Share invitation for Brighton Energy Coop

Share Invitation Brighton Energy Coop 2 – more solar for the South `

www.brightonenergy.org.uk

Overview Chairman’s Introduction Community-owned renewable energy is now a proven model. More than 150 energy coops have been registered in the last few years, with about a third launching share issues. So not only are these community projects generating renewables on the ground, but there are plenty more in the pipeline too.

The value of locally-owned energy schemes is also something that's increasingly recognised in government.

That's the reason DECC minister Greg Barker came to visit our solar roof at St George's Church this year, and the reason that more and more policy work is being done to support co-operative energy.

With more and more projects being realised, and increasing government support, this exciting movement can only get bigger.

Brighton Energy Co-op is part this dynamic upsurge of grass roots action. As such it's with great pleasure that we present here our second scheme, a huge new PV project for the South Coast.

Renewable energy matters, and with our society set to treble in size, I hope you find what is set out here of interest - and that you join our growing movement.

By purchasing shares you will: •Gain an equal vote with every other member in how the Society is managed and how your local energy resources are used • Ensure that you participate in the ownership of local renewable energy resources and benefit from the Government incentives • Be eligible for any interest paid to members. As set out below, we are aiming to pay members an annual return on their shares • Contribute to developing a local energy supply, which aims to offer protection against fluctuations in energy supply and costs •Help support further renewable energy and community energy efficiency programmes via our surplus income thus creating a ‘double carbon dividend’.

• Contribute to the provision of renewable energy supplies for our area that, in turn, aims to retain benefits locally and strengthen the local economy • Support a scaleable model that can be replicated in other communities • Help fight climate change and fossil fuel depletion – over the course of our PV system's lifetime they'll save more than 450 tonnes of CO2 To join visit www.brightonenergy.org.uk/join.

Will Cottrell Chairman, Brighton Energy Co-op

(L-R) DECC minister Greg Barker, Kemptown MP Simon Kirby and BEC Chairman Will Cottrell on a visit to a BEC solar roof at St George's Church in Kemptown, September 2013

Summary The project Brighton Energy Co-op 2 (BEC2) aims to capitalise on the success of our first solar project which raised £230,000 in July of 2012 and installed 132 kWp of Solar Photovoltaic (PV) in and around Brighton. With BEC2 we want to generate more low-carbon renewable electricity, enable more people to invest in clean energy and enjoy the financial benefits of the project. As well as enabling the community to work together in reducing its carbon By purchasing shares you will: emissions, investment in BEC2 you to take control •Gain an equal vote with everyallows other member in how of our energy production. the Society is managed and how your local energy resources are used document details the opportunity to buy shares •This Ensure that you participate in the ownership of localin Brighton Energy Co-op, the trading namefrom of Brighton renewable energy resources and benefit the Energy Limited (BEL).

We are a Community Benefit Government incentives with for theany express purpose of members. developingAs more •Society Be eligible interest paid to set community-owned renewables for our area. out below, we are aiming to pay members an annual return on their shares aims toto install a minimum of energy 200 kWp of solar PV •BEC2 Contribute developing a local supply, which on several buildings around the area which will require a aims to offer protection against fluctuations in energy minimum capital investment of £232,800. supply and costs •Help support further renewable energy and This share invitation, therefore, invites youvia to purchase a community energy efficiency programmes our new class of ordinary share inaBrighton Energy Ltd and surplus income thus creating ‘double carbon thus help us raise the money to finance the dividend’. and of capital costs ofenergy BEC2.

•development, Contribute tomarketing the provision renewable supplies for our area that, in turn, aims to retain You maylocally purchase to 20,000the shares, minimum benefits andup strengthen localthe economy being 300.

Each share is worth £1.

• Support a scaleable model that can be replicated in other communities Risks Help fight climate change and fossil fuel depletion – All investments commercial activities risk.

By over the course and of our PV system's lifetimecarry they'll save buying shares members should weigh up financial risk more than 450 tonnes of CO2 and reward as they would with any other investment opportunity.

Those considering an investment should do so only after reading this document in full (including the section on risks below), should regard this Invite as a long-term investment and should consult a financial advisor before investing.

Important information The BEL directors have prepared this document and are responsible for its contents. This summary should be read only as an introduction and any decision to invest made on the basis of the document as a whole.

This document contains ‘forward-looking statements’ relating to the BEL's prospects, development and business strategies. Statements containing words such as ‘believe’, ‘could’, ‘expect’, ‘envisage’, ‘estimate’, ‘may’, ‘plan’, ‘will’ or the negative forms of those words will be forwardlooking statements.

