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← The Peel Institute Company

2025-03-31-accounts

Company number: 3389572 Charity number: 1068155

The Peel Institute Company

Report and financial statements For the year ended 31st March 2025

The Peel Institute Company

Contents

For the year ended 31st March 2025
Reference and administrative information 1
Trustees’ annual report 3
Independent auditor’s report 23
Statement of financial activities (incorporating an income and expenditure account) 27
Balance sheet 28
Statement of cash flows 29
Notes to the financial statements 30

The Peel Institute Company

Reference and administrative information

For the year ended 31[st] March 2025

Company number 3389572 Country of incorporation United Kingdom Charity number 1068155 Country of registration England & Wales

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:

Rosie Allimonos Chair Natasha Anderson Roger Gillett (Deceased, 6th December 2024) Jonathan Martyr (Resigned 15[th] January 2025) Sally Whitney (Resigned 24th September 2024) Emma Hallinan Anne-Marie Clive (Resigned 28[th] May 2025) Veran Patel Patric Wong Paddy Radcliffe Key management personnel Paddy Radcliffe, Chief Executive Officer 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

1

The Peel Institute Company

Reference and administrative information

For the year ended 31[st] March 2025

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 2025

The trustees present their report and the audited financial statements for the year ended 31[st] March 2025.

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.

3

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

A message from our Chair

Our mission at The Peel is to strengthen the well-being of the Clerkenwell community. This Annual Report highlights a year of fundamental change and strategic progress towards this goal. Over the past twelve months we have re-anchored our focus, strengthened governance and secured the operational clarity needed for the decade ahead.

This year marks a pivotal moment for The Peel. After a period of transition shaped by the pandemic and leadership changes, we have focused on consolidating our operations and defining a clear strategic direction.

Working closely with our Chief Executive Officer and staff team, we have re-articulated The Peel’s “True North”: to enhance the well-being and life experience of the whole community by working with and connecting all those who live and work in Clerkenwell.

This renewed focus has allowed us to adopt a deliberate “less is more” approach, ensuring our resources are directed where they can achieve the greatest impact. The results are evident across our core areas of work:

• Food distribution and community engagement have supported more than 150 households, reflecting our commitment to meeting immediate needs while fostering long-term resilience.

We are fortunate to benefit from strong financial reserves, the product of careful stewardship over many years. This stability allows us to plan for the long term, while investing now in fundraising capacity to ensure the sustainability of our work.

The past year has not been without challenge, including financial pressures and the wider uncertainties facing our sector. Yet The Peel is well positioned, supported by a clear reserves policy, committed staff and volunteers, and strong partnerships with funders and local organisations. The Board of Trustees remains committed to ensuring The Peel’s resources, both financial and human, are managed with care, transparency and responsibility.

4

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Finally, I want to pay tribute to our trustee and friend, Roger Gillett , who sadly passed away in December 2024. Roger’s exceptional contribution over two decades, combined with his generosity, wisdom, and deep family connection to our history, leave a lasting legacy. He will be greatly missed by us all.

With the continued dedication of our staff, the commitment of our volunteers, and the clear direction set by the Board, The Peel is well placed to serve the Clerkenwell community with energy and innovation in the years ahead.

With warm regards,

Rosie Allimonos

Chair of The Peel

5

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Introduction and context

Over recent 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.

In the summer of 2023, a new Chair was appointed, as was an interim, now permanent CEO. Since then, The Peel has:

The Peel’s ‘True North’

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

6

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

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:

Our key outcome areas – The Peel’s ‘Six Steps to Well-being’

Key assumptions and approach

7

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

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.

Strategic development

Having taken a step back, reviewed our strategic direction and re-articulated our ‘True North’ early in 2024, throughout the remainder of the year and into 2025 we have reflected on and learned from how the organisations works and operates, its strengths and weaknesses, and areas for improvement and potential. Key reflections as follows:

We now have and continue to develop greater strategic clarity re. what we do (activities), for whom (audiences), why (impact) and how (people and resources).

