COMPANY REGISTRATION NUMBER: 09727842 CHARITY REGISTRATION NUMBER: 1171961
The Festival Energy Revolution T/A Ecolibrium Company Limited by Guarantee Unaudited Financial Statements 31 December 2023
ELLIOTT BUNKER LIMITED
Chartered Accountants 61 Macrae Road Ham Green Bristol BS20 0DD
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 6 |
| Statement of financial activities (including income and | |
| expenditure account) | 7 |
| Statement of financial position | 8 |
| Notes to the financial statements | 10 |
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report)
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
Reference and administrative details
| Registered charity name | The Festival Energy Revolution T/A Ecolibrium | The Festival Energy Revolution T/A Ecolibrium |
|---|---|---|
| Charity registration number | 1171961 | |
| Company registration number | 09727842 | |
| Principal office and registered | 34 Portland Square | |
| office | Bristol | |
| BS2 8RG | ||
| UK | ||
| The trustees | R F Bond | |
| E R Gillespie | ||
| C S Johnson | ||
| B D Robinson | ||
| C Rutherford | (Resigned 30 August 2023) | |
| T Smallwood | ||
| E J Warwick | ||
| G J Brown | ||
| G J D MacVoy | ||
| W Lee | ||
| J Parish | ||
| J Chalabi | ||
| Independent examiner | Paul Cridland FCA | |
| 61 Macrae Road | ||
| Ham Green | ||
| Bristol | ||
| BS20 0DD |
1
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report) (continued)
Year ended 31 December 2023
Structure, governance, and management
Governing Document
The Festival Energy Revolution is a company limited by guarantee governed by its Memorandum and Articles of Association dated 6 March 2017. It is registered as a charity with the Charity Commission.
Appointment of trustees
As set out in the Articles of Association the charity by ordinary resolution or the directors may appoint a person who is willing to act to be a director.
Organisation
The board of trustees administers the charity. The board meets three to four times a year and there is an Annual General Meeting in Q3 or Q4. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment, and sustainable development activities.
Related parties and co-operation with other organisations
The ecolibrium CEO also sits on the board as a Trustee and receives a nominal renumeration for their services as CEO each month. Any connection between a trustee or senior manager of the charity with a sustainable development project must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year such related party transactions have been reported within note 19 to these financial statements.
Objectives and activities
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives.
To promote sustainable development for the benefit of the public by:
(A) the preservation, conversation and the protection of the environment and the prudent use of resources;
(B) the promotion of sustainable means of achieving economic growth and regeneration.
(C) to advance the education of the public in subjects relating to sustainable development and the protection, enhancement, and rehabilitation of the environment.
Sustainable development means "development which meets the needs of the present without compromising the ability of future generations to meet their own needs."
2
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report) (continued)
Year ended 31 December 2023
Achievements and performance
As a community of festivals, suppliers, and industry organisations we have now collectively invested an amazing £650,000 in community-scale renewable energy, forest protection, tree planting, ecosystem regeneration and communities most affected by climate change.
This year's corporate partnership with You Smart Think has enabled us to work and support with an innovative tech-driven route planner service, and we will continue to work them to achieve reach and new clients.
Our new vision and mission statements reflect our core purpose of supporting members to measure, report and reduce impacts with our tools and resources. We have now embarked on a journey to rename and rebrand the charity to reflect this focus.
Our 2030 strategy is focused on three impact goals:
-
Establish best practice - define and normalise best practice for low carbon travel and transport in the live events sector.
-
Build a community taking measurable action - build a community of members on a clear path to 50% reduction in travel emissions by 2030.
-
Invest £1m+ in nature and climate projects - restoration and protection of ecosystems, positive social impact, renewable energy, and carbon mitigation.
During 2023 we have worked closely with a core group of event members to understand better the gaps in data required for robust travel carbon foot printing, how to collect data easily, and how this can be used to shape best practice and tools for event organisers. This learning will be used to enhance our tools and guidance.
As we look forward to 2024, we are focussed on opportunities to gather more comprehensive data to establish industry benchmarks, work with partners to build tools for the industry, and onboard new members.
In 2023 we secured a number of significant clients and partners, such as the Labour Party Conference, and continue to work with the majority if existing clients, demonstrating commitment. One trend to watch for is a general decline in average donations, believed to be the result of cost-of-living crisis and the challenging business landscape for events. The risk of declining income is mitigated by a focus on mandatory donations for new event clients and a new grant funding strategy.
We held a successful community engagement event, bringing event members, impact partners and supporters together for an in-person event in Bristol. This event galvanised engagement and commitment to our work.
3
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report) (continued)
Year ended 31 December 2023
Financial review
During the year, the charity generated a surplus of £115,245 (2022: £86,842). The statement of financial activities on page 8 gives further information on the income received and expenditure incurred. At the year-end unrestricted funds totalled £397,652 (2022: £282,407) of which £57,465 (2022: £66,680) represented free reserves.