Similarly, any explicit reference to assumptions or other terms that imply a point is not yet established in fact will be a forward-looking statement. Forwardlooking statements are based on current expectations and so are subject to risks and uncertainties. Certain risks are defined in this Offer Document, but there will be other risks. Actual results may differ materially from those expressed or implied by the forward-looking statements so potential members should not place any reliance on forward-looking statements. The forward-looking statements were current at the date this Offer Document was produced and will not be updated during the offer period.

The Project Our Solar PV systems We have agreed to install Solar PV at Shed 10 at Shoreham Port. To this end we have secured a letter of intent from the Port, giving us the right to install 200kWp of rooftop solar PV .

more.

If the minimum fundraising target is not acheived by a combination of shares and loans then we will then refund the entire BEC2 shareholder capital.

See www.brightonenergy.org.uk/doruments our Profit and Loss projections for BEC2.

Maximum fund-raising target: £616,050 We are in discussion with several other sites and estimate up to a further 365kWp will become available for our development in the next six months. This would require additional capital in excess of £383,250 We may, therefore, extend this share offer to raise this extra capital, conditional on being able to pay all shareholders in BEC2 a 5% interest rate.

Shed 10 at Shoreham Port

Minimum fund-raising target: £232,800.

If this sum is not acheived through selling share we may apply for a loan to cover the balance. Note that we have not secured this loan and as such this provision is subject to future negotiations. If we apply for a loan this is likely to reduce or remove shareholder dividends for 5 years or

Based on figures from DECC, we expect this will save around 450 tonnes of CO2 a year, typically the amount consumed by 300 domestic homes.

The offer period is for four weeks and ends at 5pm on the 25th November 2013, but may be extended at the discretion of the board.

Financial projections We expect that shareholdings in BEC2 will receive a projected return of 5% interest plus a tax break of 30% of the amount invested (see Enterprise Investment Scheme below). The first interest payment will be made on the 1st August 2015.

Please note that our figures are provisional. There remain several key risks around our assumptions, so it's important to read the risk factors below.

We have an offer to install the systems outlined above costing £1050 per kWp of solar PV installed. In addition to this cost we have also added provision for the development of the further projects outlined in our Maximum fund-raising scenario above.

You can see our Profit and Loss projections for the Minimum fund-raising target here – brightonenergy.org.uk/documents Income BEL will generate and sell electricity that will be produced by solar PV renewable technology, so qualifying for the Feed-in Tariff (FiT).

This means there will be two income streams: one based on FiT (index-linked to the Retail Price Index) and one based on income through electricity sales to our host sites.

Outgoings The greatest costs will be interest payments and capital repayment. The projections underlying this share offer are based on the assumption that capital is returned to members as the assets are gradually written off.

Other costs include maintenance, insurance, inverter replacement fund and BEL running expenses.

Assumptions In our projections we have made the following assumptions: • Performance degradation 0.8% pa. This is a normal degradation rate. Panel manufacturers have different ways of expressing guaranteed performance levels, but these are normally based on degradation in the panels at about this rate • Retail Price Index (RPI) 2.5%. This is based on recent experience, but may during the life of the project be

much higher if medium–to long-term historic trends are followed • Interest payments to Members start at 5%. This is based on a projection of profit and reserves in hand when the Board first considers the matter • Insurance figures are based on the quotes from our existing insurer • Administration costs and running costs are estimates, again based on BEL's experience but with an increase to approximately 200 members • Projections are based on the project securing Feed in Tariffs appropriate to the different sizes of systems.

• Projections are also based on the production of our existing systems - 950 kWh per kWp. Enterprise Investment Scheme Investors in BEL may qualify for the Enterprise Investment Scheme (EIS) which provides tax payers with tax incentives when they invest in EIS Qualifying Companies: Income Tax Relief An individual can invest up to £500,000 per tax year in EIS Qualifying Companies and benefit from 30% income tax relief. The individual can only claim this relief if he holds less than 30% of the shares, is not an employee and holds the shares for at least 3 years.

The minimum investment is £500.

