Registered no: Nl 047950 ACTION RENEWABLES (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Contents Page8 Directors and advisers Directors, report Independent auditors, report 7-10 Consolidated statement of financial acts'vitles 11 Charity Statement of financial activities 12 Consolidated balance sheet 13 Charity balance sheet 14 Consolidated statement of cash flows 15 Notes to the financial statements 16-31
AlON RENewABLES {A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR ThE YEAR ENDED 31 fvIARCH 2024 DIRECTORS AND ADVISERS Executlve Directors Terence Waugh Irene Robinson Chairman Stephen Harper NOn-ExUtive Dlroctor8 Gerard Hodgkinson John Heaslip Stephen Harper Katherine Noble Andrew Webb David Flinn Michael Scott Neal Shanks (resigned 21 August 2023) (resigned 20 May 2024) (resigned 20 May 2024) (appointed 21 August 2023) Secretary Mark Compston Rogistered Office Block C Unit 1 Boucher Business Studios Glenmachan Place Belfast BT12 6QH Bankers First Trust Bank Donegall Square North Belfast BT15GB Danske Bank Donegall Square West Belfast BT16JS Solicitors A&L Goodbody 4246 Fountain Street Belfast BT15EF
AcfioN RENEWABLES IA COMPANY IIMITED 8Y GUARA EE) ANNIJAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 DIRECTORS AND ADVISERS (Cont'd) Register Audltors Harbinson Mulholland Centrepoint 24 Omeau Avenue Belfast BT2 8HS Company Reglstratlon Number N1047950 Charlty Roglstratlon Nurnbor 100806
ACTION RENEWABLES IA COMPANY UMITED DY GUAPANTEEI ANNIJAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 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 315t March 2024. The directors have adopted the provisions of the Companies Act 2006, the Statement of Recommended Practice (SORPI"Accounting and Reporting by Charities" 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-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 Executive and the Chief Operations Officer deal with the daily administration of programmes and services. We operate from 8elfast throughout Northem Ireland, the rest of the UK, Ireland, and in Europe. The charity has established a wholly owned subsidiary, Ackn'on Renewables Energy Trading Limited (ARET), a company Limited by shares. The trading surplus of this company, which provides consultancy services on renewable energy and trades renewable electricity and its derivatives, is donated to Action Renewables. ARES Market Services Limited, estsblished 2022 is another subsidiary of Action Renewables Energy Trading Limited. In line with good govemance, Action Renewables, Action Renewables Energy Trading Limited and ARES Market Services Limited are governed by a Resource Sharing Agreement, statement of Reserved Matters and Deed of Covenant as appropriate behveen the legal entities. Strategy Action Renewables is widely recognised as one of the foremost authorities on renewable energy in Northem Ireland. Its charitable objectives are.. Advance to the benefit of the public, the protects'on 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 renewable energy provision, by promoting quality assurance schemes and delivering quality assurance services. Action Renewables works directly with those 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. Services offered to these clients typically engage Action Renewables in a consultancy role with a range of relevant stakeholders including developers, constructors, consultants, Installers, customers, suppliers and the various bodies such as planners and building control officers. It is increasingly important that we continue our on-going mission to remove the barriers that hinder the rate of renewable energy deployment and make these services accessible to all. Action Renewables, strategy has continued to be to work in areas in line with its staff CoMpetens, expertise and experience. Additionally, the organisation promotes staff development and facilitates staff to explore and develop new services within the areas of energy, the environment and climate change
ACTION RENEWABLES IA COMPANY UMITED BYGUAPANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 DIRECTORS, REPORT CONT. Flnancial ravlew and risk development During the year the group received unrestricted income of £2,840,182 and incurred expenditure of £1,985,923. Including the gains on investments, this resulted in a surplus of £925,790 compared to a surplus of £739,179 in the previous year. The unrestricted reserves increased from £4,011,636 at 31st March 2023 to £4,937,426 at 31st March 2024. 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 Ststement of Recommended Practice (SORP) "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 are included on page 12. The Board of Directors have responsibility in monitoring the financial risk of the company, and during the year, met regularly 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 charity is exposed, in particular those related to the operations and finances of the organisation. The Directors are satisfied that systems are in place 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. Going concern We refer to note 1, fundamental accounting concepl 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 2025 showing 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 concem basis. The Management Team uses a Balanced Score Card throughout the year to review progress against the business plan. Reserves poIIcy 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 charity's overall financial position and its need to maintain and develop its charitable activities. Plans for future porlods and charltable activltlos Our Vislon: 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 Mission: Action Renewables operates primarily in Northern Ireland, but also in GB and Rol. Our customers are renewable energy generators, users and suppliers. INhile the charity is primarily concerned with mitigating climate change and promoting renewable energy, the trading subsidiary (ARET) is concemed 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.
