## **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.** **1** ## **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. **----- Start of picture text -----**
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
**----- End of picture text -----**
October 2020- September 2021 **2** ## **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 **----- Start of picture text -----**
"I love my
home again,
thank you"
Plymouth resident, helped by
the Energy Team, August 2021
**----- End of picture text -----**
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. **3** ## **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 **6** ## **Zero carbon homes** ## **Proposed timeline for Kings Tamerton development** **----- Start of picture text -----**
Dec 2021 May 2022 2023
Planning Detailed Start building
approval planning
application
Feb 2022 Late 2022
Design Fundraising/
competition share offer
**----- End of picture text -----**
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 **7** ## **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** **----- Start of picture text -----**
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
**----- End of picture text -----**
**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. **8** ## **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. **11** ## **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.** **12** 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 inc*eas8 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)n*s 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 l*at 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 do*m•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 secuv*l malnty frTrn We5tem Pow*r Dtstribution. The L*arrty 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 actfvit*s 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• e*h 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. Fkn*ever 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 fr*thrs. 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 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 Irw*p*NlertAufftJrs 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, t*sed 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 V*thlth thg ￿ancIal statern8nts are prapared Ls ￿NsiStent with the financk31 s￿ter￿1￿. end th8 R$port ol the Trustees ha5 been wekmred h accordan¢e*Yth appkable *al req￿reMents. hlattors on whlch we are r•quIr￿ lo rwrt by e￿p1 In the light of the know18dge and understanding of th8 charilable company and its enviroNn8nt obtained tho course of tho audit. wtr have not Identifiod malglial mL%5tatements in RgPQrtof th& Trts5tegs. We have nothlng to re￿rt In re5P8Ct of the lolo*ing matters whero Ihè Ccffi)panles Ad 21X)6 req￿r•S us to r8POrt to you If, in our opinion= odequate accountlng records have r￿t bgen k8Pt or T8￿m$ &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 L*aritablè 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 inc*Jdlng. 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$. To add￿sS thè rfsk of frdud through management btas arKI owErrKk of ¢y)nlrvls ￿ perfDTrned anatytical PTocedur05 to Idenbfy any unu¥uo1 or ungXPgCted ￿la￿OnShIP8. iested. joumJ to ￿￿￿lfy any trans8CtiCffi 8nd a8sessed whetherludgement and èstlmattrs wèrè inwnditure a8 scth as thsre is a kgal or ts)n8twrtiv6 obllgatirm committing lh8 harity lo that 8xpeThJlIu￿. it is t￿t a trdnsfer ol eCOr￿1C benefits ¥wll be required In selllem8nt and the omount of the Ob￿"ga￿t)ft can be measured reliably. ￿NISt￿r& i% accwnted for on an accruals basis and has been dassified vnd8r headings Ihat 89gregate (x)5t related to tha category. whe￿ costs cannol be direla￿ attributed to parfiwlar he8dings they have treen dkMXt8d to acti¥the8 on a ba￿5 LxJrk8i¥t8nt wth the ugè Charitable experldlture Compr1￿ those costs vKvrrgd by the (*Arfty in the del￿ of ts activ￿6$ 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 $pgnl on each acti￿ty. ppc*t etsst8 are ￿kn¢ated to ea0* actlvty based upon eslKnated limo Spent on eoch actwlty. Taxation The charfty is 8xempt from o)rys0rnkn lax on Fts charitable ethi1r￿. Fund accountin9 Unrestrfcted fvnds can be in acwrdance knilh thg dwitabkn obJ8cb¥es at the di5cr¢tw of the trwste8S. Included unrestrided fijnds grg (ksignated fund5 the tnJst8es have awd to 59t a8lde to p￿￿de stability and means for th8 de¥ekn￿enI ofthe adovtty. Restrrcted funds Can b8 used for part￿lar restricted purpM>5es th• otieds of the charfty. Restriction8 a￿$& when SPeLyfied by the donor or*th8n tunts are r4i50d lor parb¢u￿rItStriCted purpc¥ses. Further wlanation ofthe nature and puw of 8ath fuThJ Is inL*thd 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 indivk*J*. as as W0￿de ftrJd forthiklren n*J 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 CC*8￿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**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 Page 9 ## **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 Page 10 **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 Page 11 **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 Page 12 **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. Page 13 continued... **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**| |---|---|---|---| Page 14 continued... **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| |---|---|---| Page 15 continued... **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| |---|---| Page 16 continued... **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:|| |---|---|---| Page 17 continued... **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| |---|---| Page 18 continued... **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. Page 19 continued... **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 Page 20 **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 Page 21