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Westmill Solar Co-operative. Annual General Meeting 7 th June 2014. Today’s agenda. 11:00Directors’ reports: Operating performance Financial report Membership, external relations share transfers Capital transactions Hive-up Repayment of share capital Members’ comments and questions - PowerPoint PPT Presentation
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Westmill Solar Co-operative AGM
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Westmill Solar Co-operative
Annual General Meeting
7th June 2014
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Today’s agenda11:00 Directors’ reports:
• Operating performance• Financial report• Membership, external relations
– share transfers• Capital transactions
– Hive-up– Repayment of share capital
Members’ comments and questionsBoard candidates – collection of ballots
11:50 Brief Break 12:00 Formal business
12:30 Lunch and visits to stands
13.30 Keynote Speaker: Alan Simpson14.15 Breakout and Networking sessions
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WSC organisation
• Non-executive board• Co-op administration:– Ethex– Registry Trust (members’ share-holdings)
• Asset management:– OST Energy
Accountants & auditors: Critchleys
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Operating report
Philip Wolfe; Non-executive Chairman
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Monthly output – year 1
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Monthly output – Q4 2013
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Performance ratio – year 1
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Performance ratio – Q4 2013
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Financial report
Mark Luntley; Non-executive Director
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Key documents
• Statement from Directors (p11)• Auditor’s report & opinion (p13)• Income and expenditure account (p20)• Balance sheet (p21)• Cash flow (p23)• Movement of reserves (p29)• Detailed management accounts (on website)
Our finances – key issues
• A really good trading year– Income – Costs (including loan interest and depreciation)– Proposed payment to members – Tax
• Our assets and liabilities• Transactions in the year – Loan re-financing– Hive up
Transactions in the year
• Replaced 7 year Investec loan with 24 year Lancashire bond (Feb)
• “Hive up” bringing together two companies (summer)
• Upward revaluation of assets by £0.723m • Write off of £0.704m one-off irrecoverable
costs(But shareholder capital remains at similar level)
Income and direct costs
• £1.9m income- £1.7m FIT• £1.059m cost of sales– £0.626m depreciation– £0.185m Abacus premium payments– £0.081m rent– £0.066m O&M contract– Other costs of sales (rates, insurance, security, site
electricity etc)• £0.084m Admin expenses (Ethex, audit, one off
costs)
Assets and liabilities
At 31st Dec 2012 = £14.226m – Add Critchleys revaluation by £0.723m– Subtract Depreciation for year £0.626m
At 31st Dec 2013 = £14.323mCash increased from £0.645m to £2.2mLoan now £10.598mTax – building up a reserve in case we need to pay this later on
Proposed shareholder interest
• Business case anticipates returns steadily increase year on year
• For 2013/4– £116,211 (2p/share interest)– return of 20% of members’ capital
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Membership& external relations
Adam Twine; Non-executive Director
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Capital transactions
Nicola McConville, Philip Wolfe;Non-executive Directors
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Your questions & comments
Introduction toCandidates for the Board
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Formal business and resolutions• To approve the minutes of the 2013 AGM
• To receive the audited accounts for the last financial year incorporating an interest payment of 2p per share
• To approve a return of capital to all members of one fifth of each member’s holding of A and B shares
• To re-appoint Critchleys as auditors
• To agree to make payments to a community fund as proposed in the share offer document, and that such payments be made in any year before the fifth year, if there is a sufficient surplus to do so
• To resolve that the directors be remunerated until the members resolve otherwise at a General Meeting
[If the above is not passed, the following resolution will not be put]
• To agree that the directors’ remuneration be set on the terms proposed and at the level recommended by the members’ committee (see p31)
• Results of the election of two directors
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After lunch
• Alan SimpsonFuture prospects for Community Energy
• Break-out and networking sessions
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Break Out sessions 2.30 – 3.30pm
• Westmill Fund – results from survey and how to take idea forward - led by Mark Luntley
• Hydrogen – a cure for intermittency? Led by Prof Rex Harris
• Retrofitting your home for effective heat loss reduction - led by Tim Nicholson
• Community Combined Heat and Power - led by Martin Crane
• Community energy at Westmill … the next steps - led by Adam Twine
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