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← Big Issue North Trust Ltd

2025-03-31-accounts

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd (a company limited by guarantee)

Annual Report

Year Ended

31 March 2025

Company Number 03164559 Charity Number 1056041

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Report and financial statements for the year ended 31 March 2025

Contents

Page:

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Legal and administrative information

for the year ended 31 March 2025

Directors and Trustees
of the charity: M Fitzgibbon
FSelvan
ERobinson
SIslam (resigned 21 October 2024)
M Burrows (resigned 28 July 2025)
M Naraynsingh
H Khan (appointed 1 September 2025)
O Alofoje (appointed 1 May 2025)
Secretary: M Fitzgibbon
Principal and
Registered Office: Zion Community Resource Centre
339 Stretford Road
Manchester
England
M15 4ZY
Company Number 03164559
Charity Number 1056041
Website www.bigissuenorth.com
Constitution: The charity is registered as a company limited by
guarantee. The governing documents are the
company’s memorandum and articles of association.
Bankers Santander
Bridle Road
Bootle
Merseyside
L30 4GB
External Auditor: Menzies LLP
One Express
1 George Leigh Street
Manchester
M4 5DL

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Directors' and trustees’ report for the year ended 31 March 2025

The directors and trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2025.

Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice "Accounting and Reporting by Charities".

1 Structure, Governance and Management

Status

Big Issue North Trust Ltd is a company limited by guarantee, (company number 03164559), and a registered charity (charity number 1056041) governed by its memorandum and articles of association.

Directors and Trustees

The Trustees serving during the year were as follows.

M Fitzgibbon F Selvan E Robinson S Islam (resigned 21 October 2024) M Burrows (resigned 28 July 2025) M Naraynsingh H Khan (appointed 1 September 2025) O Alofoje (appointed 1 May 2025)

Recruitment and Training of Trustees

As set out in the Articles of Association, the Chair and other Trustees are appointed by The Big Life Company Limited by sending a notice in writing to the Charity.

The training and induction of new Trustees is the responsibility of the Chair and is tailored to the individual needs of new appointees. All Trustees have a one-to-one meeting with the Chair each year to discuss training and development needs.

The Standing Orders of the charity give details of the decisions which are made at Board level and the powers delegated to the management team.

Organisational Management

The Board of Trustees evaluate and agree the priorities of the organisation through a comprehensive business planning process undertaken by the Big Life Group as a whole.

Big Issue North Trust Ltd is part of the Big Life Group of social businesses and charities. It contracts with The Big Life Company Limited for the provision of corporate services and for the delivery of services to vendors through a Service Level Agreement.

Risk Management

The directors have identified the risks that the charity may be exposed to in the next financial year and have established strategies to mitigate those risks. A risk management process is in place whereby risks are identified and profiled against likelihood and consequence, with actions put in place. Each risk is assigned to a member of the Senior Management Team. One of the key risks identified was the management of rising costs of publishing an independent magazine, in a climate where increasing the product price was restricted.

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Big Issue North Trust Ltd

Directors' and trustees’ report for the year ended 31 March 2025 (continued)

Key Management Personnel – Remuneration

Big Issue North Trust Ltd considers its key management personnel to be trustees 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 to Big Issue North Trust Ltd are paid for as part 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 set 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 magazine.

The charity’s principal aims are:

Big Issue North Trust Ltd is a registered charity that raises funds to provide services for vendors of the Big Issue magazines to help them move away from homelessness for good.

3 Statement of public benefit

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 activities and future development

Big Issue North Trust Ltd is a charity which helps vendors who are selling the Big Issue magazines through support and signposting. It has offices in Leeds, Liverpool, Manchester and Sheffield and works in partnership with other organisations to distribute magazines to vendors in towns across Hull and in Cumbria.

Big Issue North Trust no longer produces an independent magazine, but distributes the Big Issue UK publication, which is purchases from BIUK.

During the year the charity worked with 360 vendors with an average of 200 vendors at any period. 70% of vendors were supported to take cashless payments, through issuing card machines and providing support to set up bank accounts.

It carried out 381 crisis interventions with vendors; 21 related to housing and one person was supported into temporary accommodation; 2 vendors were provided with employment support; 19 vendors supported with health and 38 around money issues.

