2025-03-31-accounts

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Peabody Community Foundation Annual Report and Accounts 2025

Working together to provide the right support in local communities

Who we are 2 Highlights 3 Foreword 4 Vision and goals 5 Key progress 6 PCF in action 9 Final word 15 Thank you 16 Meet the trustees 17 Financial review 18 Trustee’s annual report 20 Financials 28 �� statements

Who we are

The Peabody Group has a long history of investing in communities and in April 2016 set up Peabody Community Foundation (PCF) to bring together the Group’s community investment activities. Our team works in partnership with grassroots, local, and national organisations to develop programmes and provide support that meet the needs of local people. Together we help them become healthier, wealthier and happier.

In line with the whole of the Peabody Group, we are focused on doing what’s right for residents and working closely with them to provide support when they need it most. 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.

�� associations in the UK. It’s responsible for nearly 109,000 homes, with around 220,000 residents across London and the Home Counties. It also has around 25,000 care and support customers.

2024-5 Highlights

£9m invested

in communities.

11 local community groups awarded funding through the new Kerslake Community Award Fund.

30,000+ people supported

through projects and activities.

£200,000+ raised

for local communities through the Peabody Fun Run, Dragon Boats Race, and the annual Peabody Golf Day.

65,000+ hours

of free activities provided, including health and wellbeing projects, English classes, and tuition for primary school children.

£200,000+ in grants awarded to local communities.

1,200+ people

helped into work.

£10m+

of social value delivered.

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Foreword ��

Chair of PCF and Resident Experience Committee

Over the past year, PCF has continued to do what it does best, work alongside residents, partners, and local organisations to help people lead healthier, wealthier and happier lives.

The impact has been real and far-reaching. We supported more than 30,000 people through community programmes, helped over 1,200 people into work, and delivered more than 65,000 hours of free activities in local communities. And by working in partnership, we’ve delivered £10.4m of social value – that’s tangible social and economic improvements to people’s lives - showing what’s possible when we join forces with others who share our values.

These numbers tell a powerful story, but what sits behind them is even more important: meaningful relationships, shared purpose, and deep-rooted commitment to the people and places we serve.

This year, more than ever, we’ve seen how vital it is to be present, responsive, and rooted in local communities. Every day, we continue to witness the very real impact that the high cost of living is having on people’s lives, on their wellbeing, their resilience, and their opportunities. And that’s why the work of the foundation has never felt more important.

As a charity, we are committed to long-term investment in communities, and are passionate about helping people to thrive, not just get by. By staying close to residents and listening to what matters

to them, we’re able to deliver support that feels relevant, personal, and timely.

Residents have been given more space and power to shape the work we do, from local steering groups, to resident boards and events. This local, place-based approach is at the heart of Peabody’s wider mission, and PCF is leading the way in showing what that looks like in practice.

Thank you to everyone who’s played a part in this year’s success, our team of dedicated colleagues, local delivery partners, volunteers, and of course, the residents who trust us to walk alongside them.

Together, we’re building stronger, more connected communities, where people are not only supported in times of need but empowered to shape their own futures.

Peter

Vision and goals

How we work

We’re focused on how we can make things better for those living in local communities. We know that residents face a range of ongoing challenges, including barriers to employment, �� health and wellbeing, and our goal is to help them deal with these challenges and become healthier, wealthier and happier.

To do this, we must recognise what people need. So, like the wider Peabody Group, we’re working hard to improve the way we engage with residents to make sure we’re providing the right support in the right neighbourhoods.

Our Community Investment Strategy sets out how we aim to help residents and communities to help themselves by listening and learning, sharing power, and using their own skills and passion to shape and drive change. We tackle poverty and inequality �� people to get involved in local life through inclusive programmes and activities.

We also look at the bigger picture. We take a place-based approach to ensure we maximise our impact and make the best use of our resources and partnerships. We work closely with community groups, local authorities, and the voluntary sector

across 19 boroughs and towns organising funding, activities and support to help make things happen. Everything we do, we do with the aim of strengthening communities by stimulating growth, attracting new investment and improving local skills. We build meaningful and sustainable partnerships with organisations that share our commitment, and make sure that we deliver, monitor, and measure meaningful, long-term impact.

Healthier

We support wellbeing, helping people to thrive physically, mentally and emotionally.

Wealthier

We tackle poverty and inequality, supporting people to become ��

Happier

We help people to feel connected to, and involved in, their communities.

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Key progress Providing real benefits

microgrants to support resident-led activities, including a trip to the seaside for 144 people, and a partnership with Islington Giving and the Make It Happen Fund, which distributed £15,000 for local projects.

This past year has been about listening and using the experience of people that live in local communities to help shape our approach. We’ve improved how we do this, holding regular events where residents can have their say, such as resident board sessions and steering group meetings.

On the Palmer and King’s Cross estates in Islington, we adopted a neighbourhood approach, successfully engaging with more than 70 residents through pop�� regular community surgeries.

For example, residents in South London said they needed more targeted support for people with Special Educational Needs and Disabilities (SEND). �� disability-friendly training sessions at Sporting Club Thamesmead. We also provided funding so Ballers Academy in Southwark could deliver community sports programmes for all ages and abilities, including chair-based exercise classes in Walworth and youth camps in Rotherhithe.

Residents also told us that a lack of local childcare �� partnered with BNP Paribas to support 77 people to �� of potential childcare workers in local communities and relieving the pressure on working parents.

Meanwhile in North East London, we used feedback from more than 200 residents to help shape initiatives providing a range of new opportunities and experiences for local people. This included

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Key progress

Measuring our impact

The key to our success is making sure we deliver the support and services that people really need. To do this, we’re constantly reviewing the impact our work has on local communities. We look at the key outcomes and showcase �� case studies and stories that bring our work to life, alongside the data that highlights our progress.

Refurbishment brings new sports and extra income

The climbing equipment and apparatus at the Link, a community centre in Thamesmead, hadn’t been used for six years. So last year, it was removed and the space re-purposed into a large sports hall.

�� abilities and ages in the community, including some free spaces for Peabody residents. They’re also providing an income for the next three years, proving that by listening to what communities want, everyone ��

In October, we launched the Kerslake Community Award, a new grant programme honouring the legacy of Peabody’s former Chair, Lord Kerslake. The £40,000 annual fund will provide grants of up to £2,000 a year to support individual projects that help Peabody residents become healthier, wealthier and happier.

We run a network of around 100 community centres. During the year, we refurbished several of these with new kitchens and other facilities, re-opened three sites that had been closed since the pandemic, and helped attract more people to two previously underused spaces. These vibrant hubs host a wide range of resident and community-led activities, with 17 being managed directly by residents.

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Key progress Social value

We work with our contractors and suppliers to collectively create social value through our spending decisions so we can address more of the key issues faced by residents and those living in local communities. We’ve embedded social value targets in our large-scale contracts and engage with smaller partners to ensure that local communities �� for grassroots events, projects and volunteering opportunities.

�� in Battersea, South West London. This project is a partnership between the Commercial Properties and Economic Inclusion teams. Together, we’re �� to grow and build resilience and scale by using our

social value partners to help with things like legal support. Getting free advice on how to navigate �� commercial businesses.

