The Peel Institute Company Annual Report and Financial Statements 31 March 2021 tsmited by Ojarantee Registratrw Number 3389572 IEwll2r>d and Wa*sl Charty Re9Stl Number 1C68155 •tsAKHDIC9° 3111212021 COMPANIES HCKJS A03
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Contents Reports Reference and administrative information Chair's statement Trustees, report Independenl auditorfs report Financial statements Slatemenl of financial activities 14 Balance sheet 15 Statement of cash flows 16 Principal accounting policies 17 Notes to the financial statements 22 The Peel Institute Company
Reference and administrative inforniation Trustees Natasha Anderson Robert Andrews (resigned 25 October, 20211 Jonathan Gillelt {resigned - 8 December 2020} Roger Gillett ANinda Gohil (Chairl Alan Geofftey Llewellyn Ivice Cha- resigned 19 October 20201 Jonathan Martyr Sarah WcM)yfield sal Whitney (appointed 19 February 20211 Emma Hallinan18ppoinled 18 January 2021 } Anne-marie Clive lappoinled 7 December 2020) VeTan Patel (appointed 261h October 20201 Chief Executivo Olukayodele Alake Company registrntion number 3389572 {England and Wales) Charity registrntion number 1068155 Regislered office 3 corr Centre N(xthampton Road London EC1R OHU Audilor Buzzacott LLP 130 Wood Street London EC2V 60L Bankers Barclays Bank 9 Portman Square London W1A3AL SoliGitors Russell CcK)ke 2 Putney Hill Putney London SW15 6AB Governing Deed Articles of Asscciation The Peel Institute Company 1
Chaifs statement 31 March 2021 As the Chair of Trustees, I would like lo start by thanking all the staff, volunteers, trustees, communty members. supporters and fundets who have together made vital conlribub.ons to our communrty during an unprecedented challenging year. This lime last year, we had onty passed the first stage of our time wrth COVID-19. The challenges faung Ihe Peel by both the virus and the restrictions have been many. We continued lo see the loss of many members of our clubs and community, the virus itself affected our staff with personal loss and hardship. and the continued dfficulty of maintaining as many services as ible while making personal contact was dramatically curtailed. Oespite these challenges, we saw the fruils of our continued commitment to creating a more connected community in Clerkenwell. Even in these drfficull limes we were able to work with the cofflmunity to allow new projects to start, classes lo be held online and conversations lo be had with our neighbours. Throughout the year, staff and volunteers maintained contact with hundreds of members of Lr community of all ages. They did this through zoom, phone calls, and even just using the opporbJnity of handing over our donated meals lo check in wtth a neighbour. We know and remain keenly aware that our communities remain divided. Perhaps rnosl obvious this year has been the digitsl dtvide. We were delighted to partner with MER-IT in their efforts lo bridge that gap. and to WO with Galbur Foundation and Disabilily Action Islington to help the North London CCG understand the nature of the divide and what could be done lo tackle it. This year we also said gwdbye to our CEO, Tom Neumark. While we are sad lo see him depart, he moves on to lead the 999 Club. providing a lrfeline to rough sleepers in Lewisham. We will miss his tireless efforts and enthu5iasrn for the Peel and commitment to building a more connected MMUnitY in Clerkenwell. Thi5 will offer an opportunrty for renewal at the Peel. As we move into the next phase of the pandemic, Ihe Peel wrll be reopening alongssde welcoming Tom's successor. Olu Alake. Olu brings with him a wealth of experience and commitment lo the role community plays in our lives. We are delighted to have hirn join us and look forward lo the Peel moving forward as we move closer to our post-pandemic future. inda Gohil The Peel Institute Company 2
Trustsgs, report 31 March 2021 Mission Statement The Peel's vision is to create a connected community where everyone benefits from living here. The Peel's three miswons are to.. Help children living in tKwety lo improve Iheir life chances by connecting them and their families wilh olhers in Ihe community Help older peOe who are lonely or al risk of isolation lo become active citizens by connecting them with others in the community Provide opportunities resKlents to partiupate in activities through which they can make acquaintsrKXS across divvJe5. for mulual benefft Govemance The Peel (Instilutel a ¢ompany limiled by guarantee and a registered eharty. was formed in 1898. The organisation operates under the company's Arb"des of Association, whbch sets out the objectives of the Charity, its p(y*ers and rules govemin9 its procedures. Structure and Management Members of the Board of DIreCtS. who act as Trustees ofthe Charity. and number not less Ihan four and not more than frfteen, supervise the govemance and management of the organisalion. Directors who served durin9 the year. or have been subsequently appointed. are shown on page 1. Appointment to the Board is by nomination by the members after the needs of the Charity are considered by the current Director5. The Boar(J of Directors aims lo ensure that the composition of Directors contains individuals with suilable skills and experience lo contribute positively to the govemance of the Charity. Trustees are given a thorough induclion including provision of infc¥m2tion provided by the Charity CommissM)n on the role of a trustee. TrainirvJ is provided a personaltsed basis. The organiSatic has a clear ganisational structure with lines of authority and delegation. which are regularly reviewed by the Board. The Board is responsib for setting strategies and policies and for ensuriTh3 that these are implemented by the Chief Executive on behalf of the Board. The Board has responsibility for setting remuneration of the CEO and key management personnel. In doing so it undertakes maTket testing and benchmarking against other simllar sized organisaltons and Ihose wilh growlh and change ambitions similar lo our own. The Peel Inslilule Company 3
