ACTION RENEWABLES IA COMPANY LIMITED 8Y GUARANTEE) ANNUALREPORT FOR THE YEAR ENDED 31 MARCH 2024 DIRECTORS, REPORT The trustees. who are also the directors of the company, present their annual direGtors' report together with the consolidated financial statements of the charity an(1 its subsidiary for the year ended 3151 March 2024. The directors have adopted the Pfovisions of the Companies Act 2006, the Statement of Recommended Practice (SORP)"Accounting and Reporting by Charities" effective in January 2015 and FRS 102"The Financi81 Reporting Standard Applicable in UK and Republic of Ireland. in preparing the annual reF)Ort 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 on4Joing basis. The Chief Executive and the Chief Operations Officer deal with the daily adminislralion of programrnes and services. We operate from Belfast throughout Northern Ireland, the rest of the UK, Ireland, and in Europe. The charity has established a wholly owned subsidiary, Action 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 derivatlves, is donated lo Action Renewables. ARES Markét Services Limited, established 2022 is another subsldiary ofAction Renewables Energy Trading Limited. In line with good govern8nc8, Action Renew8bles, Action Renewable5 Energy Trading Limited and ARES Market Services Limited are gov8rned by a Resource Sharing Agreemenl, Statement of Reserved Mattets and Deed of Covenant as appropriate bebNeen the legal entities. Strategy Action Rènewables is widely recognised as one of the foremost authorities on renewable energy in Northern Ireland. Its charitable objectives are.. Adv8nce to the benefit of the public, the protection and improvement of the environment, through the promotlon 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 schemas 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 wlsh 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 ro18 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 barri8rs that hinder the rate of renewable energy deployment and make these services accessible to all. Action Renewabl8S' Strategy has continued to be to work in areas in line with its staff competences, expertise and experience. Additionally, the organisation promotes staff development and facilitales staff to explore and develop new services within the areas of energy, the environment and climate change
AcnoN RENEWABLts IA COMPANY UMITED BY GUA114MTEEI ANNUAL REPORT FOR THÉ YEAR eNDED 31 MARCH 2014 DIRECTORS, REPORT CONT. Flnanclal revlaw and risk developmont During the year the group received unrestricted income of £2,840,182 and incurred expenditure of £1,985,923. Including Ihe 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 31 st 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 forActlon Renewables and Action Renewables Energy Trading Limited its trading subsidiary as required under The Statement of Recommended Practice ISORP) "Accounling and Reporting by Charitles" effective in January 2015 and FRS 102'The Financial Reporting Standard Applicable in UK and Republlc 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 durfng 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 18 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 withln the principles, set out in accordance with its charitable objectives in tha ArtIGles of Association. Going concern We refer to note 1, fijndamental accountlng 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 lo 1st April 2025 showing that provlded the key assumptions are mel, 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 Ihat it is therefore appropriate to 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. Re8erve8 poIIcy It is the charity's policy to fetsin a level of available resources which meets the needs of Ihe organisation. The Board of Trustees agreed thatAction Renewables should aim to have a reserve of 12 months operating costs plus wlnd-up costs. Reserves should be increased at a similar rate to oper8tional costs on an annual basis. and consistent wilh the charity's overall financial position and its need to maintain and develop its charitable activities. Plans for future perlod8 and charltable actlvStle8 Our Vlslon.. To support a world which recognises Ihe climate emergency and to take measures to prevent and mitigate against those impacts, through using renewable energy. energy efficiency, renewable transport and renewable prcducts. Our Misslon: Action Renewables operatas primarily in Northern Ireland, but also in GB and Rol. Our customers are renewable energy generators, users and suppliers. While the charity is primarily concerned with mitigatlng climate Change and promoting renewable energy, the trading subsidiary IARETI 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.
AcnoN RENEWABLES IA COMPANY LIMrrED 8YGUAFL4NTEEI ANNUAL REPORT FOR THEYEAAÉNDED 31MAACH 2024 DIRECTORS, REPORT CONT, Our Purpose: Advocate, InteNene 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. During this year, Action Renewables celebrated its 20th Anniversary. To mark the occasion, the organisation hosled a lunch with stakeholders at the Greal 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. TheAction Renewables Energy Slorage Scholarship is open to Ulster Universlty 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 slgnlficant milestones in various areas. The organisation continued to operate and promote the Charity PV Programme, which supports not- for-profit organisations by reducing theirenergy 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 renewable 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 (HECAI panel, contributing to discussions on energy efficiency and fuel povety. Environmental efforts by Action Renewables were spearheaded by its internal Climate Action Group, whlch Is on track lo exceed ils target of a 50 % emission reduction by 2030, having already achieved 480h. The group reports Action Renewables, environmental performance in areas including energy, resources, and waste ihrough 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 oulstanding Msc dissertation thesis in the field of energy research. Additionally, Action Renewables sponsored the Energy Institute Nl's 'Young Professionals Network, 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 lo speak at several schools, offering students valuable information about climate change in Ilne with Iheir curriculum. The ofganisation continued its relationship wlth Children of the Nation5 {COTNI and MLtlanje Misslon Hospltal Sn Soulhern Malawi through local contacts in Northern Ireland, supporting the Mulanje Mission Hospital cookslove project, which has deployed over 7,000 safe and carbonefficient cookstoves. Action Renewables is collaborating with Belfast City Council on the Belfast'Local Area Energy Plan, ILAEP) 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 Nelmork,. a three-year initiative supporting community groups in developing knowledge sharing and community-led energy projecls. This UK-wide project, funded by the National Lottery Community Fund. includes partners from England, Scotland, and Wales, with Action Renewables representing Northern Ireland.
AcnoN RENEWABLES IA COMPANY LIMITED BY GUARANTEEI ANNUALREPORT FOR THE YEAR ENDED 31 MARCH 2024 DIRECTORS, REPORT CONT, Statement of directors. responslbllities The directors who served during the year afe shown on page 1 ofthe 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 statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom GenerallyAccepted 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, ihe directors are required to: select suitable accounting policies and then apply them consistently., observe the methods and princlples in charities SORP., make judgements and estimates that are reasonable and prudent: slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements., prepare Ihe financial slaternenls on the going concern basis unless it 1$ Inappropriate to presume that the company will continue in business. The directors are responslble for keeping proper accounting records that disclose with reasonable accuracy at 8ny time the financial position of the charity and to enable them to ensure that the financial slaternenls comply with the Companies Act 2006. They are also responsib18 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 Informatlon to auditorn 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 5ts report, of whlch the auditor is unaware. the trustees having made enquiries of fellow directors and the group's auditor that they ought lo have individually taken, have taken all the step5 that helshe is obliged to take as a director in order to make themselves aware of any relevant audit information and lo establish that the auditor Is aware of that information. Small company exemptlon This report has been prepared in accordance with the special provisions relating to companies subject lo the small companies regime wilhin 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 29/oFl2014