**Peabody Community Foundation Annual Report and Accounts** 2023-24
Helping people become healthier, wealthier and happier
## Who we are
Peabody Community Foundation (PCF) was set up by Peabody in April 2016 to bring together the Group’s community investment activities. Our team of more than 100 dedicated colleagues works in partnership with grassroots, local and national organisations to develop programmes and provide support that meet the needs of local people.
In line with the whole of the Peabody Group, our core focus is to help people flourish. We do this by taking a local approach so we can get closer to residents, listen to what they want, and deliver what they really need.
With wellbeing at the forefront of our minds, we support people to become healthier, wealthier and happier. We offer corporate partners the opportunity to build their economic, social and governance credentials by working with us to provide support or develop programmes that align with their purpose and match the needs of local communities.
The Peabody Group is one of the oldest not-for-profit housing associations in the UK. It’s responsible for more than 108,000 homes, with around 220,000 residents across London and the Home Counties. It also has over 26,000 care and support customers.
## Highlights 2023–24
hours of free activities, such as health and wellbeing projects, English as a second language classes and tuition for primary school children.
**48,000**
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new community spaces opened in Reading and St John’s Hill, Clapham.
**£10m**
invested in local communities.
**£220,000**
worth of small grants awarded to local voluntary and community groups.
**£132,000**
raised through events with partners to invest in community programmes.
**£12.7m**
worth of social value created through our contractors and suppliers.
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## **Contents**
## Foreword by **Helen Edwards**
Chair of Peabody Community Foundation
|Foreword by Helen Edwards|5|
|---|---|
|Review by Stephen Burns|7|
|Our vision and key goals|8|
|Healthier|10|
|Wealthier|14|
|Happier|18|
|How we work|22|
|Partnerships and social value|23|
|Community properties|25|
|Infuencing|28|
|Looking ahead|31|
|Partners|32|
|Trustees, Directors and Advisors|35|
|Financial review|36|
|Trustee’s annual report|38|
“By listening, learning, and working collaboratively, we aim to empower communities to create meaningful change and inform our local approach.”
This year has been another challenging one for residents. Every day, we see the profound impact the high cost of living is having on residents which underlines the importance of our investment, support and advice. As a Charity, we are committed to long-term investment in local communities. And we’re passionate about providing the support and advice those living in them need to thrive.
Over the past year, we have continued to channel this passion into action. Our local approach allows us to tailor support to individual communities and our close connection with residents means we’re well placed to find out what they really need. If we can provide this service ourselves, we do; otherwise we refer them to other specialist providers and partners to make sure they get the right kind of support.
During the year, we invested £10m in community programmes and initiatives, providing more than 48,000 hours of free activities, opening two vibrant new community spaces, and awarding over £220,000 in small grants to local voluntary groups. Through partnerships with suppliers and contractors, we generated £12.7m in social value.
We’ve always said that we can’t do everything on our own, and the London Food Insecurity Network is a great example of partnership working. During the year, we worked with The Felix Project and HACT to set up the group, whose ultimate goal is to ensure no social housing resident in London goes to bed hungry. It’s a broad coalition of housing associations, specialist food partners and providers who are working together to find new ways of addressing food inequality.
We’ve laid the foundations for our community investment activities for the next three years with our new Community Investment Strategy for 2024-27. It focuses on improving the health, wealth, and happiness of residents and those living in local communities. By listening, learning, and working collaboratively, we aim to create meaningful change and inform our local approach.
We know that the coming year will continue to bring its share of challenges. But I would like to take this opportunity to thank residents and communities, and reassure them that we’ll continue to work tirelessly with them to create vibrant, sustainable places where people truly want to live.
## Helen Edwards
**Chair**
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## Review by **Stephen Burns**
Executive Director of Care, Inclusion and Communities
“We continue to support people to help themselves, providing access to funding and learning support so they can improve their skills and boost their income.”
This review covers a period of significant change for the Peabody Community Foundation. Following the merger with Catalyst, we are a larger organisation but working to maintain a local focus. We’re getting closer to residents and communities to understand what they genuinely need and we are working in partnership to provide support and advice that makes a real difference.
While we maintain a strong focus on individual needs, we also understand the broader context. Peabody residents and their homes are not isolated from the wider communities they reside in. We use the context of a place-based approach to help us to think about the relationships within and between the local areas and communities we work in. This allows us to maximise our impact, making the most of our expertise, skills, and resources to deliver the best possible outcomes for everyone.
The successes highlighted in this report are a direct result of the dedication and hard work of my colleagues at the Peabody Community Foundation, for which I am both proud and deeply grateful. At the heart of our efforts is an unwavering commitment to building a resilient, inclusive, and thriving community. Thanks to the generosity of our donors and supporters, the dedication of our volunteers, and the collaboration of our partners, we’ve made significant strides in fostering positive, sustainable change.
The challenges faced by residents and communities haven’t changed, and neither has our aim. Our mission is to drive positive change, removing barriers to employment and improving health and wellbeing standards for residents and those living in local communities. We continue to support people to help themselves, providing access to funding and learning support so they can improve their skills and boost their income. It is vital that we respond to ongoing circumstances and proactively seek to support individuals to achieve their full potential. Our work centres on partnerships and we foster a collaborative environment where we listen, learn, and make decisions together. By tapping into the skills and passions of local people, we aim to create meaningful, lasting change.
In this report, we reflect on the milestones of the past year, share stories of the people we’ve had the honour to work with, and outline our vision for the future. I invite you to join us in celebrating our progress and looking ahead to the work that we still plan to do.
## Stephen Burns
**Executive Director of Care, Inclusion and Communities**
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## **Our vision and** key goals
People are at the heart of everything we do. We provide support and advice to help residents and communities make a difference themselves. We do this by listening and learning, making decisions together, and helping residents to use their own skills and passion to shape and drive change.
Our work is focused on three priorities of helping residents become healthier, wealthier and happier. We maximise our impact by looking at communities as a whole and working with residents to deliver what they need. By addressing more than one issue at a time, we’re able to make the best use of our resources and assets, ensure we deliver value for money, and learn from our own experiences.
## **Healthier**
We support wellbeing, helping people to thrive physically, mentally and emotionally.
## **Wealthier**
We tackle poverty and inequality, supporting people to become financially resilient.
## **Happier**
We help people to feel connected to, and involved in, their communities through local activities and programmes.
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## Healthier **Helping local communities live well**
Being healthy is not just about food and exercise. It’s also about your wellbeing – how you feel emotionally, mentally and whether you feel socially connected. This can impact how you feel about yourself, your life, your surroundings and those around you. And because of this, the health and wellbeing of residents and those living in local communities is paramount.
During the year, we worked with a wide range of local and national partners to help improve the health and wellbeing of residents and communities. Here are some of the things we supported:
- **Sharing ideas:** As many as 90 residents, some of them children, came to our Green Spaces co-design event at Open Havelock in Ealing to share their ideas about what the new landscaped garden area could look like. This helped engage new community members and increase the profile of the community space.
- **Getting people moving:** A new Park Run on the Thames Path and cricket sessions in partnership with Platform Cricket helped get people moving in Thamesmead. While in West Reading, more than 6,400 people walked, cycled and wheeled nearly 80,000 miles over a six-week period as part of Beat the Street, a joint initiative with Intelligent Health UK, Reading Walking Tours and Sport in Mind.
- **Tackling loneliness:** The Connecting Thamesmead programme supported residents to set up their own groups, including an LGBTQ+ group and a chess group, aimed at helping people feel less lonely and isolated.
- **School holiday activities:** Primary school children from vulnerable families across Bexley and Greenwich took part in holiday activities at several Thamesmead community spaces, including the Moorings Sociable Club and the Nest. The children, from some of the boroughs’ most vulnerable families, enjoyed a range of creative, sports and social activities, as well as getting a free hot meal.
- **Channelling skills:** People at the Southall Day Centre Sewing Club donated nearly 100 hand-made bags to cancer patients at Northwick Park hospital.
- **Better mental health:** Our PeerUp digital lifestyle website offers a range of health and wellbeing resources to help maintain good mental and physical health.
- **Sharing information:** Revive and Thrive North Kensington, a community event held in partnership with Morley College, Kensington and Chelsea Social Council, Volunteer Centre Kensington and Community Living Well, provided residents with wellbeing advice.
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Community acupuncture helps manage pain
Imogen, an NHS worker and resident of Cygnet Square, Thamesmead, is offering free acupuncture sessions in the local community after seeking help from the Community Properties team.
In December 2023, Imogen, a recently qualified acupuncturist, was struggling to find local space to set up her alternative healing sessions. After hearing that Peabody’s community spaces were available for hire, she enquired about the space at the Nest in Thamesmead.
Peabody offered her free space for six weeks. During this time, she worked with the Communities team to build her network in the alternative therapy community and get professional advice on how to make money to keep the project going.
Imogen’s free community acupuncture sessions are a great hit with local people. Imogen runs these alongside regular paid sessions.
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Counselling helps stop overwhelming feeling
Jon (name changed) felt he didn’t know who he was any more. He couldn’t trust people and was struggling to maintain healthy relationships. In the past, he’d had mechanisms to help him cope when he felt overwhelmed but over the past year they’d stopped working.
Over the course of 12 sessions with Bexley Counselling Matters, Jon was able to understand how the abuse he’d received from his primary caregiver had affected his relationships with others. The sessions helped him to build trust for the first time. Jon even brought personal items, such as paintings and journals, to the sessions – things he couldn’t remember being comfortable sharing with anyone for a long time.
During the sessions, the counsellor worked with Jon to establish some coping mechanisms related to his interests of painting, music and journaling. This helped him feel safe. Now, whenever Jon feels overwhelmed or anxious, he uses these to stop him from “feeling like a wave is coming over him”.
Access to counselling is very limited locally, so places like Bexley Counselling Matters provide a very valuable service. Positive Steps, the Thamesmead support and advice service, refers local people to the service. Of those referred, 95 percent say their overall wellbeing improved after attending the sessions.
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## Wealthier **Supporting opportunities to connect and learn**
- **Supporting future career paths:** Thirty young people on the YouthBuild programme received tips on how to write CVs and act in an interview. YouthBuild Ventures provides construction industry training for 14-to-25-year-olds who are at risk of being, or already are, socially excluded or young offenders. Thirteen participants from the most recent training programme have already found jobs or apprenticeships. A further four have secured labouring jobs on Peabody developments.
Financial resilience is an important part of life. But it’s something that’s hard for many people. By giving people better access to education, training opportunities and business support, they are able to broaden their horizons and achieve their goals.
• **Providing support:** More than 100 local people received childcare qualifications after taking part in our Childcare Accreditation programme supported by BNP Paribas.
During the year, we worked with a wide range of local and national partners. We combined funding, skills, experience and resources to offer the widest possible range of services, support and opportunities to residents and those living in local communities. Here are some of the things we supported:
- **Helping businesses grow:** During the year, 237 local
businesses received support, training and advice from our Business Forums. We helped 61 enterprises trade at the Thamesmead Festival and created opportunities for a further 56 businesses. The monthly Business Forum brings together partners, business owners, founders, entrepreneurs and business support experts to build connections and share business ideas and tips. There are also enterptise grants and the opportunity to use Peabody commercial space if needed.
