Registered number: 03830608
Charity number: 1083812
SEVERN WYE ENERGY AGENCY LTD
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
? Bishop Fleming

'age
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SEVERN WYE ENERGY AGENCY LTD
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2025
Trustees
Mareike Schmidt. Chair
Christopher Bierley (resigned 1 De￿mber 2024)
Louise Cooke (resigned 21 May 2024}
Vilislava Ivanova
Rowena Kay
Martin Smith Lomas (appointed 1 May 2023)
Emma Voss {appointed 1 May 2023)
Christopher Welby
Jamie Abbott (appointed 1 May 2025)
Catherine Cheetham (appoinled 2 May 2025)
Amie Robinson {appointed 2 May 2025)
Dapo Fakorede {appointed 3 May 2025)
Company registered
number
03830608
Charity regislered
number
1083812
Registered office
3rd Floor Pillar & Lucy House
Merchants Road
Gloucester
England
GL2 5RG
Chief Executive Officer Sandy Ruthven
Independent auditors
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
10 North Place
Cheltenham
GL50 4DW
Bankers
HSBC
The Cross
Gloucester
GL1 2AP
Page 1

SEVERN WYE ENERGY AGENCY LTD
CHAIRPERSON STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
As we celebrate our 26th year, l am pleased to report that Sevem Wye Energy Agency goes from strength to
strength. As our impact report shows, we have achieved record levels of impact in 2024 - 2025 whilst at the
same time improving our financial and delivery performance. All of this will provide a strong foundation for our
work going forward.
Against a backdrop of economic challenges and policy uncertainty, we were able to work with funders and
partners to secure increased levels of grant funding to support vital services for the community. Our income
increased by more than £3.2 million to £10.496,429. In part this is accounted for by the grant for our biochar
project. However, projects and services in other areas also scaled up. Recent years also saw the move to a
new office in the heart of Gloucester and several other changes to consolidate our operating systems. This
helped invigorating staff and created a sense of excitement and renewed energy for the organisation.
Sevem Wye Energy Agency's work is far reaching. During 2024125 we have delivered a range of retrofitting
measures to hundreds of homes, often in rural and difficult to reach communities. Plans are under way to
consolidate our energy services offer and to move towards an area-based approach longer tem. We are
keen to deliver installations as part of the govemment's Energy Company Obligation Scheme and have been
working on expanding our retrofit advice offer to new partners and clients. We were also able to expand our
work with the business community and provide energy audits and advice to almost 500 businesses.
We continue to deliver innovative work. For example, we built one of the first biochar plants in the country on
behalf of the Department for Energy Security and Net Zero. The plant uses pyrolysis to convert biomass into
biochar. a stable form of carbon, while also producing heat that we might be able to use locally. This project is
part of a larger effort to demonstrate the viability of biochar technology for carbon capture and negative
emissions. As with all innovative projects. the opportunity is assessed and progressed ensuring an
appropriate balance be￿een commerciality and the charity's besl interests.
And we maintained our reputation as a "trusted providerf of fuel povety advice. Our advice line was as busy
as ever and our community-based support to help individuals and families struggling with energy costs was in
high demand. Sevem Wye will continue to support the most vulnerable members of our society at a very
practical level. With almost 12,000 fuel poverty cases handled this year, we remain one of the leading
organisations in this field and provided evidence and insight to government on how more integrated and
aligned support structures can be developed including the combination of funds at the local level.
Severn Wye Energy Agency plays a significant part in the life of our beneficiaries. I would like to thank Sandy,
the senior team and all staff and trustees for their contributions and dedication during the last year
which
has delivered remarkable impact and has enabled us to build a strong reputation locally and nationally. It is a
privilege to be a trusted and valued part of the community.
Mareike Schmidt
Chair of Trustees
Page 2

SEVERN WYE ENERGY AGENCY LTD
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who are also the directors of Severn Wye Energy Agency Ltd (Severn Wye) for the purposes of
company law. present their annual report and the audited financial statements for the year ended 31 March
2025. They confirm that the Trustees, report and financial statements comply with Charilies Act 2011,
Companies Act 2006 and Severn Wye's memorandum and articles of association. They also conform to the
Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance
with Financial Reporting Standard 102 (FRS 102) applicable in the United Kingdom and Republic of Ireland.
Objectives and Activities
Severn Wye's objects are:_
"The advancement of education for the public benefit in particular but not exclusively in relation to energy
conservation, the efficient use of energy and the utilisation of renewable sources of energy" and
'The relief of poverty and the preservation and protection of health by promoting the efficienl use of energy
(including energy for heating purposes) and the utilisation of renewable sources of energy"
"To promote sustainable development for the benefit of the public by=
1. The preservation, conservation and the protection of the environment and the prudent use of
resources.
2. The relief of poverty and the improvement of the conditions of life for those socially and economically
disadvantaged.
3. The promotion of sustainable means of achieving economic grovrth and regeneration.
Sustainable development means "development which meets the needs of the present without compromising
the ability of future generations to meet their own needs.-
The trustees confirm that they refer to the guidance contained in the Charity Commission's general guidance
on public benefit when reviewing Severn Wye's activities. To achieve the above objectives and public benefit
Severn Wye has developed and implemented a range of projects which are noted within this report and
further detailed in the annual Impact Report, which is published on Severn Wye's website at
www.sevemwye.org.uk.
Structure. Governance and Management
Governing Documents
Severn Wye is a company limited by guarantee, govemed by its memorandum and articles of association,
incorporated on the 24th August 1999 and registered with the Charity Commission on the 27th November
2000. If Severn Wye is wound up. its members are liable to pay the sum £1 each.
Method of Appointment or Election of Trustees
The directors of Severn Wye are also trustees of Sevem Wye for the purposes of charity law and under the
Article of Association are also members of the Council of Management.
New trustees are appointed either by the members of Sevem Wye at a general meeting or by the Council of
Management. One third of the members of the Council of Management retire each year by rotation and are
eligible to be re-elected. The Council of Management is in effect anolher name for the Board of Trustees.
Induction and Training of Trustees
New Iruslees are provided with appropriate infomiation, induction and training. taking into account the nature
of Severn Wye and their previous experien￿ in the charity sector.
Page 3

