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2024-03-31-accounts

Company number: 03389572 Charity number: 1068155

The Peel Institute Company

Report and financial statements For the year ended 31st March 2024

The Peel Institute Company

Contents

For the year ended 31[st] March 2024

Reference and administrative information ...................................................................................... 1 Trustees’ annual report…………………………………………………………………………………………….. . 3 Independent auditor’s report ....................................................................................................... 17 Statement of financial activities (incorporating an income and expenditure account) ................... 21 Statement of financial activities (incorporating an income and expenditure account) (Prior Year) . 22 Balance sheet ............................................................................................................................... 23 Statement of cash flows ................................................................................................................ 24 Principal accounting policies ......................................................................................................... 25 Notes to the financial statements ................................................................................................. 30

The Peel Institute Company

Reference and administrative information

For the year ended 31[st] March 2024

Company number 03389572 Country of incorporation United Kingdom Charity number 1068155 Country of registration England & Wales, Scotland or Northern Ireland Registered office and operational address 3 Corners Centre Northampton Road London EC1R 0HU Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Arvinder Gohil Chair (resigned 4[th] July 2023) Rosie Allimonos Chair (appointed 4[th] July 2023) Natasha Anderson Roger Gillett Jonathan Martyr Sally Whitney (resigned 24 September 2024) Emma Hallinan Anne-Marie Clive Veran Patel Patric Wong (appointed 4[th] July 2023) Paddy Radcliffe (appointed 4[th] July 2023) Key management Olukayodele Alake Chief Executive (until 23[rd] June 2023) personnel Paddy Radcliffe Interim Chief Executive (from 5[th] June 2023) Chief Executive (from 1[st] January 2024) Bankers Barclays Bank UK PLC Leicester LE87 2BB Investment Cazenove Capital Managers 1, London Wall Place London EC2Y 5AU Rathbones Investment Management 30, Gresham St London EC2V 7QN

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

1

The Peel Institute Company

Reference and administrative information

For the year ended 31[st] March 2024

Solicitors Russell Cooke 2 Putney Hill London SW15 6AB Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON, EC1Y 0TG

2

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

The trustees present their report and the audited financial statements for the year ended 31[st] March 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The charity's main activities and who it tries to help are described below. All its charitable activities focus on supporting those living and working in Clerkenwell and surrounds and are undertaken to further The Peel’s charitable purposes for the public benefit.

A message from our Chair

It is with great pleasure that I present The Peel’s Annual Report for 2023-24, a year in which we have focused on stabilising the organisation after an extended period of change and external challenges. This period of reflection and renewal has allowed us to maintain vital services, strengthen our foundations, and plan for an ambitious future.

Throughout the year, The Peel has remained a pillar of continuity in Clerkenwell, delivering programs that address key community needs such as food poverty, mental health, and social isolation. From the success of our inaugural Community Christmas Fair to our ongoing food distribution efforts, we have continued to make a tangible difference in the lives of those we serve.

This year, we also redefined The Peel’s ‘True North’ reaffirming our purpose of fostering a vibrant, connected, and cohesive community. By building meaningful partnerships and prioritising human connections, we are ensuring that Clerkenwell becomes a place where everyone feels valued, supported, and included.

3

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Our achievements would not have been possible without the unwavering commitment and generosity of our staff, volunteers, and Trustees, as well as the trust and generosity of our partners and funders. To everyone who has contributed to our work, we are deeply grateful. Thank you!

Looking ahead, The Peel remains extremely ambitious about our future in the heart of Clerkenwell. We are committed to growing our impact and meeting the evolving needs of the community. Together, we will continue to make Clerkenwell a place where everyone thrives.

With warm regards,

Rosie Allimonos Chair of The Peel

Introduction and context

Over the last eight years, The Peel has faced several challenges including:

Throughout and despite this period of change and instability, we have ensured that our work with and support for the local community has been maintained.

With the appointment of a new Chair, an additional new Trustee/Chair of Resources Committee, and the arrival of an Interim (now Permanent) CEO, all in the summer of 2023, The Peel has taken the opportunity to:

4

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

The Peel’s ‘True North’

In the Autumn of 2023, board and staff together undertook a process to review and re-articulate The Peel’s core identity, its ‘True North’. This is described below, including an expression of ambition, and key outcome areas and assumptions.

