2021 AGM Meeting Agenda and Financial Overview
The detailed agenda for the upcoming 2021 AGM meeting, covering topics such as attendee registration, financial reports, future initiatives, and trading position. Also, delve into the income and expenditure account for the year ended 31 March 2020. Stay informed on key discussions and decisions shaping the community energy project.
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Presentation Transcript
2021 AGM 7 years since our launch meeting in 2014 Saturday 28 August 2021
Our agenda this afternoon 1. 2. 3. 4. 5. Registration of Attendees, Apologies & Proxies Approval of the AGM minutes held on 17 April 2019 Matters arising from 2019 AGM The submission of annual IPS returns to the FCA The receipt of the accounts, balance sheet and reports of the Board and its Auditor The appointment of an Auditor Board resignations and nominations and appointment of Chairman and Directors Proposed motions. To consider: a. The application of any profits b. The withdrawal of any shareholdings c. Future tariff rates in relation to our Village Hall and Social Club d. Signing limits for cheque signatories Potential future initiatives of Power4KcC. To consider: a. Any other initiatives desired by our community? 10. To transact any other business which may be properly transacted at this AGM 6. 7. 8. 9.
A reminder - our original objectives... Support village facilities Improve our energy resilience Bring our community together Develop a long- term project we can all be proud of Save money and energy
Actual vs. estimated power output 2020 1200 1000 800 Forecast Output (kWh) 600 2020 400 200 0 0 2 4 6 8 10 12 14
Monthly power output 2015 - 2020 1200 1000 800 Forecast Output (kWh) 2015 2016 600 2017 2018 2019 400 2020 200 0 0 2 4 6 8 10 12 14
Energy generated (and its value!) Our annual output this year would have powered Keith Dickerson s Nissan LEAF for over 30,000 miles, if he could store the electricity and charge it at the right time...!
Our trading position 2019/20 KELSALE-CUM-CARLTON COMMUNITY ENERGY LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020 Income Feed in tariff Social club Other Less vat provision Expenditure Insurance Data protection registration FCA registration Community England subscription Hall hire Amortisation Operating surplus/deficit Tax Net (deficit)/surplus for year Retained (deficit)/surplus brought forward 2020 2019 1,837 155 250 ----------- 735 183 2,242 (92) ----------- 2,150 ----------- 918 (35) ----------- 883 280 35 60 280 35 67 120 - - 9 843 843 ----------- 1,218 ---------- 932 ----------- 1,354 ---------- (471) - - --------- 932 --------- (471) (417) 54 ---------- ---------- Retained (deficit)/surplus carried forward 515 (417) ---------- ---------- Page 3
Our trading position 2020/21 KELSALE-CUM-CARLTON COMMUNITY ENERGY LIMITED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Income Feed in tariff Social club Other Less vat provision Expenditure Insurance Data protection registration FCA registration Community England subscription Hall hire Amortisation Operating surplus/deficit Tax Net (deficit)/surplus for year Retained (deficit)/surplus brought forward 2021 2020 553 47 1,837 155 250 ----------- - ----------- 600 (27) 2,242 (92) ----------- 2,150 ----------- 573 280 35 280 35 60 - - - - - 843 843 ----------- 1,158 ---------- (585) ----------- 1,218 ---------- 932 - - --------- (585) --------- 932 515 (417) ---------- ---------- Retained (deficit)/surplus carried forward (70) 515 ---------- ---------- Page 3
Actual vs. estimated financial performance (2017-2020) estimated actual estimated 2 2017 3 Assumptions FIT Annual increase Export & sales fee annual increase actual 2018 estimated 4 actual 2019 estimated 5 actual 2020 Units produced FIT fee per unit Electricity sale per unit Export fee per unit Deemed export amount Electricity sold 6807 14.8 7.4 5.0 50% 0% 6833 15.3 6752 15.3 7.7 5.3 50% 0% 6833 15.3 6697 15.7 8.1 5.5 50% 0% 6590 6642 16.2 8.5 5.8 50% 0% 6889 4.9 50% 4.9 50% Income FIT income Electricity income Export income Other VAT provision 1,008 1,063 135 1,030 1,177 255 1,052 735 183 1,075 1,837 155 0 0 0 0 170 incl in FIT 178 incl in FIT 185 incl in FIT 193 incl in FIT 250 - 92 - 58 - 59 - 35 883 total 1,179 1,140 1,208 1,373 1,237 1,268 2,150 Outgoings insurance maintenance admin & legal 170 274 42 95 411 170 290 0 118 408 170 280 0 231 511 170 280 200 370 200 370 200 370 200 370 95 total 375 EBITDA interest on savings tax depreciation 809 729 838 965 867 372 898 1,775 16 0 - 843 5 0 0 0 9 0 0 0 13 0 0 0 - 843 - 843 - 843 - 843 - 843 - 843 - 843 Profit after tax - 29 - 114 4 122 37 - 471 71 932
Cash at the bank? At the start of the project: 0 After paying set up and construction costs: 143.55 At today s date: 7,176.56 Therefore, net gain 7,033.01
The application of any profits? Do we want to issue a dividend this year? Advice from accountant, Michael Stone, is not to pay a dividend.
Our tariffs whats fairest for ALL? Do we want to continue with current tariffs considering community benefit? Village Hall to receive free electricity for KCCE. Social Club to pay 50% of current provider tariff.
Signing Limits for Cheque Signatories The are currently no signing limits for cheque signatories in our rules. We propose that: Cheques for up to 250 can be signed by a single director. Cheques above 250 require two signatures
Future Initiatives? Review business case for future extensions to solar panels? Storage battery for Village Hall should be a priority - this would make them self sufficient in energy (at least in Spring / Summer / Autumn)? Approach Carlton Industrial Estate to install solar PV on roofs (KCCE would manage)? EV Charging point in Village Centre supplied by IP17GNS?
