Big Issue North Trust Ltd
(a company Ilmlted by guarantee)
Annual Report
Year Ended
31 March 2021
Company Number 03164559
Charlty Number 1056041

Big Issue North Trust Ltd
Report and flnanclal statements
for the year ended 31 March 2021
Contents
Pagg..
Legal and administrative information
Directors, and Iruslees, r6POrt
Statement of Irusteos, responsibilities
Independent audilorfs report
13
Statement of financial activities
14
Balance sheet
15
Notes to the financial slalemonls

Big Issue North Trust Ltd
Legal and admlnlstrative Information
forthe year ended 31 March 2021
Directors and Trustegs
of the charlly:
M Fitzgibbon
F Selvan
E Robinson
S Islam
A Rafferly
L Symonds
Secretary:
M Filzgibbon
Prlnclpal and
Reglstered Office:
1S1 Floor
463 Slretford Road
Manchester
M16 9AB
Company Number
03164559
Charlty Number
1056041
Website
www.bigissuenorth.com
Bankgrs
Santander
Bridle Road
Boolle
Merseyside
L30 4GB
External Audltor..
Beever and Slruthers
Slatulory Auditor
Sl George's House
215-219 Chester Road
Manchester
M154JE

Big Issue North Trust Ltd
Dlrectors. and trustees, report
for th¢ year gnded 31 March 2021
The dlreclors and trustees are pleased lo present their report together with the financial statements of the charity
for the year ended 31 March 2021.
Legal and administrative information sel out on page 1 forms parl of this report. The financial slalemenls comply
with currenl stalulory requirements, the Memorandum and Articles of Association and the Slalemenl of
Recommended Practice "Accounting and Reporting by Charities"
1 Structure, Governanog and Management
Status
Big Issue North Trust Ltd is a company limited by guarantee, (company number 03164559}, and a registered
charity Icharity number 10560411 governed by ils memorandum and articles of association.
Directors and Trustges
The Trustees serving during the year were as follows.
M Filzgibbon
F Selvan
E Robinson
S Islam
A Rafferty
L Symonds
Recruitment and Tralnlng of Trustees
As sel out in the Articles of Association, the Chair and other Trustees are appointed by The Blg Llfe Company
Limited by sending a notice in writing to the Charity.
The training and induction of new Trustees is the responsibillty of the Chair and is tailored lo the individual
needs of new appointees. All Trustees have a one lo one meeting wlth the Chair each year lo discuss training
and development needs.
The Standing Orders of the charity give details of the decisions which are made al Board level and the powers
delegated to the management team.
Organisational Management
The Board of Truslees evaluate and agree the priorities of the organisalion as a whole as part of a
comprehensive business plannin9 process undertaken by the Big Life Group as a whole
Big Issue North Trust Ltd Is part of the Blg Life Group of social businesses and charities. 11 contracts with The
Big Life Company Limited for the provislon of corporate services and for the delivery of services to vendors
through a Service Level Agreement.
Rlsk Management
The directors have identified the risks that the charity may be exposed lo in the next financial year and have
established strategies lo miligale those risks. A risk management process is in place whereby risks are identified
and profiled against likelihood and consequence. with actions pul in place. Each risk is assigned lo a member
of the Senior Management Team.

Big Issue North Trust Ltd
Directors. and trustees, roport
for the year endgd 31 March 2021 (contlnued)
Key Management Personnel- Remuneration
Blg Issue North Trust Ltd considers ils key management personnel lo be truslees and senior leadership of the
group. Full costs are borne by The Big Life Company Limited and disclosed in those accounts. The costs of the
charity's key management personnel relating lo Big Issue North Trust Ltd are paid for as parl of an overall
service level agreement with The Big Life Company Limited that is annually agreed by Big Issue North Trust Ltd
trustees.
Remuneration of the senior leadership within the group is sel by the group's Audit & Remuneration Committee
based on benchmarking against comparable external organisations.
2 Objects of the charity
The objects of the Charity are to carry out activities that relieve poverty particularly in relation to the vendors of
the Big Issue North magazine.
The chartly's principle aims are..
To help vendors access employment. education and training opporlunilies, by working in partnership with
local employment and training inilialives.
To improve the health of vendors and to provide assistan￿ lo end substance dependencies.
To help vendors lo secure appropriate, accessible and affordable accommodallon.
To help vendors lo access financial services.
To promote the personal development, mental and emollonal well-being of vendors.
Big Issue North Trust Ltd is a registered charity that raises funds to provide servlGes for vendors of the Big Issue
North magazine lo help them move away from homelessness for good.
3 Statement of publlc beneflt
The Trustees have given due consideration to Charity Commission published guidance on the operation of the
public benefit requirement. Full details of the public benefit provided by the charity are detailed in the review of
activities in section 4.
4 Review of activttles and future development
Big Issue North Trust Ltd Is a Gharily which helps vendors who are selling the Big Issue North magazine through
support and signposting. During the year the charity carried out 1,182 {2020'.1,5801 crisis interventions with
vendors, assisted 41 {2020..121) clients into acoommodation, provided 3112020.'1561 vendors with employment
support and supported 1 12020.'491 vendor to access training. The charity provided 802 {2020..1,267}
inlervenlions around Health and Money issues. A total of 212020.. 15} vendors went into employment.
During the year Magazine sales were significantly reduced and other sources of income increased including a
donation from The Big Life Company Limited of £220k and Government Furlough income of £28k. Receipts of
donations and grants increased lo support the Hardship Fund which was set up lo distribute support payments
to vendors whose ability to sell magazines was limited due lo Covid lockdowns.
The charity Is commissioned by Liverpool City Council lo deliver a user engagement project Community Voice.
The project had 4 volunteers, engaged with a total of 14 external forums, networks or service people and
delivered 3 commissioned reviews, 2 around the impact of service provision in the covid Pandemic and one in
relation lo the Dame Carol Black review. This year Community Voice saw a decrease in the number of people
engaging in monthly Servi￿ meetings bul an increase in wellbeing support, supporting 120 people through 572
inlervenlions to ensure CV members were supported through varies barriers that the pandemic presented.
Volunteers from the prevlous Waves of Hope project continued lo work with Community Voice, allending
regional and national forums. All forums have been online over the year due lo the Pandemic