Trustees. report 31 March 2021 Policy. planning and risk management The Board is responsible for the management of the risks faced by the organisats'on, for safeguarding the assets of the charity and for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Board review the organisational risk position, inlemal control assessment and ils compliance with relevant statutory and finance regulalions. In order to evaluale and manage risk a risk regisler is maintained, which is monitored and reviewed at each Board meeting. This process idenlrfies the major risks the organisation faces, Ihe likelihjod of currenCe. the sÉgnificance of the risk and any miligaling controls that are in place arKI seeks to Klentify any aclions and resources required to manage these risks further. The Board has agreed dear lines of authority wtlh staff. The Board is satisfied that systems are in place to mitigate our exposure lo major risks. both from within the charity and to those related lo the external environment over which we have no control. Review of Past Adivities Objectives and activities Children and older people living in Clerkenwell are more likely lo be deprived than other groups and there is a high prevalence of diagnosed mental health conditions such as depressK)n and anxiety. The Peel works to ehange this and make Clerkenwell a neighbourhood from which everyone benefits. We do Ihis Ihrough our'5 Pillars- running a community hub. SLlPPOrting thally led projects, bringing together aclivilies, supporting a cross sector alliance of local organisations and spreading learning and lessons from this work lo infiuence decision makers. Our Social Club provide5 a range of opportunities for alder people lo build and maintain 5UPPOrtive relationships and to irnprove their heath and wellbeing Ihrough a range of aclivilies iluding exercise classes, trips and 0ing$. Our Youth Club supports the leaming and development of young people. connecting them with skills and resources in the local community through acltvities such as code club. football 5e$5ion5 and dance dasses. During lockdo1, our Youth and Social clubs becaffE remote, running online classes, providing telephone support and dislribuling aclivty packs. Our Direct Action Project improves awareness of mentsl health and mental health seFvices working among parents. young people and professionals working with young people. We provide engaging workshops. creative projects and sessions at communty events. The 3 Corners Centre is a community space in the heart of Clerkenwell. We make the space available lo the local community and to those who wish to provide services lo residents. During lockdown the space has been used for the distribution of food and essential supplies. Our c(neCting Clerkenwell programme engages with people who live and work in the area to support them to develop new proje¢ls. During IkdOWn this wort continued. supporting people lo run remote activities such as online baking and singing clubs. The Peel Instrtute Company 4
Trustses, report 31 March 2021 Achlevements and perforrnance Community Hub During lockdown both our youth and social club provided a range of remote services induding 100 phone calls per week. lo ensure people were gelling the food, medicir)e and services they needed. 12 remole classes per week including baking, exercise and quizzes. and delivering hundreds of activity packs per month. 284 different people attended our sctial club for over 55s and 86 drfferent young people attended our weekly youth sessions including code clubs. cooking clubs and dance classes. A random sample of 32 rnembets showed that 96% would recommend the service lo their fn.ends or family. As one participanl said "Il's hard lo find fau with excellence. The slaff in the peel provrde an exlremely welcoming service. I could not fatjll anyone of them. They make the Peel a friendly place to go to." Mental health awareness 341 different children. young people. parents or professionals twk part in one of our menlal health awareness sessions through 31 workshops. As one partner said "The DAP Facilitators were very patient. calm and knowledgeable of the subject.. We prodUd SO pieces of digital conlenl including blogs. YouTube videos and social media infographics. We worked with student5 al New River College Pupil Referral Unil and staff at the Soapbox centre lo create the "Stress on the Brain. music video which has had over 23.000 views on YouTube. 3 Corners Centre We provided space lo Help on Your Doorslep who provided support and advice the local community. and Mer-IT who provKle refurbished IT hardware lo those in need. During lockdown. 3 Comers became 8 base for focNJ dislribulion. delivering over 100 meals per week to isolated households in Clerkerw4ell. Conn8Cting Clerkenwell We supported a number of I(llY led projects including.. the EC1 Echo community newspaper BakeandTake (the baking club Ihal donate their bakes to isolated households). virtual singing groups to workshops on how to make a herb garden, and many more too. We supported 20 connectors Ik)cal activists or community worker). to learn from each other and shaTe opportunibes and resources. and brought l¢)Jether an alliance of 18 Clefkenwell based organisalions to collaborate on a shared vision for the area and to run a Christmas hamper, dislribLrting hundreds of hampers to local households. The Peel Institute Company
Trustees. report 31 March 2021 Supporters and fundraising note We would like to thank the Octopus nefvk. The CO-OP. the Macquarie FJnd8ti0n. the Community Lottery Fund. the London Borough of Islington, Islington Clinical Commissioning Group, and all the other organisations and individuals who have SUPF(Jrted The Peel in 2020121. The Peel fundr8ises in line wtth the Code of Fundraising Practi in all OLtr fundraising aclivities. We did n(A receive any Complaints in relation to our fundraising activity. Volunteers The support of volunleers enables the Peel to provide a range of services. From the Trustees to sludenl placements. corporate volunleers and regular project volunteers our work is sustained by their a5SiStance. In 2020121 we had a regular team of more than 20 volunteers who gave their tirrE and talents in suppxt of our work and a number of corporate volunteers who were able lo offer one-off project support. This time SUpp(led both operational activities a1 the governance of the charity. Statement on Publ1¢ Benefft The Tnjslees confirm that they have complied with their duty under the Ch8rilies Act 2011 to have due regard lo the Charity cmisSIon.S gerEral guidance on public benefit. In particular our services are aimed al the prevention or relief of poverty. advancement of health atvj advan¢emenl of citizenship or communty development. Financial review The statement of financ1 activities shows income for the year of£543.025 {2020'. 