2021-06-30-accounts

2021 ANNUAL IMPACT REPORT & ACCOUNTS

Combined report for PEC Trust (Registered charity 1183711. Company No. 11569012) PEC Homes (Company no. 8356) Plymouth Energy Community (Company no. 32108.)`PEC Renewables (Company no. 32286R Registered address Ballard House, Plymouth, PL1 3BJ

Joint Chair's Statement

Ian Hutchcroft

Dave Garland PEC Trust PEC Renewables

On the eve of the highly-anticipated UN Climate Conference (COP 26), there is no question that the challenges faced by humanity are immense. The impacts of global warming, once perceived by many as being far in the future or happening elsewhere, are upon us. Instability, in its many forms, affects the most vulnerable and marginalised in society quickest and hardest. This is a critical time for social and environmental action.

Whilst we need our government to lead with ambitious meaningful policy commitments, they cannot do it all. Any form of transition to net zero, particularly a just transition, cannot happen without communities and we stand hopeful that this point may be slowly sinking in. We need to be ready for when government comes asking for our help and so it has never been more important for communities to define place-based solutions for this change.

PEC is now a nationally-recognised and locally respected organisation. We are proud of the impacts this report documents, however we have done this without a supportive policy environment. As we complete the first year of ‘the decade to make a difference’, gaping policy vacuums remain, but we can be confident that organisations like ours are more relevant than ever.

In the last 12 months, we have laid a firm foundation for our highly innovative approach to building truly affordable net-zero homes to become a reality. Our solar installations generate clean energy whilst providing a fair return for investors, saving essential funds for schools and supporting community projects.

Clive Turner Lee Richards PEC Homes Plymouth Energy Community

With our largest solar farm now on the horizon, our community will own over a 1/3 of Plymouth's renewable energy. We continue to encourage conversations about the climate and ecological emergencies through school workshops and solar site visits and our incredible Moths To A Flame art project. This creativity has sent over 15,000 handmade moths and messages of hope to world leaders at COP 26.

The evolution of our Energy Team has accelerated this year. Eleven advisors help us meet the growing demand for our home energy support services, driven in part by our reputation but sadly due to the economic hardships of Covid, rising bills and Universal Credit cuts, resulting in more people in fuel poverty. Our track record has secured new funds from the National Lottery Community Fund and Energy Redress and combined with strong partnerships such as Plymouth City Council and Livewell Southwest, we can now offer an holistic and person centred domestic energy support programme to improve insulation, ventilation, repairs, renewable forms of heat and power, income maximisation, referrals and so much more.

In the end, though, what is comes down to is people. People saying the status quo is not good enough and working hard for an alternative. In 2013, we started with people power and it's still what drives us. Our committed team of 24 staff and 26 volunteer Directors / trustees tirelessly go above and beyond, with endless drive, empathy, compassion and care, always ready to find solutions. This report is a credit to them.

As we reflect on this incredible year, lets also take a deep breath and look forward to the next, knowing that together, we are enough.

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Our Mission

Plymouth Energy Community (PEC) is a multi-award winning charity and a social enterprise, with a cooperative ethos. PEC's mission is to empower our community to create a fair, affordable, zero carbon energy system with local people at its heart. We are a family of community led business organisations offering a range of projects that:

• Bring local people and organisations together to tackle fuel poverty and the climate crisis; Increase local ownership and influence over local energy solutions;

• Improve community confidence to engage in the zero carbon transition and; Enable people to heat and power their homes affordably.

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We are supported by a team of 24 employed staff, 700 members and supporters and 500 investor
members. Combined, the PEC Family generated a combined turnover of £2.1 million last year.
Our Impact
6.2MW
6,501 Across 33
Community-owned
Tonnes of solar arrays
carbon saved
2232
1 to 1
support
£837
6604
Average annual
households
benefit to
helped
residents
£1,867,142
Savings to
households
5,863
£138,244
MWh clean
Savings to schools &
energy generated
community organisations
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October 2020- September 2021

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Household support

The Energy Team

PEC’s Energy Team is now an established and trusted intermediary for thousands of Plymouth households. In the last 12 months, we have seen a significant increase in demand for our services. more than 6.500 people have come to our friendly advisors for advice to resolve their energy issues

Our work improves circumstances using a personcentred approach, offering assistance in a way that works best for the individual. From one-off calls on energy efficiency, to long and complex, multi-agency casework that can radically improve physical, financial and mental health. The team work with more than a hundred local agencies allowing us to address a broad range of issues that impact wellbeing, such as debt and a low income. Together, we have continued to secure long lasting benefits for the households we work with.

We are seeing first-hand the economic impact of COVID falling harshly on households, combined with continuing austerity. Over 50 % of clients come from low income families and over 90% are needing support from at least one welfare benefit. As a result, 2020 has seen an increased demand

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"I love my
home again,
thank you"
Plymouth resident, helped by
the Energy Team, August 2021
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for our services and the severity of need is set to increase more with the cuts to Universal Credit and the huge increases in fuel bills for people this winter.

Across the year, the number of households receiving one to one support from the team reached over 2,200, this has grown three-fold from 2020. The number of people calling us has increased by 33% and the number of people asking for support has more than doubled. Our increased ability to get support to those in need and crisis is a result of strong partnerships with Livewell Southwest’s Adult Social Care team, Citizen’s Advice Plymouth and Plymouth City Council. The breadth of work being delivered by the team is too extensive to document here but their work supporting the local distribution of the Government’s Covid Winter grants and Green Homes Grants provide good case studies.

Covid winter grants

PEC has continued to play a vital role in the Plymouth’s response to Covid-19, working closely with partners and funders to reach people in the most vulnerable circumstances. For example. PEC was appointed by Plymouth City Council (PCC) to administer part of the Governments Covid Winter Grant scheme and through this we helped 930 households by paying some their winter bills, provided 415 households with emergency vouchers to top up meters and prevent disconnection, and distributed 382 essential energy efficient white goods to families unable to replace broken items.

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Household support

PEC’s partnership with local provider HBH Woolacotts ensured any old appliances were recycled and where possible repaired before being redistributed free to others in need. All this was delivered in less than 4 months.

We had many challenges to deal with, including short delivery timescales, supply chain shortages and escalating costs for building work. Even so, in less than 10 months, 127 households were helped to access 186 different home improvements including nine different methods of insulating, low carbon heating, solar PV and ventilation improvements.

Through trialling a community led approach to retrofit, we have supported vulnerable households to access measures through building trust and providing person centred advice and support. We have also ensured the scheme benefits the local economy and delivers value for money, spending 42% of grant funds with SMEs based in Plymouth and 99% within the Plymouth and Devon areas.

Green Homes grants

The end of 2020 saw us partner with PCC to secure over £3 million of Green Homes Grants investment into Plymouth. This was the biggest domestic energy retrofit programme Plymouth has ever planned. Thanks to our track record, Plymouth was one of the first to benefit from this new national scheme to improve fuel poverty homes; with grants averaging £10,000 per household to install a broad range of efficiency, and renewable heat and power improvements.

Government funds to retrofit fuel poor homes seem set to increase and PEC’s reputation means we are in a strong position to secure these for our city. We believe that a package of trusted, impartial, local-specific advice about homeowners retrofit options, matched with high quality local installers will be an essential component of the City’s transition to net zero and it has been encouraging to see government placing value on this type of approach.

An amazing story of hope

An elderly resident was referred to us with significant issues with his home, including rotting windows and doors, and concerns around debt.

Working in partnership with Livewell Southwest & Citizens Advice Plymouth, the team enabled the following lifechanging improvements; a complete retrofit of his home, with cavity wall and loft insulation, new heating and ventilation systems, a deep clean, debts written off, including Council Tax arrears, and access to nearly £100,000 of back pay from his unclaimed pension.

4

Creative engagement

Moths to A Flame

Solar Schools

When we first started collaborating with Art & Energy CIC in 2018, little did we know the magic that could happen when art meets energy! The inspirational Moths To A Flame project has brought thousands of people’s voices together in a creative collective 'call to action' for world leaders at the latest UN climate change conference (COP 26). Over 15,000 ‘moths’ have been individually made out of recycled milk cartons by people of all ages, at events, schools and home! It has sparked many conversations about climate change, our reliance on energy and how art can encourage participation in community energy organisations .

We are continuing to work with Earth Energy Education to offer solar farm site visits and energy awareness workshops in local schools. Picking up after lockdowns, 233 students from 5 classes visited Ernesettle solar array over the summer months. In 2022, we will be taking 6 schools on site visits and offering 22 two hour workshops for all schools with community-owned solar on their roofs. These workshops help students explore renewable energy and climate action and we will also share resources with teachers to embed learning in their curriculum. 25% of teachers surveyed by Earth Energy Education do not cover climate change. We will be helping the with a variety of resources and after-school support.

At the time of releasing this report, the moths are spectacularly displayed for the public and COP delegates in Glasgow Botanic Gardens. Accompanied by pre-recorded messages of hope, the installation symbolises our relationship with energy and the health of the planet. It’s been a heartfelt learning journey, from Plymouth, all over the UK, cumulating in Glasgow. After Glasgow, the moths will return to Plymouth for Illuminate and Plymouth Social Enterprise Festivals. We hope to continue our collaboration with Art & Energy CIC into the future (www.mothstoaflame.art).

Community Events

With the easing of restrictions, our in-person drop-in advice and support events are ramping up again. Our Energy Team have been offering at least 10 events a month at various community venues. This provides an opportunity to reach people who are not online or who would not usually engage in a conversation about energy or realise that they can access help.

5

Zero carbon homes

We set up PEC Homes as a Community Benefit Society in 2020 to build affordable, high quality, well-designed, cooperative and sustainable housing development projects that can:

• Be local flagships for innovation, Deliver community-owned, warm, affordable, desirable, net-zero homes, Demonstrate a replicable cost model, Deliver net-zero energy homes for which the total energy and maintenance costs are significantly less than business as usual.

2021 has been a year of solid progress in laying the foundations that will enable our highly-innovative approach to building net-zero carbon homes to move forward.

While circumstances beyond our control meant that we had to abandon our initial planning application for our site at Kings Tamerton, we have taken the opportunity to create a new masterplan (see below). We have now integrated our net-zero ambitions and wider One Planet Living design principles across a wider area with a total scheme of up 70 homes. A new application has now been submitted and we are hopeful that it will receive approval in December.

Earlier in the year, we were contracted by Innovate UK to explore the market’s appetite for building homes using the innovative Energiesprong approach. Energiesprong is a straightforward, pragmatic and flexible approach, applicable to a wide range of situations and house types. It is not a

Revised masterplan for Kings Tamerton development

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Zero carbon homes

Proposed timeline for Kings Tamerton development

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Dec 2021 May 2022 2023
Planning Detailed Start building
approval planning
application
Feb 2022 Late 2022
Design Fundraising/
competition share offer
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commercial product or brand; no company, product, technology or materials are specified, just the outcomes that everyone needs: warm, affordable, desirable, net zero homes. The Kings Tamerton project will be the first new-build project to use the Energiesprong approach in England, and so we needed to understand whether this was a realistic ambition. The research allowed us to demonstrate that there is significant interest in this approach and has helped us to embed the design, build and guarantee principles that we intend to use within our contracts.

To help choose the team who will work with us to design and build the homes to the Energiesprong standards we halve secured funds to an exciting design competition which will see three candidates compete for the opportunity to work with us to build the homes by demonstrating how they will innovatively and creatively meet our net-zero requirements.

To build innovative affordable homes we will require public subsidy, therefore we have started the process of becoming a Registered Social Landlord. This includes ensuring that we can demonstrate the high standards of governance and business planning required alongside strengthening our relationships with external bodies, such as Homes England.

The key next steps for the project are shown in the graphic above.

Find out more about the project and ways that you can get involved here: - https://plymouthenergycommunity.com/pec homes/kings-tamerton

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Community-owned renewables

Existing solar installations

Our community-owned renewable energy installations include 33 solar roof tops on schools and community buildings across the city and our solar farm at Ernesettle. These represent over 20% of the City's total non-domestic renewable generation capacity and over the last year these have generated a total of 5863MWh of clean energy, avoiding 1,244 tonnes of carbon emissions and saving £93,510 on the energy bills of local schools and community organisations.

