Reglstered no: Nl 047950 ACTION RENEWABLES (A COMPANY UMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Contsnts Page8 Directors and advisers Dire¢tors' report Independent auditors, report 8-11 Consolidated statement of financial activtties 12 Charity 8tatement of financial activities 13 Consolidated balance sheet 14 Charity balance sheet 15 Consolidated statement of cash flows 16 Notes to the financlal statements 17- 33
ACTION RENEWABLES IA COMPANY UMITEO BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 h1ARCH 2023 DIRECTORS AND ADVISERS Executlve Director8 Terence Waugh Irene Robinson Chalrman stephen Harper Non-Executlv• Dlrectors Gerard Hodgkinson John Heaslip Stephen Harper Katherine Noble Andrew Webb David Flinn Michael Scott (Appointed 23 September 2022) Secretsry Mark Compston Reglstered Offlce Block C Unit 1 Boucher Business Studios Gl8nmachan Place Belfast BT12 6QH Bankers First Trust Bank Donegall Square North Belfast BT15GB Sollcltorn A&L Goodbody 4246 Fountain streot Belfast BT15EF
AcnoN RENEWABLES (A COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 InARCH 2023 DIRECTORS AND ADVISERS (Cont'd) Reglstsred Audltors Hart)inson Mulholland Centrepoint 24 Ormeau Avenue Belfast BT2 8HS Company Reglstratlon Number N1047950 Charlty Regl8tratlon NuMr 100806
ACTIOM REMEWABLES IA COMPANY LIPIITED BY GUARANTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 DIRECTORS, REPORT The trustees, who are also the directors of the company, present their annual directors, report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 St March 2023. The directors have adopted the provisions of the Companies Act 2006 the Statement of Recommended Practice (SORP) °Accounting and Reporting by Charib"es" effective in January 2015 and FRS 102 'The Financial Reporting Standard Applicable in UK and Republic of Ireland. in preparing the annual report and financial statements of the charity. Structure Action Renewables is a private company, limited by guarantee and with charitable status. We operate under an independent Board of Non-Ex8CUtive Directors, a Chaimian, and bNo Executive Directors. The Chief Executive is responsible to the Board for the management of the organisation on an Onoing basis. The Chief Executive and the Chief Operations Officer deal with the daily administration of programmes and services. We operate from Belfast throughout Northem Ireland, the rest of the UK, Ireland, and in Europe. The charity has established a wholty owned subsidiary, Action Renewables Energy Trading Limited {ARET), a company Limited by shares. The trading surplus of this company, which rADMl&s oxtsuftarry on renewable energy and trades renewable electricity and its derivatives, is donated to Action Renewables. On 7 December 2022, ARES Market Services Limited was incorporated, which is a Subsidiary of Action Renewables Energy Tradlng Limited, In Sine wlth good governance. Action Renewables and Actlon Renewables Energy Trading Limited have adopted a Resource Sharing Agreement, statement of Reserved Matters and Deed of Covenant between the legal entities. Strategy Action Renewables is wldely recognised as one of the forernost authorities on renewable energy in Northern Ireland. Its charitable objectives are.. Advance to the benefit of the public, the protection and improvement of the environment, through the promotion of energy efficiency and renewable energy; Advance the education of the public In energy efficiency and renewable energy; Improve the quality and standards of renew8ble energy provision, by promoting quality assurance schemes and delivering qualty assurance services. Athon Renewables works directly with those who are actively seeking to install renewable technologies both at the largest scale - developers of wind farms, solar, biomass and other major infrastructure projects. and those who wish to install on the smallest scale, for example on a new build or existing dwelling. This involves Action Renewables in a detailed interaction with a full range of parts-es including developers, constructors, consultants, installers, customers, suppliers and the various bodies such as planners and building control officers who work to bring these applications forward daily. It has never been more important that we continue our on-going work to remove the barriers that hinder the rate of renewable energy penetration. Action Renewables, strategy has continued to be, to work in areas in line with its staff cornpeten, expertise and experience. AddIticffla, the OrglsaI1c womotes staff deVelOtt arKI f&ilrtates staff to explore arKI develop new servw within ts areas of energy. tre environment and climate change. Flnanclal revl8w and rlsk development During the year the company received unrestricted income of £2,343,514 and incurred expenditure of £1.543,110 and losses on investments of £61,325. This resulted in a surplus of £739,179 compared to a surplus of £556,093 in the previous year. The unrestricted reSe8S increased from £3,272,457. at 3151 March 2022 to £4,011,636. at 31 St March 2023. The charity'5 operations expose it to a variety of financial risks that include the adverse economlc climate. The results for the year include the consolidated results for Action Renewables and Action Renewables Energy Trading Limited its trading subsidiary as required urKler The Statement of Recommended Practice (SORP)