At the Calcott Community Centre in Islington, working together was key to improving the local space for residents to enjoy. A long list of Peabody teams including the Community Investment, Social Value, Estate Services, Community Properties, and Landscaping teams worked with one of Peabody’s repairs contractors, Axis. Together, �� and accessible space for residents to use for recreation and community activities. Families and local people have welcomed the changes and are very pleased with how it now looks.

Created more than £10m in social value – useful and tangible ��

PCF in action Helping local communities to be healthier

Community-powered change

�� a big community lunch in the summer for dozens of people of all ages. Soon after, volunteers set up a new local community pantry and café to give local �� everyday essentials.

�� Community Hub. Councillor Valerie Morris-Cook described the pantry and café as a local solution to a national problem.

“A massive thank you to everyone who has worked so hard to create this welcoming space where residents can access essential, healthy food at lower prices,” she said. Thurrock is one of our key focus areas in Essex.

We supported the project together with the ��

Inclusive sport for families

More than 50 deaf and disabled children and their families attended an Inclusive Sports Festival organised in partnership with Access Sport at Sporting Club Thamesmead.

More and more people are coming to the sessions for children with Special Educational Needs & Disabilities (SEND) and their families in Greenwich and Bexley, and the positive impact on the health and wellbeing of the individuals and their families is clear.

Speaking about the sessions, one parent said their child “really loved it”.

It was really great to meet a �� going forward. It was a lovely environment because I didn’t have to worry about his safety.

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35,600kgs

of food delivered

£94,500

estimated value of food saved

Helping London eat well for less

�� many people, we are continually looking for ways to help. One of those is through our work on the London Food Insecurity Network (LFIN).

Through our partnership with HACT, the Felix Project, and other G15 housing associations, we’re taking collective action, working towards a London where good food is never wasted and no social housing resident goes to bed hungry. Over the winter, the LFIN helped deliver an extra 35,600kgs of food, equal to just under 85,000 meals, by organising 48 special surplus food winter markets. The estimated value of food saved was just over £94,500.

PCF in action

Helping local communities to be wealthier

Young entrepreneurs on the up

Nine young local entrepreneurs received more than 70 hours of business masterclasses and support from YEA! Haringey to help them start or grow their own business.

Ariana, who attended the sessions in North �� courage, but I also secured second place to receive some funding to help grow my business.”

We worked with Local Champions CIC to help make their Young Entrepreneurs Alliance (YEA) sessions in Haringey happen. The 10-week programme provides eight hours of one-to-one coaching and mentoring, as well as a mental �� funding to three participants.

Jobs fair helps expand potential

More than 1,000 people registered for our Career and Volunteer Fair in Thamesmead where 37 exhibitors including Lovell, the University of Greenwich, and the Peabody �� opportunities ranging from new jobs to training and volunteering roles.

�� opportunities, residents attended CV and interview workshops, and sessions on �� Feedback from those who attended the event was positive, with 93 percent rating the fair as fair, good or excellent.

1,000+

people registered for our Career and Volunteer Fair

Helping inspire young people into construction

A group of young people aged 16 to 18 had the opportunity to learn about careers in construction at a work experience session at our Lombard Square Development Site in Thamesmead.

In partnership with Berkeley Homes and London South East Colleges, the session showcased a range of trades and outlined how the various skills are �� The students also had the opportunity to speak with industry professionals.

�� more work experience opportunities to residents and others in local communities to help broaden their understanding of the jobs available and help us showcase the sectors where there are skills shortages.

Working together – a win-win for all

Peabody resident Kelly, is now on her way to longterm employment and construction company Wates has a motivated new team member - all thanks to ��

�� candidate for a Business Administration Apprenticeship and was about to close the vacancy.

Through the Islington Anchor Institution Network, the Peabody Economic Inclusion team got in touch with Freda Azam, a Resident Engagement Caseworker at Islington Council who supports residents to get apprenticeships.

Freda put forward three candidates for the Wates apprenticeship, and after some additional help with her CV and interview techniques, Kelly got the �� business administration.

PCF in action

Helping local communities to be happier

Five years on, and she still loves going to the day centre and looks forward to meeting her friends and joking and laughing with them. “Being at home, it’s the same chores,” she says. “But coming here I get to mingle with friends.” These things, she says, help make her day.

Tackling loneliness and improving wellbeing

�� providing support and services in local communities. That’s why the day centre in Southall, an area of West London known for its large South Asian population, tailors its services to older people from those communities - and the residents love it.

The Southall Day Centre provides a broad programme of activities focused on the needs of local residents. They all promote positive health �� classes, cultural events, art and craft sessions and singing groups.

One 75-year-old local resident joined the centre to make friends and help relieve her loneliness after her husband passed away during the COVID lockdown.

Challenging preconceptions

There’s more to the Moorings Sociable Club in Thamesmead than meets the eye. As well as providing essential support to local residents with issues such as housing, jobs and training, it’s also �� the past year has enabled students with learning disabilities practice their barista skills.

In July, seven local students aged 19-25 graduated from the bespoke barista internship programme run by Brighter Futures. As well as equipping the �� become more independent, by being based in the community, the programme helps challenge people’s preconceptions and normalises the presence of diverse abilities in the working environment.

The venue was ideal, and �� love; our young people felt at home, and this also contributed to their success in completing the programme.

Residents and partners working together to empower local people

Mama Haven, a group led by a Peabody resident in Hammersmith and Fulham, has helped local mothers to improve their future prospects after identifying a gap in their skillset and working with partners to deliver bespoke training.

With funding from PCF, Mama Haven has hosted a range of activities, including research into barriers to employment. The research found that many local women entrepreneurs needed to improve their digital marketing skills.

So the group, led by Elise Brown, secured funding from one of Peabody’s partners, Axis Europe, for a six-week training course at the Old Oak Community Centre.

The practical course, delivered by Align and Shine, attracted a diverse group of women, particularly those over 40 – a previously underserved demographic. It showed them how to enhance their �� new things.

Partnerships like this help exemplify the power of collaboration between us, our social value partners, and resident-led organisations like Mama Haven. �� communities, these initiatives empower individuals, strengthen the local economy, and contribute to a more inclusive and prosperous future for all.

Final word by Stephen Burns

Executive Director Care, Inclusion and Communities

�� people face are not going away. This makes our role even more important. We see real opportunities to work with new partners to reach more people, and ��

As we look to the year ahead, our �� people across all stages of life. From families with children and young people, to older residents looking to stay active and connected, we are here �� lives. We’re committed to shaping our work to meet the real-life needs of the people and communities we serve.

In the year ahead, we’ll continue to build on our strong foundations, working hand- in-hand with residents, partners, and communities to create places where everyone can thrive.

Stephen

A place-based approach

We know that lasting change happens when people are connected, communities are resilient, and local voices lead the way. That’s why we’ll continue to invest in neighbourhoods, encourage leadership from within, and help residents come together to shape the places they live. Through regular conversations, local events, and resident-led groups and boards, we’ll continue to design our work alongside the people who know their communities best.

