Rurelec

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ANNUAL REPORT AND ACCOUNTS 
FOR THE YEAR ENDED 31 DECEMBER 2022 
Stock Code: RUR 
Company Number 04812855

Contents 
Strategic Report       
Non-Executive Director’s Statement  
1 
Review of Financial Performance      
5 
Review of Operations      
6 
Directors’ Section 172 Statement 
8 
Our Governance 
Board of Directors       
9 
Directors’ Report        
10 
Corporate Governance Report  
13 
Our Financials 
Independent Auditor’s Report       
18 
Consolidated Income Statement      
26 
Consolidated Statement of Comprehensive Income 
27 
Consolidated Statement of Financial Position      
28 
Company Statement of Financial Position      
29 
Consolidated Statement of Cash Flows       
30 
Company Statement of Cash Flows       
31 
Consolidated Statement in Changes in Equity        
32 
Company Statement in Changes in Equity       
33 
Notes to the Financial Statements       
34 
Company Information      
56 
Rurelec PLC (“Rurelec”) is an owner, developer and operator of power generation capacity internationally. 

1 
NON-EXECUTIVE DIRECTOR’S STATEMENT 
Dear Shareholder 
The strategy for Rurelec has now evolved as the disposal of the Argentinian interests and the reduction of the cost 
base over recent years has stabilised the financial position of the Group. We will continue to seek to sell the turbines 
which may take some time and concurrently we will look to recapitalise the business through a transformative 
acquisition to deliver shareholder value. We are in the early stages of considering opportunities which will take 
some months to prepare. We are also mindful of our obligations to complete an AIM Rule 14 compliant acquisition 
within the relevant timelines. Any such AIM Rule 14 compliant acquisition will be subject to shareholder approval; 
will be notified without delay and will be accompanied by the publication of an AIM Rule compliant admission 
document in respect of the proposed enlarged entity. The proposed acquisition may or may not be in the power 
and energy sector.  
For a number of years, the Company’s shares have traded at a significant discount to net asset value making it 
dilutive to issue new shares. The Directors believe that this discount can be reduced or be eliminated if the turbines 
are sold or their value can be ringfenced for the benefit existing shareholders. This is now a priority for us in the 
short term and ahead of any acquisition. 
The year in review 
The Company’s cost base remained steady during the year, despite inflationary pressures. With relatively few 
suppliers, every invoice is scrutinised by the board, and only limited further savings can be made while Rurelec 
remains a publicly quoted company responsibly. Currently expenditure is now less than £1 million per annum.  
Group current liabilities at 31 December 2022 stood at £0.5 million, which compares with the position at 31 
December 2021 of £0.45 million.  
As announced on 16 May 2023, the Company entered into an agreement to dispose of its Argentinean Joint 
Venture being operating assets owned by Energia del Sur, S.A. (“EdS”) and held by Joint Venture PEL. 
Cash at 31 December 2022 stood at £0.45 million (2021: £0.75 million), but as at 30 June 2023, cash was £2.289 
million after the receipt of the consideration for the Disposal (but note this is before a special dividend of £1.12 
million which is due to be paid to the shareholders on 14 July 2023). 
Argentina 
These assets were transferred to Assets Held for sale on 31 December 2022. Their sale was announced on 16 
May 2023 and completed on 09 June 2023, and an initial consideration of US$3 million was received on the same 
date. Further contingent payments of up to US£2m may be payable if certain conditions, as outlined in the 
announcement of 9 May 2023, are met. 
Outlook 
As announced on 12 June 2023 the Company completed the disposal of PEL which allowed the Company to 
declare a dividend to shareholders which will be paid on 14 July 2023. The Directors now have two goals which 
will run concurrently; to sell the turbines and to undertake a transformative acquisition for Rurelec. 
The turbines have been in storage in Italy since 2008, prior to their acquisition by the Company in June 2013. 
Whilst they are of a dated design, the Directors believe they are of a high engineering quality. The Directors also 
consider that changes in global energy markets, such as those occurring as a result of the war in Ukraine, means 
there is still demand for such ageing assets. The Directors expect that they are likely to be deployed in developing 
countries and during the year the Company followed up on a number of leads in different geographies. The complex 
and often slow nature of financing power projects of the scale for which these turbines will be used makes it difficult 
for the Directors, both to determine the credibility of a purchaser, and to predict the timing of any sale, ahead of 
receipt of a contractual commitment validated by a deposit. The Directors are continuing to explore all leads, 
including the esoteric and improbable.  
The Company is seeking an acquisition to create value for shareholders. The Directors are at the early stages of 
evaluating opportunities, which will likely be subject to shareholder approval and require an AIM Rule compliant 
admission document. This process is likely to take several months, but with difficult capital markets the Directors 
anticipate that companies which are unable to list onto AIM (a market of the London Stock Exchange) through an 
IPO directly, may consider a reverse takeover (pursuant to AIM Rule 14 of the AIM Rules of Companies) with 
Rurelec to be a compelling proposition. However, the Directors believe they will need to undertake some further 
restructuring if the Company has not sold the turbines at the time an acquisition is identified in order to ensure that 
both Rurelec and the turbines achieve best value.  

As set out above, the acquisition or acquisitions which constitutes a reverse takeover under Rule 14 fo the AIM 
Rules for Companies must take place before 11 December 2023 otherwise Rurelec's Ordinary Shares will be 
suspended from trading on AIM. 
Paul Shackleton 
Non-executive Director 
30 June 2023 
2 

3 
STRATEGIC REPORT 
Strategy 
The overall strategy for the Group remains the continued stabilisation of its financial position, with the intention of 
enabling value to be realised from the asset portfolio and ultimately returned to shareholders. In pursuing this aim 
the Directors considered it appropriate to reclassify the Group’s two main assets, the Joint Venture (“JV”) assets 
in Argentina and two Siemens 701 turbines (“turbines”), as Assets Held for Sale at 31 December 2022. As 
announced on 16 May 2023 a Sales and Purchase Agreement for the JV assets had been signed in mid-May. The 
sale was authorised at the Company’s General Meeting on 1 June 2023. The completion of the sale was announced 
on 12 June 2023 and the Company received the initial £2.4 million (US$3 million) consideration on 9 June 2023, 
with the potential for further contingent consideration payable over the next 36 months. Following the disposal of 
the JV Assets, the Company became an AIM Rule 15 Cash Shell. The Directors are now focused on two goals 
which will run concurrently; to sell the turbines and to undertake a transformative acquisition for Rurelec. 
Liquidity 
This strategy has been determined by the on-going financial position of the Group. The main borrowing of the 
Group was the 2016 secured BPAC loan, which was repaid in 2019 enabling the associated debenture to be 
released. The Group thus became debt-free in 2019 and it remained debt-free throughout 2022. Current liabilities 
have remained stable at £0.5 million (2021: £0.45 million).  With the sale of PEL any further increase in Group 
liquidity is now dominated by the timing and quantum of inflows from two main sources – disposal of the turbines 
and the sale of the cash shell. 
During 2022, continued normal operations and cash generation at EdS enabled the Argentinian operations to remit 
unsecured debt repayments of £0.8 million (2021: £0.6 million) to Patagonia Energy Limited (“PEL”). Of this 
amount, Rurelec received £0.6 million (2021: £0.3 million) of debt repayments from PEL under the terms of the 
November 2019 Umbrella Agreement regulating the division of debt repayments to be made by PEL to its two JV 
partners.  
Post year end to date, the Group has received £2.4 million (US$3 million) of the initial consideration from the sale 
of PEL. 
Group liquidity - cash outflows 
There are now no group debt outflows, and outflows on Group administrative expenses were £1.0 million (2021: 
£0.97 million).  
Group liquidity – post balance sheet date sale of JV interests 
As announced on 16 May 2023 a Sales and Purchase Agreement for the PEL was signed, the sale was authorised 
at the General Meeting on 1 June along with a special dividend of 0.2p per share. As announced on 12 June 2023 
the sale completed on 09 June and the Company received the initial US$3 million consideration on the same date. 
Following the disposal, the Group became an AIM Cash Shell as defined by Rule 15. With the £2.4 million (US$ 3 
million) receipt on 09 June 2023 the Group is in a position whereby it can meet expected costs for 12 months after 
the signing of this report. 
Group liquidity - asset sales 
The Board remain hopeful for the prospects of realising other group assets notably the two Siemens 701 DU 
125MW turbines and generators in storage in Italy.  A sale of these assets would have a material effect on group 
liquidity if and when it occurs, but the sale of these units is dependent on a customer undertaking a suitable project 
as this size of older turbine are very rarely bought “for stock”- they would only be bought by a buyer with a specific 
project in mind in an appropriate territory where such turbines are permitted to operate.  Hence the exact timing of 
a future sale remains uncertain, and this introduces a natural unpredictability to the timing of receipts from such 
sales.  
Financial Results and Going Concern 
The operating loss for the year of £2.9 million for 2022 represents a slight increase in losses compared to the £2.1 
million operating loss for 2021. Included in the loss is an impairment in the carrying value of Group assets of £1.9 
million (2021: £1.5 million) coupled with administration expenses which remained stable at a Group level at £1.07 
million (2021: £0.97 million). In the prior year these losses were offset by a gain of £330k (2022: £nil) on the disposal 
of the Arica turbine, recorded in Other Income. Other Expense is comprised of £0.2 million impairment of assets in 
Chile, all assets are now fully impaired in 2023 it was decided to discontinue operations in Chile, please see note 
28 Subsequent Events for further details.  Additionally, there was a £1.7 million impairment of the JV interests on 

4 
their initial reclassification as Assets Held for Sale, the carrying value was determined as the lower of fair value 
and sales proceeds minus costs to sell.  
The overall loss before tax for the year was £2.2 million (2021: £3.6 million). There was no net finance expense 
(2021: £1.3 million). There was a £0.2 million gain in foreign exchange (2021: losses £0.2 million). 
Following the disposal of the Argentinean JV interests, the Company is deemed to be a Cash Shell pursuant to 
Rule 15 of the AIM Rules for Companies. The consequences of this are that before 11 December 2023, being six 
months after Rurelec became an AIM Rule 15 cash shell, Rurelec must make an acquisition or acquisitions which 
constitutes a reverse takeover under Rule 14 of the AIM Rules for Companies otherwise Rurelec’s Ordinary Shares 
will be suspended from trading on AIM. Furthermore, if a qualifying acquisition is not completed by Rurelec by 10 
June 2024, the admission of the Company’s ordinary shares to trading on AIM will be cancelled. The financial 
statements include a material uncertainty to going concern related to these matters as explained in note 1c. 
Key performance indicators 
The Directors use a range of performance indicators to monitor progress in the delivery of the Group’s strategic 
objectives, to assess actual performance against targets and to aid management of the businesses. 
Rurelec’s key performance indicators (“KPIs”) include both financial and non-financial targets which are set 
annually. 
Financial KPIs 
Financial KPIs address cashflow, operating profitability, net asset value and earnings per share. 
i)
Cash Flows
The Group is heavily focused on optimising cashflow generation. It regularly monitors actual and forecast 
Net Cashflows used in Operating Activities, Net Cashflows Generated by Investing Activities
(predominantly the repayment of loans from PEL) and Net Cash Used in Financing Activities (although
those will in the foreseeable future be minimal as the Group has become debt-free).  The Net decrease
in Cash and Cash Equivalents in the year was £0.3 million (2021: increase £77k), cash balances at the
year-end were £0.45 million (2021: £0.75 million).
ii)
Operating profitability
Operating loss excludes all non-operating costs, such as financing and tax expenses as well as one-off
items and non-trading items, such as negative goodwill. The exclusion of these non-operating items
provides an indication of the performance of the underlying businesses.  The Group made an operating
loss of £2.9 million in the year (2021 £2.1 million loss).
iii)
Net asset value
Net asset value is calculated by dividing funds attributable to Rurelec’s shareholders by the number of
shares in issue.  The net assets of the Group reduced in the year to 1.8 pence per share (2021: 2.2
pence per share).
iv)
Earnings per share
Earnings per share provide a measure of the overall profitability of the Group. It is defined as the profit
or loss attributable to each Ordinary Share based on the consolidated profit or loss for the year after
deducting tax. Growth in earnings per share is indicative of the Group’s ability to identify and add value.
The Group made a loss of 0.39 pence per share in the year (2021: loss of 0.65 pence per share).
Non-Financial KPIs 
Non-financial KPIs address other important technical aspects of the business, such as gross capacity, 
operating efficiency and availability. As announced on 16 May 2023 a Sales and Purchase Agreement 
for the JV assets was signed, the sale was authorised at the General Meeting on 1 June. The sale 
completed on 09 June. 

5 
Review of Financial Performance 
Group Results 
The Group loss after tax for the financial year under review is £2.2 million (2021: £3.7 million loss).  This included 
impairment adjustments of £1.9 million (2021: impairments £1.5 million), net expected credit losses of £nil (2021: 
£1.3 million), an impairment provision of £nil (2021: £0.1 million) relating to closure costs of 100 per cent. owned 
subsidiary SEA Energy S.A. and foreign exchange gains of £0.7 million (2021: £0.2 million losses). The 
impairments//Net Expected Credit Losses are detailed below: 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Impairments//Net Expected Credit Losses 
Impairment on investment in Joint Venture 
-
1,336
Impairment of amounts due from joint venture 
1,679 
- 
Impairment of Chile Transformer (note 12) 
35 
- 
Impairment of Chile performance bonds 
210 
- 
Net Expected Credit Losses 
-
1,345
Provision re closure costs of SEA Energy  
-
133
Total 
1,924 
2,814 
Group revenue was £nil (2021: £nil). Operating and Administrative expenses amounted to £1.0 million (2021: £0.97 
million). Operating loss was £2.9 million (2021: £2.1 million loss). The loss before tax is £2.2 million (2021: £3.7 
million loss). The basic loss per share is 0.39p (2021: 0.65p loss). Total assets are £10.65 million (2021: £12.97 
million). Total equity stands at £10.15.2 million (2021: £12.51.5 million), or a Net Asset Value of 1.8 pence per 
share (2021: 2.2 pence per share). 
The results for the operations in Argentina, and Chile are shown below. 
Energia del Sur S.A. Results 
These assets were transferred to Assets Held for sale on 31 December 2022. Their sale was announced on 16 
May 2023 and completion was announced on 12 June 2023. 
Rurelec Chile 
The development of our 100 per cent. owned investments in Chile has expensed limited direct costs in the year of 
£39k (2021: £83k). Capitalised development costs are £nil (2021: £nil) on the Central Illapa project. As previously 
announced the Arica turbine was disposed of in the prior year, the sales proceeds were US$1.0 million, the net 
profit of £330k is shown in other income note 8b. All sale proceeds were received during the prior year. The 
development costs associated with the Central Illapa project were impaired to £nil in 2021 (2020: £nil). At a Board 
meeting on 21 June 2023, it was decided that activities in Chile would be regarded as discontinued operations. All 
remaining assets have been fully impaired in these financial statements with a charge of £210k being recorded in 
Other Expense (2021: £nil).