ACTION RENEWABLES {A COMPANY UMITED BY GUARANTEE ANNUAL REPORT FOR THE YEAR ENDED 31 PIARCH 2023 DIRECTORS. REPORT CONT, "Accounting and Reporting by Charities" effective in January 2015 and FRS 102 "The Financial Reporting Standard Applicable in UK and Republic of Ireland. The individual company results have been included on page 12. The Board of Directors have responsibility in monitoring the financial risk of the company, and during the year. met regulady to address key business risks. The organisations. Risk Assessment is a standing agenda item at each Action Renewables Board meeting. The Board of Directors has assessed the major risks to which the charty is exposed, in particular those related to the operations and finances of the organisation. The Directors are satisfied that systems are in pla to mitigate exposure to major risks. Action Renewables is restricted to operate within the principles, set out in accordance with its charitable objectives in the Articles of Association. Golng concern We refer to note 1, fundamental accounting concept note, where the directors have had to consider the impact of changing market conditions and seeking new service opportunities. The Management Team has prepared a business plan and projections to 1st April 2024 showing that provlded the key assumptions are met, the company will be able to meet its liabilitie5 as they fall due. The directors believe that the assumptions on which the projections have been based are achievable and that it is therefore appropriate to prepare the financial statements on a going concern basis. The Management Team uses Balanced Score Card throughout the year to review progress against the business plan. Reserves policy It is the charity's policy to retain a level of available resources which meets the needs of the organisation. The Board of Trustees agreed that Action Renewables should aim to have a reserve of 12 months operating costs plus wind-up costs. Reserves should be increased at a similar rate to operational costs on an annual basis, and consistent with the charty's overall financial position and its na6d to maintain and develop its charitable activitie8. Plans for future perlods and charltable actlvities Our Vlslon.. To support a world which recognises the Climate emergency and to take measures to prevent and mitigate against those impacts, through using renewable energy, energy efficiency, renewable transport and renewable products. Our Mlsslon: Action Renewables operates primarily in Northem Ireland, but also in G8 and Rol. Our customers are renewable energy generators, users and suppliers. V¥thile the charity is primarily concemed with mitigating climate change and promoting renewable energy, the trading subsidiary (ARET) is concerned with growing the business to facilitate the charity's activities. Our overall goal is to facilitate green energy production and use, and to educate and influence in terms of renewable energy and policy development. Our Purpose: Advocate, Intervene and Support with regard to climate change and taking measures to mitigate against it, through using renewable energy, energy efficiency, renewable transport and renewable products is at the heart of everything we do. Action Renewables collaborates with academic and research establishments and responds to consultations regarding opportunities for reducing energy consumption, energy efficiency, renewable transport, renewable products and smarter applications of renewable energy. As well as charitable activities such as the Action Renewable Energy Association {AREA), Action Renewables provides support, both financial and 'in-kind' support to projects which align with its charitable objectives. We promote the need for climate change mitigation and the adoption of renewable energy by a range of consumer groups.
ACTION RENEWABLES (A COMPANY UMITED BY GUARANTEE) AMNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 DIRECTORS, REPORT CONT, Values In February 2022, the Action Renewables Executive Team engaged staff in faalitated sessions to discuss and develop new company values. Values training was delivered, and staff involvement in workshops resulted in the following values being agreed.. Sustainable, Collaboration, Integrity, Progressive. Additional activities will reinforce these values with staff to result in a cohesive company culture which is respectful of these values and productive for the organisation. Beeen April 2022 and March 2023, we.. Continued to operate the Charity PV Programme to support not-for-profit organisations in reducing their energy costs and C02 emissions by offering low-cost electricity from renewable generalion. This programme generated 49,558kWh of renewable electricity to 20 successful applicants, saving these beneficiaries £6,864 and offset 18 tonnes of carbon. Promoted the Charity PV programme to community groups, social enterprises, amateur sport clubs and non- profit organisations. Action Renewables Energy Association (AREA) continued to engage with industry and led the publication of an Industry leading report to promote renewable gas opportunities. AREA facilitated a response to the Department for the Economy's Call for Evidence and the Energy Strategy Consultation response. AREA sits on the HECA panel (Home Energy Conservation Authority> and contributes to dis¢ussions on energy efficiency and fuel poverty. In line with its Charitable Objectives, Action Renewables sponsored events such as the Energy Institute Dinner the Young Energy Professional of the Year Award. Action Renewables strengthened its relationship with Children of the Nations, {COTN) through its local contacts in Northern Ireland. Action Renewables also provided additional funding to Mulanje Mission Hospital in Southern Malawi to conduct Improvements to their energy security and on-site generation. This hospital serves a population of 86,000. Action Renewables committed to send staff to Malawi to in 2023 to witness the benefft of its funding within the communty it seNed. We parts"cipate in transnational European Interreg Projects induding: Action Renewables continued to support EU projects including providing an independent project evaluation for Dwr Uisce (Distributing our Water Resources.. Utilising Integrated, Smart and low-carbon Energy) which was part funded by the European Regional Development Fund (ERDF) through the Ireland Wales Co-operation programme 2014-2020. REDAWN (Reducing Energy Dependency In Atlantic Area Water Netsyorks) which aims to foster the adoption of hydropower energy recovery technology in built water networks in the Atlantic Area (A4). SEAFUEL (Sustainable integration of renewable fuels in local transportation) which aims to make use the renewable resources across the Atlantic Area to power the local transport fleet and support the shift towards a low-carbon economy. (Project extended until August 2023).