Thank you

We would like to thank the following for their invaluable support in 2024-25:

A 214 Space 2second chance 7th Hanwell Scout Group A2 Dominion Action Funder Addison Lee Age UK Islington Agnes Smith Advice Centre AIP Community Angel BID Art Burst �� Ashfords LLP Assemble Axis B BBVS JV BNP Paribas Berkeley Homes Bevan Brittan Blake Morgan Blossom Antenatal Boostworks Brabners Break That Cycle Brentford FC Community Sport C Canal and Rivers Trust Capsticks	Central London Community Healthcare Trust Children with Voices Chocolate Films Clarke Willmott Clarion Housing Group Connect Stars Cook for Good CSG Ushers D DanceWest Dee Caf CIC Dementia Concern Devonshires Doorstep Library E Ealing Social Prescribers (NHS) Ealing Sports Development �� Foundation Employee Volunteering Empowering Parents, Empowering Communities (EPEC) F Fusion21 G GLL Better Good Neighbours Committee		Grounds Care Group Groundwork H HACT Hammersmith & Fulham Family Hub Harmony Fire Harrow Club Hashim Academy Hatch Havelock Family Centre Havelock Primary School Haven Wood C.I.C Help on Your Doorstep Hill Group UK Homestart Oxford HS2 Community Foundation Hyde I Iconic Steps Imperial Health Charities Islamic Relief Islington Giving J J A Steele and Son JCS Garden Cleaning Ltd JE Delve Jigsaw Conferences	K KBH Haus Kier Services Kundakala L L&Q Leader’s Community Lets Go Southall Lightning Fire Safety Systems Lightside Lloyd’s Park Children’s Charity LMAC London Borough of Bexley London Borough of Brent London Borough of Ealing London Borough of Hackney London Borough of Hammersmith and Fulham London Borough of Islington London Borough of Lambeth London Borough of Lewisham London Borough of Southwark London Borough of Tower Hamlets London Borough of		Waltham Forest London Borough of Westminster London Community Foundation London Sport Loughborough Junction Action Group (LJAC) Lumi Foundation M Mama Haven Marsh Limited MDP Communication Services Ltd Milverdene Mount Anvil Mulalley MTVH My Tree Care Ltd N Notting Hill Genesis O OFOB Our Moving Stories Oxford City Council P Pennington Manches Cooper Petit Miracles �� Poetic Unity Purdy Contracts		Pristine London Q Quaggy Development Trust Quinn London R Reading Borough Council Realworth REED Specialist Recruitment RGE Ripe Learning Riverside Risen Christ Church Royal Borough of Greenwich Royal Borough Kensington and Chelsea Royal College of Music S Saatchi Gallery Saltash SCCI Alphatrack Ltd Settle Seville Developments Sharratts Skyway Sonshine Smiles Southall Community Alliance Southern Housing		Sovereign Network Group Spark Sporting Inspirations Step Now SureServe T T Brown Group The Bike Project The Chandran Foundation The Dovecote Project The Felix Project The Guinness Partnership The Leys CDI The Rocci Tree Thomas Sinden TLF TLT Together for Migrant Children Topcoat Construction Ltd Trees-UK of Bromley Trowers and Hamlin U United Living United St Saviour’s Charity Urban Trailblazer CIC V Venture Community		Association Voluntary Action Islington W
												Walworth Living Room Wates Westcott Park Community Garden Westminster Bangladeshi Association Westplay Wettons Cleaning Services Whale Song CIC Winckworth Sherwood Work Zone Y
												Young Ealing Foundation

Trustees Meet our

��

Chair (from 1 January 2025) Peter became Chair of the PCF Board on 1 January 2025 after being a resident Board member since May

He was also named Vice Chair of the Peabody Group Board on 1 June 2025. With a background �� a social housing tenant of Peabody and is now a shared owner. Peter is now an Executive Director of the Methodist South London Mission after working �� also a school governor, where he acts as the link governor for disadvantaged pupils.

Karima Uba Amiri Mbarak

Board Member (from 18 November 2020)

Karima joined the PCF Board as a resident member in

November 2020. In January 2025, she joined the Resident Experience Committee as she’s passionate about helping make a true and real impact to �� Public Finance Accountant (CPFA) and currently works as a Finance Manager at London Borough of Brent in the Capital Treasury and Commercial Team. Karima is an advocate for strengthening youth engagement. In 2018, she set up an award-winning mental health community project called ‘Keeptlking’ to encourage young people from ethnic minority backgrounds to challenge taboos surrounding mental health.

Gossica Anichebe

Board Member (from 1 January 2025)

Gossica joined the Resident Experience Committee in May

2021 and has been a member of the G15 Resident Group since May 2023. She joined the PCF Board in January 2025 as a resident member, bringing extensive lived experience. With over 18 years in local government and previous retail experience, Gossica specialises in communications, engagement, policy, service improvement, change management, complaints handling, and customer services.

Helen Edwards

Chair (resigned 1 January 2025, remained a Board Member until July 2025)

Helen served as Deputy Permanent Secretary and Director General at The Ministry of Housing, Communities and Local Government (formerly the Department for Communities and Local Government). Her previous roles included Director General of Justice Policy at the Ministry of Justice and Chief Executive positions at the National �� national social justice charity. Helen is a nonexecutive Director at South London and the Maudsley NHS Trust.

Board members who resigned during the year

Catherine O’Kelly

Board Member (resigned 23 February 2025)

Catherine joined the PCF Board in November 2017 after being a member of the Family Mosaic Community Foundation Board since February 2016. Until July 2025 she held senior positions at Centrica, including most recently as Managing Director of British Gas Energy. In July she was named as Group Chief Executive of Calisen Group. 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.

Shreya Hewett

Board Member (resigned 31 December 2024)

Shreya joined the PCF Board as resident Board member in January 2021. She 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 �� technology.

Katharina Winbeck

Board Member (resigned 31 December 2024)

Katharina joined the PCF Board as resident Board member in May 2021. Katharina is passionate about social fairness and specialises in social and environmental science. She’s spent the past 20 years delivering place-based policies, projects, and programmes in London. 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.

Helen Edwards and Catherine O’Kelly stepped down from the PCF Board on the dates shown having each completed their maximum tenure. As further set out on page 20, the Peabody Trust Board agreed a restructure and streamlining of the governance of boards and committees across the Group in 2024, and, as a consequence, Shreya Hewitt and Katharina Winbeck left the PCF Board at the end of December 2024. Nivene Powell, a new resident member of the Peabody Trust Board, joined the PCF Board with ��

Financial review

2024-25

Financial performance

�� ending 31 March 2025 (2024: £17,000 surplus). This �� of PCF’s funding still comes from Peabody as part of the Group’s annual budgeting process and we’re continuing to adapt our operations to deliver positive outcomes within a fully funded, balanced budget. For 2025, income was higher than expected, while the intra Group funding was in-line with the budget. As at 31 March 2025, PCF had reserves of £34.4m (2024: £34.5m).

Section 172 statement

The Trustees are aware of, and acknowledge, their responsibilities to promote the success of PCF for the �� responsibilities in accordance with s172, the Trustees must consider what is in the best interests of PCF 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).

