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← People's Health Trust

2024-09-30-accounts

Company number: 6492606 Charity number: 1125537 (England & Wales) SC039848 (Scotland)

People’s Health Trust

Report and financial statements For the year ended 30 September 2024

People’s Health Trust

Contents

For the year ended 30 September 2024

Reference and administrative information ............................................................................ 1 Trustees’ annual report .................................................................................................. 3 Independent auditor’s report ......................................................................................... 25 Statement of financial activities (incorporating an income and expenditure account) ....................... 29 Balance sheet ............................................................................................................ 30 Statement of cash flows ................................................................................................ 31 Notes to the financial statements .................................................................................... 32

People’s Health Trust

Reference and administrative information

For the year ended 30 September 2024

Company number 6492606
Country of incorporation
United Kingdom
Charity number 1125537 (England and Wales)
SC039848 (Scotland)
Registered office and operational address
2 Bath Place
Rivington Street
London
EC2A 3DR
Trustees Trustees, who are also directors under company law, who served during the year
and up to the date of this report were as follows:
Jenny Edwards CBE (Chair)
Jacqueline Lodge (Deputy Chair) (resigned 22 November 2024)
Martin Anderson (appointed 16 January 2025)
Paul Ballantyne (Scotland)
Leandra Box (Vice Chair from 27 January 2025)
Andrew Bickerdike (appointed 3 April 2024)
Professor Elizabeth Dowler
Jolynne De Souza (appointed 13 November 2024)
Ranjeet Kaile (appointed 3 April 2024)
Shelagh Kirkland ACA (appointed 29 October 2023)
Joe Leigh CPFA & FCCA (resigned 9 October 2023)
Rory MacLean (appointed 21 December 2023)
Nicola McCallum (Scotland) (appointed 21 December 2023, resigned 19 January
2025)
Thomas McIlravey (resigned 20 November 2024)
Duncan Stephenson (resigned 11 December 2023)
Shavannah Taj (Wales)
Key management John Hume, Chief Executive Officer
personnel Max Rutherford, Director of Programmes and Influencing (Deputy CEO)
Nicola Brian, Director of Engagement (to 25 May 2025)
Dr Matthew Sowemimo (from 4 December 2023 to 17 July 2024), Director of Policy
and Communications
Elaine Battson FCCA, Director of Finance

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People’s Health Trust

Reference and administrative information

For the year ended 30 September 2024

Bankers National Westminster Bank plc
Charites and Education Team
Commercial and Corporate Banking
1st Floor
440 Strand
London
WC2R 0QS
Solicitors Bates Wells LLP
10 Queen Street Place
London
EC4R 1BE
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
LONDON
EC1Y 0TG

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The trustees present their report and the audited financial statements for the year ended 30 September 2024.

Reference 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, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Introduction

Two years ago, we set out five ambitious priorities:

These ambitions are critical foundations if we are to meet our overall ambition to address the causes of health inequalities. They are just as pertinent as ever. The evidence shows us that health inequalities are still widening and that people are dying too young because of their housing, their jobs, their income, their lack of access to nature, heating and good, affordable food.

Lives are cut short when families live in damp, cold homes, cannot afford to eat well and lack somewhere nearby to take their children to play. Life expectancy has fallen in most parts of Great Britain. New data from the Office for National Statistics shows that life expectancy for men has dropped in eight out of ten local authority areas, while life expectancy for women has dropped in seven out of ten areas. There is also a growing divide between the south of England and the rest of the country - the areas with highest life expectancy for both men and women were all located in the south of England.

Over 13 years we have supported and learned from communities, listening when they tell us what works to make a difference. We grant-fund communities to tackle barriers to good health and to improve wellbeing. We bring people together to learn from each other and provide expertise on issues of critical importance to health in their area. These channels of communication mean we can also measure impact and in turn influence local and national policymakers.