AcnoN RENEWABLES IA COMPANY LIMITEO BYGUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 DIRECTORS, REPORT CONT, Our Purpose: Advocate, Intervene and Support with regard to climate change and taking rneasures to mitigate against it, through using renewable energy, energy efficiency, renewable transport and renewable products is at the heart of everything we do. During this year, Action Renewables celebrated its 20th Anniversary. To mark the occasion, the organisation hosted a lunch with stakeholders at the Great Hall in Queens University Belfast. As part of our 20th anniversary, we also made a significant contribution to the enhancement of education around climate change, by funding a £15,000 scholarship at the Ulster University. The Action Renewables Energy Storage Scholarship is open to Ulster University students who are studying for an Msc in Energy Storage at the Belfast Campus. We will fund at least one scholarship every year. Action Renewables remains dedicated to its core values.. Sustainability, Collaboration, Integrity, and Progression, which continue to be communicated and reinforced throughout the organisation. These values are integral to the company's operations, fostering a culture that is both respectful and productive. Throughout the trading period from April 2023 to March 2024, Action Renewables achieved significant milestones in various areas. The organisation continued to operate and promote the Charity PV Programme, which supports not- for-profitorganisations by reducing their energy costs and C02 emissions through low-cost electricity from renewable generation. This programme saw a total of 23 charity PV installations commissioned, with a combined installed capacity of 265kW, generating approximately 220MWh of neWable electricity by the end of March 2024. This offset 44,123kg of C02, equivalent to the carbon sequestration of around 232 trees. and provided substantial energy and operational cost savings to beneficiaries, exceeding £21,000. Additionally, Action Renewables conducted feasibility studies for around 100 community organisations, offering support and expertise regarding their energy requirements and improvements. Action Renewables also participates on the Home Energy Conservation Authority (HECA) panel, contributing to discussions on energy efficiency and fuel poverty. Environmental efforts by Action Renewables were spearheaded by its internal Climate Action Group, which is on track to exceed its target of a 500/D emission reduction by 2030, having already achieved 480. The group reports Action Renewables, environmental performance in areas including energy, resources, and waste through Business in the Community and is voluntarily recording its Scope 1, 2, and 3 emissions. In terms of outreach and community involvement, Action Renewables sponsored the Energy Institute's annual black- tie dinner and presented the McBride Award to the successful student, recognising an outstanding Msc dissertation thesis in the field of energy research. Additionally, Action Renewables sponsored the Energy Institute Nl's 'Young Professionals Neork, event at Ulster University. This event featured industry speakers and provided neOrkIng opportunities for young professionals in the energy sector. Furthermore, Action Renewables staff were invited to speak at several schools, offering students valuable information about climate change in line with their curriculum. The organisation continued its relationship with Children of the Nations {COTN) and Mulanje Mission Hospital in Southern Malawi through local contacts in Northern Ireland, supporting the Mulanje Mission Hospital cookstove project, which has deployed over 7,000 safe and carbon*fficient cookstoves. Action Renewables is collaborating with Belfast City Council on the Belfast'Local Area Energy Plan. (LAEP) and has volunteered to support its deployment as a member of the LAEP Delivery Group. Action Renewables also provided services to the National Lottery Community Fund through its Sustainable Community Buildings Programme and will offer energy-related technical support to up to 150 community groups. The organisation is also a partner in an Ashden-led 'Energy Learning Network,, a three-year initiative sUPPOrting community groups in developing knowledge sharing and community-led energy projects. This UK-wide project, funded by the National Lottery Community Fund, includes partners from England, Scotland, and Wales, with Action Renewables representing Northern Ireland.
