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2023-03-31-accounts

Company Registration Number 05757614 Registered Charity Number 1115091

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE)

REPORT AND ACCOUNTS For the year ending 31 March 2023

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

The Trustees present their annual report together with the financial statements of the charity for 1 April 2022 to 31 March 2023.

The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended by Update Bulletin 1 and 2.

Since the company qualifies as small under section 383 under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013, the strategic report required of medium and large companies is not required.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Peer UK Ltd Charity registration number 1115091 Company registration number 05757614 Registered office 97-99 Hoxton Street, London N1 6QL

Trustees

For the purposes of the Companies Act 2006, the Board of Trustees is the Board of Directors of the charitable company and is referred to as the Trustees throughout this report.

The Trustees of Peer during the period and to the date of signing this report are as follows:

Janice McLaren - Interim Co-Chair to 5 July 2023 Sarai Jacob-Whelan - Interim Co-Chair to 5 July 2023 Laura Cobb - appointed 5 July 2023; Chair from 5 July 2023 Martina Batovic - appointed 15 March 2023 Cora Cuthbert Lucy Grey - appointed 1 July 2022 Ioanna Korfiati - appointed 15 March 2023 Eliel Jones - appointed 15 March 2023 Hana Noorali - appointed 21 July 2023 Isabelle Nowak - resigned 10 January 2023 Jeffrey McMillan - resigned 14 September 2022 Karen Smith - resigned 31 January 2023 Sharleen Kelly - resigned 15 June 2022

Independent Examiner

Mr P O’Hara FCA, 4 Stoneyhurst Road West, Gosforth, Newcastle upon Tyne NE3 1PG

2

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

Peer is a charitable company limited by guarantee, incorporated on 27 March 2006 and registered as a charity on 5 July 2006.

The members of the company are its Trustees, with their liability in the event of insolvent liquidation limited to £10 per member.

The Directors of the company are also Trustees of the charity.

Eligibility for membership of the charity, and membership of the Board of Trustees, is governed by the Articles of Association. There are no restrictions in the governing document on the operation of the charity other than those imposed by general charity law.

Charitable Purpose

The objects of the Charity are "the advancement for the benefit of the public in education in art in particular by promoting and providing public facilities for the exhibition and study of work of art which are primarily contemporary for the purposes of training and educational research and to promote a better understanding of art in all its aspects."

Structure and Governance

The charity currently has a Board of nine non-executive Trustees.

The Board meets a minimum of four times per year. Detailed written Board reports and an agenda are prepared by the Director and circulated in advance of meetings.

Recruitment and Appointment of Board of Trustees

Trustees are elected to the Board based on discussions and recommendations offered by Trustees and outside advisors to the organisation, as well as through a range of advertising channels.

Trustee Induction and Training

Prior to their appointment, new Trustees are invited to attend a Trustees' meeting as an observer and to meet the existing Trustees. New Trustees are inducted by the Chair of the Board and the Director/Chief Executive and are provided with a range of resources to support their understanding of Peer’s activities.

Reserves Policy

The Trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission, having reviewed the risks facing the organisation, seeking to maintain a level of reserves which enables the charity to operate effectively with financial stability and the means to fulfil its charitable purpose.

3

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (Cont.)

Reserves Policy (Cont.)

The Trustees aim to hold a level of Unrestricted Reserves as follows:

£90,500 which is broadly equal to 7 months’ operating costs, including salaries. This would be used to enable Peer to find new sources of funding if current funding was not renewed or was withdrawn; if alternative sources of funding were not forthcoming, then to provide the means for Peer to settle any outstanding contracts and close the company in an orderly manner.

If possible, the Trustees then aspire to retain an additional allowance of £20,000 for programming commitments, £4,000 for Peer Ambassadors fees and £6,000 for 4 months’ salary costs for a Gallery Assistant. The optimum level of Reserves held is therefore £120,500.

