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2021-03-31-accounts

Registered number: 02834975 Charity number: 1023929

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 14
Independent Auditors' Report on the Financial Statements 15 - 19
Consolidated Statement of Financial Activities 20
Consolidated Balance Sheet 21 - 22
Charity Balance Sheet 23 - 24
Consolidated Statement of Cash Flows 25
Notes to the Financial Statements 26 - 56

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees T Willison, Chair
S Magenis (resigned 24 February 2021)
A Heeler, Vice Chair
N Sandford
P Brotherton
S Trewhella
J Taylor (resigned 22 February 2021)
C Walker-Harrison
G Mason
L Knudsen
N Moyo (appointed 29 September 2021)
J Cole (appointed 29 September 2021)
P Hansen (appointed 29 September 2021)
Company registered
number
02834975
Charity registered
number
1023929
Registered office
Ham Lane House
Ham Lane
Orton Waterville
Peterborough
PE2 5UU
Company secretary
A Heeler
Chief executive officer
C Leonard
Independent auditors
Streets Audit LLP
Chartered Accountants and Statutory Auditors
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Bankers
National Westminster Bank PLC
PO BOX 15
Cathedral Square
Peterborough
Cambridgeshire
PE1 1HW
Solicitors
Hegarty LLP
48 Broadway
Peterborough
Cambridgeshire
PE1 1YW

Page 1

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

Our charity's purpose, as set out in the objects contained in the Memorandum of Association are to advance the education of the public and promote involvement in all matters concerning environmental conservation and to preserve, protect and enhance the environment primarily within the Peterborough area and elsewhere.

The charity's vision is Sustainable Places.

The charity's mission is to protect and enhance the environment throughout Peterborough and beyond.

PECT aims to help preserve, protect and enhance the environment. We want to improve people’s quality of life by raising awareness of environmental issues and nurturing behaviour change. Our vision is for Sustainable Places and we aim to make a real difference for people and planet.

PECT’s work covers four key areas:

  1. The Natural Environment - We recognise that biodiversity and access to nature has a multitude of therapeutic, social and health benefits.

  2. Community & Education - We champion connected communities and people being involved in their local area to prevent social isolation.

  3. Responsible Resource Use - To create a sustainable future we need to ensure that every individual and organisation is living within the means of our planet. We support innovative solutions for a smarter future.

  4. Health & Wellbeing - We want to encourage people to become more active and to improve their wellbeing. Whether it’s looking at the food we eat, the exercise we take, how we travel, or the consumer choices we make.

b. Strategies for achieving objectives

Our outcomes are reviewed by staff, the Board and Members. These reviews look at what we have achieved, if our work is being delivered across all of our outcomes and identifying where the gaps are. In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commissions guidance on Public Benefit.

Page 2

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

In undertaking any activity, it is important that we follow a set of core values as below:

Proactive - Forward thinking and enthusiastic in seeking solutions Professional - Meeting and exceeding our organisational professional standards Empowering - Supporting others with information and resources to help them take responsibility Collaborative - Seeking effective ways to work together and achieve more impact Communicative - Raising awareness of the work we do and other important sustainability issues Transformative - Creating real change to benefit people and the environment

True to our work - We work with integrity and are consistent, fair, honest and open in our approach.

d. Main activities undertaken to further the Charity's purposes for the public benefit

The main audiences for the year were:

Education – Providing support and resources to schools in and around Peterborough through our sustainability focused education activity.

Business - Helping businesses to become more sustainable through resource efficiency.

Communities - Increasing action and support in the communities through projects that lead to healthier places for people and the environment.

Achievements and performance

a. Key performance indicators

This year, Peterborough Environment City Trust (PECT) has continued to work within the 2020-2025 strategic plan. The delivery of European projects has been a focus for the team while also completing a range of short and long term initiatives.

PECT delivers services and contracts and runs projects in collaboration with grant giving organisations, businesses and communities. For the year ended 2021, total incoming resources, both restricted and unrestricted for the charity was £1,105,274 (2020 - £1,503,743) which was mainly funded through grants, contracts and business consultancy, but also from donations, rental and investment income. Expenditure for the financial year totalled £854,642 (2020 - £1,326,072). Net income in the year was £250,632 (2020 - £177,671).

Closing reserves were £1,223,927 of which £299,746 is restricted (2020 - £973,296 of which £258,754 was restricted). The charity's policy to hold reserves sufficient to ensure the continuance of projects and activities, see further on in this report for more details.

The financial goal going forward remains, in line with the strategy, to generate income from a wider range of sources, fully covering operational and business development costs and generating a surplus to be reinvested.

Page 3

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

b. Review of activities

The work of PECT is split across four themes; the natural environment, health and wellbeing, communities and education and responsible resource use.

The Natural Environment

Forest for Peterborough

PECT launched Forest for Peterborough in 2010 and aims to plant over 230,000 trees in and around the city by 2030. We have currently planted 117,657 trees, working with thousands of volunteers. In 2020, PECT created the city’s first ‘mini forest’ planting a variety of wildflowers and 695 trees in a mixture of species to replicate the growing patterns of native woodland but on a miniature scale.

Funders: Viridor, DEFRA Green Recovery Challenge Fund, DS Smith, Persimmon Community Fund, RSA Carbon Reduction Grant

Wildflower planting

PECT is enhancing the natural heritage of the city, improving its biodiversity and creating pollinator-friendly areas. We’re working together with Buglife to reverse the decline in pollinator numbers by creating a network of wildflower pathways (B-lines), linking together existing habitats in the city and raising awareness of the importance of wildflower planting.

Funders: National Lottery Heritage Fund, Postcode Local, Peterborough Integrated Communities Fund, Viridor, Ernest Kleinwort Charitable Trust

John Clare Countryside Celebration of Nature

As part of the John Clare Countryside (JCC) project, PECT is working with fifteen parishes to develop nature recovery plans and identify projects that would create new natural habitats or support the management of existing ones. To launch the delivery of the nature recovery plans, a series of special habitat creation events will be held in spring and autumn 2021 to say thank you to nature.

Funders: Earl Fitzwilliam Charitable Trust, Natural England, Langdyke Trust

Caring for Nature

Caring for Nature is a Skills Training project that offers young people and adults the opportunity to gain work experience in the environmental conservation sector. The project offers 6-week courses to unemployed adults and young people not in education or training (NEETS). The project offers participants the opportunity to learn about and restore the natural environment in the project area.

Funder: Fenland District Council

Heritage Skills Development

As part of the Nenescape landscape project, PECT is offering training in Heritage skills, including different techniques used to manage the land. Specifically, the project offers workshops with bladed tools such as bill hooks, slashers and scythes.