We are immensely proud of our experts by experience network – a 600-strong network of community organisations across England, Scotland and Wales. This has been an early warning system for major crises they face in issues critical to health, such as mental health, housing conditions and winter fuel costs. We have worked with a range of partners including: Health Equals on its major public facing campaign; the Department of Health and Social Care on mental health for racialised communities and men; and the Greater London Authority/Institute of Health Equity on discrimination and health.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Our community manifesto for health justice was developed directly with communities. It is the blueprint for our influencing of national policies, which has already had some early success. Our Homes for Health network provided powerful first-hand testimonies. Blending these with national data we mounted an extensive national campaign showing the devastation poor housing wreaks on health. Our campaign secured extensive print and broadcast media coverage, including across the BBC, independent and local press. We asked the Government to commit to resourcing housing enforcement, needed to make new housing legislation meaningful, and are pleased to have secured a commitment to do so.

Our Health Justice Fund - launched in December 2023 - addresses the building blocks of health. This flexible grant fund allows us to respond rapidly to emerging needs expressed by our experts by experience. This year through the Health Justice Fund we have launched priorities on mental health and access to nature, and on advice for people extremely overwhelmed by their circumstances. These will be followed by a groundbreaking fund focusing on jobs, young people and their mental health looking at addressing acute mental health to support young people into good quality work and a fund focused on the effects of discrimination on health. We are delighted that both these priorities will be evaluated by the National Institute for Health Research’s School for Public Health Research.

Deepening our commitment to Equity, Diversity and Inclusion (EDI) has remained a key feature of the Trust’s work. Over the course of the last year, we have made EDI a critical part of our new programme design, including setting the agenda at the outset; setting policy priorities; community engagement and influencing grant processes. We will, over the coming year, be writing more about this and its impact.

The Trust has enjoyed a long and very fruitful partnership with the Health Lottery scheme. This came to an end in January 2025, presenting the Trust with both financial and strategic challenges to overcome. The Board has developed its course of action and is now embarking on both an ambitious agenda and fundraising campaign.

Jenny Edwards CBE, Chair of Trustees and John Hume, Chief Executive Officer

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Objectives and activities

Purposes and aims

The object of the charitable company is the promotion of health for public benefit, by increasing and supporting sustainable health equality in and for disadvantaged communities and groups across England, Scotland and Wales.

The Trust undertakes this work because of its ambition to take action on the causes of ill-health and shortened lives for some of the most marginalised people in England, Scotland and Wales.

The Trust aims to achieve this ambition by:

The trustees conduct a major review of the strategic aims, objectives and activities of the charity every three years. This helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes. This report looks at the charity’s achievements and the outcomes of its work in the reporting period, the second year of the Trust’s Strategic Plan for 2022-25. The trustees report the progress of each key activity and the benefits the charity has brought to people that it supports.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

2023/24 represented year two of the Trust’s three-year strategic plan (2022-25).

The plan comprises four strategic objectives, supported by an enabler objective.

Objective 1: We will listen to and support marginalised groups to speak out about their experience of health inequalities.

By 2025 we will:
• have strong, vibrant networks to help identify practical ways of working that people experiencing
health inequalities can use to address the unjust social and economic inequalities they face.
• have developed and delivered our funding programmes to better meet the Trust’s and organisations’
needs and ambitions
• be able to demonstrate that funded partners and their participants will be enabled to speak out and
shape local/regions and national decisions on health

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Networks/speaking out: The Trust’s strength is its connection with hundreds of organisations working with local diverse communities to address the issues which affect their health and wellbeing. Significant work has taken place around this over the course of the last year. Specifically, we have:

Developing programmes: The Trust has continued to develop programmes which address the most harmful causes of poor health and early death. Since its inception in 2011, the Trust’s funds have reached 684,813 people through 3,890 grants to community organisations across Great Britain.

We have raised money through six community interest companies which operate society lotteries through The Health Lottery. Each CIC is focused on two specific communities of geographical interest and our grant making is aligned to this. Our grant making has focused on:

The Trust launched the Health Justice Fund in December 2023 enabling more agile, policy relevant and targeted funding on our core objectives with the greatest potential impact on health. This led to the following:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

and are not able to access advice services because they feel overwhelmed. By supporting people to feel less overwhelmed and to access advice, the funding aims to see improvements in people’s mental and/or physical health. Find out more here.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Grant Programme Expenditure

During 2023/24 the Trust awarded grants and incurred associated research and evaluation costs totalling £1,073,371 (2023 – £4,430,760) across its main funding programmes.