Reserves policy
The charity's free reserves are represented by the unrestricted funds not committed or invested in programme related investments.
In normal circumstances the trustees believe that the charity's free reserves should be between three and six months of the resources expended, which equates to approximately £10,000 to £20,000. However, due to the current economic situation and knock on impact on festivals and the associated uncertainties surrounding future income, the trustees believe that the level of free reserves can be justified in order to ensure continuing operations in the short to medium term.
Review of major risks
The trustees have reviewed the major risks of the charity and concluded that the primary risk is financial sustainability. This risk is managed by regular finance meetings throughout the year to manage cash flow closely.
Plans for future periods
Moving on from the necessity of short-term planning during the pandemic, the trustees have signed off a 12-month strategy for the organisation in 2022, which is focussed on stabilising membership and finances, and expanding client base into the wider music industry. In addition, a 2030 vision and 3 year business plan is being developed to commence at the beginning of 2023.
4
The Festival Energy Revolution TIA Ecolibrium Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (Cthndj Year ended 31 December 2023 Small company provisions This report has been prepared in accIxdan with the provIsnS applicable to companies entitled lo Ihe small companies exempln. The trustees, annual reFrtNt (inc(Kporating the threctors. reFort) was approved on 22 July 2024 and signed on behalf of the board of trustees by.. C S Johnson Trustee WLee Trust88
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Festival Energy Revolution T/A Ecolibrium
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of The Festival Energy Revolution T/A Ecolibrium ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting 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
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Cridland FCA Independent Examiner 61 Macrae Road Ham Green Bristol BS20 0DD
23 July 2024
6
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 195,326 | 195,326 | 118,858 |
| Investment income | 6 | 7,346 | 7,346 | 8,974 |
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||
| Total income | 202,672 | 202,672 | 127,832 | |
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||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 7 | – | – | 756 |
| Expenditure on charitable activities | 8 | 87,427 | 87,427 | 40,234 |
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||
| Total expenditure | 87,427 | 87,427 | 40,990 | |
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||
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||
| Net income and net movement in funds | 115,245 | 115,245 | 86,842 | |
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||
| Reconciliation of funds | ||||
| Total funds brought forward | 282,407 | 282,407 | 195,565 | |
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||
| Total funds carried forward | 397,652 | 397,652 | 282,407 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
7
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Programme related investments | 12 | 255,187 | 215,727 |
| Current assets | |||
| Debtors | 13 | 99,157 | 2,048 |
| Cash at bank and in hand | 64,532 | 88,456 | |
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||
| 163,689 | 90,504 | ||
| Creditors: amounts falling due within one year | 14 | 16,733 | 16,493 |
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──────── |
||
| Net current assets | 146,956 | 74,011 | |
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||
| Total assets less current liabilities | 402,143 | 289,738 | |
| Creditors: amounts falling due after more than one year | 15 | 4,491 | 7,331 |
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||
| Net assets | 397,652 | 282,407 | |
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||
| Funds of the charity | |||
| Unrestricted funds | 397,652 | 282,407 | |
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||
| Total charity funds | 16 | 397,652═════════ |
282,407═════════ |
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page.
The notes on pages 10 to 16 form part of these financial statements.
8
The Festival Energy Revolution TIA Ecolibrium Company Limlted by Guarantee Statement of Financial Position 31 December 2023 These finanual $talements were approved by th& board ol Iruslees and authorised for issue on 22 July 2024. and are signed on behall of the board by.. C S Johnsc Trustee WLee Trustee Company registration number.. 09727842 Th• not•s on pao0$ 10 to 16 form part ol thtt• flnanclal *4twn•n¢s.
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 34 Portland Square, Bristol, BS2 8RG, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. We confirm that there are no critical judgements or estimates to note.
Income tax
The charity has no liability to corporation tax as it is exempt on income and gains that are applied for wholly charitable purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
10
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.
-
Investment income is earned through investment of funds in companies which meet the charitable aims of the charity. Interest income is recognised using the effective interest method.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
Programme related investments
Programme related investments are made exclusively to further the charity's aims by funding specific activities. Equity instruments are measured at their fair value at the reporting date if this can be measured reliably, or at cost less impairment. Concessionary loans are either initially measured at the amount received and paid and then adjusted in subsequent years to reflect repayments, interest, and any impairment, or they are initially measured at the fair value and subsequently at their amortised cost using the effective interest method.
Programme related investments that are measured at cost or amortised cost are assessed for objective evidence of impairment at the end of each reporting period. Any impairment losses are recognised immediately as a cost within 'expenditure on charitable activities' in the statement of financial activities.
