REGISTERED COMPANY NUMBER: 11569012 (England and Wales) REGISTERED CHARITY NUMBER: 1183711 Re rt of th• Trust••s and Financial Statements For The Year Ended 30 June 2025 for PEC Trt tc accounts . Tax . lega! . frrkincial planning 3 Acorn Bu51ness Ctrtre Cosham Hzmpthi KlrW
PEC Tnt R Istered Corn Numbw. 11569012 Conterrts ol the Financial Statèments For The Yèar Endèd 30 J• 2025 Pag• Company Informatlon Report of the Trustees 2 to 6 Report of tho Indgp?ndentAudktor8 statement of Financial AcOvlUes 10 Balan¢* Shogt 11 Cash Flow Statement 12 Notss to th Cash Flow Statement 13 Note5 to the Financlal Statements 14 to 29 D•tsil•d Statement of Flnanclal Acti¥tt 30 to 31
PEC Trugt islpred Com Number. 11569012 an Information ForThe Year Ended 30 June 2025 TRUSTEES: J Baley W Burnyeat M Chaanda P Hanlman l HulclKxoft K Van Bussel T Ebr911 O Ryies C Tumef Z Sydenh J Mccarty BANKERS: The cative Bank- UK PO Box 29) Bwness Customer Service Centre POBox2 Delf House Skelmersdabe SOLICITORS: FootAnstey San Quay House 4NEQuay Sutton Harb)ur Plym(xrth PL4 08N SECRETARY: G P8ele REGISTERED OFFICE: orfir* 37 Geneys Building 235 Union Street P1yEUth Devon PL1 3HN REGISTERED NUMBER- 111569012 (England and Wales) AUDITORS: TC Group Statutory Alit0 HarSComl House 1 DarkLake View Ptymou Devon PL6 ThL
PEC Trust Numb8r. 11569012 R• ol the Trustees For The Year Ended 30 June 2025 Tr8 trust8&s who ara also d1ctS of the drity for the purpos05 of Ihe Companies Act 2C(hS. presenl their report with the financial stalements of the charity lor the year ded 30 JU 2025. The trustees have adopted Ihe provisions of A¢¢ounting and Reporting by Charities: Slalemènt of Recommended Pracice applicable to charities preparing their ccounts in accordarr£ with thè Finanaal standa 3bble in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191. OWECTIVES AND ACTIVITIES Objectives and alms OUT group and charity's purposes as set Ixrt in thè obpds (X)ntaed in the company's artides are to promote sustainable development for the benefft ofthe public by thè-. la} Preservation. conservation and the protection ofthe environment and the prnt usè of rèsOurs. Ib} Relief of pov and the pteseNation and wolection of 1th by wcfft)ling tho efficient use of energy and utilisation of renewable scrtjrces ¢% energy-, and Ic) Adv3neÈment of edtion in subjects relating to gJstainat4e devdoprrwl and the protection, enhancernenl aTh rehabilitslion of the environwnent and to promote SdY aThY re5earth in sAJth subj8ds provid&J that the u5efrJl results of such study are disseminated to the puljic at Lgrge This translatés into the d&livery of acbvities on the foll¢Mn9 aims: To bling ILxal people and organisations togelher to Wle fijet and Ihe dimate uisis. To iwKrease local ovmership and influence over kxal energy sduthons To ireaSe community ConfnCe to enwe in energy issu0$ To énable pp18 to heat and power thr homes affordably To reduce greenhouse gas emissions To ensure these tIVitieS bwjefftthè fijel rkior and most vuln8rab Publlc benefit The Trustees have considered Iho guid¢ issued by 1he Charity CorrmissN)n in resFe¢t of the public and C0nffimd through Iheir 1le5 and objecbves that they athwe lo thi% guidan. ACHIEVEMENT AND PERFORMANCE During 202412025 we havo worked in fv fdlMng a3$.. Maintairmng a tÈ8m of skilled Energy Advisors delivering a mrA of energy and fuel debt advice either over the phontt, in thè home or within the commLmity. in rtIlar th)se who are the K>s1 vulnerable Developed and established a one stop shwHub for in petson erwgy a(fvI and supwrt to community partne[8 Dèlivery of thè govammenis HousetKJtder SupM Fd grants arNJ fl YerS to the neediest within the MMU[mty Fac1itati the uptake of building retrofit measures to prwd¢ renthyable heat and prhyer, and energy èfficièncy improvements in homes across Ihe city. Working In partnership with the k1 authority lo help resid*ts access Hcthe Upgrading grants for retrofit measur¢s. Outreach a1 engagernt work wth our ne of local partners induding Four Greens Community Trusl, CtrÈns Advic6 Bureau. Livewell South West. Working th business arKI partners A170SS thè to enhan cOllabat)n to rrnake faster progress towards zero carbon The success we have with eadj of tIse programmes is doojmented in our Annual Report and impact statement. FINANCIAL REVIEW Financial po¥ition The group. wtth the aid of sound finanaal management and the supwt of tjoth its staff and volunteers, gerEraled a very posibvefinartial outcome for period ending 30 June2025wtlh reseNes 1ca51n9 to £1,826,120 (Charity.. £1,831,208). Including payments recVed ahead of totalling £215.309. This leaves £963.894 (Charity £,982) unrestiicte reserves. The principal sources offijndiny have béen a mthjrg of grants from EnenJy Ind4slry Voluntary Redrèss Schèmè, National Lottery Community Fund. Plymouth City Council. atMI others wrth contract income $ured mainly from National Grid and more recently from Wales artd West ub"1.eS. The group is afvlays seeking new or additional sourres of lunding to not be reliant on loo few furKling sourcès.
PEC Tnwt Èstered Com Number. 11569012 ofthe Trustees ForThe Year Ende(130 June 2025 FINANCIAL REVIP Reseryes pollcy The RestrKted Reserves are listed bel¢> and indudè provtsion for irKa)me paid or granted in advance of spend where outstanding actrwties and commitments wll te inoJrr&J or delivewl in the frAlowng finry81 year and evidenced by the Grant Funding Agreements., Year ending 30 June 2025 RestrietÈd Funds.. Household Support Fund 7 The wry overof unspent monies £247,987 Emesettle Communty Solar Inme rerEiv&l in a(fvance of spend £6l,000 Big Lottery Wami aThJ Well 2 Income pawj in advan¢ up to 31 Augusl 2025 £14,239 Total Restrlcted Funds £862,228 Wrthin the Unrestricted reserves we have set asidè furmls to prwde ffnanual stability and the means for the development of our prinapaj activity. We intend to maintain our reseNes at a Iwei which is at least equivalent lo 3 monlhs staffing costs al existing levels and a further 3 months staffing costs for kèy staff. Last years reserve policy has been reviewed and increased to £4.000 in acCOrdar with lh¢ growth of Ihe group {2024. £300,TrXI Additionally, the group is holding £55,Crf)O to cover general overheads arvj inft3SttuthJrB c¥)sts suth as IT. in6urance. marketing, audit etc12024: £50,aOOI. The Trustees also feel very strongty that some of the unrestred rgseNes wil set aside for the following areas" Research and develowient. particularty in the lurtherarKe of l¢)w energy solutions and the creation of more sustainable eneryy opportuThties in PMouth. A SLM of £30.(YJO has been set aside for this. The Board have also ¢onsidered the step th8nges bw.ng made as the charity grows rn maturity and stiè 8nd approved a request to undemite the potential shorttall in funding for ihe e$lalShment and ouffitting of th6 new eity centr• Hub. A provision of £20.0(K) has been identified forthis. -The Board undStand th $(Kne individual hOUse)IdS require emergry carè and repair measures before they propeity bell¢fft from or eligiiAe for support . For this reason the Board wish to sot aside £20.0 to provide this kind of emergency supptKt Tre is also wovisim for the investment in staff trainng. and to ensure an established core and developmental training tnalrix ¢%n be implemented for all staff. £10.rJ)) has been set ade forthis purpose. The Board considets the above reserves. vthith in summary lo equale to £585,OW. will help providè a rèasonablè buffer whilst de81ing with short term fvnding and the impacl of potential delays in govemment pdiry. The trustees wish to be prudènt in their financial planning lo ensure that PEC Trust continues to achieve the Su9 that il does and Gontinugs it5 glowth in Community eneryJy sector. The Board will review the amount of reserves thal are required quarterty to en$ur8 thal they aré adequate to lfil our tonh"nuing ebligations and protect the sustainabilty of PEC Trust as an organisation and a key player in the delivery of the litywide low carbon energy tsrgets This duty is fulfilw as part of the receiving and consideration of quarterly management accounts alongside pated 3 year budget forecasts. The trustees understand the thallenge ahead where the cxjrrenl 3 yeaT forecasts show an increasiw levd of uThJertunding. Thè resèrvÈs put aside for the purposes described above wll be increased should the year on year fundino OPPMXtunities retnain bek)w laryel. This is not necessarily expècted bul there rnay be a short term dip that wll need to be o)vered. For these reasons the Iruslees are mindful of their responsibililies to provide financial support to PEC Management serv Ltd foi fvtuie redundancy payments should they need to take such ac*on. £15.[ of res8rves be put ashlè for this purpose. Free reserves are funds that can be spent on any oftho 9Up5 aims. T8kn"ng unrestn.cled reserves and accountiTrJ for th8 funds set aside and the reseNes piCY discussed above, Ihe group has free reserves Of,894 {2024.' £522,205) which excludes th• ras&rves Of thè subsidiary c)f £38.422124..£46,Sl4).
