Rryistwed nuner: 02218531 Charity number: 298951 THE NATIONAL ENERGY FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REFY)RT AND FINANCIAL STATEPNTs FOR THE YEAR ENDED 31 MARCH 2024 ADIAQ7CP 19112R024 COMPANIES HOUSE A27 232
NATIONAL ENERGY FOUNDATIIJY (A C¢mpny Limited ty Gu•antee Reference and PAlmini5tratsve Detai15 rfthe Charity, its Tru5tws and knlse TfUStees' Report Ind•pendenl Auditoys. R•port on th• FinwKial Stal•nents Statent of Financial Activities 9-12 13 Bala Sheet 14-15 16 N(*¢s to the FInala1 Statements 17-30
THE NATIONAL ENERGY FOUNDATIIY4 IA ComnY Limited by Guarnntee) REFERENCE )mINIsTRATE tTAILs OF THE CHARiff. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AIARCH 2024 J Le•*i$ T Slumpff lakwinled 23 Aw'l 21Y24) MPSL(rn M E IresNJrtt124 May 2024) M Chitty G D M Hott lar¢t4nbY 8 Juty 20241 N Ctrojdry Ireg3wJ 21 jerrt2lT23) Company registered numbaf 02218531 Charity rngist•r¢d nuftknr 298951 Company gttretw AC Vithers (aFPcrfn 13 June 20241 Chief executive officer D E¥S Inthwidont auditors Streets Audrt LLP Great )rth Roa MK44 3BZ
THE NATIONAL ENERGY FOUNDATItJ4 (A Lm¢¢d ty CA•rnrtO9) Trustees pyesent Ir annual reF4>t tQ3ellw with the wjjited ffinanoa slnEnts of ts Charity frjr the 1 "12023 to 31 21724. The Annual ReFQrt Se5 purFrf)se5 of toth a Tru51ees' repxt and a directo rep)rt under conyny W. The TrLtstees ctxffirm thal Ihe Annu Rep1 aThJ finaroal s¢eftpnts of the ¢harrtatr4e conyany wnth the curMt atutw r8Julrernts, the r8]uire£nts of the charItae corroan$ goveming d(JrrEnt ps of Staterwrt of RnTrEndj Practi ISORPI applicable to chantw ppanra th&r >Ints in 1 the FinclaI Rerxyting Standard apwlicable in the UK arKI RepukAic of IrdaThd (FRS102) {effedive 1 &Muary 2019). Since the Charity qualifs as sffrall under s&thon 382 of the coffleS 20C6. the Strategic Rewt wuired of medium large e¢mpanie5 urKJer ts Curpanw 2C (Strategic Report arvj Directors, Report) RegulatIcS 2013 has been offitt8J. Objectives and activiti•s a. Polici arml obiKbvoS NEPS arbcles of asscaticI rerrrin as thctse uplated C 27th Jure 2018 Fndakn {in con9Jltation with Bates. INels ar¥J Bfathwatel. The ot¥'eLts oflhe chanty we." To prorTDte through education. dermrstration and researth, the innovab"ve. efficient aThJ sale use of energy. ard in relab.on to use, the prw$ oftrergy in berefio lo ts public and charrtable and thereby to increase pU1C of energy in all ts a¥erts. To prorrote Sust8inatle Lkvekprrent for the benefit of the ty.- the preseNatK)n. oxJnseNatKJn the protec. of the enrnnI ¥MJ the Wnt use of sour. the relief of povety aThJ the Irryovwiwl oftr KIlrS of life n scoally aTrJ al1cally disalvartsged C4)rrfrNJnities the prryTr)bon of SL5StaJ'nable rreans dxhieviThJ erMyrIC and werEration To advan education of the put4ic in stsbi reLr¥J to sustainab tÈVd0wn the protectson, enhancennt and rehabilitsb.on of the enwronnrt and to kYorr(Jle study arkl researth in such subjects provthd that the useful SLth St are disseninated to the W1C at large. Su5ta"nable lopTrnt rreans devd¢¥rrenl vknith the rE8J5 of the present wthout ¢>r¢Trirt9 t ility of fijture grae1)s to tyeet ttw"r n$. Charitable nan$ chanl¥le in V•rylh the of Er¥JLaThJ and Wales th it wll nol iJUde any purpr6e vthich is nci chantat4e In thare wth s.7 of the Charities and Trustee Investnwt Iscotsndl 2C()5. For Il alan of ¢trI tr sfftm of l• goveming the cortstituts of the is the of EnglaThl and Vlaks. In setting ct¥gves arKI pnirvJ for acwb ts Trustees ha4E 94En th cons¥Jeration to general Wid publislwj by the Charity Corrwnissicn relatirrfJ to wbtic tenef¢ indudirKJ the guidano'PutrAic benefit running a charity IPB2)' and taken kn. froxn th&"r Wl th"s(ts B& WelL8 •x18raitrwarte. Page 2
THE NATIONAL ENERGY FOUNDATI¢J4 (A C(mpdry Lirnited ty Guarantee) TRUSTEES IPClT {COKllNUEDI FOR THE YEAR ENDED 31 MARCH 2024 Obi8cli¥8s and activitios FothYètic has urthrtM a brc4•J re of èwbey durirg the finaJaI year in furtherartt of these NEF loyed a sgnificant (x1 of fiyttw eXpl thrChOut 202>24, fdlcming gTanl avrards and wnning several goNemffents fvnded FYLYJrarnrrs. This altY4d us to ddiver fte services not only to hSe1lderS rosS core areas but wth gn(anI exparOn across muth of ErvJlaThJ. At the sanE time. NEF invested synificant tirre, reu arbj fiaral c)JrNr1tnnt to maintaining our underfyng bugness Infrastructu introduong Irynts to drive fvrttw impax In the cxyiynunity. These indude sekeral additional SUPFyb've roks in the bjstrws le.g.. Business Inswjht Le, Partrersh'ps Managersl and enhanrxrEnt to our accesbilIty le.g.. rjuage services). NEF continues to hold heathy reserves rt will use to greater impact in the future. Our c. Public Bonefft The Trustees consder th the of the (arity are carried for wt4ic benefit and in partrjjlar adhere lo the folkw"r4 chan wrKX)ses as sd by tharity ccrtmnlss in its gera1 gUIdar on public benefit The cr relief of F(Nety a. achlevernnts of the Clwity Key athieverrents this irbJuded". A sgnfficant exFans#)n of our fud F¥• alevobon serVs". krgetirrfJ residents at risk of cardio- vasjjlar and rewratw diseases in ecld ¢Y dany WOFerties thrgh the inncNatNe and expanding "Better frknugng 8ettw Health" pr&Jratrn. Provi9( d Inflyrn and advi