The Trust had 3 volunteers, and 8 casual volunteers supporting fundraising events.

Magazine wastage dramatically reduced this year from over 18% to just under 7% following the introduction of a new waste management system.

3

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Directors' and trustees’ report for the year ended 31 March 2025 (continued)

Big Issue North Trust Ltd

5 Principal risks and uncertainties

The board identified several inherent risks to the business and approved the controls to manage them. The highest risks relate to changes in contracts, inflationary pressures on costs and risks to clients including death and safeguarding. The financial risks were controlled through maintaining close relationships with commissioners to manage impact of inflationary pay awards, and tight budgetary management. A number of new initiatives have been introduced to reduce costs of energy. The client risk management was enhanced in year by the introduction of a new Incident Management System and the implementation of the new NHS PSIRF incident review approach. Client risk is overseen by the Quality Committee, chaired by the Board Medical Director.

The main Strategic Risk identified related to growth and supporting people to engage through increased use of technology. The Risk and Audit Committee have overseen the areas of business development and scrutinized business plans/investment proposals. The Risk and Audit Committee also monitors the Emergent Risk Register. 14 risks have been mitigated throughout the year including the risk of losing contracts, escalating insurance costs, and risks of transferring data when moving to a new system.

In June 2024, following an election, a new government was formed, and it has started to reshape the public sector. The Board recognizes that there are both opportunities and risks for the group in the NHS ten year plan, public sector financial restraints and uncertain economic outlook. The rise of far-right extremist groups and election success of political parties that have an ideology of blaming immigration is also a risk to the communities and mission of the Big Life group.

The Board reviews all risks annually and receives reports from Risk and Audit quarterly. The new Business Plan for 2025-30 set new strategic objectives which have been approved by the Board and the associated risks, mitigations and controls identified.

6 Related parties

The charity forms part of the “ Big Life Group ” of social enterprises and charities. The Big Life Company Limited is a not-for-profit company limited by guarantee, of which one of the company's directors, F Selvan, is the sole guarantor. The Group for accounts purposes now includes Big Life Centres and Self Help Services Ltd.

Big Life Centres is an independent charity which offers opportunities to people who have had a raw deal in life to change their lives for the better.

Self Help Services Ltd is a user led, primary care mental health service offering self- help groups, computerised CBT, counselling, clinical IAPT services, training and volunteering.

7 Grant making policy

The charity receives small grants to support vendors of the Big Issue North. These monies are restricted in their use to the purpose specified in the contract.

8 Financial Review

Income for the year was £809,890 (2024: £924,817). Income from Trading Activity (mainly Magazine Sales) was £672,496 (2024: £732,314).

Total expenditure amounted to £766,468 (2024: £1,042,252).

The net incoming resources for the year amounted to £43,422 (2024: -£117,435). At the year-end restricted funds amounted to £18,766 (2024: £17,452) and unrestricted funds total £329,364 (2024: £287,256).

4

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Directors' and trustees’ report for the year ended 31 March 2025 (continued)

Big Issue North Trust Ltd

9 Key Performance Indicators

Targets are set and are monitored during the year, and their progress is included within the Board Reports. They are categorised under three key priority areas;

10 Reserves policy and going concern

At the year end the Reserves Policy was reviewed. The aim of the Reserves is to:

Reserve Level

Target free reserves (Unrestricted Funds less Fixed Assets) are based on one months’ salary level and one month’s non-pay expenditure (excluding non- cash items). If the level of reserves at the end of a financial year exceeds the target aim, then plans will be made to ensure that excess reserves are utilised.

The current target level of reserves based on 2024/25 costs is £64k and the actual level of free reserves at 31 March 2025 was £323k (2024: £278k).

The directors are of the view that all companies in the Group excluding Self Help Services Ltd are a going concern.

11 Future Developments

The Big Life Group is in the business of changing lives and we fight inequality by working with people and places to create opportunities and inspire change. All our services work with people to support areas of their life and help remove obstacles which are barriers to individuals in changing their life for the better. We help people see the skills and support they already have so that they can build on it and reach their full potential.

