Company Registered Number: 07613369 Charity Registered Number: 1161019 EMPOWER COMMUNITY FOUNDATION (A Company Limited by Guarantee TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 EMPOWER COMMUNITY FOUNDATION IA Company Llmited by Guarantee) CONTENTS Page Reference and Administrative Details of the Foundatlon. Its Trustees and Advisers Trustees. Report Tru$tges' Responsibilities Ststement Independent Auditorfs Report on the Financial Statements 8-11 Consolidated Statement of Financial Activiti8$ 12 Consolidated Balance Sheet 13-14 Foundation Balance Sheet 15-16 Consolldated Statement of Cash Flows 17 Notes to the Financial Staternents 18-40 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trusteos A Grayson, Chair MPitt H Koteeha Company registered number 07613369 Charity regrstered number 1161019 Reglstered office 10 Queen Street Place London EC4R 1BE Independent auditor MHA Colchester Business Parf( 910 The Crescent Col¢hester Essex C04 9YQ Bankors Triod05 Bank UK Deanery Road Bristol BS1 SAS Page 1 EMPOWER COMMUNITY FOUNDATION IA Company Limitèd by Guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustee5 present their annual report together wlh the audited financial statements of the Foundation for the year 1 April 2022 to 31 March 2023. 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 chartsble company comply with the current statutory requirements, the requirements of the charitable compan15 governing document and the provisions of the Slalement of Recommended Practice ISORPI applieable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. Since the Group and the Foundation 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 Istrategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and actNities a. Polici9$ and objectives The Group aims lo have a demonstrable impact on causes falling within the Empower Community Foundation's IECFI objects. The Group and Foundation's key objective fof the year was lo act as a Tiuslee to the local community funds which are due lo be received from projects where the Group and Foundation has an interest. The projects mainly comprise fully operational and validated solar PV systems which are owned and operated by a special purpose vehicle. ECF administers and oversees the financial management and allocation of surplus revenue share from projects in favour of communities where the projects are undertaken, in consultation with 8 Local Community Fund Panel for the rooftop portfolio and via the relevant Community Foundation in the case of the Clc-based solar parks (see below). Pei the Objects of ECF, invest in ventures designed lo further said Objects. ECF'S obje¢ls have been designed lo allow maximum flexibility for each localty to make ils own decisions in relation to best application of support for that area, broadly in favour of projects which will reduce or reverse negative social andlor environmental impacts in the local community. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefrt.. running a charity IPB2}'. b. Strategies for a¢hlevlng objectives The strategy for the period was lo implement the objectwes of the Group and Foundation and prepare for future Sufplus funds to be dislribuled. The principle that members of the communty local to that project are best placed to identify and recommend the most beneficial recipients and uses of grant funding is embodied in the slrudure and implemenlalion of the grant making activities of ECF. These are currently the Local Community Fund Panel for Empower Community Solar 1 LLP (known as 'EmpDwer Sunderland'l and the relationships with The Willshire Communty Foundation for Drove Lane Solar Park CIC and Foundation Scotland for New Mains of Guynd Solar Park CIC. In each case, ECF Trustees remew and approve the most suitable recipients of grant funding as Te¢ommended by the local enlily. Page 2 EMPOWER COMMUNITY FOUNDATION {A Company Llmlted by Guarant891 TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Objectives and actlvltles {conlinuedl c. Actlvltles undertaken to achieve objectives The projects hav¢ wmmenced in the special purpose vehicles and the Foundation's share of funds are in the proces5 of being received and distributed. In the case of Empower Community Solar 1, the primary focus of grant making has been the general improvement and energy efficiency of community centres in the Sundertand area. The covid situation has meant that many of these centres, building improvement plans were stalled, so grant making for these a¢tivilies slowed during the period, with a number of smaller grants lo wider groups such as food banks and w￿￿en.$ refuges made instead. Unallocated funds have a￿r￿ed for ful4Jre grant making. Drove Lane Solar Park CIC donated to the Willshire Community Foundation in support of ils 'Slron9er Families, programme in Salisburls most deprived ward. New Mains of Guynd Solar Park CIC, via Foundation Scotland, made ts annual grant to Voluntary Action Angus for their'children and Families Buddy Support, programme. Achlovements and perfomiance a. Koy performance indicators Income distributable lo charitable beneficiaries is considered to be Ihe key performance indicator. Grants distributed to institutions for community benefit in the year lotalled £108.144 (2022 - £69,830), with unallocated funds from one financial year Ca￿le￿ over into the next. b. Review of actlvltles Regarding the activi(ies outlined above, the Trustees are aware of their responsibility lo balance the needs of beneficiaries and lo award grants lo new projects where appropriate and carry forward any unallocaled grant funds where no suitable recipient has yel been identified. c. Investment