Company regigtration number: 4190401 Charity registration number: 1091698 The Poverty and Environment Trust (A cojnpany Itmiled by guarantee) Atmual Report and Financial Statements for the Year Ended 31 March 2024 Devines Accountants Limited Chartered AGGountants and Registered Audiiors Bellefield House 104 New London Road Chelmsford Essex CM2 ORG
The Poverty and Environment Trust Contents Reference and Adrninistrative Details Trustees, Report 2to4 Independent Examiner's Report 5t06 Statement of FinatLcial Activities Balance Sheet Notes to the Financial Statements 9t015
The Poverty and Environment Trust Reference and Adnjinistrative Details Chairman Andrew J Warren Secretsry ROtld Bailey Charlty Reglslratlon Number 1091698 CompAny Reglstrallon Nllmber 4190401 Reglstered Offiee Devines Bellefield House 104 New London Road Chelmsford E5S¢X CM2 ORG Principal Office 5-7 Buck Street London NWI 8NJ Illdepelldent Examlner DeVin¢s Accountants Limited Chartered Accountants and Regist¢r¢d Auditors Bellefield House 104 New London Road Chelmsford Essex CM2 ORG Page I
Tbe Poverty and Environment Trust Trustees, Report Th¢ trustees, who are direclors for the purposes of Company law? present the QUal teport together with the fik]an¢ial ststements and auditors, report of the Charitable company for the year ended 31 March 2024. This report is also tbe Directors, Report as required by s417 of tbe Componies Act. Objectives and ctivitIeS Objects and aims The objective of th¢ Trust is to relieve poverty and protecl the environmenl. We believe that these h¥0 ambitions are inextricably related. Our project8, therofore, research the long-teml solution8 needed to achieve these goals and assist people in advocating effectively for those solutions. ObJeeÈlves, slralegles and acllvldes Previously, for the Community Energy Revolution projecL work has taken place to research the benefits and obstaGle8 to small-sGal¢ alld community-owned and run ren¢wable energy generation and supply. This r¢sulted in the production of a Private Members Bill, the Local Electricity Bill, that offered solutions to the market issues identified in Ihe research process. The project also ¢ondurt¢d research into the operntion and effi¢a¢y of the UK Govemment's new Community Energy Fund. The projeGt team sisted mejnbers 0£ the publi¢ and community groups to maLce the most of legislative opportunities that could enable the growth of ¢ommunity-based r¢newable energy across the UK, educating the public on these OppornItIeS and the mechanisms of effective advocacy. They organised mass public ¢onununication5 to give updates on, and the cuttent actions needed to best support the community ellergy sector. They have assisted individuals, community groups and national organisations to reach out to policymakers to advocate for assisting cornmunity.based renewable enew. Thi8 has taken place through regular e-newsletters alld online content, attending in-person events, as well as individual asslstancc to people in Mfiting to or meeting wlth an elected representative. Separately to this, the Trust Carried out work on the ¢liinate and natur¢ ¢risis and esp¢¢ially on how these two issues were inter-linked. We researched in some depth the stance of policy rnakers on this issue. As part of this work, research and evidence was shad with MP'S and Millisters of both jor Partics. Publlc benefit The trnstees confinn that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales, Achlevements and performance The work detailed above advallced the Trust'5 objectives of r¢li¢ving poverty and prot¢cting th¢ environmmt. Notable progress has been a¢hieved in the past year, especially with regards to the widespread public and civic support for GQiT]munity- based r¢newabl¢ whiGh led to th¢ UK Governm¢ul launching a new £10 million two-y¢ar Community Energy Fund for England in January 2024. Our ¢ommunity energy project played a leading role in the research &nd education of Community grDUPS and organisations th&t trig£ered cross-paty support and advocacy in Parliam¢tLt for this, The Trust continued its work to develop the knowledge of the benefits and challenges of ¢ominunity renewable energy generation and siipply, ¢onstruGtively collaborating with key sect(Trr stak¢lkold¢rs.The Trust educated and empowered th¢ publi¢ to advocats effeGtlvely and eDgag¢d with relevant policymakers. Page 2
