. •energy
institute
Annual Report of the Council and
Financial Statements for the year ended
31 December 2023
Registered charity number 1097899

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Council, Officers and Committee Chairs
Council and Officers
Committees
Senior Management
Chief Executive
Dr Nick Wayth CEng FEI FIMechE
Director- Technical and Innovation
Martin Maeso CEnv MEI
President
Juliet Davenport OBE HonFEI
NC
Vice-Presidents
Greg Jackson FEI
The Rl. Hon Prof Charles Hendry CBE HonFEI
Aleida Rios CEng FEI
NC
NC
NC, FAC
Director- External Affairs
Nick Turton FEI
Director- Finance and Facilities
Ava Longhurst DChA
Director- People. Culture and Governance
Zehra Hussain
Vice-President & Honorary Secretary
Andy Brown OBE
NC, HR
Honorary Treasurer
Simardeep Soor ACA FEI
FAC
Main Committee Chairs
Young Member Representative
Michael Howie AMEI
Ypc
Human Resources Commlttee (HR)
Andy Brown OBE
Finance and Audit Committee (FAC)
Simardeep Soor ACA FEI
Professional Affairs Committee (PAGJ
Emily Spearman CEng FEI
Sclentlfic and Technl¢al Advlsory Commlttee
(STAC) Lisa Rebora FEI
Energy Advisory Panel (EAP)
Prof Robert Gross FEI
Other Members of Council
Prof John Currie CEng FEI
Prof Robert Gross FEI
Andrew Hadland AMEI
Lisa Rebora FEI
Emily Spearman CEng FEI
Dr Joanne Wade OBE FEI
PAC
EAP
STAC
PAC
Nominations Committee (NC)
President
Young Professionals Council (YPC)
Michael Howie AMEI
Disciplinary Committee
To be appointed by Council as required
Appeals Committee
To be appointed by Council as required
Other infomiation
Reglstered Offlce
61 New Cavendish Street, London W1G 7AR, UK
+4410120 7467 7100
e". info@energyinsl.org
www.ener
inst.or
Investment Managers
Sarasin & Partners LLP
Juxon House, 100 St Pauls Churchyard,
London EC4M 88U
Solicitors
Hempsons
40 Villiers Street, London WC2 6NJ
Registered charity number 1097899
Incorporated by Royal Charter 1 July 2003
Licensed by the Engineering Council IUKI lo register engineers
and technicians
Auditor
Haysmacintyre LLP
10 Queen Street Place, London EC4R 1 AG
Licensed by the Society for the Environment to register Chartered Pensions Adviser
Environmentalists
Morgans Ltd
41 Gay Street, Bath, BA12NT
Bankers
Lloyds TSB Bank Plc, Business banking BX1 1 LT

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Council Report for the year ended 31 December 2023
Council presents ils Report and the Financial Statements for the year ended 31 December 2023.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Reference and administrative details
Legal and administrative information is set out on page 1 and forms part of this report.
Establishment and legal structure
The Energy Institute IEII was Incorporated by Royal Charter on 1 July 2003 and is a registered charity, number 1097899.
The El is govemed in accordance with the Royal Charter and Byelaws. The Financial Slalements have been prepared in
accordance with the requirements of the Royal Charter, the Statement of Recommended Practice 'Accounting and
Reporting by Charities, (Charities SORP second edition. effective 1￿JanUary 20191, and other relevant statutory
requirements.
Governance
The Council of the El is its governing body and consists of elected and appointed members of the El.
The Council of the El has the following membership..
the President, the Honorary Secretary and the Honorary Treasurer
other such officers as the El may determine
up to 6 elected individual members of the El
up lo 3 individuals C(￿pted by Council
up to 3 individual members of the El, nominated by Branches
The Chief Executive allends meetings of Council in a non-voting capacity. Members are elected or appointed to the
Council and remain so until their term of office, determined by Council regulations, concludes. The members of Council at
the date of this report are shown on page 1. All served throughout the year with the exceptions of Andy Brown OBE who
was appointed lo Council at the AGM on 6 July 2023. Vivienne Cox CBE FEI retired from Council at the AGM on 6 July
2023
Gender diversity is now 460/0.54OA female, male respeelively. Ethnie diversity is now 150/012022.. 15 % l of board
membership.
Members of the Council are also the trustees in accordance with charity law and provide strategic direction for the Charity.
Tru51ees are appointed and elected via various routes and all new members undergo a comprehensive induction and
where appropriate external trustee training is also provided.
The Council has the power (under Bye-law 451 lo establish, regulate and dissolve committees and delegate ils powers
and functions (other than the power lo make regulations or its non-delegable powers as a body of Irusleesl lo such
commillees. Three mandatory committees operate and report quarterly lo Council, namely Finance and Audit, Human
Resources and Professional Affairs. The Scienlilic and Technical Advisory Committee also reports to Council and is
directly represented via the co-oplion of ils Chair to Council. Similarly, the Energy Advisory Panel reports lo Council and is
chaired by a member of Council.
El is managed on a day-t¢>day basis by the Chief Executive assisted by staff of appropriate qualification and experience.
The Council monitors performance on a quarterly basis.
The El's remuneration policy is to ensure the staff and the key management personnel are rewarded in a fair and
responsible manner for their contribution to the success of the El and provided with appropriate incentives to encourage
enhanced performance. 11 is the intention of the El lo reward staff in a way which ensures il attracts and retains the right
skills to have the greatest impact in delivering its charitable objectives. In setting an appropriate salary structLJre the El
takes account of information on movements in prices and salaries in central London, salaries in the charity and
commercial sectors,. and, the El's charitable status and financial position.
The El consists of Individual members and company members, having such qualifications and rights as are determined by
the Bye-laws in force.
Regional communities and subsidiaries
The El provides grants and administrative SLJPPOrt and guidance to a number of regional communities that operate
autonomously both within the UK and overseas. The officers of these branches are appointed by the regional community
memberships of the El. The El also owns 3 subsidiary companies in Hong Kong, Nigeria and Singapore. The El also has
a wholly owned UK subsidiary company, limited by shares. El Services Limited was incorporated on 17 May 2017. The
purpose of the UK company is to administer commercial activities that will contribute to the El's charitable activities.

