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 duffrMJW214wen*deupolre F*)n*5. th1 em Iothjwd Mich 30Y. oltho way round th• Earthl 22% Incr•i¥• In thetolal nLthofthar￿ to htht¢neltbJttcffjPenft*sbdata F¢rfttt￿POlOlta 200 mlcrorflonatlon$ 13.1m 610 2021 MI￿40n1110ns troJetrl¢)tyJhd&llald￿nneL￿ 2021, Trthjty eCowffw￿ar 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$tratlon Numb•rs". England 8nd W4188 Isle of Man 06418982 006181 F Gov•rnlng Instrument l¢les of A$s￿latIon (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 trjgath8r￿1h 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 a￿Ounts 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 $lgnlflGanl Impact lor the charitabl& sector. Mlcrolldonallon8 hav• an opportunty to Inlgct £1bn Into Ihe UK charfty 88Ctor11 ovory UK card hold8r gave Iu8t 35p a Ml88lon Wo 8re o ¢harlty wSth a 81mph mlBslon: lo protect and grow mkro4onatlon8 by le8dlng tha mkro-dDnallon movorn￿t In th& UK. Purp08 Our purpo80 18 lo ensure that p6ople have dlgltsl wAy8 to keep ¥vlng th08e 8m811 amounts that mgan 80 muth to Charftab￿ cau88$ 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 crgan1sal￿Ths dnd providing lechnology anL1 Infrastruc￿re 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 Micro￿on￿tIon 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 ￿mMUnICa￿ng 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 fo￿al governance struclure. they provldo thduslry Inslght and recommendallons that the trustees tako into account In formulallng 8lralegy. Pennles Ss Independent, gnabllng It toload tho mlcr041ona￿On 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 g￿0 to charfty and SUp￿r￿ng the UK chadlable 8ecior by ralslng addluonal fLtnd8 through m1rtt￿0nat1on5. 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 act1￿￿83 are wholly for tha publlc benelti. In add￿lOn, 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$lto ot h le . W? also cary out our own Impact evaluation of the use of the funds by Ih08e charllies and w8 regularfy pub118h Informauon on our webslle relatlng lo thè work of the charflles that benefit. AF 9 8brklflcBnt proportlon of Pennlg8' 3oolo1 volu018 croatsd by the Impact of Ihg mlcTo4onatlon8 wg enable. we Can daduco that glgnlficanl addl￿Onal soclal value wlll have been created through our work In 2021. In addhton, by worklng wSth our partners to enable mlcro4onallng wo Ore hglplng then to fulfll thelr own sodal obleclfves to glve back lo the communllle8 In whlch they operate. The trustees conslder that PennSes has a low envSronmental Impact as 8 dlgll81-only InSllallve that does not requlre the manufactur8 or transport of physlcal goods. In addi￿on. we occupy o slngl8 offlco location rafurbl$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$*Uons lJ•rsèyI Law 2008 (the 'NPO La￿1. and wlth tha Isle of Man Charitses Central Regl81ry (number 1275). The Wo￿ng name forthe Chartty Is'Pennl88'. The Charily's gov8ming docum8nt18 the hrbde8 OfA￿ocIatIOn adoptsd on 6 November 2007 and amendod on 12 August 2019 lthe Consllullonl. Tnjstees conslder the prknclples set out In the Gharfty Govamance Code. refreshed at the end 012020, when carrylng out their duties. Durlng the year we Prepared an 8valualion of how tha Chority apply the Cod8's principlas and recommended praclSc8s. Th& 8valualon show£d that many of th8 Code's recommend8d good practlc88 8r8 applled. We will contlnue to use the code as a tool