Our work is done in the Big Life Way namely:

5

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Directors' and trustees’ report for the year ended 31 March 2025 (continued)

The Group’s Business Plan 2020-25 has identified three key work priorities over the next five years which include

(1) To work with more people and places to create opportunities and inspire change:

In the year ahead we will review the business plan and develop a new one for 2025-2030.

12 Investment powers and policy

All investments 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 information to auditor

Each of the persons who are Directors at the time when this Directors’ and Trustees’ Report is approved has confirmed that:

6

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Directors' and trustees’ report for the year ended 31 March 2025 (continued)

The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

14 Basis of preparation

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. As such, the Company is exempt from preparing a Strategic report.

The Annual Report is signed by the CEO 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

Date: 10 December 2025

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Statement of trustees’ responsibilities

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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 irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

F Selvan Trustee

Date: 10 December 2025

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

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 2025 which comprise the Statement of Financial Activities (combining income and expenditure account), the Balance Sheet and the notes to the financial statements, 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 our opinion, the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 to 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Independent auditor’s report to the members of Big Issue North Trust Ltd

In connection with our audit of the financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Trustees’ Responsibilities set 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Independent auditor’s report to the members of Big Issue North Trust Ltd

In preparing the financial statements, the trustees are responsible for 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 the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Independent auditor’s report to the members of Big Issue North Trust Ltd

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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 the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.[LL?] |[Mew] Signed by: Sue Hutchinson FCCA (Senior Statutory Auditor) 83F726A2B19F 426...

For and on behalf of

Menzies LLP Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL

Date: 16-Dec-2025

12

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Statement of financial activities (Combining income and expenditure account) for the year ended 31 March 2025

Restricted
Unrestricted
Note
funds
funds
£
£
Income and endowments from:
Donations and legacies
2
-
86,469
Charitable activities
3
15,150
28,564
Other trading activities
4b
-
672,496
Investments
4a
-
6,858
Other
5
-
353
__
__
Total Income
15,150
794,740
__
__
Expenditure on:
Raising funds
6
-
47,090
Charitable activities
7
13,836
123,753
Other trading activities
8
-
581,789
__
__
Total expenditure
13,836
752,632
__
__
Net income / (expenditure) and net
movement in funds
1,314
42,108
__
__
Total Funds brought forward at
1 April 2024
17,452
287,256
__
__
Total Funds carried forward at
31 March 2025
18,766
329,364
__
__		 Total
2025
£
86,469
43,714
672,496
6,858
353
__
809,890
__
47,090
137,589
581,789
__
766,468
__
43,422
__
304,708
__
348,130
__		 Total
2024
£
134,472
52,216
732,314
5,317
498
__
924,817
__
46,046
150,768
845,438
__
1,042,252
__
(117,435)
__
422,143
__
304,708
__

The statement of financial activities includes all gains and losses recognised in the year. All amounts relate to continuing activities.

The notes on pages 15 to 26 form part of these financial statements.

13

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Balance sheet As at 31 March 2025

Note 2025 2025 2024 2024
£ £ £ £
Fixed assets
Tangible assets 14 6,211 8,795
__ __
6,211 8,795
Current assets
Debtors 15 36,856 36,738
Cash at bank and in hand 358,722 332,704
__ __
395,578 369,442
Creditors: amounts falling due
within one year 16 (53,659) (73,529)
__ __
Net current assets 341,919 295,913
__ __
Total net assets 348,130 304,708
__
__ __
The funds of the charity:
Restricted income funds 18,19 18,766 17,452
Unrestricted funds 18,19 329,364 287,256
__ __
Total funds 19 348,130 304,708
__ __

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements on pages 13 to 26 were approved and authorised for issue by the board on 10 December 2025 and are signed on its behalf by:

F Selvan

Trustee, approved and authorised on behalf of the board Trustees

The notes on pages 15 to 26 form part of these financial statements. Company Number 03164559

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025

1 Accounting policies

General Information

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.

Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 102)(effective 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

Big Issue North Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at their historic cost or transaction value.

The financial statements are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared on a going-concern basis which assumes an ability to continue operating for the foreseeable future. There are no material uncertainties about the charity’s ability to continue as a going concern and the Trustees consider it appropriate to continue to prepare the financial statements on a going concern basis.