Inheritance Tax Relief Shares would generally be expected to attract Business Property Relief at rates of up to 100% for IHT purposes, provided the shares have been held for at least 2 years Loss Relief If the value of shares were to be written down, this loss could be offset against the income tax or capital gains tax of the Investor. Tax treatment depends on the individual circumstances of each member and may change in the future.This latest share issue by BEL has been given provisional acceptance of EIS Qualifying Company status. BEL also received EIS Qualifying Company Status for its two previous share issues. Full details of the EIS can be found at: http://www.hmrc.gov.uk/eis/

Project Background Coops and renewable energy Co-operatives and Community Benefit Societies are democratic structures with the legal ability to raise money directly from the public. With a one-member onevote system and a board elected from the membership, they offer a fair and transparent way to operate a community-owned renewable energy business. They also have the power to give priority to investment from the local area, ensuring that, as much as possible, local people enjoy the financial benefits of renewable energy.

Co-operative ownership of renewable energy is not new.

In 1997, Baywind in Cumbria became the first community-owned renewable installation in the UK. It has been paying out annual interest to its members ever since. As a result, Baywind was inundated with questions from other community groups wanting to do the same thing and this led to the creation of Energy4All in 2002.

Since then Energy4All has helped to set up seven wind energy co-operatives in the UK with over 6,000 members.

This has led to communities across the UK starting to set up wind, hydropower and solar co-operatives along similar lines to the original wind co-ops. The highest profile solar-based co-operative, Westmill Solar Cooperative (www.westmillsolar.coop), raised £16.5 million through a share issue and bond finance in summer 2012.

In Germany and Denmark renewable energy cooperatives have been instrumental in driving both renewable energy and government policy; in both countries individuals and civil society groups own more than 30% of the renewable energy infrastructure.

Our History Brighton Energy Limited was formed in June 2010 when three locals met in a central Brighton cafe to discuss ways in which renewable energy might benefit the Brighton and Hove community.

In January 2011 BEL launched a start-up fund and raised £18K from eight Brightonians committed to BEL's development.

A month later BEL created its Advisory Committee and invited Jeremy Leggett to join. Talks began with various

sites about hosting panels. Over the course of its gestation BEL has talked to more than fifty such building owners..Negotiations continued with potential site partners, leading to an exclusivity agreement being signed by Shoreham Port Authority in mid 2011.

Our first share offer launched in June 2012, ultimately raising more than £230,000. We are now the proud owners of 132kwp of solar PV which has been generating for over a year.

A copy of our latest accounts is available here: www.brightonenergy.org.uk/documents Community Benefits An ambition within this share offer is to provide a community fund to support relevant schemes in our area. This will be contingent on acheiving the target interest payments for members, however, and at the directors' discretion.

Since its inception Brighton Energy Limited has worked on various projects that help promote energy efficiency and renewable energy in our city.

In January 2012 BEL oversaw and delivered a survey of the energy efficiency of more than 50 homes; we are also actively supporting local schools to implement and fund raise for renewable power on their roofs.

Recently we received a ￡5,000 grant to investigate the feasibility of anaerobic digestion in Brighton and Hove, and we continually push for community involvement in other renewable schemes, such as the Rampion offshore wind farm.

As a high-profile community energy group, we have also been active in consultations on community energy policy; 6 DECC officials visited BEC in June 2013, to discuss how best to promote community energy throughout the country, and DECC Minister Greg Barker visited our St George’s Church array in September 2013. We are also a founding member of Community Energy South, a group formed to promote a community-based response to energy issues and climate change.

About Us Will Cottrell, Chairman Will began his business career in Barcelona, publishing a monthly, 20,000-copy English magazine. Later he established Yoga Travel, a holiday company operating in Egypt, Thailand and Morocco. In 2009 he bought a website traffic provider, Yogaholidays.net; that same year he established Brighton Energy Co-op after participating in the Copenhagen COP15 Climate Conference. In 2012 he steered Brighton Energy Limited through a successful fund-raising to raise more than £200,000 for PV in the Brighton area.

Damian Tow, Director Having originally read Business Studies at Hull University, Damian completed a Masters in Leadership for Sustainable Development at Forum for the Future in 2009. Prior to that he had 14 years experience as a project and programme manager at Cable & Wireless and BT and was a Director of a small software company.

He has Prince 2, MSP and APMP project management qualifications and has been working with BEL since August 2010. In 2012 Damian oversaw the project development and installation of 132Kw of PV at BEL's Brighton sites.

Ross Gilbert, Director Ross, who has a Masters in Sustainability of the Built Environment from the University of Brighton, is a Director of QED Capital Assets, a Sussex-based property development and investment company. Ross, who joined the BEL team in May 2012 has completed a number of renewable energy projects in the UK and Germany and brings knowledge of property and renewable energy development to the BEC team.