, ERGY AGENCY LTD
)RT {CONTINUED)
NDED 31 MARCH 2025
'ce Code of Practice
resolved to comply with the Charity Commission's code of practice for good governance.
rinciples which are considered to be necessary to qualify as a well governed charily. The
ssed the evidence for performance of the Board of Trustees (the Board) against each of
urpose
risk and control
ess
ccountability
ssment, the trustees concluded that the Board was broadly compliant with the principles.
ode of practice is to promote continual improvement and to that end the sub-commillee
.,for further improvement which have been addressed. The trustees have resolved to
this cycle of review and improvement on an annual basis.
ructure and Decision Making
ters Sevem Wye. meets quarterly and is responsible for the strategic direction and policy
.ininimum of three trustees is required for a meeting to be quorate. At present there are ten
iety of professional backgrounds. There are two sub<ommittees responsible for Finance
re.
> the CEO who manages the day to day operations of Severn Wye.
a risk management strategy that comprises.
evern Wye's risk register at least once a year:
3neral risk report and register at each quartedy Council of Management meeting"
j policies, systems and procedures to mitigate risks identified in the register. and
Jcedures designed to minimise the potential impact should those risks materialise.
ie they have adequate procedures in Pla￿ to mitigate the risks to which Sevem Wye is
tified are-
Biochar project-
remains a significant issue for Sevem Wye at all levels of the organisation.
g managed by the following actions"
cured the services of a consultant to provide additional development and construction
his significantly reduces the risk to the project as Severn Wye now has overall control of
ent.
wing our existing recruitment processes as well as reviewing the reasons why staff leave
We will be carying out a staff survey in the summer that will hopefully identify areas
aff experience can be improved.
t receive any remuneration from Sevem Wye, but can claim reasonable costs for travel,
ining (see Note 19).
I remuneration policy to ensure fair pay and to retain suitably qualified staff to lead,
Id deliver its aims. A revised pay structure was introduced from April 2023. The People &
oversees the implementation of the policy.
Page 4

SEVERN WYE ENERGY AGENCY LTD
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and Performance
Energy prices are still rising. and the effects of climate change are becoming ever more apparent, with
flooding and heatwaves becoming regular features in the UK. According to the Grantham Research Institute
at the London School of Economics, we will all bear the cost of adapting to climate change, currently
estimated at 1.10/0 of UK GDP-and projected to rise to over 3 % by 2050 and 7°/0 by 2100 if no stronger
action is taken. However, it is often those who can least afford it who get stuck with higher energy bills and
suffer most from cost-of-living increases.
We aim to tackle these twin problems of fuel poverty and climate change, helping those in immediate need at
the same time as working for a more suslainable future Ihrough renewable and clean energy. We see more
people than ever needing help and wanting to be more sustainable. and l am proud to say we are keeping
pace with this change.
Our work starts with Ihose in crisis. People who switch their heating off in winter because they cannot afford
to pay their bills and whose health and livelihoods are deeply affected by the cold. Our energy advice team
whether responding to calls to our adviceline or home visits to those in need - has handled nearly 12,000
cases this year. Residents have saved money and energy as a result, but most importantly their lives have
been improved.
Saving people money and energy now of course makes a dtfference but it does not guarantee they will not
struggle again next winter. Our home retrofit programme tackles the problem at source. Instslling insulation.
solar panels. heat pumps and batteries saves people money every year and helps us towards the UK climate
change target of cutting home energy use by 30 %. This year we have enabled the retrofit of 519 inefficient
homes, but there are slill some 19 million on the UK waiting list.
I'm pleased to say too that we have expanded our business energy efficiency programme in England and
Wales, supporting 461 businesses to reduce their energy use. with several of our successful projects having
now been extended into next year.
Finally, through our innovation programme, we have commissioned our carbon-capturing power station in
Warrington. The Severn Wye Biochar unit, previously known as Mersey Biochar, has the capability to produce
carbon-capturing biochar from local wood waste and generate heat and electricity.
All of this is possible because of our caring and passionate colleagues. It has not always been an easy year,
and I want to thank everyone at Sevem Wye for their dedication and willingness to go the extra mile. Our
partner organisations too are key to our success - it's a long list of companies, governments, local authorities.
charities and community groups we thank also for their continuing support.
Sandy Ruthven MBE
Page 5

SEVERN WYE ENERGY AGENCY LTD
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
A year in review
This year, we leveraged £10 million in funding for home and business improvements and community support
initiatives. resulting in potential lifetime savings of:
138 Million kwh of energy
£15 Million of cost
34,000 tonnes of cart)on
Advice & Support
We have reached out in particular this year to people in communities that typically fall through the net of usual
sources of support.
Some struggle to understand English and are at a greater risk of falling into debt or are caught in a
complicated tangle of expensive tariffs and payment demands from suppliers. Many do not have broadband
or the digital skills to access bills and information online.
We have found the power of partnerships make the biggest difference to communities such as refugees and
asylum seekers, travellers and those in isolated rural areas. The trust that residents already have in front-line
partner organisations is proving crucial for linking our expertise. and our multi-lingual advisers and resources
ensure comprehensive support for all our clients, needs.
Our work with Gloucestershire NHS is one such exarnple: NHS Retrofit, our £500,000 partnership with
Gloucestershire NHS, the county council. and GIoU￿sterShIre Housing Partnership, is piloting pemianent
energy efficiency solutions for people with chronic health issues to tackle cold, damp living conditions which
are damaging their health. The scheme builds on the success of our ongoing 'Warmth on Prescription.
initiative, which provides short-temi measures like electric blankets together with energy bill subsidies.
In rural areas such as much of Wales, the absence of mains gas limits Ihe heating choices for residents. This
challenge is compounded by typically older, poorly insulated housing, creating vulnerability to either crippling
energy debts or the serious health consequences of living in cold, damp conditions.
Home Energy Services
Sevem Wye has been placed among the most effective delivery agents for Local Authority Delivery (LAD)
and Home Upgrade Grant (HUG) schemes in the local area, responsible for approximately one third of all
retrofits delivered across the West Midlands and South West regions.
In Gloucestershire and South Gloucestershire. we delivered eX￿ptIOnal results with 470 home retrofits
through successive programmes, representing 35 % of the South West's total HUG delivery and establishing
one of the region's most successful schemes.
Our energy efficiency surveys and recommendations are impartial and bespoke to each home. Residents
benefit from practical advice covering the spectrum of potential capital-COSt measures together with an action
plan to upgrade their home.
Our retrofit co-ordination services make sure all the conditions of any relevant grant funding are met, and we
worked closely with funders and installers to ensure the right installations are made in every home.
Typically, Severn Wye manages the whole retrofit process. from assessing a customer's eligibility for funding
through to managing their installation joumey. Our energy services team oversee the installation of energy-
efficient and low-carbon technologies and evaluate the perfomiance of new measures.
Page 6

