Pennies. Annual report & financial statements 2021 Add a donatEon EO yvur blll whtn paylng by Chlp And P Because micro-donations matter,
Pennies. Our impact in 2021 duffrMJW214wendeupolre F)n5. th1 em Iothjwd Mich 30Y. oltho way round th• Earthl 22% Incr•i¥• In thetolal nLthofthar to htht¢neltbJttcffjPenftsbdata F¢rftttPOlOlta 200 mlcrorflonatlon$ 13.1m 610 2021 MI40n1110ns troJetrl¢)tyJhd&llaldnneL 2021, Trthjty eCowffwar allableaFPS, reneclrKJasXft 747 IKreasekndtMal IwMltryn2020 total charKle8 3UPPOrted 16
The Pennies Foundation Annual report and financial statements for the year ended 31 December 2021 Reglstered In Engl•nd and Wale• charlty numben l 122489 R•glst•r•d In th• Republlc ot Ireland charlty numb•r. 20100331 R•9l8l•r•d In th• l•l• of Man eharlty numb•r. 1275 Company numb•r. 6418982 R•gl4t•r•d ofll¢• 1st Floor 84 London W•ll London, EC2M STP
The Pennies Foundollon Contents Logal and Admlnlstratlv• Infomiatlon ...-...............-................................-............-.-............-..........- Th• R•port of th• Trust808...-........................-...............-......-.....................-................................... vt¥lon. objects of th• Charlty and publlc bèno11t.-. stru¢turn. Gov•rnanc• and Managom•nt.-................................-.......-........................-......... Flnan¢lal R¢vlew....................,...........-...............-........................-...............-.......-...-........... 10 Achlw¢m•nt and P•rformanc•....,...-...............-.................................................................. 11 ststoment of Tru8ts•8' RoBponBlbllltle•.... .12 d•p•nd•nt audltofs report to the M•mb•r8 of Th• P•nrtl•# Founthtlon.-.............................-... 14 8t•tsmont af flnonclol •ctlvltl•¥ (Incorporailng an Incomo and exp•ndltur• account).............-... 17 B•lanc• $h••t..............................-...................................................................-....-.-......................... 18 Stal•m•nt of Calh Fl¢)w$.............................-........................-........................-............-.......-............ 19 Noto• to tho flnan¢l41 •tat•m•nts................-...,...-...............-......................................................20
The Pennl8s Foundation Legal and Administrative Informatlon R•glstèr•d Charhy Nurnbgrs". England and Wa105 Republlc of Irtrland 141• of Man 1122489 20106331 1275 Company R•gl$tratlon Numb•rs". England 8nd W4188 Isle of Man 06418982 006181 F Gov•rnlng Instrument l¢les of A$slatIon (Amended 12 August 2019) Tru8t•O8 Robgrt Leltao Peter Ayllff8 Graham Edwards lan Filby Ponny Lovell Julian Taylor Lelgh Thomas Chair Audit Committea m8mber Audll Commitiea Chalr Audll Commmee member Chl•f Ex•cutlv• 18on Hut¢hln8on CBE Regl•t•Tgd Offl and Busln•8• Address Flr81 Floor 64 Lorxlon Wall London EC2M srp 8Ank•r¥ HSBC 88nk pl¢ 94 Kènslnoltsn Hlgh Street London W8 4SH Audltorn RSM UK Audlt LLP 25 Farrlngdon Street London EC4A 4AB 8oll¢ltor• Slmmon8 & Slmmons LLP Citypoint Ong Ropgmaker Street London EC2Y 9SS W•b*lts
The Pennies Foundallon The Report of the Trustees The Iruslees are pleased lo present their annual dlrectors. r8pDrt trjgath8r1h tha finanaal statsmenls ofTha Pennlgs Foundauon Iworknng name "Pennles") for the year endlng 31 Decetnber 2021, whlch are also prepared to meet the requlrgments for a dlrector8' rowrt and accounts for Compani88 Act purpo8e8. The financSal statements comply wllh the Charilias Act 2011, the Comp8ni08 Act 2006. Ihg Memorandum and Artlcles ofA8socialion. and Accounttng and Raporting by Charfll88: Stsl&ment ofRecornmended Pracllcg appllcablo to chariti88 preparfng thelr aOunts in accordance wllh thè FinBnolal Reportlng Stand8rd 8pplicabl8 In th8 UK and Republlc of Irèland {FRS 1021 laffectfvo 1 January 2019}. The 8CCDunts hav& bèan prepored In 8ccordance with the provl8lon$ appllcable to o)mpanles 8ubl8ct to the 8mall companies règlme. Vision, objects of the Charity and public benefit Vlslon Our v181on Is that wherever ¢onsum8rn u88 a card or digitsl payrnant p$bIlIty to pay for gotrd8 and 8ervlces, whethfrr In shops, onllne, mob51e or 88lf-ch8ckoul, they are glven the opportunlty lo donatg a f¢w pgnnlgs to chorlty. We want lo ake 11 easy afKI affordable for everyon8 to b& 8blè to gva and togolher croato a $lgnlflGanl Impact lor the charitabl& sector. Mlcrolldonallon8 hav• an opportunty to Inlgct £1bn Into Ihe UK charfty 88Ctor11 ovory UK card hold8r gave Iu8t 35p a Ml88lon Wo 8re o ¢harlty wSth a 81mph mlBslon: lo protect and grow mkro4onatlon8 by le8dlng tha mkro-dDnallon movornt In th& UK. Purp08 Our purpo80 18 lo ensure that p6ople have dlgltsl wAy8 to keep ¥vlng th08e 8m811 amounts that mgan 80 muth to Charftab cau88$ 8nd are Ih•1Sfeblood of charltable glvlna kn the UK. ObJod• olth• Charlty Th$ ChariV$ oblects are, for the benefit of thè publltt., Th• promollon ofth8 voluntary 8ector in paTticular{bul not exduolvelyl by encowaglng and fadlllatlng eh#rftsbl• glvlng, a8slstlng In thè #pplloallon of lundg for charflable purpo8e6 and rnonllorlng lh8 use ol such funds by ch8ritsble oTganlsallons', Tha promollon of thè offlGlonGy and affectfvene88 of ch8dll8s and thè èff•crfvo u89 of charltable r880urca8 In partlculor Ibul not exdusively} by providing advlce lo charftl8s and organls8lon8 8eeklng to maximisè ¢haritebl8 olvlng. exchanging inform81ion wllh such charflles and crgan1salThs dnd providing lechnology anL1 Infrastrucre de8lgned to make It ea8ler to glve to charlty.. 8nd Such other purposes that are exclusSvely charllabte as the trusts88 from time to tlmg thlnk fit. strategles to Achleve Our ObJo¢llves We are a prominent volcg In the UK oncouraging effictenl. sustalnabl8 and InnDvalv• glvlng, en8udng charftTeS continue to thrfve and the public still have affordable ways to donate. Penni88, our digital charity box.18 an IntuStlve upgrada of the collectlon Iln. Day lo daywe k8op11 Nnnlng, Implemgnliig wllh new retallers. collectlng donations. and granllng those funds lo charftte5. We work wllh Ihe paymerts sector to Introducè MicroontIon opportunttlgs to morn ¢hannd8, unlocklng the functionalityfor the benefft of the charity sector. We us9 our expert18e to m8xlmlse the impéct of each pathership. boosting donation levels mMUnICang the soctal Impact of donations.
Tho Pannias Foundation We r8organis8d our AdvESOry Gmups into three naw Advl80ry Boards dvrfng the year, belng a Relall and 8ervlce8 Advlsory Board, a Hospltslity and Leisure Advisory Board, and a Payments Advlsory Board, and wg were dellghled to have attracted over40 leaders In thelr 8ector8 to these boards lo advise us from an industry parsp8ctive. Although th Advlsory Boards are not part of the Charltys foal governance struclure. they provldo thduslry Inslght and recommendallons that the trustees tako into account In formulallng 8lralegy. Pennles Ss Independent, gnabllng It toload tho mlcr041onaOn movèment for the b8n8fflt of the charfty sector, and we engage across all lechnologle8. merchants and hospltalSty sectors and channels. W8 focus on th8S8curity8nd affdenoy of the rnovement givlng consumers an easy opportunlty lo support eharilie8 as thèy go about their daily Iwes.. Publlc Benefit, Envlronmental and Soclal Impact Th8 Iruslee8 confinn that, In txrrylng outth8ir r88ponsibililies and exercising their powers, they have complied with their duty lo have due regard to th8 guldonce on publlc bonefll publlshed by the Charfty Commlsslon for England and Wales. A8 8èt out in thIB report. our charitable ac16vRles Indudg Implemonlln9 P0nnl8s wlth our partngrs to glvo oonsumers the opllon to donate thelr'dlgllal change. whenever they use cards or other dlgllal payment melhDd8 to pay for good8 and servleEs. The Sums ¢ollecled are donated lo us and we then make grants to Approved régistered ch8ri118s. We do not collect or hold personal da18 relatlng lo Indfvldual donor8 and our retall partners undértakè not to contaet thèm about their donations. Wa ar8 focused an encouraging consumors lo g0 to charfty and SUprng the UK chadlable 8ecior by ralslng addluonal fLtnd8 through m1rtt0nat1on5. Thg fNste88 conslder th81. 88 reg181ered charTrtles are required to dèmonstrate oxpllcitty th81 thelr alms fuffil thè r8qtslrèmenls of publie bèn8ffi1, and ès ouractfvlues 8ro dlr8Cted towar(18 m8klng grants to charftles whlch are reglslerod th al lea81 one of the Charlty Commlsslon for England and Wales, the Office of the Scottish Charlty Regulator, the Charity Commi88ion for Northem IrelBnd, Ihg Charlt188 Regulatory AuthorSty In the Republlc of Ireland, the Assoclatlon olJer8ey Cherflle8. or tho18le of M8n Charitle8 Central Reg68ty. our act183 are wholly for tha publlc benelti. In addlOn, we pub118h a Sodal Impact Rewrt lo hlghll9ht th& breadth of causes and charftlè8 benefittlng Irom Pennlg8, The lale3t raport 13 avallable on our wgb$lto ot h le . W? also cary out our own Impact evaluation of the use of the funds by Ih08e charllies and w8 regularfy pub118h Informauon on our webslle relatlng lo thè work of the charflles that benefit. AF 9 8brklflcBnt proportlon of Pennlg8' 3oolo1 volu018 croatsd by the Impact of Ihg mlcTo4onatlon8 wg enable. we Can daduco that glgnlficanl addlOnal soclal value wlll have been created through our work In 2021. In addhton, by worklng wSth our partners to enable mlcro4onallng wo Ore hglplng then to fulfll thelr own sodal obleclfves to glve back lo the communllle8 In whlch they operate. The trustees conslder that PennSes has a low envSronmental Impact as 8 dlgll81-only InSllallve that does not requlre the manufactur8 or transport of physlcal goods. In addion. we occupy o slngl8 offlco location rafurbl$h8d Sn 2019 with tha latest en8ryyw&fflcl8nl hegtlng and Ilghling and have adapted a hybrld worklng pattem 8uch that fower dayts arè workod In the office thareby $8virtg a significant portion of staff travel Ume and the Srnpod that has on tho onvlronm8nL Structure, Governance and Management The Charfty Is a prfvale company limllgd by guaranlea, regSstered In England and Wal88 (number 06418982) and Is chadty reglstered wllh the Charlty Cornmls8lon for England and Wal8s (nurnbèr 1122489). wllh th8 Ch8rMl8s Regulatory Authority Sn tha R8publl¢ of Ireland {number20106331), and is registered wilhthe Jersey Financlal Services Commission 4$ r6qulred by Tha Non-Profil OruAnl$*Uons lJ•rsèyI Law 2008 (the 'NPO La1. and wlth tha Isle of Man Charitses Central Regl81ry (number 1275). The Wong name forthe Chartty Is'Pennl88'. The Charily's gov8ming docum8nt18 the hrbde8 OfAocIatIOn adoptsd on 6 November 2007 and amendod on 12 August 2019 lthe Consllullonl. Tnjstees conslder the prknclples set out In the Gharfty Govamance Code. refreshed at the end 012020, when carrylng out their duties. Durlng the year we Prepared an 8valualion of how tha Chority apply the Cod8's principlas and recommended praclSc8s. Th& 8valualon show£d that many of th8 Code's recommend8d good practlc88 8r8 applled. We will contlnue to use the code as a tool lo support conllnuous Improvement as the Charity develops, Ind to focus on th8 areas of the ev81uatlon Idenlfylng whore Smprovement and further Impl8m&ntallon can occur. The Ilablllty of the mwnbor8 Is Ilmlted, and e8ch member agrees to contribute up to £10 in the event of the Charity b8ing wound up, The trnstees are the only member5 ofthe Charfty and they aulomallcally bocomg members on appolntrnent to the Board of Tru8tse8 {Board}.