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Major risks
Council has identified and reviewed the major risks lo which the El is exposed. Council is satisfied that appropriate
systems have been implemented lo mitigate those risks.
In relation lo 2024 planned aclivilies, Council has identified the following priority risks..
The El's 2030 strategy is lop priority lo ensure risks are well managed and appropriate KPI'S are in place to deliver on the
strategic themes. Council reviewed 2024 plans and identifiecj associated risk against the key objectives. In order lo
reduce the risk of not meeting the projected growth in membership, we are launching a new employee scheme which will
engage individuals of our company members, providing them with better access to benefits and the route to professional
membership. Our digital strategy aims to reduce the risk of ineffective systems which may lead to slower recruitment of
professional members, and providing an effective CPD programme to ensure continued and new training needs is
important to retaining our members.
A high proportion of the strategy Is investment is dependent on human resource and therefore success depends on
attraction of strong strategic leaders and people management. As the organisation grows, the need for effective
procedures, new and updated policies is ever more important.
Recognising there are some long serving senior leaders with a wealth of knowledge and experience, the need for
effective suc￿$S1On planning has highlighted the importance of ensuring knowledge transfer is maintained within teams.
To manage this risk, a Suc￿$s1on planning review and action plan for critical roles will lake pla￿ in the coming year.
Revenue and cashflow remains a risk, however, strong 2023 financial results has reduced the risk scoring since the last
assessment. Looking ahead, an effective marketing strategy is key to promote the strategic developments made so far
and deliver a return on investment. The risk of underfunding for the Statistical Review of World Energy increases as the
support from its previous owner steps down in 2026. This risk will be greatly reduced with the aim of building up a cohort
of supporting partners over the next ￿0 years.
As we develop our digital Strat￿Y, the reliance on our website and software systems increases our risk of cyber attack,
loss of data and access to personal infomalion. The El digital team have worked hard lo ensure our system security is
robust and follows cyber security protocol. To manage this risk, organisalions need lo keep their security up to dale and
remain vigilanL The digital team maintains the cyber essentials certification and routine cyber-penetralion testing.
PUBLIC BENEFIT
Members of Council recognise their responsibilities towards public benefit under the requirements of the Charities Act
2011 and have had regard lo the guidance from the Charity Commission on public benefit This requirement Is reflected in
the Objects of the El, set out below. The benefits are clear and identifiable. They are available lo a wide section of the
public who are interested In energy and ils implications for society, whilst the broader public benefits derive from the
development of safe. secure and a more sustainable supply and use of energy in a way that enables affordable
development. These benefits are sel out within the appropriate sections of this report.
OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES
The objects of the El are the promotion for the public benefit of the science of energy and fuels in all applications and
uses, including..
To conduct or promote the conduct of scientific and other research, to publish useful results of such research, and
to provide facilities for study, research and education.,
To publish, produ￿ and distribute or assist in the publication, production or distribution of films, recordings, and
any form of written, printed or electronic communication and lo advertise in any manner.,
To establish and maintain libraries and collections, and provide public access to them, and to collect information
whether or not on a basis restricted by agreement with the provider thereof,
To hold COnferen￿S, meetings and seminars and other events and to promote the reading of learned papers.,
To encourage the undertaking of voluntary work in the interests of the El",
To develop and promulgate codes of good professional practice, to prescribe standards of education, training and
experience in professions or activities related lo the objects and to hold examinations and other lesls, and lo
award ￿rtIficateS and diplomas: provided that no such certificate or diploma shall purport to be issued by or
under government authority, or purport to be a national qualification, wilhoul the prior approval of, or accreditation
by, the appropriate department of Government andlor the appropriate devolved administration, or the appropriate
regulatory body for qualifications.,
To institute, establish and promote educational and training courses, scholarships grants, awards and prizes.

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
In addition lo its Royal Charter objects, which define the nature of its activities, the El Council sets a strategy which aims
to direct how il works towards achieving those objects. The El's purpose is to create a better energy future for our
members and society by accelerating a just global energy transition to net zero.
The El achieves this through".
Attracting, developing and equipping the diverse future energy workforce
Informing energy decision making through convening expertise and advice
Enabling industry lo make energy lower carbon, safer, and more efficient
The Council approves an annual business plan and budget which supports the longer-term strategy and ensures that the
organisalional resources required are adequate to meet ils needs. The El does not participate in any fundraising activities.
Principal activities for the year, achievements and perfomiance
The energy sector continued lo be buffeted by the supply and price impacts of the conflict in Ukraine during 2023. On top
of this, the Increasingly visible impacts of climate change across all continents focused minds on COP28 at the end of the
year in Dubai, UAE. The backdrop of this 'triple crisis,, a term coined by the El the previous year, continued lo drive much
of the El's activities.
Alongside this, 2023 has seen intensified efforts to deliver on the El's new, clearer strategic purpose, with projects either
being delivered or scoped across three strategic themes, plus the significant addition of the Statistical Review of World
Energy.
Activities during 2023 included".
Attracting. developing and equipping the diverse future energy workforce
Launch of the El Academy, bringing together the El's existing training portfolio with new offerings in Offshore
Wind, Nel Zero and preparatory work to develop the Executive Leadership in Energy Programme.
Continued support for and visibility of role in POWERful Women, the Energy Leaders Coalition, TIDE, sponsoring
the El Big Bang Climate Change Award, and supporting for the first lime publication of the Pride in Energy annual
survey.
Development of a new employee scheme for 2024 onwards designed to bring employees of company members
and technical partners into individual, pre-professional membership of the El.
Development of a new platform lo enable members to engage with each other and develop special interest
groups, also lo be launched in 2024.
Infomiing energy decision making through convening expertise and advice
International Energy Week continued as a three-day In-person event, focused on the theme of 'lransitioning out of
crisis,, with keynotes from industry CEOS, climate scientists, NGOS, both main UK political parties and others.
President's Award presented to Damilola Ogunbiyi, CEO of Sustainable Energy for All and UN Secretary General
Special Representative on Sustainable Energy.
Published the first El edition of the Statistical Review of World Energy, after 70+ years with bp. In partnership with
KPMG and Kearney, this has significantly enhanced the El's role and reputation in global energy circles.
Continued to build the readership of New Energy World, the El's weekly digital and printed quarterly member
magazine, providing a window on the eneryy transition as it unfolds.
Made an impact at COP28 in Dubai with the publication of Energy Barometer 2023.. UAE in Transition, focused on
the view of professionals in the host country, the Stalislical Review Country Transition Tracker, alongside multiple
speaking engagements for the El President and CEO.
Developed further knowledge content, including publication of an Essentials Guide on 'Transition energy intensive
industries to net zero,.
Delivered Energy Fundamentals course to 100s of officials al the new UK Department for Energy Security and
Nel Zero, over four half-day sessions.
Played a leading role in sector collabomtions including Sustainable Markets Initiative, National Engineering Policy
Centre, Methane Guiding Principles.
Enabling industry and consumers to make energy lower carbon, safer, and more efficient
Technical and Innovation work programme continued to evolve in three key areas to support the transition, with
accelerated work on CCUS, power systems and hydrogen.