ACTION RENEWA8LÉS (A COhlPANY UMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 RCH 2023 DIRECTORS, REPORT CONT. Statemènt of directors. responsibilities The directors who served during the year are shown on page 1 of the Annual Report. The directors are responsible for preparing the directors. report and the financial statements in accordance with applicable law and regul81ions. Company law raquires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in acGordancewilh United Kingdom Generally A¢¢epted Accounting Practice {United Kingdom Accounting Standards and applicable law). Under company law the directors must nol approv8 the financial statements unless thay are satisfied that they give a true and fair view of the state of affairs of the company and of the profrt or loss of Ihe company for that perlod. In preparing those financial statements. the directors are required to: Select suitable accounting pollcies and then apply them consistanttr. observe the methods and principles in charities SORP; make judgements and estimates that are reasonable and prudent", state whether applicable UK accounting standards have been followed, subjact to any matarial departures disclosed and explained in the fjnancial statements; prepare the financial statements on th¢ going conG•rn basis unle88 it Is Inappropriate to presume that the Company will continue in business. The directors are responsible for keeping pr<)per accountin9 records that disdo$8 wlth reasonable accuracy at any time the financial posrlion of the charity and to enable them to ensu that the financial staternents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiatlon to auditors So far a8 each person who was a director at the dat8 of approving this report is aware: there is no relevant audil infomiation. being informatbn needed by the auditor in connection with preparlng its report, of which the auditor is unawara. the trustees having made enquiries of fellow dlrector¥ and th• group's auditor that they ought to hav• Individually taken, have taken all the sleps that helshe Is obliged to tske as a director in order to make themselves aware of any relevant audit inlomalion and to establish that the auditor Is aware of that information. Small ¢ompany •x•mptlon This report has been prepared in accordance with thg sk)ecial provistons relating to eompgnies subject tothe small companies regime wtthin Part 15 of the Companie3 Acl 2006. Audltors A resolution is to be proposed at the Annual General Meeting for Mappolntment of Harbinson Mulholland as auditor of the Company. By order of the Board M Compston Secretary
ACTION RENEWABLES (A COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ACTION RENEWABLES Oplnlon We have audited the financial statements of Action Renewables for the year ended 31 March 2023 whlch comprise the Consolidated Statement of Financial Activities, (including Income and Expenditure account), the Consolidated Balan Sheet, the parent charity company Balance Sheet, the Consolidated Statement of Cash Flows notes to the financial statements, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financi81 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent companvs charitable affairs as at 31 March 2023 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for Oplnion We conducted our audit in accordance wlth Intemational Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditoffs responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'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 b88is for our opinion. Concluslons relatlng to golng concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you were: the directors, use of the going concem basis of accounting in the preparatlon of the financial statements Is not approprlate., or the directors have not disclosed in the financial statements any identified material uncertainties thal may cast slgnificant doubt about the group's or the parent company's ability to contlnue to adopt the going concem basis of accounting for a period of at least e1ve months from the date when the financial statements are authorised for issue. Other Informatlon The other information comprises the information included in the Directors, Report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otheThvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infOnatiOn. we are required to report that fact. We have nothing to report in this regard.
ACTION RENEWABLES (A COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ACTION RENEWABLES Icont'd) Opinion on other matter prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Strategic Report and the Directors. Report for the financial year for which the financial ststements are prepared is consistent with the financial ststem8nts,' and the Strategic Report and the Directors, Report have been prepad in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light ofthe knowledge and understsnding of the Charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors. Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept or returns adequate for our audlt have not been received from branches not visited by us-, or the financial statements are not in agroement with the accounting records and returns; or certain disclosures of directors. remuneration 8pecffied by law are not made; or we have not received all the information and explanations require for our audit Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters vthere the Companies Act 2006 requires us to report to you rf, in our opinion: Responslbllftle8 of dlrectors As explained more fully in the Directors, Responsibilities Statement, the directors are responsible for the preparatlon of the financlal statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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 directors are responsible for assessing the company's ability to continue as a going concern, disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnancial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a v4hole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, 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 finanaal statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http:Ilwhw.frc.org.ukJauditorsresponsibilities. This description forms part of our auditorfs report.