The Poverty and Ellvironment Trust Trustees, Report Finin¢Éal revi¢w Dwing the year the Trust made a surplus of £27,700. During the year the Trust used its resources to fund measures as detailed in its charitable objectives,undertaking further study. The tru8te¢s consider that the reserves are at present sufficient for this purpose. At present all monies are held in the Trust's banlc account. Prlndpolfundlrtg sources The main sources of income from grants including the following grants of £10,000 or more.. The Joseph Rowntree Ch&ritable Trust - £30,000 The Marmot Charitable Trust- £16,000 Trust for London - £40,000 John Ellennan Foundation . £30,000 The Blg Give- £10,000 The Network for Social Change .£16,440 Trus¢ee$ and officers The trustees and oifiLers serving during the year and since the year end were as follows: TTUStees'. Andrew J waen Martyn Williams Tya Kenny Sygd Aljmed Chainnan.. Andrew J Warren Secretary: Ronald Bailey structure? goverTraTrce and 3nanag¢rnent Nature ofgoverning document The Trust Is governed by its Mernorandum & Articles of Association a8 amended on 5 April 2002. Recrulfvient and oppolntmenl of trusle Trustees are elected in accordance with the memordum & Articles of Association as amended on 5 April 2002. Page 3
The Poverty and Environment Trust Trusteesl Report Organisati(pnal struc¢ur¢ The Trust is managed by four trustees who have experienGe in the fields of activity covered by the Trust, td manageftnent of such projects. The day-to.day activities are carried out by the Company Secretary, assisted by a consultant Stephen Shaw, who reports to the trustees and, in between meetings, to the Chair of th¢ Trust. The Ckair, Mr W&rren is the Chairnmn of the Brilxsh Energy Efficiency Associatioll (BEEF). Mr Williams is a forn]er employee of Friends of the Earth. Mr Ahmed is Director of the Parliamentary Renewable and Sustainable Bnergy Group (PRASEG), Policy Advisor to the Green Gas Certification S¢heme (GGCS), Ch&ir of Repowering London and a trustee of Nationd Energy Action. Ms Lcenny is External Affairs Officer at Demand Logic. Statement of trustees, regponslbllttles The trustees (who are also the directors of The Poverty and EnVIroent Trust for th¢ puoSeS of company law) are respDnsible for preparing the truste¢s' report and the financial statements in accordance witlL applicable law and United Ilingdorn AcGotuttillg Standards (Unitsd Kingdom Generally Accepted Accounting PraGti¢e), including FRS 102 "The Financial Reporting Standard applicable in the UK and Repiiblic of Irel&nd Company law requires the trustees to prepare financial statements for each financial year. Under Gompany law the trustees must not approve the finanGial statements unless they are satisfi¢d that they give a true and fair view of the state of affairs of th¢ charitable company attd of the incoming resources and &pplication of r¢sour¢e$, including its income and expenditure, of the ChItable rompally for t1£ period. In preparing these fmancial statement4 the trustees ar¢ required to.. select suitable accijunting polioies and apply them Gonsist¢ntly' observe the metljods and priticipl¢s in th¢ Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable acGounting standard8, comprlsing FRS 102 have been followed, subjeot to any material departures disclosed and explained in the financial stalements. and pr¢pare the financial statements on the going concern basi5 unless It is inappropriate to presume that the charitable company will continue in business, The trnstees are respollsible for Iccepillg proper accounting records that Can disclose with reasonable accuracy Rt any t1¢ the financial position of tlLe clwitable company and enable them to ensure that the financial statstrLenls omply with the Companies 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable stsps for the prevention und detection of fraud and other iNegularities, The trustees are responsible for the maitjtenance and integrity of tkL¢ ¢orporate and financial infomation inolud¢d on the charitabl¢ company's website. Legislation goveming the preparation and disseniination of fman¢ial Statements aY differ froin legislation in other jurisdictions. The annu&l report was approved by the trustse8 of the charity on 30 January 2025 and signed ott its behalf by: Andrew J Wari'en Chairn]all and Trustee Page 4