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
54 technical publications issued - equivalent lo one per week.
Expanded Toolbox user base in diverse sectors and geographies- reaching 53,000 users, providing learning
from SOO+ real life incidents in eleven languages.
Annual incident data published by G+ and Safetyon for offshore and onshore wind sectors respectively, with
multiple new companies joining the collaborations.
A household version of the El's EnergyAware behaviour change tool was made available to the public in
partnership with moneysavingexpert.com.
Consolidation of the El's energy management consultant registers into the new Energy Efficiency Experts
register.
A significant change lo the make-up of Council occurred mid-year when Dame Vivienne Cox FEI stood down after 7
years. She was replaced as Vice President and Honorary Secretary by Andy Brown OBE FEI.
Investment powets, policy and perfomianee
The powers of Council to manage investments are specified in Bye-law 44. The Council has delegated the management
of the investment portfolio lo ils FinanTr and Audit Committee.
Ils policies are..
to employ an active investment management strategy., and
to hold funds required for the day-l(Fday running of the Energy Institute in interest-paying bank deposit accounts.
The performance of the Energy Institute portfolio for the calendar year 2023, nel of management fees, was 8 7 /0 against
a benchmark of 11.7'/o and compared with the ARC steady growth charity index of 7.51'/o. The Committee regularly
reviews the performance of the investment and deposit portfolio and reports lo Council on a quarterly basis. Investments
are under management by Sarasin & Partners LLP.
FINANCIAL REVIEW
The financial results for the El itself are set out in the Statement of Financial Activities on page 10.
During the year the El's consolidated results comprised income of £9,869,00012022. £7,733,000) and expenditure of
£9,180,00012022'. £8,000,000). Unrestricted income in the year increased by £1,401,000 to £7,376,00012022.
£5,975,000).
Unrestricted general reserves, excluding gain on investment, produced an operating surplus of £294,00012022'. £367,000
loss}. The net gain on investments of £202,00012022.' £507,000 lossl resulted in nel income of £496,00012022'.
£874,000 net expendilurel. After taking account of movements on reslricled reserves and the designated resetwes, this
resulted in total nel income of £897,00012022.' £817,000 net expendilurel. Actuarial gains of £422,00012022'. £966,000)
on the pension scheme contributed lo a nel gain in funds of £1,319,000 {2022.' £149,000) for the year.
At the end of 2023, the El group had nel assets of £12,085,00012022'. £10,766,0001. analysed in the balance sheet set
out on page 12. The primary asset is the long leasehold of the premises at 61 New Cavendish StreeL
Listed investments plus cash and bank deposits tolalled £5, 111,00012022.. £4,784,000) at the end of 2023, sufficient lo
meet the El's obligations lo creditors and reslricled funds. There was an increase of £490,00012022.. £902,000) in the
estimated surplus on the pension plan from 2023. this Is reflected in the balance sheet under the Financial Reporting
Standard 102 as a pension plan surplus of £1,186,00012022.' £696,000).
Operational reserves
The Energy Institute's consolidated free reserves al 31 December 2023 lotalled £1,286,00012022." £905,000),
representing total unrestricted funds of £8,673,00012022." £7,796,000) less those held in tangible fixed assets of
£S,082,00012022". £6,114,000), those designated for particular projects or purposes of £119,00012022." £81,000) and
excluding the pension reserve surplus of £1,186,00012022." £696,000).
The Council has reviewed the level of free reserves required by the Institute and considered the following.
The Institute is budgeting breakeven in 2024 which includes investments made in the last 2 years, there is further
growlh investments of £150,000 within the budget.
The overall risk profile of the charity has been assessed and the most significant cost commitments have been
identified and built into the minimum reserve level.
Cash flow forecasts highlight the cyclical pattern where the Institute has good cash reserves eady in the year
which is utilised over the course of the year

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
The Institute holds around £4m of liquid investments, approximately one third is unreslricled. This core level of
investment is unlikely to change significantly in value given amounts ulilised are replaced with new income
received.
Based on the factors noted above, the Council has sel a policy level of free reserves with a minimum level of £800,000 10
reduce financial risk and an upper level of £1,200,000 for capital upgrades and future investment for growth.
The current levels and explanations of the purposes for designated funds are described in note 13 to the accounts.
FUTURE PLANS
With a number of new initiatives either in their second year or about lo go live for the first time, 2024 is sel to be another
busy year delivering on the El's strategic themes.
Activities for 2024 will include..
Attractlng, developlng and equlpplng the dlverse future energy workforce
A'member first, strategy aimed at refining and promoting the member offer, including the launch of El Together
digital platform for members lo engage with each other and form special interest groups.
Growth in individual membership by launching and promoting a new scheme to extend individual pre•professional
membership lo employees of existing and future Company Members and Technical Partners.
Development of the El Academy through original training content and partnerships, including the first cohort of the
Executive Leadership in Energy Programme.
Leadership and support for POWERful Women- focused around the tenth anniversary including a high-profile
dinner event. Also activities in support of Generation 2050, Pride in Energy, TIDE and others.
Informing energy decision making through convening expertise and advice
The El conferencing programme will continue lo bring professionals together, with a major focus being
International Energy Week, which will focus this year on the theme 'ln search of the energy transition,. The
President's Award and former El Awards will also be integrated into a new International Energy Awards Dinner.
The Slatislical Review of World Energy and associated materials will be published for the second time by the El,
building on the strong legacy inherited from bp, with our partners KPMG and Kearney.
The annual Energy Barometer member survey will be focused again on the UK this year looking back over the
Barometer's fi'rst decade and forwards to the energy policy challenges for the next government.
Deepening of relationships in the UK policy making sphere, focused on the Department for Energy Security and
Nel Zero, including delivering the Energy Fundamentals course for new civil servants and, given the approaching
General Election, with the Opposition energy team. Government and regulatory relationships will also be fostered
in focus geographies, building on the 2023 UAE Barometer.
Expansion of readership of New Energy World digital weekly through 3 open access months, and promotion of
the printed quarterly with the aim of doubling the number of recipients among professional members.
Active roles in collaborative initiatives including Sustainable Markets Inilialive, National Engineering Policy Centre
and Methane Guiding Principles.
Enabling industry and consumers to make energy lower carbon, safer, and more efficient
Deliver the STAC-approved Technical and Innovation programme, publishing more than 50 good practice
guidelines through the year and bringing in new partners and technical company members.
Work with industry stskeholders to review programme scope, including potential new areas in support of the
energy transition, including solar and better storage. Also expand engagement with global energy regulators to
support safe, efficient and sustainable industry operations.
Promote greater awareness and use of content through a programme of webinars, more concerted marketing and
refreshed presence on the El website.
Update and further promote free domestic version of EnergyAware lo El audiences and exposure on
MoneySavingExpert website to support consumers lo make energy lower carbon, safer, and more efficient.
COUNCIL'S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
Council prepares financial statements for each financial period, which give a true and fair view of the slate of affairs of the
El and of the surplus or deficit of the El for that period. In preparing those financial statements, Council is required to..

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
follow applicable accounting standards.,
observe the methods and principles in the Charities SORP.,
select suitable accounting policies and then apply them consistently.,
make judgements and estimates that are reasonable and prudent., and
prepare the financial statements on the going-concern basis unless it is inappropriate lo presume that the El will
continue in business.
Council is responsible for keeping proper accounting records, which disclose with reasonable accuracy al any time the
financial position of the El and to enable it to ensure that the financial statements comply with the Royal Charter and the
Charities Acts. Council is also responsible for safeguarding the assets of the El and hen￿ for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
Auditor
A resolution prowsing that Haysmacintyre LLP be re-appointed as auditor to the El will be proposed al the Annual General
Meeting.
00
Juliet Davenport OBE HonFEI
President
Simardeep Soor ACA FEI
Honorary Treasurer
18 April 2024

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ENERGY
INSTITUTE
Opinion
We have audited the financial statements of the Energy Institute for the year ended 31 December 2023, which comprise
the Consolidated and Charity Statements of Financial Activities, the Consolidated and Charity Balance Sheet, the
Consolidated and Charity Cash Flow Statements and the related notes. These financial statements have been prepared
under the accounting policies sel out therein. 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
Praclicel.
In our opinion the financial stalemenls".
give a true and fair view of the state of the group's and the parent charity's affairs as at 31 December 2023 and of the
group's and the parent charity's incoming resour￿$ and application of resourTrs, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act
and relevant regulations made or having effect Ihereunder. We conducted our audit in accordance with International
Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further
described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are
independent of the group in accordan￿ with the ethical requirements that are relevant lo our audit of the financial
statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate lo
provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the group and parent charity's ability lo continue as a going
concern for a period of at least I￿e1ve months from when the financial statements are aulhorised for issue.
Our responsibilities and the responsibilities of the Iruslees with respect to going cOn￿M are described in the relevant
sections of this report.
other infomiation
The Iruslees are responsible for the other information. The other infomialion comprises the information included in the
Report of the Council. Our opinion on the financial slalements does not cover the other information and, except lo the
extent otherwise explicitly stsled In our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial ststemenls or our knowledge obtained
in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent
material misstalemenls, we are required lo determine whether there is a material misslalemenl in the financial statements
or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a
material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this
regard.
Matters on whlch we are requlred to report by exceptlon
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)
Regulations 2008 require us to report to you if, in our opinion..
adequate accounting records have not been kept by the parent charity, or retums adequate for our audit have not
been r￿1Ved from branches not visited by us,. or
sufficient accounting records have not been kept", or
the parent charity financial statements are not in agreement with the accounting records and returns., or
we have not received all the information and explanations we require ft)r our audit.
Responsibilities of trustees for the financial statements

