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2021-03-31-accounts

Registered number: 02218531 Charity number: 298951

THE NATIONAL ENERGY FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

THE NATIONAL ENERGY FOUNDATION

CONTENTS
Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Independent auditors' report on the financial statements 8 - 10
Statement of financial activities 11
Balance sheet 12 - 13
Notes to the financial statements 14 - 25

THE NATIONAL ENERGY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Naveed Haider Chaudhry
Linda Craig Forbes
Charles Archibald Robertson
Liz Male
Stewart Ferguson (resigned 30 March 2021)
Liz Reason (resigned 30 March 2021)
Andrew Wordsworth (resigned 28 September 2021)
Company registered
number
02218531
Charity registered
number
298951
Registered office
Challenge House
Suite 2.15
Sherwood Drive
Milton Keynes
MK3 6DP
Independent auditors
MHA MacIntyre Hudson
Chartered Accountants
Moorgate House
201 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1LZ

Page 1

THE NATIONAL ENERGY FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of the The National Energy Foundation for the 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Objectives and activities

NEF's articles of association remain as per those updated on 27th June 2018 by the Foundation (in consultation with Bates, Wells and Braithwaite). The objects of the charity are:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

THE NATIONAL ENERGY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

(continued)

a. Achievements and performance

The Foundation has undertaken a broad range of activities during the financial year in furtherance of these objects.

The key activities included:

Having refocused NEF activities to focus on programmes directly aimed at householders, NEF has enjoyed a period of expansion across 2021, winning several new government funded programmes allowing us to deliver more services to householders across our core areas. As a result, NEF continues to hold healthy reserves which it will use to achieve greater impact in the future. For the time being, NEF has decided against merging with another organisation with similar aims, as the Trustees believe our opportunity to make an impact is better served developing our own programmes.

b. Public Benefit

The Trustees consider that the activities of the charity are carried out for the public benefit and in particular adhere to the following charitable purposes as set out by the Charity Commission in its general guidance on public benefit:

Page 3

THE NATIONAL ENERGY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

a. Financial Review

The charity reported a loss in the accounts of £87,664 in year to end March 2021. Activities during the year were focused very much on enabling growth through investment, including expanding the team to better equip our charity for future expansion. NEF has significant reserves (circa £1.25m) so is very much a going concern. In fact, it is the policy of the Foundation to ensure that unrestricted funds (which have not been designated for a specific purpose) should be maintained at a level equivalent to at least six months operating costs, including employee benefits.

Covid-19 Impact

Like many organisations, NEF has been impacted by the Covid crisis throughout 2020-21. During the financial year reported however, the impact has been minimal. Almost all of NEF's operational activity has been able to continue in a virtual environment. No contracts have been withdrawn as a result of Covid, and no contracts have had their income reduced or redefined; rather certain deliverables have been changed (e.g. a move from 'inperson' to 'online' training) to accommodate rigorous social distancing requirements. As a result, no NEF staff have been placed on furlough and NEF has not had to access any recovery loans or grants from central government. Our business development pipeline for 2021-22 remains healthy and may benefit from opportunities presenting themselves as part of UK Government's 'green recovery' strategy. Should NEF have to deliver services 'virtually' for an extended period of time, we are well placed to do so. We are also fortunate to have significant reserves (set against our operating expenses) so could operate comfortably for more than 12 months without significant income should we be required to do so - although we do not anticipate a need to do this.

Structure, governance and management

a. Company information

The National Energy Foundation is a registered charity (no. 298951), incorporated as a company limited by guarantee, (company registration number 2218531) and has no share capital, and was established to increase public awareness of the efficient and safe use of energy.

The Foundation's current programme is described in detail in the Trustees' Report. The Foundation is governed by its Memorandum and Articles of Association, which were updated in 2018.

The Trustees (but not the President, John Walker, or Patron, Lady Mary Archer) form the Board of Directors of the Company for the purposes of the Companies Act 2006 and hold office for maximum of nine concurrent years.

Members may now elect up to 12 Trustees, who are formally appointed at the Annual General Meeting.

No Trustee has a beneficial interest in any of the capital of the Foundation or its subsidiaries.

Page 4

THE NATIONAL ENERGY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

b. Organisation

The Board of Trustees administers the charity.

Trustees have adopted a new policy on term lengths, which states that each trustee shall retire from office at the third Annual retirement Meeting following the commencement of his or her term of office. Whilst retiring trustees may be reappointed, a trustee who has served for three consecutive terms of office should take a break from office.