Programme 2023/24
Total
£		 2022/23
Total
£
Active Communities 143,459 3,461,581
Health Justice Fund (‘Homes for Health’ in 2022/23) 739,187 567,285
Local Conversations (44,791) 305,394
Living Wage 49,997 50,000
Capacity Building 41,156 37,468
Sub total expenditure – grant awards 929,008 4,421,728
Research and evaluation grants 61,680 9,032
Total grant expenditure 990,688 4,430,760
Research and evaluation contracts 82,683 0
Total value of grant programme expenditure 1,073,371 4,430,760

During the financial year 2023/24, the Trust made 37 (2023 – 160) grants across all of its programmes which benefitted approximately 4,821 local people (2023 - 35,028). Since it started awarding grants in 2011, and up to 30 September 2024, the Trust had made 3,890 (2023 – 3,853) grants which have benefitted over 684,813 local people (2023 – 679,992). Details of the range of projects funded can be found on the website at www.peopleshealthtrust.org.uk, on 360 Giving, and in the Trust’s annual review . Each Board meeting receives an update on all programmes.

The two main programmes were in operation during the year: Active Communities programme (closed for funding in spring 2024) and the Health Justice Fund, for which ‘Homes for Health’ was a pilot in 2022/23.

91% (2023 - 87%) of the respondents of the Trust’s 2024 annual stakeholder survey reported that they found the Trust’s application process easy to some or a large extent, 93.5% (2023 – 90.0%) felt that the Trust’s

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

reporting requirements were proportionate to some or a large extent, and 93.5% (2023 – 93.0%) felt that an appropriate level of support is offered on grant management.

Capacity building programme – during 2023/24, the Trust delivered a series of capacity building activities aimed at strengthening the organisations it funds. This included training on fundraising, safeguarding, volunteer recruitment, and tailored engagement support for Homes for Health and Local Conversations funded partners. Training was offered to all funded partners, including for the first time to previously funded organisations whose grants ended within the last year.

Objective 2: We will build evidence and practice around what works to address health inequalities.

By 2025 we will:

The Trust sees its role as both a funder, a connector of communities to other donors and funders and as a convenor of evidence. Over the course of the last 12 months, we have:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Objective 3: We will speak clearly and boldly on the avoidable inequalities in health faced by marginalised people.

By 2025 we will:

One of the Trust’s core aims is to ensure we work alongside the communities whose health is most compromised and influence policy makers and other funders to be aware and to take action. The year has been successful, with significant activity taking place, including:

In 2023/24 the Trust continued its partnership with We’re Right Here, a campaigning coalition that calls for greater support for the rights of local communities to shape priorities through genuine co-production. The campaign has seen success, most notably the inclusion of a Community Right to Buy in the Labour Party manifesto and the English Devolution Bill (expected by summer 2025). The campaign is also calling for community rights to control local investment and to shape public services, both of which have been considered by civil servants in the Department for Housing, Communities and Local Government, who are actively engaging with the campaign as it moves towards becoming law.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The Trust has funded and participated in NPC’s Everyone’s Environment programme, which is a collaboration of more than 80 social and environmental charities to accelerate action on the social determinants of the climate crisis. In December 2023, the Trust awarded a grant of £25,000 to support a health inequalities element of the programme. This has explored how vulnerable population groups and those experiencing health conditions and health inequalities are being and will be affected by the environmental crisis in the UK. The main product was a research briefing, published in June 2024, which found the climate crisis is already exacerbating and will further exacerbate health inequalities in a number of ways. NPC met with the Trust’s network of funded partners in two well-attended sessions to discuss these findings and local solutions to them, which was then written up into a report briefing.

The Trust’s submitted its first report of progress for this year’s Association of Charitable Foundations (ACF) report on the Funder Commitment on Climate Change (FCCC). Subsequently, the Trust has been invited by ACF to speak at a meeting of the FCCC about the health inequalities strand of the Everyone’s Environment work, outlining the programme of work and reflecting holistically on embedding environmental justice into ongoing programme work (such as the Nature for Health priority under the Health Justice Fund).