EC Trust Istered Corn Numb•r. 11589)12 Re ort of the Trustees For The Year Ended 30 June 20 FINANCIAL REVIEW The reasons ts the level of reser¥¢s tequi are.. la) PEC Trust wants to ensur• that as a fairty retty fotrned group aTrJ charity. Ihere arè sufficnt reseNes to proted il's continued èxiytents, and not preSIlrO a risk of insofvency or act as a deterwt lo polenlial donors from donating rf its viabilty is under threat. The income strearns are not guaranteed and often in slK)rt duration. The Charity is rA)mmitéd to the continuiig devdopment and delivery olinceased inteNentions arNJ benefftsto the publicand commur¥iies. The stsffing establishment has been increased on a pemnent basis to loW for suth grovrth in a sustainable Thanner. Due to untértainties over future funding slreams, the Board of TnJees have approved a 3 year bL¥Jget Ihal 811ows for the free res$Nes built up to date. lo be deptoyed .as necessary ovet this per, to uThknpin fvrture funthng gaps. Ibl Insuffiryenl res$Nes may cause the group lo spend much time and effl dealing the problems of Insufficnt working capital rath¢r than getb.ng cn viti the main purwjw of the group whith rnay hinder planning and development of its prime objectives The 8oard of Trustees will keep the ve1 of Unrestrided reserve5 under revw e¥h year lo avoid conllict Mnth the n8ed forthe group lo appty its inccmmebyithin a reasMsb timeand not to creale an unnew%sary level of reserves atthe expense of its benefiaaries eith current or trture. Going eone•rn The group plans to ccrtinue the a(vities 0ullthi at)¥e in the for11K(llg years subject to Sxiisfxctw funding aThangernèrrts. The group will continuè to grow and nurture the PEC tamity braThl and ethos in Ihe quest t¢ dellver its obj¢ctAies and maximise the benefit lo th¢ and C(rnun1e$. STRUCTURE, GOVERNANCE AND MANAGEMEP Govgrning document The group is o)ntrolled by its goveming doojmenl. a deed oflwst. and constitutesa mitedCOMpany, litntted by guarantee. as defjned by the Cc#npani¢s Act 20(. The group consists of 8 charitable company limited by guarathee and a prr¥ate limited cfjmp8ny limiled by share., the charitable eornpany limit8d by guarantee was in¢xxporaled on 14 September 2018 and registered as a charity on 4 Junè 2019. The ¢oynpY was established under a Memorandum of Assccation which established the objects and ptrwers of the charitable wmpany and is govemed undér ils e$ of Association. In event of the company being wound up members ale required to Ctribute an aUnt not exceedi)g £1. The private limited company limited by shares was incorporat8d on 10 May 2022. The company vras estatlished under a Mernraftdum of Association which estsblished th8 obj&ets and powers of the o)mpany atMI is govemed under its Artide5 of As8(v"atw)n. In the event of the (x)mp8ny being wound the parent tharity is entilled to 8ny and all diStrit)n5 avaikqble. Major risks hav8 en reviewed arKI syst5 or prOre$ have been èslaNish8d to manage these risks. RocruStment and appolntsnent of nèw trusto8s Th¢ directors of the cornpany are also charity twstees fcf the pUrpS of (arity law. Under the wuii¢ments of the Memorandum and Artides of Asswatiorh Ihe CLYnposibon ofthe Board providès for nol s$ than three and no more than twèlv8 direclors.. - Up t¢ six directors elected from thÈ memb8fS - Up to one dir8Ctor as represÈntatNe app¢inted by Plymouth City Coun(il or any sucSs0r body - Appointed as a director ex offiry"41 the holderof the office of Ghief Execlrtwe ffhis has not been implernented at this stage) - Up to four directors appointed by the Board by cwiK The Board may also at any fjll a casual vacancy on the Board by c(Fopl1n. At the first annua general meeting all direclors were requiwl lo Sta down. At subsequenl annual genèral meetings one Ihird o)fthe etected direclors shall retire from offjce, bein9 th¢ longest serving one5. Co-opted diréetots shal reiire at Ihe annual general meeting but be eligible for lurther C0p110n All directors give their time voluntarity and there is no r8muneration paid.
PEC TTrt i$terÈd Com Number. 11569012 rt of the Trustees ForThe Year ErTrd 30 June 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Inductlon and tralning ol new trustses The more traditional businoss skn.lls are well represented on the Board. In the event of particular SlIS being lost due to retirements, individuals are approathed to offer Ihemsefves for ekntion. The Tnjsteès have rècèntty partiopated in a Skills Audit which has demonstrated th* the Charrty has a faidy evenly balarttd distribution of th11s. However training and support wll te offered in areas whÈrÈ the Survey resutted in Ihe kmr scores. Most truslees are already familiar wrth Ihe pra(J"cd wort of Ihe tharity. The charity organises an Away day ol the Board alter each annual general meeting and tak&5 measures to ensure that new trustees are suitabty in(AJeted ar familiar with the charities objects, policies and activities. This day tx>vers the Otligat of a trusiee. the main doojments whi¢h set OLrt tho operational framework for the tharity induding MemtsraThlum and Articjes, resourcirKJ aThJ the current ffinwncial position as sel out in the latest published accounts. Naw tru$to0s Ceive induction and are supw1ed tr) understand the (klaikd finan and rnanagement accounts. aKhough these are ahYay5 a¢)Mpan by an explanatory narrative. Rèlated partiès The charity forms part of a family of entities knn as PtymrArth Energy Cfxnrnunty. They comprise of the following.. PEC Management So[vi3 Limited (Comparry rnited by shares and VA1 owned subsidiary of PEC Trust 14098558) Plymouth Energy Community (Community Benefit Sooety 32108) PEC RenableS (Community Benefft Society 32286) Erneseitle Communty Solar Limited (Crynpwry limited by shares and wlwjlty (>¢ subsidiary ot PEC Renewables 09892557) PEC Homes (Community Benefit SoGiety 8356) PEC Homes Development Limited (Company Limrted by shares and whoEty Own subsidiary of PEC Homes 14161 $12) Chelson Meadow Community Solar { Company Lmited by shares and owned by PEC Renewables and 5Q% oWnj by Plymouth City Council 15255143} REFERENCE AND ADMINISTRATIVE DAlLs Registered Company number 11569012 (England ar Walés) Regi5t8red Charity numbgr 1183711 Règlstèrèd office Office 37 Gonesis Buikling 235 Union Street Plymouth Devon PL1 3HN Directors l Hutchc40ft O D Ryles J Holliland (resigned 1.12.24} K Van Bussel P Hardman T Ebbrell W Burnyeat M Chaanda Z Sydenham J Bailey T Briars-Delve {resigned 16.5.251 C Turner (appointed 18.3.25) J Mccarty lappoint¢d 31.7.25) Chi?f ExBCUtivg Officer A MacPhèrson Company Secretary and senior management G Peele
