**THE RENEWABLE ENERGY FOUNDATION (A Company Limited By Guarantee)**
**Report of the Trustees and Consolidated Financial Statements**
**for the year ended 30 April 2024**
**Company no. 5222782 Charity no. 1107360**
**The Renewable Energy Foundation**
## **Index to the Consolidated Financial Statements**
## **For the year ended 30 April 2024**
||**Page**|
|---|---|
|**Legal and Administrative Details**|**1**|
|**Report of the Trustees**|**2 to 4**|
|**Independent Examiner's Report**|**5**|
|**Consolidated Statement of Financial Activities**|**6**|
|**Consolidated and Charity Balance Sheets**|**7**|
|**Notes to the Consolidated Financial Statements**|**8 to 13**|
**The Renewable Energy Foundation Legal and Administrative Details**
**For the year ended 30 April 2024**
|**Status**|The organisation is a company limited by guarantee, incorporated on 6|
|---|---|
||September 2004|
|**Company number**|5222782|
|**Charity number**|1107360|
|**Registered office and**|Unit 9 Barnack Business Centre|
|**operational office**|Blakey Road|
||Salisbury|
||Wiltshire|
||SP1 2LP|
|**Trustees**|C J Davie|
||Prof. M Kelly|
||The Hon. A H Joicey|
|**Company secretary**|C J Davie|
|**Director of Operations**|Dr John Constable|
|**Bankers**|Bank of Scotland|
||Business Banking|
||PO Box 1984|
||Andover|
||SP10 9GZ|
|**Independent examiner**|S J L Ellingham FCA DChA|
||Fawcetts LLP|
||Windover House|
||St Ann Street|
||Salisbury|
||SP1 2DR|
|**Accountant**|MJK Accountants Ltd|
||Accountancy and Taxation Services|
||Unit 9 Barnack Business Centre|
||Blakey Road|
||Salisbury|
||Wiltshire|
||SP1 2LP|
1
## **The Renewable Energy Foundation**
## **Report of the Trustees**
## **For the year ended 30 April 2024**
The trustees (who are also directors of the company for the purposes of company law) present their report and the independently examined financial statements for the year ended 30 April 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' (FRS 102) in preparing the annual report and financial statements of the charity.
Legal and administrative information set out on page 1 forms part of this report.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Renewable Energy Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 20 August 2004, amended to adopt its current charitable objectives on 12 March 2010. It is registered as a charity with the Charity Commission. The Articles of Association make provision for the Directors (Trustees) to make such reasonable and proper rules or bye-laws as they deem necessary or expedient for the proper conduct and management of the charity.
## **The directors**
The directors, who are also trustees under charity law, who served during the year and up to the date of this report were as follows:
C J Davie
Prof. M Kelly - Chairman
The Hon. A H Joicey
Members of the Foundation guarantee to contribute an amount not exceeding £10 to the assets of the Foundation in the event of winding up. The total number of such guarantees at 30 April 2024 was 3 (2023 - 3).
## **Organisational structure**
The Trustees administer the charity. The Board is supported by the Director, with overall responsibility on all operational matters, including finance and staff, who reports to the Board.
## **Related parties**
Renewable Energy Forum Limited is a wholly-owned subsidiary of the company which raises funds for the charity by means of commercial consultancy across the energy sector. Mr Colin Davie, Dr John Constable and Dr Lee Moroney are the Directors of Renewable Energy Forum Ltd.
## **Risk Assessment**
As in previous years, the Trustees have continued to focus on the management of financial risk, the charity being small, of relatively recent origin and with limited funds. Non-financial risk is being addressed, though the small number of employees involved means that the resources for doing so are limited, whilst the scope of risk at issue is commensurately small. Other areas of risk management, including remodelling Trustee controls on the charity's activities have been identified for future consideration.
Continued on page 3
2
## **The Renewable Energy Foundation**
## **Report of the Trustees**
## **For the year ended 30 April 2024**
Continued from page 2
## **OBJECTIVES AND ACTIVITIES**
The objects clause of the charity is:
"To promote sustainable development for the benefit of the public by:
a) the preservation, conservation, and the protection of the environment and the prudent use of resources, including, in particular, the use of renewable energy;
b) the promotion of sustainable means of achieving economic growth and regeneration.
To advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote the study and research in such subjects provided that the useful results of such study are disseminated to the public at large".