• **Gaining qualifications:** People of all ages in Hackney and Waltham Forest studied for a wide range of qualifications, including GCSEs, A Levels and first aid certificates, with partners such as Clean Slate, the Asante girls’ project and Hackney Laces.
- **Supporting entrepreneurs:** Eight Lambeth-based entrepreneurs under the age of 30 attended a 12-week business support programme run by YEA!, the Young Entrepreneurs Alliance. They each received more than 70 hours of support made up of workshops, mentoring and networking sessions, as well as the chance to pitch to a panel of industry experts for £2,000 of seed funding.
- **Finding the root cause of issues:** Research carried out in partnership with Flourishing Futures found that young people living on Brent’s three biggest social-housing estates were struggling to find a fulfilling career due to lack of awareness and career advice. Knowing this, we can now better support these young people.
## Supporting community groups to make a difference
The Social Innovation Fellowship, supported by Wells Fargo, worked with nine grassroots organisations to help them find ways to make a difference in their communities. Of those nine, six received £10,000 each to test their approach and support long-term change.
**• Mafia Weekend (Make a film in a weekend)** – uses digital storytelling and film-making to build community and individual skills.
- **Parent Power** – works with diverse communities, particularly refugee families, to support child development and educational attainment in South East London.
- **People Arise Now** – supports youth and community programmes in West and South London.
- **Shadow to Shine** – offers work experience and mentoring opportunities to young people in Westminster.
- **Spark Charity** – provides work experience opportunities, both in school and in the community, for young people in West London.
- **Turn Your Light On (TYLO)** – works with schools in Wandsworth to celebrate diversity and inclusion, and to ensure that children from diverse backgrounds have access to role models and can celebrate their culture.
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## Apprenticeship gives timely insight into actual job
Less than a year into her apprenticeship in Construction Site Management, Sabrina Modest is working as Site Supervisor Apprentice at Holloway Park, Peabody’s 985-home development on the site of the former Holloway Prison.
Sabrina loves the fact that every day is different and that she’s getting on-the-job experience that she wouldn’t get from going to university. “I decided to be an apprentice because it was a good route for me to get into construction management and learn new skills, with on-the-job training and not leaving university in debt,” she says.
As well as providing new homes and new community and commercial space, the Holloway Park regeneration will provide 51 apprenticeships for local people, nearly a third of which specifically aimed at women. According to Sabrina, an apprenticeship is a great way to get a thorough insight into what a job entails rather than committing to a long and expensive university course and then finding out that maybe it’s not for you.
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Nature inspires young people’s film content
Nature is important for a lot of different reasons. And community group Mafia Weekend believe that if you combine it with storytelling, it can help to reconnect communities. So, 13 young Londoners put the theory to the test. Working closely with Mafia Weekend, they created their own content inspired by their experience of the TUMP 53 Nature Reserve in Thamesmead. The film programme, which included creative writing workshops, physical warm-ups and discussion circles, was a pilot to test new approaches and processes.
It was run in partnership with Backyard Nature and Thames Water with support from the Social Innovation Fellowship with the aim of co-designing opportunities for young people to access nature and their imaginations.
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## Happier **Delivering what’s right for each community**
Happiness is about feeling content and connected in your own space. It makes us better people and in turn, affects the lives of everyone around us. We work with partners and other local organisations to empower residents to get involved in their communities. We help them access funding, so together we can deliver what’s right for each community and encourage everyone to feel more connected and hopefully, happier.
During the year, we distributed grants worth more than £220,000 to grassroots community groups.
- **Thamesmead Community Fund:** Helped 22 local community groups and partners to deliver a range of cultural and community projects that benefited local residents. Eight local people helped decide how the grants were awarded.
- **Make it Happen Fund:** Administered by Islington Giving with our support, the fund awarded grants of up to £500 to local people to fund things that they felt benefited their community. One example is Urban Forest Tribe, which provides outdoor education sessions for children with special educational needs.
We’re also acutely aware of the important role community hubs have to play in building happy and healthy communities. During the year, Pembury Community Centre in Hackney held a wide range of regular activities, including:
- Sewing classes and an upcycling programme led by locals who attended previous sessions as students.
- The Changing Places Project, which aims to improve the wellbeing of people of African and Caribbean heritage diagnosed with Type 2 Diabetes at High risk.
- Educational classes run by local group Kumon.
- A wide range of new voluntary community groups and programmes (VCSEs), such as Tutors United, the Dao Lu programme, and a family games night.
- New Ages Programme, a series of exercise classes for women.
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Bingo hits the spot again in West London
Long-time resident Barbara Claxton has reignited the beloved bingo tradition at the Old Oak Community Centre and shown how residents can shape local spaces.
The previously popular bingo sessions were forced to stop during Covid lockdowns. But with the support of the Community Investment team in North West London, Barbara, a regular visitor to the community centre, managed to get them running again.
She’s now even working to set the group up as a self-sufficient, volunteer-run organisation. To do this, they’re opening their own bank account and applying for funding from Hammersmith & Fulham Council.
The bingo revival is a great example of how, with the right support, a community’s resilience and the power of residents can help shape local spaces.
- **Black History Month (BHM) 365 Fund:** Working with A2Dominion Housing Group and Metropolitan Thames Valley Housing, the fund provides grants of up to £1,000 for events, activities and projects celebrating Black history.
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## Southall Day Centre provides much-needed lifeline to local residents
Mrs M, 77, is a regular at the Southall Day Centre and believes it has changed her life. As someone who struggles to get around and suffers from several chronic conditions, she used to feel very isolated, lonely and sometimes, depressed. She now visits the centre most weeks, joining in with the women’s social group, exercise classes, yoga and parties.
Mrs M says she feels happy, more positive and is living the life she wanted. She’s made new friends, which has helped her wellbeing, and the exercise and yoga has improved her ability to walk, her flexibility and relieved the pain in her leg. She’s even sleeping better, is less anxious, more confident and alert.
And she’s not the only one who feels they’ve benefited from what the centre has to offer. Someone who joins in with the yoga class told one of the centre’s coordinators: It’s “only because of you we are alive”.
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## **How we** work
Local communities are built on their own skills and passions. We focus on community assets and strengths rather than problems, and we’re experts at getting people involved.
## **Co-creation and making decisions with residents**
## **A community-powered place**
By focussing on the specific needs of individual areas, we are able to speak with residents and the people who live and work in local communities. We work with local authorities and other key stakeholders to identify shared priorities to maximise co-investment in joint programmes and services that benefit residents.
• In Westminster, we engaged with the council’s plans around place-making for a fairer Westminster in Pimlico North and worked with community partners, housing associations and the council to develop a strategic plan in line with what residents had told us.
We know that communities have different needs and priorities. So, we listen to local residents to ensure they’re involved.
• In Ealing, we worked closely with the council and wider community to ensure our Open Havelock project can flourish. By aligning our work more closely with Ealing Council, we’ve been able to take a joined-up approach to reducing the impact of anti-social behaviour, such as rough sleeping, on the Havelock Estate.
- We launched our Resident-Led Panel made up of nine residents chosen for their motivations, expertise, commitment and aspirations to support resident engagement at Peabody.
• In Islington, we supported the borough’s Fairer Together strategy and co-chair the South Locality Leadership group. We also support of the Make It Happen Fund, a residents’ small grants scheme, and contributed to a coalition of housing associations supporting Help on Your Doorstep’s Good Neighbours Scheme.
- In Lewisham, the Parkside Residents’ Collective, a group of local people from the estate, are working with us and the wider community to design and deliver programmes and activities together.
- In Hackney, Pembury Talks, a steering group made up of 11 residents, is helping inform our programme of community development activities.
• In Tower Hamlets, we co-founded a consortium of five Housing Associations working in the borough who all co-invest in the Life Chances Fund. The fund improves residents’ access to services in the borough.
• At Open Havelock in Ealing, 65 adults and 25 children shared ideas about what the new landscaped garden area could look like at our Green Spaces co-design event. Through this event, we were able to engage new community members and raise the profile of the community space.
## **Partnerships and** social value
We aim to develop productive sustainable relationships with organisations who have a deep understanding of communities, people and a shared common purpose. This means we can better target resources, increase our impact and amplify good practice.
## **Productive sustainable partnerships**
## **Delivering more social value**
During the year, we continued to develop local, regional and national partnerships which maximise the value of our assets and resources and bring skills, services and funding to our communities.
- In Southwark, we worked with Clarion on their Resilience Programme to develop and build local grassroots organisations or startups. We also worked with Southwark Council’s COVID-19 Impact and Prevention Group to award grants to promote health and wellbeing within the community. Our partnerships include, Step Now, HACT’s Ageing Better Network, United St Saviour’s, Walworth Living Room, Hatch and TEDI – London.
During the year, we created £12.7m of social value through our new social value policy. Following a successful year-long pilot, in 2023 we introduced the policy, which requires all new procurement contracts over a certain threshold to contain a 20 percent social value weighting. As well as bringing more value to our communities through our spending decisions, it also helps ensure we’re working with like-minded organisations.
- In Tower Hamlets where our homes are spread out, we’ve been improving residents’ access to services jointly investing in specific geographies.
- In Lewisham, the local team has been working with Lewisham Local, other Housing Associations and Lewisham Council.
- We’re a member of various anchor networks across our regions, mainly led by local authorities including Islington, Lambeth, Southwark, Greenwich, Bexley, Lewisham, Wandsworth, Hackney, and Ealing. We work collaboratively with other organisations in each area, including the Department of Work and Pensions (DWP), local colleges, universities and large employers.
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Peabody Elves bring festive cheer
In December, Peabody colleagues helped distribute more than 500 food and toy vouchers to residents and community members to help make the festive period a little bit easier for some households. In addition, they delivered 61 hampers to Peabody care and support schemes, hostels and refuges.
The annual appeal is possible thanks to the generous support of many of our supply chain partners. Peabody colleagues use their Peabody Promise Volunteer days to help spread the joy.
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## A centre refresh
In March, colleagues from Wates, one of our repairs contractors, worked with some of their own suppliers and subcontractors, including Rope Access in London, Build Recruitment, and Skilled Careers, as well as Peabody colleagues, to repaint the main hall in Peabody’s Unity Centre. Across two days, over 30 volunteers filled cracks and holes, sanded and prepped walls for painting and gave the much-loved main hall a fresh face. Graphenstone Paints UK donated low-carbon paint and Travis Perkins provided other materials.
The centre supports a diverse community in Brent who regularly rent the hall space for events, parties and for community organisations to offer advice and other services. Support from partners like Wates is essential to make sure the centre is a valued resource for communities to come together and flourish.
## Community properties **Spaces and places connecting people**
During the year we worked with partners and residents to provide a broad range of free and low-cost activities in the heart of our communities.
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Safe spaces
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We have just under 100 community centres, 16 of which are managed by resident-led committees and 15 leased to community partners. We also provide easy access to grants, as well as ongoing support, to make sure initiatives achieve their potential. The activities include:
- Health and mental wellbeing sessions.
- Children’s activities, including youth clubs and play schemes.
During the year we’ve been trialling a new initiative to provide safe spaces for those who are suffering from domestic abuse and need a safe and secure space. By providing access to a safe room, with a phone and laptop, we can ensure they are able to contact whoever they need for confidential advice and support. Working closely with the Domestic Abuse team, we’ve been trialling the safe spaces in Pembury, Hackney and Unity Centre, Brent.
