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2025-03-31-accounts

CIO Registration No. 1179578

Company Registration No. CE014895 (England and Wales)

BRITISH GAS ENERGY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

BRITISH GAS ENERGY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Gohil OBE (Chair) (from 18 June 2024)
Helen Charlton (Chair) (resigned 18 June 2024)
M Corti (from 19 June 2024)
G Booker (from 31 October 2024)
W Gillis
R Kennedy (from 19 June 2024)
M McGillicuddy
Susan Deacon (resigned 6 June 2025)
Laurie Lee (resigned 18 June 2024)
Sheila Wheeler (resigned 18 June 2024)
Ngozi Nwosu (Shadow Trustee) (from 19 August 2024)
Chief Executive Officer Jessica Taplin (resigned 17 October 2025)
Interim Chief Executive Officer Tracey Talbot (from 17 October 2025)
CIO registration number 1179578
Auditor Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers National Westminster Bank plc
PO Box 15
Cathedral Square
Peterborough
Cambridgeshire
PE1 1HW

BRITISH GAS ENERGY TRUST

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 26

BRITISH GAS ENERGY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

report

The Trustees are pleased to present their report, together with the financial statements for the Charitable Incorporated Organisation (CIO), British Gas Energy Trust, for the year 1 April 2024 to 31 March 2025. The CIO British Gas Energy Trust is referred to as the Trust throughout this report. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply 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 (as amended for accounting periods commencing from 1 January 2019). The British Gas Energy Trust which incorporates the Scottish Gas Energy Trust, is an independent Charitable Trust established in 2004. Whilst it remains solely funded by British Gas the Trust is a separate entity, with an independent Board of Trustees.

Our mission: To alleviate the detrimental impact of poverty.

We seek to deliver on our mission by helping people in, or at risk of financial hardship, meet their energy needs and manage their energy costs through support, education and raising awareness of sound money management.

Charitable objectives

The Trust, while conducting its activities, is mindful of the legal requirement for all its charitable aims to be for the public benefit. The public benefits provided by the Trust include:

Strategic aims:

In September 2020, the Trustees approved a Strategic Framework for the Trust from 2020-2026. The framework directly informed the Theory of Change (ToC). The ToC defines our mission, aims, objectives and the outcomes we seek to deliver.

As a charity we seek to uphold the values of kindness, empathy, respect and working in an innovative, agile, and collaborative way.

BRITISH GAS ENERGY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction from Arvinda Gohil OBE, Chair, British Gas Energy Trust

Reflecting on 2024 2025

Over the past financial year (April 2024 March 2025), the support provided by the Trust has been critical for many households navigating continued high inflation, elevated energy prices, and persistent cost-of-living pressures. Faced with rising need, the Trust responded with determination and reach directly supporting over 72,405 people through our three charitable objectives:

Providing other forms of support to help people manage or avoid indebtedness.

Towards an end to fuel poverty

To better understand and address the evolving landscape of fuel poverty, the Trust convened a series of roundtable discussions with policymakers, funded organisations, community leaders, and people with lived experience. These conversations revealed the deepening challenges faced by households and the barriers that prevent people from accessing help. The insights directly informed our landmark report Towards an end to fuel poverty in Britain launched at the House of Commons by Miatta Fahnbulleh, Minister for Energy Consumers in November 2024. Bringing together data, frontline experience, and clear policy recommendations, the report sets out a practical roadmap for government, industry, and civil society to tackle the root causes of fuel poverty. It was welcomed by MPs, advisors, and key stakeholders as a valuable and solutions-focused contribution to the national debate.

Funding for the future

Of this, £3.6 million has

been designated for specific future needs. Notably, £3.2 million of these designated funds have been earmarked for grants to charities as part of our Supporting Communities at Risk Programme (SCARP). In other words, most of funding for charitable organisations.

Strengthening the Trust

In 2024 know energy debt rarely exists in isolation. Mental health, housing insecurity, digital exclusion, and caring -centred, community-delivered model is designed to respond to this interconnected reality.

Thank you

As Trustees, we remain deeply grateful for the dedication, professionalism, and empathy of our staff team, and delivery partners. Their collective efforts have ensured that the Trust remains a vital source of support, stability, and hope to tens of thousands of people across Britain. Together, we are committed to continuing our mission to alleviate the detrimental impact of poverty and to drive forward bold, evidence-based solutions that support households not only to survive hardship but to build a better future.

