Hi folks,
Well, we’ve been the proud owner of our solar systems for three months now, so I’m pleased to enclose a bit of data as to how they’re performing. Do feel free to share the following images on Facebook etc! Below you’ll also find a summary of our AGM, which we held a couple of weeks ago.
The headline figure is that we’ve generated more than 46,000Kwh if electricity so far, equivalent to over 2.7m boils of the kettle. Hove Enterprise Centre generated 2 million of those boils (or 33,000 Kwh), City Coast 500,000 (10,000 Kwh) while St George’s Church produced 200,000 boils (3,000Kwh):
As expected, daily output has fallen somewhat since the highs of August (see below). On average October repesents 8% of annual sunlight, whereas itself is 12%. These trends will (unfortunately!) continue until January (a mere 3% of annual sunlight). At that point the curve will start to rise to the right hand side. Note the clear trough around mid October when the weather changed drastically:
Secondly, a couple of weeks ago we held our AGM; where the directors – myself, Damian Tow & Ross Gilbert – presented our annual accounts. These are summarised below (note that these are to our financial year end of 31 March and don’t include July’s fundraise for our solar PV):
Assets: £44k – capitalised start up costs for solar installation.
Profit & Loss: minus £25k.
However, the directors gave back £35k of shares so the retained profit at end of year was £10,797 (value in the business)
You can see our final accounts here.
As specified by our rules, our three directors also resigned, and were voted in by the membership. A fourth Director, John Smith of CityZen, was also voted to join the board.
you can see details via our presentation here.
We also outlined the status of our PV system – concluding that the systems are continuing to perform above expectations, despite some problems with an inverter at CityCoast Church (now rectified).
Finally, we noted that we are still open to ongoing investment to replace our loan – if you’re interested in adding to your current investment (with the same conditions as specified in our prospectus here) do let me know.
Cheers
Will