- Food projects.
- Projects tackling social isolation.
## **More community space**
We opened two new community spaces, Dee Space in Reading and Burridge Gardens, at St John’s Hill Clapham. Both new facilities now host a range of free and low-cost activities for residents. In addition, Tachbrook Community Centre reopened after a two-year major repair programme and two centres in North London run by management committees, the Calcott Centre and Cumberland Market, have also reopened following much-needed refurbishments.
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It’s all self-defence and smiles thanks to Arch C
Question: What do you get if you have a local martial arts group with nowhere to train and an empty local facility with no one using it?
Answer: The perfect new home for a local martial arts group. And this is exactly what’s happened in Bexley.
With no permanent home, training for members of the Rising Phoenix Academy was proving difficult and training sessions in the park were often thwarted by the great British weather. The lack of consistency and a sense of effectively being homeless, was particularly upsetting for some members with additional needs. So, when local members told them that Arch C at The Link community hub in Thamesmead had been empty since the pandemic, the group jumped at the chance to move in, believing it would give them the sense of belonging they needed.
And that’s what’s happened. All the members love the new space, and the coaches say the routine and consistency of classes has made a positive impact to all the sessions. Speaking about the first session in the new space, the coach said: “They were all literally smiling from ear to ear. They couldn’t believe how light and spacious it was - this was a real proud moment for us as a club.”
We’re letting the academy use Arch C for free for a few months while the number of people attending their sessions increases. In return, children and young people can join some of the classes for free.
It’s a win-win for all as martial arts is very popular amongst children and young people. As well as learning self-defence skills and gaining confidence, it also helps increase their fitness and practice their social skills.
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Youth programme helps provide a sense of belonging
There’s more than meets the eye to the activities run by the Pembury Youth Programme.
For 12-year-old Dana*, the programme is a constant in her life. When she’s worried about school or exams, she can go to Pembury and forget her worries.
“I come here basically every day,” she says. “It’s like my second home. I enjoy being myself here.”
Dana’s been taking part in a range of activities run by the programme for the past six years, including creative school holiday programmes and the Asante Programme for girls and young women. The programme has helped her through her transition from primary to secondary school and been a vital pillar of stability and consistency in her life where she can escape pressures at school.
*Name changed
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## Influencing
Our ambition is to create more long-term sustainable solutions to the challenges we face, testing and developing new approaches to influence policy changes across the sector. Everything we do has our residents and customers front and centre.
## **Creating change**
In partnership with The Felix Project and HACT we launched the London Food Insecurity Network (LFIN). It brings together G15 members, food providers and partners to explore a strategic and collaborative response to food inequality across London with an ambitious aim of ensuring that no social housing resident in London goes to bed hungry.
Its first major collaboration was the Winter Markets Project, which brought together communities across London. The markets offered a warm and welcoming environment where people could fill their baskets with fresh and store cupboard ingredients. The winter markets were welcomed by residents, with one saying it hadn’t only helped them “massively financially”, but also mentally, as “chatting to people in the queue really cheered me up too”.
With the Network we are tackling the increasing trend of food inequality by supporting food waste reduction charity, the Felix Project. We’ve worked closely with other housing associations, Hyde and Clarion, and our supply chain partners to contribute £118,500 to help the Felix Project deliver free surplus food to our food projects and pantries across London.
Looking ahead, the LFIN is developing a blueprint for the role that housing providers can take in tackling food insecurity and creating sustainable communityled solutions. The Network’s first collective impact report showcases its work and shares learnings across the sector and beyond.
## **Peabody Index**
We use an evidence-based approach to develop knowledge and insight and deliver our strategy. This includes a focus on listening, understanding and responding to our residents and communities. Our Peabody Index gives us a detailed insight into the lives of our residents. It gives us hard figures and facts to help influence our decision making and calls for policy changes. For example, the most recent Index published in December 2023, found that 46 percent of the residents questioned described their finances as ‘difficult’. It also showed that the proportion of residents describing their household finances as either ‘healthy’ or ‘about ok’ is the lowest since we started the Index in 2018.
**Members of the LFIN held 76 Winter Markets across London:**
- Distributing 35 tonnes of food (enough for 80,000 meals).
- Fruit and vegetables made up 55% of the deliveries.
- The financial value of the food and the saving to residents was £120,000.*
*Annual survey of redistribution organisations in the UK: 2022 update | WRAP
This emphasises the importance of investing in our financial inclusion and support teams so they can provide residents with the right advice to help improve their finances.
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## Looking ahead
## **Impactful sustainable relationships**
As we look ahead to the coming year, our aim remains the same – to deliver the greatest possible value for communities and help people become healthier, wealthier and happier.
We know we can’t achieve our goals alone, so we work together with local authorities, housing associations, government and other partners to build relationships and drive value for residents and local communities.
As a member of the G15 group of housing associations, of which Peabody’s CEO, Ian McDermott, became vice chair in June 2023, we share ideas and learn from our peers. We’re also able to speak with one voice and represent housing associations across London in key debates. Our ongoing involvement with HACT’s Centre of Excellence in Community Investment also enables us to promote the importance of community investment and bring together other organisations to share and develop ideas.
## **A place-based approach**
We know that the high cost of living poses challenges for everyone and that more than anything, residents and community members want to feel listened to and that the issues they raise are addressed. Our local focus means we’re well placed to find out what each neighbourhood really needs, and work together with partners, local authorities and other community stakeholders to have a positive impact.
## **Our Community Strategy**
Our Community Strategy 2024-27 focuses on people. It sets out how we help residents and communities to help themselves by listening and learning, making decisions together, and giving them the support they need to shape and drive meaningful change. But it also looks at the bigger picture, and how we can maximise our impact and channel investment, skills and resources into local communities.
We partnered with New Local, an independent think tank focused on community power, for their annual conference. This brought together hundreds of organisations all focused on placed-based and resident-led approaches to improving services.
## **Here for everyone**
We know the benefits diversity brings and are committed to creating an inclusive organisation where everyone feels valued, respected and empowered. Our ongoing culture programme, informed by feedback from stakeholders, is shaping priorities for the future and we’re sharing these across both the organisation and in local communities to make sure we deliver what’s right for everyone.
The strategy sets out how we’ll help build strong communities where people have many ways to have a say about where they live and the services they receive. By combining our experience and resources with residents’ skills and passion, we’re confident we can help people flourish.
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## Partners
## **We would like to thank the following**
## **Trustees, Directors and Advisors**
(The Trustees are also the Directors of the Company)
for their valuable support in 2023-24
A2 Dominion London Borough of Lambeth Addison Lee London Borough of Lewisham Advanced Building Ltd London Borough of Southwark Amalgamated Lifts London Borough of Tower Axis Hamlets BNP Paribas London Borough of Waltham Boostworks Forest Bow Arts London Borough of Westmister London Community Foundation Catalyst London Economic Action Charlton Athletic Community Foundation Partnership London Funders City Hall Regeneration Fund City of Westminster London South East Colleges Mama Haven
Clarion Housing Group Clifford Chance Mary Minute Trust Cook for Good Mayors Fund for London Department of Work and Mulalley Pensions Durkan National Lottery Community Fund Dolly Parton Imagination Library New Economics Foundation East London Business Alliance New Local EEM Purdy Contracts Ltd Film Fixer Ravensbourne University Greater London Authority Reading Borough Council HACT Renaisi Harmony Royal Borough of Greenwich Help on Your Doorstep Royal Borough of Kensington HS2 and Chelsea Hyde Royal College of Music ID Verde Saltash Enterprises Ltd Imperial College Seville Development Ltd Islington Giving Skyway Jigsaw Conferences KBH Haus Smart Works Kinovo Group Society Links Kundukala Southall Alliance L&Q Spark Charity Lightside Sport England Lloyd Park Children’s Charity Sureserve Fire and Electrical LMAC Group Ltd Sustrans London Borough of Bexley Systems Link 2000 London Borough of Brent TBrown Group London Borough of Ealing Tectonic London Borough of Hackney The Aspen Institute London Borough of Hammersmith The Chandran Foundation and Fulham The Felix Project London Borough of Islington The Housing Forum
The Leys CDI
The South East London Chamber of Commerce
The University of Manchester Think Events London TSG Building Services Tutors United Trees UK of Bromley Topcoat United Charities in Hammersmith and Fulham United Living VINCI Facilities
Voluntary Action Islington Waterways Children’s Centre Wates Wells Fargo Westminster Bangladeshi Association Winckworth Sherwood Youthbuild Ventures UK Young Ealing Foundation Young Brent Foundation Your Local Pantry
Helen Edwards, Chair Peter Baffoe Shreya Hewett Karima Uba Amiri Mbarak Catherine O’Kelly Katharina Winbeck Deidre Moss (resigned 18 September 2023)
**Executive Director Care, Supported Housing and Inclusion** Stephen Burns
**Director of Community Strategy, Fundraising and Partnerships** Sahil Khan
**Secretary** Sarah Cameron
**Company No** 01267728 (Registered in England and Wales)
## **Charity No**
271731 (Registered in England and Wales)
## **Registered Office**
45 Westminster Bridge Road, London, SE1 7JB
## **Banker**
Coutts & Co., St Martins Office, 440 Strand, London, WC2R 0QS.
## **Auditor**
KPMG LLP Suite 23, BLOCK Royal William Yard Plymouth PL1 3RP
## **Solicitor**
Trowers & Hamlins, 3 Bunhill Row, London, EC1Y 8YZ
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## **Meet our Trustees**
## **Helen Edwards**
Chair (from Sep 2023) Peabody Board member since July 2016 and a PCF Board member since September 2016. Helen served as Deputy Permanent Secretary and Director General at The Ministry of Housing, Communities and Local Government’s (formerly the Department for Communities and Local Government). Previous roles included Director General of Justice Policy at the Ministry of Justice and Chief Executive positions at the National Offender Management Service and Nacro, a national social justice charity. Helen is a non-executive Director at South London and the Maudsley NHS Trust.
## **Peter Baffoe**
Board Member Peter joined the Peabody Board as a resident Board member in May 2018 and the PCF Board in September 2018. He is currently the Executive Director of the South London Mission, a charity based in Bermondsey, South London. He is a Trustee of Southwark and Deptford Methodist Church. He is also a Trustee of the Maudsley Charity, a charity that supports work around mental health across 4 London boroughs. He is a School Governor at a Peckham primary school acting as the Link Governor for equalities and curriculum. Having been born and raised in Southwark, London.
## **Shreya Hewett**
Board Member Shreya joined the PCF Board as resident Board member in January 2021. Shreya Hewett is co-founder of GRASP, a children’s health and hygiene brand launched in 2021. As a Hackney resident for the last eight years and the mother of three young children, she is passionate about community engagement and early years development, particularly in crosscultural settings. Shreya has a BA in History and Economics from the University of Oxford, and a background in economic policy output and financial technology.
## **Karima Uba Amiri Mbarak**
Board Member Karima joined the PCF Board as resident Board member in November 2020. Karima is Senior Public Finance Accountant at Richmond and Wandsworth Councils. She has a wide range of accounting experience including treasury, statement of accounts and
managing audit relationships. Karima is an advocate for strengthening youth engagement. She established an award-winning mental health community project called ‘Keeptlking’ in 2018 to encourage young people from an ethnic minority background to challenge taboos surrounding mental health.
