British Institute Of Energy Economics (T - Charities report - 22.2

REGISTERED COMPANY NUMBER: 01874015 (England and Wales)

REGISTERED CHARITY NUMBER: 326875

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2021

FOR

BRITISH INSTITUTE OF ENERGY ECONOMICS

(THE)

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

12

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity holds seminars, talks and conferences to promote a better understanding of energy matters from an economic perspective. These are run on a low or no cost basis to enable those who cannot afford commercial conference/seminar rates to participate in such events. To develop the next generation of professionals, the BIEE offers students discounted membership, research prizes and financial support.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Significant activities

BIEE has continued to adapt its event programme in response to the pandemic this year. Between January and April, we held four webinars starting in January with a presentation and discussion of The Sixth Carbon Budget with Chris Stark, CEO of the Committee on Climate Change. This was followed by a Carbon Policy for Net Zero with Vivienne Geard Deputy Director, BEIS and Daniel Sturge Energy Policy Advisor at the Energy Systems Catapult, and our regular Scottish Energy Seminar held in conjunction with the University of Edinburgh Business School. The Scottish event examined how business and government can work collaboratively to make a success of COP26. Speakers included Lord Callanan, UK Government Minister for Climate Change, Keith Anderson, Chief Executive of Scottish Power; Professor Janette Webb, University of Edinburgh, and BIEE President Professor Charles Hendry.

Our April seminar explored different energy, technology, and policy strategies to decarbonise the economic system by 2050 and contrasted the UK's decarbonisation strategy outlined by Alec Waterhouse Head of Modelling BEIS with global pathways presented by Martin Haigh Senior Energy Adviser from Shell. Our third seminar featured Ingrid Holmes from the Green Finance Institute and Bruce Jenkyn- Jones from Impax Asset Management who considered whether renewable investment stocks might be overheating.

On October 19th we planned to hold our postponed seventh Future of Energy lecture with guest speaker Greg Jackson the founder and CEO Octopus Energy, however this event had to be further postponed to 2021 due to the continuing impact of COVID on face-to-face meetings in London.

Our thirteenth Oxford research conference 'Energy for a Net Zero Society' was successfully held in September 2021.We adjusted the focus of the conference to address both a green recovery as well as a just transition. We were to maintain the full two-day conference programme by running the event in a hybrid format both in Oxford and online. We also added the popular 'Diversity for Net Zero' breakfast session to the programme and retained the student and young energy professionals session.

We held two further successful webinars in November and December. The IEA World Energy Outlook was presented by Laura Cozzi and Tim Gould from the IEA in November and Luis Mundaca from Lund University was the speaker for a December webinar on the popular topic of Behavioural economics, energy and climate policy.

Our new BIEE website went live in August and marks the end of a 3-year programme to upgrade our membership management systems and online services for our members, providing members with more opportunities to interact and share ideas and opinions with other members and with the BIEE Council.

Future plans and developments

The Future of Energy lecture will be held in March, delayed from the autumn of 2021, and our guest speaker will be Greg Jackson, chief executive of Octopus Energy. The event is sponsored and hosted by PWC. As the lecture was held over from September 2021 we are considering future options: whether to have a second lecture in the autumn period as previously, or schedule forthcoming lectures in March, so they do not clash with our conferences.

We have begun planning for our bi-annual policy conference, with an eight-member committee including three from outside the Council. This year it will be held for the first time at One Birdcage Walk (ie IMechE). The conference title is 'Energy beyond the crisis: how can markets deliver an affordable transition?' Among the themes will be: market designs; managing risks and shocks; and market places (looking at the right scales and sectors for market frameworks).

The seminar schedule for the first half of the year is taking shape with a seminar on heat pumps in March, complementing our Future of Energy lecture, and the Scottish seminar. We are also planning a seminar in June in conjunction with ECIU, date to be confirmed.

Regarding the autumn series we are considering whether to proceed with in-person events and whether to use venues outside London as part of the efforts to broaden membership.

We have set up standardised arrangements for cross-promotion of events with other organisations. They will list our seminars, lectures and conferences on their websites or newsletters, also raising visibility among new potential member groups, and we will reciprocate.

Now that the new website is complete and it offers a much easier membership and renewal process and we are working to recover membership numbers after they declined slightly during Covid. A membership subcommittee is looking at our offer to corporate members and academic bodies. Gemserv has joined as a corporate member this year. For individual members we made a series of minor changes to encourage people to join or renew, such as waitlisting non-members for events, and made BIEE member communications more regular and consistent. We are looking at a direct contact with lapsed members to invite them to rejoin.

Financial review

The main aim of our financial management is to maintain a stable position that, while not accumulating excessive reserves, allows flexibility to improve the breadth and quality of the activities in line with our stated aims. In terms of reserves, we aim to maintain a balance of funds sufficient to cover one year's average operation costs or two years' administration expenses.

2021 has been another financially challenging year, though BIEE was at least able to hold the postponed Oxford Research Conference. The website, now launched, has come in on budget. However, a number of factors have adversely affected the financial position including, higher conference costs related to running a hybrid event and reduced conference delegate income due to reduced registration fees and lower in-person attendance. In addition, further one-off costs have been incurred related to work on the new website, the handover period for the change in the BIEE Administrator, plus legal costs associated with the revisions to the Articles. There is an expectation that expenditure returns to normal levels next year and we are aware that we should not rely on the conferences to make the same profit margins as previously.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The company was incorporated in 1984 and became a registered charity in 1985. It is governed by a Memorandum and Articles of Association.