Funder: Nenescape Community funding

Page 4

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

Responsible Resource Use

Investors in the Environment (iiE)

Investors in the Environment (iiE) is PECT’s national environmental accreditation scheme. It is designed to help organisations save money, reduce their impact on the environment, and get promoted for their green credentials.

iiE has gone from strength to strength, offering a wide range of environmental training and online webinars to its members. In 2020, iiE supported businesses to save over 14,000 tonnes of CO2e nationally and established itself as a sustainability leader amongst the veterinary sector.

Blueprint

BLUEPRINT is an Interreg funded European project aiming to assist the transition to a Circular Economy in England and France. The project aims to provide a Circular Economy transition framework to local authorities across England and France, increase household recycling rates and drive the creation of new jobs for the benefit of local communities.

Funder: Interreg France (Channel) England Programme

Business Energy Efficiency Cambridge & Peterborough programme (BEECP)

The Business Energy Efficiency Cambridge & Peterborough programme (BEECP) aims to provide support and grants to small businesses to help catalyse investment in energy efficiency initiatives, to reduce carbon emissions and realise the associated business benefits including; reduced operating costs, increased competitiveness, business growth and resilience.

Funder: European Regional Development Fund

Eastern New Energy (ENE)

The Eastern New Energy project aims to build a stronger Local Energy and Low Carbon Economy in the East of England. It will achieve this by providing support to a range of individuals and organisations, and by understanding and addressing the barriers to the decarbonization of communities, buildings, transport, and lives. The project is led by the University of East London, with a wider partnership comprising 23 organisations. PECT’s role is to provide grants to eligible small and medium-sized businesses, to help catalyse capital investments in energy efficiency initiatives.

Funder: European Regional Development Fund

Business Lincolnshire

Small and medium sized businesses in Lincolnshire can access free expert advice and grants to grow their business after a £4million cash injection into the county’s Business Lincolnshire Growth Hub. Funding was secured by Lincolnshire County Council from the European Regional Development Fund for a three-year programme to boost local economic growth. PECT provides specialist on-site resource efficiency support.

Funder: European Regional Development Fund

Minimum Energy Efficiency Standards (MEES)

In collaboration with the Local Energy Hub, PECT co-ordinated a joint exploratory pilot project covering the cities of Cambridge and Peterborough, to gain a better understanding of barriers and solutions regarding the effective uptake of Minimum Energy Efficiency Standards (MEES) in private rental properties. The project was delivered in partnership with Cambridge City Council, Peterborough City Council and Green Energy Switch.

Funder - Department for Business, Energy and Industrial Strategy (BEIS)

Page 5

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

Zero Carbon Communities

PECT is helping community organisations who apply to South Cambridgeshire District Council’s Zero Carbon Communities Grant Scheme to better understand the potential to improve their energy efficiency and implement energy saving measures. Support includes on-site energy audits and a written report identifying energy efficiency opportunities and their estimated costs/potential energy savings.

Funder: South Cambridgeshire District Council

Health and Wellbeing

Cool Food PRO

PECT is a key partner in the ‘Cool Food Pro’ project which builds the award-winning micro project, Coo-L Food. The project aims to increase sustainability, food security, and public well-being across the UK and France, supporting the development of new practices that will help the catering industry transition to being carbon neutral by 2050.

Funder: European Regional Development Fund via the Interreg France (Channel) England programme

Energy Efficiency projects

PECT’s energy efficiency projects aim to reduce fuel poverty and increase the energy efficiency of households. We support residents who are struggling to pay their bills or cannot keep their home heated at a sufficient temperature. During this period, the project has worked across the East of England with a focus on rural parts of Cambridgeshire, Fenland, Cambridge and Huntingdon and Peterborough.

Funders: UK Power Network, Big Energy Saving Network, Whitemill, Glassmoor, Kenneth Miller Trust, Energy Redress

Community Fridge

PECT established a community fridge in North March, which is helping reduce food waste at the same time as providing free food for the local community. PECT brought together and trained a team of volunteers to manage the fridge and the food delivery, ensuring long-term sustainability of the project.

Funder: Fenland District Council

Environmental Education

Eco Charter

PECT’s Eco Charter supports environmental education in schools; encouraging over 40,000 students a year to think sustainably and collectively reduce their impact on the environment. We act as a single point of contact for schools and other providers to facilitate a collaborative and coordinated approach to sustainable education. As part of the Charter, PECT created the Natures School project, which provides downloadable resources for students and carers to use to support children's learning about the environment. We also trialled the new Eco Explorer project, which provides resources to encourage children and their families to take environmental education out of the classroom and into everyday lives.

Healthy Schools: Food Smart

PECT is working in partnership with Everyone Health to support primary schools and early years services to adopt a positive approach towards nutrition. Working as part of a wider ‘Healthy Schools’ programme, PECT aims to create environments that support children and their families to improve their well-being across Peterborough and Cambridgeshire.

Funder – Everyone Health

Page 6

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

Wild Literacy

Wild Literacy teacher training is all about taking young children out into their natural environment to enhance their understanding of the wider world around them, and to develop the vocabulary needed to talk about their experiences. This training opportunity and resource is aimed at giving teachers the starting blocks to make this happen.

Funder – Talking Together

Junior Forester Award

The project offers schools the opportunity to take part in The Royal Forestry Society’s Junior Forester Award. The Forester award gives young people an insight into a career in forestry as well as the practical ability to assist in woodland management in their schools and local communities.

The project is targeted at year 6 and 7 students and takes students on a journey of self-discovery to build confidence, self-esteem, and resilience to enable them to meet the challenges of this major transitional period in their academic careers.

Funder: Outlook Education Fund, via Cambridgeshire Community Foundation

LNP Consultancy support

PECT supported the LNP to develop the governance and associated administrative requirements for the successful creation of a CIO. This included the creation of a business development plan and a stakeholder engagement and communication plan.

Funder: Local nature Partnership

Core (Covid support)

PECT’s day-today activities were hit hard by Covid-19. Emergency covid funding support enabled us to review our offering to the communities and organisations we work with, looking at the activities we can adapt and new services we can provide. Funding enabled PECT to successful shift some of our support work and training to telephone and online.

Funders: Garfield Weston, Heritage Emergency Fund, BGL, Peterborough City Council

c. Factors relevant to achieve objectives

The PECT and GES teams have worked hard throughout the year to maintain delivery and a positive reputation. For PECT, funding has been secured from a range of funders and clients and good partnerships have been made and strengthened through the process.

GES is now in its fifth year of trade and has continued to deliver energy management services in an ever changing environment.