Big Issue North Trust Ltd
Dlrector8' and trustees, report
for the year end￿ 31 March 2021 (¢ontlnued)
The Covid 19 pandemic has severely Impacted on vendors as they have been unable lo sell the Big Issue North
magazine due lo lockdown reslriclions. Thls has meant vendors have been unable lo earn an income and in
response lo the situation the Charity established a hardship fund to support vendors with essential costs during
this period. During the year vendor donations to the hardship fund amounted lo £107,808 and resulted in 2,300
payments being made lo over 300 vendors.
Big Issue North wlll be developlng and launching Street News, a web-based news application in 2021-22 which
will bring together international conlenl from over 150 street papers. 11 is envisaged that Street News app will
give people the chance lo reach crucial stories from their own communities and every corner of the world, all
on their mobile. The conlenl of the app will raise the voice and awareness of marginalised communilles around
the world and Ihe issues they face, while delivering positive change in the North of England. Income generated
from app subscriptions will be a new source of income for Big Issue North Trust and help vendors in the North
of England lo make positive changes to their lives.
The launch of Street News wlll mark 8 slgnlficant development in that11 will look from a global perspective al
issues that affect people all over the world and give them the chance lo have their voice heard, whilst retaining
our core principle of creating positive change here in the North of England.
5 Prlnclpal rlsks and uncertalntles
A risk management process Is In place whereby risks are idenlrfied and profiled against likelihood and
consequence with actions idenllfled. Each rlsk is assigned lo a member of Ihe Senior Management team.
By far the biggest risk Ihls yearw88 the Coronavirus which impacted on both our ability lo deliver servlces safely
for our staff and clients as well as our financial position. A Coronavirus Core Group was established and oversaw
the managernenl of Health & Safely risk assessmenls and miligalions.. advlsed staff and managers.. and ensured
clear communication. The group were able to delay planned investments and successfully secured grants and
accessed government support lo manage the financial risks.
Al an operational level, services provided by the Group are subject lo legislative and quality standards, including
CHAS {Ihe Health and Safety Quality Standard), ISO 9001 and 14001. The Group also retained ils Best
Companies 2 star accredilalion. {after narrowly missing out on the 3 star award) which ovidenced outstanding
levels of staff engagement. The Group was placed 64th in the UK'S B881 Large Companies lo work for listing
2020-21.
Failure lo maintain these standards Impacts on the Group's ability lo retaln and win conlracls, therefore services
are constantly reviewed and audited. and appropriate action taken lo ensure largels are mel and exceeded.

Big Issue North Trust Ltd
Dlrectors. and trustee$, report
for the year ended 31 March 2021 (contlnued)
6 Related partigs
The charity forms part of the 'Big Life Group. of social enterprises and Charities. The Big Life Company
Limited is a not-for-profil company limited by guarantee, of which one of the company's directors, F Selvan, is
the sole guarantor. The Group also includes Big Life Cenlres. Self Help Services Ltd. and Big Life Schools
(formerly Longsighl Community Primary School).
Big Life Centres is an independent charity which offers opporlunilies to people who have had a raw deal in life
to change their lives for the beller.
Self Help Servlces Ltd is a user led, primary care mental health service offering self- help groups, compulerised
CBT, counselling, clinical IAPT services, training and volunteering.
Big Life Schools Is a Mulli Academy Trust comprising of 2 free schools.
7 Grant Fundlng
The charity receives small grants lo supwrt vendors of the Big Issue North. These monies are restricted in their
use lo the purpose specified in the contract.
8 Flnanclal Review
In 2020 income was £710,834 (2020 - £304.9271, the main reason for the increase in income was 2 donation
from The Big Life Company Limited of £225,000. Additional inGome of £28,499 was also received under the
Government's furlough scheme.
Expenditure arnounled lo £420,285 (2020 £377,584). Staff who were furloughed during the year were paid
their full salary with the company making up any shortfall.
The nel incoming resources for the year amounted lo £290,54912020 Deficit £72,657). Al the year-end
reslricled funds amounted to £43,85812020-£8,4031 and unreslricled funds total £420,24812020- £165,154).
9 Kgy Performance Indlcators
Targets are sel and are monltored during the year. and their progress Is In¢luded within the Board Reports.
They are calegorised under three key prioTily areas.,
To work with more people and places and Greate opportunities and inspire change
To do good business with our social mission al the heart of all that we do
To have an organisalion that enables us lo work In the Big Life Way
10 Reserves pollcy
At the year end the Reserves Policy was reviewed for all companies in the Group. The aim of the Reserves is
lo..
Reduce the risks to service dellvery and operations should income levels fall for a period.
Allow entry into new projects and inilialives that require investment, be paid in arrears or that may not be
profitable in the early periods.
Ensure that, should a contract end, funds are available lo allow redeployment of staff.

