Company Registered Number:
Charity Registered Number:
1161019
(A Company Limited by Guarantee)
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
CONTENTS
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the audited financial statements of the Foundation for the year 1 April 2021 to 31 March 2022. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Since the Group and the Foundation qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Group aims to have a demonstrable impact on causes falling within the Empower Community Foundation's (ECF) objects. The Group and Foundation's key objective for the year was to act as a Trustee to the local community funds which are due to be received from projects where the Group and Foundation has an interest. The projects mainly comprise fully operational and validated solar PV systems which are owned and operated by a special purpose vehicle.
ECF administers and oversees the financial management and allocation of surplus revenue share from projects in favour of communities where the projects are undertaken, in consultation with a Local Community Fund Panel for the rooftop portfolio and via the relevant Community Foundation in the case of the CIC-based solar parks (see below). ECF’s objects have been designed to allow maximum flexibility for each locality to make its own decisions in relation to best application of support for that area, broadly in favour of projects which will reduce or reverse negative social and/or environmental impacts in the local community.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The strategy for the period was to implement the objectives of the Group and Foundation and prepare for future surplus funds to be distributed.
The principle that members of the community local to that project are best placed to identify and recommend the most beneficial recipients and uses of grant funding is embodied in the structure and implementation of the grant making activities of ECF. These are currently the Local Community Fund Panel for Empower Community Solar 1 LLP (known as ‘Empower Sunderland’) and the relationships with The Wiltshire Community Foundation for Drove Lane Solar Park CIC and Foundation Scotland for New Mains of Guynd Solar Park CIC. In each case, ECF Trustees review and approve the most suitable recipients of grant funding as recommended by the local entity.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
Objectives and activities
(continued)
c. Activities undertaken to achieve objectives
The projects have commenced in the special purpose vehicles and the Foundation's share of funds are in the process of being received and distributed.
In the case of Empower Community Solar 1, the primary focus of grant making has been the general improvement and energy efficiency of community centres in the Sunderland area. The covid situation has meant that many of these centres’ building improvement plans were stalled, so grant making for these activities slowed during the period, with a number of smaller grants to wider groups such as food banks and women’s refuges made instead. Unallocated funds have accrued for future grant making. Drove Lane Solar Park CIC donated to the Wiltshire Community Foundation in support of its ‘Stronger Families’ programme in Salisbury’s most deprived ward. New Mains of Guynd Solar Park CIC, via Foundation Scotland, made its annual grant to Voluntary Action Angus for their ‘Children and Families Buddy Support’ programme.
Achievements and performance
a. Key performance indicators
Income distributable to charitable beneficiaries is considered to be the key performance indicator. Grants distributed to institutions for community benefit in the year totalled £69,830
(unaudited 2021 - £190,858)
, with unallocated funds from one financial year carried over into the next.
b. Review of activities
Regarding the activities outlined above, the Trustees are aware of their responsibility to balance the needs of beneficiaries and to award grants to new projects where appropriate and carry forward any unallocated grant funds where no suitable recipient has yet been identified.
c. Investment policy and performance
The Foundation is expecting to receive funds in the future to invest in future community projects and for the time being is donating 100% of community benefit funds received.
The investment policy of the Group and Foundation will be to invest any surplus funds in interest generating deposit accounts. Further investment policies will be agreed once funds have been received. Further social and ethical considerations which are not outlined in the objects are taken into account as part of the investment policy, as the governing document of the Foundation does not mandate consideration of other matters.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Group and Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Group and Foundation is not currently exposed to operational risks of the sort that would require to be ameliorated by emergency expenditure.
The Group aims to maintain a level of reserves in future sufficient to enable its project and donor activities to be undertaken year on year once funding is received. At the year end, there was a deficit in unrestricted funds of £4,271,079 (as restated, unaudited 2021 - £4,055,567) . While the Group is in deficit and made a deficit during the year, the earnings before depreciation for the Group for the year ended 31 March 2022 was £651,901 (as restated, unaudited 2021 - £477,211) . The deficit is a result of the large capital outlay required to initially purchase the solar harvesting equipment which is being depreciated. Once these items are fully depreciated, the Group is expected to recover the deficit.
c. Financial risk management objectives and policies
The potential for grant fraud is acknowledged as being a risk to which the Group and Foundation and similar charities, may be subject. It is felt that the extensive due diligence that will be carried out on future grant applications mitigates against it as strongly as the Group and Foundation's resources will allow.
