The Peel Institute Company Annual Report and Financial ststements 31 March 2022 Crryary tsrrmled ty Guarartee Registrati Numb2r 3389572 (England and W*sl ChJtyRegt4tratiM Nimter 1168155 AB9KOP35' 0210W2022 r.wp.AhllES.HOUSE 25
Contents Reports Reference and administrative in10miatn Chairfs stemenl Trustees. report Ir)dependent audorfs report 14 Financial staternents Statement of financial aclmties 19 Ba1ce sheet 20 Statement of cash flows 21 Prinupal acc(yJnting poliues 22 Notes lo the financial stslements 27 The Peel Institute Company
Reference and administrdllve informion Trustees Natssha Anderson Robert Andrews (resigned 25 Odober. 2021} Roger GIltt Amnda Gohil (Chair} Jonathan Matyr Sarnh Woodfiek Salty ThbtneY Emma Hallinan Ann&Marie Ce Veran Patel Chief Exe¢ulive OILayodele Alake Company registration number 3389572 (England and Wales} Charity registration number 1[8155 Registered office 3 Corners Centre bjrthampton Road London EC1R OHU Auditor Buzzacott LLP 130 Wocd Street London EC2V 6DL Bankers Barclays Bank 9 Portman Square London W1A 3AL SolicitOT5 Russell Cooke 2 Putney Hill Putney London SW15 6AB Governing Deed Artkn ofAs50Ck3tN)n The Peel Instf(ute Company 1
Chaivs statement 31 March 2022 As the Chair of Trustees, I would like to start by thanking all the staff, volunteers. Iruslees, eommunty members. supporters and funders who have together maje vital contributions to our communty during the last yw. This has been a very Inte511n9 ye¥for The Peel. Like the rest ofthe sedor. we have found the prOS of managing Ihe Co¥i&19 Ictkdown and its immediate aftem)alh quile challenging. We are proud that we have emerged from the chaos and uncertainty ol this periotl wth the organisalion having leamt valuable kssons about rts capacity and adaplabilty. This was further demonstrated in h(w we ovensaw the departure of oui long- standing CEO. Tom Neumark aTrJ the apFointrnenl and on-boarding of his successor, Olu Alake. We successfulty reopened the centre as soon as we got Ihe green light frcffi the govemmenl and have since seen a gradual increase in our acts'vty levels. We hav8 developed a rThJre Stab fijnding base by sutrAieensing part of our premises to an exciting tenant with alyned values and are confthnlthat thiswill enhance our acb"vities and strategic efforts lo connect Ihe community. We have worked very well wth various organisations across Islinglon and indeed beyond, who have provuled us with fundir¥J, expertise. and ther required resources in a timely and cOlborative manner. As this year was also the final year in our current strategy, we embarked on and concluded a slrategic review which saw us ¢rfti¢alty analyse the organisalion and ts operatiThJ environrnent over the previous period. extract the levant ssons leamed that would serve as a platlorm for our future and articulate these in an excf(ing new strategy. special thanks go to all ourtrustees and staff who VKJrked kn"relessty on this for a svJnfficant part of the year. Vje have teen espeCllY grateful to and proud of our asSlatIOnS with our key funder5.' we thank the Loiklon 80gh of Islington and the Paul Hamtyn FOundatn fortheir generosty. understsnding and flexibilty durir¥J these unprecedented tir. ile the full impact of the p*demic on the wellbeing and lrfe chances of the community in Clerkenwdl is yet to be fulty realis&J. we are confident that the sterling work that we have put in, and our abilty to continue to adapt and appty the kssons we leamt dunng the recent challenges. will sland us Trn very goed stead for the ftrture. Our new slrategy ts specifical deswJned lo enable us to respond to these emerging ne&Js and we h)ok lo the fulure with confidence in our abilty to rise to the challenge. Arvinda Gohil The Peel Inslitule Company 2
Trustees, report 31 March 2022 Mission Statement The Peel's viSn is to create a connected communty where everyone benefils from living here. The Peers three missions are to.. Help chrfdren Imng in povety to improve their lrfe chances by Cfmnecting them and their familie5 Wrth iithers in the communty Hdp older people are lonely or al risk ol isolation lo becorrE active atyzens by connecting them with others in the communty Provide cPportunit fof residents to participate in activities through which they can make wuaintances across divkles. for mutuai benefrt Govemance The Peel (Inslitutel a company limrted by guarantee and a registered charty, was fomied in 1898. The organisation operates under the compary s ArteS of Assocralion. whh sets OLrt the objectives of the Charity, its F4)weTS and ruks goveming its procedures. Structure arbd Management merrth of the Board of Director5. who act as Trustees ofthe Charty. and number not le5S than four and not more than ffleen. superwse the governare and management of the organisation. DireLtors who served during the year, or have been subsequenlty appointed, are shown on page 1. Appointment to the 808rd is by ncmination by the members after the needs of the Charity are nSIdered by the current Diwlors. The Board of Directors aims to ensure that the composrtk)n of Directors ¢onlains indivKluèls wrth suitable sklls and experienceto contribute posrtivety lo the govemance of the Charity. Trustees are gwen a thorough inductKJn induding prOViOn of informalbjn prowded by the Charty CommiSsn on the role of Iruslee. Training is provided on a personalised basis. The organisation has a cknr organisatnal structure with lines of authority and delegation. which are regularty reviemed by the Board. The Board is responsible for setting strategies and polic*s and for ensurirKJ that these are implemented by the Chief Executive on behaw of the Board. The Board has pOns1tlity for settTrruJ remuneralion of the CEO and key management perne1. In doing so rt undertakes market testing and benchmarking against other similar sized OlglsaIans and grtt•rth and change ambth'ons similar to our own. The Peel Institute Company 3
Trustees, report 31 March 2022 Policyp planning and risk management The Board is resF¥)nsible for the management of the risks f&ed by the organisation. for safeguarding Ihe assets of the charity and for taking reasonabte steps for the prevention and detection of fraud and other irregukrities. The Board revithv the organisaional risk position. inlernal control assessment and rts complkince with relevant slalulory and finance gLlalions. In Lyder lo evalue and manage risk a risk regL8ler is maintain&J. which is monitored and reviewed al exh Board meeting. This process identifies the major risks the organisalion faces, likelihc#Jd of txcurrence. the signfficance of the risk and any mitigating controls that are in pixe and seeks lo identify any actions and resource5 required lo manage these f(%ks further. The Board has aJr&d clear lir£s of Jtl)rity with staff. The Board is sat¢sfd thal systems are in place to miligale our exposure to mapr risks. th from wrthin the charity and lo those related to Ihe extema envronment over we have no conlrd. Review of Past Activities objectiv and actlvftles Children and older people living in Clerkenwell are more likety to be deprived than other groups and there is a high prevalence of dnOSed mental health condrtions such as depressk)n and anxiety. The Peel works to change this and make Clerkenwell a neighbourtKJcd from whKh everyone beneffits. do thi% through our"5 Pillars. _ running a communty hub, supportir¥J kxalty led projects, bringing togethèr 8CtNilies. supporting a C[Ss sector alliance of bxal organisations and ¥sreading leaming and lessons from this work lo inltuerce deuston makers. Our Social Club provKles a rnnge of cyportunibes for older people to buihl and maintain supportrve relatnShIpS to improve their healih and wellbeing tknugh a range of Mties including exercise classes, tn.ps and OLrtir#Js. Our Youlh Club sPortS the rning aThl devekjpment of young people. connecting them th skills and resour in the kjcal community Ihrough aclNrties such as code club, fcM)tball sessh)ns a1 darKe dasses. During lockdcvm. our Youth ar¥J SLKial clubs becarre rerThXe, running online c*se5. provKling telephone supwt and distributing xtsvty packs. Our Direcl Action ProJt irwroves wareness of mental heath and mentsl health services working amng parenls, young pwle and professionals working with young people. We prOVe engaging workshops. creatTr prOjts and sessions at community events. The 3 Corners Centre is a convnunty space in the heart ofCberkenweH. We make the space available to the k)cal communty and lo those who wish to prowde services to residents. During Ictkdown the space has been used for the dislnbution offood aThJ essential supplies. Ourconnecting crkerVe11 prcgramme engages wlh people who live and work in the area lo support them to devebp new projects. During kckdown Ihis work continued, Supporting people lo run remote activrties such as online baking and singing clubs. The Peel Institule Compary 4