AcfioN RENEWABLES IA COMPANY LIMITED BY GiIARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 DIRECTORS, REPORT CONT, Statement 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 accordan with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to.. select suitable accounting policies and then apply thèm consistently; 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, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial ststements 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. Dlsclosure of infomiatlon to auditors So far as each person who was a director at the date of approving this report is aware.. there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. the trustees having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have taken all the steps that helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Small company exemptlon This report has been ppared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Audltors 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 Secretary 2910612014
AcfioN RENEWABLES IA COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ACTION RENEWABLES Oplnlon We have audited the financial statements of Action Renewables for the year ended 31 M8rch 2024 which comprise the Consolidated Statement of Financial Activities, (including Income and Expenditure account), the Consolidated Balance 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United kn'ngdom 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 company's charitable affairs as at 31 March 2024 and of its profit for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordan with the requirements of the Companies Act 2006. Basls for Oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial ststements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to ouraudit of the financial ststements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilits'es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating 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 concern basi5 of accounting in the preparation of the financial statements is not appropriate., or the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's abiSity to continue to adopt the going concern basis of accounting for a period of at least twelve 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 otheise explicitly stated in our repor( we do not express any fomi of assurance conclusion thereon. In connection with our avdit 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 misststement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. Ilve have nothing to report in this regard.
ACTION RENEWABLES IA COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YE4R ENDEO 31 MARCH 2024 INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF ACTION RENEWABLES (Cont'd) Opinion on other matter prescrlbed by the Companies 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 statements are prepared is consistent with the financial statements., and the Strategic Report and the Directors, Report have been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charitable company and its environment obtained in the course of the audit. we have nol 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 if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. Responsibilitles of directors As explained more fully in the Directors, Responsibilities Statement, the directors are responsible for the preparation of the financial 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 statemenls 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, disclosing, as applicable, matters related to going concern and using the going concern 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. Audltorfs responsibllltles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole 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 assurance, but is not a guarantee that an audit conducted in accordan 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 financial 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'.Ilwww.frc.org.ukJauditorsresponsibilities. This description forms part of our auditor's report.
ACTION RENEWABLES {A COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITORS. REPORTTO 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-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with 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; We 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, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instsnces of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the intemal 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 idents-fy unusual transactions., assessed whether judgements and assumptions made in determining 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 which included, but were not limited to= agreeing financial statement disclosures 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 leg81 advisors., There are inherent limitations in our audit prOdureS described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-complian with laws and regulations to enquiry of the directors 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.