The charity is still working towards a more stable financial position with reduced expenditure on core staff, team members working across multiple projects and improved planning, reporting and accounting for time. These factors enable the charity to have the stability to continue to work to our charitable objectives.

Page 7

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

d. Investment policy and performance

Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Trustees see fit.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The PECT reserves policy is to hold a minimum balance of £160,000, which broadly equates to the running costs for a 3 month period. The policy was last reviewed by Trustees in 2017. As at 31 March 2021 the charity has unrestricted general funds of £924,181 (2020 - £694,209). PECT's unrestricted general funds are being used to support the operation delivery of a range of European Funded projects which require the Trust to fund activities ahead of making a financial claim.

c. Material investments policy

PECT holds an investment property valued at £200,000 which is included within note 16 of the financial statements.

d. Principal risks and uncertainties

The trustees recognise that there are potential risks to which the charity may be exposed. The trustees have identified five main areas of risk:

The processes for monitoring and mitigation of these risks have been identified and are recorded in a risk register. The trustees have delegated the day-to-day implementation, monitoring and evaluation of the risk register to the management team. During the year the Board received reports from the Chief Executive and agreed actions to mitigate any serious risks.

e. Principal funding

The principal funding for the charity has been the grants received from a range of funders for charitable activities.

Page 8

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

a. Constitution

Governing Document

The company and the group is a charitable company limited by guarantee and does not have a share capital. The charity is governed by its Memorandum and Articles of Association dated 9th July 1993. All of the trustees who are members of the company guarantee to contribute £1 in the event of a winding up.

b. Methods of appointment or election of Trustees

Recruitment and appointment of Trustees

The directors of the charitable company (the charity) are its Trustees for the purpose of the charity law and under the company's Articles are known as members of the Board. Under the requirements of the Memorandum and Articles of Association one third of the members of the Board retire at each Annual General Meeting (by rotation, those who have been longest in office since their last appointment), although they may offer themselves for reelection.

c. Organisational structure and decision-making policies

Strategic direction for the charity is informed by the larger group of 25 Members (including the 12 Board members) that are scheduled to meet twice per year as a group and are given opportunities to engage regularly by the executive team.

A Chief Executive is appointed by the Board to manage the operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Board, for operational matters including finance, key performance indicators, employment and project related activity.

Green Energy Switch Limited (GES), a wholly owned trading subsidiary, is governed by a Board consisting of Carly Leonard, PECT Chief Executive, Andrew Heeler, PECT Board Vice Chairman and Company Secretary, and Maxine Palmer, GES Director (resigned 10th June 2021).

d. Policies adopted for the induction and training of Trustees

Trustee Induction and Training

All of the Trustees are familiar with the practical project work of the charity through regular updates at meetings and having been encouraged to get involved in the community outreach projects, for example, attending the Green Festival, planting trees in the Forest of Peterborough or attending the Investors in the Environment awards ceremony. In addition, appropriate training takes place as and when deemed necessary.

For new Trustees the induction programme allows them to understand: their roles and responsibilities as a Trustee, the company's corporate policies and procedures and the company's vision, mission and strategic plan.

In addition, they have access to corporate policies and procedures, board papers and agendas and are given opportunities to learn more about operations through feedback, reviews and one-to-one meetings.

Page 9

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

e. Pay policy for key management personnel

Senior Staff

The pay of senior staff is agreed at board level. Details of salaries paid to key management personnel are disclosed in note 12.

Members of the Board

All members of the Board, as listed under Trustees on Page 1, give their time voluntarily and receive no benefits from the charity. For year ended 31 March 2021, trustees reclaimed £nil of expenses.

Page 10

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

f. Related party relationships

The charity has a close relationship with the Trustees and their associated organisations which are:

Toby Willison (Chairman)

Environment Agency - Executive Director of Operations British Water – Non-Executive Director

Andrew Heeler (Vice Chairman and Company Secretary)

Hegarty LLP Solicitors - Partner Law Society - Member Peterborough Executive Breakfast Club - Chair Blue Phoenix Group Ltd - Director Blue Phoenix Limited - Director Hegarty (Peterborough) Ltd - Director Quality Metal Recovery Ltd - Director Green Energy Switch Limited - Director

Steve Magenis (Resigned 24 February 2021)

Opportunity Peterborough – Director Institution of Civil Engineers – Member Chartered Institution of Water and Environmental Management - Fellow

Nick Sandford

Peterborough City Council - Councillor Woodland Trust - Officer PCC Sustainable Growth & Environmental Capital Committee - Chair Posh Supporters Trust GMB Trade Union Amnesty International Church of England Liberal Democrats - Member Green Liberal Democrats Republic

Peter Brotherton

Natural England - Director The British Ecological Society Peterborough Cathedral - Council member

Sam Peeroo (Resigned 4 June 2020)

Sam's Water in Motion Ltd - Director Peterborough City Council - Cabinet member (May 2016 - May 2019) Conservative Association Cross Keys Homes - Board member Deepings Swimming Club - Development officer ACCA

Page 11

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

Alison Taylor (Resigned 4 June 2020)

North Cambridge Academy - Chair council Conscious Communications Ltd - Director Planetari Ltd - Director Sustainability East Ltd - Director Taylor Maid Companies Ltd - Close family member

Steven Trewhella

Rivelin Bridge Ltd – Director Regional Flood and Coastal Committee – Member Institution of Civil Engineers – Fellow Charter Management Institute – Fellow

None of the Trustees have any beneficial interest in the company. A summary of transactions with related parties is set out in note 26 to the financial statements.

Plans for future periods

A new 2020-2025 strategy was developed and launched in early 2020. The new strategy builds on the success of the 2016-2020 strategic plan, and focus PECT efforts on educating, inspiring change, encouraging action and building collaboration.

To complement this, the year plan for 2021-22 includes a focus on delivery across the four areas of our vision for Sustainable Places, which includes:

Following on from last year, processes and policies are in place to assist with delivery of the new strategy. Underpinning the strategy is an aim to move the charity towards a position of covering its own costs through the activities carried out, without a reliance on gift aid or external grants.

Continuing to recover costs through activities within the charity will enable the organisation to have more control over financial and resource planning. There is a continued drive towards efficient use of time and resources as well as a constant push on fundraising and income generation activity in line with the year plan and strategy.

Funds held as custodian

At the end of the year 2021, PECT held the following funds for other charitable entities:

Page 12

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

COVID-19

The Trustees have paid careful attention to the impact of COVID-19, particularly the operational and financial implications to the organisation, as well as the impact on access and support to our beneficiaries. Activities have been delayed, cancelled or adapted to enable them to be delivered remotely, with staff working from home where appropriate.