## **Catherine O’Kelly**
Board Member Catherine became a Family Mosaic Community Foundation Board member in February 2016 and she joined the PCF Board in November 2017. She is the Managing Director of British GasEnergy. Catherine has held senior positions at Centrica plc including Managing Director of Centrica’s Irish subsidiary, Bord Gáis Energy. Catherine’s career has focused on the energy industry, including international energy strategy with consultancy Booz & Company, and low carbon energy policy design at the UK’s Carbon Trust.
## **Katharina Winbeck**
Board Member Katharina joined the PCF Board as resident Board member in May 2021. Katharina is passionate about social fairness, specialises in social and environmental science and has delivered policies, projects and programmes in London with a place based and whole system approach over the past
20 years. She currently holds the position of strategic lead for transport and environment policy at London Councils and has previously held positions with Transport for London, the Audit Commission, the London Boroughs of Tower Hamlets & Lambeth and the NHS.
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## Financial review **2023-24**
## **Financial performance**
The Charity has reported an overall surplus of £20k for the year ending 31 March 2024 (2023: £250k surplus). The majority of the Charity’s funding is receivable from Peabody, with the level agreed during the Group annual budgeting process. The Charity adapts its operations to ensure that outcomes can be maintained within a fully funded balanced budget. For 2024, the level of expenditure was lower than originally planned in the budget, whilst the intra Group funding remained, this is due to the timing of community projects and staff vacancies. As at 31 March 2024, the Charity had reserves of £34.2m (2023: £34.2m).
## **Section 172 Statement**
The Trustees are aware of and acknowledge their responsibilities to promote the success of the Charity for the benefit of its stakeholders as a whole, in accordance with s172 of the Companies Act 2006. When fulfilling responsibilities in accordance with s172 the Trustees have regard to what is in the best interests of the Charity and what is in the best interests of the Peabody Group (the “Group”) including the matters set out in section 172(1)(a) to (f).
The Charity’s key stakeholders are set out in the earlier sections of this report, including other charities, Local Authorities, community groups, volunteers, residents and other beneficiaries of the Charity’s services and private sector partners. The Group Annual Report and Accounts (the “Group Accounts”) provides further details of the Group’s key stakeholders. The Trustees have engaged with beneficiaries and community partners, as key stakeholders of the Charity. Engaging with these stakeholders helps the Trustees to manage the Charity’s principal risks and has encouraged the Charity’s Board of Trustees (the “PCF Board”) to move toward a place-based approach. This involves a greater focus on collaboration and co-creation for the greatest impact, instead of direct delivery, with an initial focus on Thamesmead, Waltham Forest, Hackney, Islington, Southwark and Lambeth.
The Trustees consider the likely consequence of any decision in the long term in accordance with the strategic objectives of the Group as set out in the Group Accounts and in line with the Charity’s goals to build engaged and active communities, boost incomes, develop skills and aspirations, and improve mental and physical health, within the budget and risk capacity agreed by the PCF Board. The Trustees also adopt the Group’s approach to environmental, social and governance (“ESG”) matters. By adopting the values and culture of the Group in the decisionmaking process the Trustees are confident that the Charity demonstrates positive engagement with
stakeholders, a reputation for high standards of business conduct and its commitment to long term, sustainable success and accordingly to Trustees’ compliance with s172.
## **Sustainability statement**
The Charity, as a wholly owned subsidiary of the Group, aligns its activities and strategic priorities with those adopted by Peabody, including the Sustainability Strategy 2023-26.
Relevant objectives in our sustainability strategy include:
- Net zero carbon in our day-to-day operations by 2030
- Build green, healthy, and sustainable communities where residents and nature can thrive together
- Provide value-for-money for the organisation and residents
Peabody is committed to ESG practice, and had an integral part in instigating the Sustainable Reporting Standard for Social Housing (SRS) and will continue to play a role in developing the SRS.
In 2022 Peabody undertook its first materiality assessment, and full carbon footprint (Scopes 1,2 and 3) which has helped inform our group business plan and sustainability strategy. In April 2024 Peabody published further detailed emissions data resulting from our operations.
For the third consecutive year Peabody has been accredited with the certified sustainability housing label (by Rittenwald), Frontrunner status was achieved in social and governance sections, with ambassador status for the environmental dimension.
The Charity will continue to play a role in the development of appropriate reporting criteria to best demonstrate Peabody’s positive impact on its communities.
On 8 February 2022 Peabody published its Sustainable Finance Framework (SFF) which we are looking to update in 2024-25. The objectives of the SFF are closely linked to the SRS and include:
• Placemaking and projects to improve green spaces and public realm, helping to make a positive difference for health and wellbeing.
- Projects to support residents and community partners delivering wide-ranging programmes aimed at children and young people.
- Providing dedicated personal support designed to prevent or alleviate unemployment and low pay amongst Peabody residents.
Further information about Peabody’s sustainability practices can be found in the Group Annual Report and Accounts, available online at the Group’s website (www.peabodygroup.org.uk) and will shortly be published in Peabody’s fourth SRS document.
## **Principal risks and uncertainties**
The risks specific to the Charity are monitored regularly by the PCF Board and take into account the environment in which the Charity operates as well as the Group’s risk appetite. They are not unexpected and are typical of the sector:
- Failure to maintain an effective health and safety environment to protect the people, processes and the buildings in which we operate.
- Non-compliance with regulations for protecting information and people.
- Not safeguarding vulnerable people using our services.
- Failure to ensure robust contract management and
- financial control procedures.
- Failure to invest in existing properties to meet legal and regulatory standards and sustainability goals
- Mismanagement of organisational change, poor systems and data, or non-compliance with processes and policies.
- Failure to deliver a cultural shift with more involvement of our beneficiaries and community partners in decision-making on service improvement and local plans.
If not managed effectively these risks can result in negative financial, reputational, or operational performance impacts, regulatory intervention, or significantly harm people. Risks are managed continually, and actions are identified and implemented to mitigate risks. The PCF Board provides regular oversight of the risks and mitigating actions. Key controls in operation this year include:
- Colleague training on Group procedures and specific training for services and having safeguarding reporting processes in place. Training includes Health & Safety, Data Protection and Safeguarding.
- DBS checks for staff and Fire Risk Assessments and Health & Safety inspections of community centres.
- Reporting of incidents of non-compliance to the Health & Safety Committee and the Safeguarding Panel for corrective action.
- Local area plans to cater to local needs and support local partnerships, with an engagement model in place.
- Monitoring of key financial information and a continued drive to achieve value for money.
The Charity benefits from the Group’s frameworks and processes for overall risk and safety of facilities.
The impact of the principal risks and uncertainties affecting the Company, as set out above, continue to be carefully monitored and considered. The Peabody Board and the PCF Board are confident they can meet their responsibilities to residents whilst also meeting Peabody’s and the Charity’s financial obligations.
The Trustees Report provides further information on future plans at page 41.
Further analysis of the key strategic risks faced by Peabody and its subsidiaries and associated risk mitigation are provided in the Group Accounts which can be found at www.peabodygroup.org.uk.
## **Governance**
The Trustees’ Report, pages 38 to 41 and the Accounts provide details on compliance with applicable law and regulations and the National Housing Federation (NHF) Code of Governance (2020 edition).
By Order of the PCF Board
## **Chair**
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## Trustee’s annual report **2023-24**
The Directors of Peabody Community Foundation are the Trustees of the Charity. The Trustees present their report, together with the audited financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard Applicable in the UK and Republic of Ireland (September 2015) (“FRS 102”), the Charities SORP (FRS 102): Accounting and Reporting by Charities Statement of Recommended Practice (“the SORP”), the Companies Act 2006 and the Charities Act 2011.
## **Objectives and principal activities**
The Charity is a community development organisation operating in Greater London and its surrounding areas. It focuses on sector-leading community programmes which make a real difference to Peabody Trust’s (Peabody) residents and their communities. Peabody is committed to continued investment in community programmes. Plans are included within the Peabody Group (the “Group”) Strategy 2023-2026. The Strategic Report pages 2 to 41, which forms part of the Annual Report, outlines the Charity’s objectives, activities and also covers performance for the year ended 31 March 2024. In setting our objectives, planning our activities and monitoring our services, the Charity’s Board of Trustees (the “PCF Board”) has given careful consideration to the Charity Commission’s general guidance on public benefit and the Trustees can confirm that the Charity has met this criterion.
## **Trustees**
Particulars of the Trustees who served on the PCF Board during the year and subsequently are set out on pages 33 and 34.
The Trustees are covered by the Group’s directors’ and officers’ indemnity insurance policy.
## **Regulatory framework**
The Charity is a wholly owned subsidiary of Peabody. During the year to 31 March 2024, Peabody and its principal subsidiaries (including the Charity) applied the principles and provisions of the National Housing Federation (‘NHF’) Code of Governance for housing associations (2020 edition), (the ‘NHF Code’).
The PCF Board has been briefed on requirements and guidance from the Charity Commission and relevant charity law. The Peabody Board and the PCF Board take their responsibilities under regulation and relevant good practice guidance very seriously and have taken appropriate steps to help ensure compliance with the requirements set out in charity law. Peabody and its subsidiaries are committed to
transparent and timely communication with regulatory authorities and other stakeholders. Peabody is rated as A3 (stable) by Moody’s and A- (negative) by Standard & Poor’s (Global Rating).
## **Roles of the Trustee Board and Committees**
The Peabody Board has overall responsibility for Group strategy and management. During the financial year ended 31 March 2024, there were nine Group committees: Audit and Risk Committee, Communities Committee (which has overlapping membership with the PCF Board), Resident Experience Committee (previously Customer Experience Committee), Development Committee, Finance and Treasury Committee, Nominations and Remuneration Committee, Thamesmead Committee, Care and Support Committee and Asset Management Committee.
The PCF Board has adopted the Group Governance Framework including delegations to Group Committees. These Committees support and are accountable to and report to the Peabody Board and the PCF Board. The Communities Committee meets at the same time as the PCF Board and has delegated authority from Peabody Board to provide strategic oversight of community investment and community development activities within the Group. Descriptions of the work of this and other Committees can be found in the Group Accounts.
Peabody has demonstrated its commitment to good governance and robust arrangements proportionate to the Group’s size and complexity together with a continued focus on improving compliance culture. Further information in relation to the governance framework for the Group is set out in the Group Accounts.
The Peabody Board is accountable for the system of risk management and the internal control framework in place for the Group and for reviewing their effectiveness. Risk is monitored, managed and mitigated in order to minimise, for example, the likelihood and impact of financial loss, compromised service delivery, damage to our reputation or noncompliance with law or regulation. The Group’s approach is that risk can and should be taken to achieve our business objectives, provided that it is justified and actively managed. The Peabody Board keeps the corporate structure under review, while managing risk, delivering quality services to residents and others, and making sure the Group has both the capacity and capability to deliver its vision.
PCF Board members sit on the Communities Committee (the “Committee”), which meets alongside the PCF Board. The Committee exercises delegated
authority as defined in the Group Governance Framework in relation to the following:
- Provision of strategic oversight of community investment and community development activities within the Group whilst supporting Peabody’s strategic objective of helping people flourish by making a positive difference to the communities we serve.
