Minutes of the Annual General Meeting of Brixton Energy Solar 1
Held at 12pm on 29th March 2014 at the Loughborough Centre, 105 Angell Road, SW9 7PD
Attendees
BES1 Directors
Will Anderson (WA), (Chair)
Agamemnon Otero (AO)
Andre Pinho (AP)
Treasurer
Brigid Clarke (BC)
Secretary
Becky Payne (BP) (Minutes)
BES1 Shareholders
Afsheen Rashid (AR)
Jason Neylon (JN), Director
Taylor Roark (TR), Director
Sue Bell (SB)
Olivier Bertin (OB)
Richard Baker (RB)
Vivienne Thomas (VT)
Mary Ekenachi (ME)
Apologies
Will Walker
Matthew Rabagliati
1. Welcome and Introductions
WA welcomed everyone to the second AGM of Brixton Energy Solar 1.
Everyone introduced themselves.
2. Minutes of the Previous BES1 AGM held on 22nd June 2013
Minutes for previous AGM held on 22nd June 2013 were approved by all those who had been
present at that meeting.
3. Directors’ Report
AP introduced the Directors’ report which had been circulated to all BES1 Shareholders in
advance of the meeting and explained the key points.
AP clarified that the panels had generated more energy over the year than had been
expected. This meant that even though it had not been possible to install the export meter
until the end of August, we had still made the forecasted income.
A copy of the Directors’ Report is attached in Appendix 1.
In answer to a question from SB, AP explained that the Community Energy Saving
Programme (CESP) was sponsored by DECC, but payments were made by the relevant
utility, in this case E.ON. It was paid on the basis of energy-saving works carried out on the
Loughborough Estate eg: double-glazing. AO and AR had made a successful argument for
our solar panels to be included within the list of energy-saving works and therefore eligible for
the CESP payment.
AO clarified that a one-off payment was going directly to the residents.
It was also confirmed that the some of the energy being generated was going directly to
power communal lighting and one lift. AP reminded the meeting that, as explained in the
Directors Report, LEMB was currently receiving this energy for free. It was agreed that the
cost of billing LEMB for what was estimated to be a small amount was not worth it
In answer to another question, AO explained that it was not yet possible to supply the
generated energy directly to residents. This was a priority expressed by the TRA and the
Buildings Communities in Coldharbour project was the beginning of addressing the feasibility
of this.
4. Financial Accounts
BC presented the accounts for BES1 for the year ending 31 December 2013 which are
attached as a separate Excel document. She explained that the accounts had been prepared
in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008) and
that the aim of the Directors had been to apply the highest standard of good practice in
compiling the accounts and to provide shareholders with as much information as possible and
as clearly as possible.
She clarified the following points:
 As we are a co-operative, we are able to pay interest as a normal expense. This is
more straightforward than paying dividends which have to be paid after corporation tax
and deduction of basic rate income tax.
 The Directors are not recommending any top up of the CEEF from profits this year as
we have sufficient funds through CESP which has not yet been spent. At the last
AGM, it was proposed and agreed that the project should start building up a reserve
for contingencies and therefore the Directors are recommending that any surplus
income be left as a reserve for future allocation. This has been included in the
accounts.
 We have made provisions for the replacement of the inverters. They have a warranty
for 5 years, but will likely need replacing in 10 or 15 years.. So it is prudent to start
accumulating funds to cover the cost of this.
 The sum recorded for administration costs is low because this is currently subsidised
by the Directors and volunteer time but it is anticipated that this figure will be higher in
subsequent years as different people get involved.
 Scheme is registered with the FCA but they do not regulate it.
5. Approval of the Directors’ Report and accounts for the year ending 31st December
2013
Proposed by JN and seconded by VT, the meeting approved unanimously the BES1 Accounts
and the Directors’ Report for the year ending 31st December 2013.
Actions:
The Directors to undertake the following:
o pay 3% interest to BES2 shareholders.
o put £277.00 into CEEF
o
put £160.00 into the Reserve Fund
6. Audit of accounts
TR explained that those present should decide whether an audit of the accounts and balance
sheet of the Co-operative is required in accordance with clause 20 of the Rules. This could
cost £1,500.