Trustees. report 31 March 2022 Achlevements and perfornlance In a very challenging year. cHJr key xhievernents were in the fdlowing areas." Resw)ndirb3 to COVID-19 iSSL in a posrtNe way, including successful reopening of the Cenlre and resumpt of actNities and seryw". Organising 640 xtivities forouryouth and Over-555 social club attended by over 300 pwle. including a suc£essful transitKin to online delwery during k)ckdown' Succes5fulty delNerirvJ 25 workshops fc our DI¢1 Action project, which engaged 148 Peop.. we also prcyjuced over 100 social medLa pieces to promote awareness of mentsl heamh: Pu1$ed 6 editions of the cleenwell ccrnunty newspaper EC1 Echo, whh was shortlisted for a national award", Developing a new strategy for the 2022- 25 period. Community Hub & Responding to COWLk19 GNen that our eenlre was Ced for a synlfieant pertiy of the year due lo the pandemic. it was still quite pleasing that we manage(I lo fulfil our mission of connecting svJnificant numbers of peeple in the Clerkenwell communty through Ouf actNities during this reporting peri¢Jd. The challenges that we faced and the readinesswith whth we cOnfrted these and adapted our se in response was not just Irtening for the organi5alion bul mo importanlly helped us lo devek)p new opportunitw for delNering improved servKes. The parKlemic and 5ubsequenl Ixkdown highlighted the major issue of residents in the neighbOurt(l experiencing the digital dmde - not having the hardware or access lo the inteinet to benefft from the digrtal offeriThJ$. We redified this for a signfficanl number of residents by working wth corporate partners lo source and distribLrte laptops and where necessary, data cards. Another maiorconswJerath)n in the communty was deSpr k)neliness and the attendant anotional wellbeing and merttsl heatth issues Ihal many felt. This was nOteable across all the age-groups that we worked wrth, wrth the most marked impact probably being on young peop. Issues of illness, bereavement. fear of physical contact and other pandemic-related mattets resulted in distinct challenges for our work. especia as so many of our own staff were also simikrty affecled. responded to these not just by prvolir@ lo online provision but also deduliry resources lo connecting people lo each other and signposling to other . servw. The sheer scale of the IMW is yel to fulty cryslallise and OUT partners in local schools and other youlh seThice PTOViSi¢)n agencies have m•Je rt qurte clear that there is an imminenl mental health and wellbeirvj crisis in the education sector that ¢5 currenlty neither appreualed nor ackncv•JWged. This has been a major conskJeraDn in how we have priorrtised the key areas of aclNty in our new strategy. The Peel Instrtute Company 5
Trustees. report 31 March 2022
Achievements and perfomianee (Contind}
Community Hub & Responding to COVIt%19 (wib"nuedJ
Similarty, we were able ta utilise the Food Connections grant that we had obtained from LBI
lo provide meaLs lo the eldety and VUlrrab1e people ITvin9 in isolati)n. This grant was
Suppnted by the generous Sup1 of Sarasin & Partners. who ¢Jnated over 1,000
cooked meals to us during the year for distribution to residents in need.
Resurnpt cl activit post-kLkdu4vnwa5 a meticulou5ty planned exercise, which resulted
in us getting signfficant numbers of people back to the centre within a short period of lime
after Ihe lifting of lockdown restrKbons. From reopening of the centre in August 2021 lill the
er+d of the finanual year. we retained a strict COV19 protocol whereby we insisted on 811
attendees of aclThirties al the cenlre to evidence of a recent lateral test and have
a temperature check lo be allowed admittance. We also linsted numbers of people in the
centre al any one lin in accordance with sock81 distancirvJ guidelines. These all had an
impact on the overall Eower nUrnbe that we seNed in the year compared lo prevK)us years.
It was very important for The Peel lo be present and availab for the ctjmmunty during the
pandemic. We were an authorised Covr&19 eral Ibw lest distribution centre and we
worked ckjsdy with the Londcffl Borgh of Islington to hand out over 5.000 kits to passers-
by in the area during the year.
As we have been ¢Jevebping our new strategy, we have been setting the foundations for its
implementstion by integrats'ng the aclivit*s of the organisation lo ensure there are clearer
poirhts of integration and economEs of scale real55 fr(yn thi5 way of working. We ran a
successfiJl communty open day in January in conjunCtn wh other Islinglon-based
corrrfnunty cenlres via the Octopus Nerk. This event, Soup & Soul, was a wellbeing-
themed evenl which consisted of mental health awareness workshops, slress-busting
exefcises, puppel4nakir¥J. story4elling and bCS of home-made soup. This event was
attended by over 70 peopk, most of whwi h•J not prevb)usty attended aclivrties at The
Peel. The event was also attered by the kxal Bright stsrt le) and repsentativeS from
the al business communty. and provkl&J us wrth r1 opportunities for subsequent joint-
WLwking and communty engagement.
Over-55's Soclal Club: In Ihe year. we hehy 146 actThiities attended by 284 people. During
lockdown, we delNered a full programme of includirKJ bingo. quyzzes, stretch and
relaxation. cardio. chrt
Truslees. report 31 Mah 2022 Achievements and perfomiance leonlinuedl Community Hub & Respondlng to COVIÈ>19 (conlinuedj Youth Club: Over the year, we served 58 children and young people through our youth aeliwties," these young pè)ple attended 489 sessions during the year. During kjckdown, we delivered a comprehensive schedule of online "VitIes, irlUding exercise classes, quizzes. cookery sessions and ccde ¢b. The We 227 attendartes of online sessions btheen April and Decembw 2021. ile the aclmty club thatwe established for ¢hihJren in transitn from primary to secondary school. Stepping Up Wth Tr Peel. had begun very promisingty, there was a noliceable reduclK)n in attendance and engagennl after the end of the summer term prior lo the second k(kdcN4n. This wa5 due to exams pressure. the chibjren signing up lo other after- schc¥Jl aclmties and peer pressure that resulted in sorr children not wishing lo attend Ihovt their frieNJs. Feedbxk on prcYJramwe frorn the participants nevertheless wa5 very positNe. with 75% stating that it had hefvaed them rn rre about themselves and prepare them better for secondary ScfvJ. It has proved particulaty drfficult lo get young people bad( to attending activilies at the cenlre t)sl-lockdown, a situation many youth ProVers have also experienced. As the asons for Ihese are muhrfarious and often complex. we have adapted to the reality by continuing lo provide some online activity forthose who feel unable to attend the cenlre. We obtained a granl from Ihe Paul Hamtyn Foundalion lo help us delpiei activities online in this per. While the redl1 numbers of pecle we servèj during the year was dtsappoirbtirg vis PreVuS years, we have been able to provKle a rrKffe comprehensNe swvice for the faMilS we are engaged with. This manifested itself in our successfully applying to Buttle UK'5 Chances for Chihlren grant scheme on behalf of one of the young people, who was awarded a £1.4C(J grant lo help overcome a crisis that had adversety impacted their emotK)nal development and educational attainrrnl. This granl has had an appreciable positNe effect on the famity unit. Mental health awareness Our Direct Action Project srliseS in developing creative ways of disseminating mental heam) messages. This was d¢)ne through an inn¢)vatwe blend of workshops. blogs. social media posts and arts program1. Covi&19 had a signian1 impact on the delivery of Ihis pff4ect. We were able to quickly pivot lo online delNery wth this prqect as the nature of a of the activities readity allowed for this. Over the year, this prqeLI delbvered.. 25 WorkslKPS creatNe progranmes. eng8giThJ 148 People. consisting of 67 parents andlor carers and 81 young people111- 24 years). The Peel Instf(ute Company 7
