AGM archive

AGM Resolutions

The AGM supported the following resolutions with 114 members voting, including online votes;

• Adoption of audited accounts for 2022-23 by AGM (113 approve, 0 against, 1 abstained)

• Proposal for member interest of 7% (the lower of 7%, or RPI in December of year plus 3.5%) on shares issued prior to February 2019 (111 approve, 0 against, 3 abstained)

• Proposal for member interest of 5% on shares issued since February 2019 (111 approve, 1 against, 1 abstained, 1 did not vote)

• Proposal for payment of £50,000 to the community fund (111 approve, 1 against, 1 abstained, 1 did not vote)

• Reappointment of auditors Alanbrookes Ltd as BWCE’s auditors (111 approve, 0 against, 2 abstained, 1 did not vote)

AGM Resolutions

The AGM supported the following resolutions with 114 members voting, including online votes;

• Adoption of audited accounts for 2022-23 by AGM (113 approve, 0 against, 1 abstained)

• Proposal for member interest of 7% (the lower of 7%, or RPI in December of year plus 3.5%) on shares issued prior to February 2019 (111 approve, 0 against, 3 abstained)

• Proposal for member interest of 5% on shares issued since February 2019 (111 approve, 1 against, 1 abstained, 1 did not vote)

• Proposal for payment of £50,000 to the community fund (111 approve, 1 against, 1 abstained, 1 did not vote)

• Reappointment of auditors Alanbrookes Ltd as BWCE’s auditors (111 approve, 0 against, 2 abstained, 1 did not vote)

AGM Resolutions

The AGM supported the following resolutions with 97 members voting (including online voting);

• Adoption of audited accounts by AGM (97% approved, 0% against, 3% abstained)

• That the interest rate policy for shares issued before February 2019 is updated to include a 7% cap, in line with the FCA’s guidance (90% approval, 4% against, 6% abstained)

• Proposal for member interest of 7% (the lower of 7%, or RPI in December of year plus 3.5%) on shares issued prior to February 2019 (94% approval, 2% against, 4% abstained)

• Proposal for member interest of 4% on shares issued since February 2019 (97% approval, 0% against, 3% abstained)

• Proposal for payment of £40,000 to the community fund (98% approval, 0% against, 2% abstained)

• Reappointment of auditors Alanbrookes Ltd as BWCE’s auditors (97% approval, 0% against, 3% abstained)

AGM Resolutions

The AGM supported the following motions:

• Adopt the Annual Accounts for the year ended 31st March 2021 (98% approval);

• Approve 4.7% interest (the lower of 7%, or RPI in December of year plus 3.5%) on shares issued before February 2019. (96% approval);

• Approve 4% interest on shares issued after February 2019 (93% approval);

• Approve £40,000 allocated to the Community Fund (89% approval);

• Reappoint Alanbrookes Ltd as BWCE’s auditors (95% approval)

AGM Resolutions

The AGM supported the following motions, based on both votes cast at the AGM and via online polls before the meeting:

• Adopt the Annual Accounts for the year ended 31st March 2020 (97% approval);

• Approve policy to change target interest rate on shares issued before 2019 to 3.5% above the Retail Price Index (84% approval)

• Approve 5.7% interest (the lower of 7%, or RPI in December of year plus 3.5%) on shares issued before February 2019. (94% approval);

• Approve 4% interest on shares issued after February 2019 (89% approval);

• Approve £40,000 allocated to the Community Fund (95% approval);

• Reappoint Alanbrookes Ltd as BWCE’s auditors (97% approval); and

• Change our rules to allow the Board to increase the number of elected directors from 5 to 6 (95% approval)

The board would like to acknowledge the level of engagement that members have offered during the year around the proposals to change our interest rate policy, with 2 online member meetings and many 1 to 1 conversations. We valued the debate and the challenge and we respect the views of those members that in the end did not feel able to support our proposals.

AGM Resolutions

The AGM supported the following resolutions:

• Adopt the Annual Accounts for the year ended 31st March 2019;

• Approve 6.25% interest on shares held by members;

• Approve £35,000 allocated to the Community Fund;

• Reappoint of Alanbrookes Ltd as BWCE’s auditors; and

• Change in our rules to allow the Board to co-opt up to 3 Directors (the rules had previously limited this to 2).

AGM Motions

The AGM supported the following motions:

• Adopt the Annual Accounts for the year ended 31stMarch 2018;

• Approve 6% interest on shares held by members;

• Approve £30,000 allocated to the Community Fund; and

• Reappoint of Alanbrookes Ltd as BWCE’s auditors.