AlON RENEWABLES IA COMPANY LIMITED BYGUARANTEEI ANNUAL REPORT FOR THEYEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OFACTION RENEWABLES (Cont'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 charitsble company's members those matters we are required to state to them in an auditor's 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 a body, for our audit work, for this report, or for the opinions we have formed. Angela Igan FCA {S•nlor S utory Audltor) For and on behalf of Harbinson Mulholland, Chartered Accountsnts and Statutory Audltors Centrepoint 24 Omieau Avenue Belfast BT2 8HS Date... 10
ACTION RENEWA8LES IA COMPANY LIMITED DYGUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2Q24 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY OF INCOME AND EXPENDITURE) 2023 2024 Notes Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total Income from: Charitable activities 37,397 37,397 38,705 38,705 Other trading activities. 2,740,620 2,740,620 2,304,809 2,304,809 Interest CeIVable 62,165 62,165 Total 2,840,182 2,840,182 2,343,514 2,343,514 Expendlture on: Charitable activities 1,622,165 1,622,165 1,314,537 1,314,537 Raising funds.. Commercial trading activities 363,758 363,758 228,473 228,473 Totsl 1,985,923 1,985,923 1,543,010 1,543,010 Net gains Ilosses)Igains on investments 71,531 71,531 {61,325) (61,325) Net movement In fund8 925,790 925,790 739,179 739,179 Totsi funds brought forward at 1 April 2023 4,011,636 4,011,636 3,272,457 3,272,457 Total funds carried forward at 31 March 2024 4,937,426 4,937,426 4,011,636 4,011,636 "Other trading activities includes commission earned on revenue of £59,192,887 (2023.. £53,097,653} The statement 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 fom part of these accounts. 11
ACTION RENEWABLES IA COMPANY LIMrrED 8YGUAPANTEEI ANNUAL REPORT FOR THE YEAR ENDED31 MARCH2024 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY OF INCOME AND EXPENDITURE) 2024 2023 Unrestricted Restricted Unrestricted Restricted Funds Funds Total Funds Funds Total Income from: Charitable activities 963,643 963,643 828,771 828,771 Donations 1,608,451 1,608,451 1,286,270 1,286,270 Total 2,572,094 2,572,094 2,115,041 2,115,041 Expenditure on: Charitable activities 1,622,165 1,622,165 1,314,537 1,314,537 Total 1,622,165 1,622,165 1,314,537 1,314,537 Net galns l(losses) on investments 71,531 71,531 (61,325) (61,325) Net movement In funds 1,021,460 1,021,460 739,179 739,179 Total funds brought fOvard at 1 April 2023 4,011,636 4,011,636 3,272,457 3,272,457 Total funds carried forward at 31 March 2024 5,033,096 5,033,096 4,011,636 4,011,636 The staternent of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 16 to 31 form part of these accounts. 12
ACTION RENEWA8LES IA COMPANY LIMITED BY GUARANTEO ANNUAL ftepoRT FOR THE YEAR ENDED 31 MARCH 2024 CONSOLIDATED BALANCE SHEET Notes 2024 2023 Fixed assets Tangible assets 12 343,274 282,796 Investments 13 1,242,912 1,111,883 1,586,186 1,394,679 Current a88ets vOrk in progress 7,240 18,277 Debtors 14 3,589,998 594,391 Cash at bank and in hand 6,929,498 7,382,087 10,526,736 7,994,755 Creditors.. amounts falling due within one year 15 (7,175,494) (5,377,798) Net current assets 3,351,242 2,616,957 Net assets less current liabllities 4,937,426 4,011,636 Credltors: due after one year Net A880ts 4,937,426 4,011,636 Income funds Unrestricted funds 16 4,937,426 4,011,636 Total funds 4,937,426 4,011,636 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 applicablè to companies subject to the small companies, regime. SHar T Waugh Dlrector CEO Director Chalrman SA Data . Company registration number: N1047950 The notes on pages 16 to 31 form part of these accounts. 13
AcnoN RENEWABLES IA COMPANY LIMITED 8YGUARAPffEEI ANNUAL REPORT FOR THE YEAR ENOED 31 MARCH 2024 CHARITY BALANCE SHEET Notes 2024 2023 Fixed assets Tangible assets Investments 12 371 13 1,033,412 961,881 1,033,506 962,252 Current assets Work in progress Debtors 1,925 14 2,917,874 2,648,666 Cash at bank and in hand 1.319,185 594,082 4,238,984 3,242,748 Creditors.. amounts falling due one year 15 (239,394) 3,999,590 (193,367) Net current assets 3,049,381 Total assets less current liabilltle8 5,033,096 4,011,633 Funds Unrestricted funds 5,033,096 4,011,633 Total funds 5,033,096 4,011,633 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 the small companies, regime. S Harper Twaugh Director CEO Director Chalrrnan SA Date.. Company registration number: N1047950 The notes on pages 16 to 31 form part of these accounts 14