We are taking a more focussed, deliberate, ‘less is more’ approach, identifying core activities and audiences. This gives us the opportunity to:

8

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Our activities

Delivery and impact

Whilst we take a ‘whole community’ our work focusses on vulnerable groups, in particular, though not exclusively, older adults, and children, young people and families. We know from research that:

Our charitable activities broadly fall into three areas:

Community hub

Activity based at the Three Corners Centre, including:

Community development

9

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Minds Matter Islington

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

Adult Social Club

Children, Young People and Families

10

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Community Engagement and Partnerships

Food Distribution

11

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Minds Matter Islington (MMI)

In the autumn of 2024, we proactively engaged with Council commissioners to review the key outcomes and strategy of the MMI contract. This resulted in greater clarity of approach and strengthened relationships with the Council. With a new project manager also in place, along with a revitalised team of facilitators, MMI is going from strength to strength. The Council have extended the contract through to July 2027.

Key deliverables over the year:

Other community development, engagement and partnership activities

Clerkenwell Community Photography Competition

EC1 Echo

12

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Culture and heritage

Impact measurement and reporting

We continue to develop our approach to impact measurement and reporting, in line with our now much clearer strategic framework.

Over December ’24 – January ’25, we conducted a Community Survey. This combined an assessment of well-being (using the ONS4 questions, a nationally recognised approach to measuring well-being, as used by the Office of National Statistics) as well as questions about The Peel and our services. Key headline results were:

We plan to run the survey on an annual basis so that, over time, we build up a rounded picture of the well-being of those people that engage with The Peel, as well as the wider community, and use the survey responses to guide and inform our strategic development.

13

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Marketing and comms

The Peel actively promotes and shares its own activity, whilst also sharing partner and local community organisations’ activities.

As part of our broader attempts to enhance the profile and reputation of The Peel, including in relation to fundraising and partnership development, we are in process of reviewing and updating The Peel’s brand and website.

Finally, a local PR agency, Third City, have nominated The Peel as their charity of the year and are supporting us with comms and social medial support and advice.

Stakeholder engagement and systems leadership

We continue to play a lead role in a number for local networks including:

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

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 continued to develop 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 updated the following policies:

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. Emma Hallinan, trustee, is our designated Safeguarding Trustee.

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Financial review

We have upgraded our finance capacity through the recruitment of a fully qualified Finance Manager. We continue to develop and improve our finance operations, including the quality of our budgeting and forecasting. All our finances are now on Xero.

The statement of financial activities shows income for the year of £563,949 (2024: £511,364) with expenditure of £688,746 £(2024 £716,903) leaving a deficit before investment gains/losses of £124,797 (2024 deficit of £205,539).

We registered investment losses of £212,426 (2024 gains of £526,650).

At the end of the year, we carry forward total funds of £8,725,047 (2024: £9,062,270), of which £8,338,048 is designated (2024: £8,445,375) with the remaining £386,999 (2024: £616,895) being unrestricted general funds.

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 2024 – March 2025 as follows:

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

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.

Principal 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 2025

Fundraising and income generation

We are investing in our fundraising capability and capacity, with the ambition to develop a sustainable level of annual funds raised, to support the operations and impact delivery at The Peel. To date we have:

At time of writing, we are in the process of recruiting a Director of Fundraising who will lead on this activity, working with the board and senior team.

Key sources of income and funding are as follows:

In addition, we have received funding of between£500 - £8,000 from/for:

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, and local residents (at a reduced rate).

We are beginning to see a range of organisations, inc. funders and local businesses and their employees, approaching us directly with opportunities for funding and partnership. This is an encouraging development and one that will be built on once our Director of Fundraising comes on board.

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

We also undertake adhoc fundraising activity (eg. 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.

The Peel fundraises in line with the Code of Fundraising Practice in all our fundraising activities. We did not receive any complaints in relation to our fundraising activity.

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. We will continue to build on the stability and focus we have developed over the last couple of years, including:

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Structure, governance and management

In Memoriam

Our trustee, director and friend, Roger Gillett, sadly passed away in December 2024. Roger was a great-great nephew of the founder, Sir George Gillett, continuing a long tradition of family involvement in The Peel. He had been on the board for 20 years and brought a deep understanding of The Peel to the board table. His wisdom, friendship and generosity of spirit is much missed and we are deeply grateful for his service and contribution to The Peel. We are exploring ways of honouring his memory in an appropriate way.

---------------------------------------------------------------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.

We are in the process of reforming the Resources Committee (RC) as the Finance, Investment and Risk Committee, with a focus on those areas. Other topics that had previously sat with the RC (eg. People and HR, policies etc) will report direct to the Board.