The Trustees are aware these effects could also have an impact on the Trusts ability to generate income. During the financial year, PECT have utilised the Coronavirus Job Retention scheme and funding from the Heritage Lottery, Garfield Weston and the COVID-19 small business support fund, to assist with the short and longer term financial impact of the pandemic.

Since the lifting of restrictions PECT have reopened the office and adopted a flexible working system allowing staff to work in the office and at home for a couple of days each week. External events have also started to take place, with protocols in place to keep both the team and public safe,

PECT has limited public fundraising so does not need to consider drop off in income of this type. The trustees continues to consider all the risk and are confident that COVID-19 does not affect the trusts ability to operate as a going concern.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 13

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by: 24 November 2021

T Willison, Chair

Page 14

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERBOROUGH ENVIRONMENT CITY TRUST

Opinion

We have audited the financial statements of Peterborough Environment City Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 15

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERBOROUGH ENVIRONMENT CITY TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 16

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERBOROUGH ENVIRONMENT CITY TRUST (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Trustees 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 Trustees are responsible for assessing the Group's and the parent charitable 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 Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 17

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERBOROUGH ENVIRONMENT CITY TRUST (CONTINUED)

Auditors' 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 Auditors' 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 18

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERBOROUGH ENVIRONMENT CITY TRUST (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Anderson (Senior Statutory Auditor)

for and on behalf of

Streets Audit LLP

Chartered Accountants and Statutory Auditors 38 Tyndall Court Commerce Road Lynch Wood Peterborough Cambridgeshire PE2 6LR

Date: 21 December 2021

Page 19

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
Total expenditure
Net income before taxation
Taxation
Net income after taxation
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
105,082
138,727
442,691
15,783
50,938
753,221
304,975
229,891
534,866
218,355
-
218,355
(8,715)
209,640
714,541
209,640
924,181		 Restricted
funds
2021
£
240,365
111,688
-
-
-
352,053
-
319,776
319,776
32,277
-
32,277
8,715
40,992
258,754
40,992
299,746		 Total
funds
2021
£
345,447
250,415
442,691
15,783
50,938
1,105,274
304,975
549,667
854,642
250,632
-
250,632
-
250,632
973,295
250,632
1,223,927		 Total
funds
2020
£
738,575
237,839
456,998
16,911
53,420
1,503,743
312,177
986,885
1,299,062
204,681
(27,010)
177,671
-
177,671
795,624
177,671
973,295

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 26 to 56 form part of these financial statements.

Page 20

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 02834975

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investment property
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets
Total net assets		 266,843
898,356
1,165,199
(176,202)		 2021
£
1,890
34,188
200,000
236,078
988,997
1,225,075
(1,148)
1,223,927
1,223,927		 499,581
483,316
982,897
(235,795)		 2020
£
9,450
17,891
200,000
227,341
747,102
974,443
(1,148)
973,295
973,295

Page 21

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02834975

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

Note
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 2021
£
299,746
924,181
1,223,927		 2020
£
258,754
714,541
973,295

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees on _______24 November 2021 and signed on their behalf by:

T Willison, Chair

The notes on pages 26 to 56 form part of these financial statements.

Page 22

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 02834975

CHARITY BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
15
Investments
Investment property
16
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Net assets
Total net assets		 291,170
726,060
1,017,230
(119,531)		 2021
£
6,381
1
200,000
206,382
897,699
1,104,081
1,104,081
1,104,081		 452,928
360,037
812,965
(166,887)		 2020
£
7,447
1
200,000
207,448
646,078
853,526
853,526
853,526

Page 23

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02834975

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021

Note
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 2021
£
245,278
858,803
1,104,081		 2020
£
258,754
594,772
853,526

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees on _______24 November 2021 and signed on their behalf by:

T Willison, Chair

The notes on pages 26 to 56 form part of these financial statements.

Page 24

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 26 to 56 form part of these financial statements		 2021
£
425,316
15,783
-
(26,059)
(10,276)
-
415,040
483,316
898,356		 2020
£
194,236
16,911
3,360
(16,058)
4,213
-
198,449
284,867
483,316

Page 25

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

As set out in the Trustee's Report, Peterborough Environment City Trust is a charitable company registered in England and Wales. The principal office of the company is Ham Lane House, Ham Lane, Orton Waterville, Peterborough, PE2 5UU.

The principal objective of the charitable company is to work with communities, schools, businesses, local authorities and voluntary organisations to deliver projects that help build sustainable communities in Peterborough and beyond.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Peterborough Environment City Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The results of the subsidiary that was being liquidated during the year have not been included within these financial statements.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 26

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 27

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.7 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Amortisation is provided on the following basis:

Goodwill - 20 % per annum

2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Motor vehicles - 25% per annum on cost - Fixtures and fittings 15% and 25% per annum on cost - Computer equipment 20% and 33% per annum on cost

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments property is held at market value.

Page 28

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.13 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.15 Operating leases

Rentals under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

Page 29

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Allocation of costs - Direct expenses are charged to individual cost centres wherever possible. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of those resources.

Intangible fixed assets are recognised at cost or valuation, less accumulated amortisation and any impairment. Amortisation takes place over the estimated useful life, down to assessed residual value. The carrying amount of the charity's intangible fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairment. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the charity's tangible fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

The valuation of freehold and investment property is based on the Trustees' evaluation of the market, which is judgemental and based on assumptions.

Page 30

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
10,082
Grants
70,000
Government grants
25,000
105,082
Unrestricted
funds
2020
£
Donations
7,083
Grants
15,346
Government grants
-
22,429		 Restricted
funds
2021
£
8,905
89,572
141,888
240,365
Restricted
funds
2020
£
50,298
69,488
596,360
716,146		 Total
funds
2021
£
18,987
159,572
166,888
345,447
Total
funds
2020
£
57,381
84,834
596,360
738,575

5. Income from charitable activities

Unrestricted
funds
2021
£
Environmental conservation and protection
138,727
Unrestricted
funds
2020
£
Environmental conservation and protection
126,895		 Restricted
funds
2021
£
111,688
Restricted
funds
2020
£
110,944		 Total
funds
2021
£
250,415
Total
funds
2020
£
237,839

Page 31

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. Income from trading activities

Income from non charitable trading activities

Unrestricted
funds
2021
£
Trading income (GES)
442,691
Unrestricted
funds
2020
£
Trading income (GES)
456,998
7.
Investment income
Unrestricted
funds
2021
£
Rental income
15,683
Bank interest
100
15,783
Unrestricted
funds
2020
£
Rental income
16,465
Bank interest
446
16,911		 Total
funds
2021
£
442,691
Total
funds
2020
£
456,998
Total
funds
2021
£
15,683
100
15,783
Total
funds
2020
£
16,465
446
16,911

Page 32

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Other incoming resources

Coronavirus Job Retention Scheme (GES)
Coronavirus Job Retention Scheme
Net income from liquidation of PCL		 Unrestricted
funds
2021
£
7,171
43,767
50,938
Unrestricted
funds
2020
£
53,420		 Total
funds
2021
£
7,171
43,767
50,938
Total
funds
2020
£
53,420

The above income relates to a distribution from the voluntary liquidation of PECT Consultancy Ltd, a subsidiary which ceased trading in 2016.