Purpose – why The Peel exists

“By working with and connecting all those living and working in Clerkenwell (and surrounding areas) we will enhance the well-being and life experience of the whole community.”

Our Values and Principles

Aspirational Values and Principles

We are aiming to develop and fully integrate the following values and principles in our work.

Our Ambition – the change we want to see

Clerkenwell is a vibrant, connected and cohesive community where:

5

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Our key outcome areas

Key assumptions and approach

Statement on Public Benefit

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. In particular, our services are aimed at the prevention or relief of poverty, advancement of health and advancement of citizenship or community development.

Our activities 23/24

Delivery and impact

Whilst we take a ‘whole community’ approach, our work focusses on vulnerable groups in particular, though not exclusively, older adults, and children, young people and families inc.

6

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Our charitable activities broadly fall into three areas:

Community hub

Activity based at the Three Corners Centre, including:

Community development

Minds Matter Islington

A summary of our work/impact over the year as follows:

Adult Social Club

7

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Children, Young People and Families

Community Engagement and Partnerships

Minds Matter Islington

Other community development, engagement and partnership activities

Food distribution

8

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Clerkenwell Community Photography Competition

EC1 Echo

Marketing and comms

The Peel is active in promoting its own activity as well as that of our partners and other community organisations.

Stakeholder engagement and systems leadership

We have played a lead role in a number for local networks including:

9

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

With our focus on maintaining ongoing delivery activity and providing organisational stability, as well leadership changes at The Peel over the year, the Clerkenwell Alliance, the cross-sectoral network of local organisations that we convened through Covid, has been on the backburner somewhat. We aim to reconvene the Alliance at the appropriate time.

Volunteers

The Peel is incredibly fortunate to have some wonderful volunteers, across all areas of our activity, who continue to support our work. We are very grateful to them all.

Organisational development and operations

Alongside our delivery and impact activities we have spent time reviewing and developing our internal operations, including:

Organisational development remains a key strand of activity, as we continue to build that capability and resilience that will support our delivery and impact as we move forward.

Safeguarding

The Peel is committed to safeguarding all adults and young people from harm and will not tolerate abuse in any form.

We have reviewed and developed the following policies:

10

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Safeguarding is a standing item agenda at all board meetings and main internal staff meetings, and we continue to ensure that all staff, volunteers and board members are up-to-date with any necessary training. In addition, Emma Hallinan, board member, has taken on the role as our Safeguarding Trustee.

Financial review

The statement of financial activities shows income for the year of £511,364 (2023: £535,667) with expenditure of £716,903 (2023 £656,995) leaving a deficit before investment gains/losses of £205,539 (2023: deficit of £121,328).

We registered investment gains of £526,650 (2023: losses of £761,386).

At the end of the year, we carry forward a reserve of £9,062,271 (2023: £8,741,159), of which £8,445,376 is designated (2023: £8,306, 171) with the remaining £616,895 (2023: £434,988) being unrestricted general funds, which represents 12 months of forecast unrestricted expenditure. Free reserves (unrestricted funds, less designated funds and fixed assets) at 31 March 2024 are £589,669 (2023: £405,368).

Investments

The Peel’s funds exist for two purposes: to maintain reserves, and to provide an income to cover core operating costs.

The Board provides ongoing stewardship of funds and investments and oversees the activities of The Peel’s two fund managers. We hold regular (at least annual) meetings to review performance, jointly to agree priorities and/or adjustments to approach for the year/s ahead.

Funds are held in charity specific investment vehicles, approved by the FCA, guiding and restricting where and how funds are held ie. with due consideration to social and environmental factors.

Investment objectives are:

Performance from April 2023 – March 2024 as follows:

11

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Reserves policy and going concern

The Peel will maintain reserves equal to 12 months of unrestricted expenditure to cover working capital, funding shortfalls and unexpected costs. The level of reserves is reviewed by the Resource Committee on a regular basis, based on analysis of projected income and costs.

