REGISTERED COMPANY NUMBER: 01874015 (England and Wales) REGISTERED CHARITY NUMBER: 326875
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
British Institute Of Energy Economics (The)
APS Accountancy Limited Cromwell Court 4 New Street Aylesbury Buckinghamshire HP20 2PB
British Institute Of Energy Economics (The)
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
| Detailed Statement of Financial Activities | 14 |
British Institute Of Energy Economics (The)
Report of the Trustees for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity holds seminars, talks and conferences to promote a better understanding of energy matters from an economic perspective. These are run on a low or no cost basis to enable those who cannot afford commercial conference/seminar rates to participate in such events. To develop the next generation of professionals, the BIEE offers students discounted membership, research prizes and financial support.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Significant activities
In the early part of 2022, the meeting programme continued to be disrupted by the after-effects of Covid. It was not clear whether speakers or attendees would want to attend in-person meetings. At the same time potential delegates had less flexibility as they were no longer so restricted on other business activities. The option of online meetings is a useful one for short seminars, but the experience going through the year is that most members are keen to attend longer meetings in person. This has implications for whether we offer the remote option for the Research Conference in 2023.
Policy Conference
The biennial Policy Conference in September was on the theme of 'Energy beyond the crises: how can markets deliver a secure and affordable transition'.
The meeting had higher costs than in previous years as BIEE no longer had access free-of-charge to the BEIS conference centre and it was thought necessary to provide an online option as well as in-person attendance. In fact most delegates attended in person, including for the post-conference reception and suggested that the opportunity to meet face to face was an important draw.
We attracted more sponsorship than in previous years including new corporate members Gemserv and National Grid Ventures.
Future of Energy lecture
Heat decarbonisation is one of the biggest challenges facing the UK in terms of meeting net zero.
On 10 March we were able to hold our postponed seventh Future of Energy lecture, delayed twice in 2021. Guest speaker Greg Jackson, the founder and CEO of Octopus Energy, talked about the need to speed up the pace of decarbonisation and the role of heat pumps. He discussed how a supplier like Octopus Energy can use its market power and customer reach to ramp up production and installation and reduce the cost to individuals.
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British Institute Of Energy Economics (The)
Report of the Trustees for the Year Ended 31 December 2022
OBJECTIVES AND ACTIVITIES
Seminar programme
A webinar was held on 22 April in partnership with UKERC and explored the topic of Green Jobs. Prof Jan Webb, UKERC Researcher, University of Edinburgh set the scene and the panellists were:
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Chloé Nemo Ramirez, Senior Analyst - Priority Projects, Climate Change Committee
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Charles Wood, Deputy Director - Policy, Energy UK
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Anna Markova, Policy officer - Industry and Climate, Trades Union Congress
A second webinar was held on 28 April when Richard Cox, BP's head of industry and buildings discussed BP's annual Outlook publication. It considered how the increase in global ambition on climate would affect the pace of change in the energy transition. BP's Outlook explores a wide span of possible outcomes as the world transitions to a lower carbon energy system. Understanding the range of uncertainty, and those aspects that are common in all scenarios, are crucial in determining the way forward for energy companies and policy makers.
Our discussion of domestic heat decarbonisation continued with a seminar titled "A 'one size fits all' approach won't work for heat decarbonisation". Maxine Frerk (independent consultant) and Guy Newey (ES Catapult) discussed the work needed to understand the differences in heat use in homes, how it is influenced by peoples' behaviours, and what that means for rolling out heat pumps or taking other approaches to decarbonise heat. The meeting was held online.
Also in May our Scottish meeting, jointly with the University of Edinburgh Business School, was on the topic Green Lairds and the great carbon offset: how to reconcile natural capital, net-zero and just transition priorities? It discussed the trends for large-scale land purchases for carbon offsetting in Scotland, what is driving these trends, and what the future holds.
The meeting held in person was considered a great success by attendees thanks to the hard work of organiser Matt Hannon.
On 30 November an online seminar covered the publication of IEA's annual World Energy Outlook. Members were able to hear from the IEA's Head of Tracking Sustainable Transitions Unit, Daniel Wetzel, and the IEA's Chief Energy Economist, Tim Gould, about their new analysis of world energy and to question them directly about specific aspects of the report.
On 8 December we organised an 'expert briefing' for members on two new initiatives by electricity suppliers, Octopus Energy and Ovo Energy, that would offer recompense to customers who reduced their usage at times of peak demand.
The briefing, a month after the products were launched, gave members an opportunity to discuss detail of the products and find out what the response had been to the first events.
The webinar also intended to brief members in advance of the 2023 Spring seminar series, which will look at demand response.