SEVERN WYE ENERGY AGENCY LTD
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Business Energy Services
Since 2017 we have supported more than 1,000 businesses and community organisations to help them
achieve a step change in their energy consumption, become more resilient to fluctuations in energy prices
and reduce their carbon impact.
We have been working with business owners across the region including Wiltshire, Worcestershire,
Shropshire, Herefordshire, Gloucestershire, South Gloucestershire, Ceredigion and Powys. And we are
showing that older buildings are just as capable of contributing to net zero as their newer counterparts, even
those as old and individual as churches.
Energy & Communities
Food and fuel poverty in rural communities only adds to the challenges of living in such areas, which can lead
to further physical and mental health issues.
At the heart of our work with disadvantaged communities is the goal to empower people to develop their own
solulions lo problems Ihey want to address. This means listening well, identifying and leveraging existing local
assets, and giving people the skills, confidence and support to take projects forward and reap long-term
benefits.
Over the last 12 months, our Powys hub. The Hive. supported 4,230 families in Llandrindod Wells by
providing school uniforms, clothes and equipmenl for under-2s. and a 'Library of Things, to local people,
putting sustainability into action to support local people.
We were proud lo celebrate the success of 14 Welsh communities at the conclusion of our seven-year Rural
Futures project in June 2024. Groups were able to apply for up to £140,000 from The National Lottery
Community Fund which in tum enabled an additional award of £1.35 million for capital improvements and
other costs.
Energised Communities
Through our work on Rural Futures, we know that communities are interested in gaining equitable and
reliable access lo clean energy, and that's one of the issues we have started to work towards through
Energised Communities.
Six of those Rural Futures participants are now taking part in this ambitious five-year programme funded by
The National Loltery Community Fund which will support eight communities in Wales and two in England. We
have increased our leam of skilled place co-ordinators who will build community resources and keep up
momentum, ensuring that these projects will be developed, delivered and owned by the groups we are
working with.
The first four groups have mobilised this year. building relationships ahead of consultation events thal will
start Iheirjourney, with Ihe remaining groups joining them over the next 12 months.
Innovation
Severn Wye Biochar is a carbon-capture and clean*nergy project.
The inilial development. at Lingley Mere business park in Warrington, was funded by the UK'S Department for
Energy Security and Net Zero (DESNZ) with a £5 million grant from the Direct Air Capture and Greenhouse
Gas Removal innovation programme. which was finally commissioned in April 2025.
The plant has been designed to process around 4,000 tons of wood-chip feed stock per year to produce
1,000 tons of high-quality biochar.
Page 7

SEVERN WYE ENERGY AGENCY LTD
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial Review
Results for the Year
The decrease in the unrestricted funds in the year of £180,552 (2024: increase of £317,817). Overall, income
has increased to £10.5m. excluding the Mersey Biochar project (2024: £5.03m), the income excluding grants
& Mersey Biochar has also increased to £3.94m {2024.' £2.89m). On the expenditure side the grants allocated
have increased along with the increased income, and expenditure elsewhere has increased to £3.99m.
excluding Mersey Biochar £2.90m {2024: £3.79m).
Funding Sources
The main funding sources in the year are=
Local Authorities (Cheltenham Borough, Cotswold District, Forest of Dean District, Gloucester City,
Gloucester County, Herefordshire, South Gloucestershire, Stroud District, Tewkesbury Borough,
Wiltshire and Worcestershire) for Warm & Well and other programmes;
National Lottery Community Fund for CREATE Your Spa￿, Rural Futures, Working Together for
Llandrindod Wells and Sustainable Steps Wales.
Department for Energy Security and Net Zero (DESNZ) HUG 2,Mersey Biochar and SHDF funding,
some via local authority.
Clinical Commissioning Group for NHS Retrofit and Warmth on Prescription
Energy Saving Trust for the Redress projects"
UK SPF Funding for Boosting Ceredigion and Mid Wales BEEB projects
Wiltshire Council for Wiltshire Business to Net Zero
Private sector and small local bodies for one off services.
The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
Reserves policy and going concern
The purpose of the Reserves Policy is to ensure the stability of the ongoing operations of Severn Wye and to
enable the ongoing future of Sevem Wye.
Severn Wye's unrestricted funds on the 31st March 2025 amounted to £1,221,775 (2024: £1,041.223}.
Severn Wye's free reserves on the 31st March 2025 were £1,221,775 (2024.. £995,960). The trustees expect
to maintain or increase those reserves to try to achieve the target set in the Reserves Policy.
The Reserves Policy target is to have sufficient reserves to meet three months running costs, plus meet all
the liabilities of the organisation and to provide sufficient cash to fund the organisation's activities. The level of
resources required has been assessed at £780,000.
The charity is currently projected to increase the unrestricted funds in 2025126 by a further £200k. The
position will be under regular review by the trustees. The trustees are of the opinion that, in the light of the
level of reserves above. the revised budget and the current strategic plan, that Severn Wye is a going
concern.
Investment Policy
Severn Wye is committed to maintaining sufficient funds in instant access or short notice period accounts to
meet its ongoing expenditure and cashflow requirements. Any funds beyond this will be invested in low risk
deposit accounts or fixed-term bonds, with notice periods not exceeding one year.
The Trustees are satisfied with the investment retums in the cu￿ent year, the policy will be reviewed annually.
Page 8

SEVERN WYE ENERGY AGENCY LTD
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Future Developments
The new strategic plan was approved by the trustees at their meeting in February and has been implemented
from the start of April 2025. The budget based on that plan was agreed at the trustee meeting in May and it
anticipates an increase in Unrestricted Funds of £248k and we are currently in line with that budgel.
This year we aim to have confirmed funding of over £5.5m of which £1.5m are grants to be allocated,.
Warm Homes Local Grants Gloucester to deliver energy performance and low carbon heating
upgrades to low-income homes in England.
Warm and Well Advice line,
NHS Retrofit, relrofitting homes to prevent health issues
Energised Communities- this project will support vulnerable households across Ceredigion who are in
or at risk of fuel poverty.
Provision of Information to the Auditor
The trustees who held office at the date of approval of this trustees. report confirm that, so far as they are
aware..
there is no relevant audit information of which Sevem Wye's auditor is unaware. and
Ihey have taken all the steps that they ought to have taken. as trustees, to make themselves aware of
any relevant audit information and lo establish that Severn Wye's auditor is aware of that information.
The trustees are responsible for the Maintenan￿ and integrity of the corporate and financial information
included on the charitable company's website. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditor
The auditor, Bishop Fleming Audit Limited, have indicated their willingness to continue in office. The
designated Trustees will propose a motion reappointing the auditors al a meeting of the Trustees.
The trustees have prepared this report in accordance with the provisions applicable to companies subject to
the small companies regime. This report was approved by the trustees on and signed on their behalf by.
Mareike Schmidt
Trustee
Date..
OIOJ lac&
Page 9

SEVERN WYE ENERGY AGENCY LTD
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for
preparing the Trustees, Report and the financial statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial Under company law, the
Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of
the state of affairs of the Charity and of its incoming resources and application of resources, including its income
and expenditure, for that period. In preparing these financial statements, the Truslees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles of the Charities SORP (FRS 102}',
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material
departures disclosed and explained in the financial ststements.,
prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disclose with reasonable accuracy at any time 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.
Page 10