ACTION RENEWA8LES IA COMPANY UMITED BY GUARANTEE} AMNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ACTION RENEWABLES (Cont'd) Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-complian with laws and regulations, was as foll0v. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wrth applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector: 14Ve focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmentsl and heatth and safety legislation we assessed the extent of compllance with the laws and regulations identified above through making enqulries of management and Inspecting legal correspondence; and Identified laws and regulatlons were communicated within the audit team regularly and the team remained alert to Instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtalning an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, thelr knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made In detemiining the accounting estimates set out In Note 2 were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions: In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures vthich included, but were not limited to: agreeirrfJ financial statement disdosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims. and reviewing correspondence with HMRC and the company's legal advisors,. There are inherent limitations in our audit procedures described above. The more removed that lav and regulations are from financi81 transactions, the less likely it is that we would become aware of non-complian. Auditing standards also limit the audit procedures required to identlfy non-complian with laws and regulations to enquiry of the director5 and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
ACTION RENEWABLES (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ACTION RENEWA8LES Icont'd) This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company's members those matters we are required to state to them in an auditovs 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 company and the charitable company's members as 8 body, for our audit work, for this report, or for the opinions we have formed. Angela Igan FCA (Senlor Statu ory Audltorl For and on behalf of Harblnson Mulholland. Chartered Accountsnts and Statutory Audltors Centrepoint 24 Omeau Avenue Belfast BT2 8HS Date..... 2.1.15123.. 10
ACTION RENEWABLES {A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY OF INCOME AND EXPENDITURE) 2023 2022 Notes Unrestricted Restricted Unrestricted Restricted Funds Funds Tot81 Funds Funds Total Income from: Charitable activities 38,705 38,705 66,111 66,111 Other trading activities. 1,832,339 2,304,809 2,304,809 1,832,339 Government grant 7,313 7,313 Total 2,343,514 2,343,514 1,905,763 1.905,763 Expendlture on: Charitable activitie8 1,314,537 1.314,537 1,208,172 1.208,172 Raising funds: Commercial trading activits'es 174,131 174,131 228,473 228,473 Totsi 1,543,010 1,543,010 1,382,303 1,382,303 Net {108ses)Igaln$ on Investments (61,325) (61,325) 32,633 32,633 Net movoment In funds 739,179 739,179 556,093 556,093 Total funds brought forward at 1 April 2022 3,272,457 3,272,457 2,716,364 2,716,364 Total funds carrled forward at 31 March 2023 4,011,836 4,011,636 3.272,457 3,272,457 'other trading activities Includes commission eamed on revenue of £53,097,65312022". £47,707,283) The ststemerrt of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 to 31 form part of these accounts.
ACTION RENEWABLES (A COMPANY UMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 CHARITY STATEMENT OF FINANCIAL ACTMTIES (INCLUDING SUMMARY OF INCOME AND EXPENDITURE) 2023 2022 Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Totsl Income from: Charitable activities 828,771 828,771 939,248 939,248 Donatlons 1,286,270 1,286,270 785,071 785,071 Government grant 7,313 7,313 Total 2,115,041 2,115,041 1,731.632 1,731,632 Expendlture on: Charitable activities 1,314,537 1,314,537 1,208,172 1,208,172 Total 1,314,537 1,314,537 1,208,172 1,208,172 Net Ilosses)Igaln8 on Investments {61,325) (61,325) 32,633 32,633 Net movement In funds 739,179 556,093 556,093 739,179 Total funds brought forward at 1 April 2022 3,272,457 3,272.457 2.716,364 2,716,364 Total funds carrled fonNard at 31 March 2023 4,011,636 4.011,836 3,272,457 3.272.457 The statement of financial activities indudes all gains and losses recognised in the year. All income and expendiiure derives from continuing activities. The notes on pages 16 to 31 fomi part of these accounts. 12
ACTrON RENEWABLES IA CQMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR TrIE YEAR ENDED 31 MARCH 2023 CONSOLIDATEO BALANCE SHEET Notes 2023 2022 Flxed assets Tangib assets 12 282,796 72.184 Investments 13 1,111.883 1,173.206 1,394,879 1,245.390 Current assets Work In progr•¥s 18,277 7.430 Debtors 14 594,391 223.168 Cash at bank and In hand 7,382,087 6,009,264 7,994,755 6,239,860 cdItOrS.. amounts falllng du• wlthin one year 15 (5,377,798) (4,212,793) Net current assgts 2,616,957 2,027,067 Net assets less current Ilabllftles 4,011.636 3,272,457 Cr•dftor8: due after one year N•t Assets 4,011.636 3.272,457 Income fund$ Unrestricted funds 16 4.011.636 3.272,457 Totsl fundg 4,011,636 3.272,457 The directors have prepared group accounts in accordance wlth sectlon 398 of the Companies Act 2008. These financial statements heve been prepared in accordance with the special provlsions in Part 15 of the Companies Act 2006 applicable to companies subject to the small ¢ompanie5' regime. S Harper ès T Waugh Dlrector Chaimian Dlrector CEO ei.*.z Date . Company registration number: N1047950 The notes on pages 16 to 31 form part of these accounts. 13