6 
Review of Operations 
Argentina 
As announced on 16 May 2023 a Sales and Purchase Agreement for the JV assets was signed, the sale was 
authorised at the General Meeting on 1 June 2023. The sale completed on 9 June 2023 and the Company received 
the initial US$3 million consideration on the same date. Following the disposal, the Group became an AIM Rule 15 
Cash Shell. 
The Argentinean Joint Venture interests were transferred to Assets Held for Sale on 31 December 2022, in 
accordance with IFRS 5, please see note 13 for further details.  
The following table sets out the prior year’s Group’s 50 per cent. share of its interest in Patagonia Energy Limited 
(“PEL”) the BVI registered joint venture holding company of EdS, its 100 per cent. owned Argentinian operating 
subsidiary. 
Group share of Joint Venture results and net assets 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Results 
Revenue 
- 
3,300 
Operating Expenses - excluding foreign exchange losses 
-
(2,175)
Foreign exchange losses 
- 
130 
EBITDA 
- 
1,255 
Depreciation 
-
(1,047)
EBIT 
- 
208 
Intragroup interest - credit re write back of prior year charge 
- 
2,478 
Third party interest payable 
- 
(398) 
Profit before tax 
- 
2,288 
Tax 
- 
151 
Profit after tax 
- 
2,439 
Summary of Statement of Financial Position 
Non-current assets 
-
10,871
Cash 
- 
1,419 
Current trade and other receivables 
- 
918 
Non-current liabilities 
-
(17,100)
Current liabilities 
- 
(907)
Net assets/(liabilities) 
-
(4,798)
Chile 
Arica 
In the prior year, following the reassessment of the project, the Board sought to redeploy the Frame 6B turbine 
acquired for the project. As separately announced on 9 September 2021 a sale of the turbine was concluded at 
US$1.0 million (approximately £0.72 million), the gain of £330k being shown in Other Income. All proceeds were 
received in the year, see note 8b for further details. The associated transformer was fully impaired in the year 
(2021: £35k). 
Central Illapa 
The Company has been unable to secure the partners required for this project. The Director’s reviewed the project 
and decided to reclassify the turbines originally acquired for it to Assets Held for Sale, please see note 13 for further 
details. 

7 
Turbines 
These assets were reclassified as held for sale at 31 December 2022. The Group’s carrying value is assessed for 
possible impairments. In light of current local market conditions, in order for the project to be attractive to joint 
venture partners, the capital value of the 701 Siemens turbines has been assessed at £7.8 million (2021: £7.8 
million). The Directors also obtained an independent valuation produced by a competent person. Based on 
valuation advice the Directors have decided not to further impair the carrying value of these turbines (2021: £nil).   
Future developments have been considered in the non-executive Director’s statement. 
Principal risks and uncertainties 
The principal risks and uncertainties facing the Group have been stated as the following risks, though most of these 
risks are reduced or eliminated as discussed in note 1.c. 
a)
Political risk – there are significant political risks in the areas where the Group operates. These include
potential for unfriendly actions towards foreign investments (including the imposition of exchange controls
that can significantly reduce the return on investment due to the difficulty and cost of repatriating funds)
and towards the domestic utilities sector generally, the imposition of new tariffs and/or taxes and/or
government cash shortages resulting in slow payment for electricity generated. That political risk also
extends to labour laws which can result in significant employment-related cost inflation and punitive
employment compensation legislation which can make it difficult and uneconomic to carry out staff
restructuring programmes. There is also the possibility that domestic economic instability could lead to
political unrest or vice versa. These are significant risks to Rurelec which are inherent in operating in such
territories.
b)
Exposure to foreign currency – The Group’s activities are in South America and therefore results will be
affected by exchange rate movements and local inflation rates.
c)
Liquidity – Following the receipt of the initial consideration of £2.4 million (US$ 3 million) the Group is in a
position to meet its forecast short-term cash requirements.  Please see Going Concern in the Directors
Report and note 1c for further details.
d)
Economic, market and business operations risk resulting from pandemics, particularly the COVID-19
pandemic. In March 2020, the World Health Organisation declared the spread of COVID-19 to be a
pandemic. The rapid spread of the virus and consequent global emergency containment measures
resulted in business closures, travel shutdowns and restrictions that severely curtailed economic activity
and political and economic decision making.  The prolonged nature of the COVID-19 pandemic had a
severe negative impact on the UK and Chilean economies where the Group operates.  The demand for
electricity experienced some decline from the reduced industrial and commercial activity, but background
demand was maintained.  The greater risk has been the effect of the pandemic on already fragile
economies such as that of Argentina and measures such as emergency labour laws and restrictions on
profit returns from utility companies generally have been implemented to prevent social hardship with the
expectation that business meets the burden of that implementation.
To date, the pandemic had not had a significant impact on operations.  London head office operations of
Rurelec were able to continue remotely without disruption. All current Head Office records were digitised
before the UK lockdown to allow for remote access and work has continued from employees’ homes.
The adverse economic and social effects of the COVID-19 pandemic started to recede in late 2021.
Although many global supply chains continued to be disrupted and distorted ats Economies recovered,
this has had little discernible effect on EdS or Rurelec to date.  However, despite widespread global
stimulus packages and efforts to control and eradicate the virus, it is not currently known what the lasting
effects of COVID-19 and its variants will be on the growth rates of global economies, and what the effect
will be on the ongoing demand for electricity, the ability to operate and the ability to obtain spare parts and
engineering expertise in the event of maintenance or equipment breakdowns. There are no guarantees
there will not be yet further disruption and this could extend to an inability to transfer funds out of the
country for debt repayments owed to the Group. Group cash flows have been prepared under the scenario
that cash will continue to be received under current conditions and local management’s expectations.
e)
War in Ukraine – its current effects on the Group are not considered to be an adjusting post balance sheet
event. See the Directors Report and note 5 – exchange rate sensitivity for further details.

Directors' Section 172 Statement 
Statement by the directors in performance of their statutory duties in accordance with s172(1) 
Companies Act 2006. 
The Board of Directors of Rurelec Pie acknowledge that they have a statutory duty under s172 (1) (a-f) of the Act 
to promote the success of the Company for the benefit of the members as a whole considering broader stakeholder 
interests, and notably having regard to: 
a) the likely consequence of any decision in the long term;
b) the interests of employees;
c) the need to foster business relationships with suppliers, customers and others;
d) the impact of operations on the community and the environment;
e) the desirability of the company maintaining a reputation for high standards of business conduct; and
f)
the need to act fairly as between members of the Company
We report below on how in the year ended 31 December 2022 the Board's strategies, actions and key decision 
making took place observing these duties with the objective of delivering positive outcomes for the Company, its 
shareholders and its wider stakeholders the most relevant of which have been identified as including creditors, 
employees of the Company and of interests in foreign JV operations and those impacted by its operations in the 
wider community. 
a) Regarding the likely consequences of long-term decision making, those decisions were made with clear
strategic focus on the need to return value to shareholders and the need to continue to build financial
strength, thereby avoiding the near-insolvency event experience by the Company in the past. That strategy
drove cash conservation and cost cutting decisions so that the business could withstand financial stress.
The Company was able to withstand those stresses in 2022.
b) Our employees are fundamental to the delivery of our strategy. The Board has prioritised fair remuneration
and pension arrangements for those employees and undertakes regular communication updates in an open
environment. Decisions taken to maximise the resilience of the business, preserving cash and minimising
risk, are taken after prioritising the continued employment of those employee roles that have been
instrumental to the turnaround of the business. Rurelec's Directors have been instrumental in using
impending retirements and encouraging part-lime working to lower the future costs of its Argentinian
operations.
c) Regarding the need to foster business relationships with suppliers, customers and others, Rurelec has for
some lime been keen to repay arrears to trade creditors who have supported the business over a significant
timescale and to repay in full all secured creditors. The Company has been freed from the interest burden
that was being paid on past loans, thereby benefitting other stakeholders. Rurelec is now essentially debt­
free and, as operating circumstances allow, the Board's stated objective of returning value to shareholders
can be realised.
d) Regarding the desirability of Rurelec maintaining a reputation for high standards of business conduct, the
Board of Directors' intention is to ensure that the business operates and behaves in a responsible manner
with high standards of business conduct and governance. Regular communication amongst the Board and
employees and effective, formally recorded Board Meetings ensure such standards are maintained. Where
appropriate, independent legal advice is obtained to support the decision process.
e) Regarding the need to act fairly, as between members of the Company, all shareholders are welcome to
express their views at the Annual General Meeting. In December 2019, the Company took the decision to
apply to shareholders and the law courts for a capital reconstruction in 2020. This reconstruction was duly
approved in 2020 to facilitate the distribution of future returns to shareholders should cash reserves grow to
the extent of permitting this. On 1 June 2023 there was a General Meeting at which the shareholders
unanimously voted for the proposed disposal of PEL and a 0.2p dividend per share to be paid from the
proceeds.
The Strategic Report was approved by the Board of Directors on 30 June 2023 and was signed on its behalf by: 
Andrew Coveney (Excutive Director)
8 

9 
BOARD OF DIRECTORS 
ANDY COVENEY 
Executive Director 
Member of the Institute of Chartered Accountants, qualified as Chartered Accountant in 1990.  After obtaining a 
degree in Geology from the University of Durham he joined Deloitte Haskins & Sells, in 1991 then specialising in 
Corporate Finance advisory work. In 1993, Andy embarked on a 15-year spell as FD/MD of several financial and 
operational turnarounds in the manufacturing and distribution sectors, starting with the acquisition and subsequent 
turnaround of CP Pharmaceuticals Limited, a loss-making division of Fisons plc before it was sold to Wockhardt 
Group a decade later.   Founded Coveney Associates Consulting in 2010 providing FD advice, turnaround services 
and cashflow management advice to a portfolio of businesses.  
PAUL SHACKLETON 
Non-Executive Director 
Paul is the Senior Independent Non-Executive Director and Chairman of the Audit Committee.  He is a corporate 
finance adviser at Arden Partners PLC. After university, he spent six years as an officer in the British Army. In 1996 
he joined UBS limited where he worked with small caps covering Mergers and Acquisitions and Equity capital 
markets for listed and AIM traded companies. He subsequently joined Singer & Friedlander Limited where he was 
a founder member of the team which undertook a MBO to form Bridgewell Limited.  Since then, he has continued 
to specialise in small companies; his experience also includes being an adviser to Rurelec between 2006 and 2017. 

10 
DIRECTORS’ REPORT 
The Directors submit their annual report together with the audited financial statements for the year ended 31 
December 2022. 
Principal activities 
The Company and the Group’s principal activity has been the acquisition, development and operation of power 
generation assets in markets in Latin America. 
Since the Company’s admission to AIM in August 2004, the Company acquired assets in Argentina and Bolivia 
and commenced development of new power generation projects in Peru and Chile. The power generation projects 
in Peru were sold on 30 January 2018. In September 2021, the Frame 6B turbine acquired for the Arica project in 
Chile was sold. As announced on 16 May 2023 a Sales and Purchase Agreement for the PEL was signed, the sale 
was authorised at the General Meeting on 1 June along with a special dividend of 0.2p per share. The sale 
completed on 09 June and the Company received the initial £2.4 million (US$ 3 million) consideration on the same 
date. Since the disposal of certain assets, the principal activity of the Group will change in accordance as the 
Directors seek partners to take the group forward in 2023 and beyond, following the disposal of the Argentinian 
operations in June 2023.  
Results and dividends 
The Group results for the year ended 31 December 2022 are set out in the Consolidated Statement of Total 
Comprehensive Income. 
No dividend was paid during the year to 31 December 2022 (2021: nil). 
Share capital 
Details of the issued share capital are set out in Note16. 
Going concern 
Accounting standards require that Directors satisfy themselves that it is reasonable for them to conclude whether 
it is appropriate to prepare financial statements on a going concern basis. In assessing the going concern position 
of the Group and Company, the Directors have taken into account the uncertainties, cash flows, and implementation 
of revised strategy. The Directors have reviewed financial projections and strategy to 30 June 2024, and have 
considered projections for a base case and a stress case.  
At the date of the signing of the Financial Statements, having considered Rurelec’s current cash balances and the 
cash forecasts including the receipt of the initial consideration of US$3 million, the Directors believe, bearing in 
mind the reduced outgoings of the Group, there is currently sufficient headroom in existing working capital facilities 
to avoid the need to seek further sources of working capital. This is a significant improvement from the prior years. 
Refer to Note 1c.  
Directors 
The following Directors served during the year and up to the date of signature of the financial statements as follows: 
Andy H. Coveney – Executive Director, was elected at 2022 Annual General Meeting. 
Paul Shackleton was appointed as Non-Executive Director on 26 July 2021 and elected at the 2021 Annual 
General Meeting. 
Directors’ interests 
The Directors’ beneficial interests in the number of shares in the Company were on the reference dates as stated 
below: 
29.06.2023 
31.12.2022 
31.12.2021 
Andrew H. Coveney 
- 
- 
- 
Paul Shackleton 
- 
- 
- 

11 
Directors’ Indemnity 
The Company’s Articles of Association provide, subject to the provisions of UK legislation, an indemnity for 
Directors and officers of the Company in respect of liabilities they may incur in the discharge of their duties or in 
the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against 
them which relate to anything done or omitted, or alleged to have been done or omitted, by them as officers or 
employees of the Company.  Appropriate directors’ and officers’ liability insurance cover is in place in respect of all 
the Directors. 
Significant shareholdings in the Company 
In addition to the shareholdings shown above, the Company is aware of the following interests of 3 per cent. or 
more in the issued ordinary share capital of the Company notifiable at 30 June 2023, being the last practicable 
date for reporting this information. 
Number of shares 
% holding 
Sterling Trust Ltd 
303,092,303 
53.989 
Askar Alshinbayev 
96,565,166 
17.201 
Peter Gyllenhammar AB 
22,535,946 
4.014 
Mr & Mrs Scott 
17,808,000 
3.172 
The percentages shown are based on 561,387,586 shares in issue. 
Risk management and objectives 
The financial risk management policies and objectives are set out in Note 23. 
Impact Assessments 
United Kingdom’s Exit from the European Union (Brexit) 
The UK left the European Union (“EU”) at 11.00 pm on 31 January 2020. The Transition period that was put in 
place – during which the UK was still subject to EU rules – ended on 31 December 2020.  The rules governing the 
new relationship between the EU and UK took effect on 1 January 2021. The new Trade and Cooperation 
Agreement and other agreements were reached between the UK and the EU on 24 December 2020 and were 
signed during the Transition period. They entered into force on 1 May 2021. 
The Group has very limited transactions with EU members and those are limited to the provision of services. 
Rurelec entity and the Group has only one supplier of services based in the EU.  Therefore, Brexit has not had a 
material impact on the Company. 
War in Ukraine 
The Group has no activities in, or relating to, Ukraine. Whilst the war’s future impacts are by nature uncertain, at 
the time of signing this report, no direct impact on the Group is anticipated over the following 12 months. 
Statement of directors’ responsibilities 
The Directors are responsible for preparing the Strategic Report, the Directors’ Report, Annual 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 are required to prepare the Company and Group financial statements in accordance with UK adopted 
international accounting standards.  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 and profit or loss of the Company 
and Group for that period. In preparing these financial statements, the Directors are required to: 
•
select suitable accounting policies and then apply them consistently;
•
make judgments and accounting estimates that are reasonable and prudent;
•
state whether they have been prepared in accordance with UK adopted international accounting
standards, subject to any material departures disclosed and explained in the financial statements;