Sustainable development means "development which meets the needs of the present without compromising the ability of future generations to meet their own needs".
## **ACHIEVEMENTS AND PERFORMANCE**
Dr John Constable, as Director of REF, continues to lead the research side with the close collaboration of Dr Lee Moroney, to produce the data and analysis for which REF is known and upon which our reputation is founded.
During the year the charity continued to focus on the collation and electronic publication of renewable energy and wider energy sector data, which seeks to produce public benefit via the publication and dissemination of information within the scope of our charitable objectives. Thanks to a generous legacy from Mr Simon Pearson we have been able to completely refresh our data sets, and undertake a reworking of the website to improve its accessibility, and coverage.
The REF online apps and datasets are still without peer in the renewable energy sector, and the six main subject areas have, once again, been greatly enhanced over the year. The six areas are:
- 1 A database giving aggregated renewable electricity generation statistics for the UK since 2002, broken down by year of generation, technology, country and subsidy type.
- 2 A database giving monthly or annual generation for 16,700 renewable generators, of which about 7,400 were active at the year end. Uniquely, this database merges data from multiple sources and includes generators subsidised under the Renewables Obligation, Contracts for Difference and unsubsidised generators providing a single source of information on UK renewable generators.
- 3 A database tracking renewable electricity projects in the planning system, using UK government data. The set not only records the capacities (GW) that are Operational, Under Construction, Awaiting Construction and Submitted to Planning, but also calculates probable output from these capacities and thus estimates progress towards meeting the 2020 Renewables Directive target. This dataset also now includes large scale battery storage projects. As far as we are aware this database is unique in allowing the user to survey the history of UK renewables as visable in the planning system.
- 4 Wind Constraint Payments. This database is now a standard topic of interest, and as in previous years has been used extensively by media and the public, as well as market analysts and academics interested in designing market structures that could reduce consumer cost and reduce the need for constraints. In this year, the web application has been substantially upgraded to facilitate analysis of the payments over time by wind farm, country, onshore vs offshore, year etc.
- 5 GB Electricity Generation Fuel Mix including interconnectors, by half hour from 2009 to the present day. The data is available in tabular form, in various different breakdowns, daily, monthly and yearly, and as a percentage of total demand and can be graphed online. Various incremental upgrades have been made to the dataset, improving its usability.
- 6 A comprehensive listing of the Feed-In Tariff registered renewable electricity generators.
- All these datasets have advanced user search interfaces that enable the reader to seek and locate data relating to specific topics.
In addition to the online energy data, REF continues to expand and enhance its in-house database of historic energy data including publicly available data related to the GB Balancing Mechanism, half-hourly electricity generation by the largest generators and energy flows across key international and internal interconnectors. The legacy Balancing Mechanism Reporting Service was switched off in early 2024 requiring a rewrite of existing interfaces which was carried out in early 2024 to ensure continuity of the data in the REF databases. This data provides useful context enabling REF to understand how the UK energy sector is evolving with time. Consequently, REF continues to be a valuable source of information for journalists and the media,
Continued on page 4
3
Tha Renewable Energy Foundatlon
Report ofthè TmsteÈs
Forthe year ended 30 Aprll 2024
Continued from page 3
REF contlnues to publlsh research articles grounded in the dats we colkct and published on the Foundatlon's webslte, some
achieving considerable prominence in public debate. In this finala1 year, wè have cèrried out a substantial piece of research
into identifylng and quantifying inflated bid price5 durtTrg COFSStraint periods by la wind f3rms and shared the result5 of our
work with Of8em wlth the quest the potential breaches of the Transmission Constraint License Condition by fortnally
instigated
REF responds to relevant GovernTnent consultations includinB this year the Ofgem consultation on the Transmis51on Constralnt
Llcenie condiOn.
Public beneflt
The directors have given due regard to the Charity Cornm1555on'5 guidance IP831 gn reporting public beneflt when plannin8 the
charlty's artlwties.
FINANCIAL REVIEW AND FUTURE PLANS
REF continues to run a vlrtual office meaning that the charty athleves a great deal wlth very modest means, ImpsE a high
level of productlvlty. The virtual office also means that WE are, fortunately, not élrectly affected by the rapidty rising cost of
energy for heatlng and Ilghting office space.