ACTION RENEWABLES IA COMPANY LIMITEO ay GUARANTEE) ANNUAL REPORT FOR THÉ YEAR ENDED 31 MARCH 2023 CHARITY BALANCE SHEET Note5 2023 2022 Flxed assets Tangible assets 12 371 2.429 Investments 13 981.881 1.023,206 962,252 1,025.635 Current assets Debtors 14 2.648,666 1.869,414 Cash at bank and in hand 594,082 SOS,801 3.242,748 2.375,215 Creditors: amounts falling due one year 15 (193,367) (128,393) Not current assots 3,1)49,381 2,246,822 Total assets less current Ilablllti 4.011,633 3,272,457 Total assets less liabilities 4.011,833 3,272,457 Funds Unrestricted funds 4,011.633 3,272.457 Total funds 4.011,633 3,272.457 The directors have prepared group accounts in accordance with section 398 of the Companies Act 2006. These financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 applicable to companies subject to tha small companles. regime. S Harper Director Chaimiart Data...g ]..- t . 21 T Waugh Director CEO Datè .. Company registration number: N1047950 The notes on page¥ 16 to 31 form part of these accounts 14
ACTION RENEWABLES IA COMPANY LIMITED BY GUARAP4TEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 CONSOLIDATED STATEMENT OF CASH FLOWS Notes 2023 2022 Cash flows from operatlng actlvltles Cash (used in) Igenerated from 20 1,623,002 4,037,513 operations Investlng actlvltles Purchase of unquoted investments (150,000) Purchase of quoted Investments (500,000) Purchase of tanglble fixed assets (250,179) (39,959) Interest receFved Net Used In Investlng actlvltl88 (250,179) (689,959) Net Increase l(decroa8e) In cash and cash equlvalents 1,372,823 3,353,554 Cash and cash equivalents of beglnning of year 2.655,710 6,009,264 Cash and cash equlvalents at end of year 7,382,087 6,009.264 Relatlng to: Bank balances and short term deposits 7,382,087 6,009,264 15
ACTION RENEWABLES IA COMPANY UMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 1. Fundamental accountlng concept The directors have prepared the financial statements on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The directors have had to consider the impact of changing market conditions and seeking new service opportunities. Management have prepared a business plan and projections to 31 March 2024 which show that provided the key assumptions are met, the company will be able to meet its liabilities as they fall due. The directors believe that the assumptions on which the projections have been based are achievable and that it is therefore appropriate to prepare the financial statements on a going concern basis. However, should there be a significant underachievement of the projections the going concern basis would be invalid and adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities which may arise and to reclassify fixed assets as current assets. 2. Accountlng polici8S Basis of preparatlon The financlal ststements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The principal accounting policies, judgements and key sources of estimation uncertainly are set out below. The trustees consider that these accounting policies are suitable, have been consistentty applied and are supported by reasonable and prudent judgment and estimates. Action Renewables meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in accordance with the historical cost convention. Golng ConGem There have been no material risks impactlng going concem in the year. Therefore, these accounts are prepared on a going concem basis. Group financial statements These financial ststements consolidate the results of the Charity and its wholly owned subsidiaries Action Renewables Energy Trading Limited and Zevon Energy Limited on a line-by-line basis. A separate Ststement of Financial Acttvities and Income and Expenditure Accounts for the Charity alone has been presented on page 12. Incomlng resources Income from charltable actlvltles Income from charitable activities includes income earned from both the supply of goods and services under contractual arrangements and from perfonnance related grants which have conditions that specify the provision of particular goods and services. Revenue grants are credited to incoming resources on the earlier ofwhen they are received or when they are receivable, unless they relate to a specified future period, in vthich case they are deferred. Other trading actlvltl This includes income receivable for servi5 provided, income from activities undertaken to raise funds to undertake charitable activities, and incc*ne from the operation of subsidiary companyAction Renewables Energy Trading Limited, this income is recognis8d when entitlement has occurred. 16
ACTIOM RENEWABLES (A COMPAMY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDEO 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accountlng policies (Cont'd) Other Income This indudes income from all other sources are induded in full in the Statement of Financial Activities when receivable. