**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: 

   - Provision of grants to charitable organisations to provide fuel debt advice services in communities. Provision of grants to individuals to alleviate fuel debt. 

- Provision of other grants, aligned to the objectives, to help people manage 

- indebtedness. 

## _Strategic aims:_ 

- To help people avoid the burden of energy debt, make informed energy choices, and improve their money management skills. We envisage that this will lead to healthier homes and enhanced wellbeing. 

- holistic support, money, energy and advice services; to provide breadth and depth of support to people in financial hardship. 

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.** 

- 1 - 



## **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: 

- Funding community organisations to provide fuel debt and energy advice services, Awarding individual grants to help alleviate energy debt, and 

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 

- 2 - 



## **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** 











- 3 - 



## **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: 

- Over £5.1 million in energy debt relief grants through the Individuals and Families Fund and the Energy Support Fund, helping 7,760 British Gas and non-British Gas customers. 

- £1.6 million in Financial Assistance Payments supported 13,590 individuals facing emergency fuel hardship, including energy vouchers, Back On payments, and solid fuel support. The White Goods Fund provided 2,148 essential appliances to 6,627 people, totalling £735,000. The HIVE programme enabled 294 installations and 10 mobile packs via 557 referrals, helping customers manage energy use more efficiently, with support valued at £164,000. 

- 191 individuals received money advice, identifying financial gains of £446,466. 

- The Supporting Communities at Risk Programme (SCARP), helped 39,716 people across England, Scotland, and Wales. 

- Funding to 38 charities enabled delivery of 134,608 hours of specialist money and energy advice to clients with increasingly complex needs. 

## _**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. 

- 4 - 



## **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 high operational standards: to help ensure continuous delivery of impactful services and interventions. 

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

- Ensure the Trust, within its charitable remit, remains responsive to the changing needs of vulnerable groups. 

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: 

- Receipt of £2 million from British Gas in December 2024 under a ten-year Gift Agreement signed in November 2023. This has been committed by the Board to the support of funded organisations in 2025/26 under the SCARP programme. 

- Income of £4 million from British Gas for the Energy Support Fund; the funding is committed to projects within the programme and, in line with programme timelines, is due to be fully expended by the end of March 2026. 

## _**Designated reserves**_ 

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

- 5 - 



## **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: ................... 

- 6 - 



## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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. 

- 7 - 



## **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: 

- and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We 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: 

- the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

- 8 - 



## **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: 

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

- Reviewing minutes of meetings of those charged with governance; 

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

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. 

- 9 - 



## **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. 

- 10 - 



## **BRITISH GAS ENERGY TRUST** 

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

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

- 11 - 



## **BRITISH GAS ENERGY TRUST** 

## **BALANCE SHEET** 

## _**AS AT 31 MARCH 2025**_ 

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



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



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

M McGillicuddy **Trustee** 

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## **BRITISH GAS ENERGY TRUST** 

## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2025**_ 

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



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## **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. 

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## **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. 

- Conditional grants, which are subject to performance conditions, are only accrued when the recipient has been notified of the grant award and any remaining unfulfilled conditions attached to the grant are outside the control of the charity. 

- Provisions for grants are made when the recipient has been notified of a grant award, but the timing of the grant or the amount payable remains uncertain. 

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. 

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## **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: 

- a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees' control; or 

- a present obligation following a grant offer where settlement is either not considered probably; or 

- the amount has not been communicated in the grant offer and that amount cannot be reliably estimated. 

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## **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. 

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## **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|



- 19 - 



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



## **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. 

- 21 - 



## **BRITISH GAS ENERGY TRUST** 

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

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



- 22 - 



## **BRITISH GAS ENERGY TRUST** 

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

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



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

- 23 - 



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## **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<br>and Energy<br>Support fund<br>SCARP+<br>project|**Balance at**<br>**1 April 2023**<br>**£**<br>69,758<br>593,508<br>663,266|**Movement in funds**<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended**<br>**£**<br>11,000,000<br>(5,965,789)<br>1,200,000<br>(865,973)<br>12,200,000<br>(6,831,762)|**Balance at**<br>**1 April 2024**<br>**£**<br>5,103,969<br>927,535<br>6,031,504|**Movement in funds**<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**expended 31**<br>**£**<br>**Balance at**<br>**March 2025**<br>**£**<br>4,000,000<br>(4,479,027)<br>4,624,942<br>-<br>(927,535)<br>-<br>4,000,000<br>(5,406,562)<br>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**<br>**funds**<br>Fund balances at 31 March<br>2025 are represented by:<br>**2025**<br>**£**<br>Tangible assets<br>-<br>Current assets/(liabilities)<br>2,636,422<br>2,636,422|**Designated**<br>**funds**<br>**2025**<br>**£**<br>21,488<br>3,577,603<br>3,599,091|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>-<br>4,624,942<br>4,624,942|**Total**<br>**2025**<br>**£**<br>21,488<br>10,838,967<br>10,860,455|Total<br>2024<br>£<br>13,550<br>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<br>Between two and five years|**2025**<br>**£**<br>98,000<br>-<br>98,000|**2024**<br>**£**<br>98,000<br>98,000<br>196,000|
|---|---|---|



- 25 - 



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



The charity had no debt during the year. 

- 26 -