Trustees, report 31 PAarch 2022 Achievements and perf0rrnan (continL) Mental heallh awareness (conlinued) DwJital resources produced and promoted. consistirv4 of 10 Bbjs, 53 Social media graphics. 10 Videos. 3 drtaI newstters. 2 articles in Clerkenwell's kxal newspaper. EC1 Ec. Mentsl heallh awareness campawjns marked. indLKling - Mentsl Heallh Awareness Vleek, Stress Awareness M¢)nth. Men's Mentsl Health Week, Breasrfeeding Awareness Week, sUKIe preventi Day, World Mental Heatth Day. Parental Mental Health Day. Young Carers Actw Day, Time to Talk Day. Children's Mental Health Day and the Nalk)nal Day of Remembrance The SerVe ccntract erKled in March 2022. ar to ensure continuity of seNice pending the delayed rwrccurement prccess, we have been awarded £21,000 by London Borough of l$h'ngton to continue to delNerthe service till the end ofJuty 2022. 3 Comets Cent We provided office arKI meeting space lo Help on Your Doorstep. who assisled over 1C4) peopk from the premises. We awarded a Iren¢e lo 0UpY a part of the building to MvJrateful. who after a sLesSful cr(d[UndIng inrtiative, refurbished the space into a cclnmunity kitchen for refugee chefs and moved in al the end of December 2021. This has provided us with an cyportunty for stable income a5 well as a potential collaborator in engaging the kcal cc¥nmunty. We have seen an appreciable increase in lettings ofavailable space lo local voluntary sector organisations, who have delivered &tNitses as varied as physiotherapy sessions for SEND chihjien. lo bal1 classe5. To Maxirn our ineune generation potential as well as enable better use of Ihe spxe for our own projrarnmat activrty. we are currently exploring plans to maximtse the available space wiéh a specialist fimi of archrtects. Connecting Clerkenwell Despite COIll19 severeFy hampering the delbvery of Several of the bxaI4ed projects we had Ident for delNery in the year, we are nevertheless pSed that we have been able to SLtpport a Var portfol of Mty delivered during the year. These include the Clerkenwell Photography Ccynpelrtion. Bake 'n Take. Lindy-Hop Dancing. Story-telling, Wrrting for Wellbeing. Pottery and career development workshops for school leavers. These projects engaged over 700 people. Clerkenwell PhotcMJraphy Competition especially prowded us wrth a solid template for hcA¥ we coulj utili5e these activils lo engage the communrty. prov*Ye added value and build project suslainabilty IhroLbgh corporate spOnSship into all of our comMunity-d aclmty. We conlinue to publish crkenWel1.S frxal newspaper, EC1Echo. This b1mOnthty publutian now reaches 7,51)] people. In Autumn 2021, the paper was nominated for the Independent Community Newspaper of the Year Wlvard al the Newspaper Awards ceremony. The Peel InstilLrte Company 8
Trustees. report 31 March 2022
Achievements and perlorniance (continued)
Connecting Clerkenwell (continued)
We continue to convene an alliance of 18 Clerkenwell-ba5ed organisations fr the public,
prw*e and vduntary & communty sfftors to collabale on developing a shared vision for
the area and identify opportunitie5 for joint action on particular areas of need or concern.
The erkenwell Allkance stsrted working on assi%liro the 5o¢al primary school, Hugh
Myddleton School, to alIeVle emotional and mental stress pressures on teachers and
pupiL8 by developing a programme of exlra
Trustees. report 31 March 2022 Investrnent and reseThes The powers of investment oflhe Board are govemed by the twsl deed, which grants powers lo invesl monies of the CLYnpany not immediety requir&J for its purposes in or upon such inveslmenls, securities or propety as may be thought fft. Sublt lo such conditi.ons and consents as may be rmposed or required by Iw. The Peel's fvnds exist for Iwo puwes" to maintsin reseryes to provNle an income to cover core operating costs. Resenies . As at 31 March 2022, the Charity had lotsl funds of £9.623,873 {2021 £9,310,950). £9.067.557 of funds have been set aSe by the trustees in a designated income generation fund {2021 - £8.737.0381. The purpose of thi5 fund is to generate ire to cover CAJre operating costs. The remaining £556,316 of funds was hekl in general unreStred fvrKIs {2021 - £573.9121. The appropriate level of re5erve5 of the Charity is reviewed on a regular basi5 based on anatysis of proiected income and costs. The Peel's reserves poIY is lo maintain reserves equal to the cost of 6 months unrestred expenditure lo cover working capital, fvnding shortfalls and unexpecled expenditure. This policy would result in a tsrgel of £150,000 in free reseNes. The Chafity's level of general furnfjs as al 31 March 2021 of £556.316 comfortably meets this largel. The charty's UnreStrted funds are all expendable by conversion into income, in whole or in part, at the discretKJn of the Board. They represent 9fft5 rtVed and income generated over a number of years. Primari to provide an altemative styjrce of income for the charty, for ts general purposes. The Board provides ongoing stffKardship of the InvesteTht and oversees the xlwities of the fund managers by hdIng annual meetings to review perfomwnce and jointly agree priorrties or adjustments lo apprc&h for the year ahead. Future Plans In March 2022 after an extensrrfe prcws of consuttal#)n and deliberal)n, OLbr Trustees agreed a new &year strategy for the perioj 2022-25. The underlying prnISe for this new strategy was based on several sources of infomiation.. these included the knsons learned from the community needs that arose during the COVID-19 and how we responded lo these,. the rev of the preVlIS strategy. where we tested si)rne ideas through the previous 'Willars ¥proxh'" the pmrrtEs of the London Borough of Islington provided us with critical infomalion about their priorities and areas of alignment as well as potential gaps in service provisKsn and a ¢arer understanding of ho4V the pandemic had impacted Iccal people., the Work we commissictrned our karning partner to deliver us including the Clerkenwell Communty suNey was also very instructive. The Peel Institute Company 10