Future plans and developments 2023
The seminar for programme for early 2023 is taking shape with seminars planned on demand management. The proposed schedule is as follows
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Immediate challenges: the energy crisis in 2022-23
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Event - Increasing demand side flexibility from the residential sector
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Short-term challenges: winters of 2023-24 and 2024-25
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Event 1- Managing peak demand and avoiding evening blackouts
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Event 2 - How can demand side management help with energy shortages?
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British Institute Of Energy Economics
(The)
Report of the Trustees for the Year Ended 31 December 2022
OBJECTIVES AND ACTIVITIES
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Longer-term challenges: 2035-2050
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Event 1 - Reducing energy demand in the industrial sector
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Event 2 - Reducing energy demand in the residential sector
A second seminar on the discussions around the Review of Electricity Market Arrangements (REMA) programme is also planned for 2023.
Future of Energy Lecture
We are aiming to return the Future of Energy lecture to its regular schedule and venue in May at the Royal Society. Juliet Davenport, founder of Good Energy and President of the Energy Institute is confirmed as the speaker for the 2023 Future of Energy Lecture
Research Conference
The conference committee has been formed with subcommittees to manage submitted papers and sponsorship. A venue at Worcester College, Oxford, has been secured for 20-21 September 2023.
The theme of the conference is: Energy matters for all: from global actors to active consumers. Our introduction to the call for papers says:
"We are at a time of transformation in the energy sector, with calls for action at all scales from geopolitics to households. Mounting prices have brought energy economics to the top of the agenda for individuals, organisations and countries, while dramatic weather and high-profile events have brought climate change from the background to the foreground for decision-makers.
What is our pathway through the transition? Can we emerge from the current crises heading for an energy system that is not only zero carbon but serves all customers better?"
Financial review
The main aim of our financial management is to maintain a stable position that, while not accumulating excessive reserves, allows flexibility to improve the breadth and quality of the activities in line with our stated aims. In terms of reserves, we aim to maintain a balance of funds sufficient to cover one year's average operation costs or two years' administration expenses.
After significant reductions in our reserves over the last three years, through a combination of investment in our website and the disruption caused by COVID, 2022 provided an opportunity to strengthen our underlying financial position. As anticipated, with the completion of the website programme and efficient administration, expenditure is now reflecting normal operations. Coupled with the income from the successful Policy Conference, this resulted in a net surplus for the first time in four years, leaving reserves at £53,860. While this provides a firm basis on which to develop the BIEE's programme over the next year, we are aware that the figures also showed a reduction in overall membership subscriptions and growth in our membership will be a focus for the Council over the next year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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British Institute Of Energy Economics
(The)
Report of the Trustees for the Year Ended 31 December 2022
The company was incorporated in 1984 and became a registered charity in 1985. It is governed by a Memorandum and Articles of Association.
The Charity is governed by the Trustees who hold regular meetings. At these meetings policies and objectives are discussed together with the management required to achieve these objectives. The Trustees consider and invite members to become a Trustee to help promote and support the Charity.
Any potential prospective Trustee is proposed to the Trustees who discuss their suitability and the additional experience and broadening of knowledge that will assist in the development of the charity. If the Trustees consider someone suitable they will vote on the matter.
The Trustees are responsible for the compliance of duties under the Charities Act and have instigated policies and procedures to ensure this is maintained.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
01874015 (England and Wales)
Registered Charity number
326875
Registered office
Milton House Gatehouse Road Aylesbury Buckinghamshire HP19 8EA
Trustees
Mr V B Beckers Non Executive Director Dr W J Blyth Energy Consultant Dr G M Davies Economist Mr G A Day Economist Dr R J K Gross Academic Mr C Hendry Professor Dr M Ishwaran Economist Professor Y Kalyuzhnova Professor Mr N P Screen Management Consultant Mr A J Waterhouse Director Professor M J Hannon Professor Miss J Wood Editor Ms V M Geard Economist Dr J M Blazquez Lidoy Economist Mr M Thompson Economist Professor P Taylor Professor (appointed 30.11.22)
Company Secretary
Mr A J Waterhouse
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British Institute Of Energy Economics (The)
Report of the Trustees for the Year Ended 31 December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner Daniel Drury APS Accountancy Limited Cromwell Court 4 New Street Aylesbury Buckinghamshire HP20 2PB
Approved by order of the board of trustees on 20 September 2023 and signed on its behalf by:
Mr A J Waterhouse - Secretary
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Independent Examiner's Report to the Trustees of British Institute Of Energy Economics (The)
Independent examiner's report to the trustees of British Institute Of Energy Economics (The) ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Daniel Drury
APS Accountancy Limited Cromwell Court 4 New Street Aylesbury Buckinghamshire HP20 2PB
20 September 2023
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British Institute Of Energy Economics (The)
Statement of Financial Activities for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 26,608 | 30,435 | |
| Other trading activities | 2 | 34,383 | 64,247 |
| Investment income | 3 | 279 | 4 |
| Total | 61,270 | 94,686 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| General | |||
| 50,524 | 102,738 | ||
| NET INCOME/(EXPENDITURE) | 10,746 | (8,052) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 43,114 | 51,166 | |
| TOTAL FUNDS CARRIED FORWARD | 53,860 | 43,114 |
The notes form part of these financial statements
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British Institute Of Energy Economics (The)
Balance Sheet 31 December 2022
| 31.12.22 | 31.12.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 6 | 84 | 1,659 |
| Investments | 7 | 3,000 | 3,000 |
| Cash at bank | 65,776 | 42,014 | |
| 68,860 | 46,673 | ||
| CREDITORS | |||
| Amounts falling due within one year | 8 | (15,000) | (3,559) |
| NET CURRENT ASSETS | 53,860 | 43,114 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 53,860 | 43,114 | |
| NET ASSETS | 53,860 | 43,114 | |
| FUNDS | 9 | ||
| Unrestricted funds | 53,860 | 43,114 | |
| TOTAL FUNDS | 53,860 | 43,114 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 September 2023 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
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British Institute Of Energy Economics (The)
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Conference income-delegates | 19,829 | 35,079 |
| Sponsorship | 10,790 | 28,500 |
| Other income | - | 535 |
| Meetings income | 3,764 | 133 |
| 34,383 | 64,247 |
continued...