Although funding has Improved over the last year, wlth a substantlal donation beln8 recelved in the last half of the year,
economlc clrcumstonces are Still tlght, and the charity will continuè with its program of financially con5ervativ2 management.
Thè charity wlll contlnue to secure fundlng from charitable 8rants and foundations and by arrangln8 the provislon of
appropriate commercial 5ervice5 throu8h Renewablè Energy Forum Limited.
Due to current funding i55ues, REF has reduced actvity to consetve funds whilst contlnuing to pursue contact5 with potertlal
donors. and generating donations to safeguard the thaiity's future.
Raservp5 policv
The charity has had little time to assemble formal reSee$. It has howEver, as a policy, an airn to try and keep a fund Df at least
6 months of operating costs held in reserve where posslble.
Ttte5
No changes have been made to the board of trustees in the last year.
Approved by the trustees on
anuary 2025 and siEned on their behalf bv
The Hon. A H loicey- Trustee
Independent Examiner's Report
To the Trustees of
The Renewable Energy Foundation
I report to the charity trustees on my examination of the accounts of the company for the year ended 30
Aprll 2024 which are set out on pages 6 to 13.
Responsibilities and basis of report
As the charity trustees of the company land also its directors for the purposes of company lawl you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act
2c61'the 2006 Act'l.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the
2006 Act and are eligible for independent examination, I report in respect of my examination of your
company'5 accounts a5 carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying
out my examination I have followed the directions given by the Charity Commission under section 14515)Ibl
of the 2011 Act.
Independent exarniner's St3tement
I have completed my examination. I confirm that no matters have come to my attention ID connectlon with
the examination giving me cause to believe that in any material respect:
l accounting records were not kept in respect of the company as required by section 386 of the 2tKJ6 Act,. or
2 the accounts do not accord with those record5; or
3 the accounts do not cornply with the accountlng requirements of Section 396 of the 2006 Act other than
any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of
an independent examination,. or
4 the accounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practice for accounting and reportlng by charities
I have no concerns and have come across no other matters in connection with the examination to which
attentlon should be drawn in this report In order to enable a proper understanding of the accounts to be
reached.
mon Elli
gham FCA DChA
for and on behalf of Fawcetts LLP
Windover House
St Ann Street
Salisbury
SPI 2DR
**The Renewable Energy Foundation**
## **Consolidated Statement of Financial Activities**
## **(including summary income and expenditure account)**
## **For the year ended 30 April 2024**
**----- Start of picture text -----**
Unrestricted funds
2024 2023
Total Total
Note £ £
Income and endowments from:
Voluntary Income
Donations and grants 5 71,615 80,273
Activities for generating funds
Trading income 6 - 5,243
- -
Fundraising events
Investment income 7 - 13
Total income and endowments 71,615 85,529
Expenditure on:
Costs of generating funds:
Trading costs of the subsidiary 6 726 758
- -
Raising funds
Charitable activities:
Direct costs of the Foundation 9 100,085 57,855
Total expenditure 8 100,811 58,613
Net (expenditure)/income (29,196) 26,916
Reconciliation of funds:
Total funds at 1 May 2023 60,521 33,605
Total funds at 30 April 2024 31,325 60,521
**----- End of picture text -----**
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
The financial activities set out above are those of the group. The Foundation's loss for the year of £28,470 (surplus for 2023: £22,428) is included.
6
Re8lstered Number. 05222782
The Renewable Energy Foundation
Consoltdated and Charlty Balance Sheets
As at 30 April 2024
GfOUP
Charity
2024
2023
2024
2023
Note
Flxed assets
T3ible fixed assets
Investments
li
12
Current assets
Debtors
Caah at bank and In hand
37,995
73.087
34.958
69.324
37,995
73,087
34,958
69,324
Credtt0 amounts due wlthin one year
14
6,670
12,566
35,385
41,281
Net current assetsllllabllitlesl
31,325
60,521
14271
28,043
Net assets/lllabllltles
31,325
60,521
14251
28,045
Funds
Unrestricted funds:
31,325
60,521
{4251
28,045
Total funds
16
31,325
14251
28,045
For the finandal year in questlon the company was entltled to exemption under Sectlon 477 of the Companles
Art 26 relatlngto small companle5.
No members have requlred the comparby to obtaln an audlt of Its accounts for the year In questlon In
accordantr with Sectlon 476 of the Comp3nles Act 2(Y)6.