policy and performance The Foundation is expecting to receive funds in the future lo invest in future community projects and for the time being is donating 100Yo of community benefit fvnds received. The investment policy of the Group and Foundation will be lo invest any surplus funds in interest generating deposit accounts. Further investment policies will be agreed once funds have been received. Further social and ethical considerations which are not ouilined in the objects are taken into account as part of the investment policy. as the governing document of the Foundation does not mandate consideration of other matters. Page 3 EMPOWER COMMUNITY FOUNDATION IA Company Limlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Financial r8vi&w Golng concern After making appropriate enquirles, the Trustees have a reasonable expectation that the Group and Foundation has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo 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. R8s8rves policy The Group and Foundation is not currently exposed to operational risks of the sort that would require lo be ameliorated by emergency expenditure. The Group aims lo maintain a level of reserves in future sufficient lo enable ils project and donor activities lo be undertaken year on year once funding is receDied. At the year end, there was a deficit in unrestriclod funds of £4,241,549 (2022- £4,271,079). While the GfOUP is in deficit and made a deficit during the year, the eamin9s before depreciation for the Group for the year ended 31 March 2023 was £895,893 {2022 £651,901). The deficit is a result of the large capital outlay required lo initially purchase the solar harvesting equipment which is being depreciated. Once these items are fully depreciated, the Group is expected lo recover the deficit. e. Financial risk management objectives and policios The potential for grant fraud is acknowledgd as being a risk lo which the Group and Foundation and similar harilies, may be subject. 11 is felt that the extensive due diligen￿ that will be carried out on future grant applications mitigates against rt as strongly a5 the Group and Foundation's resources will allow. Structure, govèrnance and management a. Con$tllutlon Empower Communrty Foundation is registered as a charitable company limf(ed by guarantee and was sel up by a Trust Deed. The objeds of the Foundation I'lhe objects'l are.. the advancement of environmental protection and conservation of the natural environment, particularfy by promoting the reduction of greenhouse gases (including carbon dioxide, methane and any other gases that may be identrfied from lime lo lime as having a global wam)ing polenliall., tho prevention and relief of poverty, particularly by Ihe reduction of energy bills. through the advancement and facilitation of energy efficiency and renewable energy measures., iii. the advancement of education, particulady in relation to energy, climate change and environrnenlal protection and conservation.. and iv. any other objects which are charitable for the lime being under English law. The objects underpin the detection pr￿esS for beneficiaries of the community funds distributed. Page 4 EMPOIAER COMMUNITY FOUNDATION IA Company Limited by Guarantee} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Structure. govgmance and management {continued} b. Methods of appointmerrt or election of Tru$tee$ Th& management of the Group and the Foundation is the responsibility of the Trustees who are elected and ¢ opted under the terms of the Trust Deed. c. Organlsational structuro and decision4naking policies The Board administers the Group. A Chief Executive will be appointed by the Trustees to manage the day-l04ay operations of the Foundation when and if required. ECF is a designated member of Empower Community Solar 1 LLP and receives the 400A of surplus revenue from it on an annual basis, for grant making in the Sundedand community. ECF is the beneficial owner of Drove Lane Solar Park CIC and New Mains of Guynd Solar Park CIC and receives income by donation for distribution to the ¢ommunrf(ies local lo each community, as well as potential for fuluie investment in new projects. d. Poll¢le$ adopted for the induction and tralnlng of Tru$tee$ Trustees are recruited following recommendations from existing Trustees and after consideration of the existing Board's requirements. The Trustees are appointed under the Trust Deed, w((h a minimum of threo Trustees. The TTU51ees undertake appropriate training and induction under their lem)s of reference, with an experienced Trustee as a mentor. There are currently no Trustees lo induct and training for Trustoes is maintained through Charty Commission updates. . Pay policy for key management p8rsonnel The Trustees comprise the key management personnel of the Group and Foundation and are in charge of controlling, running and operating the Group and Foundation on a day-to-day basis. All Trustees give of their time freely and received no remuneration for the year and no Trustee expenses were incurred. f. Related party relatlonshlps None of our Trustees received remuneration or other benefrts from their work with the Group and Foundation. The Foundation is expecting to receive funding in the fulLtre from the retated enlilies lo accumulate for future reinveslmenl and distribLrtion as charitable grants. g. Financial risk management The Trustees have assessed the major risks to which the Group and the Foundation are exposed, in particular those related lo the operations and finances of the Group and the Foundation, and are satisfied that systems and procedures are in place lo mitigate exposure