A complete report will be published later – in the meantime the edited highlights…

6% interest agreed for members
£30,000 allocated to the Community Fund

Jon Bateman re-elected as non-executive director
Jolyon Orchard elected as non-executive director
Sonya Bedford co-opted as director

Annual Audited Accounts to 31 March 2017

Finances

Peter Capener summarised the financial results for the year ended March 2016 and referred to the audited accounts previously circulated to Members. These showed total recognised gains for the year after taking into account the revaluation of fixed assets of £124,359. Shareholders’ Funds are shown in the Balance Sheet at £5,136,249 and the group has Fixed Assets under management of £9,741,019.

The accounts were adopted by members.

Members were reminded that for those interested in an in-depth discussion around BWCE’s finances, we will be holding a special meeting on 2nd November at 7.00pm. If you wish to attend this meeting please contact Pete Capener as soon as possible on pete.capener@bwce.coop.

The proposal for interest rate to members (7%) and payments to BWCE’s community fund were approved by members.

Our AGM was held on 25 July 2015 with nearly 100 members present.

There were 2 vacancies for non-executive directors to the board of Bath & West Community Energy to be filled at this years AGM with 5 candidates, any of whom would have done a superb job. In the end Jane Laurie and Pam Penkman were elected.

Other highlights include:

• The announcement of a 7% interest payment to members for the fourth year running

• £50,000 to be allocated to the Community Fund an increase of over 100% on last years allocation, of which £45,000 will be allocated to projects in the coming year

• The resolution for the change in the BWCE rules, as outlined below, was approved with over 50% of members voting.

• Annual Audited Accounts were adopted

This year’s AGM was held in the impressive Hartham Park, site of one of our ground mounted solar arrays. Despite the heavens opening and threatening to flood the approach road to Hartham Park, the AGM went ahead and was attended by nearly 20% of our membership. Of course the sun came out later, so some people were able to visit our 250 kW array too.

Good news
All the motions proposed were accepted, which means that for a third year running we will be paying 7% interest to our members. This money should be paid direct to your accounts by early October, so if you’ve changed your bank account, now would be a really good time to tell us.

More good news
A £15,000 payment to the newly formed, independent charity Bath and West Low Carbon Community Fund was agreed. If you add that to the £8,700 we already have allocated from last year’s grant and the generous donations of some our members, it means that we will be able to make £20,000 available later this year for grants to community projects wanting to address carbon reduction or fuel poverty.

Welcome, Welcome back and sadly Goodbye
As well as the annual update from Jeff on progress last year and our substantial plans for next year, followed by a succinct review of the accounts by David, we also had the results of our annual elections for non executive directors. This year Jane Stephenson was re-elected and we welcome a new director, Jon Bateman to the board. Jon is a semi retired civil engineer and active within the community sector. We do however have to say goodbye to Adam Walton as he stands down from the board having been involved in BWCE since the early days. Adam has given a significant amount to BWCE and the whole board and I am sure all our members would like to thank him for his contribution to our success.

Member feedback
The AGM also included some very interesting, useful and enthusiastic discussions with members. This has provided some excellent feedback to the team, including ideas for future projects, thoughts about our approach to project development and ideas for active member communication and involvement, among many other things.

Finally
From the board’s perspective it was great to see the level of engagement and a growing sense of ownership amongst the membership. And very heartening to hear one member saying that they were ‘so impressed with the way that you have developed such a professional organisation but managed to keep such a friendly, community feel as well’ – Praise indeed.

Audited Accounts

BWCE’s AGM took take place on 3rd July 2013 at St Swithin’s, The Paragon, Bath BA1 5LY

Just under 100 members and guests attended the AGM in the fine venue of St Swithin’s. Jonathan Porritt, the well-known environmental campaigner, gave the keynote speech.

MD Jeff Kenna outlined the achievements and problems that faced us last year and a flavour of what is in store for next. David Bunker our Financial Director had a gallop through the financial results. Lots of intelligent questions were asked and 4 resolutions were voted on – all carried by a large majority.

1. That the accounts of Bath & West Community Energy were approved

2. The proposed payment of 7% interest to members on their investment for the period April 2012 to March 2013 was approved

3. The proposed payment of £4,800 to the community fund was approved

4. The auditors, Monahans of 3 Pierrepont Street, Bath, BA1 1LB, were re-appointed

A new Non-executive director Mike Bess was elected by the members