Chelson Meadow community solar farm

We are in the planning phase of our largest solar project yet and our first post-subsidies. We are working with Plymouth City Council to develop a community-owned solar farm on the old landfill site at Chelson Meadow (an area the size of 24 football pitches). It will:

• Put local people in control over a key part of Plymouth's ambition to get to net zero emissions.

• Put any surplus funds generated towards other local community projects that are responding to climate change and tackling fuel poverty.

To date, we have carried out substantial feasibility studies and working with key stakeholders, thanks to the Rural Community Energy Fund. We have been engaging with the local community through in-person visits, online info events and a city-wide survey.

We hope to submit a planning application shortly and start construction in late 2022. We aim to provide another opportunity for local residents and businesses to co-own this solar farm by investing in community shares. Investors will become members and will be paid a return on their investment. Visit - https://plymouthenergycommunity.com/our work/chelson-meadow for further information.

Potential benefits of Chelson Meadow

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3,860 10%
homes powered improvement
each year in biodiversity
£3.5 million
for local projects
over 30 years
3,330 tonnes of carbon saved each year 9 full time jobs
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Additional information for PEC Renewables members

If you are a Member of PEC Renewables, please click on this link to read information about the technical performance of the existing solar installations, information about Member interest repayments and share withdrawal payments.

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Financial summary

As a whole, the PEC family finances prove financial viability and longer-term sustainability. The numbers in the table below show the financial outcomes last year, compared to the previous year. They are in line with targets and show no significant variances to the latest financial models.

As a family, we are developing a long-term financial strategy to include the community benefit donations from PEC Renewables and Ernesettle Community Solar. These will support the growth of PEC trust and its ability to deliver its charitable objectives.

PEC Trust continued to acquire funding to support the development of the Kings Tamerton Zero-Carbon homes project, although new funding streams and procurement will gradually be undertaken by PEC Homes directly. PEC Community Benefit Society also provided some grant funding for the start up costs and overheads of PEC Homes.

	Reserves	Turnover	Reserves	Turnover
	2020	2020	2021	2021
PEC Trust	£250,627	£602,093	£142,258	£1,247,312
PEC Renewables	-£106,228	£295,627	-£75,896	£364,871
Ernesettle Community Solar	-£111,384	£539,846	-£91,986	£505,064
PEC Homes	n/a	n/a	£6,557	£51,466
PEC CBS	£391,529	£114,454	£336,669	£0

Please click on the links below to see the full financial statements for each organisation in the PEC Family:

PEC Trust Financial Statements 2021 PEC Renewables Financial Statements 2021 Ernesettle Community Solar Financial Statements 2021 PEC Homes Financial Statements 2021 PEC CBS Financial Statements 2021

9

Governance summary

Plymouth Energy Community is a family of charitable and socially enterprising organisations. We have a cooperative ethos and seek to put our members, local people, in control. Governance is important to us, and to ensure that we are delivering our commitments around this we have established a number of independent entities that operate under the Plymouth Energy Community banner. These are explained below:

PEC Trust

PEC Trust trading as Plymouth Energy Community is a Charitable Company Limited by Guarantee and is our over-arching charitable organisation, responsible for most of our day to day activities. It has a two-tiered membership of members and supporters.

PEC Homes

PEC Homes as an independent community land trust and Community Benefit Society, set up to build locally owned, net zero affordable housing developments in and around Plymouth.

PEC Renewables

PEC Renewables is a Community Benefit Society, set up to fund, build and manage community-owned renewable energy installations in Plymouth.

Ernesettle Community Solar

Ernesettle Community Solar is a wholly-owned subsidiary of PEC Renewables, set up to manage our 4.1 MW community-owned solar array in Ernesettle.

Plymouth Energy Community

PEC Trust (charitable organisation) evolved from Plymouth Energy Community Community Benefit Society (PEC CBS). PEC CBS still exists to support new innovative ways to reduce carbon emissions and fuel poverty.

10

Governance summary

The changes to the Boards of the PEC family organisations are outlined below:

PEC Trust

PEC Trust is managed by a Board of Trustees. The Board is made up of one Plymouth City Council representative, up to six elected members and up to four Trustees co-opted for their skills and expertise. Under the PEC Trust articles, each year one third of our elected Trustees must stand down. The Trustees standing down at this year’s AGM are Jess Holliland and Paul Hardman, however both Jess and Paul have put themselves forward for re-election.

There are two member vacancies. No new nominations have come forward from our membership. As the number of nominations were the same as the number of vacancies we do not require a full ballot and Jess and Paul shall be deemed elected at the AGM.

PEC Homes

PEC Homes is managed by a Board of Directors. The Board is made up of one Plymouth City Council representative, up to five elected members and up to four Directors co-opted. Michelle Virgo and Greg Wootton are standing down. Greg is restanding for election. We extend warm gratitude to Michelle for her contributions to date and wish her well in her endeavours. Nick Carter has joined the Board as the representative of Plymouth City Council (a position not previously filled).

There are two member vacancies, in addition to Greg, one new nomination has come forward from our membership. As the number of nominations were the same as the number of vacancies we do not require a full ballot and the candidates shall be deemed elected at the AGM.

PEC Renewables

PEC Renewables has a Board of Directors, made up of up to three Directors elected by the members and up to three Directors as representatives nominated by the Community Supporting Organisation. Under PEC Renewables’ Rules, one third of elected Directors must stand down each year; however, they can stand for re-election. At this year’s AGM, Dave Garland will be standing down. Dave is a founding member of PEC and has served as Chair of PEC Renewables since its inception in 2014. A loyal, enthusiastic and constant support, Dave was instrumental in bringing schools on board. He will be greatly missed.

Plymouth Energy Community (CBS)

Plymouth Energy Community (Community Benefit Society) has a Board of Directors, made up of up to three Directors elected by the members. Under PEC Rules, one third of our elected Directors must stand down each year; however, they can stand for re-election. At this year’s AGM, Lee Richards will be standing down, however Lee will also be standing for re-election.

There is one member vacancy. One new nomination has come forward from our membership. As the number of nominations are the same as the number of vacancies we do not require a full ballot and the candidate shall be deemed elected, providing ten members or more affirm the candidacy, by virtual show of hands at the AGM.

There is one Director vacancy. There have been no new nominations. As the number of nominations were the same as the number of vacancies we do not require a full ballot and Lee shall be deemed elected at the AGM.

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Made possible thanks to:

Rural Community Energy Fund Power to Change Energy Industry Voluntary Redress Scheme Centre for Sustainable Energy National Community Lottery Fund Mutant Creative Plymouth City Council Carbon Coop Citizens Advice Plymouth Western Power Distribution Livewell Southwell Norley Energy Services START A Cook Agency Services Redcross Usher Brothers Cornwall Community Land Trust Richard Brown Plastering Contractors Groundwork Springfield Building and Maintenance Homes England Carbon Saving Group HBH Woolacotts Insulated Homes Olympus Power Sunrise Windows (Plymouth) Sungift Solar Evolve Home Energy Solutions Pfeltz solar The Plumbing Doctor Argand Solutions JAH Electrical Services Earth Energy Education JD Plumbing and Heating Art & Energy CIC Devon Community Energy Network Plymouth Social Enterprise Network Tamar Energy Community Sustainable Earth Institute Exeter Community Energy Real Ideas Organisation South Dartmoor Community Energy Nudge Community Builders 361 Energy Ethex Registry Community Energy Plus Communities for Renewables Bromhead Energien UK BEIS South West Energy Hub Foot Anstey All of the schools and organisations hosting Energiesprong our solar arrays South West Water Everyone who contributed to our Naturesave crowdfunder Stattkraft

This list is in no particular order and is not exclusive.

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REGISTERED COMPANY NUPABER: 11569012 {EnglatrMI and Wales) REGISTERED CHARfTY NUMBER: 1183711 neia stste ForT Ju 021 C Tntst Bnmhead Chartered Aecwntsnls StabjtoryA￿JltorS Harscombe Hous l Darklake Vbew PL6 TfL

Contsnts ofthe Fina￿la1 Ststements F r The Y•ar Ended 3 Page Report ol Iho T￿￿te0$ I to S R•port ofth• Jnd¢p•ndortAudltors Statemgntof Fl•Mnclal A Balan¢• 8h•et 6 to 8 10 Cash Flow Stat•nent 12 Notes to th• Flnanclal Statem D•tallod Ststement of Flnanclal A¢U¥lUo9 13 b 20 21 to 22

30 June 20 The trustees who are also thI￿Or$ of Charfty for the puJp)ses of the Conpanitrs Act 2006, present their report the financial Statements tsf the chaity br year 30 Jvnts 2021. Th8 tnJstee5 have adopted the Pfovlsions of Accounting and Repothg by Charitsts.. Slatement of RecvnNnended Practice appllcabkn to chari￿ prep8Ting their 8¢Lvunts in accordant thè Flnan(¥al Re￿￿ Starthrd applicabk in Ihts UK and Republic of Irèland IFRS 102) (effec￿ l January 20191. OBJECTIVES AND ACTivmES obl￿tIves and alms Our charitys purposes as set c￿t in the 0tr4ects cJntain&Y in Ihe companys grb.cks to promote s(￿Inabl9 develtynent for the ￿e)It ofthe pl￿lIC by the.. (al Pre¥eNation, ￿nSerVatIOn and Ihe prOtedi￿ ofthe ￿¥r￿n￿t 8nd Ihe prudent Usa of resour￿9,. (bl Rdlief ol poverty and the presarvalk)n and pnJto(lion of health by pr￿00Thg the effloent use of 6nefgy and utilisation of renew8ble sources ol energy. and Icl Advancgmenl of education ￿ subjects rektwy to sustainable devekjprntht a￿j tha protectk)n, 8nhanuYment and rehabllitation of the environment an¢J lo promote sbjdy rewrd) in wch subigcts provwJed thai the useM r8wlts of Suth ￿t￿JY are disseminated b the publ￿￿t TNS transfates in b a the delfvy DI￿￿￿ti&S ICK)￿ed on th¢ fo1￿1n9 akns . To L¥ing local people and o￿anISatiOnS togather to lackJ& fuaf ￿ and the thate crisls. - To inceas8 ownership and knftU9n￿ over thal erer9y sdubons - To increa9e community Confiden￿ to engage in ￿Y 18 - To enab￿ p&)ple to heat and P[￿r th8irlM)ns a(l￿daNY - To ￿duce green￿￿$8 gas emi3Bions . To ansure these act1vil￿ benafrt the fuel P(W￿d mcGt Publlc b•neflt The Trustees have considered the guKlaKe k5sueiJ by the Chanty Comi3sion in respect of th8 pubfic and confimied throtsgh theiractlviles and thiecknves that they there to thts gutdance. ACHIEVEMENfANO PERFORMANCE During 202012021 we ha￿ worked in the f&lTrwing argas - PAaintsining a team of skilled Energy P4fvws delwerNw a mix of energy fvet debt adffte aithgr ¢)vgr thè phone. in the homg orwthin thè communty Dellvery of lh• government Covid re￿se grants and emergenryfirel to the nee(fr6st withtn Ihe cornmunlty - FaCthta￿n9 the uptskè of energy efv6rKy Wnrrttsven￿ts In prrwtres arns the and in p￿lar in the delivery of rBtrofit schemes . E￿lO￿ng how communty own8d solar PV and lat pump in¢yease th& deploym8nt ol zwo carbon heakn'ng solutions in residenbal 8nd rxjmmeroal prwrlbes - oUt￿a¢h 8ngagem6nt work Ihrough our PEC Pak and AJt W Ewy inhiatives in prBparatkn for Ihe mass parUcipatI￿ evant planned at COP26. homes - Supporting the Comrnuntty L8nd TnBt PEC Homes thrWI 8ThJ ouifin8 pkming to deliver z8ro ¢artf Th8 stscce8s we have Mth each of Ihes6 prtwanmes is dom•nted In cwrAnnu81 Report aThl inpact Stat￿nenL FINANCIAL REVIEW Flnanclal p081tlon The charity ￿th th& wd of sound finandaf monagewt and Ihe supp(vt of bolh Its staff and volLinteer¥ genarated a very P05itw8 finanLyal Dutcome for Ihe period ending 30 June 2021 with resew of£423,409. The balanee sheèt shows thxt tthln the end year surplus, £128,fj51 Rtstri¢l8d Rese￿ funded by grant payTnents recelved ahead of spend. The Tru5te8s have aLso deslgnated reservos of £152.5Crt) leaves ov8iaN free resems èvarfabltr of £142,258. Prlnclpal fvndlng sourc•8 The prinupal sources of funding hav8 been a mithro of 9rAnts from Flrn Ewand, En8rgy Saving Trus( PIy7nouth City Gouncil and others contract income secuvl malnty frTrn We5tem Powr Dtstribution. The Larrty is always 88eking new or addkttin4180urces offun￿￿ to not be rebanl on tLN) lewfvn(ting sources.