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British Institute Of Energy Economics (The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Deposit account interest | 279 | 4 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.22 | 31.12.22 | 31.12.21 | |
|---|---|---|---|
| Admin | 1 | 1 | |
| No employees received emoluments in excess of £60,000. | |||
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Other debtors | - | 1,659 | |
| Prepayments | 84 | - | |
| 84 | 1,659 |
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other Debtors noted above relates to costs associated with the 2020 conference that have already been incurred.
7. CURRENT ASSET INVESTMENTS
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| Other | 3,000 | 3,000 |
continued...
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British Institute Of Energy Economics (The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 31.12.22 | 31.12.21 | |||
| £ | £ | |||
| Subscription in advance | 15,000 | 3,500 | ||
| Accruals and deferred income | - | 59 | ||
| 15,000 | 3,559 | |||
| 9. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.22 | in funds | 31.12.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 43,114 | 10,746 | 53,860 | |
| TOTAL FUNDS | 43,114 | 10,746 | 53,860 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 61,270 | (50,524) | 10,746 | |
| TOTAL FUNDS | 61,270 | (50,524) | 10,746 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.1.21 | in funds | 31.12.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 51,166 | (8,052) | 43,114 | |
| TOTAL FUNDS | 51,166 | (8,052) | 43,114 |
continued...
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British Institute Of Energy Economics (The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 94,686 94,686 |
Resources Movement expended in funds £ £ (102,738) (8,052) (102,738) (8,052) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 51,166 | 2,694 | 53,860 |
| TOTAL FUNDS | 51,166 | 2,694 | 53,860 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 155,956 | (153,262) | 2,694 |
| TOTAL FUNDS | 155,956 | (153,262) | 2,694 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
continued...
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British Institute Of Energy Economics (The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
11. CUSTODIAN
The Trustees have been granted the Custodianship of the Andrew Holmes Memorial Trust. They have discretion over the use of this fund. At 31 December 2022 the balance of the fund was £5,389 (2021: £5,384).
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British Institute Of Energy Economics (The)
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gift aid | 1,378 | 1,165 |
| Subscriptions | 10,339 | 16,455 |
| Corporate subscriptions | 14,891 | 12,815 |
| 26,608 | 30,435 | |
| Other trading activities | ||
| Conference income-delegates | 19,829 | 35,079 |
| Sponsorship | 10,790 | 28,500 |
| Other income | - | 535 |
| Meetings income | 3,764 | 133 |
| 34,383 | 64,247 | |
| Investment income | ||
| Deposit account interest | 279 | 4 |
| Total incoming resources | 61,270 | 94,686 |
| EXPENDITURE | ||
| Charitable activities | ||
| Telephone | 107 | 478 |
| Postage and stationery | 2 | 284 |
| Sundries | - | 490 |
| Travelling | 48 | 28 |
| Payments to IAEE | 5,014 | 6,124 |
| Conference costs | 14,110 | 29,812 |
| Meeting expenditure | 21 | - |
| Accountancy fees | 3,480 | 2,160 |
| Independent examiners fee | 960 | 960 |
| IT and website costs | 1,925 | 18,130 |
| Legal and consultancy | 48 | 3,683 |
| 25,715 | 62,149 | |
| Support costs | ||
| Management | ||
| Wages | 24,780 | 39,819 |
| Finance | ||
| Bank charges | 29 | 770 |
| Total resources expended | 50,524 | 102,738 |
| Net income/(expenditure) | 10,746 | (8,052) |
This page does not form part of the statutory financial statements
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