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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 2022

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1 - 2
Trustees' Report	3 - 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 - 55

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 2022

Trustees	T Willison, Chair
	A Heeler, Vice Chair (resigned 24 November 2021)
	J Sandford (resigned 24 November 2021)
	P Brotherton
	S Trewhella
	C Walker-Harrison
	L Knudson
	G Wright
	J Cole (appointed 29 September 2021)
	P Hansen (appointed 29 September 2021)
	N Moyo (appointed 29 September 2021)
	A Sutherland (appointed 22 October 2021)
Company registered number 02834975 Charity registered number 1023929 Registered office Ham Lane House Ham Lane Orton Waterville Peterborough PE2 5UU Company secretary A Sutherland (appointed 22 October 2021) A Heeler (resigned 22 October 2021) Chief executive officer C Leonard (resigned 29 July 2022) S Dawks (Interim CEO, appointed 29 July 2022) 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

Page 1

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Solicitors

Hegarty LLP 48 Broadway Peterborough Cambridgeshire PE1 1YW

Page 2

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the yearyear 1 April 2021 to 31 March 2022. 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:

The Natural Environment - We recognise that biodiversity and access to nature has a multitude of therapeutic, social and health benefits.
Community & Education - We champion connected communities and people being involved in their local area to prevent social isolation.
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.
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 3

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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:

People - We have a strong and vibrant team who are committed to sustainability
Expertise - We use knowledge and experience to design and deliver meaningful work with real impact
Change - We create sustainable places that are better for people and the environment
Together - We take collaborative action to create positive change

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

The main audiences for the year were:

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.

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

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 shortand long-term initiatives.

PECT delivers services and contracts and runs projects in collaboration with grant giving organisations, businesses and communities. For the year ended 2022, total incoming resources, both restricted and unrestricted for the charity was £1,651,387 (2021 - £1,105,274) which was mainly funded through grants, contracts and business consultancy, but also from donations, rental and investment income.

Expenditure for the financial year totalled £1,381,947 (2021 - £854,642). Net income in the year was £269,440 (2021 - £250,632).

Closing reserves were £1,493,367 of which £344,666 was restricted (2021 - £1,223,927 of which £299,746 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 4

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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.

This year PECT has continued to develop nature based solutions and community engagement through our work delivering tree planting and wider biodiversity improvement projects. These include Forest for Peterborough, John Clare Countryside, B-lines, Pollinating Peterborough and Caring for Nature.

Our business focused activity has increased with a wider appreciation of the need for all organisations to make improvements to their environmental performance. Our Investors in the Environment accreditation scheme has seen a large increase in membership. We have continued to deliver resource efficiency support through Business Lincolnshire and deliver the resource efficiency grants as part of the ERDF funded Eastern New Energy programme.

We have delivered circular economy activities with local authorities, social enterprises and communities through the Interreg programme BLUEPRINT. The project aims to assist the transition to a Circular Economy in England and France. We have also supported organisations to reduce their impact through lower carbon catering choices in the Interreg funded Cool Food Pro.

Our environmental education service has continued to develop, and we have delivered another year of the Food Smart food and nutrition service through Cambridgeshire schools, as well as project support Junior Foresters.

Our home energy support has increased in line with the challenging circumstances households find themselves in in relation to energy prices and the increase in cost of living. We have also worked with groups to increase cycling, reduce isolation and increase understanding of food and cooking skills.

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.

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. Funder: Outlook Education Fund, via Cambridgeshire Community Foundation

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

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PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

NLOW Farm Twining

PECT are working with Cambridgeshire ACRE and Kids Country, to provide schools with a number of resources to enable them to engage in pre and post learning to support farm visits and be able to create their own wild areas within their school grounds. Ensuring that after the visits have taken place learning continues within their school around sustainability of our world, health and wellbeing of learning outdoors and the importance of these wild spaces and bio diversity in context to food production in the area. Funder: Heritage Lottery Fund

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 over 125,000 trees, working with thousands of volunteers. Funders: Viridor, DEFRA Green Recovery Challenge Fund

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 and Viridor

John Clare Countryside Celebration of Nature

As part of the John Clare Countryside (JCC) project, PECT is working with parishes to develop nature recovery plans and identify projects that would create new natural habitats or support the management of existing ones. Alongside the support to parishes the project is also working with major landowners in the area to support the doubling nature ambition.

Funders: DEFRA Green Recovery Challenge Fund, 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

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PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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.

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

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

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

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

ECDC Climate Change

PECT is providing support to East Cambridgeshire’s District Council to help them design and deliver a range of climate emergency activities.