swvKes to resdents across rnh of Englarmy on affcxdable Rmth aj w in vthich tfry rw redLts erwgy LX)nsumptK)n in their lYJnEs", Management of to enatle to gwl (Alv fvnding that that will a5SiSt them in improwng the ener9y effencY of thar FKoFety, Managin9 Red$9 fvndirrfJ to ensuo large aeas of Eaem cntS benefit fffjm small nEasures to fvrther inyove the energy effioency within "r horrEs. Managing a Re{1$5 ftJn(kd EnErgency V(xKtsr pr(JraNYre, issuing VOLKWS to regdenls * risk ol imminent dlsc0nrE¢ti¢. or suffering frorn invwiate F#•. r¥J as the fffanagir¥J aJent for the third phase of the Lcd Autrwty Ddivery ILAD3) xnjss energy efftierLy irwoverwts to I"r hcwrt. Ensuriry custmvs are KJIb the bay"s of incpTh, and EPC rating. Managing a of irtstalth to urMJertake qIrtY inlls at oJstorYws' h(#$. Pè¥3
ThE NATIONAL ENERGY FOUNDATION
(A C
IA C¢)mpany L¥nit•d by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENi)ED 31 MARCH 2024 e. Financial risk manawnt 014ectives •nd Oici8s The managerrnt Tntstees remew risks arKI milw" xl1vitS a rg3Llar basis, with Uja r register provided by the Chief ExecubNE at tK)ord rtiTh3. Al crnt risls ha dear plan5 for rnikn'gation Constitution guaontee, Icnmpany regiStr"an number 22185311 aby has rKI wlal, estal$hed to increase wt4ic aanesS of the efficient and safe use of erw. The Nab"onal Energy F(Wndati¢ is lStered as a thantat4e ¢xxrFany h"rruted by guarantee and set up by a ernorandum of Assoaabon. The Foundabon's ojrwt prcgrarffl is desuibed in deta'l in the TsteeS, ReF(rt. The FOundatn is tyyrfemed ty rts PlermTrJum a1 ArtsL5 of ASSots"ati. which weo uplated in 2018. The managenwrt Lrf the Charty is the respKThibilty d tr Tntstees are deLtted aThJ COwOPted under tre The Trustees Ibut not the President Waker. or Patr(m. L• W Archer) form the 8oard of tirectors of Company for the pUrF of the Cr"eS and Offi for m1M of nine conwrrenl yearn. vernbe e up to 12 Trt&s. are f(ffity aFwnt&J at the AnnLd General Mling. No Trustee has a I)enef intwest in any ofttE wtal ofthe Fourn1ats. ty its sithtth"aries. ¢. Organisational stnxture and dectsifyb9 piCiS The Boanl ofTrustees aJnNnL8teJs the c•. TTltee$ have •JOp a ne4W on twm th$. tthich s th trustee S71 retire from Offi at third annual retirenEnt rrEeb"rKJ l¢Jkw"ng the ayrfftEncerrent of hts or her te of offi. Whi15t retirir¥J trustees May be reVrtIed, a trustee has sewl for conseoJtNe teryn5 of Offi S1 take trmk from ¢rffi. The Chief EXeCL"t was appJinbJ in 2020 Lry the Tru5tee5 V•iih delegated authorty.lor al In 202>24 the 8oard 0stl ot. CFLAJR Liz 14nI1 Ctiar Nl)v 2018) Lews lapFonted 20221 Archie RQerX lappJnte¢J Cktlts 20201 Marb"n Chilty lapFointj Febru¥y 2023) Page 5
TrE NATIONAL ENERGY FIXJNDATIC4 TRUSTEES REPORT (C<%NUED) FOR THE YEAR ENDED 31 hWiCH 2024 110rtin Paul Snilh Loff0s IwJr)tI Fetswy 23) There have teen changes to trÈ 8corJ thjriry 202&24." Leavers Naveed Cfwjry re>3ne¢J INoNvthr 23) P(xnl of Note Liz M red as Chair of ts Board in W 2024 laftertr 1)rts.j penDI CDVer in th reFortl. Jaje Lws unaninM)usty wxed in as Ihe w Chair aTrJ 1. Iweth, sbjn this Trustee Repyt. d. Polklea adopted for irt(kKti and training of Tnstees In order to cuain a wide swead of e>prier arKI 8FVOWWte th"Ils rEcfuTtrrEnt of Trustees is underten through three main methcJs." a peMPrtt aJth"sennt on the Fnat)n'$ vebsite seekiNJ (laC1 from interested parties, ajvertiJ In sector relat&J nwia arKI thrgh Fersc(l c£Jrrta¢ts aThJ intrcductions. We antiupate rultr1t of rr(e Trustee5 durirrtj the course oftre [t year to ensure our P)ard remains fot. NeN Trustees a yovthd wth an iTKluction featuos a meetiro with thè Char of the Board andlor another memt£r. then with Chief EX"¥e Cwpany Setxdaryl to frdmilwnse therr6elves wth the¢r respxJnsibility"es and l¥ ol9atIcS lo the corrpany arJ th&r rc4e as a TrLtstee. Back9round lnfCffmat the Corroony. irKludiThJ a kn"efirvJ cffi the rcle of Trustees arKI respJnsitrlib"es of Charitable Trustees and other rdevant docunwts. pThKYed by a wrtten 1rtdimtiw px rTwiagerYnt pergJnnel of the charity. Al Tntstees give of t"r b"frE ITeely and rKJ Trustee re£Ei¥ed any renwnerakn'on in the yew The pay of the seniox stsff s revwod annualty t"ng into ac£¥)unt rfOrmanCe and, where available. market rates for equivalent rc4es in Slar(glsatic1}s. f. ReLited pty rekitionships Any connection befv+Een a Trusiee seni¢y nwager of the charity} wth a relevant third paty musl be disdosed to the fvll Bc4ird of Trustees. As a tharity VE thly seek to ccoFErate with olher organisab.ons working to improve the use of energy in ixjikjings indudirKJ 01Fw chanb"es, corrrtxjnity interest C4)mpanies, ic aUthe¥.es. ik11rJ str energy SupF4rS. ality Manayw In 2016. BSI a4wwded the FourKlabon ISO gJ)1".2CO8 I.fi¢3ti for its Qualty fvtsryagenyrt teM,. this was ren&d •KI to ISO WXJ1.'2015 durirwj 2018 KI vrds re&uedited in 2019, 2020. 2021, 2022 and 223. Page 6
THE NATIONAL ENERGY FOUNDAMON
(A CnFanY Limited ty Guarartee
TRUSTEES REPORT {CONnNUED
FOR THE YEAR ENOED 31 PAARCH 2024
h. Volunte8r5 1 Intems
In comnxjn N¥ith rrTht cthaTes, the s)rrEts'rres rnes use of volunteers, inrJJing providing
c¢t2sional cppyhJnths fr Feoe wishirg to gwn exrner in enwronrrEntal sedor.