Objective 4: We will develop as a diverse, equitable and inclusive organisation and funder.

By 2025, we will:

Racism, discrimination, poverty, stigma and oppression of marginalised groups are not only profound social injustices, they affect how and where we live and work; our relationships; the daily pressures in our lives; how we feel about ourselves and our ability to safely speak out. They fundamentally affect our physical and mental health. We are unwavering in our commitment to the Trust’s strategies, operations and communications reflecting this reality.

We aim to be an active anti-racist and anti-oppression charity, challenging all forms of discrimination and oppression throughout the full scope of our work. We have continued to deliver against our EDI Action Plan, including:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The staff and trustee diversity surveys were completed in September 2024. Ethnicity, gender, sexual orientation, disability and socio-economic data is set out in the table below:

FY 2023/24
All staff
%		 FY 2022/23
All staff
%
Ethnicity
Asian – East orSouth 5.3 5.0
Asian Indian 5.3 5.0
Black African 10.4 10.0
Black Africanand White - -
WhiteBritish 63.1 65.0
WhiteEnglish 5.3 10.0
White Scottish 5.3 -
WhiteIrish English - 5.0
White other 5.3 -
Gender
Female 63.2 70.0
Male 36.8 30.0
Non-binary - -
Sexual Orientation
Heterosexual 84.2 90.0
LGBT+ 10.5 10.0
Undeclared 5.3 -
Disability
Disabled 5.3 10.0
NotDisabled 94.7 85.0
Undeclared - 5.0
Educationlevel
Up to age18 10.5 5.0
Post age18 89.5 95.0
Post age 18 – firstgeneration

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

58.8 57.9
Free schoolmeals
No 63.2 75.0
Yes 10.5 5.0
Not applicable/don’tknow 26.3 20.0
Professional backgrounds 84.2 85.0
Intermediate backgrounds 5.3 10.0
Lowersocio-economic backgrounds 10.5 5.0

Enabler: Creating a strong organisation fit for the future and able to support greater health equity.

By 2025 we will:

The ‘enabler’ underpins the four strategic objectives and sets out the Trust’s ambition to ensure we are a sustainable organisation with improved and diversified income, a strong people offer, a more representative team, board and panels, and a reduction in carbon emissions.

o Income

The Trust’s two main sources of income in the year were donations from the six CICs and investment income. Alongside this was an increase in unrestricted income in the year to £63,950 (2023 - £30,345).

Diversification of income has been a key focus in 2023/24. We have:

The Board designated further funds to ensure the resource is available in the next financial year to support the continued diversification of income.

o People

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

o Governance

o Net Zero

o Information Technology

o Safeguarding

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

and did not require the Trust to separately report to regulators. Specific safeguarding training through NCVO was also offered to all funded partners, which was popular, and subsequently recommissioned.

Financial review

Financial position

A summary of the year’s results can be found on page 29 of the financial statements.

Total income in the year was £3,483,082 (2023 – £3,691,049) with income from donations totalling £2,987,913 (2023 – £3,353,376). The decrease is due to a downturn in good causes money from society lotteries.

The total expenditure in the year was £2,714,504 (2023 – £6,086,409) all of which related to charitable activities. Grants expended in the year, including grant commitments and research and evaluation contracts amounted to £1,075,081 (2023 – £4,444,401). Total expenditure included within this figure are costs of charitable activities (net of grants) of £1,298,061 (2023 - £1,298,618), support costs of £255,478 (2023 – £265,078) and governance costs of £85,884 (2023 – £78,312).

Overall expenditure decreased in response to the fall in income from the society lotteries. Additionally, when notice was received that donations from the society lotteries would end in 2024/25, the Board paused some spending plans and took the time to reassess its financial position in that context.