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. INhere costs cannot be directly attribuled to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff cosls and overhead expenses are allocaled to activities on the basis of staff time spent on those activities. Govenmnce costs Governance costs include those incurred in the govemance of its assets which are associated ¥Mth constitutional and statuiory requirements. Irrecoverable VA T Irrecoverable VAT is charged to the Statement of Flnancial Actlvlties, or ¢apltalised as part of tha cost of the related asset, where appropriate. Charitablo activltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activiiies and seniice8 for its beneficiaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Employe6 benefits IINThen employees have rendered service to the charity, short-tem employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that seNiCe. The charity operates a defined contrlbution penslon scheme, the assets of which are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable to the scheme in the accounting period. Fund accountlng Funds which are expendable at the discretion of the charity in furtherance of its objects are accounted for as unrestricted funds. Funds that can only be used for particular restricted purposes within the objects of the charity are accounted for as restricted funds. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes. Tanglble flxad assets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less thLyr estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned from the month acquired. The principal annual rates used are as follows: Plant, furniture, fittings and computer equipment 10-25% reducing balance 17
ACTION RENEWABLES IA COhlPANY UMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accounting pollcles (Cont'd) Impalrnient of fixed assets At each reporting end date, the group and the parent charitable company review the carying amounts of its tangible and intangib18 assets to detemine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (rf any). 1Olhere it is not possible to estimate the recoverable amount of an individual asset, the group and the parent charitable company estimate the recoverable amount of the cash-generating unit to which the asset belongs. Intsngible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the rlsks specific to the asset for which the estimates of future Cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unlt) Is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried al a revalued amount, in which case the impairment loss is tated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impaimient loss have ceased to apply. Vvhere an impairment loss subsequently reverses, the carying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset {or cash-generating unit> prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation Increase. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wlth banks and other short-tem Ilquid investments with original maturities of three months or less. Flnanclal assets The group and the parent charitable company have elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial assets are recognised in the group's and the parent charitable company's statement of financial posltion when the group and the parent charitable company become party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined al the time of recognition. Basic financial assets. which include trade and other receivables 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. Other financial assets classtfied as fair value through profit or loss are measured at fair value. NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 18
ACTION RENEWABLES (A COMPANY LlhJTED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 2. Accounting pollci88 (Cont'd) Loans and Ge1vableS Trade debtors, loans and other receivables that have fixed or detemiinable payments that are not quoted in an active market are classrfied as 'loans and receivables,. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognrtion of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cgsh receipts through the expeGted life of the debt instrument to the net carrying amount on inits'al recognition. Impalmient of finan¢lal a88ets Financial assets, other than those held at falr value through profrt and loss, are assessed for indlcators of Impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognrtion of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. DereC0gnitn of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Flnanclal liabllltles Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profft or loss are measured at fair value. Other financi81 liabilities other financial liabilities, are initially measured at falr value. net of transaction costs. They are subsequently measured at amortised cost using the 6ffective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effeth've interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognikn'on. Derecognition of finanGial liabilitS Financial liabilities are derecognised when, and only when. the group's and parent charitable company's obligations are discharged, cancelled, or they expire. 19
ACTION RENEWABLES {A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accounting pollcles {Cont'd) Work in progress vOrk in progress includes costs incurred in relation to ongoing activities at year end and is stated at the lower of cost and net realisable value. Deferred Income Income received which is allocated for expenses in future periods is credited to deferred income. Forelgn exchange Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets arKI liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheat date. All differences are taken to the income and expenditure account. Llabllltles Liabllltles are recognised when there is a legal and constructive obllgation commltting the company to the expenditure. Leaslng and hlre purchase commitments Rentals payable under operating leases are charged in the income and expenditure account on a straight line basis over the lease term. 3. Crltical accountlng estimates and Judgements In the application of the group's and parent charitable company'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 hlstorical experience and other fadors that are consldered to be relevant. Actual results may differ from these estimates. The estlmates and underlying assumptions are revlewed on an ongoing basls. Revisions to accountlng estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and Siabilities are outlined below. Key sources of astlmation uncertainty Tangible fixed assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider Issues such as the remaining live of the asset and the estimated value in use. Debtors Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation unrtaintY. 20