The Peel is fortunate to have investments and reserves, a legacy of careful stewardship of the organisation’s assets over its 125-year lifetime and, more recently, the sale of the community centre at Percy Circus in 2016. This financial base gives The Peel stability, continuity and sustainability that allow us to plan and address the long-term challenges that many in our local community face, whilst also being able to take action in the short-term.

In addition, the income generated from our investments allows us to make a significant contribution to our core operating costs, including staff costs – we take our responsibilities as a local employer seriously. This in turn means that any additional funds raised can, if so desired, go straight to the ‘front line’.

For the reasons outlined above, our aim is to maintain the level of investments and funds, including through fundraising, rather than draw down on them, which would likely reduce our income over time, and therefore have a negative impact on the scale and quality of the work we could do and on the communities with whom we strive to make a difference.

Principle risks and uncertainties

To evaluate, manage and mitigate risks a risk register is maintained. It is reviewed and updated at each board meeting. At time of writing, we have a range of low-level ‘green’ and ‘amber’ risks that are being managed appropriately.

Whilst not a specific risk per se, the external environment (inc. eg. the level of need across the community; and financial/capacity/capability pressures on the local authority, and actual and potential partners, funders and donors) continues to be challenging.

We continue to push the Council to conclude our lease arrangement on Three Corners on reasonable terms, ensuring that they take appropriate responsibility as landlord. An ongoing challenge.

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Fundraising and income generation

The Peel fundraises in line with the Code of Fundraising Practice in all our fundraising activities. We have not used any professional fundraisers or commercial participators. We did not receive any complaints in relation to our fundraising activity.

Through years ending 2021-2024 we have been in receipt of a core grant of £200,000 (£50,000 per annum) from Islington Council as part of their VCS Partnership Grants programme. In October 2023 we successfully applied for the next four-year funding round. In a challenging environment, where some previous grantees were not awarded anything, and most had their grants reduced, we secured funding of £160,000 (£40,000 per annum). A good result.

In addition, our Food Connections grant (£20,000) was renewed by the Council.

The Paul Hamlyn Foundation have kindly renewed their two-year Neighbourhood Fund funding (£20,000 per year) for 2024/5 and 2025/6. They can only renew once, so this funding will come to an end in March 2026.

Despite receiving an encouraging initial response, we were unsuccessful with an application of c.£63,000 to the National Lottery Community Fund Cost of Living grants programme.

We continue to generate income through the hire of space at the Three Corners, most notably through our long-term license agreement with Migrateful, a food/cooking charity working with asylum seekers and refugees, but also through regular and ad hoc hires to, for example, dance schools and faith groups, Clerkenwell Design Week, and local residents.

We also undertake adhoc fundraising activity (eg. the Kung Fu fundraiser, raffles/tombolas etc) and take in small contributions from members/users of The Peel for various activities where appropriate and reasonable eg. one-off trips.

Plans for the future

The Peel is ambitious for the future and the positive impact it can make as part of the wider Clerkenwell community. Having developed a degree of stability over the course of 2023-24, we plan to:

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Structure, governance and management

The Peel (Institute) was formed in 1898. It is a charitable company limited by guarantee, incorporated on 20 June 1997 and registered as a charity on 16 February 1998.

The organisation operates under the company’s Articles of Association, which sets out the objectives of the Charity, its powers and rules governing its procedures.

Members of the Board of Directors, who act as Trustees of the Charity, and number not less than four and not more than fifteen, supervise the governance and management of the organisation. Directors who served during the year, or have been subsequently appointed, are shown on page 1.

Appointment to the Board is by nomination by the members after the needs of the Charity are considered by the current Directors. The Board of Directors aims to ensure that the composition of Directors contains individuals with suitable skills and experience to contribute positively to the governance of the Charity. Trustees are given a thorough induction including provision of information provided by the Charity Commission on the role of a trustee. Training is provided on a personalised basis.

The Board has overall responsibility for developing and approving strategy, budgets, operational plans and policies. Implementation and delivery are delegated to the Chief Executive and staff team.

The Board is supported by the Resources Committee, the members of which are also Board members. The Resources Committee is responsible for reviewing all finance and operational aspects of the organisation (eg. budgets, policies etc) before recommending them to the full Board for approval.