12 
•
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Company and Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company 
and enable them to ensure that the financial statements comply with the Companies Act 2006.  They are also 
responsible for safeguarding the assets of the Company and Group, and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities. 
Website publication 
The Directors are responsible for ensuring the annual report and the financial statements are made available on a 
website.  Financial statements are published on the Company’s website in accordance with legislation in the United 
Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in 
other jurisdictions.  The maintenance and integrity of the Company’s website is the responsibility of the Directors. 
The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein. 
Statement as to disclosure of information to auditor 
As far as the Directors are aware, they have each taken all necessary steps to make themselves aware of any 
relevant audit information and to establish that the auditor is aware of that information. 
As far as the Directors are aware, there is no relevant audit information of which the Company’s auditor is unaware. 
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the 
Companies Act 2006. 
Auditor 
Pursuant to Section 489 of the Companies Act 2006, BDO LLP has expressed its willingness to continue in office 
as auditor and a resolution to reappoint it will be proposed at the forthcoming Annual General Meeting. 
On behalf of the Board 
Maria J. Bravo Quiterio 
Company Secretary 
30 June 2023 

13 
CORPORATE GOVERNANCE REPORT 
for the year ended 31 December 2022 
Introduction 
Rurelec PLC applies the QCA Corporate Governance Code (the “QCA Code”) published in April 2018 and this 
Corporate Governance report for the year ended 31 December 2022 is based upon the Code. 
The principal means of communicating our application of the QCA Code are this Annual Report  and our Corporate 
Governance section on our website (https://www.rurelec.com/about-us/corporate-governance/qca-compliance-
table).  
This report sets out the Group’s application of the Code, including where appropriate, cross reference to other 
sections of the Annual Report. 
Where our practices depart from the expectations of the Code, an explanation is given as to why, at this time, it is 
appropriate for the Group to depart from the Code. 
The QCA Code is constructed around ten broad principles and a set of disclosures which notes appropriate 
arrangements for growing companies and requires companies who have adopted the QCA Code to provide an 
explanation about how they are meeting those principles through the prescribed disclosures.  In the paragraphs 
below, Rurelec PLC explains how it has applied them. 
Principle 1. 
Establish a strategy and business model which promotes long-term value for shareholders. 
The Board is committed to strengthening the Group’s underlying financial position. The Board sets out to deliver 
long-term value to shareholders in the following ways: 
•
Stabilising the Group’s position by reducing cash outflows;
•
Reducing the Company’s vulnerability to fluctuations in the timing of debt repayments receivable from
subsidiaries and JVs;
•
Working with joint venture partners to ensure that debts from those entities are repaid to the fullest extent 
possible;
•
Using that financial stability to permit an orderly realisation of assets and investments in a timescale that 
allows maximisation of the proceeds of such sales;
•
Where asset realisations are not possible in the short term due to market conditions, preserving the
value of those assets and/or maximising the cashflow generated by those assets; assets; and
•
Look to recapitalise the business through a transformative acquisition.
The execution of this strategy presents key challenges in the maximisation of returns on assets given market 
conditions.  Those challenges are addressed by ensuring that the Company is stable enough to be able to avoid 
having to offload such assets when to do so would minimise value, instead choosing to seek opportunities to 
maximise the long term returns that will optimise value for shareholders. 
The business model as to how the Company plans to make money for its investors revolves around maximising 
the long term collection of debts owed in connection with the JV formed to develop the EdS business in Argentina, 
whilst repaying Rurelec’s own creditors and continually assessing the value and saleability of its assets with a view 
to developing and/or realising those assets in such a way as to maximise the returns to all shareholders. At the 
same time, the Company will be assessing options as it seeks to complete a transformative acquisition.  
The Group and the Company are fully compliant with this principle. 
Principle 2. 
Seek to understand and meet shareholder needs and expectations. 
The Board attaches great importance to providing shareholders with clear and transparent information on the 
Group's activities, strategy and financial position.  Details of all shareholder communications are provided on the 
Group's website. 
The Board regards the annual general meeting as a good opportunity to communicate directly with shareholders 
via an open question and answer session.  
The Company lists contact details on its website and on all announcements released via RNS, should shareholders 
wish to communicate with the Board. 
The resolutions put to a vote at past AGMs can be found in www.rurelec.com/investors/circulars 

14 
The Board seeks to engage with all shareholders as and when relevant information needs to be disclosed.  The 
Board recognises that shareholders may have different time horizons for their shareholdings and is mindful of the 
need to consider the interests of shareholders as a whole in this regard. 
Shareholders can communicate with the Company through the email address in its website. The Board is 
responsible for reviewing all communications received from members and determining the most appropriate 
response. 
The Group and the Company are fully compliant with this principle. 
Principle 3. 
Take into account wider stakeholder and social responsibilities and their implications for 
long-term success. 
The contraction of the Group and the focus on stabilisation of the financial position of the business has led to 
frequent communication at Board level and regular communication with suppliers/funders to maintain their 
confidence in the business model and strategy being pursued by the Board. The long-term success of the Group 
relies on maintaining open communication and good relationships with its stakeholders. 
Communication also extends to the Board receiving regular updates and feedback within the small London-based 
workforce in the Company and there are also regular communications with the directors of the Group’s joint venture 
partner in the British Virgin Islands. The Group’s main trading asset was the joint venture operation in Argentina. 
This operation was run by a full-time local management team that maintains good relations with all key stakeholders 
to the business in Argentina. This asset has since been disposed of by the Group. 
The Group and the company are fully compliant with this principle. 
Principle 4. 
Embed effective risk management, considering both opportunities and threats, throughout 
the organisation 
Given past changes in the Company’s financial position, the Board considers risk management to be of paramount 
importance and this has driven its strategy of pursuing financial stability rather than expansion in order that 
shareholder value can be maximised through an orderly realisation of the Group’s assets.  The risk position of the 
Group is considered on a regular basis by the Board given the cash constraints that the Group has had to work 
within.  The feedback on its strategy of pursuing a low-risk approach is received clearly in terms of reductions in 
cash outflow as measured by weekly reviews of cash forecasting models, and in terms of reduced exposure to 
fluctuations in cash inflow. 
Although the Company does not undertake specific risk assessments, the Board as a whole undertakes regular 
views of the principal risks and uncertainties facing the Group as reported in page 7, Strategic Report.  The 
Company has not yet implemented a risk register which should be under the Audit Committee reporting and 
therefore it is not compliant with the QCA Code. 
Principle 5. 
Maintain the Board as a well-functioning, balanced team led by the chair. 
The board acknowledges that the Company is not compliant with the QCA Code as the Company currently does 
not have a Chairman nor two independent Non-Executive Directors. 
The Board takes collective responsibility for the quality of, and approach to corporate governance by the Company, 
governance and the systems and procedures by which the Company is directed and controlled. A prescribed set 
of rules does not itself determine good governance or stewardship of a company and, in fulfilling their 
responsibilities, the Directors believe that they govern the Company in the best interests of the shareholders, whilst 
having due regard to the interests of other 'stakeholders' in the Group including, in particular, customers, employees 
and creditors. 
The Board is responsible for running the Company, including all major business and financial risks and taking 
strategic decisions. 
The Directors communicate at least weekly on significant matters, in particular on matters affecting cashflow and 
on matters concerning the joint venture in Argentina. 
Paul Shackleton was considered to be independent since his appointment in July 2021. The board evaluated the 
independence requirements of the QCA Code and considered that Paul Shackleton was independent during the 
period. 
The number of times the Board met during the year to 31 December 2022 was 19. All serving directors were present 
at all the Board meetings. 
The three principal standing committees of the Board are the Audit, Nominations and Remuneration Committees. 

15 
Audit, Remuneration and Nominations Committees 
The Board acknowledges that the Company is not compliant with the QCA Code terms of reference for these 
committees as these committees should be made up only of Independent Non-Executive Directors. As Paul 
Shackleton is the Company’s only Independent Non-Executive Director, matters normally reserved for these 
committees are currently considered by the whole board. The business of the board committees will resume when 
further appropriate appointments are made to the board. 
The executive director is a part time director of the Company although all directors are expected to commit sufficient 
time to the Company in addition to attending the Board meetings. 
The Board minutes and papers are circulated to directors in good time and ahead of the relevant Board meeting. 
The Board has established audit committees which meet regularly. Remuneration and Nominations Committees 
do not meet as there are no sufficient members. Details of Committee Meetings for the period: 
Director 
Date of 
Appointment 
Date of 
Resignation 
Role at 
31 December 2021 
Date of 
(re-) 
appointment 
Board 
Committee 
Andrew H. Coveney 
16.11.2016 
-
Executive Director
30.06.2022 
-
- 
- 
Paul R.A. Shackleton 
26.07.2021 
-
Senior Independent
Non-Executive 
14.10.2021 
N 
R 
A 
N = Nomination Committee 
R = Remuneration Committee 
A = Audit Committee 
The Audit Committee met 2 times during the year to 31 December 2022. All the committee members were present 
at the meetings. 
Due to the size of the Company, the Board does not comply with the principle that the Board should at least have 
two independent directors and therefore its committees’ membership is also not compliant with their terms of 
reference.  Given the current level of transactions within the Company, the Board considers that adequate 
resources are available at Board level, although a further non-executive director is currently being sought. 
Principle 6. 
Ensure that between them, the directors have the necessary up to date experience, skills 
and capability 
The Company has two directors, Paul Shackleton, Senior Independent Non-Executive Director and Andrew 
Coveney, 
Executive 
Director. 
Biographical 
details 
of 
the 
Directors 
can 
be 
obtained 
in 
https://www.rurelec.com/about-us/biographies 
As the financial position of the Group evolved, so have the skills required of its directors. The current directors have 
been chosen for their skills in maintaining, preserving and realising shareholder value by pursuing financial stability 
rather than by pursuing the aggressive expansion of the past.  The Executive Directors serving during the period, 
have a wealth of experience of dealing with the consequence of deterioration in the financial positions of businesses 
and in implementing the change necessary to restore such businesses back to stability. Those skills have been 
honed within financial and restructuring backgrounds.  It is important that the directors are seen to be professional, 
reliable, trustworthy and represent a safe pair of hands.   
The directors keep their skills up to date by attending professional briefings from the Nominated Adviser and 
lawyers covering regulations that are relevant to their role as directors of an AIM-quoted Company. 
The Board is grateful for the regular, thorough and diligent input of a qualified professional Company Secretary.  
As such the Company Secretary provides frequent advice to the Board. On legal matters, the Company Secretary 
is supported by the Company’s solicitors.  The Independent Non-Executive Director provides guidance and support 
on relevant matters on a regular basis. 

16 
Principle 7. 
Evaluate Board performance based on clear and relevant objectives, seeking continuous 
improvement. 
The Board evaluates its own performance on a monthly basis and also regularly considers any feedback from 
external parties as and when that feedback is received. 
Board performance is evaluated in the light of its own strategic objectives and tactical plans, in particular in relation 
to cash management and other financial forecasts.  Any Board appointments are considered closely in relation to 
the ability of the proposed Director to make an active contribution to delivering value to shareholders through the 
achievement of the strategies and plans balanced against the cost of such an appointment. 
The Company has not previously engaged any external evaluation for the performance of the Board members or 
external advisors for succession planning. Candidates to the Board have been proposed by the Board members 
based on their skills and experience and the requirements of the Company at the time of the appointment. 
There are currently no formal evaluations of the Board. Therefore, the Group and the Company comply only partly 
with this principle. 
Principle 8. 
Promote a corporate culture that is based on ethical values and behaviours. 
The Group’s corporate culture is based on creating an atmosphere of trust, openness, communication and 
professionalism. Due to the size of the Company, the Board is in very close contact with all employees and is able 
to engender an ethical, professional and effective environment in its day to day and strategic activities. 
The Company has currently 4 employees (including the directors). The Board seeks to ensure that all of its 
employees are aware of its ethical values communicating on a personal basis with its employees and encourages 
the adoption of these values through the appraisal and recruitment process. 
The Group and the company comply with this principle. 
Principle 9. 
Maintain governance structures and processes that are fit for purpose and support good 
decision making by the Board. 
In addition to the high level of explanation of the application of the QCA Code set out in the corporate governance 
statement: 
•
The Board of Directors is responsible for approving Company policy and strategy.  The Board meets
regularly throughout the year.  To enable the Board to perform its duties, each director has access to advice
from the Company Secretary and independent professionals at the Company's expense.
•
The Board currently comprises an Executive Director and a Non-Executive Director. Under the QCA Code
a further Non-Executive Director is required to be compliant with the said code.  A further Non-Executive
Director is being sought.
•
Biographical details of the Board of Directors can be obtained in www.rurelec.com/about-us/board-of-
directors-and-senior-management.
•
All matters are reserved for the Board although the Board has chosen to delegate some of them to the Audit, 
Remuneration and Nominations Committees which will issue advice to the Board on those matters.  Some
of the matters reserved for the Board include:
o
Reviewing, approving and guiding group strategy, annual budgets and business plans; setting
performance objectives; monitoring and implementing corporate performance; and overseeing major
capital expenditures and disposals;
o
Monitoring the effectiveness of the Company’s governance arrangements and practices, making
changes as needed to ensure the Company’s governance framework complies with current best
practices in accordance with the size of the Company;
o
Monitoring and managing potential conflicts of interest that may arise with Board members,
shareholders and external advisers;
o
Overseeing the process of external disclosure and communications.
•
The Board is also responsible for all other matters which are considered to be of importance to the Group
as a whole because of strategic, financial or reputational implications or consequences.
•
The Board has established audit, remuneration and nominations committees however owing to the size of
the board at the current time, all matters are dealt with by the board.  Details of these committees are set
out in Principle 5 above.
•
The Board has not used external consultants in the appointment of Directors.
•
All Directors are subject to re-election by shareholders in accordance with the Company's Articles of
Association.
•
There are no plans to change the current governance framework.
•
The role of the Chair, which is currently undertaken by the Independent Non-Executive Director includes:
o
to take the chair at general meetings and Board meetings;
o
providing leadership to the Board;

17 
o
ensuring proper information for the Board;
o
planning and conducting Board meetings effectively;
o
getting all directors involved in the Board’s work;
o
ensuring the Board focuses on its key tasks
o
determination of the order of the agenda;
o
ensuring that the Board receives accurate, timely and clear information;
o
keeping track of the contribution of individual directors and ensuring that they are all involved in
discussions and decision-making;
o
to ensure effective communication with shareholders and, where appropriate, the stakeholders.
Principle 10. 
Communicate how the Company is governed and is performing by maintaining a dialogue 
Disclosure of the outcomes of all votes are in www.rurelec.com/investors/proxy-results  
Historical annual reports and other governance-related material, including notices of all general meetings over the 
last five years can be obtained in www.rurelec.com/investors/circulars  
Further disclosure required under QCA Principle 10 can be found in Principles 5 and 9 above. 
Maria J. Bravo Quiterio 
Company Secretary 
30 June 2023 