SEVERN WYE ENERGY AGENCY LTD
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVERN WYE ENERGY AGENCY LTD
OPINION
We have audiled the financial statements of Sevem Wye Energy Agency Ltd (the 'charityl for the year ended 31
March 2025 which comprise the Slalement of Financial Activities, the Balance Sheet. the Statement of Cash
Flows and the related notes, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a tnje and fair view of the state of the charitable companvs 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 accordan￿ with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with Intemalional Standards on Auditing (UK) IISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibililies for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statemenls, 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 perfomied, we have not identified any material uncertainties relating to events or
conditions that, individually or colleclively, may cast significant doubt on the charitable companys ability to
continue as a going concern for a period of at least hvelve months from when the financial ststements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees v4ith respect to going concern are described in the
relevant sections of this report.
OTHER INFORMATION
The other infomiation comprises the information included in the Annual Report other than the financial
statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained
within the Annual Reporl. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and. in doing so. consider whether the other
information is materially inconsistent with the financial statemenls 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 detemiine vthether this gives rise to a material misstatement in the
financial stalemenls themselves. If. based on the work we have performed, conclude that there is a material
misstatement of this other infomiation. we are required to report thal facl.
We have nothing lo report in this regard.
Page11

SEVERN WYE ENERGY AGENCY LTD
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVERN WYE ENERGY AGENCY LTD
(CONTINUED)
OPINION ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees, Report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
the Trustees, Report has been prepared in accordance with applicable legal requirements.
MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees, Report.
We have nothing to reporl in respect of the following matters in relation to which Companies Act 2006 requires
us to report to you if, in our opinion:
adequate accounting records have not been kept, or retums adequate for our audit have not been
received from branches not visited by us- or
the financial statements are not in agreement with the accounting records and retums" or
certain disclosures of Trustees, remuneration specified by law are not made; or
we have not received all the infomiation and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees, Responsibilities Ststement. the Trustees (who are also the directors of
the charitable company for the purposes of company law) a￿ 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 e￿Or.
In preparing the financial statements, the Trustees are resF)onsible for assessing the charitable companys ability
to continue as a going concem, disclosing. as applicable, matters related to going concem and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease
operations, or have no realistic attemative but to do so.
AUDITORS. RESPONSIBILrriES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement. whether due to fraud or error, and to issue an Auditors. Report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect materia5 misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
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SEVERN WYE ENERGY AGENCY LTD
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SEVERN WYE ENERGY AGENCY LTD
(CONTINUED)
In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and
noncompliance with laws and regulations, we considered the following=
We have considered the nature of the industry and sector, control environment, and business performance.,
We have considered the results of enquiries with management and the directors in relation to their own
identification and assessment of the risks of irregularities within the entity,. and
We have reviewed the documentation of key processes and controls and performed walkthroughs of
transactions to confimi that the systems are operaling effectively, in line with documentation.
As a result of these procedures. we have considered the opportunities and incentives that may exist within the
organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a
particular risk in relation to year-end cul-off.
In common with all audits under ISAS (UK) we are also required to perfomi specific procedures to respond to the
risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks Ihat the Company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
included the UK Companies Act. FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations thal do not have a direct effect on the
financial slatements but compliance with which may be fundamental to the Company s ability to operate or avoid
a material penalty. These included data protection legislation, health and safety regulations, and employment
law.
Our procedures to respond to risks identified included the following..
Reviewing the financial statement disclosures and lesting to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial
statements-
Enquiring of management in relation to actual and potential claims or litigation..
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
Reviewing board meeting minute5-
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus
around the year-end cut off-,
Performing walkthroughs to understand rnanagemenl's control environment.. and
In addressing the risk of fraud through management override of controls, testing the appropriateness of
joumal entries and other adjustments; assessing whether the judgments made in accounting estimates are
indicative of potential bias: and evaluating the business rationale of significant transactions that are unusual
or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the
engagemenl team and remained alert to possible indicators of fraud or non-￿MplIance with laws and
regulations throughout the audit.
As a result of the inherent limilations of an audit, there is a risk that not all irregularities, including a material
misstalemenl in the financial statements or non-compliance with regulation. will be detected by us. This risk
increases the further removed compliance with a law and regulation is from the events and transactions reflecled
in the financial statements. given we will be less likely to be aware of it, or should the irregularity occur as 2 result
of fraud rather than a one off error. as this may involve intentional concealment. forgery, Gollusion, omission or
misrepresentation.
Page 13

SEVERN WYE ENERGY AGENCY LTD
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SEVERN WYE ENERGY AGENCY LTD
(CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.or
-uklauditorsres
onsibilities. This description fomis part of our
Auditors. Report.
USE OF OUR REPORT
This report is made solely to the charitable companls 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
companrfs members those matters we are required lo state to them in an Auditors, Report and for no other
purpose. To the fullest extent permitted by law. we do nol accept or assume responsibility lo anyone other than
the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we
have formed.
David Butler FCA DChA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming Audit Limited
Chartered Accountsnts
Statutory Auditors
10 North Place
Cheltenham
GL50 4DW
Date:
Page 14

SEVERN WYE ENERGY AGENCY LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2025
Restricted Unrestricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Note
Income from:
Donations
Charitable activities
Other Income
Investments
42,586
7.156,046
4,705
23,160
8,051,632
2.411,267
10,462,899
33.530
33,530
Total income
8.051,632
2,444,797
10,496,429
7,226,497
Expenditure on:
Charitable activilies
8.013,642
2,302,835
10,316,477
5,683,150
Total expenditure
8,013.642
2,302,835
10,316.477
5,683,150
Net income
Transfers between funds
37,990
(38,590)
141,962
38.590
179,952
1,543.347
14
Net movement in funds
(600)
180.552
179,952
1,543,347
Reconciliation of funds:
Tolal funds brought forward
2,454,033
1,041,223
3.495.256
1.951,909
Total funds carried forward
2,453.433
1.221,775
3,675,208
3,495,256
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 37 form part of these financial statements.
Page 15

SEVERN WYE ENERGY AGENCY LTD
REGISTERED NUMBER:03830608
BALANCE SHEET
AS AT 31 MARCH 2025
2025
2024
Note
Fixed assets
Tangible assets
Investments
11
1.592,491
2,064,002
1,592.492
2,064,003
Current assets
Debtors
Cash at bank and in hand
12
1,271,300
2,083,685
1,207,876
2,087,947
3,354,985
3.295,823
Creditors: amounts falling due within one
year
13
(1,272.269)
(1.864,570)
Net current assets
2.082,716
1,431,253
Total net assets
3,675,208
3,495,256
Charity funds
Restricted funds
Unrestricted funds..
14
2,453,433
2,454,033
Designated funds
General funds
14
14
45,263
995,960
1.221,775
Total unrestricted funds
14
1,221,775
1,041,223
Total funds
3.675,208
3,495,256
The Trustees acknowledge their responsibilities for complying with the requirements of the Ad with respect to
accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
Mareike Schmidt
Trustee
Date..
The notes on pages 18 to 37 fomi part of these financial statements.
Page 16