PEC TrIt Number. 11569012 R• rt of the Trustees For The Year Ended 30 Juné 2025 REFERENCE AND ADMINISTRATIVE DETAILS Audltors TC Group Statultxy Auditors Harscombe House 1 Darklake Plyrnouth Devon PL6 7TL STATEMENT OF TRUSTEES. RESPONSIBILITIES Thè trustees (who are a150 the directors of PEC Trust f{he purpos9$ of wnpary law) are responsible for preparing the Report of the Trustees and the financial stat&ments n ac£ordan¢x with apble Law and United Kingdom Accounting Standards {United Kingdom GÈn8rally Accepled Aco)Lmting PraGtice). Company law re(yJires the Injstees to prepare finaal statements for eath ffinanaal year which give a tru8 and fair view of the state of affairs oflhe d)arttable company ofthe incoming resour and appltion of rÈsourees, induding the InMe and expe[rtUrè. of th8 charitsble company for that period. In preparing those financ481 statemonts. the trustees tre rerwired lo select suitable aCub"n9 pclwies and then #ppty them nSIstenty". obseNe the methods and principles in the Charity SORP- makejudgÉm6nts and estimates that are reasonabk and prLvJent". prepare th¢ financial statements on the going (x)nfm baS unless it is inappruprpte lo presume that the ¢h8ritsble company will wntviue li bu%rEss. The tmste8s are responsible r keewny proper accounting records disdose wlth reasonable aoxracy al any time the financial position ofthe charrtable company and to enatle them to ensure that the finala1 statements comply with the Companies Act 2CQ6. They are also rèsponsible for safeguardiTrJ assets of the charitable and hen¢e for taking reasonable steps the prevenb'on and ttiOn of frdud and other irregularibes. In so far as the trustees are avrdrè". there is no relevant 2udrt irfom)ation of whith the charitabk Gtxnpany's auditors are unaw8re'. and the trustee5 have tsken all steps that they oughl to have taken to make themsVeS aware of any relevant audit information and to blish that the auditors are aw of Ihat information. AUDITORS The aLKJitors, TC Group, wlll be proposed for r&apprXntrrt at the fortho)ming Annual Genor41 Meeling. Approved by order of the board of tteeS on 9 OctoLr 2025 and signed on its beh81fby." l Hutthcroft- Trustee
Re ofthe Inde ndent Auditors to the MgmbgrB of PEC Trust Opinion We have audited the financial statements of PEC Tnjst (the'chartiabk [)mPany? for the year ended 30 June 2025 which o)mprise the Statement of Financial Activities, the BalatKe SheeL the Cash Fknw Statement and notes to the financial statements, induding a summary ofsignificant accounting rdioes. The financk41 r6porting fr8m8work that has bèen applied in their preparation is applicable Law and United KI Acc4)Lmting StarwJarTls (United Kingdowtt Gen¢raly Awepted Accounting PraCte). In our cyinion the financial ststements: give a true and fairewof the slate ofth8 charitable companls affrdirs as at 30 June 2025 and of ts incoming resources and applicAtion of rèsoureÈs, inclutling Èt5 incorne and expeThliture. for the year then ended: havè bè8n proptsrty prepared in aCcdanCe wth United Kirylom GerEraly Acrpted AOnting Practice; and havg boon pr¢pated in a[danc9 Wrth th8 reqijiremenls of the Companies Aca 2(. Basis for oplnlon We coThJucted our audit in a¢xordatKe th Intematicffla Standards on Auditk)g {UIQ (ISAS IUK)18nd applie2blè18w. Our responsibilities under those standards are furt[ descri in the ALKlitots' r$sponsibilib"e$ for the audit of th& finanry81 statements sect of our report. We are indepeThgent of the tharitable company in a(zordanTr wth the ethical requirements thal are relevanl to our audit of the financjal statements in Ihe UK. inCding tre FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in att0rdare w¢th these quIrements. We behave that ihe audit evidenTr we have obtaired is sufficient and apwcyiate to provtyje a basis f¢y oF4nion. Conclusions relating to going concem In auditing the finarKial statements. we have rnncluded that Ihe tDJstees' use ofthe going concem basis of accounting in the preparation of the ffinancial StaternlS is apkryriate. Based on Ihe work we have performed. we have not identified any malerial uncertainties relating to evenls or condibons that, individually or collectNety, may casl significant doubt on the caritable company's ability to continue as a going cx)ncern for a period ofat least le1ve months from Wh the ffnanual statements are authorised for issu8. Our responsibilibes and the responsibilities of the tnLStees vAth reSt to going o)ncem are described in the relevant sections of this report. other infomiation The trustees are responsible for the other information. The other infomation comwises the infonnation Snduded In the Annual Report. other than the ffnancial statements and our Report of the Independent Auditors thereon. Our opinn on the finala1 statements does not o)ver th& 0th8r inf0mtion and. except to thè éxtènt othÈrwisè èxpliotly stated in our reporL we do not express any fonn of assurance condusion thereon. In connedion with our audit of the )InancFal statements. our responsiblty is to read the other infomation and. in doing $0, cx)nsidèr whether the othèr information is mèterialty inconsistènt wrth the finanual statements or our knowledge obtained in thè auditor Otherlse appears to be materially misstated. Ifwe idÈntsfy such matèfkql irttA)nSiSténcbès or apparènt matèrial mi$statem¢nls. we are required tts delemiine whether th"s gKv¥s rise to a material misstatement in the financial statemtsnls Ihems¢lves. If, based on the wort( we have performej. we corlduik thal thei¢ is a matsrial misstslemenl of this other information, we are required to report that faGt. We have nothing to re in ttws regarf. Opinions an othar mattèrs praSer1b by thè C¢)mpanies Aet 2006 In our opinion, bas¢d on the work dertak in the wurse of the audit.. the iFrfomiation given in the Report of the Trustees foT the fiarla1 yeaFforwhth the financ4al staternents are prepared is consislenl wrth thè finan¢ial statements., and the Report of the Trusteès has bèèn prepared in acLordanc£ wtih applir2ble legal requirerrents. Matters on whl¢h we are requlred to report by exception Irb the light ol the knowledge and understandirig of the charttable company and ts environrnent obtained in the course of the audit. we hav8 not lden1tfd Irteri misstalements in the Report ofthe Trustee5. We have nothing to report in respec ofthe fooj matters where the Companies Act 2¢Th requires us to report to you if, in our opinion.. adequate accountiru rerS have not been kept or reiums adequate for our audr( have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums,. or cèrtain disthsures of trustees. reMeratIOn specified by law ar8 not mad&- or we have not received all the irformation and explanabons we requi for our audit.. or the trustees We not entitled to take advantage of the small companies exemiA¢on from the quirement Éo preparo a Strale9ic Report or in preparing the Rewi of the Twstees.