The Pennlgs Foundauon The Charity has a wholty owned subsidiary. Your P8nny Llmlted, whl¢h 18 a private Ilmlled company registered in England and Waies Ire9i8tsr8d number 68803C61. Your Penny Limited is a dorrnant CQmP8ny. The Ch8rity 1$ reglslered wllh the FLtndraising Regulator and has mMItted to follow the Code of Fundratslng Practlca and the Fundraising Promise. In 2021 we recelved a totsl of 4 complaints12020: 3 complalnts) whlch Is extremely low In th& context of our total number of donations for th8 year whlch was 23.6 rnllllon12020: 22.5 mi11Sonl. Wtr rosponded to, and resolved, each of these the Gomplainants. Pennles Is a pressur&fre8 way to donate lo charty prompted by tschnolo9y, wllhout Ihe need for a person to make the ask. Bllowlng the Gonsumer to c0nfldontla1 ¢h¢)ose lo donale tf they wish, and enonymously, as no personal dala Is asked for or CDllected. Truste08 Tho Conslrtudon requlres at le8s1 threa trustees but there k8 no maxlmum number. A8 8el oui in th8 Con81iiution tha Irustses hav8 th8 pow8ral anytimo lo appolnl anyperson Is abl8 and willing to be 8 trustaè. Trustsgs oro appolnted for an tem of three year8 and may bo reappointed by th? Iruslees for further terms of the y&ars. In the event that a Trust99 has setved In offlce for three con88CUtlv8 lemis of thr99 y9ar¥. suGh Tru$lge may bg reappolnted by the Tnjstses forfvrthar tsrms of three years after the end ofthelr thlrdtgnn Sn offlce If7S% of Ihp Tru5te85 resolve that they aro r8oppoinled, taking account of the Trustee's contribution to the Board as a whole. Thls floxlblllty18 of gr8at v8lu810 the Charty In Its stlll r818lv8ly early year8, and in o pgrf¢xl of anlldpalod rapld growth and contlnual development havlng consistsncy of k8y boord membgr8 59 very welcome. No truste95 reached the end of Ihelr tsrm In office In 2021. When reryuwlng new trustees, we alm lo attract a breadth of sk1118 and diversity comm•nsurat• with our stAg8 of development as a growino charity. Board appolntmen16 are basad on marit Bnd whether B candidats has the 8ktll8 8r¥J kn¢)wlgdgg lo be an effecllve trusloe and has Ihe ablllty to 8UPPOrt the ambitlOU8 donallon growth targèts s•1 by th• Board of Trustees overlhe short to medlum tsmi. Prforto gppolntrnenl, tnJg1098 racolve a compr8hen81v8 Induction paek which includ8s the Constitullon, background on Penn588 and Its alm8, our Code of Conduct for Truste6s and Confllct ollnternst Pollcy and 1nfom8llon about Ih&lr rol• and rgsponsSblllles. Both new and exlsllng 1rt181ee8 h8v8 tha opporbjnty lo meét rngularty wllh tha Chlgf Exwuuve, Ihg 8anlor rnanagernenl tsam arbd other m8mb8rs ofstaff, 8nd whgn requlred further Iralnlng18 arranged for a tru8188 as an Indlvlduol orftjr the Board a6 a whole. Durlng the ygarthe Cha5rand th8 Chl8f Execut8 matto a38838 the &ffèelNèn888 of th8 Boaryl and Indlvldual tru8teès. The followtng olther served a8 tru8tee8 durfng th8 flnartcl81 yaar or w8r8 tru8ts8s al the dato olthh r•pJrL' Rob•rt Lo6tdo Peter Aylwfe Graham Edward8 lan Fllby Penny Lovoll Jullan Taylor Lelgh Thoma8 Ch8lr Audll Commlttge member Audlt Commlttee Chalr Audlt Cormirtlee member Thg tN8le88, who are collectNely respon¥lble for our govemanco, for ensurfng d•llv8ry of our charflable obl8ctlve8 and for Bgttlng our Slrateglc dlrecllon, mgt five Im98 durfng th& year. At each me•llng th• trusta8s f8colv•d a govèmanc• uwJale and debatsd the Impl1ca0n8 for the Charfty. The Board h88 delegated r88pon8lblllty to thé Audll CommlttÈ¢ to montior thg flnanclal performance. financial repo11ing. and extemal audl affangemonts of Pennles. Th AL111 Commlttee mel during th& yat. The Aud COmmle8 has d&lagated responslblllty on behawof the Board for. revlgwlng the flnarKLg1 statements and the appNcallon of approprfate accounting p)liei8s,' And provtdlng ovorslght of thg gxtemal audll proc888 by monltovlng and revlèwkng its effedvenes8, Indgpgndgn and objectivity. M8tt8rs whlch are reBerved to the Board Includ8 appolntlng th8 Chlef Executfve, agreelng our strategy, plans and budgot. appolnllng extern audllors and approving key poUcle8 Such as the rfsk management and Investment policias. Managomant and staff Responsibility for the day-tBY monagement of PennS Is delegated to th& Chief Executive, Aison Hutthinson CBE. wlthln the 81rateglc and accountabllty frameworks èstabli8hod by lh9 trust99s and shg Is supportgd by a small team induding a numb&r of volunteers.
The Pennles Foundatlon Wa supporttho prfnclples of equality. (J5veIty and Incluslon In th6 CharityGovemance Code and lake thos8 Into account when reErultlng trustees, management and staff, balanced wlth our speclfic n8eds as a growing and thanglng charfty. We are activ8ly looking for diverslty of Input lo better inforrn the decisions of the board. In terms of gender diversity, a8 well a8 hang a female CEO, neariy 30% of OUT trustees are wom6n. Over ti8. a8 wa become more establlshed. we expect to see a conUnuou8 Improvement in the wider aroas of equalty. dlverslty and Incluslon. W• hove SUPPOrted our 8tsff throughout the Covid-19 pandenlc and qutckly fadlKated and adapted to hom8 worklng. We havè consull8d with our staff throughout Ihls period wllh regard to Ihelr readlness lo relurn to th8 offic8 and more recently have adapted a hybrid worklng pollcy of 8om& days In tho officè and some worklng from home, whlch has b6en w8lcomed. Wo dld not make use of ellhor th8 Cov6d-19 employee ludoL2gh sehema orlha Dlhar Covld-19 related fun(Ing Schgmas off8red by the govemmenl. Pay policy for Senlor staff Th8 trust88s consldor that the Board and th8 senior monagemgnt toam comprlse the koy management per80nnel of Pennles responsible for directing* conirollkng and runnlng11 on a day-104tay bas1¥. AJI trte8S give their timg freety and no tru81oe rocglved remuneralon kn the year. Senlor staff pay Is revSewed annualty. Wherever po381ble, we benchmark Balari8s PBld for comparable rol8s In the charll8ble sector ad5u8tSng for 8ny addltsonal rgsponslbllllles. P•n8ièn8 and other bonefits We have a workplace penslcn 8cheme and m8k8 the mSnimum 6ts1utory ntbUOn$ for all enrollod omploye8& A80 1 employee12020.. 1) has tmployar p8n$lon contrlbullons pald by us as part of a salary $acrfllGe $thgme. Thera ware no lddltlonal bènèflli provldgd to 8taff In the year. RIBk Managamant The Board recognt8eg Its responslbilllies for en8udng that an aPPToprfalo fr8m8work18 In p18ce lo Id8nUfy, monkor and mllia8ts risk8 to our oblgGtlvos and ho8 a¢cordSngly adopted a Rl8k Management Pollcy. Th8 rlsk mBnagam8nl reglsler 18 rovlowed al least annually by the Board and any Issues whlch could Impact the Charlty are ral8ed and dlscussad by the Trustees at mgelSng$ durfng tho year. The reg18ter Identlfl88 the major risks to which Pennie8 Is oxposad toggther wlth Ihg acllons and 8yslem8 In place to m11at or raduce th8 8XPDsuf8 to Ih08e rl$k8. Tho revlew carrlod out In 2021 Idenllfled that the kay rf8k8 are.. 1) not secudng 8ufficl8nl fundlng unlll the Charty reaches Sevust81n8bs11ty. Th1$ 1$ rnanag through thè plan to Id8nllfy and obtaln funding for core costs, whlch t8 rovlewed r8gularty by the Iru$t09s along¥ldo Tggular monltorlng of t Charfty8 holdlng of unre8lrfcled raseryes. 2) rellance on Ihlrd paty tschnology companigs who hovo agroed to gnablo Pennles 88 a feature of thelr product offering. This is rnanaged by malnlalnlng clo8& ro18tion8hip8 with tschnology cLJmpanles with Input provldad by member8 of the Advisory Boards who aro $enlor Industry flgures. As the Pennl88 mIcro-donaOn movemènt glows w9 aro Groallng & slaThJard which con5umer8 value and partners want to ba part of. 3} the ¢gntscll¢ss r ITansactlon Ilmlt rfslng lo £100 on Isth Oetobèr 2021 havlng on ImpaGtwheTO a conlades8 Pennies solution is not avallable. Thls Is manag8d by th8 succg$8lully Increasing availability of a Pennies ontactless solullon In the markel and our focus on growing this further. 1118 Worth nollng that 81nce the contactless Iransadon Ilmll was incr8ased lo £100 on 151h October 2021. we have not yel seen any malerfal reduction in Pannles donallons as Increaslngty our merchants have o conlactlgss solution for Pennies as well as Chlp and Pln. 4) Key person dependency PTlndpally the unplanned exil or long-tsrm 8b8ence of key members of th8 P8nni8s team who posses8 bu8ln8s8.crilical abllllles and kno¥edge. Thls Is managad by malntalnlng an attractlve remunerellon and flexlblg working policy commensurate with Pennies, siz8 and s6Ctor. sharfng knowledge acTOSS the team, ensuring adequate notice peFlods are In place in 8mploy88 ntraCt$ and the Implemèntation of a new CRM $y$tom lo ¢8nlralls& antj store key confacl data.
