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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