In accordance with section 1A of FRS 102, the charity has taken the exemption from including a cash flow statement, as it meets the definition of a small entity.

b) Legal status of the Charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

c) Incoming resources

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Incoming resources from investments is recognised when receivable.

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

d) Resources expended and cost allocation

Resources expended are recognised in the period in which they are incurred.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Certain other costs, which are attributable to more than one activity, are apportioned across the cost categories on the basis of an estimate of the proportion of time spent by staff on those activities. Costs allocated to charitable activities are the costs associated with achieving the charity’s main objectives.

Governance costs represent expenditure related to the governance of the charity, to allow it to operate and to generate information for public accountability.

e) Fund accounting

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

f) Pensions

Big Issue North Trust Ltd is a member of the Big Life Group’s defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

g) Corporation taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

h) Fixed assets

Individual tangible fixed assets costing £4,000 or more are capitalised. Depreciation is provided to write off the cost of tangible fixed assets over their expected normal lives as follows:

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

1 Accounting policies (continued)

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

m) Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straightline basis over the lease term. Any premiums received at the inception of the lease are recognised on a straight-line basis over the life of the lease.

n) Judgements

In preparing these financial statements, the Directors have made the following judgements:

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Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

2 Donations and Legacies

Restricted
Funds
Unrestricted
Funds
Donations
£
£
Gifts and donations
-
86,469
__
__
-
86,469
_
_
3 Income from charitable activities
Restricted
Funds
Unrestricted
Funds
£
£
Contract Services
Leeds City Council
-
28,564
_
__
-
28,564
_
_
Grants
Small grants
15,150
-
__
__
15,150
-
_
_
Total income
from charitable
15,150
28,564
activities

 __
Total
Funds
2025
Restricted
Funds
Unrestricted
Funds
£
£
£
86,469
-
134,472
______
__
__
86,469
-
134,472
__
__
__
Total
Funds
2025
Restricted
Funds
Unrestricted
Funds
£
£
£
28,564
-
39,263
______
__
__
28,564
-
39,263
_
_
__
15,150
12,953
-
______
__
__
15,150
12,953
-
_
_
______
43,714
12,953
39,263


 _
_
 Total
Funds
2024
£
134,472
______
134,472
______
Total
Funds
2024
£
39,263
_
39,263
_
12,953
_
12,953
_
52,216

_
_
__
 _
 _
4a Investments Unrestricted Unrestricted
Funds Funds
2025 2024
£ £
Bank Interest 6,858 5,317
__ __

18

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

4b Other trading activity

Restricted
Funds
Unrestricted
Funds
£
£
App sales
-
358
Big
Issue
Magazine Sales
-
672,138
_
__
-
672,496
_
__
Other income
Restricted
Funds
Unrestricted
Funds
£
£
Other income
-
353
__
__
-
353

 Total
Funds
2025
Restricted
Funds
Unrestricted
Funds
£
£
£
358
-
1,632
672,138
-
730,682
______
__
__
672,496
-
732,314
__
__
__
Total
Funds
2025
Restricted
Funds
Unrestricted
Funds
£
£
£
353
-
498
__
______
__
353
-
498


 _
_
 Total
Funds
2024
£
1,632
730,682
_
732,314
_
Total
Funds
2024
£
498
_
498

5 Other income

6 Expenditure on charitable activities

Restricted
Funds
Unrestricted
Funds
£
£
Fundraising support
and publicity
-
47,090

 Total
Funds
2025
Restricted
Funds
Unrestricted
Funds
£
£
£
47,090
-
46,046


 Total
Funds
2024
£
46,046

19

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

7 Expenditure on charitable activities

Staff costs
General
Room Hire
Minor equipment
Recharges - group companies
Governance costs: audit fees		 Contract
Services
£
26,048
359
-
-
3,141
-
__
29,548
 Other
Governance
£
£
85,928
-
1,640
-
667
-
2,730
-
16,163
-
-
913
_
_
107,128
913

 2025
£
111,976
1,999
667
2,730
19,304
913
__
137,589
 2024
£
120,356
2,860
-
1,944
25,715
(107)
__
150,768

