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 in10miat￿n Chairfs st*emenl Trustees. report Ir)dependent aud*orfs report 14 Financial staternents Statement of financial aclmties 19 Ba1￿ce 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 inform*ion Trustees Natssha Anderson Robert Andrews (resigned 25 Odober. 2021} Roger GIl￿tt Amnda Gohil (Chair} Jonathan Matyr Sarnh Woodfiek Salty ￿ThbtneY Emma Hallinan Ann&Marie C￿e Veran Patel Chief Exe¢ulive OIL*ayodele 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 Art￿kn 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 Inte￿511n9 ye¥for The Peel. Like the rest ofthe sedor. we have found the prO￿S 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 cOl￿borative 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 espeC￿llY grateful to and proud of our asS￿latIOnS with our key funder5.' we thank the Loiklon 80￿gh of Islington and the Paul Hamtyn FOundat￿n 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 viS￿n 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 Art￿eS of Assocralion. wh￿h 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 governar￿e 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 prOVi￿On of informalbjn prowded by the Charty CommiSs￿n on the role of Iruslee. Training is provided on a personalised basis. The organisation has a cknr organisat￿nal 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 ￿pOns1t￿lity for settTrruJ remuneralion of the CEO and key management per￿ne1. In doing so rt undertakes market testing and benchmarking against other similar sized Olg￿lsaI￿ans 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 evalu*e 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¢sf*d thal systems are in place to miligale our exposure to mapr risks. t￿h 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 d￿nOSed 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 relat￿nShIpS to improve their healih and wellbeing tknugh a range of Mties including exercise classes, tn.ps and OLrtir#Js. Our Youlh Club s￿PortS 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 a￿1 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 ProJ￿t irwroves wareness of mental heath and mentsl health services working amng parenls, young pwle and professionals working with young people. We prOV￿￿e engaging workshops. creatTr￿ prOj￿ts 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 c￿rker￿Ve11 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: Pu￿1$￿ed 6 editions of the cle￿enwell ccrnunty newspaper EC1 Echo, wh￿h was shortlisted for a national award", Developing a new strategy for the 2022- 25 period. Community Hub & Responding to COWLk19 GNen that our eenlre was C￿￿ed for a synlfieant pertiy of the year due lo the pandemic. it was still quite pleasing that we manage(I lo fulfil our mission of connecting svJnificant numbers of peeple in the Clerkenwell communty through Ouf actNities during this reporting peri¢Jd. The challenges that we faced and the readinesswith whth we cOnfr￿ted these and adapted our se￿￿ in response was not just I￿rtening for the organi5alion bul mo importanlly helped us lo devek)p new opportunitw for delNering improved servKes. The parKlemic and 5ubsequenl Ixkdown highlighted the major issue of residents in the neighbOurt￿(￿l experiencing the digital dmde - not having the hardware or access lo the inteinet to benefft from the digrtal offeriThJ$. 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 nOt￿eable 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 (Contin￿d} 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 VUlr￿rab1e people ITvin9 in isolati)n. This grant was Supp￿￿￿nted 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 COV￿19 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 Bor￿gh 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 conjunCt￿n w￿h other Islinglon-based corrrfnunty cenlres via the Octopus Ne￿rk. This event, Soup & Soul, was a wellbeing- themed evenl which consisted of mental health awareness workshops, slress-busting exefcises, puppel4nakir¥J. story4elling and bC￿S 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 atter￿ed by the kxal Bright stsrt le￿) and rep￿sentativeS from the ￿al business communty. and provkl&J us wrth r￿1 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. chrtJu¢ed in our contact wrth them. This manrfesled itself in the mnthly telephone eonlact we initiated with all the registered members of our s¢xial club during lockdwn, which saw our stsff make over 1,01]Q phone calls through the ￿ lockdown periods. The Peel Inslrtute Company 6 Truslees. report 31 Ma￿h 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, ir￿lUding 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 transit￿n from primary to secondary school. Stepping Up Wth Tr Peel. had begun very promisingty, there was a noliceable reduclK)n in attendance and engagen*nl 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 r￿re 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 ProV￿ers 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 redl￿1 numbers of pec￿le we servèj during the year was dtsappoirbtirg vis PreV￿uS years, we have been able to provKle a rrKffe comprehensNe swvice for the faMil￿S 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 attainrr*nl. This granl has had an appreciable positNe effect on the famity unit. Mental health awareness Our Direct Action Project s￿r￿liseS 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 signi￿an1 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 d￿rtaI news￿tters. 