The Board normally meets every other month.

A Chief Executive (interim) was appointed in February 2020 by the Trustees with delegated authority for all operational matters including finance and the day-to-day management of the charity. From September 2020 this role has been made permanent.

There have been changes to the Trustee Board during the course of this year.

c. Appointment of trustees

In order to obtain a wide spread of experience and appropriate skills the recruitment of Trustees is undertaken through three main methods: a permanent advertisement on the Foundation's website seeking contact from interested parties, advertising in sector related media and through personal contacts and introductions. We anticipate recruitment of more Trustees during the course of the next year.

d. Trustee induction and training

New Trustees are provided with an induction which features a meeting with the Chair of the Board and/or another member, then with the Chief Executive (or Company Secretary) to familiarise themselves with their responsibilities and legal obligations to the company and their role as a Trustee. Background information on the Company, including a briefing on the role of Trustees and responsibilities of Charitable Trustees and other relevant documents, is provided by way of a written induction pack.

Page 5

THE NATIONAL ENERGY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

e. Pay policy for senior staff

The Trustees consider the Board and the senior management team collectively comprise the key management personnel of the charity. All Trustees give of their time freely and no Trustee received any remuneration in the year.

The pay of the senior staff is reviewed annually taking into account performance and, where available, market rates for equivalent roles in similar organisations.

f. Related party relationships

None of our Trustees receive remuneration or other benefit from their work with the charity. Any connection between a Trustee (or senior manager of the charity) with a relevant third party must be disclosed to the full Board of Trustees.

As a charity we actively seek to cooperate with other organisations working to improve the use of energy in buildings including other charities, community interest companies, public authorities, building stock owners and energy suppliers.

g. Risk management

The Trustees review risks and mitigation activities on a regular basis, with an updated risk register provided by the Chief Executive. All current risks have clear plans for mitigation and management.

h. Quality management

IIn 2016, BSI awarded the Foundation ISO 9001:2008 certification for its Quality Management System; this was renewed and transitioned to ISO 9001:2015 during 2018 and was reaccredited in 2019 and May 2020..

i. Volunteers / Interns

IIn common with most charities, the Foundation makes use of volunteers, including providing occasional opportunities for people wishing to gain work experience in the environmental sector.

As far as possible volunteers are offered the chance to work on discrete activities that would not be achieved by core staff, to provide defined outcomes that benefit both the charity and the volunteer. NEF also runs a successful internship programme where undergraduates, and occasionally postgraduates, can work on some of NEF's consumer facing projects.

The Foundation is delighted that so many of its staff are appointed from volunteer or internship positions. The Trustees continue to be very grateful to all those willing to support the charity on this basis.

j. Funds held as custodian trustee

The Foundation does not hold funds as a custodian trustee, although it does hold some grant funds on behalf of public bodies, principally local authorities in England, that are then paid to householders seeking to improve their use of energy, on terms agreed between the charity and the authority. Such funds are held in specified client accounts, as they do not beneficially belong to the charity, and are not shown in the Statement of Financial Position.

Page 6

THE NATIONAL ENERGY FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. 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.

Disclosure of information to auditors

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware.

They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Auditors

The auditors, MHA MacIntyre Hudson, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Liz Male (Chair of Trustees)

Date:

Page 7

THE NATIONAL ENERGY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL ENERGY FOUNDATION

Opinion

We have audited the financial statements of The National Energy Foundation (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, 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 conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going 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.

Page 8

THE NATIONAL ENERGY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL ENERGY FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 assessing the charitable company's ability to continue 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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

THE NATIONAL ENERGY FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NATIONAL ENERGY FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company'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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

MHA MacIntyre Hudson

MHA MacIntyre Hudson Chartered Accountants Statutory Auditors Milton Keynes

Date:

MHA MacIntyre Hudson are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

THE NATIONAL ENERGY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Charitable activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
543,108
4,836
7,459
555,403
643,067
643,067
(87,664)
1,342,499
(87,664)
1,254,835		 Total
funds
2021
£
543,108
4,836
7,459
555,403
643,067
643,067
(87,664)
1,342,499
(87,664)
1,254,835		 Total
funds
2020
£
439,037
4,764
-
443,801
627,646
627,646
(183,845)
1,526,344
(183,845)
1,342,499

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

The notes on pages 14 to 25 form part of these financial statements.