lo support conllnuous Improvement as the Charity develops, Ind to focus on th8 areas of the ev81uatlon Idenlfylng whore Smprovement and further Impl8m&ntallon can occur. The Ilablllty of the mwnbor8 Is Ilmlted, and e8ch member agrees to contribute up to £10 in the event of the Charity b8ing wound up, The trnstees are the only member5 ofthe Charfty and they aulomallcally bocomg members on appolntrnent to the Board of Tru8tse8 {Board}. The Pennlgs Foundauon The Charity has a wholty owned subsidiary. Your P8nny Llmlted, whl¢h 18 a private Ilmlled company registered in England and Waies Ire9i8tsr8d number 68803C61. Your Penny Limited is a dorrnant CQmP8ny. The Ch8rity 1$ 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 th￿e 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 Execut￿8 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 Impl1ca￿0n8 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 AL￿111 Commlttee mel during th& yat*. The Aud* COmm￿le8 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-t￿BY monagement of Penn￿S 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. (J5ve￿Ity 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 ha￿ng a female CEO, neariy 30% of OUT trustees are wom6n. Over ti￿8. 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 tr￿te8S 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 ￿nt￿bU￿On$ 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 m11￿at￿ or raduce th8 8XPDsuf8 to Ih08e rl$k8. Tho revlew carrlod out In 2021 Idenllfled that the kay rf8k8 are.. 1) not secudng 8ufficl8nl fundlng unlll the Charty reaches Sev￿ust81n8bs11ty. Th1$ 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-dona￿On 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$$uranGe that we: J88 ollhe CWty aNI Its a8$wlaled 811PPOrt o3wman¢è colti. Tho Charfty doe8 not make VAT rnl•t•d 8upplle$ 8nd l& wable lo VAT. VAT IB chawl a$ a c￿1 agalMt th• aCt1￿Y forwhlch •XFqndllure Incurred. Jl Grants payabl• Grants payabl• 8rn m8d• to other ¢horf11g9 In fiJrtheronce of the Chorftyb obl￿¢8, Grant8 or• 8¢¢ounted lthen rnclF4ont h88 8 r•a80n&Y• •xFrflollon thAI thty vlll re¢elw • grnnt and tru8ta88 h8¥e tts thè ￿tha￿ condllen. kl ￿l¢Call￿n •f wpport ¢o•ts R8aourceB OXpBnd￿ arB 8llocated to the partlcular actl￿ty %kner¥ the ¢ts8t relat85 dlreclly lo that actl￿ty. Th8 cost of owr dlro¢lloA aThJ admlnlstratlon of each aCti￿y. comprf8lr¥ $8lary aTKS 0￿rhead cogt8, 18 gppO￿oned on Ihe b8818 of 0811m8ted 8taff tlmo of thè ￿n￿nt •ltrftr￿tob]9 to ea¢h a¢lNty. Gcwanue coBts are the costs associated vAth tho gTMTnanc? wraTrJernen18 01 the ￿rtty. Th•s• Costs ara a55￿18ted ￿th Co￿¢￿1u110nal and statutory r8qulr•m•nts and In¢lude any costs ajsoclatod with tha strat8glc M￿999rnenI of the Charfty'8 Octi￿lIes. I) Opgrntlnq1•4*8 Rwrt818 Paygbl• urnl•rop•rnllng lea8e8 are charged C￿ o Stro￿a￿ Ilne b8918 owtho Iwm ollhe Ita80. ml Flx•d a*•ts Both tangl￿& and IntsrrfJlbl• ￿$•t* ￿th a c051 In •xc•ss ol 8r¥ c8plt81188d. A8¥et¥ awe rthlow*d ljr knpalmient If circurnstAnce8 Indlcthe Ihelr ¢Bnylng wlue may exceed th8lr not fftall$able *lue and ￿lue In us•. D•pr•clatl¢)n Is pmided at rates Calculat￿ to ￿lIe dovm the eogt of 8aeh as$$1 to Ils esilmaled reSIdu￿ owr Its expected usefvl Ilfe. The depreclatlon rates In us• 8r• 8$ t41M: Lease￿d 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•¥ In￿tmont in tho Charity8 $ubsldlary ¢¢mpany. Ywr Pomy Umlloj, at Msl 10$8 a Jxthl$l¢n tr Impdmient. See notè 12 Itsr morè Inf0ma￿t￿. 