The charity’s free reserves, defined as Unrestricted Funds, less the value of Tangible Fixed Assets, stood at £204,377 on 31 March 2023, thereby providing an additional level of contingency. Trustees consider this to be helpful given the current uncertainty in the macro environment. £24,000 of these reserves are held as programme income contingency in the event of unsuccessful funding applications, which leaves a remaining £60,000 unrestricted reserves that can be used on building maintenance, staff support and unexpected costs.

Every quarter the Board reviews the amount of reserves required to ensure that they are adequate to fulfil Peer’s continuing obligations and to allow the organisation to fulfil its charitable purpose.

Grant Making Policy

The charity does not currently engage in grant-making activity.

The Contribution of Volunteers

The charity does not currently make use of volunteers to support its activities.

Risk Management

The Trustees of the charity regularly review the major governance, operational and financial risks which the charity faces as part of its annual business planning process and confirm that systems have been established to mitigate these risks.

Peer has a risk management strategy in place which comprises:

The Trustees are satisfied that appropriate financial systems and controls and employment policies and practices are in place.

4

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

For the year ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (Cont.)

Risk Management (Cont.)

The Trustees consider the key risks facing the charity at this time and the mitigating actions taken to be as follows:

The Trustees also manage the general financial risks arising by ensuring that:

5

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

For the year ended 31 March 2023

OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects of the Charity are "the advancement for the benefit of the public in education in art in particular by promoting and providing public facilities for the exhibition and study of work of art which are primarily contemporary for the purposes of training and educational research and to promote a better understanding of art in all its aspects."

Main activities undertaken to further the charity's purposes for public benefit

The Trustees understand and have discussed the implications of the provisions of the Charities Act 2006, which state that all charities must demonstrate that they are established for public benefit and have had due regard to the public benefit guidance issued by the Charity Commission.

The Trustees confirm that they 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 current and future activities.

The Trustees believe that the charity meets both of the key principles.

Principle 1 – There must be an identifiable benefit, or benefits

The Trustees consider that Peer benefits the public in four primary ways:

Principle 2 - Benefit must be to the public, or a section of the public

Peer’s work is available to all members of the public.

In summary, Peer’s beneficiaries are appropriate to its aims, and the public benefits from its work. Benefits are evidenced and relate directly to its aims. The Trustees do not consider that any detriment or harm flows from its work.

6

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

Achievements and Performance Overview

In April 2022, the organisation welcomed Ellen Greig as its new Director. Previously Senior Curator at Chisenhale Gallery, Ellen has over 15 years of experience in contemporary art curation, pedagogy, and publishing.

At the start of the financial year the organisation applied for continued funding from Arts Council England as a National Portfolio Organisation, covering the period from 2023 to 2026. The application was submitted in May 2022, and in November 2022, Peer received a conditional offer of standstill funding of £87,165 annually. The final funding agreement was agreed in March 2023, securing funding for the period 2023-26.

Peer received partnership support for gallery exhibitions from Middlesbrough Institute of Modern Art and Acme Studios and developed a new collaboration with Chelsea School of Art, Curating and Collections Masters as part of a new academic partnership for Peer’s 2023 summer exhibition, ‘ we are a group of people composed of who we are ’.

In March 2023, Peer signed a new Voluntary Sector lease with Hackney Council which runs until 30 June 2027 and secures the organisation’s discounted rent and rates agreement with Hackney Council.

Peer’s individual giving scheme was reviewed with new levels of giving established. Peer is pursuing headline support for specific programmes, such as a forthcoming artist commission, annual talks and events programme and Ambassador Programme.

The organisation continued to work on its communication strategy, working with Sutton PR to consider branding and programme announcements. Online platforms were utilised to promote exhibitions, opportunities and events, signpost to other local and cultural activities and promote and celebrate Peer alumni and history. Engagement across all of our platforms continues to grow with an 11% increase since 2022 and a 61% increase since 2018.

Throughout the year work was carried out on reviewing Peer’s core mission, vision and values. In addition, key policies were researched and updated including Equality, Diversity and Inclusion, Respect at Work, Fair Pay, Access and Health and Safety; this work will continue throughout 202324.