8 Expenditure on trading activities

Staff costs
General
Room hire
Minor equipment
Recharges - group companies
Governance costs: audit fees
Restricted
Unrestricted		 Contract
Services
£
-
-
-
-
-
-
_
-
_
-
29,548
__
29,548
 Other
Governance
£
£
192,238
-
256,420
-
33,863
-
1,456
-
92,426
-
-
5,386
_
_
576,403
5,386
_
_
13,836
-
716,785
6,299
__
__
730,621
6,299

 2025
£
192,238
256,420
33,863
1,456
92,426
5,386
__
581,789
__
13,836
752,632
__
766,468
 2024
£
296,559
395,149
44,476
3,427
106,279
(452)
_
845,438
_
9,032
1,033,220
__
1,042,252

Recharges from group companies relate to Finance, HR, Payroll and other central support services provided by The Big Life Company Limited.

20

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

9
Total Resources Expended
Services and recharges
Governance costs: audit fees
Fundraising support and publicity		 Staff
costs
£
304,213
-
35,227
__
339,440
 Other
Costs
£
408,865
6,299
11,864
__
427,028
 2025
Total
£
713,078
6,299
47,091
__
766,468
 2024
Total
£
996,765
(559)
46,046
__
1,042,252

10 Summary analysis of expenditure and related income

Voluntary
Charitable activities
Other trading activities
Governance costs: audit fees
Investments
Other
 Income
Expenditure
£
£
86,469
47,090
43,714
136,676
672,496
576,403
-
6,299
6,858
-
353
-
_
_
809,890
766,468

 Net
£
39,379
(92,962)
96,093
(6,299)
6,858
353
__
43,422

11 Net income / (expenditure)

Net Income / (expenditure) for the year is stated after charging:

Rental under operating leases
Auditor’s remuneration
Depreciation		 2025
Total
£
32,533
6,300
2,584
 2024
Total
£
39,966
(559)
16,325

21

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

12
Staff costs and emoluments and key management personnel
Staff costs:
Salaries
Social security costs
Pension costs
The average full time equivalent number of persons employed (based on
a 35 hour week) and analysed by function was:
Services and projects		 2025
£
302,782
26,145
9,268
__
338,195
__
Number
10
 2024
£
352,114
32,306
10,002
_
394,422
_
Number
12

The salary costs are paid by the Big Life Company Limited and recharged directly to Big Issue North Trust.

The average monthly headcount was 15 staff (2024: 17 staff).

No employee received emoluments of more than £60,000 in the current year or prior year.

No trustee received emoluments during the current or prior year.

Redundancy payments for the year were Nil (2024: £53,691).

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, Big Life Centres, and Self Help Services are not recharged to Big Issue North Trust Ltd. The total employee benefits paid to key management personnel by The Big Life Company Ltd was £468,919, comprised of salary of £400,227, pension contributions of £19,109 and employer’s national insurance contributions of £49,583 (2024: £478,646 comprised of salary of £408,830 pension contributions of £19,128 and employer’s national insurance contributions of £50,688).

The salary of the Chief Executive and Accounting Officer, a Trustee, is paid by The Big Life Company Ltd. Employee benefits of £116,356 , comprised of salary of £99,049, pension contributions of £4,894 and employer’s national insurance contributions of £12,414 (2024: £111,807 comprised of salary of £95,350 pension contributions of £4,250 and employer’s national insurance contributions of £12,207) was paid by the Big Life Company Ltd during the year.

13 Trustees’ remuneration and expenses

During the year remuneration of £8,000 (2024: £8,000) was paid to E Robinson, a Trustee, by the Big Life Company Ltd for her role as chair of the Big Life Company Ltd. Costs are borne by the parent company, The Big Life Company Ltd and are not recharged to Big Issue North Trust Ltd. No other trustee received remuneration from the charity or a related entity during the year (2024: Nil) other than discussed in Note 12.