The Board has responsibility for setting remuneration of the CEO. In doing so it undertakes market testing and benchmarking against other similar sized organisations and those with growth and change ambitions similar to our own.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 4 to the accounts. The CEO is also a trustee, and is paid only for the CEO role, the details of which are disclosed in note 4 to the accounts.

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Statement of responsibilities of the Trustees

The trustees (who are also directors of The Peel Institute for the purposes of company law) are responsible for preparing the annual report and the financial statements, in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at Year End was 11 (2023:9). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

15

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2024

Auditor

Rosie Allimonos Chair of the Board

16

Independent auditor’s report

To the members of

The Peel Institute Company

Opinion

We have audited the financial statements of The Peel Institute Company (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Peel Institute Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

17

Independent auditor’s report

To the members of

The Peel Institute Company

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of

18

Independent auditor’s report

To the members of

The Peel Institute Company

company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

19

Independent auditor’s report

To the members of

The Peel Institute Company

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) 05 December 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

20

THE PEEL INSTITUTE COMPANY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024

Note
INCOMES AND ENDOWMENTS FROM :
Donations and legacies
Other trading activities
2
Investments
2
Charitable activities
2
Total income and endowments
EXPENDITURES ON:
Raising funds
Charitable activities:
Community Hub
Minds Matter Islington
Community Development
Total expenditures
6
Net Income (expenditure) before gains/(losses)
on Investments
Net gains(losses) on Investments
NET INCOME/(EXPENDITURES)
TRANSFERS BETWEEN FUNDS
13 & 14
NET MOVMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
at 1st April
Total funds carried forward
at 31st March		 Unrestricted
Funds
£
17,540
37,770
309,850
52,904
418,064
7,001
373,441
117,937
125,224
623,603
(205,539)
526,650
321,111
-
321,111
8,741,159
9,062,271		 Restricted
Funds
£
-
-
-
93,300
93,300
-
22,500
61,500
9,300
93,300
-
-
-
-
-
-		 Total
2024
£
17,540
37,770
309,850
146,204
511,364
7,001
395,941
179,437
134,524
716,903
(205,539)
526,650
321,111
-
321,111
8,741,159
9,062,271		 Total
2023
£
22,821
-
284,668
228,178
535,667
8,911
385,067
141,910
121,098
656,995
(121,328)
(761,386)
(882,714)
-
(882,714)
9,623,873
8,741,159

All transactions are derived from continuing activities All recognised gains and losses are included in the Statement of Financial Activities

21

THE PEEL INSTITUTE COMPANY STATEMENT OF FINANCIAL ACTIVITIES (PRIOR YEAR) FOR THE YEAR ENDED 31ST MARCH 2023

Note
INCOMES AND ENDOWMENTS FROM :
Donations and legacies
2
Investments
2
Charitable activities
2
Total income and endowments
EXPENDITURES ON:
Raising funds
Charitable activities:
Community Hub
Direct Action Project
Community Development
Total expenditures
Net Income (expenditure) before gains/(losses)
on Investments
Net gains(losses) on Investments
NET INCOME/(EXPENDITURES)
TRANSFERS BETWEEN FUNDS
NET MOVMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
at 1st April 2022
13 & 14
Total funds carried forward
at 31st March 2023
13 & 14		 Unrestricted
Funds
£
22,821
284,668
138,845
446,334
8,911
358,409
79,244
121,098
567,662
(121,328)
(761,386)
(882,714)
-
(882,714)
9,623,873
8,741,159		 Restricted
Funds
£
-
-
89,333
89,333
-
26,667
62,666
-
89,333
-
-
-
-
-
-		 Total
2023
£
22,821
284,668
228,178
535,667
8,911
385,067
141,910
121,098
656,995
(121,328)
(761,386)
(882,714)
-
(882,714)
9,623,873
8,741,159