Exhibition Programme

Over the course of the year Peer presented four exhibitions and one research and events programme as follows:

Marcus Cope, Silver Linings : 29 April – 11 June 2022

First solo show in a public institution, showcasing large-scale enigmatic paintings accompanied by commissioned short essay by author and critic Martin Herbert.

7

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Exhibition Programme (Cont.)

Moi Tran, Civic Sound Archive : 1 July – 3 September 2022

Debut solo exhibition presenting the artists ongoing project Civic Sound Archive. The exhibition was supported by The Foundation Foundation, Hello Again Hackney and National Heritage Lottery Fund.

Curved Space , Acme Showcase Exhibition: 30 September – 22 October 2022 Showcasing the work of artists Holly Buckle, Kristīne Daukšte, Lisa-Marie Harris, and Bryan Giuseppi Rodriguez Cambana, at the end of their residency at Acme's Warton House. Marked the seventh and final iteration of Acme and Peer’s partnership supporting the work of early-career artists.

Revision : 16 November 2022 - 1 February 2023

A research and events programme that explored repair, collaboration, and evaluation.

Tanoa Sasraku, Liths : 17 February – 20 May 2023

Orignally produced as part of the artists solo exhibition Terratypes at Spike Island, Bristol, commissioned and produced by Spike Island as part of the West of England Visual Arts Alliance programme, supported by Arts Council England. Liths at Peer was supported by the Henry Moore Foundation.

Ambassador Programme

Launched in 2017, Peer Ambassadors is a unique rolling six-month, creative programme designed for, and led by, young people aged 17-25 from underrepresented and lower socio-economic backgrounds based in Peer’s local area.

The programme, made up of 6 to 8 members each cohort, offers paid work-experience and training at Peer, alongside a free professional development and learning programme. The Ambassadors also work closely with an Ambassador Artist in Residence throughout 2023-24 on a new ambitious public commission.

The Peer Ambassadors programme was paused between April and October 2022 due to staffing. During this time, nine previous Ambassadors supported the team as paid Front of House staff.

In August 2022, Max Jefcut was appointed as the part-time Producer of the Peer Ambassadors programme.

In January 2023, eight new Ambassadors were recruited. Meera Shakti Osborne, an interdisciplinary artist, youth worker, and community organiser, was selected as the Ambassador Artist in Residence in May 2023. Meera's practice focuses on collective healing, accessibility, and confidence building through various mediums. They will work with the Ambassadors over a 16-month period, exploring personal and shared histories through art.

The Peer Ambassador Programme 2022-23 is supported by Westfield East Bank Creative Futures Fund.

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PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Staffing and Governance

Peer continued onboarding two key staff members during the 2022/23 period. Ellen Greig joined as Director two months prior to the financial year start, following the departure of Ingrid Swenson, Peer’s Director for 23 years. A new position of Producer: Peer Ambassadors was created to focus exclusively on managing the young people's programme, after the departure of the Curator for Local Audiences, who stepped down in March 2022.

Peer partnered with Creative Access and A New Direction to provide two paid entry-level roles to those currently underrepresented in the industry. Peer joined A New Direction’s STEP programme in July 2022. To be eligible for STEP applicants must be aged 18 to 30 and be a resident of Hackney, Newham, Tower Hamlets and Waltham Forest or have attended school or college in these boroughs.

Peer became a London Living Wage Employer in 2022-23 and established fair pay policies to ensure artists, freelancers and staff were being paid in line, or as close as possible, to industry standards.

The Board of Trustees met quarterly in June, September, December, and March. The meeting in December also encompassed the annual AGM. In addition, the Board met on multiple occasions to prepare for the ACE NPO 23-26 investment round.

Over the year four Trustees resigned (Isabelle Nowak (Chair), Jeffery McMillan, Sharleen Kelly and Karen Smith) and four new Trustees were welcomed onto the board including Ioanna Korfiati, Lucy Grey (Treasurer), Martina Batovic and Eliel Jones. Sarai Jacob-Whelan and Janice McLaren were voted in as Interim Co-Chairs when Isabelle Nowak stepped down.