Funder: East Cambridgeshire District Council

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PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

Health and Wellbeing

Wonder Woman

PECT ran six, free health and wellbeing cookery classes exclusively for women. The classes supported attendees to learn the make easy, no-cook dishes, find out more about the history of cooking and some of the medicinal qualities of herbs. All sessions took place in Gladstone in Peterborough. Funder: PCVS

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: Big Energy Saving Network (Energy Saving Trust), Energy Redress, UKPN

On Ya Bike

PECT are working with Nene Park Trust to continue the positive active behaviour changes beyond the pandemic and into our day to day lives. We know that not everyone is a confident cyclist or might not have been on a bike for a number of years. Therefore, the partnership has formed to encourage as many new and old cyclists to feel safe and comfortable when out cycling around Peterborough. Funder: LNER Customer & Community Investment Fund

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 sixth 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.

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.

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PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 2022 the charity has unrestricted general funds of £1,148,701 (2021 - £924,181). 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 17 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.

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PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 10 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 (resigned 29 July 2022) , Andrew Heeler, PECT Board Vice Chairman and Company Secretary (resigned 24 November 2021), Maxine Palmer, GES Director (resigned 10th June 2021), Ashley Sutherland, GES Director (appointed 10 March 2022), Steven Trewhella, GES Director (appointed 1 April 2021), and Sarah Buttigieg, Director of Operations (appointed 1 April 2022).

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 10

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 13.

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 2022, trustees reclaimed £nil of expenses.

Page 11

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 (resigned 24 November 2021) 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 Green Energy Switch Limited - Director

Nick Sandford (resigned 24 November 2021) 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

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

James Cole (appointed 29 September 2021) The Partnering Initiative - Director

Nicolle Moyo (appointed 29 September 2021) Iarise Ltd - Director

Ashley Sutherland Hegarty LLP Solicitors - Partner Green Energy Switch Limited - Director

None of the Trustees have any beneficial interest in the company. A summary of transactions with related parties is set out in note 27 to the financial statements.

Page 12

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 2022-23 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 2022, PECT held the following funds for other charitable entities:

Tourism Maps £15,448 (2021 - £15,448)

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PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 year. 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.

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 and signed on their behalf by:

T Willison Chair

Date: 6 December 2022

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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 2022 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 2022 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: 13 December 2022

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 2022

Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities 7 Investments 8 Other income 9 Total income Expenditure on: Raising funds 10 Charitable activities 11 Total expenditure Net income/(expenditure) Transfers between funds 20 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 3,869 154,946 693,541 27,118 - 879,474 416,003 146,311 562,314 317,160 (92,640) 224,520 924,181 224,520 1,148,701	Restricted funds 2022 £ 14,201 757,712 - - - 771,913 - 819,633 819,633 (47,720) 92,640 44,920 299,746 44,920 344,666	Total funds 2022 £ 18,070 912,658 693,541 27,118 - 1,651,387 416,003 965,944 1,381,947 269,440 - 269,440 1,223,927 269,440 1,493,367	Total funds 2021 £ 18,987 576,875 442,691 15,783 50,938
				1,105,274
				304,975 549,667
				854,642
				250,632 -
				250,632
				973,295 250,632
				1,223,927

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

The notes on pages 26 to 55 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 2022

Note Fixed assets Intangible assets 15 Tangible assets 16 Investment property 17 Current assets Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Provisions for liabilities Net assets Total net assets	487,921 1,038,489 1,526,410 (261,040)	2022 £ - 29,145 200,000 229,145 1,265,370 1,494,515 (1,148) 1,493,367 1,493,367	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

Page 21

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 02834975

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

Note Charity funds Restricted funds 20 Unrestricted funds 20 Total funds	2022 £ 344,666 1,148,701 1,493,367	2021 £ 299,746 924,181

		1,223,927

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 and signed on their behalf by:

T Willison Chair

Date: 6 December 2022

The notes on pages 26 to 55 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 2022

Note Fixed assets Tangible assets 16 Investments Investment property 17 Current assets Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Net assets Total net assets	553,938 790,904 1,344,842 (192,921)	2022 £ 5,467 1 200,000 205,468 1,151,921 1,357,389 1,357,389 1,357,389	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

Page 23

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee) REGISTERED NUMBER: 02834975

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

Note Charity funds Restricted funds 20 Unrestricted funds 20 Total funds	2022 £ 344,666 1,012,723 1,357,389	2021 £ 299,746 804,335

		1,104,081

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 and signed on their behalf by:

T Willison Chair

Date: 6 December 2022

The notes on pages 26 to 55 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 2022

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash provided by/(used in) 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	2022 £ 122,713 27,118 (9,698) 17,420 - 140,133 898,356 1,038,489	2021 £ 425,316 15,783 (26,059) (10,276) - 415,040 483,316 898,356

The notes on pages 26 to 55 form part of these financial statements

Page 25

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 2022

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.Grants have been reclassified as Charitable Activities in the current year and accordingly the comparative has been restated.

