**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)**
## **CONTENTS**
||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:
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 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
Page 5
## **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
Page 6
## **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
Page 7
## **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.
Page 9
## **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.
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## **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