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 2023
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 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 11 |
| Detailed Statement of Financial Activities | 12 |
British Institute Of Energy Economics
(The)
Report of the Trustees for the Year Ended 31 December 2023
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 2023. 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
The webinar programme for 2023 included the continuation of The role of Demand Management series and a new series Discussions on REMA. Topics included:
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Can time-of-use tariffs help unlock the flexibility potential of domestic electricity consumers?
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Net zero and the future of industrial energy demand
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The critical role of transport in alleviating short and long-term pressures on the energy system
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Discussions on REMA: The potential role of Locational Marginal Pricing (LMP) in GB
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Discussions on REMA: Splitting the wholesale market
Additional webinars covering the bp Energy Outlook 2023 and CCC report on Delivering a reliable decarbonised power system also took place in June and July.
A successful 2023 Future of Energy Lecture took place at the Royal Society on 18 May with over 100 attendees. Juliet Davenport, founder of Good Energy and President of the Energy Institute was the speaker, and the event was very well received by members and attendees.
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British Institute Of Energy Economics
(The)
Report of the Trustees for the Year Ended 31 December 2023
OBJECTIVES AND ACTIVITIES
The Research Conference returned to Worcester College Oxford taking place over two days in late September. As an in-person event, the programme was developed to give greater opportunities for debate sessions and networking. The event attracted over 130 participants and included a networking dinner with guest speaker Beverley Gower-Jones OBE. An interactive breakfast session kindly organised by the Tackling Inclusion & Diversity in Energy (TIDE) organisation was well received and the BIEE will seek further collaborations with TIDE and UKERC for future events.
A seminar in collaboration with the University of Edinburgh Business School was held in late October discussing Scotland's next steps to net-zero.
In 2023 a new mentoring programme was developed, leveraging the extensive expertise within our membership to support early career researchers and professionals in the energy sector. This initiative is pivotal for those seeking guidance and insight into their professional fields, offering a unique blend of domain-specific knowledge and broader career development advice. Our experienced members will form a mentoring panel, providing invaluable support to young leaders, thereby enhancing the professional growth of our early career members and enriching the mentorship experience for our seasoned members. During 2024 the pilot project will be implemented.
BIEE President and Vice President
2023 was the 10th and final year for Rt Hon Prof Charles Hendry CBE as BIEE President. The BIEE extends its gratitude to Charles for his leadership and passion for energy debate over the last decade. In recognition of his service, Charles has been appointed as an Honorary Lifetime Fellow of BIEE.
Volker Beckers became the 5th President of BIEE on January 1st 2024, having previously been Vice President. A search has commenced for a successor to Volker as Vice President, to be appointed during 2024.
Future plans and developments 2024
2024 is an anniversary year for the BIEE, 40 years since we were founded. We will continue our core business of discussion and debate, while strengthening our offer to members and finding opportunities to reflect on and learn from the huge changes in the British energy system over the last 40 years.
The 2024 events programme is taking shape, through our regular webinars, the Future of Energy Lecture and our biennial policy conference.
" We held our first webinar of 2024 in January, hosting the International Energy Agency to present their latest World Energy Outlook. A webinar sub-committee has formed to guide the programme for the rest of the year. " The annual Future of Energy Lecture is scheduled for May at the Royal Society in London. Lord Adair Turner has been secured as speaker for this anniversary edition - the 10th anniversary of the Future of Energy Lecture, in the 40th anniversary year of the BIEE. Amongst his various roles, Adair is the Chair of the Energy Transitions Commission and was the founding Chair of the Climate Change Committee.
" The policy conference will be held in September, with One Birdcage Walk secured as a venue in the heart of Westminster. It promises to be a timely event with the UK general election expected later in 2024. The conference committee has been formed and an initial set of topics and speakers identified around a delivery theme.
We are piloting the new mentoring programme during the first half of 2024. If it is successful the programme will be rolled out more widely later in the year, bringing a new way for members to benefit from the BIEE network. Mentors for the pilot phase have undertaken training, and a set of guidelines has been drawn up for the programme.
Engagement with our corporate members continues to increase, with several new corporate members for 2024. We also continue to offer free student membership for institutional BIEE members to strengthen engagement with students and early career researchers.
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British Institute Of Energy Economics
(The)
Report of the Trustees for the Year Ended 31 December 2023
OBJECTIVES AND ACTIVITIES 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.
2023 saw BIEE deliver a strong financial performance, with a net income over the year of £22,018. This was due in large part to the success of the Research Conference along with an increase in individual and corporate membership income. As a result, reserves now stand at £75,878, providing a firm financial foundation for the BIEE to expand and enhance its membership offering and programme of events over the next few years.
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.
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
Second Floor Kennel Club House Gatehouse Way Aylesbury Buckinghamshire HP19 8DB
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British Institute Of Energy Economics
(The)
Report of the Trustees for the Year Ended 31 December 2023
Trustees
Mr V B Beckers Non Executive Director Dr W J Blyth Energy Consultant (resigned 20.9.23) Dr G M Davies Economist Mr G A Day Economist Dr R J K Gross Academic Mr C Hendry Professor (resigned 20.9.23) Dr M Ishwaran Economist Professor Y Kalyuzhnova Professor Mr N P Screen Management Consultant Mr A J Waterhouse Deputy 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
Company Secretary
Mr A J Waterhouse
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 18 June 2024 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 2023.