506,921) with expenditure of £445.15912020.. £611.615) leaving a surplus of £97,866 {2020 deficit of £104.6941 before investments gains of £1,722.245 {2020 kjsses of £889,380)- At the end of the year we eary fornvard a reserve of £9.310,950 {2020.' £7,490,839), of which £8,737,038 is designated, with the remaining £573.912 being unrestricted general funds. Invostrnent and reserves The powers of investment ofthe Board are govemed by the trust deed, which grants powers lo invest monies of the company not immediately required for ils purposes in or upon such investments. securib.es or property a5 may be I1ught fil. subject to such conditions and cons8nls as may be imposed or required by law. The Peel's funds exist for two purposes". to maintain reserves and lo provide an income to ¢over core operating costs. Reserves As at 31 March 2021, the Charity had total funds of £9.310.950 12020 - £7.490.8391- £8,737,038 of funds have been sel aside by the Iruslees in a designated income generation fund {2020 £7.014.7931. The purpose of this fund is lo generate income to cover core cper8ting costs. The remaining £573.912 of funds was held in general unrestricted funds (2020 - £476.076). The Peel Institute Company
Trustees. report 31 March 2021 Investment and reIveS {conlinued} Reserves (continued) The appropriate level of reserves of the Charity is reviewed on a regular basis based on analysis of projected income and costs. The Peel's reserves policy is lo maintain reserves equal to the ¢051 of 6 months ufftstricled expenditu lo cover working capital. funding shortfalls and Unexpted expenditure. This poIY would result in 8 largel of £150,000 in free reserves. The Charity's level of general funds as at 31 March 2021 of £573.912 comfortably meets this target. The chaTlty's unrestricted funds are all expendable by conversion inlo income, in whole or in part. al the discretion of the Board. They represent gift5 received and income generated over a number of years. primarily lo provide an altemab.ve source of income for the charity. for its general purposes. Future Plans We entered the new financial year with the organisation. like the rest of the country. having to contend with the uncertainties thal the global pandemic would have on us. We are especially aware of the need for The Peel lo be able lo provide enhanced levels of support for rts staff and wider community through and beyond the paThJemic. In doing so. we will aim lo work wilh them lo identrfy the impact of the pandemic on our key largel groups within the community, so thal emerging it. we will be best placed to assist in addressing the needs arising. The Peel also had Ihe critical task eady in the next year to recruit a new CEO and support them in their review of the aclivities and slructure of the organisation to enable us lo be more impactful. As mentioned above. we have made the appointment and are providing all necessary support to maximise his Char ofsuccess aThJ briTrJ about the required renewal of the organisalion. We reach the end of another strategic plan eyde in March 2022 and before then, we will have undertaken Ihe necessary intemal reviews and extemal anafyses lo inform wrstrategy for the next period. The Peel Irtstilute Company 7
Trustees. report 31 March 2021 Statement of trustees, responslbllities The Ifustees (who are also directors of The Peel Institute Company the purposes of company law} are fesponsible for preparing the trustees. report and financial statements in accordance th applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generalty Acceple(l Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a Irue and fair view of the slate of affairs of the charrtable company and of the incoming resources and application of resource5. including the income and expenditure, of the charitable Company for that period. In preparing these financial statements. the Iruslees are required to: seleet suitable aeewnting poliaes and then apply them consislenlly: observe the method5 and prinryples in the Statement of Recommended Practice {Accounting and Reporting by Charities) (the Charities, SORPI. make judgements and estimates that are reasonable and prudent: stale whelher applicable Uniled Kingdom Accounting Standards have been followed. subject to any material departures dL8dosed and explained in the financial stalemenls., and prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charitable company will continue in operation. The truslees are responsible for keeping proper 8ecountir¥J records that disclose with reasonable accuracy at any lime the finanaal position of the charitable company and enable them to ensure that the finanal statements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charrtable company and henee for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Each of the Injslees confimis that: so far as the Injslee is aware. there is no relevant audit inforniation of which the charitable cornpany s audrtor is unaware., and + the Iruslee has laken all the steps that helshe ought to have taken as a Iruslee in order lo make himselflhersetf aware of any relevant audit infomialion and to establish that the charrtable company's audrtor is aware of that infomiation. This eonfirmalion is given and shoutd be inlerpreled in accordance with the provisions of s418 of the Companies Act 2¢)06. Approved by the tnJslees on 17 December 2021 and signed on their behaW by Trustee- knnda Gohil The Peel Institute Company