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 7 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 7 to the accounts.

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The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

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 9 (2024:11). The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

21

The Peel Institute Company

Trustees’ annual report

For the year ended 31[st] March 2025

Auditor

Sayer Vincent LLP was appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity

The trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The trustees’ annual report has been approved by the trustees on 9 October 2025 and signed on their behalf by:

Rosie Allimonos Chair of the Board

22

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 2025 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).

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.

23

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:

24

Independent auditor’s report

To the members of

The Peel Institute Company

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 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:

25

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)

21 November 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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The Peel Institute Company

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

For theyear ended 31 March 2025
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 69,792 - 69,792 17,540 - 17,540
Charitable activities 3 105,328 93,038 198,366 90,674 93,300 183,974
Investments 4 295,791 - 295,791 309,850 - 309,850
Total income 470,911 93,038 563,949 418,064 93,300 511,364
Expenditure on:
Raising funds 5 20,268 - 20,268 7,001 - 7,001
Charitable activities
Community Hub 5 350,604 22,500 373,104 373,441 22,500 395,941
Minds Matter Islington 5 124,248 61,500 185,748 117,937 61,500 179,437
Community Development 5 83,413 - 83,413 125,224 9,300 134,524
Clerkenwell Photo Competition 5 3,290 1,500 4,790 - - -
Museum of London 5 2,377 1,038 3,415 - - -
Lighting Development - CIL 5 2,569 2,000 4,569 - - -
Charles Simmons House 5 8,938 4,500 13,438 - - -
Total expenditure 595,708 93,038 688,746 623,603 93,300 716,903
Net (expenditure) before net
(losses) / gains on investments (124,797) - (124,797) (205,539) - (205,539)
Net (losses) / gains on investments (212,426) - (212,426) 526,650 - 526,650
Net (expenditure) / income for the 6
year (337,223) - (337,223) 321,111 - 321,111
Net movement in funds (337,223) - (337,223) 321,111 - 321,111
Reconciliation of funds:
Total funds brought forward 9,062,270 - 9,062,270 8,741,159 - 8,741,159
Total funds carried forward 8,725,047 - 8,725,047 9,062,270 - 9,062,270

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 27a to the financial statements.

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The Peel Institute Company

Company no. 03389572

Balance sheet

As at 31 March 2025

As at 31 March 2025
2025 2024
Note £ £ £ £
Fixed assets:
Tangible assets 11 24,267 27,226
Investments 12 8,665,526 8,947,515
8,689,793 8,974,741
Current assets:
Debtors 13 17,723 13,517
Cash at bank and in hand 124,953 221,680
142,676 235,197
Liabilities:
Creditors: amounts falling due within one year 14 (107,422) (139,453)
Net current assets 35,254 95,744
Total assets less current liabilities 8,725,047 9,070,485
Creditors: amounts falling due after one year 15 - (8,213)
Total net assets 8,725,047 9,062,270
The funds of the charity: 17a
Restricted income funds - -
Unrestricted income funds:
Designated funds 8,338,048 8,445,375
General funds 386,999 616,895
Total unrestricted funds 8,725,047 9,062,270
Total charity funds 8,725,047 9,062,270

Approved by the trustees on 09 October 2025 and signed on their behalf by

Rosie Allimonos Chair of the Board

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The Peel Institute Company

Statement of cash flows

For the year ended 31 March 2025

For the year ended 31 March 2025
Cash flows from operating activities
Net (expenditure) / income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Losses / (gains) on investments
Dividends, interest and rent from investments
(Increase) in debtors
(Decrease) / increase in creditors
Net cash (used in) operating activities
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total
Cash flows from financing activities:
Cash and cash equivalents at the beginning of the
year
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Cash and cash equivalents at the end of the year
Net cash (used in) financing activities
Change in cash and cash equivalents in the year
Finance Lease Interest Paid
Finance Leases Repaid
Finance Lease Interest Paid
Finance Leases Repaid		 £
£
(337,223)
8,883
212,426
(295,791)
790
7,849
(4,206)
(40,247)
(447,519)
295,791
(5,923)
1,816,134
(1,746,571)
359,431
(790)
(7,849)
(8,639)
(96,727)
221,680
124,953
At 1 April
2024
Cash flows
£
£
221,680
(96,727)
-
-
2025		 £
£
321,111
-
9,670
-
(526,650)
-
(309,850)
1,332
-
7,317
-
(5,881)
-
24,352
(478,599)
309,850
(7,276)
4,371,585
(4,096,585)
577,574
(1,332)
(7,307)
(8,640)
90,336
131,343
221,680
Other non-
cash
changes
At 31 March
2025
£
£
-
124,953
-
-
2024
(447,519)
359,431
(8,639)		 (478,599)
577,574
(8,640)
(790)
(7,849)		 (1,332)
(7,307)
At 1 April
2024
£
221,680		 Other non-
cash
changes
£
-
(96,727)
221,680		 90,336
131,343
124,953 221,680
Cash flows
£
(96,727)		 At 31 March
2025
£
124,953
- - - -