ortofthel nt Audttors to the Members PEC Trtt Re3ponslbllities of trltee$ As 8xplained rnore fvlty in the Statement of Tnjstees. Responsit)filli. the trustees {vtho are 81so the directors of the Charitab company for the purws of Company law) are responsible for the preparation of the finar*Aal st8t8ments and for bel satisfièd that thay give a true fair wew. and for suth intemal control as the trustees delwnine is necessary to enable the preparation of finarrial statements that are fr•6 from Matla1 misstatefflent. whether due to fraud or errtsr. In preparing th8 finanoal statements, the truste¢$ 0reSportsibf01aS5eVSngihe thantab eompanys abilty lo u)ntinue as a going concem, disdosing. as applicable, maiters reLqled to going concem and using the going (x)ncern basis of a¢counting UesS the trusfres either intend to liquidate the charitswe wpany ortocease Operatior, or havè no realistic altemative but tts do so. r responsibiliti forthe audlt of ts financial #tatèmants Ourobjectwes are to obtain reaSonae a8suran¢¢ atyjutwhelherthe finarKial statements as a whole are free frorn materyal misststement. whether due to fraud or error. and to issue a Report of thÈ Indèpéndènt Auditors that includes our opinion. Reasonabl& assurance is a hvJh level of assuran, tr¥Jt is not a guarantee that an aL¥Jit widucted in accoril8nce with ISAS lu will always detect a maierial misst8tement when il exists. Misstalerllenls can artse from fraud or èrror and ar considered material if, individually in the aggregate. tw coukl re8sonabty be expected to influence the e¢onomic deci&ons of users taken w the basis gf Ihese finaal statements. Th& objeclives ofour audit. in respectto fraud, are.. to idenbfy and ass8sslhe risks of Material misstatemènt of th& fmanaal slalements due to fraud", to obtain SLrfficient wropriate audil evidence regardiryJ assessed risks of material misstatement due 1¢ fraud, thr¢u9h designing and implerTEnting appropriate responses: and to respond appropriatsly to fraud or suspecled fraud idenlth¢d during the audrt. HI7er. thè primary responsibility forlhe prevention and detection of fraud resis with both those tharged wtth govemarrE of the entity and its management. f)Jr appro8¢h was as follows.. -we identified areas of laws and regulatiS that cwld reasmabty be expecled to have a material effeci on the financ4al statements from our seneral commerclal and sedor experien, and through discussion the direciors and othor rnanagèmènt las required by aLbJiting 5tandar(tsl. anttdiscussed vthh thedirectors and oth¢r managementthe policies and pr¢ceduw regarding CompliCe law5 and regula1¥S,. -we identified the following area5 88 thoso nw)st likdy lo have such an elfwt. health 8nd safety", General Data Prot¢olion Règulaton IGDPR},' fraud. bribery and cOrrwti and employment law. Auditsng standards hmit tho rEquired audil proCedUS lo identify non-c¢ynpliarts these laws and regulat5 lo ¢nquiry of the tmstees and othèr management and in$pectK)n of regulatory and legal CorrèSpden. if any. -we considered the leg818nd regulatory frarnvworks direW 8ppltsble to Ihe financial statements repotting framework IFRS 102 and the Companies Act 2Q06 and Ihe Charities Act 20111 and the levant [pIla regulatsons in the UK,. -we considered the nature ofthe group's owations. theCOntr grmronriiwt and business performartÈ, including the key drivers for management's rémuneration., -we communirnted i(knlified laws and regulation5 throhOUl our team and remained alert to any indications of noncomptsan throughout the audit". -we considered the procedu and cOntrS 1hat the group h8s estatrAished to address risks idontified. or that otherwise prevent. deter and dele(X tsLvJ." and h¢7rt senior managemÈnt monitors those programThs arKI wthts. Based on this understanding we designed ourwdfc procedures to wJerrtify Th)MplianCe wilh such laws and regulations. Where the risk was consid8red to be higher. we performed audrt procedures to address eaeh Klantffied fraud risk. These procedu5 Indud.. testing manual journas., reviewing the finanaal statement disdosures and testing lo supporting docurnentalion.. porforming analytical procedures.. and enquiIing of managemenL and were des¥Jned to provide reasonable assurarKe that the financk41 statements were free from fraud or error. Owing to the inherent limrtat1cS of an audit. there is an unavoidabte risk that wo may have detected some material misslaletnent5 in the naThal statements. evèn Ihough we have property pianrwl and perfomed our audrt In accordan with auditing standards. For exarnple, the further removed non-compliarKewtth laws and regulations lirregulaiiliesl is from the events and transadions refletsd in the finan statwnent5. the less likely the inherently limited procedures required by auditing standards would identrfy it. The risk is also greater regarding iffegularities occurring duè its fraud rather than error, as fraud involves intentional CcealMenL, foryJery. collusion, omission or misrepresentation. are nol responsible for preventing non-cx)mplianc& and cannol be expected lo deteGt non-wmpliance with all laws and regulations. A fvrther description Of our respon&billlsès for th& audit of the ffinanaal staiements 15 10(zled on the Financial Reportiro Council's website at .frC.Org.uklavdltQrsSp)slbII.rtle$. This desaipbon forms part of our Report of the Independ¢nt Auditors.
ort of the Inde ndent Audttors to thè Idambars of PEC Trust Us? of our rapgrt This report is made solely to ts charitable (x)rryatys meml)ers. as a bxty. Tn accordance wtth Chapter 3 ofPart 16 ofthe Companies Aet 2006. Our aucfft work has been undertaken so ihat we might state lo the charitable company's members thosè matters we are requir8d to ststè ttslhÉm an auditors. reKx)rtand fnOother purpose. To the fvllest extent permitted by law, we do nol apt or assuJne rsibI1ty to wYe other than the cknantable company and the charitable company's members as a W, for our auditwort. forlhi¥ reporL orforlh¢ cpirmons we have formed. Neil Stevens ACA FCCA (Senior Stslutw Audit) lor and on bèhalf ofTC Group Statutory Auditors HarsCQtnbe House l Dalake View Ptymouth Devon PL6 7TL
PEC Trust Number. 115812 Consolidated Statement of Financial Activities Inco oratin an Income and Ex nditure A¢oount For The Year Ended 30 June 2025 30.6.25 Total fund$ 30.6.24 Total funds Unrestrrcled fi&nds Restricted lunds Not8s INCOME AND ENDOWMENTS FROM Donations and legacEs 20.367 611,391 631.758 136,080 CharStablg activities Sustainable devèlopment 681,965 1.n4,931 2,416,896 2,271.345 InveslnEnt illcome 11286 Total 714.618 22 3.060 940 2,416 174 EXPENDITURE ON Raising fvnds IA90 1,490 1,193 Charftable aetivitses Sustsinable dwelopmenl 747,954 40 2450194 2,301493 Total 1,702240 2 451684 2 302.688 NET INCOMEIIEXPENDITURE) Transfers betsveen fvnd$ (34.8261 644.082 609,256 113,489 Net movement in ftJnd3 (318261 644,082 609.256 113.489 RECONCILIATION OF FUNDS Total funds brought forward 998.720 218.144 1216.864 1.103.375 TOTAL FUNDS CARRIED FORWARD 862.226 1 826 120 Th& Th)tes form part of Ihese financial statement5 10