Big Issue North Trust Ltd
Directors. and trustg95' report
for thg year ended 31 March 2021 (contlnued)
Resetve Level
Target levels for free reserves {Unreslricled Funds les5 Fixed Asselsl are based on three months, salary
expenditure and free reserves should be built up to that level where possible. Should the level of free reserves
at the end of a financial year ex￿ed largel then the charity should make plans lo utilise free reserves lo achieve
largel reserves In the future. Following Trustee discussions in October 2019 il was agreed lo ulilise additional
reserves and increase the level of support lo vendors and develop new projects {such as Street News).
The current target level of reserves is £37k and the actual level of free reserves at 31 March 2021 was £298k
12020.. £89k}.
11 Future Developmgnts
The Big Life Group is In the business of changing Ilves and we fight inequality by working wllh people and places
lo create opporlunilies and inspire change. All our serVI￿S work with people to support areas of their lrfe and help
remove obstacles which are barriers lo individuals in changing their life for the beller. We help people see the skills
and support they already have so that they can bulld on il and reach their full potential.
Our work is done in the Big Life Way and is underpinned by fivo principles..
We work with people on all areas of their lives and build on their ski115 and potential in everyone and
value their life experience.
We strive lo provide a first class service which develops a person's resilien￿ and is led by them and
responds to their priorities.
We never give in and celebrate a person's achievemenl as we understand that everyone has the
capacity for change.
We tread new ground and learn from feedback and innovate lo respond to new challenges.
We work in partnership with people and places lo achieve more together than we can achieve alone.
The Group's Business Plan 2020-25 has identified three key work priorilles over the next five years which include
111 To work with more people and places lo create opporlunilies and inspire change..
To work with more people lo support them In all areas of their I￿e.
To have volunteer opporlunilies in every service.
To increase the opporlunilios for people lo engage with our services through the use of technology, such
as online chats, video conferencing and virtual reality.
To develop place-based plans for every area we work in and develop partnerships and integrated
working.
(2) We will be a 'good' business with our social mission al the heart of all that we do:
To grow in our existing geographies lo diversify our offer and move into new areas where there is an
opportunity lo develop significant roots lo anchor ourselves in a community.
To increase foedback lo continually improve the quality of what we do.
To invest in our assets and technology and ensure we maximise efficiency and the Quality of our data lo
drive service improvement.
To reduce our carbon footprint and implement agile working.
To ensure we have an appropriate legal structure that works for us and the people we work with.

Big Issue North Trust Ltd
Directors, and trustees, report
for the year ended 31 March 2021 (continued)
131 We will have an org2nisalion that enables us lo work in the Blg Life Way..
To have management slruclures, IT systems and change processes that facililale staff and services
working together.
To deliver our workforce slr21egy, ensuring we have diverse, Iralned and happy staff. as evidenced by
achievement of Best Companies 3-Star accreditation.
To have trained Mulli-modality Praclilioners In every service and ensure all staff will be trained in strengths
based approaches.
To develop tools for people lo have control of their own stories and data.
To ensure Service user engagement shapes our services.
To ensure all our services are informed by research and evaluallon, and to measure the impact of our
work.
12 Inv05tment powers and pollcy
All Investment5 are made in line with the terms laid out in the Articles of Association. Appropriate professional
advice is taken on all investments.
13 Provision of Informatlon to auditor
Each of the persons who are Directors al the time when this Directors, and Tfuslee8' Report is approved has
confirmed that..
There is no relevant information, being information, needed by the auditor in connection with preparing their
report, of which the company's auditor is unaware, and
The Directors, having made enquiries of fellow Directors and the company's auditor that they ought to have
Individually taken, have each taken all the steps that helshe is obliged lo lake as a director in order to make
themselves aware of any relevant audit information and lo establish that the auditor is aware of that
Information.
The Slatulory Auditor, Beever and Slrulhers will be proposed for reappoinlmenl in accordance with section 485
of the Companies Act 2006.
14 Basls of praparatlon
This report has been prepared in accordance with the special provisions relating lo companies subject to the
small companies regime within Part 15 of the Companies Act 2006. As suGh, the Company is exempt from
preparing a Strategic report.
The Annual Report is signed by the Chair on behalf of the Board of Trustees. The Trustees also approve the
directors, and trustees. report, which is contained within this report, in their capacity as Company Directors
F Selvan
Trustee
Dale 15 November 2021

Big Issue North Trust Ltd
Statgmgnt of trustees. rèsponsibllltles
The Trustees (who are directors of Big Issue North Trust Ltd for the purposes of company law) are responsible for
preparing the Trustees, Annual report and the financial statements in accordance with app5icable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraGlice).
Company law requiies the Trustees lo prepare financial statements for each financial year which ghje a true and
fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including
the income and expenditure, of the charity for that period.
In preparing these financial slalemenls, the Trustees are requlred to..
select suitable accounting policies and then apply them consistently..
observe the methods and principles in the Charities SORP 2019 {FRS 102).,
make judgements and accounting esllmales that are reasonable and prudent..
prepare the financial slalements on the going concern basls unless il is inappropriate lo presume that the
charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al
any lime the financi81 position of the charity and enable them lo ensure that the financial slalemenls comply with
the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other I￿egulaTI11e8.
Financial slalemenls are published on the charity's website in accordance with legislation in the United Kingdom
governing the preparation and dIssem￿natIon of financial slalemenls, which may vary from legislation in other
juri5diclions. The maintenance and integrity of the charity's website is the responsibility of the Iruslees. The
Iruslees, responsibility also extends lo the ongoing integrity of the financial slalements contained therein.
F Selvan
Trusteg
Date 15 November 2021