ts far as volwtsws are offered the the to th on digJete lh VDuld not be acliev8J by
core 5tsff, to prcwide defined outeorrEs that tenefit bjth the charity arKI the vrAunteer. Trustees continue to
be very grfvl to 1 VAlliro to suwyt the chan.ty on thLS fjags.
Funds held as ¢wtodian
The Fwndatr' does not hokl fvrkls as a cu#(xJian trLtstee. altwh rt isxs IK> sorre grant fvnds on tehalf of
pU1C bDJEs, wncapalty kKal authctieS in Er¥Jknd, that are tIEn pahj to householder5 seeking to irnyove
their use of errgy. on temB 4reed tetseen t chan.ty and the aut"ty. Slth fu1$ a hel(J in $efits
dient Ounts, as
(A Company Limited ty Guarantee) TRUSTEES REPORT IcoKllNUEOI FOR THE YEAR ENDED 31 RCH 2024 Dis¢1u of irrformthn to audittyy Eath ofthe persL$ vhK) are Truees b.rre vthen thLS Truees' Repxjt is has I)firr tt)at" $0 far a5 the Tntstee is aKare. ttrve is r¥) relgranl wJit inrmtl of y1ch cNAritys auditors are the Trustee ha5 tak all the steps ihat ght to Ve teen taken as a Trus in order to be aware of any relevt audit InforAt and lo esta4ish that the thantys aLMlitors we of Ihat inforrrotion. Auditors The audrtors. Streets ALKIit LLP. hwe indpd tr"r winingress to cxb"nue in offKe. Tr designattsj Trustees 11 prorose a trntion WPFontiro the a110r$ at a rrEetr"ry ofthe Trtee5. rovèj ty order crfthe rfert ofthe t¢)anl of Trust* sN)n&l t their tel ty. J Lewi5 Chair of Tnjstees Date.. 26 November 2024 P4e8
THE NATI¢Y4AL ENERGY F(XJNDATIC4 (A CrmfvHny L¥Thied by Guarantso) IN[PENDE AUD0 REPORT TO THE AEIIBERS OF THE NATICW4AL ENERGY FOUNDATlaY Opinion We he autht8I the finanaa state1T of The Nationa Erry Foundation (the 'charityl for the year erJ8 31 March 2024 aJrTwse Statwnwt of FInCIal Almtves, the Ba Sheet, the StalerTEnt of Cash Flows and the related r. IndudirJ a $uninary of swJniftant nts"n9 Foloes. Tr finanaal repthng framth that has teen applied in tsr prepath'on L8 applicable and United Ks'rydorn Accounting Standards, indudirYJ Finanual ReFofj"ng Stsndaol 1 'The Finala1 ReF¥Nting StarJard 8PFIic2e in the UK and Republic of Irdan(f Iunrted Kin9>>11 Pa>xJnbng Prath1. In ow Cyni the fin1 staterwts.. give a tsue a1 fair VI of the state of the ccffj)aty$ affairs as at 31 Marth 2(r24 and of its incorning resour and appltsb)n of re5Jr. lUdi1J lis irrfx¥rE and eyndrture for the year then end.. Practice." arJ Basis for We conducted cT aL#Jit in aoxjrdance ?th IntematirThl StsThJarts on AuditsThJ (UK) IISAS IUK)) and applicable law. CJr responsbilrts urKler th¢Jse starKtsrds * further desctsed in the Auditors, resFKJnsibilthes for the audrf( of the finanual staterrents secbon of r reFYMt We irkperknl dWritab ts)mpany in ar£fjrda th the ethical requirefrents that ¥e rderdnt to our aKlit of finanoal staterrents in the United lfj"ngdom, induding the Finarrial ReForbng CcJnal's Ethic4 StaThJard. VE kn fulfilled our other ethical re$sibIlitses In act[)rdae these requiwprrEnts. We that Ihe axlit e¥thr v have Obtain is $uffKient an¢J akyopriale to kyomde a basis for our cpni In audibrwJ the finanaal slatwrents. V have C¥ludj trot the Trustees, of tre gorvJ CM basis of accounting in the weparation of the finanaal staterrEnls is apprcyft. Based on the %%ork ¥ have FerfcKrId, have not identifd any nrial urKertainties relatiry to events or eonditrons that. iTrJ1Wd1IY or collecb"¥ely. may east sgnifunt dcyJbt on the ctharitab companys akn'lity to eonts.nue as a gcAng cthcm for a per of at kast from ¥*tten the financial stalerrents are authse<l fcrf issue. Our reSsibIlitS and the re5F#Xgtrflrties of Trustee5 V+ith Te5pa to u¥ing corKem are descritjed in the levanl sethons of this report Page 9
IA Ctswny Lin¥l¢d ty Cwarant801 Ihl)EPENDENT AUIXT(XiS' REPCXITTO THE hEhfERS C THE PUTIONAL ENERGY FOUNDATION (c(x¥nNUED) other inf c(r¢Y tre irrfrMwb" in tre hmnud Rer•J1 other than ts finanaal Stalents and OUT AudrtU5 ReFUt therecrf). The Trustees resoIe f(x the fftr inforrrotion cOntaij thin the Annual Repxyt Our OK#nion cm the finCla StaterrtS thes not cover the ots in1"0n and, except lo the extent otsrwse explirJVy std in our reFLrt we not exFxe55 wy f¢ym of assu(an o)nclugon In. (r resp)ntlity is to cther Infom?b and, in doing so, Colder vthether the other infomHtion Is Matety iwnsstent vth the finala$ staterrents cx our knledge obtained in the r8e of the aLxlit, or Olhewse apFears to te matenally fftsstated. If W idenb.fy matenal inconsistenaes or apparent material m155taterrents. are wuirejj to detem.re vhether this gives rise lo a maleriaE misstslenEnt in the finanoal statenEnts If. bad M the work we