PEC Trust R Istsr•d Com Numbèr. 1156901 ConsolidalEd and Chari Batance Sheet 30 June 2025 Group 2025 Charlty 2025 Group 2024 Charlty 2024 Notes FIXEO ASSETS Tangible assets Investments 14 15 542 41.334 14,285 2,011 54.542 41.335 14.285 2,012 CURRENT ASSETS Debtors Cash at bank 16 252.154 1 899 870 267,925 1 838,353 608,759 1 082 382 527,018 1.026,0 I151024 1106,278 1.691.141 1,553,108 CREDoRs Amounts falling due W11n ¢n¢ year 17 (379.429) 13619161 {486.2301 1384,7671 PROV]SIQN FOR LIABILTIES 18 11.017} {2.3321 NET CURRENT ASSETS 1 202 579 1.168.341 TOTAL ASSEfs LESS CURRENT UABILITIES 1.826.120 1.784.697 1.216.864 1.170,3 NET ASSETS 1 826.120 1 784.697 1,216,864 1.170.353 FUNDS Unrestricièd funds Rèstrictèd fijnds 19 963,891 922,471 998,719 952,208 TOTAL FUNDS 1826 120 1 764 697 1 1703S3 These financial stalennIS have been prepared in ac(xKdarKe whth the provisions applicable lo cha¥itsble companies subject lo the small companies regime_ The finanaal statemenls were approved by the Board of Tru51ees and auihorised fr)r issue on 9 Odotrer 2025 8rKI were signed on its behalf by.. l Hutchcroft- Trustee O D Ryles- Trustee The reS forrn part 0fth fffiantial statemènts
PEC Trust istgred Com Number. 11569012 Consolidatèd Cash Flow Ststement r Th Year Ended 30 June 2025 30.6.25 30.6.24 Notes Cash flows from operaUng actlvltlgs Cash generated from operalions Tax paid 858,117 473 184,270 8,396 Nel Gash provided by oper•lt"ng adiwliss 858,590 175,874 Cash flows frorn investlny a¢Ovltlos Purchase of tangible fixed ass¢ts Interest received (52,2491 11.147 110,6781 8,749 N8t cash prowded byl{used inl investing actswb.es Change in cash and cash equival8nts in the reporting period Cash and cash eqyavalents at tho b&ginning of the reporting rIOd 817,488 173.943 833.271 Cash and cash equivalents at the end of thè rèporting period 1.899 870 1,082,382 AI 30 June 2025 there is cash at bank of £1,899.870', of th15 £862,226 relates to restrthd reseNes so PEC Trust are legally bound lo adhere to the restriCtrns pL4ced on these funds and canrTrot use them for other Pufposes. For more detail on these restrictions pleas8 ref to nctrta 20. The notes form part oflhese fancial ststements 12
PEC Tnmt islered Com Number.. 11569012 Notss to Consolidated Cash Flow Slatgment For The Year Ended 30 June 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTlVtTIES 30.6.25 30.6.24 Net incomg for the reportlng wrfod las por the Statement of Financlal Aetivitièsl Adjustments for. Depreciation charges Interest received Déu8asel(Incrèasel in debtors (Decrease1ncrea8e in ¢yedi 609.256 113.488 11.991 112,2861 357,744 108.588 7,273 18,7491 (233,0871 305,325 Nèt cash provided by operatlons 184,270 ANALYSIS OF CHANGES IN NET FUNDS At 1.724 Cash fl(Y•V At 30.6.25 Net cash Cash at bank 1 899 870 1 899 870 Total 1082 382 1 899 870 13
PEC Trust Number. 11589)12 Notes to the Financial Statsments For The Year Ended 30 June 2025 ACCOUNTING POLICIES Basls of prèparing tha financial statemonts The ffin8rtial statementsof the charttable group. whth is a publi¢ benofft¢rthty uThJer FRS 102, have b88n prepa in accordance with the Ch8ritiÈs SORP IFRS 1021 'Acc(xJnting and Reporting by Charities". Statement of Recommended Pracbr£ £p1bla to charities preparing theira(tsunts in accordance with tho Financial Reporting Standard applicable in the UK and RepuNic of Irdand {FRS 11Y21 leffectNe 1 Januaty 20191.. Finanual Reporting Standard 102 Yhe Finarrial Reporting Standard pleable u) the UK and Republic of ILand, and the CompaleS Act 2006. Thè consolidated and separdle fnanLyal statements have bÈÈn prepared under the historical cost conventim. Thèse finarrial statemerts indude bolh the separate 8ryJ ts)nsdidated financial 5ts18ma)ts ctrf PEC Trust. PEC Trust is a thiitable eThMpany and a benefft tity, limiled by guarantee. rBgistered aThJ incorporated in England aThJ Wales. The address of the wistered offic£ is gwèn on the charity infr)rmation page on paoe 1 of these finawal statements. The n8tur& of the Charity's0peratK arewen on page 2 oftres8 ffinanual statements. The charity constittjies a publ benefit ent'ty as defined by FRS 1 02. The fjnancial siataments have been prepared in accordance with AccountiTwJ and Reporting by Ghartbes: Statement of Recorntnended Practice applicablè to eharibes prepariro their ¥Unts in CordarKe with thè Financkal Reporting Standard applicable in Ihe UK and Republic of Irdand IFRS 102) k8sued on 16 July2014 (a$ UFwJated thrwgh Updatè Bulletin 1 published 2 February 2016. Prlncipal a¢tivities The charities prinGipal adivibes are as follows". PrésèN8tion, conservath'on ar the KKgtethon olthe en¥1ment and fhe prudent use of resources.. Relief of povety the preservab.on and protection ofhealth by pr{noting the efvent use of energy and ukn"11s8tion of renewable sources of enefgy." and Advancefflent of education in subiÈets rdaling to gjstwnable devel(wment and the wolection, enhancement and rehab1ritati of Ihe wwronment and to promot8 sbJdy and researcl) in such subjects prov¥Jed that the useful resutts of sud) study are di5seminaled to the public at larye Preparation of consolldated financial stat8m•nts The consolidated financial statements incorwale the finanryal statents of the Charitable Company and 8ntiti8s controlled by the Group (rt$ 5ubsidiaryl. Control 15 #thièv where the Group has the power to govem the finsncial and operating W)lic$ of an entity so as to obtain benefits fro¥n its activities. Accounting policies COll$15tent with those of the p8rent ar8 used and all intra%rwp transacbons. balances, irtcom& and expenses are eliminated in fvll on Congld9tln. The fmancia stalements Ix)nsolidate the results of th¢ thaiity and its wholly owned subsidiary PEC Manogemeni Servi$ Limited 8 fine-by-line basis. A separate Statement of Financi Activities and Incone and Expendtiure Ant for the ¢h8rity 1$ pre$ted in Note 20. PEC Management Services LImitj ts a private company. limtied by share5, registor8d In England and Wales. The company8 register9d company number 15 14098558 and their princApal xtwib"e5 are human resourcÈs provisK)n and management of hum resource fiJn('ons. Going Concem After reviewing Ihè Group's forecasts and pfojeions. which cover the 12vfflonth p¢rv)d from the date of Signin9 the finanaal statemen15. the dirECtors have a reasonab expectation that the Group and CharEiable Company have adequate resources to (yjntinue in operaUon81 èxi5tCe fof the foreseeabk futu. The Group therefoie continues lo adopt the going concem basis in prep8riryJ its consolidated finanrial statements. Inoomo Grant incorne regNISed in the anraI Statements using Ihe ac£ruals model. It is recognised once tho chatlty has enifclement to the funds, it is prob*Ae that the income will be receivèd and the arnount can be measured reliably. Donation income is cognised in the finanaal statements once the charty has entitlement to the funds, it 18 probable that the income will bè tte1Ved, and tr OUnt can be measured lIablY. Contrad income is recogrused in the finanryal stateménts on an accruals basis based on the perfomian¢e of the charity against the agreed contract. Income is accrued arNJ deferred Ihroughoul the project and the surpluslldefiall on the projecl is reléaged Up completion. The Sta of completion is derNgd from prO1t reports sent by the contrad provider. Other incornB is recognised in the fin#nts81 ststements oncE the chartty has entit18ment to the funds, rt is probable that the income will be received. the amount can be measured reliably. 14