- Designing and developing the Communities and Peabody Community Foundation’s Strategy in partnership with the Peabody Executive, prior to recommendation to the Peabody Board.
- Scrutinise and oversee the delivery of the Community Investment Strategy Monitoring the performance of the Group’s community activities, including partnerships, direct impact on beneficiaries and on wider communities.
- Making recommendations to the Peabody Board in relation to major proposals.
- Monitoring internal controls and matters with significant implications for the beneficiaries of the Group’s community work.
## **Board recruitment, induction and training**
Deirdre Moss completed her service as Chair of the PCF Board and PCF Board Member in September 2023. The PCF Board expressed its thanks to Deirdre for her leadership and guidance during her tenure. Peabody Board member, Helen Edwards, was appointed as Chair of the PCF Board and Communities Committee by Peabody Trust from September 2023.
All members have access to the advice and services of the Charity’s Secretary.
New members undergo an induction programme to ensure they have sufficient knowledge and understanding of the activities of the Charity, Peabody and the sector within which we operate. The programme forms part of the ongoing development of board members skills and learning and includes:
- Briefing sessions on governance, strategy, finance and risk management, housing services and community investment.
- Information relating to current issues within the sector and those specific to the Charity and the Committee.
- Meeting individually with the Chair of the Charity
- Meeting with key members of management, including Executive Directors and Heads of Services, and other key personnel.
- Training opportunities such as attending webinars and industry briefings.
• Provision of key governance documents as part of an induction pack comprising operating regulations, incorporation documents, Peabody’s Code of Conduct, terms of reference as well as Group strategies and policies relevant to the specific role.
- Visibility of, and an opportunity to comment on, Committee packs and meeting minutes.
New members also participate in visits to build a deeper understanding of Peabody homes and services as well as community schemes and initiatives and meet Peabody colleagues and residents.
## **Board effectiveness**
In 2023 the Peabody Board commissioned an independent Governance review to consider the Group Governance arrangements after the merger of Peabody Trust and Catalyst Housing Limited. The review made a number of recommendations related to simplifying governance and corporate structures, strengthening resident insight and accountability and enhancing oversight of Peabody’s culture.
The Peabody Board endorsed the findings of the independent Review and agreed to move forward with the proposals to simplify governance, corporate structures and ways of working which is due to come into effect from the end of December 2024. The Governance arrangements for the PCF Board have been considered as part of this review. The work of the Communities Committee will be undertaken by other committees in the Peabody’s governance structure as of January 2025. Due to the work taking place to implement the Governance review an assessment of Board Effectiveness will be undertaken in 2024/25.
## **Trustees’/Directors’ interests**
None of the Trustees held any beneficial interest in the Charity, its parent undertaking or any of its fellow subsidiaries during the year, except in the case of the resident Trustees, Peter Baffoe, Shreya Hewett, Karima Uba Amiri Mbarak and Katharina Winbeck in their capacity as residents of the parent undertaking. Their legal agreements with Peabody in relation to their homes are on the same terms and conditions as those of other equivalent residents. In their relationship with Peabody as tenants or shared ownership leaseholders (as appropriate), they cannot employ their position as a board or committee member to their advantage. In October 2023 the Nomination and Remuneration Committee agreed Katharina Winbeck would continue her role as an independent member of the PCF Board and Communities Committee as she is no longer a Peabody resident. Some Trustees sit on other boards and committees in the Group, as disclosed on page 40.
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## Trustee’s annual report **continued**
PCF Trustees are not entitled to pay by the Charity. However, members of the PCF Board who fulfil other responsibilities in the Peabody Group, receive pay for those roles as set out in the table below. The remuneration each individual received is determined in accordance with the Peabody Board and Committee Member Pay and Expenses Policy (for more information see the Group Accounts). Full disclosure for each role as at 31 March 2024 is provided in the table below:
**----- Start of picture text -----**
Remuneration of non-executive Communities Peabody board Committee only
Committee members level of pay level of pay
Peter Baffoe (1) 18,500
Helen Edwards (2) 18,500
Shreya Hewett 7,500
Deirdre Moss (3) 14,124
Katharina Winbeck 7,500
**----- End of picture text -----**
- 1) Peter Baffoe serves as a member of the Peabody Board, the Chair of the Resident Experience Committee and member of the Communities Committee. The remuneration shown in the table represents his role as Peabody Board member and Chair of Resident Experience Committee.
## **Stakeholders, sustainability and transparency**
The Group (including the Charity) continues to exercise a strategic approach to influencing by building relationships with a range of stakeholders and policymakers. These include representatives of local, regional and national government; Peabody’s funders and regulators; and delivery partners from a number of sectors. This engagement also feeds into the work of representative bodies such as the G15 Group, the NHF and the Chartered Institute of Housing, to influence policy decisions in the sector.
- 2) Helen Edwards also serves as a member of the Peabody Board, the Audit and Risk Committee, the Chair of Care and Support Committee and the Committee. The remuneration shown in the table represents her role as Peabody Board member and Chair of Care and Support Committee and Communities Committee.
This approach has helped Peabody to deliver on its strategic goals and achieve the social purpose expressed through its mission statement. An example of this is in Thamesmead, where the strength of Peabody’s relationships with stakeholders and its partnerships with the London Borough of Bexley, the Royal Borough of Greenwich, the Greater London Authority and Transport for London among others will underpin the success of the Thamesmead regeneration programme over the years to come.
- 3) Deirdre Moss stepped down from her role as Chair of Town and Country Housing and Chair of the Communities Committee and the PCF Board on 18 September 2023. Deirdre was extended as a member of the Peabody Board, the Thamesmead Committee and the Nominations and Remuneration Committee until 30 June 2024. The remuneration shown in the table represents her role as Peabody Board member.
Peabody is committed to being open and transparent in the way we conduct our business and interact with the Charity’s beneficiaries. Peabody believes in being accountable for its actions, spending and performance, by demonstrating how it delivers value for money. The Group publishes information about its priorities, strategic goals and performance and how it utilises resources on its website. Specific information about the Charity’s work is available on request, except, for example, for legal reasons or on the grounds of data protection, personal confidentiality, commercial confidentiality or practicality.
Not all PCF trustees decided to accept pay for their other roles in the Peabody Group and non-executives mentioned in the table above were all paid by Peabody Trust and receive no remuneration from the Charity for serving as trustees. Catherine O’Kelly elected not to receive pay as a Communities Committee member.
## **Future plans**
Notwithstanding the principal risks and uncertainties set out on page 37, the Charity will continue to invest in community programmes as outlined in the Looking ahead section on page 31.
## **Statement of going concern**
The PCF Board has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months after the date on which the report and financial statements are signed. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
Consideration of going concern is further documented in note 2.3 of these financial statements.
## **Reserves policy**
The reserves policy is adopted by the PCF Board and sets out designated reserves including Deferred Consideration and Fixed Assets together with the Operating Reserve. The Charity’s Reserves Policy is to maintain sufficient level of reserves to enable normal operating activities to continue over a period of up to 2 months (the equivalent of approximately £1.5 million) should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time. The Charity’s free operating reserves, which are defined as those reserves which are not committed, restricted or designated, totalled £5 million at the year end, higher than the minimum level set by Trustees.
## **Internal controls and risk management**
The Peabody Board is accountable for its system of risk management and the internal control framework and for reviewing their effectiveness. The system of risk management and internal control is designed to monitor, manage and mitigate the risk of failing to achieve business objectives. It can only provide reasonable, not absolute assurance against material misstatement or loss. The system of risk management and internal control also exists to give reasonable assurance about the reliability of financial and operational information and the safeguarding of Peabody’s assets, services and interests.
The Group Audit and Risk Committee provides oversight of the Group’s system of risk management and internal control on behalf of the Peabody Board (as the parent company for the Peabody Group) and the PCF Board and regularly reviews its effectiveness. The Group’s arrangements in respect of the system of risk management and internal control cover the Charity.
## **The risk review process**
During the year, the Peabody Board and the Group Audit and Risk Committee focused on ensuring that a robust risk management framework was in place across the Group. There is a programme to keep all risks and the mitigating controls under regular review via cyclical reports to the Group Audit and Risk Committee and reports at least twice yearly to the Peabody Board. The Group has 11 key risks outlined in its risk register which was approved by the Peabody Board on 25 May 2024. These risks are set out in the Risk section of the Strategic Report in the Group Accounts.
## **Statement on Internal Controls Assurance –**
## **Peabody Group**
The Group’s arrangements in respect of the system of risk management and internal control cover the Charity and are set out in detail in the Group Accounts.
The Peabody Board has delegated to the Audit and Risk Committee the regular review of the effectiveness of the Group system of internal control, whilst maintaining ultimate responsibility for the system of internal control. The Audit and Risk Committee reviewed the effectiveness of the system of internal control in existence in the Group for the period commencing 1 April 2023 up to the date of approval of the Group Accounts, and the annual report of the internal auditor and reported to the Peabody Board that it found no significant weaknesses in the system of internal control.
## **External auditor**
KPMG LLP will pursuant of section 487 of the Companies Act 2006, be deemed to be reappointed and will therefore, continue in office.
## **Disclosure of Information to Auditor**
The Trustees who held office at the date of approval of this annual report confirm that, in so far as each of the Trustees is aware:
- there is no relevant audit information of which the Charity’s auditor is unaware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Charity’s auditor is aware of that information.
By Order of the PCF Board
## **Helen Edwards**
Chair
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## Statement of Trustees’ responsibilities **in respect of the Trustees’ annual report and the financial statements**
The trustees are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.
In preparing these financial statements, generally accepted accounting practice entails that the trustees:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
- use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Independent auditor’s report **to the Trustees of Peabody Community Foundation**
## **Opinion**
In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charitable company’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.
We have audited the financial statements of Peabody Community Foundation (“the charitable company”) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Statement of Financial Position and related notes, including the accounting policies in note 2. In our opinion the financial statements:
Our conclusions based on this work:
- we consider that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- we have not identified, and concur with the trustees’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for the going concern period.
- have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charitable company will continue in operation.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charitable company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
## **Fraud and breaches of laws and regulations – ability to detect**
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
## **Going concern**
The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charitable company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
- Enquiring of the trustees as to the parent, Peabody Trust’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
- Reading Board minutes.
- Using analytical procedures to identify any unusual or unexpected relationships.
**42**
**43**
## Independent auditor’s report **continued**
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because turnover is primarily a cash donation received from the parent with other revenue streams being low multiples of materiality, hence there being minimal opportunity to commit a material fraud.
We did not identify any additional fraud risks.
In determining the audit procedures, we took into account the results of our evaluation and performed procedures to identify journal entries and other adjustments based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts involving revenue and cash.
## Identifying and responding to risks of material misstatement related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the trustees (as required by auditing standards), and discussed with the trustee the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation, and we assessed the extent
of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Whilst the charitable company is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.
## Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
## **Other information**
The trustees are responsible for the other information, which comprises the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge.
## Based solely on that work:
- we have not identified material misstatements in the other information;
- in our opinion the information given in the Trustees’ Annual Report, which constitutes the strategic report and the directors’ report for the financial year, is consistent with the financial statements; and
- in our opinion those reports have been prepared in accordance with the Companies Act 2006.