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.

Page 27

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.6 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.

Amortisation is provided on the following basis:

Goodwill

20 % per annum

2.7 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

2.8 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.

Investment property is held at market value.

2.9 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.

Page 28

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.10 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.

2.11 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.

2.12 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.

2.13 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.

2.14 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 2022

2. Accounting policies (continued)

2.15 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 2022

4. Income from donations and legacies

Unrestricted funds 2022 £ Donations 3,869 Total 2021 10,082	Restricted funds 2022 £ 14,201 8,905	Total funds 2022 £ 18,070 18,987	Total funds 2021 £ 18,987

5. Income from charitable activities

Unrestricted funds 2022 £ Environmental conservation and protection 145,696 Grants 9,250 Government grants - 154,946 Total 2021 208,727	Restricted funds 2022 £ 99,552 301,841 356,319 757,712 368,148	Total funds 2022 £ 245,248 311,091 356,319 912,658 576,875	Total funds 2021 £ 250,415 159,572 166,888
			576,875

Page 31

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Grants

Included within income relating to conservation and protection of the environment are the following grants:

	2022	2021
	£	£
Blueprint	124,203	-
BESN	16,131	20,225
Energy Redress	153,367	12,427
Viridor	24,603	-
Green Recovery FFP	53,179	32,931
COOL Food PRO	76,075	-
JCC Green Recovery	180,940	-
BEECP	-	26,174
Warm Homes	7,667	26,030
Growing Communities	-	16,315
John Clare Countryside	-	13,056
National Lottery	-	50,000
Garfield Weston	-	20,000
Peterborough City Council	-	25,000

Page 32

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7. Income from trading activities

Income from non charitable trading activities

Unrestricted funds 2022 £ Trading income (GES) 693,541 Total 2021 442,691 Investment income Unrestricted funds 2022 £ Rental income 25,118 Bank interest 2,000 27,118 Total 2021 15,783	Total funds 2022 £ 693,541 442,691 Total funds 2022 £ 25,118 2,000 27,118 15,783	Total funds 2021 £ 442,691
		Total funds 2021 £ 15,683 100
		15,783

8. Investment income

Page 33

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Other incoming resources

Coronavirus Job Retention Scheme (GES) Coronavirus Job Retention Scheme Total 2021	Unrestricted funds 2022 £ - - - 50,938	Total funds 2022 £ - - - 50,938	Total funds 2021 £ 7,171 43,767
			50,938

10. Expenditure on raising funds

Other trading expenses

Unrestricted funds 2022 £ Cost of sales 107,063 Administration expenses 62,695 Cost of sales staff costs - Administration staff costs 237,269 Administration depreciation 8,976 416,003 Total 2021 304,975	Total funds 2022 £ 107,063 62,695 - 237,269 8,976 416,003 304,975	Total funds 2021 £ 65,130 37,478 39,574 157,675 5,118
		304,975

Page 34

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. Analysis of expenditure by activities

Environmental conservation and protection Total 2021	Activities undertaken directly 2022 £ 242,134 25,787	Support costs 2022 £ 723,810 523,880	Total funds 2022 £ 965,944 549,667	Total funds 2021 £ 549,667

Analysis of direct costs

Conferences and events Project costs Subcontract costs	Total funds 2022 £ 292 104,498 137,344 242,134	Total funds 2021 £ 141 8,183 17,463
		25,787

Page 35

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs Depreciation 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 Governance costs - audit remuneration Other support costs Bank charges 12. 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 2022 £ 611,861 5,762 6,684 14,798 4,170 5,183 3,606 1,368 25,269 1,633 3,287 6,024 11,567 (4,705) 1,679 2,518 7,500 14,797 809 723,810 2022 £ 7,500 1,893	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

Page 36

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Staff costs

Wages and salaries	Group 2022 £ 849,130 849,130	Group 2021 £ 630,993 630,993	Charity 2022 £ 611,861 611,861	Charity 2021 £ 433,744
				433,744

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

Management and administration Charitable activities	Group 2022 No. 3 28 31	Group 2021 No. 3 20 23	Charity 2022 No. 2 19 21	Charity 2021 No. 2 13

				15

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

The total remuneration and benefits received by key management personnel was £51,429 (2021 - £54,623).

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £1,467) .