Page 11

THE NATIONAL ENERGY FOUNDATION REGISTERED NUMBER: 02218531

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
12
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
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 32,252
1,422,490
1,454,742
(206,095)		 2021
£
6,188
6,188
1,248,647
1,254,835
1,254,835
1,254,835
-
1,254,835
1,254,835		 129,491
1,624,076
1,753,567
(411,068)		 2020
£
-
-
1,342,499
1,342,499
1,342,499
1,342,499
-
1,342,499
1,342,499

Page 12

THE NATIONAL ENERGY FOUNDATION REGISTERED NUMBER: 02218531

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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

Liz Male (Chair of Trustees)

Date:

The notes on pages 14 to 25 form part of these financial statements.

Page 13

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Charity information

The National Energy Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Challenge House, Sherwood Drive, Bletchley, Milton Keynes, MK3 6DP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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 for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts 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.

2.2 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.

2.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Page 14

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific are applied to particular categories of income:

2.5 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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 15

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Computer equipment - 50% per annum

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 16

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 p aymen ts 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

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are 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.

2.10 Retirement benefits

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

Page 17

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.11 Limited by guarantee

The charity is a company limited by guarantee. The members of the company are the trustees, and in the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

4. Critical accounting estimates and areas of judgment

Critical accounting estimates and assumptions:

In the application of the charity’s accounting policies, the trustees are required to make 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.

Page 18

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Income from charitable activities

Project income
Project income
6.
Investment income

Interest receivable
Interest receivable		 Unrestricted
funds
2021
£
543,108
Unrestricted
funds
2020
£
439,037
Unrestricted
funds
2021
£
4,836
Unrestricted
funds
2020
£
4,764		 Total
funds
2021
£
543,108
Total
funds
2020
£
439,037
Total
funds
2021
£
4,836
Total
funds
2020
£
4,764

Page 19

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Other incoming resources

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Other income 7,459 7,459 -

8. Analysis of expenditure by activities

Direct costs
Support costs
Direct costs
Support costs		 Activities
undertaken
directly
2021
£
628,351
-
628,351
Activities
undertaken
directly
2020
£
608,058
-
608,058		 Support
costs
2021
£
-
14,716
14,716
Support
costs
2020
£
-
19,588
19,588		 Total
funds
2021
£
628,351
14,716
643,067
Total
funds
2020
£
608,058
19,588
627,646

Page 20

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Premises
General office
Other support costs
Project costs
Staff costs
Premises
General office
Other support costs		 Activities
2021
£
383,711
749
34,854
21,172
114,813
73,052
628,351
Activities
2020
£
365,475
54,527
44,696
143,360
608,058		 Total
funds
2021
£
383,711
749
34,854
21,172
114,813
73,052
628,351
Total
funds
2020
£
365,475
54,527
44,696
143,360
608,058

Page 21

THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Audit fees
Legal and professional
Professional charges and audit fee
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts		 Activities
2021
£
11,823
2,893
14,716
Activities
2020
£
19,588
2021
£
11,823		 Total
funds
2021
£
11,823
2,893
14,716
Total
funds
2020
£
19,588
2020
£
6,218

9. Auditors' remuneration

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THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
339,982
28,615
15,114
383,711		 2020
£
323,568
26,467
15,440
365,475

The average number of persons employed by the Charity during the year was as follows:

Management and admin
Project, sales and technical		 2021
No.
6
10
16		 2020
No.
6
10
16

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £90,001 - £100,000 - 1

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £53,833 (2020£118,393).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

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THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Tangible fixed assets

Cost or valuation
Additions
At 31 March 2021
Depreciation
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
18,407
-
13,845		 Computer
equipment
£
6,937
6,937
749
749
6,188
-
2020
£
30,828
3,026
95,637
32,252 129,491

13. Debtors

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THE NATIONAL ENERGY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
1,958
16,746
158,524
28,867
206,095		 2020
£
32,178
13,239
317,609
48,042
411,068

15. Summary of funds

Summary of funds - current year


General funds
Summary of funds - prior year
General funds		 Balance at 1
April 2020
£
1,342,499
Balance at
1 April 2019
£
1,526,344		 Income
£
555,403
Income
£
443,801		 Expenditure
£
(643,067)
Expenditure
£
(627,646)		 Balance at
31 March
2021
£
1,254,835
Balance at
31 March
2020
£
1,342,499

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