to the major risks. Page 5 EMPOWER COMMUNITY FOUNDATION IA Compaiiy Limited by Guarantee) TRUSTEE5' REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Struciuret governance and maiia9ement Icontinuodl h. Principal activities The pnn-Ip81 aclwity during the year ￿3$ Ibal of ',he advai-eme*l of erv'.roimeital orotection 8nd conservation. impfovement o! community spaces. reduction of encrqy COSIS an# advapccmenl ol educJ:ion. Plans for future period5 The Group and Foundation plans to Increase and develop rts kwel of ope'.3tions as ils re131ed evofve. Disclosure of information to auditor Eacn olthe pe￿onS who are Tnjstcos at Kb.c ty.me when thi5 Truslees. Report is approvey has confirmed ih3T." so far 85 Ihat Trustee is ￿are, lyere Is no relevant audit Inlofmation of which the ch3ntable group's auditor Is un&vare an¢ that Trllslee bas laken all the steps that cupttt io have oeen taker 85 2 Tru51ee ir. Di￿er to be aware ol any releliant audit inloryytation 8ne Ic e5tabli5h tiat trP.c Gh.afilable group's audi.:).. IS aware of that Infjrnatiori. Auditor The 8uditGr, MHA, has indiGat¢d FJIS willingryess to continde in office. Thè desi9iated Trustees will propose motion reappointing the ab¢ilor 818.Teeling of ',b.e T'ustee5 Approved by order of the Members o,, tle Board ol Trus:ees and signed on thèIr behaW by. Date". Lf Page S EMPOWER COMMUNITY FOUNOATION IA Company Limited by Guarante¢l STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees Iwho also the Directors of tb.e Foundation for the puTrose5 or Company Lwl rasponsible for prepanng the Truslees, Report and the financial slalemenls in a¢¢?rd3nce wth 3pplioble law and Unitred Kingdom Accounting Standarés Iurtiled Kingdom Gener211y Acr£pled Accouniing PracLicel. Company ieqijirès the Trustees to prepare ffnancial ststeynen;s for each financol Under company law. the Trustees m153t not 3pprove the finanual statemen15 un￿sS they are salisf*d Inal they give a trL5e and fair V￿e￿ of the slate of affairs of thé Group and the Foundation and ol their i•aming iesovrces and apptication ol resources, ine¢u¢Jing their incgme and expen4r4¥.re ftr that period. In PTep8r.ng these financial staIeme￿ts the TTUStee5 are requi￿ to. select suitabk accounting poljcies Ènd then apply Iherr, cor.sislentty." observe the meihods and principles ol l.ie Cn3nties SURP IFRS 1021.. make iudgements and a¢counl'."w *stimatès that 2Tr rea5QDail¢ #ryd prudent., siale wholher applicable UK Accountsng Stsr.dards IFRS 1021 have been loltowed, subject to any material departures di$¢losed aod expkined ..n the finan¢ial stfjtemttnts". prepare the financial statements on 90ing ¢oncern basis unless it Is inappropriate to presun* that the Group and FOur￿allOn will conth"n¢Je in businÉss. The Twstees a￿ responsible fof keeping 311equate accoun.ing fecords th* arè suffic£ftt 10 show and explain Ile Group aid the Foundation's Irans3c+ioq$ and dLsclose with ￿a$￿￿Eb]e aCc￿ra￿l at any time the fin3n¢ial posilion of the Group and the Four.dalion and er13b￿ them to ensLirD th8 Ihtr f5nancAal s'kateme.ryts comply wth the Compapies Act 2006. fhw/ are also rtsponsible lo.. safeguarding the assels of the Gi¢iJp and the F￿ndatIOn and hen¢e lor taking re3sor.8ble s:.eps for Ine prevention anty o¢tectson of fteud and other Irregulant￿s. Approved by order of the Member5 of the Board of Trustees and signed on ic$ beha￿ by.. Date.. 14 7 Sfiq¥sa Page 7 EMPOWER COMMUNITY FOUNDATION IA Company Limlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION Opinion We have audited the financial statements of Empower Community Foundation (the 'Foundation') and ils subsidiaries Ilhe 'Group'} for the year ended 31 March 2023 which comprise the Consolidated Slalemenl of Financial Activf(ies, the Consolidated Balance Sheet, the Foundation Balance Sheet, the Consolidated Statement of Cash Flows and the related notes. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republie of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial 5talemenls'. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as al 31 March 2023 and of the Group's incoming resources and application of reSoUr￿s, including ils Income and expenditure for the year then ended., have been propedy prepared in accordan￿ wth United Kingdom Generalty Accepted Accounting Practice.. and have been prepared in accordan￿ wfth the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with Inlefnational Standards on Auditing {UKI IISAS {UKII and applicable law. Our responsibilrties under those standards are further described in the Auditorfs responsibil(ties for the audit of the financial statements section of our report. We are independent of the Group in accordance wlh 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 requirement5. 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 stslemenls, 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 urscertainlies relating lo events or conditions that, indThiidually or collectively, may cast significant doubl on the Group's or the parent char((able company's ability to continue as a going concern for a period of al least twelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibili(ies of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8 EMPOWER COMMUNITY FOUNDATION {A Company Limlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION {CONTINUEDI Other Information The other information comprises the information included in the Annual Report other than the financial slalernenls and our Auditor's Report Ihereon. The Trustees are responsible for the other infomalion contsined within the Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other infotmalion is materially