SEVERN WYE ENERGY AGENCY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Note
Cash flows from operating activities
Nel cash used in operating activities
17
1,105.579
3,018,635
Cash flows from investing activlties
Dividends, interests and rents from investments
Purchase of tangible fixed assets
33,530
23,160
{1,143,372) (2,060.932)
Net cash used in investing activities
(1,109,842) {2,037,772)
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
(4,263>
2,087,948
980,863
1,107,085
Cash and cash equlvalents at the end of the year
18
2.083.685
2,087,948
The notes on pages 18 to 37 form part of these financial slatemenls
Page 17

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GENERAL INFORMATION
The company was fomied on the 24th August 1999, is limited by guarantee (No 03830608) and is a
registered charity {No 1083812). The company is registered in England and Wales and the registere(J
office is 3rd Floor, Pillar & Lucy House. Merchants Road, Gloucester. GL2 5RG.
In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per
member of the charity.
ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102)
Accounting and ReF)Orting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effecttve 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Sevem Wye Energy Agency Ltd meets the definition of a public benefit entity under FRS 102. Assets
and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in
the relevant accounting policy.
2.2 GOING CONCERN
The current budget for 2025126 anticipates a reasonable unrestricted surplus.
Even if the unforeseen happens and a loss is incurred, Sevem Wye has the reserves and cash to be
able to cover a loss and have enough reserves and cash to go securely into 2025126.
A draft budget has drawn up for the succeeding year. The position here is much less certain but with
prudent assumptions it is hoped to achieve a breakeven position for the year. The financial position
will be under regular review by the trustees along with the progress made against the strategic plan.
The trustees are of the opinion that, in the light of the level of reserves above, the new strategic plan,
staff structure and budget put in place lo meet the future challenges, there are no material
uncertainties about the charitys ability to continue as a going concern.
Page 18

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (contlnued)
2.3 INCOME
Income is recognised when the charity has entitlement to the funds, any performance conditions
attached lo the income have been met. it is probable that the income will be received and the amount
can be measured reliably.
Gran15 Income
The charity receives two main types of grants=
Service Delivery Grants - Unrestricted grants re￿iVed to enable Ihe delivery specific services are
recognised as income over the period in which the related services are delivered. Where grants are
received in advance of service delivery. the income is deferred and recognised in creditors as
deferred income or until the perf0mlan￿ conditions are met. Restricted service delivery grants
received are recognised at the point of receipt and held in restricted reserves until the completion of
the project.
Capital Grants Grants - received for the purchase and installation of equipment at client premises
are recognised as income when the funds have been received by the charity. This may occur either".
• As an upfront lump sum payment, or
Upon submission and approval of drawdown requests
Income is recognised at the point of receipt regardless of whelher Ihe equipment has been
purchased or installed.
Timing of Recognition
Income is included in the Statement of Financial Activities when receivable, subject to meeting the
recognition criteria above
Where income is received in advance of entiuement, recognition is deferred and the amount is
included in creditors as deferred income
• Where entitlement occurs before income is received. the income is accrued and included in debtors
The balance of income received for specific purposes but not yet expended is shown in the relevant
restricted funds on the Balan￿ Sheet
Measurement
All grants are measured at the fair value of the consideration received or receivable.
Government Grant Income:
The company had the following grants from the Govemment which were obtained through a bid I
tendering prO￿SS-. the Big Lottery Fund. (Landrindod Wells, Rural Futures, Create, Sustainable
Steps Wales. Energised Communities), South Gloucestershire CC (SGC Grants. Household Support
Fund, Step Up S. Glos, GEEG SGC Grants. South Glos Boiler Scheme). Clinical Commissioning
Group {CCG Grants), Stroud District Council (HUG2), DESNZ (HUG2, Mersey Biochar), Willshire
Council (Wiltshire Towns).
Further details of these granls are given in the notes to the accounts.
2.4 EXPENDITURE
Expenditure is recognised in the perii)d in which it is incurred. Expenditure includes attributable VAT
where VAT cannot be recovered.
Expenditure is allocated to the particular activity where the cost relates directly to that activity.
However the costs of the overall direction and administration of each activity is apportioned on the
basis of the staff time directly attributable to that activity.
Grants paid are included in the Grant Making, in the period defined by the rules of the relevent
scheme. Normally this is when the agreed work has been carried out, certified and paid for.
Page 19

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES {continued)
2.4 EXPENDITURE (CONTINUED)
Governan￿ costs are those incurred in the govemance of the charity and are primarily associated
with constitutional. regulatory and statuatory requirements and are included within administration.
Administration include support and central functions and have been allocated to the activites on a
basis consistent with the use of resources.
Expenditure on Gharitable activities is incurred on directly undertaking the activities which further the
Charitvs objectives. as well as any associated SUPF)Ort costs.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Charity- this is nonnally upon notification of the interest paid or payable by the
institution with whom the funds are deposited.
2.6 TAXATION
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act
2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively to charitable purposes.
2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are stated at cost less depreciation. Depreciation is charged so as to allocate
the cost of tangible fixed assets less their residual value over their estimated useful lives, using the
straight-line method.
Depreciation is provided on the following basis:
Computer equipment
OfFice & General Equipment
33°/o Straight line
20Yo Straight line
Assets in the course of construction are included at cost. Depreciation on these assets is not charged
until they are brought into use and reclassified to Plant and Machinery.
2.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 20

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (continued)
2.10 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet dale as a resull of a past
evenl, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to seltle the debt or the
amount il has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 FINANCIAL INSTRUMENTS
The Charily only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured at their settlement value with the exception of bank loans which are Subsequently
measured at amortised cost using the effective interest method.
2.12 OPERATING LEASES
Rentals paid under operating leases are charged to the Statement of Financial Activilies on a
straight-line basis over the lease term.
2.13 PENSIONS
The Charity contributes to a group and individual stakeholder pension scheme for some of its
employees. The amount charged in the SOFA represents the contributions payable to the scheme in
respect of the year.
2.14 FUND ACCOUNTING
Unrestricted funds are expendable at the discretion of trustees in furtherance of the objects or the
administration of the charity.
Restricted funds are to be used for specrfic purposes laid down by the donor. Expenditure which
meets these criteria is charged to the fund.
Further explanation of the nature and purpose of each fund in included in the notes to the financial
statements.
Page 21