VT proposed that this was not necessary. This was seconded by RB. No objections were
received.
Action: It was therefore agreed that there was no need to audit the BES1 accounts
7. CEEF proposals
WA explained the proposals as outlined in the report. He explained that Althea Gordon and
Fay Gordon had led on the submission of the successful Building Communities in
Coldharbour grant application. Repowering would be working with them to take it to the next
stage.
AO explained that those presented needed to make decision on the proposal put forward by
the Directors to facilitate the suggestion from the TRA about enabling residents to gain skills
in energy-related building work.
The Directors had proposed to make a fund of £2,000 available for two years, topped up by a
further £2,000 from Brixton Energy Solar 2, which the TRA will offer to local residents who
want to undertake energy-related courses at Lambeth College or other local training centres.
It was proposed to review the use of this resource annually.
Following discussion, it was agreed that the Directors should work with the TRA on the
development of criteria to ensure that the funds were distributed fairly and effectively.
The proposal to set up a training fund as set out in the Directors’ Report was formally
proposed by WA and seconded by TR. Agreed unanimously.
Actions:
o The Directors will work with the TRA to set up this training fund.
8. Savings Account
AP explained that we currently bank with the Co-operative Bank and are receiving a very low
interest rate. We should think smartly on how we can get best value.
We have £8000+ to invest and we are considering looking at long term savings accounts/
savings bonds to invest the money.
It was agreed that we would need to take a dual approach and separate out the capital
repayment sum which could be put away in a long-term savings account/savings bond from
the CEEF and money put aside for inverter replacement which have to put into a shorter more
accessible account.
The point was also made that we will have to get the balance right as we do not want to lock
up the money for 5 years at a low interest when a higher interest might become available later
on.
It was agreed that the meeting should agree the principles by which the Directors would make
the decision on where to put the money. It was agreed that the foremost principle was the
money should be put into ethical accounts.
As long as this condition is met, and further investigation, as listed under the actions below, is
undertaken, then it was agreed that the Directors could be given the remit to use their
judgment and make appropriate investments.
Actions:
o The Directors will undertake further investigation and specifically look at the following:
 that the EU consumer protection scheme and other similar protections covers
businesses.
 Co-op online SMILE account
 that it is possible to invest additional amounts to a fixed term bond
o The Directors will then use their judgement to make appropriate investments.
9. Election of Directors
WA explained that every year a third of the directors have to stand down in rotation and
another director is elected. WA said that he had agreed to stand down.
Nominations were invited. None were received from the floor and so it was suggested that
WA be asked to stand again.
This was proposed by BP, and seconded by SB. No objections were received.
WA was duly re-elected as a Director BES1.
WA said that Will Walker who was not able to be present at the meeting had expressed a
willingness to become a Director.
This was proposed by WA and seconded by SB.
Will Walker was duly elected as a Director of BES1.
10. Date of the next AGM meeting
It was agreed that it would be held on Saturday 28th March 2015. (Easter Sunday is 5th April
so there is no clash)
11. AOB
AP asked the shareholders present what they felt about the method payment of shareholders
interest payments ie: whether they preferred BACs or cheques. Sending out cheques was
administratively heavy.
AP explained that 7% of BES1 investors had originally said they were happy to donate their
interest payments to the CEEF and this has now increased to 16%. Further, a number of
eligible investors have not yet cashed their interest cheques; some of whom had pro-actively
informed the Directors that they were happy to donate the amounts to the CEEF. Others may
just have forgotten to cash their cheques. For future payments, we will be making clear that if
cheques are not cashed within 6 months then the amount will be paid into the CEEF.
If we decide make future payments by BACs then we will tell people the amount in advance
and offering them the option of donating it to the CEEF
Those investors present agreed that they would be happy with payment by BACs if a secure
process was set up to secure bank account details.
Actions:
o The Directors will survey investors to find out peoples’ preferences.
o The Directors will propose a system for collecting and storing bank account details
securely and legally.
BP
2nd April 2014
Appendix 1
Annual Report 2013
In 2013 Brixton Energy Solar 1 successfully delivered its objectives of generating local
renewable energy, engaging with the local community and inspiring others.