Structure, governance and management
a. Constitution
Empower Community Foundation is registered as a charitable company limited by guarantee and was set up by a Trust Deed.
The objects of the Foundation ('the objects') are:
i.
the advancement of environmental protection and conservation of the natural environment, particularly by promoting the reduction of greenhouse gases (including carbon dioxide, methane and any other gases that may be identified from time to time as having a global warming potential);
ii.
the prevention and relief of poverty, particularly by the reduction of energy bills, through the advancement and facilitation of energy efficiency and renewable energy measures;
iii.
the advancement of education, particularly in relation to energy, climate change and environmental protection and conservation; and
iv.
any other objects which are charitable for the time being under English law.
The objects underpin the detection process for beneficiaries of the community funds distributed.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
Structure, governance and management
(continued)
b. Methods of appointment or election of Trustees
The management of the Group and the Foundation is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed.
c. Organisational structure and decision-making policies
The Board administers the Group. A Chief Executive will be appointed by the Trustees to manage the day-to-day operations of the Foundation when and if required.
ECF is a designated member of Empower Community Solar 1 LLP and receives the 40% of surplus revenue from it on an annual basis, for grant making in the Sunderland community. ECF is the beneficial owner of Drove Lane Solar Park CIC and New Mains of Guynd Solar Park CIC and receives income by donation for distribution to the communities local to each community, as well as potential for future investment in new projects.
d. Policies adopted for the induction and training of Trustees
Trustees are recruited following recommendations from existing Trustees and after consideration of the existing Board's requirements.
The Trustees are appointed under the Trust Deed, with a minimum of three Trustees. The Trustees undertake appropriate training and induction under their terms of reference, with an experienced Trustee as a mentor. There are currently no Trustees to induct and training for Trustees is maintained through Charity Commission updates.
e. Pay policy for key management personnel
The Trustees comprise the key management personnel of the Group and Foundation and are in charge of controlling, running and operating the Group and Foundation on a day-to-day basis. All Trustees give of their time freely and received no remuneration for the year and no Trustee expenses were incurred.
f. Related party relationships
None of our Trustees received remuneration or other benefits from their work with the Group and Foundation.
The Foundation is expecting to receive funding in the future from the related entities to accumulate for future reinvestment and distribution as charitable grants.
g. Financial risk management
The Trustees have assessed the major risks to which the Group and the Foundation are exposed, in particular those related to the operations and finances of the Group and the Foundation, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
h. Principal activities
The principal activity during the year was that of the advancement of environmental protection and conservation, improvement of community spaces, reduction of energy costs and advancement of education.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
Plans for future periods
The Group and Foundation plans to increase and develop its level of operations as its related entities evolve.
Disclosure of information to auditor
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙
so far as that Trustee is aware, there is no relevant audit information of which the charitable
group's auditor is unaware, and
∙
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable
group's auditor is aware of that information.
Auditor
The auditor, MHA MacIntyre Hudson, has indicated his willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
Approved by order of the Members of the Board of Trustees and signed on their behalf by:
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
Approved by order of the Members of the Board of Trustees and signed on its behalf by:
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION
We have audited the financial statements of Empower Community Foundation
(the 'Foundation') and its subsidiaries (the 'Group') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙
the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙
the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
∙
the parent charitable company
financial statements are not in agreement with the accounting records and returns; or
∙
certain disclosures of Trustees' remuneration specified by law are not made; or
∙
we have not received all the information and explanations we require for our audit; or
∙
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION (CONTINUED)
As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙
Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
∙
Enquiry of management to identify any instances of known or suspected instances of fraud;
∙
Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙
Enquiry of management about any instances of non-compliance with laws and regulations;
∙
Reviewing the control systems in place and testing the effectiveness of the controls;
∙
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙
Reviewing minutes of meetings of those charged with governance; and
∙
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EMPOWER COMMUNITY FOUNDATION (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
The consolidated financial statements of Empower Community Foundation for the year ended 31 March 2021 were unaudited.
This report is made solely to the Group's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the
Group's Trustees, as a body,
Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Group's Members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and its Members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Colchester, United Kingdom
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER:
07613369
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER:
07613369
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER:
07613369
FOUNDATION BALANCE SHEET
AS AT 31 MARCH 2022
The Foundation has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The Foundation's net movement in funds for the year was a surplus of
£
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER:
07613369
FOUNDATION BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Empower Community Foundation is a charitable company limited by guarantee, incorporated in England and Wales. The Charity Registration Number of the Foundation is 1161019 and the Company Registration Number of the Foundation is 07613369. The address of the registered office and principal place of operation is detailed on page 1. The nature of the Foundation's operations and principal activity are detailed in the Trustees' Report.