For Y•ar Ended 30 Ju FINANCIAL REVIEW Rèsgrves poNcy The Restricted Resorv85 arg Istsd beknw and l￿de prNsion ts income poKI or granted In advance of sp9nd whgre outstandlng actfvits and c4)mmilments wiu b6 or de￿erE(l ￿ lh8 foknwng fjnanrial year and &videnced by the Grant Funding Agr6em8nts.. Yèar endlng 30th June 2021 Restrthd Funds IRes6Yves) Restricted Funds.. PlYmo￿h City Councfjl Secticfi 106 monres towath SunP¥JW8 K¥W { ttms r6 after dedudng unfunded sp￿d from th6 EU fvmded Sun Peopfe pnyectl Homes England Community HousiThJ Fund Grant ￿￿penI mNes ¢)ver2 years Redress PCC match funthing Power to Change. Next Generniion. Umpent Ill￿)18S over2 years COV￿ emergency Credit Covid Whter Grant Heat Pvmps MSC Moths to a Flame Total Rg$trkt•d Funds £19.108 £3.315 £39,217 £25.179 £2,507 £5.511 £10,000 £23,814 £128,651 Our designated resoryes posltron". Year ending 30th Jung 2021 Unrestricted Funds IReserv681 Designated Funds.. Msnagernent support eoÈts 6 months eg le8dershlp. govemw, knnce. matkn General fftrheads 89 IT. advertisintym8rketiWevents Redundeney co8t provision l under¢utrent PCC SLAI Future major event TIJPE transfer. HR and Jegal o)sts prowi3ion Futur6 maior went TUPE trayts.. Prowslon forpost ￿n$[BrOn￿n9 ￿kn￿treS swh as penslon r)5ts Total De$lgnated Funds £80,SOO £10.0(KI £17,000 £25,000 £20,OOD £152,500 Within the unrestrictsd restsrves havg set aside, under a Deswnated R•serve, to provtdg finanaal stabthty and the means for the devdoprnent of our princwal a¢tNtty. We int8nrl lo mantsin our reserves at a level which wll cover all running co$ls for a PEriod of 6 months. £77,466 bas8d on 2021 actounts (munded to £80.500 In th& figures above) ¥vhile findlng 8our¢es of addidonal fundrn9. Whtst the nbt free tbsms ￿ls￿l￿ rs £141258 the Board of Dire¢tor5 make at 18ast £50,000 of this sum availablg in the fnanciaj yearto S￿re add￿cTrI staff resource. Tha Board revie￿ th6 amount ol reserves that are r¢wired quart8ty to •nsure Ihat Ih6y aro lequ8te to fiJlfil our conlinulng obligations. Thi$ duty Is fijlfilled as partofthe rece1vi￿ ￿1 conS￿eratIon ofquartetfy management accounts. Th8 reawns for the level of reserves requir•d arg: la) PEC TNst Is a f¢)rmed (xlartty and low r93erves rnay tkvsaten a chariils o)ntv)ued trxisttrrKE. pr•sentfng 8 rlsk of1rn80￿￿nCY or ¢Jeter pol8nti￿ donors from donatirmj rf its viability is under thmaL Ibl Insufficvant ressrves may cause thè charity to spend muth tinb and effrjrt deaffng b%ith the PTobl8m¥ of insufficient working ca￿tal rather Ihan ￿l￿r￿￿ on the maln pu￿ tsftr￿ charfty rnay hinder Bn(I development of its objectives. The Board of Trustees wri ke8p of unrestrithd rnsep4•s under re¥iv• eh year to avomy Confi￿ the noed for a ¢h8Ttty to apply its incom8 wthin a TE880nabJts trmo and not to crèate an unngc&ssary levej ol r￿rVeS at the exp8n5e of its beneficiaries eilh8r iarrrent or future. In addillonat to th& aLK)ve thts year the 8oard wish to destgnate a fUrt￿r £25.000 reserves in preparation for additional costs IHRllegal) that PEC Trust may IncLrr in bewning a direLt empbyor ar￿ C￿P￿￿ting a Transfer of Undertaknngs ￿th 8taff currently emp￿Yed by PtymoLplh &ty Council. The Board of Trustees 8re in the eArly slages of di5CU5slon and formal procgss wlh the Council so the adual d•tall 1$ not yet mapped ¢￿t. Fknever it is anti￿Pated that Mth temis and condkions trarTrsferring from th$ Councl. ljaot the provlsw for or fijiure r￿ndarcY wsts vall repulre addrtional sums Set aside so th¢ Board have also set aside £20.OCiI frthrs. The Board con8lders Ih8$8 rtsservgs to be pwdent aKI fft f￿ wrpcw io en¥w• that PEC TnBt cmtinues to achi&￿ the succe￿ that il d08s an¢J continu6$ ts growth in (￿Myn+ty energy secror. Page 2

ECT 30J FINANCIAL REVIEW Golng ¢onc•rn The charlty plans to continue the #cthtties outKn&l abov8 In forthcmThvJ years subjoct to satisfactory fvndlng arrangements. The charity will continue to w and FMJrture ￿ PEC family brand and ethos in the quest lo deliver it8 objeetwes and ma￿Mise the benefft lo Ihe pubjic and ￿￿M￿[baS. The impact ofCOVID-19 has been asses￿ and Ihere will be mir4mal impact as funthng is still he￿9 racelved. The only issuè 13 that there may be dekys vthh starting Firoiects. STRUCTURE. GOVERNANCE AND MANAGEMEpir Governlng docum•nt The charity 15 controlled by tts goveming doCW￿L a de6d of tnts( and constitutes a bmited wmpany. limited by guarantee. as define<l by the Companie8 Act21M. Th8 organisation is a charilabfe c(Jmp8ny lirnfjt8d by gJarantse Thbcofpothd on 14th Sept&rnber 2018 aNI register8d as a charity on 4th June 2019. The Company ¥5 estabfrshed under a Memorandum of As$￿ation ￿1¢h esfablished tho objects and FX)wers of the charrtabk company and is govemed under its Articles of AssoLk)n. In the evsnt of the company being wound up member5 arè wwred fo contstbute an ar￿jnt Mt exceedtry £1. Recrultment and appolntm•nt of n•w trustees The direth of the Gompany are also (artty trustees for the purybse5 of tharTty kw. Under the requirements of the emrandum 8niY Articles ofA$s(x￿0ts0rTr th• comFrf)sNion oylhe Board wovid8s for not less than thr48 and no mor• than elve directors; - Up to slx dir￿torS elected from the m8mbe - Up to dfjrector as rePr&S￿latIv# appoinfed by PtyT￿fh Cty Councfl or any suc£es8orlKJdy . Appointed as a (li￿r 8x offido h)Ider of the offKX of Chief Ex8(#Jtive (This has nol ￿ in¥Jl8mente(l at 8tsg81 - Up to fLwdireclors appcAnted by the Board byctscptiLYb Th? Board may also at any ￿rne 1111 a rasual warty on ￿ Board by co-OPt)n. At the fjrst annual general meating all drrectors were required to stand dovm. At subsewent annual ganeral meets.rw one third of th6 elettted directors shall Imm office. being the lon9est LW. Cowted dtre(kn shaN rnlire at th8 annual genaral rngetlng bul b6 ejlgible forfurthercothop¥on Al dtrectors givg ih8tr bme Wo￿n￿O1Y aThJ Ih8rn is rem￿T￿￿on pad Inductlon and trainlng of now trustees Th• morg traditional bu$ln&8s sbfLg arn repr8sent8d on thè Bcbard. In lh8 esnt of partiujjar Sk￿1$ bew Jost due to ref1rem￿ts, Ind￿k￿Ual¥ are approaced lo offertI￿Ve5 for ekntion. Most trustees are 81re• familar wth thè rwtica vK)rt( ofthe eharity. Tr Chan￿ organu8es an Away day of thè Board after each annual general me&tiTrJ lo ensure that riew trustees ar8 suitabfy induoted arml frdmiliar wlth the charilles objects, p)li¢ies and a¢tiwW. This day covets the Ob￿￿5 of 8 truste8. Iho documgnts which set out the Opgrational fram8wYJrk for the charity induding ￿ ￿en￿ra￿￿1￿m and ￿$oUr￿ng and the ￿r￿nt fin8nraal pO￿tIOn as set out In thè latest pubbshgd acctyjnts. Addlt•)n4ty, n8W tnJst8es ore Invitsd to rgceive a briefing on detaI￿d fmances wl nwnaggmènt ac￿￿ntS. Relat•d parties The charity fonns part ofa family ofentititss krw as pfwwjth Energy Crnnity. They c¥)mprfs8 of Ihe follovAn9.' PtymoLth Energy Comrnunlty knmlted (Communty B8neflt SOc￿ty 321081 PEC Renewables LIn￿ted Iccmtnunlty Benefft Sooaty 322861 Emesetue CoMmu￿ty s￿ar Llmited (Company fimrtèd by shares and subsHlkqry of PEC Ranewgbles 09892557) PEC Homès Limitod (Commtffjity 86￿fit S(Klety 83561 REFERENCE AND ADMINJSTRATNE DETA Reglstered Company numb•r 11569012 (ErvJJand and Wales) R•glster8d Ch¥lty numb•r 7183711

or Th• Year End•d 30 Reglsterod offlce clo Plymouth Clty Counc41 Low Carbon Team Ballard House. West Hoe Road Plymouth Dgvon PL138J Trustses P Buchan1rns&Jned 21.5.211 l Hutchrxoft B M Hampson (resigned 11.11.20) O D Ryles D PeaYc8 (resigned 11.11201 J Hollll8nd K VanBussol P Hm#n T Ebbrett (appoint￿1 11.11.20} M Bridgeman lappoinbj 1.621) W Bumyeat (appointed 3.12.20} Company S•eratsry G Pe91e Audltors Neil Steven5 ACA FCCA Bromhead Chartered Arrountants statulory Audltor¥ Ha￿Combe House 1 Darklake View Plymouth Dovon PL6 7TL STATEMENT OF TRUSTEEV RESPONSIBILMES Th8 trustegs (who are also the directots of PEC Trust for the puq)r6es of company lawl are r88ponsible for preparing th8 Report of th$ Truste•s * th8 financial 6taterrnt5 in acc￿dan￿ vlth ama￿tI@ law United KI￿OM A￿U￿tinG Standards (Unrted Kingdom Generdlly Aec8Pted Awiniuy Pradir£). CL￿panY law rEquires tnjstess to wepare knncial stalem8nts for¢ach financgal yearhthi¢ glva a true and falr view of the state ol aflairs of the charitatle comp8ny and of the InconwrvJ resources and appkation of ￿sourCes. induding the Incom8 and 8xpendibm. of the charitsNo company for Ihat perkrfl. In ptsparfng Ilw financial $tsiements, the truBle8S are r8qulwd lo select Suitab￿ accounting kxjliryes and apply them C￿￿18¢enty. obsgrve Ihe metFbJds arKI prindp￿ in tho Charity SORP. rnak8ludgements and estimates tst are reasonab￿ and pnmlent prepa￿ the financial statements c4) Ih8 gots]g omcem basis unl8ss it IB to presumo that the ctsritabl MpanY￿7N c¥)n￿nU& in ￿￿￿nesS. Tha trustees are ￿sponsIbl& for kegpsng prO￿r aLvwnting rec4yds vthch dKtlose lth rsasonab18 acojracy at any tsme the flnancial posllion of the charitsble company arwj to enabje fhem to ensurE that the finanaal statements cornply the CompaniE5 Act 20C. They a￿ a150 resptsnsl)le fw safeguard4vJ the assets ofth8 Challtsble cornpany and h8￿e for takkng reaStsnab￿ step6 forth8 prèv¥ntiC￿ and dotticthx) of11￿￿1 and othèr tryularilw. In 80 far8S th& trustees are aware." the￿ is m relevant audti inf0Th8tron of which the (*8Iit8bk companys audrtoTr are un8ware.' and the tlustees have laken all steps that Ihey ought to have tsk￿ to makè then￿8￿8$ aware of any r$18V8nl audlt InfomatKJn and lo estsbllsh that th8 au¢Jrtor8 arn aVrd￿ ofthat In{um￿tIcffi. AUDITORS The oudilors, Bromhwl, ￿11 b8 proposed ts re ointment at the forthc£¥nNu Anrwl General K48eting. Approved by order oftho board of twst•es Ix)............._.. .......................... aNI svaned on its beh81f by. Pag8 4