Trustees. report 31 March 2022 Future Plans (continued) Finalty, we analysed the pohttal and sock81 enmronment to understand that the paTrYem will be but the beginning of a cascade of real threats that thevoluntary and communty sector 11 be dealing wth for the foreseeable fvture ($t of Imng, climate emergency. skills shortage, hjcal voluntary and communrty sector fragilty. likely publ sector spending squeeze, el al all being tsken into conSKleratK). These deliberations helFed us lo urKlerslaThJ that we need lo focus our resources on improving the sense of communty and emot)nal and mental welbeing of the community. especralty as thi5 affects young peop and they families. to ensure that they can maximise the opportunrties to enhance their lrfe¢hances. The strategy consists of three key pillars of activty ar rwnises the need for investment in a robust enabling InfrastrLre. The key objeth.ves of the strategy are as follows". Communityied Acli¥itieg Ob ectiv i. To Jenlify opportunities to support residen15 of Clerkenwell lo reali5e their aspirations to better connect wrth exh other. This will be delivered through a facilitated supported pr(tess. CsIsng of a combination of mi¢ro-grant funding. project management. mentoring. corporate sporwr5hip and other bespoke operalY)nal support as the initiatives may require. The Peel Cenlve Ob"ective.' To maximise our utilisation of the physul 5pxe at Three Comers as the HQ of The Peel from which we wll deliver a program of communty aclivi(ies to bTirrfJ the comrnunty together. This will also be the administratNe base from which we will develop limty to be delivered off-srte in relevant spaces across Clerkenwell and beyond. Strategic Partnerships Ob-ective.. To identfy. facilitate. convene and maximÉse opportunities for engaging and c operating with various organi5atK>ns across sedors that share our strategic goals. Enabling Infrastructure & Opportunities- Delwery of this strategy wll require us to have a very intentn01 f¢xus on ouf swmance. marketing & communication5, impact & leaming. and Organisatial development & staff welfare. This will also require the refccusing of the organisational cutture lo be more collaborative. cross-fvnctional and enabling. As at its heart, the strategy wll be shifting the axL8 of the organisalion from being a localion-ba5ed communty centre to being a eommL5nty-facilrtating activty hub, r( rCessIte$ a restructure of Ihe organisation and a reErusiry of of the key functional areas. The Trustees have reccJniseJJ the need lo invest in this stralegy and have aulhonsed an additional investment of up lo £3.000 over the first kn years.of the strategy. This will be funded frcrfn our inveslmenl portfolio. We have duty taken advice from the investment managers on h¢feaSIbe this B and sought their advice on the best way to sequence these withdrawals to have minimum impacl on the capital of the investrrent and therefore not compromise fvture retums tlwefrom. This Withdra4val represents area 3% of the overall current valLbe of the portfolio. The Peel Institute Company 11
Trustees, report 31 March 2022 Futurg Plans (continued) ill. Strategie Partnetships The Trustees are confhdent that this new strategy wll provide us wlh the optimum opportunty lo delNei the most usefvl and imptIU1 Servi to the pg)ple of Clerkenwell. As next year wll atso be The Peers 125th anniversary. il will also serve as an opportunity lo reccfflmil the organisation lo its founding Kleals in a contemporarity relevant manner, and help us to allemale the most pressing of the Sockil issues that our eommunity ts and will be irueasingly fan9 durirwj this strategic pericmj. statement of trustee5' responsibilities The truslees (who are also directors of The Peel Inslrtute Company for the purposes of company lawl are responsible for preparing the twstees. report and financial slalemenls in accordance wrth applble and Unrted Kingdcm Accounting Standards (United Kingdom Generally Accepted Accounting Prxticel. Company requires the tnjstees to prepare financial ststerrents for eh financial year whh gNe a true and fair ViV4V of the stste of affairs of the Charitab Company and of the incoming resources and appltn of resources. including the income and expendrture, of the Charitab conwny for Ihat period. In preparir¥J these financkal ststemenls. the trustees are required to". seleLI suilable accounting pol and then apply them ClS1$1entty', observe the methryls and principles in the Slalement of Recommended Practice (Acwunling arKI Repo.ng by Charities) (the Ch8rities' SORP). make jLwJgements ar estimates that are reasonable and prudent,. state whether appluble Unrted Kingjom AcCnting Standards have been followed. subj'ect to ary malerial departures disclosed and explained in the financial statements.. and prepare the fara1 statements on the going coeM basi5 unles5 it is inappropriate lo presume tha the charilable company WN continue in operation. The Iruslees are responsibie for keeping proper accounlir@ IrdS that disclose with reasonable aecuracy al any time the financial position of the charrtable company and enable them lo ensure that the finanal statements compty wth the Companies Act 2(JJ6. They are also responsib for safeguarding the assets of the charitable company and hence fortaking reasonable steps for the prevention and deteclv)n of fraud and other irregularrties. Each of the Iruslees Confirn that so far as Ihe trustee is a•Me. there is no rethnt audil infcmiation of which the eharitsble company's audféor is unaware,. and • the Iruslee has taken all the steps that helshe ought to have taken as a Iruslee in order lo make himselflhetself aware of any reknnt audit informalKJn and to eStablh tha the charitable compary's audilor is aware of th* infomiatK>n. The Peel Inst"rtLrte Cefflpany 12
Truslees. report 31 March 2022 ststernent of trustees, responsibilities (continued) This ¢onf1mwtn gwen and shoukj be interpreted in x¢ordar the provIsnS of s418 of Companies Act 2CQ6. Approved by the trustees on 26107r2022 and signed on ttrEir behalf by.. Truslee- Aryinda Gohil The Peel Institute Company 13
Independent audltorfs report 31 March 2022 Independent auditofs report to the members of The Peel Instltute Company Opinion We have a]rted the financial slatemenls of The Peel Institule Company (the 'charilable ccfflpany'l for the year ended 31 March 2022 whth compnse the statement of financial aclwilies. the baL3nce sheet, and stsleTrnl of cash flows, the principal accounting poIleS and the notes to the financial slalements. The financial reporting framework that has been appld in their preparatn is appli&le I and United Kingdom Actounling Stsndards. including FinanckAI Reportiry Standard 102 The Financ1 Reporting Stsndard applicable in the UK and Republic of Ireland. (United Kingdcfft GenerallyAccepted Accounting Praclicel. In our opinion. the financial sLeMents.. • gwe a true and fair of the state of the charitable company's affai a5 at 31 March 2022 and of its incone and expenditure for the year then ended,. + have been propety prepared in xcordance wilh United King&)m General Accepted Accounting Practice". and have been prepared in cordanCe wilh the wuirements ofthe CoMpanS Act 2006. Basis for opinion We conducted our audit in ¢0rdarKe with Intemational Standard5 on Auditing IUK) IISAS (UK)) and applicable law. Our p)nsIbIlit$ under Ihose slandards are further described in the audrtor's responsibilits for Ihe audit of the finanual ststements section of our report. We are independent of the charrtable company in accordance with the ethical requirements thal are relevant to our aydrt of the financial statements in the UK. including the FRC'S ElhKal Slarhyard. and we have fulfilled our other ethical resFrf)nsibilities in accordance with these requirerr*nts. We beIve that the audrt evidence we have obtained is sufficient and appropriate to provide a baws for our opinh)n. Concluslons relatlng to going concern In audi(ing the financk41 staternents. we have eknndLwJed that Ihe tNstees' use of Ihe going concem basis of xcounkn.ng in the preparat of the financ1 statements is appropriate. Based on the wk we have performed. we have not idenlrfied any material uncertainties relating to events or condilion5 that. indwhjualty or GolleclNety. may cast SKjnlfanI doubl on the charrtable company's abilty lo continue as a golng concem for a perh)d of al leasl twelve months fr(Mn when the fina131 ststements are aulhorised issue. Our reswnsibi1lt and the responsibilrties of the trustees th respectto going cern are described in the levan1 secli(M)s of IhB repcxL The Peel In$titLrte Company 14