PCF’s key stakeholders are set out in the earlier sections of this report, including other charities, Local Authorities, community groups, volunteers, �� and private sector partners. The Group Annual Report and Accounts (the “Group Accounts”) provides further

details of the Group’s key stakeholders. The Trustees �� partners as key stakeholders of PCF. This helps the Trustees to manage PCF’s principal risks and has encouraged its Board of Trustees (“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 long-term impact of every decision and align each one with the Group’s strategic objectives and PCF’s goals. These include building engaged and active communities, boosting incomes, developing skills and aspirations, and improving mental and physical health. The Trustees also follow the Group’s approach to environmental, social and governance (ESG) matters. By adopting the Group’s values and culture in their decision-making, the Trustees ensure that PCF engages positively with stakeholders, maintains high standards of business conduct, and commits to long-term, sustainable success. This approach supports the Trustees’ compliance with s172.

Sustainability statement

As part of the Peabody Group, PCF aligns its activities and strategic priorities with those adopted by Peabody, including the Sustainability Strategy 2023-26.

The strategy’s core objectives are:

To be net-zero carbon in our day-to-day operations by 2030.
�� (EPC) rating of C for rented homes by 2030.
To be net-zero carbon within our rented homes by 2050 (where practicable).
To build green, healthy, and sustainable communities where residents and nature can thrive together
To provide value-for-money for the organisation and residents.

All subsidiaries continue to work towards meeting �� homes in the Greater London area meet Greater London Authority environmental standards and the London Plan guidelines, which are set above minimum planning and building regulation requirements.

By providing more new homes, Peabody is putting quality, safety, sustainability, and social purpose at the heart of everything it does. Future homes will �� and sustainable to meet the changing needs of its communities. During the year, Peabody invested £27m in sustainability programmes, including using the Social Housing Decarbonisation Fund (SHDF) grant and match funding. This allowed the Group ��

EPC C through measures such as insulation upgrades, window and door replacements, and improved ventilation and heating systems.

Peabody is committed to ESG practice, and has played an important role in developing a new robust ESG criteria for the sector, working with other leading housing associations and service providers.

In February, the Group added to its sustainability credentials, receiving the top ranking of ‘frontrunner’ status in all three categories of RITTERWALD’s �� to play an important role in the development of appropriate reporting criteria to best demonstrate Peabody’s positive impact on its communities.

On 14 November 2024 Peabody published its Sustainable Finance Framework (SFF). The objectives of the SFF are closely linked to the Sustainable Reporting Standard for Social Housing (SRS) and include:

�� improve EPC ratings to C by 2030 and then net zero by 2050.
�� many people as possible from fuel poverty and high heating bills.
Boosting access to electric charging points in Peabody neighbourhoods for both residents and

Financial review 2024-25 continued

employees. Peabody’s aim is for all its vehicles to be electric by 2030.

Placemaking and projects to improve green spaces and public realm, helping to make a ��
�� for people in need.
Supporting residents and community partners to deliver 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.
Producing a detailed programme to reduce carbon emissions and supporting people living in Peabody neighbourhoods to follow it.

Further information about Peabody’s sustainability practices can be found in the Group Annual Report and Accounts and in the ESG Report.

Principal risks and uncertainties

�� the PCF Board and take into account the environment in which it operates, as well as the Group’s risk

appetite. They are not unexpected and are typical of the sector:

�� 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 ��
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 and involve our �� making on service improvement and local plans.

�� harm to people. Risks are managed continually, and

�� risks. The PCF Board provides regular oversight of the risks and mitigating actions. Key controls used this year include:

�� training for services, and special reporting processes for safeguarding concerns. Training includes Health and Safety, Data Protection, and Safeguarding.
�� and Health and 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 designed to support local needs and partnerships.
�� continued drive to achieve value for money.

�� processes for overall risk and safety of facilities.

The impact of the principal risks and uncertainties ��

carefully monitored and considered. The Peabody �� responsibilities to residents, whilst also meeting the ��

The Trustees’ Report provides further information on future plans at page 22.

The Group’s arrangements in respect of the system of risk management cover PCF. The Group has 10 key risks outlined in its Group Risk Register which are periodically reviewed by the Peabody Trust Board. These risks are set out in the Risk Management section of the Peabody Group’s 2025 Annual Report and Accounts.

Governance

The Trustees’ Report, pages 20 to 22, 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

Trustees’ annual report 2024-25

The Directors of PCF are the Trustees of the charity. The Trustees present their report, together with the audited �� 31 March 2025.

In April 2024, Catalyst Housing Charitable Trust (CHTC) became part of PCF. Since then, all activity �� have been prepared in accordance with FRS 102, the Financial Reporting Standard Applicable in the UK and Republic of Ireland (January 2022) (“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

PCF is a community development organisation operating in Greater London and its surrounding areas. It focuses on sector-leading community �� Peabody Group’s (the “Group”) residents and their communities.

Peabody is committed to continued investment in community programmes and its plans are included in the Group Strategy 2025-2028. This report outlines PCF’s objectives and activities, and also covers its performance for the year ended 31 March 2025. In setting our objectives, planning our activities, and monitoring our services, PCF’s Board of Trustees

(“PCF Board”) has given careful consideration to the Charity Commission’s general guidance on public �� met this criterion.

Trustees

Particulars of the Trustees who served on the PCF Board during the year and subsequently are set out on page 17.

The Trustees are covered by the Group’s directors’ ��

Regulatory framework

The charity is a wholly owned subsidiary of Peabody. During the year to 31 March 2025, 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.

�� rating for Peabody Group, but lowered its outlook to

negative. The other credit ratings remain unchanged, with an A3 (stable) rating from Moody’s, and a BBB+ (stable outlook) from Standard & Poor’s. The Group therefore remains an overall A grade investment proposition.

Roles of the Trustee Board and Committees

Following an independent Governance Review, carried out in 2023-24, the principal recommendation was that governance and corporate structures, and associated ways of working should be streamlined. The recommendations of the Governance Review were agreed by the Peabody Board in March 2024 and implemented over the course of that year. The streamlined governance structures implemented by the Peabody Board included changes to the remit and governance arrangements for the PCF Board. One of the outcomes of the Governance Review was that strategic oversight of community investment and community development activities within the Group, which had formerly been the responsibility of the Communities Committee, became the responsibility of the Resident Experience Committee. The Communities

Committee was disbanded from 1 January 2025. It was agreed that the PCF Board, which had previously met at the same time as the Communities Committee, would be retained as a separate Board with the appropriate skills and oversight to discharge the responsibilities of PCF as a registered charity.

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 �� mitigated to minimise, for example, the likelihood �� 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 �� 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.

Board recruitment, induction and training

Helen Edwards completed her service as Chair of the PCF Board on 1 January 2025 and stepped down as a PCF Board member in July 2025. The PCF Board expressed its thanks to Helen for her leadership and guidance during her tenure. Peabody Board �� PCF Board by Peabody Trust from 1 January 2025. Gossica Anichebe was appointed as a PCF Board Member in January 2025.

Trustees’ annual report 2024-25 continued

�� Hewett, and Katharina Winbeck stepped down as members of the Board. The Board would like to thank them for their valuable contributions and dedicated service during their tenure.

All members have access to the advice and services of the charity’s secretary.