ortofth tees For Tho Year Ended 30 Jun8 2021 Pag8 5

nde PEC Trust tho Oplnlon We have audited the f￿an(A81 ststements of PEC Trust lthe'eharitth cotnp8nVI for lh8 year ended 30 Jung 202f vthich )rnpris& Ihe Statement of Finants￿ A#Mts"e5, thg Bakncè Sheet, the Cash Fthyw Slaternenl and not8S to th8 financl81 stslamenls, Including a summary of svJnthnl a(wjntir￿ poliues. Th8 ftnancial rgportlng fram8w0￿ that has been app￿ed In Iheir prgparat4tsn 15 appffcable Lqw and United Ac(XMJnl•wJ &andards {unI￿ Trfjngdcth G•n8ralty Accepted AccountirwJ Practrcel. In our otynion lh8 finandal st8tsrnents= give a tru8 and fair view of the 5tste of the (haiitafAe ujmpanls affai15 a$ at 30 June 2021 and of its inconwwJ resour￿ a￿1 applKalton of rtsour￿. iThJuding its in))mè and experwjibjrg. for the year then ended.. have been properfy preparad in arxordancg wth Unried 1th￿rn GenoraltyAc￿ptEd Accouni'ng Prathe.. and have been prepared in al￿Ordance with the requirernents ol Ihe Cornpanies Act 2006. 8•818 for ¢)plnlon W8 conductod cwr audlt in accordance with Intemalw)nal Standards on A￿lItIr￿ IUKI (ISAS {UKI) and applirabFe law. Our respon9bili￿.eS under th￿e standaftls are fUrt￿r desryibe the finwKi&l statements are authortsed fori5SU¢. Our respon&tJli tiès and the responsibikns of th8 t￿￿ wilh rèspect to wng ¢x)rKem are doscribed In th& ￿levant secknns of thls raporL Other InformatEon Th9 trustees are responsiue for the other knlorrnation. The 0th8r infonnaUon comprises th• hforrnation Induded In thg Anrwal Rep(rt othwthan th8 finanTh￿ statemgnts and wr Report of the IrwpNlertAufftJrs Ihereon. Our opinion on the financial statem8nts does not cover the other informatw arKI. ex¢ept to the extent olh8rw8e expl￿tlY Btsted In our rgport. we do not express anyfDrm ofaSsUran￿ th&mn. In connerfion audit of th• flnanrid stat￿nts. ¢wr resK¥Mbilty is to the other it>rmation and. in dolng so. consider whgther the other infornTration is materially Ir￿OnsIstent wrth the financial 5tatem8nts or our knovAedye cA)t81ned in trt audit or otheThMse appews to be matertaty rnisstated. If identify matarial intA)nsistewKies or apparent mat8wial rnis5taternents. we a￿ roquired to detemiin8 %th8ther thk% gives rise io a mat8ri81 mi8StatemEnt in the financl81 Stalen￿nts themselves. If, tsed on the w8 have performed. ￿ conckhle thal there Is è rn8tgrial mis51atement ol this other irrf¢xmation. a￿ WUUEd to reFm)rt ttrotfact. We have llothi￿ to report In this regard. Oplnlons on other matters pres¢rlb•d by Ihe CoThpanlgs Act 21)06 In ouropinion, based on th8 W(￿k undetsken in the C￿urSe ol the ￿ld[L the knfomialon gfven in the Report of Ihe Trustees for the finandal y88r for Vthlth thg ￿ancIal statern8nts are prapared Ls ￿NsiStent with the financk31 s￿ter￿1￿. end th8 R$port ol the Trustees ha5 been wekmred h accordan¢eYth appkable al req￿reMents. hlattors on whlch we are r•quIr￿ lo rwrt by e￿p1 In the light of the know18dge and understanding of th8 charilable company and its enviroNn8nt obtained tho course of tho audit. wtr have not Identifiod malglial mL%5tatements in RgPQrtof th& Trts5tegs. We have nothlng to re￿rt In re5P8Ct of the loloing matters whero Ihè Ccffi)panles Ad 21X)6 req￿r•S us to r8POrt to you If, in our opinion= odequate accountlng records have r￿t bgen k8Pt or T8￿m$ &Jewat• for ow audlt have ￿t been r8e8lv•d from branthes not vwted by us: or the finanoal statements are not in agreementwth the accounting reoyds and r￿l￿nS,. or certain dischxl￿S oftrustees. ￿MUneratIon spedffed by laware not made" ¢v we have not reeewl all the inlomstion and eWan8tKJns rewlre ftr our aud¢ LY lh¢ trustees werg not entitled te take aoknlage of Ihe 8ma4 COTnp8nva exemption from Ihe requ1￿ment to prepare a Strategic R9FX)rt or In preparing Report of th8 Trustee5. P898 6

of th• Ind• ndtnt Audi PEC Trust to the Morn Respons￿51511•S of trustseB As 8xplain8d rnore ft41y in the Statement of Trttste8s' ResrKJn8billies, the trustees Ivtho are 8180 the dlrectors of fhe Charitable company foi thè purposes of company lawl are ￿spOnSIblE for Ihe preparation of Ihe financlal statements and for belng salsfiad th8t Ih8y give a Irue and fairvw, aThJ for SUL intemal conirol as the trustees determine Is ￿9￿sary to enable the prepardbon ol ffnan¢i ststements that ar• from matarial mi&qtatement. whether due to fvaud or error. ID prgparin9 the financAal stthmants. thè are respcmibk for assessing the Laritablè eorrpXn￿ abllrfy to o)ntinue as a going concem. dis¢lowng. a8 ap￿Kable. matters rdate(I to going crmcem and using the going con¢em basi5 of accounting unlos$ the tNste8s either inter￿ to liwklate the charitable company or to cease operations, or have no ￿l$tr¢ alternative but to do so. Our r8sponslblllll¢s for the audrt of th• Ilnancial statamgnts Our oblectlves are to obtain rea8onable aSSUrar￿ ab(MJt whelher fin8r￿la1 8t8tern￿ 8$ a whole are freg frc mAterial misstatem8nL whether due to fraud or e[￿r. ar￿ to15sue a Report of thg IndwrKlgnt AudltNs that Indudes our opinion. Reasonable assurance ks a high lgvel of 85suranc8, but rs ￿t a guarantee that an audit condu¢ted In accordance wlh ISAS IUKI VAII ahvays det8cL a rn8t8tial misstatement vknen it eiysts. MisstateTHents can arise from fraud or error and artr ¢on5idered Thaierial if. indivKluaty ￿ in the aggre￿, they could re&$c￿a￿Y ba expeded to influenc8 th& economk ￿￿$10￿5 of users taken on thg ofthese fina￿la1 slatements. Irreg￿a￿￿es, kndudlng fraud, are Insta￿ of non-comrAhgnce ￿1th Tegukntiorffj. We ￿gn prctedures in ltyie with our re5pon5ibilities, ouuined above. to d8tect rnaleri￿ misstatements in respect of IrrewlarfU6s. Indudlng fraud. The ¢xtonl to vhu¢h our pTrxedures a￿ Capab￿ of deteC￿'r￿j iTregulariUes. I￿udIng fra￿j is detailed bek)w. The engageM￿rt parther ensur￿ Ihat Ihè tgam ￿￿￿1ve[Y had the approFWte Compet￿)¢￿, capabilit￿8 and skllls to tdenty or ractyJniry8 non4x)mpliarth Tth aprAlcable13ws and regLAakn)s. We identified the laws and regula1￿$ ap￿1¢#b￿ to ts crynpany thrDU￿ d￿CUSSIOnS wlth dlreclors and other Manage￿￿1 and from our eomrn8reI￿ knovAedg8. We locused on speafic laws and regulafions vknich ￿ Conshle￿ may have a threct materfal effect on the financaal statements w the operatit￿$ of th& company incJdlng. c￿n￿l&S Ad 2006, H8alth & Safety 8t Work Act, EmployrnBnt Law and data prot8Ction. Wg a¥¥8s¥ed th9 gxtenl of ¢omplian¢e vmh the bws and reguknlh)ns k[￿tifi￿J abov6 through maklwJ enquihes ol rn8nagernent and Inspectirfj legal ¢cKr&swiden(. We assessed the gjjsceplbility ol th8 Cornw￿ 5tatsm8nts to materi mi$stat8menL Inr4Ud￿g obtslnlng an Ur￿r$IJnd1rnQ of hoyrf fraud might o(xur by. rnakiThJ erwuiri8s of management as to where they conskjwed th8r8 was SU5ceptibilty to fraud. their of actual, suspected and fraud. ￿nSIdering the intemal controls In pl3ce to rnitsgal? rr8ks offraud and nOn￿MPlIance laws and I￿lat￿)n$. To add￿sS thè rfsk of frdud through management btas arKI owErrKk of ¢y)nlrvls ￿ perfDTrned anatytical PTocedur05 to Idenbfy any unu¥uo1 or ungXPgCted ￿la￿OnShIP8. iested. joumJ to ￿￿￿lfy any trans8CtiCffi 8nd a8sessed whetherludgement and èstlmattrs wèrè in<ficativ& otpotential bias.. In respor￿ to risk of Irreg￿￿1￿8 rKTrcomplar¢e wth and wulations. we deS￿r￿d procedures which inchjded, but W8re not lirnited to agreeing finan(ial statement dw)SU￿ to undwlwng gjrwting documents. readlng the tninutes of tneeting of those charged with gOverna¥￿e and enquiriny of rnanag8ment a¥ to actual and potential lI￿ga￿On dalms. There are inherent limitations n our audit pr(#xYures de￿"bed 4y)ve. The more removed that laws atKI regulaltons are from flnanclal transactions. thè less Ikely It is that wé bacLNn8 awar8 of non-complL8nce. Auditlng st8ndards dso Ilmit the audit procedures required to idenbfy nQ￿-￿0rn￿1￿Ce with lawB and regulalions to enquiry of the dir8clors an£J olher management and the inspection of andlogal corresFx)ndence. if any. Materfal mSsstatements that due to fraud can t harder to deted that those that arise from error as they may invofve deliberate conceamenl orwThusion. A fvrther desrxlption of our reS￿bIlLIeS f￿ the aLYt of the knnlaal statements Is k)cated the Financial R8porWng Council'5 website at bV•Th.freAJrg.uklauditorsresK*¥Ksilxths. Thts descripti￿ lonys part of our Report tsf the Indewd&)I Auditors. PA￿7