Independent audltorfs report 31 M1 2022 Other information The other infomiation compr¢ses the infomialirm included in the annual report and financial stslewthls, other than the finara1 sLements and our auditor's report thereon. The trustees are resp)nsibfe for Ihe olher informatfv)n contsined wrthin the annual report and financial stslemenls. Our opinion on the financial statemen15 does nol cover the other infomiairm and. except to the eyxent otherwise exphertly stated in Ir report. we do not express any form of assurance condusion thereon. Ourresponsibilty isto readtheotherinfomwtion and. in doing so. consKier whelherthe other informalK)n is materialty inconsistent with the financial statements or our knowledge obtained in the r$e of the art or otheThvise appears lo be malerialty misslaled. If we entfy such merial inconsistencs or apparent materk41 misstatements. we are required to delemiine whether thi% gNes rise lo a material m¢sslalement in the finartial slalements themselves. tf. based on the work we have performed, we conclLKle that there is a material misslatement of thk8 Other infcwmation, we are required to report that fact. We have nOthg to rewl in thi5 regard. Opinions on other rnatte prescribed by the Cornpanies Act 2006 In OL+r wnion. based on the WOFk undertaken in the course of the audrt.. • the infomiatjon gwen in the trustees. report, which is also the directors. report for the purposes of company law and iludeS the Strateg report, for the finan¢ial year for whh the financial statements are prepared is consistent with the financial stslements.. and • the trustees. report, whKh is also the directors. report for the purposes of company law and includes the strategic report. has been prepared in accordance with applicable legal ruIrements. MatteTS on which we are required to report ty exception In the IwJht of the knowkdge and understanding of the ch¥itable company and its environment obtsined in the course of the audit. we have not identified material misstatements in the trustees. report. We have nothing lo report in respect of the following matters in relation to which the Compans Acl 2(K% requires us to report lo you rf, in our opinion.. * equate accounting records have not been kept. or retums •Jequale for our audit have rKrt been received frcrfn branches not Vi5tied by u5". or • the fInarla1 sLements are rkjt in awment with the aceounling records and returns,. * certain dIlosureS of tru5tees' rwnunerab.on sFec1fd by are not made; or • we have not receTrd all the infomwlK)n aThJ explanations we require for our aLKJil'. or • the trustees were not entrtled lo prepare the financial $latements in accordance with Ihe srnall corrwanies regime and take advantage of the small companies, exemplions in preparing the Iruslees. report and from the requireffent lo prepare a strategic report. The Peel Instrtule Company 15
Independent auditorfs report 31 March 2022 Respon$lbiUties of trustees As explained more fulty in the tntees. responsibilities statement, the trustees (who are also tP diredors of the charilable company for the purposes of company law) are responsible for the preparation of the financial statements artd for being satisfied that they give a true and lair view. and for such internal contrd as the trustees detemiine is necessary to enable the preparati of financial stments th are free from material misststemenl. whether due to fraud or error. In prepariry the financial 5talements. the IeS are responsible for assessing the charrtable company's ability lo continue as a going concern, disc105ing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Irustees erther intend lo IKiuidale the charl1ab company or lo cease operations. or have no realistic alternatNe but to do so. AudIt0S responslbilitles for the audit of the financial staternents Our objectives are to obtain reasonab assurance aboul whelher the financial stemenls as a Who are free from material misstatement. whether due to fraud or error, and lo issue an auditorfs ieFOrt that indudes our opinion. Reasonab assulanee is a high level of assurance, but is not a guarantee that an audit condted in accordance wrth ISAS IUKI will aws detect a material misstatement when rf( exists. Misstatements can arise from fraud or error and are considered materral if. indivtdualty or the aggregale, they could reasonab be expected to influence the econn decisions of users tsken on the basis of these financialstalements. IrregularrtEs, inCding fraLKI, are instances of nondcoMlan with laws and regulations. We desKJn procedures in line with our responsibilities. outlined above. to delect material mi%slalemenls in respect of IrregUrIe$. including fraud. The extent lo which our procedures are capable of detecting irregularities. including fraud is detailed below. Our apprh to Klentifying and assessing the risks of material misstatement in respect of irregulanties. including fraud and non-compb'ance wilh laws and regulations. was as folbws: • the engagement partner ensur&J that the engagement team collectwely had the apprcpriate competen¢e, capabilities and skius to identfy or rwnise non-compliance with appltable laws and regulations." • we identified the laws and r4uiations appluble to the charrtable eompany throu9h discussions with nK4nagement, and fr(Mn our commercial knowledge and experience of the sector. + the klenlrfied la4¥S and reguklions were communicated within the audit team regular and the team iemaine(l akn to instsnces of non-compliance throughout the audit." We focused on speeTfic laws and regul8tKJns whith we Consided may have a direct merial effect on the accounts or the actwities of the charity. These included but were not lirnrted lo Ihe chare5 Act 2011. Ihe Companies Acl 2006 and the Financial Reporting Standard applicabk in the United Kingdom and Republic of Ireland (Charities SORP FRS 1021 issued on 16 Juty 2014, the Financial Reting Standard applicable in Ihe UK and Republic of IrelarKI IFRS 102)., and The Peel Instrtule Company 16
Independent audltorfs report 31 March 2022 Auditorfs responsibilities for th• audit of the financial staterneThts (continued) • we assessed the extent of compliance wlh the and regulalions identified above thrOJh making enquiries of management. inspecting legal correspondence and revieMrwJ Itee meeting minutes. We assessed the su5eeplibility of the e41mpany's finanual sLements to materol misstatement, including obtaining an understanding of hw fraud mKJht QUr, by.. making enquiries of management and Ihose charged with govemance as to where they considered there was susceplibilty lo fraud. their knowledge of actual. suspected and alleged fraud., consk4erirvJ the inlemal conlrc4s in plxe lo mrtigale risks of frdud and non<ompl¢ance wrth18ws and regUlatn$. To address the risk of frwd through mana9ement bias and override of controls we.. • performed analytica pr¢xedures to bjenlfy any unusual unexpected reLqtionships; • tested joumal enlries io identfy unusual Iransaclh)ns; tested the aLrthorisation d expeThJiture as part of our Substantive testing there., assessed whether judgements arml as$umption$ made in determining the accounting estimates sel out li ltre accounting wliues were indicative of potential bias.. and used data anatytics to klentrfy any signfftant or unusual transactions and identify the ratbonae for lh. In response lo the risk of inegularities arKI rcompliance wrth L•vs and regUtiOns, we desvjned pledureS whth induded, bul were not limited to.. Jreeing finanual slalement disek)sures to undertying supporting dc¢umenlalion.' reading the minutes of trustee meetings" enquiring of management and those thed with govemanceas to actual and potential litigatson and claims.. and rev1thng any avaiFable correspondence wifh HMRC and the Charty Commission. There are inherent limitations in our audrt prctedures described above. The more removed that lavts and regulalions are from financial transactK)ns, the less likety il is that we would became aware of non•compliarKe. Audrting standards also limit the audrt procedures required to identfy nOrcOMplI8nce wlh and ulationS lo enquiry ofthe trustees and cther management and the in5tn of reguLalory and legal correspondence, rf any. Malenal misstslements that arise due to fraud can be harder to delecl than those that arise fr error as they may invofve deliberate cryKealm¢nt or ecAlusron. A further descriptk)n of our re5ptsisi1I1 is availab on the Financial Reportirvj Council's websrte al www.frc.org.uklauditorsresponsibilrties. Thi5 de5cripl)n forms part of our audrtorfs report. The Peel In51rtule Ccffnpany 17