have FErfoTrred, concwe Ihat there is a rrHlerHI misstrr£nt of thu8 otsr irrfrynptKK VE are iequired to repyt that f We ha¥E nothry to rEpxxt in this regwd. In cxjr opinw. l)ased undertkn in the of the a1.. information given in the Truees ReFrf( for tre finala1 year fty the finwKial stateffents are eparEd 15 cSStent ith ts finanoal ststents. the Trustees. Rwl has Lwi in dare IW rg4uIrwts. Matl•rn on vknich wg aye rnQuir to rewt Iw ex¢¢plK In light of tsjr and Jerstary of the chantae clryry ar•J rts environffent obta'ned in the cojrse of the audi( KlentffiJ rroterial rrisStatets in the Tru&ees' Rep)rt. We have rthing lo reF#yI in resra of the fdbhiry rnatte in ret to Curpanies h£t 20C6 requires us to to you if, in Lwr opnil". lequate aco)unting records kert w returrts adequ tr wr audrt Iwe not be recsved fr(yn brarths not ty us", (x the financaal staterrerrts are nc in 3reenrt ntiThj reoyts atx1 urn or (in disdosures of Tntstees. rwmurwaty" wfied by Lv we rt rrqde." or we have not rec¢¥ed 8Jl ts infcmb"¢X arKJ expLThbons require for Jr dit the Trustee5 rnt entrtled to ppare t statwrts in xordanee wth the smal CompleS regin ar•J tske of the srrBII crryanies, exryS in pyaring the Trustees. Rep arKI Irom the requirement to prepare a Strategic Retort. Rosponsibiliti•s of trustees As eWain&J nKJre fulty in the Trust. Respw"tslib"es Statemenl. Trustees a also the dire¢l$ of the Charitab cryany fc the wrFoses of clyrpany i> a resF()ngb for Ihe preparab.on of the finarrial staternents ano for te"r¥J sats"Sfi that give a true aThJ ts"r view, and for suth intemal oThlrDI as the Trusts determine Is to enatAe of staterrents that awe Iree frcmn material misstaterrEnL vknether due to fraLJ error. Page 10
TrE NATT(4AL ENERGY FOLINDATIC4 (A Compny Lted ty Guaranta•l INDEPENDEKfAUDITORS' REPolT0 TrE MEMBERS OF THE NATICL ENERGY FOUNDATION IC(IYTINUEDI In prewing the finanoal stwwts. Trust are re5Ftle for asse59ng the Ctharitab companys alIty to n.ue as a gc4ng (rn. dISdrJ. as aptate. matters related to wing concem using the goiThJ ccncern basis of accojnliry unFess the TrL inteTrJ to Ih]uid the tharitatde corrpary or to Authtor5' reSnsIbIlitIeS lor the audit of thE fin1•1 staterrn from merial mtsstaterrent, to fra1 ¢x error. arJ to Isgje an ALMJrtor5' ReFrfxt that indude5 our opinion. ReasOnae aran is a hKJh 1 of a&Surar, ixjt is rot a 9uaranlee V)al an audit ttjnduded in ac££1rdan wth ISAS IUKI wll aw det a material rThsnErt when it eSts. M'sstaterr£nts can arise fraud LY error a ctysKJwe(I rf, ind1MdLIty or in the aggregate, they couhts rea50natty te exFeXed to influence the ec(Jnorri¢ decisions of user5 taken on the ba"s of these finanrial stslerrents. Irwularitses. I4[jing fra. ¥e instarces d wyryliarKt vkn arKI wulaticA)s We design proureS in line wth our respjnsllts, abcNe. to ¢JeterA mial $SleftnIS in resFect of irregularib"e5, indudiThJ frdud. The extent to vkn.ch ¥e Ixpat4e of detts'ng irwLblaritbes, inclLMJing fraud is det•'led tdw. induding frwJ arKI nOn-rr1are Vith and rg3ula1ic¥, wa5 a5 fo11c5.. the engawEnl partw en9Jre(l that the team haj the apwopriate cornpeterKe, capabilitJe5 J¥J th"Ils to identsfy or rwnise r-C£t1an wth apFAicable laws aTrJ reguLth'on identified and wulatscms applicat4e to the ¢>Jry)ary thrwh discUssn5 wth trustees and other rronagerrent we fccJs&J on spec¢fic laws and regulab'ons ctswde may have a direct matwal effe(# on the finantsal staterren15 or the c$Erab.S of c[panY, indudiro the Companies Acl 20C6, Charits"es Act 2011. safeguardir¥J of VUlnerae 1t$. d wcéect#Ji. empWnen( laxalw. environnEntal and health and s31ety legi¥ab"cfj. we assessed the exient crf cyr the loS arJJ wulatK)ns rdentyfie(f atme throthjh m'ng enquiries of ftwnagent and insFttts"rrfJ legal eorrespere'. and identifiejj ar¥J regulatKJns Vre corrrmnbcaled vknin the a311 team regularfy ¥#J the team rr@Ined alert lo Instsnces of nonlIanTr thIDughI the aLwJ We assessed tr K"1y.1ty d the Lxytyatys finala1 slatenEnts to Materi rrwssLitmnl. IndLMJing obtsining an understanding of h(yw fraud ff3ht rxcur. ty". rIng wuirts of rron•3enEnl as to tly ctmsidered there VAS SLbsceptib"lty to fr•Jd their considering the irttemal contrc4s in pe to nMts"g risks of fraj arKI ncffKXXnpJian wth laws ar reguklions. performed analytrcal iYrxedU to iclenbfy ary UnuSA CK urwedaj tested joumal trieS to ld'fy unusual trantr" assessed wknether judgefrEnts and aSgjrrwtr d&efftinirvJ ts nting est¥rHtes set ¢yJt in Note 3 indKab"¥e of Fot&ib" tM"as." and investigated the rationale tehiTrJ gnan1 ry unusu* tr3r6&kns.