ofth•l ent Audlto PECT M•mbo Use of our report This report Is mada 801ely to the drllablè cthip￿$ mgwrkns. as a tthy, In a(xordanr wih Chapler 3 of Part 16 of the Compantes Ad 2006. (￿r audit wowk h35 been urnlertaken so Ihat we mlght stste to th• charilable ￿￿nPanY8 rnember5 those matters we are ￿quired to state to them ￿ an a￿JItOrs. 8nd for no other purpose. Tts the fullest $xtent pemiittod by law, wa do Mt accept or assume respwtsiblity to anyon8 other than Ihe charitable company and the ¢hawit8bl8 cornpanys member5 a5 a txxty. forour wdit for tNs rwrL orfor the (￿1￿kIn5 we have fomied. Nell Stevens ACA FCCA Isenlor StatutoryAudrtorl for and on behalf of Brcffthead Ch8rtgrod Accouniants statutory Audthrs Harscombe House 1 Darklake Vi Plymouth D8von PL6 7TL ..12:10:2.1 Page 8

ofFi For uno 2021 Unrestrkted Re51ricted funds 3D.621 Totsl lunds Iunaudited) 30.6.20 Total funds INCOME AND ENDOWMENTS FROM Donation8 8niJ 19ga¢iès Charitabl¢ acthihl¢s Sustalnable (knkJpm8nt 12.700 12.7QO 179,506 182,ST9 1,064.n3 1.247,312 422,587 Tvtai 195279 1.1164.733 1360.012 802,093 EXPENDifuRE ON Raising Charitablg actlvltl•s Su5talnable thv610￿tsnt 313 1,029.36S 1.086,845 353222 Totsi 1.029.365 1,087.230 353,535 NET INCOME 137A14 172,782 248.558 RECONCLIATION OF FUNDS Total funds brought forward 157.342 83.285 250.627 2,069 TOTAL FUNDS CARRIED FORWARD 250.627 The notes oflhw flnanu81 ststomonts Pw9

alan Sh8 une 202 30 Iunauditodl 30.6.20 Tot81 fun(ts 30.0.21 Total fund¥ UnrestrKaed Restrict frjnds CURREirr ASSETS D•btors Cash at bank 12 199.696 10.668 210A64 23,535 260 757 152.110 6,909 284.292 CREDITORS Amounts falung due ￿lIhIn one year 13 (60.041) 123.4591 {83,500} 133.665} NET CURRENT ASSETS 294.7S8 128 fj51 423,409 TOTAL ASSEfs LESS CURRENT UABILMES 294,758 128.651 423,409 250,627 NET ASSETS 294.758 128,651 423A09 FUNDS Unrestricted lunds Restrfctèd lunds 14 294,758 157,342 93.285 TOTAL FUNt)s 423.409 Thes& fin￿￿ra1 s12tements have prepared tri acixydm ￿¥th Ihg p￿￿$1￿5 appfi(aAe to charftable thmp8nlgs subJ8Ct to th• sm￿1 compani•s regme. The financial staternenls wer¢ ap[￿Ved by Ihe Bctard ol Tru8tees 8nd authorfsad fc¥ Issue on and srgned ry) its behalf by. utchcroft- Trustee ruslets Pagè 10

ash Flow ment ForThe Year EndÈd 30 Junè 2021 {Unaudltsdl 30.6.20 30.621 Cash flow5 frryn opratlng ￿vItIES Cash 98n8rated from operations 35.n8 259,138 Nel c&%h providY by op0ratirKJ ad'v4ts88 35.788 259,138 Change In cash and ¢￿h equlvalents In th• reportlng perlod Cash and cash eqU￿alents at thg b¢glnnlng of the reporting perlod 788 259,138 260,757 1.619 Ca&h and cash equ5val•nts at tho end of th• reportlno perfod 296,545 260.757 Th8 notes form part of thes8 finencaal slatements Poge 11

C Trust s to the Cash Fl Statement For The Year Ended 30 June 2021 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTMTIES lUna￿lIt&￿I 30.6.20 30.611 N•t ineomo forthe r￿OrtIng perlod (as pwthg PAatwMnl of Ffnanelal A￿vIll￿) ustm•nts for.. Incr8as8 In debtor3 IrK¥8￿ in cThJitors 1n.782 248,558 (186,8291 49.83S 122,2001 32,780 Net cash provldgd byoporatlons 35.788 259 138 ANALYSIS OF CHANGES IN NET FUNDS At 1.720 Cash )kn¥ At 30.621 Net ￿8h Cash at bank 260.757 260.757 35,788 296.545 Total 260.757 3&788 The notes form part oflhe8e fmnual statsm&)ts Pa￿ 12

PE Notes to the Fi ancial tstemÈn For The Ye r Ended 30 June 2021 ACCOUNTING POUCIES Bas1$ of pMporFng the finan¢fal sfatements The ￿nanCIal statements of the Char[tab￿ ¢cfftpany, Wh￿ is a puLlic benefft entty undgr FRS 102, have be8n prepared in accrfance wlh Ihe Charrties SORP {FRS 102) 'Acts)untwig aThY Reportlng by Chariues.. Statement f R8￿mmended Practi￿ ap￿Thble to chari(Tres Pr￿a￿ng lh￿r attO￿t$ in accond￿ ￿1th the Financial Reporting Stsndard applicable in the UK and Reptknlic of Ireland IFRS 1021 leffective 1 January 20191,. Financi Rewrb'ng Standard 102 The Fin8nehg1 Reporting Standard appWca)le in th& UK and Republic of treland, and the compar￿6$ Act 2006. Th8 ststements habp been pwared underthè hi8torird c05t oJrbvent)n. Income Gr8nt income ks rwised in the finanriaj stst8ments once the th￿lty has 8ntitr8m8nt to tho lunds. it Is probable that thè income win be r¢￿ed the ￿nt can t rTwswed re&ably. Donalon income is rtscognised in Ihe fi￿ar￿la1 statemants once the charity has entlU•ment to the fvnds, it Is probabk that the In¢x)me wll be rE￿Ned and Ihe arnount (xn b& measutsd r8Eably. Contract Inco￿ Fs recognlséd in the finarwl slatsrnents on an a￿81$ basL% and a￿e￿ hr bwl on the perfoNn&r¢e ofthe charity against the 4raod conlracL Other incnme Is recogni¥¢d in fmancial stalW￿ts the chaifity h85 entitknent to the fijnds, it ts prDbabl6 that the ineom6 will be re(i¥ed and the a￿￿)Unt can be nw$ur￿l rdw. Expendltur• Llabilities are re￿gnIsd as e>wnditure a8 scth as thsre is a kgal or ts)n8twrtiv6 obllgatirm committing lh8 harity lo that 8xpeThJlIu￿. it is t￿t a trdnsfer ol eCOr￿1C benefits ¥wll be required In selllem8nt and the omount of the Ob￿"ga￿t)ft can be measured reliably. ￿NISt￿r& i% accwnted for on an accruals basis and has been dassified vnd8r headings Ihat 89gregate (x)5t related to tha category. whe￿ costs cannol be direla￿ attributed to parfiwlar he8dings they have treen dkMXt8d to acti¥the8 on a ba￿5 LxJrk8i¥t8nt wth the ugè Charitable experldlture Compr1￿ those costs vKvrrgd by the (Arfty in the del￿ of ts activ￿6$ and semces for Its benefI￿an•s. Govamanc8 wsts include Ihose cos15 aS8odaled with r￿￿ing the CAm￿lIbjt￿naI statutory r8quir8ments and strategic manageffignt of Ihe chartty. SupFJ)rt costs are 8lbcate(l in lin8 the Charftable Allr•c8tlon and apportlonm•nt of ￿$ts All ctssts r¢late to the charitablB of the Ix)ffyany aThJ are allorated against charitab18 actmles on a b3518 deslgntd to refie¢t thè use of the resWre•￿p(K￿o￿nl of direct charitable costs is based UFKJn time $pgnl on each acti￿ty. ppct etsst8 are ￿kn¢ated to ea0 actlvty based upon eslKnated limo Spent on eoch actwlty. Taxation The charfty is 8xempt from o)rys0rnkn lax on Fts charitable ethi1r￿. Fund accountin9 Unrestrfcted fvnds can be in acwrdance knilh thg dwitabkn obJ8cb¥es at the di5cr¢tw of the trwste8S. Included unrestrided fijnds grg (ksignated fund5 the tnJst8es have awd to 59t a8lde to p￿￿de stability and means for th8 de¥ekn￿enI ofthe adovtty. Restrrcted funds Can b8 used for part￿lar restricted purpM>5es th• otieds of the charfty. Restriction8 a￿$& when SPeLyfied by the donor orth8n tunts are r4i50d lor parb¢u￿rItStriCted purpc¥ses. Further wlanation ofthe nature and puw of 8ath fuThJ Is inLthd in the nctss to the finanaal statements. Page 13 conlu)ued...

anci I Stalem ForTheY Jun8 2021 DONATIONS AND LEGACIES Iunaudltodl 30.620 30.&21 Donakns 12.700 179,S06 INCOME FROM CHARITABLE AcThfiES Iunaudftodl 30.6.2D 30.6.21 Gronts Other gr8nt Th￿0me Contract Income Sustalnabb development Sustanable developrn￿t 1.083,319 5,23S 158.768 287,107 2.259 133221 1.247J12 422,587 Grants ￿Colved, ￿￿tsd8d in the abov•, are as foIN7￿. 30.6.21 IUnaudiWI 30.6.20 Hom•8 England P￿D￿th City Co￿1- Sojar Panel Instsvatic Groundwork UK Plym¢yJlh City Council-warm Hom&s FuTrJ National CLT M&twrrk- Cohe8iv8 cr￿mul￿ty Fund Energy sa￿n9 Tn￿- Redr8SS Powèr To Change Trust Ptymouth City Council- Wirrtor C>ant FuThJ Th8 National Lottery Community Fund- RC Soulh West Reg Plymouth City Couwl- Green Home5 Grant Ptymouth City Coun¢il - COVKI kxaj gjpport MCS ChaThtable Foundation Crowdfunder- Molh to a flam& 90,0(KI 22.576 90,000 25,000 9.700 88,000 15,000 42,327 17,080 89.179 249,170 31,682 290.000 55,115 183,384 18,$86 10.000 43.627 1,083.319 287,107 RAISING FUNDS Ralslng donatlon$ arKI knqaclè• Iunaudited) 30.620 30.6.21 Suwxrt eosts 385 313 CHARffABLe ACTIVITIES COSTS Support co¥ts {see note 6) Costs Totals sustainab￿ devdopn*nt 1.O48M79 37.966 1.086.845 Page 14 conflnuad...

Ina 2021 SUPPORT COST8 Managerwit Rhar 325 32.092 (knmanc Costs Ralsing donations and lew8S Sustainable develo￿nent TDtaJs 385 5.816 31417 S.875 NET JNCOMEIIEXPENDITURE) Net Incomel{&xpendltur81 L8 stst￿ aft6rf#WgW(cffj(￿I[n9).' 30.621 Iunauditedl 30.6.20 Auditor5, remunerallan TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remun8ratron or other benems for the year trrkjgd 30 June 2021 nor for the year ended 30 June 2020. Tru$t••8' wJ•nse Thero were no truste8￿ pahl forthe yearend8d 30 Jur￿ 2021 norfor the year ended 30 Jung 2020. COMPARATIVES FOR THE sfATEMENT OF FINANCNLACTWMES funds Tot&1 fuwKts nds INCOME AND ENDOWMEMTS FROM Donation5 and Legac￿$ Charitabla activltl8S Sustalnabje development 179. 179.506 13S,480 287.107 422.587 Total 314.986 287,107 602,093 EXPENDrruRE ON Raising fun¢J$ 313 313 Charltabh a￿l￿ti9$ Sustainabb dovelopmant 159.399 193,823 353,222 Total 159.712 193,823 353,535 NET INCahlE 155.274 93.284 248.558 RECONCILIATKAY OF FUND5 Total funds brought lorwar 2.069 2,069 TOTAL FUNDS CARRIED FORWARD 157.343 250.627 Pago 15 conlnts8d...

