NOF Energy Ltd
Directors' Report for the Year Ended 31 March 2025
Chief Executive's statement
NOF continues to be a proactive membership organisation with a strong reputation for delivering high quality business development support to members and a partnering ethos working with other industry stakeholders.
The organisation has a forward outlook and remains financially sustainable for the long term.
Our membership is steady with good member retention which demonstrates value for money and the delivery of impactful business support.
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 relied on and a trusted partner. 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 15 strong meaning we have a good level of internal resource to meet member needs. We have a friendly and dedicated team who continue to deliver and go the extra mile.
The 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 sector means the team continue to grow their network and knowledge base about projects and opportunities which ultimately benefits our members. These events also provide the team with the opportunity to engage with members also present.
In relation to the sectors in which we operate, energy transition and diversification is central to our strategy. This means continuing to focus on our oil and gas activities, plus offshore wind, nuclear, CCS and Hydrogen. However, NOF is also quick to react to other opportunities that may present in related industries such as geothermal, renewable transport fuels and defence as examples.
NOF continues to provide supply chain engagement support services under contract across the energy industry to many key clients including Inchcape Offshore Wind Farm, Hynet, X Energy, NZT Power, Dogger Bank Wind Farm and Sofia Offshore Wind Farm to name but a few.
The events service continues to thrive and evolve. 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 and pre and post event support.
2024 saw the newly introduced Event Reports being made available to members which include highlights from the event, themes, opportunities, challenges and importantly contact information / supplier portal links for follow up; these have been well received.
The flagship events continue to perform well, these include Offshore Wind North East (OWNE), Nuclear North East Conference and Net Zero Conference and several networking lunches focussed on projects across the energy mix. New venues are being used for NOF events to keep things fresh with new branding in place for the flagship events to ensure they stand out.
The free to attend NOF Engage events continue, these are both face-to-face and online to cater for members in different locations. These events provide members with the opportunity to simply network and pitch to other members.
An important focus area at present for NOF is addressing AI. An AI strategy is now in place alongside a policy to ensure the NOF team use AI responsibly and the business is protected. Going forward AI tools are being introduced cautiously into the business, but we expect to see huge benefits in terms of saving time and resource efficiency, improved research, enhanced marketing and member communication.
A digital health check has recently been completed with research now underway to identify a new CRM and other internal systems which integrate, again saving time and resource and making the organisation more efficient.
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 goal being new leasing rounds in North East England waters.
The region has now been identified as a priority area for future offshore wind developments in the UK by the Crown Estate with the Combined Authorities based in the region also including offshore wind and clean energy in their Local Growth Plans. Both Combined Authorities continue to provide funding for the cluster.
In June 2025, an independent evaluation was completed on Energi Coast which highlighted that it has delivered a high-performing, strategically important cluster programme that is driving economic growth whilst advancing the UK’s net zero transition.
It stated that Energi Coast is a national asset with regional roots and that the cluster activities were professionally managed and strategically relevant to the audience, events were praised for networking value and insight sharing and NOF’s sector knowledge and national reputation added credibility to the cluster itself.
The report also highlighted that the cluster is professional and well-resourced by NOF, has strong leadership, is responsive, and has deep sectoral engagement. It is also trusted by regional and national partners.
The Energi Coast programme exemplifies how regional industrial clusters can deliver national impact. It combines strong governance, deep sector expertise, and inclusive business support to deliver a high-value, high-impact programme that advances the UK’s clean growth agenda. Its achievements to date are substantial, but the scale of future opportunity demands sustained investment, strategic foresight, and continued collaboration across industry and government.
In summary, the NOF strategy remains simple but effective, we connect people in businesses to each other, we find and highlight supply chain opportunities for our members, we raise their profile to industry, deliver vital industry intelligence and importantly engage with 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 strong financial performance for 2024-25 that again 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 £232,486 (2024 - £231,750)
Details of the company's subsidiaries at 31 March 2025 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 C T Hewitt being a partner. During the year the company raised invoices with a net value of £2,250, (2024: £2,080) for services provided to Ward Hadaway. The company was invoiced £1,534 (2024: £1,803) by Ward Hadaway for legal services. At the year end £nil (2024: £nil) was outstanding.
During the year, the company made sales of £99 (2024: £4,488) to Francis Brown Limited, a company related through Mr J G Brown a director of the company. As at the year end £nil was receivable (2024: £nil).
During the year, the company sold £625 (2024: £883) 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 (2024: £nil).
The company is related to Durham University through director A Lowdon. During the year the company made sales of £5,470 (2024: £4,440) to Durham University. At the year end, £nil (2024: £nil) was outstanding.
The company is related to The Knowledge Spiral Ltd through director A Lowdon. During the year the company raised invoices of £2,200 (2024: £2,200) for services provided. At the year end, £2,640 (2024: £nil) was outstanding.
During the year, the company raised invoices of £198 (2024: £490) to PX Limited, a company where P Pogue is an employee of the company. No amounts were outstanding at the year-end (2024: £nil).
During the year, the company raised invoices of £18,945 (2024: £67,490) to Equinor New Energy Limited, a related company through T B Nightingale, an employee of the company. No amounts were outstanding at the year end (2024: £nil).
During the year, the company raised invoices of £11,995 (2024: £9,495) to Dogger Bank Wind Farm, a related company through T B Nightingale, an employee of the company. No amounts were outstanding at the year end (2024: £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 (2024: £nil) for services provided. At the year end £nil (2024: £nil) was outstanding.
During the year, the company raised invoices totalling £nil (2024: £1,608) to Sword Phusion, a company where A Hayward is an employee of the company. No amounts were outstanding at the year end (2024: £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 £nil (2024: £198). At the year end £nil (2024: £nil) was outstanding.
During the year, the company raised invoices totalling £2,434(2024: £1,753) to ITS Operations, a company where A Mills was director. No amounts were outstanding at the year-end (2024: £nil).
During the year, the company raised invoices totalling £1,066 (2024: £198) to ITS Limited, a company where A I Mills was director. No amounts were outstanding at the year end (2024: £nil).
During the year, the company raised invoices totalling £2,025 (2024: £2,088) to PDL Solutions (Europe) Ltd, a company where E Waterman was a director. No amounts were outstanding at the year end (2024: £nil).
The company is related to Atkins Realis through director N Gray. During the year the company made sales of £4,730 (2024: £nil) to AtkinsRealis. At the year end, £nil (2024 - £nil) was outstanding.