The Poverty and Envirollment Trust Independent Examiner's Report to the trustees of The Poverty and Environment Trust ('the Company,) I report to the charity trusiees who are also Directors for the purpose of company law) on my ¢xaLnination of the accounts of Thc Poverty and Bnvironment Trust for the yeay ¢nd¢d 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet alld related notes. This report is made solely to the ¢]wity's trnSte¢s, a8 a body, in accordance with 8ection 145 of the a]arities Act 2011. My work Iw been undertaken so that I might state to th¢ clwity's truste¢s thoge matters I am required to state to them in this report and for no other purpose. To the fullest extent perniitted by law, I do not accept or assume responsibility to anyon¢ other than the charity and the chariws trustees as a body. for my work, for this report, or for the opinions I have fonned. Responslbllltles and bAsls of Yeport As the charity's trustees Df the Cornp[y (and also its dire¢tors for the purposes of compally law) you are responsibl¢ for the preparation of thc accounts in accordance wiÉh the requirements of the Companies Act 2006 {'the 2006 Act,). Having s&tisfi¢d myself that the a¢¢oullts of the Cornpany are not required to be aiidited under Part 16 of the 2006 Act and are eligible for independent examinatio I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out rny examination I have followed the Dtrections given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's sto¢¢m¢nt I have completed tny gxamination. I confllTn that no matters have cOe to my attention in comiection with the examination giving me cause to believe". accounting records were not kept in respect of The Povety Envirolltnent Trust as requittd by section 386 of the 2006 Act. or 2. the a¢¢ounts do not accord with tlLOS¢ reGords' or 3. tbe aocounts do not comply with tbe aOUnting requirements of seotion 396 of the 2006 Act other than y requirement tEl the accounts give a 'true and fair view, which is not a matter considered as part of an illdependent examination. or 4. tbe accounts have not been prepared in ac¢ordan¢¢ with the rnethods and principle5 of the Statement of Recommended Practice for accounting and reporting by ¢harities [applicabl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come acTOSS no otber matters in connectlDn with the exatllination to which attention should be dra in this report in order to enable a proper understanding of the accounts to be reached. Page 5
The Poverty and Environment Trust Independent Examinerls Report to the trustees of The Poverty and Ei nvironment Trust ('the Company,) Clive Robert Purdy Ch&rtered A¢¢Ounttts and Regi ere Inslitute of Chartered AOUntantS in Auditors ngland and Wales ( ICAENI4 Bellefield House 104 New London Road Chelmsford Essex CM2 ORG 30 January 2025 An indepelldent examination does not involve gathering all the ¢videllc¢ Ihat would be Tequired in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. Tho planning and conduot of an audit gogs beyond the limited assurance that independent exam]nation can provide. Consequently l ¢xpr¢ss no opinÉon a5 to whether the fin&t]¢ial statements present a Irue and fair, view and my report is limifrd to those specific matters set out ill the indep¢ndent ¢xamin¢ds statement. Page 6