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
As explained more fully in the Ststemenl of Council's Responsibilities sel out in the Report of the Council, the Iruslees are
responsible for the prepaotion 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 prePa￿tIOn of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability
to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern
basis of accounting unless the trustees either intend to liquidate the group or the parent charity or lo cease operations, or
have no realistic alternative but to do so.
Auditof s responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material
misslalement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they Could reasonably be expected lo influence the economic decisions of users
taken on the basis of these financial stslemenls.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud is detailed below..
Based on our understanding of the parent charity and the environment in which il operates, we identified that the principal
risks of non-compliance with laws and regulations related lo management override, and we considered the exlenl to which
non-compliance might have a material effect on the financial statements. We also considered those laws and regulations
that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial slalemenls lincluding
the risk of override of conlrolsl. and determined that the principal risks were related lo management override. Audit
procedures performed by the engagement team included..
Discussions with management including consideration of known or suspected instsnces of non-compliance with
laws and regulation and fraud.,
Evaluating management's controls designed to prevent and detect irregularities",
Identifying and testing joumals, In particular journal entries posted with unusual account combinations, postings by
unusual users or with unusual descriptions,. and
Challenging assumptions and judgements made by management in their critical accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading
to a material misstatement In the financial statements or non-compliance with regulation. This risk increases the more that
0mplian￿ with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as
we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding Irregularities
occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or
misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Couneil's website al." Mrww.fic.or
-uklauditorsres onsibilities. This description forms part of our auditor's reporL
Use of our report
This report Is made solely lo the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011
and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might slate lo the
harity's trustees those matters we are required to stale to them in an Auditor's Report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's Iruslees as a
body, for our audit work, for this report, or for the opinions we have formed.
ttayswaLiiityte LLP
Haysmacintyre LLP
Statutory Auditor
10 Queen Street Place,
London
EC4R 1AG
Date. 09105124
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Consolidated Statement of Financial Activities for the year ended 31 December 2023
{Including consolidated income and expenditure)
2023
2023
2023
2023
2022
Unrestri¢ted
G8n8ral
Designatèd R8striet•d
reserve
reserve
reserve
£'ooo
Total
Total
Note
reseNes
£'ooo
reserves
£'ooo
£'ooo
£'ooo
Incomg:
Income from charitable activities..
Members, subscriptions
Charitable activities
1,959
1,959
1,745
4,817
545
1,934
7,296
5,459
Other tfftding activities
463
463
403
7,239
545
1,934
9,718
7,607
Govemment grants
Investments
137
14
151
120
Total income
7,376
1,948
9,869
7,733
Expenditure..
Charitable activities
6,950
586
1,512
9,048
7,793
Other trading activities
132
132
207
Total expendlture
7.082
586
1,512
9,180
8,000
Nel gainslllossesl on investments
202
208
15501
Net incomellexpenditurel
Transfers between funds
496
1411
47
442
897
{8171
1471
Other recognised gainslllossesl-
Actuarial gains on Pension Plan
12
422
422
966
Net movoment in funds
871
442
1,319
149
Reconciliation of funds-
Total funds brought foThvard
1,601
6,195
2,970
10,766
10,617
Total funds carried forward
13,14
2,472
6,201
3,412
12,085
10,766
All income and expenditure derive from continuing activities and there are no gains and losses other than those passing
through the Statement of Financial Activities.
10

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Charity Statement of Financial Activities for the year ended 31 December 2023
{Including income and expenditure account)
2023
Unrestricted
Gènèral
Designatod R•strict8d
reserves
reserve
reserves
£'ooo
£'ooo
£'ooo
2023
2023
2023
2022
Total
reserves
£'ooo
Total
reserves
£'ooo
Note
Income:
Income from Gharilable activities..
Members, subscriptions
Charitable activities
1,954
1,954
1,742
4,676
545
1,934
7,155
5,227
6,630
545
1,934
9,109
6,969
Govemment grants
Donations
334
334
196
Investments
135
14
149
119
Total Income
7.099
1,948
9,592
7,290
Expenditure..
Charitable activities
6,799
586
1,512
8,897
7,594
Total expenditure
6,799
586
1,512
8,897
7,594
Nel gainslllossesl on investments
202
208
{5501
Net Ineomellexpendlturel
Transfers bel￿een funds
502
1411
47
442
903
18541
1471
other recognised gainslllossesl:
Actuarial gains on Pension Plan
12
422
422
966
Net movement in funds
877
442
1,325
112
Reconciliation of funds:
Total funds brought ft>rward
1,515
6,195
2,970
10,680
10,568
Total funds carried foThvard
13,14
2.392
6,201
3.412
12,005
10.680
All income and expenditure derive from continuing activities and there are no gains and losses other than those passing
through the Statement of Financial Activities.
11

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Consolidated and Charity Balance Sheet as at 31 December 2023
Group
2023
£'ooo
Group
2022
£'ooo
Charity
2023
£'ooo
Charity
2022
£'ooo
Note
Fixed assets:
Tangible assets
Investments
6,082
4,110
10,192
6,114
3,902
10,016
6,082
4,110
10,192
6,114
3,902
10,016
Total fixed assets
Current assets:
Debtors
Short term deposits
Bank and cash
10
1,812
13
988
1,996
149
733
2,032
13
378
1,969
149
92
Total current assets
2,813
2,878
2,423
2,210
Liabilities:
Amounts falling due within one year
Net current assets
12,1061
707
12,8241
{1,7961
627
12,2421
-32
Total assets less current Ilabllltles
10,899
10,070
10,819
9,984
Net assets excluding pension liability
Pension Scheme surplus
10,899
1,186
10,070
696
10,819
1,186
9,984
696
12
Total net assets
12.085
10.766
12,005
10.680
The funds of the charity-
Unrestricted reserves
General reserve
Pension reserve
Designated reserves
13
1,286
1.186
6.201
8,673
3,412
905
696
6,195
7,796
2,970
1,206
1,186
6,201
8,593
3,412
819
696
6,195
7,710
2,970
Restricted reserves
13
Total group and charity funds
12.085
10.766
12,005
10.680
These financial statements were approved and authorised for issue by Council on 18 April 2024 and signed on ils behalf
by..
Juliet Davenport OBE HonFEI
President
Simardeep SoorACA FEI
Honorary Treasurer
12