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 h8T*J 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) tr￿8181•￿ 81 th• r8t• of •x¢hgng• wllrKJ $1 th• tolam 8h••t dat& Into sterflng. Inccffle and expendlture trdrnacUcn8 IrKLNTBd In fDrdgn currency b88n trnn818tqd durlng thè ctyJr88 of thg p8rf¢Jl 8t th• rnt• ol•x¢haw• rullna at th• tlm• cltM tran8*tkn. r) Cr•dltorn•nd prDvldon• Cr¥Jltors and pro¥481on8 are reccO8ed kn the Ch&rtty hal a pre88nt obllg8tlon re8uttirq from a paBt that *lll prc&aLqy ult In th• trgmhr of fvnds to a thlrd porty and the amount to 68ttla tho obllgalkn Can bo mea6ured oreBtlmated rdlatty. Cr8dltcrn and pro￿610n6 8r8 norrndly r8cognk8•J 8t Iholr salll8mant amount aftw for ￿Y trad8 d18counts due. •) Flnanolal Inthm•r Th• ChBrfly onty finar￿1?1 aJ8et8 and IlnJnG1￿ IlthlllleB ola klnd that a8 t•JlG flnarK141 84¥lG Inandol tl Employ•• B•n•flts-l•miln•ton paym•nl• TtAmlroUon brfl$ gr• 8mounls ptya￿• 09 8 rasult of a d•clg11)n by thb Charfty to temln816 8n IndI￿d￿lIS ern￿oYment bèth tho nomial rètlrèmant dat•, cf an IndMdual* daclslon to aceept wluntary redundancy, and erg •eCC￿nted for en an accNa18 baslB whBn the ChErtty IB dgrnon5tTably C￿￿m￿ted to tenllSn&tlon of the ￿￿oYm￿l 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 $ch•n• tr am￿0y0￿ opJrnt•d ty The PeoJd8 P￿1¢￿. ErnFloyee8 IB 8Utomatlcally 8nrdled IntD thls ycheme unle9S they Bxgrclsgd thglr rfghl to opt oul of gchemfr MOM￿r$hIP. E￿￿OYee¥ lolnlng the $¢heme ccfitrnct dlrectty ￿th The peO￿e* Penslon. The Ch8rfty make8 fj matchlrvJ conlrfbutlon 015% of s818ry (2020.. 5%18nd acts as an agw)t In C￿lI¢11ng and paylng owr contrlbutlon6. The c¢Jntrlbutlon6 for the accountlr od are trèated as an 8xpeMe aThJ were £11,118 (2020.. £11,331l Ther8 ￿re rKJ ccnlrfbuUcffl8 uhlng ot the year ond (2020: £nlll. v) Judg•m•nt• In applylng i¢¢ounllng pdld•• and k•y wur¢•• of •*lmatlon unc•rt•lnty 7h8 trustees h8¥e rE￿8w8d the accwntl 8nd b8lle* thwe to b8 nD mat8rtd SPFllad In or •stlmAllon uncertalnty IrKluded In the ¥t8t¢mgnts. The Pennles Foundation Notes to the financial statements for the year ending 31 December 2021 2 Anatyd8 of Incomlng r•¥ourc•8 Ur￿$￿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 rece￿ed Don*t*d 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 pU￿1C Pennl8¥, the dlgltal chorfty box. Th• IN•t888 haw agr•8d to omnt * VOF*Xllon 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 Coll￿ted £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 Ch￿tabl& A¢tliiti•• SuFPOrt G￿emon¢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 0xpv￿rt￿¢ 2020 5,877,948 219.525 SI1TI 4153.651 ortho total eXPW￿ltur￿, £1.047,852 was unr88tdct8d12020.. t1,171.91118nd £5.446.102 was rtBtrfGled121Y20.. £4.981.740k Expe￿lture cn chathtable actimties in¢ludes costs ot. - fa¢lllt8tlng mlcrfrthnallon us1ng the Ponnlgs dlgK81 charfty box ctsnsumars pay f¢rgotra8 and $en4¢89 In 8tcffje. on Iln8 and u8lThJ MO￿18 d￿le£s. - admini$t•rfng th8 cdl8Gtlon of P8nn188 donalic•18 ond the dlsbJr5emBTht to ch￿tIeS af Pennies grant¥', anrs - prornotlng th& MIC￿ dOnatIc￿ m0￿M￿l br the ¢haftty $e¢tor as & and sp80Moally publl¢181ng thg $c*i•l ImpaEI ulth8 Penr¥es donat￿￿5. The Pennles Foundallon Notes to the financial statements for the year ending 31 December 2021 Grnnt rnakSng Thg follovlnq Grants to charftbs payable to Instltutlons ￿L￿r￿j the year. 2021 Actlon Agelnst HurvJ8r Adnams