Independent auditor's report 31 March 2021 Independent audito¢s report to the members of The Peel Institute Company Opinion We have audited the financial stslemenls of The Peel Instilute Company (the 'charitsble company ) for the year ended 31 M8rch 2021 which comprise the statement of financial activities, the balance sheet. and statement of cash flows. the principal accounting policies and the notes lo Ihe financial slatemenls. The financial reFuting framework that has been applied in their prep8ralion is applicable law and Unrted Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Iland. (United Kingdom Generally Accepted Accounting Praclicel. In our opinion. the financial statements= gwe a true and fair view of the slate of the charitabte company's affairs as at 31 March 2021 and of rts income and expenditure for the year thenended; • have been propedy kyepared in acc(¥dae wilh United lfjngdom Generally Accepted Accounting Praclice: and • have been prepared in accordance with the requirements of the Companies Ac12006. Basls for oplnlon We conducted our audil in acc(ffdae wilh Inlemational Slandards on Auditing (UK) {ISAs (UK)) and applicable law. Our reswnsibilities under those standards are further described in the auditor's responsibilrties for the audit of the financial statements section of our report. We are independent of the charitable company in accordan wilh the ethical requirements that are relevant to our audil of Ihe financial stslements in the UK, including the FRC'S Ethical Stsndard. and we have fulfilled our. other ethul responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis our opinion. Conclusions relating to going contern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfcrfmed. we have not identified any material uncertainties relating to events or conditions that. indivKlually or Collectively. may cast significant doubt on the charilable company's ability to continue as a goin9 concem for a period of al least twelve months frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees vthh respect lo going concern are described in the relevant sections of this report. The Peel Institute Company 9
Independent auditorfs report 31 March 2021 Other information The other information comprises the information included in the annual report and financial slatemenls. other than the financial statements and Ouf auditor's report thereon. The trustee5 are responsibfe the other infom)ation contained wilhin the annual report and financial slalemenls. Our opinion on the financial slatemenls does not cover Ihe other infomiation and. except lo the extent otherwise explicilty slated in our repryt, we do not express any form of assurance conclusion therean. Our responsibility is lo read theother informalion and. in doing so. consider whether the other infomiation is materially inconsistent wlh the financial statements or OUT knowledge obtained in the course of the audit or otheThvise appears to be materially misstated. If we idenlrfy such material InconsisteleS or apparent material misstatements. we are required to determine whether Ihis gives rise to a material misslalemenl in the financial slalemenls themselves. If. based on the work we have perfomied. we conclude that there is a material IT11551atement of this other information. we are required to report that fact. We have nothing lo rerxKt in Ihis regard. Opinions on other rnatters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. • the informatson given in the trustees. report. which is also the direclors, feport for the purposes of company law and includes the slrategic report. for the financial year for which the financial slatefflenls are prepared is consistent wrth the financial slatemenls., and the trustees. report. which is also the directors. report for the purposes of company law and includes Ihe stralegic repcrt. has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit. we have not Nyenlified material misslatemenls in the truslees. report. We have nolhing lo report in respect of the following matters in relation to which the Companie5 Act 2006 requires us to rewrt to you if, in our opinion= adequate accounting records have not been kept. or relums adequale for our audit have not been received from branches not visiled by us.. or • the financial statements are not in agreement wrth the accounting records and retums.. certain disclosures of trustees, remuneratbon specIfd by law are not made.. or we have not received all the infomiation and explanalions we require for our audit- or the Iruslees were not entriled lo prepare the financial statements in accordance with Ihe small companies regime and lake advantage of the small companies, exemptions in preparing the trustees. rert and from the requirement to wepare a slralegic report. The Peel Institute Company 10
Indendent auditof s report 31 March 2021 Responsibilities of trustees As explained more fully in Ihe trustees, responsibilities stalement, the trustees {who arg also the directors of the charilable company for the purposes of company lawl are responsible the preparation of the financial statements and for being sats"sfied that they give a tnje and fair view. and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial statemenis that are free from material misstatement. whether due to fraud or error. In preparing the financial stslemenls, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going concem and using the going concem basis of accounting unles5 the trustees either intend to liquidale the ¢haritsble company or to cease operations, or have Th) realistic altemalwe but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are lo oblain reasonable assurance about whelher the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs rePt that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit corKJu¢led in accordance with ISAS IUKI will always delecl a malerial misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo infiuence the economic deasions of users taken on the basis of these finanryalstatements. Irregularities. including fraud. are insL7nces of non-eompliance %Mth laws and regulatTons. We design procedures in line with our responsibilities, outlined atrve. to detect material misstalemenls in respect of Iegular1ties, including fraud. The extent to which our ocedures are capable of detecting irregularities. including fraud is detailed below.. Our approach to identfying and assessing the risks of materi81 misstatement in respect of egularities. induding fraud and nw-wmplian¢e wth laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- • we idenlffied the laws and regulations applble lo Ihe charitable company through discussions with management. and from our commercial knowledge and experience of the sector. the idenlrfied laws and regtjlations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the 8udrt'. • We focused on Specffj laws and regulations whth we considered may have a direct material effect on the accounts or the activities of the charity- These included but were not limited lo the Charities Acl 2011. the Companies Act 2006 and the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014. the Finanual Reporting Standard applicable in the UK arKI Republic of Irdand IFRS 102}'. and The Peel Inslilule Company 11