Independent auditor’s report to the members of  Rurelec Plc 
Opinion on the financial statements 
In our opinion: 
•
the financial statements give a true and fair view of the state of the Group’s and of the
Parent Company’s affairs as at 31 December 2022 and of the Group’s loss for the year
then ended;
•
the Group financial statements have been properly prepared in accordance with UK
adopted international accounting standards;
•
the Parent Company financial statements have been properly prepared in accordance
with UK adopted international accounting standards and as applied in accordance with
the provisions of the Companies Act 2006; and
•
the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of Rurelec Plc (the ‘Parent Company’) and its 
subsidiaries (the ‘Group’) for the year ended 31 December 2022 which comprise  the consolidated 
income statement, the consolidated statement of comprehensive income, the consolidated 
statement of financial position, the company statement of financial position, the consolidated  
statement of cash flows, the company statement of cash flows, the consolidated statement of 
changes in equity, the company statement of changes in equity and 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 UK adopted 
international accounting standards and, as regards the Parent Company financial statements, as 
applied in accordance with the provisions of the Companies Act 2006. 
Basis for opinion 
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 
Auditor’s responsibilities for the audit of the financial statements section of our report. We believe 
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion.  
Independence 
We remain independent of the Group and the Parent Company in accordance with the ethical 
requirements that are relevant to our audit of the financial statements in the UK, including the 
FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical 
responsibilities in accordance with these requirements.  
Material uncertainty related to going concern 
We draw attention to note 1c that explains that following the sale of its joint venture interest post 
year-end, the Group and Parent Company have no trading activities and the Parent Company is 
classified as a cash shell under AIM 15 regulations, and that the Directors are seeking a 
suitable acquisition within the required timeframe to maintain the Parent Company’s listing on 
AIM.  
As stated in note 1c to the financial statements, these events or conditions, along with other 
matters as set out in note 1c to the financial statements, indicate that a material uncertainty exists 
that may cast significant doubt on the Group’s and Parent Company’s ability to continue as a 
going concern.  
Our opinion is not modified in respect of this matter. 
18 

We considered going concern to be a Key Audit Matter because of the significance of this issue. 
In auditing the financial statements, we have concluded that the Directors’ use of the going 
concern basis of accounting in the preparation of the Group and Parent Company’s financial 
statements is appropriate. Our evaluation of the Directors’ assessment of the entity’s ability to 
continue to adopt the going concern basis of accounting and in response to the key audit matter 
included the following procedures: 
•
Reviewing the reasonableness of the  Directors’ budget and cash flow forecasts prepared
for a period of at least 12 months from the date of approval of the financial statements;
•
Checking the mathematical accuracy of the budgets and forecasts;
•
Obtaining support for the Directors’ assumptions used in the forecast, including
assumptions for cash receipts relating to asset disposal under the severe but plausible
downside scenario;
•
Reviewing the reasonableness of the Directors’ stress tests performed on the forecasts
based on receiving no further funding and considering the impact on the Group’s going
concern;
•
Reviewing the executed Share Purchase Agreement of its interest in joint venture
(Patagonia Energy Ltd) and Electrica del Sur S.A. to confirm the sale value, validity, and
any conditions precedent;
•
Confirming the actual cash payments of the joint venture sale agreement by agreeing it
to the post year-end bank statement;
•
Inquiring of those charged with governance and reviewing underlying documents to
validate their search for potential suitable targets;
•
Reviewing board meeting minutes during the year and post year end to identify any other
issues that may indicate inability of the Group to continue as a going concern; and
•
Reviewing the adequacy of the disclosures in the financial statements against the
requirements of accounting standards and consistency of the disclosures against the
Directors’ assessment of going concern.
Our responsibilities and the responsibilities of the Directors with respect to going concern are 
described in the relevant sections of this report. 
Overview 
Coverage 
100% (2021: 100%) of Group profit before tax 
100% (2021: 100%) of Group total assets 
Key audit matters 
2022 
2021 
1. Going concern
x 
x 
2. Valuation of turbine assets
x 
x 
3. Valuation of investments
and recoverability of
intercompany loans, including
loans to joint venture
x 
Valuation of investments and recoverability of intercompany 
loans, including loans to joint venture is no longer considered 
to be a key audit matter because the investment in joint 
venture was classified as held for sale and disposed 
subsequent to year end and the carrying value was  impaired 
as at 31 December 2022 to reflect the recoverable amount.  
19

Materiality 
Group financial statements as a whole 
£305,000 (2021: £351,000) based on 3% (2021: 3%) of net 
assets. 
An overview of the scope of our audit 
Our Group audit was scoped by obtaining an understanding of the Group and its environment, 
including the Group’s system of internal control, and assessing the risks of material misstatement 
in the financial statements.  We also addressed the risk of management override of internal 
controls, including assessing whether there was evidence of bias by the Directors that may have 
represented a risk of material misstatement. 
Our Group audit focused on the parent company which gave us sufficient coverage over the 
Group’s total assets and profits before tax while considering the appropriateness of coverage 
over the audit risks identified. In establishing our overall approach to the Group audit, we 
determined the type of audit procedures that needed to be performed in respect of each 
component. The only significant components was the Parent company and the Group audit team 
undertook a full scope audit of the parent company.  
Non-significant components were subject to either specified audit procedures over large or higher 
risk balances and group level analytical procedures. The Group audit team completed the 
procedures on non-significant components.  
These specified procedures, together with our detailed review of procedures performed by 
component auditor, provided us the evidence that we need for our opinion on the financial 
statements as a whole. 
Key audit matters 
Key audit matters are those matters that, in our professional judgement, were of most significance 
in our audit of the financial statements of the current period and include the most significant 
assessed risks of material misstatement (whether or not due to fraud) that we identified, including 
those which had the greatest effect on the overall audit strategy, the allocation of resources in the 
audit, and directing the efforts of the engagement team. These matters were addressed in the 
context of our audit of the financial statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters. In addition to the matter described in 
the “Material uncertainty related to going concern” section of our report, we have determined the 
matter below to be the key audit matter to be communicated in our report. 
Key audit matter 
How the scope of our audit addressed 
the key audit matter 
Valuation of 
turbine 
assets 
Note 12 and 
13 
Accounting 
policy 2.8 
and 2.9 
The Group owns two Siemens 
turbines. At the year end the 
Directors obtained independent 
valuations from a third party to 
assess the carrying value of 
these assets.  
Given the complexity of the 
valuation involved, the carrying 
value of the turbine assets was 
considered to be a key area of 
focus for our audit.  
Our audit procedures over valuation of 
turbine assets included the following: 
•
Performed physical inspection of the
assets to verify the existence of the
assets, their storage and present
condition, to identify any indicators of
impairment;
•
Reviewed the valuation report prepared
by the Directors’ independent expert,
assessing the conclusions reached and
the underlying assumptions used;
•
Confirmed the Directors’ expert’s
independence, competence and
20

As at 31 December 2022, 
these assets are classified as 
held for sale.  
objectivity by reviewing their 
qualifications, work experience and 
terms of engagement; 
•
Reviewed the expressions of interest of
external parties, provided by
management, to assess
reasonableness and legitimacy of these
valuations, and checked that the value
of the assets is recoverable through
potential sale;
•
Reviewed insurance documentation to
check appropriate risk coverage is in
place; and
•
Confirmed with the title owners that the
there are no objections to transfer the
turbine assets to external buyers.
Key observations: 
We considered that the judgements and 
estimates made by management in 
determining the value and classification of 
turbine assets were appropriate. 
Our application of materiality 
We apply the concept of materiality both in planning and performing our audit, and in evaluating 
the effect of misstatements.  We consider materiality to be the magnitude by which misstatements, 
including omissions, could influence the economic decisions of reasonable users that are taken 
on the basis of the financial statements.  
In order to reduce to an appropriately low level the probability that any misstatements exceed 
materiality, we use a lower materiality level, performance materiality, to determine the extent of 
testing needed. Importantly, misstatements below these levels will not necessarily be evaluated 
as immaterial as we also take account of the nature of identified misstatements, and the particular 
circumstances of their occurrence, when evaluating their effect on the financial statements as a 
whole.  
Based on our professional judgement, we determined materiality for the financial statements as 
a whole and performance materiality as follows: 
Group financial statements 
Parent company financial 
statements 
2022 
£ 
2021 
£ 
2022 
£ 
2021 
£ 
Materiality 
305,000 
351,000 
274,000 
346,000 
Basis for 
determining 
materiality 
3% of Net assets 
Materiality was 
capped at 
90% of Group 
materiality 
3% of Net assets 
Rationale for the 
benchmark 
applied 
The Group’s activities of 
investing in power assets are 
focused on the realisation of 
asset sales, therefore net assets 
was considered to be the most 
appropriate benchmark. 
As the 
Company’s 
key assets are 
classified as 
held of sale, 
we have 
We considered 
net assets to be 
the most 
appropriate 
benchmark as the 
21

capped a 
percentage of 
Group 
materiality to 
respond to 
aggregation 
risk. 
primary focus of 
the users of the 
financial 
statements are on 
capital growth. 
Performance 
materiality 
183,000 
211,000 
164,000 
208,000 
Basis for 
determining 
performance 
materiality 
We set performance materiality at 60% (2021: 60%) of overall 
materiality. 
Rationale for the 
percentage 
applied for 
performance 
materiality 
In reaching our conclusion on the level of performance materiality to be 
applied for 2022 we considered a number of factors including the 
expected total value of known and likely misstatements (based on past 
experience), our knowledge of the group’s internal controls and 
management’s attitude towards proposed adjustments. 
Component materiality 
For the purposes of our Group audit opinion, we set materiality for each significant component of 
the Group. The Group’s only component is the Parent Company whose materiality is set out 
above. 
Reporting threshold  
We agreed with the Audit Committee that we would report to them all individual audit differences 
in excess of £9,000 (2021: £8,000).  We also agreed to report differences below this threshold 
that, in our view, warranted reporting on qualitative grounds. 
Other information 
The directors are responsible for the other information. The other information comprises the 
information included in the annual report and accounts other than the financial statements and 
our auditor’s report thereon. Our opinion on the financial statements does not cover the other 
information and, except to the extent otherwise explicitly stated in our report, we do not express 
any form of assurance conclusion thereon. Our responsibility is to read the other information and, 
in doing so, consider whether the other information is materially inconsistent with the financial 
statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement 
in the financial statements themselves. 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. 
We have nothing to report in this regard. 
Other Companies Act 2006 reporting 
Based on the responsibilities described below and our work performed during the course of the 
audit, we are required by the Companies Act 2006 and ISAs (UK) to report on certain opinions 
and matters as described below.   
Strategic 
report and 
In our opinion, based on the work undertaken in the course of the audit: 
22

Directors’ 
report 
•
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
accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and Parent 
Company and its environment obtained in the course of the audit, we have not 
identified material misstatements in the strategic report or the Directors’ report. 
Matters on 
which we are 
required to 
report by 
exception 
We have nothing to report in respect of the following matters in relation to 
which the Companies Act 2006 requires us to report to you if, in our opinion: 
•
adequate accounting records have not been kept by the Parent
Company, or returns adequate for our audit have not been received
from branches not visited by us; or
•
the Parent Company 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.
Responsibilities of Directors 
As explained more fully in the statement of Directors’ responsibilities, 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 statements that are free from material misstatement, whether due to 
fraud or error. 
In preparing the financial statements, the Directors are responsible for assessing the Group’s and 
the Parent 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 Group or the Parent Company or to cease operations, or have no 
realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the financial statements 
Our objectives are to obtain reasonable assurance about whether the financial statements 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 accordance 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. 
Extent to which the audit was capable of detecting irregularities, including fraud 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We 
design procedures in line with our responsibilities, outlined above, to detect material 
misstatements in respect of irregularities, including fraud. The extent to which our procedures are 
capable of detecting irregularities, including fraud is detailed below: 
Non-compliance with laws and regulations 
23

Based on: 
•
Our understanding of the Group and the industry in which it operates;
•
Discussion with management and those charged with governance; and
•
Obtaining and understanding of the Group’s policies and procedures regarding
compliance with laws and regulations;
We considered the significant laws and regulations to be UK-adopted international accounting 
standards, UK tax legislation, AIM Listing Rules, and the Companies Act 2006. 
Our procedures in respect of the above included: 
•
Review of minutes of meeting of those charged with governance for any instances of
non-compliance with laws and regulations;
•
Review of financial statement disclosures and agreeing to supporting documentation;
and
•
Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud 
We assessed the susceptibility of the financial statements to material misstatement, including 
fraud. Our risk assessment procedures included: 
•
Enquiry with management and those charged with governance regarding any known or
suspected instances of fraud;
•
Review of minutes of meeting of those charged with governance for any known or
suspected instances of fraud;
•
Discussion amongst the engagement team as to how and where fraud might occur in
the financial statements;
•
Performing analytical procedures to identify any unusual or unexpected relationships
that may indicate risks of material misstatement due to fraud; and
•
Reviewed estimates and judgements applied by management in the financial
statements to assess their appropriateness and the existence of any systematic bias.
Based on our risk assessment, we considered the areas most susceptible to fraud to be 
exertion of bias in accounting estimates and management override of controls.  
Our procedures in respect of the above included: 
•
Testing a sample of journal entries throughout the year, which met a defined risk
criteria, by agreeing to supporting documentation; and
•
Challenging the assumptions and judgements made by management in their significant
accounting estimate related to the valuation of turbines by performing the procedures as
set out in the Key Audit Matters section of our report.
We also communicated relevant identified laws and regulations and potential fraud risks to all 
engagement team members who were all deemed to have appropriate competence and 
capabilities and remained alert to any indications of fraud or non-compliance with laws and 
regulations throughout the audit.  
Our audit procedures were designed to respond to risks of material misstatement in the financial 
statements, recognising that the risk of not detecting a material misstatement due to fraud is 
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate 
concealment by, for example, forgery, misrepresentations or through collusion. There are inherent 
limitations in the audit procedures performed and the further removed non-compliance with laws 
and regulations is from the events and transactions reflected in the financial statements, the less 
likely we are to become aware of it. 
A further description of our responsibilities is available on the Financial Reporting Council’s 
website at: www.frc.org.uk/auditorsresponsibilities.  This description forms part of our auditor’s 
report. 
24

Use of our report 
This report is made solely to the Parent 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 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 Parent Company and the Parent 
Company’s members as a body, for our audit work, for this report, or for the opinions we have 
formed. 
Rida Rahmani (Senior Statutory Auditor) 
For and on behalf of BDO LLP, Statutory Auditor 
London, UK 
30 June 2023 
BDO LLP is a limited liability partnership registered in England and Wales (with registered number 
OC305127).
25 

26 
CONSOLIDATED INCOME STATEMENT 
for the year ended 31 December 2022 
Restated 
Notes 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Revenue 
4 
   - 
- 
Gross Profit 
- 
- 
Administrative Expenses 
6 
(998)
(967)
Other Income 
8b 
25 
352 
Impairment Charges 
8b 
(1,924) 
(1,469) 
Operating Loss 
(2,897) 
(2,084) 
Share of Joint Venture Profit/(Loss) 
22 
- 
- 
Net foreign Exchange Gains/(Loss) 
8a 
661 
(259) 
Finance Income 
9 
-
491
Finance Expense 
9 
-
(1,827)
Profit /(Loss) before Tax 
(2,236) 
(3,679)
Tax Expense 
10 
- 
- 
Loss for the year attributable to owners of the Company 
(2,236) 
(3,679) 
Earnings per Share – in pence 
11 
Basic Loss per Share 
(0.39) 
(0.65) 
Diluted Loss per Share 
(0.39) 
(0.65) 
The Notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements.