Generating renewable energy
In 2013, the BES1 solar array generated a total of 32,820 kWh of electricity, enough to
power 10 average UK homes. This represents a system efficiency of 875kWh per installed
kW peak, the same as in its first year of operation. You can follow the daily, monthly and
yearly generation of the solar array here: southernsolar.solarlog-web.co.uk/4782.html.
The BES1 renewable energy output in 2013 avoided 17 tonnes of CO2 emissions.
Engaging with the local community
At the last AGM, the directors were asked to develop proposals with Loughborough
residents for how best to use the Community Energy Efficiency Fund (CEEF) including the
funds received from the Community Energy Saving Programme. Over the last year we have
engaged with residents directly and have also attended the Loughborough Tenant and
Residents Association (TRA) meeting to discuss potential projects.
The residents came up with three suggestions:
1) developing a means of providing the renewable energy generated directly to homes on
the estate (at the moment all the energy is supplied to the grid)
2) installing green roofs on some of the estate roofs
3) enabling local residents to gain skills in energy-related building work
With the support of Repowering, one of the local residents has secured a grant of £3,000
from Building Communities in Coldharbour to run a series of local workshops exploring the
viability of direct renewable electricity supply to flats on the estate. We may propose further
investment in this project from the CEEF once the findings of the consultation are clear.
We have communicated the interest in green roofs to Groundwork, who are approaching
the TRA to discuss this further. We do not propose to allocate any funds to this.
Our proposal, therefore, focuses on the offer of training to local residents. We propose to
make a fund of £2,000 available for two years, topped up by a further £2,000 from Brixton
Energy Solar 2, which the TRA will offer to local residents who want to undertake energyrelated courses at Lambeth College or other local training centres. We will review the use of
this resource annually.
We are also obliged, under the terms of the Community Energy Saving Programme, to
provide a one-off small reward to households in Elmore House, where the panels are
installed. The cost of this is £787.50 (£12.50 per household).
Inspiring others
On 6th June, Ed Davey, the Secretary of State for Energy and Climate Change, and Greg
Barker, Minister of State for Energy and Climate Change, visited Elmore House to launch the
call for evidence for the Community Energy Strategy. The experience of community energy
in Brixton was featured in the strategy itself which was launched Strategy on 27th January
2014.
Following the success of the Brixton Energy Solar 1, Solar 2 and Solar 3 projects, Repowering
London has secured funding from the Cabinet Office to mentor five community groups
across London who are keen to replicate the model in their local areas. These groups include
Rosendale Energy, Streatham Power, Vauxhall Energy, Hackney Energy and En10ergy.
Financial accounts and shareholder payments
The financial accounts which accompany this report show that:
 The co-operative received an income of £5,117 from the electricity generated by the
array from the feed-in tariff.
 Following the installation of the export meter in August 2013 the Co-operative has
also received an income of £312 from the sale of energy to the grid.
The net income generated for the year 2013 is in line with our projections. Though, income
earned through the sale of energy to the grid is less than projected for the year due to the
delay in the installation of the export meter. BES1 has earned more than expected through
the feed-in tariff as the solar panels have exceeded their energy generation.
After meeting direct operating and administrative costs, a surplus of £1,891 was generated
for the year. The Directors propose that the interest to members be set at 3%. This amounts
to a total of £1731. Of the membership, holders of 16% of the shares have elected to
donate their interest directly to the Community Energy Efficiency Fund. The 3% allocation
has therefore been split in the accounts between CEEF (£277) and interest (£1454). It is
proposed that the remainder of the surplus (£160) be transferred to reserves in order to
create a contingency against future unforeseen costs.
Our modelling includes a projection of income from the sale of electricity to the
Loughborough Estate Management Board (LEMB) for powering communal supplies. BES1 is
currently providing the energy for free providing a nominal saving to LEMB. We are
monitoring the usage on site and will assess if the potential income would exceed the costs
involved for billing LEMB.
Any questions?
If you have any questions about this report and the accompanying accounts, please email
[email protected].
Agamemnon Otero
Andre Pinho
Will Anderson
Directors, Brixton Energy Solar 1