## **Matters on which we are required to report**
## **by exception**
Under the Companies Act 2006 we are required to report to you if, in our opinion:
- the charitable company has not kept adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
## **Trustees’ responsibilities**
As explained more fully in their statement set out on pages 38-41, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/ auditorsresponsibilities.
## **The purpose of our audit work and to whom we owe our responsibilities**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Victoria Sewell (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor**
Chartered Accountants Suite 23, BLOCK Royal William Yard Plymouth PL1 3RP 18 November 2024
**44**
**45**
## Statement of financial activities
For the year ended 31 March 2024
||**Note**|**2024**|**2024**|**2024**|2023|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total funds**|Total funds|
|||**funds**|**funds**|||
|||£’000|£’000|£’000|£’000|
|**Incoming resources**||||||
|Donations and legacies|3.1|7,408|97|7,505|6,509|
|Income from charitable activities|3.2|969|515|1,484|1,081|
|**Total incoming resources**||**8,377**|**612**|**8,989**|**7,590**|
|**Resources expended**||||||
|Cost of charitable activities|4.1|(9,521)|(516)|(10,037)|(8,215)|
|Pension scheme exit|16|(720)|-|(720)|-|
|**Total resources expended**||**(10,241)**|**(516)**|**(10,757)**|**(8,215)**|
|Investment income|5|1,061|-|1,061|879|
|Interest payable|5|(10)|-|(10)|(6)|
|Other income||-|-|-|9|
|**Net income for the year**|**6**|**(813)**|**96**|**(717)**|**257**|
|Actuarial gain/(loss) on defned beneft|16|737|-|737|(7)|
|pension schemes||||||
|**Net income/(expenditure) for the year**||**(76)**|**96**|**20**|**250**|
|**Total comprehensive income**||**(76)**|**96**|**20**|**250**|
|Fund balances brought forward||33,809|416|34,225|33,975|
|**Fund balances carried forward**|**15**|**33,733**|**512**|**34,245**|**34,225**|
The accompanying notes form part of these financial statements.
All amounts are derived from continuing activities.
There were no recognised gains and losses other than those stated above.
No corporation tax was payable by the Charity for the year ended 31 March 2024 (2023: £nil).
## Statement of financial position As at year ended 31 March 2024
||**Note**|**2024**
2023
£’000
£’000|
|---|---|---|
|**Non-current assets**|||
|Tangible fxed assets|9|13,990
13,221|
|Debtors due more than one year|10|21,014
18,213|
|||**35,004**
**31,434**|
|**Current assets**|||
|Debtors|11|942
2,218|
|Cash and cash equivalents||2,200
2,462|
|||**3,142**
**4,680**|
|**Creditors:**amounts falling due within one year|12|(3,687)
(1,680)|
|**Net current (liabilities)/assets**||**(545)**
**3,000**|
|**Total assets less current liabilities**||**34,459**
**34,434**|
|**Creditors:**amounts falling due after one year|13|(61)
-|
|Defned beneft pension scheme|16|(153)
(209)|
|**Net assets**||**34,245**
**34,225**|
|**Funds**|||
|Restricted funds|14|512
416|
|Unrestricted funds|14|33,733
33,809|
|**Total funds**||**34,245**
**34,225**|
The accompanying notes form part of these financial statements.
These financial statements were approved by the PCF Board of Trustees on 11 November 2024 and were signed on its behalf by:
## **Helen Edwards**
Chair
**46**
**47**
## Notes to the **financial statements**
## **Legal status**
## **1.**
Peabody Community Foundation (“the Charity”) is a registered charity and a company limited by guarantee. In the event of the Charity being wound up, liability in respect of the guarantee is limited to £1 per member of the Charity.
## **2. Accounting policies**
## 2.1. Basis of preparation
These financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice, comprising Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (‘FRS 102’) and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ as revised in 2019 (‘the SORP’), together with the reporting requirements of the Companies Act 2006, the Charities Act 2011. It also requires Group management to exercise judgement in applying the Group’s accounting policies.
The Charity is a public benefit entity.
The financial statements are presented in sterling (£).
The Charity’s ultimate parent undertaking, the Peabody Trust, includes the Charity in its consolidated financial statements. Financial statements of Peabody Trust are available from the Secretary at 45 Westminster Bridge Road, SE1 7JB.
In these financial statements, the Company is a qualifying entity and has applied the following exemptions available under FRS 102, that require:
- a statement of cash flows and related notes, and;
- key management personnel compensations disclosures.
The principal accounting policies adopted in the preparation of these financial statements are set out in the relevant notes to these financial statements. Accounting policies not specifically attributed to a note are set out below.
## 2.2. Judgements in applying accounting policies and key sources of estimation and uncertainty In preparing these financial statements, the members of Peabody Community Foundation have made the following key judgements
- Tangible fixed assets are depreciated over their useful economic lives. The actual lives of assets and residual values are assessed periodically and may vary depending on a number of factors, such as technological innovation, product life cycles and maintenance programmes. Residual value
## assessments consider issues such as future market conditions, the remaining life the asset and projected disposal values.
## • The valuation of defined benefit pension schemes
has been carried out by qualified actuaries based upon assumptions. While key assumptions used in the valuations are based upon published information, there is a degree of judgement involved in selecting the most appropriate financial valuables for each scheme.
## 2.3. Going concern
The Peabody Community Foundation’s Board, after reviewing the Charity’s budgets for 2024/25 and the Group’s medium term financial position as detailed in the 30-year business plan, are of the opinion that, taking account of severe but plausible downsides, such as inflation and interest rate rises and reducing stakeholder’s household incomes, the Charity will have sufficient funds to meet its liabilities as they fall due for a period of 12 months from the date of approval of the financial statements.
The trustees therefore continue to adopt the going concern basis in preparing the annual financial statements.
## 2.4. Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, deposits and short-term investments and overdrafts with right of set off.
## 2.5. Value Added Tax (VAT)
The Charity is a member of the Peabody Trust’s VAT Group. The Group is partially exempt in relation to VAT, and accordingly can recover from HM Revenue & Customs part of the VAT incurred on expenditure. The Statement of financial position includes VAT recoverable and payable at the year end. The Charity includes irrecoverable VAT in the Statement of financial activities.
## 2.6. Taxation
The Charity is exempt from income and corporation tax to the extent that its income and gains are applicable for charitable purposes only.
## 2.7. Winding up or dissolution of the charity
If upon winding up or dissolution of the Charity there remain any assets, after satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the Charity.
## **3. Incoming resources**
## **Revenue grant**
Grants receivable income, where related to performance and specific deliverables, is accounted for as the Charity earns the right to consideration by its performance.
All incoming resources are accounted for in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. Income from charitable activities is accounted for on a receivable basis.
Where income is received in advance of performance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, the income is accrued.
In accordance with the Charities SORP 2019, grants received in advance and specified by the donor as relating to specific accounting periods or
alternatively which are subject to conditions which are still to be met, and which are outside the control of the Charity or where it is uncertain whether the conditions can or will be met, are deferred on an accrual basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts.
## 3.1. Donations and legacies
||**Unrestricted**|**Restricted**
**Total**|2023|
|---|---|---|---|
||**funds**|**funds**||
||**£’000**|**£’000**
**£’000**|£’000|
|Intra group donations – Peabody|7,223|-
7,223|6,293|
|Other Donations|185|97
282|216|
||**7,408**|**97**
**7,505**|**6,509**|
**49**
**48**
## Notes to the **financial statements - continued**
## 3.2. Income from charitable activities
|3.2. Income from charitable activities|||||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|2023|
||**£’000**|**£’000**|**£’000**|£’000|
|Connecting Young Hackney|-|50|50|50|
|Community Champions|-|-|-|40|
|Community Fund (iWill)|-|-|-|29|
|Maternity Champions|-|100|100|60|
|Public Health Southwark Council|-|-|-|51|
|Shaping Healthier Thamesmead RBOG|-|126|126|9|
|Contribution to the VCS Research (Bexley)|-|-|-|7|
|LBWF Public Health Unit|-|-|-|6|
|Superzones|-|54|54|-|
|Other grant income|-|185|185|157|
||**-**|**515**|**515**|**409**|
|Trading Income|969|-|969|643|
|Other Charitable Income – Moorings Club|-|-|-|29|
|**Total incoming resources from charitable**|**969**|**515**|**1,484**|**1081**|
|**activities - 2024**|||||
|Total incoming resources from charitable activities - 2023|677|404|1081||
**4. Resources expended** Expenditure is accounted for on an accrual basis and classified under headings in the accounts that aggregate all costs related to the category. Irrecoverable VAT is included in the expense item to which it relates.
Charitable activities – some resources expended, including staff costs, are apportioned across different categories of expenses, where appropriate, on the basis of time incurred on the projects.
Grants payable are charged in the year when the offer is conveyed to the recipient, except in cases where the offer is conditional, such grants being recognised as expenditure when the conditions are fulfilled. Provisions are only provided for on contractual liabilities which exist at the balance sheet date.
## 4.1. Cost of charitable activities
||**Direct costs**|**Support costs**|**Total**|2023|
|---|---|---|---|---|
||**£’000**|**£’000**|**£’000**|£’000|
|**Charitable activities**|||||
|Building capacity of group and individuals|1,519|224|1,743|3,251|
|Children, young people & families|1,111|164|1,275|1,779|
|Employment and employability|3,280|482|3,762|769|
|Improving sports|313|46|359|497|
|Community cohesion|459|67|526|1,615|
|Other charitable activities|2,050|302|2,352|285|
||8,732|1,285|10,017|8,196|
|**Governance**|||||
|Staf costs|-|9|9|9|
|External audit and legal fees|-|11|11|10|
||-|20|20|19|
|**Total resources expended**|**8,732**|**1,305**|**10,037**|**8,215**|
||||||
|Total resources expended – 2023|7,025|1,190|8,215||
## 4.2. Support costs
Costs directly attributable to charitable activities are allocated to direct costs. Those costs not directly attributable are included in support costs. These include back-office costs, finance personnel, payroll and governance costs which support programmes and activities.
Support costs are apportioned based on the staff time incurred on each charitable activity.
||**2024**
**£’000**|2023
£’000|
|---|---|---|
||Administration costs
757
Staf costs
548|610
580|
||**1,305**|**1,190**|
**50**
**51**
## Notes to the **financial statements - continued**
## **5. Interest receivable and payable**
Interest receivable is recognised as interest accrues, using the effective interest method (that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).
Interest accruing between entities within the Peabody Group are charged at commercial rates.
||**2024**
**£’000**|2023
£’000|
|---|---|---|
|Interest from parent undertaking|**1,061**|879|
||||
|Interest cost on pension scheme|**10**|6|
## Termination benefits
Termination benefits are recognised as an expense when the Charity is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Charity has made an offer of voluntary redundancy and the cost can be reliably estimated. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
|**2024**
**No.**|2023
No.|
|---|---|
|**The average number of people employed during the year was:**
Charitable activities
125
Management, administration and support services
4|99
4|
|**129**|**103**|
## **6. Net income for the year before gains and losses**
Net income for the year before gains and losses is stated after charging:
||**2024**
**£’000**|2023
£’000|
|---|---|---|
|Depreciation on tangible fxed assets|**328**|311|
|Auditor’s remuneration|**27**|23|
|Pension costs|**292**|154|
## **7. Employee information**
## Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
## Defined contribution plans and other long term employee benefits
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts.
