARCH &SEARCH+ Cos Homes etc Comprising funds to provide advice, and support the installation of heating and insulation measures, across Sefton. Cheshire East Cashbacks Cornprising funds lo support the installation of healing measures in the homes of vulnerable people across Cheshire East. Ene Outreach Pro ect EOP Comprising funds lo deliver community adwce sessions, and training and support to front-liné work8rs across North Wesl England. BGET. Llvèr ool Affordable Wam)th Comprising funds to provide advice and support, including fuel debt and tariff advice, to vulnerable people across Liverpool City {partl funded by the British Gas Energy Trust. EST & Local Authori Fuel Voucher Schemes Comprising funds to allow residenls to receive fuel vouchers by text or email across the Merseyside and Cheshire region. Cadent Foundatlon - Warnith4Health Comprising funds to provide advice and support to residents a¢ross Merseyside and Cheshir8 Wlth particular focus on the health impacts of damp and mould within the home. DESNZ Lo¢ IEne Advlce Demonstrator LEAD Retroflt Buddies Comprising funds to provide advice and hand-holding to residents across Merseyside and Cheshire wanting lo proceed with retrofit measures and developing better understanding of the Options to install improvement measures. -24-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Unrestrictsd funds The unrestricted funds of the ¢harily comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designaled funds which have been set aside out of unrestricted funds by the Iruslees for specific purposes. At 1 April 2024 Incoming Resources resources expended Transfers At 31 Mar¢h 2025 General funds 447,247 469,292 (345,368) 41,062 612,233 Provlous year". At 1 Aprll 2023 Incomlng Resources resources expended Transfors At 31 Mar¢h 2024 General funds 411,887 274,716 {239,356) 447,247 21 Analy$l$ of net assets betr08n fund8 Unrestrlcted funds 2025 Restrlcted funds 2025 Total 2025 At 31 March 2025: Tangible assets Current assetsl(liabilities) 1,033 611,200 1,033 947,708 336,508 612,233 336,508 948,741 Unrestrlcted funds 2024 Restrlcted funds 2024 Totsl 2024 At 31 March 2024: Tangible assels Current assetsl(liabilities) 1,444 445,803 1.444 702,621 256,818 447,247 256,818 704,065 -25-
ENERGY PROJECTS PLUS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Operating lease commitments Lessee At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows. 2025 2024 Wilhin one year Belween tsvo and five years 1,931 2,575 1,931 1,931 4,506 23 Relatod party transactlon$ Ther8 were no disclosable relat@d party transactions during the year12024 - none). 24 Cash generated fromllabsorbed by) operatlons 202S 2024 Surplus for Ihe year 244,676 188.384 Adjustments for: Inv8Stm@nt income recognised in slatemenl of financial activities Depreciation and impairment of tangible fixed assets 15,8411 411 {5,9431 888 Movements Sn worklng capltal: Decrease/lincrease} in debtors Increasel{decreasel in creditors (Decrease} in deferred income 18,123 9,346 (45,450) 1190,3341 (14,1521 (77,3151 Cash generated froml{absorbed by) operatlon$ 221.265 (98,4721 25 Analysls of changes In net funds The Charity had no material debt during the y8ar. 26-