The directors acknowledge thelr responslblllty for complying wlth the requlrements of the Act with respect to
accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provlslons appllcable to CDmpanies subject to the
small companie5, regime.
The financial statements were approved and authori5ed for i55ue by the Board of Trustees on
and were signed on its behalf by:
. January 2025
/ILLLIé¥
Prof Michael Kelly- Trustee
**The Renewable Energy Foundation**
**Notes to the Consolidated Financial Statements**
**For the year ended 30 April 2024**
## **Basis of preparation**
The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities SORP 2019 (FRS 102), the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS102 - effective 1 January 2019), the Charities Act 2011 and the Companies Act 2006.
The charity does not meet the defination of a larger charity under the Charity SORP and is therefore exempt from the requirement to prepare a cash flow statement.
The significant accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements have been prepared on the going concern basis. The trustees have considered the appropriateness of this policy in light of the charity's net liability position at the year end. The trustess have reduced activity to conserve funds whilst continuing to pursue contacts with potential donors to generate donations to safeguard the charity's future. The financial statements are presented in Sterling (£) which is the functional currency of the charitable company.
## **1. Accounting policies**
- a) Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable. Where services or facilities that would normally be purchased from suppliers are provided to the Foundation as a donation, this contribution is included in the financial statements at an estimate based on the value of the contribution to the Foundation. Volunteer time is not included in the financial statements.
- b) The consolidated financial statements incorporate the financial statements of the Foundation and its trading subsidiary undertaking. A separate statement of financial activities for the Foundation itself is not presented because the Foundation has taken advantage of the exemptions afforded by the Charities SORP 2014.
- c) Grants are recognised in full in the statement of financial activities in the year in which they are receivable, unless there are donor-imposed restrictions on the timing of the expenditure to a future period in which case they are deferred. Income is only deferred when the donor specifies that the grant or donation must only be used in future accounting periods or when the donor has imposed conditions which must be met before the Foundation has unconditional entitlement.
- d) Grants for the purchase of fixed assets are credited to restricted incoming resources when receivable. Depreciation of fixed assets purchased with such grants is charged against the restricted fund. Where a fixed asset is donated to the Foundation for its own use, it is treated in a similar way to a restricted grant.
- e) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
- f) The costs of generating funds relate to the costs incurred by the Foundation in raising funds for the charitable work.
- g) Management and administration costs include the management of the Foundation's assets and organisational management.
- h) Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Fixtures and fittings
33% straight line basis
- i) Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
8
**The Renewable Energy Foundation**
## **Notes to the Consolidated Financial Statements**
## **For the year ended 30 April 2024**
- j) Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with a fair allocation of management and support costs.
- k) Unrestricted funds are donations and other incoming resources receivable or generated for the general objects of the Foundation.
- l) Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
- m) Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities in the year in which they fall due.
- n) Governance costs include all expenditure which is not directly related to the charitable activity. This includes accountants' fees, auditors' remuneration and directors' indemnity insurance.
- o) Debtors are measured at their recoverable amount
- p) Creditors and provisions are recognised where the charitable company 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
**2. Net outgoing resources for the year**
This is stated after charging:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|-|-|
|Depreciation|
|Independent examiner's fees|1,260|1,320|
**----- End of picture text -----**
**3. Staff costs and numbers**
Staff costs were as follows:
**----- Start of picture text -----**
|||
|---|---|
|2024|2023|
|£|£|
|-|-|
|Salaries and wages|
|-|-|
|Social security costs|
|-|-|
**----- End of picture text -----**
None of the trustees, nor persons connected with them, received any emoluments or expenses during the year.
Key management personnel are not remunerated.
No employee earned more than £60,000 during the year (2023 - nil).