Independent auditor's report 31 March 2021 Auditorfs responsibilities for the audit of Ihe financial statements (continued) we assessed the exlenl of compliance with Ihe laws and regulations identified above through making enquiries of management. inspecting legal Correspondence and reviewng trustee meeting minutes. We assessed the susceptibilty of the company's financial statements to material mi55tstement, including obtaining an understanding of how fraud rnh1 occur. by.. making eulneS of management and Ihose charged with govemance as lo where they considered there wa5 susceptitrflity to fraud. their knowledge of actual. suspected and alleged fraud.. and COf75idering the internal controls in pla¢e to mitigate risks of fraud and n0n-c0mpliare with laws and regulations. To address the risk of fraud through management bias and override of controls we= performed analylical FccedureS to idenlty any unusu81 or unexpected relationships., • tested journal entries lo identify unusual transactiorE: • tested the authorisatw of expenditure as part of our substantive lesling Ihereon.. assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias., and used data analytics to identfy any signtficant (* unusual transactions and identify the rationale for them. In response lo the risk of irregulartties arKI non-¢orylIan wilh laws aThJ regulations. we designed procedures wthich included, bul were Th)t limited lo.. agreeing finanual statement disclosures to undertying supporting documentation- reading the minutes of trustee meetings; enquiring of management and those charged with govemance as to actual and potential litigation and claims- and revIeng any available correspondence wth HMRC and the Charity Commission. There are inherent limtlalions in (Mjr audit PrctureS described above. The more removed that laws and regulations are from financial Iransaclions. the less likely rt is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspection of regu18tory and leg81 correspondence. rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al WVdW.Irc.org.ukJauditorsresponsibilrties. This descriptson forms part of our auditorfs report. The Peel Institute Company 12
Independent auditotrs report 31 March 2021 Use of our report This report is made solety to the charrtable compan$ members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2CN)6. Our audit wc¥1( has been undertaken so that we might state lo the eharilable companVs members those matters we are required to slate to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept assume responsibility to anyone other Ihan the charitable Company and the charitsble company's mernbers as 2 body, for our aLKlit work. for this re)rt. or for Ihe opinions we have f(ffiied. Hugh Swainson (Senior Slalutory Audit() For and on behalf ol Buzzacott LLP, Slaluw Auditor 130 Wood Street London EC2V 6DL Date.. 2011212021 The Peel Institute Company 13
Statement of financial activities Year lo 31 March 2021 (incorporating the income and expendifvre account) UnrèstrTrcted Restrictèd fvnds fund$ TOL 2021 Tolal 2020 Nos Income from- Donations and legacies Investment5 Charitable activibes Othef Total income 26.606 247,997 5.279 43.014 322,896 26,606 247.997 225,408 43.014 543,025 24,678 234,697 247.546 220.129 220.129 506,921 Exp•ndlture on: Raising funds 7.709 7,709 23,802 Charitable activthes Day Gentre Youlh dub . Child car8 . Dired acti{ project . Community developmenl Totsl expenditur• 20,287 32,51J) 21,393 52,787 23,437 11,365 75,1 $6 274.705 445,159 113,626 27.817 19,235 92,322 334.813 611,615 11.365 10.156 171,424 222.985 6s.r 103.281 222.174 Net income lexpendSlur•l beforè galns {Iossèg} on investments 99.911 12.045) 97,866 1104.6941 Net galns (losses) on Investments 1.722,245 1.722.245 1889.3801 Transfers tra•n fund$ 12.0451 2.045 Net income (expenditure) and n¢1 movement in fund$ 1.820.111 1,820.111 1994.0741 R•coneiliation of fund- Totsi fund5 brought fonyard at 1 April 2020 10. 11 7.490.839 7.49Q.839 8,484,913 Total fund$ carrled lor¥ard as at 31 March 2021 10. 11 9.310.950 9,310,950 7,490,839 All activities ol the charity are derived from conlinuing operations during the above tsvo financial years. All recognised gains and losses are included in the statement of financial activities. The Peel Inslilute Company 14
Balance sheet 31 March 2021 2021 2021 2020 2020 Notes Fixèd assets Tangible assets Investments 7.325 9,206,732 9,214,057 7,276 7,109,487 7,116,763 Current assets Debtors Cash at bank and in hand 12.707 187.434 21X+.141 6.011 500,394 506,405 Liabllities CditorS.. aftniS falling due wih one year N•t cuirent a$s¢ts {103,2481 1132,329 96.893 374.076 Total net assets 9,310.950 7.490.839 R•pr•sented by: The funds of the ¢harity Restricted funds Unrestricted funds . GÈnèral funds . Designaied lunds 10 573.912 10 8.737.038 476,046 7.014,793 Total funds 9.310.950 7,490.839 Approved by Ihe Iruslees and signed on their beha5f by.. Trustee- kninda Gohil Approved on". 171h December, 2021. The Peel Institute Company 15
Statement of cash flows Year to 31 March 2021 2021 2020 Noles Cash flows from operating activitles: Net cash used in operakn"NJ ath"vilies 1182.436} 1284.785) Cash fl4)ws from inwesting activili•s: Dividends. interests and nts fwm investrnenls Purchase of inveslmeAts Pro¢eeds from sale of invesbmenls Investmènt charges Purchase of prc4)erty. plant and equipTh*nl Net cash used In investing aclivttiès 247,997 (382,520} 6217 18,3831 13.521 {140,2101 234.697 1100,000) 18.1301 126,567 Change In cash cash equivalents in the year {322,6461 1158,2181 Cash and ush equwalents al 1 April 2020 Cash and eash equivalents at 31 March 2021 510,080 187,434 668,298 510,080 Notes to the statement of cash flows for the year to 31 March 2021. A Reconcilialion of net income (gxpgnditure) to not cash flow used in operating activitles 2021 2020 Net income lexpenditurel (as the statÈment of financlal acti¥ili•s) Adjustniènts for: Depreryaln (Gains) losses on inveslments Dividends, interests and rent from inveslments Ilncreasel in debiors (Decreaseyincrease in creditors Nel cash used in 0rating activili•s 1.820,111 1994.0741 3,472 1,974 11,722.2451 889,380 1247,9971 1234.6971 16,6961 2,947 129,0811 70.212 11B2,4361 1264,2581 B Analysis of cash and cash equivalents and movement in net debt 2020 Cash flows 2021 Notice de1t (less than 3 Mlh$) Treasury deposit Total eash and cash equivalents and net debt 100.394 87.040 400.IM)0 1400.0001 510.080 1312.9601 187.434 187,434 The Peel Institute Company 16