Arvinda Gohil, Chair

British Gas Energy Trust

BRITISH GAS ENERGY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Outcomes of Trust charitable activities:

72,405 people directly helped across England, Scotland, and Wales in the financial year 2024/25 (2023/24: 64,488 people)

Expenditure via charitable activities

BRITISH GAS ENERGY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Direct Grants & Programmes

Financial Assistance Payments (FAPs). Both I&F and ESF provide grants to write off fuel debt in full. The main distinctions between them is that ESF is exclusively for British Gas customers, whereas both British Gas and nonBritish Gas customers are eligible for I&F support.

Over the past year, the Trust awarded:

Outreach and education

charitable objectives include preventing and relieving poverty by increasing public awareness of debt and how to avoid it. This year, we stepped up our outreach efforts bringing money and energy advice directly to those who need it most and encouraging earlier engagement with support services for people in, or at risk of, fuel poverty.

Pop-Ups: In partnership with the Post Office and British Gas, we took advice to the high street through 40 Post Office Pop-Up events across England, Scotland, and Wales. These face-to-face sessions gave 3,021 people immediate access to expert guidance on managing energy costs, tackling debt, and finding longerterm solutions to financial hardship. The partners we funded delivered an additional 81 outreach activities, where 1,691 people attended, 3,678 energy items were distributed and 357 onward referrals made.

Digital reach:

761,000 people seeking help. Across X, YouTube, and LinkedIn, our social media campaigns generated more than 78,000 impressions, amplifying our message and connecting more households with life-changing support.

Governance:

The Trust, whilst funded by British Gas, operates as a separate and independent charity with decisions and Trustee appointments made by the independent Board of Trustees. Trustees are not remunerated for their roles on the Trustee Board.

The Board of Trustees provide strategic leadership through quarterly meetings of the Board of Trustees. The Trustees confirm they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The Trust refers to the Governance Code as part of the annual Governance review.

Trustees set the policy, control and monitor the activities providing good governance, challenge and oversight in line with the principles of the Charity Governance Code 2017.

Details of any potential conflicts of interest are provided by Trustees in a central register, which is reviewed annually.

BRITISH GAS ENERGY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Management controls:

The Chief Executive has delegated authority from the Board of Trustees to oversee and manage the dayto-day operation of the Trust.

The CEO is guided by the following Board-approved operating principles:

Maintain Annual Operating Costs at no higher than 15% of total income.

Utilise technology to streamline grant -making and reduce data management risks.

Financial controls

The Trust, whilst funded by British Gas, is a separate and independent charity, with funding intentions from British Gas outlined in a Memorandum of Understanding. The Trust will continue to deliver in line with the current strategy and approach until 2026.

The Trust conducts its activities in two ways: making grants to organisations to provide money and energy advice and related support and services; and making grants to individuals and families to provide relief from energy debt and assistance with other energy and financial support measures.

All charitable activity is underpinned by Warm Home Discount funding and supplemented by additional funding from British Gas. Prior to the 2022/23 financial year the Trust received confirmation from British Gas of the minimum level of core Warm Home Discount funding for the period 20222026; this funding underpins the core programmes that the Trust operates.

In total over the financial period the Trust received donations of £15.6 million from British Gas.

Financial review

At 31 March 2025 the Trust had reserves of £10.8 million consisting of designated reserves of £3.6 million, unrestricted general reserves of £2.6 million and restricted reserves of £4.6 million. Cash held at the end of the financial year increased due to:

Designated reserves

households experiencing or at risk of fuel poverty. The ten-year gift funding agreement with British Gas, secured -term financial sustainability.

BRITISH GAS ENERGY TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

As a result, Trustees approved the release of £5 million from unrestricted reserves, designating these funds to support grants aimed at alleviating the cost-of-living crisis. This designated reserve reflected in the SCARP fund has been actively deployed throughout 2024/25, with £2.1 million expended during the year and a remaining balance of £3.2 million carried forward to support further grant-making in 2025/26. This strategic allocation aligns with the mission to support vulnerable households and communities through targeted organisational grants.

Plans for future periods

British Gas remains the sole funder and, in line with its ongoing support has committed a minimum £6.0 million in 2025/26, with a potential to provide increased funding to £8.0 million through Warm Home Discount Funding. Under a ten-year Gift Agreement with British Gas annual gift funding of £2 million, index linked to CPI inflation, will be received each November until 2032

Structure governance and management

The Trust was entered onto the Charity Register of Charities on 16 August 2018 with the registered 1106218, were transferred to the new CIO.