John Smith, Director John is the Director of Cityzen which specialises in Architectural Technology, Low Carbon Consultancy and Sustainability. As a CIBSE-accredited Consultant he advises on the design of renewables and carbon modelling.

Danni Craker, Advisory Committee Danni is a chartered accountant who spent nearly 8 years working with PricewaterhouseCoopers in their London and Tokyo offices. In late 2009 Danni set up Craker Business Solutions, a Hove-based environmentally- conscious accountancy practice. She started working with Brighton Energy Limited in August 2010.

Disclosure None of the Directors of Brighton Energy Ltd have, for at least the past five years, received any convictions (for any fraudulent offence or otherwise), or been involved in any bankruptcies or receiverships, or received any public recrimination or sanction by a statutory or regulatory authority or designated professional body, or been disqualified from any function by any court.

Conflicts of interest The directors are not aware of any other potential conflicts of interest. The rules of BEL include provisions relating to potential conflicts of interest; related party activities are disclosed and dealt with according to the rules.

Remuneration BEL pays remuneration to its Directors to develop new projects. We cost these payments at a market rate and what has been spent by comparable organisations, either via paid directors or our independent consultancies. DECC also recently recognised that £20K is required to start energy co-ops with the Rural Community Energy fund, which awards a grant of £20k to start rural energy co-ops. The directors are elected each year at our AGM. See our Management Accounts summary at www.brightonenergy.org.uk/documents for details of directors' pay.

When the project is generating electricity each Director will be entitled to claim expenses. BEC2 also provisions a fund of £6,292 each year to pay for the running of the coop. Directors’ share applications will be met in full, but there are no pension schemes or share option schemes.

About Brighton Energy Limited

About Brighton Energy Limited Brighton Energy Limited has been trading for just over a year and has three PV systems in operation. See www.brightonenergy.org.uk/documents for our latest accounts and current financial position.

Brighton Energy Limited Structure Brighton Energy Co-op is the trading name of Brighton Energy Limited a Community Benefit Society (CBS) formed in 2010. As a CBS, Brighton Energy Co-op is democratically owned. Each member has one vote, regardless of the number of shares they hold. Unlike a limited company, which is designed to benefit shareholders, a CBS is designed to benefit the community whether they are members or not.

Our existing systems from space: City Coast Church...

Hove Enterprise Centre...

For our BEC2 share offering we are offering a new class of share. As part of BEC2 we aim to increase returns to our BEC1 shareholders, so that all shareholders receive the same returns and payback schedule.

BEL is bound by its Rules, and the powers of members and Directors are set out within those Rules. The Directors run BEL in line with the Objects set out in the rules on behalf of the members. The members have the right to elect and remove Directors. A copy of our rules is available for download via our website.

And St George's Church Board practices Directors serve in accordance with the rules of Brighton Energy Ltd. There are no service contracts for them or the Secretary. BEL will manage the day-to-day operations under the supervision of the Board. The Board will bear ultimate responsibility towards the members. As an Industrial and Provident Society, Brighton Energy Ltd complies with statutory requirements and the regulation of the Financial Conduct Authority. As its shares will not be listed on any exchange, the BEL is not obliged to comply with the Combined Code on Corporate Governance

Risks Not securing sites The Maximum fund-raising Target (above) depends upon obtaining contracts with several further sites. Without contracts we are obviously unable to proceed further. It is therefore a risk that the money we spend on developing these projects may be spent without a result.

Mitigation: The Minimum fund-raising target is able to offer investors a 5% return, including a fund for developing these future sites. Any future installation will not proceed unless they are able to deliver 5% Not raising the money It is possible that, once the main BEC2 share launch is under way, not all the required capital can be raised.

Mitigation: Should subscription be incomplete, we may apply for a bridging loan pending the issue of a future share offer or share offers. If that happens, the loan provider is likely to charge a 5% annual interest rate. This would effectively neutralise any effect on members’ returns.

The Board is confident that all subscription targets set are realistic and achievable, however, and considers it unlikely that there will be any significant deficit 12 months after commissioning.

If the required Minimum fund-raising target is not met by this date we will refund the entire shareholder capital invested in BEC2.

Feed in Tariff Reductions Previously changes in government policy have provided an insecure foothold for start up solar schemes.

Mitigation: DECC have since introduced the opportunity for Community Energy Projects to lock in a feed in tariff rate for up to 12 months to allow project delivery based on a given tariff. BEL has already locked in tariffs on 2 of our sites prior to reductions. Community lock in of tariffs is available up to the change of tariff date, announcements

of tariff changes generally come 2 months prior to the change date. With rates currently fixed until 1 Jan 2014 and the next announcement due on or around November 1 2013 we have time to lock in our projects at present FiT rates.