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INCOME FROM CHARITABLE ACTNITIES
Restricted Unrestricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Energy Advice
Energy Services Domestic
Energy Advocacy
Energy Services Non Domestic
Grant Making
Wales
Energy Innovation
Administration and Govemance
10.840
1,037,867
338,117
390.500
264,223
426,491
485.183
401,340
1.302,090
764,608
485,183
5,047,734
1,187,094
1,238,631
36,219
356,304
726,624
350,104
530,186
2.163,656
669,890
2,359,282
5.047,734
498,987
1,118.087
688,107
120.544
36,219
8.051,632
2.411,267 10,462,899
7,156,046
TOTAL 2024
5.001,663
2.154.383
7,156,046
INVESTMENT INCOME
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Bank interest receivable
33,530
33,530
23,160
TOTAL 2024
23,160
23.160
Page 22

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ANALYSIS OF EXPENDITURE ON CHARITABLE ACTNITIES
Summary by fund type
Restricted Unrestricted
funds
funds
2025
2025
Total
2025
Total
2024
Energy Advice
Energy Services Domestic
Energy Advocacy
Energy Services Non Domestic
Grant Making
Wales
Energy Innovation
Administration
14,727
886,750
351.931
237.107
251,834
886,750
628.342
452,541
4,556.892
876,107
1,762,162
901,849
398,365
674,125
440.547
600,208
2,604,557
649,730
290.932
24,686
276,411
452.541
4,556.892
441,180
1.762.162
434.927
901,849
8.013,642
2,302,835 10,316.477
5.683,150
TOTAL 2024
3.574,472
2,108,678
5,683.150
Expenditure is allocated to a particular projecl where the costs relate directly to that project. All other
costs are allocated to each project on the basis of the staff time attributable lo the project.
ANALYSIS OF EXPENDITURE BY ACTIVITIES
Activities
undertaken
directly
2025
Support
costs
2025
Total
funds
2025
Total
funds
2024
Energy Advice
Energy Services Domestic
Energy Advocacy
Energy Services Non Domestic
Grant Making
Wales
Energy Innovation
Administration
154.388
676,107
448.041
319,296
4.556.892
662,090
1,748.894
1.750.769
97.446
210,643
180,301
133,245
251,834
886.750
628,342
452,541
4,556,892
876.107
1.762,162
901.849
398,365
674.125
440.547
600,208
2.604,557
649,730
290,932
24,686
214,017
13.268
1848,920)
10.316.477
10,316,477
5.683,150
TOTAL 2024
5,347.882
335.268
5,683,150
Page 23

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
Total
funds
2025
Total
funds
2024
Staff costs
Staff Development and Support
Grants & Contracts
Marketing
Travel and Accomodation
Insurance
Impairment of Mersey Biochar Project
2,945,222
476,767
5,047.524
133,468
80,746
25,346
1,607,404
2.245,934
64,878
2,856,661
100.042
62,566
17,801
TOTAL 2025
10.316,477
5,347.882
ANALYSIS OF GRANTS PAID
Total
funds
2025
Total
funds
2024
Grants paid
2025
To institutions by projects:
Target 2030 Wiltshi
Target 2030 Gloucestershire
2,052
56,197
TOTAL
58,249
Page 24

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Total
funds
2025
Total
funds
2024
Grants paid
2025
To individuals by projects:
CCG
81,211
81,211
71.258
1.290
10,884
362,165
22,945
461,807
317,143
5,272
697
92.139
Deloitte Digital Connect
GEEG SGC
Gloucestershire Household Support Fund
Herefordshire Winter Grants
HUG2
Park Homes 202 Grants
19.268
198,776
39,222
3.262.829
19.268
198,776
39,222
3.262,829
Pay Warmth Forward National Grid
Retrofit West Voucher Scheme
South Gloucestershire Household Support Fund
SME support Grants
SWC HUG Grants
SWC LAD Grants
Warm Homes Fund 6
BEEB Grants
Warmth on Prescriptions Grants
Warmth on Prescriptions 2 Grants
HSF Boiler Scheme Grants
4.383
263,051
74,462
13,927
4,383
263,051
74,462
13.927
660,981
365,540
5.636
448.867
2,916
47.218
100,762
448,867
2,916
47.218
100,762
168,551
TOTAL
4,556,892
4,556,892
2,546,308
The grants are paid out in respect of work done for individuals and institutions, who qualify under the
criteria of each project. The reimbursement of part of the cost of work are paid to the contractor once the
work has been approved, completed. certified and the recipient's contribution paid by the recipient.
The support costs for the above are included in charitable activities expenditure. Please refer to the
charity website for further details of grants awarded in the year. Examples of grant recipients can be
found at https.'Iltarget2030.co.uklcase-studiesl. There were no material grants paid to any individual
institution.
Page 25

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NET INCOMEI(EXPENDITURE)
Net in¢omel{expenditure) for the year includes-
2025
2024
Operating lease payThents in respect of land & property
Operating lease payments in respect of equipment
Depreciation of tangible fixed assets
Fees paid to auditors
45,650
3,505
7,479
17,500
144,558
30,227
2,931
16,975
TOTAL
74,134
194,691
STAFF COSTS
2025
2024
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
2,563,684
232,600
148,938
1,959,512
172,523
113,899
2,945,222
2,245,934
Redundancy and settlement costs for the year were £37,585 {2024: £24.903).
The average number of persons employed by the Charity during the year was as follows:
2025
2024
Average head count
94
80
The average headcount expressed as full-time equivalents was:
2025
2024
Average full time equivalent
78.2
68.8
Page 26

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
STAFF COSTS (CONTINUED)
The number of employees whose employee benefits (excluding employer pension cosls) exceeded
£60,000 was:
2025
2024
In the band £60,001- £70.000
In the band £70.001- £80,000
In the band £80,001 - £90,000
All Trustees and the Senior Management Team are considered to be key management personnel. The
total amount of employee benefits {including employer pension conlributions and employer National
Insurance contributions) received by key management personnel was £437,184 {2024.. £245,013).
10. TRUSTEES. REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or olher benefits {2024 - £NIL).
During the year ended 31 March 2025, expenses tolalling £272 were reimbursed or paid directly to Iwo
Trustees for travel and accomodation costs incurred (2024 £633 to one Trustee
for travel and
accomodation costs incurred).
Page 27