New members undergo an induction programme �� understanding of the activities of PCF, Peabody, and the sector within which we operate. The programme forms part of the ongoing development of Board members’ skills and learning, and includes:

�� and risk management, housing services, and community investment.

Information relating to current issues within the ��
Meeting individually with the PCF Chair.
Meeting with key members of management, including Executive Directors, Heads of Services, and other key personnel.
Training opportunities such as attending webinars ��
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

��

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.

��

Following changes in the PCF Board membership, the �� 2025-26.

Trustees’/Directors’ interests

�� in PCF, its parent undertaking, or any of its fellow subsidiaries during the year, except in the case of the �� Mbarak, and Gossica Anichebe 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.

PCF Trustees are not entitled to pay by the charity. �� 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 2025 is provided in the table below:

----- Start of picture text -----
Remuneration of non- Peabody Committee
executive Communities Board only level
pay (£) pay (£)
Gossica Anichebe 7,500
�� 18,500
Helen Edwards (2) 17,625
Shreya Hewett 7,500
Karima Uba Amiri Mbarak 7,500
Katharina Winbeck 7,500
----- End of picture text -----

�� of the Peabody Board. He is also Chair, and a member, of the Resident Experience Committee. The remuneration shown in the table represents his role as Peabody Board member and Chair of Resident Experience Committee.

2) Helen Edwards also served as a member of the Peabody Board, the Audit and Risk Committee, and Chair of the Care and Support Committee. The table shows her remuneration from 1 January 2025 as a Peabody Board member, having stepped down from her role as Chair of Care and Support Committee and Communities Committee as part of the Governance review.

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 PCF for serving as Trustees. Catherine O’Kelly elected not to receive pay as a Communities Committee member.

Stakeholders, sustainability and transparency

The Group (including the charity) continues to �� 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 ��

Peabody is committed to being open and transparent in the way it conducts its business and interacts �� 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 �� about PCF’s work is available on request, except, for example, for legal reasons or on the grounds of ��

Trustees’ annual report 2024-25 continued

Future plans

Notwithstanding the principal risks and uncertainties set out on page 19, the charity will continue to invest in community programmes as mentioned on page 15.

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 12 months after the date on �� PCF therefore continues to adopt the going concern ��

Consideration of going concern is further documented ��

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 �� operating activities to continue over a period of up to two months (the equivalent of approximately £1.5m) should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time. PCF’s free operating reserves, which are �� restricted or designated, totalled £5m at the year end, higher than the minimum level set by Trustees.

Internal controls and risk management

The PCF Board is accountable for its system of risk management and the internal control framework �� 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 �� operational information and the safeguarding of the charity’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 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 10 key risks outlined in its risk register which was approved by the Peabody Board on 8 May 2025. 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 �� control, whilst maintaining ultimate responsibility for the system of internal control. The Audit and �� system of internal control in existence in the Group for the period commencing 1 April 2024 up to the date of approval of the Group Accounts, and the annual report of the internal auditor and reported �� 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 ��

Disclosure of information to auditor

�� 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

�� Chair

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report ��

The Trustees are responsible for preparing the �� in accordance with applicable law and regulations.

The Trustees are responsible for keeping adequate �� explain the Charitable Company’s transactions and disclose with reasonable accuracy at any time the �� comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation �� 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 Charitable Company and to prevent and detect fraud and other irregularities.

Company law requires the Trustees to prepare �� statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the Trustees must not approve �� that they give a true and fair view of the state of �� and expenditure for that period. In preparing these ��

Select suitable accounting policies and then apply them consistently.
Make judgements and estimates that are reasonable and prudent.
Assess the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
Use 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.

Independent auditor’s report to the Trustees of Peabody Community Fund

Opinion

Going concern

�� Community Foundation (“the Charitable Company”) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position and related notes, including the accounting policies in note 2.

�� 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 �� that this is realistic. They have also concluded that there are no material uncertainties that could have �� a going concern for at least a year from the date �� concern period”).

��

give a true and fair view of the state of the �� and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

In our evaluation of the Trustees’ conclusions, we considered the inherent risks to the Charitable Company’s business model and analysed how those �� resources or ability to continue operations over 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.

Our conclusions based on this work:

we consider that the Trustees’ use of the going concern basis of accounting in the preparation of ��

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities �� 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 ��

�� assessment that there is not, a material uncertainty related to events or conditions that, individually �� Charitable Company’s ability to continue as a going concern for the going concern period.

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.

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:

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.

�� 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

Independent auditor’s report to the Trustees of Peabody Community Fund continued

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 income 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.

��

The charitable company is subject to laws and �� and taxation legislation, and we assessed the extent of compliance with these laws and regulations as �� statement items.

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 �� included those posted to unusual accounts involving revenue and cash.

Whilst the charitable company is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance ��

Context of the ability of the audit to detect fraud or breaches of law or regulation

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in �� properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions �� the inherently limited procedures required by auditing standards would identify it.

�� 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.

�� throughout our team and remained alert to any indications of non-compliance throughout the audit.

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 �� 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 �� therein is materially misstated or inconsistent with the �� solely on that work:

�� other information;
in our opinion the information given in the Trustees’ Annual Report, which constitutes the strategic ��
in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Independent auditor’s report to the Trustees of Peabody Community Fund continued

Matters on which we are required to report by exception

intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Under the Companies Act 2006 we are required to report to you if, in our opinion:

Auditor’s responsibilities

Our objectives are to obtain reasonable assurance �� 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, �� economic decisions of users taken on the basis of the ��

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 accounting records and returns; or
certain disclosures of Trustees’ remuneration ��
we have not received all the information and explanations we require for our audit.

We have nothing to report in these respects.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/ auditorsresponsibilities.

Trustees’ responsibilities

As explained more fully in their statement set out on page 23, the Trustees (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation �� that they give a true and fair view; such internal control as they determine is necessary to enable the �� 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

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 66 Queen Square Bristol BS1 4BE

3 December 2025

11 -71

Statement of �� For the year ended 31 March 2025

Statement of ��

As at 31 March 2025

	Note	2025	2025	2025 Combined		Note	2025	Combined
		Unrestricted	Restricted	2024 Total funds Total funds			£’000	2024 £’000
		funds	funds		Non-current assets
Incoming resources		£’000	£’000	£’000 £’000	��	9	14,101	14,104
Donations and legacies	3.1	6,113	277	6,390 7,505	Debtors due more than one year	10	24,350	21,014
Income from charitable activities	3.2	974	394	1,368 1,506			38,451	35,118
Total incoming resources		7,087	671	7,758 9,011	Current assets
Resources expended					Debtors due in less than a year Cash and cash equivalents	11	935 2,155	957 2,368
Cost of charitable activities Pension scheme exit	4.1 16	(8,835) -	(235) -	(9,070) (10,066) - (720)	Total current assets		3,090	3,325
Total resources expended		(8,835)	(235)	(9,070) (10,786)	Creditors:amounts falling due within one year	12	(7,014)	(3,697)
Net income/(expenditure) for the year before interest and pension		(1,748)	436	(1,312) (1,775)	Net current liabilities		(3,924)	(372)
Investment income	5	1,208	-	1,208 1,065	Total assets less current liabilities		34,527	34,746
Interest payable	5	(6)	-	(6) (10)
Net income/(loss) for the year	6	(546)	436	(110) (720)	Creditors:amounts falling due after one year	13	-	(61)
					��	16	(105)	(153)
��	16	-	-	- 737	Net assets		34,422	34,532
pension schemes
Net income/(expenditure) for the year		(546)	436	(110) 17	Funds
					Restricted funds	14	948	512
Total comprehensive income/ (expenditure)		(546)	436	(110) 17	Unrestricted funds Total funds	14	33,474 34,422	34,020 34,532
Fund balances brought forward		34,020	512	34,532 34,515	��
Fund balances carried forward	14	33,474	948	34,422 34,532	��by:

��

All amounts are derived from continuing activities.