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Cash flow Statement for the year ended 31 December 2023
Group
GTOiIP
harity
harity
2023
2022
2023
2022
£'ooo
£'ooo
£'ooo
£'ooo
Cash flows from operating activities:
Net incomelldeficit} for the reporting period {as per the slalement of
financial aclivitiesl
IGainsllLosses on investments
Investment income
897
18171
903
{8541
12081
11511
79
184
17181
1681
550
12081
11491
{1191
79
73
1631 11,0171
14461
833
1681
550
11201
73
11,0241
1,248
64
Depreciation of tangible fixed assets
Decreaselllncreasel in debtors
(Decreaselllncrease in creditors
Non-cash operating movement in pension scheme asset
Net cash used in operating octiTVitITes
15
1261
48
(4701
Cash flows from investing activities:
Investment Income
Payments to acquire investments
Payments to acquire tangible fixed assets
Net cash (used)/provided by investing activitiTgS
151
120
14001
1991
13791
149
119
14001
1991
13801
1471
104
1471
102
Cash flows from financing activities-
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
119
14051
1,287
150
18501
1,091
882
241
Cash and cash equlvalents at the end of the year
1,001
882
391
241
Anatysis of changes in net debt of Group
1 January 2023
£'ooo
733
149
Cash flow
31 December 2023
£'ooo
988
13
£'ooo
255
136
Cash al bank and in hand
Short term deposits
Total cash and cash equivalents
882
1,001
Anatysis of changes in net debt of Charity
1 January 2023
£'ooo
92
149
Cash flow
£'ooo
286
136
31 December 2023
£'ooo
378
13
Cash al bank and in hand
Short term deposits
Total cash and cash equivalents
241
150
391
13

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 1- Accounting Policies
a} General infomiation
The Energy Institute is a body incorporated by Royal Charter and is a charity registered with the Charity
Commission (charity registration no. 10978991. The registered office address is 61 New Cavendish Street,
London W1G 7AR.
b} Basis of proparation
The financial statements are prepared Ljnder the historical cost convention as modified to include the revaluation
of investments al market value, and in accordance the Statement of Recommended Practice for Charities
(Charities SORP second edition. effective 1￿January 20191 and applicable accounting standards IFRS 1021.
The Energy Institute meets the definition of a public benefit entity under FRS 102.
c} Basis of consolidation
The consolidated financial statements of the Energy Institute incorporate the accounts of the charity and its
subsidiary undertakings. The results of the SLJbsidiary undertakings, as shown in note 7, are consolidated on a
line by line basis within the consolidated Statement of Financial ActThiities ISOFAI.
In the parent charity accounts the investment in associates is recognised al cost less provision for impairment.
FRS 102 requires associated undertakings to be accounted for under the equity method of accounting where the
charity's share of the associate's nel income or expenditure is recognised in the SOFA and netted off against the
carrying amount of the investment in the consolidated accounts.
d} Going concem
The successful financial outturn in 2023 has improved free reserves and decreased negative financial exposure.
A strong 2024 operating plan along with tight budgetary control, monitoring of financial risks and flexibility if
revenue streams do not meet expectations, provide the trustees with confidence that the Institute remains a going
concern. The accounts have been prepared on that basis.
e} Income
All income is recognised on an accruals basis and excludes Value Added Tax.
The Energy Institute generalty raises invoices and sends renewals to individuals and Companies for the following
financial year's membership fees and other agreed projects before the balance sheet date.
fl Expenditure
Expenditure is included on an accruals basis and excludes the related Value Added Tax lexcepl where the Value
Added Tax is not recoverable). Resources expended are analysed according to departmental costs incurred.
Support costs consist of ￿ntral management, property, adminislralion and governance costs. Governance costs
consist of those costs associated with meeting the ststutory and compliance requirements of the charity- Support
costs are allocated lo expenditure on charitable activities in accordance with the proportion of staff involved in
each direct activity.
gl Tangible fixed assets and depreciation
Fixed assets are staled at cost less depreciation. Depreciation is provided on all assets on the straight line
method al the following rates calculated to write off over their remaining lives".
Leasehold improvements
Plant and equipment
Fixtures and fith'ngs
ICT assets
1.00/0 per annum
5.00/0 per annum
20.00/0 per annum
33.3Q/o per annum
14

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 1- Accounting Policies Icontinuedl
h) Investments
Listed investments are slated al market value. Gains and losses arising from changes in market values are
included within the SOFA. Unlisted investments are staled at cost less provision for impairment.
il Cash at bank and in hand
Cash at bank and cash 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.
jl Financial instruments
The Energy Institute only has financial assets and financial liabilities of a kind that qU81ify as basic financial
instruments. Basic financial inslrumenls, including trade and other receivables and payables and bank loans are
initially recognised al transaction value and subsequently measured at their settlement value.
Debt instruments are subsequently measured at amortised cost, using the effective interest method.
kl Creditors and provisions
Creditors and provisions are recognised where the eharily has a present obligation resulting from a past event
that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be
measured or estimated reliably.
11 Penslons
The Energy Institute operates a defined benefit pension plan which is closed lo new entrants. The scheme is
funded with the assets held separately from the Energy Institute in separate trustee administered funds.
The asset or liability recognised in the balance sheet is the net of the present value of the pension scheme
liabilities and the fair value of the assets held in the scheme. The eurrent service cost of the scheme and net
interest costs are charged to staff costs in the SOFA. Actuarial gains and losses are recognised within other
reC(￿niSed gains and losses in the SOFA The detailed assumptions relating lo the valuations of the pension
scheme assets and liabilities and movements in the year are included in Note 13.
The Energy Institute also operates stakeholder pension plans for employees for which employer contributions are
expensed in the SOFA as payable. On 1 January 2020, the Energy Institute entered Into a salary sacrifice
scheme agreement with the stakeholder pension scheme members.
m) Foreign currency translation
The Energy Institute's functional and presentation currency is pound sterling. Monetary assets and liabilities
denominated in foreign currencies are translated into sterling al the rates of exchange ruling at the balance sheet
dale. Transactions in foreign currencies are recorded at the rate ruling at the date of the Iransaclion. All
differences are recognised in the SOFA.
The trading results of overseas subsidiaries are translated into sterling at the average exchange rale for the year.
The assets and liabilities of overseas undertakings are translated al the exchange rates ruling al the balance
sheet dale. Exchange adjustments arising from the retranslation of opening nel investments and from the
translation of the results at average rates are recognised in the SOFA.
nl Fund accounting
Funds held by the Energy Institute are categorised as.
Unrestricted general- funds which can be used in accordance with the charitable objects of the Institute al the
discretion of Council.
Unrestricted designated- funds which have been sel aside by the Council for specific purposes.
Restricted- funds that can only be used for particular reslricled purposes within the objects of the Charity.
Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes.
15

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 2- Critical accounting judgements and estimates
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the
application of the Energy Institute's accounting policies and the reported assets, liabilities, income and expenditLJre and
the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. Key areas subject to judgement and estimation are as follows".
Defined benefit pension scheme liabilities
The Energy Institute has obligations lo pay pension benefits to Trrtain employees. The cost of these benefits and the
present value of the obligation depend on a number of factors, including., life expectancy, salary increases, asset
valuations and the discount rale on corporate bonds. Management estimates these factors in determining the nel pension
obligation In the balance sheet as advised by an independent actuarial adviser. The assumptions reflect historical
experien￿ and current trends. The FRS 102 valuation has presented a surplus In the fund_ The pension plan triennial
valuation for the year ended 31 December 2022 resulted in a surplus of £548,000. According lo the Trust Deed and
Rules. the Principal Company must agree to surplus assets being used to augment members, benefits and in the event
that the Scheme winds up and all liabilities are discharged, any assets then remaining can be paid to the Employer. To
recover some of the surplus, the employer and pension trustees have agreed to transfer the annual administration
expense obligation to the plan and reduce the employer contributions.
Leasehold premises
Following the completion of the refurbishment works in 2016, il was concluded that no further depreciation expense
should be recognised in respect of the leasehold premises as any provision would not be material lo the accounts due lo
ils very long useful economic life and high residual value. This has been reviewed and Council have concluded that there
have been no changes in circumstances.
Note 3- Incoming resources from charitable and other trading activities
Group
Group
2023
2022
£'ooo
£'ooo
Charity
2023
£'ooo
Charity
2022
£'ooo
Membership subscriptions
Knowledge sharing activities
Skills development activities
Good practi￿ activities
Other
1,963
2,149
1,290
4,276
40
1,761
1,172
1,103
3,546
25
1,959
1,685
1,149
4,276
40
1,758
770
871
3,546
24
9,718
7,607
9,109
6,969
Note 4- 2023 Expenditure on charitable and other trading activities
Direct Costs Direct costs
Staff
Other
£'ooo
£'ooo
Support 2023 Total
costs
£'ooo
£'ooo
Good practice activities
Knowledge sharing activities
Skills development activities
External affairs
Charitable activities
1,749
855
731
295
3,630
2,079
714
578
115
3,486
283
534
713
356
178
1,781
4,362
2,282
1,665
588
8,897
283
Charitable and other trading expenditure in subsidiaries
Group total
3.630
3.769
1.781
9.180
16