The Poverty and Environment Trust Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account ) Unrestricted funds Restricted funds Total 2024 Note Income from: Donations and legacies 396 177,521 177,917 Total income 396 177,521 177,917 Expenditure on: Raisillg funds Charitable activities (12,190) (138,02 (12,190) (138,027) (150,217) Total expenditure 15J,21 Net income 396 27,304 27,700 Net movement in fun(L8 396 27,304 27,700 ReeoncillAtiou of funds Total fijllds brought forward 27 27,489 27,516 Total thnds carried forward 13 423 Unrestricted fund$ 54,793 RestrReted fullds 55,216 Total 2023 Notc Income and Endowments from: Donatious and legacies 7,021 135,563 142.584 Total inco¢ 135,563 142,584 Expenditure on: Raising funds Charitable activities (7,000) (7,000) 122,307) 122 307 Total expenditure 7,000) 122,307) (129,307) Net income 21 13,256 13,277 Net movement in funds 21 13,256 13,277 ReconcRliAtion of funds Total llds brought forWd Total funds carried forw&rd The ndS breakdown for 2023 is shown in note 13, 14,233 14,239 13 27 27.489 27,516 The notes on pages 9 to 15 fonn an intggral part of these financial statements, Page 7
The Poverty and Environment Trust (Registration number: 4190401) Balallce Sheet as at 31 March 2024 2024 2023 Notè Flxed assets Tangibl¢ assets io 424 565 Currellt assets Debtors Cgsh at bank and in hand li 45,839 13,894 841 31,542 59,733 32,383 Credltors: Amounts fAlllllg due wrthin one year 12 4,941 (5,432) Net current assets 54,792 26,951 Net Assets 55,216 27,516 Fund8 of the chArlly: Restricted Income funds Restricted funds 54,793 27,489 UnrestrAc¢ed income funds Unrestricted funds 423 27 Total funds 13 55,216 For the financial Ye ending 31 Mar¢h 2024 the charity was entitled to exemption froLn audit under section 477 of the Companies Act 2006 relating to small companies. Directors, respollsibilities.. The mernbers have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476,. and The dirertors acknowledge thetr r¢sponsibilitigs for cornplying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statemenls Oll pages 7 to 15 were approved by the ¢rustees, and authorised for issue on 30 January 2025 and signed on their behalf by., Andrew J Warren Chainnan and Trustee The notes on pages 9 to 15 forn] integr&l part of these financial stateLnents. Page 8
The Poverty and Environment Trust Notes to the Financial Ststements for the Year Ended 31 March 2024 I Charity status The charity is limited by guarant¢¢, incorporated in Engl8J)d, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exGeeding £1 towards the 93sets of tILe charity in the event of liquidation. The address of its registered office is: Devines Bellefield House 104 New London Road Chelmsford Essex CM2 ORG The principal place of business is.. 5-7 Buck Street LoELdon NWI 8NJ These finall¢ial statements were authoris¢d for issue by the trustees on 30 January 2025, 2 Accounting pollcles Summary ofsignificant accountlng polieles And key accounting estimates The principal accounting policies applied in the pr¢paration of these fillancial statsments are set out below. These policies have been Consistently applied to all the years presented, unles5 Otherwise stated. Statement of compliance The financial statements have been prepared in accordance with A¢countillg alld Reporting by Charities.. Statement of Reconllnended Practice (applicable to churities preparing their aocounts in accordan¢e with the Financia] Reporting Standard applicable in the UIC and RepubliG of Irelalld (FRS 102)) {is8ued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. asis of preparlltion The Poverty and Environinent Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢ogni8ed at historical cost or transaction valu¢ unles8 Otbenvi5e stated in the relevant acGounting policy notes, Golng coneern The trustees Consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any Significant areas of unoertainty that affect the carrying value of a5set5 held by the Charity. Income and endowments All income is recognised once tIL¢ charity has entitleinent to the inc4)me, it is probable that the income will be received and the amount of the income receivabl¢ Gan be measured reliably. Page 9