A[oN RENEWA8LE5 IA COMPANY LIMITED BYGUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 WRCH 2024 CONSOLIDATED STATEMENT OF CASH FLOWS Notes 2024 2023 Cash flows from operatlng activities Cash (used in) Igenerated from operations 20 {261,807) 1,623,002 Investing actlvltl88 Purchase of unquoted investments Purchase of quoted investments Proceeds on disposal of investments (59,500) (137,146) 113,328 Gainsl(losses) on investments Purchase of tangible fixed assets (47,711) (121,9181 (250,179) Interest received Net used in investlng actlvltles (190,7821 (250,179) Net (decrease) I Increase In cash and cash equivalents (452,589) 1,372,823 Cash and cash equivalents of beginning of year 7,382,087 6,009,264 Cash and cash oqulvalents at end of year 6,929,498 7,382,087 Relatlng to: Bank balances and short term deposits 6,929,498 7,382,087 15
AlON RENEWABLES IA COMPANY LIMITED 8YGUARANreEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 1. Fundamental accounting concept The directors have prepared the financial statements on the going concern basis which assumes that the company will continue in operational existen 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 2025 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 liabilits-es which may arise and to reclassify fixed assets as current assets. 2. Accountlng pollcl88 Basis of preparation The financial 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 (FRS1021 (effective 1 January 20151 (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 UnrtainlY are set out below. The trustees consider that these accounting policies are suitsble, have been consistently 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. Going Concern There have been no material risks impacting going concern in the year. Therefore, these accounts are prepared on a going concem basis. Group flnanclal statements These financial statements 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 Statement of Financial Activities and Income and Expenditure Accounts for the Charity alone has been presented on page 12. In¢omlng resources Income from charltable a¢tlvlties Income from charitable activities includes income earned from both the supply of goods and services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular goods and services. Revenue grants are credited to Incoming resources on the earlier of when they are received or when they are re1Vable, unless they relate to a specified fijture period, in which case they are deferred. other tradlng activities This includes income receivable for services provided, income from activities undertaken to raise funds to undertake charitable activities, and income from the operation of subsidiary company Action Renewables Energy Trading Limited, this income is recognised when entitlement has occurred. 16
ACTION RENEWABLES IA COMPANY UmED BY GVARANTEEI ANNIJAL REPORT FOIt THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accounting policies {Cont'd) Other income This includes income from all other SoUS a included 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. Vwhere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. Govamance costs Govemance costs include those incurred in the governance of its assets which are associated with constitutional and statutory requIrnents. Irrecov•rable VA T Irrecoverable VAT is charged to the Statement of Financial Activities, or capitalised as part of the cost of the related asset, where appropriate. Charitsble actlvttles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and seNices for its beneficiaries. It includes both costs that can be allocated directly to such actNlties and those costs of an indirect nature necessary to support them. Employee benefits When employees have rendered service to the charity, short-term employee benefi'ts to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that servi. The charity operates a defined contribution pension 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. Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditure) for the year. Transaction costs are expensed as incurred. Fund accounting 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. Tangible fixed 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 their estimated residual values. on a straight line basis over the expected useful economic lives of the assets Conrned from the month acquired. The principal annual rates used are as follow5.. Plant, furniture, fittings and computer equipment 10_25 % reducing balance Leasehold improvements 33. reducing balance 17