The Pennies Foundallon Covld-19 In 2020 and 2021. during th8 P8riads of lockdown, we experieneed a 8lgnlflc£nl shNt from In-slore to onlln8 donatlons. Overdl donatlon volumes actttally grew year on year by 6% in 2020 and a furth8r 5% In 2021 wth Increased consumer donations and naw merchant partners. As tha UK bBgirn8 lo adapt to15ve ¥th Covld-19 w8 rate the rlsk posed by CovSd- 19 88 decreaslng at lh8 present tlme. We are alert to the Issues for our retall and hospilalty Partners as a result of th8 fall out from th8 war in Ukraine but bgllovo Pennlos offers an affordable way for consumers to glve and conunue to 8upportth6 sector. Intemal Controls The trustses havo overall re8ponsSblllty for en8urkng that we have In plac8 appropTlate flnanclal and other 8ystsms and ntrois to provlde a$$uranGe that we: <p&rots effi¢iendy and ¢ff¢dlvoty; Safaguard oura8gets 8gainst unaulhorised usg., maintain accurat8 financial Bnd othÉr raeordÈ' and mply wllh relgvant laws. Tho 8y8tsrnsof flnanclal control aredeslgned to provlde a rea¥ble but notabsolut8 levelof gffectiveness gnd Includo,. an operallonal plan and annual budggt.. revlew of tho rf8k m8n8gement reol818r' regular monltoAng of actual ullS against buts and for0e#', and dolegatlon of authorlty lo the Chlef &xecuUve lor eXpBndJre wllhln the agreed budg¢ts, In 2021 we Implomentsd a new c4oud-b88ed CRM systom to provldo a 8lngle. 8•re, lowco of Infomiallon on all of our curr8nl and prosp8ctlva p8rlneT8 as well a new doud-baBed flnance ¥y8tsm to onhance data h0811ng, Sgcurfty and managgmenl Informallon. Dudng the year the trustse¥ met S tlme8 to revlew our progres8 and, Ythere requlred, approvo the folk)¥ng,. ports from the gxocullve tsam on progro8s agalnsl plon8 an annual budget and a number of roforecasls durtng th& &r thg lop4own rlsk profile for the tharity.. and regular manaoem&nt accounts hithlighting •ny vartpnce8 from budget or rgforgGg8t, Flnanclal Revlew Slnce launchlng in 2010 up lo thè ènd of 2021, consumer donaUon8 to Pennle8 have grown 8ub818ntlally. hon9 rolsed total of £33.3rn from 135m congumor mlcro donation9, from whlch we havg made gr8nt8 tolallSng £30.9m to 747 charllle8 acr088 a breadth of cau888, and rotained £2.4m for aur own charitable purpo8e8. Tho Statement of Flnancial ActiVTtigs on page 17 8how8 lolal Incomlng resources of £6,474,839 {2020., £5,6S1,334) whlGh16 anaty8ed In note 210 tho flnan¢lal slatgments. Th58 represents an Increase of 14.6% compared to the prevlou8 year. In 2021 Income from Pennlos donal10r Increased to £5.889,714 12020: £5,377,471). Income from Corporate8, Foundallons and Other Donations also Sncreas8d lo £570.500 (2020.. £137,609), tha detalls of whlch can be found In note 2 to the ftnanclal 8t8ternenls. Wa ara extremely gratsful to tha g8norou8 donatlon8 from jndlvldua18, companle8 and charitable foundatlorr8 that support our movement and provlde fundlng for our com costs. Over Itma, as Pennies gr¢JWS, wè dim to bécomè $éW- sufficient from Ihg small parc8ntag9 of r818lnod P8nnl88 donallons. The Statement of Flnandal Actfvbtles 8how8 tol81 re8ourc88 expended of £6,536.787 {2020: £6,153,651) whlch 18 an8lysed in note 3 lo the financial slatsment8. Thls repTos¢nts an Increoso of 6.2% ¢ompargd to last yoar largely duo to an Increase In grants payablo. Of the resources expended, £6,265,681 12020.. £5,877,948) was spent direcliy on ch8rilable aclivilies. the majorityinthefom ofgrantsto otherchaueS, £203,490 (2020.. £219,525)was spentsupportlng harltablo actfvlugs. and £67.616 {2020: £56,177) was spgnt on govemance. At the balance sh991 dale, we hgld funds of £1.511,360 12020.. £1,573,308), of whlch £45.944 (2020: £57,532) 18 restricted and £1,465,416 (2020- £1,515,776) Is unrestricted and avallable for general uso. 10
The Ponnles Foundation funds not held as tanglble or Sntsnglble assgts. as an Investment In tha domiant subshdiary YOUT Penny Llmlted, or as a debtor or u9d5tor, are held as ca8h at our bankers {HSBCI 8ithar in a current alxount or In an inl8rnst-b8aring depo8f( accountwSth Instant withdrawal. Investmant Poll¢y Our Inve8tmenl policy is Its rgtaln funds In a Ilquld fomi lo facS1ilate meellng the costs Incurr8d In the bJrth8rance of our obleetives and to enable us to make timely grant payments lo nominated ané appn)ved charfll88. Our fvnds ar8 therefor8 either held in a current aGcount or In Ilquid Snterest-b8arlng bank deposlt accounts with our bankers. HSBC. The Iruslees keep the pollcy under revlew to ensure It remains appropriat8 In Ilghl of the expected growth of our income In th8 short to medlum 18rm. ReseNes Pollcy and Going Concern The trustees aro awarè of thé qUIreMent foi lo manage the IBvel ol ro8oNes that Ih8y hold and lo adopt policy vthich delermlnes the l&vel of ra8erve8 which they belleve would be approprlala to malntaln. Our aim 1$ to malntsln a gener81 re88rve Df unre8trlGtsd lund5 equal to 8t least one yearfs operallonal expènditure from lh8 dal& of tha bolance sheet. and Ihl$ L% forecast to b& In the reglon of £1.2m lo £1.4m. At th8 and of the year the balancg of unroslrScled funds held w88 £1.46m, slSghdy abov8 the largel lev81. 1118 expected that th8 balan wlll gradually fall In 2022 but be malnlalned wlthln target lav81 durfng 2022 And b8yond. The tru81ee8 havg wnsldered the Gurrenl 18vel of reserves. and the 8vidtnt suslainabillty of the Pennleg modgl, In partl¢ular ov9r tho course of 2021, and havè r8vl8w&d 8vailabla liquid ra8ource8 In the context of th8 operallng and spendlng plans over tha noxt 18-month pgrlod, together wllh the 8blllty to rals9 futhor funds or curtall spgndlng If requlred. Based on these conslderallons, thè Iruslaes beliave that we have sufflclent Ilnand81 resource8 to conllnue In oporallonal bxk%tsnc• forth• foros88oblg fvture and th81 w8 are well p18cèd lo manoge ouroperatlng rfsks succ888fulty. Th8 tru8tee8 hav8 IhoMfor• conlinuad to adopt tha golng concom ba818 of Bccounllng in PTgparkng thg annual financlal $lalemonts. Thare Is no malerfal uncertalnty about our 4blllty to conunue as a golng ¢oncgm. Grant Maklng Pollcy Th• 8o&rd h#8 full rospon8lbMIty for tho dl8lrfbutlon of all fund8 under Its m8nagom•nl, Recognlslng the Important rol? of morchanls and p8y)rent Servlee provldtrs In 8nabllng u8 to r818e money and make grant paymonts lo olher charille3. the trLF8t88s Invlte tham lo nomlnale charfll88 to b8n8fi1 from a major proportlon of the funds they raise PTovlded that Ihg nomlng99 comply with our over811 crllèrfa and on-going r8qulrem8nts. The8e Indude txmplylng wllh applicable legislaUon al all Imes and the provlslon of Impa¢l Informallon In respect ol the grant$. Al grants mad9 by us are to ch8rflles reglstered wllh tha Charlty Commlsslon for England and Wales or the equfv&lent In Scotland. Northern Ireland, th8 Républlc of Ireland, Jersèy, or the Isle of Mgn. The alms of the chori1188 mu81 fall within. or be analogous to, the de8crfptions of eharitable purpos88 as sol out in lh8 Charities Act 2011 and they musl be able to demonBlral& publlc b8n8fft 85 deflnad by the Charlty Commission ot England ond Walos. Fundlno Is not avallabla to Indlvldu818 or unregi8tsred bDdie8 and we wlll nol suppJrt charflles havlng the prfnclpal oblecllve of the advancement of rellulon or polltlcal advlsm. Ch8rflles d8llverfng a wlde range of services acrogs a breadth ol causes were supported durlng tha yaèr. Our w8b81te ennles.o .uk has Informatlon about the chaAlle8 that we have supported ond ¢ontlnue8 to 8UPPOrt. Nol8 4 to the accounts also gives delai18 of all chadlles that rec8lvad a grant In excess of£S,000 during thè year or prevlous yew. We rgquire all the beneflttlrwJ charltl8s lo Pde repre8entatfve knfomation about how gionts ore usod 8nd lh8 diffgr9nco Ih&y make to Iholr b8neficlade8. The Informatitjn is published ourwebsits and 8180 r8gularly dlssemlnaled U51ng sr)clal and other medla. Achievement and Performance Good 0yreSS was made In the followng area8 durfng the year. We ralsed £5.9m from 23.6m don811on8 whith is +9% in v8lue and +5% In volume over 2020, and represents our be81 year to dal8 de5pil8 the lockdowns Iny)osed on many of our r8tail pather$. We supported 257 charflles brfnging tho tot81 slnce taunch to 747. 11