A recruitment drive for a new Chair for the Board of Trustees took place in January 2023 and in July 2023, Laura Cobb, Practice Director at Karakusevic Carson Architects was appointed as Chair, and Hana Noorali appointed as a further new Trustee.

9

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Sources of Income

Peer continues to benefit from the support of a number of foundations, endowments, trusts and individual givers. The Trustees would like to thank the following:

Public Funding

Arts Council England

Local Authority Support

Hackney Council

Core Supporters

Paul and Louise Cooke Endowment

Corporate Supporters

Macquarie Group Limited

Exhibition Programme Supporters

Cockayne Foundation Grants for the Arts Henry Moore Foundation The Foundation Foundation The London Community Fund The National Lottery Heritage Fund Acme Studios

Public and Local Programme Supporters

Greater London Authority

Peer Ambassador Supporters

Westfield Eastbank Creative Futures

Patrons

Annely Juda Fine Art Hattie and Oliver Kimberley Rachel Cooke May Clil Martina Batovic Maureen Paley Laure Genillard Sarah Atkinson Emily King Alice Rawsthorn Sam Talbot

10

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Partnerships

Peer would also like to thank the organisations who have supported our work through valued partnerships this year.

Chelsea College of Art and Design Contemporary Visual Arts Network Creative Access Bishopsgate Institute East London Business Alliance Dalston CLR James Library Engage Here Hackney Central Library Hackney Circle Hackney Chinese Community Services Hackney Council Cultural Development Team Hackney Council VCS

Hoxton Hall London Engagement Collective North & South Arden Tenant Management Organisation Rio Cinema Spike Island Sutton PR The Outside Project Vardaxoglou Gallery Xenia

Financial Review

The results of the charity's operation are set out in the financial statements. During the year, a deficit of £6,929 (2022: deficit of £54,013) was recognised on Unrestricted Funds.

A transfer of £2,457 (2022: £36,396) was made from the Unrestricted General Fund to the Designated Fixed Asset Fund to bring the Designated Fixed Asset Fund in line with the Net Book Value of Tangible Fixed Assets at the year end.

Net expenditure of £6,100 (2022: net income of £36,000) was recognised on Restricted Funds.

Total reserves available at 31 March 2023 amounted to £263,859 (2022: £276,888), inclusive of £53,900 Restricted Funds carried forward (2022: £60,000).

Free reserves, defined as Unrestricted Funds, less the value of Tangible Fixed Assets, stood at £204,377 at 31 March 2023 (2022: £213,763).

This level of free reserves exceeds the level required under the charity’s Reserves Policy by c£84k, but Trustees consider this additional level of contingency to be helpful given the current uncertainty in the macro environment. £24,000 of these reserves are held as programme income contingency in the event of unsuccessful funding applications, which leaves a remaining £60,000 unrestricted reserves that can be used on building maintenance, staff support and unexpected costs.

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

11

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

PLANS FOR FUTURE PERIODS

Forthcoming Programme / Future Plans

Over the course of the forthcoming year Peer will continue to provide a neighbourhood space for contemporary art, placing artists and local communities at the heart of public exhibitions, collaborative projects, talks and events.

Peer’s Programme for 2023-24 addresses themes of collective work, interdependency, and place. Throughout the year we will develop exhibitions and new commissions with artists Iris Touliatou and Leah Clements, as well as a survey exhibition that explores cultural, artistic, and experimental cooperative initiatives that took place in Hackney in the 1970s and 1980s.

Peer Ambassadors will continue to be a key part of Peer’s programming. Peer Ambassador Artist in Residence, Meera Shakti Osborne, will collaborate with the young people over sixteen months to produce a new public commission.

Peer will also be working with Hackney Circle to deliver a series of workshops for elder Hackney residents.

Peer aims to deliver:

Staffing and Governance 2023-24

Peer will appoint a Gallery and Communications Assistant in August 2023 for a 12-month period, run as part of A New Direction’s STEP Placement programme that offers paid traineeships matching young East Londoners with creative local organisations.

The organisation aims to raise funds for a new Curator role to provide much needed increased capacity, particularly around the production of exhibitions and public programmes.