inconsislenl with the financial slalements or our knowledge obtsined in the course of the audit, or olhe*wise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to delemiine whether this gives rise to a material misslalemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion on othor matters pro$cribed by the Companies Act 2006 In our opinion, based on tho work undertaken in the course of the avdf(.' the infornialion gThien in the Trustees, Report for the financial year for which the financial ststemenls are prepared is consistent with the financial slalemenls. the Trustees. Report has been prepared in accordance with applicable legal requirements. Mattets on whl¢h we arg rgquired to report by exceptlon In the light of our knowledge and understsnding of the charit8ble company and ils envtronmenl obtained in the urse of the audit, we have not idenlrfied material misslatemenls in the Tiuslees. Report. We have nothing to report in respect of the foll¢)wing matters in relation lo which Companies Act 2006 requires us lo report lo you rf, in our opinion.. the parent charitable company has not kept adequate and SLrfficienl accounting records. or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company financial stalemersts are not in agreement w((h the accounting recoTd5 and retums., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the infomalion and explanations we require for our audit., or the Trustees were not entitled to prepare the financial slalements 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 ReporL Page 9 EMPOWER COMMUNITY FOUNDATION (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION ICONTINUEDI Responslbllities of Truste8S As explained more fully in the Statement of Trustees, Responsibilities, 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 slalements and for being satisfied that they give a true and fair view. and for such inlemal control as the Trustees detemine is necessary lo enablo the preparation of financial statements that are free flom material misslalement, whether due lo fraud or eryor. In preparing the financi81 stslemenls, the Trustees are responsible for assessing the Group's and the parent charitable companls abilty lo continue as a going concem, 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 lo cease operations, or have no realislit alternative bul lo do so. Auditor re5ponslbllltles for the audlt of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial stslements as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an Audilorfs Report that includes our opinion. ReasL)nable assurance Is a high level of assurance. but is not 8 guarantee that an audi( conducted in accordance with ISAS IUKI will always detect a material misslalemenl when (t exists. Misstatements can anse from fraud or error and are conSide￿d material if, individually or in the aggregate, they could reasonabty be expected lo 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 wth our responsibilities, outlined above, lo detect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedu￿$ are capable of detecting irregularrties, including fraLsd is detailed below.. Obtsining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulation5 that had a direct effect on the financial stalemenls,. Enquiry of management lo idenlrfy any instances of known OT suspected instances of fraud,. Enquiry of management and those charged with governan￿ around actual and potential lil￿allOn and claims., Enquiry of management about any instances of non (14.934,596) Total net assets 14,241,549) (4,271,079) Group funds Restricted funds Unrestricted funds 18 18 14,241,549) (4,271,079) Total funds 14,241,549) (4,271,OT9) Page 13 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guaranieel REGISTERED NUMBER". Q7613369 CONSOUDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2023 The Foundalion was Èntitled to exèmption from audit under scctlOD. 477 af the Companies Ad lo￿. Ihe rnerr.ber5 have nol required the ent?ty to obtain an 3udJt for the year in (yJe51ion in accordance wrth section 478 of the Companies Act 2006. However, an audil is required in acwrdance Sedion 151 of Ihe Charities Act 2011. The Trusteas a¢kr,owSedge IheTr respon5iLililies ftsr complylyg with .e requiremep.ts of the Companies A¢t 2006 wrth respect lo accounling records and preparat.on Df financiBI staiemep.I5. Thc financial stalemènts ￿.3Ve been prepaw in accordance with .:he provi$>ons applicable to entities subjed to Ihe small campanies ."eg.'rne. The ftn8nci315tatements were approved and autltsrised for issLe by tle Tru5;ee5 a $ign Dn their beiatf by.. Date" The ftoias tsn pages 18 10 40 fonr part of these financial statements. Page ', EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarantee) REGISTERED NUMBER: 07613369 FOUNDATION BALANCE SHEET AS AT 31 MARCH 2023 2023 2023 2022 2022 Note Fixed assets Investments Current assets 14 200 Debtors Cash at bank and in hand 1S 2,608,889 189,833 100, 609 2,798.722 100,609 Creditors.. Amounts falling due wi(hin one year 16 {232,4751 (17,000) Net current assets 2,566,247 83,609 Creditors.. amounts falling due after more than one year 17 {2.232.5001 Net ass&ts excluding pension asset 333.947 83.809 Total net assets 333,947 83,809 Charity funds Reslricled funds Unrestricted funds 18 18 333.947 83,809 Total lund$ 333.947 83.809 The Foundation has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial slalements. The Foundation's net movement in funds for the year was a surplus of r250,138 (2022- surplus of £64,01 IJ. The Foundation was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entty to obtain an audf( for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 of the Charities Ad 2011. The Trustees acknowledge their responsibilities for complwng with the requirements of the Companies Act 2006 wfth respect to accounting records and preparation of financial stslements. The financial slalements have been prepared in accordance wilh the provisions applicable lo enb.lies subject lo the Small companies iegime. Page 15 EMPOWER COMMUNtTY FOUNDAnON IA Company Limited by Guafanleèl REGISTERED NUMBER-. 