Th8 Pennles Foun(JaU¢)n We demonstratsd our)lthbllityto respon(1 lo our merchants thatwanted to use Pennles to campaignforspednc causes. We had over 20 implementations last year, a new record. whlch was a mlx of new merchants. new thonnels with éxisting merchants, and nwlechnology solutions, whlth wlll undarpin ourgrowth plans In 2022 end l)6yond We publish8d our Sodal Imp8Ct Report 2020121 (h s:11 Wo hova seen 8 really good 18v81 of new or renewed Intsrest from larger merchants have 8dded strorvJ brands lo our prospeots for 2022123. We have plvotad P8nni8s lo provid8 a ranga of now 8c4utions including order ond pay gt table raspondlng to the changlng consumer channels as a r8sull of COVIO Our expanded Adv180ry Boards ar8 alroady maklng a dlfferenc& Indudlng new inlroduGfjons to Board membors al prospect mgrchants, guldance 8nd support with our technology focus and many othor offers ol 8UPPOrt, guldanco and conlrlbutton. We reryulled now tslont to strengthen the team tnchjding tha 8PPQtnlment of a ngw Markeung Dlroctor. Detallg ofallthg organ188tlonswhera Pennle818 Curr8nY avalable ¢an be found on ourw8bstt8 8tratégy and plan$ forfuture perfods Just as they hava In 2020121, we know that bu8in8sse8, chorflles and consumgr8 wlll c4)ntlNe lo lac8 consld8rabl8 unc6rtalnty In the years to comè. As wé hava throughout the last 18 months, we will conllnu& to support our partn8r8 and respond to Inovltable tlux acro88 ralall. h08Pitallty, and payments. We wlll remaln respons0 lo changkng trend6 and opllmlse the opportunttles to donala with 8xisllng pgrtngrs wherever and 8$ qulrkly as posslble. Bulldlng on th18 momenbjm. VIll work to Impl8m8ntthe Pgnnles donauon opuon wlth new merchants, In moro 88ctty¥ and In mor8 chann61$, with a porticular focu8 on e-commerc8, m•commer¢e. contsrt-frge paymont options and r8gulgr payments through the Ilk88 of conltnuou8 card payments. Penn19s works hand In hand w6th rètallers, charities, And payment technology provider¥ to unlook Ihe potential for thousand8 of cu81omers lo donalo 8v8ry doy, Tog8lher wa Incrnasè th8 amount bu81ne8898 can glve- by lapping Into the InduStyIde move to dlgRal payment8. Thè gotsdwlll and publ1¢ generogny Ihat characlerf88d 2020 h8B provod to be lust as Important In 2021. That Is why1158 our ml881on to ensur& that more people Ihpn evgr havo affordable and convenlenl way8 to make o dlff8rènca In the yoars ah&ad. Havlng ¢ollect$d more than 100 mlllion mlcro4onatlons In our flrsl 10 yaars, our goal Is lo collect the next 100 mllllon In Iu81 thra8 year8. We b8llev8 our commttmenl to doveloplng donatlon partnor8 and chamels provld•¥ th• 8Prtngboard wa naed to achlovg our amblfjous target by 2024. Over the longer term wo are olmlng to flY er our cor8 c08ts from a 8rnall ptrcentagè of the P8nnl8$ donatlon8. In thg meantlmo, wg wlll conllnue to 66ak fundlng for¢org ¢06ts from foundallon8, Ind1vlal8 and other organ18811on8 until we reach that polnl. The Iru81ee8 are very 9rateful to th8 tru8t8, foundadons, companle8 and Indlvldua18 who hav8 gfven So ggngrously tN8 y88r, and In preOu$ years, to supp¢)rt Pennle8. In partlcular, thè Iruslees would lika to thank ourvolunteers who support th8 day-to4ay aclivhle8 of the Chartty and the m8mbers of our advl80ry boards who Also giv¢ Ihelr tlmo voluntarfly to bring Ihelr Industry gxperSence lo bear In 8UPPOrting th8 developmgnl of our slratogy and the pursuit of our Dblectlve8. R•lat•d Parties Relat Party Ir8nsactlon8 are dlsclos8d In Note 8 to the financtal stgtsmgnts, ststement of Trustees, Responsibilities The trusie8s {who 8re olso dir8clors of Tho Ponnl98 Foundation for the purpo8e8 of ojmpany L4wI or8 r8sponsSble for pr8p8ring the Tru8te08' Annual Report anfl the finon¢lal stslemonts In accordance whh appllcable law and United Klngdom Accounllng Standards Iunlted Klngdom Generally Accepted Accounllng Practlcel. Companylow requlres the trustees lo prgpare flnancial statements for each finan81 yeor whtch glve a true and fair vlow of the stale of affairs of the charttable company and of the Incomlng resources and application of rosourGg8, Including th8 incom¢ and expondllure. of the charrtable company for that perfod. In preparfng these financial slat8m8nts, the IN8te88 are requlred to- Se¢1 8Uitable accounung pollcies and then appty th8m consl8tendy', observe the methc%ls and pdnclples in tha Charities SORP: 12
The P8nni8s Foundation make judgments and estima18S that are reasonable and pnjdent., state whether applicabltr UK Accounting Standards hav8 b88n followed, subject to any matsrfal deparbjres disclosed and explained in tho financial slal8ments- and prepare the flnanclal statements on the golng corern basls unless rt Is InapprOpal& lo presum that thé charilabfe Company wlll continu¢ in buslness. The ttustee5 are responslble for keeplng proper accoundng records that diselose with reasonable accuracy at any tlme the financlal poslllon ofthe chaTllable cornpany and énable Ih8m lo ensure that the flnanclal sLknmenls cornplywlh the Companles Ad 2006. They are also re8pon8lble for 8afèguarding thé 0S58ls of the charftable company and henco for taknng reasonable steps for the prevention and d8ts¢Uon of fraud and other irregularitles. In so far as the trustees ar6 awaro.. there Is no relgvanl audlt Infomailon olwhlGh th8 tharftable companvs auditor is unawar8; and the Irusl8&8 hav8 taken all Steps that they ought to have tskan lo make Ihemsetves awaré of any r8l&v8nt wdll information and to 06tabllsh thal Ihe auditor 18 aware of that Infomation. Tho trustees arg rosponslblg for th8 malntenance and Integrlty of the corpor818 and financlal Informafjon Included on the charitable company's webslte. Legislolion in the UnilÉd Klngdcm govemlng thè preparation and dissamlnatlon of fln8ndal statgmgnts may dlffer fromlgglslatlon In othèrlud8dletlong. Th18 report has been prepared In accord8nee wlth the 8p8eial provi8ionB r8lgting 10 8mg11 companlgs 80t out In Stelutory nl 20081409 undèr th6 Comp8nl88 Attt 2006. Slg on behalf ofthe 8oard ofTru#l bert L•ltao Ch 13 Jun• 2022 13
The Ponnles Foundation Independent auditorfs report to the Members of The Pennies Foundation Oplnlon We have aUdd the financlal 8taternents of The Pennles Foundatlon (Ihe'charftable cornpany,) for the year ended 31 Dec&mbar2021 whith compris& the Slalamant of FinanclBI Acliviti&s, tha Balanca Sh88t. th8 Cash Flow Statement and notes to the financlal stal8ments, Indudlng significant accounting policias. The finanaal reporting framework that ha8 bean applSed In thelr preparation ts appllcable law and Un51ed Klngdom Accountlng Sland8rd8, Includlng FRS 102 'Th8 Finénciél Reporting Stsndard 8ppIic8blè in the UK Ènd Rèpublic of Ireland. (United Kingdom Generally Aceeplèd Accounttng Pradc8). In our oplnlon the financlal Ststernen' ufve a true and falr vlew of the 8tats of th6 charltable compa$ 8ff8lrs as at 31 D8c8mber 2021 and of It8 Incomlng resources ar)d oppllcallon of resources, Includlng Income and expendllure. forthe yeor then ended: have been properly prèpared In accordan¢8 with United Klngdom Gentralty Aceepl8d Accountlng Practlce; and have been prepared In aGGordance wtth the requlromgrrto of the Companles Art 2006. Ba818 for ¢)plnlon Wo conduetad our audll In 8eeordance with Intsmollonal Stand8rds on Auditlng IUKI IISAS (UK)) and appllcable law. Our r88ponslbll6tle8 under those standard8 are further descrfbed In th8 Audltorfs respondblllll88 for the audll of the financial stÉtsmenls séction of our rèport. We ore independent ofthe charileble compeny in accordancè wlh tha athicdl requlr8men18 that are relgvant lo our audk of th8 flnanclal 8tatemen18 In the UK. Indudlng the FRC'8 Ethlcal Standard and wa have fulfilled our othèr alhical r88ponsibililies in accordartc8 with th688 requir6m8nts. Wo b8118v8 that the audit elAdOn wg ha obtalngd18 8uffiGlgnt and appropTlate to kYovld• a ba81s for our oplnlon. Conclulons r•latlng to golng cone•rn In audStlng the ffinancial statemenis. wo havg con¢lud•d that the tru$l889' Use ofth• golng concom ba819 of accountlng the pr8paratlon of the flnancl8181atem8nl818 appropdale. Based on Ihework we hav• perfomied, we have not Idgnlfied any molgrl31 uncertalnlles relatlng to •vonts or ndItIOnS that, individually cr collectively, may ca8t signrficanl doubt on the charitsbl& company'8 8bility lo conllnue a8 a golng concern for a pgrlod of al1998t 1v8 month8 from whon tho flngnclal stg1gmgnl8 aro authorlsgd for18Slb0. Our rnsptsn8lbll1&& and th8 r88pon8th)1111188 of thè Iru8t888 wllh Mp8Ct to golng concam ar8 do8crlb8d In th• ro16vanl 8ecllon8 of thls raport. other Informatlon The other Infomiallon Cprtsfjj the InfoTmat(on Included In thg Annual Rgport other than th? flnan¢lal Btstemonts and our audltorfs report thereon. The trustees ar8 mpon8ible for the other infomation contsined within the Annual Report. Our opinion on Ihofinanclal stalemgnts does notcoverlho other information ond, excgptlo iho extonl oth01$ oxpllcluy 8tstsd in our r6porL we do not expro98 any fonn of a88urance conclu8ion Iheraon. Our r88pon8ibility18 ID read the other Infomation and, Mi doing 80. con8ld8r vthether the other informallon Is malerfalty Inconsislant with the fin8ncAal staternents or our knoedge obtained in the course of the Budf( or othèrwi$8 appears lo be materfally m1881atsd. If we IdentsUCh materlal Inconslstsnclesor 8pparenl materlal ml88t8lemgnts, wo aig requlred to detemiine whether this gives rise lo a rn818ri81 misstatement in th8 financi81 statements Ihems&lves. If, basad on th WO w8 have perfomigd, we conclude that thero18 a matsrlal ml88latemenl of Ihls other Infomiatlon. wo are requlred to report that fo. We have nothlng to report In th18 regard. Oplnlans cn oth•r matt•ts pr•scrlb•d by th• Companlos Act 2008 In our oplnlon, based on tho work undertaken In the course of the audll: Ihg Infornatlon glven In th9 Trustegs. Roport, whfGh InGludo$ Ihg DlreGtors' Roport prgpared for the PUTposes of companylaw.fortheffinanclalyoarforwhlchthgflnanclal ststemgnts arg prepared Is conslslentwllhtheflnand&l statements; and the Dlrectors. Report Induded wlthln the TriJ8tee6' Rewrt has been prepared In accord8nGe wmh appThcable 18go1 rewirgments. 14