27 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
for the year ended 31 December 2022 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Loss for the year 
(2,236) 
(3,634) 
Other Comprehensive Income for the year: 
Items that will be subsequently reclassified to income statement: 
Exchange Differences on Translation of Foreign Operations 
(122)
285
Total Other Comprehensive Income 
(122)
285
Loss for the year attributable to owners of the Company 
(2,358) 
(3,349) 
The Notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements.

CONSOLI DA TED STATEMENT OF FINANCIAL POSITION 
At 31 December 2022 
Restated 
Restated 
31.12.2022 
31.12.2021 
01.01.2021 
Notes 
£'000 
£'000 
£'000 
Assets 
Non-current Assets 
Property, Plant and Equipment 
12 
7,808 
8,220 
Investment in Joint Venture 
20,22 
312 
1,648 
Trade and Other Receivables 
14a 
3,103 
4,586 
11,223 
14,454 
Assets held for sale 
13 
10,108 
Current Assets 
Trade and Other Receivables 
14b 
91 
997 
1,142 
Cash and Cash Equivalents 
16 
449 
745 
668 
540 
1,742 
1,810 
Total Assets 
10,648 
12,965 
16,264 
Equity and Liabilities 
Shareholders' Equity 
Share Capital 
17 
5,614 
5,614 
5,614 
Foreign Currency translation Reserve 
956 
1,078 
793 
Retained Earnings/Losses 
3,582 
5,819 
9,497 
Total Equity attributable to owners of the 
Company 
10,152 
12,511 
15,904 
Current Liabilities 
Trade and Other Payables 
18a 
496 
448 
353 
Current Tax Liabilities 
19 
6 
7 
Total Llabllities 
496 
454 
360 
Total Equity and Liabilities 
10,648 
12,965 
16 264 
The financial statements were approved by the Board of Directors on 30 June 2023 and were signed on its behalf 
by Andrew Coveney and Paul Shackleton. 
Andrew Coveney 
Paul Shackleton 
The notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements. 
28 

COMPANY STATEMENT OF FINANCIAL POSITION 
COMPANY NUMBER: 4812855 
At 31 December 2022 
Restated 
Restated 
31.12.2022 
31.12.2021 
01.01.2021 
Notes 
£'000 
£'000 
£'000 
Assets 
Non-current Assets 
Investment in Joint Venture 
20,22 
312 
1,648 
Trade and Other Receivables 
14a 
3,104 
4,586 
3,416 
6,234 
Assets held for sale 
13 
10,108 
Current Assets 
Inventories 
15 
7,773 
7,773 
Trade and Other Receivables 
14b 
89 
825 
1,397 
Cash and Cash Equivalents 
16 
446 
743 
667 
535 
9,341 
9,837 
Total Assets 
10,643 
12,757 
16,071 
Equity and Liabilities 
Shareholders' Equity 
Share Capital 
17 
5,614 
5,614 
5,614 
Retained Earnings/Losses 
4,545 
6,727 
10,003 
Total Equity 
10,159 
12,341 
15,617 
Current Liabilities 
Trade and Other Payables 
18a 
484 
410 
447 
Current Tax Liabilities 
19 
6 
7 
Total Liabilities 
484 
416 
454 
Total Equity and Liabilities 
10,643 
12,757 
16 071 
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and 
related notes. The Company's loss for the year was £2.2 million (2021: loss £3.2 million). 
The financial statements were approved by the Board of Directors on 30 June 2023 and were signed on its behalf 
by Andrew Coveney and Paul Shackleton. 
Andrew Coveney 
Paul Shackleton 
The notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements. 
29 

30 
CONSOLIDATED STATEMENT OF CASH FLOWS 
for the year ended 31 December 2022 
Notes 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Cash Flows from Operating Activities 
Cash used in Operations 
21 
(912)
(991)
Net Cash used in Operating Activities 
(912)
(991)
Cash Flows from Investing Activities 
Net proceeds from Sale of Turbine 
-
721
Loan Repayments from Joint Venture Company 
599 
347
Net Cash generated from Investing Activities 
599 
1,068 
Net Cash (Outflow)/Inflow before Financing Activities 
(313)
77
(Decrease)/Increase in Cash and Cash Equivalents 
(313)
77
Cash and Cash Equivalents at the Start of the year 
745 
668 
Exchange gains on cash and cash equivalents 
17 
- 
Cash and Cash Equivalents at the End of the year 
449 
745 
The notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements.

31 
COMPANY STATEMENT OF CASH FLOWS 
for the year ended 31 December 2022 
Notes 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Cash Flows from Operating Activities 
Cash used in Operations 
21 
(898)
(909)
Net Cash used in Operating Activities 
(898)
(909)
Cash Flows from Investing Activities 
Investment in and Loans to Subsidiaries 
-
(83)
Loan repayments from Subsidiaries 
-
721
Loan Repayments from Joint Venture Company 
599 
347
Net Cash generated from Investing Activities 
599 
985
Net Cash (Outflow)/Inflow before Financing Activities 
(299)
76
(Decrease)/Increase in Cash and Cash Equivalents 
(299)
76
Cash and Cash Equivalents at the Start of the year 
743 
667
Exchange gains on cash and cash equivalents 
17 
Cash and Cash Equivalents at the End of the year 
446 
743 
The notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements.

32 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
for the year ended 31 December 2022 
Share Capital 
Foreign 
Currency 
translation 
Reserve 
Retained 
Losses/Earnings 
Total 
£’000 
£’000 
£’000 
£’000 
Balance at 01.01.2021 
5,614 
793 
8,648 
15,055 
Correction of prior period errors (note 28) 
849 
849 
Balance at 01.01.2021 - as restated 
5,614 
793 
9,497 
15,904 
Loss for the year attributable to owners of the 
parent - as restated 
 - 
- 
(3,679) 
(3,679) 
Exchange Differences 
-
285
-
285
Total Comprehensive Loss - as restated 
-
285
(3,679) 
(3,394) 
Balance at 31.12.2021- as restated 
5,614 
1,078 
5,818 
12,510 
Balance at 01.01.2022- as restated 
5,614 
1,078 
5,818 
12,510 
Loss for the year attributable to owners of the 
parent 
 - 
- 
(2,236) 
(2,236) 
Exchange Differences 
-
(122)
-
(122)
Total Comprehensive Loss 
-
(122)
(2,236) 
(2,358)
Balance at 31.12.2022 
5,614 
956 
3,582 
10,152 
The notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements.

33 
COMPANY STATEMENT OF CHANGES IN EQUITY 
for the year ended 31 December 2022 
Share 
Capital 
Share 
Premium 
Accumulated 
Losses 
Special 
Non-
distributable 
Reserve 
Total 
£’000 
£’000 
£’000 
£’000 
£’000 
Balance at 01.01.2021 
5,614 
-
9,153
-
14,767
Correction of prior period errors (note 
28) 
849
849 
Balance at 01.01.2021 - as restated 
5,614 
-
10,002
-
15,616
Loss for the year  
 - 
- 
(3,276) 
-
(3,276)
Total Comprehensive Loss 
 - 
- 
(3,276) 
-
(3,276)
Balance at 31.12.2021 - as restated 
5,614 
-
6,726
-
12,340
Balance at 01.01.2022 - as restated 
5,614 
-
6,726
-
12,340
Loss for the year  
-   
- 
(2,181)
-
(2,181)
Total Comprehensive Loss 
-   
- 
(2,181)
-
(2,181)
Balance at 31.12.2022 
5,614 
-
4,545
-
10,159
Notes: 
17 
The notes on pages 34 to 55 form an integral part of these Consolidated Financial Statements

34 
NOTES TO THE FINANCIAL STATEMENTS 
for the year ended 31 December 2022 
1.
GENERAL INFORMATION, BASIS OF PREPARATION AND NEW ACCOUNTING STANDARDS
1a.  General information 
Rurelec PLC is the Group’s ultimate parent company (“Company”).  It is incorporated and domiciled in 
England and Wales.  The address of Rurelec’s registered office is given on the information page.  Rurelec’s 
shares are traded on the AIM market of the London Stock Exchange PLC. 
The Group (“Group”) consists of Rurelec PLC and all of its subsidiaries as listed in note 20. The nature of the 
Group’s operations and its principal activities are the generation of electricity in South America. Following the 
disposal of Rurelec’s Argentinean Joint Venture interests in May 2023 the Company is an AIM 15 cash shell. 
1b. Basis of preparation 
The Company and the consolidated financial statements have been prepared in accordance with UK adopted 
international accounting standards, in conformity with the requirements of the Companies Act 2006. 
The principal accounting policies adopted in the preparation of the Company and the consolidated financial 
statements financial statements are set out in note 2. The policies have been consistently applied to all the 
years presented, unless otherwise stated. 
The Company and the consolidated financial statements are presented in Pound Sterling which is also the 
functional currency of the Company and the Group.  The other functional currencies of the Group entities are 
Chilean Pesos and United States Dollars.  
Amounts are rounded to the nearest thousand, unless otherwise stated. 
Basis of measurement 
The Company and the consolidated financial statements have been prepared on a historical cost basis. 
1c. Going concern 
Accounting standards require that Directors satisfy themselves that it is reasonable for them to conclude 
whether it is appropriate to prepare financial statements on a going concern basis. In assessing the going 
concern position of the Group and Company, the Directors have taken into account the uncertainties, cash 
flows, and ability to find a target for reverse acquisition. All scenarios discussed below, represent a material 
uncertainty that casts significant doubt upon the company’s ability to continue as a going concern. These 
scenarios are also discussed in the strategic and directors report of the annual report. The Directors have 
reviewed financial projections and strategy to 30 June 2024, and have considered projections for both the 
base and the severe but plausible downside sensitivity scenario.  
The potential scenarios which could lead to the Group and Company not being a going concern are 
considered to be:  
a. Reverse merger
Following the disposal of the Argentinean JV interest, the Company is deemed to be an AIM Rule 15 cash
shell. The consequences of this are that before 11 December 2023, being six months after cash shell
status, the Company must make an acquisition or acquisitions which constitutes a reverse takeover under
Rule 14 of the AIM Rules for Companies otherwise it’s ordinary shares will be suspended from trading on
AIM. Furthermore, if a qualifying acquisition is not completed by 12 June 2024, the admission of the
Company’s ordinary shares to trading on AIM will be cancelled. The Directors are seeking a suitable
reverse acquisition in order to maintain the admission of the Company’s shares to AIM before 11
December 2023 and to support the going concern of the company by transferring the business of the
acquiror into the Company.
The Directors have concluded that the conditionality of finding a suitable reverse acquisition in six months
represents a material uncertainty which may cast significant doubt on the group’s and parent company’s
ability to continue as a going concern as an AIM listed company. While the Directors have a preference
and priority to maintain the listing on AIM, they will consider alternative proposals including those where
the listing is cancelled.

35 
Turbines 
The company will continue to explore potential buyers for the 701 DU 125MW turbines (“turbines”). Further 
updates on this initiative will be made as appropriate.  
b. Liquidity
At the date of the signing of the financial statements, having taken account of current cash balance of £2.3
million out of which £1.2 million are reserved for declared dividends, and the cash forecasts where
outgoings are now reduced, the Directors believe, bearing in mind the reduced outgoings of the Group,
there is currently sufficient headroom in existing working capital facilities to avoid the need to seek further
sources of working capital. The base case forecast model was further adjusted to establish at what point
additional funding is required without further mitigating actions. In the Directors assessment this is unlikely
to happen in next 12 months.
As at 31 December 2022, turbines are classified as held for sale and an active programme to locate a
potential buyer has been initiated. The turbines were purchased from IPSA in 2013 and IPSA retain their
title but have no beneficial interest in them. The assets are available for immediate sale in their present
condition at a price that is reasonable in relation to its current fair value. The Directors are confident that
the sale is highly probable within 12 months from the reporting period.
Whilst the directors have instituted measures to preserve cash and find buyers for turbines to generate
cash inflow, these circumstances create material uncertainties to continue in operational existence for the
foreseeable future.
The directors have prepared budgets and forecasts, and performed stress tests thereon, for a period of at
least 12 months from the date of signing of the financial statements to assess the Group and Company’s
ability to continue as a going concern. Beyond the 12-month period, after making enquiries and
considering the uncertainties described above, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future. For
these reasons, they continue to adopt the going concern basis of accounting in preparing the annual
financial statements.
1d. New accounting standards 
The Directors consider that no revisions to IFRS standards implemented in the year have had any significant 
effect on these statements. 
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as 
at 31 December 2022.  Control is achieved when the Group is exposed, or has rights, to variable returns from 
its involvement with the investee and has the ability to affect those returns through its power over the investee. 
Generally, there is a presumption that a majority of voting rights result in control.  To support this presumption 
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers 
all relevant facts and circumstances in assessing whether it has power over an investee. 
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when 
the Group loses control of the subsidiary.  Assets, liabilities, income and expenses of a subsidiary acquired 
or disposed of during the year are included in the consolidated financial statements from the date the Group 
gains control until the date the Group ceases to control the subsidiary. 
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between 
members of the Group are eliminated in full on consolidation. 
A joint venture is a joint arrangement whereby the Group and other parties that have joint control of the 
arrangement have rights to the net assets of the arrangement (IFRS11). Under the equity method, 
investments in joint ventures are carried in the consolidated statement of financial position at cost as adjusted 
for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment 
in the value of individual investments.  Losses of a joint venture in excess of the Group’s investment in that 
joint venture are not recognised, unless the Group has incurred legal or constructive obligations or made 
payments on behalf of the joint venture. 
Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, 
liabilities and contingent liabilities of the joint venture recognised at the date of acquisition is recognised as 
goodwill. 