Principal accounting policies 31 March 2021 The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basis of preparation The Peel Institute 15 a company limited by guarantee not having a shared capital registered in the United Kingdom. The ad(Jress ofthe registered is gNen in the charity infwmation on page 1 of these finanual statements. The nature of the charlS operations and principal acb"vilies are set on page 3. The Peel Institute meets the definition of a public benefit entity under FRS 102. The financial st8temenls have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in aOrdanCe wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} Charilies SORP IFRS 1021 effective 1 January 2015, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006 The financial 5ts1ements are prepared on a going concem basis under Ihe historical cost convention. or transaction value unless otherwse staled in the relevant accounting policy note(s}. The financial statements are prepared in sterting which is the fvnctional currenry of the charity. The signffjcant accounting polic$ applied in the preparation of these financial statements are set out below. These F(•licies have teen consistently applied to all years presented unless olhenvise slated. Critical accounting estimates and areas of judgement Preparation of the aeeounls requires the trustees to make judgements and estimates. The item in the financial statements where these judgements and esb"males have been made indude: the useful econcxnic lives attributed lo tsngible fixed assets to delemiine the annual depreciation. In addition to the alx)ve. the full impact folltY•¥ing the global coronavirus pandemic is still unknown. It is therefore not currently p955ible to evaluate all the potential implications for the charity's actrvities. beneficiaries. funders. suppliers and the WKter economy. As sel out in the going concem accounting wlicy, Ihe Iwslees have considered the impact of the pandernic on the charity and have concluded that although there May be some negative consequences. it 15 appropriale for the charity to conlinue lo prepare ils accounts on the going concem basis. The Peel Institute Company 17
PrlncSpal accounting polici85 31 March 2021 Golng Concem The financial statements have been prepared on a going concem basis as the Iruslees believe that no matefial uncertainties exist. The trustees have considered the level of funds held and the expected level of ire and expendilure for 12 months from aulhorising these nancial statements. The budgeted income and expenditure is sufficient with the level of reseNes for the charty to be able to continue as a going concern. In making this decision. the Iruslees have taken into consideralion the risks and uncertainlies ansing from the Coronavirus pandemic. Income recognition All income is included in the Slalemenl of Financial Aetivities ISOFAI when the charily is legally enlilled lo the income after any performance conditions have been mel, the amount can be measured reliably and il is probable thal the income will be received. The income repfesenls the total income receivable during the year comprising grants, donations and gifts. members, subsuiptions and operating income. For dOnatS to be recogni%ed the charity will have been notified of the amounts and the settlement dale in writtng. If there are conditM)ns attached lo the donation and this requires a level of perfoTmance before enlitlemenl can be obtained. then income is deferred until those conditions are fully mel or the fuKilment of those conditions is wilhin the control of Ihe charity and il is probable that they will be fulfilled. No amount is induded in the financial statements for volunleer time in line wtlh the SORP {FRS 102). Income from grants are recognised in fvll in Ihe SOFA in the year in which the charity has entitlement to the funds, any perfonnance condrtions attached lo the grants have been met, it is probable thal the income will be received and the amount can be measured reliably..If entitlement is not met. then these aThJunts are deferred. Income from trading activities and members, subscriptions is recewed in exchange for supplying servitss in order to raise funds and is recTrJnised when enlillemenl has occurred. any performance conditions have been met and the amount can be measured reliably Income received in advance for specffied contractual services is deferred until the perfcmnce condition for re¢ognition are met. Investment income indudes interest on fvlS held on deposit is included when receivable and the amount can be measured reliably by the charty" this nomially upon notification of the interest paid or payable by the Bank. Fund accounting Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use al the discretion of the Trustees in furtheran of the general charitable objectives. The Peel Institute Company 18
Principal accounting pollcles 31 March 2021 Fund accounting {eonlinued) Designated funds are unrestricted fuThJs of the charily which the trustees have decrded al their discretion to set ade to use for specific purposes. The aim and use ofeach designated fund is sel out in the notes to Ihe financial statements. Restricted funds are funds thal can only be used for particular reStrted purposes within the objects of the chanty. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The cost of raising and administering such funds are charged against the specffic fund. The aim and use of each restricted fund is sel out in the notes lo the financial slalemenls. Expenditure recognition and irrKovgrable VAT Expenditure is accounted for on an accrual basis once there is a legal or tonslructive obligation to make a payment to a third paty. (( is probable that settlement will be required and the amount of the Olgab"on can be measured reliably. Expenditure is dassffied under the followng activty headings.. Costs of raising furnls.. MpriSe the costs of advertising. professional fees and the specific staff cosl Expendtture on charitable activities.. inctudes ¢05ts ts.. Day Centre providing adutt education dasses. health and wellbeing actNilies for the over 55s Youth Club induding youth employment projects Child Care and after schcKII aclivil*s Direct Action prowding mental he8tth awareness projeels Community Development providing capacity building for small community groups All activitie5 under this category are undertaken to further the purposes of the charity and their associated support costs. Irrewverable VAT is charged as a cost against the activity fof which the expenditure was incurred. Allocalion of support costs Support C051s are those Ih8t assist the work of the charity programmes and aclivilies bul do not direclly undertake charitable activities and include premises and office cost5. finance. personnel. professional fees and governance costs. These costs have been allocated between expenditure on raising funds and expenditure on charrtable activities on the basis of staff lime and area of usage each project ulilises within the Peel. The anatysis of these costs is ncluded in note 6. The Peel Institute Company 19