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 37

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. Intangible assets Group Cost At 1 April 2021 At 31 March 2022 Amortisation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021	Goodwill £ 37,800 37,800 35,910 1,890 37,800 - 1,890

Page 38

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Tangible fixed assets

Group

Cost or valuation At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021	Motor vehicles £ 4,000 - 4,000 1,433 433 1,866 2,134 2,567	Fixtures and fittings £ 53,200 4,848 58,048 24,396 9,727 34,123 23,925 28,804	Computer equipment £ 28,348 4,850 33,198 25,531 4,581 30,112 3,086 2,817	Total £ 85,548 9,698
				95,246
				51,360 14,741
				66,101
				29,145
				34,188

Page 39

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Tangible fixed assets (continued)

Charity

Cost or valuation At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021	Motor vehicles £ 4,000 - 4,000 1,433 433 1,866 2,134 2,567	Fixtures and fittings £ 6,549 - 6,549 5,552 750 6,302 247 997	Computer equipment £ 28,348 4,850 33,198 25,531 4,581 30,112 3,086 2,817	Total £ 38,897 4,850
				43,747
				32,516 5,764
				38,280
				5,467
				6,381

Page 40

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
17. Investment property Group Valuation At 1 April 2021 At 31 March 2022 Charity Valuation At 1 April 2021 At 31 March 2022	Freehold investment property £ 200,000 200,000 Freehold investment property £ 200,000 200,000

The 2022 valuations were made by the Trustees, on an open market value for existing use basis.

Charity Cost or valuation At 1 April 2021 At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021	Investments in subsidiary companies £ 1 1 1 1

Page 41

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Debtors

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2022 £ 195,843 - 69,267 222,811 487,921	Group 2021 £ 114,536 - 44,440 107,867 266,843	Charity 2022 £ 72,202 261,406 - 220,330 553,938	Charity 2021 £ 44,997 140,287 - 105,886

				291,170

19. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	Group 2022 £ 55,073 43,117 1,011 161,839 261,040	Group 2021 £ 32,054 30,907 2,600 110,641 176,202	Charity 2022 £ 36,644 1,511 696 154,070 192,921	Charity 2021 £ 11,034 3,451 2,600 102,446

				119,531

Page 42

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

20. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Designated Funds General funds General Funds Subsidiary company Total Unrestricted funds	Balance at 1 April 2021 £ 8,237 796,175 119,769 915,944 924,181	Income £ 147,576 38,357 693,541 731,898 879,474	Expenditure £ (146,311) - (416,003) (416,003) (562,314)	Transfers in/out £ - 168,766 (261,406) (92,640) (92,640)	Balance at 31 March 2022 £ 9,502
					1,003,298 135,901
					1,139,199
					1,148,701

Page 43

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PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Summary of funds

Summary of funds - current year

Designated funds General funds Restricted funds	Balance at 1 April 2021 £ 8,237 915,944 299,746 1,223,927 Balance at 1 April 2020 £ 20,332 694,209 258,754 973,295	Income £ 147,576 731,898 771,913 1,651,387 Income £ 141,386 611,835 352,053 1,105,274	Expenditure £ (146,311) (416,003) (819,633) (1,381,947) Expenditure £ (145,870) (388,996) (319,776) (854,642)	Transfers in/out £ - (92,640) 92,640 - Transfers in/out £ (7,611) (1,104) 8,715 -	Balance at 31 March 2022 £ 9,502 1,139,199 344,666
					1,493,367
					Balance at 31 March 2021 £ 8,237 915,944 299,746
Summary of funds - prior year
Designated funds General funds Restricted funds
					1,223,927

Page 50

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2022 £ Tangible fixed assets 29,145 Investment property 200,000 Current assets 1,012,745 Creditors due within one year (92,041) Provisions for liabilities and charges (1,148) Total 1,148,701 Analysis of net assets between funds - prior 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	Restricted funds 2022 £ - - 513,665 (168,999) - 344,666 Restricted funds 2021 £ - - - 350,865 (51,119) - 299,746	Total funds 2022 £ 29,145 200,000 1,526,410 (261,040) (1,148) 1,493,367 Total funds 2021 £ 34,188 1,890 200,000 1,165,199 (176,202) (1,148) 1,223,927

Page 51

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

23. 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 Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities 24. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 25. Analysis of changes in net debt At 1 April 2021 £ Cash at bank and in hand 898,356 898,356	Group 2022 £ 269,440 14,741 1,890 (27,118) (221,078) 84,838 122,713 Group 2022 £ 1,038,489 1,038,489 Cash flows £ 140,133 140,133	Group 2021 £ 250,632 9,762 7,560 (15,783) 232,738 (59,593) 425,316 Group 2021 £ 898,356 898,356 At 31 March 2022 £ 1,038,489 1,038,489