General investment risks The value of shares can fluctuate according to the value of the underlying business. The Offer shares will never rise in value but may fall.

Offer shares will not be transferable or traded on a recognised stock exchange, but only buyable back by BEL. Risks associated with the assumptions The RPI and cost increase rates are variable and unpredictable. FiT is linked to the RPI but so directly and indirectly are some of the costs, therefore variance within recent RPI ranges will not have a major impact on profit.

Energy cost inflation may prove to be more volatile; it is expected to rise ahead of inflation on average but will probably do so in an irregular fashion. Revenue may surge ahead of projections in the short term but fall back to trend later, or vice versa; alternative energy sources might in the long run reduce energy cost in real terms and so reverse recent inflationary trends and erode profit. The Board will need to review actual revenue and developing trends before making interest payments or allocating funds to the grant fund.

Risks specific to Brighton Energy Ltd Warranties and insurance will be in place in the event of mechanical breakdown of the equipment. Complete failure and loss of revenue through mechanical breakdown is reduced through the use of multiple inverters and the system will be monitored and managed to minimise interruptions to supply. Accidental and malicious damage will also be covered under insurance and public liability insurance of up to £2m. BEL’s equipment is presently insured.

Risks (cont) Renewable energy industry risks Government policy towards renewable energy may change, although long-term commitments relating to the FiT make this unlikely, since FiTs are part of primary legislation and thus difficult to change. Throughout the operation of the FiT the Government has maintained the commitment to the process of ‘grandfathering’ which ensures that whatever tariff a project is registered for at the commencement of operation, the tariff will remain the same for the duration of the FiT period, (20 years in the case of this project). This payment is also linked to the Retail Price Index.

Projections are based on an average FIT rate of 13.3 p/kWh on the assumption that we are able to comply with preliminary registration through Ofgem ROO-FIT regulations. The Board is unable to guarantee that this will be possible so a lower FiT rate may apply.

Any changes to the FiT that occur before the end of the share issue, should they change the terms on which this Offer is made, could result in the Co-operative returning funds received from prospective members at the end of the Share Offer Period.

Long-term equipment degradation should not vary greatly in practice, and insolation (solar radiation reaching the sites) ought to be relatively reliable as a long-term average over the life of the project. The longterm trend of sunshine hours in SE UK is for a gradual increase in number of hours. Generation rates should therefore be predictable within reasonable tolerances. A significant shift in insolation either favouring or disfavouring solar PV over the life of the project is possible but unlikely.

Short-term weather conditions could affect expected levels of generation, although overall patterns outside anticipated parameters are unlikely.

Membership and Shareholding Share Withdrawals Shares are withdrawable up to a maximum of 5% per annum of issued share capital in issue at the start of the financial year. The Board may resolve to require any proportion of its share capital to be withdrawn, in which case it shall treat as agreed to be withdrawn on behalf of every member (and not some only) that proportion of the shares held by them (with such rounding to the nearest whole number of that Proportion which is a fraction as the Board may determine). All members are deemed to give any consents required to the withdrawal of their shares in this manner.

written down value of their shares.

The withdrawal of shares is currently suspended for 3 years. The scope for being able to withdraw shares in the future will be dependent upon the Society developing a successful business and hence cash flows to pay out share withdrawals or contingent on the Society raising additional capital for the purpose of paying out share withdrawals.

Returns to Members The Society will pay only a sufficient rate of interest on money paid for its shares and may pay no interest at all.

A sufficient rate is determined by the Directors as the rate necessary to obtain and retain the capital required to carry out the Objects of the Society as set out within its Rules.

In the case of joint investments, all investors concerned must agree to a withdrawal. Shares will be repaid at the original price (subject to comments hereafter).

The Directors of the Society have the right to change the withdrawal facility, or to suspend withdrawals. Similarly the Directors have the right to write down the value of shares, if the liabilities of the Society (and its share capital) should exceed the value of its assets. Members who then withdraw their shares will only receive the

The value of your shares may fall and their value will not exceed the ÂŁ1 per share. Although shares are withdrawable, you may not be able to withdraw the full price you pay for them if the Society does not have funds available at the time you want to withdraw your shares.

In some circumstances, the Directors may be compelled to write down the value of your shares. Should you then wish to withdraw your shares, you should expect to receive only their written down value.