THE NATICIYAL EhERGY FOUNDATIthY IhlJEPENEJENT AUt)ITCXiS' REP(kgT TO THE kEMBERS OF THE KATIONAL ENERGY FOUNDAMON {C(lNtIED) In resp)nse to the risk of irregularitES WKI -OJrOiar las and r4ub"C¥ts, we desigwJ prLKedu ich induded. txrt V&ere l¥rrted to". agwng finarKral stwrents xl dioxJres to urmkrtyry supixytir¥J (krunwtstion.. reading the rrinutes of goverror rre"rS of tFK6e charged vAth gO¥ema., aTrJ enquiring of nwnaprent as to xtual and r)tenb'al I.gatM arKI dairr6. A further dexriptson of re¥thsib"IrtEs for the audrt of the finan0¥ atenptts 1$ krated on the Finanoal Rewrting Counc4's 4bsrte at w•M.fro .ukJauditcryes rtsibilities. Ths derIptiOn fomis part of our Use of rel1 This report is rr&e sddy to the cl4Tilable tjyrwrfs trusiees. as a t4W, in aD>y¢Ke with Chapter 3 of Pat 16 of the Companies A£t 2C(6. aKIrt Vryk has LEen urvjertaken that might state to the charitable orynws trustees those rnatt5 we a required to state to them in an ALKJtrs' ReF¢t and for no other purrx)se. To fullest extent FEmtted L7w. rW or assunE re$Folb11ify lo anycye other than the chariiatAe conw and its rrthitws. as a Ixty. for ojr this reFrt or for the 'niOnS v Uf LLP Potton House Wyl>)ston Lakes Great North Rcoj bjston eedtsd MK44 3BZ 26 Novwmtw 2024 Page 12
THE NAMONAL ENERGY FOUNDATif4 (A Ctynpany L¥nited ty Guarantee) STATEhETr OF FINANCIAL AcninTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 PMRCH 2024 Totsl funds Tol funds 2023 2024 Donab"ons and Iwies Charitable xb"wb"es InvestrrEnts 4M09J36 4A09.836 1.053A38 1.0S3,438 64,038 .807 1. 151,684 12.251 Total S527.312 4527.312 1,824, 742 Exwmliture on: 1917228 1917,228 1,429,028 1610,084 1610.084 395,714 R•concilialion of funds: Tota funds brought forvord Net rrnverrEnt in frjnds 1.588.12 2.610,084 1.588,120 2.610,OB4 1. 192.406 395,714 Total funds carriod loThv•rd 4.198,204 4.198.204 1,588, 120 The Stmerrt of FInaal.LtivitieS IJe5 gaiRS ar¥J h)sses"recoJnis&J in Ihe sear. Page 13
THE NATICY4AL ENERGY F¢)UPK)ATIC4 (A COmry LwThted by ¢knRntee) REGISTERED NUkeE. 02218531 AS AT 31 IAARCH 2024 2023 Fixed assets IntsngiL4e assets Tangible assets 25,902 17.929 40,352 14,630 12 4331 54,982 Debtors Cash at bank aTrJ in hd 13 461,577 1,510,634 3.Tl.762 4.621288 1.972, 145 Cr8Jitors'. ani)unts falliNJ due 7Ath"n year 14 1466.915) {439,7) Net current assets 4.154Jn l.S33, 138 Total assets less cwrgrt Ilabilitles 4,198204 1.588. 120 Total net assets 4.198.204 1,588. 120 Charity funds Restnrled fur¥Ys Unrestrthd furwts 15 15 4.19B.204 1,588,120 Totsl funds 4.198,204 1,588, 120 The enb.ty was entit to exeirplKXI frc¥n wlit under sth 477 ofts C(¥nIeS kt 2C(fj. The memters have rnt requirerj enlty io obta"n ¥b for tre year in qtion in c£vdance V•ryth seth'on 476 ofthe CornpanEs h£t 2[. H(Ner, an is requirgJ in (lr wth xIc 144 Oftt Cwthes kt 2011. The Trustees vthedge their resP1411tS for rx)rrWyirvJ rqL¥rerrEnts of the wilh re5pecl to ar£ountiThJ recof¢Js and prepaiabon of fiftaal ststeNEnts. P•3e 14
(A C(#npary Limited 14T Guarantee) REGISTERED hKIPABER: 02218531 &4LANfE SH (CChYnNLIED) AT 31 hWiCH 2024 The finantsal stnnts have wepared in acLrrfdèrtt Tt trt appIats to entities subject to small c£xiyanies regin. The finarri staierrents aP&Y ar•J fc iSSL Lry tre TnLSts a1 gwed C their tehalf by. J Lewis Chair of Trustees De'. 26 Novernr 224 Page 15
THE NATIONAL ENERGY FOUNDATICI STATEME OF CASH FLOWS FOR THE YEAR ENDED 31 PAARCH 2024 2024 2023 Net cgsh led in orEratirKJ aC*vitS 1234985 477. 102 Cash from inve5tirwJ activities Dividends. interests rents invesb Puthase of tangiLYe fixed assets 13.251 (16. 743) (180951 Net cash wovKled lryl(used in) investing actlvil 4S143 (4,4921 Change in &75h and &15h oqwvalents in year Cash and cash equlvants al Ihe beginniThJ of 2.280.128 472.610 1,510.634 1,038.024 Cash a1 ush oqulvalerts at the end of the y 3.79(1,762. 1.510,634 Tre notes on paJe5 17 to 30 fcffji Fwt of these finan(ial slaterrEnts P&Je 16