The average weekly number of employees (full-time equivalent) during the year was as follows:
**----- Start of picture text -----**
|||
|---|---|
|2024|2023|
|No.|No.|
|-|-|
|Management and administration|
**----- End of picture text -----**
## **4. Taxation**
The Foundation is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
9
**The Renewable Energy Foundation**
## **Notes to the Consolidated Financial Statements**
## **For the year ended 30 April 2024**
## **5. Incoming resources from generated funds**
|**Voluntary income**
Donations
CAF - Give as you earn funds
Subscriptions|2024
£
71,615
-
-
71,615|2023
£
80,223
50
-
80,273|
|---|---|---|
## **6. Trading income**
The commercial consultancy activities of the Foundation are carried out by a separate company, Renewable Energy Forum Limited, a company registered in England, registration number 03939422. The Foundation owns all the shares in the company. Its trading results, extracted from its accounts were:
|Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Operating (loss)/profit
Charitable donations
Net (loss)/profit for the financial year
Extract from Balance Sheet as at 30 April 2023:
Fixed assets
Net current assets
Net assets
**vestment income**
Bank deposit interest|2024
£
-
-
-
726
(726)
-
(726)
-
(726)
-
31,752
31,752
2024
£
-|2023
£
5,243
-
5,243
758
4,485
2
4,487
-
4,487
-
32,478
32,478
2023
£
13|
|---|---|---|
## **7. Investment income**
10
## **The Renewable Energy Foundation**
## **Notes to the Consolidated Financial Statements**
## **For the year ended 30 April 2024**
## **8. Analysis of total resources expended**
|Staff costs
Note
£
**Charitable activities**
Direct costs of the Foundation
9
-
**Costs of generating funds**
Trading costs of the subsidiary
-
Fundraising trading
-
-
**Direct costs of the Foundation**
Insurance
Travel expenses
Bookkeeping
Accountancy
Telephone
Printing
Research expenses
Bank charges
Governance costs
**Governance costs**
Independent examiner's fees|Support
Costs
£
100,085
726
-
100,811|Depreciation
£
-
-
-
-|Total
£
100,085
726
-
100,811
2024
£
-
2,464
1,410
960
1,046
-
90,380
111
1,260
100,085
2024
£
1,260
1,260|2023
£
57,855
758
-
58,613
2023
£
-
3,788
1,239
960
1,208
242
48,900
198
1,320
57,855
2023
£
1,320
1,320|
|---|---|---|---|---|
## **9. Direct costs of the Foundation**
## **10. Governance costs**
11
**The Renewable Energy Foundation**
## **Notes to the Consolidated Financial Statements**
## **For the year ended 30 April 2024**
## **11. Tangible fixed assets**
|**Cost**
At 1 May 2023
Additions
Disposals
At 30 April 2024
**Depreciation**
At 1 May 2023
Charge for the year
Disposals
At 30 April 2024
**Net book value**
At 30 April 2024
At 30 April 2023
**12. Investments**
**Cost**
At 1 May 2023 and at 30 April 2024
**Net book value**
At 30 April 2024
At 30 April 2023|**Group**
Fixtures and
fittings
£
2,570
-
-
2,570
2,570
-
-
2,570
-
-
**Group**
Shares in
group
undertakings
-
-
-|**Charity**
Fixtures and
fittings
£
2,570
-
-
2,570
2,570
-
-
2,570
-
-
**Charity**
Shares in
group
undertakings
£
2
2
2|
|---|---|---|
12
**The Renewable Energy Foundation**
## **Notes to the Consolidated Financial Statements**
## **For the year ended 30 April 2024**
## **13. Debtors**
|Amounts owed by group undertakings
Other debtors
**Creditors: amounts due within one year**
Trade creditors
Amounts owed to group undertakings
Other creditors
Accruals and deferred income|2024
2023
£
£
-
-
-
-
-
-
2024
2023
£
£
60
3,856
-
-
3,790
3,790
2,820
4,920
6,670
12,566
**Group**
**Group**|2024
2023
£
£
-
-
-
-
-
-
2024
2023
£
£
59
3,855
33,066
33,066
40
40
2,220
4,320
35,385
41,281
**Charity**
**Charity**|
|---|---|---|
## **14. Creditors: amounts due within one year**
## **15. Unrestricted funds**
## **General reserve fund**
This represents funds which have been accumulated for the general purposes of the Foundation.
## **16. Analysis of net assets between funds**
|Unrestricted funds: general reserve fund
**Net assets at the end of the year**
**Net assets at 30 April 2023**|Fixed
assets
£
-
-
-|Net current
assets
£
31,325
31,325
60,521|Total
£
31,325
31,325
60,521|
|---|---|---|---|
## **17. Status**
The Foundation is limited by guarantee and has no share capital.
## **18. Comparative for the Statement of Financial Activities**
The comparative year values on the Statement of Financial Activities are for unrestricted funds.
## **19. Related Party Transactions**
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
13