Principal accounting poli¢ies 31 March 2021 Tangible fixed assets Individual items of equipment are capitalised at costwhere the purchase price exceeds £250 and the asset have an expected useful lrfe exceeding one year. The tangible fixed a55els are depreciated over their estimated useful econom lives on a straight line basis. Depreciation costs are allocated to acbvities based ijn space utilisation. Depreciations are catulaled to write off the c(Ist of red assets over their estimated useful lives usiTrJ the following rates: Fixtures and fitknngs 33 1/J % pa straight line and 20% on reducing balance Motor vehicles 33 1/* OA pa straight line Investmenls Investments are recogni5ed initialty at fair value which is normally the transaction price excluding transaction costs. Sub5equenlly. they are measured al fair value with changes recognised in 'net gains I Ilossesl on inveslments. in the SOFA Debtors Trade and olher debtors are recognise(l at the settlement amount due after any trade discount offered. Prepayments are valued at amount prepaid net of any Irade discounts due. Debtors receivable within one year are recorded at transac price. Any losses arising from impairment are recognised in expendilure. Cash at bank and in hand Cash at bank and cash in hand includes cash and shcrt lerni highly liquid investments with shcrt maturity of Ihree months or less from the dale of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised when the charity has a present obligation resulting from a past evenl that will probabty result in the transfer of fvnds to a third party and the amount due to setde the obligation can be measured or estimated reliably. Creditors and provi&ons are nom)alty recognised at ther settlement amount after allowing for any trade discounts due. Creditors receivable within one year are recorded at transaction price Leases Rentals payable and receivable under operating leases are charged lo the SOFA on a slraohl line basis over the period of the lease. The Peel Institute Company 20
Principal accounting policies 31 March 2021 Penslon The chanty operates a defined contribution rAan for the benefit of ils employees. conlribuling 3% of employees salary. contribub.ons are expensed as they become payable. All contrityjlions come from unrestricted funds. Tax The charity is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporalton tax purposes. Flnancial instruments The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liatmlities of Ihe charity and their measurement basts are as follows.. Financ1 assets - trade debtors and accrued income are basic financial instruments and are debt inslrumenls measured al amortised Cost as detailed in note 8. Prepayments are noi finanaal instruments. Cash at bank- is classified as a basic financial instrument and is me8sured at face value. Finan81 liatslities- trade creditors. accJu8ls and other c*editors are financial inslrumenls. and are measured at amortised cost as detailed in note 9. Tax8tion and soci81 security are not induded in the financkql instruments discbsure definition. The Peel Institute Company 21
Notes to the financial statefflents Year to 31 March 2020 Income from investrnents and charitable activities Income includes the following.. Total lunds unstriCted Restricted 2021 nds funds Total (unds 2020 Unrestricted Restri¢ted lunds fvnds Charitable ¥ctivities Grants Catering Cornmunty letting Pitch income (Aher 220.129 220,129 144.210 144,210 5.512 37,019 58,148 2,657 247.546 5.512 37,019 58.148 2.657 103.336 1,726 3,203 1.726 3,203 43.364 268.422 48.293 220.129 144.210 Invèstmènts In¢ome from q>t$ investments 247.997 247,997 234.697 234.697 Operatlng result for the year Total funds 2021 Total funds 2020 The operab.ng surplus is ststed after charging: Depreriation Audit fee Operating lease rentsts 3.472 5.950 48,750 1.974 7,100 65,000 Analysis of employee number, staff remuneration and cost of key management personnel Total funds 2021 Total funds 2020 Staff costs were as fdkw5'. Wages and salaries Soryal Security costs Pension costs Seconde(18nd teMry stsff 223,898 17,049 5,349 200,097 15,707. 5,038 540 221.382 247,136 The average number of employees of the Peel Instttute included part lime staff during the year was 1112020.. 8). The number of employees who receNed remuneratson Th)re than £60,000 in the year was 1 {2020'.1 } {belween £60,000 and £70.000}. The Peel Inslilule Company 22
Notes to the financial statemen1$ Year lo 31 March 2020 Analysis of employee number. staff remuneration and cost of key managemenl personnel {continuedl The key management personnel of The Peel cornpri5es the trustee5 & the Chief Executive Officer and the Finar)ce Manager. The total ernployee benefits of the key management personnel (including employerfs national insurance ar¢d employer's pension contributions) of the Peel were £109.02312020.. £109,127). Disclosure of Irustees. remuneration. benefrts and expenses Nort of the charity trustees were paKI or have recerved any other benefits from employment or expense reimbursement from The Peel Institute in Ihe year12020.' nil) neither have they received payment for professional or other services supplied to Ihe charity12020- nill. Analysis of total expenditure Total 2021 Slaff costs Other O•pr•clatlon Ralslng funds Fundraising and puFAiity 7.709 7,709 Charitabl• *XpdI1r• Day ¢enlre Youth dub Chil¢J care Dirèct prop Community devdopment 28.352 11.365 11.365 23.979 11.778 456 295 52.787 23.437 11,365 75,156 274,706 445,159 74,261 76.825 194.551 895 1.826 3,472 196.055 247.136 Tot 2020 Slaff costs Olher Depreciat Raising funds Fundraising andpubfvcity 540 23,262 23,802 Charilable expenditu Day cenl Youth dub Child care OireclAchOn PfDiÈCt Community developmonl 58.583 21.423 19.078 24.878 96.880 221.382 54.758 6.376 156 66.961 236, 746 388,259 285 18 113,626 27.817 19,235 92.322 334,813 611,615 483 1, 187 7,974 The Peel Institute Company 23