No reimbursement of expenses had been made to trustees during the year (2024: Nil)

22

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

14 Tangible fixed assets

Leasehold
Improvements
£
Cost
At 1 April 2024
53,865
At 31 March 2025
53,865
_
_Depreciation
At 1 April 2024
45,070
Charge for the year
2,584
_
At 31 March 2025
47,654
__
_Net book value
At 31 March 2025
6,211
__
At 1 April 2024
8,795
__		 Total
£
53,865
53,865
_
45,070
2,584
_
47,654
__
6,211
__
8,795
__
15
Debtors
Trade debtors
Prepayments
Accrued Income
Social security and other taxes
Other debtors		 2025
£
10,078
18,848
4,680
40
3,210
36,856
 2024
£
95
21,843
3,623
19
11,158
36,738

23

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

16 Creditors: amounts falling due within one year
Trade creditors
Amounts owed to group undertakings
Accruals
deferred income (note 17)
Other Creditors
_____		 2025
£
8,456
12,417
22,002
10,779
5
~~__~~
53,659
 2024
£
13,357
37,107
21,647
1,415
3
~~_~~
73,529

All creditors fall due within one year.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

17 Deferred Income

Deferred income represents services and recharge income received in advance

Balance at 1 April 2024
Amounts received and deferred in the year
Amounts released to incoming resources in the year
Balance at 31 March 2025
Deferred income balance includes:
Magazine Sales
Joseph Rowntree Grant		 £
1,415
129,455
(120,091)		 £
1,415
129,455
(120,091)
10,779
_ _
9,474
1,305
_
10,779
18
Analysis of net assets between funds
Restricted
Unrestricted
Total 2025
£
£
£
Fixed assets
-
6,211
6,211
Net current assets
18,766
323,153
341,919
__
_
_
18,766
329,364
348,130


 2024
£
8,795
295,913
__
304,708

24

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

19 Movement in funds
Balance at
1 April
2024
£
Restricted funds
Funding for small project
17,452
_
Subtotal
17,452
_
Unrestricted funds
General funds
287,256
__
Total funds
304,708
 Balance at
31 March
Income
Expenditure
2025
£
£
£
15,150
(13,836)
18,766
_
_
__
15,150
(13,836)
18,766
_
_
__
794,740
(752,632)
329,364
__
____
__
809,890
(766,468)
348,130

At 31 March 2025 Big Issue North Trust Ltd held £18,766 (2024: £17,452) in restricted funds for a number of small projects related to the aims of the charity.

General reserves amounted to £329,364 (2024: £287,256)

The reserve level is considered sufficient to satisfy the reserves policy.

20 Related party transactions

In accordance with FRS 102, the charity discloses related party transactions that were recognised in the Statement of Financial Activities. The salary costs are paid by the Big Life Company Limited and recharged directly to Big Issue North Trust, as disclosed in note 12. Remuneration of key management personnel is disclosed in note 12. Trustees’ remuneration and expenses are disclosed in note 13.

The charity is charged for direct salary costs, finance, HR, payroll and other central support services provided by The Big Life Company Ltd. Salary costs are recharged based on staff time and other costs are recharged based on % of estimated income.

Related party transactions with other group entities during the year were as follows:

Amounts charged to group entities Amounts charged to group entities Amounts charged by group entities
2025 2024 2025 2024 (restated)
£ £ £ £
The Big Life Company Limited 40,964 131,989 275,517 344,734
Big Life Centres Limited 20,358 - - -
Self Help Services Ltd - - - -
___ ___ ___ ___
61,322 131,989 275,517 344,734
___ ____ ___ ___

25

Docusign Envelope ID: 1C91DB33-2D36-46DF-91F1-43FA2CACB127

Big Issue North Trust Ltd

Notes forming part of the financial statements for the year ended 31 March 2025 (continued)

The following amounts were owed by/to group entities at the year end:

Amount owed by group entities Amount owed by group entities Amounts owed to group entities Amounts owed to group entities
2025 2024 2025 2024
£ £ £ £
The Big Life Company Limited - 10,517 14,084 47,623
Big Life Centres Limited 1,667 - - -
Self Help Services Ltd - - - -
___ ___ ___ ___
1,667 10,517 14,084 47,623

21 Ultimate parent undertaking and controlling 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 Life Company Limited is to create opportunities for the people who have the least to 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 exercised by The Big Life Company Limited.

22 Operating Lease commitments

The charity had total future minimum commitments under non-cancellable operating leases as set out below:

Operating leases commitments which are owed:
Land and Buildings
Not later than one year
Later than one year and not later than five years
Later than five years		 2025
£
11,500
36,548
-
__
48,048
 2024
£
11,500
46,000
2,048
__
59,548

26