The Penniès Foundation Matters on whl¢h we are requlred to report by exceptlon In tho Ilght of thè knowlèdgè and understanding of th¢ charitable company 8nd its enviTonment obtalned In th8 course oflhe audlL we have not Identified material mlsst818ments the Dlrectors, Report included whhln Ihe Trustees, Report. We have nothing to report Sn respect of tho followlng rnatters where the Companies Act 2006 r8quir8s us to report to you ff, in our opinion.. ad8qual8 accDunllng r8cord8 have not beèn kepL or rotums ad8quats for our audlt have not been r8c6lved from branches not Msited by us,. OT the financlal st8lemonl$ ara not In agreement wilh the 8¢xoun15ng rocor(Is and retum$: or certain dl8dosure8 of Iru8tse8' remunerallon specif by law are not made., or wè ha not rècglved all the Informatlon and explanations wg requlrg for ¢wr audll: tho TNsleos were not entlded lo prepare tho financial slatsmenl$ In 8ccordance with th8 8m811 companle¥' reglme and take a(fvantage of the small comp8nl88 exempllon from the requlr6menl to PT8pore o Slraleglc Rewt or In preparfng Trustees, Report. ReJJponslbllltl•s of trust•eJ As explaSned more fully In the Statemènt of TNste8s' Té$ponsibili1188 88t out on p8g& 12 the Iru8te88 (who ara 8180 the dlrector8 ofth8 charftabl8 comp8nyforthe purp0888 of company lawl ar8 re$pon$lblg forthg preparallon ofthe financlal ststemgnts and for belng sallsfled that they gNe a true and fBir vlew, 8nd for such Internal control 88 the Iruslea d6termln8 18 n6cessary to ènAblè tho prgp8r8tion of finanrAal 8tatem8nls that are free from materfal mls8ts1emont, whether due to fraud or error. In preparing th8 finanoal statements, the tru81888 are rèsponsible for as$gs$Sng the Charable company's ablllty to conllnu8 a8 a golng concarn. diselo$ing 8s applicablg, matters related to golng concern and uBlng the golng nC$M ba818 of accounllng un18ss tha trust889 ellher Inlond to Ilquldat8 the charttsbl8 Gompanyor to CgaBe operallons, or hava no reallstlc altern8llve bul lo do 80. AudIt09 r•¥pon8lbllltle8 for the audlt of th flnan¢S•l btatom•nt8 r oblecllv88 are to obtaln r8880nabl8 a$$tsrancè About whether tho finandal $tal&ment8 as a whol8 gTe fr99 from m81erfal mlsstalemenl, whether du8 to fraud or error. and to 188u8 an audilorfs report that Indudos our oplnlon. Reasonabl8 assurance18 8 hlgh lev81 of 888uranc8. but is not a guoranloo that an audll conducle(I In accijrdance wllh ISA8 IUK} wlll aayS dètlcl * matérf&l mlsststemenl when It exl8ts. Mis$latsmonl$ arf8e from fraud or error and are consldèred matsrlal11, Indlvldually or In thè 8ggr8gÈle, thgy could roasonably be oxpecled to Influence th8 econom1¢ dèc181on8 of usèr8 tskén on tho b0818 of Ihg8e fin8Nal slatoments. The oxtont to whlch th• audlt wa8 con8ldornd capable of dgtactlng ITr•gularltl•8, Includlng fraud IrregularlUe8 are Inst8nces of non-compliBnc8 wllh law8 8nd regu181ions. The objectives of our audlt ore lo oblaln sufflol8nt approprl8ts audlt evldence regardlng compllane9 wtthlows and rggulatlons thal have a dlrecl effect on the dèteminalion of malori81 amounts ond dlsclosures In th8 financial slalemenls, lo perform audit proceduras lo help Id8ntity instsnces of non-¢ompllan¢8 with other laws and regulatjons that may have 8 matsrfal effect on the flnanclal $18lem8nts, and to r93pond approprfatgty lo Identwted or 8U8pectpd non•compllance wllh laws and r8gulalon5 Idenlmed dudng the audit. In rotation to fr8ud, thg Oblecl98 of ¢Jur audit are lo ¥Jenlify and 90oess the dsk of malerlal mlsstslement ollhe flnanclal 8talem8nts due to fraud. lo obtain sufflcionl approprfa19 audll evldence regardlng tha ass8ss&d rlsks of materf81 mlsstatemgnt dug to fr8ud through deslgning and Implernenng approprJal8 rasponses and to respond appropriately to fraud or 8U8pected fraud Idenufled durfng tho oudtL However. It ts the prlmary responsibility of managgmgnl. wllh the oversigm uf those c8rged th govemanc8, to enSL Ihal the entivs opgr8Uon8 are conductsd in accordance wilh the prov151ons of lows and regul8lon8 and for the provèntion and detection of fraud. In I1fyIng arwj assassing risks of mgtoiial mlsstatemont In respoct of Irre9alIe8, Indudlng fraud, th8 audh engagemenl180m: obtained an understanding of th8 nature of the sector, Induding thè legal and regulatory framgworks that Ihe ch8ritobl8 company opersles In and how the ¢haritabl8 company Is rnplng wth the legal and regulatory frameworks", Inquired of management, and those ch8rged with govemance, 8bout thell r)wn Identlfication and asse88rnent of the rjsks of ITregularllies. Including any known actual, suspected or alleged instances of fraud- 15
Tha P8nnle8 Foundal discussed matters about non-compliancfj with laws and r8gulatrons and how fraud might occur including assessment of how and wheré tha financial statements may be suscepuble to fraud. As a resutt of these procedures we con$lder the most slgnfficant laws and regulallons thal have a ¢Jlrecl Impact on the flnanclal slaternents are FRS 102, Chartttes SORP IFRS 1021, Companle8 Act 2006, ChaTilles Act 2011, the charitabl8 company's govemlng document. tax leglslallon and Charftlos (Proledon and Soclal Invostment} Act 2016. We P8rformed audlt procedure5 to detect nonmPlIanceS whlch may have a rnaterfal lrnpact on the flnand81 statements whioh includad r8vi8wing the flnanclal statem8nts induding the Trust88s' R8POrt. remaining 818rt to naw or unusual Iransaclfon8 whlch may not be In accordanca wlth the govemlng documents. Inspecllng non-roullne correspondence wlth local tsx authoritlg$ 8nd 8valuating 8dvic& r8CONed from inl8maU8xt8mal 8dQisoTS. The most 51gnIffnt laws and regulatlons that have an Indlreot Impact on the ffinandal stalernents are those In relatlon lo Fundralslng RgguEallons and the Code of Fundralslng PracLIcg. Wa pgrfomied aud procgduros to Inqulrfr of management whether the charftsble company Is In compllance wlth these laws and regulatlons and Inspectad correspondonco wllh regulatory aul)rfUes. The audll gn9aogment team Idenlfied Ihe rfsk of management overrfde of controls as the area where Ihe flnanclal slalements were most 8U8ceptiblè to malorfal ml88taternent due lo fraud. Audlt procedure8 pèrfomed In¢lud8d but Wore not Ilmlled to1ostSng manual loumgl On1rf and olheT adluslments. ovaluallng the buslnoss rallonalg In relallon lo 3lgnlflcant. unusual tran8actkJn8 and transacllDn$ 8nl&r•d Irrto oul3lde th• nurmal cour¥e of buslneg9, 8nd chalenglng ludgmonts and esllmotes. A further de3crlpllon of our responslbllltlès for thè audh of the financl81 $181om8nts Is located on thè Flnancl#l R8porttng Councll'8 webslte 8t r8 Ibllttl Th18 de8crfpllon fom18 part of our audIto$ report. Uso of our r•port Thls report Is made sol8ly to the charale companys members, as a body, In acoordance wlth Chapter 3 of Part 16 of thè Compan188 Act 2006. Our audll work ha8 b88n undert8ken so that we mlghl stats lo the charltable companWs memb8rs those tter$ wo aro requlr8d lo stats to them In an auditor's report and for nc¢ other purpos8. To Ihg fullost axt•nl p8mltt6d by law, we do not accapt or a88ume respon81blllty lo anyone othar than the charltsble company and the ch8ri18blg company's mamb8rs as a bodyi for our audit work, for Ihls report, or for tha opinlons w8 have formed, ksm Axgcfr LLP HANNAH CATCHPOOL {S8nlor Stglutory Audltor) For and on b6haWof RSM UK AUDIT LLP, Statutory Audltor Chartered Accountsnl6 25 Farrlngdon Street London EC4A4AB Dat• 23 June 2022
Th6 Pennies Foundauon The Pennies Foundation Statement of financial activities (Incorporatlng an Income and expenditure account) For the year ending 31 December 2021 2021 Total Urnr•str1d Re8trfGt8d 2020 Total trfoled Pstrfcled Incom• from: JnBtlon$ htMents 1,028,574 5,446,102 6,474,870 867.350 4,981.740 640 Total Incom• 1.028.737 5,440,102 6,474,839 e69,594 4.981,740 5.651.334 E¥PondIr• on.. Charftsble octNU88 1.0.886 1446,102 536,787 1,171,911 4,981,740 .1S3.651 Toll •xPDndlTI 1,09),685 1446,102 1536,787 4,981,740 6,103,651 N•t l•xp•ndtsrr•l y4•r 181,949) (61.949) IW2,3171 1602.3171 11,$88 111,5&91 116.3801 N•t mo¥•m•nt In funds 160.3611 111,s881 1,9491 I428,7) (16,3801 1502.317) R•¢on¢lllrtllon of nd. Total fvnd$ bwht foNMTd 17a 1,511776 67.&Y 1,871308 1.N2.n3 131892 2,076,825 Totsl fundi o•rrf•d forw•rd 1.481418 45,944 1,J11,3eo 1.515.776 57.632 1,5T3,308 Al oltr•ibo roiults om conunulnpaed4l.Th0rlr1 nooth•rMty)BDl¥ed oth•rthw Dtstad •bM. Mmmonts Inojnds 8ted18dos•d ITh Noto 17•tsth•lln0n0I$I0t0m•r*tr. 17
The Pennlo$ Foundauc The Pennies Foundation Balance sheet as at 31 December 2021 Company number 8418982 2020 Note Flx•d a• IntÈnglbl& As$e18 Tan9lWg as8et8 In$trnent 10 11 12 950 ,378 126.540 92.12 174320 21T.870 Curr•nt a#ot&' Debtors CaBh At bAnk and In hAnd 14 1,073,051 1,878,696 510.320 2,155,659 2.951.748 2,665,979 Lliblllll• Credllorn: amount8 fdllw due thIn on• ygar 15 11.014710) 11,310.3411 N•t curr•nt ax•ts 1,337.030 1,355.638 Totsl a••ts l••• ¢urMnt114bllltl•• 1,811.3eo 1,S73,308 Totsl net 1,511,360 1,573,308 The fund¥ olth• charfty: Rèslrl¢ted Income fund8 UMeslrfcl8d IrKomo fvnd8: 0gn•ml fijnds 16 45,944 87,$32 1,465,418 1,515,778 Totsl unr•8lrf¢t¢d fvndi 1,466,418 1,618,778 Tolal ¢hrlty fund• 1.511.360 1,S73.308 Th898 aC¢OLWrt¥ haw ppared In wlth the prDth50ry& ap[cable to companleB 8ublect lo th8 8mall companleB reglm&. by the lru8leo5 and wJlhorf8ed for188ue 13th Je 2022 and slgned th•lr b8hglf by Graham Eolyarth Audit Committoa Cth8lr 18
The Pennle8 Found811on The Pennies Foundation Statement of Cash Flows for the year ending 31 December 2021 Ncle 2021 Cath Ilowoftom oporntlng acdvltl•• 18 1285,229} (121,8971 Ilow•froffl Inv•rtlng actlvltJ•& Interest Incomo Purchasa of Int8nglt40 llx•J as$tts Purchase ol tarolble b1x 8088ts 2,244 1126.3201 15,9501 (9,9511 11,9481 N•t cath lu•od In) Inv•dlng aoifvlll•• 111,7361 1140,026 Ch•ng• In •nd • •qulv4l•nts In th• y•ar (276,9651 (281,923) C8Bh ¢a8h oqulwl•nl8 al Ihp beglnnlThJ of th8 year 2,155,859 2,417,582 Cath ond •h •qulvAl•ntsatth• •nd thI y•Ar 1,878,e95 2,15S,659 19