Independent audltovs report 31 March 2 Usa of our report . This report is m&Je solely to the charitable CoMpY'S members. as a botty. in accordance wth Chapter 3 of Part 16 of the Companies Act 20. Our audit work has been undertaken so Ihal we mttl stale to the charitsble company's members those matters we are required to slate to them in an audrtorfs report and for ro other purpose. To Ihefullesl extent pemiitted by law. we do not accept or assume responsibilrty to anyone other than the charitable c(ynpany and the charitable c(Mnpany's rrembers as a b. for our audtt work. for this report. or for the cyinions we have formed. Hugh Swainson Isenior Slalutory Auditor} For and on behaN of Buzzacott LLP. Ststutory Auditor 130 Wood Street London EC2V 6DL Dale: 28 Juty 2022 The Peel Institute Company 18
Statement of flnanclal actfvltles Year to 31 March 2022 (incorporating the income and expenditure account) Unrestrl¢ted RestrTr¢ted funds rotsl 2022 Total 2021 Income from: Donations and Wcies Investments Charitabk actm1$ Other.. CJRS granl Totsl income 13.230 267,450 20,682 15,846 317,208 13.230 267.450 201,087 15.846 497.613 28,6 247.997 225.408 43.014 543.025 180.405 180,405 Expendrture on: Raising funds 7.709 Charilabk actmthey . Comrnunty Hub Directaction projeil . Communty de¥elot¥nent Total expenditu 109,203 55,500 65,000 59,905 180,405 164.703 128,358 221.491 515.209 87,589 75.158 274,705 445.159 161,586 334,804 Net lexpendlturtl Ineome befove galns on Investments (17.5961 117.5% 97,866 Net golns on Inveslrn¢nts 330.519 330,519 1,722,245 Net ineomè and n•t movement In funds 312.923 311923 1,820,111 R•cOnciliaon of fund: Total fuThJs brwJht forwa at 1 Apnl 2021 12. 13 9.310.950 9.310,9SO 7,49),839 Total ftsnds carried 10ThId as at 31 March 2022 12. 13 9.623.873 9.623,873 9,310,950 All 8clwil*s of the charty a derbved from continLJing operat)nS during the above fvdo firydncial year5. A]1 recognised goi and losse5 are included in the sLeMent of ffinancial xtm'lies. The Peel Insl((ule Company 19
Balance sheet 31 March 2022 2022 2022 2021 2021 Flxed assets Tan9ibb a55elS Invsstrnents 7.325 9,2C6,732 9.214.057 9.S37,250 9.576.189 Currunt ass•ts Debtors Cash 8t bartk and in hand 4.$99 141,509 146,108 12,707 187,434 2CM),141 Li•bilit*s Creditors.. amounls lallw¥J the thin one year Net currenl assets Creditors". amounis f811iry duè after ortè year (75.596) {103.2481 70.512 ,893 122.828) Tolal net assets 9,623,873 9.310,950 Reprtsent•d by: funds of the charity Restricted fuTrJs unrest fuThJs . Gereral . rjesignated fvnds 55&316 .06757 573,912 8.737.038 Total fvnd5 9,623.873 9,310.950 Approved by the truslees and svjned on their tehalf by: Trustee- Arvinda &)hil Approved on.. 26.08.2022 The Peel Instrtute Company 20
Siatement of cash IIow5 Year to 31 March 2022 2022 2021 Cash flow4 from operating a¢tiviligs: A 1275.4451 1182,4361 Ca$h IIOWB from investing activities: Dividends, Intet$ and nts frcffi investrnents Purchase of investrnents Proceeds frcm sak of Insts Investment charges Purchase of propety. pw equipment Net rash provided by {ed in) in¥esting activities 267,450 247,997 1382,5201 6,217 18,3631 13,5211 1140,2101 10,158 110,15BI 137,2101 230.240 Cash flo from flnaKlng XthlV•s Finanr kase interest p•J Financ£ ase$ paid Net cash used by Ihianclnq a¢tfvils {1811 {S391 17201 Change in eash and tash •4ui¥al•nts in th• y•ar 145,9251 1322,6461 Cash and rash equiwdlents at 1 April 2021 Cash and cash equivalents at 31 March 2022 187.434 141,509 510.080 187.434 Notes to the statement of flo¥n for the year to 31 March 2022. A Reconciliation of net Income to nel cash flow used In operalin9 actlvltles 2022 2021 Net incomè las p•rth• ststement of fin•Tral actfvltlo$1 Adjustments for. Deprerjation IG*nsl on Inveslments Divkyends. interests and rent from iwestrntnts Decrease {Infftasel in ¢Jebtors (Decrease) in creditors Fin8nc£ aSe InteSt pah Finance aSeS repaK1 Nèt eash us•d In op•rnllng •cVvllles 312,923 1,820,111 S,$96 3.472 1330,5191 (1.722,2451 1267,4501 1247,9971 8,108 16,6961 14,8231 129,0811 181 539 1275,4451 1182,4361 B Anatysis of cash and equlvalents and movement in net dobt 2020 Cash Flow5 2021 Cash and cash •qul¥alents NOte deposit (less Ihan 3 monthsl Cash held by in$ent man•JBf5 187,434 249,587 {45,9251 1138.4641 141.509 111,123 Total Qsh and eash eqUNalents artd net debt 437,021 1184.3891 252.632 The Peel Insl((ute Company 21
Prfncipal accounilng policies 31 March 2022 The prinupal accounting polw adopted, ]jgernents and key sources of estimatKsn uncertainty in the preparation of the financial statements are laid OLrt below. Basls of preparation The Peel Inslrtute is a crAnpany limited by guarantee not haj a shared capital registered in the United Kingdcrfn. The ajdress of the registered office is given in the charrty information on page 1 of these financial statements. The nature of the charty's operations and principal actiwties are set page 3. The Peel Instrtute meets the defintts.on of a public benefrt entity under FRS 102. The financial statements have been prepared in ordance with Accounting and Reporting by Charifies.. Stement of Recommended Practice appIable to charities preparing their accounts in rdance wlh the Fina101 Reporting Standard applb in the UK and Republic of Ireland IFRS 102) Chaiits SORP IFRS 102) effectNe 1 January 2015. the Financial Reporting Standard applicable in the UK and Republ of Ireland (FRS 1021 and Ihe Ctynpanies Act 2006 The financial statements are prepared on a g)ing COnM basis under the hislorul cost convention. or transactNJn value unless otheTh¥ise ststed u) the rebevant accounling policy notels). The financial statements are prepared in sterling which is the functional currency of the charty. The signffjnt aceounling policies applied in the preparatKJn of these financial slalements e sel out belcw. These pOlS have been consistently applied to all years presented nsS otheiSe stated. Critical accounting estimates and areas of judgement Preparation of the xcounls requires the trustees lo make judyements and estimates. The item in the finanual statements where these judgements and estsmales have been made include.. the vseful econom Iwes attributed to tangibfe red assets to determine the annual depreciation. The Peel Instrtule Company 22
Prlncipal accountlng policies 31 March 2tr22 ' Going Concern The fin8nco1 statements have been prepared a going COrern basis as the trustees believe that no material urKertalntS exist. The trustees have considered the kvel of funds held and the expected level of income and expenditure for 12 months from aulhorising these financral 5ts1emen15. The budgeted incwie and expendfLure is sufficient wrth the level of reserves for the chanty lo be able to continue as a going certem. In makirvJ this decision, the trustees have taken into conseratn the risks and uncertainties arising from the Coronavirus pandern. Income recognition All income is induded in the Statement of FNncial Actsvities (SOFA) when the chanty is legalty enlitled lo the income after any performan condrtions have been mel. the amount Can be measured liablY and rt ts probable th the income will be receNed. The irume represents the total income recewable during the year COrrplg grants. donations and gifts, members. subscriptbMs and operating Irrne. For do110 to be reccJnised the charty will have been notffied of the amounls and the settlement date in wriling. If there are conditK)ns atthed to the donatfvjn and this requires a tevel of performance before entrtlement can be obtsined. then income is deferred until