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11. TANGIBLE FIXED ASSETS
Office &
General
Equipment
Computer Assets Under
equipment Construction
Total
COST OR VALUATION
At 1 April 2024
Additions
Disposals
8.697
32,194
24,205
2.060.932
1,111,178
2,093,834
1,143.372
(4,481>
{4,481)
At 31 March 2025
40,891
19,724
3,172,110
3,232,725
DEPRECIATION
At 1 April 2024
Charge for the year
On disposals
Impaimient charge
6,176
6,930
23,656
549
{4,481)
29.832
7,479
(4,481)
1,607,404
1,607,404
At 31 March 2025
13,106
19.724
1,607,404
1,640,234
NET BOOK VALUE
At 31 March 2025
27.785
1,564,706
1,592,491
At 31 March 2024
2,521
549
2,060,932
2,064,002
Assets Under Construction indude all costs incurred that are directly attributable to prepare the Mersey
Biochar Plant for its intended use.
The Mersey Biochar project is an innovattve and new approach to carbon sequestration and energy
generation. As such, the future of the plant is difficult to predict as the market in biochar. carbon credits
and specialised feedstock supply are still in their infancy and unpredictsble.
Whilst this does mean there is uncertainty in relation to the potential commercial viability of the project,
the board considers that the asset has the potential to be financially viable in the long term. The executive
team are seeking to secure suitable supply and offtake contracts that would ensure that the plant would
be able to produ￿ an operating surplus.
Based on the best information Currently available, the board has reviewed the commercial viability of the
asset and now believes that the fair value of the asset is significantly lower than the historic cost. As
such, the asset has been impaired to reflect the expected futu￿ economic benefit of the asset.
The board will continue to assess the asset for impaimient at each future financial reporting date and any
further impairment will be reported in subsequent annual accounts.
Page 28

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PRINCIPAL SUBSIDIARIES
The following was a subsidiary undertaking of the Charity:
Name
Company
number
Registered office or principal Holding
place of business
Mersey Biochar Limited
14785142
Unit 15 Newent Road, Highnam,
Gloucester, GL2 8DN
1000/0
The financial results of the subsidiary for the year were.-
Name
Net assels
Mersey Biochar Limited
12. DEBTORS
2025
2024
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
1,014,380
11,107
245,813
862,756
3,640
341,480
1,271,300
1,207,876
Page 29

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Trade Creditors
Other taxation and social security
other creditors
Accruals and deferred income
391,188
160,442
32,551
688,088
1,488,929
155,822
72,640
147,179
1,272,269
1,864.570
2025
2024
Balance at 1 April 2024
Amount deferred in the year
Amounts released in the year
59,239
672.691
(59,239)
29,640
59,139
(29,540}
Balance as at 31 March 2025
672,691
59,239
Page 30

SEVERN WfE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
April 2024
Balance at
31 March
2025
Transfers
inlout
Income Expenditure
UNRESTRICTED FUNDS
Designated Funds- all funds
45,263
30,621
{75,884)
General Funds - all funds
995,960
2.414,176
(2,226,951)
38,590
1,221,775
TOTAL UNRESTRICTED
FUNDS
1.041.223
2,444.797
{2,302.835)
38,590
1,221,775
RESTRICTED FUNDS
Energy Advice
Energy Services Domestic
Energy Advocacy
Grant Making
Wales
Energy Innovation
14.001
1,218
29,775
207.372
84,315
2,117.352
10.840
1,037.867
338,117
5,047.734
498,987
1,118.087
(14,727)
(886,750
(351,931)
{4,556,892)
{441,180)
{1,762,162)
(10,114)
(17,028)
{8,461)
135,307
7,500
698,214
139.135
1,473,277
(2.987)
2,454,033
8,051,632
{8.013,642)
(38,590)
2,453,433
TOTAL OF FUNDS
3,495.256 10,496.429 (10.316,477)
3,675.208
Page 31

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14. STATEMENT OF FUNDS (CONTINUED)
Desi
nated Funds
The Hive Whilst the running costs of the Hive are covered by the Llandrindod Wells BLF project, the
income generated by the utilisation of the building is being set aside to meet the future costs of running
the Hive once the BLF funding ceases.
Pu
ose of restricted Funds
Energy Advice
Household Support Funds- see Grant Making section below.
W&W Referral Fees - each year agreement is reached with the W&W funders as to how these fees
are best utilised to help with our Affordable Warmth programme.
W&W Support for Home Energy Advice to provide additional adviceline support to households in
Gloucestershire.
Energy Services Domestic
SWC LAD & HUG Ancillary- funding to compliment the main project to fund small enabling works.
Stonehouse Demonstrator
to make recommendations for the improvement of the Stonehouse
Pavilion. it will also assist with funded energy efficiency support to 10 example homes in the area.
Summerfield Trust- to provide winter care packages for people living in Gloucestershire.
HUG 2 - see Grant Making section below.
Revolving Retrofit Guarantee Fund the fund was established by Stroud District Council for historic
reasons, discussions are taking place to agree a future purpose.
Energy Advocacy
Step up South Gloucestershire
project.
Warmth on P￿sCrIPtion - see Grant Making section below.
Community advocate support service and an infrared camera
Energy Services Non Domestic
Target 2030 Gloucestershire - see Grant Making section below.
Target 2030 Wiltshire - see Grant Making seclion below.
Retrofit in the Marches - to work in partnership with MEA and others to provide mainly retrofit surveys
in Herefordshire and Powys.
Grant Making
GEEG SGC Grants
these are funds received from South Gloucestershire Council (SGC) and
Stroud District Council {SDC} for households meeting age and income criteria, with Sevem Wye
acting as the principal for the scheme, to assist people with health Conditions with energy saving
measures.
CCG Grants
these are funds received from the CCG through SDC for households in
Gloucestershire meeting age and income criteria. with Sevem Wye acting as the principal for the
scheme, to assist people with health conditions with energy saving measures.
Household Support Funds - lo distribute grants to households in fuel poverty.
Wami Home Funds Grants- are funded by SDC providing grants to private tenants, owner occupiers
and social housing for ￿ntral heating systems and insulation to improve energy efficiency.
Rural Futures Grants
micro grants made to communities supported through the Rural Futures
project.
Target 2030 Gloucestershire - offers up to 5 days energy efficiency consultation to small and medium
enterprises in Gloucestershire and up to 35°/o financial assistance to help instsll energy saving
measures.
Target 2030 Wiltshire
offers up to 5 days energy efficiency consultation to small and medium
enterprises in Swindon & Wiltshire and up to 35Q/o financial assistance to help- install energy saving
measures.
Page 32