The Trust is governed by a constitution approved by the Board of Trustees on 20 June 2018. In selecting individuals for appointment as Trustees, the Board gives due regard to the skills, knowledge and experience needed for the effective administration of the Trust.

Trustees review and assess the risks faced by the Trust in all areas of its work and plan for management of those risks. The risk register is reviewed on a quarterly basis by the Resources Committee and the Board.

Legal advisors

The legal advisors are Farrer & Co, appointed on 1 April 2021 following a competitive process.

The Trustees' report was approved by the Board of Trustees.

M McGillicuddy

Treasurer and Trustee

02/12/2025 Dated: ...................

BRITISH GAS ENERGY TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRITISH GAS ENERGY TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF BRITISH GAS ENERGY TRUST

Opinion

which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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:

BRITISH GAS ENERGY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRITISH GAS ENERGY TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation 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 tinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 thereunder.

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

BRITISH GAS ENERGY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRITISH GAS ENERGY TRUST

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors' 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 as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services

21 January 2026 .........................

Chartered Accountants Statutory Auditor

Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ

Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BRITISH GAS ENERGY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
2025
Notes
£
Income from:
Donations and
legacies
3
11,559,283
Investments
4
214,933
Total income
11,774,216
Expenditure on:
Charitable
activities
5
11,235,020
Net income/(expenditure) for the
year/
Net movement in funds
539,196
Fund balances at 1 April
2024
5,696,317
Fund balances at 31
March 2025
6,235,513		 Restricted
funds
2025
£
4,000,000
-
4,000,000
5,406,562
(1,406,562)
6,031,504
4,624,942		 Total
Unrestricted
funds
2025
2024
£
£
15,559,283
11,872,614
214,933
157,745
15,774,216
12,030,359
16,641,582
11,779,739
(867,366)
250,620
11,727,821
5,445,697
10,860,455
5,696,317		 Restricted
funds
2024
£
12,200,000
-
12,200,000
6,831,762
5,368,238
663,266
6,031,504		 Total
2024
£
24,072,614
157,745
24,230,359
18,611,501
5,618,858
6,108,963
11,727,821

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

BRITISH GAS ENERGY TRUST

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds
Designated funds
16
General unrestricted funds		 2025
£
£
21,488
1,975,068
9,539,336
11,514,404
(675,437)
10,838,967
10,860,455
4,624,942
3,599,091
2,636,422
6,235,513
10,860,455		 2024
£
£
13,550
1,015,563
11,009,346
12,024,909
(310,638)
11,714,271
11,727,821
6,031,504
5,429,404
266,913
5,696,317
11,727,821		 2024
£
£
13,550
1,015,563
11,009,346
12,024,909
(310,638)
11,714,271
11,727,821
6,031,504
5,429,404
266,913
5,696,317
11,727,821
11,727,821
6,031,504
5,696,317
11,727,821

The financial statements were approved by the Trustees on ......................... 02 December 2025

..............................

M McGillicuddy Trustee

BRITISH GAS ENERGY TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(1,670,254)
(14,689)
214,933
200,244
-
(1,470,010)
11,009,346
9,539,336		 2024
£
£
6,345,385
(16,120)
157,745
141,625
-
6,487,010
4,522,336
11,009,346

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

British Gas Energy Trust is a charitable incorporated organisation registered on 16 August 2018 in England and Wales. The principal address is Farrer & Co LLP, 66 Lincoln's Inn Fields, London, WC2A 3LH.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.

Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose. Designated funds are shown separately in the accounts for clarity.

Restricted funds are funds which are to be used in accordance with specific instructions imposed by the donor or Trust Deed.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income received in advance for future years has been treated as deferred income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are

Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure and it is probable that settlement will be required and the amount of the obligation can be measured reliably. In particular the following policies apply to grants payable:

Unconditional grants are accrued once the recipient has been notified of the grant award.

All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees, together with an apportionment of overhead and support costs.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers

Over 3 years on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.9 Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

cancelled.