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, sU￿KIe 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 SerV￿e 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 0￿UpY a part of the building to MvJrateful. who after a sL￿esSful 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 bal￿1 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 COIll￿19 severeFy hampering the delbvery of Several of the bxaI￿4ed projects we had Ident￿ for delNery in the year, we are nevertheless p￿Sed 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 activil*s lo engage the communrty. prov*Ye added value and build project suslainabilty IhroLbgh corporate spOnS￿ship into all of our comMunity-￿d aclmty. We conlinue to publish c￿rkenWel1.S frxal newspaper, EC1Echo. This b1￿mOnthty 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 collab￿ale on developing a shared vision for the area and identify opportunitie5 for joint action on particular areas of need or concern. The e￿rkenwell Allkance stsrted working on assi%liro the 5o¢al primary school, Hugh Myddleton School, to alIeV￿le emotional and mental stress pressures on teachers and pupiL8 by developing a programme of exlra. Al the end of the year we eany forward a reseNe of £9.623,87312021.' £9,310,950). of which £9,067,557 is designated, wrth the remaining £556,316 beirKJ unrestrKted general funds. The Peel Institute Company 9 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 immedi*ety requir&J for its purposes in or upon such inveslmenls, securities or propety as may be thought fft. Subl￿t 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 aS￿e by the trustees in a designated income generation fund {2021 - £8.737.0381. The purpose of thi5 fund is to generate ir￿e to cover CAJre operating costs. The remaining £556,316 of funds was hekl in general unreStr￿ed 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 poI￿Y is lo maintain reserves equal to the cost of 6 months unrestr￿ed 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 UnreStr￿ted funds are all expendable by conversion into income, in whole or in part, at the discretKJn of the Board. They represent 9fft5 r￿tVed 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 Invest￿eTht and oversees the xlwities of the fund managers by h￿dIng 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 p￿rnISe 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 preV￿lIS 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 wel￿being 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 InfrastrL￿￿re. 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. C￿sIs￿ng 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 intent￿n01 f¢xus on ouf swmance. marketing & communication5, impact & leaming. and Organisati￿al 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( r￿CessIt￿e$ a restructure of Ihe organisation and a reErusiry of of the key functional areas. The Trustees have recc*JniseJJ 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¢￿feaSIb￿e 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 imp￿tIU1 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 fa￿n9 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 appl￿ble and Unrted Kingdcm Accounting Standards (United Kingdom Generally Accepted Accounting Prxticel. Company requires the tnjstees to prepare financial ststerrents for e￿h financial year wh￿h gNe a true and fair ViV4V of the stste of affairs of the Charitab￿ Company and of the incoming resources and appl￿t￿n 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 Cl￿S1$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 AcC￿nting Standards have been followed. subj'ect to ary malerial departures disclosed and explained in the financial statements.. and prepare the f￿a￿ra1 statements on the going co￿eM basi5 unles5 it is inappropriate lo presume tha the charilable company WN continue in operation. The Iruslees are responsibie for keeping proper accounlir@ I￿rdS that disclose with reasonable aecuracy al any time the financial position of the charrtable company and enable them lo ensure that the finan￿al 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 eStabl￿h 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 ¢onf1mwt￿n gwen and shoukj be interpreted in x¢ordar￿ the provIs￿nS 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 stsleTr￿nl of cash flows, the principal accounting poI￿leS and the notes to the financial