22

Company number: 03389572

THE PEEL INSTITUTE COMPANY BALANCE SHEET FOR THE YEAR ENDED 31ST MARCH 2024

Note
FIXED ASSETS
Tangible Assets
7
Investments
8
CURRENT ASSETS
Debtors
9
Cash at Bank and in Hand
Total Current assets
LIABILITIES
Creditors: Amounts falling due within one year
10
Net Current assets or (liabilities)
Creditors: amounts falling due after one year
11
Total net assets or liabilities
THE FUNDS OF THE CHARITY
Restricted income funds
14
Unrestricted funds:
General funds
13
Designated funds
13
Total charity funds		 Total
2024
£
27,226
8,947,514
13,517
221,680
235,196
(139,453)
95,744
(8,213)
9,062,271
-
616,895
8,445,375
9,062,271		 Total
2023
£
29,620
8,695,865
7,645
131,343
138,988
(107,794)
31,194
(15,520)
8,741,159
-
434,988
8,306,171
8,741,159

Approved by the trustees on 27 November 2024 and signed on their behalf by

Rosie Allimonos Chair of the Board

23

THE PEEL INSTITUTE COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024

Note
Cash flows from operating activities:
Net cash provided by (used in) operating activities
a
Cash flows from investing activities:
Dividends, interests and rents from investments
Purchase in Investments
Proceeds from sale of investments
Purchase of property, plant and equipment
Net cash provided by (used in)investing activities
Finance Lease Interest Paid
Finance Leases repaid
Cash flows from financing activities:
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
b
Cash and cash equivalents at the end of the reporting period
b
(a)
RECONCILIATION OF NET INCOME(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income(expenditure for the reporting period (as per SOFA)
Adjustments for :
Depreciation
Loss/(profit) on Investments
Dividends, interests and rent from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Finance Lease Interest Paid
Finance Leases repaid
Net cash provided by (used in) operating activities
(b)
ANALYSIS OF CASH AND CASH EQUIVELENT
Notice deposit (less than 3 Months)
Total cash and cash equivalent		 2024
£
(478,599)
309,850
(4,096,585)
4,371,585
(7,276)
577,574
(1,332)
(7,307)
(8,640)
98,977
131,343
221,680
2024
321,111
9,670
(526,650)
(309,850)
(5,872)
24,352
1,332
7,307
(478,599)
2024
221,680
221,680		 2023
£
(364,772)
284,668
(29,385)
109,385
(1,512)
363,156
(1,874)
(6,675)
(8,549)
(10,166)
141,509
131,343
2023
(882,714)
10,831
761,386
(284,668)
(3,046)
24,890
1,874
6,675
(364,722)
2023
131,343
131,343

24

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

2 INCOME AND ENDOWMENTS

Income resources including the following:

Income resources including the following:
Charitable activities
Grants
Catering
Community Lettings
Investments
Income from quoted investments		 Unresticted
Funds
50,678
2,226
37,770
90,674
309,850		 Restricted
Funds
93,300
-
-
93,300
-		 Total Funds
2024
143,978
2,226
37,770
183,974
309,850		 Unresticted
Funds
90,708
2,856
45,281
138,845
284,668		 Restricted
Funds
89,333
-
-
89,333
-		 Total
Funds
2023
180,041
2,856
45,281
228,178
284,668
2024 2023
3 OPERATING RESULT FOR THE YEAR £ £
The operating deficit is stated after charging:
Depreciation 9,670 10,831
Audit fee (Excluding VAT) 14,000 9,940
Finance Lease Capital Payments 7,307 6,675
Finance Lease Interest 1,332 1,874
Operating Lease Rentals 65,000 65,000
Staff costs were as follows:
Wages and Salaries
Social Security costs
Pension costs
Redundancy Costs
Seconded and temporary staff		 2024
£
211,890
14,357
4,769
17,062
82,684
330,761		 2023
£
248,944
18,368
5,875
-
625
272,812

The number of employees who received remuneration over £60,000 in the year was 1, in the band £60,000-£69,999 (2023: 1, in the band £60,000-£69,999).