Page 33

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Expenditure on raising funds

Other trading expenses

Unrestricted
funds
2021
£
Cost of sales
65,130
Administration expenses
37,478
Cost of sales staff costs
39,574
Administration staff costs
157,675
Administration depreciation
5,118
304,975
Unrestricted
funds
2020
£
Cost of sales
62,035
Administration expenses
54,460
Cost of sales staff costs
62,027
Administration staff costs
128,454
Administration depreciation
5,201
312,177		 Total
funds
2021
£
65,130
37,478
39,574
157,675
5,118
304,975
Total
funds
2020
£
62,035
54,460
62,027
128,454
5,201
312,177

Page 34

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Analysis of expenditure by activities

Environmental conservation and protection
Environmental conservation and protection
Analysis of direct costs
Conferences and events
Project costs
Subcontract costs		 Activities
undertaken
directly
2021
£
25,787
Activities
undertaken
directly
2020
£
381,984		 Support
costs
2021
£
523,880
Support
costs
2020
£
604,901
Total
funds
2021
£
141
8,183
17,463
25,787		 Total
funds
2021
£
549,667
Total
funds
2020
£
986,885
Total
funds
2020
£
2,058
269,704
110,222
381,984

Page 35

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Profit from sale of assets
Training
Rent and rates
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Computers
Printing, postage and stationary
Cleaning
Travel and subsistence
Marketing
Provision for bad and doubtful debts
Legal and professional fees
Accountancy and bookkeeping fees
Audit remuneration
Other support costs
Governance costs
11.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Total
funds
2021
£
433,744
4,645
-
5,750
11,264
1,497
3,255
4,994
931
9,456
1,606
2,142
3,050
12,443
(3,555)
7,790
9,526
7,500
5,240
2,602
523,880
2021
£
7,500
1,680		 Total
funds
2020
£
416,628
4,081
(1,030)
8,368
23,348
6,193
4,835
8,246
2,131
7,994
2,329
4,421
10,492
26,249
19,704
15,423
8,099
7,500
21,343
8,547
604,901
2020
£
7,500
4,620

Page 36

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Staff costs

Wages and salaries Group
2021
£
630,993
630,993		 Group
2020
£
607,109
607,109		 Charity
2021
£
433,744
433,744		 Charity
2020
£
416,628
416,628

The average number of persons employed by the Charity during the year was as follows:

Management and administration
Charitable activities		 Group
2021
No.
3
20
23		 Group
2020
No.
3
22
25		 Charity
2021
No.
2
13
15		 Charity
2020
No.
2
14
16

No employee received remuneration amounting to more than £60,000 in either year.

The total remuneration and benefits received by key management personnel was £54,623 (2020 - £54,458).

13. Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the charity. This was for employment services and no remuneration was received in relation to their role as a Trustee. The value of Trustees' remuneration and other benefits was as follows:

2021 2020
£ £
S Peeroo Remuneration 1,467 18,999
Pension contributions paid 350 1,310

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

Page 37

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
14.
Intangible assets
Group
Cost
At 1 April 2020
At 31 March 2021
Amortisation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Goodwill
£
37,800
37,800
28,350
7,560
35,910
1,890
9,450

Page 38

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Tangible fixed assets

Group

Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Charity
Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021		 Motor
vehicles
£
4,000
-
4,000
1,000
433
1,433
2,567
3,000
Motor
vehicles
£
4,000
-
4,000
1,000
433
1,433		 Fixtures and
fittings
£
30,504
215
30,719
18,528
2,187
20,715
10,004
11,976
Fixtures and
fittings
£
6,334
215
6,549
4,802
750
5,552		 Computer
equipment
£
24,985
25,844
50,829
22,070
7,142
29,212
21,617
2,915
Computer
equipment
£
24,985
3,363
28,348
22,070
3,461
25,531		 Total
£
59,489
26,059
85,548
41,598
9,762
51,360
34,188
17,891
Total
£
35,319
3,578
38,897
27,872
4,644
32,516

Page 39

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Tangible fixed assets (continued)

Charity (continued)

Net book value
At 31 March 2021
At 31 March 2020		 Motor
vehicles
£
2,567
3,000		 Fixtures and
fittings
£
997
1,532		 Computer
equipment
£
2,817
2,915		 Total
£
6,381
7,447

Page 40

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Investment property
Group
Freehold
investment
property
£
Valuation
At 1 April 2020 200,000
At 31 March 2021 200,000
Charity
Freehold
investment
property
£
Valuation
At 1 April 2020 200,000
At 31 March 2021 200,000
The 2021 valuations were made by the Trustees, on an open market value for existing use basis.
Investments
in
subsidiary
companies
Charity £
Cost or valuation
At 1 April 2020 1
At 31 March 2021 1
Net book value
At 31 March 2021 1
At 31 March 2020 1

Page 41

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2021
£
114,536
-
44,440
107,867
266,843		 Group
2020
£
129,245
-
31,655
338,681
499,581		 Charity
2021
£
44,997
140,287
-
105,886
291,170		 Charity
2020
£
71,712
44,047
-
337,169
452,928

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2021
£
32,054
30,907
2,600
110,641
176,202		 Group
2020
£
18,203
72,287
8,766
136,539
235,795		 Charity
2021
£
11,034
3,451
2,600
102,446
119,531		 Charity
2020
£
13,822
17,440
8,766
126,859
166,887

Page 42

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Designated Funds
General funds
General Funds
Subsidiary Company Fund
Total Unrestricted funds		 Balance at 1
April 2020
£
20,332
574,440
119,769
694,209
714,541		 Income
£
141,386
161,973
449,862
611,835
753,221		 Expenditure
£
(145,870)
(79,421)
(309,575)
(388,996)
(534,866)		 Transfers
in/out
£
(7,611)
139,183
(140,287)
(1,104)
(8,715)		 Balance at
31 March
2021
£
8,237
796,175
119,769
915,944
924,181