2.
Accounting policies
The presentational and functional currency of the Group and Foundation is pound sterling and the financial statements have been rounded to the nearest pound sterling.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Foundation and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.
The Foundation has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
For the year ended 31 March 2021, Empower Community Foundation did not have the power to control or govern the financial and operational policies of any other entities, meaning single-entity financial statements were prepared. For the year ended 31 March 2022, Empower Community Foundation did have the power to control or govern the financial and operational policies of any other entities, meaning these are consolidated financial statements. As a result, the comparatives have been restated through-out these financial statements to show consolidated figures.
Empower Community Foundation is a relevant legal entity to two Community Interest Companies (CICs), three companies and three Limited Liability Partnerships (LLPs) formed to advance charitable solar powered activities. Empower Community Foundation does have the power to control or govern the financial and operational policies of the two CICs and one of the LLPs and therefore is required to prepare consolidated financial statements including these three entities. Further details regarding these entities can be found in Note 14.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
The Group has net current liabilities of £2,837,895
(2021 - £2,804,958)
and total net liabilities of £4,271,079
(2021 - £4,055,567)
at the Balance Sheet date. Also, included within Other loans: Creditors - amounts falling due within one year, as shown in Note 16, is a loan due to Social and Sustainable Capital - SASC (previously known as Leapfrog) of £2,215,959
(2021 - £2,152,206)
. It had been obtained as a bridging loan and was due for repayment by 28 February 2019. The loan agreement states that repayment is to be financed by successful refinancing and the loan will not be held as defaulted if an ‘updated refinancing plan’ is submitted to the lender.
In line with the above, the Directors have submitted a refinancing plan to SASC which has been agreed by the lender at present. In line with the submitted plan, the Directors are confident that the loan can be successfully refinanced in the near future and that it will not be called due immediately as the agreed refinancing plan and repayment schedule can be followed. Based on above and on the resources available, the Directors consider that the company will remain in operational existence for the near future. The Directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment. The Group therefore continues to adopt the going concern basis in preparing its financial statements.
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Other income from the sale of goods is recognised when all of the following conditions are satisfied: • the Company has transferred the significant risks and rewards of ownership to the buyer; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the Company will receive the consideration due under the transaction; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Investments in subsidiaries are valued at cost less provision for impairment.
Investments in associates are stated at the amount of the Group's share of net assets. The Consolidated Statement of Financial Activities includes the Group's share of the associated companies' net income or expenditure using the equity accounting basis.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 15. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in Notes 16 and 17. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Investments in associates are measured at fair value using the equity method as detailed in Policy 2.8.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
8.
Analysis of expenditure on charitable activities - by type
(continued)
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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The following were subsidiary undertakings of the Foundation:
The financial results of the subsidiaries for the year were:
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14.
Fixed asset investments
(continued)
The following were associates of the Foundation:
Empower Community Foundation is deemed to control the financial and operational policies of Empower Community Solar 1 LLP due to its role as a member of the LLP. Both Britford Solar Connections Limited and Solar Connections (New Mains of Guynd) Limited were dormant during the year ended 31 March 2022 and 31 March 2021. The shares in Drove Lane Solar Park CIC and New Mains of Guynd Solar Park CIC are held by Empower Community Foundation Limited. The shares in Britford Solar Connections Limited are held by Drove Lane Solar Park CIC. The shares in Solar Connections (New Mains of Guynd) Limited are held by New Mains of Guynd Solar Park CIC.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 36
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
In addition to the subsidiaries and associates listed in Note 14, Empower Community Foundation is related to a number of other entities, either as a designated member or relevant legal entity. These other related entities are listed below:
ECS Peterborough 1 LLP Empower Peterborough CIC Empower Community Management LLP ECSP1 Construction Limited Empower Community Foundation does not have the power to govern and direct the financial or operational policies of any of the above entities under any statute or agreement, as the operational policies of the entities are determined and directed by other entities. Empower Community Foundation and the above entities do not operate as a single entity and the risks and rewards of the various entities are not those of the Foundation.
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EMPOWER COMMUNITY FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Each member of the Foundation undertakes to contribute to the assets of the Foundation in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £
1 for the debts and liabilities contracted before he/she ceases to be a member.
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