29

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

a) Statutory information

The registered office address is 3 Corners Centre, Northampton Road, London, EC1R 0HU

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006/Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

30

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

31

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Community Hub 55%
Minds Matter Islington 37%
Community Development 2%
Clerkenwell Photo Competition 1%
Museum of London 1%
Lighting Development - CIL 1%
Charles Simmons House Feasibility Study 3%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

32

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £250. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

3 years 5 years

m) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities. The valuation method used to determine fair value will be stated in the notes to the accounts.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries are at cost.

p) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

33

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

s) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

t) Pensions

The charity operates a defined contribution pension scheme.

Gifts
Legacies		 Unrestricted
£
19,792
50,000		 £
-
-
Restricted		 2025
Total
£
19,792
50,000		 Unrestricted
£
17,540
-		 £
-
-
Restricted		 2024
Total
£
17,540
-
69,792 - 69,792 17,540 - 17,540

3 Income from charitable activities

Income from charitable activities ctivities
Unrestricted
£
Grants
63,222
Catering
3,648
Community Lettings
38,458
105,328
Unrestricted
£
Listed investments
295,791
295,791
Total income from
charitable activities
Income from investments		 Unrestricted
£
63,222
3,648
38,458		 £
93,038
-
-
Restricted		 2025
Total
£
156,260
3,648
38,458		 Unrestricted
£
50,678
2,226
37,770		 £
93,300
-
-
Restricted		 2024
Total
£
143,978
2,226
37,770
105,328 93,038 198,366 90,674 93,300 183,974
£
-
Restricted		 2025
Total
£
295,791		 Unrestricted
£
309,850		 £
-
Restricted		 2024
Total
£
309,850
295,791 - 295,791 309,850 - 309,850

34

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

the year ended 31 March 2025
Analysis of expenditure (current		 year)
Staff costs (Note 7)
Direct costs
Professional fees
Repairs and Maintenance
Office Costs
Insurance
Recruitment and Training
Depreciation
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Raising
Funds
£
-
-
19,563
-
-
705
-
-		 Charitable activities Lighting
development -
CIL
£
-
-
-
-
-
-
-
-
-
4,414
155
4,569
-		 Charles
Simmons
House
£
-
3,150
-
-
-
-
-
-		 Governance
costs
£
-
-
12,490
-
82
-
-
-		 Support
costs
£
160,750
45,431
7,337
7,277
129,372
75
3,833
4,776		 2025
Total
£
389,317
104,995
39,390
7,277
133,091
1,960
3,833
8,883		 2024
Total
£
330,762
130,742
55,545
18,258
150,605
3,055
18,267
9,670
Community
Hub
£
128,465
34,850
-
-
3,637
1,179
-
4,107		 Minds
Matter
Islington
£
36,564
8,712
-
-
-
-
-
-		 Community
Development
£
63,538
10,441
-
-
-
-
-
-		 Clerkenwell
Photo
Competition
£
-
1,373
-
-
-
-
-
-		 Museum of
London
£
-
1,038
-
-
-
-
-
-
20,268
-
-		 172,238
194,067
6,799		 45,276
135,717
4,755		 73,979
9,115
319		 1,373
3,301
116		 1,038
2,297
80		 3,150
9,940
348		 12,572
-
(12,572)		 358,851
(358,851)
0		 688,746
-
-		 716,903
-
-
20,268 373,104 185,748 83,413 4,790 3,415 13,438 - 688,746 716,903
7,001 395,941 179,437 134,524 - - - - -

