**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:
- governance and management of the charity
- operational risks
- financial risks
- environmental and external factors
- compliance with law and regulation
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:
- The natural environment is healthy
- Communities are involved in their area
- Health and Wellbeing is improved for all
- Resource use is responsible
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:
- Glinton and Peakirk Green Group £nil (2020 - £5,161)
- Tourism Maps £15,448 (2020 - £15,448)
- Power of Giving £nil (2020 - £4,466)
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2021 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **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:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charitable company through discussions and from our commercial knowledge and experience of the charitable company, the sector in which it operates and the services it provides;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- verified the existence of the members and entities with which the charitable company has traded.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the charitable company's legal advisors.
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
**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)**
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).
Page 55
## **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**|
Page 56