slalements. The financial reporting framework that has been appl*d in their preparat￿n is appli&*le I￿ and United Kingdom Actounling Stsndards. including FinanckAI Reportiry Standard 102 The Financ￿1 Reporting Stsndard applicable in the UK and Republic of Ireland. (United Kingdcfft GenerallyAccepted Accounting Praclicel. In our opinion. the financial sL￿eMents.. • gwe a true and fair of the state of the charitable company's affai￿ a5 at 31 March 2022 and of its inco*ne 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 CoMpan￿S 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 responsibilit*s 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 beI￿ve 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 financ￿1 statements is appropriate. Based on the w￿k we have performed. we have not idenlrfied any material uncertainties relating to events or condilion5 that. indwhjualty or GolleclNety. may cast SKjnlf￿anI 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 fina￿131 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$titLrte Company 14 Independent audltorfs report 31 M*1 2022 Other information The other infomiation compr¢ses the infomialirm included in the annual report and financial stslewthls, other than the fina￿ra1 sL*ements and our auditor's report thereon. The trustees are resp)nsibfe for Ihe olher informatfv)n contsined wrthin the annual report and financial stslemenls. Our opinion on the financial statemen15 does nol cover the other infomiairm and. except to the eyxent otherwise exphertly stated in I￿r report. we do not express any form of assurance condusion thereon. Ourresponsibilty isto readtheotherinfomwtion and. in doing so. consKier whelherthe other informalK)n is materialty inconsistent with the financial statements or our knowledge obtained in the ￿￿r$e of the a￿￿rt or otheThvise appears lo be malerialty misslaled. If we entfy such m*erial inconsistenc*s 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 nOth￿g 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 i￿ludeS the Strateg￿ report, for the finan¢ial year for wh￿h 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 r￿uIrements. 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 Compan*s 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 fInar￿la1 sL*ements are rkjt in awment with the aceounling records and returns,. * certain dI￿losureS of tru5tees' rwnunerab.on sFec1f￿d by are not made; or • we have not receTr￿d 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 tn￿tees. 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 st*ments th* are free from material misststemenl. whether due to fraud or error. In prepariry the financial 5talements. the I￿￿eS 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. AudIt0￿S responslbilitles for the audit of the financial staternents Our objectives are to obtain reasonab￿ assurance aboul whelher the financial st*emenls 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 cond￿ted 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 econ￿n￿ decisions of users tsken on the basis of these financialstalements. IrregularrtEs, inC￿ding fraLKI, are instances of nondcoM￿lan￿ with laws and regulations. We desKJn procedures in line with our responsibilities. outlined above. to delect material mi%slalemenls in respect of IrregU￿rI￿e$. including fraud. The extent lo which our procedures are capable of detecting irregularities. including fraud is detailed below. Our appr￿h 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 Conside￿d may have a direct m*erial effect on the accounts or the actwities of the charity. These included but were not lirnrted lo Ihe char￿e5 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 Re￿￿ting 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 thrO￿Jh making enquiries of management. inspecting legal correspondence and revieMrwJ I￿￿tee meeting minutes. We assessed the su5eeplibility of the e41mpany's finanual sL*ements 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 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 Prepa￿rents 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 0￿19ationS 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 generat￿n furKI has been set up to generate inc4yne to cover core operating costs. 121 General funds have been set up lo cover rr￿thS of expendilure and the cost of develoF4ThJ new s￿ViceS over 2022123. The Peel Institute Company 32 Notss lo the flnancial statements Year to 31 Marth 2022 13 Restricted funds At Ex￿ndItUre 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. y￿th club- For a prciect conneclirvJ children living in poverty and their families with others in the community lo wnprove their lrfe change5. DIr￿t 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 nOn￿ncelIab 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 Fina￿￿4 assets Fina￿14 asset at ￿ort&sed ojst Finawa li*libes at ￿Ort￿l cost ,678.759 4.599 164.064} 9.394,166 11,S&) 198.2031 The Peel Institute Company 34