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 2. 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
18 June 2024
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British Institute Of Energy Economics
(The)
Statement of Financial Activities for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 30,511 | 26,608 | |
| Other trading activities | 2 | 85,929 | 34,383 |
| Investment income | 3 | 1,222 | 279 |
| Total | 117,662 | 61,270 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| General | 95,644 | 50,524 | |
| NET INCOME | 22,018 | 10,746 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 53,860 | 43,114 | |
| TOTAL FUNDS CARRIED FORWARD | 75,878 | 53,860 | |
The notes form part of these financial statements
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British Institute Of Energy Economics (The)
Balance Sheet 31 December 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 6 | 4,529 | 84 |
| Investments | 7 | 3,000 | 3,000 |
| Cash at bank | 71,624 | 65,776 | |
| CREDITORS | 79,153 | 68,860 | |
| Amounts falling due within one year | 8 | (3,275) | (15,000) |
| NET CURRENT ASSETS | 75,878 | 53,860 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 75,878 | 53,860 | |
| NET ASSETS | 75,878 | 53,860 | |
| FUNDS | 9 | ||
| Unrestricted funds | 75,878 | 53,860 | |
| TOTAL FUNDS | 75,878 | 53,860 | |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 18 June 2024 and were signed on its behalf by:
Mr A J Waterhouse - 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 2023
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 | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Conference income-delegates | 45,456 | 19,829 |
| Sponsorship | 35,750 | 10,790 |
| Meetings income | 4,723 | 3,764 |
| 85,929 | 34,383 | |
continued...
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British Institute Of Energy Economics
(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Deposit account interest | 1,222 | 279 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Admin | 31.12.23 1 |
31.12.22 1 |
|---|---|---|
| No employees received emoluments in excess of £60,000. | ||
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Prepayments | 31.12.23 £ 4,529 |
31.12.22 £ 84 |
| CURRENT ASSET INVESTMENTS | ||
| Other | 31.12.23 £ 3,000 |
31.12.22 £ 3,000 |
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7. CURRENT ASSET INVESTMENTS
continued...
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British Institute Of Energy Economics
(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Subscription in advance 9. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 53,860 TOTAL FUNDS 53,860 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 117,662 TOTAL FUNDS 117,662 Comparatives for movement in funds At 1.1.22 £ Unrestricted funds General fund 43,114 TOTAL FUNDS 43,114 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 61,270 TOTAL FUNDS 61,270 |
31.12.23 31.12.22 £ £ 3,275 15,000 Net movement At in funds 31.12.23 £ £ 22,018 75,878 22,018 75,878 Resources Movement expended in funds £ £ (95,644) 22,018 (95,644) 22,018 Net movement At in funds 31.12.22 £ £ 10,746 53,860 10,746 53,860 Resources Movement expended in funds £ £ (50,524) 10,746 (50,524) 10,746 |
|---|---|
continued...
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British Institute Of Energy Economics
(The)
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.22 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 43,114 | 32,764 | 75,878 |
| TOTAL FUNDS | 43,114 | 32,764 | 75,878 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 178,932 178,932 |
Resources Movement expended in funds £ £ (146,168) 32,764 (146,168) 32,764 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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 2023 the balance of the fund was £5,441 (2022: £5,389).
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British Institute Of Energy Economics (The)
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2023 | |||
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Gift aid | 1,236 | 1,378 | |
| Subscriptions | 12,870 | 10,339 | |
| Corporate subscriptions | 16,405 | 14,891 | |
| Other trading activities | 30,511 | 26,608 | |
| Conference income-delegates | 45,456 | 19,829 | |
| Sponsorship | 35,750 | 10,790 | |
| Meetings income | 4,723 | 3,764 | |
| Investment income | 85,929 | 34,383 | |
| Deposit account interest | 1,222 | 279 | |
| Total incoming resources | 117,662 | 61,270 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Telephone | 109 | 107 | |
| Postage and stationery | - | 2 | |
| Sundries | 57 | - | |
| Subscriptions | 50 | - | |
| Travelling | 1,089 | 48 | |
| Payments to IAEE | 6,662 | 5,014 | |
| Conference costs | 48,163 | 14,110 | |
| Meeting expenditure | 5,053 | 21 | |
| Accountancy fees | 3,648 | 3,480 | |
| Independent examiners fee | 1,020 | 960 | |
| IT and website costs | 2,910 | 1,925 | |
| Legal and consultancy | - | 48 | |
| Support costs | 68,761 | 25,715 | |
| Management | |||
| Wages | 26,810 | 24,780 | |
| Finance | |||
| Bank charges | 73 | 29 | |
| Total resources expended | 95,644 | 50,524 | |
| Net income | 22,018 | 10,746 | |
This page does not form part of the statutory financial statements
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