The Pennies Foundation Notes to the financial statements for the year endlng 31 December 2021 1 Aooowtlng pollol•• ) Slathtory Infonnatltsn Thè P8nn188 FoUallon 18 8 Gharftabig ¢onwy Ilmlt8d by guorantee And 18 I[KF(Xutgd In England arKI Wdes. Tha gl8tered olffo8 addre$¥ Is Flrnt Flcor. 64 London W81, L(¥YM EC2M b) Ba4•of pr•paratlon Thv financlal Btalements hw btsn Nsp¥ed In ac¢c8 vlth Ac¢¢Juntlr4 and Reprt0 by chariti: 8tst•mont R8comrn8nd8d Pr8cllc8 aprAlcabl8 charftles preparfng tPthr ac¢eunls In 8LGord8nce the FlnarKld Reportlng Standard apHlcgN& In the UK and RepulTe of (FR8 1021 lth¢liw 1 January 20191- IChorlt188 SORP FRS 1021. tmo Flnanolal Rowtlnq StondBnl 8ppllcatAe In UK Ropubllc oftreland IFRS 1021 {SgPtombw 20181 ond thg Compan1 Aol 2CQS. A68et8 and Il&bllltles •r• Inltl•ly recoonia•# at hl?tortoal oost or traroactlcfi u• otheNl8• ot•lod In tho th•ft1 accountlrvJ policy cf nota. Th• Charlty hai * vtholy (rwnld BubBldlary, yr pnY Llmtted, wfilch haB not traded 8lnca InecOrtIon In 2009 and Ihwefvro ¢onB¢Sldalgd xcounl$ haw rKJl boon prepared cfi the b8818 of m8toMdlty. Th8 ChBrfty 1$ a cornpony Ilmltod by &wrontg9. Th• tru6tMg fA• al80 mambws oftha eompany. # règl8tor ofhfil¢h18 hdd al th• Char5ty b1n88 addrnB¥. In ekpnt of Chlrtty t•lng up, th• li811Y In of thg gww¢tg0 l¥ Ilmltgd lo £10 pgr memtsor oftho Chorfty. Thg ffjn8n¢l81 ¥l•tomont8 arg pwented In GBP pounds 8teAlng 1£). %thleh 18 th fvnoltonal currnnoy cl th8 Ch•rtty, and dl lug8 8rg TOU to the £, cept ere Indlcat•d. ¢1 Publ1¢ b•n•flt•ndty Ih• ¢hatfjtaU• ¢ompany m••t8 th• dnitI of a putllo l)•nefit lIty UTKl¥r FR8 102. d) Golng eonc•rn Th8 trust hw ccrnlderad the ouryent le1 ofrew•nw, and th thldlnt sutst#lnalAIIty oftha Pennles rn¢1 a¥ ¢Jgmon8trBled by the re8111encg In donatlon 1th919 In 2021, and haw M¥4èwtd thll#ble Ilquld re¥¢)ur5 In t1 cort•xt of thg opgrotlng and 8Pondlng owr thg 18 month p8rf¢)S to June 2023, toGethw th thg ablllly lo r81$0 further functs or curt8118F4ThJlnq If uk8d. 808gd on the ¢cn8lderatlon$. th• tnMt••s b•llM that h&• sullGlent IlnBnulal re8ourEqs to contlnue In OFaBtlcml oxl8tenc& tr the fr)re$eeable fvturn and that Wa aro wdl plactha to m8nagg our opwatlThJ rlsk8 SucStlIy. Th• tsu¢l•o¢ h& therefom eontlnued to adopt tha going eone•m bag1¥ o10nIsng In prepartng thg ennual Jngnclal st•t•rn•nt8. The tN8te•8 do not consldar Ihot thw• or• 80¥¢# of •stlm•tlon ynwt41nty ot the rnportlng dato that haw • $1gnlflcan¢ rfgk ofcau8lNJ a matertal StMa to th& ealrylng gmount¥ of a&60ts and Ilabllltles vlthkn th? rwxt raportfjw perfod. •) DOnaOn and grant Incom• Donallon Incom• Is Incl0 In th• Statemort of Flr(anDlal A0tIeS when the Charfty t4COrn88 entAl8d th the rn80urc88, th8 r•c•lpt18 wobabl•, and tho donatlon bs m888ur¥bb. GM S Is Includod based on amountB rncowrabtg at COuntIng dot Gmnt IKem• IL4 rneegnls•d ¥th•n th• Cherlty ha¥ gnthl8mant to the fijnds. any perfomi&ncè coThlltlon$ aitachd to tho grants haw betn mèt, l is probable that tho vlll be re¢gId and the •mDunt can be mea•ured YdlaNy. fj Donatlona of g1ft4 *r¥lo•• •nd 14elllU•• pn)fB551unal sen4Gg5 and ¢knated facllltleo are recogni8ed 8¥ incuna en thg Qwl¢y hA8 ¢crfrol owr thg Item or rerelwd the seTh4Ge, any condltlonB a8818t8d th th8 d(wpllon hw been met. the rncelpt of eccfKJml¢ benefit from the use by th& charfly of tha Itern Is probable 8Th1 that ecortsynlc benofft can bè measud rdlAbly. In th thè Chanllo9 SORP {FRS 102). UnteerI1m• Is not rwnlsed bui the trv51eBB' annual rep has InfDrm8llon about thelr contrfbutlon on pag• rionated grfc$, proknsional seTh4ces arKI donated knlllttes are recognlB¢d UFon recdpt ba¥ls of Ihg 1? of dft to the Charfty thIch Is the amouTht the Charfty %ruld ha llIng to pay lo obtaln seTh4ces or facllmes ol equiwient eèorthilc b8naflt on th8 OF4n mark8t.' a COTpondIj Is then ¢00nL8 In expendfture In the wriod ofrttdpt.
The Pennl88 Foundallon Notes to the financial statements for the year ending 31 December 2021 1 k¢ountlnq poll¢l•s Icontbnuod) g) Intsre r•¢•lvablo InterBSt on fiJnd8 held on dqFosIt Is includ8d en recewle aTrJ the am¢th ¢an bg measurnd rlalY by tho C#wity,' thls Is nomialty (yJn Ththrptlon 01t Inte81 pad or p8y8bla ty th• bank. h) Fund ac¢ountlni Restrtcl¢d fiJnd¥ arg to be usfd In aCCoance th spacffic restrictittw Imrmed by donorn cr 1¢h ha¥e been r8lsed by th• Charfty )r rArtl¢ular purposes. Tha alm and use uf •a¢h 1Cted fvnd Is 8et out In th8 noto5 to tha financ181 st818m8nts. Unrn61rfcled funds ar• donatlong and other Iorn re80urces lch are wllablo use al the dlsurotlcn of the truste8s In furtheranro Df the general owects of the Chartty and whlch haw not bèBn de8lgn8ted for a specffic purp8. 11 Exp•ndlluM and Jrr•Govorabl• VAT Exp¢ndSture1s recogn58ed onc& there Is a legal ¢r ¢otructb ¢bltlon lo make a payment to a thlrd party, tt 1$ pr¢b•bl• IhAI 8etllemenl lll be r8qulred and lh8 8mtyJnl of Ihg dl98110n can be measured rn11aY. Exwndllur• on ¢h8rflable ectltleB IrludeS the c08¢8 of wQUragIng and facllitalirs charft8• gl¥lng uglng tachndogy ¥UPFK)rtlng mICrOrj al the polnt of8d• vmh rotdl wtnern, uThJertaken lo fijrtherthe pury>J88 ollhe CWty aNI Its a8$wlaled 811PPOrt o3wman¢è colti. Tho Charfty doe8 not make VAT rnl•t•d 8upplle$ 8nd l& wable lo VAT. VAT IB chawl a$ a c1 agalMt th• aCt1Y forwhlch •XFqndllure Incurred. Jl Grants payabl• Grants payabl• 8rn m8d• to other ¢horf11g9 In fiJrtheronce of the Chorftyb obl¢8, Grant8 or• 8¢¢ounted lthen rnclF4ont h88 8 r•a80n&Y• •xFrflollon thAI thty vlll re¢elw • grnnt and tru8ta88 h8¥e tts thè tha condllen. kl l¢Calln •f wpport ¢o•ts R8aourceB OXpBnd arB 8llocated to the partlcular actlty %kner¥ the ¢ts8t relat85 dlreclly lo that actlty. Th8 cost of owr dlro¢lloA aThJ admlnlstratlon of each aCtiy. comprf8lr¥ $8lary aTKS 0rhead cogt8, 18 gppOoned on Ihe b8818 of 0811m8ted 8taff tlmo of thè nnt •ltrftrtob]9 to ea¢h a¢lNty. Gcwanue coBts are the costs associated vAth tho gTMTnanc? wraTrJernen18 01 the rtty. Th•s• Costs ara a5518ted th Co¢1u110nal and statutory r8qulr•m•nts and In¢lude any costs ajsoclatod with tha strat8glc M999rnenI of the Charfty'8 OctilIes. I) Opgrntlnq1•48 Rwrt818 Paygbl• urnl•rop•rnllng lea8e8 are charged C o Stroa Ilne b8918 owtho Iwm ollhe Ita80. ml Flx•d a•ts Both tangl& and IntsrrfJlbl• $•t th a c051 In •xc•ss ol 8r¥ c8plt81188d. A8¥et¥ awe rthlowd ljr knpalmient If circurnstAnce8 Indlcthe Ihelr ¢Bnylng wlue may exceed th8lr not fftall$able lue and lue In us•. D•pr•clatl¢)n Is pmided at rates Calculat to lIe dovm the eogt of 8aeh as$$1 to Ils esilmaled reSIdu owr Its expected usefvl Ilfe. The depreclatlon rates In us• 8r• 8$ t41M: Leased Impnwmènls Office fvmllure Comwlw and office equipment tAnglbJ8 asi•ts - computersofvfflre Cler Iho lifo of the leaso 8 year 3 yaars 8etsveen 3 and 5 yeavs 21
The Pennle8 Foundafjon Notes to tha financial statemants for the year ending 31 December 2021 1 xcounllng polld•8{conllnuodl n) Inv•th•nts In whldl•rl•¥ Intmont in tho Charity8 $ubsldlary ¢¢mpany. Ywr Pomy Umlloj, at Msl 10$8 a Jxthl$l¢n tr Impdmient. See notè 12 Itsr morè Inf0mat. o} D•btorn Oth8r d•btors ¥• rncognbed 81 tho 8Ottl•m8rt amcojnt duo. Pr8paym8rt8 aro whjed at lh• wnojnl prepaEd net of any Ir&Je discJJnts du&. pl Cath at bank and In hand Cash al bank aTrJ oa8h in h8TJ inolud98 Cash aTrJ 8hort hig1ty11guid imB8tments Imlh i short maturfty of Ihrno m¢th3 or leB8 frcffl the dale ol qUIS#lon or oponlw o111 dep)811 or31mlJET acc ql For•lgn Curr•n¢l•• Farèlgn tunbrty batartÉa (Eurog) tr8181• 81 th• r8t• of •x¢hgng• wllrKJ $1 th• tolam 8h••t dat& Into sterflng. Inccffle and expendlture trdrnacUcn8 IrKLNTBd In fDrdgn currency b88n trnn818tqd durlng thè ctyJr88 of thg p8rf¢Jl 8t th• rnt• ol•x¢haw• rullna at th• tlm• cltM tran8tkn. r) Cr•dltorn•nd prDvldon• Cr¥Jltors and pro¥481on8 are reccO8ed kn the Ch&rtty hal a pre88nt obllg8tlon re8uttirq from a paBt that lll prc&aLqy ult In th• trgmhr of fvnds to a thlrd porty and the amount to 68ttla tho obllgalkn Can bo mea6ured oreBtlmated rdlatty. Cr8dltcrn and pro610n6 8r8 norrndly r8cognk8•J 8t Iholr salll8mant amount aftw for Y trad8 d18counts due. •) Flnanolal Inthm•r Th• ChBrfly onty finar1?1 aJ8et8 and IlnJnG1 IlthlllleB ola klnd that a8 t•JlG flnarK141 84¥lG Inandol tl Employ•• B•n•flts-l•miln•ton paym•nl• TtAmlroUon brfl$ gr• 8mounls ptya• 09 8 rasult of a d•clg11)n by thb Charfty to temln816 8n IndIdlIS ernoYment bèth tho nomial rètlrèmant dat•, cf an IndMdual daclslon to aceept wluntary redundancy, and erg •eCCnted for en an accNa18 baslB whBn the ChErtty IB dgrnon5tTably Cmted to tenllSn&tlon of the oYml of an indiiidual or gTOUP or Indl¥4thds. Th•r• r• Tr) termlnatlen bemfits In the 8ccountlw perfod {2020: £20.(pJOI. ul Pon•l•n• Th• Ctiarity ha8 a penglon rncnay purch098 $ch•n• tr am0y0 opJrnt•d ty The PeoJd8 P1¢. ErnFloyee8 IB 8Utomatlcally 8nrdled IntD thls ycheme unle9S they Bxgrclsgd thglr rfghl to opt oul of gchemfr MOMr$hIP. EOYee¥ lolnlng the $¢heme ccfitrnct dlrectty th The peOe Penslon. The Ch8rfty make8 fj matchlrvJ conlrfbutlon 015% of s818ry (2020.. 5%18nd acts as an agw)t In ClI¢11ng and paylng owr contrlbutlon6. The c¢Jntrlbutlon6 for the accountlr od are trèated as an 8xpeMe aThJ were £11,118 (2020.. £11,331l Ther8 re rKJ ccnlrfbuUcffl8 uhlng ot the year ond (2020: £nlll. v) Judg•m•nt• In applylng i¢¢ounllng pdld•• and k•y wur¢•• of •lmatlon unc•rt•lnty 7h8 trustees h8¥e rE8w8d the accwntl 8nd b8lle thwe to b8 nD mat8rtd SPFllad In or •stlmAllon uncertalnty IrKluded In the ¥t8t¢mgnts.