The redundancy costs in the year were £17,062 (2023: £0)

The key management personnel of The Peel Institute. Comprises the trustees & the Chief Executive Officer The Finance Manager, the Activity coordinator, and the Senior youth worker and child coordinator

The total employee benefits of the Key management personnel of the Trust were £95,462 (2023: £80,948)

30

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

Note

5 DISCLOSURE OF TRUSTEES' RENUMERATION, BENEFITS AND EXPENSES

The new CEO, who is also a trustee, was remunerated £70,704 (2023: £nil) in his role as an employee and CEO of The Peel. This is permissable under the charity's Articles

Total donations received from trustees was Nil (2023:Nil)

6
ANALYSIS OF TOTAL EXPENDITURE
Raising Funds:
Fundraising and publicity
Charitable expenditure
Community Hub
Direct Action Project
Community development
ANALYSIS OF TOTAL EXPENDITURE
Raising Funds:
Fundraising and publicity
Charitable expenditure
Community Hub
Direct Action Project
Community development		 Staff Costs
£
6,140
76,731
-
74,419
157,290
Staff Costs
£
8,101
55,666
-
53,794
117,561		 Other
£
861
50,146
49,603
30,993
131,603
Other
£
810
78,463
52,120
45,347
176,740		 Depreciation
£
-
6,057
2,951
661
9,670
Depreciation
£
-
7,468
2,703
660
10,831		 Support
Costs
£
-
263,007
126,883
28,450
418,340
Support
Costs
£
-
243,479
87,087
21,297
351,863		 Total
2024
£
7,001
395,941
179,437
134,524
716,903
Total
2023
£
8,911
385,076
141,910
121,098
656,995

31

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

Note

6
ANALYSIS OF TOTAL EXPENDITURE (continued)
The Governance cost charged to the Charitable activities were as follows:
Apportionment of salaries and pension
Legal and professional fees
Auditors remuneration
Bank charges and investment management fees
6(a) ANALYSIS OF SUPPORT COSTS
Salaries
Professional fees
Repairs & Maintenance
Office Costs
Insurance
Recruitment & Training
Total
Salaries
Professional fees
Repairs & Maintenance
Office Costs
Insurance
Recruitment & Training
Total		 2024
£
38,745
10,500
861
50,106
Overheads
2024
£
173,471
55,545
18,258
150,265
3,055
17,746
418,340
Overheads
2023
£
155,251
43,885
18,297
109,711
2,986
21,733
351,863		 2023
£
35,741
11,928
881
48,550
Total Support
Cost
2024
£
173,471
55,545
18,258
150,265
3,055
17,746
418,340
Total Support
Cost
2023
£
155,251
43,885
18,297
109,711
2,986
21,733
351,863

32

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

Note

7
TANGIBLE ASSETS
Cost
1st April 2023
Additions
Disposals
31st March 2024
Depreciation
1st April 2023
Charge for the period
On Disposals
31st March 2024
Net Book Value
31st March 2023
31st March 2024		 Freehold land &
Buildings
£
-
-
-
-
-
-
-
-
-
-		 Fixtures &
fittings
£
21,887
7,276
-
29,163
17,935
4,536
-
22,471
3,952
6,692		 Motor Vehicles
£
33,480
-
-
33,480
7,812
5,134
-
12,946
25,668
20,534		 Total
£
55,367
7,276
-
62,643
25,747
9,670
-
35,417
29,620
27,226

The net book value at 31st March 2024 represents fixed assets used for direct charitable purposes.

The minibus included under Motor Vehicles is currently under a finance lease as detailed in Note 12

8 INVESTMENTS

Listed Investments
Market Value at 1 April 2023
Additions at Cost
Disposals at Cost
Net Investments gains (losses)
Market Value at 31 March 2024
All listed investments were dealt with on a recognised stock exchange
Listed investments held at 31 March 2024 comprised the following
Mulit-Asset Funds
Cash
At 31 March 2024, listed investments included the following individual holdings
deemed material when compared to the overall portfolio as of that date
Rathbone Unit Trust Mgmt - Core Inv Fund for Charities
Schroder Charity Multi Asset Fund		 2024
£
8,695,865
4,096,585
(4,371,585)
526,650
8,947,515
2024
8,931,464
16,051
8,947,515
2024 market
value of
holding
£
4,767,421
4,178,026		 2023
£
9,537,250
29,386
(109,385)
(761,386)
8,695,865
2023
8,663,018
32,847
8,695,865
2024
percentage
of portfolio
£
53.28%
46.69%