There were no recognised gains and losses other than those stated above.

��

Chair

No corporation tax was payable by the Charity for the year ended 31 March 2025 (2024: £nil).

Notes to the ��

1. Legal status

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

On 02 April 2024, Catalyst Housing Charitable Trust (‘CHCT’) became part of Peabody Community Foundation. The transaction represents a group reconstruction under common control, accounted for under merger accounting. FRS 102 requires group reconstructions under merger accounting to be accounted for as if the entities had always been combined. This means the prior year comparatives �� 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’s ultimate parent undertaking, the Peabody Trust, includes the Charity in its

�� statements of Peabody Trust are available from the Secretary at 45 Westminster Bridge Road, SE1 7JB.

�� qualifying entity and has applied the following exemptions available under FRS 102, that require:

�� notes, and;
key management personnel compensations disclosures.

The principal accounting policies adopted in the �� attributed to a note are set out below.

2.2 Judgements in applying accounting policies and key sources of estimation and uncertainty �� members of Peabody Community Foundation have made the following key judgements
�� 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.
�� 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 ��

2.3 Going concern

Peabody Community Foundation’s Board, after reviewing the Charity’s budgets for 2024/25 and the �� in the 30-year business plan, are of the opinion that, taking account of severe but plausible downsides, �� stakeholder’s household incomes, the Charity will �� fall due for a period of 12 months from the date of ��

The trustees therefore continue to adopt the going �� statements.

2.4 Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and in hand, deposits and short-term investments ��

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 �� includes VAT recoverable and payable at the year end. The Charity includes irrecoverable VAT in the ��

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

All incoming resources are accounted for in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and �� certainty. Income from charitable activities is accounted for on a receivable basis.

In accordance with the Charities SORP 2019, �� 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.

Revenue grant

Grants receivable income, where related to �� accounted for as the Charity earns the right to consideration by its performance.

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.

Notes to the �� continued

3.1 Donations and legacies

�� projects.

	Unrestricted	Restricted	Total	Combined
	£’000	£’000	£’000	2024 £’000
Intra group donations – Peabody	5,842	-	5,842	7,223
Other Donations	271	277	548	282
	6,113	277	6,390	7,505

�� the balance sheet date.

4.1 Cost of charitable activities

Cost of charitable activities
Direct costs Support costs £’000 £’000	Total Combined 2024
	£’000 £’000
Charitable activities Building capacity of group and individuals 1,425 115 Children, young people & families 1,402 147 Employment and employability 3,831 401 Improving sports 457 48 Community cohesion 756 79 Other charitable activities 351 37
	1,540 1,743
	1,549 1,275
	4,232 3,762
	505 359
	835 526
	388 2,351
8,222 827	9,049 10,016
Governance �� - 10 External audit and legal fees - 11

	10 27
	11 23
- 21	21 50


Total resources expended 8,222 848	9,070 10,066
Total resources expended – 2024 8,732 1,335	10,066

3.2 Income from charitable activities

	Unrestricted	Restricted	Total	Combined
	£’000	£’000	£’000	2024 £’000
Connecting Young Hackney	-	66	66	50
Maternity Champions	-	-	-	100
Shaping Healthier Thamesmead RBOG	-	13	13	126
Superzones	-	66	66	54
Open Havelock grant	-	159	159	-
Other grant income	30	90	120	185
	30	394	424	515
Trading Income	936	-	936	991
Other Charitable Income –	8	-	8	-
Moorings Club
Total incoming resources from charitable	974	394	1,368	1,506

4. Resources expended

�� that aggregate all costs related to the category. Irrecoverable VAT is included in the expense item to which it relates.

Notes to the �� continued

6. Net income for the year before gains and losses

4.2 Support costs

Costs directly attributable to charitable activities are allocated to direct costs. Those costs not �� personnel, payroll and governance costs which support programmes and activities.

Net income for the year before gains and losses is stated after charging:

��	2025 £’000 441	Combined 2024 £’000 332
Auditor’s remuneration	35	36
Pension costs	209	293

��

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Administration costs 367 769 �� 481 566
	848	1,335

7. Employee information

Holiday pay accrual

5. Interest receivable and payable

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.

�� the rate that exactly discounts estimated future cash receipts through the expected life of the ��

��

Interest accruing between entities within the Peabody Group are charged at commercial rates.

�� pay further amounts.

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Other interest receivable and similar income 39 4 Interest from parent undertaking 1,169 1,061
	1,208	1,065


Interest cost on pension scheme	6	10

�� expense in the Statement of Comprehensive Income in the periods during which services are rendered by employees.

��

�� value of any plan assets is deducted.

Notes to the �� continued

7. Employee information continued

�� fund and allow for the periodic increase of pensions in payment. The current service cost of �� operating surplus in the year. Actuarial gains and losses are recognised in the SOFA.

��

�� committed, without realistic possibility of withdrawal, to a formal detailed plan to either �� than 12 months after the reporting date, then they are discounted to their present value.

The average number of people employed during the year was:

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Charitable activities 102 125 Management, administration and support services 5 5
	107	130

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Employee costs: Wages and salaries 4,035 4,956 Social security costs 429 530 Pension costs 209 293 Other employee costs 28 67
	4,701	5,846

�� recharged under an intra group service level agreement.

Notes to the �� continued

7. Employee information 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:

�� basis over the expected useful economic lives of the assets as shown below.

IT equipment	3 - 5 years
��	��
Freehold land and buildings	50 years
Leasehold land and buildings	Over lease term

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
�� £60,001 - £70,000 7 9 £70,001 - £80,000 4 6 £80,001 - £90,000 3 3 £90,001 - £100,000 - 1 £130,001-£140,000 - - £140,001-£150,000 1 - £150,001 - £160,000 - 1
	15	20

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 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.

The earnings for the Charity’s key management personnel for the year were £598k (2024: �� £4k).

8. Trustees’ remuneration and expenses

�� received remuneration from Peabody Trust. The Corporate Governance section of the Trustees’ Annual Report (Remuneration of non-executive Communities Committee Members) discloses ��

During the year there were no expenses claimed for travel, subsistence and incidental expenses by the Trustees in the year (2024: £34).

During the year the Charity paid £281 (2024: £281) for Trustees’ indemnity insurance through Group Insurance policy.

Notes to the �� continued

��

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.