The Pennles Foundation Notes to the financial statements for the year ending 31 December 2021 2 Anatyd8 of Incomlng r•¥ourc•8 Ur$I¢¢¢d R•strfctsa 2021 Totsl 2020 Total Voluntsry In¢om Consurnerdonallons to Ponr409 fp8nnJ85 dor>8tlans'l Corporat6$ ond F¢ur•tlon$ Oak FouTrdaUon Pe8 Found8tlon othqr donatlons Glft ald receed Dontd wrvlc•¥ M8rkatlThJ senlc othw$¢Thlc•s Cornpuler 80ftwarn Ilcanc•B 443,812 446.11Y2 4889.n4 5.377,471 137.500 ¥oo.000 133,000 225 137.000 300.000 133.000 225 1W.COO 37.e09 3.020 63.020 60.000 17.971 264 10.423 10,423 1,028,674 6.446,102 474.076 0.849.090 Inv••tm•nt InGorn• Bonk Int4r•st 1,028.737 5,446,102 .474831 5,651,334 PqnnTeB donatknB con818t of ml¢ro d?Mtloro mad• by rn•mtern ol th8 pU1C Pennl8¥, the dlgltal chorfty box. Th• IN•t888 haw agr•8d to omnt * VOFXllon ol Pennl88 donatloro to ¢MrttI r•gl•t•md lth t CthBrfly ComrnlB8lw for Eryland 8nd Wal88 or thg equlwl¢nt In 8¢otl4nd, MJrth•m Irelanrs, the Republlc ol Ir•loTrJ, LY th• blo of Man. that h8 b8an )MIn•d ty fot¥ll8fB %%thIGh offw tholr GU8tomer8 tho oppxtunlty to donat8 48 P8nnlos. Th1• proportlon of P•nnl•ts dcfiatlDr 58 tr•#t•J # In¢oM•. All oth8r P¢nnl¢• donltlcrn ar• unre8lrl¢t•d. Ourfng th8 year, the Charfty Collted £36.90212020.. £40.8811 ol Ineam• frcffl don8tbn• kn the R•publlc of Ir818nd al £8.207 (2020.. £8,380) from donatEon8 In thg I9 of Man. 3 kna1¥ of •xp•ndllur• Olreol Chtabl& A¢tliiti•• SuFPOrt Gemon¢t CO818 2021 Total 2020 Total pay8bl8 {not8 41 Stsff ¢oBtJ INDtg 6) Offlco costB M•rf¢•tlng Audltorn remunerBilon In8uran¢è Lewl feeB Con6ult8ncy I Vdunt08r exponse8 Donated 88Th4ees & fa¢llJtl•s 6,446,102 605,742 131,430 62,745 4.981.740 808.528 166.819 $4,717 25.432 4,526 158,397 34,40e 28,881 e,193 792.800 1n.030 ,745 24028 4132 1.802 5.132 2e,I 12 3,550 12 q4237 10,887 130.991 Totsl •xp•ndltuY• 2021 6,265,681 203.400 87.816 538,787 6.153,661 T¢t¢l 0xpvrt¢ 2020 5,877,948 219.525 SI1TI 4153.651 ortho total eXPWltur, £1.047,852 was unr88tdct8d12020.. t1,171.91118nd £5.446.102 was rtBtrfGled121Y20.. £4.981.740k Expelture cn chathtable actimties in¢ludes costs ot. - fa¢lllt8tlng mlcrfrthnallon us1ng the Ponnlgs dlgK81 charfty box ctsnsumars pay f¢rgotra8 and $en4¢89 In 8tcffje. on Iln8 and u8lThJ MO18 dle£s. - admini$t•rfng th8 cdl8Gtlon of P8nn188 donalic•18 ond the dlsbJr5emBTht to chtIeS af Pennies grant¥', anrs - prornotlng th& MIC dOnatIc m0Ml br the ¢haftty $e¢tor as & and sp80Moally publl¢181ng thg $c*i•l ImpaEI ulth8 Penr¥es donat5.
The Pennles Foundallon Notes to the financial statements for the year ending 31 December 2021 Grnnt rnakSng Thg follovlnq Grants to charftbs payable to Instltutlons Lrj the year. 2021 Actlon Agelnst HurvJ8r Adnams CK>mmunity ThBt Ag• UK B8mofdds Bott•tsttswn BBC Chlldmn In Naad BEN Motor and Alllgd Trad B8ngwJl¥nl Fund Blmilffjham Ho8pit81 Charity BrtSh H8Brt Foundatlon Brfll$h P4ralympl¢ A$80¢1)tl¢ catr Re88arch UK CATfs IC8nc8r Aw8rnne8s k>r Toorn and 1kn11•B) Ch8n9& Plw¢ F¢uThJ•iio Cthlldren On The Edge Chlldrfjnb HpIC¥S A¢8 Seotland Cl1¢ Sargonl Cano4r Car¥ for Chlldren Crf818 UK Dgmgnlla Athenti¥• Tht Dentafd Umlled Gl8sGow Chlldr•nts Chgrfty Grace Hou$& North E481 Gr•at Street HoBpllal Clldrerf8 Cthorfly GreenfinwB Charrty Help for HerDe6 Handy Foundallc k•plcg UK le of Play Jorney ChIldren Ch8dty Kent, Surrey and SLM89X Alr AfflbJlMn¢? Leods Cares Macrnlllan Cancer SupF Macmlllan Concer Support JN6ey Magglo Ke$ck Jenckg CancorC&rtng MakeA-Wlsh Foundatlon UK M•nt81 H•alth Foundatlon MIND IN4tion81 Assoc110n Mental Health) Moto In th• Commurdty Newcastle upon Tyne HDBpit8ly NH8 Charity NHS Charftleg Tc Noah's Ark Chlldr8n* Hospllal Chafity Northem Ireland HDBplce P¥pyru$ Prth•ntity) olYCng Suleld Poundl8nd FoundaUL Ray8 of Sun8hlng Scot18nds Charfty ArAmbulan¢e Sh¢x)tlng Star Chase speolal Olympics GB Stroke A88¢xlatlon 20.085 23.793 199.682 6,241 34,33S 11,339 21,192 79,709 93,444 60,106 14 12,270 0,000 12,1fj0 0,639 55,918 9,429 37,044 17,085 13,547 75,W27 115,308 72,598 8,324 18,412 S,953 64,218 1,055 8,706 4119 1,554 5.081 21.V29 7,922 265.374 1,STI 18,395 5.742 8,008 15,643 30,550 0,890 8,181 15,297 17,072 725,463 16,869 683 32,302 TI,2Bg 23,810 7B,026 8,Sg9 5,887 14,356 350,see 7,867 33,400 54,374 10,B79 28S,514 11,917 105,293 14,407 4607 16,081 123,965 18.742 28,395 16,193 35.9C6 35,9C 31.289 8ub total 2.366.286 1.W2.419
The P8nni8s Foundation Notes to the financial statements for the year ending 31 December 2021 carfgd fonwd fmm proU8 p 2,M286 1,802.419 Target cCer Teenag6 CancerTnJst Teery4 Unlte Flghtlng Cart8r The Alder Hey Chlldrents Charfty The Carfng Famlly Foundatlon Tha Chlktmb H05pJtal Charfty The Natlonal SocIY for th• of Cruetty lo Chlldren Th• Natlonal Tnjgt Thg Natl¢)nal Tojst Lyseotland Thg Pdnco% frusl Thè Royal Brftlsh L8glcn The Royal Found8tlcn Ihe ROYAI Natlonal knsllluto of Bllnd PeoF4e The sCreX Fwndatlon Tog8th8r hrS]>yt Ll Tommy 47.314 1.WO,540 13.737 75,627 10,000 1&018 8K288 17.563 79.709 11563 4896 8.100 278,457 10,919 942 9,698 7,164 32.787 1,486,528 57,031 33.400 8,349 45,329 5.613 75,827 33,400 1,147.097 31,147 32,298 6,791 Zo)- E88t Mldl8nd zc¢¢I Sfl¢ty Ltd Unlcef UK Vot8r8n# GorAUè Umlled Wallaco & GrOm1t Chlldrnnl Fwndatl¢ Whlzz.Kldz Wlld•mss FndatI( UK Wolwrhampton Wandw8r8 FO017¢n WWF-UK Grants p8y8bl8 on 8ccfLkgd donat10 a& at tho y•ar•nd Othorcrant818&8 than £5.000 084 79.709 4502 9,590 7,539 11.063 106,239 1S9.326 Total grnn¢• P1• 0,444102 4,981,740 Th• TN$t•88 Report Yod01 more InlJm8tlon r•Wlng lo Ihg Chgrfly'$ 9rnnt mgklng w]Icy. ran1$ payatle Includes a cornmltmont of£1,429,163 P020.. t1,137,0931 for gntS pald to charft198 afterthe year Md. or thg Income coll•ct•d in Ihè ROW1C of Irdand1888 notg ¥, £34,335 (2020.. £37,044) Wd8 grnnt•d to Barr•tslovm. harfty reglstered In the Republlc ol IrdATrd (nUMr 200277591 Of the Incom8 ¢¢Alecled In ihg 18 ol Man Ise• nota 21, £A542 (2020.. £5,839) qrnnted lo 1s1• of Play, 8 chartty rn91$10r•d In the kle ol Man {number 12451 Not {•xp•ndltur•l I Incom• for th• &r ThIB16 8t8ted afterehr9lng: 2021 2020 DepreGlotlon oftsnglblo fix a5sots Amort16atlon of Intang1• flxad 88s•1$ Opw*ltvJ leas• rentds: Property Otr A1t0. remuneratlon Oncludlng VATI. Audlt fees 14699 4541 17.())4 25,CQ5 34657 35,700 516 25,432
The Pennies Foundatlon Notes to the financlal statements for the year ending 31 December 2021 AalYS ol a•ff co4 tru• rnrnun•rallon •nd •xpen$ and th• co of kny manaqomont wvwnn•l Slaff costs as knIJov+8: 2021 SÉl8rfè8 and w8ge& SoGlal 8utY co8t8 Employerfs contribthion to defined eorttrUtic Pgnslon $Ghomo¥ staff Recrullment cost8 Olhor 8t8ff costB 806 89.734 867 B24 663,024 70.787 74.575 7W2,800 808,526 The fDllrnlrvJ number of •mth•# r•edwd ernployea ben8fi18 Qfowr £80.(m18xchJdlry am0yer wlon COBt6) thjrfng tha yr In th• follon0 rnngo6'. 2021 2020 No. £QO.W1- £70.LbJO £80,1)01- £90.000 The total •nWoy•e b•nefit• olth• m•nag•mènt yr8onn•l wer• •• followty.. In.920 21.099 46.850 101,768 11,629 83.245 Social security ¢08t$ Em0Y08 conldbJlScffi to defin•d ¢onlrfMrtlbn p•Mlon schome8 178.829 rfng tm y•ar tho Chartty •pp)Inted 2 n¢w mombgr8 10 Il monapment t7 to Np the d¢pgnd•noo ijn koy PW80nnd 8nd to 8UPPOrt thè 8Ust&lno Wh oftha charlty The Charfty trustees were n81ther p8ld nor eld any other benefitg frDm th8 Charfly In the yoBr12020.. £nlll. No ChHrfty tru$t•t ro¢olwd paym•nt f¢r profe98lonal oroth•r S•Ne•g $uWled to th& Charfty12020.' £nlll. The Ch6Tlty tTUSteBS nqlther pald ngr any Bxpgn595 the ChHTIty In thg year12020'. £nlll. Durfng tho yaar and, up to th date of apppml ol th• Tru$t•es' rept, ther• w a qu•llfylng thlrwrty Indemnlty In kYac• br thre¢tor¥. as allowed by $tIon 234 oftha thmp8nla& Acl 2( 8t•ff nuMrn The 8*rag8 numbw of 8mptoy8es {h8ad oount ba88d on nurnter ofstaff efflF4oy8dl durlng th8 y88r was 1612020.. 1S St•ff 8dl¢ a0$ fhg ¥otTlIeS Of oharftot40 OrynP 0$ tllw (fvll ttmg wulwlont basl$l.' Charftablg ActitI8¥ Supwt & Gowman¢• 11 11 15 15 26