THE NATIONAL ENERGY FOihYOATICY4 (A Limiled IY4 (knrantee) NOTES TO TrE FINANCIAL STATEhEKrs FOR THE YEAR ENDED 31 MARCH 2024 The Nab"onèl Errgy Fwrtrtsti 1$ a ojrpany liryrted ty guardtee IrttjrpJr8d in England and Wales. The registered offtt ts &rte 2.15 cW1e Fknse. C¥nft, Blelchley. Milton Key. MK3 6DP. Accounting p1¢1¢5 11 Basis of weparation alfinancial staten The financial statenEnts have teen pyepared in nce with the Chanties SORP IFRS 1021- ACtn0. and RepJbrvJ by Charth"es". statennt of Recomrrendgj Pw&bts applicab to ch8rib.es pparing treir acnts in Xcor(la£ wlh tre Finar¢pl Rerts"n9 kndard applicable in the UK and Reput of IrdarJ IFRS 1021 leffedThE 1 January 2019). the Finala1 RepJts'r¥J Slandard apKAlcab In te UK arKI RepuLlt of IA IFRS 1(f21 arKI CJYpans 20(E. The Natn Erwgy FourKJatron rrtets the deffinitl ol a puLl¢c benefft entty uThJer FRS 102. Assets and Ik4bil¢ts a Initsalty recOgned at h"stcttl oxt tt b3rsth)n value unless othenmse stat&J in the rdevant aCjnkn.rO Fdry. 22 Incom• Al incorrE is re(rgnisl On Charity has entiilernent to irwrrE. it 15 probab that the incoft V•ill be receNed arJ the amnt of incowre rec8vatJe ran te ffasu l0y. Inc£n frcffi grats a rertsJThsed n axordance ith Ihe terrra ofe& indmdual grant. Typically, this will be vtsi fwndats.t has 1Vered (XrtreS expth1 the agency makn.ng the grant allFwh on a lorger term gran( suth as these from EuroFean Unin, rt rrw te bad on staff "n. induding an for ¢wwtEads. cther exFendilure rrBJe. semee. Al Incon is Cla'fi&l as unrestritsj ftJThts unless tse is a contrxl 1rrent for it to be SFent on a Fwts"culw purpxxe retum&J rf un5Frt in Ca the irC(rE be regarded a5 restrKtt&l. EXrJ1tUre is rects3nised is a to transfer ettjnorric benefft to a third Foty. it is probat4e th a transfer of ec(xYynic Iwefits will be required in settlement and the arrnt of the otlw'on can Le nasured reliaty. EyFenditure is dassfjed by acts"vity. The oJsts of xb.wty a maje up of tota of direct costs and 5har&J costs, iU1[j sUPWrt UJ5ts invc4ved in undertakJrvJ eth aclryity. tl"reo costs alth"butaUe to a single activity are alcraled direttly to th activity. Shared LThts 1¢h C41n"bUte to rtxye than one activity and SUPFQrt costs thich are attn'txtsble lo a gNJle are appOrtne trets¥een those aets"vitS a bass cornstent wth the use of resc¥Jrces. Central staff costs are allated on the basis of lin SFent, and d.8jOn diaw allctat8J on the FUtKJn of the asset's Use. ExttThjitU charrtabk thiti.es is in(rr&I cm directy undertakirg the ac"vib"es vknith further the Charitys obj'ecbves. as as any a$Slate Prrt Costs. P&3e 17
THE NATIOPiAL ENERGY FOUNDATI(4 NOTES TO THE FINANflAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountiry pc4i¢ies Icortinued) 2.3 (¢¢nlinu•d Grants payable are chwwl in the ypar vknen the offer is m)Ye except in those cases vknere the offer is conditional. s grants bw.rg reo)3nised as eXpendrtU vthen the ovtyjtbons attathing are fulfilled. Grants offered subject to Conditic h•4e not been at year end are noted as comnytnEnL not as exFerKliture. Al exFerKIitu i8 irrJusi4e of irre(>J¥erntrAe VAT. Interest on fvnds held on deF£S"t is lknn reCeab and the anx)unt be measure rdiabty by the Charity. this is norAnY up)n of the interest paid or payable ty the institution wrth wrn tre furKJ5 we deFKsleil. InlarvJitrAe assets are wtalised arJ reccgni5ed futrJrE On0•c tenefits are probable and the cost or valLE of tr asset Can be rreasure(l tably. InlangiL assets a lnrtty rects3n1 at LxL retx•3n"on. Ujer c)st nKYel. inlangible a strnight4ine bag.s over rts ex usefvl lrfe. is mded cn fc41rMifg b3s"$." 25 % Straght line togs 2.6 Tangible fixgd ass•ts •Yl depre¢iati¢n TarKJibk fixed assets are inib"ty rwnised at Aftw Kwn.0rt. the c05t mr>Jel, tarrfJit4e fix&J assets a at ot less xcJJmulated dePreat any mulatl Impairrrenl losses. Al costs Incurr&J io a tsngit4e fixed asset into its intend&J vrkn"n9 oMdthn be irKILKled in the frEasuro)Brt of (£6t 0epw.ab" is tharged as to allc(ae tre cx)st c tarvJilJe fixed assets kn thr residual value over their estirted useful lives, the straight4ine rTEIIKYJ. Oewe(J"ab"crt is provided on the frAIDhing bS.. 50% per annum 17 Delxws Tr and other debtcS are recognised at the setdement aOunt after any trade discount offered. Page 18
THE NATIONAL ENERGY FOUNDATION (A C(xryHny Limited ty Guarantee) NOTES TO THE FINANCIAL STATEMEPWS FOR THE YEAR ENDED 31 IA4RCH 2024 Accountiry pdicies {¢ontinu•d) 18 at bank and in hand Cash at tk in harxl indudes and shcrt-term hi9hty liquKI investfrents wth a short maturity of three monttts cy less frorn the date of 4UL%th'cn or openiry of the deF¢t tr similar acc4)unL 2.9 Liatiilities and wovisions Liats'lities are recowised 7Athen there is an oblJatJi at the BaLr SW date as a result of a pa event. rt is 0bae that a transfer of eLmyric tenefft Vill LE requir in settteJTent, and the arTK)unt ofthe Setenl can be esb"rTrB l84y. abilib.es are recgyJnised at the arrwnl that the CharityanticiF5 it ill pay to settle the debt or the amount f( has recaved as •tranfd the gx¥ts cy seNices it nst prow(le. 110 FOnan¢lal Instrwrnrts The onty has finwKaal assets fMw)caal liats"1 of a kind that qualify as basic finarKial instrunnts. Bast finwcial instruftts are initiaty r&xgnise¢l * trans value aThJ subwuenuy w&isured al th•'r settserrent vaue. 2.11 P•nsi0rn5 The Char5ty 0(vs a defirEd contn.LJn Fen p£Wre armj tr pensi charge represents the amounts pwe by the thn.ty lo the fund in resFeX of year. 112 FK1 ac¢cwntiNJ ....... Genernl fvjnds are unrestncted fvrJs we lIate for use at the distreb.on of Trustees In furtheran of the gervJ 0#&"¥e$ of the Charty arvj whth rt been deggnata for oth purFcses. Page 19