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 4- 2022 Expenditure on charitable activities and other trading activities
Direct costs DI￿¢t costs
Staff
Other
£'ooo
£'ooo
Support 2022 Total
costs
£'ooo
£'ooo
Good practi￿ activities
Knowledge sharing activities
Skills development activities
External affairs
1,403
821
563
291
1,868
503
437
48
498
664
332
166
3,769
1,988
1,332
505
Charitable activities
3,078
2,856
406
1,660
7,594
406
Charitable and other trading expenditure in subsidiaries
Group total
3,078
3.262
1.660
8.000
Note 5-Analysis of support costs
2023
£'ooo
2022
£'ooo
Support staff costs
Building facilities and services
Management & Human Resources
Finance
Information Technology
1,106
215
168
84
208
183
110
66
185
1,781
1,660
Included in support costs are governance costs relating to..
2023
£'ooo
28
2022
£'ooo
26
Auditor's remuneration
Actuarial
Legal and consultancy
Salaries
39
20
76
54
Note 6- Staff costs
2023
£'ooo
2022
£'ooo
Salaries
Social security
Stakeholder pension
Defined benefit pension service cost
Redundancy
Temporarylsub-contract staff
other staff related costs
3,597
400
256
17
24
387
53
2,980
352
245
160
61
324
72
4,734
4,194
Remuneration of key management personnel
The key management personnel of the Energy Institute comprise of 4 directors and chief executive. Total remuneration,
employer's national insurance contributions and pensions for these key management personnel were £629,00012022'.
£697,000).
17

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 6- Staff costs (continued)
The average number ofemployees was 9012022". 791-
The following numbers of staff have salaries above £60,000".
Be￿een £60,000-£70,000
Be￿een £70,001-£80,000
Be￿een £80,001-£90,000
Be￿een £90,001-£100,000
Be￿een £100,001-£110,000
Be￿een £170,001-£180,000
Be￿een £180,001-£190,000
2023
2022
Pension contributions paid in respect of these individuals totalled £101,00012022'. £152,000).
Trustees, reimbursed expenses
Due to the nature of the Energy Institute, most Trustees will be associated with organisations which may have a financial
relationship with the Energy Institute. Opportunity is given for disclosure of any financial or other interest prior to any
Council discussion Trustees are allowed to be paid according to the Royal Charter for services provided to the Charity.
During the year no trustees were remuneraled12022". no trusleesl. Trustees, expenses for travel and accommodation
reimbursed during the year amounted to £8,44212022.. £4,144) in respect of 4 trustees.
Note 7- Subsidiary undertakings
Energy Institute has 3 trading international branch subsidiaries and 1 UK trading subsidiary, which are controlled by the
Charity.
El Services Limited was incorporated on 17 May 2017, a wholty owned UK subsidiary company of Energy Institute, limited
by shares.
Energy Institute Hong Kong (Branch) Ltd is incorporated in Hong Kong under the Companies ordinan￿ and limited by
shares wholly owned by the El.
Energy Institute Nigeria is a Company Limited by Guarantee with El as the sole member. Energy Instrfcute Nigeria is
incorporated in Nigeria and registered with the Corporate Affairs Commission.
Energy Institute IEII Singapore Ple Ltd, is incorporated in Singapore as a private limited company and wholly owned by
the El.
Trading subsidiaries, results
El Services
Ltd
Energy
Institute
Hong Kong
Ibranchl
Ltd
£'ooo
Energy
In8trtute
Nigeria
Ltd
Energy
Institute
Singapore
Ltd
Totsl
2023
Totsl
2022
£'ooo
£'ooo
È'ooo
È'ooo
£'ooo
Turnover
Cost of sales
Gross profil
Adminlother costs
Trading profivllossl
Grants paid from El
Nel incomel loutgoingsl
Amount payable by qualifying
charitable donation to Energy Institute
Retained profil brought forward
465
11241
123
11271
141
121
161
38
1221
16
1121
626
12731
353
1231
330
675
14161
259
1301
229
23
252
11961
171
334
121
121
334
13341
161
333
13341
58
95
39
Retained profil carried forward and net
assets
30
62
94
95
18

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 8- Tangible fixed assets (Group and Charity)
Leasehold
premises
£'ooo
4,250
Leasehold
improvements
£'ooo
2,220
Plant and
equipment
£'ooo
315
ICT, Fixtures
and fittings
£'ooo
630
Total
al Cost
Cost al 1 January 2023
Additions
Disposals
£'ooo
7,415
47
11101
47
{1101
Cost at 31 December 2023
4,250
2,220
315
567
7,352
bl Depreciation
Depreciation al 1 January 2023
Charge for the year
462
144
148
547
1,301
22
16
41
79
11101
{1101
Depreciation at 31 December 2023
462
166
164
478
1,270
Net book value at 31 December 2023
3,788
2,054
151
89
6,082
Net book valuo at 31 December 2022
3,788
2,076
167
83
6,114
The lease on the premises at $1 New Cavendish Street has 935 years to run until its expiry. On 17 September 2002,
Jeremy James & Company, estate agents, provided a valuation report on an open market value basis on the premises at
61 New Cavendish Street and valued the premises at £4,250,000. This was the effective cost of the lease when it was
transferred lo the Energy Institute on 1 July 2003. In 2016, Council reviewed the calegorisalion, depreciable amounts and
useful economic lives of tangible fixed assets following the completion of the refurbishment works. It was concluded that
no further depreciation expense should be recognised in respect of the leasehold premises as any provision would not be
material to the accounts due lo its very long useful economic life and high residual value. This has been reviewed and
Council have concluded that there have been no changes in circumstsnces.
Capital Commitments
There were no capital commitments as at 31 December 202312022." £24,000).
Note 9- Investments (Group and Charity)
Sarasin Endowments Fund
Long term investments
Market values
01-Jan-23
Additions
Net gain on revaluation
31-Dec-22
£'ooo
3,902
208
4,110
Historical cost
01-Jan-23
2,852
2,852
31-Dec-23
Council is not expecting to require disposal of the long-lerm investment portfolio in the foreseeable future bul may draw
upon the medium term portfolio if required.
Unlisted investments
The Energy Institute has 100 ordinary shares of £1, in El services Ltd.
19