35

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

Staff costs (Note 7)
Direct costs
Professional fees
Repairs and Maintenance
Office Costs
Insurance
Recruitment and Training
Depreciation
Support costs
Governance costs
Total expenditure 2024		 Raising
Funds
£
6,140
-
-
-
861
-
-
-		 Charitable activities Charitable activities Charitable activities Governance
costs
-
-
16,800
-
-
-
-
-		 Support
costs
173,472
-
38,745
18,258
148,287
1,960
17,746
-		 2024 Total
£
330,762
130,742
55,545
18,258
150,605
3,055
18,267
9,670
Community
Hub
£
76,731
50,146
-
-
1,441
1,095
521
6,057		 Minds
Matter
Islington
£
-
49,603
-
-
-
-
-
2,951		 Community
Development
£
74,419
30,993
-
-
16
-
-
662		 Clerkenwell
Photo
Competition
£
-
-
-
-
-
-
-
-		 Museum of
London
£
-
-
-
-
-
-
-
-		 Lighting
development -
CIL
£
-
-
-
-
-
-
-
-
Charles
Simmons
House
£
-
-
-
-
-
-
-
-
7,001
-
-		 135,991
249,870
10,080		 52,554
120,667
6,216		 106,090
28,098
336		 -
-
-		 -
-
-		 -
-
-		 -
-
-		 16,800
-
(16,632)		 398,468
(398,635)
-		 716,903
-
-
7,001 395,941 179,437 134,524 - - - - 168 - 716,903

36

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

6 Net (expenditure) / income for the year This is stated after charging / (crediting):

e year ended 31 March 2025
Net (expenditure) / income for the year
This is stated after charging / (crediting):
2025
£
8,882
7,849
Finance Lease Interest
790
Operating lease rentals
65,000
Auditor's remuneration (excluding VAT):
Audit
11,000
2025
£
258,368
-
20,747
6,708
103,494
389,317
Salaries and wages
Redundancy and termination costs
Social security costs
Pension costs
Seconded and temporary staff
Finance Lease Capital Payments
Depreciation
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:		 2025
£
8,882
7,849
790
65,000
11,000		 2024
£
9,670
7,307
1,382
65,000
10,500
2024
£
211,890
17,062
14,357
4,769
82,684
389,317 330,762

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:

The average number of employees of the Peel Institute (including part-time staff) was 9 (2024: 8)

The number of employees who received renumeration more than £60,000 in the year was 1 (2024: 1)

The redundancy cost included in the salary cost above was £0 (2024: £17,062)

The key management personnel of The Peel Institute comprises the trustees and the Chief Executive Officer.

The total benefits of the key management personnel of the Trust were £ 87,367 (2024: £95,462)

The CEO, who is also a trustee, was remunerated £87,3674 (2024: £70,704) 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 (2024:Nil)

Trustee expenses reimbursed in the year were nil (2024: £nil)

37

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 9 (2024:8).

9 Related party transactions

An invoice for £100 was raised for room hire for Octopus Community Network Ltd of which Patrick Radcliffe is a director. (2024: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
At the end of the year
Cost
At the start of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
Depreciation
At the end of the year
Net book value		 Fixtures and
fittings
£
29,163
5,923		 Motor vehicles
£
33,480
-		 Total
£
62,643
5,923
35,086 33,480 68,566
22,471
4,776		 12,946
4,106		 35,417
8,882
27,247 17,052 44,299
7,839 16,428 24,267
6,692 20,534 27,226

All of the above assets are used for charitable purposes.

38

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

For the year ended 31 March 2025
12
13
14
15
Fair value at the start of the year
Additions at cost
Net gain / (loss) on change in fair value
Other creditors
Cash
Multi -Asset Funds
Investments comprise:
Disposal proceeds
Fair value at the end of the year
Listed investments
Trade debtors
Prepayments
Debtors
Rathbone Unit Trust Management - Core Inv Fund for Charities
Schroder Charity Multi Asset Fund
Taxation and social security
Creditors: amounts falling due within one year
Amounts due under finance leases
Accruals
Trade creditors
Amounts due under finance leases
Creditors: amounts falling due after one year		 2025
£
8,947,515
1,746,571
(1,816,134)
(212,426)		 2024
£
8,695,865
4,096,585
(4,371,585)
526,650
8,665,526
2025
£
8,663,461
2,067		 8,947,515
2024
£
8,931,464
16,051
8,665,528 8,947,515
2025 market
value of
holding
£
4,617,578
4,045,883
2025
£
11,237
6,486		 2025
percentage of
portfolio
%
53.3%
46.7%
2024
£
10,103
3,414
17,723 13,517
2025
£
7,629
26,876
7,626
13,128
52,163		 2024
£
7,307
12,466
4,872
2,590
112,218
107,422 139,453
2025
£
-		 2024
£
8,213
- 8,213