Peer’s Board of Trustees has recently gone through a period of development with three new trustees joining in 22/23 and a new Chair joining July 2023. Peer is actively seeking three new trustees, who have experience of commercial art, collections or are practising artists.

12

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

For the year ended 31 March 2023

RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also the Directors of Peer for the purposes of company law) are responsible for preparing the Trustees’ 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 proper 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. The Trustees 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.

Signed on behalf of the Trustees

Laura Cobb Chair/Trustee Company Registration Number 05757614

5 September 2023

13

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS OF PEER UK LTD FOR THE YEAR ENDED 31 MARCH 2023

I hereby report to the Trustees of PEER UK Ltd (Charity Registration Number 1115091) on my examination of the accounts for the year ended 31 March 2023 set out on pages 15 to 28.

Responsibilities and Basis of Report

As the charity’s Trustees (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner’s Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods or principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial reporting Standard applicable in the UK and Republic of Ireland (FRS102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Pete O’Hara, FCA, Chartered Accountant

Fellow of the Institute of Chartered Accountants in England & Wales

4 Stoneyhurst Road West, Gosforth, Newcastle upon Tyne NE3 1PG

5 September 2023

14

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note
Income
Income from Investments
2
Income from Grants, Donations &
Legacies
3
Income from Charitable Activities
4
Other Income
5
Total Income
Expenditure
Expenditure on Raising Funds
6
Expenditure on Charitable
Activities
7
Total Expenditure
Net Income/(Expenditure)
Balance brought forward at 1
April
Balance carried forward at 31
March		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
477
-
477
9
122,525
26,000
148,525
262,712
66,759
-
66,759
83,667
31,287
-
31,287
6,343
221,048
26,000
247,048
352,731
32,746
-
32,746
2,566
195,231
32,100
227,331
368,178
227,977
32,100
260,077
370,744
(6,929)
(6,100)
(13,029)
(18,013)
216,888
60,000
276,888
294,901
£209,959
£53,900
£263,859
£276,888

The notes on pages 17 to 28 form part of the financial statements.

All of the activities of the company are classed as continuing.

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

15

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL POSITION/BALANCE SHEET AS AT 31 MARCH 2023

Notes
Fixed Assets
Tangible Fixed Assets
10
Current Assets
Stocks
11
Debtors
12
Cash At Bank & In Hand
Creditors – Amounts Falling Due Within 1 Year
13
Net Current Assets/(Liabilities)
Total Net Assets
14
Represented by:
Unrestricted Reserves
15
Restricted Reserves
15		 2023
2022
£
£
5,582
3,125
21,829
11,719
11,869
57,875
230,837
237,847
264,535
307,441
(6,258)
(33,678)
258,277
273,763
£263,859
£276,888
209,959
216,888
53,900
60,000
£263,859
£276,888

The notes on pages 17 to 28 form part of the financial statements.

The Trustees are satisfied that for the year ended 31 March 2023 the charity was entitled to exemption under section 477(2) of the Companies Act 2006.

The Trustees also confirm that the Members have not required the charity to obtain an audit in accordance with section 476 of the Companies Act 2006.

The Trustees acknowledge their responsibilities for:

(i) ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and (ii) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity.

These financial statements were approved and signed by a Member of the Board of Trustees on 5 September 2023.

Laura Cobb, Chair/Trustee Company Registration Number 05757614

16

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies

Basis of Accounting

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006 and the Statement of Recommended Practice (Charities SORP FRS 102) "Accounting and Reporting by Charities" and the Charities Act 2011.

The financial statements have been prepared on the historical cost basis, modified to include certain financial instruments at fair value.

Advantage has been taken of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a statement of cashflows.

The financial statements are prepared in sterling, which is the functional currency of the charity.

Taxation Status

Peer is a Charity registered under the 1960 Charities Act and is accorded exemption from liability to taxation on its income under S505 Income and Corporation Taxes Act 1988.

Going Concern

There are no material uncertainties about the charity's ability to continue.

Income

All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy.