At 30 September 2024, the Trust had total funds of £7,412,101 (2023 – £6,341,595). £6,108,245 (2023 – £5,026,443) of this related to restricted funds, of which £72,585 has been allocated to specific programmes in the next financial year (2023 – £710,916). Restricted funds include a fund representing the unrealised gain in the value of investment assets since 30 September 2021. Total unrestricted funds were £1,303,856 (2023 – £1,315,151), of which £151,372 (2023 – £55,691) were designated funds. Full details of funds are included in note 17 on pages 43-45.

o Donations

The Trust’s principal source of income has been donation income received from the six CICs operating the 12 society lotteries. Total donation income received from the society lotteries from 1 October 2011 to 30 September 2024, amounted to £132,458,788 (2023 - £129,470,875). Total donation income for the year (including from other sources) amounted to £2,987,913 (2023 - £3,353,376) allowed the Trust to continue to provide funding for groups of local residents and communities experiencing disadvantage and health inequalities.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Donations continued to decline in 2023/24 and ended in January 2025. The Trust is grateful to the players of The Health Lottery and to the six Community Interest Companies for the donations.

o Investment policy

The Trust operates its investment activities in line with its current investment policy, which is intended to provide liquidity sufficient for the financing of the Trust’s grants whilst maximising investment income. The policy states:

With respect to responsible investment:

The Trust has considered its approach and responsibilities in relation to responsible investment and has determined that investments and returns on investments must never take priority over or come into conflict with the Trust’s charitable objects nor the fulfilment of operating expense obligations.

People’s Health Trust believes in a world without health inequalities. We work to ensure that where people live does not unfairly reduce length of life, or quality of health. We will not knowingly invest in companies whose activities, corporate strategies or products are poorly aligned with our aims and values.

We actively seek to take account of environmental, social and governance (ESG) issues when considering our investments, and in our engagement with the fund managers who are responsible for our day-to-day investment decisions.

When appointing fund managers we will expect them to conform with our values outlined above, and require them to explain their engagement and escalation process, including how it is monitored and the timelines along which decisions are taken. Managers will likely not be selected if they cannot provide their process for dealing with unsuccessful engagements, and if these do not include triggers for escalation and are not incorporated into wider stewardship processes. We have asked our fund managers to explain, justify and provide evidence of investment intentions.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The policy will be reviewed in 2025.

The Trust did not make any new investments in 2023/24.

Despite some continued market volatility in 2023/24 the Trust’s investment funds performed well and at the end of the financial year totalled in excess of the amount initially invested. The unrealised loss on the investment fund from previous years had become a gain at 30 September 2024. reflecting an increase of £59,244 against a decrease of £(1,364) for the previous year. The total gain was £301,928 (2023 - unrealised loss of £(242,684)). The unrealised gain is disclosed as a specific restricted fund (see Note 17).

In order to align the Trust’s medium-term cash draw-down requirements and coupled with concerns over market volatility, in January 2025 the Trust sold two of its four longer term investments and realised a gain on both. It also gave notice on a third, which is anticipated to realise a loss in June 2025, but overall the three are expected to net off to a realised gain.

Investment income during 2023/24 totalled £431,219 (2023 – £307,328) split between interest received on cash deposits of £160,097 (2023 - £92,990) and income from investments of £271,122 (2023 - £214,338). Total income represented an effective rate over the average balances during the year of 4.10% (2023 – 2.35%) made up of 4.22% cash deposits, and 4.03% investments (2023 – 1.42% and 3.28% respectively). Investment income increased substantially year-on-year due to interest rates and the changes to deposits made part way through 2023/24. The Trustees continue to seek out investment opportunities that have the potential to increase income whilst remaining in line with the agreed policy.

Principal risks and uncertainties

Risk management

The Trust’s approach to risk management was codified into a separate Risk Management Policy in July 2024. This policy sets out the Trust’s underlying approach to risk management, documents the roles and responsibilities of the Board, staff, and other key parties: Board is responsible for the oversight of the risks faced by the Trust. However, the Finance, Audit and Operations Committee (FAOC) and Leadership Team also regularly (both separately and together) review the risk register, to ensure that it reflects the current operating environment and appropriate action is being taken to manage and mitigate risk.

The trustees ensure that controls exist over the key area of grant making, and that financial procedures and systems exist. At each Board meeting, trustees examine the risks faced by the Trust and ensure there are established effective plans and systems to manage and implement mitigating controls for those risks.