36 
The goodwill, if any is included within the carrying amount of the investment and is assessed annually for 
impairment as part of the investment.  Any excess of the Group’s share of the net fair value of the identifiable 
`assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised 
immediately as a profit or loss. 
Unrealised gains on transactions between the Group and its joint venture are eliminated to the extent of the 
Group’s interest in the joint venture.  Unrealised losses are also eliminated unless the transaction provides 
evidence of an impairment of the asset transferred.  Unrealised gains on transactions between the Group and 
subsidiary entities are eliminated.  Amounts reported in the financial statements of subsidiary and joint venture 
entities have been adjusted where necessary to ensure consistency with the accounting policies adopted by 
the Group. 
Acquisitions of subsidiaries are dealt with by the acquisition method.  This method involves the recognition at 
fair value of all identifiable assets and liabilities, including contingent liabilities of the acquired company, at 
the acquisition date, regardless of whether or not they were recorded in the financial statements of the entity 
prior to acquisition.  On initial recognition, the assets and liabilities of the acquired entity are included in the 
consolidated statement of financial position at their fair values, which are also used as the bases for 
subsequent measurement in accordance with the Group’s accounting policies.  Investments in subsidiaries 
are stated at cost less impairment in the statement of financial position of the Company. 
2.2 Equity Accounted Joint Ventures 
The Group reports its interests in joint ventures using the equity method of accounting, except when the 
investment is classified as held for sale.  
2.3 Goodwill 
Goodwill representing the excess of the cost of acquisition over the fair value of the Group’s share of the 
identifiable net assets acquired is capitalised and reviewed annually for impairment.  Goodwill is stated after 
separating out identifiable assets and liabilities.  Goodwill is carried at cost less accumulated impairment 
losses. 
Any excess of interest in acquired assets, liabilities and contingent liabilities over fair value is recognised 
immediately after acquisition through the income statement. 
2.4 Foreign Currency Translation 
The financial information is presented in pound sterling, which is also the functional currency of the parent 
company. 
In the separate financial statements of the consolidated entities, foreign currency transactions are translated 
into the functional currency of the individual entity using the exchange rates prevailing at the dates of the 
transactions (“spot exchange rate”).  Foreign exchange gains and losses resulting from the settlement of such 
transactions and from the translation of remaining balances at year-end exchange rates are recognised in the 
income statement within ‘Foreign Exchange (Losses)/Gains’. 
In the consolidated financial statements, all separate financial statements of subsidiaries and joint ventures, 
originally presented in a currency different from the Group’s presentation currency, have been converted into 
sterling.  Assets and liabilities have been translated into pound sterling at the closing rate at the reporting 
date. Income and expenses have been converted into pound sterling at the average rates over the reporting 
period. The resulting exchange differences are recognised in other comprehensive income and accumulated 
in equity within the foreign exchange reserve. 2022 marks the sixth year of inflation accounting adjustments 
in Argentina.  It is the Directors’ judgement that the Argentine GAAP hyperinflation adjustments to the 
accounts of the Group’s Joint Venture operations in Argentina give an approximate fair value of these 
operations. There are no material differences arising from Argentine GAAP inflationary accounting and IAS 
29. 
Non-monetary assets are valued at historic rates. 
2.5 Expense recognition 
Operating expenses are recognised in the income statement upon utilisation of the service or at the date of 
their origin. All other income and expenses are reported on an accrual basis. 
2.6 Dividends 
Dividends, other than those from investments in associates and joint ventures, are recognised at the time the 
right to receive payment is established. No dividends were paid or received during the year (2021: £nil). 

37 
2.7 Borrowing Costs 
All borrowing costs are expensed as incurred except where the costs are directly attributable to specific 
construction projects, in which case the interest cost is capitalised as part of those assets. 
2.8 Property, Plant and Equipment 
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment. No 
depreciation is charged during the period of construction. 
All operational buildings and plant and equipment in the course of construction are recorded as plant under 
construction until such time as they are brought into use by the Group.  Plant under construction includes all 
direct expenditure and may include capitalised interest in accordance with the accounting policy on that 
subject.  On completion, such assets are transferred to the appropriate asset category. 
Repairs and maintenance are charged to the income statement during the financial period in which they are 
incurred.  The cost of major renovations and overhauls is included in the carrying amount of the assets where 
it is probable that the economic life of the asset is significantly enhanced as a consequence of the work.  Major 
renovations and overhauls are depreciated over the expected remaining useful life of the work. 
Depreciation is calculated to write down the cost less estimated residual value of all property, plant and 
equipment other than freehold land which is not depreciated by equal annual instalments over their estimated 
useful economic lives.  The periods generally applicable are: 
- Plant and equipment
3 to 15 years 
Depreciation of an asset commences when it is available for use, i.e. when it is in location and condition 
necessary for it to be capable of operating in the manner intended by management. Material residual values 
are updated as required, but at least annually.  Where the carrying amount of an asset is greater than its 
estimated recoverable amount, it is written down immediately to its recoverable amount. 
2.9 Impairment of Tangible and Intangible Assets 
At each reporting date, the Group reviews the carrying amount of its property, plant and equipment 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 estimates the recoverable amount of the cash-generating unit to which the asset 
belongs.  
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in 
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that 
reflects current market assessments of the time value of money and the risks specific to the asset. 
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than it’s carrying 
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An 
impairment loss is recognised immediately in the income statement.  The Group recognises a cash-generating 
unit by its ability to independently earn income. The Group carries each cash-generating unit in an individual 
special purpose company, so they are easily recognised. 
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 only to the extent 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) in prior years. A reversal of an impairment loss 
is recognised immediately in the income statement. 
2.10 Taxation 
Current income tax assets and liabilities comprise those obligations to, or claims from, fiscal authorities 
relating to the current or prior reporting period, that are unpaid at the reporting date.  They are calculated 
according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on the 
taxable profit for the period.  All changes to current tax assets or liabilities are recognised as a component of 
tax expense in the income statement or through the statement of changes in equity. 
Deferred income taxes are calculated using the liability method on temporary differences.  This involves the 
comparison of the carrying amounts of assets and liabilities in the consolidated financial statements with their 
respective tax bases.  However, in accordance with the rules set out in IAS 12, no deferred taxes are 
recognised in respect of non-tax-deductible goodwill. In addition, tax losses available to be carried forward as 
well as other income tax credits to the Group are assessed for recognition as deferred tax assets. 

38 
Deferred tax liabilities are provided for in full, with no discounting.  Deferred tax assets are recognised to the 
extent that it is probable that the underlying deductible temporary differences will be able to be offset against 
future taxable income.  Current and deferred tax assets and liabilities are calculated at tax rates that are 
expected to apply to their respective period of realisation, provided that they are enacted or substantially 
enacted at the reporting date. 
Deferred tax is provided on differences between the fair value of assets and liabilities acquired in an 
acquisition and the carrying value of the assets and liabilities of the acquired entity and on the differences 
relating to investments in subsidiary and joint venture companies if the difference is a temporary difference 
and is expected to reverse in the foreseeable future. 
Changes in deferred tax assets and liabilities are recognised as a component of tax expense in the income 
statement, except where they relate to items that are accounted for through other comprehensive income or 
charged or credited directly to equity in which case the related deferred tax is also charged or credited directly 
to equity, or other comprehensive income. 
2.11 Financial Assets 
The Group’s financial assets include cash and cash equivalents, loans and receivables, held at amortised 
cost. 
Cash and cash equivalents include cash at bank and in hand as well as short term highly liquid investments 
such as bank deposits. 
Loans and receivables are non-derivative financial assets with fixed or determinable payment dates that are 
not quoted in an active market.  These are assets held on a ‘hold to collect’ basis. They arise when the Group 
provides money, goods or services directly to a debtor with no intention of trading the receivable.  Receivables 
are measured initially at fair value and subsequently remeasured to test for impairment, the carrying value is 
less provision for impairment.  Any impairment is recognised in the income statement. 
2.12 Financial Liabilities 
Financial liabilities are obligations to pay cash or other financial instruments and are recognised when the 
Group becomes a party to the contractual provisions of the instrument. 
A financial liability is derecognised only when the obligation is extinguished, that is when the obligation is 
discharged, cancelled or expires. 
Bank and other loans are raised for support of short-term funding of the Group’s operations.  They are 
recognised initially at fair value, net of transaction costs and are subsequently measured at amortised cost 
using the effective interest method.  Finance charges, including premiums payable on settlement or 
redemption, and direct issue costs are charged to the income statement on an accruals basis using the 
effective interest method and are added to the carrying amount of the instrument to the extent that they are 
not settled in the period in which they arise. 
2.13 Short term leases 
IFRS 16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all 
leases, together with the option to exclude leases where the lease term is 12 months or less, or where the 
underlying asset is of low value.  IFRS 16 substantially carries forward the lessor accounting in IAS 17, with 
the distinction between operating leases and finance leases being retained. The Group does not have 
significant leasing activities acting as a lessor, also, there are no impacts as a lessee. 
2.14 Inventories 
Inventories in the Company comprise turbines and associated spare parts and similar items for use in the 
Group’s plant and equipment. Inventories are carried at the lower of cost and net realisable value. These 
inventories were transferred to Assets Held for Sale on 31 December 2022, please see notes 12 and 13 for 
further details. 
2.15 Shareholders’ Equity 
Equity attributable to the shareholders of the parent company comprises the following: 
“Share capital” represents the nominal value of equity shares. 
“Foreign currency reserve” represents the differences arising from translation of investments in overseas 
subsidiaries. 
“Retained Losses/Earnings” represents losses/earnings to date, after prior years transfers from ‘Share. 
Capital’ and Share premium account’. 

39 
2.16 Pensions 
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension 
scheme and contribute towards it.  This is called 'automatic enrolment'.  Rurelec’s staging date was 1 October 
2017.  Rurelec chose to set up its auto enrolment contribution plan pension scheme with NEST which ensures 
access to suitable, low-charge pension provision to meet the new duty to enrol all eligible workers into a 
workplace pension automatically. 
Rurelec also offers a Salary Sacrifice Scheme within NEST by which employees sacrifice part of their salary 
in exchange for the company to make an employer contribution on their behalf to the pension scheme and 
also to contribute their national insurance savings on the amount sacrificed by the employee. 
During the year under review, the Company continued its contributions to the contribution plan NEST Pension 
scheme. 
2.17 Segment Reporting 
In identifying its operating segments, management follows the Group’s geographic locations and are reported 
in a manner consistent with the Chief Operating Decision Maker.  The activities undertaken by segments are 
the development of generation assets and generation of electricity in their country of incorporation within 
South America. 
Each of the operating segments is managed separately as the rules and regulations vary from country to 
country. 
The measurement policies used by the Group for segment reporting under IFRS 8 are the same as those 
used in the financial statements. 
2.18 Non-current assets held for sale and discontinued operations 
The Group and Company classifies non-current assets and disposal groups as held for sale if their carrying 
amounts will be recovered principally through a sale transaction rather than through continuing use. Non-
current assets and disposal groups classified as held for sale are measured at the lower of their carrying 
amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the 
disposal of an asset (disposal group), excluding finance costs and income tax expense. 
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the 
asset or disposal group is available for immediate sale in its present condition. Actions required to complete 
the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision 
to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected 
to be completed within one year from the date of the classification. 
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held 
for sale. 
Assets and liabilities classified as held for sale are presented separately as current items in the statement of 
financial position. 
Discontinued operations are excluded from the results of continuing operations and are presented as a 
single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. 
3.
KEY ASSUMPTIONS AND ESTIMATES
When preparing the financial statements, management makes a number of judgements, estimates and
assumptions about the recognition and measurement of assets, liabilities, income from loan repayment
receipts and asset sales and expenses.  The actual results may differ from the judgements, estimates and
assumptions made and will seldom equal the estimated results.  The areas which management consider are
likely to be most affected by the significant judgements, estimates and assumptions on recognition and
measurement of assets, liabilities, income and expenses are:
Impairment – management review tangible and intangible assets, including intra group and Joint Venture
loans, at each balance sheet date to determine whether there is, in their judgement, any indication that those
assets have suffered an impairment loss.  The key assumption used in the plant and equipment’s annual
impairment assessment is estimating the residual value of the assets. Based on the market demand, the
directors apply judgement to estimate the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. The sale of these units 
is dependent on a customer undertaking a suitable project as this size of older turbine are very rarely bought
“for stock”- they would only be bought by a buyer with a specific project in mind in an appropriate territory
where such turbines are permitted to operate.  Hence the exact timing of a future sale remains uncertain, and
this introduces a natural unpredictability to the timing and value of receipts from such sales.

40 
Income – the Group is reliant on asset sales, a material uncertainty exists as to whether projected receipts will 
occur. 
Expected Credit Losses – judgements used to assess the ECL’s for the current year included the 
macroeconomic factors which includes inflation forecasts and foreign exchange controls. 
4.
SEGMENT ANALYSIS
Management currently identifies the Group’s two geographic operating segments; Chile, and the head office
in the UK, as operating segments as further described in the accounting policy note.  These operating
segments are monitored, and strategic decisions are made on the basis of segment operating results.  The
Group’s joint venture operations in Argentina have been excluded, see note 22 for more detail.
The following tables provide an analysis of the operating results, total assets and liabilities, in 2022 and 2021
for each geographic segment.
a) 12 months to 31.12.2022
Chile 
UK 
Consolidation 
Adjustments 
Total 
£’000 
£’000 
£’000 
£’000 
Administrative Expenses 
(43)
(955)
-
(998)
Loss from Operations 
(43)
(955)
-
(998)
Other Income 
-
25
-
25
Other Expense 
(245)
(2,571)
892 
(1,924)
Foreign Exchange (Losses)/Gains 
2 
658 
1 
661
Finance Income 
-
-696
-(696) 
- 
Finance Expense 
-(696 
-
-696
- 
Loss before Tax from Operations 
(982)
(2,147)
893
(2,236) 
Tax Expense 
-
-
- 
- 
Total Loss 
(982)
(2,147)
893 
(2,236) 
Total Assets 
5 
10,643 
-
10,648
Total Liabilities 
13,614 
484 
(13,602) 
496 
b) 12 months to 31.12.2021
Chile 
UK 
Consolidation 
Adjustments 
Total 
£’000 
£’000 
£’000 
£’000 
Administrative Expenses 
(123)
(844)
-
(967)
Loss from Operations 
(123)
(844)
-
(967)
Other Income 
365 
(13) 
- 
352 
Other Expense 
-
(1,469)
-
(1,469)
Foreign Exchange (Losses)/Gains 
(324)
110
-
(214)
Finance Income 
-
1,173
(682)
491
Finance Expense 
(682)
(1,827)
682 
(1,827) 
Loss before Tax from Operations 
(764)
(2,870)
-
(3,634)
Tax Expense 
-
-
-
-
Total Loss 
(764)
(2,872)
-
(3,634)
Total Assets 
452 
17,090 
(5,382) 
12,160
Total Liabilities 
12,966 
462 
(12,974) 
454 

41 
5.
EXCHANGE RATE SENSITIVITY ANALYSIS
The key exchange rates applicable to the results were as follows:
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
i)
Closing rate
US $ to £
1.20582 
1.34894 
CLP (Chilean Peso) to £
1,032.0 
1,139.4 
ii)
Average rate
US $ to £
1.2319 
1.35751 
CLP (Chilean Peso) to £
1,068.1 
1,050.8 
If the exchange rate of sterling at 31 December 2022 had been stronger or weaker by 10 per cent. from the 
above, with all other variables held constant, shareholder equity at 31 December 2022 would have been £1.1 
million (2021: £1.2 million) lower or higher than reported. 
If the average exchange rate of sterling during 2022 had been stronger or weaker by 10 per cent. with all other 
variables held constant, the effect on the loss for the year would have been £1.1 million (2021: £1.2 million) 
higher or lower than reported. 
If the average exchange rate of sterling during 2022 had been stronger or weaker by 10 per cent. with all other 
variables held constant, the effect on the total other comprehensive loss for the year would have been £1.1 
million (2021: £1.1 million) higher or lower than reported. 
6.
ADMINISTRATIVE EXPENSES
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Expenditure incurred in administrative expenses is as follows: 
Payroll and Social Security 
373 
397 
Services, Legal and Professional 
299 
213 
Office Costs and General Overheads 
216 
269 
Audit Costs1 
110 
88 
Total 
998 
967 
1Audit services include £110k (2021: £88k) paid to the auditors for the audit of the Company, Group’s UK 
subsidiaries and Group’s financial statements. The group auditors also provided taxation services for the 
Group in the year, the costs were £22k (2021: £15k). 
7.
EMPLOYEE COSTS
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
a)
Group
Aggregate remuneration of all employees and Directors
348 
372 
Social Security Costs
16 
17 
Pension Costs
8 
8 
Total
372 
397 

42 
The average number of employees in the Group, including Directors, during the year was as follows: 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
Management 
2 
3 
Administration and development 
3 
3 
Total 
5 
6 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
b)
Company
Aggregate remuneration of all employees and Directors
332 
357 
Social Security Costs
14 
15 
Pension Costs
8 
8 
Total
354 
380 
The average number of employees in the Company, including Directors, during the year was as follows: 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
Management 
2 
3 
Administration and development 
2 
2 
Total 
4 
5 
c)
Directors’ remuneration
The total remuneration paid to the Directors was £206k (2021: £246k).  The total remuneration of the highest 
paid Director was £176k (2021: £145k). There were no health insurance costs, bonuses, pension costs or 
share based payments paid during the year (2021: £nil). 
Year Ended 
Year Ended 
Year Ended 
31.12.2022 
31.12.2022 
31.12.2021 
£’000 
£’000 
£’000 
Base Salary/Fee 
Total 
Total 
B Rowbotham 
- 
- 
9 
S Morris 
- 
- 
79 
A Coveney 
176 
176 
145 
P Shackleton 
30 
30 
13 
Total 
206 
206 
246 
B Rowbotham has been on payroll in 2020 and 2021 until his resignation on 13 April 2021. 
S Morris provided services under a service agreement contract with SC Morris Ltd and received £26.4k via 
payroll in the prior year. Simon resigned on 17 August 2021. 
A Coveney provided services under a service agreement contract with Coveney Associates Consulting Ltd 
and received £30k via payroll (2021: £30k). 

