ACTION RENEWABLES IA COMPANY UMITED B Y GUARANTEEI ANNUAL REPORT FOR THEYEAR ENDED 31 MARCH 2023 DIRECTORS, REPORT The trustees, who are also the directors of the company. piesent their annual directors, report together with the consolidated financial statements of the charity and its subsidiary frjr the year ended 31° March 2023. The direclors have adopted the provisions of the Companies Act 2006 the Statement of Recommended Practice ISORPI'Accounling 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 staternenls 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-Executive Directors, a Chairman, and Executive Directors. The Chief Executive Is responsible to the Board for the Management of the organisation on an on-going basis. The Chief Execulive 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 {ARETI, a company Limited by shares. The trading surplu5 of this company. which (rxBuMarcy on renewable energy and trades renewable electricity and ils derivatives. is donated to Action Renewables. On 7 December 2022. ARES Market Services Limited was incorporated. which is a subsidiary of Action Renewables Energy Trading Limited. In line with good governance, Action Renewables and Action Renewables Energy Trading Limited have adopted Resource Sharing Agreement. ststemenl of Reserved Matter5 and Deed of Covenant between the legal enlib'es. Strategy Acb'on Renewables is widely recognised as one of the foremosl authonties on renewable energy in Northern Ireland. Ils charitable objectives are." Advance to the benefit of the public, the protection and improvement of the environment, through Ihe promotion of energy efficiency and renewable energy,- Advance the education of the public in energy efficiency and renewable energy- Improve the quality and slandards of renewable energy provision, by promoling quality assurance schemes and delivering quality assurance services. Action Renewables works direcuy with those are actively seeking to install renewable technologies both at the largest scale - developers of wnd famis, 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 Aclion Renewables in a detailed interaction with a full range of parties including developers, constructors. consultants, installers, customers, suppliers and the vanous bodies such as planners and building control officer5 who work to bring these applications forward daily. It has never been more Important Ihat we continue our on-going work to remove the barriers Ihat hinder the rate of renewable energy penetration. Action Renewables, strategy has corrtinued to be: to work in areas in line with its staff competences, expertise and experience. Additsonalty, the orglSatIon promotes staff devekJFJnent and faL7litates staff lo explore and develop new Servi wrthin ts areas of energy. tsenvironment and dimate change. Financial review and risk 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 compaiecl to a surplus of £556,093 In the previous year. The unrestricted reserves increased from £3.272.457, al 31sl March 2022 to £4,011 ,636, al 31 $1 March 2023. The charity's operations expose it to a variety of financial risks that include the adverse economic climate. The results for the year include the consolidated results for Action Renewables and Action Renewables Energy Trading Limited its trading subsidiary as required under The Statement of Recommended Practice {SORP}
ACTION RENEWABLES IA COIfjPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARGH 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 Director5 have responsibility in monitoring the financi31 risk of the company, and during the year, mel regulady to address key busines5 risks. The oiganisations, Risk Assessment is a standing agenda Item at each Action Renewables Board meeting. The Board ofDirectors has assessedthe major risksto whichthe charity Is exposed. in particular those related to the operations and finanS of the organisation. The Directors are Satisfied that systems are in place to mitigate exposure to major ri5ks_ Action Renewables is restricted to operate within the principles, set out in aOrdanCe wrth its charitable objectives in the Articles of Association. Going concern We refer to note 1, fvndamental accounting COnPt note. where the directors have had lo consider the impact of changing market conditions and seeking new service opportunities. The ManageTnent TeaTn has prepared a business plan and projections to 1 St April 2024 showng 2t provided tha 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 tci prepare the financial statements on a going concern basis. The Management Team uses a Balanced Score Card throughout the year to review progress against the business plan. Reserves policy It is the charity's policy lo retain a level of available resaurces 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 plu5 Wtnd-up costs. Reserves should be increased at a similar rate to operatsonal costs on an annual basis, and consistent with the charity's overall finanual position and its need to maintain and develop its charitable activities. Plans for future periods and charitable activities Our Vision." TD SUPPOrt a world which rec(*3nises the climate emergency and lo take measures to prevent and miligate against those impacts. through using renewable energy. energy efficiency, renewable transport and renewable products. Our Mission- Action Renewables operates primarily in Northern Ireland. but also in GB and Rol. Our customers are renewable energy generators, users and suppliers. While the charity is primarily concemed witr mitigating climate change and promoting renewable energy.. the trading subsidiary (ARET) is concerned with growing the busines5 to facilitate the charity'5 aclivities. Our overall goal 15 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 wrth 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 eslablishments and responds to consultations regarding opportunities for reducing energy consumption. energy efficiency. renewable transport. renewable prodLJCts and smarter applications of renewable energy. As well as charitable activities such as the Actr"on Renewable Energy Association (AREA), Action Renewables provides support, both finanual 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.