Financial risk is minimised through regular and rigorous review procedures of the Trust’s activities by the Leadership Team, FAOC, and also at Board level.

Risk management processes assess risks based on their likelihood of occurrence, impact, and any mitigating controls that are in place. Each risk is allocated a pre and post mitigation score. Based on the score, risks are classified into low, medium, high, and very high risks. The high and very high risks represent the principal risks for the Trust. The process also seeks to identify any actions and resources required to manage these risks further.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The trustees have considered the principal risks and the key risk is as follows:

Reserves policy and going concern

Reserves policy

The reserves policy for the charitable company states that the Trust will aim to maintain general reserves of at least 26 weeks’ running costs. As at 30 September 2024, the general reserves of £1,152,484 (2023 – £1,259,460) equated to 46.48 weeks’ running costs (2023 – 40.7 weeks). The trustees consider the level of general reserves to be satisfactory at this point having taken into account the risk around income outlined in this report and actions taken to substantially reduce costs. The reserves policy is reviewed annually.

Going concern

Since the Trust was notified of the termination of the funding from The Health Lottery, the Board of Trustees and the Leadership Team have carried out a full review of the charity’s strategy, operations and finances. The Board considered a range of options for its future which supports the Trust’s charitable objects as a primary principle. This was extensively debated through a Board sub-group, by the Finance, Audit and Operations Committee and by full Board.

The Board agreed a budget in February 2025 is for the 19-month period from 1 September 2024 to 30 April 2026. The new staff structure is in place from 1 May 2025, so the budget period was extended to also demonstrate a full year of the new ways of working (12 months to 30 April 2026).

The trustees consider that there is a reasonable expectation that People’s Health Trust has adequate resources to continue in operational existence for the foreseeable future. The trustees believe that there are no material uncertainties that call into doubt the charity’s ability to continue operating as a going concern.

Fundraising

The Trust undertakes fundraising from members of the public on a very small scale. It is registered with the Fundraising Regulator and committed to following the highest fundraising standards. In the year there have been:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The Trust sets out to protect vulnerable people and other members of the public from unreasonable behaviour related to its fundraising by complying with the standards set by the Institute of Fundraising, managed by the Fundraising Regulator. The Trust is registered with the Information Commissioner’s Office and strives to be compliant with GDPR.

Plans for the future

In November 2024, the Board agreed a new and exciting model for the Trust, one which would see it retaining its core work of:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

The Trustees have agreed a budget for the full 2024/25 financial year and an extended period to 30 April 2026. This aligns with the end of a full 12-month period from 1 May 2025, the date from which the new staff structure is in place. As part of the planning process the Trustees agreed an Income Generation Strategy that sets out the range of opportunities to be explored in future years and the ways in which we can positively leverage existing and new partnerships to further our charitable objects. Targets for income are agreed for the period to 30 April 2026 and there is high confidence that they will be achieved.

Market volatility since the end of the financial year led to the sale of the Trust’s two multi asset funds in January 2025, which the Trustees considered to represent the greatest risk. The volatile environment has continued and the impact on the remaining investments remains uncertain and an estimate of financial impact cannot be made.

Structure, governance and management

Constitution

The Trust is a charitable company limited by guarantee (Company No 06492606), incorporated on 4 February 2008 and registered as a charity (Charity No 1125537) with the Charity Commission on 15 August 2008 and with the Office for Scottish Charity Regulator (OSCR) (Charity No SC039848) on 4 September 2008. The charitable company is governed by the Articles of Association which set out its objects, powers and its governance arrangements. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1 each.

Trustees

Trustees may serve for three terms of three years. In exceptional circumstances they may serve a fourth additional term of a maximum of 12 months. Trustees are re-appointed at the board meeting prior to the anniversary of each term. Trustees are based in various locations around England, Scotland and Wales.