CK>mmunity ThBt Ag• UK B8mofdds Bott•tsttswn BBC Chlldmn In Naad BEN Motor and Alllgd Trad￿ B8ngwJl¥nl Fund Blmilffjham Ho8pit81 Charity Brt￿Sh H8Brt Foundatlon Brfll$h P4ralympl¢ A$80¢1)tl¢ ca￿tr Re88arch UK CATfs IC8nc8r Aw8rnne8s k>r Toorn and 1kn11•B) Ch8n9& Plw¢ F¢uThJ•iio Cthlldren On The Edge Chlldrfjnb H￿pIC¥S A¢￿8 Seotland Cl1¢ Sargonl Cano4r Car¥ for Chlldren Crf818 UK Dgmgnlla Athenti¥• Th*t Dentafd Umlled Gl8sGow Chlldr•nts Chgrfty Grace Hou$& North E481 Gr•at Street HoBpllal C*lldrerf8 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$￿ck Jenckg CancorC&rtng MakeA-Wlsh Foundatlon UK M•nt81 H•alth Foundatlon MIND IN4tion81 Assoc1￿10n Mental Health) Moto In th• Commurdty Newcastle upon Tyne HDBpit8ly NH8 Charity NHS Charftleg Tc Noah's Ark Chlldr8n* Hospllal Chafity Northem Ireland HDBplce P¥pyru$ Prth•ntity) olYC￿ng 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 pro￿U8 p 2,M286 1,802.419 Target c￿Cer Teenag6 CancerTnJst Teery4 Unlte Flghtlng Cart8r The Alder Hey Chlldrents Charfty The Carfng Famlly Foundatlon Tha Chlktmb H05pJtal Charfty The Natlonal SocI￿Y 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 sCre￿X 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 Sf*l¢ty Ltd Unlcef UK Vot8r8n# GorAUè Umlled Wallaco & GrOm1t￿ Chlldrnnl Fwndatl¢ Whlzz.Kldz Wlld•mss F￿ndatI(￿ UK Wolwrhampton Wandw8r8 FO￿￿017¢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¢• P*￿￿1• 0,444102 4,981,740 Th• TN$t•88 Report Yo￿d01 more InlJm8tlon r•Wlng lo Ihg Chgrfly'$ 9rnnt mgklng w]Icy. ran1$ payatle Includes a cornmltmont of£1,429,163 P020.. t1,137,0931 for g￿ntS pald to charft198 afterthe year Md. or thg Income coll•ct•d in Ihè ROW￿1C of Irdand1888 notg ¥, £34,335 (2020.. £37,044) Wd8 grnnt•d to Barr•tslovm. harfty reglstered In the Republlc ol IrdATrd (nUM￿r 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 Ot￿r A￿￿1t0￿. 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 A￿alY￿S ol a•ff co*4 tru*• rnrnun•rallon •nd •xpen*$ and th• co* of kny manaqomont wvwnn•l Slaff costs as knIJov+8: 2021 SÉl8rfè8 and w8ge& SoGlal 8￿u￿tY co8t8 Employerfs contribthion to defined eorttr*Utic￿ Pgnslon $Ghomo¥ staff Recrullment cost8 Olhor 8t8ff costB 806 89.734 867 B24 663,024 70.787 74.575 7W2,800 808,526 The fDllrn*lrvJ number of •mth•# r•edwd ernployea ben8fi18 Qfowr £80.(m18xchJdlry am￿0yer wlon COBt6) thjrfng tha y￿r In th• follo￿n0 rnngo6'. 2021 2020 No. £QO.W1- £70.LbJO £80,1)01- £90.000 The total •nWoy•e b•nefit• olth• m•nag•mènt yr8onn•l wer• •• followty.. In.920 21.099 46.850 101,768 11,629 83.245 Social security ¢08t$ Em￿0Y0￿8 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 t￿7 to Np the d¢pgnd•noo ijn koy PW80nnd 8nd to 8UPPOrt thè 8Ust&ln￿o Wh oftha charlty The Charfty trustees were n81ther p8ld nor ￿el￿d 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' rep￿t, ther• w a qu•llfylng thlrwrty Indemnlty In kYac• br thre¢tor¥. as allowed by $￿tIon 234 oftha thmp8nla& Acl 2( 8t•ff nuM￿rn The 8*rag8 numbw of 8mptoy8es {h8ad oount ba88d on nurnter ofstaff efflF4oy8dl durlng th8 y88r was 1612020.. 1S St•ff 8dl¢ a0￿$ fhg ¥otT￿lIeS Of￿ oharftot40 OrynP￿ 0$ tllw (fvll ttmg wulwlont basl$l.' Charftablg Acti￿tI8¥ 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 Sor￿r￿aY LI[￿ted suppjted the Charfly by endL￿1￿ 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 dO￿￿C￿5 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 ¢jr*￿1 d8bls W￿l81c￿ or axpen8b frDm Trlated partl98. Taxatlon Th¢ ¢harl¢8ts1o ¢omp•ny Is ex•mpt from coJporatlon t8X aB all118 Incc4n818 chgrttablg and18 ￿pI￿d frJr¢h8￿t￿>I0 purF¥J8e¥. 