PEC Trust NLxnber. 11569012 Notos to th• Financial Statements For The Year Ended 30 June 2025 ACCOUrING POLICIES- contlnued Expènditu Liabilities are recognisecl as exrenditurea$ 8Cth 8$ theffj is a W or¢oth¢b"ve ¢i)liuation commitknng the charity lo that expenditure. il is probable that a trSIerof economic benefits wll be required in settlement and the amount of the obligation CAn be measured retiabty. Expendrtu is accounted for on an accruals basts has been classified under headings that aggregate all cost related to the category. ere o)sts cannot be directy attributeij lo particular h¢adings. they have L¢en allcyd to acli¥its on a bass consistent with the use of resources. Charitable expenditure comprises those ojsts 1ncjjed by the in the delr¥ery ofits #cNibes 8nd seNi¢es for its beneficories. Governan costs indude those cosls associated vrilh meetiry the Constitubonal statutery requirements and strategic managem1 of the charity. Support costs are allocated in line wtth the charitable xtivitses. Financial instrument5 The Group enters into basic financial instrurnenl transadions Ihat rpwll in the reCOgnitK of ffnancial assets and liabilities like trade and c)ther debtors arky creditors. Allocation and apportionmènt of costs I costs rèlatè to thé thantablè activty of ctsmpany and 3r alkscated againsl charitable actNites on a basis designed lo refflect the use ofthe reswrce. Apporlionmenl of dirgct tharrtable costs b5 based upon time spent on each activity. Support costs arè allocated to Èath aeknty basÈd un estlln8ted time spant on each activty. Tangible fixed ats Tangible red assets are stated at historKal cost less acwmulated depreGkition and any accumulated impairment losses. Historical cost indudes expendtture that És direiy attritrxrt3blè to kninging the asset to th8 Iccation and cOnditn necessary frjr it lo be capable of operab.ng in thé manner intended by managemenL Deprecration is prowded at the folbwng annu rates Tn order lo write off each asset over tt& estitnaled useful life. Plant and mathirEry Motor vehides Computer equipment Improvements to property 33% cost 25% on rethjong balance 33% on C4)St 10% on (t Taxation The d)arity is exempt from corporat)n tax on its charitatrje aCS. The taxation for the year for the subsidkary IPEC Management ServKes mIted) comprises current and deferred lax. Tax is reGognised in IncorRe Statement. except to the extent that it relates to items recognised in other omprehenswe income or directy in equty. Current or deferred taxation assets and l¢ablities are not diso)unled. Curronl tsx is r¢Gogniwl at the amtyjnl of lax PaYae using the lax rates and Laws thal have been enacted or substsntively ened ty the balance sheet date. Deferred Tax Deferred tax is recognised in respect of all b.ming differertss that have originated bui not VerSe al the balance sheet dale. Timing differerS arise from the indUOrt of income and expenses in tax ass•ssments in periods differenl from those in which they are recognised in fin8nfial statements. Def?tr8d tax is measured using tax rates and laws that have been enacted or substsntivdy enacte(I by the yeai end an¢J th* aro pected lo apply to the reversal of Ihe timing differerKe. Unrelieved tax losses and olher deferred tax assets arè rÈtognisÈd onty to thè èxtent that it is probable that they will ba recovered against the reversal of deferred tsx liabilibes or other ftrture taxablo profits. 15
PE¢ Trust R l¥1grgd Com Number. 11569012 Notes to the Flnanclal Statements For Tho Year Ended 30 June 2025 ACCOUNTING POUCIES- coniinued Defèrred tsx liabilib.és arè pr&sènted wthin provisions for laknliiies and deferred tax assets within debt0. Fund accnting Unrestricted fuThJs can be used in ac&)rdance with the dritable obiecti"¥e$ at the dI$et10n of the trustees. Restricted funds can onty be used for partular restrtdeil purp05es within the objects of the d)aiity. Restrictions arise when speafied by the dwor or whèn furtds are raisèd for parbcular mstrthd puSes. Further planatity1 of th¢ nature aThJ purpose ofeach fund irK4uded in the notes to Ihe ancial 3latémènts. lrniestrnenls Investm8nts in subsKfiary UndertakIr are recx)grwseJ at ca)st. nanclal Instruments The charity mak&s use of basK finanoal instruments onty. Debtors and (¥editors. with no ststed interèst rate. and receNable or payable within one year are recorded at transactior) prKe. Any k)5ses 81ising fmm impairment are recognised in expenditure. Fund accountlng Further explanation of the nalure and purpose of eath furKI 1$ induded in Ihe notes to tho financial statements. 16
PEC Tru8t Number. 11569012 Notes to the Financi Ststemen15- continued DONATIONS AND LEGACIES 30.625 30.6.24 Donatic*)s INVESTMENT INCOME 30.6.25 30.6.24 Interest k¥able 12.286 INCOME FROM CHARITABLE ACTMTtES 30.6.2S 30 6.24 Actvity SUStanae development Sustanalje devdoFment Grants Contrad irmne 1.738,708 678,188 1,853,394 417.951 1416.896 2.271.345 Grants receNed, induded in the ae. are as foltows". 30.6.2S 30.6.24 R¢dr¢ss Household Support Fund N8t Grid Wami Homès PECR Renewables ted- recovery ofcosts Sustsinable Wami (fonrtY LAD3) Warm and 11 (from Big Lottety) LEAD Project Northeott Devon Foundation- Redress Fietrofit Credits 23-24 ShaTed Prospwity Furmfing 238.9S7 574.375 3,484 295 214.015 50,314 657.048 220 267.988 382,50D 9,936 370.073 97.723 670,455 477 13,440 14.261 1738 708 1.826.853 RAISING FUNDS Raislng donations and legacles 30.6.25 30.6.24 Support costs 1,490 1,193 CHARITABLE ACTIVITIES COSTS Support costs (see note n Direct Costs Total5 Sustainable development 2,272,478 177,716 2,450,194 17
PEC Trust istered Com Number. 11569012 Notss to the Financial Statements- continued For The Year Endgd 30 June 2025 SUPPORT COSTS Govemance Other Totals Raising donation5 and legacies SuslairEobl¢ dov¢l¢)prT 1.490 143,765 1,490 177 716 372 11,991 21.588 145.255 372 11,991 21.S88 NET INCOMEI{EXPENDITUREI Net irOMe1(expeThllreI is stated aftercharginW{¢Jedrfingl: 30.6.25 30.6.24 Auditors, remuneration Other operating leases DeprecAation - owned assets 5,920 5,396 11,992 5,245 TRUSTEES. REMUNERATION AND BENEFITS There were trustees. reMunaD or other tefits for the year ended 30 Jwe 2025 nor for the year endod 30 Jun8 2024. Tru$tvs' expenses There wefe Th) tntste&s' expenses paid for Ihe year ended 30 Jure 2025 nor frjr tho yoar ended 3Q June 2024. 10. STAFF COSTS The average morthly number of empknyees during Ihe yearwas a$ folbws.. 30.6.25 33 11 30.624 29 Employees Director5 40 The charity hgs 10 OyeeS includ&Y in the figures above, are 811 non-remunerated directors. The CEO of the charity reVed total Temuneralion of £97.W in the year (2024.. £89,488) No other senior managemenl rewe(I remunÈrÈtion ovÈr£fl).(MX) in thè eurrent year or priof year. Note Ihal Iruslees do not receive any rernuneiati. 18
