NOF remains to be a reliable, forward-thinking and sustainable organisation with an enviable reputation for delivering high quality business development support to members.
Our membership network remains strong with member retention good. This is a clear sign that the support we provide is of value and makes a difference to the businesses we represent. NOF continues to be a key component of the energy sector supply chain across the UK and is often referred to as a safe pair of hands, an organisation which can be trusted and relied upon to deliver high quality support. Our engagement across all levels of the supply chain means we are very well connected to industry and well respected amongst the stakeholder community, including regional and national Government.
The NOF team is now 15 strong meaning we have a good level of internal resource to meet member needs and continue to provide high quality services. We have a friendly and dedicated team who continue to deliver.
In 2023 and 2024 new Board Directors have come onboard bringing new and fresh thinking. A 3–5-year Board Succession plan is in place, ensuring the expertise and knowledge is there to help shape the future direction of the organisation.
The service offering continues to evolve, members are and always have been at the heart of what we do and is reflected in our daily engagement activities. This member engagement is managed through multiple channels: face to face meetings, Teams meetings, networking at our own events and at the many industry events where NOF has a presence. This external event presence across the wider energy sectors means the team continue to grow their network and knowledge base about projects and opportunities which ultimately benefits our members. Attending external events allows the team to engage regularly with members.
In relation to the sectors in which we operate, energy transition is central to our strategy. This means continuing to focus on our oil and gas activities, capitalise on offshore wind and nuclear industry developments plus focus on the future potential in both CCS and Hydrogen. However, NOF is also quick to react to other opportunities that may present in related industries such as Geothermal, SAF and Defence as examples.
NOF continues to provide supply chain engagement support services across the energy industry to many of industry’s key clients including Dogger Bank Wind Farm, RWE, Drax, Worley and Jacobs to name but a few.
The events service continues to thrive and evolve. Numbers are increasing with exceptional feedback coming through from delegates. NOF takes huge pride in delivering high quality events that deliver impactful networking, knowledgeable speakers and the opportunity for members to further enhance their profile through sponsorship and exhibiting, all the while ensuring members get more benefits such as reduced costs to attend, pre and post event support
More flagship events were added to the calendar in addition to Offshore Wind North East (OWNE). Successful conferences and exhibitions delivered include the Scotland Supply Chain Conference, Energy Transition Conference and several networking lunches focussed on projects across the energy mix.
The OWNE Conference and Exhibition in November 2023 saw record numbers and we expect OWNE 2024 to be even better with the majority of stands and sponsorship opportunities in great demand.
The Energi Coast offshore wind cluster is developing at pace. This cluster, owned and operated by NOF continues to lead the way and is the driving force behind a campaign to bring deepwater offshore wind to the region (fixed developments in deeper waters and floating offshore wind). The ultimate goal being a new leasing round in North East England.
NOF has also successfully delivered many supply chain engagement activities for clients (mainly operators, developers and Tier 1 contractors) under contract. These contracts mean NOF is well connected into projects which ultimately benefits members as well as the wider supply chain.
The NOF strategy is simple but very effective, we connect people in businesses to each other, we find and highlight opportunities for our members, we raise their profile to industry, deliver vital industry intelligence and importantly meet them on a regular basis. Introductions and referrals are at the heart of the NOF business mode; all delivered by a friendly, engaging and well-connected team.
This set of accounts shows a financial performance for 2023-24 that exceeds our budget expectations and importantly secures a long-term future for NOF. This organisation has a plan in place to ensure we are here for the long-term and we will continue to listen and consult with our members to ensure we deliver what they both want and need.
NOF Energy Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor, Thames House, Mandale Business Park, Belmont Industrial Estate, Durham, DH1 1TH.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Membership income is recognised on a straight-line basis over the duration of the annual membership
Event income is recognised when the event has occurred
Consultancy income / commercial contract income is recognised when the service or series of activities under the agreement have been delivered
Marketing and Sponsorship income is recognised when the service has been provided
Subscription income from the offshore wind projects database is recognised on a straight-line basis over the duration of the annual subscription and aligned to the duration of NOF annual membership
Income from the public sector to support the Energi Coast cluster is recognised over a specific duration, usually 2 years.
Expenses include VAT where applicable as the company cannot reclaim it.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
Investments in shares which are not subsidiaries are initially measured at fair value, which is normally the transaction price (cost). Such assets are subsequently carried at fair value (and the changes in fair value are recognised in the profit and loss account), except that investments in shares that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
The average monthly number of persons (including directors) employed by the company during the year was:
The historic cost value of listed investments is £201,127 (2023 - £207,732)
Details of the company's subsidiaries at 31 March 2024 are as follows:
The principal activity of the company is that of a dormant company.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
The company is related to Ward Hadaway by virtue of director CT Hewitt being a partner. During the year the company raised invoices with a net value of £2,080 (2023: £2,120) for services provided to Ward Hadaway. The company was invoiced £1,803 (2023: £363) by Ward Hadaway for legal services. At the year end £nil (2023: £nil) was outstanding.
During the year, the company made sales of £4,488 (2023: £4,470) to Francis Brown Limited, a company related through Mr J Brown a director of the company. As at year end £nil was receivable (2023: £777).
During the year, the company sold £883 (2023: £725) of consultancy services to Armstrong consultancy, a company owned by D Armstrong a director of the company. No amounts were outstanding at the year-end (2023: £nil).
The company is related to Durham University through director A Lowdon. During the year the company made sales of £4,440 (2023: £9,290) to Durham University. At the year end £nil (2023 - £6,966) was outstanding.
The company is related to The Knowledge Spiral Ltd through director Mr A Lowdon. During the year the company raised invoices of £2,200 (2023: £nil) for services provided. At the year end £nil (2023: £nil) was outstanding.
During 2023, the company raised invoices of £490 (2023: £950) to PX Limited, a company where P Pogue is a director of the company. No amounts were outstanding at the year-end (2023: £nil).
During the year, the company raised invoices of £67,490 (2023: £57,335) to Equinor New Energy Limited, a related company through T Nightingale, an employee of the company. No amounts were outstanding at the year-end (2023: £nil).
During the year, the company raised invoices of £9,495 (2023: £7,495) to Dogger Bank Wind Farm, a related company through T Nightingale, an employee of the company. No amounts were outstanding at the year-end (2023: £nil).
The company is also related to DB Operational Base Limited through T Nightingale, an employee of the company. During the year the company raised invoices of £nil (2023: £31,981) for services provided. At the year end £nil (2023: £38,377) was outstanding.
During the year, the company raised invoices totalling £nil (2023: £1,495) to Phusion IM, a company where A Hayward was director until 1 July 2022. No amounts were outstanding at the year-end (2023: £nil).
During the year, the company raised invoices totalling £1,608 (2023: £nil) to Sword Phusion, a company where A Hayward was director. No amounts were outstanding at the year-end (2023: £nil).
During the year, the company was related to Haskel Energy, a company where S Learney was a director until 31 December 2022. Invoices raised to Heskel Energy during the year totalled £198 (2023: £1,935). At the year end £nil (2023: £2,322) was outstanding.
During the year, the company raised invoices totalling £nil (2023: £2,200) to ITI Operations, a company where A Mills was director until 8 November 2022. No amounts were outstanding at the year-end (2023: £nil).
During the year, the company raised invoices totalling £1,951 (2023: £nil) to ITS Limited, a company where A Mills was director. No amounts were outstanding at the year-end (2023: £nil).
During the year, the company raised invoices totalling £2,088 (2023: £nil) to PDL Solutions (Europe) Ltd, a company where E Waterman was an employee. No amounts were outstanding at the year-end (2023: £nil).