The following specific policies are applied to particular categories of income:

17

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (Continued)

Operating Leases

The charity classifies the lease of certain types of equipment as operating leases as the title to the equipment remains with the lessor. Rental charges are charged against income on a straight-line basis over the period of the lease.

Tangible Fixed Assets and Depreciation

Depreciation is provided on any fixed assets at rates calculated to write off the assets over their remaining useful lives as follows:

Office Equipment - 33% straight line on cost Fixtures & Fittings - 20% straight line on cost Leasehold Improvements - Over the period of the lease

A full year’s depreciation charge is applied in the year of acquisition and no charge is made in the year of disposal.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial Instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost where there is a material adjustment.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity.

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

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

18

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (Continued)

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimation uncertainty included within the financial statements.

Pensions

Peer contributes to a defined contribution pension scheme. Further details can be found in Note 9.

For the defined contribution scheme, the amount charged to the Statement of Financial Activities in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Legal Status

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. The company law members of the charity are the members of its Board of Trustees.

2. Income from Investments

Income from Investments
Interest Receivable Unrestricted
Funds
£
Restricted
Funds
£
2023
£
2022
£
477
-
477
9
£477
£-
£477
£9

The 2022 total of £9 was wholly attributable to Unrestricted Funds.

19

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from Grants, Donations & Legacies

ACME
Arts Council England – NPO
Arts Council England – Peer In The
Library
Cockayne Grants For The Arts
National Lottery Heritage Fund – Civic
Sound Archive
Creative Access
Esmee Fairbairn Foundation
Henry Moore Foundation - 'Liths' by
Tanoa Sasraku
London Borough of Hackney -Covid-19
London
Borough
of
Hackney
-
Programme
Paul & Louise Cooke Endowment
Greater London Authority - Insights
Koreo - LEC Good Ideas Fund
Tech Belt Community Fund
The Foundation Foundation
Westfield East Bank Creatives Future
Fund
Donations and Gift Aid		 Unrestricted
Funds
£
Restricted
Funds
£
2023
£
2022
£
-
-
-
5,000
87,165
-
87,165
87,165

-
-
-
19,750
-
8,000
8,000
-

-
6,250
6,250
-
-
-
-
4,937
-
-
-
-

-
6,000
6,000
3,000
-
-
-
13,650

-
-
-
19,000
-
-
-
20,000
-
750
750
-
-
5,000
5,000
-
-
-
-
2,383
-
-
-
10,000

-
-
-
50,000
87,165
26,000
113,165
234,885
35,360
-
35,360
27,827
£122,525
£26,000 £148,525 £262,712

Of the 2022 total of £262,712, £152,642 was attributable to Unrestricted Funds and £110,070 to Restricted Funds.

20

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from Charitable Activities

Editions & Publication Sales
Recoupment of Production Costs
Gallery Sales
Programme Partner Support
Programme Sponsorship
Other Earned Income		 Unrestricted
Funds
£
Restricted
Funds
£
2023
£
2022
£
5,034
-
5,034
31,192
35,916
-
35,916
-
-
-
-
45,514
19,221
19,221
-
5,612
-
5,612
5,500
976
-
976
1,461
£66,759
£-
£66,759
£83,667

Of the 2022 total of £83,667, £78,167 was attributable to Unrestricted Funds and £5,500 to Restricted Funds.

5. Other Income

Museums & Galleries Exhibition Tax
Relief
Insurance Claim		 Unrestricted
Funds
£
Restricted
Funds
£
2023
£
2022
£

22,420
-
22,420
6,343
8,867
-
8,867
-
£31,287
£-
£31,287
£6,343

The 2022 total of £6,343 was wholly attributable to Unrestricted Funds.

6. Expenditure on Raising Funds

Fundraising Events
Cost of Gallery & Editions Cost of Sales		 Unrestricted
Funds
£
Restricted
Funds
£
2023
£
2022
£
237
-
237
101
32,509
-
32,509
2,465
£32,746
£-
£32,746
£2,566

The 2022 total of £2,566 was wholly attributable to Unrestricted Funds.