1.10 Employee benefits

received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Contingent liabilities

A contingent liability is identified and disclosed for those grants resulting from:

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

o o o

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 214,933 157,745
5 Charitable activities
2025 2024
£ £
Staff costs 701,962 517,027
Direct charitable expenditure 887,008 1,080,611
1,588,970 1,597,638
Grant funding of activities (see note 6) 14,304,899 16,342,333
Share of support costs (see note 7) 584,922 456,251
Share of governance costs (see note 7) 162,791 215,279
16,641,582 18,611,501
Analysis by fund
Unrestricted funds 11,235,020 11,779,739
Restricted funds 5,406,562 6,831,762
16,641,582 18,611,501
6 Grants payable
2025 2024
£ £
Grants to institutions:
Organisational grants 6,802,936 6,027,250
Grants to individuals:
Energy payments 5,113,188 7,840,348
Financial assistance payments (FAP) 1,652,956 2,474,735
White Goods grants 735,819 -
14,304,899 16,342,333

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BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, but 6 of them were reimbursed a total of £3,106 subsistence expenses (2024 - 6 were reimbursed £1,793).

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,001 - £70,000
£90,001 - £100,000
£110,001 - £120,000		 2025
Number
19
2025
£
835,009
82,326
33,440
950,775
2025
Number
3
-
1		 2024
Number
14
2024
£
579,135
53,378
23,669
656,182
2024
Number
1
1
-

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11
Tangible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
12
Financial instruments
Carrying amount of financial assets
Bank and cash
Measured at cost
Carrying amount of financial liabilities
Trade creditors
Accruals
Other creditors
Other taxation and social security
Measured at cost
13
Debtors
Amounts falling due within one year:
Prepayments and accrued income		 2025
£
9,539,336
9,539,336
130,995
265,048
7,427
21,967
425,437
2025
£
1,975,068		 Computers
£
16,120
14,689
30,809
2,570
6,751
9,321
21,488
13,550
2024
£
11,009,346
11,009,346
231,183
56,032
5,924
17,499
310,638
2024
£
1,015,563

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
15
Trade creditors
Other creditors
Accruals
15
Deferred income
Deferred income		 2025
£
21,967
250,000
130,995
7,427
265,048
675,437
2025
£
250,000		 2024
£
17,499
-
231,183
5,924
56,032
310,638
2024
£
-

Deferred income consists of donations received in advance for the next financial year.

ot% O ooTr CF) o (DO Jo

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Winter fund
and Energy
Support fund
SCARP+
project		 Balance at
1 April 2023
£
69,758
593,508
663,266		 Movement in funds
Incoming
resources
£
Resources
expended
£
11,000,000
(5,965,789)
1,200,000
(865,973)
12,200,000
(6,831,762)		 Balance at
1 April 2024
£
5,103,969
927,535
6,031,504		 Movement in funds
Incoming
resources
£
Resources
expended 31
£
Balance at
March 2025
£
4,000,000
(4,479,027)
4,624,942
-
(927,535)
-
4,000,000
(5,406,562)
4,624,942

The Winter fund and Energy Support fund balance is for Debt Write Off Grants.

The SCARP+ project balance is for grants to funded organisations delivering in the communities.

18 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Fund balances at 31 March
2025 are represented by:
2025
£
Tangible assets
-
Current assets/(liabilities)
2,636,422
2,636,422		 Designated
funds
2025
£
21,488
3,577,603
3,599,091		 Restricted
funds
2025
£
-
4,624,942
4,624,942		 Total
2025
£
21,488
10,838,967
10,860,455		 Total
2024
£
13,550
11,714,271
11,727,821

19 Commitments

The CIO is committed to paying management fees as noted below which may increase depending on the volume of grants processed.

Within one year
Between two and five years		 2025
£
98,000
-
98,000		 2024
£
98,000
98,000
196,000

BRITISH GAS ENERGY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

20 Related party transactions

Remuneration of key management personnel

The remuneration of the six (2024 - six) members of key management personnel is as follows.

2025
£
Aggregate compensation
423,881
The above remuneration in 2024 includes agency costs paid for the Director of Finance role.
There were no other disclosable related party transactions during the year (2024 - none).
21
Cash generated from operations
2025
£
(Deficit)/surplus for the year
(867,366)
Adjustments for:
Investment income recognised in statement of financial activities
(214,933)
Depreciation and impairment of tangible fixed assets
6,751
Movements in working capital:
(Increase)/decrease in debtors
(959,505)
Increase/(decrease) in creditors
114,799
Increase/(decrease) in deferred income
250,000
Cash (absorbed by)/generated from operations
(1,670,254)
22
Analysis of changes in net funds		 2024
£
442,567
2024
£
5,618,858
(157,745)
2,570
903,430
(13,861)
(7,867)
6,345,385

The charity had no debt during the year.