ACTION RENEWABLES (A COMPANY LIMITEO BY GUAIiANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Convd) 4. Flnanclal performance of the Charity The consolidated statement of flnancial actlvltles includes the results of the Charity's wholly owned subsidiaries which consult and advise on renewable energy and trades Renewables electricity and its derivatives. The financial performance of the Charity alone is shown on page 12. 6. Income from charltable actlvlties 2023 2022 Unr8Strlcted Restrlcted Funds Funds Unrestrlcted Restrlcted Funds Funds Total Totsl European Projects Other incoming resources 30,236 8,489 38,705 30,236 8,469 38,705 49,826 16,285 66,111 49,826 16,285 66.111 Govemment grant JRS scheme 7,313 7,313 6. Income from tradlng actlvlties The wholly owned trading subsidiaries are Action Renewables Energy Trading Limited (incorporated in Northem Irel8nd) and Zevon Energy Limited (incorporated in Scotland). Action Renewables Energy Trading Limited pays all of its profits to the Charity under the gift aid scheme. Action Renewables Energy Trading Limited provides renewable energy consulting and advising and trading of Renewables Electricity and its derivatives. Zevon Energy Llmited also specialises in trading of Renewablos Electricty. 21
ACTION RENEWABLES {A COMPANY UMITED BY GUARAiifEEI ANNUAL REpOr FOR THE YEAR EMDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 6. Income from tradlng actlvltles (cont'd) Th8 combined summary of financial perfomance for the subsidiaries is: 2023 2022 Total revenue 2,304.809 1,832,339 Administratlon costs Interest receivablelpald Net profit (1,018,538) (1,047,268) 785,071 1,286,271 (1.286,271) Gift alded to the Charlty Profit before taxation Tax Retained in subsidiary (785,071) The assets and liabilities of the subsidiaries alone were.. Fixed assets Current assets Current liabilities Total net assets Aggregate share capital and reserves 432,427 7,232,009 (7.664,434) 219,754 5,626,978 (5,846,728) 7. Resources expended 2023 Total 2022 Total Wages and Salaries Publlc relations Consultantslstudies Conferencelsponsorship events Travel and subsistence Training Rent and Servi charge Insurance Depreciation Computer expenses Govemance costs Other costs 1,128,290 20,428 955,479 4,762 14,080 3,591 435 1,018 22.033 108,247 3,520 14,116 2,588 78,303 1.208,172 9.535 4,771 22,033 83,805 2,058 10,928 3,469 25,376 1.314,537 22
ACTION RENEWABLES {A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 7. Resources expended (cont'd) Basis European Projects Other Activities Total 2023 Total 2022 Salaries and wages Time Spent 45,132 1,083,158 1,128,290 955,479 Public relations Direct 20,428 20,428 4,762 Consultantsl studies Direct 14,080 Conference Isponsorshlp events 3,591 Direct 9,535 9,535 Motor, travel & subsistence Usage 1,643 3,128 4,771 11,671 Training Dlrect 154 3,690 3,844 1,018 Rent Area 881 21,152 22,033 22,033 Insurance Area 3.352 80,453 83,805 108,247 Computer exp Usage 437 10,491 10,928 14,116 Depreciation Direct 82 1,976 2,058 3,520 Governance 3.469 3,469 2,588 other costs Direct 25,376 25.376 67,067 51,681 1,262,856 1,314,537 1.208,172 23
ACTION RENEWABLES (A COMPAMY UMITED BY GUARAMTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 8. Net outgolng resources 2023 2022 Thls Is statsd after charglng: Staff costs (note 9) 1,128,290 955,479 Depreciation - owned assets 39,687 41,387 Auditors. remuneration 10,842 7,376 9. Employee Infomiatlon 2023 2022 staff c08ts Wages and Salaries 973,936 821,825 Social securlty costs 94,180 77,808 other pension costs 60,174 56,246 1,128,290 955,479 Average monthly number of persons employed by the group (induding directors) during the year Number Number Employees 32 31 There Vre two employees with remuneration in excess of £60,000 (2022: two). The total amount of benefits received by key management personnel in the period was £221,895 {2022: £200.112). The Charity considers its key management personnel to comprise of the Chief Executive, the Finance Director. and the Chief Operating Officer. 24
ACTION RENEWABLES (A COMPANY LIMTED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 RCH 2023 NOTES TO THE FINANCIAL STATEMENTS Icont'd) 10. Dlrectors. remuneration 2023 2022 Directors. remuneration 182,309 200,112 The company has Indemnity insurance for Its directors at a cost of £5,600 (2022 - £5,800). The number of directors to whorn retlrement benefits are accruing under defined contribution schemes in respect of qualifying services is 1 (2022.. 2). The aggregate amount of contributions paid in respect of directors. qualifying services is £7,176 (2022.. £15,972). The Chief Executive and accountant, who are a150 directors, have received remuneratlon as provlded for by the company's Memorandum and Artides of Association. The company paid £8,240 (2022 - £7,838) to the Chaimian, this is included in the amount disclosed above. Each non-executlve director received £543-£10.414 (2022 - £1,157 - £10.368) recompense for their role as directors of the organisation. 11. Taxatlon The company is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, rf these profits and surpluses are applied Solely for charitable purposes. 25