Big Issue North Trust Ltd
Indgpendent auditor's report
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG ISSUE NORTH TRUST LTD
Opinion
We have audited the financial statements of Big Issue North Trust Ltd 'the charitable company" for the year ended
31 March 2021 which comprise the Slalemenl of Financial Activities {combining income and expendllure accounll,
the Balance Sheet and the notes lo the financial stalemenls, including a summary of significant accounting policies
in note 1. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice}.
In OUT opinion, the financlal $tslemenls.'
give a true and fair view of the stale of the charitable company's affairs as at 31 March 2021 anij of its
incoming resources and application of resources for the year then ended,.
have been properly prepared in accordance wllh United Kingdom Generally Accepted Accounting Practice,.
and
have been prepared In accordance with the requirements of the Companles Act 2006.
Basis for opinion
We conducted our audit in ac¢ordance with International Standards on Auditing IUKI IISAS {UK)l and applicable
law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance with
the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S
Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion.
Concluslons relatlng to going concern
In auditing the financial slatemenls, we have concluded that the Irustee8' use of the going concern basis of
accounting in the preparation of the financial slalemenls is appropriate.
Based on the work we have performed, we have not identified any materlal uncertainties relating lo events or
conditions that, inijividually or collectively, may cast significant doubl on the charitable company's ability lo continue
as a going concern for a period of at least twelve months from when the financial slalemenls are aulhorised for
issue.
Our responslbllllies and the responslbllllles of the Iruslees with respect to going concern are described in the
relevant sections of this report.
Other Informatlon
Th8 Other information comprises the information included in the annual report. other than the financial slalements
and our auditor's report Ihereon. The Iruslees (who are also the directors of the charitable companyfor the purposes
of company lawl are responsible for the other information. Our opinion on the financial slalements doos not cover
the other information and, except lo the extent otherwise explicitly slated In our report, we do not express any form
of assurance conclusion Ihereon.
In connectlon with our audit of the financial statements our responsibility is lo read the other Information and. In
doing so, consider whether the other information is materially inconsislenl with the financial slalemenls or our
knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material
inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material
misstalemenl in the financial slalemenls or a material misslalemenl of the other information. If, based on the work
we have performed, we conclude that there is a material misslalemenl of this other information. we are required lo
report Ihal fact.
We have nothing to report in this regard.

Big Issue North Trust Ltd
Indepèndgnt audltorfs report
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BIG ISSUE NORTH TRUST LTD
Oplnions on othgr matters prescrlbed by the Companles Act 2006
In our opinion, based on the work undertaken In the course of the audit..
the infomialion given in the trustees. report, which includes the directors, report prepared for the purposes ol
company law, for the financial year forwhlch Ihe financial statements are prepare(J is consislenlwilh the finandal
slalements., and
the dlrectors, report included within the Iruslees, repgrt has been prepared in accordan￿ with appllcable leg81
requirements.
Matters on whSch we are required to rgport by exceptlon
In the light of the knowledge and understanding of the char((able company and its environment obtalned in the
course of the audit. we have not identified material misslalemenls in the directors, report included within the
twslees, report.
We have nothing lo report In respect of the following matters in relation lo which Companies Act 2006 requires us
lo report lo you if, in oui opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been recoived
from branches not visited by LJS-, or
the financl81 statements are not in agreement with the accounting records and returns,. or
certain disclosures of trustees, remuneration specified by law are not made,. or
we have not received all the Informallon and explanations we require for our 2udil,' or
the trustees were not entitled to prepare the financial statements in accordance with the small companies.
regime and lake advantage of the small Companies, exemptions in preparing the trustees, report and from
the requiremonl lo prepare a strategic report.
Responsibilities of dlrectors
As explained more fully in the Statement of Trustees, Responsibilities sel out on page 8, the trustees {who are also
the directors of the charitable company for the purposes of company law} are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
Iruslees determine is necessary lo enable the preparation of financial statements that are free from material
mlsstatemenl, whether due to fraud or error.
In preparing the fi'nancial slalements, the Iruslees are responsible for assessing the charitable company's ability to
continue as a going concern, disclosing. as applicable, mallers related lo going concern and using the going
concern basis of accounting unless the Iruslees either intend lo liquidate the charitable Gompany or lo cease
operallons, or have no realistic allernalive bul to do so.
Audltor'8 responsibilities for the audit of the flnancial statements
Our objectives are lo obtain reasonable assurance about whether the financlal slalemenls as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance
with ISAS {UKI will always delect a material misslalemenl when il exlsts. Misstalemenls can arise from fraud or
error and are considered material rf. individually or in the aggregate, they could reasonably be expeoted to infiuence
the economic decisions irf users taken orb the basis of these financial slatemenls.
10

Big Issue North Trust Ltd
Independent audltor's report
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG ISSUE NORTH TRUST LTD
Audltor's iesponslbllltles for the audlt of the financlal statements {continued}
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to delecl material misstalemenls in respect of irregularilie5, including
fraud. The specific procedures for Ihls engagement and the exlenl to which these are capable of detecting
irregularities, incluéing fraud is detailed below..
Our approach to identifying and assessing the risks of material misslalemenl in respect of irregul8rilies, including
fraud and non-compliance with laws and regulations. was as follows..
the engagement partner ensured that the engagement team collectively had the appTopriale competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
we identified the laws and regulations applicable to the charitable company through discussions with
Iruslees and other management. and from our knowledge and experience of the charity sector.
we focused on specific laws and regulations which we consldered may have a direct material effect on the
financial statements or the operations of the charitable company, including the Companies Act 2006, the
Charities Act 2011, laxalion legislation, data protection. anli-bribery, employment. environmental and
health and safely legislation.
we assessed the extent of compliance with the laws and regulations Identified above through making
enquirles of management and inspecting legal correspondenoe.
identified laws and regulations wore communicated within the audit team regularly and the team ￿MaIned
alert lo instances of non-￿mplIance throughout the audlt.
We assessed the susceplibilily ofthe charitable company's financial statements lo material misstatement, including
obtaining an understanding of how fraud might occur, by-
making enquiries of management as lo where they considered there was susceptibility to fraud, Ihelr
knowledge of actual, suspected and alleged fraud.
considering the internal contro15 in place lo miligale risks of fraud and non-compliance with laws and
regulallons.
To address the rlsk of fraud through management bias and override of controls, we..
performed analytical procedures on income and salaries lo identify any unusual or unexpected
relationships.
lesled journal entrie5 10 identify unusual transactions.
assessed whether judgements and assumptions made in determining the accounting eslimales sel out in
note 1 were indicative of potential bias.
investigated the rationale behind significant or unusual Iransaclions.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regLJlalions are from financial transactions, the less likely il is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo
enquiry of the directors and other management and the inspection of regulatory and legal Correspondence, if any.
Material misstalemenls Ihal arise due lo fraud can be harder lo delecl than those that arise from error as they may
involve doliberale concealment or collusion.
11