33

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

Note
9 DEBTORS
Trade Debtors
Prepayments and accrued income
10 CREDITORS: amounts falling due within one year
Trade Creditors
Accruals
Other taxes and social security
Other Creditors
Obligations under finance leases (note 11)
11 Creditors: amounts falling due after one year
Obligations under finance leases (note 11)
12 Finance leases
The net carrying value of the asset is £20,534 (2023: £25,668 )
The net finance lease obligations to which the charity is committed are
In one year or less
Between one and two years
Between two and five years
13 UNRESTRICTED FUNDS
At 1st
April 2023
£
Designated Funds
Income generation fund (1)
8,306,171
General Fund (3)
434,988
8,741,159
UNRESTRICTED FUNDS
At 1st
April 2022
£
Designated Funds
Income generation fund (1)
9,067,557
General Fund (2)
556,316
9,623,873		 Incoming
Resources
£
526,650
418,064
944,714
Incoming
Resources
£
(761,386)
446,334
(315,052)		 Resources
expended
£
-
(623,603)
(623,603)
Resources
expended
£
-
(567,662)
(567,662)		 2024
£
10,103
3,414
13,517
2024
£
12,466
112,218
4,872
2,590
7,307
139,453
8,213		 2023
£
6,550
1,095
7,645
2023
£
3,681
87,887
6,433
2,486
7,307
107,794
15,520
8,213 15,520
7,307
7,849
364
15,520
Transfers
in/(out)
(387,446)
387,446
-
Transfers
in/(out)
-
-
-		 7,307
7,849
7,671
22,827
At 31st
March
2024
£
8,445,375
616,895
9,062,270
At 31st
March
2023
£
8,306,171
434,988
8,741,159

(1) The income generation fund has been set up to generate income to cover core operating costs

(2) The general funds have been set up to cover six months of expenditure and the costs of developng new services over 2023/24

34

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

14
RESTRICTED FUNDS
Communuty Hub
Minds Matter Islington
Community Development
Restricted funds
RESTRICTED FUNDS
Day Centre
Child Care
Communuty Hub
Direct Action Project
Community Development
Restricted funds		 At 1st
April 2023
£
-
-
-
-
At 1st
April 2022
£
-
-
-
-
-
-		 Incoming
resources
£
22,500
61,500
-
84,000
Incoming
resources
£
-
-
26,667
62,667
-
89,333		 Resources
expended
£
(22,500)
(61,500)
-
(84,000)
Resources
expended
£
-
-
(26,667)
(62,667)
-
(89,333)		 At 31st
March
2024
£
-
-
-
-
At 31st
March
2023
£
-
-
-
-
-
-

Day centre - For a project supporting older people at risk of isolation or loneliness to make connections and become active citizens

Youth Club - For a project connecting children living in poverty and their families with others in the community to improve their life changes

Direct Action Project - For mental health awareness improving the understanding of mental health and mental health services amongs young people and parents

Community Development - For a project to support people living in clerkenwell to run their own social action activities

35

THE PEEL INSTITUTE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

15
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed Assets
Investments
Net Assets
Non Current Liabilities
Fixed Assets
Investments
Net Assets
Non Current Liabilities
16
OPERATING LEASE COMMITMENTS
Operating leases which expire:
Within 1 year
Two to five years		 Restricted
£
-
-
-
-
-
Restricted
£
-
-
-
-
-		 Unrestricted
£
27,226
8,947,514
95,744
(8,213)
9,062,271
Unrestricted
£
29,620
8,695,864
31,196
(15,520)
8,741,161
2024
£
-
-		 Total
2024
£
27,226
8,947,514
95,744
(8,213)
9,062,271
Total
2023
£
29,620
8,695,864
31,196
(15,520)
8,741,161
2023
£
-
-

17 CAPITAL COMMITMENTS

There were no capital commitments at 31st March 2024 (2023:Nil).

18 RELATED PARTY TRANSACTIONS

The charity is not aware of any further related party transactions taking place during the year which requires disclosure under section 33 of the FRS102 (2023: nil)

19 CORPORATION TAX

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its's charitable objects.

36

THE PEEL INSTITUTE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

20
FINANCIAL INSTRUMENTS
Financial Assets
Financial asset at amortised cost
Financial liabilities at amortised cost		 2024
£
9,169,194
10,103
127,274		 2023
£
8,827,209
6,550
94,054

37