Page 43

PETERBOROUGH ENVIRONMENT CITY TRUST

This draft produced on 4/2/2021 17:19

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Statement of funds - current year (continued)

Restricted funds

Restricted funds
CKH Gardens
Healthy Schools
MEES
Power of Giving
Warm Homes Fenland 2018
Glinton & Peakirk
Woods for Whittlesey
Forest for Peterborough
Tourism Maps
Werrington Brook
BEECP
Kingfisher Court 2017
Forest for Peterborough Viridor
Fenland Wildlife Corridors
Growing Communities
Cool Food
Making Waves Together
B-Lines
Whitemill Fenland
BESN Champion
EKCT Pollinating Peterborough
BESN Regional Lead
Growing Communities Dogsthorpe
Pollinating Peterborough Postcode
Eastern New Energy
Glassmoor Fenland
BESN Champion 2020
BESN Regional Lead 2020
BGL Volunteer Support
Blueprint
Community Fridges March
Energy Redress
Green Recovery FFP
John Clare Countryside
Junior Foresters
Talking Together Wild Literacy
UKPN Cambridge
Other Restricted Funds
Transfer from General Fund
Total of Funds		 2,768
-
-
(2,768)
-
34,799
49,750
(39,860)
-
44,689
35,343
-
-
-
35,343
4,466
-
-
(4,466)
-
31,519
30,173
(27,605)
-
34,087
5,161
-
-
(5,161)
-
5,485
-
-
(5,485)
-
21,573
4,167
(186)
-
25,554
15,448
-
-
-
15,448
6,694
-
(34)
(6,660)
-
20,355
26,174
(25,454)
(21,075)
-
8,884
-
-
(8,884)
-
11,078
-
(1,202)
(9,876)
-
4,344
-
-
-
4,344
4,631
-
-
(4,631)
-
(27,150)
7,339
(2,644)
-
(22,455)
(1,550)
7,209
(5,844)
185
-
23,644
-
(13,012)
-
10,632
(2,024)
-
(539)
-
(2,563)
(139)
2,750
-
(2,611)
-
2,857
-
(500)
-
2,357
2,233
-
(149)
(2,084)
-
185
16,315
(4,804)
4,631
16,327
15,358
(6,556)
(8,802)
-
-
(259)
54,555
(65,520)
-
(11,224)
(1,941)
2,315
(362)
(12)
-
-
4,500
(7,649)
-
(3,149)
-
12,975
(11,890)
-
1,085
-
2,500
(2,352)
-
148
-
52,731
(49,458)
-
3,273
-
4,940
(3,846)
-
1,094
-
12,427
(20,689)
-
(8,262)
-
34,151
(16,306)
-
17,845
-
13,056
(4,480)
-
8,576
-
8,966
-
-
8,966
-
3,285
(56)
-
3,229
-
6,665
(3,365)
-
3,300
323
1,666
(3,169)
563
(617)
34,669
-
-
77,050
111,719
258,754
352,053
(319,777)
8,716
299,746
973,295
1,105,274
(854,643)
-
1,223,927

Page 44

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PETERBOROUGH ENVIRONMENT CITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Statement of funds - current year (continued)

Designated funds are general funds that the charity has designated to help specific projects run by the charity. Certain designated funds have been released in the year back to general unrestricted funds.

Restricted Funds

The deficit balances on restricted funds will be cleared by general funds at the end of the project. The negative fund balances within restricted reserves are covered by the transfer from general reserves at the balance sheet date.

The Natural Environment

Forest for Peterborough (inc. Viridor, Viridor 2020 and Green Recovery)

The project started in 2010 aiming to plant over 230,000 trees in and around the city and surrounding countryside by 2030.

Woods for Whittlesey

A new tree planting scheme launched in 2018 aiming to plant over 5,000 trees in Whittlesey and surrounding area.

Wild Literacy

The project is a starting block for teachers to receive training on how to incorporate natural environment in their teaching.

Growing Communities

The project working with residents in the Gladstone area transforming and enhancing 20 communal green spaces into attractive, biodiverse places.

Growing Healthier Communities

The project is to tackle cardiovascular risks for residents in the Central Park ward of Peterborough.

EKCT Pollinating Peterborough

Working with five community groups to create pollinator-friendly spaces in their neighbourhood, raising awareness of the plight of bees and pollinators, and enhancing the understanding of the importance of wildflower planting.

B-Lines

PECT is enhancing the natural heritage of the city, improving its biodiversity and creating pollinator-friendly areas. We’re working together with Buglife to reverse the decline in pollinator numbers by creating a network of wildflower pathways (B-lines), linking together existing habitats in the city and raising awareness of the importance of wildflower planting.

John Clare Countryside

Supporting parishes within the JCC to develop nature recovery plans.

Page 45

This draft produced on 4/2/2021 17:19

PETERBOROUGH ENVIRONMENT CITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Statement of funds - current year (continued)

Caring for Nature

A Skills Training project that offers young people and adults the opportunity to gain work experience in the environmental conservation sector. The project offers 6-week courses to unemployed adults and young people not in education or training (NEETS). The project offers participants the opportunity to learn about and restore the natural environment in the project area.

Education

Healthy Schools: Food Smart

The project is to support primary schools and early years services to adopt a positive approach towards nutrition.

Fenland Wildlife Corridor

Working with schools in Fenland to introduce wildlife corridors in their grounds and teach the children the importance of nature and pollinators.

Talking Together – Wild Literacy

Supporting early year practitioner to talk about the natural environment and accompanying resources.

Junior Foresters

Working with students to teach them a range of forestry based skills and to encourage them into nature. The course is designed to support them working as a new team over a six week period and getting hands on practice skills.

Responsible Resource Use

Business Energy, Efficiency Cambridge & Peterborough (BEECP)

PECT are the lead partner for the Business Energy Efficiency Cambridge and Peterborough (BEECP) programme aims to provide support and grants to small businesses to help catalyse investment in energy efficiency initiatives.

Waste Less, Save More

The project is to carry out a variety of activities across the city to tackle food waste.

Refill Campaign in Peterborough

The campaign aims to reduce plastic waste and single-use plastic bottles by encouraging local venues, businesses and establishments to sign up to the scheme and offer passers by the chance to refill their reusable water bottles with free tap water.

MEES

A pilot project covering the cities of Cambridge and Peterborough to gain a better understanding of barriers and solutions regarding the effective uptake of Minimum Energy Efficiency Standards (MEES) in private rental properties.