39

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

For the year ended 31 March 2025 For the year ended 31 March 2025
16a
16b
17a
At 1 April
2024
£
Community Hub
-
Minds Matter Islington
-
Clerkenwell Photo Competition
-
Museum of London
-
Lighting Development - CIL
-
-
Total restricted funds
-
8,445,375
616,895
Total designated funds
9,062,270
9,062,270
9,062,270
Non Current Liabilities
Charles Simmons House feasibility study
Net assets at 31 March 2024
Tangible fixed assets
Analysis of net assets between funds (current year)
Investments
Net current assets
Total unrestricted funds
General fund
Unrestricted funds:
Designated funds:
Net assets at 31 March 2025
Analysis of net assets between funds (prior year)
Income generation fund
Tangible fixed assets
Investments
Net current assets
Movements in funds (current year)
Restricted funds:
Total funds		 General
unrestricted
£
24,267
327,478
35,254		 Designated
£
-
8,338,048
-		 Restricted
£
-
-
-		 Total funds
£
24,267
8,665,526
35,254
386,999 8,338,048 - 8,725,047
General
unrestricted
£
27,226
502,139
95,744
(8,213)		 Designated
£
-
8,445,375
-
-		 Restricted
£
-
-
-
-		 Total funds
£
27,226
8,947,514
95,744
(8,213)
616,895 8,445,375 - 9,062,271
Income &
gains
£
22,500
61,500
1,500
1,038
2,000
4,500		 Expenditure &
losses
£
(22,500)
(61,500)
(1,500)
(1,038)
(2,000)
(4,500)		 Transfers
£
-
-
-
-
-
-		 At 31 March
2025
£
-
-
-
-
-
-
- 93,038 (93,038) - -
8,445,375
616,895		 470,911
-		 (578,238)
(229,896)		 -
-		 8,338,048
386,999
9,062,270 470,911 (808,134) - 8,725,047
9,062,270 470,911 (808,134) - 8,725,047
9,062,270 563,949 (901,172) - 8,725,047

The narrative to explain the purpose of each fund is given at the foot of the note below.

40

The Peel Institute Company

Notes to the financial statements

For the year ended 31 March 2025

e year ended 31 March 2025
Movements in funds (prior year)
Total restricted funds
Total designated funds
Community Hub
Total unrestricted funds
Total funds
Unrestricted funds:
Designated funds:
Income generation fund
General fund
Restricted funds:
Minds Matter Islington		 At 1 April
2023
£
-
-		 Income &
gains
£
22,500
61,500		 Expenditure &
losses
£
(22,500)
(61,500)		 Transfers
£
-
-		 At 31 March
2024
£
-
-
- 84,000 (84,000) - -
8,306,171
434,988		 526,650
418,064		 -
(623,603)		 (387,446)
387,446		 8,445,375
616,895
8,741,159 944,714 (623,603) - 9,062,270
8,741,159 944,714 (623,603) - 9,062,270
8,741,159 1,028,714 (707,603) - 9,062,270

Purposes of restricted funds

Community Hub - grant from Islington Council for the community.

Minds Matter Islington - grant from Islington Council for youth mental health.

Clerkenwell Photo competition - 3 x £500 from organisations towards photo competition costs

Museum of London - grant for Community Associates Textiles and Fashion project for the Women's Group.

Lighting Development - CIL - grant from Islington Council for lighting development

Charles Simmons House (CSH) feasibility study - grant from Islington council to carry out feasibility study on running the community centre at CSH.

Purposes of designated funds

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

18 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


following periods
Less than one year
One to five years		 2025
2024
£
£
7,629
7,307
-
8,213
7,629
15,520
Equipment
7,629 15,520

The Peel Institute Company is a private limited company by guarantee, without share capital, and is also a registered charity.

41