AcfioN RENewA8LES IA COMPANY LIMITED BYGUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accounting pollcles (Cont'd) Impalmient of fixed assets At each reporting end date, the group and the parent charitsble company review the carrying amounts of its tangible and intangible assets to determine 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 impairment loss (if any). Where 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. Intangible 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-tsx discount rate that reflects current market assessments of the time value of money and the risks 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 unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unil) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impaiment loss have 8$ed to apply. Where an impairment loss subsequently reverses, the carrying 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 equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Financial 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 position 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 at the time of recognition. Basic financial assets, which include trade and other re1VableS and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effects've 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 classified as fair value through profit or loss are measured at fair value. 18
AcfioN RENEWABLES IA COMPANY LIMITED BY GLIAPANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accounting policies (Cont'd) Loans and receivables Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables,. Loans and reivableS are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, expt for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debl instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. Impairment ol flnanclal a88et8 Financial assets, other than those held at fair value through profit and loss, are assessed for indicators 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 recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. Derecognition 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. Financial Ilabilities 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 profit or loss are measured at fair value. other financial liabilities Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effects've interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective 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 recognition. Derecognition of financial liabilities 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 BYGiJARANTEei ANNUAL REPORT FOR THE YEAR ENDEO 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 2. Accounting policies (Cont'd) Work In progress Work 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. Foreign exchange Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All dIfferenS are taken to the income and expenditure account. Liabllities Liabilities are recognised when there is a legal and constructive obligation committing the company to the expenditure. Leasing and hlre purchas• commltments Rentals payable under operating leases are charged in the income and expenditure account on a straight line basis over the lease term. 3. Critical accounting estlmate8 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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimat8S 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 liabilities are outlined below. Key sources of estimatlon 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 impaiment. Impairment of such debtors involves some estimats'on uncertainty. 20
AcfioN RENEWABLES COMPANY UmED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 4. Flnancial performance of the Charity The consolidated statement of financial activities 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. 5. Income from charltable activities 2024 2023 Unrestrfcted Restrlcted Funds Funds Unrestrlcted Restrlcted Funds Funds Total Total European Projects other incoming resources 8,272 29,125 37,397 8,272 29,125 37,397 30,236 8,469 38,705 30,236 8,469 38,705 6. Income from tradlng actlvltie8 The wholly owned trading subsidiaries are Action Renewables Energy Trading Limited (incorporated in Northern Ireland) 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. ARES Market servIs Limited (incorporated in Northern Ireland) is a wholly owned subsidiary of Action Renewables Energy Trading Limited. ARES Market Services Limited also specialise in trading of Renewables Electricity- Zevon Energy Limited is now dormant. 21