TtrE NATIONAL ENERGY FOiA4DATI(X4 IA Liftmted ty Guarantee) NOTES TO THE ANANCIAL STATEMENTS FOR THE YEAR ENOED 31 laARCH 2024 Critical a¢countiry estinwtss •KI areas of judgm•rt EstiteS arKJ Igrrents we conb"nualty erfauabj are bad on hith"c¥ eX[erCe and other . Iu<lj expdanS of futu that are belvAI to L reasonab Ltrnder th8 CritsL3t acc<wntiry eslirrts arKI aon$. In the applicab. of the charitys cnts"rj wli¢ie% the trustees are r4uired to make judgrrEnts, estirntes and a55urrpkns atojt IIE CYir¥j arrnunls of assets and liab'lity"e5 that are not readily The estimates and wKty'r¥J a5SLK1¥cS we re¥ivAed cvwng bass. RVAIonS to ac£ounling esb"rrotes are recxgnwl in the pericxl in the esb"rrote ¢5 rewsed where the rwgon affts only that Feri¢yJ. or in the of the revis futu nc•s$ vjtwe tt)e revtS affts toth gjrrent and luture Feri¢)Js. and 8MlI¢S will. ty definitr, equJ ttt related xtual lts. The esb"mates and assumpkn lh a smjnificant nsk of sing a ffnal iusbrent to the carryiT¥J alrTrts of a55ets and Irabilit*s Mithin next financ4d year are discussed belcAv. Tral funds 2024 TLYal funds 2023 fvnds 2024 Donations Nats"onal Grid Milton KeyrEs CourKa 3,073.810 3,073,810 159,OiXI 1.33S.026 1.336.026 Subt(rtal I,.026 1,336.026 1,807 4,409. 4,409.836 660,807 Page 20
THE NATIONAL ENERGY FOUNOATI(Tr4 (A C<xnpny Limited by Guararteel NOTES TO THE FINANCIAL STATEPENTS FOR THE YEAR ENDED 31 MARCH 2024 Total funds 2024 Total funds 2023 fu15 1.13,438 1,053A38 1. 751.684 Total funds 2024 Total lunds 2023 64,038 64,038 12.251 Total funds 2024 Total funds 2023 2024 2024 Project vKJrf( 2,638,552 278.676 2.917.228 7.429,028 Total 2023 1,354.417 74,617 1.429.028 Analysts of dir•cl cc Page 21
THE NATICY4AL ENERGY FOiNDATI(AI NOTES TO THE FINANCIAL STATEK[s FOR THE YEAR ENDED 31 MARCH 2024 AnatysB dlrecl ¢osts I¢¢ntindI Total nd5 2024 rolal funds 2023 1.866.659 28.169 51.763 76.677 11,522 18,485 526,758 $8,519 925, 124 23.108 7,870 18,546 18,717 Oepreoat Consullancy services Recruifftnt aThJ trw'ni Cxher staff ojsts Project costs Rent rate5 313. 118 38.989 1638.552 1,354,417
THE NATIONAL ENERGY FfXIKIATION (A C(xnpany Linwted ty Guaranteel NOTES TO THE FINAPKIPL STATEMENrs FOR THE YEAR ENDEO 31 MARCH 2024 Anatyth of expnditurn ty a¢1111•8 lcr•rtind) T¢Xal Ttxal funds 2023 2024 Telephow and ccm7wnicats 42, 772 1, 135 5, 700 7,630 7.138 9.917 107.728 Insurance Marketsng E li 11.316 2,112 6.528 3.S29 7n 3,879 862 1,952 1, 163 715 (1. 100) Trustee Ieting e>penses Subscn'ptityis Enterta"ning Bank chwges Gain crf loss on foreign exchange Profftl loss on th'sFosal offi1 assets VAT Prowson 1295 66,000 13,285 9,903 278.676 74,6t1 2023 Fees pardble to the thantys alIcK the aJ(trt of the Chwtys annu xounts 9.750 8.150 Page 23
NATIONAL EERGy FOUNDATIC4 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 h14RCH 2024 2024 2023 WwJes arKJ salaries $al sJrity costs 1.656.001 150.018 811,466 76.613 37,045 1,866.6S9 925, 124 Tre aver¥ nrter0f kysons erryYW iry ts CP• during Ihe vos as fol 2024 2023 FnagenI aKI adrrinislrntrjn Proied, saks and techn81 staff 72 80 39 2024 2023 marert alminislratK)n Prqect. les and teIna staff 70 32 78 38 £60.C(Q 2024 2023 In tre l)and £80,0)1 . £90,1)xJ Key rngerrnt penr all tErsrffjs that aKI resP)n&"llty ts planning. direclirrfJ and ntrOlli the .VrtS of the cfwity. W man¥nEnl pers(n a rxinsidered to be the trustees and t senKK nwoJenwt team trLtstees are pa'd for their serv1, the total arTr)unt Faid to key nEnagert Fersonnd vtas £405.78812023 £386,127). 10. Duriry the year, Trustees reed renwrVat or (Iher twefits (2023. £ML). Page 24
(A Limited ly Guarantee) NOTES TO THE FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 31 PMRCH 2024 10. During yw ermled 31 Vach 224. exrwtses totalling £404 Aere rnlse OT paid divY to 2 Trustees (2023. £33 to l Tnth). The expeeS rrtrd rektsj to tmel Costs for att)ding trustee board rrEeb"ng. 11. Intangibl• assets W•bsits CLBts At 1 April 2(723 57,000 At 31 Marth 2024 57.000 At 1 ri12023 Charge for the 16.648 14AS0 At 31 Tré¢h 2(r24 31,098 At 31 March 224 2S,902 At 31 Math 2023 40,352 Page 25