those nd1th)n$ are fvlty met or the fulfilment of those conditnS is within the control of the ehaiity and rt is probable that they will be fuffi1. No amount is illled in the finarla1 slalements for volunleer li in line with the SORP {FRS 1021. Income from grants are reccgnis&J in frJH in the SOFA in the year in 1¢h the charity has entittemenl lo the funds. any perf(Kman¢e condrtions attxhed to the grants have been met, rt is probable that the incoff wll be recerved and the arrount can be measwed relk?bly. If entitlenI is met. then ttrwe wmunls are deferred. Income frcAn trIng actiwties and members. subscriptKs 15 receNed in exchange for supptyin9 serwces in order to raise funds and is recognised when enlillemenl has cccurred. any performance condthns have been met and the arrn1 can be measured reliabty Income receNed in alvar for speufied contractual $eMces is deferred until the perlormance condrtion for incc*ne rwJnition are mel. Investment income includes interest on furKls hekj on deposit is included when receivable and the amount can be nSured relkqbly by the charity; this is normally Ltpon notificab.on of the interest paid or payable by the Bank. Fund accounting UnrestrUed funds cornprise accumulated surFluses and defrAts on general funds. They are availab for use al the discrelion of the Twstees in furtherance of the general charitable objectwes. The Peel In5titule Company 23
Principal accountlng pollcles 31 March 2022 Fund accounting {conkn"nued) Designaled funds are ynrestricted fvnds of Ihe charty which ttustees have decbded al theirdiscretson lo sel aside lo useforspecific purposes. The aim and use of exh desvJnated fund is sel out in the notes to the finarKial sLitements. Reslrrted fund5 we fun(ts that can onty be used for partbcuL¥ reStrted purposes Nwthin the objects of the charity. RestrttJns arise when $Klfd by the donor or when funds are raised for partKular reStrted purposes. The cost of raising and administering such fund5 are charged &Jainst the specik fund. The aim and use of each restred fund is sel out in the ncts lo the financia statements. Expenditure recognition and irrecoverable VAT Expenditure is accounted for on an x¢rual basis once there is a legal or conslructNe obligation to make a payrnenl lo a third paty, il is probabFe that settlement will be required and the amount of the obligation ean be measured relkabty. Expenditure is classffied under the folwing aclNty headirvjs.. Costs of raising ftjnds: compfise the costs of advertising. professional fees and the 5pec¢fic staff cost ExFendrture on charrtable thti"es". incIjeS the eosls for. Day Centre providing adult edtiOn classes. health and wellbeing aclrwities for the over 55s Youth Club inckKling youth employmenl prgects Child Care and after sch1 tltIeS Direcl ActkX providirvJ mental health a•rareness projects Ccrfnmunty Deveh)pmenl provKling cap• buildiThJ for small communty groups All under this Category are undertaken lo further the purposes of the charty and Iheii associated support costs. Irrecoverabk VAT is tharged as a cost against the acliwty fOrICh the expenditu was incurred. Allocation of support costs Support costs are those Ihat assist the work of the chanty programmes and actrvrties but do not difecty undertake charitsble actNrties and include premises aTrJ office costs. finance. personnel, professional fees and g0vemare costs. These costs have been alknaled behyeen expenditure on raisino funds and expenditure on charrtable actNities on the basis of stsff time and area of usage each projecl ulilises wrthin the Peel. The an*is of these cctsts ts included note 6. The Peel Institute Company 24
Principal accountlng pollcles 31 March 21Y22 Tangible fixed assets Indrvidual items of equipmenl a capitalised * c051wherethe purchase pr£ exceeds £250 and the asset have an expected useful lrfe exceeding one year. The tangible fixed assets are depreciated over their eslimaled useful economic lives on a straight line basis. Depreciation costs are alkcaled to acllvrties based on space utiltsation. DeprwalhJns are calculated to vnite off the cost of fixed assets over their estimated useful Iwes using Ihe folbwing rates.. Fixlures and fftkn'ngs 33'A % pa strapjht line and 20% on redL1rj balance Motor vehicles 33 •A % pa strdpJM line Investments Investrnents are recognised inFtially at fair value which is nonnally the transaction pfice excludiry transaction costs. Subsequently. they are measured at fair value with changes rOgnIsed in 'net gains l {losses) on inves1Thnts. in the SOFA. Debtors Trade and cAher debtors are reccsnisa at the setuemenl amount due after any trade discount offered. Prepayments are valued at the arnunt prepaid net of ary trad8 discounts due. Debtors reNable within one year are record at trartIOn prirE. Any 105ses arising frcm impaiment are reccgnised in expenditure. Cash at bank and in hand Cash at bank and cash in hand includes cash and short lem hKJhty liquid investments wth a slyjrt maturity of Ihree months sS fr(yn the date ofacquisrtbon oropenirg of the deF4JSrt or sirr4lar )Unt Creditors and provlslons Credi(ors and PTovision5 are recc•3nised when the charty has a present obligation resulting frcffi a past event that will prcbabty Tesum in the trnnsfer of funds lo a third party and the amount due to settle the oblualKJn can be measured or eslimaled reliabty. Creditors and provisKJns are normally reLc4Jni5ed al their settlement anK)unl after allu4ving tor any trade discounts due. Creilitors r1vab within one year are recorded al transaction price Rentsls PaYle and receivable under opeTatir¥J leases are chawed lo the SOFA on a strauhl line basi8 over the of the kne. The Peel Institute Company 25
Principal accounting policies 31 March 2022 Leases (continued} Leasing agreerrtnts whh transftt to the charity subslantialty all Ihe beneffts and risks of vnership of an asset are Irealed as rf the asset had been purchased oulrighl and are capitalised at their fair value at the inception of the fease and depreciated over the shorter of the lease term or the useful econorn lives of equivalenlty owned assets. The capital element outstanding is shown as oblwJalions under finance leases. The finarKe chwges are alAxed over the period of the kase in proportion lo the capital element outstanding. Pension The charity operales a defmed contribLion pkn for the benefft of its empbyees. eontribuling 3% of empknyees sakry. Contributs'ons are expensed as they become payable. All contributions rne from unrestricted frJrKIs. Tax The chwty i% an exempt chardy within the meaning of Schedule 3 ofthe Charities Act 2011 d i8 COrtsNlered lo pass the tests sel OLrt in Paragraph 1 Schedule 6 Finance Act 2010 and therefore rt meets the definrtn of a charrtable company for UK corpor*ion lax purposes. Financial inslruments charity only holds basic financial instruments as defin&J in FRS 102. The financial assets and financ1 liabilities of the charity and thr measurernenl basis are as follows.. Finanwl awts- trade debtors and accrued irtome are bas financlal instruments and e debt instruments measured al amcfflised cost as detailed in note 8. Prepayments are not finanaal instruments. Cash al bank- classified as a bas fina{la1 instrument and is measured al face value. Financial liabilities- trade creditors, ac¢rua15 arml other creditors are financial instrument5. d are measured at amorttsed cost as detsiled in note 9. Taxation and social security are not induded in the financial instrUnnts di5cbsure definitDrb. The Peel Institule Company 26