ECT Not•s to the Financial S F r The Year End nts-con 30 Jun• 2021 10. PURPOSE OF RESTrICTED FUNDS A￿￿9$ EThJland grant fvnding is to delrver in to support the develOpr￿nt ofa torrmunity l¥d affordable housvu sdpme at lfjngs Tamerton. PlyrrK)Uth Cty Council SoLar Panel sth￿￿e grnnt funding rs lo ts the wo¥ect delivery of Sojw PhotovoltÈie st81ations at Ptyrnouth Science Park on rfft orff￿re t￿1￿￿[￿5. oUnd￿y>rk¥ UK grant funding 15 to delver proiect to Supp￿ tho ¢JgvgkJpmenl of a community lèd affordable housiThJ schgme at Kiros TaM￿rtL￿. Plymouth Cfjty CwnrAI Warm Home gr8nt gc48y for Ihe empknyrnent Qxls for 2 FfE Ptymouth Enorgy Corlwnunity Advlsors. National CLT N•fvk Cohesive Communili&5 Fund grant fvnding mcefved is d￿ned to help comrrKmlty group expbre end develop their pjans to establish a Cornunlty Land TrusL Energy Sawng TNsi R•dr8ss grdnt fvndiNJ is to prr th In rity to suppwt the allemation of fuel poverty. Power to Change grant fundlrvj ￿ lo bg used ts the devdopment of ESCO t￿neSs [T￿d￿ for new housw. Plymwlh City Council GLAD grant fuThJtr¥J to u&ed tr) d81iver up to 300 gran18 to household&rs for the In8tallation ol•naw effJrAencym&asurB5. MSC Charitable Foundath?n &¥3nt funding Is wtivtde an undgrntsnLlng of the wy 9ffiC￿ncY propertles of drfferonl housing archetyp8s and Ihejr sUrta￿"1￿Y for ￿at PLMP relrofils. Th8 Nakn'onal Lottery grant fiJndiNJ ￿11 dèfN8r actmtss SFwficalty awned to Supp￿ ¢cMmu￿U￿s through the COVID-19 crisis. Tha aim 15 to reach 10rxi ￿￿Seh(1d$ ￿1n vulnerablity duriwvj thi5 gw8nt. IRC South We61 Reglon}. Crowthtrnder Moths to a Fla￿￿ gr8nt fvnding is to ddiwr sal8r rn4%Ered nTh)ths vthich havg a kr99 presenc at the COP26 event. Plymouth Cty thncil Wlnter grdnt fvn(Irg B to alchv c4yJnd15 to directty heb tho htht-hit famlfjgs and indivkJ. as as W0￿de ftrJd forthiklren nJ it overthe hoJkJays. GRANTS TO OTHER ORGANISATIOMS Granls paid to other ovJanisabons In thè yèar in relats(￿ to Gtoundworks UK gTant i}￿ne r￿1Ved In th• year endgd 30 June 2020. Thls vras trd￿$f8rTed frcm PEC Trust to PEC Homgs Ltd. 12. DEBTORS: AAIOUNTS FALLING DUE wifHIN ONE YEAR {Unaudited) 30.6.20 30.6.21 Trdde debtors Olher debtors VAT 181.901 6,163 15.888 4.098 11,256 6,595 Accrued incThry)e Ftr¢payments 8,412 210.364 23,535 Page 16 continued...

othe ForTheY al Sta r Ended uno 2021 CREDITORS: AMOUNTS FALUMG DUE WITHIN ONE YEAR 13. 30.6.21 Iunawjltedl 30.6.20 Trade ￿edIt￿5 A¢￿ats aThl deforred Inc 22,564 60.936 13.451 20,214 83,500 14. MOVEMENT IN FUNDS Net movemont in funds Twsffe b8h%en fvnds At 1.720 At 30.6.21 UnF8$trleted lund General lund ReduThJancy wsl prowsion Ggn6ts1 ovèrhead provi51Dn Managem8nl 5UPPOrt tx6t provwi Future TUPE tr8nsf8r 137A16 (61,526) 142.258 17,000 10,ODO 80.500 45.000 15.DOO 10.000 65.974 14,526 45.0Tr) Re4trlcted funds Homes England Solar Panel Installation Groundwork UK Warm Homes Fun(r CC8￿Ve Communlties Fund Redre&8 pO￿T To Change Wlnt8r Grant Fund MCS Charfiablo FtyJndation ths to a Flam& 157.342 137.416 294.758 1.915 25,000 9.700 11.914 {5.8921 (9,7001 {21,9431 {8,38n 29,536 14.342 5.511 10,000 21814 19,108 11.702 11188 10.837 3.315 41.724 25,179 5,511 10,000 23.814 93285 34366 128.651 TOTAL FUNDS 250.627 172.782 423,409 Net movement in fvnds. indu<led in the above are as t￿1￿. IncorniNJ Resources expgnded Kfy)vemènt in funds Unrestrfcted funds General fuvKI 195.Z19 {57.8631 137.416 R•strlcted funds Homes England Solar Panel Installalon Grounoknrk UK Homes Fund C9h8siv8 Conwnunifies FuThJ Reflre&s Power To Chan99 Winter Grant FLU)d The National Lottery Communty Fund Green Hom8s Grant MCS Chartiable FtyJndaUon Moths tc a Flame 191.9151 128A681 19,700} {111,1201 18.38n (219.634) {17,3401 (284.489) 155.1151 (183.3851 11,9151 15.892) 19,7001 121,9431 (8.3871 29.536 14342 5.511 22.576 89.1TI 249,170 31.682 290.000 55.115 183W5 10.000 10,000 23.814 1.029.367 TOTAL FUNDS 1260J112 11.087330) 172.782 Pa98 17 contiwad...

othè orT nclal une 14. MOVEMENT IN FUNDS - ¢ontIn￿d comparnt1￿ formovemBnt In funds Transfers beNve&n fvnd8 movemenl in ftuJd$ At1.7.19 IUnau(fited} At 30.6.20 Uww•gtrlctsd fvnds General fvnd Redundancy cost w0V￿on General overh8atY provlsi Management suppryi cost p[DvI￿n 2.069 155273 190.974) 15,000 10.000 66.368 15,LNXJ 10,000 Restrkt¢d lund4 Homes England Solar Panel Instsuauon ¢knuncJwork UK Warm Homes Fund Cohesfve ComtsniUe5 Fund Re￿￿$S PoMr To Changg 2,069 155,273 157.342 1.915 25,000 9,7CX) 21.943 11.702 12.188 10,837 1,915 25.ODD 9.700 21,943 11.702 12.188 TOTAL FUNDS 2.069 250.627 Comparatlve net movement in fuThYs, In the atxm aft as Ickn.. InryTrl Re8oure8s Movement in funds Unm$￿￿ed lunds G8ner81 fund 314.986 1189,713) 155.273 Rtstrlct8d funds Hom8s England Solar Panel Installation Groundw)rk UK Wami Hom¢8 Fu￿1 Cohesiv& Comrnunlties Fund Redre Po￿1 To Change 90.000 25,0 9.700 88.000 15.0(kJ 42.327 17,080 (88,0851 1,915 25,000 9,700 21,943 11.702 12,188 10.837 166.0571 {3.2981 130,1391 287 107 193,822 TOTAL FUNDS 602.093 248,558 P￿& 18 continued...

al Statements - ¢ontl u•d For Th¢ Y•ar Ended 30 Jun• 2021 14. MOVEMENT IN FUNDS- ￿nIsnued A current year 12 mc¥ths and prfor year 12 months i)ynbln￿l poth Ls as folltrs: Net movement in fvnds Tral￿fer$ b8ttve8n funds At 30.621 At1.7.19 UnFgStrlcted fund8 General fund R￿undan¢Y co81 pfovwon Gener81 overhead prowsion Management suvwrt cost provi8 FuturB TUPE transfér 320.189 1152.5001 17.000 10,000 80,500 45.000 169,758 17.000 10.OIXI 80,500 2.(9 320.189 322,258 Restrl¢ted lunds Solar Panel Installation Coheslve ConNnunities FthKI Rgdre5S Pow8r To Change Winter Grant Fun MCS Chartiable FtyJndation Kk)ths to a Aam& 19.108 3,315 41,724 25,179 5.511 10,000 23.814 19,108 3.315 41,724 25,179 5,511 10,LM)O 23,814 128.651 128,651 TOTAL FUNDS 450.909 A currant yaar 12 m¢￿1h$ and prfor year 12 mnlhs conJThd net movement in fvnd8, Induded In the above are Incomirvd R¢SoUr￿5 expended Movem&nt In funds Unwtri¢t¢d fvnds General fund 537.766 1217.576) 320,189 Re8tr1ded fvnds Homes England Solar Panel Installatkjn Groundwork UK Warm Homss FurKI CohesNe Communtties Fund Redre8S Power To Change Wlnter G￿t Fund Thg National Lottery ¢ommurwty Fund Gre8n Hom8s Grant MCS ChartsabJÈ Foundatknn Moths to a Flame 180,000 47,576 9,700 177.177 15.000 291.497 48.762 2￿,000 S5.115 183.385 10,000 43.628 {180,(X)O) 128,468) 19,700) 1177,177) 111,685) 1249,773} {23,$83} 12B4,4891 155.1151 1183,3851 19.108 3.315 41,724 25,179 5A11 10.OC(J 23.814 19,B141 1223.189 TOTAL FUNDS 448 840 15. RELATED PARTY DISCLOSURES Th8r8 W8r8 no related party tran￿¢l￿onS for the yew end￿ 30 June 2W21. Pag619 eont6nugd...

PE Tntst Detalle f Financlal A For Th• Y•ar End•d 30 Jun• 2021 IUnau¢fited} 30.620 30.6.21 INCOME AND EMDOWMEMTS Donatlons and leoaclts Donations 12.700 179.506 Charftsbl¢ actrJlUas Grants Other grant Income Contract incomg 1.083.319 5.235 158.758 287,107 2,259 133221 1.247,312 422,587 Totsl Incoming ￿oUr¢¢$ 1.260,012 602,093 EXPENDITURE Charftable admtles SubcDnlra¢tors Consulting Ciisis and repair Management recharges Legal fees Supply & InstallaUon Fuel vouch8rs Agency staff Whlte goods Gas Safety Tepair5 Creditcustgm8r payment5 Granls trb Other ovJani$8tions WDrkshops 194274 80.312 1.800 320 192.837 41,189 4,681 1.168 6.118 452.138 82.7S8 4.693 35.094 74.6S3 28,296 77,438 9,700 18,854 2,511 1.048.879 324.818 Supp)rt costs Management Insurance T818rthon8 Postage and 3talKinery Advertlsh)g Subscriptions Vehide lease IT software and consumabkns staff trdining Sundry Donations Entertainment Rent 4526 677 237 10,282 1,565 100 6,497 2,986 361 441 9.168 1,194 1.703 5.507 3.414 268 405 2,400 2.190 32rt17 25,042 Flnance Bank charges Governanee ¢osts A￿litorS. remunera￿.0￿ Carried forward Thi8 pry does not fomi port ol the fin8nti4 statements Pagè 20

PECT •tailed Statement of Fin or The Year End Artivlti O Jun• 2021 Iunauditsdl 30.6.20 30.6.21 60￿manGO costs Brought forward Accountwy f89s 1,900 3.975 3.675 3,875 Total ie50urce5 expgnded 1.087.230 Net Incom• 172,782 248 558 This page dl￿ notfom part thl lh¢ Statements Pag8 21

REGISTERED COMPANY NUMBER: 11569012 (England and Wales) REGISTERED CHARITY NUMBER: 1183711

Report of the Trustees and

Financial Statements

For The Year Ended 30 June 2021

for PEC Trust

Bromhead Chartered Accountants Statutory Auditors Harscombe House 1 Darklake View Plymouth Devon PL6 7TL

PEC Trust

Contents of the Financial Statements For The Year Ended 30 June 2021

	Page
Report of the Trustees	1 to 5
Report of the Independent Auditors	6 to 8
Statement of Financial Activities	9
Balance Sheet	10
Cash Flow Statement	11
Notes to the Cash Flow Statement	12
Notes to the Financial Statements	13 to 20
Detailed Statement of Financial Activities	21 to 22

PEC Trust

Report of the Trustees For The Year Ended 30 June 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Our charity's purposes as set out in the objects contained in the company's articles are to promote sustainable development for the benefit of the public by the:

(a) Preservation, conservation and the protection of the environment and the prudent use of resources;

(b) Relief of poverty and the preservation and protection of health by promoting the efficient use of energy and utilisation of renewable sources of energy; and

(c) Advancement of education in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects provided that the useful results of such study are disseminated to the public at large

This translates in to a the delivery of activities focused on the following aims

• To bring local people and organisations together to tackle fuel poverty and the climate crisis.