TrE NATIC4AL ENERGY FOUNDATIIY4 (A C(wry Lin1 ty Guarnntae> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 12. Tangibl• fixed assets Compuier equipment Clxt orvaluali¢ At 1 April 2023 Additions DiskThls 29.823 18.895 (4.8831 At 31 Mèrch 2024 43.835 D•preciion At 1 April 2023 Charge fcf the d¢poss 15.193 13.719 (3.0061 At 31 March 2Q4 25.906 N¢t Ixx>k vak At 31 March 224 17,929 At 31 2023 74.630 13. 2024 2023 (e rythIn ¢Jne year Trade debt 719.365 111,161 218,922 242,589 830,526 461.511 Page 26
THE NATIONAL ENERGY FOUNDATI(4 (A CqxnFany Limited lry Guavartee Es TO THE FINANCIPL STATEMEpirs FOR THE YEAR ENOED 31 AW¢CH 2024 14. CrEdito. Amowts falling within year 2024 2023 TrJe credit3 32.318 39,494 39.571 178.469 181.4T3 Other ¢y8Jitors ¢yuals aThJ deferrwj tr 139.176 226.479 466,915 439,Q07 The charity receives sorrp in aj¥e, vknith is c£¥#1ib"cnal ta.ng able to nwi pErforrrHn related crilena. In &klilK)n. rwnbership irwrnE is chargoJ amual basis. At the reporting ¢Jate. the tharity had deferred Incu tclallir¥J £128.397 {2023 £1(&9.117). 1& Ststerrnnl of funds Sta¢enwrt of fun(1g. ¢urY•rt yoar Balance at Tran5fer5 31 P*larch 2024 Balart• at 1 General Fund Natal Grid EST projects ¢lher LA proJ'eLts Fixed a55el reserve 926.186 87J52) 3.073.810 1503.919) 972,992 1936.821) 554.324 {460.86n 128.169) 117,0181 651.642 2.988.081 106.801 407.wj 43.831 418.190 70.630 314,392 17,018 1.588.120 5.527J12 12.917228) 4.198.204 P&Je 27
(A CLYnpa Limit•d ty (awartee) NOTES TO THE FINANCI STATEMENTS FOR ThE YEAR ENDED 31 I•ARCH 2024 15. sLiten Offd$ IntInlI BalanLX at 31 Mah 2023 Trande Gerval Fund EST wc4 Other L4 pYqec15 Fixed asset reserve l.L7J3.a35 636, 737 31.445 ,& 637.707 (,713) (511,719) (328,489) (23. 107) (16. T43J 1. 148.116 70,630 314,392 67.346 16.743 1. 192. 1.&24, 742 (1,429,028) 1,588, 120 During the year the tharity has c4>7tinued to w)rk cffl projects fund&1 ty the ErgY Saving Trust {Esr) and various Alth"5. Al thb.es fove teen urKJertaken in accordance wlh the charitys unrestricted, Chantab ctycbves. At the ¥ting d, the dianty hal recaved a rnmfr of unreslricled grants, vA)ere the exJ1tUre will te incurrejs in the fortfrK4yning r IAthilst Ihese we not requiroj to be repjrted as StnCj fvnds wth the d)arWs acojjnts, the grants been rerort&Y separatety to dermnstrate the fijnds hekj tr ¥t(ific wrrx)ses at the yw wxt." Energy Sawrvj Trust IESD Winter Hwdship FuThJ £1LE.801 {2023 £70.630) )ry seNces sery15 for aulhr"1s £407.84912Q3 £314,392) Nabal Gnd £2,988,081I223 £418.19)) The chariVs general fuThJ is a free reseNe. avaiLgt4e to te at di9yebon of trustees for ary tharitable purpw. PaJe 28
THE NATIONAL ENERGY F(XJNDATION (A C(rfnpany L•miied lry (knrantee) flTES TO THE FINANCI STATEMENTS FOR THE YEAR ENDED 31 IA4RCH 2024 16. Anatysi$ of not assets bet6*en fvnds UnYestri¢ted funds 2024 Total funds Tangib fixed assets Intangitje fixed assets 17.929 25.9)2 4,621,288 (466,915) 17.929 25.902 4,621,288 1466,9151 Creditrys due within orE y Tolal 4,198.204 4.198,204 Total funds 2023 2023 Tangible fixed assets Intangible fixed assets cu(nt assets credItS within one year 14.630 40.352 1,972, 145 (439.¢X17) 14, 630 40,352 t,972. 145 (439.007) Total 1,588, 120 7,58&120 Page 29
TrE NAMONAL EPERGY FOUNDATIthY (A Limited trrf Guarnntee) NOTES TO THE HNAPKIAL STATEMENTS FOR THE YEAR ENDED 31 PA4RCH 2024 16. Analysis of n•t assets tettheen fwxts Unrestricted funds 2024 Total funds 2024 Tangitle fixed assets IntavJible fixed assets 17.929 25.2 4.621.288 14E6.915} 17,929 25,902 4.621,288 1466,915) Creditors dLE vthin otE y Tolal 4,198,204 4198,204 istricted funds 2023 Total fijnds 2023 TangiUe fixed assets Intangible fixed ats 14.630 40.352 1.9T2, 145 (439,007) 14,630 40.352 1.972, 145 (439.007) crgJito due wthin T¢)tal 1.588, 120 1.588, 120 Page 29
THE NATIIJYAL ENERGY FOUNDATI¢J4 IA Lim11 ty Cwr4rthe NOTES TO THE FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 IAARCH 2024 17. 2024 2tr23 Net incTh for las rv Stalwwt of Finarmia Pdiwtse5) 2.610,084 395, 714 tWiaty"on tharge5 Arnorb"sab"on charges "viderwjs, interests and fmm invesln Loss on the sale of fixed assets DecreaseJlincTea5el in dBbtcrfs Irre1(d) in cT&JitOf5 13,719 14,450 (64,038 8,657 14,4 (12,251) 1369,015) 27.908 8T, 120 (q6,588) Net cash pr(y4id8d lry operating activities 2.234.985 477,102 18. Analysi5 of cash and cash eqw¥alents 2024 2023 Cash in hand 3,790.762 1,510.634 Totsl cash aNI ush equi¥akns 3.790,762 1,510,634 19. Analys1$ ol in net debt At 1 Awil At 31 March 2024 Cash at bank in harwj I10.634 2.2.128 3.790.762 1.510.634 2.280.128 3,790,762 R•lated party trantsa¢ti The Charity has nol entered into ary related paty tranStion during the year, rr are there any outstanding balan crknv¥J ketsen reLd wties arKI the Chanty at 31 Marth 2024. Page 30