AlON RENEWABLES (A COMPANY LIMITED BYGLi4RANTEEI ANNiIAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 6. Income from trading actlvltles (cont'd) The combined summary of financial performance for the subsidiaries is.. 2024 2023 Total revenue 2,740.620 2,304,809 Administration costs Intest receivablelpaid Net profit Gift aided to the Charity (Loss) I Profit before taxation Tax Retained in subsidiary (1,290,005) 62,165 1,512,780 (1,608,451) (95,671) (1,018,538) 1,286,271 {1,286,271) (95,671) The assets and liabilities of the subsidiaries alone were.. Fixed assets Current assets Current liabilities Total net assets Aggregate share capital and reserves 552,678 9,380,172 (10,028,521) (95,671) {95,671) 432,427 7,232,009 (7,664,434) 7. Resources expended 2024 Total 2023 Total Wages and Salaries Public relations Consultantslstudies Conferencelsponsorship events Travel and subsistence Training Rent and Sep41 charge Insurance Depreciation Computer expenses Governan costs other costs 1,351,758 23,911 5,250 10,963 1,632 1,346 28,161 79,707 277 1,811 4,597 112,752 1,622,165 1,128,290 20,428 9,535 4,771 22,033 83,805 2.058 10,928 3,469 25,376 1,314,537 22
AcnoN RENEWABLES IA COMPANY LIMITED BY GUARAHfEO ANNIJAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 7. Resources expended (cont'd) Basis European Projects Other Activities Total 2024 Total 2023 Salaries and wages Time spent 2,704 1,349,054 1,351,758 1,128,290 Public relations Direct 23,911 23,911 20,428 Consultantsl studies Direct 5,250 5,250 Conference Isponsorship events Motor, travel & subsistence Dlrect 10,963 10,963 9,535 Usage 1,632 1,632 4,771 Training Direct 1,343 1,346 3,844 Rent Area 56 28,105 28,161 22,033 Insurance Area 159 79,548 79,707 83.805 Computer exp Usage 1,807 1,811 10,928 Depreciation Direct 276 277 2,058 Govemance 4,597 4,597 3,469 Other costs Direct 1,495 111,257 112,752 25,376 4,422 1,617,743 1,622,165 1,314,537 23
AcfioN RENEWABLES IA COMPANY LIMITED BY GIMPANTEei ANNIJAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS {Cont'd) 8. Net outgoing resources 2024 2023 This Is stated after charglng: Staff costs (note 9) 1,351,758 1,128,290 Depreciation - owned assets 61,441 39,567 Auditors, remuneration 10,410 10,842 9. Employee Informatlon 2024 2023 Staff costs Wages and salaries 1,177,627 973,936 Social security costs 108,044 94,180 Other pension costs 66,087 60,174 1,351,758 1,128,290 Average monthly number of persons employed by the group (including directors) during the year Number Number Employees 36 32 There were two employees with remuneration in excess of £60,000 (2023.. hvol. The total amount of benefits ceiVed by key management personnel in the period was £264,272 (2023.. £221,895}. The Charity considers its key management personnel to comprise of the Chief Executive, the Finance Director, and the Chief Operating Officer. 24
ACllON RENEWABLES IA COMPANY LIMtfED BY GUARANTEEI ANNUALREPORT FOR THEYEAR ENOED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 10. Dlrectors, remun8ration 2024 2023 Directors, remuneration 233,099 182,309 The company has indemnity insurance for its directors at a cost of £5.600 (2023 - £5.600). The number of directors to whom retirement benefits are accruing under defined contribution schemes in respect of qualfying services is 1 (2023.. 1). The aggregate amount of contributions paid in respect of directors, qualifying services is £7,830 (2023: £7,176). The Chief Executive and accountant, who are also directors, have weived remuneration as provided for by the company's Memorandum and Articles ofAssociation. The company paid £8,816 (2023.. £8,240) to the Chairman, this is included in the amount disclosed above. Each non-executive director received £3,206 £11,143 {2023: £543 £10,414) 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 furtheran of the charity's primary objectives, if these profits and surpluses are applied solely ft)r charitable purposes. 25
AcnoN RENEWABLES IA COMPANY UMITED BYGUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 12. Tanglble fixed assets Group Leasehold Furniture and fittlngs Computer Equlpment Improvements Plant Total Cost: At 1 April 2023 330,937 123,476 235,789 690,202 Additions 43,966 51,585 14,492 11,875 121,918 Disposals At 31 March 2024 43,966 382,522 137,968 247,664 812,120 Accumulated depreclation: At 1 April 2023 88,637 110,411 208,358 407,406 Depreciation charge for the year 9,550 29,508 4,049 18,334 61,441 Disposals At 31 March 2024 9,550 118,145 114,460 226,692 468,847 Net book value: At 31 March 2024 34,416 264,377 23,508 20,972 343,274 At 1 April 2023 242,300 13,065 27,431 282,796 26
ACTION RENEWABLES IA COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR ThE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 12. Tangible flxed assets (cont'd) Charltable company Furnfture and fittings Computer Plant Equipment Total Cost: At 1 April 2023 62,168 83,136 66,296 211,600 Additions Disposals At 31 March 2024 62,168 83,136 66,296 211,600 Accumulated depreciation: At 1 April 2023 Depreciation charge for the year 61,926 83,007 66,296 211,229 178 99 277 Disposals At 31 March 2024 62,104 83,106 66,296 211,506 Net book value: At 31 March 2024 67 31 94 At 1 April 2023 242 129 371 27