	Freehold land and buildings	�� Total
Cost:	£’000	equipment 2025 £’000 £’000
At 1 April 2024 Combined	16,224	1,427 17,651
Additions	180	447 627
Asset derecognition	(65)	(124) (189)
At 31 March 2025	16,339	1,750 18,089
Depreciation:
At 1 April 2024 Combined	3,390	157 3,547
Charge for the year	316	125 441
At 31 March 2025	3,706	282 3,988
Net book value
At 31 March 2025	12,633	1,468 14,101
At 31 March 2024 Combined	12,834	1,270 14,104

The monies loaned to the parent company have been invested in an interest-bearing notice account on the Charity’s behalf.

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 �� be presented ‘net of the provision’. Any increase or decrease in the provision in a subsequent �� bad debt is made in accordance with the Group Financial Regulations.

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Amounts due within one year Trade debtors 87 133 Amounts owed by other Group members 42 189 Prepayments and accrued income 79 5 Other debtors 64 31 Deferred consideration 663 599
	935	957

All assets are held for charitable purposes.

The Big Lottery Fund holds a charge over Harrow Manor Way for £5m.

The Football Foundation has a charge for £1m over land at Thamesmead Football Club.

The asset derecognition line item relates to maintenance expenditure incurred for Open Havelock. This spend, and the corresponding grant received, have been released to the Statement of Financial Activities in the year.

10. Debtors due in more than one year

Amounts owed from other group members are trading balances repayable on demand and non-interest bearing.

Debtors due in more than one year	Debtors due in more than one year	Debtors due in more than one year
2025 Combined 2024 £’000 £’000
Deferred consideration 13,450 14,114 Loan to parent company 10,900 6,900
	24,350	21,014

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.

Notes to the �� continued

12. Creditors: amounts falling due within one year

13. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year	Creditors: amounts falling due after more than one year	Creditors: amounts falling due after more than one year
2025 Combined 2024 £’000 £’000
Grants	-	61

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 ��

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Trade creditors 388 305 Amounts owed to other Group members 5,106 1,067 Other creditors 33 463 Accruals and deferred income 1,487 1,862
	7,014	3,697

Amounts owed to other group members are trading balances repayable on demand and noninterest bearing.

Movement in deferred income:

2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000	2025 Combined 2024 £’000 £’000
Deferred income at 1 April 439 411 Amounts released from previous years (184) (411) Incoming resources deferred in the year - 439
Deferred income at 31 March	255	439

Notes to the �� continued

14. Funds

Restricted funds – these are funds that have restrictions imposed by donors and can only be applied for the ��

�� 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.

�� or projects.

�� furtherance of the general objectives of the Charity at the discretion of the trustees.

1 April 2024 Incoming Resources Outgoing Resources 31 March 2025 £’000 £’000 £’000 £’000	1 April 2024 Incoming Resources Outgoing Resources 31 March 2025 £’000 £’000 £’000 £’000	1 April 2024 Incoming Resources Outgoing Resources 31 March 2025 £’000 £’000 £’000 £’000	1 April 2024 Incoming Resources Outgoing Resources 31 March 2025 £’000 £’000 £’000 £’000	1 April 2024 Incoming Resources Outgoing Resources 31 March 2025 £’000 £’000 £’000 £’000
Restricted funds 512 671 (235) 948 Unrestricted funds 34,020 8,295 (8,841) 33,474
Total funds	34,532	8,966	(9,076)	34,422

Unrestricted funds Designated funds
Pitch resurfacing 235 20 -				255
Fixed assets	13,755 438		(440)	13,753
Thamesmead Community	14,713	1,169	(1,769)	14,113
Southall Day Centre Building & Repairs Fund	152	-	-	152
Property Fund	114	-	-	114
Catalyst Gateway Grant Committee	19	-	-	19
Total Designated funds	28,988	1,627	(2,209)	28,406
General funds	5,032	6,668	(6,632)	5,068
Total unrestricted funds	34,020	8,295	(8,841)	33,474

Notes to the �� continued

14. Funds continued

1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000	1 April 2023 Incoming Resources Outgoing Resources Pension scheme exit Transfers �� (Losses) Combined 31 March 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Restricted funds 416 611 (515) - - - 512 Unrestricted funds 34,099 9,466 (9,562) (720) - 737 34,020
Total funds	34,515	10,077	(10,077)	(720)	-	737	34,532

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
Southall Day Centre Building & Repairs Fund	139	-	-	-	13	-	152
Property Fund	116	-	(2)	-	-	-	114
Catalyst Gateway Grant Committee	19	-	-	-	-	-	19
Total Designated funds	28,747	2,381	(2,153)	-	13	-	28,988
General funds	5,352	7,085	(7,409)	(720)	(13)	737	5,032
Total unrestricted funds	34,099	9,466	(9,562)	(720)	-	737	34,020

Designated funds

Pitch resurfacing - The Trustees agreed to set up a separate designated fund to cover the potential cost of resurfacing the pitches at the sporting club. The pitch was subsequently resurfaced in 2023.

Fixed assets ��

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.

Notes to the �� continued

15. Analysis of net assets between funds at 31 March

Unrestricted Funds Designated Funds Restricted Funds 2025 Funds Combined 2024 Funds £’000 £’000 £’000 £’000 £’000	Unrestricted Funds Designated Funds Restricted Funds 2025 Funds Combined 2024 Funds £’000 £’000 £’000 £’000 £’000	Unrestricted Funds Designated Funds Restricted Funds 2025 Funds Combined 2024 Funds £’000 £’000 £’000 £’000 £’000	Unrestricted Funds Designated Funds Restricted Funds 2025 Funds Combined 2024 Funds £’000 £’000 £’000 £’000 £’000	Unrestricted Funds Designated Funds Restricted Funds 2025 Funds Combined 2024 Funds £’000 £’000 £’000 £’000 £’000	Unrestricted Funds Designated Funds Restricted Funds 2025 Funds Combined 2024 Funds £’000 £’000 £’000 £’000 £’000
Fixed assets - 14,101 - 14,101 14,104
Debtors due more than one year 10,900 13,450 - 24,350 21,014
Current assets 1,296		-	1,794	3,090	3,325
Creditors <1year (6,760)		-	(254)	(7,014)	(3,697)
Creditors >1year	-	-	-	-	(61)
Net pension liability	(105)	-	-	(105)	(153)
Total unrestricted funds	5,331	27,551	1,540	34,422	34,532

��

�� schemes The Charity has an ongoing liability for pension commitments under the Career Average Revalued Earnings scheme (CARE) which was closed to new entrants on 30 June �� entrants on 1 July 2015 and closed to new entrants 31 October 2015. A full triennial valuation �� to 31 March 2027 are £1,672,000 per annum.

�� Friends Life. 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.

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 ��

Equalisation in respect of the 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 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 �� 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 �� liable if an inadequate transfer payment had been paid. It is not yet known if, or how, this will ��

In December 2018 the Court of Appeal ruled that ‘transitional arrangements’ protection in �� unlawful discrimination (‘McCloud case’). The consultation closed on 8 October 2020 and a ministerial statement in response to this was published on 13 May 2021, however a full �� an appropriate McCloud allowance has been measured to obtain the accounting results as at �� 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.

�� Standard 102 (FRS102).

Notes to the �� continued

��

The Charity also participated in the CARE pension Scheme, which was a funded multi-employer ��

��

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.