Voting Each member has one vote regardless of the size and value of their shareholding. Members will be kept informed of the Society’s services and developments through the Brighton Energy Co-op website, by e-mails where the member so wishes, by occasional newsletters, annual reports and Annual General Meetings.

Membership and Shareholding (cont) Legal Information This document is issued by Brighton Energy Limited, registered number 31107 R, as a Community Benefit Society incorporated in England and Wales on the 10 November 2010 under the Industrial and Provident Societies Act 1965.

the value of the shares (up to the amount set out in law) from your estate for probate purposes i.e. the shares may pass to the nominee outside the Will of the deceased).

The nominated property will nevertheless form part of the deceased’s estate for Inheritance Tax Purposes, unless the estate is an excepted estate.

This offer of shares is not regulated by the Financial Services and Markets Act 2000 or subsidiary regulations.

The money you pay for your shares is not safeguarded by any depositor protection scheme or dispute resolution scheme. The Society, unlike banks and building societies, is not subject to prudential supervision by the Financial Conduct Authority, nor has it been approved by an ‘approved person’ under section 21 of the above act.

Documents The Rules of Brighton Energy Limited, application form, latest financial statements and financial projections are available on our website: see www.brightonenergy.org.uk/documents.

This document does not constitute a prospectus within the meaning of the Prospectus Regulations 2005. These regulations do not apply because there is a specific exemption for community benefit societies that conduct their business for the benefit of the community.

As a member and shareholder of the Society you own the Society. If the Society is unable to meet its debts and other liabilities, you will lose the whole amount held in shares. This may make it inappropriate as a place to invest savings.

Your investment in your share account receives interest but does not enjoy any capital growth. It is primarily for the purpose of supporting the society rather than making an investment. As a Society, the maximum return offered to investors will always be limited.

Nomination option In the event of the death of a member, the repaid value of the shares will normally be added to the estate for probate purposes. You may elect to nominate a recipient for the value of the shares (but only up to the amount set out in law) and thus (under current legislation) remove

How to become a member To become a member online visit www.brightonenergy.org.uk/join. To join offline, complete our Share Application Form (also available on our website) and post to Brighton Energy Co-op, Flat 7, 47 Montpelier Rd, Brighton, East Sussex, BN1 3BA. Payment can be made online, via bank transfer or cheque. Our bank details are: Brighton Energy Ltd, Co-operative Bank, Account: 65446120, Sort: 089299. We recommend you add a reference to your payment, comprising of your initials and year of birth. Cheques, made out to ‘Brighton Energy Ltd’.

Note that you need to purchase at least 300 shares.

Each share has a value of £1 and the maximum shareholding is £20,000. Applications and payments must be received at our office before 5PM on 25th November 2013. Membership is open to individuals aged over 16, corporate bodies, voluntary organisations and public sector investors.

Brighton Energy Cooperative is the trading name of Brighton Energy, registered number 31107 R, as a Community Benefit Society incorporated in England and Wales on the 10 November 2010 under the Industrial and Provident Societies Act 1965.

Appendix 1: Current performance of Brighton Energy Limited Brighton Energy Limited has been operating for more than a year. Below is the current performance of BEL over the Period 1st September 2012 to 31st August 2013.

Income Feed in Tariffs Site Electricity Sales Total Income

£ 18,802 £ 3,925 £ 22,727

Expenditure Administration Membership Maintenance Accounts Total Expenditure

£ £ £ £ £

Debt Repayments Interest Capital Total Debt repayment

£ 1,832 £ 9,218 £ 11,050

Sinking Fund Inverter sinking fund Total Sinking Funds

£ 1,000 £ 1,000

Net Available Cashflow

£ 7,037

1,420 169 1,050 1,000 3,639

Debt We have paid back a portion of the loan issued to us by PURE/BRE at the time of our first installations; we are on schedule to pay back the debt in full by 2017.

Ongoing Projects Fund Our initial share launch provided for a ￡20,000 fund to launch our next project. So far we have spent or allocated ￡19,458 of this to implement the Minimum Fund-raising Target above.

Money Spent to date Will Cottrell Salary Damian Tow Salary Expenses Payroll, HMRC, Misc Marketing Total

£ 3,607.50 £ 2,080.00 £ 894.69 £ 2,597.27 £ 618.86 £ 9,798.32

Money Allocated Additional Salaries, HMRC Etc Share Launch Marketing Total

£ 4,750.00 £ 5,000.00 £ 9,750.00