07613369 FOUNDATION BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2023 The financial stateYMÈnts wefe approved and aat*orisod for issue bi 14e TrJ51c¢s anLI signed ?r thf. half by. n¢tes r)n pages 18 10 40 form part ot th.ese financial st¥lerDenls. Pa9e 16 EMPOWER COMMUNITY FOUNDATION IA Company Limlted by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash flows from operating activities Net Cash used in operating activities 20 2,395.949 1.697,448 Cash flows from Investlng actlvltles Interest received Prtxeeds from the sale of tangible fixed assets 12,376 3S.058 14,847 Net cash generated from Investlng a¢tivtties 47.434 15,347 Ca$h flows from financlng activltles Repayments of klans Interest paid 16,17 1911,7311 (470, 723) (1.199,3221 (1,268,524) Net eash used In finan¢lng activities 12.111,0531 (1, 739,247) Changg In cash and cash equivalents In the year Cash and cash equivalents al the beginning olthe year 332.330 (26,452J 2,439. 194 2,412.742 Cash and cash equivalents at the end of the year 21 2.745.072 2,412, T42 The notes on pages 18 to 40 fomi part of these financial sl8lemenls. Page 17 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General information Empower Communty Foundation is a eharilable company limtted by guarantee, incorporated in England and Wales. The Charty Registration Number of the Foundation is 1161019 and the Comp8Try Registration Number of the Foundation 1$ 07613369. The address of the registered office and principal place of operation is detailed on page 1. The nature of the Foundation's operations and principal activity are detailed in the Trustees, Report. Accountlng policies 2.1 Basis of prgparation of finon¢lal Statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Empower Community Foundation meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olherwse slated in the relevant accounting policy. The presenlalional and functional currency of the Group and Foundation is pound stertin9 and the financial slalements have been rounded to the nearest pound sterling. The Consolidated Slalemenl of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Foundation and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The Foundation has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial Activities in these financial statements. 2.2 Related entities Empower Communty Foundation is a relevant legal enlily to th Community Inte￿$t Companies ICICs}, three companies and three Limited Liability Partnerships {LLPsl formed to advance chafilable solar powered aclivilies. Empower Community Foundation doe5 have the power lo control or govern the financial and operational poli¢ies of the CICS and one of the LLPS and therefore is required lo prepare consolidated financial slalemenls including these three entities. Further details regarding these entities can be found in Note 14. Page 18 EMPOWER COMMUNITY FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ounting policies {continuedl 2.3 Going concern The Group has nel Current liabilities of £440,436 (2022 - £2,837,895J and total nel liabilities of £4,241,549 (2022 - £4,271,079) at the Balance Sheet dale. Also. included within Other loans.. Creditors - amounts falling due wlhin one year, as shown in Note 16, is a loan due lo Social and Sustainable Capital- SASC Iprewously known as Leapfrog) of £1,877,617 {2022- £2,215,959). 11 had been obtained as a bridging loan and was due for repayment by 28 February 2019. The 108n agreement states that repayment is to be financed by successful refinancing and the loan will not be held a5 defauked if an 'updaled reflnancing plan, is submitted lo the lender. In line the above, the Directors have submitted a refinancing plan lo SASC ¥thich has been agreed by the lender al present. In line with the submitted plan, the Directors are confident that the loan can be successfully refinanced in the near future and that il will not be called due immediately as the agreed Tefinancing plan and repayment schedule can be followed. Based on above and on the resources available. the Direclois consider that the company will remain in operational existen￿ for the near future. The Directors have eonsidered Televanl information, including the annual budget. forecast future cashflows and the impact of subsequent events in making their assessment. The Group therefore continues lo adopt the going concem basis in prepaiing its financial stslements. 2.4 Income All income is re¢ognised On￿ the Group has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliabty. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Income lax recoverable in relation to investment income is iecognised at the tsme the investment income is receivable. other income is recognised in the period in which il is reeeivable and to the extent the goods have been provided or on completion of the service. Other income from the sale of goods is recognised when all of the following eondi(ions are satisfied.. Ihe Company has transferred the signrficant risks and rewards of ownership lo the buyer., the Company retains neither continuing managerial involvement lo the degree usually associated with ownership nor effective control over the goods s01d-, the amount of revenue can be measured reliably., il is probable that the Company will receive the consider*ion due under the transaction,. and the wsls incurred or lo be incurred in respect of the transaction can be measured reliably. Page 19 EMPOWER COMMUNITY FOUNDATION {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Icontlnuedl 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefrt lo a third party, kt 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 aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to 8 single activity are allocated directly lo 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 inCur￿d on directly undertaking the acbmlies which further the Group's objectives. as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is ctsndilional, such grants being recognised as expend(ture when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted a5 a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.6 Intere$t re¢elvabl• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., this is normally upon nolificalion of the Inte￿St paid or payable by the inslilulion with whom the funds are deposited. Page 20 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ounting policies Icontinuedl 2.7 Tanglblg fixed assets and depreciation Tangible fi'xed assets are inilialty recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended wod(ing condf(ion should bè included in the measurement of cost. Depreciation is charged $0 a$ lo allocate the c05t of tangible fixed assets less their residual value over their estimated useful lives, using the slraighl-line method. Depreciation is provided on the following basis.. Plant and machinery 20 - 25 years The assets, residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate. or if there is an indication of a signrficant change since the last reporting dale. 2.8 Investments Investments in subsidiaries are valued at cost less provision for impaimienl. Investments in associates a￿ stated at the amount of the Group's share of net assets. The Consolidated Statement of Financial Activities includes the Group's share of the associated companies, nel income or expenditure using the equty acwunting basis. 2.9 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.10Cash at bank and in hand Cash al bank and in hand includes cash and short-lemi highly liquid it)vestmgnts with a short maturity of three months or less from the dale of aequisition or opening of the deposil or similar a￿)unt. 2.11 Liabilities and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a re$utt of a past event, it is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be eslimaled reliab￿. Liabilities are r¥ognised al the amount that the Foundation anlicipales it will pay lo settle the debt or the amount rL has received as advanced payments for the goods or services it must provide. Page 21 EMPOWER COMMUNITY FOUNDATION IA Company Llmited by Guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 2.12 Flnancial instruments The rnajorily of the Group's financial assets and liabili(ies qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their selllemenl value with the exception of bank loans which are subsequently measured al amort15ed cost using the effective interest method. Financial assets trade and other debtors are basic financial instruments and are debt instruments measured al amortised Cost as detailed in Note 15. Prepayments are not financial inslrumenls. Cash at bank is classified as a basic financial instrument and 15 measured al fa￿ value. Financial liabilities trade creditors, accruals and other CTedilors are financial instruments, and are measured al amortised cost as clelailed in Notes 16 and 17. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed lo be financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Investments in as50ciales are measured at fair value using the equity method as detailed in Policy 2.13 Operatlng leases Rentals paid under operatin9 leases are charged to the Consolidated Stslement of Financial Activities on a slraighl-line basis over tho lease term. 2.14 Fund accountlng General funds are unrestricted funds which are available for use al the discretson of the Tnjslees in furtherance of the general objectives of the Group and which have not been designated for other purposes. InvestTnenl income, gains and losses are allocated to the appropriate fund. Page 22 EMPOWER COMMUNITY FOUNDATION (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donatlons Unrestrl¢t•d funds 2023 Total funds 2023 Donations 10,500 10,500 Unrestricted Total furjds funds 2022 2022 Donations 17,500 17,500 Income from charitable activities Unrestrithd funds 2023 Total funds 2023 Environmental protection and conseNation 3,272,140 3,272,140 Unrestricted Total funds funds 2022 2022 Environmentsl protection and conservation 2,651,057 2,651,057 Page 23 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarant&g1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment income Unre$lricted funds 2023 Total funds 2023 Bank interest receivable 12.376 12,376 Unrestiicled To181 funds funds 2022 2022 Bank interest receivable Other incoming r&sources Unrestricted funds 2023 Total funds 2023 Fees 15,656 22,437 15,656 22,437 Gain on sale of tsngible fixed assets 38,093 38,093 Unreslncled Total funds funds 2022 2022 Bank interest receivable 17,998 17,998 Page 24 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expendlture on charftsbl¢ activities - by fund Unrestricted funds 2023 Total 2023 Environmental protection and conservation 3.303,579 3.303,579 Unrestiicted lunds Total 2022 2022 Environrnentsl protection and conservation 2,902,567 2,902,567 Analysis of expendlture