The Charity is governed by the Trustees who hold regular meetings. At these meetings policies and objectives are discussed together with the management required to achieve these objectives. The Trustees consider and invite members to become a Trustee to help promote and support the Charity.

Any potential prospective Trustee is proposed to the Trustees who discuss their suitability and the additional experience and broadening of knowledge that will assist in the development of the charity. If the Trustees consider someone suitable they will vote on the matter.

The Trustees are responsible for the compliance of duties under the Charities Act and have instigated policies and procedures to ensure this is maintained.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01874015 (England and Wales)

Registered Charity number

326875

Registered office

Milton House

Gatehouse Road

Aylesbury

Buckinghamshire

HP19 8EA

Trustees

Mr V B Beckers Economist, Non Executive Director

Dr J M Blazquez Lidoy Economist

Dr W J Blyth Energy Consultant

Dr G M Davies Economist

Mr G A Day Director

Mr A R Gault Civil Servant (resigned 14/9/2021)

Ms V M Geard Economist

Professor R J Green Academic (resigned 14/9/2021)

Dr R J K Gross Academic

Mr C Hendry Professor

Dr M Ishwaran Economist

Professor Y Kalyuzhnova Professor

Mr N P Screen Management Consultant

Mr A Stavropoulos Management Consultant (resigned 14/9/2021)

Mr P A Stewart Energy Analyst/economist (resigned 14/8/2021)

Mr M Thompson Economist

Mr J R Thurlwell Economist (resigned 31/12/2021)

Mr A J Waterhouse Director

Miss J Wood Editor

Dr M J Hannon Senior Lecturer

Company Secretary

Mr A J Waterhouse

Independent Examiner

Daniel Drury

APS Accountancy Limited

Cromwell Court

4 New Street

Aylesbury

Buckinghamshire

HP20 2PB

Approved by order of the board of trustees on 2nd March 2022 and signed on its behalf by:

Mr A J Waterhouse - Secretary

Independent examiner's report to the trustees of British Institute Of Energy Economics (The) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Daniel Drury

APS Accountancy Limited

Cromwell Court

4 New Street

Aylesbury

Buckinghamshire

HP20 2PB

15th June 2022

31/12/21

31/12/20

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

30,435

28,526

Other trading activities

2

64,247

1,190

Investment income

3

4

113

Total

94,686

29,829

EXPENDITURE ON

Charitable activities

General

102,738

69,718

NET INCOME/(EXPENDITURE)

(8,052

)

(39,889

)

RECONCILIATION OF FUNDS

Total funds brought forward

51,166

91,055

TOTAL FUNDS CARRIED FORWARD

43,114

51,166

31/12/21

31/12/20

Unrestricted

Total

fund

funds

Notes

£

£

CURRENT ASSETS

Debtors

6

1,658

15,584

Investments

7

3,000

3,000

Cash at bank

42,015

64,162

46,673

82,746

CREDITORS

Amounts falling due within one year

8

(3,559

)

(31,580

)

NET CURRENT ASSETS

43,114

51,166

TOTAL ASSETS LESS CURRENT LIABILITIES

43,114

51,166

NET ASSETS

43,114

51,166

FUNDS

9

Unrestricted funds

43,114

51,166

TOTAL FUNDS

43,114

51,166

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 2nd March 2022 and were signed on its behalf by:

Mr A J Waterhouse - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	OTHER TRADING ACTIVITIES

31/12/21

31/12/20

£

£

Conference income-delegates

35,079

-

Sponsorship

28,500

-

Other income

535

190

Meetings income

133

1,000

64,247

1,190

3.	INVESTMENT INCOME

31/12/21

31/12/20

£

£

Deposit account interest

4

113

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.

5.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31/12/21

31/12/20

Admin

1

1

No employees received emoluments in excess of £60,000.

6.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Other debtors

1,658

15,584

Other Debtors noted above relates to costs associated with the 2020 conference that have already been incurred.

7.	CURRENT ASSET INVESTMENTS

31/12/21

31/12/20

£

£

Other

3,000

3,000

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Subscription in advance

3,500

31,580

Accruals and deferred income

59

-

3,559

31,580

9.	MOVEMENT IN FUNDS

Net

movement

At

At 1/1/21

in funds

31/12/21

£

£

£

Unrestricted funds

General fund

51,166

(8,052

)

43,114

TOTAL FUNDS

51,166

(8,052

)

43,114

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

94,686

(102,738

)

(8,052

)

TOTAL FUNDS

94,686

(102,738

)

(8,052

)

Comparatives for movement in funds

Net

movement

At

At 1/1/20

in funds

31/12/20

£

£

£

Unrestricted funds

General fund

91,055

(39,889

)

51,166

TOTAL FUNDS

91,055

(39,889

)

51,166

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

29,829

(69,718

)

(39,889

)

TOTAL FUNDS

29,829

(69,718

)

(39,889

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1/1/20

in funds

31/12/21

£

£

£

Unrestricted funds

General fund

91,055

(47,941

)

43,114

TOTAL FUNDS

91,055

(47,941

)

43,114

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

124,515

(172,456

)

(47,941

)

TOTAL FUNDS

124,515

(172,456

)

(47,941

)

10.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2021.

11.

CUSTODIAN

The Trustees have been granted the Custodianship of the Andrew Holmes Memorial Trust. They have discretion over the use of this fund. At 31 December 2021 the balance of the fund was £5384.