43 
8.
a) FOREIGN EXCHANGE
Year Ended 
Restated Year 
Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Foreign Exchange gains/(losses) 
661 
(259) 
Total 
661 
(259) 
Foreign currency-based assets are translated at the relevant year end rates. 
b) OTHER INCOME/IMPAIRMENT CHARGES
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Other Income 
Net profit on disposal of Chile turbine (note 12) 
- 
330 
Director’s fees due from EdS 
25 
22 
Total 
25 
352 
Impairment Charges 
Impairment on investment in Joint Venture (note 13) 
- 
1,336 
Impairment of amounts due from joint venture (note 14) 
1,679 
- 
Impairment of Chile Transformer (note 12) 
35 
- 
Impairment of Chile performance bonds (note 14)  
210 
- 
Provision for closure costs relating to investment in SEA 
Energy S.A. 
- 
133 
Total 
1,924 
1,469 
9. FINANCE INCOME & EXPENSE
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Finance Income 
Reversal of 2021 Expected Credit Losses 
-
491
Other Interest Received 
-
-
-
491
Finance Expense 
Charge for 2022 Expected Credit Losses1 
-
1,827
Other interest payable 
-
-
-
1,827
1 Expected credit losses were charged in the prior year as the Amended Loan Notes repayments were 
projected to be received over a longer period of time, with final repayment in 2034. These loans were classified 
as held for sale and received cash in June 2023. 
10. TAX EXPENSE
The relationship between the expected tax expense at basic rate of 19 per cent. (2021: 19 per cent.) and the
tax expense actually recognised in the income statement can be reconciled as follows:

44 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Result for the year before tax 
(2,208) 
(3,634) 
Standard rate of Corporation Tax in UK 
19% 
19% 
Expected Tax Credit 
(420)
(690)
Tax effect not deductible in determining taxable profits 
(39) 
94
Unrecognised Loss carried forward 
(385)
675
Actual Tax Expense 
-
-
Comprising: 
Current Tax Expense 
- 
- 
Deferred Tax/(Net Credit) 
- 
- 
Total Credit (Expense) 
- 
- 
The estimated accumulated unrecognised deferred tax asset is £3.1 million (2021: £2.8 million), based on 
cumulative tax losses of £16.9 million (2021: £14.9 million).  A deferred tax asset is not recognised as an asset 
due to the uncertainty and unknown timing of its realisation against future profits. 
11. EARNING PER SHARE
Basic loss per share is calculated by dividing the loss for the period attributable to shareholders by the weighted 
average number of shares in issue during the period.
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
Average number of shares in issue 
561,387,586 
561,387,586 
Result for the year 
Total Loss attributable to equity holders of the parent 
£2.2m 
£3.7m 
Basic Loss per share 
0.39p 
0.65p 
Diluted Loss per share 
0.39p 
0.65p 
There is no difference between the Basic and Diluted loss per share. 
12. PROPERTY PLANT AND EQUIPMENT
Plant and 
Plant under 
Total 
Equipment 
Construction 
£’000 
£’000 
£’000 
a)
Group
Cost at 01.01.2021 (restated)
16,195 
2,030 
18,225 
Exchange Adjustments (restated)
-
18
18 
Disposal
-
(1,677)
(1,677) 
Cost at 31.12.2021 (restated)
16,195 
371 
16,566 
Exchange Adjustments
-
44
44 
Disposal
-   
-   
-   
Transfer to Assets Held for Sale (note 13)
(16,195) 
-
(16,195)
Cost at 31.12.2022
-
415
415 

45 
Accumulated Depreciation and Impairment at 
1.1.2021 (restated) 
8,423 
1,582 
10,005 
Exchange Adjustments (restated) 
-   
9 
9 
Charge for the year 
-   
-   
-   
Charge for impairment for the year 
-   
-   
-   
Disposal 
-   
-   
-   
Accumulated Depreciation and Impairment at 
31.12.2021 (restated) 
8,423 
336 
8,759 
Exchange Adjustments 
-
44
44 
Charge for impairment for the year 
-
35
35 
Transfer to Assets Held for Sale (note 13) 
(8,423) 
-
(8,423)
Accumulated Depreciation and Impairment at 
31.12.2022 
-
415
415 
Net Book Value – 31.12.2021 
7,773 
35 
7,808 
Net Book Value – 31.12.2022 
-   
-   
-   
NBV transferred to HFS 
7,773 
The plant and equipment (2021: £7.8 million) relates to two Siemens turbines, stored in Venice for use in the 
Central Illapa project purchased from IPSA for US $25.0 million. IPSA retains the title but has no beneficial 
interest in the turbines. The turbines were transferred to Assets Held for Sale on 31 December 2022; see note 
13 for further details. Plant under construction comprised a transformer in Chile which is impaired during year. 
The turbine plant in Chile £nil (2021: £nil) was sold in the prior year as announced on 09 September 2021, 
and all proceeds were received before the year end, with the profit on disposal, shown in Other Income, was 
£0.3 million.  
Company – The Company had no property, plant and equipment. 
13. ASSETS HELD FOR SALE
The following assets have been transferred to assets held for sale:
a) Joint Venture – Argentinian interests
Investment (note 20) 
£312k 
Receivable (note 14) 
£2,023k 
Total 
 
£2,335k 
Patagonia Energy Ltd (“PEL”) is the joint venture company which owns Energia del Sur, S.A (“EdS”) based 
in Argentina and in which Rurelec has a 50 per cent. share. The above are the Group’s and Company 
investment and receivable in PEL. The sale was completed on 16 May 2023, the initial proceeds of £2.4 
million were received on 09 June 2023. The sale included two conditional deferred payments of $1 million 
due in 2024 and 2025. Immediately before the classification as held for sale, the recoverable amount was 
estimated for JV investment and receivable from PEL and an impairment has occurred (note 14).  
b) Plant & Equipment (Company: Inventories)
£ 7,773k 
Two Siemens Westinghouse 701 128 MW gas turbine generators (“701s”) are expected to be sold in the next 
12 months. There was interest from various parties in 2022, but as yet no sale has concluded.  Subsequent 
to year end discussions remain ongoing with regard to the disposal. The carrying value has been tested for 

46 
impairment and the directors consider that no impairment has occurred as the carrying amount of the asset 
did not fall below its fair value less costs to sell.  
As at 31 December 2022, asset held for sale for both Group and Company is £10,108k. 
14. TRADE AND OTHER RECEIVABLES
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
a)
Group - non-current
Amounts due from Joint Venture Companies1
-
3,103
b)
Group – current
Amounts due from Joint Venture Companies1
714 
Tax Receivable – VAT
10 
4 
Other Receivables and Prepayments 3
81 
279 
91 
997 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
a)
Company - non-current
Amounts due from Joint Venture Companies1
-
3,103
b)
Company – current
Amounts due from Joint Venture Companies1
-
714
Tax Receivable – VAT
9 
4
Amounts due from subsidiary undertakings2
-
-
Other Receivables and Prepayments 3
80 
107
89 
825 
1 Amounts due from joint venture companies represent the amounts lent by the Company, net of 
impairments, to PEL. These loans were replaced in 2019 with Amended Loan Notes, as previously 
announced on 19 November 2019. The carrying value of the loans is based on the replacement Amended 
Loan Notes, gross value at 31 December 2022 of £ 11.1million (2021: £10.5 million). Movement is due to 
exchange adjustments. These notes bear zero interest and have a long stop maturity of 31 December 
2039. Carrying values have been determined by discounting the predicted future repayments at a rate of 
9 per cent. pa, it is anticipated that the notes will be fully repaid in 2034. The notes are held in the 
Statement of Financial Position at their discounted value. The loans were transferred to assets held for 
sale on 31 December 2022, please see note 13 for further details. Prior to held of sale classification, the 
directors tested for impairment and recorded adjustment for £1.7 million. In prior year impairment of £1.8 
million was recorded. The first £0.5 million repayment was received in December 2019, in 2020: £1.8 
million and in 2021 £0.3 million were received, one repayment of £0.6 million has been received in 2022. 
2 Receivable balance from Cochrane Power Limited of £11.4 million (2021: £11.4 million) repayable on 
demand with nil per cent interest.  These loans have been impaired to £nil (2021: £nil) in Cochrane Power 
Limited, the UK holding company for assets in Chile.  Other loans of £1.4 million (2021: £.1.4 million) 
related to subsidiaries of Cochrane Power Limited where the rights have been assigned to the Company. 
None of the entities are trading. The Directors performed assessment and these loans have been impaired 
to £nil (2021: £nil). As per subsequent events note 27 it was decided that activities in Chile would be 
regarded as discontinued operations. No interest income recognised as income is not probable.  
3 During the year Chile performance bonds were impaired due to uncertainty over their recoverability as 
the project will not be completed.  

47 
All trade and other receivables are unsecured and are not past their due by dates. The fair values of receivables 
are not materially different to the carrying values shown above. 
15. INVENTORIES
Restated 
Company - Inventories 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Inventories 
-
7,773
16. CASH AND CASH EQUIVALENTS
Inventories comprised of two Siemens 701DU turbines acquired from IPSA in June 2013. IPSA retains the title
but has no beneficial interest in the turbines. Storage and insurance costs for the turbines in the year totalled
£109k (2021: £105k). They were transferred to Assets Held for Sale on 31 December 2022, please see note
13 for further details.
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
a)
Group - current
Cash and short-term bank deposits
449 
745 
b)
Company - current
Cash and short-term bank deposits
446 
743 
Cash and short-term bank deposits are held, where the balance is material, in interest bearing bank 
accounts, accessible at between 1- and 30-days’ notice.  The effective average interest rate is less than 
1 per cent per annum.  The Group holds cash balances to meet its day-to-day requirements. 
17. SHARE CAPITAL
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
In issue, authorised, called up and fully paid 
561,387,586 ordinary shares of 1p each  
5,614 
5,614 
Ordinary shares have no redemption rights and are entitled to full rights to dividends and excess capital on 
winding up.  
The issued share capital of the Company consists of 561,387,586 ordinary shares of £0.01 each. 

48 
18. TRADE AND OTHER PAYABLES
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
a)
Group - current
Trade Payables
130 
97 
Accruals
366 
351 
496 
448 
b)
Company - current
Trade Payables
84 
46 
Amount due to subsidiary undertakings (note 25)
257 
229 
Accruals
142 
135 
483 
410 
19. TAX LIABILITIES
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Group/Company - Current 
Other tax and social security 
- 
6 
- 
6 
20. INVESTMENTS
PEL 
Total 
£’000 
£’000 
Cost at 31.12.2021 
11,652 
11,652 
Cost at 31.12.2022 
11,652 
11,652 
Accumulated Impairment at 01.01.2021 
(10,004) 
(10,004) 
Impairment in year 
(1,336) 
(1,336) 
Accumulated Impairment at 31.12.2021 
(11,130) 
(11,130) 
Accumulated Impairment at 31.12.2022 
(11,130) 
Transfer to Assets Held for Sale (note 13) 
(312) 
(312) 
Carrying Value at 31.12.2022 
- 
- 
Carrying Value at 31.12.2021 
312 
312 
The balance was transferred to Assets held for Sale on 31 December 2022, please see note 13 for further 
details. As announced on 12 June 2023 the asset was disposed of on 09 June 2023, please see note 28 Post 
Balance Sheet Events. 
At the year end the Company held the following investments: 
Direct investments: 
1.
50 per cent. (2021: 50 per cent.) of the issued share capital of Patagonia Energy Limited (“PEL”), a
company registered in the British Virgin Islands under registration number 620522. PEL owns 100 per
cent. of the issued share capital of EdS, a company registered in Argentina.  EdS is a generator and
supplier of electricity to the national grid in Argentina. This investment was transferred to Assets Held
for Sale on 31 December 2022. The asset was disposed off on 09 June 2023, please see note 27 Post
Balance Sheet Events.