PEC Trust Number. 11569012 Not8s to th• Financial Statements - continued For The Year Ended 30 June 2025 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES - GROUP Unr8slricted fvrmls RestriGt furK TDtal funds INCOME AND ENDoWMEPs FR Donations and legaryes 134.480 1.600 136,080 Charitable activities Sustainabl8 d8velopmant 417.551 1,853.394 2,270,945 Itwe5tJnent in(yJme 8.749 Total 560,780 1.854.994 2.415,774 EXPENDITURE ON Raising tunds 1,193 Charltablè aetivltlès Sustainable dovelowenl 199,933 2,101,160 Tot• 201.126 2,101 160 2,302,286 NET INCOMEI{EXPENDITUREI Transf8rs funds 1246,164) 113.488 Net movement In funts 359,&54 1246,164) 113,488 RECONCIUATrON OF FUNDS Total funds kKoughl fo(ward 639,C65 464,3 1,103,375 TOTAL FUNDS CARRIED FORWARD 998.719 218,145 1,216.864 12. PURPOSE OF RESTRICTED FUNDS RedsS grant fvnding is to ddiver woiect work to er projed wotk in the eity tts support the alleviation offuel poverty and help deliver retrofrt support ser¥eS and te surwrt thè devdopmènt of a ccxmmunty led affordable housing scheme al Kings Tarnerton, Plymouth. Plymouth Ckty Councd Green Homeslsustsinable Warm grarkt funding is to be used to defver up to 300 granls to householders for the installation of energy effiuency measures. Ptymouth Cty Council HOLehd Suppc¥t Fund i5 to (¥eate surwt lo housoh(Ads with d)itdren, households wth pen&oners, and other vulnefable frUSehd5 and indNiduals. Nat Grid Wam? Homes is a lo1 bid to the category 3 element ofthÈ Wam Homès Fund. to cover staffing costs for 2 years for work with ftjel poor households. The Big Lottery Warm and Well grant is to develop and embed Wann and Well and maintsin an effectwe, free to residents, fuel poverty servi. Add'onal it is to grow the resijlling communty led aCtn on fud poverty and energy as a local, regional and national issue. IUK Owing for Nèt Zero is fuThJing towards a project to devek)p and enhar city wide o)Ilaboration and r¢s¢4rch to feduce rxrtjon Wesl of EnglarKI Cotnbined AuthorityfundirKJ is towardslhe Lcul EnergyAdvice DerncnstratorlLEADI programme to develop a n8w modd for retrofft adwce seNicè d81ivery across Devon and Comwall University of Plymouth Retsoffit ¢dit 2&24 fundiThJ is to oxph)re the possibility of delivery a retrofit carbon credits scheme in Plymouth in Gdlaborat4Qn Wtlh partners. 19
PEC Trust Number. 11S69)12 Notss to Ihe Financial Ststements- continued For The Year Ended 30 June 2025 PURPOSE OF RESTRICTED FUNDS- cen15nu•d Northccrtt Oevon Foundaty)n Redress fund*ig was towards the purthase of a new for a dient Shared Prosperity Funding for ts creation ofa DIY efficiLY assessrn¢nl PECR Renèwablès LimitÈd fundirwJ is for thè rerA)vw ofcosts in rÈlab"on to shar8d ovètheads. 13. GRANTS TO OTHER ORGANISAMONS ants paid to olherorganisalKJn5 durirvJ the year were as frllows. £33,g22 to PEC Renèwables their supprxt w defvery of the Redress EmÈsèttle projècL 14. TANGIBLE FIXED ASSETS Group Improvements to property PLant and mathinery Motor vehides Computer equiprnent Totals COST Al 1 July 2024 Additions 18,183 28,683 AI 30 June 225 30.767 13,475 1.000 DEPRECIATION At 1 July 2024 Charge for year 496 126 5,059 14,398 At 30 June 2D2S 1.OB3 9,937 622 14,748 26,390 NET BOOKVALUE AI 30 June 2025 29.684 3,538 378 54.542 At 30 June 2024 657 13,124 14.285 20
PEC Trust istered Com Number. 11569012 N¢)te8 to tho Financial Statements - continued For The Year Ended 30 June 2025 TANGIBLE FIXED ASSETS - ¢onYnu Charity to propety Plant machinery Metor V0htt$ Computer equipment Totals COST At 1 July 2024 Addib'ons 9,500 3.975 1,000 2.108 8,767 12,608 At 30 June 2025 1.000 DEPRECIATION At 1 July 2024 Charge fof year 1,259 10,598 4,185 126 At 30 June 2025 622 3.141 NET BOOK VALUE At 30 Juno 2025 378 41.334 At 30 June 2024 657 5D4 850 15. FIXED ASSET INVESTMENTS Th& Charty Shares in group undertakings MARKET VALUE Cost NET BOOK VALUE At 30 June 2025 At 30 June 2024 There were no investment 8sset$ ¢xJtsid¢ the UK Thts investment lateS to a wholly owned subsidiary dètailèd further in note 22. 18. DEBTORS.. AMOUNTS FALLING DUE wrrHIN ONE YEAR The Group The Charity 30.06.25 30..24 30.06.25 30.06.24 Trade debtors Other debtors VAT Corporation Tax Aernjed income Prepayments 102,218 70,881 17,320 473 46,059 15.203 314.456 76.4 101.824 32,606 81.016 314.782 6.965 200.052 17.755 46.059 46.059 16S,719 252,154 608,759 267,925 527,018 21
PEC Trust Re istered Com Number. 11569012 to the Financial Statements - contin For Thg Ygar Ended 30 June 2025 17. CREtMTORS: AMOUNTS FALUMG DUE WITHIN ONE YEAR The Group The Charity 30.06.25 30.[24 30.06.2S 30.06.24 Trade creditors VAT Corporats'on Tax Acauals and déferred in(xxllè 86.225 59,121 87.085 42,545 161 382.492 293,204 275,831 342,222 379,429 486.230 362.916 384.767 18. PROVISIONS FOR UABIUTIES Group 30.06.25 30.(É.24 DefeNed tax pmwsion 1.017 2,332 D•f•rr•d Tax Balar at 1 Juty 2024 2.332 Aec8lèrated CApit81 alklw8reS Losses carried foA¥ard to ulilise against fulure woffits 177 1.492 Balance at 30 June 2025 1.017 Charity 30.0625 30.(6.24 O¢f¢rred tax pruvi5 Deferred Balance at 1 July 2024 Accelerated capital alloWanS Balance al 30 June 2025
PEC Tntst istered C¢Jm Numbor. 11569012 Notes to the Financial Statements - continuèd For The Year Ended 30 Junè 202S 19. MOVEMENT IN FUNDS Net movement Èn funds At 30.6.25 Al 1.7.24 Unrestrlcted fund General fund 996,720 134.826) 963.894 Restricted ftJnd$ Household Support Fund susta8b1@ Wami Iformerty LAD31 Warm and Well 2 {from Bo Lottery) Sha19d PIDsplty FundirvJ Emesettle Conwnunty Sotar 159.818 3,960 40,10S 14.261 88,169 13,9601 125,8661 114,2611 247,987 14.239 600,0 218.144 644,082 TOTAL FUNDS 1216.864 609.256 1.826.120 Net movement in fvThJs. indLhJed in the above are asfdknws.. Incoming Resourcès expended Movement in funds Unrestricted funds Genèral fund 714.618 1749,4441 (34,8261 Re$tri¢ted fund$ RlleSS Household Supwrt FuThJ Sustainablè Warm {fomierty LAD31 Waim and Wèll 2 Ilrom Big Lottery) Lead Project Northcott Devon Foundation Shared Pr05perity Funding Emesettle Commuruty Solar Parily Projects Green Commur¥li9s 238.959 $74.375 214,015 50,314 657,048 220 1238.959} 1486,206) 1217,97SI 176,180) (6S7.0481 1220) 1142611 88,169 13,9601 125,8661 {14.2611 600,000 600,000 10,5 891 {10,5001 8911 2.346,322 1 702 240 644,082 TOTAL FUNDS 3.060.940 609 256 23
EC Trust R istered Com Nlber. 11S69012 Notes to the Financial Ststements . continued For The Year Ended 30 June 2025 19. MOVEMENT IN FUNDS- contlnued ComparatIv ft)r movement in funds Net Transfers btheen movernent in fvrL(I$ At At 1.7.23 unrèstrlet fund$ General fund 639.CE5 359.655 998,720 Restrict8d funds Redress Housethld Support Fund Susiainable Wami (forThty LAD3) Warm and Well 2 {from Big Lottery) IiJK Owning Netzero Lead Projed Rètrofit Credits 2>24 Sh8re(I Prosperity Flding 163.951 270.817 {163.951) {110,999) 159,818 3.960 40,105 28.1&2 11.923 (1,3eK)} 14,261 14.261 464 310 246.1&8 TOTAL FUNDS 1.103375 113489 1,21e.864 Cornpa¥aiwe net movement in fijnds. included in the above are a5 fdl¢yws: I[OmIng r¢sour¢os Reyources exr*nded Movernent in thnds Unr¢$trl¢tsd funds General fund 561.179 (201.524) 359,655 Rostrjctèd funds Redress Household Support FurKI Nal Grid wam hotTES ext Sustainable Wam {fomedy LAD3) Warm and Well 2 (from Bw Lottery) IUK Owning Net Zero Lead Projecl Northcott Devon Foundats'on Retrofit Credits 2&24 Shared Prosperty Fundir 1458,480) 1494,103) 19,936) 1366,1121 {86,7991 11,36Ql IS70,4551 14771 (13,4401 1163.9S1) 111 D.9991 383,102 9.936 370.072 98.722 3.960 11.923 (1.360) 670.455 477 13,440 14.261 14.261 1,854,99S 2,101.161 248,166 TOTAL FUNDS 2,416,174 ,302,6851 113.489 24
PEC Trust istered Com Nwnbèr. 11569)12 Notes to the Financial Staternents - contlnued For The Year Endad 30 June 202S 19. MOVEMENT IN FUNDS- connUed A current year 12 rnonths prKY yèar 12 months combined is as follows: Nel m¥ÈmÈrtt Transfers At 30.6.25 At 1.723 funds Unrestricted funds General fund &39,rfi5 352.723 991,788 Rgstrict•d fvnds Redress HSehOld Support Fund Sustainable Werrn Ilormerty LAD3} Wami ar Well 2 (from Big L•) IUK fvning Nel Zero Lead Proje Retrofit Credits 23-24 Emesettle Community Solar 163.951 270.817 (163.951) (48.01n 222.8CKJ 28,182 (13.942) (1,360) 14,240 464.310 372.730 837.040 TOTAL FUNDS 1.103,375 725.452 1.828.828 A current year 12 months and prior year 12 months fX)mbir*d net movement in fvnds. indjed in ttp abovè arè as lollows= Incoming resources Resources expended Movetnenl in fun¢Js Unrestrlctsd funds GenÈfal fund 1,331.IK)5 (978,283) 352,722 Ro¥tricted funds Warm Homes Fund Redrés> Housèhold Support Fund Nat Gild watm homes ext Sustainable Wam) Ifomiety LAD31 Warm and W8112 (from Lottery) Lead Projeet IUK Owning Nel Zeto Northcott Devon Foundation Retrofit CTedtts 2&24 Shared Prosperity FundFng Emesettle Community Solar 3.483 13,4831 (697,4391 (1.005,4941 19,9361 {584,0871 {162,9781 {1.327.503) {1.360} {69n 113.4401 1142611 1163,951) 148,0171 957.477 9,936 584,087 149.036 1.327,503 (13,942) 11,360) 697 13,44CI 14.261 600.000 4,1934D8 3.820.678 372.730 TOTAL FUNDS 5.524,414 4.798 9811 725 452 25