• To increase local ownership and influence over local energy solutions

• To increase community confidence to engage in energy issues

• To enable people to heat and power their homes affordably

• To reduce greenhouse gas emissions

• To ensure these activities benefit the fuel poor and most vulnerable

Public benefit

The Trustees have considered the guidance issued by the Charity Commission in respect of the public benefit and confirmed through their activities and objectives that they adhere to this guidance.

ACHIEVEMENT AND PERFORMANCE

During 2020/2021 we have worked in the following areas

• Maintaining a team of skilled Energy Advisors delivering a mix of energy and fuel debt advice either over the phone, in the home or within the community

Delivery of the government Covid response grants and emergency fuel vouchers to the neediest within the community - Facilitating the uptake of energy efficiency improvements in properties across the city and in particular in the delivery of retrofit schemes

• Exploring how community owned solar PV and heat pump businesses could increase the deployment of zero carbon heating solutions in residential and commercial properties

• Outreach and engagement work through our PEC Pals and Art and Energy initiatives in preparation for the mass participation event planned at COP26.

• Supporting the Community Land Trust PEC Homes through feasibility and outline planning to deliver zero carbon homes

The success we have with each of these programmes is documented in our Annual Report and impact statement.

FINANCIAL REVIEW

Financial position

The charity with the aid of sound financial management and the support of both its staff and volunteers generated a very positive financial outcome for the period ending 30 June 2021 with reserves of £423,409. The balance sheet shows that within the end year surplus, £128,651 Restricted Reserves funded by grant payments received ahead of spend. The Trustees have also designated reserves of £152,500 which leaves overall free reserves available of £142,258.

Principal funding sources

The principal sources of funding have been a mixture of grants from Homes England, Energy Saving Trust, Plymouth City Council and others with contract income secured mainly from Western Power Distribution. The charity is always seeking new or additional sources of funding to not be reliant on too few funding sources.

Page 1

PEC Trust

Report of the Trustees For The Year Ended 30 June 2021

FINANCIAL REVIEW

Reserves policy

The Restricted Reserves are listed below and include provision for income paid or granted in advance of spend where outstanding activities and commitments will be incurred or delivered in the following financial year and evidenced by the Grant Funding Agreements;

Year ending 30th June 2021 Restricted Funds (Reserves) Restricted Funds:

Plymouth City Council Section 106 monies towards SunPeople project ( this figure is after deducting
unfunded spend from the EU funded Sun People project)	£19,108
Homes England Community Housing Fund Grant. Unspent monies over 2 years	£3,315
Redress PCC match funding	£39,217
Power to Change, Next Generation. Unspent monies over 2 years	£25,179
Covid emergency Credit	£2,507
Covid Winter Grant	£5,511
Heat Pumps MSC	£10,000
Moths to a Flame	£23,814
Total Restricted Funds	£128,651

Our designated reserves position: Year ending 30th June 2021 Unrestricted Funds (Reserves) Designated Funds:

Management support costs 6 months eg leadership, governance, finance, marketing	£80,500
General Overheads eg IT, advertising/marketing/events	£10,000
Redundancy cost provision ( under current PCC SLA)	£17,000
Future major event TUPE transfer: HR and legal costs provision	£25,000
Future major event TUPE transfer: Provision for post transfer ongoing liabilities such as pension costs	£20,000
Total Designated Funds	£152,500

Within the unrestricted reserves we have set aside, under a Designated Reserve, to provide financial stability and the means for the development of our principal activity. We intend to maintain our reserves at a level which will cover all running costs for a period of 6 months, £77,466 based on 2021 accounts (rounded to £80,500 in the figures above) while finding sources of additional funding. Whilst the net free reserves position is £142,258 the Board of Directors will make at least £50,000 of this sum available in the new financial year to secure additional staff resource.

The Board reviews the amount of reserves that are required quarterly to ensure that they are adequate to fulfil our continuing obligations. This duty is fulfilled as part of the receiving and consideration of quarterly management accounts.

The reasons for the level of reserves required are;

(a) PEC Trust is a newly formed charity and low reserves may threaten a charity's continued existence, presenting a risk of insolvency or deter potential donors from donating if its viability is under threat.

(b) Insufficient reserves may cause the charity to spend much time and effort dealing with the problems of insufficient working capital rather than getting on with the main purposes of the charity which may hinder planning and development of its prime objectives.

The Board of Trustees will keep the level of unrestricted reserves under review each year to avoid conflict with the need for a charity to apply its income within a reasonable time and not to create an unnecessary level of reserves at the expense of its beneficiaries either current or future.

In additional to the above this year the Board wish to designate a further £25,000 reserves in preparation for additional costs (HR/legal) that PEC Trust may incur in becoming a direct employer and completing a Transfer of Undertakings with staff currently employed by Plymouth City Council. The Board of Trustees are in the early stages of discussion and formal process with the Council so the actual detail is not yet mapped out. However it is anticipated that with terms and conditions transferring from the Council, that the provision for pension or future redundancy costs will require additional sums set aside so the Board have also set aside £20,000 for this.

The Board considers these reserves to be prudent and fit for purpose to ensure that PEC Trust continues to achieve the success that it does and continues its growth in community energy sector.

Page 2

PEC Trust

Report of the Trustees For The Year Ended 30 June 2021

FINANCIAL REVIEW

Going concern

The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. The charity will continue to grow and nurture the PEC family brand and ethos in the quest to deliver its objectives and maximise the benefit to the public and communities.

The impact of COVID-19 has been assessed and there will be minimal impact as funding is still being received. The only issue is that there may be delays with starting and completing projects.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The organisation is a charitable company limited by guarantee, incorporated on 14th September 2018 and registered as a charity on 4th June 2019. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the composition of the Board provides for not less than three and no more than twelve directors;

• Up to six directors elected from the members

• Up to one director as representative appointed by Plymouth City Council or any successor body

• Appointed as a director ex officio the holder of the office of Chief Executive (This has not been implemented at this stage)

• Up to four directors appointed by the Board by co-option

The Board may also at any time fill a casual vacancy on the Board by co-option. At the first annual general meeting all directors were required to stand down. At subsequent annual general meetings one third of the elected directors shall retire from office, being the longest serving ones. Co-opted directors shall retire at the annual general meeting but be eligible for further co-option

All directors give their time voluntarily and there is no remuneration paid

Induction and training of new trustees

The more traditional business skills are well represented on the Board. In the event of particular skills being lost due to retirements, individuals are approached to offer themselves for election.

Most trustees are already familiar with the practical work of the charity. The charity organises an Away day of the Board after each annual general meeting to ensure that new trustees are suitably inducted and familiar with the charities objects, policies and activities. This day covers the obligations of a trustee, the main documents which set out the operational framework for the charity including the Memorandum and Articles, resourcing and the current financial position as set out in the latest published accounts.

Additionally, new trustees are invited to receive a briefing on the detailed finances and management accounts.

Related parties

The charity forms part of a family of entities known as Plymouth Energy Community. They comprise of the following; Plymouth Energy Community Limited (Community Benefit Society 32108) PEC Renewables Limited (Community Benefit Society 32286)

Ernesettle Community Solar Limited (Company limited by shares and wholly owned subsidiary of PEC Renewables 09892557)

PEC Homes Limited (Community Benefit Society 8356)

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

11569012 (England and Wales)

Registered Charity number

1183711

Page 3

PEC Trust

Report of the Trustees

For The Year Ended 30 June 2021

Registered office

c/o Plymouth City Council Low Carbon Team Ballard House, West Hoe Road Plymouth Devon PL1 3BJ

Trustees

P Buchan (resigned 21.5.21) I Hutchcroft B M Hampson (resigned 11.11.20) O D Ryles D Pearce (resigned 11.11.20) J Holliland K VanBussel P Hardman T Ebbrett (appointed 11.11.20) M Bridgeman (appointed 1.6.21) W Burnyeat (appointed 3.12.20)

Company Secretary

G Peele

Auditors

Neil Stevens ACA FCCA Bromhead Chartered Accountants Statutory Auditors Harscombe House 1 Darklake View Plymouth Devon PL6 7TL

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of PEC Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company's auditors are unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Bromhead, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 4

PEC Trust

Report of the Trustees For The Year Ended 30 June 2021

Approved by order of the board of trustees on 6 October 2021 and signed on its behalf by:

I Hutchcroft - Trustee

Page 5

Report of the Independent Auditors to the Members of PEC Trust

Opinion

We have audited the financial statements of PEC Trust (the 'charitable company') for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 30 June 2021 and of its 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.

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• the 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 take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Page 6

Report of the Independent Auditors to the Members of PEC Trust

Responsibilities of trustees

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 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors 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:

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 company through discussions with directors and other management and from our commercial knowledge.

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 company including, Companies Act 2006, Health & Safety at Work Act, Employment Law and data protection.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.

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. Also, 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 any unusual transaction and assessed whether judgement and estimates were indicative of potential bias..

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 documents, reading the minutes of meeting of those charged with governance and enquiring of management as to actual and potential litigation claims.

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 that 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 Report of the Independent Auditors.

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Report of the Independent Auditors to the Members of PEC Trust

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. 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Stevens ACA FCCA (Senior Statutory Auditor) for and on behalf of Bromhead Chartered Accountants Statutory Auditors Harscombe House 1 Darklake View Plymouth Devon PL6 7TL

Date: 12 October 2021

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PEC Trust

Statement of Financial Activities For The Year Ended 30 June 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 3 Sustainable development Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Sustainable development Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 12,700 182,579 195,279 385 57,480 57,865 137,414 157,342 294,756	Restricted funds £ - 1,064,733 1,064,733 - 1,029,365 1,029,365 35,368 93,285 128,653	(Unaudited) 30.6.21 30.6.20 Total Total funds funds £ £ 12,700 179,506 1,247,312 422,587 1,260,012 602,093 385 313 1,086,845 353,222 1,087,230 353,535 172,782 248,558 250,627 2,069 423,409 250,627

The notes form part of these financial statements

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PEC Trust

Balance Sheet 30 June 2021

Unrestricted funds Notes £ CURRENT ASSETS Debtors 12 199,696 Cash at bank 155,103 354,799 CREDITORS Amounts falling due within one year 13 (60,041) NET CURRENT ASSETS 294,758 TOTAL ASSETS LESS CURRENT LIABILITIES 294,758 NET ASSETS 294,758 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS	Restricted funds £ 10,668 141,442 152,110 (23,459) 128,651 128,651 128,651	(Unaudited) 30.6.21 30.6.20 Total Total funds funds £ £ 210,364 23,535 296,545 260,757 506,909 284,292 (83,500) (33,665) 423,409 250,627 423,409 250,627 423,409 250,627 294,758 157,342 128,651 93,285 423,409 250,627

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 6 October 2021 and were signed on its behalf by:

I Hutchcroft - Trustee

O D Ryles - Trustee

The notes form part of these financial statements

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PEC Trust

		Cash Flow Statement
	For The Year Ended 30 June		2021
				(Unaudited)
			30.6.21	30.6.20
	Notes		£	£
Cash flows from operating activities
Cash generated from operations	1		35,788	259,138
Net cash provided by operating activities			35,788	259,138
Change in cash and cash equivalents	in
the reporting period			35,788	259,138
Cash and cash equivalents at the
beginning of the reporting period			260,757	1,619
Cash and cash equivalents at the end	of
the reporting period			296,545	260,757

The notes form part of these financial statements

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PEC Trust

Notes to the Cash Flow Statement For The Year Ended 30 June 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in debtors Increase in creditors Net cash provided by operations	(Unaudited) 30.6.21 30.6.20 £ £ 172,782 248,558 (186,829) (22,200) 49,835 32,780 35,788 259,138

2. ANALYSIS OF CHANGES IN NET FUNDS

	At 1.7.20	Cash flow	At 30.6.21
	£	£	£
Net cash
Cash at bank	260,757	35,788	296,545
	260,757	35,788	296,545
Total	260,757	35,788	296,545

The notes form part of these financial statements

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PEC Trust

Notes to the Financial Statements For The Year Ended 30 June 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

Grant income is recognised in the financial statements once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donation income is recognised in the financial statements once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Contract income is recognised in the financial statements on an accruals basis and accrued for based on the performance of the charity against the agreed contract.