Big Issue North Trust Ltd
Indopgndgnt audltor's report
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF BIG ISSUE NORTH TRUST LTD
A further ¢Jescriplion of our responsibilities for the audit of the flnancial statements is located on the Financial
Reporting Council's web-site al www.frc.or
.uklaudilorsres
onsibililies. This description forms part of our auditor's
report.
Use of our report
This report is made solely lo 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 slate to the charitable
company's members those mallers we are required lo slate lo them in an auditorfs reF)Ort and for no other purpose.
To the fullest exlenl permilled by law, we do not accept or assume responslbilily lo anyone other than the charitable
company and the charitable company's members as a body for OL+r audit work, for this ￿POrt, or for the opinions
we have formed.
Sue Hutchinson FCCA {Senior Slalutory Auditor)
For and on behalf of
Beever and Slrulhers
Slalulory Auditor
St George's House
2151219 Chester Road
Manchester M15 4JE
Dale.. 20 December 2021
12

Big Issue North Trust Ltd
Statement of financial actlvltles
(Combining income and expendlture account)
for the year ended 31 March 2021
Restricted
Funds
Unrèstricted
funds
Total
2021
Total
2020
Note
Income and Endowments From:
Donations and Legacies
Charitable Activities
Other Trading Activities
Investments
Other
99,671
71,640
396.688
97,190
15.580
163
29.902
496.359
168,830
15,580
163
29.902
91,093
182,425
3,200
200
28.009
Total Incomè
171,311
539,523
710.834
304,927
Expenditure On:
Ralsing Funds
Charitable activities
23.267
269,046
23.267
397.018
41,483
336,101
127,972
Total Expenditure
127,972
292,313
420,285
377.584
Net IncomellExpendlture)
10
43,339
247,210
290,549
172,6571
Transfers Between Funds
19
{7,884)
7,884
Net Movement In Funds
35,455
255,094
290,549
172,6571
Total funds brought forward at
1 Aprll 2020
8,403
165,154
173,557
246,214
Total funds carried forward at
31 March 2021
43,858
420.248
464,106
173,557
The slalemenl of financial activities includes all g2ins and losses recognised in the year.
All amounts relate lo continuing aclivilies.
The notes on pages 15 10 27 form parl of these flnancial slalements.
13

Big Issue North Trust Ltd
Balance sheet
at 31 March 2021
Note
2021
2021
2020
2020
Flxed assets
Tangible assets
Intangible fixed assets
13
14
56.322
65,520
76,359
121,842
76,359
Current assets
Debtors
Cash al bank an¢J in hand
15
73,520
280,926
14.995
110.267
Total Current Assets
354,446
125,262
Creditors.. amounts falllng due
wlthin onè year
16
112,1821
128,0641
Net currènt assets
342,264
97,198
Total Not Assets
464.106
173,557
Thè Funds of the Charity
Restricted income funds
Unrestricted funds
18,19
18,19
43.858
420.248
8,403
165,154
Total Charity Funds
464,106
173,557
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating
lo small companies and conslilule the annual accounts required by the Companies Act 2006 and are for circulation
lo members of the company.
The financial slalemenls on pages 1310 27 were approved and aulhorised for i$sue by the board on 15 November
2021 and are signed on ils behalf by..
F Selvan
Trustee, approved and authorised on behalf of the board Trustees
Date 15 November 2021
The notes on pages 15 10 27 form part of these financial statements.
Company Number 03164559
14

Big Issue North Trust Ltd
Notes formlng part of the flnanclal statements
for the year gnded 31 March 2021
Accounting policles
General Informatlon
Big Issue North Trust Ltd is a private company, limited by guarantee, incorporated in England and Wales
under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in
Legal and administrative details. Details of the charity's operations are provided in the Directors, and
Trustees, Report.
A￿OUntIng pollcles
The principal accounting policies adopted, judgements and key sources of eslimalion uncertainty in the
preparation of financial statements are as follows..
al Basls of preparatlon
The financial slalements have been prepared In aGGOTdance with Accountin9 and Reporllng by ChaTilies.'
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021{effeclive 1
January 20191- (Charities SORP {FRS10211, the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 1021, the Companies AGt 2006 and the Charities Act 2011.
Big Issue Norlh Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities
are initially recognised al their historic co81 or transaction value.
The financial slalements are prepared in sterling which is the functional currency of the ¢harily.
The financial slalemenls have been prepared on a going concern basis which assumes an ability lo
continue operating for the foreseeable future. There are no material uncertainties about the charity's ability
lo continue as a going concern and the level of reserves al 31 March 2021 exceeded target reserves by
£261 K Ihereforo the Trustees consider il appropriate lo continue lo prepare the financial slalemenls on a
going concern basis. With regard lo reserves Trustees have agreed lo ulllise additional reserves and
increase the level of support lo vendors and develop new projects {such as Street News).
COVID-19 is expected to conllnue lo have an impact on the Charity's activities however the pressure on
expenditure from hardship payments to vendors may diminish as lock-downs cease. Trustees note the
impact of Covid on operations however consider that Ihls impact is not SLtfficienl to Gasl doubl on the entity's
ability lo continue as a going concern.
bl Lggal status of the Charlty
The charity is a company Ilrniled by guarantee and has no share capital. In the event of the charlty being
wound up, the liability in respect of Ihe guarantee is limited lo £10 per member of the charity.
G) Incomlng resources
Voluntary income is received by way of donations and gifts and is included in full in the Statement of
Financial Activities when receivable. Donations from other group companies are recognised when
receivable.
Grants, including grants for the purchase of fixed assets. are recognised in full in the Statement of Financlal
Activities in the year in which they are ￿￿1vable.
Government grant income recelved from the Coronavirus Job Retention Scheme I'Furlough income'l has
been recognised on a receivable basis in the Slalemenl of Financial Activities over the same period as the
costs lo which it relates. The government grant income is classified as unreslricled.
Incoming resources from Investments is recognised when receivable.
15