Page 46

This draft produced on 4/2/2021 17:19

PETERBOROUGH ENVIRONMENT CITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Statement of funds - current year (continued)

Eastern New Energy

An ERDF funded project delivered under Priority Axis 4 and focused on low carbon. PECT is delivering an SME grant scheme to support investment by small businesses in energy efficiency and renewable energy.

Blueprint

Working to create a circular economy and improve recycling rates across Peterborough. Funding through the Interreg.

Health and Wellbeing

Cool Food

The aim is creating an application to encourage users commit to making behaviour changes around their eating habits to reduce their carbon footprint.

Hyperlocal Rainfall

PECT teamed up with Meniscus, Anglia Ruskin University and Loughborough University to launch a brand new android phone app called Hyperlocal Rainfall, funded by Innovate UK. Hyperlocal Rainfall enables people to obtain incredibly accurate short-term rainfall predictions specific to an individual’s journey or location, which can be planned, viewed, and saved within the app.

Healthy Homes

Launched back in January 2016, the project has helped households save money through providing energy tips and advice on switching to cheaper energy tariffs. It aimed to help local residents save money and improve the energy efficiency of their homes in order to have a positive impact on the environment. The area of focus for Healthy Homes was in Peterborough and Fenland, enabling households in these areas to enjoy affordable warmth.

Food for Nought

Food for Nought launched in mid-2017 and runs a regular operation collecting surplus food and delivering this to community fridges and other selected locations, to be passed out to people in need.

SMART GB

Offering energy efficiency advice and information at events and GP surgeries; Training frontline practitioners in energy efficiency and use of smart meters; Undertaking home energy visits.

Kingfisher Court

This is a garden improvement project for elderly residential home at the Cross Keys Homes led Kingfisher Court.

Cross Keys Gardens

A project is to deliver gardening sessions to residents at the retirement homes in Peterborough.

Warm Homes Projects

The project aims to tackle fuel poverty and increase energy efficiency. This year projects have included; Warm Homes South Holland, Winter Warmth Cambridge, Warm Homes Peterborough and Warm Homes Leicester.

Page 47

This draft produced on 4/2/2021 17:19

PETERBOROUGH ENVIRONMENT CITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Parks for People

The aim is to raise public awareness about opportunities to get involved with Victorial Park and Watercress Fields to help shape the further of the area.

Making Waves Together

Working with Great Yarmouth Borough Council and Waveney District Council to put culture at the heart of local visioning.

Tesco Litter Picking

Creation of a digital resource pack to support community groups and individuals to help tackle litter in their local communities.

Big Energy Saving week

Big Energy Saving Week (BESW) is a national campaign run by Citizen’s Advice to help people cut their energy bills.

Whitemill and Glassmoor Fenland

Delivery of energy advice events across Fenland to support residents to lower their energy bills. Training was also undertaken by front line workers to enable them to provide basic energy advice to service users.

BESN Champion and Regional Lead

Working to support energy champions across the East of England to deliver energy surgeries and provide energy advice to residents.

Community Fridge

PECT established a community fridge in North March, which is helping reduce food waste at the same time as providing free food for the local community. PECT brought together and trained a team of volunteers to manage the fridge and the food delivery, ensuring long-term sustainability of the project.

BGL Volunteer Service

Funding that enabled PECT to develop its volunteer offering and purchase resources to attract, maintain and support volunteers.

Page 48

This draft produced on 4/2/2021 17:19

PETERBOROUGH ENVIRONMENT CITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Statement of funds – prior year

Unrestricted funds
Designated funds
Designated Funds
General funds
General Funds
Subsidiary Company Fund
Total Unrestricted funds
Restricted funds
A14 Community Fund
Big Energy Saving Week
CKH Gardens
Growing Healthier
Communities
Healthy Schools
MEES
Power of Giving
Smart GB
Warm Homes Fenland 2018
Wild Literacy
Glinton & Peakirk
Winter Warmth Cambridge
2017
Woods for Whittlesey
Forest for Peterborough
Tourism Maps
Hyper Local Rainfall
Werrington Brook
Healthy Homes		 Balance at 1
April 2019
£
Income
£
Expenditure
£
Transfers
in/out
£
Balance at
31 March
2020
£
388,698
134,088
(179,211)
(323,243)
20,322
185,465
85,567
(91,111)
394,519
574,440
3,945
456,998
(339,187)
(1,987)
119,769
189,410
542,565
(430,298)
(392,532)
189,410
578,108
676,653
(609,509)
69,289
578,108
1,769
-
(1,009)
-
760
(2,118)
-
(1,309)
3,427
-
2,408
6,045
(5,685)
-
2,768
-
4,272
(4,470)
-
(198)
10,287
50,643
(26,131)
-
34,799
53,233
30,000
(47,890)
-
35,343
4,466
-
-
-
4,466
(898)
-
-
898
-
2,731
3,156
(34,008)
59,641
31,520
1,638
-
(727)
-
911
5,161
-
-
-
5,161
1,641
-
-
(1,641)
-
6,192
-
(707)
-
5,485
14,949
17,252
(10,628)
-
21,573
15,448
-
-
-
15,448
(10,104)
-
-
10,104
-
7,557
-
(863)
-
6,694
2,141
-
-
(2,141)
-

Page 49

This draft produced on 4/2/2021 17:19

PETERBOROUGH ENVIRONMENT CITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds (continued)

Statement of funds – prior year (continued)

Heritage Skills
GF Arts Council
Warm Homes South Holland
BEECP
Warm Homes Leicester
Green Festival 2017
Waste Less Save More
Kingfisher Court 2017
Forests for Peterborough Viridor
Warm Homes Peterborough 2017
Food for Naught
Fenland Wildlife Corridors
Green Festival 2018
Growing Communities
Parks for People
Cool Food
Refill
Making Waves Together
B-Lines
Whitemill Fenland
BESN Champion
EKCT Pollinating Peterborough
BESN Regional Lead
Growing Communities Dogsthorpe
Pollinating Peterborough Postcode
Tesco Litter Picking
Eastern New Energy
Glassmoor Fenland
Transfer from General Fund
Total of Funds		 (752)
-
-
752
-
(1,091)
-
-
1,091
-
2,159
-
-
(2,159)
-
(57,994)
561,772
(483,423)
-
20,355
9,528
-
(1,353)
(8,175)
-
(982)
-
-
982
-
1,525
-
-
(1,525)
-
6,732
9,562
(7,409)
-
8,885
(4,848)
21,089
(5,163)
-
11,078
(6,369)
-
-
6,369
-
298
-
(42)
-
256
64,233
-
(2,389)
(57,500)
4,344
(2,579)
-
-
2,579
-
4,631
-
-
-
4,631
(773)
-
-
773
-
(27,465)
44,756
(44,441)
-
(27,150)
(1,010)
-
(355)
-
(1,365)
(1,661)
7,600
(7,489)
-
(1,550)
-
34,450
(10,806)
-
23,644
-
-
(2,024)
-
(2,024)
-
4,500
(4,639)
-
(139)
-
3,000
(143)
-
2,857
-
12,975
(10,742)
-
2,233
-
315
(131)
-
184
-
15,703
(345)
-
15,358
-
-
(42)
-
(42)
-
-
(259)
-
(259)
-
-
(1,941)
-
(1,941)
117,433
-
-
(82,764)
34,669
217,516
827,090
(716,563)
(69,289)
258,754
795,624
1,503,743
(1,326,072)
-
973,295