Other income is recognised in the financial statements once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs include those costs associated with meeting the constitutional statutory requirements and strategic management of the charity.

Support costs are allocated in line with the charitable activities.

Allocation and apportionment of costs

All costs relate to the charitable activity of the company and are allocated against charitable activities on a basis designed to reflect the use of the resource.Apportionment of direct charitable costs is based upon time spent on each activity.

Support costs are allocated to each activity based upon estimated time spent on each activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Included within unrestricted funds are designated funds which the trustees have agreed to set aside to provide financial stability and means for the development of the principle activity.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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PEC Trust

Notes to the Financial Statements - continued

For The Year Ended 30 June 2021

2. DONATIONS AND LEGACIES

Donations 3. INCOME FROM CHARITABLE ACTIVITIES Activity Grants Sustainable development Other grant income Sustainable development Contract income Sustainable development Grants received, included in the above, are as follows: Homes England Plymouth City Council - Solar Panel Installation Groundwork UK Plymouth City Council - Warm Homes Fund National CLT Network - Cohesive Community Fund Energy Saving Trust - Redress Power To Change Trust Plymouth City Council - Winter Grant Fund The National Lottery Community Fund - RC South West Region Plymouth City Council - Green Homes Grant Plymouth City Council - Covid local support MCS Charitable Foundation Crowdfunder - Moth to a flame	30.6.21 £ 12,700 30.6.21 £ 1,083,319 5,235 158,758 1,247,312 30.6.21 £ 90,000 22,576 - 89,179 - 249,170 31,682 290,000 55,115 183,384 18,586 10,000 43,627 1,083,319	(Unaudited) 30.6.20 £ 179,506 (Unaudited) 30.6.20 £ 287,107 2,259 133,221 422,587 (Unaudited) 30.6.20 £ 90,000 25,000 9,700 88,000 15,000 42,327 17,080 - - - - - - 287,107

4. RAISING FUNDS

Raising donations and legacies

Support costs 5. CHARITABLE ACTIVITIES COSTS Sustainable development	Direct Costs £ 1,048,879	30.6.21 £ 385 Support costs (see note 6) £ 37,966	(Unaudited) 30.6.20 £ 313 Totals £ 1,086,845

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PEC Trust

Notes to the Financial Statements - continued

For The Year Ended 30 June 2021

6. SUPPORT COSTS

Management £ Raising donations and legacies 325 Sustainable development 32,092 32,417	Governance Finance costs £ £ 1 59 58 5,816 59 5,875	Totals £ 385 37,966
		38,351

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

		(Unaudited)
	30.6.21	30.6.20
	£	£
Auditors' remuneration	1,900	-

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.

Trustees' expenses

There were no trustees’ expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 179,506 Charitable activities Sustainable development 135,480 Total 314,986 EXPENDITURE ON Raising funds 313 Charitable activities Sustainable development 159,399 Total 159,712 NET INCOME 155,274 RECONCILIATION OF FUNDS Total funds brought forward 2,069 TOTAL FUNDS CARRIED FORWARD 157,343	Restricted funds £ - 287,107 287,107 - 193,823 193,823 93,284 - 93,284	Total funds £ 179,506 422,587 602,093 313 353,222 353,535 248,558 2,069 250,627

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PEC Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2021

10. PURPOSE OF RESTRICTED FUNDS

Homes England grant funding is to deliver project work in Plymouth to support the development of a community led affordable housing scheme at Kings Tamerton.

Plymouth City Council Solar Panel Scheme grant funding is to for the project delivery of Solar Photovoltaic installations at the Plymouth Science Park on one or more buildings.

Groundworks UK grant funding is to deliver project work in Plymouth to support the development of a community led affordable housing scheme at Kings Tamerton.

Plymouth City Council Warm Home grant finding received is soley for the employment costs for 2 FTE Plymouth Energy Community Advisors.

National CLT Network Cohesive Communities Fund grant funding received is designed to help community groups explore and develop their plans to establish a Community Land Trust.

Energy Saving Trust Redress grant funding is to deliver project work in the city to support the alleviation of fuel poverty.

Power to Change grant funding is to be used for the development of ESCO business model for new housing.

Plymouth City Council GLAD grant funding is to be used to deliver up to 300 grants to householders for the installation of energy efficiency measures.

MSC Charitable Foundation grant funding is to provide an understanding of the energy efficiency properties of different housing archetypes and their suitability for heat pump retrofits.

The National Lottery grant funding will deliver activities specifically aimed to support communities through the COVID-19 crisis. The aim is to reach 1000 households within vulnerability during this grant. (RC South West Region).

Crowdfunder Moths to a Flame grant funding is to deliver solar powered moths which will have a large presence at the COP26 event.

Plymouth City Council Winter grant funding is to allow councils to directly help the hardest-hit families and individuals, as well as provide food for children who need it over the holidays.

11. GRANTS TO OTHER ORGANISATIONS

Grants paid to other organisations in the year were in relation to Groundworks UK grant income received in the year ended 30 June 2020. This was transferred from PEC Trust to PEC Homes Ltd.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors Other debtors VAT Accrued income Prepayments	(Unaudited) 30.6.21 30.6.20 £ £ 181,901 4,098 6,163 - 15,888 11,256 - 6,595 6,412 1,586 210,364 23,535

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PEC Trust

Notes to the Financial Statements - continued

For The Year Ended 30 June 2021

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

		(Unaudited)
	30.6.21	30.6.20
	£	£
Trade creditors	22,564	13,451
Accruals and deferred income	60,936	20,214
	83,500	33,665

14. MOVEMENT IN FUNDS

Unrestricted funds General fund Redundancy cost provision General overhead provision Management support cost provision Future TUPE transfer Restricted funds Homes England Solar Panel Installation Groundwork UK Warm Homes Fund Cohesive Communities Fund Redress Power To Change Winter Grant Fund MCS Chartiable Foundation Moths to a Flame TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund Restricted funds Homes England Solar Panel Installation Groundwork UK Warm Homes Fund Cohesive Communities Fund Redress Power To Change Winter Grant Fund The National Lottery Community Fund Green Homes Grant MCS Chartiable Foundation Moths to a Flame TOTAL FUNDS	At 1.7.20 £ 66,368 15,000 10,000 65,974 - 157,342 1,915 25,000 9,700 21,943 11,702 12,188 10,837 - - - 93,285 250,627 s follows:

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PEC Trust

Notes to the Financial Statements - continued

For The Year Ended 30 June 2021

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net movement At 1.7.19 in funds £ £ Unrestricted funds General fund 2,069 155,273 Redundancy cost provision - - General overhead provision - - Management support cost provision - - 2,069 155,273 Restricted funds Homes England - 1,915 Solar Panel Installation - 25,000 Groundwork UK - 9,700 Warm Homes Fund - 21,943 Cohesive Communities Fund - 11,702 Redress - 12,188 Power To Change - 10,837 - 93,285 TOTAL FUNDS 2,069 248,558 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 314,986 Restricted funds Homes England 90,000 Solar Panel Installation 25,000 Groundwork UK 9,700 Warm Homes Fund 88,000 Cohesive Communities Fund 15,000 Redress 42,327 Power To Change 17,080 287,107 TOTAL FUNDS 602,093

Transfers (Unaudited) between At funds 30.6.20 £ £ (90,974) 66,368 15,000 15,000 10,000 10,000 65,974 65,974 - 157,342 - 1,915 - 25,000 - 9,700 - 21,943 - 11,702 - 12,188 - 10,837 - 93,285 - 250,627 Resources Movement expended in funds £ £ (159,713) 155,273 (88,085) 1,915 - 25,000 - 9,700 (66,057) 21,943 (3,298) 11,702 (30,139) 12,188 (6,243) 10,837 (193,822) 93,285 (353,535) 248,558

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PEC Trust

Notes to the Financial Statements - continued For The Year Ended 30 June 2021

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Redundancy cost provision General overhead provision Management support cost provision Future TUPE transfer Restricted funds Solar Panel Installation Cohesive Communities Fund Redress Power To Change Winter Grant Fund MCS Chartiable Foundation Moths to a Flame TOTAL FUNDS	At 1.7.19 £ 2,069 - - - - 2,069 - - - - - - - - 2,069	Net movement in funds £ 320,189 - - - - 320,189 19,108 3,315 41,724 25,179 5,511 10,000 23,814 128,651 448,840	Transfers between funds £ (152,500) 17,000 10,000 80,500 45,000 - - - - - - - - - -	At 30.6.21 £ 169,758 17,000 10,000 80,500 45,000 322,258 19,108 3,315 41,724 25,179 5,511 10,000 23,814 128,651 450,909

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds Homes England Solar Panel Installation Groundwork UK Warm Homes Fund Cohesive Communities Fund Redress Power To Change Winter Grant Fund The National Lottery Community Fund Green Homes Grant MCS Chartiable Foundation Moths to a Flame TOTAL FUNDS	Incoming resources £ 537,765 180,000 47,576 9,700 177,177 15,000 291,497 48,762 290,000 55,115 183,385 10,000 43,628 1,351,840 1,889,605	Resources expended £ (217,576) (180,000) (28,468) (9,700) (177,177) (11,685) (249,773) (23,583) (284,489) (55,115) (183,385) - (19,814) (1,223,189) (1,440,765)	Movement in funds £ 320,189 - 19,108 - - 3,315 41,724 25,179 5,511 - - 10,000 23,814 128,651 448,840

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2021.

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PEC Trust

Detailed Statement of Financial Activities

For The Year Ended 30 June 2021

INCOME AND ENDOWMENTS Donations and legacies Donations Charitable activities Grants Other grant income Contract income Total incoming resources EXPENDITURE Charitable activities Subcontractors Consulting Crisis and repair Management recharges Legal fees Supply & installation Fuel vouchers Agency staff White goods Gas safety repairs Credit customer payments Grants to other organisations Workshops Support costs Management Insurance Telephone Postage and stationery Advertising Subscriptions Vehicle lease IT software and consumables Staff training Sundry Donations Entertainment Rent Finance Bank charges Governance costs Auditors' remuneration Carried forward

(Unaudited) 30.6.21 30.6.20 £ £ 12,700 179,506 1,083,319 287,107 5,235 2,259 158,758 133,221 1,247,312 422,587 1,260,012 602,093 194,274 80,312 63,043 1,800 6,118 320 452,138 192,837 82,758 41,189 4,693 4,681 35,094 1,168 1,820 - 74,653 - 28,296 - 77,438 - 9,700 - 18,854 2,511 1,048,879 324,818 4,526 2,986 677 361 237 441 10,282 9,168 1,565 1,194 100 1,703 6,497 5,507 3,224 3,414 405 268 2,400 - 314 - 2,190 - 32,417 25,042 59 - 1,900 - 1,900 -

This page does not form part of the statutory financial statements

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PEC Trust

Detailed Statement of Financial Activities

For The Year Ended 30 June 2021

Governance costs Brought forward Accountancy fees Total resources expended Net income	(Unaudited) 30.6.21 30.6.20 £ £ 1,900 - 3,975 3,675 5,875 3,675 1,087,230 353,535 172,782 248,558

This page does not form part of the statutory financial statements

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