Big Issue North Trust Ltd
Notes forming part of the flnanclal statoments
for the year ènded 31 March 2021 (continued)
d) Resources expended and cost alloGation
Resources expended are recognised in the period in whlch they are incurred.
Resources expended are allocated to the particular activity where the cost relates directly lo that 8clivily.
Certain other costs. which are allribulable to more than one activity, are apportioned across the cost
categories on the basis of an estimate of the proportion of lirne spent by staff on those aclivilies. Costs
allocated lo charitable activities are the wsts associated with achieving the charity's main objectives.
Govornance costs represent expenditure related lo the governance of the charlty, to allow il lo operate and
lo generate information for public accountability.
e) Fund accountlng
Unrestricted funds are donations and other incoming resources recoivable or generated for the oblecls of
the charity wilhoul further specified purpose and are available as general funds.
Restricted funds are lo be used for specific purposes as laid down by the donor. Expenditure which meets
this criteria is charged lo the fund, together with a fair allocation of management and support costs.
Penslons
Big Issue North Trust Ltd is a member of the Big Life Group's definod contrlbulion pension scheme and
the pension charge represents the amounts payable by the charity lo the fund in respect of the year.
g) Corporatlon taxatlon
The charity is exempt from 18x on income and gains under Section 202 of the Corporation Act 2010 to the
exlenl that these are applied to its charitable objects.
h) Tanglble flxed assets
Individual fixed assels costing £2,000 OT more are capilalised al cost.
Doprecialion 18 provlded lo write off the cost of tangible fixed assets over their expected normal lives as
follows..
Computer equipment is depreciated on a straight line basis over 3 - 5 years.
Fixtures and fillings are depreciated on a slraighl line basis over 5 years.
Leasehold improvements are depreciated on a straight line basis over 5 years.
11 Intangible Flxed Assots
Webslle appllcalions purchased and developed, or developed in house, are intangible assets. Cost is
measured initially al acquisition cost or costs incurred lo develop the asset. Development expenditure
incurred on an individual project is capilalised only if specific criteria are mel including that il Is probable
that the asset created will generate future economic benefits.
Amortisalion is provided to write off the cost of inlanglble flxed assets over their expected normal Ilves as
follows..
Website applications are amortised on a slraighl line basis over 4 years.
Webslte applications under development are not amortised until completed.
16

Big Issue North Trust Ltd
Notes forming part of thè financial statements
for the ygar gnded 31 March 2021 (Continued)
AcGounting polleles (conlinued)
J) Debtors
Trade and other debtors are recognised at the selllemenl amount due after any trade discount offered.
Prepayments are valued al the amount prepaid after taking account of any trade discounts due.
k) Cash at bank and In hand
Cash al bank and cash in hand includes cash and short term highly liquid investments with a short malurily
of three months or less from the dale of aGquisilion or opening of the deposit or similar account.
l) Credltors and provisions
Creditors and provisions are recognised where the charlly has a present obligation resulting from a past
event that will probably result in the transfer of funds lo a third party and the amount due lo settle the
obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their
settlement amount after allowing for any trade discounts due.
m) Flnanclal Instruments
The ch8rily only has financial assets and financlal liabilities of a kind that qualify as basic financlal
Instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured al their selllemenl value.
n) Laases
Rentals payable under operating leases are charged lo the Statement of Financlal A¢livilies on a slraighl-
line basis over the lease term. Any premiums received al the inception of the lease are recognised on a
slraighl-line ba8is over the life of the lease.
o) Judgements
In preparing these financial stalemenls, the DlreGlors have made the following judgements:
Determine whether leases entered into by the charity either as 8 lessor or a lessee are operating
leases or finance leases. These decisions depend on an assessment of whether the risks and
rewards of ownership have been transferred from the lessor lo the lessee on a lease by lease
basis.
DeleTmine whether there are indicators of impairment of the charity's tangible assets. Factors
taken into consideration in reaching such a decision include the economic viabillly 2nd expected
future financial performance of the asset and where it is a component of a larger cash-generating
unil, the viability and expected future performance of that unil.
Determine the probability of website applications purchased and develope(S, or developed in-
house, generating future economic benefits in order lo judge whether the crilerla for capilalisalion
are mel.
17

Big Issue North Trust Ltd
Notes forming part of the flnanclal statgmgnts
for the year ended 31 March 2021 (Gontinued)
Accounting policles (continued)
Other key sources of eslimalion uncertainty..
Tangible fixed assets (see note 131- Tangible fixed assets are depreciated over their useful lives
taking into account residual values, where appropriate. The actual lives of the assets and residual
values are assessed annually and may vary depending on a number of factors. In re-assessing
asset lives, factors such as technological innovation, product I￿e cycles and maintenance
programmes are taken into account. Residual value assessments consider issues such as future
market conditions, the remaining15fe of the asset and projected disposal values.
Intanglble fixed assets (see note 14}- Intangible fixed assets are amortised over their useful lives
taking into account residual values, where appropriate. The actual lives of the assets and residual
values are assessed 8nnually and may vary depending on a number of factors. In re-assessing
asset lives, factors such as technological innovation, product life cycles and maintenance
programmes are taken into account. Residual valuo assessments consider issues such as future
market conditions. the remaining life of the asset and projected dlsposal values.
18