The increase in headcount in 2024 is in relation to the Advice and Wellbeing team that transferred into Charity as part of Catalyst Housing joining the Peabody Group.
||**2024**
**£’000**|2023
£’000|
|---|---|---|
|**Employee costs:**|||
|Wages and salaries|4,941|3,706|
|Social security costs|528|394|
|Pension costs|292|154|
|Other employee costs|70|14|
||**5,831**|**4,268**|
The Charity’s staff are employed under Peabody Group contracts and the salary costs are recharged under an intra group service level agreement.
Obligations for contributions to defined contribution pension plans are recognised as an expense in the Statement of Comprehensive Income in the periods during which services are rendered by employees.
## Defined Benefit Pension Scheme
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Charity’s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted.
Regular valuations are prepared by independent professionally qualified actuaries. These determine the level of contributions required to fund the benefits set out in the rules of the fund and allow for the periodic increase of pensions in payment. The current service cost of providing retirement benefits to employees during the year, together with the cost of any benefits relating to past service, cost of curtailments and settlements are charged against the operating surplus in the year. Actuarial gains and losses are recognised in the SOFA.
**52**
**53**
## Notes to the **financial statements - continued**
The numbers of employees who received remuneration (excluding pension contributions) in excess of £60,000 per annum are stated below in bandings of £10,000:
|
per annum are stated below in bandings of £10,000:||
|---|---|
||**2024**
2023
**£’000**
£’000|
|Emoluments of higher paid staf within the following scales were:||
|£60,001 - £70,000|9
2|
|£70,001 - £80,000|6
1|
|£80,001 - £90,000|3
1|
|£90,001 - £100,000|1
-|
|£130,001-£140,000|-
-|
|£150,001 - £160,000|1
-|
||**20**
**4**|
The earnings for the Charity’s key management personnel for the year were £572k (2023: £385k), with pension contributions of £25k (2023: £14k), and benefits in kind totalling £4k (2023: £2k).
**8. Trustees’ remuneration and expenses** During the last financial year, non-executive members of the Communities Committee received remuneration from Peabody Trust. The Corporate Governance section of the Trustees’ Annual Report (Remuneration of nonexecutive Communities Committee Members) discloses information for the financial year 2023/24.
During the year Trustees claimed expenses £34 for travel, subsistence and incidental expenses in the year (2023: £40). During the year the Charity paid £281 (2023: £281) for Trustees’ indemnity insurance through Group Insurance policy.
## **9. Tangible fixed assets**
Tangible fixed assets are included at cost less depreciation, which is provided on a straight-line basis over the expected useful economic lives of the assets as shown below.
|IT equipment|3 - 4years|
|---|---|
|Ofce equipment|5 - 10years|
|Freehold land and buildings|50years|
|Leasehold land and buildings|Over lease term|
Depreciation is charged on the above assets from the month of purchase until the month of disposal.
Expected useful lives are reviewed periodically to ensure they are still appropriate, and benchmarking is carried out with other housing associations to ensure they are in line with sector good practice. Assets which are no longer economically viable are written down.
||**Freehold land**|**IT Ofce &**|Total|
|---|---|---|---|
||**and buildings**|**equipment**||
||**£’000**|**£’000**|£’000|
|**Cost**||||
|At 1 April 2023|15,698|681|16,379|
|Additions|352|745|1,097|
|At 31 March 2024|16,050|1,426|17,476|
|**Depreciation:**||||
|At 1 April 2023|3,017|141|3,158|
|Charge for the year|313|15|328|
|At 31 March 2024|3,330|156|3,486|
|**Net book value**||||
|At 31 March 2024|**12,720**|**1,270**|**13,990**|
|||||
|At 31 March 2023|12,681|540|13,221|
All assets are held for charitable purposes. The Big Lottery Fund holds a charge over Harrow Manor Way for £5 million. The Football Foundation has a charge for £1m over land at Thamesmead Football Club.
## **10. Debtors due in more than one year**
|**10. Debtors due in more than one year**||
|---|---|
|**2024**
**£’000**|2023
£’000|
|Deferred consideration
14,114
Loan to parent company
6,900|14,713
3,500|
|**21,014**|**18,213**|
The deferred consideration has arisen on the sale of the Fixed Asset investment in Tilfen Land Limited, which was sold to the Charity’s parent company, Peabody Trust on 1 April 2014. The deferred consideration is payable in quarterly instalments over 30 years.
The monies loaned to the parent company have been invested in an interest-bearing notice account on the Charity’s behalf.
Freehold land and buildings represent properties acquired from Thamesmead Town on its demerger in April 2000, which were professionally valued by Chartered Surveyors on an existing use open market value basis at this date. The assets were subsequently transferred to Trust Thamesmead from its subsidiary during 2009 at their net book value. The Trustees have adopted the policy of holding freehold buildings at cost less accumulated depreciation and any accumulated impairment losses under FRS 102.
**54**
**55**
## Notes to the **financial statements - continued**
## **11. Debtors due in less than one year**
Current debtors are measured at transaction price less any provision for impairment.
A provision for bad debt arises when the debtor balance is 90 days or greater. The initial provision is a charge against the statement of financial activities but is then carried forward to a subsequent period. The debtors figure in the statement of financial position is adjusted to be presented ‘net of the provision’. Any increase or decrease in the provision in a subsequent period is debited or credited to the statement of financial activities. The write off of a specific bad debt is made in accordance with the Group Financial Regulations.
||**2024**
**£’000**|2023
£’000|
|---|---|---|
|**Amounts due within one year**|||
|Trade debtors|133|115|
|Amounts owed by other Group members|174|1,559|
|Prepayments and accrued income|5|-|
|Other debtors|31|5|
|Deferred consideration|599|539|
||**942**|**2,218**|
|Movement in deferred income:
**2024**
**£’000**|2023
£’000|
|---|---|
|Deferred income at 1 April
411
Amounts released from previous years
(411)
Incoming resources deferred in the year
439|462
(462)
411|
|**Deferred income at 31 March**
**439**|**411**|
## **13. Creditors: amounts falling due after more than one year**
|**13. Creditors: amounts falling due after more than one year**||
|---|---|
|**2024**
**£’000**|2023
£’000|
|Grants
61|-|
Amounts owed from other group members are trading balances repayable on demand and non-interest bearing.
Deferred consideration relates to the sale of investments in Tilfen Land Limited to the Charity’s parent company Peabody Trust on 1 April 2014. Sale proceeds are payable quarterly over 30 years. Peabody Trust has invested monies in an interest-bearing notice account on behalf of the Charity.
## **12. Creditors: amounts falling due within one year**
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
||**2024**
**£’000**|2023
£’000|
|---|---|---|
|Trade creditors|305|139|
|Amounts owed to other Group members|1,067|-|
|Other creditors|464|424|
|Accruals and deferred income|1,851|1,117|
||**3,687**|**1,680**|
Amounts owed to other group members are trading balances repayable on demand and non-interest bearing.
**56**
**57**
## Notes to the **financial statements - continued**
## **14. Funds**
Restricted funds – these are funds that have restrictions imposed by donors and can only be applied for the purposes specified by donors.
The construction and purchase of fixed assets with restricted funds are deemed to be satisfied once the construction or purchase has taken place and therefore these restricted fund balances are released to unrestricted general funds once the construction or purchase is complete unless the restriction is deemed to be on a permanent basis.
Designated funds – these are unrestricted funds which have been set aside by trustees for specific future purposes or projects.
General reserves – these are accumulated surpluses and deficits on unrestricted funds which can be used in furtherance of the general objectives of the Charity at the discretion of the trustees.
||**1 April**|**Incoming**|**Outgoing**|**Pension**|**Gains &**|**31 March**|
|---|---|---|---|---|---|---|
||**2023**|**Resources**|**Resources**|**scheme exit**|**(Losses)**|**2024**|
||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|
|Restricted funds|416|612|(516)|-|-|512|
|Unrestricted funds|33,809|9,438|(9,531)|(720)|737|33,733|
|**Total funds**|**34,225**|**10,050**|**(10,047)**|**(720)**|**737**|**34,245**|
|**Unrestricted funds**|||||||
|Designated funds|||||||
|Pitch resurfacing|235|223|(223)|-|-|235|
|Fixed assets|12,986|1,097|(328)|-|-|13,755|
|Thamesmead Community|15,252|1,061|(1,600)|-|-|14,713|
|**Total Designated funds**|**28,473**|**2,381**|**(2,151)**|**-**|**-**|**28,703**|
|**General funds**|5,336|7,057|(7,380)|(720)|737|5,030|
||||||||
|**Total unrestricted funds**|**33,809**|**9,438**|**(9,531)**|**(720)**|**737**|**33,733**|
||**1 April**|**Incoming**|**Outgoing**|**Transfers**|**Gains &**|**31 March**|
|---|---|---|---|---|---|---|
||**2022**|**Resources**|**Resources**||**(Losses)**|**2023**|
||**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|**£’000**|
|Restricted funds|910|441|(927)|(8)|-|416|
|Unrestricted funds|33,065|8,031|(7,288)|8|(7)|33,809|
|**Total funds**|**33,975**|**8,472**|**(8,215)**|**-**|**(7)**|**34,225**|
|**Unrestricted funds**|||||||
|Designated funds|||||||
|Pitch resurfacing|235|-|-|-|-|235|
|Fixed assets|12,844|453|(311)|-|-|12,986|
|Thamesmead Community|15,734|879|(1,361)|-|-|15,252|
|**Total Designated funds**|**28,813**|**1,332**|**(1,672)**|**-**|**-**|**28,473**|
|**General funds**|4,252|6,699|(5,616)|8|(7)|5,336|
||||||||
|**Total unrestricted funds**|**33,065**|**8,031**|**(7,288)**|**8**|**(7)**|**33,809**|
## **Designated Fund**
Pitch resurfacing During 2017 the Trustees agreed to set up a separate designated fund to cover the potential cost of resurfacing the pitches at the Sporting Club. During the year the fund was used for the pitch resurfacing (£223k), the fund was then re-designated back to the agreed level of £235k.
Fixed assets fund represents funds tied up in fixed assets less any associated grants received.
Thamesmead community fund represents funds from the sale of investment in Tilfen Land Limited to Peabody Trust on 1 April 2014, for the support of projects at Thamesmead.
## **15. Analysis of net assets between funds at 31 March**
||**Unrestricted**|**Designated**|**Restricted**
**2024**|**2023**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**
**Funds**|**Funds**|
||**£’000**|**£’000**|**£’000**
**£’000**|**£’000**|
|Fixed assets|-|13,990|-
13,990|13,221|
|Debtors due more than one year|6,900|14,114|-
21,014|18,213|
|Current assets|1,592|599|951
3,142|4,680|
|Creditors <1 year|(3,248)|-|(439)
(3,687)|(1,680)|
|Creditors >1 year|(61)|-|-
(61)|-|
|Net pension liability|(153)|-|-
(153)|(209)|
||**5,030**|**28,703**|**512**
**34,245**|**34,225**|
**59**
**58**
## Notes to the **financial statements - continued**
## **16. Pension commitments**
The pensions of employees of the Charity are administered through four schemes, two of which are defined benefit scheme and two defined contribution schemes.