21

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

7. Expenditure on Charitable Activities

Production/Project Costs
Advertising & Marketing
Exhibitions, Events & Project Production
Fees & Expenses
Salaries & On Costs
Support Costs
Bad Debts
Casual Staff
Depreciation
ICT Costs
Office Costs
Rent, Rates & Utilities
Governance Costs
Accountancy & Independent
Examination
Book-keeping & Payroll
Legal & Professional
Other Governance Costs		 Unrestricted
Funds
£
Restricted
Funds
£
2023
£
2022
£
9,091
-
9,091
8,303

13,202
32,100
45,302
102,934
12,476
-
12,476
12,435
117,511
-
117,511
161,092
152,280
32,100
184,380
284,764
733
-
733
123
2,335
-
2,335
6,083
4,285
-
4,285
37,832
4,555
-
4,555
4,500
14,650
-
14,650
11,054
9,125
-
9,125
7,504
35,683
-
35,683
67,096
2,520
-
2,520
2,520
4,390
-
4,390
3,491
-
-
-
10,307
358
-
358
-
7,268
-
7,268
16,318
£195,231
£32,100
£227,331 £368,178

Of the 2022 total of £368,178, £288,608 was attributable to Unrestricted Funds and £79,570 to Restricted Funds.

22

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

8. Net Income/(Expenditure)

8.
Net Income/(Expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Independent Examiner’s Fees
Independent Examiner – Other Services
Depreciation of owned Fixed Assets
9.
Staff Costs & Trustees’ Remuneration
Gross Salary Costs
Ex-Gratia Payment
Employer’s National Insurance
Employer’s Pension Contributions		 2023
£
2022
£
2,160
2,160
360
360
4,285
37,832
2023
£
2022
£
109,422
93,466
-
60,000
5,558
5,428
2,531
2,198
£117,511
£161,092

No employee received remuneration of more than £60,000 during the year (2022 - Nil).

The total amount of employee benefits received by Key Management Personnel, defined by the charity as its Trustees, Director/Chief Executive and Deputy Director was £75,502 (2022: £68,362).

The average number of staff employed during the year, calculated as full-time equivalents, was as follows:

equivalents, was as follows:
2023 2022
No No
Artistic Production and Support 3 3

Pension benefits are provided through a Group Personal Pension Scheme, which is a defined contribution scheme. The assets of the scheme are held separately from those of the company in a separately administered fund. In the year to 31 March 2023 Peer made an employer's contribution of 3% of pensionable pay, provided that the employee makes a minimum contribution of 5%. The amount recognised in respect of employer contributions payable as an expense for the period was £2,531 (2022: £2,198).

These amounts are paid over to the scheme on a monthly basis. No contributions of were outstanding at 31 March 2023 (2022: £598).

No remuneration has been paid to any Trustees/Directors in the year (2022: £Nil).

No reimbursement has been made of any Travel and Subsistence expenses to Trustees in respect of their attendance at meetings of the charity (2022: £Nil).

23

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

10. Tangible Fixed Assets

Fixtures &
Fittings
Leasehold
Improvements
Cost
£
£
At 1 April 2022
1,524
291,798
Additions
-
-
Disposals
-
-
At 31 March 2023
1,524
291,798
Depreciation
At 1 April 2022
610
290,544
Charge for year
305
1,254
Disposals
-
-
At 31 March 2023
915
291,798
Net Book Value
At 31 March 2023
£609
£-
At 1 April 2022
£914
£1,254
11.
Stock
Artwork for Resale
12.
Debtors
Trade Debtors
Other Taxes & Social Security Costs
Prepayments & Accrued Income
Accrued Grant Income		 Fixtures &
Fittings
Leasehold
Improvements
£
£
1,524
291,798
-
-
-
-

Office
Equipment
Total
Fixed
Assets

£
£

6,533
299,855

6,742
6,742
-
-
1,524
291,798
610
290,544
305
1,254
-
-
13,275
306,597

5,576
296,730

2,726
4,285
-
-
915
291,798
£609
£-
8,302
301,015
£4,973
£5,582
£914
£1,254
£957
£3,125
2023
£
2022
£
21,829
11,719
£21,829
£11,719
2023
£
2022
£
-
20,404
-
4,000
11,869
1,471
-
32,000
£11,869
£57,875