10 Intanglbl• Ilx•d •q•Dt• Sy8tem8 Othw ¢ryulor sofmre Total eo At th• start of the year A&JItlo￿ In y￿r 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 eq￿pment Leasehold FumTturo Tolal At tha $tsrt ollhg year Addltlons kn y¥ar 82,822 537 24,915 134274 At tt* of thg year 82.822 26.537 136.22Z D•pr•d#tlon At the stort of tho y•ar 17,105 10,803 5,426 3,461 19.615 2,434 42.145 10,699 Al Ihe end ¢lth& y N•t ts￿k valuo Atth• •nd •fth• y••r 8.888 22.050 54,915 17,851 4,813 77,378 At tm 8tsrt oftho year 85,717 21,112 91129 All of tho abow 88A•t8 arè v88d for chrftable FWPO8•S. 80th the amortlsatbn d•pr•¢latlon ¢torgo f¢rtho yoar are IrKludtrd In urYeBtrfcl•d •xwndllur• on C￿￿tabl0 act￿1181 In th• Statement of FSnancld Acll%ttle& 11 Inv•th•nts The Chorfty owng 10N of th9 188Ugd Shored ¢apltg1 ol Y¢ur Ponny Umlled, & Hl¥ele Ilmllad eompany rtgl$lered In Englaffj aThd Wales Ireglstsred numbw 68803081, belng £1 shorn. Inwlm•nl 1$ wluBd al £112020.. £11 belng £1 for the 8haro ca￿tal. 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 r￿￿anCelIat4e 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 I￿10rd 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 I￿1¢•￿ 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$e3 entered Inio durtng thg y•8r, %thch bè h￿d for morn than on• y•&r. 1& CT•dllor&' •mounl•f•llJng du• wlthln •n• y••r 2Q21 Trnd& ¢rndlloT8 Arnc￿￿t8 duo to 8ubsldlBry T8x8tlon 8nd 80cl81 iaourtly Gyant 8ccrual8 oth•r a¢¢No18 47,sn 25,010 24.591 1,42P,103 113.388 21.328 1,137,L198 128.911 1,614.71B 1,310.341 11a An•lyd•of n•¢ a•wts b•4w••n fvnd•{Gurrnnty••r) General unrBstrfcted R•slrfet•d Tot•1 fvnd• tanglble flxed Tangltslo fflxod as8￿$ •sIM￿t$ 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 •4*lB boiw••n funds (prlory••r) General unMstrf¢ted R88trfGtad Total funds IntaTvJN& flx8d 888ets TanBlble Ixed assèts In￿StMent6 Net (ljrrenl a68et8 126.640 92.129 124S40 91129 1.298.1CK8 57.$32 1,354638 Not aSWt8at 21 Dac•rnb•r 2020 1,515,Tl8 57.532 1,STl308 The Pennies Foundatlon Notes to the financial statements for the year ending 31 December 2021 17B Movem•nts In funds Icurrnnt ￿￿tI At31 D•e•mb•r At 1 knjary 2021 come & Exp8ndltur8 & gain# Transtsrn IrWlwi} R•strSd•d Pennles donaUon6 CRM ¥y8tgm fund 5.446.102 15.446.102) 5Y,532 (11,5881 Tol*l fvnd• 67.532 6.448.102 16.446,102) (11,6861 Q•n•r•l fvnd• 1,51S,778 1,(Y28.n7 {1,OKI,6851 11,se8 1,465,416 Tot41 unr•drf¢t•d fund• 1,515,778 1,028.737 11.090,8B51 11,588 1.40SA16 Tot•1 lund• 1,871206 8,474,839 18.53e,7871 1.511,360 Th• n•Tratlw to 0X￿aln th• puw• of ￿ch fvnd18 glwn at th8 elt￿ not• b￿￿. Th? tr8n8fvr r8pm8nt8 tha usa oftha CRM sy$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• p￿￿tIon of Pwni¢s dmtions th¥ tw$1￿ hw 8gr*J lo grant to VK, RgpuWl¢ of IrelaTrJ, or1s19 ¢1 Man ￿gIstored ch&rftles 4•thlch b•gn nomlrkgt•d by r•lallor8 vthlch off8rtNr ¢u$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 ImpleMen￿n 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 {9xp9Ndl￿T0) 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 In￿stM8nt8 Decrease In wluè oflnwstm•nts Ilncreas&Yf￿[88se In debtorn D￿rIa$￿Iln¢r0a5?l in cr•dltcrB 161.9491 {W2.3171 42.CQ9 12,2441 V631 470.414 1129,7591 304374 N•t cath {u*d Inl Op•r4￿n9 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