Page 52

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

26. Operating lease commitments

At 31 March 2022 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 Amounts receivable Not later than 1 year Later than 1 year and not later than 5 years	Group 2022 £ 11,690 5,645 17,335 Group 2022 £ 11,588 - 11,588	Group 2021 £ 11,690 17,335 29,025 Group 2021 £ 3,600 - 3,600	Charity 2022 £ 11,690 5,645 17,335 Company 2022 £ 11,588 - 11,588	Charity 2021 £ 11,690 17,335

				29,025
				Company 2021 £ 3,600 -
				3,600

Page 53

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

27. Related party transactions

Peterborough City Council

(N Sandford, a trustee of the charity (to 24 November 2021) is also a member of the above)

Peterborough Environment City Trust received income from Peterborough City Council of £Nil (2021 - £35,955).

At the balance sheet date, there is £1,564 due from Peterborough City Council (2021 - £3,264).

Hegarty LLP Solicitors

(A Heeler, a trustee of the charity (to 24 November 2021) is also a partner of the above)

Peterborough Environment City Trust made sales to Hegarty LLP Solicitors of £1,558 (2021 - £649).

Peterborough Environment City Trust made purchases from Hegarty LLP Solicitors of £1,206 (2021 - £4,490).

At the balance sheet date, there is £779 due from Hegarty LLP Solicitors (2021 - £Nil).

Natural England

(P Brotherton, a trustee of the charity is also a director of the above)

Peterborough Environment City Trust made sales to Natural England of £4,000 (2021 - £Nil).

Page 54

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

27. Related party transactions (continued)

Green Energy Switch Limited

(Subsidiary company)

Peterborough Environment City Trust made sales / recharges to Green Energy Switch Limited of £21,352 (2021 - £4,600).

Peterborough Environment City Trust made purchases / recharges from Green Energy Switch Limited of £Nil (2021 - £77).

There was an obligation at the year-end for Green Energy Switch to gift-aid the lower of their taxable and distributable profits for the year to Peterborough Environment City Trust, and therefore a balance of £261,406 is owed from the subsidiary company to the parent company at the year-end.

28. 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	693,541	416,003		277,538	135,902

Page 55

2022-03-31-accounts

PETERBOROUGH ENVIRONMENT CITY TRUST

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

CONTENTS

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 2022

PETERBOROUGH ENVIRONMENT CITY TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

PETERBOROUGH ENVIRONMENT CITY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities

a. Policies and objectives

b. Strategies for achieving objectives

PETERBOROUGH ENVIRONMENT CITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

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

Achievements and performance

a. Key performance indicators

PETERBOROUGH ENVIRONMENT CITY TRUST

Achievements and performance (continued)

b. Review of activities

Environmental Education

Eco Charter

Junior Forester Award

Healthy Schools: Food Smart

PETERBOROUGH ENVIRONMENT CITY TRUST

Achievements and performance (continued)

NLOW Farm Twining

Natural Environment

Forest for Peterborough

Wildflower planting

John Clare Countryside Celebration of Nature

Caring for Nature

Heritage Skills Development

PETERBOROUGH ENVIRONMENT CITY TRUST

Achievements and performance (continued)

Responsible Resource Use

Investors in the Environment (iiE)

Business Lincolnshire

Eastern New Energy (ENE)

Blueprint

Cool Food PRO

ECDC Climate Change

PETERBOROUGH ENVIRONMENT CITY TRUST

Achievements and performance (continued)

Health and Wellbeing

Wonder Woman

Energy Efficiency projects

On Ya Bike

c. Factors relevant to achieve objectives

d. Investment policy and performance

Financial review

a. Going concern

b. Reserves policy

c. Material investments policy

d. Principal risks and uncertainties

e. Principal funding

PETERBOROUGH ENVIRONMENT CITY TRUST

Structure, governance and management

a. Constitution

Governing Document

b. Methods of appointment or election of Trustees

Recruitment and appointment of Trustees

c. Organisational structure and decision-making policies

d. Policies adopted for the induction and training of Trustees

Trustee Induction and Training

PETERBOROUGH ENVIRONMENT CITY TRUST

e. Pay policy for key management personnel

Senior Staff

Members of the Board

PETERBOROUGH ENVIRONMENT CITY TRUST (A Company Limited by Guarantee)

Structure, governance and management (continued)

f. Related party relationships

PETERBOROUGH ENVIRONMENT CITY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022