�� 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 latest full actuarial valuation for the scheme was carried out at 30 September 2022. This �� funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

��

From 1 April 2024 to 31 March 2027: £1,672,000 per annum (Payable monthly and increasing by 3.0% each year on 1 April)

�� monthly instalments.

�� respect of the expenses of running of the Scheme. From 1 April 2025 the contribution required to the Scheme is £189,916 per annum (2024: £184,384 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 £5,964 per annum (2024: £4,700) payable in monthly instalments.

Employer Debt on Withdrawal

�� potentially liable for other participating employers’ obligations if those employers are unable �� purchase basis on withdrawal from the scheme.

The amount of employer debt on withdrawal was last calculated as £1,451,641 at 30 September ��

Potential employer debt is treated as a contingent liability.

�� obligation

2025 2024 £’000 £’000	2025 2024 £’000 £’000	2025 2024 £’000 £’000
Provision at start of period 153 209
Unwinding of the discount factor (interest expense) 6 10
��	(54)	(49)
Remeasurement - impact of any changes in assumptions	-	-
Remeasurement - amendments to the contribution schedule	-	(17)
Provision at end of period	105	153

Notes to the �� continued

��

18. Ultimate parent undertaking

Amounts recognised in the Statement of Financial Activities

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 �� Secretary at 45 Westminster Bridge Road, London, SE1 7JB.

2025 2024 £’000 £’000	2025 2024 £’000 £’000	2025 2024 £’000 £’000
Interest expense 6 10
Remeasurement – impact of any change in assumptions - -
Remeasurement – amendments to the contribution schedule	-	(17)
Total unrestricted funds	6	(7)

2025 2024 % per annum % per annum
Rate of discount 4.88 4.95

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 ��

Notes to the �� continued

19. Group reconstruction

FRS 102 requires group reconstructions under merger accounting to be accounted for as if the entities had always been combined.

�� on a combined basis.

The impact of this is as follows:

Statement of Comprehensive Income PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Comprehensive Income PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Comprehensive Income PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Comprehensive Income PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Comprehensive Income PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000

Donations and legacies 7,505 - - 7,505
Income from charitable activities	1,484	22	-	1,506
Incoming resources	8,989	22	-	9,011

Cost of charitable activities	(10,037)	(29)	-	(10,066)
Pension scheme exit	(720)	-	-	(720)
Resources expended	(10,757)	(29)	-	(10,786)

��	-	-	-	-
Net expenditure for the year before interest and pension	(1,768)	(7)	-	(1,775)

Investment income	1,061	4	-	1065
Interest payable and similar charges	(10)	-	-	(10)
Net expenditure for the year before pension	(717)	(3)	-	(720)
Other comprehensive income

Pension scheme actuarial gain	737	-	-	737
Total comprehensive income/(loss) for the year	20	(3)	-	17

Statement of Financial Position PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Financial Position PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Financial Position PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Financial Position PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000	Statement of Financial Position PCF 2024 CHCT 2024 Cons. 2024 Combined Total 2024 £’000 £’000 £’000 £’000

Non-current assets
��	13,990	114	-	14,104
��	13,990	114	-	14,104

Debtors due in more than one year	21,014	-	-	21,014
Total non current assets	35,004	114	-	35,118

Current assets
Debtors due in less than one year	942	23	(8)	957
Cash and cash equivalents	2,200	168	-	2,368
Total current assets	3,142	191	(8)	3,325

Creditors: amounts falling due within one year	(3,687)	(18)	8	(3,697)
Net current assets/(liabilities)	(545)	173	-	(371)
Total assets less current liabilities	34,459	287	-	34,746

Creditors: amounts falling due after more than one year	(61)	-	-	(61)
Pension liabilities	(153)	-	-	(153)
Net assets	34,245	287	-	34,532
Restricted funds	512	-	-	512
Unrestricted funds	33,733	287	-	34,020
Funds	34,245	287	-	34,532

Notes to the �� continued

Alignment of accounting policies

�� statements in accordance with FRS102 and the Charities SORP. As members of the same Group, �� adjustments are considered required.

�� Foundation and Catalyst Charitable Housing Trust

�� Total adjustment 2024 £m	�� Total adjustment 2024 £m
Debtors: due in less than one year	(8)
Creditors: amounts falling due within one year	8
��

20. 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.

�� 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:

�� working directly for the Charity.

At year-end £41k was owed to PCF from other Group members (2024: £174k) (note 11).

Peabody paid the Charity £1,358k (2024: £1,325k) as the year 10 payment in respect of the sale of Tilfen Land Ltd.
£600k (2024: £539k) was charged against the deferred consideration debtor (note 10) with
£758k (2024: £786k) being recognised as interest (note 5).

45 Westminster Bridge Road London SE1 7JB Tel: 0300 123 3456 peabody.org.uk

Contents

Who we are

2024-5 Highlights

£9m invested

30,000+ people supported

£200,000+ raised

65,000+ hours

1,200+ people

£10m+

Foreword �����������

Over the past year, PCF has continued to do what it does best, work alongside residents, partners, and local organisations to help people lead healthier, wealthier and happier lives.

Peter

Vision and goals

How we work

Healthier

Wealthier

Happier

Key progress Providing real benefits

Key progress

Measuring our impact

Refurbishment brings new sports and extra income

PCF in action Helping local communities to be healthier

Community-powered change

Inclusive sport for families

35,600kgs

£94,500

Helping London eat well for less

Helping local communities to be wealthier

Young entrepreneurs on the up

Jobs fair helps expand potential

1,000+

Helping inspire young people into construction

Working together – a win-win for all

PCF in action

Helping local communities to be happier

Tackling loneliness and improving wellbeing

Challenging preconceptions

Residents and partners working together to empower local people

Final word by Stephen Burns

A place-based approach

Thank you

We would like to thank the following for their invaluable support in 2024-25:

Trustees Meet our

�����������

Karima Uba Amiri Mbarak

Gossica Anichebe

Helen Edwards

Board members who resigned during the year

Catherine O’Kelly

Shreya Hewett

Katharina Winbeck

Financial review

2024-25

Financial performance

Section 172 statement

Sustainability statement

Financial review 2024-25 continued

Principal risks and uncertainties

Governance

Trustees’ annual report 2024-25

Objectives and principal activities

Trustees

Regulatory framework

Roles of the Trustee Board and Committees

Board recruitment, induction and training

Trustees’ annual report 2024-25 continued

������������������

Trustees’/Directors’ interests

Stakeholders, sustainability and transparency

Trustees’ annual report 2024-25 continued

Future plans

Statement of going concern

Reserves policy

Internal controls and risk management

The risk review process

Statement on Internal Controls Assurance – Peabody Group

External auditor

Disclosure of information to auditor

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report ���������������������������

Foreword ��

��

��

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report ��

Statement of �� For the year ended 31 March 2025

Statement of ��

Notes to the ��

��

��

Notes to the �� continued

Notes to the �� continued

��

��

Notes to the �� continued

��

Notes to the �� continued

��

Notes to the �� continued

��

Notes to the �� continued

Notes to the �� continued

Notes to the �� continued

Notes to the �� continued

��

Notes to the �� continued

��

��