All trustees, who are also company directors, are non-executive members of the Board and Committees. There are clear distinctions between the roles of trustees and of the Leadership Team to whom day-to-day management is delegated.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

Within the year 2023/24, the Board held seven meetings (three in person, four virtually). Board sub-groups were also in operation throughout the year to support work on the EDI plan and the Stronger Foundation’s self-assessment. When notice was received that lottery donations would be coming to an end the Board established a sub-group to address the issue.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Board Committees

Trustees are nominated for a committee by two trustees and voted onto the committee by a simple majority vote by the Board. The chair of the committee is a trustee and is nominated by two members of the board, supported by a candidate statement and is voted into position by a simple majority vote of the Board.

Finance, Audit and Operations Committee (FAOC):

The FAOC reports to and advises the Board on the key areas of audit, risk, finance (including investments), performance, HR, legal and safeguarding. The Committee’s terms of reference permit it to scrutinise officers’ reports, make decisions on investments within agreed parameters set by the Board, meet with the auditors, offer advice to the Leadership Team and make recommendations to the Board. Membership of this Committee was, on average, five trustees (one of whom is a qualified accountant) with one co-opted external member, Martin Anderson, who brings relevant investment skills and experience to the Committee. (Martin Anderson became a trustee in January 2025 and his status on the committee therefore changed at that time). The Board acknowledges Martin Anderson’s considerable expertise and is grateful for his time and counsel. The Chair of the Trust attended Committee meetings as an ex-officio member, as did the shadow trustee, who became a committee member when her status changed to a trustee in November 2024. The Committee met five times within the financial year.

Programmes Influencing and Impact Committee (PIIC) (previously the Policy, Research and Advocacy Committee (PRAC) up to December 2023):

The PIIC acts on behalf of the Board to provide advice and strategic oversight regarding the Trust’s policy, research (including learning and evaluation), networks, advocacy and communications work to the Leadership Team. It provides a level of support and scrutiny to ensure that the Trust’s work in research, policy and advocacy is strategic, progressing and impactful. The Committee’s average membership was seven trustees (one of whom chairs the Committee), there was no co-opted member. The Chair of the Trust attends the Committee meetings as an ex-officio member, as did the shadow trustee, who became a committee member when her status changed to a trustee in November 2024. Four meetings were held in the year.

Appointment of trustees

The Trust actively considers EDI in its recruitment process for Board members. Appointment is to positions where specific skills and/or experience is required. It is conducted through an open and competitive process unless there is a business case not to, i.e. recruitment has been difficult. This is very much by exception and not the normal practice of the Trust.

Trustee induction and training

Trustees are partnered with an existing Board member to support their induction into the organisation. They will also meet with the Leadership Team to discuss their statutory responsibilities, their role within the Board, the governance framework, the strategic objectives of the Trust and how the Board works.

The performance of the Board is periodically assessed through trustee meetings with the Chair or Vice Chair. Through this process, trustee development is regularly reviewed and determines developmental objectives.

21

People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Related parties and relationships with other organisations

The Trust’s key relationship in the year was with the six Community Interest Companies (CICs) which each run a society lottery under the marketing name of The Health Lottery. The CICs donate money for good causes arising from their lotteries to the Trust.

Remuneration policy for key management personnel

Key management personnel included the Leadership Team comprising the Chief Executive, four team directors and the Board of trustees (trustees are not remunerated for their role as board members).

The Trust’s policy on remuneration is to ensure that pay offered to the Leadership Team is competitive when compared to other charity sector organisations (particularly funding organisations), geography, role and responsibility.

All Leadership Team salaries are reviewed by the Finance, Audit and Operations Committee (FAOC) which makes recommendations to the Board for approval. Any cost-of-living pay packages are recommended by the FAOC for Board agreement. The salaries are proposed and recommended based on benchmarking with other grant making charities and other information such as via recruitment agencies specialising in assessing the skills and expertise of a post, whilst also taking account of geography, Retail Price Index (RPI) and the sector. It is also the ambition of the Trust to narrow the gap between the highest and the lowest paid within the organisation.

The Leadership Team members do not receive any performance related pay or benefits-in-kind and have the same pension rights and annual leave as other staff employed in the charity. They may, as with all personnel, receive an annual cost-of-living pay rise. For the year 2023/24 the Leadership Team received the same percentage increase as other staff.