Big Issue North Trust Ltd
Notes formlng part of thg financlal statements
for the year ended 31 March 2021 (continued)
2 Donatlons and Legacies
Total
funds
2021
Total
Funds
2020
Rèstricted Unrestrlcted
funds
Funds
RestriGted Unrestrlcted
funds
funds
Donatlons
Gifts and donations
99,671
396,688
496.359
91,093
91,093
99.671
396,688
496,359
91,093
91,093
Incomlng resourGgs from charltable acilvltlès
Total
funds
2021
Total
Funds
2020
Rgstrlcted Unrestrlcted
funds
Funds
Rostrictod Unrestrictod
funds
funds
Contract Servlcès
Funding for vartous
small projects
Community Voice
Waves of Hope
9,401
9,401
74,930
74,930
13,158
77,277
77,277
72,507
13,158
72,507
Total
Servlces
Contract
13.158
74,930
88.088
81,908
77,277
159,185
Grants
Zochonls Ch2rilable
Trust
Small Grants
Community Voice
20,000
20,000
20,000
20,000
58.482
1,760
500
60.242
500
3,240
3,240
Total Grants
58,482
22,260
80,742
23,240
23.240
Total Income from
Charitable
Activities
71,640
97,190
168,830
81.908
100,517
182.425
19

Big Issue North Trust Ltd
Notes formlng part of the flnanclal Statgmgnts
for the year ended 31 March 2021 (continued)
4 Othèr Trading Activity
Total
funds
2021
Total
Funds
2020
Restricted Unrestrleted
funds
Funds
Restri¢tgd Unrestrlcted
funds
funds
Hire of Rooms &
Facilities
App Development
5.580
5,580
3,200
3,200
10.000
10,000
15.580
15,580
3.200
3.200
5 Other Incomè
Total
funds
2021
Total
Funds
2020
Restrlcted Unrestricted
funds
Funds
Restrlcted Unrgstrlcted
funds
funds
Lease Suffender
Other Income
Furlough Income
1,000
403
28,499
1,000
403
28,499
25,000
3,009
25,000
3,009
29,902
29,902
28,009
28,009
Expendlture on ¢haritablo activltles
Total
funds
2021
Total
Funds
2020
Restrlcted Unrestricted
funds
funds
Restrlcted Unrestrlcted
funds
Funds
Fundra￿81n9 support
and publicity
23,267
23.267
41,483
41.483
20

Big Issue North Trust Ltd
Notes forming part of tho financlal statemgnts
for the ygar ended 31 MarGh 2021 (continued)
Expenditure on charltable activities
Contract
Servlces
Other
Governance 2021
2020
Staff Costs
General Costs
Room Hire
Minor Equipment
Recharges from Group
Governance Costs.. audit fees
57,912
3,930
5,543
93,152
103,260
45.369
26,039
48,567
151.064
107,190
50,912
26,039
59,979
1,834
155,661
85,913
51,715
60
38,094
4,658
11,412
1,834
78,797
316,387
1,834
397,018
336.101
Restrlcted
Unrestricted
5,274
73,523
122,698
193,689
127,972
269,046
77.012
259.089
1,834
78,797
316,387
1,834
397,018
336.101
Recharges from Group relate to Finance, HR , Payroll and other central support services provided by Blg Life
Group.
Total Rgsources Expendèd
Staff
Costs
Other
Costs
Total
2021
Total
2020
Contract services and other
Governance Costs.. audit fees
Fundraising support and publicity
{Note 61
146,243
248,941
1,834
9,350
395,184
1,834
23,267
331,443
4,658
41,483
13,917
160,160
260,125
420,285
377,584
Summary Analysis of gxpgnditure
and related Incomo
Income
Expènditure
Net
Voluntary
Contract Services
Other
Governance costs.. audit fees
4g6,359
88,088
126,387
23,267
78,797
316,387
1,834
473,092
9,291
1190,000)
11,834}
710,834
420,285
290,549
21

Big Issue North Trust Ltd
Notes forming part of the flnanoial statements
for the year gnded 31 March 2021 (contlnued)
10 Net Incomel{expendlturèl
Nel incomellexpenditurel for the year is 51aled after charging..
2021
2020
Rentals under operating leases - land and buildlngs
Auditor's remL¢neration
Depreciation
39.723
1,834
20.037
33,215
4,658
12,977
11 Staff costs and omoluments and key management personnel
2021
2020
The staff costs were as follows..
Wages and salaries
Social security costs
Pension
147.868
9,396
2,895
165,599
8,775
5,826
160.160
180,200
The average full lime equivalent number of persons employed (based on
a 35 hour weekl and analysed by function was..
Number
Number
Services and projects
The average monthly headcounl was 13 staff {2020'. 11 staff).
No employee received emoluments of more than £60,000 in the current year or prior year.
Key management personnel of the charity are the Trustees and senior leadership of the group. Costs are
borne by the parent company, The Big Life Company Limited and are not recharged lo Big Issue North Trust
Ltd. The total employee benefits paid lo key management personnel by The Big Life Company Limited was
£409,631, comprised of salary of £352,000, pension Gonlribulions of £16.250 and employers national
insurance contributions of £41,381 12020.. £390.827. comprised of salary of £338,000, pension contributions
of £15,500 and employers national insLJrar)ce contributions of £37,327).
The salary of the Chief Executive and Accounting Officer. a Trustee, is paid by The Big Life Company Limited.
Employee benefits of £106.148. comprised of salary of £90,000, pension contributions of £4,250 and
employers national insurance contributions of £11.898 12020.. £99,099 comprised of salary of £85,000,
pension contributions of £4,250 and employers national insurance contributions of £9,849} wa8 paid by The
Big Life Company Limited during the year.
12 Trustogs, remunoration and expenses
During the year remuneration of £8.00012020'. £8,000) was pald lo E Robinson, a trustee, by The Big Llfe
Company Limited for her role as chair of The Big Life Company Limited. Costs are borne by the parent
company, The Big Life Company Limited and are not recharged to Big Issue North Trust Ltd.
No other Iruslee received remuneration from the charity or a related enlily during the yoar12020'. £nil) other
than as disclosed in note 11.
No reimbursement of expenses has been made lo trustees during the year12020'. £nil).
22