AcfioN RENEWABLES (A COMPANY UMITED 8YGiIARANTEEI ANNiIAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Icont'd) 13. Investments Group Movements In fixed a88Ot investments Unquoted Investments Quoted Investments Total Investments Cost As at 1 April 2023 Additions Disposals, at valuation (Decrease) in cash hold Realised gain on valuation Unrealised gain on valuation As at 31 March 2024 150,000 59,500 961,882 137,146 (113,328) (9,544) 8,560 48,696 1,033,412 1,111,882 196,646 (113,328) (9,544) 8,560 48,696 1,242,912 209,500 Carrylng amount At 1 April 2023 150,000 961,882 1,111,882 At 31 March 2024 209,500 1,033N12 1,242,912 Investments are managed on a discretionary basis by an independent investment broker. The investments are held at market value. 28
AclloN RENEWABLES IA COMPANY LIMED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Icont'd) Charitsble Company Investment in Subsldlary 2024 2023 Investments Movements in flxed asset Investments Quoted Investments Shares In group undertakings Cost or valuatlon At 1 Aprll 2023 Additions Disposals, at valuation (Decrease) in cash hold Realised gain on valuation Unrealised gain on valuation As at 31 March 2024 961,882 137,146 (113,328) (9,544) 8,560 1,033,412 Carrying amount At 1 April 2023 961,882 At 31 March 2024 1,033,412 Details of the principal investments in which the Company holds 200/0 or more of the nominal value of any class of share capital during the year are as follows.. Subsidlary Undertaklngs Holdlng Proportion held of votlng rlghts and shares 1000/0 Direct Nature of Bu8lness Action Renewables Trading Limited ARES Market Services Limited Ordinary Shares Advising on and Energy trading in Rerbewables Ordinary Shares 1000kn Indirect Trading of electricity Zevon Energy Limited Ordinary Shares 1000/0 Direct Dormant For the year ended 31 March 2024 neither Action Renewables Energy Trading Limited nor Zevon Energy Limited retained neither a profit nor a loss and at 31 March 2023 and both companies had aggregate capital and reserves of£1. For the year ended 31 March 2024 ARES Market Services made a loss of £95,671 and had net liabilities of £45,670. 29
ACTION RENEWABLES (A COMPANY LIMITED 8YGiIARA EEl ANNUAL REPORT FOR THE YEAR ENDED al MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (Cont'd) 14. Dobtors Group 2024 Charltable company 2024 2023 2023 Trade debtors Prepayments and accrued income other taxes and social security Other debtors Due from subsidiary 3,114,245 277,021 119,838 106,547 28,582 37,357 327,333 173,466 2,311 95,287 16,200 87,515 8,870 64,947 2,811,406 2,480,004 2,917,874 2,648,666 3,589,998 594,391 15. Credltors: amounts falllng due wlthln one year Group 2024 Charltablo company 2024 2023 2023 Trade creditors Other taxes and social security Other creditors Accruals and deferred income 6,828,830 4,674,958 86,128 94,595 31,845 4,017 228,692 560,470 7,175,495 5,377,798 80,202 86,127 3,120 69,945 239,394 72,292 66,353 3,084 51,638 193,367 16. Analys18 of unrestrfcted fund8 Balance Movement in Resources Balance 1 April 2023 Incoming Outgoing 31 March 2024 Unrestrfcted Funds 4,011,636 2,911,713 (1,985,923) 4,937,426 30
AlON RENEWABLES IA COMPANY LIMITED BYGUARANTEEI ANNWIL REPORT FOR THE YE4R ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS {Cont'd) 17. Obllgations under leases At 31 March 2024, the company was committed to making the following payments under non-cancellable operating leases as set out below.. 2024 2023 Operating leases which expire.. Within one year 49,806 49,806 Within 2- 5 years 99,612 124,526 149,418 174,332 18. Llablllty of member8 Action Renewables is a company limited by guarantee. The liability of the members is limited to an amount not exceeding £1. 19. Pen8lon commitments The company operates a defined contribub.on pension scheme. The assets of the scheme are held separately from those of the company. The cost and charge represents contribulions payable by the company to the fund and amount to £66,087 (2023.. £60,174). There were no outstanding amounts payable to the pension scheme at 31 March 2024. 20. Reconciliation of net movements In funds to nèt cash flow from operatlng actlvlties 2024 2023 Net movement in funds for the year 925,790 739,179 Growth in investments 62,325 Interest received (62,165) Depreciation 61,441 3g,567 Increasel(Decrease) in creditors 1,797,696 1,165,000 (Increase)IDecrease in Wl P 11,037 (10,845) (Increase) IDecrease in debtors (2,995,606) (371,224} Net cash (ouMow)inflow from operating activities {261,807) 1,561,677 31