49 
2.
100 per cent. (2021: 100 per cent.) of the issued share capital of Cochrane Power Limited, a company
registered in England and Wales under registration number 8220905.  Cochrane Power Limited owned
at the year-end, through intermediate holding companies, 100 per cent. interest in Central Illapa, S.A.
and 100 per cent. interest in Termoelectrica del Norte, S.A., both being companies registered in Chile.
3.
100 per cent. (2021: 100 per cent.) of the issued share capital of Rurelec Project Finance Limited a
company registered in England and Wales under registration number 7523554. Rurelec Project Finance
Limited owned at the year-end 95 per cent. interest in SEA Energy S.A.
4.
5 per cent. (2021: 5 per cent. of SEA Energy S.A. a company registered in Argentina under registration
number CUIT 30-71022906-2.
Indirect investments: 
Name 
Trading address/registered address 
Interest Held 
Energia del Sur, S.A.* 
Arroyo 880, Piso 2 
50% 
C10007AAB 
Ciudad Autónoma de Buenos Aires 
Argentina 
Electrica del Sur, S.A.* 
Arroyo 880, Piso 2 
50% 
C10007AAB 
Ciudad Autónoma de Buenos Aires 
Argentina 
SEA Energy, S.A.** 
Arroyo 880, Piso 2 
95% 
C10007AAB 
Ciudad Autónoma de Buenos Aires 
Argentina 
Rurelec Chile SpA*** 
c/o Guerrero Olivos 
100% 
Av. Vitacura 2939, Piso 8 
Las Condes 
Santiago  
Chile 
Rurelec Chile Limitada*** 
c/o Guerrero Olivos 
100% 
Av. Vitacura 2939, Piso 8 
Las Condes 
Santiago  
Chile 
Termoelectrica del Norte, S.A.*** 
c/o Guerrero Olivos 
100% 
Av. Vitacura 2939, Piso 8 
Las Condes 
Santiago  
Chile 
Central Illapa, S.A.*** 
c/o Guerrero Olivos 
100% 
Av. Vitacura 2939, Piso 8 
Las Condes 
Santiago  
Chile 
*Held via Patagonia Energy Limited and equity accounted as a joint venture, see Note 22.
**Held via Rurelec Project Finance Limited
***Held via Cochrane Power Limited

50 
The results of all of the above directly and indirectly held subsidiaries have been included in the consolidated 
group accounts except where joint ventures are equity accounted as indicated. 
21. PROFIT BEFORE TAX TO CASH GENERATED FROM OPERATIONS
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
a)
Group
£’000 
£’000 
Loss for the year before tax 
(2,236) 
(3,634) 
Net Finance Income 
-
(491)
Net Finance Expense 
-
1,827
Adjustments for: 
Foreign exchange (gains)/losses 
(661)
214
Write down of investment  
-
1,366
Impairment of amounts due from Joint Venture 
1,679 
- 
Impairment of Chile transformer  
35 
- 
Impairment of Chile performance bonds  
210 
- 
Costs re investment in SEA Energy  
-
134
Gain on disposal 
-
(330)
Movement in Working Capital: 
Change in Trade and Other Receivables 
19 
(173) 
Change in Trade and Other Payables 
42 
96 
Cash Used in Operations 
(912)
(991)
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
b)
Company
£’000 
£’000 
Loss for the year before tax
(2,147) 
(3,230) 
Net Finance Income 
-
(1,173)
Net Finance Expense 
-
1,827
Adjustments for: 
Foreign exchange gains 
(160)
(108)
Write down of loans 
-
492
Impairment of JV receivable 
1,679 
- 
Write down of investment  
-
1,336
Costs re investment in SEA Energy 
-
134
Movement in working capital: 
Change in Trade and Other Receivables 
(299)
(147)
Change in Trade and Other Payables 
25 
(38)
Cash Used in Operations 
(898)
(909)
22. JOINT VENTURE
The Group’s only joint arrangement within the scope of IFRS 11 is its 50 per cent. investment in Patagonia
Energy Limited (“PEL”), which owns 100 per cent. of EdS, its operating asset in Argentina. Management has
reviewed the classification of PEL in accordance with IFRS 11 and has concluded that it is a joint venture and
therefore it has been accounted for using the equity accounting method as set out in IAS 28
As announced on 16 May 2023 a Sales and Purchase Agreement for the JV assets was signed, the sale was
authorised at the General Meeting on 1 June 2023. As announced on 12 June 2023 the sale completed on 09
June and the Company received the initial US $3 million consideration on the same date.

51 
The Joint Venture interest were transferred to Assets Held for Sale on 31 December 2022, in accordance 
with IFRS 5; please see note 13 for further details. A fair value adjustment on their initial recognition of £1.7 
million was charged to Other Expense. Please see note 8b for further details. 
The following table sets out the prior year’s Group’s 50 per cent. share of its interest in Patagonia Energy 
Limited (“PEL”) the BVI registered joint venture holding company of EdS, its 100 per cent. owned Argentinian 
operating subsidiary. The Group did not participate in prior year profits of the joint venture, as they are 
exceeded by previous losses. Current year results are not disclosed as per IFRS 12 as the JV is now 
classified as Assets Held for Sale.  
Group share of Joint Venture results and net assets 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Results 
Revenue 
- 
3,300 
Operating Expenses - excluding foreign exchange losses 
-
(2,175)
Foreign exchange losses 
- 
130 
EBITDA 
- 
1,255 
Depreciation 
-
(1,047)
EBIT 
- 
208 
Intragroup interest - credit re write back of prior year charge 
- 
2,478 
Third party interest payable 
- 
(398) 
Profit before tax 
- 
2,288 
Tax 
- 
151 
Profit after tax 
- 
2,439 
Summary of Statement of Financial Position 
Non-current assets 
-
10,871
Cash 
- 
1,419 
Current trade and other receivables 
- 
918 
Non-current liabilities 
-
(17,100)
Current liabilities 
- 
(907)
Net assets/(liabilities) 
-
(4,798)
23. FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of financial risks which result from both its operating and investing activities.
The Group’s risk management is coordinated to secure the Group’s short to medium-term cash flows by
minimising its exposure to financial markets. The Group does not actively engage in the trading of financial
assets for speculative purposes, nor does it write options.  The most significant risks to which the Group is
exposed are described below:
a)
Foreign currency risk
The Group is exposed to translation and transaction foreign exchange risk.  The Group’s principal trading
operations are based in South America and as a result the Group has exposure to currency exchange
rate fluctuations in the principal currencies used in South America. The Group did not participate in prior
year profits of the joint venture, as they are exceeded by previous losses. Current year results are not
disclosed as per IFRS 12 as the JV is now classified as Assets Held for Sale. Refer to note 22. None of
the group entities are trading in Argentina therefore the Directors are of the view that these accounts
require no further adjustment related to hyperinflation.
The Group also had exposure to the US Dollar as a result of related parties borrowings denominated in
this currency.
b)
Interest rate risk
Group funds are invested in short-term deposit accounts, with a maturity of less than three months, with
the objective of maintaining a balance between accessibility of funds and competitive rates of return.

52 
c)
Capital management policies and liquidity risk
The Group considers its capital to comprise its ordinary share capital, share premium, accumulated
retained earnings and other reserves.
The Group’s objective when maintaining capital is to safeguard the entity’s ability to continue as a going
concern, so that it can provide returns for shareholders and benefits for other stakeholders.
The Company meets its capital needs primarily by equity financing.  The Group sets the amount of capital
it requires to fund the Group’s project evaluation costs and administration expenses.  The Group manages 
its capital structure and makes adjustments to it in the light of changes in economic conditions and the
risk characteristics of the underlying assets.
The Company and Group do not have any derivative instruments or hedging instruments.  It has been
determined that a sensitivity analysis will not be representative of the Company’s and Group’s position in
relation to market risk and therefore no such analysis has been undertaken.
The following table sets out when the financial obligations fall due:
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
a)
Group
£’000 
£’000 
Current – due within 1 year:
Trade Payables 
130 
97 
Accruals 
366 
351 
Tax Liabilities 
- 
6 
Total due within 1 year: 
496 
454 
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
b)
Company
£’000 
£’000 
Current – due within 1 year:
Trade Payables 
84 
46 
Accruals 
142 
135 
Amount due to subsidiary undertakings (note 25) 
257 
229 
Tax Liabilities 
6 
Total due within 1 year: 
483 
416 
c)
Credit risk
Generally, the maximum credit risk exposure of financial assets is the carrying amount of the financial
assets as shown on the face of the balance sheet (or in the detailed analysis provided in the notes to the
financial statements).  Credit risk, therefore, is only disclosed in circumstances where the maximum
potential loss differs significantly from the financial asset’s carrying value.  The Group’s trade and other
receivables are actively monitored.
d)
Fair values
In the opinion of the Directors, there is no significant difference between the fair values of the Group’s and
the Company’s assets and liabilities and their carrying values and none of Group’s and the Company’s
trade and other receivables are considered to be impaired.
The financial assets and liabilities of the Group and the Company are classified as follows:

53 
31 December 2022 
Company 
Financial 
Assets 
at 
 Amortised 
Cost 
Company 
Borrowings 
and 
Payables 
at 
Amortised 
Cost 
Group 
Financial 
Assets 
at 
 Amortised 
Cost 
Group 
Borrowings 
and 
Payables 
at 
Amortised 
Cost 
£’000 
£’000 
£’000 
£’000 
Trade and Other Receivables > 1 year 
- 
- 
- 
Trade and Other Receivables < 1 year 
90 
-
91
- 
Cash and Cash Equivalents 
446 
-
449
- 
Trade and Other Payables < 1 year 
-
(483)
-
(496)
Total 
536 
(483)
540
(496) 
31 December 2021 
Company 
Financial 
Assets 
at 
 Amortised 
Cost 
Company 
Borrowings 
and 
Payables 
at 
Amortised 
Cost 
Group 
Financial 
Assets 
at 
 Amortised 
Cost 
Group 
Borrowings 
and 
Payables 
at 
Amortised 
Cost 
£’000 
£’000 
£’000 
£’000 
Trade and Other Receivables < 1 year 
3,103 
-
3,103
- 
Trade and Other Receivables < 1 year 
814 
-
986
- 
Cash and Cash Equivalents 
743 
-
745
- 
Trade and Other Payables < 1 year 
-
(416)
-
(454)
Total 
4,660 
(416)
4,834
(454) 
24. SHORT TERM LEASE COMMITMENTS
Office premises
Office premises relates to the Company’s offices. These are of low value, and less than one year £16k (2021:
£16k).
25. RELATED PARTY TRANSACTIONS
During the year the Company and the Group entered into material transactions with related parties as follows:
a)
Company
i)
Paid salaries to directors, who are considered Key Management Personnel which amounted to £0.2
million (2020: £0.3 million).
Year Ended 
Year Ended 
Year Ended 
31.12.2022 
31.12.2022 
31.12.2021 
£’000 
£’000 
£’000 
Base Salary/Fee 
Total 
Total 
B Rowbotham 
- 
- 
9 
S Morris 
- 
- 
79 
A Coveney 
177 
177 
145 
P Shackleton 
30 
30 
13 
Total 
207 
207 
246 
B Rowbotham provided services under a service agreement contract with Mountbeach Associates 
Ltd until June 2017, since then he was on payroll. He resigned on 13 April 2021. 
S Morris provided services of £54k under a service agreement contract with SC Morris Ltd. He 
resigned on 17 August 2021. 
A Coveney provided services of £147k under a service agreement contract with Coveney Associates 
Consulting Ltd.  

54 
P Shackleton joined on 27 July 2021, and he is on payroll. 
ii)
Accrued interest on loans from its 100% subsidiary Rurelec Project Finance Ltd (“RPFL”) totalling
£nil (2020: £nil).  The loan balance outstanding at the year-end due to RPFL was £0.3 million (2021:
due £0.2 million).
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Year-end Creditor (note 18) 
256 
229 
Interest credited/(charged) 
- 
- 
iii)
Received loan repayments of £599k from PEL (2021: £347k).
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Y/E Debtor 
-
3,807
Repayment 
599 
367
Interest charged 
- 
- 
Transfer to Assets Held for Sale (note 13) 
2,023 
- 
iv)
Provided loans and charged interest of 0.5% per month to its 100 per cent. subsidiary Cochrane
Power Ltd. Net loans were £14k (2021: net repayment in the year £0.7 million (2020: loans of £0.2
million).  The total outyear end at the year-end was £12.1 million (2020: £11.4 million).  These loans
have been impaired to £nil (2021: £ nil). As per subsequent events note 27 it was decided that
activities in Chile would be regarded as discontinued operations. No interest income recognised as
income is not probable.
Year Ended 
Year Ended 
31.12.2022 
31.12.2021 
£’000 
£’000 
Y/E Debtor 
- 
- 
(Repayment)/Further loans made 
14 
(638) 
Assignment of loan to Rurelec plc. 
-
(1,266)
Interest charged 
-
682
26. CONTROL
The Directors consider that the ultimate controlling party is Sterling Trust Limited on the basis of their 53.9%
shareholding in the Company.
27. POST BALANCE SHEET DATE EVENTS
As announced on 16 May 2022 the Company signed a Sales and Purchase Agreement for its Joint Venture
interests in Argentina. A deposit of US$ 600k was paid to a solicitor’s account. This with the remaining US$
2.4 million initial payment was received on 09 June 2023. The Sales and Purchase Agreement included the
possibility of two further payments of US$1 million which could be paid in 2024 and 2025, providing certain
qualifying conditions are met. Under current market and Argentinean economic circumstances there can be
no certainty that these conditions will be met, as a result of this these amounts have been excluded from this
report.
At the General Meeting held on 1 June 2023 shareholders unanimously voted to approve the sale and a special 
dividend of 0.2 pence per share. The dividend will be paid on 14 July 2023 to shareholders on the register as
at 23 June 2023. The associated ex-dividend date will be 22 June 2023.

55 
At a Board meeting on 21 June 2023, it was decided that activities in Chile would be regarded as discontinued 
operations. All remaining assets have been fully impaired in these financial statements with a charge of £210k 
being recorded in Other Expense (2021: £nil). 
There are no other significant subsequent events. 
28. PRIOR PERIOD ADJUSTMENTS
The consolidated income statement, consolidated statement of financial position, company statement of
financial position, consolidated statement of changes in equity and company statement of changes in equity
have been restated due to incorrect accounting treatment related to foreign exchange losses/ gains. The
Group and Company recorded foreign exchange translation for non-monetary items held at cost which
understated the property plant and equipment and inventories (company). The following corrections to prior
periods were identified resulting in the changes set out below. An additional comparative Statement of
Financial Position for group and company has been presented in order to demonstrate the impact to the
opening position in the prior year.
Group Impact on the Statement of Profit or Loss and Other Comprehensive Income
Restated 
Notes 
Year Ended 
Year Ended 
Extract 
31.12.2021 
Adjustments 
31.12.2021 
£’000 
£’000 
£’000 
Net Foreign Exchange Losses 
(214) 
45 
(259) 
Loss before Tax 
(3,634) 
45 
(3,679) 
Tax Expense 
- 
Loss for the year attributable 
to owners of the Company 
(3,634) 
(3,679) 
Group Impact on the Statement of Financial Position 
Reported 
Adjusted 
Reported 
Adjusted 
Extract 
01.01.2021 
Adjustment 
01.01.2021 
31.12.2021 
Adjustment 
31.12.2021 
£’000 
£’000 
£’000 
£’000 
£’000 
£’000 
Property, Plant 
and Equipment 
  7,371 
     849 
  8,220 
  7,003 
     805 
  7,808 
Retained 
Earnings 
  8,648 
     849 
  9,497 
  5,014 
     805 
  5,819 
Company Impact on the Statement of Financial Position 
Reported 
Adjusted 
Reported 
Adjusted 
Extract 
01.01.2021 
Adjustment 
01.01.2021 
31.12.2021 
Adjustment 
31.12.2021 
£’000 
£’000 
£’000 
£’000 
£’000 
£’000 
Inventories 
  6,923 
     849 
  7,772 
  6,968 
     805 
  7,773 
Retained 
Earnings 
9,153  
849   
10,002   
  5,922 
805 
6,727  

56 
COMPANY INFORMATION 
Directors 
A.H. Coveney (Executive) 
P.R.A. Shackleton (Non-Executive) 
Secretary 
M J. Bravo Quiterio 
Company number 
4812855 
Registered office and business address 
5 St. John’s Lane 
London 
EC1M 4BH 
Auditor 
BDO LLP 
55 Baker Street 
London 
W1U 7EU 
Nominated Adviser and Broker 
WH Ireland Group PLC 
24 Martin Lane 
London  
EC4R 0DR 
Registrars 
Link Group 
10th Floor Central Square 
29 Wellington Street 
Leeds  
LS1 4DL 
Lawyers 
Armstrong Teasdale LLP 
200 Strand 
London 
WC2R 1DJ 
Bankers  
Arie Finance Limited 
Level 2, 
Standard Chartered Tower, 1721-04, 
Ebene, Mauritius