The Poverty and Environment Trust Iyotes to the Financial Statements for the Year Ei nded 31 March 2024 Donfrtions ¢7nd legacles Done4tions are recognised when the charity has been notifLed In writing of both the atnount and settlement date. In the event that a donation is subje¢t to conditions that require a level of perforMCe by the charity before the charity is entitled to the funds, the incom¢ is defeThgd and not re¢ognised until either those conditions are fully met, or th¢ fulfilment of those conditions is wholly within the control of the charity and it is probable tbat these conditions will be fulfilled in th¢ reporting period. Grdftts iecelvuble Grants are recognised whgn the charity has an entitlement to the funds and any conditions linked to the grant's have been rnet. Where peTforn]ance conditions are attached to the grant and are yet to be m¢É, the inwme is recognised as a liability and included on the balance sheet as deferred income to be released, Expendlture All expenditure is recognis¢d once there is a legal or Gon5tructive obligation to that expenditure, IÉ is probable 8ettlernent is required and the aOt can be measured reliably. All costs are allocated to the applicable expenditure heading th& aggregate SIlIar costs to that category. Where costs cannot be directly attributed lo partlGular he&dings they have been allocuted OD & basis consistent with the use of resources. RaislNgfun(Lg These Are costs incurred in attracting voluntary inoon]e, the n]allagement of investlljents and those incurred in trading a¢tiviti¢s that raise funds. Charllable activities Charitable expenditure comprisc5 those costs inLurred by the charity in the delivery of its activities and seThTices for its beneficiari¢s. It includes botkn costs that can be allocated directly to such activities and those costs of an indireGt nature necessary to support them. Governance eosts These include the costs attributHbl¢ to the ChIty'S con]pliance with constitutional and statutory requirements, including aiidit, strategic management and trustees meetings and reimbursed exp¢ns¢s. Tax¥ttion The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the FinanGe Act 2010 and therefore it meets the defmltion of a Gharitable company for UK corporation tax purposes. Accordingly, the charity is potentially exetnpt from taxation in respect of itLrom¢ or capital gains r¢¢¢iv¢d within categories overed by Chapter 3 Parl I l of the Corporation Tax Act 2010 or S¢¢tion 256 of the Taxatiotl of Charggable Gains Act 1992, to the extent that suGh income or gains are applied exclusively to charitable purposes. Tanglble flxed assets Individual fixed assets are initially recorded at Gost, less any subsequent accumulated depreGi&tion and subsequent accumulated impairment losses. Depreci&tlon AmortisatÈon Deprcciation is provided on tangible fixed assets so as to write off the cost or Valuatio less any estimatsd r¢sidual value, ov¢r tbcir expected usefijl econoinio life as follows.. Asset ciAss Fixthres and fittings Depreciatloll method And rate 25 % reducing balance Page 10
The Poverty and Environment Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Trade debtors Trade debtors are an]ounts due frorn customers for merchandise sold or services perfonned in the ordinary ¢OUTS¢ of business. Trade debtors are reGognised initially at the transaction price. They are subsequently measured at arllQrtised cost using the effe¢trve intsrest method, l¢ss provision for impairment. A provision for the impairmellt of trade debtors is established when there is objective evidence tbat the charity will not be able to collecl all amounts due according to tbe original termy of the receivables. Trade creditors Trade creditors are obligations to pay for goods or Sel¢e$ that have been acquired in the ordinary coutse of busine55 from suppliers. Accounts payable are ¢lassified as current liabilitics if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of th¢ creditor fDr at least t1ve months after the r¢porting date. If there is an unconditional right to defer settlement for at least ttvelve months after the reporting dat¢, they arg presented non-currellt liabilities. Trade creditors are recoEnised initially at the transaction price and subsequendy measlld at amortised cost Using the effective inter¢st method. Fund strllcthre Unrestricted income funds arc general funds that are available for use at the trustses discretioll in furtherance of the objectives of the clwity. Restricted income funds are th08e donated for uso in a parti¢ulat area or for specific purposes, the use of which is restricted to tIMt area or purpose. 3 Income from donations, legacies and grants Unrestrlcted funds General Restricted funds Total funds Donations and legacies. Donations from individuals Granls, including Gapital grants; Grants from other cknrities 396 4,998 5,394 k72,523 172,523 Total for 2024 396 177,521 177,917 Total for 2023 7,021 135,563 142,584 Page 11