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 10- Debtors
Group
2023
£'ooo
1,233
579
Group
2022
£'ooo
1,869
327
Charity
2023
£'ooo
1,436
596
Charity
2022
£'ooo
1,665
304
Trade debtors
Prepayments and accrued income
1,812
1,996
2,032
1,969
Note 11- Creditors
Group
2023
£'ooo
301
151
438
Group
2022
£'ooo
436
158
434
Charity
2023
£'ooo
357
131
429
879
Charlty
2022
£'ooo
177
137
430
1.498
Amounts falling due within one year
Trade creditors
Taxation and social security
Awruals
Deferred Income
2,106
2,824
1.796
2.242
All amounts received in advance and deferred income relate to the subsequent financial year and are released to income
in that year.
Note 12 - Retirement benefits
Stakeholder contributions
The Energy Institute operates defined eontribulion pension armngements for employees. Employer eontribulions made
during the period in respect of 7512022.. 661 employees were £256,00012022'. £245,000). The Energy Institute entered
into a salary sacrifice scheme agreement with stakeholder pension scheme members from the 1 January 2020.
Defined benefit pension scheme
The Energy Institute operates a defined benefit pension scheme, the Energy Institute Pension and Dependents Benefits
Plan which has 5 active members. The scheme funds are administered by Trustees and are independent of the Energy
Institute's finances. Contributions are paid to the scheme in accordance with the recommendations of an independent
actuarial adviser. Details in respect of the scheme are provided below. The benefits have been valued by projecting
forward the results from the FRS102 disclosures, as al 31 December 2023, making adjustments lo reflect benefits paid
out of the Plan, additional accrual and diffèrences between the assumptions used at this year-end and those al the
previous year-end. The value of the defined benefit liabilities has been measured using the projected unit method. The full
actuarial valuab'on as at 31 December 2022 showed a surplus of £548,000.
20

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Movement in assets during the period
31 December 2023
°A a year
4.5'/o
3.20/0
2.80/0
31 December 2022
Yo a year
4.8°
3.3010
2.80/D
Principal actuarial assumptions
Discount rate
Retail Price Inflation
Consumer Price Inflation
Salary growth
Rale of increases lo pensions in payment
Price inflation ICPII subject to a maximum of 2.50/0 p.a.
Price inflation ICPII subject to a maximum of 30/0 p.a.
Price inflation ICPII subject to a maximum of 5¥9 p.a.
Price inflation ICPII subject to a maximum of 50/0 p.a.
and a minimum of 30/0 p.a.
Demographic assumptions
Mortality after retirement
Base table
2.30/0
2.2Vo
1.90
2.1'/o
2.70
1.8¥0
2.110
2.7010
3.6Q
S3PXA series year of S3PXA series year of
birth IYOBI tables
birth IYOBI tables
CMI_2022_MIF11 Q/0) CMI_2019_MIF110101
Future improvements
Proportion taking lax free cash
100¥0
100°
2023
Males
2023
Females
2022
Males
2022
Females
Assumed life expectancy at aged 65
Current pensioners
Retiring in 20 years
21.4 years
22.3 years
23.8 years
25.0 years
21.9 years
23.0 years
24.3 years
25.4 years
Changes in fair value of plan assets
31 December 2023
£'ooo
31 December 2022
£'ooo
Opening fair value of plan assets
Employer contributions
Employee contributions
Benefits paid
Expenses paid
Expected return on scheme assets
Actuarial gainl Ilossesl on assets
Closing fair value of plan assets
Actual return on plan assets
7,187
89
9,647
100
23
12961
26
13571
1161
181
341
120
12,3941
7,187
12,2131
7,464
461
The plan assets are invested in three Legal and General Investment Management funds.
Asset Allocation
Diversified Growth Fund
Bonds
31 Decgmber 2023
31 December 2022
14.0'/.
56.20/,
26.60
Gills
Cash
62.7 /0
15.60/¢
1.60
21

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Movement In assets during the perlod
31 December 2023 31 December 2022
£'ooo
£'ooo
Changes in present value of defined benefit obligation
Opening defined benefit obligation
Current service cost
Employee contributions
Interest cost
6,491
55
23
307
9,853
143
26
186
Benefits paid
Remeasurement lossllgainl on defined benefit obligation".
Impact of experience
Impact of amended financial assumptions
Impact of amended mortality assumptions
Closing defined benefit obligation
12961
13571
14791
290
{1141
13,4741
6.278
6.491
Pension expense
Anatysis of the amount charged lo income and expenditure
31 December 2023 31 December 2022
£'ooo
£'ooo
Current service cost
Expenses
Interest on nel liability
155}
11431
1161
151
11641
34
121}
The Scheme is closed to new enlranls. As a result, the age profile of the active members will tend to rise and under the
projected unit method the current service Cost will lend lo increase with lime.
31 Decgmber 2023 31 December 2022
£'ooo
£'ooo
other comprehensive income
Actual less expected return on plan assets
Experience gainslllossesl on liabilities
Change in assumptions
Aeluarial Ilossllgain recognised in OCI
120
12,3941
11141
3,474
966
479
11771
422
31 December 2023 31 December 2022
£'ooo
£'ooo
Balance sheet position
Present value of defined benefit obligation
Fair value of plan assets
Nel defined benefit pension Iliabilityllasset
16,2781
7,464
1,186
16,4911
7,187
696
22

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 13- 2023 Group Reserves
1 January
2023
Ineomin9
our¢e$
Rèsources Transfèrs and
expended
other
gain8111055e51
£'ooo
31 Deeèmbèr
2023
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted reserves
General reseryes
Pgnsion resgrv8
905
696
1,601
7,376
17,1501
68
7,082
155
422
577
1,286
1,186
2,472
7,376
Designated reserves
Powerful Women reserve
UK WPC reserve
Statistical Review reserve
Fixed asset reserve
65
16
395
13701
181
11291
79
586
90
150
21
6082
6,201
6,114
6,195
47
47
545
Total unrestricted reserves
7,796
7,921
17,6681
624
8,673
Restricted reserves
Partner technical projects
Shell hearts and minds
General prize fund
Benevolent fund
2,034
427
1,900
29
11,4951
131
2,439
453
503
13
515
Total restricted reserves
2,970
1,948
11,5121
3,412
Total Reserves
10,766
9,869
19,1801
630
12,085
Note 13- 2023 Charity Reserves
1 January
2023
Incoming
resour¢e$
Resource8 Transfers and 31 December
expended
other
2023
gain8111055e51
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted reserves
General reseryes
Pgnsion resgrv8
819
696
1,515
7,099
16,8671
68
6799
155
422
577
1,206
1,186
7099
Designated reserves
Powerful Women reserve
UK WPC reserve
Statistical Review reserve
Fixed asset reserve
65
16
395
13701
181
11291
79
586
90
150
21
6082
47
47
6,195
545
Total unrestricted resgrves
7,710
7,644
17,3851
624
8,593
Restricted reserves
Partner technical projects
Shell hearts and minds
General prize fund
Benevolent fund
2,034
427
1,900
29
11,4951
131
2,439
453
503
13
515
Total restricted reserves
2,970
1,948
11,5121
3,412
Total Reserves
10,680
9,592
18,8971
630
12,005
23