11
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. No one individual has control over the charitable company.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 195,326 | 195,326 | 118,858 | 118,858 | |
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||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Income from cash investments | 7,346 | 7,346 | 8,974 | 8,974 | |
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||
| 7. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| - Donations | – | – | 756 | 756 | |
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12
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
8. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Subcontract costs | 26,034 | 26,034 | 26,413 | 26,413 | |
| Bank charges | 21 | 21 | 47 | 47 | |
| Donations | 57,585 | 57,585 | 8,856 | 8,856 | |
| Office costs | 1,897 | 1,897 | 3,179 | 3,179 | |
| Support costs | 1,890 | 1,890 | 1,739 | 1,739 | |
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| 87,427 | 87,427 | 40,234 | 40,234 | ||
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| 9. | Analysis of support costs | ||||
| Governance costs | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Accountancy fees | 1,890 | 1,739 | |||
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| 10. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 1,890═══════ |
1,650═══════ |
11. Trustee remuneration and expenses
The ecolibrium CEO also sits on the board as a Trustee and receives a nominal renumeration for their services as CEO of £375 each month.
13
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
12. Programme related investments
| Loans | Shares | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| At 1 Jan 2023 | 143,105 | 72,622 | 215,727 |
| Additions | – | 52,720 | 52,720 |
| Disposals | (13,260) | – | (13,260) |
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|
| At 31 Dec 2023 | 129,845 | 125,342 | 255,187 |
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|
| Impairment | |||
| 1 Jan 2023 and 31 Dec 2023 | – | – | – |
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|
| Carrying amount | |||
| At 31 Dec 2023 | 129,845 | 125,342 | 255,187 |
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|
| At 31 Dec 2022 | 141,776 | 60,726 | 202,502 |
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The loans earn interest at rates of 5 or 6% per annum and are all receivable after more than one year by balloon repayments of capital. The total for shares represents 16,941 £1 ordinary shares in Resilient Energy Alvington Court Renewables Ltd, 43,785 £1 ordinary shares in The Schools Energy Co-operative Limited and 64,616 £1 class A Community shares in Energy Garden Ltd.
13. Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 97,856 | 150 | |
| Prepayments and accrued income | 1,301 | 1,898 | |
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| 99,157 | 2,048 | ||
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||
| 14. | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts | 14,843 | 14,843 | |
| Accruals and deferred income | 1,890 | 1,650 | |
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| 16,733 | 16,493 | ||
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Included in Bank loans are Debenture loans of £12,000. One loan of £6,000 bears interest at the Bank of England base rate and was repayable on 1 March 2022, however the repayment date has been deferred. The remainder of the loans totalling £6,000 are interest free and were repayable on 19 December 2022 however the repayment dates have been deferred.
15. Creditors: amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 4,491 | 7,331 |
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14
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At 1 Jan 2023 | Income | Expenditure | Transfers | 31 Dec 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 66,680 | 202,672 | (87,427) | (39,460) | 142,465 |
| Designated donations | |||||
| for programme related | |||||
| investments | 215,727 | – | – | 39,460 | 255,187 |
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|
| 282,407 | 202,672 | (87,427) | – | 397,652 | |
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|
| At | |||||
| At 1 Jan 2022 | Income | Expenditure | Transfers | 31 Dec 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 16,848 | 127,832 | (40,990) | (37,010) | 66,680 |
| Designated donations | |||||
| for programme related | |||||
| investments | 178,717 | – | – | 37,010 | 215,727 |
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|
| 195,565 | 127,832 | (40,990) | – | 282,407 | |
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Certain donations are received specifically for programme related investments in renewable energy projects and have been designated for this purpose within unrestricted funds. The cumulative total of £255,187 is represented by the investments disclosed in note 12.
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Investments | 255,187 | 255,187 |
| Current assets | 163,689 | 163,689 |
| Creditors less than 1 year | (16,733) | (16,733) |
| Creditors greater than 1 year | (4,491) | (4,491) |
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|
| Net assets | 397,652 | 397,652 |
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|
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 215,727 | 215,727 |
| Current assets | 90,504 | 90,504 |
| Creditors less than 1 year | (16,493) | (16,493) |
| Creditors greater than 1 year | (7,331) | (7,331) |
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|
| Net assets | 282,407 | 282,407 |
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15
The Festival Energy Revolution T/A Ecolibrium
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 December 2023
18. Financial instruments
Total interest income of £7,346 (2022 - £8,974) was received for financial assets not measured at fair value through net income/expenditure.
19. Related parties
The charity has received loans from companies in which trustees are shareholders/directors amounting to £12,000 (2022 - £12,000). One loan of £6,000 bears interest at the Bank of England base rate and was repayable on 1 March 2022, though the issuer of the loan has agreed to defer repayment. The remainder of the loans totalling £6,000 are interest free and were repayable on 19 December 2022, though the issuer of the loans has agreed to defer repayment. These balances are included in Creditors: amounts falling due in less than one year.
16