The Poverty and Ellvironment Trust Iyotes to the Financial Statements for the Year Ended 31 March 2024 4 Expendlture on r&lslng funds a) Costs of generating dollatlons and legacles Total 2024 Totsl 2023 Dlrect costs Costs of generating donations and legacies 12,190 12,190 7,000 Total costs Direct eoBts Cost8 of generating donations and legacies 12,190 12,190 Tot&1 for 2024 12,190 12,190 TotAI for 2023 7,000 7,000 TotAI 2024 Direct costs Costs of gen¢rating donatiolls and legacies 12,190 12,190 Total 2023 Direct Costs Costs of generating donations and legacies 7,000 5 Expendjtllre on eharltsble Aotivitie5 Restricted funds Total 2024 Note Allottaled support ci)st8 Governance ¢osts 135,254 2,773 135,254 2,773 138,027 Restrlcted fvnds 138,027 Total 2023 Note Allocated support costs Governance costs 120,494 1,813 120,494 1,813 122,307 122,307 Page 12
The Poverty and Environment Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Grant funding of Hetivlty 2024 2023 Grants paid Subconlractors Office exp¢nses Depreciation Other Costs Bank charges Donations 4,150 114,065 1,050 188 1,024 17 121,068 1,896 141 2,627 22 9,500 121,068 1,896 141 2,627 22 9.500 135,254 135,254 Grant runding of activlty 120,494 2024 Subcontractors Office expenses Depr¢¢iition Other costs Bank chaTge9 Donations 121,068 1,896 141 2,627 22 9,500 121,068 1,896 141 2,627 22 9,500 135,254 135,254 6 Analysis of governance and 5UPPOrt costs Governance eosts Restricted funds Totsl funds Independent examiner fees Examination of the financial statements Allocated support rosts 2,760 13 2,760 13 Total for 2024 2,773 2,773 Total for 2023 1,813 1,813 7 Trustees remunerAtlon Ind expenses No trustees, nor any persons com]g¢ted with them, have received any Temuneration from the charity dui'ing the year. No trustees have Teceived any reimbursed exp¢nse8 or any other benefits from the oharity during the year. 8 Staff costs The ch'ity has no employees. Page 13
The Poverty and Ei nyironment Trust Notes to the Flnancial Statements for the Year Ended 31 March 2024 9 Independent exgmlner's remuneratlon 2024 2023 Examination of tbo financial sl&tements 2,760 1,800 10 Tangible red Assets Furnlture alld equlpment TotAI Cost At l April 2023 1,004 1,004 At 31 March 2024 1,004 1,004 Depreciatioll At l April 2023 Chatg¢ for the year 439 141 439 141 At 31 Nlarch 2024 580 580 Net book value At 31 March 2024 424 424 At 31 M&rch 2023 565 565 11 Debtors 2024 2023 Accrued iucome Other debtors 45,000 839 841 45.839 841 12 Creditors: amounts falling due wltbln olle year 2024 2023 Trade creditors Accruals 3,632 1,800 4,941 4,941 5,432 Pagg 14
The Poverty and Environment Trust Notes to the Financial Statements for the Yegdr Ended 31 March 2024 13 Funds Balance at I Aprll 2023 Ineomlng resources Resources expended Balance a¢ 31 March 2024 Unrestricted funds Gener 27 396 423 Restrieted funds 27,489 177,521 (150,217 54.793 Total funds 177,917 150.217 55,216 BAlance At I April 2022 Incomlng resourees Resources expended BalAnce At 31 March 2023 Unrestrleted funds General 7,021 (7,000) (122,307 27 Restrlcted thnds 14,233 135,563 27,489 Total funds 14,239 142,584 (129,30 27,516 14 Analysis ofN¢t 4ss¢t$ betweell funds Unrestrleted funds General Total fullds at 31 MArch 2024 Restricted funds Tangible fixed assets Current a55ets 424 52,317 424 59,733 7,416 Total net assets 7,416 52,741 60,157 Unrestricted lunds General Tot41 fund5 at 31 M#reh 2023 Restrieted nds Tangible fix¢d assets Cwrent assets Current liabilities 565 25.361 5,432) 565 32,383 5,432) 7,022 Total net assets 7,022 20,494 27,516 Page 15