ACTION RENEWABLES (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR EMDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 12. Tangible fixed assets Group Furnlture and fittlngs Computer Equlpment Plant Total Co8t'. At 1 April 2022 91.033 123.476 225,514 440,023 Additions 239,904 10,275 250,179 Dlsposa18 At 31 March 2023 330,937 123,476 235,789 690,202 Accumulated depreclatlon: At 1 April 2022 78,292 106,982 182,565 387,839 Depreclation charge for the year 10,345 3.429 25,793 39,587 Disposals At 31 March 2023 88,637 110,411 208,358 407,406 Net book value: At 31 March 2023 242,300 13,085 27,431 282,796 At 1 April 2022 12,741 16.494 42,949 72,184 26
ACTIOM RENEWA8LES {A COMPANY UMITED BY GUARAiifEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 12. Tanglble fixed assets (cont'd) Charltable company Fumlture and flttlngs Computer Plant Equlpmént Total Cost: At 1 April 2022 62,168 83,136 66,296 211,600 Additions Disposals At 31 March 2023 62,168 83,136 66,298 211,600 Accumulated depreclatlon: At 1 April 2022 60,156 82,949 66,066 209,171 Depreciation charge for the year 1,770 58 230 2,058 Dlsposals At 31 March 2023 61,926 83,007 86,296 211,229 Net book value: At 31 March 2023 242 129 371 At 1 April 2022 2,012 187 230 2,429 27
ACTION RENEWA8LES {A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR EMDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 13. Investments Group Investment In Subsidiary 2023 2022 nvestments Movements In fixed asset Investments Quoted Inveslments Shares In group undertakSngs Cost As at 1 April 2022 Additions Disposals, at valuation (Drease) in cash hold Realised gain on valuation Unrealised gain on valuation As at 31 March 2023 1,173,206 116,426 (67,955) (36,064) (41,854) (31,877) 1,111,882 Carrylng amount At 1 April 2022 1,173,206 At 31 March 2023 1,111,882 Investments are managed on a discretionary basls by an independent investment broker. The Investments are held at market value. 28
ACTION RENEWABLES (A COMPAMY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR EMDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Convd) Charltable Company Investment In Subsldlary 2023 2022 Investments Movements In flxed asset Investments Quotsd Investments Shares In group undertaklngs Cost or valuatlon At 1 April 2022 Addits"ons Disposals, at valuation (Decrease) in cash hold Realised gain on valuation Unrealised gain on valuation 1,023,206 116,425 (67,955) (36,064) (41,854) At 31 March 2023 Carylng amount At 31 March 2022 961,881 1,023.208 961,881 At 31 March 2023 Détalls of the princlpal Investments In which the Company holds 20% or more of the nominal value of any class of share caprtal during the year are as follows: Sub8idlary Undertaklngs Hokllng Proportlon held of voting rlghts and shares 100% Nature of Bu8lness Action Renewables Trading Limited Ordinary Shares Advising on and Energy trading in Renewables Zevon Energy Limited For the year ended 31 March 2023 neither Action Renewables Energy Trading Limited nor Zevon Energy Limited retained neither a profrt nor a loss and at 31 March 2022 and both companies had aggregate capital and reserves of£1. Ordinary Shares 100% Domiant 29
ACTION RENEWABLES IA COMPAMY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 14. Debtors Group 2023 Charltable company 2023 2022 2022 Trade debtors Prepayments and accrued income Other tsxes and social securty Other debtors Due from subsidiary 277,021 66,620 108,547 28,180 37,357 160 173,466 128,206 16,200 87,515 1,801 8,919 64,947 96,363 2,480,004 1,762,331 2,648,666 1,869.414 594,391 223,166 16. Cradltors: amounts falllng du• wlthln on• year Group 2023 Charltsble company 2023 2022 2022 Trade creditors Other taxes and 80cial security Other creditors Accruals and deferred Income 4,674,958 3,887,115 94.595 65,205 4,017 4,829 560,470 255,644 5,377,798 4.212.793 72,292 66,353 3,084 51.638 193,387 (320) 65.205 4,708 58,800 128,393 16. Analysls of unrnstrlcted funds Balan Movement in Resources Balance 1 April Incoming Outgoing 31 March 2022 2023 Unrestrlcted Funds 3,272,457 2,282,189 (1,543.010) 4,011,636 30
ACTION RENEWABLES {A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 17. Obligatlons under leases At 31 March 2023, the company was committed to making the following payments under non-cancellable operating leases as set out below.. 2023 2022 Operating leases which expire: thin one year 49,806 46,848 Within 2- 5 years 124,526 93,696 174,332 140,544 18. Llablllty of members Adion Renewables is a company limited by guarantee. The liability of the members Is limited to an amount not exceeding £1. 19. Pansion commltments The company operates a defined contribution pension scheme. The assets ofthe scheme are held separately from those of the company. The cost and charge represents contributions payable by the company to the fund and amount to £60,174 {2022: £56,245). There were no outstanding amounts payable to the pension scheme at 31 March 2023. 20. Reconclllatlon of not movements In funds to net cash flow from operatlng actlvltles 2023 2022 Net movement In funds for the year 739,179 556,093 Growth In investments 61,325 {23,206) Depreciation 39,567 41,387 Increasel(Decreasel in creditors 1,165,000 3,318,211 (Increase)IDecrease in WIP (10,845) 1,504 (Increase) 1DeCase in debtors 1371,224) 143,524 Net cash (oufflow)inflow from operating activities 1,823,002 4.037.513 31