The Charity participated in the London Pensions Fund Authority Scheme (LPFA) for those former employees who elected to join prior to 31 March 2008. The scheme had been closed to new entrants for some time and was closed to future accrual from 31 March 2020. As of 1 September 2023, The Charity has exited the LPFA scheme.
The Charity also has an ongoing liability for pension commitments under the Career Average Revalued Earnings scheme (CARE) which was closed to new entrants on 30 June 2015. Another defined contribution Career Average Revalued Earnings scheme was opened to entrants on 1 July 2015 and closed to new entrants 31 October 2015. A full triennial valuation was carried out at 30 September 2022. Deficit contributions to this scheme between 1 April 2024 to 31 March 2027 are £1,672,000 per annum.
Employees were also eligible to join a defined contribution retirement benefit scheme with Friends Life.
In October 2018 the High Court published its judgement on the case of Lloyds Banking Group and the equalisation of Guaranteed Minimum Pensions (‘GMP’) between genders. This has consequently been assessed against the Group’s defined benefit schemes. The impact of GMP Equalisation in respect of the LPFA and CARE schemes was recognised in the 2019/20 year. On 23 March 2021, the Government published the outcome to its Guaranteed Minimum Pension Indexation consultation, concluding that all public service pension schemes, including the LGPS, will be directed to provide full indexation to members with a GMP reaching State Pension Age (SPA) beyond 5 April 2021. This is a permanent extension of the existing ‘interim solution’ that has applied to members with a GMP reaching SPA on or after 6 April 2016.
The valuation assumption for GMP is that the Fund will pay limited increases for members that have reached SPA by 6 April 2016, with the Government providing the remainder of the inflationary increase. For members that reach SPA after this date, we have assumed that the Fund will be required to pay the entire inflationary increase. Therefore, our assumption is consistent with the consultation outcome and no further adjustments to the value placed on the liabilities was required in 2021/22.
The latest news on the Lloyds Banking Group court case involved a ruling that, in cases where a member exercised their right to a transfer value out of the scheme, the trustee had the duty to make a transfer payment that reflects the member’s right to equalised benefits and remains liable if an inadequate transfer payment had been paid. It is not yet known if, or how, this will affect our schemes and no allowances have currently been made.
In December 2018 the Court of Appeal ruled that ‘transitional arrangements’ protection in respect of benefit changes to the Judicial and Fire Fighter Pension scheme amounted to unlawful discrimination (‘McCloud case’). This applies to each of the Local Government Pension Schemes, including LPFA. The consultation closed on 8 October 2020 and a ministerial statement in response to this was published on 13 May 2021, however a full response to the consultation is still awaited. The impact of the findings will only be known after this process has concluded and a final set of remedial Regulations are published While an appropriate McCloud allowance has been measured to obtain the accounting results as at 31 March 2022, we do not believe there are any material differences between the approach underlying our estimated allowance and the proposed remedy. With a small proportion of active members and a salary increase assumption equal to (or less than) CPI, the impact of the McCloud judgement is likely to be negligible.
## Reconciliation of LPFA
|Reconciliation of LPFA||
|---|---|
||**2024**
**£’000**|
|As at 1 April 2023|-|
|Reversal of asset ceiling|720|
|Movement in present value of the defned beneft obligation|-|
|Movement in fair value of fund assets|-|
|As at 31 December 2023|720|
## LPFA Defined Benefit Scheme
On scheme exit, the plan asset value was £720k, as there will be no further reduced contributions or plan refunds, and our exit settlement was nil. PCF has recognised the following transactions on exit from the scheme:
|Amounts recognised in the Statement of Financial Activities in relation to LPFA scheme exit are:|**2024**
**£’000**|
|---|---|
|Pension scheme exit|(720)|
|Actuarial gain on defned beneft pension schemes|720|
|Net impact on the Statement of Comprehensive Income|-|
The pension cost has been treated as an extraordinary item in line with FRS 102 5.10B. In our judgement, this is a transaction that falls outside the ordinary activities of the Trust and pension exits are not common occurrences that happen annually. Therefore, we have chosen to disclose this as a separate line item on the Statement of Comprehensive Income.
Peabody Trust continues to meet its contractual obligations for unfunded benefits in the LPFA scheme, the amount paid in 2024 is £184,000 (2023: £172,000).
In 2023, Peabody Trust recognised the following in relation to LFPA.
|The estimated asset allocation for the LPFA scheme as at 31 March is as follows:|**2024**
**£’000**|2023
£’000|
|---|---|---|
|Equities|-|1,123|
|Target return portfolio|-|355|
|Infrastructure|-|242|
|Property|-|188|
|Cash|-|2|
||**-**|**1,910**|
These figures are prepared in accordance with our understanding of Financial Reporting Standard 102 (FRS102).
There are no comparatives to show as we have exited the LPFA scheme in the year.
**60**
**61**
## Notes to the **financial statements - continued**
The demographic assumptions are consistent with those used for the formal funding valuation as at 31 March 2023. The post-retirement mortality tables adopted were based on the Club Vita mortality analysis.
|The assumed life expectations are|**2023**|
|---|---|
|Retiring today – male|87.3|
|Retiring today – female|89.3|
|Retiring in 20 years – male|86.4|
|Retiring in 20 years – female|88.5|
|The major assumptions used by the actuary to value the liabilities of the scheme at 31 March|**2023**|
|under FRS 102 are:|**% per annum**|
|CPI increases|2.90|
|Salary increases|3.90|
|Pension increases|2.90|
|Discount rate|4.80|
The estimated duration of the Employer as at the accounting date, using the assumptions set out above is 14 years. The significant financial assumptions used are the discount rate, CPI and pension increases.
The demographic assumptions are consistent with those used for the most recent fund valuation, which was carried out as at 31 September 2022. The post-retirement mortality tables adopted are the S3NxA tables. These base tables are then projected using the CMI 2019 model, allowing for a long-term rate of improvement of 1.25% per annum, standard smoothing parameter of 7.0 and an initial addition parameter of 0.0% per annum.
|Statement of Financial Position as at 31 March:|**2024**|2023|
|---|---|---|
|Net LPFA pension position as at 31 March|**£’000**|£’000|
|Present value of the defned beneft obligations|-|1.190|
|Fair value of Fund assets (bid value)|-|(1.910)|
|Restriction to refect extent of surplus recoverable|-|720|
|Net LPFA defned beneft pension asset/obligation|**-**|**-**|
## **Career Average Revalued Earnings Pension Scheme**
The Charity also participated in the CARE pension Scheme, which was a funded multi-employer defined benefit scheme. This scheme was closed to new entrants on 30 June 2015. All Charity staff were transferred to the Peabody Group Personal Pension scheme.
The main benefits provided by the Scheme are:
It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The latest full actuarial valuation for the scheme was carried out at 30 September 2022. This valuation showed assets of £49.6m, liabilities of £57.1m and a deficit of £7.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:
## **Deficit contributions**
From 1 April 2024 to 31 March 2027: £1,672,000 per annum
(Payable monthly and increasing by 3.0% each year on 1st April)
The Charity’s share of the deficit funding contributions is £49,302 per annum payable in monthly instalments.
In addition to the deficit funding contribution, contributions are also required to be made in respect of the expenses of running of the Scheme. From 1 April 2024 the contribution required to the Scheme is £184,384 per annum (2023: £179,000 per annum) increasing on 1 July each year by 3% as required for Scheme administration expenses. The Charity’s share of these Scheme expenses is £4,700 per annum (2023: £4,560) payable in monthly instalments.
## **Employer Debt on Withdrawal**
The scheme is classified as a ‘last man standing arrangement’. Therefore, the Charity is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
The amount of employer debt on withdrawal was last calculated as £1,451,641 at 30 September 2018. The employer debt figures are calculated on the solvency - or buy out - funding basis.
Potential employer debt is treated as a contingent liability.
Reconciliation of opening and closing balances of the present value of the defined benefit obligation.
||**2024**
**£’000**|2023
£’000|
|---|---|---|
|Provision at start of period|209|263|
|Unwinding of the discount factor (interest expense)|10|6|
|Defcit contribution paid|(49)|(48)|
|Remeasurement - impact of any changes in assumptions|-|(12)|
|Remeasurement - amendments to the contribution schedule|(17)|-|
|Provision at end of period|**153**|**209**|
- A pension of one-eightieth of the member’s CARE for each year (and months proportionately) of pensionable service if contracted-out of the state scheme; or
- A pension of one-hundredth of the member’s CARE for each year (and months proportionately) of pensionable service if contracted-in to the state scheme.
**62**
**63**
## Notes to the **financial statements - continued**
Amounts recognised in the Statement of Financial Activities
|Amounts recognised in the Statement of Financial Activities|||
|---|---|---|
||**2024**
**£’000**|2023
£’000|
|Interest expense|10|6|
|Remeasurement – impact of any change in assumptions|-|(12)|
|Remeasurement – amendments to the contribution schedule|(17)|-|
|Total proft|**(7)**|**(6)**|
|Assumptions|||
||**2024**
**% per annum**|2023
% per annum|
|Rate of discount|4.95|5.18|
## **20. Post balance sheet events**
On 2 April 2024, Peabody Charitable Foundation acquired the assets, liabilities, and operations of Catalyst Housing Charitable Trust in a property and business transfer agreement. This is a Group reconstruction and has been accounted for in line with merger accounting under business combinations FRS 102 PBE34.75.
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
## **17. Contingent liability**
During 2021-22 the Charity received grants totalling £3.7m. £2.7m from the Peabody Trust and £1.0m from the Greater London Authority, for renovating Moorings Sociable Club. The Charity has a future obligation to return sums, to respective grantees on disposal of property. The timing of future disposal is uncertain, and the Charity has not included a provision for return of grants in these financial statements.
## **18. Ultimate parent undertaking**
The Company’s ultimate parent undertaking is Peabody Trust. This is the only entity in the Group that produces Consolidated Financial Statements. Peabody Trust is a charitable Community Benefit Society formed under the Co-operative and Community Benefit Societies Act 2014. Consolidated financial statements of Peabody Trust are available from the Company Secretary at 45 Westminster Bridge Road, London, SE1 7JB.
## **19. Related party transactions**
Related party transactions include the Charity’s transactions with the Parent entity, with fellow subsidiaries, associates, joint ventures and compensation paid to key management personnel. Key management personnel are senior management team, board members and their close family.
Compensation includes all employee benefits in exchange for services and consideration paid on behalf of Peabody in respect of goods or services provided to the entity.
During the year the following transactions took place between the Charity and its parent company, the Peabody Trust and subsidiary entities within the Group:
• Peabody Trust provided support services, finance, governance, IT, HR totalling £339k (2023: £339k), and recharged £5,836k (2023: £4,269k) of salary costs relating to Peabody staff working directly for the Charity.
- At year-end £174k was owed to PCF from other Group members (2023: £1,599k) (note 11).
• Peabody paid the Charity £1,325k (2023: £1,361k) as the year 10 payment in respect of the sale of Tilfen Land Ltd. £539k (2023: £539k) was charged against the deferred consideration debtor (note 10) with £786k (2023: £879k) being recognised as interest (note 5).
**64**
**65**
45 Westminster Bridge Road London SE1 7JB Tel: 0300 123 3456 peabody.org.uk