Notes to Ihe financlal slatements Year to 31 March 2(Y22 Income frorn investments and charitable actNltles Income indL*Jes"Ihe folknwing.. Totsl lunds untrted Restricted 2022 fiJn(Js Totsl funds 2021 Unr•stritt•d R•strltl•d lun¢ts fund¥ Charitable aetfviites Grnnts Catering Community Pitch incon 100.405 180.40$ 1.708 18,974 220.129 220.129 1.708 18,974 1.726 3.203 4.929 1,726 3.203 225,408 20.682 180.405 201.087 220.129 Invesbnents Ineome Irom quoted invesknents 267,450 267.450 247.997 247,997 Operallng result for the year Totsl fvnds 2022 Tot81 ftjnds 2021 The 0ratIng surplus is stat&J aftertharg¥¥J: Depreciatn Audit tee (indJ1j VAT) Finance lease capitsl ents Finance lease intertst 0ratIng lease rentaL8 6.596 7.740 3,472 181 65,000 48,750 Analysls of employee number. staff remuneration and cost of key management per60nnel Totsl funds 2022 Totsl fvnd5 2021 sraff costs k4Ere a5 follm". Wdges aNI salares Social Seujrity (osts PensK)n rsts seco and temporary staff 200,409 14620 4.18S 4.550 222.764 223.898 17.049 S,349 247.136 The average number of emptyee5 of the Peel Institute inclwjed part time staff dursng the yearwas 11 (2021.. 11). The number of employees who recenrtd remuneration more than £60.000 in the year was nil {2021.1) {belween £60,(KJO and £70.000). Peel Instrtule Company 27
Notes to the flnancial statements Year to 31 March 2022 Analysls of employee number. slaff r•muTrgrdtion and cost of key management peysonnel Iconlinuedl The key management personnel ol The Peel Comprises the trustees & the Chief Executive Officer and the Finance Manager. The total empksyee benefrts of the key management personnel (including employerfs natnal insurance and employerfs PeTrs contributions} of the Peel were £106.203 (2021: £109.023}. Disclosure of trustees. remuneration, benefts and expens None ofthechaity Iruslees were paid or have receNed any other benefrts from empbyment expense reimbursement from The Peel Institute in the year12021". nil) neither have they ¢eNed payment for professitjnal or crther seNices SUFvlied to the charity12021.' nil). Analysis of total expendilure Totsl 2022 Slaff costs Oiher Depreaath"on Raising funds Fvndraiwng and publi¢* 657 657 Charltsble expentlitu Cornrnunity Hub D1ct A0 pe¢t Comrnunity de¥ekvrrnt 92,129 41.257 89.378 222,764 71.179 1.395 2.055 2.146 5,596 164,703 128,358 221,491 515,209 129,7 286,849 Tolal 2021 Other tWecia&on Rai&ng funds Fundraistnq andpubh 7.709 7. T09 Chaiifable expendrture cornmunHub DKectActw project Cofflmuntyd8veknpment 51.082 35. 757 74.261 76.825 194.551 T5q 87,589 T5, 156 274, 705 445. 159 196,054 247, 136 1,826 3.472 The Peel Institute Company 28
Notes to the financial statements Yearto 31 March 2022 Anatysis of totsl expendlture (continued) The Governar c051 tharged lo the Chariiable aCtNit5 were as folhyAs: Totsl lunds 2022 Total tund5 2021 Legal and professiwal fees AL%Jito¢s remuneth.on (irtlLbJtry VAT) Bank chaw and inlment managerr*ntfee5 40.278 7.740 935 48.953 18.770 7.440 624 26.834 Analysis of support costs Total Support Costs 2022 Professial fees Repairs & Maintenanc Office Costs Insuran Total 40,576 7,894 93,994 3,063 145.S27 Total Support Costs 2021 Proftssthal fees Repairs & Alanten8rKe 20.260 8,665 70,893 3,046 102.864 Insurance Tot81 The Peel Institute Company 29
Notes to the flnancial statements Year to 31 March 2022 Tangible red assets Frthre a1 Frtb'r4Js klotor vehide Total At 1 Apn"12021 Adth"tK)llS At 31 March 2022 16,645 3.730 20.375 18,000 33,480 51.480 34.645 37,210 71.855 Depreciation At 1 April 2021 Charge for the wiod At 31 Marth 2022 9.320 4,480 13,800 18,CQ) 1,116 19,116 27.320 5,596 32,916 Net book values At 31 Maich 2021 At 31 March 2022 7.325 6.575 7.325 J8,939 32,364 The net book value al 31 Marth 2022 repents fix&J assets used for direct chartsble purF4)ses. 7 Investments 2022 2021 Listed Investnl maet valL* at 1 Aprl 2021 Additions at cost Net inveStrnt gatr Market valuB at 31 March 2022 9.206,731 7,109,467 375,000 1.722.245 9,206,732 330,519 9.537250 Cost ol ltsted inveslments 8.496,831 8,496,831 All listed investments were deatt w(¢h on a reeognis&J StC exchange. Listed investments held at 31 March 2022 comprised the fdlowThJ'. 31 klah 2022 31 Marth 2021 Fixed interest mutta$Set fvThJs cash 377,008 8,580,137 249.587 9,206,732 9.426,127 111.123 9,537.250 The Peel Inslrtute Company 30
Notss to the financlal statements Year to 31 March 2022 7 Investments (continued) At 31 March 2022. listed investnnts irKluded the folEowir¥J indivklual hobjings deemed .materFal when c£Mnpwed with the overall p)rtfolK> as of that date. 2022 market value of Percenlagè holding of portfolio 2022 Rathbone Unrt Trvst Mgmt- Core Inv Fund ljr Charrbes. Schroder Chaty Multt" Assei Fund 4,980.443 4,445.684 52.22% 47.16% 8 DebtOfS 2022 2021 Tradè debto Preparents and acvued inciffie 4,599 11,500 1,207 12.707 4.599 Creditors: amounts falllng due w5thln one year 2022 2021 Trade credito A¢¢ruaJs Other tsxes and sc¢ial Security Other edItOrS 019ationS uThJerlnance leases (note 111 48 84,583 5,045 13,572 60,713 4,767 6,765 75,596 103,248 10 Creditorn: amounts falling due after one year 2022 2021 Obligobons w*rffinants leases (Thjte 111 22,828 22,823 11 Finance1th15es The net finance lease obligalKJns lo which chaiity is committed are" 2022 2021 In one year or $$ Beh¥een one and years 6,765 7,307 15.521 29,593 The Peel Institute Company 31
Notss to the flnancial statements Year to 31 PAarch 2022 12 Unrestricted funds At 31 March 2021 Al 1 Aprll 2021 Income Expenditure and galr¢6 and loss Transfèrs outlTrn Designabj FUTh . Income generatw fuThJ {11 8.737.038 General Funds121 S73,912 9,310,950 330.519 317,208 647,727 9.067,S57 556,316 9.623.873 (334.8041 1334,8041 At 31 March 2021 At f Aprt Incon and E¥peThYittJre 2020 gains andAwes Transfars ouILfn Designaled Funds . Incorne gen8rdlion fimd(1) 7.014, 793 General Fun(ts {2) 476.016 7.490.839 1.722,245 322.896 2.045. 141 8,737.038 573,912 9,310,9XI (222.985) (222.985) (2,045) (2,045) (11 The income generatn furKI has been set up to generate inc4yne to cover core operating costs. 121 General funds have been set up lo cover rrthS of expendilure and the cost of develoF4ThJ new sViceS over 2022123. The Peel Institute Company 32
Notss lo the flnancial statements Year to 31 Marth 2022 13 Restricted funds At ExndItUre 31 Mareh IrK(yne translers 2022 At 1 April 2021 C(rfnmvnty Hub Dired action prqe¢t Ccthmunity devebpment 55.5(X) 65,OCrf) 59,905 180.405 155,5WI 165,OCWJI 159.9051 {180.405} At Expenth'lurè 31 Uèrch Income and fransf8r 2021 Af l Apnl 2020 Day cenlre Dffectacts"LwJ pmjecl Cthmnwnitydevelcyment 32,5CQ (32,5CiI) {65.() {722.629) (220, 129) 122.629 220.729 Day centre- For a project supporting okler petsp al risk of isoL4lb)n oi toneliness lo make connections aNI beculie actrve crtEens. yth club- For a prciect conneclirvJ children living in poverty and their families with others in the community lo wnprove their lrfe change5. DIrt action prc¥ect- For mental health awareness iryroving the understanding of mental heallh and ntaI heath seNvs arTr)r¥Jst young peopk an(1 parents. Ccmmunty developn*nt- For a project lo support pecple Ip4ing in Clerkenwell lo run their ¢Y4vn sc¢1 action admties. 14 Analysis of net assets between funds Restrtted Unrestricted Total 2022 assets Investments Net assets Creditor5 falirg alter than year 38,939 9.537,250 70,512 122,828} 9,623,873 38.939 9.537.250 70,S12 (22,8281 9.623,873 Total 2021 Fixed ass&ts Invgstménts Net assets 7,325 9.208. 731 96.893 9.370.950 7,325 9,206,731 96.893 .310,950 The Peel Institu"te Company 33
Notes to the financial ststements Year to 31 March 2022 15 Operating I¢e commilmenls Al 31 March 2022 the lotal ofthe chaWs future minimum payments under nOnncelIab twralirvJ leases was £nil.' 16 Related party transactions The charty is not aware of arby related party transactions taking place durirwj the year which - requires discbsure under the section 33 of FRS10212021.' nill. 17 Corporalion tsx The charty is exempl frc¥n tax on income and gains falling wrthin sectN)n 505 of the Taxes Act 1988 OT sectbjn 252 of the Taxation of Chargeable Gains Act 1992 lo the extent that these are applied lo ts charitable objects. 18 Financial instruments 2022 2021 Fina4 assets Fina14 asset at ort&sed ojst Finawa li*libes at Ortl cost ,678.759 4.599 164.064} 9.394,166 11,S&) 198.2031 The Peel Institute Company 34