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 13- 2022 Group Reserves
1 January
2022
Ineomin9
our¢e$
Rèsources Transfèrs and
expended
other
gain8111055e51
£'ooo
31 Deeèmbèr
2022
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted reserves
General reseryes
Pgnsion resgrv8
1,814
206
1,608
5,975
16,2781
64
6,342
16061
966
360
905
696
1,601
5,975
Designated reserves
Powerful Women reserve
UK WPC reserve
Fixed asset reserve
97
15
6,087
147
11791
1101
73
262
65
17
99
99
159
Total unrestricted reserves
7,807
6,134
16,6041
459
7,796
Restricted reserves
Partner technical projects
Shell hearts and minds
General prize fund
Benevolent fund
1,864
410
1,533
38
11,3631
1211
2,034
427
530
28
12
43
503
Total restricted reserves
2,810
1,599
11,3961
1431
2,970
Total Reserves
10,617
7,733
18,0001
416
10,766
Note 13- 2022 Charity Reserves
1 January
2022
Incoming
our¢es
R￿oUrceS Tran8fer8 and 31 December
expended
other
2022
gain811108se81
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted reserves
General reseNes
Pgnsion resglV8
1,765
206
5,532
15,8721
64
5936
16061
966
360
819
696
5532
Designated reserves
Powerful Women reserve
UK WPC reserve
Fixed asset reserve
97
15
147
11791
1101
73
262
65
17
99
99
6,199
159
Total unrestricted reserves
7,758
5,691
16,1981
459
7,710
Restricted reserves
Partner technical projects
Shell hearts and minds
General prize fund
Benevolent fund
1,864
410
1,533
38
11,3631
1211
2,034
427
530
28
12
43
503
Total restricted reserves
2,810
1,599
11,3961
1431
2,970
Total Reserves
10,568
7,290
17,5941
416
10,680
24

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Designated reserves
UK WPC.. Some income generated from UK WPC activities is allocated lo build reserves which can support participation
in the WPC Youth Committee and other VIPC or UK WPC activities.
Powerful Women." Some income generated from Powerful Women activities is allocated to build reserves which can
support participation in the acb'vity.
statistical Review reserve.. Some income generated from the Statistical Review of World Energy is allocated lo build
reserves which can support the activity. Resource has been provided in kind from the partner companies and has been
accounted for within the designated reserve.
Fixed asset reseThe.' represents the funds which are invested in the Institute's fixed assets and therefore not readily
available to be spent.
Restricted reserves
Partner technical projects.. Funds provided specifically for projects advancing scientific and technical knowledge relating lo
health, safety, environment and standards relating lo the energy industry.
Shell hearts and minds. The Energy Inslilule sells the Hearts and Minds toolkit on behalf of Shell Exploration and
Production Ltd, any surplus is held for future investment in the development of the toolkit and related Human Factors
projects.
General prize fund,. The objects include..
The furtherance of education in the field of the science of energy and fuels by the award of pryzes, the provision of grants,
the funding of exhibitions and seminars, the provision of continuing professional education and the provision of
scholarships.
Benevolent fund." The fund provides assistance for the benefit of deserving members of the Energy Institute and their
dependants to improve quality of life and provide educational opportunities.
Note 14- 2023 Group Net assets by fund
The various group reserves are represented by the Energy Inslitule's assets and liabilities as summarised below..
Tangible
Net
Pension
31-Dec-23
fixed &
current
resetve
investment
assets
assets
£'ooo
£'ooo
£'ooo
£,￿)0
Unreslricled reserves
Pension reserve
Designated reserves
1,118
168
1,286
1,186
6,201
8,673
3,412
12,085
1,186
6,082
7,200
2,992
10,192
119
287
420
707
1,186
Restricted reserves
Total
1,186
Note 14- 2023 Charity Net assets by fund
The various charity reserves are represented by the Energy Institute's assets and liabilities as summarised below".
Tangible
Net
Pension
31-Deca23
fixed &
current
reserve
investment
assets I
assets
£'ooo
£'(H)O
£'ooo
£'ooo
Unreslricled reserves
Pension reserve
Designated reserves
1,118
88
1,206
1,186
6,201
8,593
3,412
12,005
1,186
6,082
7,200
2,992
10,192
119
207
420
627
1,186
Restricted reserves
Total
25

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 14- 2022 Group Net assets by fund
The various group reserves are represented by the Energy Inslitule's assets and liabilities as summarised below..
Tangible
Net
Pension
31-Dec-22
fixed &
current
reserve
investment
assets
assets
£'ooo
£'ooo
£'ooo
£'ooo
Unreslricled reserves
Pension reserve
Designated resetves
1,050
11451
905
696
6,195
7,796
2,970
10,766
696
6,114
7,164
2,852
10,016
81
1641
118
54
696
Restricted reserves
Total
696
Note 14- 2022 Charity Net assets by fund
The various charity reserves are represented by the Energy Institute's assets and liabilities as summarised below..
Tangible
Net
Pension
31-Oec-22
fixed &
current
reserve
investment
assets I
assets
£'ooo
£'ooo
£'ooo
£'ooo
Unreslricled reserves
Pension reserve
Designated reserves
1,050
12311
819
696
6,195
7,710
2,970
10,680
696
6,114
7,164
2,852
10,016
81
11501
118
1321
696
Restricted reserves
Total
696
Note 15- Related party transactions
Transactions during the year with El ServI￿S Ltd, resulted in an amount due to the Energy Institute tolalling £380,000
12022.. due lo El £118,000). Energy Institute raised Invol￿S to El Services Ltd tolalling £115,00012022.' £145,000) in
respect of recharged costs. There are no other related party transactions that require disclosure.
26

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 16 - Comparative Statement of Financial Activities
Consolidated Statement of Financial Activities for the year ended 31 December 2022
Ilncluding consolidated income and expenditure)
2022
2022
Unrestrlcted
General
Designated Restricted
reserve
reseNe
2022
2022
Total
Note
reserve
reserves
£'ooo
£'ooo
£'ooo
£'ooo
Income-
Income from Gharilable activities..
Members, subscriptions
Charitable activities
1,745
3,714
1,745
159
1,586
5,459
Other trading activities
403
403
5,862
159
1,586
7,607
Govemment g￿ntS
Investments
107
13
120
Totsl income
5.975
159
1.599
7,733
Expenditure..
Charitable activities
6,135
262
1,396
7,793
Other trading activities
207
207
Totsl expenditure
6.342
262
1.396
8.000
Nel Ilossesllgains on investments
15071
1431
15501
Net {expendlturelllncome
Transfers bel￿een funds
18741
1991
11031
99
160
18171
other recognised gainslllossesl:
Actuarial gains on Pension Plan
12
966
966
Net movement in funds
{71
160
149
Rgconciliation of funds:
Total funds brought forward
1,608
6,199
2,810
10,617
Total funds carried foThvard
14
1.601
6,195
2.970
10,766
27

Eneryy Instltute Report of the Councll and Flnanclal Statements 2023
Notes on the financial statements
Note 16 - Comparative Statement of Financial Activities (Continued)
Charity Ststement of Financial Activities for the year ended 31 December 2022
Ilncluding income and expenditure accounti
2022
2022
2022
2022
Unrestri¢ted
G8n8ral
Designatèd R8strict•d
reserve
reseNes
£'ooo
Total
Note
reserves
£'ooo
reseNes
£'ooo
£'ooo
Incomg:
Income from charitable activities..
Members, subscriptions
Charitable activities
1,742
1,742
3,482
159
1,586
5,227
5,224
159
1,586
6,969
Govemment grants
Donations
196
196
Investments
106
13
119
Total income
5,532
159
1,599
7,290
Expenditure..
Charitable activities
5,936
262
1,396
7,594
Total oxpenditurg
5,936
262
1.396
7,594
Nel Ilossesllgains on investments
15071
1431
15501
Net lexpenditurellineome
Transfers be￿een funds
19111
1991
1103}
99
160
18541
Other recognised gainslllossesl:
Actuarial gains on Pension Plan
12
966
966
Net movement in funds
1441
160
112
Reconciliation of funds:
Totsl funds brought forward
1,559
6,199
2,810
10,568
Total funds carrled foThvard
14
1,515
6,195
2,970
10,680
28