The Penniès Foundation Notes to the flnancial statements for the year ending 31 December 2021 R•lat•d party traftArtIo 3 (2020.. 61 INste•s (bJ)atsd a total of£101.200 In th• yw {202. £1,500) 01[ch £nll w Teslrfcted12020.' £th11. AlS8on Hutchlnson, Ihe CEO of tho Ch8rfty. 18 a non4xe¢uti dlTector of th8 reteller DFS Fumiiuro p]c vthlch ovms SobIC Llmlt8d. Durfn9 tha yèar SorraY LI[ted suppjted the Charfly by endL1 Pwn1 In rts $t¢ms c¢llecUng £74.40412020: £75,160) for UK charities. At the of thè y•8r So[09Y Limitèd OW the Charfty £9,028 P. £5,597) for dOC5 collaclod on Its b8h811. Rob8rt L8ltéo, a tNstee. 18 8 rnanoglng partmr at Roth8chlld & Co lch supported th• Chorfty by yoildlng a fijncllon toom and ¢al•rfng staff lJr a mart?n9 fflEnt, end occas1on m88llng roJm5 the year, ed In total al £3,Ce4 12020.. £50.OCKJI on 8 pro bono baBI8. Ther• wa8 no bad OT ¢jr1 d8bls Wl81c or axpen8b frDm Trlated partl98. Taxatlon Th¢ ¢harl¢8ts1o ¢omp•ny Is ex•mpt from coJporatlon t8X aB all118 Incc4n818 chgrttablg and18 pId frJr¢h8t>I0 purF¥J8e¥. 10 Intanglbl• Ilx•d •q•Dt• Sy8tem8 Othw ¢ryulor sofmre Total eo At th• start of the year A&JItlo In yr 75,W) 9,951 1e9,e08 244,968 9,951 At th? end of the year 85,311 169,808 254,919 Amortljatlon Al thg Start of tha year Chorgg f¢r the year 2,fj12 15.693 116,918 22,e48 119,428 38,S41 At tha and of tha yogr Il•t book valu• At th• •nd of th• y••r 18,205 139,764 157,969 87,1C 98,950 At tho 9tsrt orth• yaar 72,848 62.692 125,540 All elth• atth• a8#ais xr• >r chBrlt8t48 purpDBBB. 27
Th8 Pennies Foundation Notes to the financial statements for the year ending 31 December 2021 11 Tanglbl• fix•d ••ts Offlcg & Ccmputer eqpment Leasehold FumTturo Tolal At tha $tsrt ollhg year Addltlons kn y¥ar 82,822 537 24,915 134274 At tt of thg year 82.822 26.537 136.22Z D•pr•d#tlon At the stort of tho y•ar 17,105 10,803 5,426 3,461 19.615 2,434 42.145 10,699 Al Ihe end ¢lth& y N•t tsk valuo Atth• •nd •fth• y••r 8.888 22.050 54,915 17,851 4,813 77,378 At tm 8tsrt oftho year 85,717 21,112 91129 All of tho abow 88A•t8 arè v88d for chrftable FWPO8•S. 80th the amortlsatbn d•pr•¢latlon ¢torgo f¢rtho yoar are IrKludtrd In urYeBtrfcl•d •xwndllur• on Ctabl0 act1181 In th• Statement of FSnancld Acll%ttle& 11 Inv•th•nts The Chorfty owng 10N of th9 188Ugd Shored ¢apltg1 ol Y¢ur Ponny Umlled, & Hl¥ele Ilmllad eompany rtgl$lered In Englaffj aThd Wales Ireglstsred numbw 68803081, belng £1 shorn. Inwlm•nl 1$ wluBd al £112020.. £11 belng £1 for the 8haro catal. Th18 18 equal to the crf Your P•nny Llmlt•rf• rn8•rw8 of £1. Ywr Pgnny timllfjd18 a domanl compgny. 11 Fln•nclo1 Ind oth•r commllmonl• At 31 Oecomb8r2021 tha Charity had totsl ¢omrnhmen18 uTrJer ranCelIat4e operalhvd lea8•B gs d818lled td¢w. Prcperty 2021 Equlpm8nt 2021 2020 Less than one year One lo yews 75,498 283,517 66,393 241.185 372 1.896 372 In %)20, th• awlty •ntarod a now loa80 fr)r offl¢e wemlB88 cornmerKlng on 24 May 2020 explrlThJ on 31 Jgnuary 2WL7. In 2021 th8 offlc• prnmLs•s worè sold and thè naw I10rd h88 ele¢ to charge VAT on th8 Tent 1th Br¢ from
The Pennles Foundali¢Jn Notes to the flnancial statements for the year ending 31 December 2021 14 Oobtor4 2021 2Q20 Other debtors Accru8d Inccffia Pr8paym8nt8 R8nt dep051t 663,335 318.728 ¥051 24937 446.666 12.913 25,804 24.937 1.073.051 510,320 othBr d•btor8 r•prnJenl P•nnlo¥ that10 cdlected and I1¢• but not yot pald to the Ch8rfty at tha ye8r en In¢luded In Acwed Income18 £2CQ.fy)D (2020: £nfll knlGh TepTesent8 pledg•J blrt dua to ba p8ld untll 2022 and rent deposll relbt•s to Chprflvg I¥? cn preml$e3 entered Inio durtng thg y•8r, %thch bè hd for morn than on• y•&r. 1& CT•dllor&' •mounl•f•llJng du• wlthln •n• y••r 2Q21 Trnd& ¢rndlloT8 Arnct8 duo to 8ubsldlBry T8x8tlon 8nd 80cl81 iaourtly Gyant 8ccrual8 oth•r a¢¢No18 47,sn 25,010 24.591 1,42P,103 113.388 21.328 1,137,L198 128.911 1,614.71B 1,310.341 11a An•lyd•of n•¢ a•wts b•4w••n fvnd•{Gurrnnty••r) General unrBstrfcted R•slrfet•d Tot•1 fvnd• tanglble flxed Tangltslo fflxod as8$ •sIMt$ Net ¢urrenl asset8 96.950 77.378 Tl.378 1.291.087 1,337.031 NDt awptsat 31 D•c•rnb•r 2 1,465,410 45.944 1,511.360 16b An•ly41s of n•t •4lB boiw••n funds (prlory••r) General unMstrf¢ted R88trfGtad Total funds IntaTvJN& flx8d 888ets TanBlble Ixed assèts InStMent6 Net (ljrrenl a68et8 126.640 92.129 124S40 91129 1.298.1CK8 57.$32 1,354638 Not aSWt8at 21 Dac•rnb•r 2020 1,515,Tl8 57.532 1,STl308
The Pennies Foundatlon Notes to the financial statements for the year ending 31 December 2021 17B Movem•nts In funds Icurrnnt tI At31 D•e•mb•r At 1 knjary 2021 come & Exp8ndltur8 & gain# Transtsrn IrWlwi} R•strSd•d Pennles donaUon6 CRM ¥y8tgm fund 5.446.102 15.446.102) 5Y,532 (11,5881 Toll fvnd• 67.532 6.448.102 16.446,102) (11,6861 Q•n•r•l fvnd• 1,51S,778 1,(Y28.n7 {1,OKI,6851 11,se8 1,465,416 Tot41 unr•drf¢t•d fund• 1,515,778 1,028.737 11.090,8B51 11,588 1.40SA16 Tot•1 lund• 1,871206 8,474,839 18.53e,7871 1.511,360 Th• n•Tratlw to 0Xaln th• puw• of ch fvnd18 glwn at th8 elt not• b. Th? tr8n8fvr r8pm8nt8 tha usa oftha CRM sy$tom br thg c4pltall8¢d IntangSblo as4et (Sy81om4 Soknro) vthbh purcha86d thego r68trtcted fiJnd•. 17b Mowm•nl# In fund• (prlor y•ar) At31 D•mb•r 2020 At 2 J•nugry In¢¢m• & Exp•ndiiuro & qalrA 1018 Trnn¥fe Inllout) R•lct•d fund& PennleB donatlDn• CRM 8yBtem 4,981,740 14,981,740) 132.892 (75,3eo) T,592 Total r•l¢tsd fund• 132.892 4,981,740 14,981,740) (75,3eo) 07,032 G•n•rnl fvnd• 1.942.733 fj69.594 11.171.911) 7S.360 1.816.776 T¢>tal unr•thatsd lund• 1.942.733 689,$94 11,171.9111 75.360 1,518,776 Total lund• 2.075,825 5,6S1,334 (6,153,651) 1,sn,$08 Purpog•eof rnzMcted fund# P•nnl•s Don•llo The Penni¢$ Donatlons rnstslctsd ljnd th• ptIon of Pwni¢s dmtions th¥ tw$1 hw 8grJ lo grant to VK, RgpuWl¢ of IrelaTrJ, or1s19 ¢1 Man gIstored ch&rftles 4•thlch b•gn nomlrkgt•d by r•lallor8 vthlch off8rtNr ¢u$tomars thè opp)riunity to dcqwtè iia thè dKJital charity t¥JX. Ihè proportlon and lh8 nomlnated oharity avg norned at the polnt of donallon. Ihg mwment In thls fvnd16 dl8¢losed In note 4 to the fjnanclal 8tat•nents. CRM 4*•m fvnd Th8 CRM 8y8lem fijnd r8pr888nt8 a donauw brlhg ImpleMenn and dthelopment ola cu8tomer rglatlonsNp mawemwrt {CPhll system. 30
The Pennies Foundation Notes to the financial statements for the year endlng 31 December 2021 18. Reconclllallon of not {9xp9NdlT0) to n•t cath Ilow from op•ratlng adl¥ltS0¥ 2021 Not I•xFJ•ndltyro1 for th• r•portlng rIOd {as por tho 6t•t•m•nt ol ffin•ndo14ctI¥l•Sl Oeprecl•llon charyès )ter6st from InstM8nt8 Decrease In wluè oflnwstm•nts Ilncreas&Yf[88se In debtorn DrIa$Iln¢r0a5?l in cr•dltcrB 161.9491 {W2.3171 42.CQ9 12,2441 V631 470.414 1129,7591 304374 N•t cath {ud Inl Op•r4n9 aallvltl•8 (265.2291 1121,8971 19. L•g•l tu• of th• charlty Tho charfty 18 a company Ilmlled by guarnnl88 and ha8 M shar• capltd. Th• Itthlllty ol ¢•¢h mwnbsr kn the thent of vlndlng l¥ Ilffltted lo £10. 31