Big Issue North Trust Ltd
Notes formlng part of thg financlal statements
for the year ended 31 March 2021 (continued)
13 Tangiblo fixed assets
Lgasehold
Improvemgnts
Office
equlpmgnt
Computar
Equlpment
Total
Cost
At 1 April 2020
100,186
4,359
4,129
108,674
Al 31 March 2021
100.186
4,359
4,129
108,674
Depreciation
At 1 April 2020
Charge for the year
23,827
20,037
4,359
4,129
32,315
20,037
Al 31 March 2021
43,864
4.359
4.129
52,352
Nel book value
At 31 March 2021
56,322
56,322
Al 31 March 2020
76,359
76,359
14 Intangible fixed assgts
Web Appllcatlon
Software
Development
Total
Cost
Al 1 April 2020
Additions
65,520
65,520
Al 31 March 2021
65,520
65,520
Amortisation
Al 1 April 2020
Charge for the year
Al 31 March 2021
Nel book value
At 31 March 2021
65,520
65,520
Al 31 March 2020
Intangible Fixed Assets relates lo the development of the web application Street News. The application was under
development al the year end therefore no amortisalion was charged during the year.
23

Big Issue North Trust Ltd
Notes formlng part of the financial statements
for the y9ar ended 31 March 2021 (contlnued)
15 Dobtors (due wlthln one yearl
2021
2020
Trado Debtors
Amounts owed by Group Undertakings
Prepayments and accrued income
Other Taxation and Soclal Security
11,000
10,851
38.565
13,104
2,347
12,648
73,520
14.995
16 Creditors: amounts falling dug Wlthin one year
2021
2020
Trade creditors
Amounts owed lo group undertakings
Accruals and deferred income
1.265
2.951
398
24,715
10,917
12.182
28,064
17 Deferred Income
Deferred income represents services and recharge income received In
advance
Balance as al 1 April 2020
Amounts received and deferred in the year
Amounts released to incoming resources in the year
16,224
259
115.178}
Balance as at 31 March 2021
1.305
18 Analysis of net assets between funds
Net current
Assets
Flxed assets
Total
Reslricled income funds
UnreslriGted income funds
43,858
298,406
43,858
420,248
121,842
Total funds
121,842
342,264
464,106
24

Big Issue North Trust Ltd
Notes forming part of tho financlal statemènts
for the year gnded 31 March 2021 (contlnugd)
19 Movements In funds
Balance
At
1 Aprll
2020
Balanco
At
31 March
2021
Incoming
r8sources
Outgoing
rèsources
Transfgrs
Restrlcied funds
Funding for small
projects
Waves of Hope
8,403
158,153
1122,698}
43,858
13,158
15,2741
17,884}
Subtotal
8.403
171,311
{127,9721
17,8841
43,858
Unrestrirtgd
funds
General Funds
165,154
539,523
1292,313}
7,884
420,248
Subtotal
165,154
539.523
1292,3131
7,884
420,248
Total funds
173,557
710.834
{420,285)
464,106
Al 31 March 2021 Blg Issue North Trust Ltd held £43,85812020 - £8.403} in restricted funds for a number of
small projects related lo the aims of the charity.
General reserves amounted to £420,24812020- £165,154).
25

Big Issue North Trust Ltd
Notgs forming part of the financial statements
for the year ended 31 March 2021 (contlnued)
20 Related party transaGtions
In accordance with FRS 102, the charity discloses related party transactions that were recognised in the
Slalemenl of Flnancial Aclivilies. Remuneration of key management personnel is disclosed in note 11. Trustees,
remuneration and expenses are disclosed in note 12.
The charity is charged for direct salary costs, finance, HR. payroll and other central support services provlded
by The Big Life Company Limited. Salary costs are recharged based on staff lime and other cos15 are recharged
based on Q/0 of estimated income.
The charity charges other group enlilies for sundry services such as room hire and training. The 2020121 amount
charged to The Blg Life Company Limited of £254.085 Includes the donation from The Big Life Company Limited
of £220,000.
Related party transactions with other group entities during the year with were as follows..
Amounts charged to
Amounts charged by
group entitles
group entltles
2021
2020
2021
2020
The Big Life Company Limited
Self Help Services Ltd
Big Life Cenlres
Big Life Schools
Wesley Furniture Resource Centre
254,085
220,139
216.320
1,974
254.085
220,139
218,294
The following amount8 were owed byllo group entities the year-end..
Amounts owed by
group entlties
2021
2020
Amounts owed to
group entitigs
2021
2020
The Big Life Company Limlled
Self Help Services Ltd
Big Life Centres
Big Life Schoo15
Wesley Furniture Resource Centre
10,896
802
45
1,200
10,896
802
45
1,200
There were no other related party transactions during the year (2020.. none).
26

Big Issue North Trust Ltd
Notes fomiing part of the flnancial statemènts
for thè ygar ended 31 March 2021 (contlnuedj
21 Ultimate parènt undertaklng and controlllng party
The ultimate parent company and controlling party is The Big Life Company Limited, a company limited by
guarantee incorporated in England and Wales.
The parent undertaking of the smallest and largest group for which consolidated accounts are prepared is The
Big Life Company Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff,
CF14 3UZ.
The mission of The Big Lbfe Company Limited is lo create opportunities for the people who have the least lo
change their lives. Two of the current directors of Big Issue North Trust Ltd are also directors of The Big Life
Company Limited. Operational and strategic oversight of Big Issue North Trust Ltd is exerclsed by The 8ig
Life Company Limited.
22 Operatlng Lease ¢ommltmènts
The charity had lolal future mlnimum cornmilments under non-cancellable operating leases as sel out below..
2021
2020
Land and
Land and
Bulldings
Buildings
Land and buildings
Not later Ihan one year
Later than one year and not later than five years
Later than five years
32,114
55,000
25,048
33,376
55,000
36,547
112,162
124,923
27