on charitable activities - by ty Grant fundlng of activities 2023 Support ¢osts 2023 Total tunds 2023 Environmental prote¢lion and conservation 108,144 3,195,435 3,303,579 Grnnt fvnding Total ofactniitsos Support costs funds 2022 2022 2022 Environmental protection and conseNalion 69,830 2,832, 737 2,902,567 Page 25 EMPOWER COMMUNITY FOUNDATION IA Company Llmited by Guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysi$ of expenditure on charitable activities- by type (contlnuedl Analysis of support costs Totsl funds 2023 Total funds 2022 Depr￿latIOn Audit and accountancy fees Bookkeeping fees Bank charges Professional subscriptions Legal and professional fees Premises and associated maintenance costs Insurance costs Loan interest payable Asset management fees Arrangement tees Performance fees Technology costs VAT adjustments Solar monitoring Distributions paid Bad debts Management fees Sundry expenses Other donations 866.363 87,097 32,510 1,934 867,473 55,250 7,6 1, 774 1,039 111,246 170, 716 23,540 1,268,524 49,168 30,317 10,288 7,263 4,507 23,863 90.222 6,866 102,991 100 329.978 217.515 24,844 1,118,828 56,886 14.287 152,331 7,SOO 4,796 26.488 87.087 128,388 103 38,500 3,195,435 2,832, 737 Page 26 EMPOWER COMMUNITY FOUNDATION {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of grants Grants to Institutions 2023 Total funds 2023 Environmental prole¢lion and conservation 108,144 108.144 G￿nts inslitulions 2022 lo Total funds 2022 Environmental protection and conservation 69,830 69,830 No grants made to any one inslilulion in either the year ended 31 March 2023 or the year ended 31 March 2022 were deemed lo be material lo the Group for the purposes of these financial slalemenls. 10. Auditorfs remuneratlon 2023 2022 Fees payable to the Group's auditor for the audit of the Group's annual accounts S2.050 45,250 Fees payable to the Group's auditor in resped of.. All non-audit services not included above 42,400 31,500 Page 27 **EMPOWER COMMUNITY FOUNDATION** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **11. Staff costs** The average number of persons employed by the Foundation, including trustees and directors, during the year was as follows: ||**Group**|_Group_||**Foundation**|_Foundation_| |---|---|---|---|---|---| ||**2023**||_2022_|**2023**|_2022_| ||**No.**||_No._|**No.**|_No._| |Employees|**4**||_6_|**3**|_3_| No employee received remuneration amounting to more than £60,000 in either year. The Group incurred no staff costs during the year ended 31 March 2023 _(2022 - £NIL)_ . ## **12. Trustees' remuneration and expenses** During the year, the Trustees, who are considered to be the key management personnel, didn't receive any remuneration or other benefits _(2022 - £NIL)_ . During the year ended 31 March 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . Page 28 EMPOWER COMMUNITY FOUNDATION IA Company Llmited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Tangible fixed assets Group Plant and machlnery Co$t Al 1 April 2022 Disposals 19,512.986 (21,0341 Al 31 March 2023 19.491.952 Depreciation Al 1 April 2022 Charge for the year On disposals 6,011,674 866,363 18.4131 At 31 March 2023 6.869.624 Net book value Al 31 March 2023 12,622,328 Al 31 March 2Q22 13,501,312 Page 29 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Fixed assgt Investments Investments assoclates Group Cost At 1 April 2022 100 Al 31 March 2023 100 Investments in subsidiary mpanles Foundation Cost Al 1 April 2022 200 At 31 Mareh 2023 200 Page 30 EMPOWER COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Flxed as$gt investments {continuedl Principal subsldlarles and a$sociates The following were subsidiary undertakings of the Foundation.. Names Company number Registered office or prlnclpal pla¢e of business Principal actlvlty Cla$s of shares Holding Included In consolidation Drove Lane 09296615 10 Queen Street Production of Solar Park Place, London. electricity through cic EC4R 1BE solar technology New Mains SC508660 CIO Henderson Production of of Guynd Loggie, The electricity through Solar Park Vision Building. solar technology cic 20 Greenmarket, Dundee, Scotland, DD1 4QB OC387463 10 Queen Street Produth'on of Pla￿. London. electricity through EC4R 1BE solar technology Ordinary Ordinary 1000A Yes Empower Community So18r 1 LLP NIA -Yo Yes The financial results of the subsidiaries for the year were.. Names In¢omo Expendtture Profllllloss} for the year Net assetsl Iliabilitlos} Drove Lane Solar Park CIC New Mains of GLtynd Solar Park CIC Empower Communty Solar 1 LLP 1.065.945 964,319 1,241,876 1.190,190 821,677 1,410,341 {124,2451 11.349.338) 142,642 11.051,1031 (168,4651 12.104.310 Page 31 EMPOWER COMMUNifY FOUNDATION {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Fixed asset invo$lments lcontinuedl The following were associates of the Foundation.. Names Falr value of investment at 31 March 2023 Registered offic& or prfnclpal place of business Class of Holding shares Britfofd Solar Connections kn'miled 50 Cubico Sustainable Ordinary Investments, 70 St Mary Axe, London, EC3A 8BE 50 KPMG LLP. Saltire Ordinary Court, 20 Castle Terrace. Edinburgh, Scotland, EH1 2EG 50% Solar Connections (New Mains of Guynd} Limited 50° Empower Community Foundation is deemed to control the financial and operational policies of Empower Communi(y Solar 1 LLP due lo ils role as a member of the LLP. Both Britford Solar Connections Limrted and Solar Connections (New Mains of Guynd} Limited were domianl during the year ended 31 March 2022 and 31 March 2021. The shares in Drove Lane Solar Park CIC and New Mains of Guynd Solar Park CIC are held by ETnpower Community Foundation Limited. The