PEC Trust Number. 11569012 to the Financial Statements- contin For Thg Year Ended 30 June 2025 20. INDIVIDUAL STATEMENT OF HNANCIAL ACTMTIES The Charity 30.6.25 Totsl lund¥ 30.6.24 Total funds Unrestrict&Y ftjnds ReslrKted funds INCOME AND ENDOWMENTS FROM Donations and legacies 20.367 811,391 831.758 156,398 Charltsble activities Sustainable devel<)pment 528.083 1,734,931 1263.014 2,104,672 Investment irtc()mè 12.286 12.286 8,749 Total 560,736 2.346,322 2,907N58 2.269.819 EXPENDITURE ON Raising funds 1.490 1,490 1.193 Charltable aotivitie3 Sustainable dÈvèlopménl 588.9B4 1.702.240 2391324 2.161.706 Total 590,474 1.702.240 2.292,714 2 162899 NET INCOMEIIEXPENDITURE) Transfer between funds (29.738) 644.082 614,344 108,920 Net movement in funds (29.738) 644,082 614,344 10S,92D REcONCILTroN OF FUNDS Totsl funds brought fi)rward 998.720 218,144 1.216.864 1,Q63,433 TOTAL FUNDS CARRIED FORWARD 968.982 862,226 1.831.208 1.170,353
PEC Trust i¥tsred Com Number. 11569012 Motes trj the Financial Statements- ¢ontinue(I For Tht Y•ar Ended 30 Jung 2025 21. GROUP STATEMENT OF FINANCIAL posinom The Group 30.6.25 Total funds 30.6.24 Total funds Unreslrided nds Re8trithd fvnds Noles FIXED ASSETS Tangibl¢ ats 15 54.S42 54.542 14,285 CURRENT ASSETS Debtors Cash 8t bank 17 224.851 1.064,002 27.303 835.868 252,154 1899 870 e08,759 1,082,382 1288.853 863,171 2,151024 1,691,141 CREDITORS Amoun15 falling due one year 18 1378.4841 194SI 1379.4291 I486,0) PROVISION FOR LIABiunES 11.0171 {1.017) 12,332} CURRENT ASSETS 909.3S2 862,226 1771 $78 1,202,579 TOTAL ASSETS LESS CURRENT LIA8ILinES %3.894 861226 1,826,120 1.216.864 NET ASSETS 963,894 1 826.120 FUNDS 20 Unrestrtcted fvnds Rèstricted funds 963.894 B62.226 998,719 218,145 TOTAL FUNDS 22. SUBSIDIARY TRADING ACTIVITIES Th& charity owns of the company, PEC Management Servii*s Ltd 14098558 whose rIstered Offi ts Office 37, G¢nesis Building, 235 Union Street, PIymoLJlh PL1 3HN opérates a Nmber of comtnercial ventures on behalf of the tharily. PEC Management Services Ltd is iruded in these o)n¥oÉidated accounts. Iks trading results forthe year extracted from the fiy)anaal statements arè summarised bd¢Nf'. 30.06.2S 30.0624 Turnover 1.2S1W1 1,119.25e Wages and Salaries {963.4191 {860,9101 Social Security Costs {100.5461 159,533) P8nsion Cos15 182,0671 181,5671 Oeprecialion and other amounts wriiten off assets (7.8061 13.223} Other charges 1107.2311 {106,424} T8xatBJn 1,476 11611 R8t8ined losslprofft 7,438 27
PEC Trust istefed Corn Number. 11569012 Notes to th• Financial Ststements - continu For The Year Endgd 30 JLne 2025 23. ASSETS AND LIABILlnES OF THE SUBSIDIARY 30.06.25 30.06.24 Flxed assets Tangible assets 13,208 11,740 Currant assels Debtors and (xsh al bank 114049 112,018 Creditors Amounts falling due vitthin on year 188.817) 175,446) Net assèts 48,312 Represented by: capit and Reserves 26.232 48.312 24. RELATED PARTY DISCLOSURES £5.969 was rèeeived by PEC Trust from PEC Managemenl Services Ltd. a whdty ¢wmed subsirfory of PEC TIust12024.. Nil) for the recovery of cost$. £3.288 re received by PEC Trust from PEC Reable$ Ltd forwhKth there are directors in common (2024.. £4791 for th8 recLlVèry of costs. £2,800 wer¢ i¢ceived by PEC Twst from PEC Fkjmes Lld forvthith there are dire¢tors w oxnmon12024.. Nil) for the recovery of costs. Donations of£6QO.000 wèr8 rècÈNed by PEC Trst from Em¢s¢ttte CommuTrty &lar Ltd fcrf which thère are diredors in ccxnmon12024.. £125.OCX)I. At the year end ther& is a balance of £6,CQJ owed by PEC Trust lo PEC Management serVs Ltd12024.. £251, a wholly owned SubdIary of PEC Trust PEC Trustwa5 ow¢d £393 by PEC Management Servicès Ltd at the year end12024. £3761. PEC Trust incurred expenses of £1,105,782 frorn PEC Manag6m8nt SÈrvic£s Ltd R024'. £1,119.8761, this indudes £2.766 for insurance, £51,IY23 IT soaTe costs and £1.17.933 workforce recharges. 25. OTHER FINANCIAL COMMITMENTS PEC Management Services Ltd entered into an operating se commitrnent during the year. The amount due wEthin 12 months is Nil. P024- £2,500) 26. TAXATION - GROUP Analysls of the tax charge The tax charge on the profft f( the year was as fo11tr.. 30.0625 30.08.24 Current tax.. UK cgiporation ta¥ 473 161 28
PEC Trust i8tsred Com Numbor. 11569012 Notes to the Financial Statements- continuèd For The Year Ended 30 June 2025 TAXAnoN . ¢ontlnu•d Total ojrrent tax 1473} 161 DèfeFred tsx In 2.2 Tax on profft 2,493 Th6 drfferen$ arÈ reccmciled belt7W: 30.06.25 30.[.24 Total surplus 609.256 113,488 Corporation tax at stsndaid rate Effect of charitable activikn.es exempt from tsx Effect of capital alkwanees arKI deweciation Tax1osses Garried fort¥ard 152.314 (154.337} 1236} 26.324 (25,416) 1.585 Tax wofit 296 2,493 29
PEC Trust Number. 11S69012 Detailed Ststement of Finan¢ial Activities For The Y nded 30 June 2025 30.6.25 30.6 24 30.6.24 Group Charity Group Charity INCOME AND ENDOWMENTS DonatSons and legaci•s Donations 631.758 631.758 136,080 156,398 Invostmènt incom? Interest 12.286 12.286 8.749 8.749 harStable activities Grants Other grant income Contrad income 1.738,708 1,733.312 1.853.394 1.853,394 678.186 2.416,896 3,060,940 529,702 2.263.014 2.907.058 417,551 2,270,945 2,41 5,774 251,278 2 104,672 2,269,819 Totsl Fncomlng rpsourcos EXPENDITURE Charltable acl¥iti¢s Rent Subcontractors Consulbw)g Crisis arKI repair Workforce recharges Wages and Salaries Social Securtty Pensions Lg9al and prctrfe8sional fees Fuel vouchers Mthitè goods Gas safety repaws Credit customer payments Grants lo other organisations 5,396 659,525 5.3 659,525 567,138 22.875 64.571 567,758 22.875 64.570 911,828 79.203 79.203 1.044,D12 989.644 .346 81,829 55,024 93.822 3.588 847.238 90,335 76.752 48,925 117,632 18,183 11.361 188.140 45.3( 93.822 42.379 117,2 18,183 11,361 175,308 175.S)8 33,922 188,140 33.922 28.999 28.999 Workshops 2,272,478 2,145,641 2,158.594 2.043,562 Support costs Management Insurance Telephone Postage and 8tationery Advertising Subscrrptions Vehiole lease IT software and nsumaNes Staff training Sundry Donations Entertainmènt Offico Costs Rent 10.912 4.382 1.052 8.*9 3.2 1,257 4.650 1.052 1,190 15.913 3.239 1.973 15.913 2,414 1,973 60.918 21.537 21,238 1,800 2,728 60,082 2.949 46.428 15.584 1,186 2.314 10,349 4,480 3,846 2,261 1,663 17.985 4.104 17.985 20 145,255 126.146 119,947 103,390
C TTU¥t n Hir. 119012 Detailed Statement of Finandal Actl¥ltl•s For The Yèar Endod 30 June 2025 30.6.25 .6.25 30.6.24 30.6.24 Group Chaiity Grnup Charity Finance Bank charges 372 281 303 other Short Leasehold Plant and mathinery Motor vehides Computer equipmenl 2,270 657 126 8,938 11.991 2.270 657 126 3,167 168 3.928 7.273 3,167 168 e29 3,964 4.185 Governance costs Auditors. mUnerath¢)n Accountancy fees 5.920 5,920 6,750 12.670 5.245 5,245 6,435 11.680 21.588 16,468 Total resources •xp•nded 2.451.684 2.2ty2.714 2,302286 2,163,300 Net {0xpenditUreInCOffie 609.256 614344 113.488 106,920 This page n(A form part ofthe ststutimy finantxat ststements 31