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14. STATEMENT OF FUNDS (CONTINUED)
Hereford Winter Grants - to support vulnerable residenls affected by Covid-19 by making small cash
payments to assist with food and essential items, such as fuel bills.
SW LAD & HUG Fund to provide energy efficient retrofit works to low income homes in
Gloucestershire and South Gloucestershire.
HUG 2 - to install clean heat and insulalion to off gas homes.
SGC & Glos Household Support Fund - to provide winter care bags, vouchers for Pre Paid Meters,
energy debt write off and top up energy credits in the respective counties.
Warmth on Prescription to support vulnerable households with severe respiratory illness via grants
to improve the dwelling or financial support with heating bills.
Deloitte Digital Connect- This project explores how we can better connect with people in fuel povety
through digital communications.
Pay Warmlh Forward National Grid - to provide short-term warmth interventions for vulnerable
people.
Retrofit West Voucher Scheme - to help home owners with grants for home surveys.
Wales
Rural Futures - Big Lottery Fund grant to support rural communities to co-prodLtce sustainable local
projects and help those communities hamess their potential and build a lasting future.
Llandrindod Wells
together for Wellbeing, working with families who are in employment, but
struggling to make ends meet and balance the needs of their families. Through the project families
will be enabled to co4esign and co-deliver projecls Ihat can improve the quality of their lives.
Energy Advocates Powys - Energy Advocacy work across Powys.
Innovation
Three C to promote innovation and business development in the circular economy based on
alternative carbon products. technologies and services. using local carbon feedstocks. The 3C
project has been moved from Communities to the new Sustsinable Technologies theme as it is a
more appropriate classification.
Capcall Re-Direct- to build a timber framed, green roof and living wall community structure.
Mersey Biochar - to cary out a feasibility study into using a pyrolysis plant to develop a community-
owned, carbon-negative energy solution. Now commissioned to build a prototype planl to
demonstrate feasibility.
Transfer be￿een Funds
W&W Referral fees the funders agreed that £89,457 could be used to fund our business support
services.
SWC LAD & HUG - the loss on these projects will be met from General Reserves.
Three C - There is matched funding for this project from Welsh Water and Gwent Green Grids in
Unrestricted Income that more than covers most of the costs. the rest is met from General Reserves.
Target 2030 Wills & Glos - the loss on these projects will be met from General Reserves.
Wamth on Prescription - the loss on these projects will be met from General Reserves.
Revolving Retrofit Guarantee Fund - the fund was set aside in previous periods
Page 33
145

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
31 March
2024
Balance at
1 April 2023
Transfers
inlout
Income Expenditure
UNRESTRICTED FUNDS
Designated Funds
70,763
35,833
(439)
(60,894)
45,263
General Funds
652.643
2.189.001
(2.108,239)
262,555
995,960
TOTAL UNRESTRICTED
FUNDS
723,406
2.224,834 (2,108,678)
201,661
1,041,223
RESTRICTED FUNDS
Energy Advice
Energy Services Domestic
Energy Advocacy
Energy Services Non Domestic
Grant Making
Wales
Energy Innovation
193.458
96.055
125.412
(179,457)
{88,320)
(2,520)
36,620
4,738
722
14,001
1,218
29,775
2.655
77.500
199.362
2,163,656
393.472
2.165,018
(9,172)
(170,617)
(235,982)
(2.604,557)
(463,472)
{90,672)
643,535
153.593
16,450
207,372
84,315
2,117.352
26.556
1,228,503
5.001,663
(3,574.472) (201,661)
2,454,033
TOTAL OF FUNDS
1,951.909
7,226,497
(5,683,150)
3,495,256
Page 34

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15. SUMMARY OF FUNDS
SUMMARY OF FUNDS - CURRENT YEAR
Balance at
31 March
2025
Balance at 1
April 2024
Transfers
inlout
Income Expenditure
Designated funds
General funds
Restricted funds
45,263
995,960
2,454,033
30,621
(75.884)
2,414,176
(2,226,951)
8,051.632 {8,013,642)
38,590
(38,590)
1,221,775
2,453,433
3,495,256 10,496.429 {10.316,477)
3,675,208
SUMMARY OF FUNDS - PRIOR YEAR
Balance al
31 March
2024
Balance at
1 April 2023
Transfers
inlout
Income Expenditure
Designated funds
General funds
Restricted funds
70,763
652.643
1.228.503
35.833
2.189,001
5,001,663
(439)
{2,108,239}
(3,574.472)
(60,894)
45,263
262,555
995,960
{201.661) 2,454,033
1.951.909
7.226.497 {5,683,150}
3,495,256
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
Restricted Unrestricted
funds
funds
2025
2025
Total
funds
2025
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
1,592,491
1,592,491
2,453,433
901,552
3,354.985
(1.272,269) (1,272,269)
TOTAL
2,453,433
1,221.775
3.675,208
Page 35

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16. ANALYSIS OF NET ASSETS BEfwEEN FUNDS {CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2024
Total
funds
2024
Restricted
2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
2,064,002
2,064,002
2,454,033
841,790
3,295.823
(1.864,570) (1,864,570)
2.454,033
1,041,223
3,495,256
TOTAL
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING
ACTIVITIES
17.
2025
2024
Net income for the year (as per Statement of Financial Activities)
179,952
1,543,347
ADJUSTMENTS FOR:
Depreciation charges
Less interest received
Decreasel(increase) in debtors
In¢reasel(Decrease) in creditors
7,479
(33,530)
(63,424)
(592,302)
2,931
(23,160)
64.858
1.430,659
NET CASH PROVIDED BYI(USED IN) OPERATING ACTNITIES
(501,825) 3,018,635
18. ANALYSIS OF CASH AND CASH EQUIVALENTS
2025
2024
Bank Deposits
2,083,685
2,087,948
TOTAL CASH AND CASH EQUIVALENTS
2,083,685
2,087,948
Page 36

SEVERN WYE ENERGY AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19. ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2024 Cash flows
At 31 March
2025
Cash al bank and in hand
2,087,947
{4,262)
2,083,685
2,087,947
(4,262} 2,083,685
20. PENSION COMMITMENTS
The group operales a defined contribution pension sGheme. The assets of the scheme are held separately
from those of the charity in an independently administered fund. The pension cost charge represenls
contributions payable by the charity to the fund and amounted to £148,938 {2024'. £113,899). There was a
liability at the year end of £25,913 (2024= £21,086).
21. OPERATING LEASE COMMITMENTS
At 31 March 2025 the Charity had commitments to make future minimum lease paymenls under non-
cancellable operating leases as follows-.
2025
2024
Not later than 1 year
Later Ihan 1 year and not later than 5 years
49,155
58.215
62,982
111.803
107,370
174,785
22. RELATED PARTY TRANSACTIONS
During the prior year. one trustee. who was also a director of Severn Wye Biochar Limited (formally called
Mersey Biochar Limited}, resigned from both positions to take up Ihe role as the lead project manager of
the Mersey Biochar project.
The 100¥o shareholding of Sevem Wye Biochar Limited was then transferred from the former trustee to
the charity al nil consideration.
This individual is now paid for freelance services by Ihe charity. No related party transactions occurred
under this arrangement during the previous financial year.
During the current year, a director of the charity was appointed a director of Severn Wye Biochar Limited.
Sales were made during the year to a company of which a trustee is a director. These sales totalled
£6.480 {2024: £Nil) and there were no amounts outstanding from this company al the year-end 12024..
£Nil).
No other trustee or other person related to the charity had any other personal interest in any contract or
transaction entered into by the charity in this year or the previous one.
Page 37