24

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

13. Creditors – Amounts Falling Due Within 1 Year

Trade Creditors
Other Creditors
Accruals		 2023
£
2022
£
1,670
-
-
598
4,588
33,080
£6,258
£33,678

14. Analysis of Net Assets between Funds

Fixed Assets
Stock
Debtors
Cash at Bank and In Hand
Creditors – Amounts Due Within
1 Year		 Unrestricted
Funds
Restricted
Funds
Total
2023
Total
2022
£
£
£
£
5,582
-
5,582
3,125
21,829
-
21,829
11,719
11,869
-
11,869
57,875
176,937
53,900
230,837
237,847

(6,258)
-
(6,258)
(33,678)
£209,959
£53,900 £263,859
£276,888

25

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

15. Analysis of Charitable Funds

Fund at 1 Income in
Expenditure		 Income in
Expenditure		 Fund at 31
April 2022 Year in Year March
£ £ £ 2023
£
Unrestricted Funds
Charity General Fund 213,763 221,048 (230,434) 204,377
Designated Funds
Fixed Asset Fund 3,125 - 2,457 5,582
Total Unrestricted Funds 216,888 221,048 (227,977) 209,959
Restricted Funds
Cockayne Grants For The Arts - 8,000 - 8,000
Greater
London		 Authority
-		 - 750 (750) -
Insights
Henry Moore Foundation - 'Liths' - 6,000 (6,000) -
by Tanoa Sasraku
Koreo - LEC Good Ideas Fund - 5,000 - 5,000
National Lottery Heritage Fund – - 6,250 (6,250) -
Civic Sound Archive
The Foundation Foundation - Moi 10,000 - (10,000) -
Tran’s ‘Civic Voice Archive’
Westfield East Bank Creatives 50,000 - (9,100) 40,900
Future Fund – Peer Ambassadors
& Peer Notices
Total Restricted Funds 60,000 26,000 (32,100) 53,900
Total Funds £276,888 £247,048 £(260,077) £263,859
Name of Designated Fund Description, Nature & Purpose of Designated
Fund
Fixed Asset Fund The Trustees believe that, as fixed assets are not
easily realisable, for clarity, they should not be
represented by the general reserve. The balance
carried forward is equal to the net book value of fixed
assets without continuing restriction.

26

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

15. Analysis of Charitable Funds (Cont.)

Name of Restricted Fund

Description, Nature & Purpose of the Restricted Fund

Cockayne Grants For The Arts

Towards the cost of a publication supporting the ‘Cooperating in the local' survey, exhibition and public programme

Greater London Authority – Insights

Towards the costs of the Insights Hub

Henry Moore Foundation

Towards the cost of - 'Liths' by Tanoa Sasraku

Koreo - LEC Good Ideas Fund

Towards the cost of workshop activity

National Lottery Heritage Fund

Towards the cost of the Civic Sound Archive project

The Foundation Foundation Towards the cost of - Moi Tran’s ‘Civic Voice Archive’ exhibition Westfield East Bank Creatives Future Towards the costs of the Peer Fund Ambassadors and Peer Notices programmes

16. Related Party Transactions

The charity has a close working relationship with Arts Council England which is a registered charity and has provided significant funding which enables the charity to carry out its charitable objectives. In total, grant funding of £87,165 was received from Arts Council England in the year (2022: £106,915).

At 31 March 2023, no sums were owing to Peer from Arts Council England (31 March 2022: £Nil).

27

PEER UK LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

17. Taxation

The company is a registered charity and no provision is considered necessary for taxation.

18. Financial Commitments

No material financial commitments have been made in respect of future financial periods.

19. Company Limited by Guarantee

The charity is incorporated under the Companies Act 1985 and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding £1 as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.

There are currently 9 members of the company (2022 - 7 members).

28