ACTtON RENEWABLES IA COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 DIRECTORS, REPORT CONT. Values In Febwary 2022. tr* Action Renewables EXetiVe engaged staff in faalriated sessions to discuss and develop new company values. Values training was ddivered, and staff involvement in workshops resulted in the followtng values being agreed: Sustainable, Collatrorats'on. Integrity, ProgressFVè. Additional activllies will reinforce these values with stsff to resuFI in a ¢thesive company culture which is respeciful of Ihese values and productive for Ihe organisation. Beeen April 2022 and March 2023. we: Continued to operate the Charity PV Programme to support rKJt-for-profft organisations in reducing their energy costs and C02 emiSsnS by offering Iow-COSt etectrDty from renewable generation. This programme generated 49.558k)Mi of renewable electricty to 20 successfvl applicants. saving these beneficiaries £6,864 and offset 16 tonnes of carbon. Promoted the Charity PV programme to communty groups, social enterprises, amateur sport clubs and non- profit organisations. Action Renewables Energy Association IAREAI continued to engage wrth industry and led the publication of an industry leading report to promote renewable gas optX)rtuntts-es_ AREA facilitated a response to the Department for the Economy's Call for Evidence and the EnÉrgy Strategy Consultation response. AREA sits on the HECA panel (Home Energy Conservalion Authority} and contributes to discussions on energy efficiency and fuel poverty. In line with its Charitable Objectives. Action Renewables sponsored event5 such as the Energy Institute Dinner the Young Energy Professional of the Year Award_ Action Renewables strengthened its relationship with Children of the Nations, {COTNI through ils local contacts in Northern Ireland. Action Renewables also provide(l additional funrfing lo Mulanje Mission Hospital in Southem Malawi to conduct irnprovements to their energy security and on-site genwation. This hospital serves a populalion of 86.000. Aclion Renewables committed to sernl two staff to Malawi to in 2023 to witness the benefft of its funding within the community rt Served. We participate in transnational European Interreg Projects induding- Action Renewables continued to support EU prqe¢ts induding providing an independent project evaluation for Uisce {Distributing our Water Resources: Utilising Integrated, Smart and low£arbon Energy) which was part fun¢Jed by the European Regiona Development FurKI (ERDF) through the IreFand Nvaies Co-operation, programme 2014-2020. REDAWN {Reducing Energy Dependency in Allantic Area Water NeOrkS) which aims to fostei the adoption of hydropower energy recovery technology in built water nelworks in the Atlantic Area {AA). SEAFUEL (Sustainable integration of renewable fuels in local transportation} which aims to make use the renewable resources across the Atlantic Area to power the IrKal transport fleet and support the shift towards a low-carbon economy. (Project extended until Augu5120231-
ACTIOM RENEWA8LES {A COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 W4RCH 2023 DIRECTORS, REPORT CONT. Statement ol 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 regulations. Company law requires the directors to prepare financial slatements for each financial year. Under that law the directors have elected to prepare the financial slalements in accoftlance with United Kingdom Generalty Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl- Under company 13W the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of Ihe profil or loss of the company for that period. In preparing those financial 51alements, the directors are required to- select Suitable accounting policies and then apply them consistentty-. observe the methods and principles in charities SORP- make judgements and estimates that are reasonable and Pfudent-, stale whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial ststements- prepare the financial statements on the going concern basis unless 'rt is inappropriate to presume that the company will ¢oniinue in business. The directors are responsible for keeping proper accountirtg records that disdose with reasonable accuracy at any tiffle the financial posrtion of the chaity and to enable them lo ensure th the finanual 5taternents comply with the Ccrfnpanies Ad 2006. They are also responsible for safeguarding the assets of the charity and Ihe group and hence for taking reasonable steps for the prevention and deleth.on of fraud and other irregularities. Disclosure of infomlation to auditors So far as each person who was a director at the date of approving this report is aware: Ihere is no relevant aud-rt information. being inlomiion needed by the auditor in connection wrth preparing rts pOrt. of which the auditor is unaware. the trustees having made enquiries of fellow directors and the group's audttor that they ought to have individually taken, have tsken all the steps that helshe is obliged to tske as a director in order to make themselves aware of any relewdnt audrt infomation and to establish that the auditor is aware of that information. Small company exemption This report has been prepared in accordance with the special provisions relating to compantes subjecl to the small companies regime wrthin Part 15 of the Compan$ Act 2006. Auditors A resolution is to be proposed at the Annual General Meeting for reappointment of Harbinson Mulholland as auditor of the Company. By order of the Board M Compston Secretsry