shares in Britford Solar Connections Limited are held by Drove Lane Solar Park CIC. The shares in Solar Connections (New Main5 of Guyndl Limited are held by New Mains of Guynd Solar Park CEC. Page 32 EMPOWER COMMUNITY FOUNDATION IA Company Limltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Debtors Group Group 2023 Foundatlon Foundation 2023 2022 2022 Amounts ¢)wed by group undertakings 2,232,500 2.232,600 Due wlthln ong year Trade debtors Amounts owed by group undertakings Amounts owed by associates other debtors Prepayments and accrued income 42.067 133,821 197.994 6,710 87,000 84,685 6,710 97,969 363.092 27,068 584,653 509.838 745,542 2,608,889 16. Creditors: Amounts falling due withill one year Group Group 2023 Foundation Foundation 2023 2022 2022 Bank overdrafts Other loans Trade creditors Amounts owed lo group undertakings Amounts owed lo associates Other taxation and so￿al secuTIIy Other creditors Accruals 17,318 5,779,348 78, 793 3,378,672 41.167 117.500 97,975 100 100 10,532 17,852 109,554 8.783 200 266,424 17.000 17,CQO 3,695,346 6,013,497 232.475 IT,000 other loans of £3,378,672 (2022- £5, 779,348) are secured by a fixed and floating charge over the assets of the Group. Page 33 EMPOWER COMMUNITY FOUNDATION IA Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Creditors: Amounts falling due after more than one year Group Gmup 2023 Foundatlon Foundation 2023 2022 2022 Other kjans 16.423.541 14,934,596 2.232,500 Other loans of £16,423,S41 (2022 - £14,934,596) are secured by a fixed and floating charge over the assets of the Group. Included within the above are amounts falling due as follows-. Group Group 2023 Foundation Foundation 2023 2022 2022 Between one and two years Other loans Amounts owed lo other participating interests 2,340,835 1,312,494 117.500 Between two and five years Other loans 3.944.116 4, 197,210 352.500 Ovor flve years Other loans Amounts ¢)wed lo group undertakings 10.138.590 9.424,892 1,762.500 Page 34 EMPOWER COMMUNITY FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Statement of funds Statement of fund$- current year Balance at 31 March 2023 Balance at 1 Aprll 2021 Income Expenditure Unrestrlcted funds General Funds- all funds General funds 14,271,079} 3,333,109 {3.303,5791 {4,241.5491 14.271.079) 3,333,109 13.303,5791 14.241,5491 ststgmont of funds - prior year Balance al 31 Ma￿h Expenditure 2022 Balance at 1 April 2021 Income Unrestricted funds General Funds- all funds General funds (4,055,567) 2,687,055 (2.902.567) (4.271,079) (4,055.567) 2.687,055 (2,902,567) 14,271,079J The General fund has been created to monitor the inc¢Jming iesources which have no restrictions over their usage in respect of activities undertaken by the Group. Page 35 EMPOWER COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Analysis of net a$$ets between funds Analysis of net assets between funds- current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due wf(hin one year Creditors due in more than one year 12,622,328 12.622.328 11KI 100 3,254,910 3.254.910 13.695,3461 13.69S.3461 116,423,541) 116.423.5411 Total 14,241,549) 14.241,5491 Analys1$ of net assets between funds - prior year un￿StriCted To181 fvnds lunds 2022 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due wlhin one year Creditors due in more than one year 13,501.3t2 13,501,312 1(Kl 100 3, 175,602 3, 775,602 (6,013,497) (6,013,497) {14.934.596) (14.934,596) Total {4,271,079J (4,271,079) Page 36 EMPOWER COMMUNITY FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. Recon¢llialion of net movement in funds to net Cash flow from operating activlties Group Group 2023 2022 Nel incomelexpendilure for the yeai (as per Slalemenl of Financial Aclivilies} 29.530 {21&512) Adjustments fof: Depreciation charges Interest received Profit on the disposal of tangible fixed assets Decrea5ellincreasel in debtors Increase in creditors 866.363 112,3761 {22,4371 235,704 99,843 1.199.322 867,413 (500) (17,998) (274,531) 70,052 1,268,524 Interest paid Net cash provld&d by operating activities 2.395.949 1, 697,448 21. Analysls of cash and cash equivalents Group Group 2023 2022 Cash in hand Overdraft facility repayable on demand 2.745.072 2.430,060 (17.318) Total cash and cash equivalents 2,745,072 2.412. T42 Page 37 EMPOWER COMMUNITY FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 22. Analysis of changes in net debt At 1 April 2022 Cash flows At 31 March 2023 New loan Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 2A30.060 315,012 117.3181 17.318 15,779,348) 2,400.676 13,378,6721 114.934.5961 273.555 {1,762,5001 116.423,541} 2,745,072 118.301.2021 3,006,561 {1,762,SOOI 117,057.141} 23. Related entltles In addition lo the subsidiaries and associates listed in Note 14, Empower Community Foundation is related Its a number of other entities. either as a designated member or relevant legal enlily. These other related enlilies are listed below.. ECS Peterborou9h 1 LLP Empower Peterborough CIC Empower Community Management LLP ECSP1 Construction Limf(ed Empower Community Foundation does not have the power lo govern and direct the financial or operational policies of any of the above entities under 8IIy stslute or agreement, as the operational policies of the entities are determined and directed by other enlilies. Empower Community Foundation and the above entities do not operate as a single enlily and the risks and rewards of the various entities are not those of the Foundation. Page 38 EMPOWER COMMUNITY FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Operating lease commitments At 31 Mar¢h 2023 the Group and the Foundation had commitmen15 to make future minimum lease payments undei non