Page 50

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
April 2020
£
20,332
694,209
258,754
973,295
Balance at
1 April 2019
£
388,698
189,410
217,516
795,624		 Income
£
141,386
611,835
352,053
1,105,274
Income
£
134,088
542,565
827,090
1,503,743		 Expenditure
£
(145,870)
(388,996)
(319,776)
(854,642)
Expenditure
£
(179,211)
(430,298)
(716,563)
(1,326,072)		 Transfers
in/out
£
(7,611)
(1,104)
8,715
-
Transfers
in/out
£
(323,243)
392,532
(69,289)
-		 Balance at
31 March
2021
£
8,237
915,944
299,746
1,223,927
Balance at
31 March
2020
£
20,332
694,209
258,754
Summary of funds - prior year
Designated funds
General funds
Restricted funds
973,295

Page 51

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
34,188
Intangible fixed assets
1,890
Investment property
200,000
Current assets
814,334
Creditors due within one year
(125,083)
Provisions for liabilities and charges
(1,148)
Total
924,181
Analysis of net assets between funds - prior year
Unrestricted
funds
2020
£
Tangible fixed assets
17,891
Intangible fixed assets
9,450
Investment property
200,000
Current assets
649,478
Creditors due within one year
(161,130)
Provisions for liabilities and charges
(1,148)
Total
714,541		 Restricted
funds
2021
£
-
-
-
350,865
(51,119)
-
299,746
Restricted
funds
2020
£
-
-
-
333,419
(74,665)
-
258,754		 Total
funds
2021
£
34,188
1,890
200,000
1,165,199
(176,202)
(1,148)
1,223,927
Total
funds
2020
£
17,891
9,450
200,000
982,897
(235,795)
(1,148)
973,295

Page 52

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Dividends, interests and rents from investments
Profit on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1 April
2020
£
Cash at bank and in hand
483,316
483,316		 Group
2021
£
250,632
9,762
7,560
(15,783)
-
232,738
(59,593)
425,316
Group
2021
£
898,356
898,356
Cash flows
£
415,040
415,040		 Group
2020
£
177,671
9,282
7,560
(16,911)
(1,030)
(34,304)
51,968
194,236
Group
2020
£
483,316
483,316
At 31 March
2021
£
898,356
898,356

Page 53

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

25. Operating lease commitments

At 31 March 2021 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Amounts payable
Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2021
£
11,690
17,335
29,025		 Group
2020
£
11,490
27,225
38,715		 Charity
2021
£
11,690
17,335
29,025		 Charity
2020
£
11,490
27,225
38,715
Amounts receivable
Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2021
£
3,600
-
3,600		 Group
2020
£
15,114
11,336
26,450		 Company
2021
£
3,600
-
3,600		 Company
2020
£
15,114
11,336
26,450

Page 54

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

26. Related party transactions

Peterborough City Council

(N Sandford, a trustee of the charity is also a member of the above)

Peterborough Environment City Trust received income from Peterborough City Council of £35,955 (2020 - £2,532).

Peterborough Environment City Trust made purchases from Peterborough City Council of £nil (2020 - 3,264).

At the balance sheet date, there is £3,264 due from Peterborough City Council (2020 - £1,564).

Hegarty LLP Solicitors

(A Heeler, a trustee of the charity is also a partner of the above)

Peterborough Environment City Trust made sales to Hegarty LLP Solicitors of £649 (2020 - £649).

Peterborough Environment City Trust made purchases from Hegarty LLP Solicitors of £4,490 (2020 - £2,411).

Conscious Communications Ltd

(A Taylor, a trustee of the charity (to 4 June 2020) is also a director of the above)

Peterborough Environment City Trust made purchases from Conscious Communications Ltd of £nil (2020 - £5,771).

Opportunity Peterborough Limited

(S Magenis, a trustee of the charity (to 24 February 2021) is also a director of the above)

Peterborough Environment City Trust made sales to Opportunity Peterborough Limited of £nil (2020 - £314).

Peterborough Environment City Trust made purchases from Opportunity Peterborough Limited of £80 (2020 - £nil).

Cross Keys Homes

(S Peeroo, a trustee of the charity (to 4 June 2020) is also a member of the above)

Peterborough Environment City Trust made sales to Cross Keys Homes of £10,961 (2020 - £15,961).

Peterborough Environment City Trust made purchases from Cross Keys Homes of £nil (2020 - £28).

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PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

26. Related party transactions (continued)

Sam Peeroo

(A trustee of the charity (to 4 June 2020))

During the year, Sam has provided additional services over and above the normal trustee duties. Sam was employed by the charity in a financial role and received total remuneration of £1,817 (2020 - £20,309).

Green Energy Switch Limited

(Subsidiary company)

Peterborough Environment City Trust made sales / recharges to Green Energy Switch Limited of £4,600 (2020 - £3,107).

Peterborough Environment City Trust made purchases / recharges from Green Energy Switch Limited of £77 (2020 - £1,120).

At the balance sheet date, the balance on the intergroup loan was £nil (2020 - £44,047) due from Green Energy Switch Limited to Peterborough Environment City Trust. The intergroup loan has been fully repaid in the year.

There was an obligation at the year-end for Green Energy Switch to gift-aid their entire profits for the year to Peterborough Environment City Trust, and therefore a balance of £140,287 is owed from the subsidiary company to the parent company at the year-end.

PECT Consultancy Limited

(Subsidiary company)

Peterborough Environment City Trust received income from the liquidation proceedings of PECT Consultancy Limited of £nil (2020 - £53,420). The liquidation proceedings are now finalised and no further income is expected.

27. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Company Class of Holding
number shares
Green Energy Switch Limited 06625282 Ordinary 100%
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss) Net assets
£ £ / Surplus/ £
(Deficit) for
the year
£
Green Energy Switch Limited 449,862 309,575 140,287 119,770

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