Notes to the financlal statements Year to 31 March 2020 Analysis of total expenditure (continued) The Govemance cost charged lo the Charitable activities were as follows". Total funds 2021 Totsl funds 2020 Apportionment of salaries and nSIOn Legal and professTronal fees Auditorfs remuneration Bank charges and investrnent m8nagefTEnt fee5 20,260 5,950 24 26,834 14,913 7.100 875 22,888 Anatys45 of sUPPOrt costs Total Support Costs 2021 O¥èrhèad5 2021 Profess*Jnal fees Rèpairs & Maintenance Office Costs Insurance 20.260 8,665 70.893 3,046 20.260 8.665 70,893 3.046 Totsl 102,864 102.864 Total Support Costs 2020 (knrtjeads 2020 Professthal fees Repairs & PAatinlenance Office Costs Insurancè 14,912 4,788 80,414 3.003 14,912 4.788 80,414 3,003 Total 103,1IT 103,117 The Peel Institute Company 24
Note5 to the financial statements Year to 31 March 2020 Tangible fixed assets Fixtu and Fittings Motor vehicle Total C(>st At l April 2020 Additions Al 31 March 2021 13.124 3,S21 16.645 18,000 31,124 3,521 34.645 18,000 DePclation At 1 April 2020 Charge fr)r the period At 31 Marth 2021 5,848 3.472 9.320 18,000 23,848 3.472 27,320 18,000 Net book values At 31 Marth 2020 At 31 Maich 2021 7,276 7,325 7.276 7,325 The net book value at 31 March 2021 represents fixed assets used for direct charitable purposes. 7 Investments 2021 2020 Listed inveslfflents Market value al 1 April 2020 Additions at ¢xJst Net investment Ik)sses} gains Market value at 31 March 2021 7.109.487 375,000 1.722,245 9.206,732 7,898.867 100,000 1889.3801 7,109,487 Cost of listed inveslments 8,496.831 8,120,633 All listed investments were deali with on a recognised st(Kk exchange. Listed investments held at 31 March 2021 comprised the following: 31 March 2021 31 March 2020 Fixed interest Multi-as$81 funds Cash 377.008 8.$80.137 249,587 9,206,732 514,328 6.$85,473 9.686 7.109.487 The Peel Instrtule Company 25
Noles to the financial statemenls ye to 31 March 2020 7 Investments Icontinuedl At 31 March 2021, listed investments included the follon9 individual holdings deemed material when compared the overall portfolio as of that dale. 2021 market 2021 valuè of Père•ntag• holdlng of portfolio Rathbone Unit Trust Mgmt- Core Inv Fund for Chariiie5 Schroder Charity Multi Asset Fund 4,801,636 4.303.020 52.15% 46.74•h 8 Deblors 2021 2020 Trade debtors Prepayment5 and ac¥rued irrnme 11.500 1,207 12.707 6.011 6.011 Creditors: amounts falling due wlthin one year 2021 2020 Trade Credito Accruals Other taxes and sxial security Other creditor5 2.123 116.434 4.623 9,149 132.329 84,583 5.045 13,572 103.248 The Peel Institute Company 26
Noles to the financial statements Year lo 31 March 2020 10 Unrestricted funds At 31 Pllarch 2021 At 1 Awll 2020 Incomè ExpeThJiture and losses Translgrs oL1n Designated Funds . Incomè general*)n fund111 Gèneral Fund5131 7.014,793 1.722.245 476,046 322.896 7.490,839 2.045.141 8.737.038 573,912 9,310,950 1222,9851 {222.9851 12,0451 12.0451 Al 31 March 2020 Ae i Apn7 2019 Expenditu 8nd lossès Incon Transfe Prioryearcompaiison Deswnated Funds . Income 9trnetst fund (l) . Development rul (2J Generdl Funds (3) 7,833,867 115.0 476,046 8,484,913 f889,380J (104,694J 362,711 (362,711) 362.711 (1,356,785J 70,306 (70.306) 7,014,793 476,046 7,490,839 (11 The ir£ome generation fund has been set up lo generate irOrne lo cover core operating costs. (21 The development fund was set up to cover the costs of developing new services over 2019120. {31 Gener81 funds have been set up to cover six nK)nths of expenditure and the c05t of developing new services in the future. The Peel Institute Company 27
Notes lo the financlal $tslements Year to 31 March 2020 11 Restricted funds At Expenditure 31 arch Income and Iransfers 2021 At 1 Aprl 2020 Day centre Direct action project Comfflunity develotxnent 32,500 65.000 122.629 220.129 132,500) 165.0001 1122.6291 1220,1291 Al 31 Mah 2020 At i Ap171 2019 Income Expendtturè Day centr& DIGI action pnyect Community development 22.500 65,000 56.710 144,210 (22.500) (65,OOOJ (56.710) (144,210J Day ¢entre- For a project supporting older people at risk of isolalion or loneliness to fflake connections and become active citizens. Youth club- For a project connectiThJ children INing in poverty and their families wjth others in the community to improve their life changes. Direel 8clion proieet - For mental heath awaTreSS improving the understanding of mental health and menlal heatth services amongsl young people and parents. Community development - For a project to support people living in CleTkenwell to run their own social action aclNities. 12 Analysis of net assets between fund$ Restiicted Unrestricted Total 2021 Ftrxed assets Investments Net ¢urreni assets 7,325 9,206,731 96,893 9.310,950 7.325 9,206.731 96.893 9,310.950 RestriGted Unrgstiided Total 2020 Fixed assets Investments Nél current assets 7,276 7. 109,487 374.076 7,490,839 7.276 7, 109,487 374,OT6 7,490,839 The Peel Irtslilute Company 28
Notes to the financial ststernents Year to 31 March 2020 13 Operating lease c¢knrnitments Al 31 March 2021 the total ofthe chaws future minimum payments under non-cancellable operating leases was £nil= 2021 2020 Operating leases whiGh expirè.. Within 1 year Two lo five years 14 Related party transactions During the year. The Peel made payffEnls tolalling £nil to C(Nnmunity Links Trust Limited 12020.. £12.0201. an incorwrated chafity where the Chair of Truslees. ts the Chief Executive. The payments are for services which are transaction conducted durin9 the r#)rmal course of business for both entilies. The charity is not aware of any further related paty Iransaclions taking place during the year which requires disdosure under the section 33 of FRS102 (2020.. nil). 15 Corporation tax The charity is exempt from tax on incA)me and gains falling withrn section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent Ihat these are applied to its charrtable obiects. 16 Financial instrnments 2021 2020 Financial assets Financral asset at arTrJrtis•Y o)sl Financ*1 th'abilit at amortised cost 9.394.164 11.500 {47} 7,486.951 6,011 12.123) The Peel Institute Company 29