The Leadership Team members are reimbursed expenses incurred in the course of their duties on the same basis as all other employees of the Trust. Details of the total basic salary and pension benefits of the key management personnel are included in staff costs (note 7).

Policy for employment of disabled persons

The Trust has been a Disability Confident Committed employer since March 2021 and all job applicants are encouraged to indicate their eligibility for the scheme. Only one vacancy was advertised in the year.

In 2023/24 5.3% members of staff who completed the survey identified as disabled (2023 – 10.0%). Disabled members of staff and those with long term health conditions are supported to be successful in their roles through a number of routes, including the statutory requirement for reasonable adjustments, providing individualised training and tools, and wellness support and planning.

22

People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

Employee information

In the year 2023/24, the Trust operated with an average of 19 (2023 - 23) roles in the year. The decrease year on year is proportionate to a reduction in the number of grants awarded and managed. The staff team worked across five teams:

The departments were led by a Leadership Team (LT) of five (4.3 FTE) establishment who all attend meetings of the Board and relevant committee meetings.

In addition to the LT, a Management Team of four is in place. The focus of the Management Team’s is the delivery of the Trust’s annual Delivery Plan.

Statement of responsibilities of the trustees

The trustees (who are also directors of People’s Health Trust 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 charitable company and enable them to ensure that the financial

23

People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2024

statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was appointed as the charitable company's auditor during the year and has expressed its willingness to act in that capacity.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The trustees’ annual report has been approved by the trustees on 1 May 2025 and signed on their behalf by

Jenny Edwards CBE, Chair of Trustees

24

Independent auditor’s report

To the members of

People’s Health Trust

Opinion

We have audited the financial statements of People’s Health Trust (the ‘charitable company’) for the year ended 30 September 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. 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:

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 People’s Health Trust’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.

25

Independent auditor’s report

To the members of

People’s Health Trust

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

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 trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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

26

Independent auditor’s report

To the members of

People’s Health Trust

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.

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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

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 extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

27

Independent auditor’s report

To the members of

People’s Health Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available 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 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. 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.

Joanna Pittman (Senior statutory auditor)

2 May 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

28

People's Health Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 September 2024

Note
Income from:
2
3
4
4
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net income / (expenditure) before other
Net movement in funds
Total funds brought forward
Net gains / (losses) on investments
Net income / (expenditure) for the year
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Charitable activities
Supporting greater health equity
Awareness and communications
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities		 Unrestricted
£
-
63,950
55,074		 Restricted
£
2,987,913
-
376,145		 2024
Total
£
2,987,913
63,950
431,219		 Unrestricted
£
204
30,345
19,104		 Restricted
£
3,353,172
-
288,224		 2023
Total
£
3,353,376
30,345
307,328
119,024 3,364,058 3,483,082 49,653 3,641,396 3,691,049
65,319
-		 2,181,567
467,618		 2,246,886
467,618		 46,079
-		 5,583,714
456,616		 5,629,793
456,616
65,319 2,649,185 2,714,504 46,079 6,040,330 6,086,409
-
53,705		 301,928
714,873		 301,928
768,578		 -
3,574		 (1,364)
(2,398,934)		 (1,364)
(2,395,360)
53,705
(65,000)		 1,016,801
65,000		 1,070,506
-		 3,574
-		 (2,400,298)
-		 (2,396,724)
-
(11,295) 1,081,801 1,070,506 3,574 (2,400,298) (2,396,724)
(11,295)
1,315,151		 1,081,801
5,026,443		 1,070,506
6,341,595		 3,574
1,311,578		 (2,400,298)
7,426,741		 (2,396,724)
8,738,319
1,303,856 6,108,244 7,412,101 1,315,151 5,026,443 6,341,595

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the financial statements.

29

People's Health Trust

Balance sheet

Balance sheet Balance sheet
As at 30 September 2024 Company no. 06492606
Note
£
Fixed assets:
11
12
Current assets:
13
271,004
2,973,392
3,244,396
Liabilities:
14
(2,231,479)
15
16
151,372
1,152,484
Total unrestricted funds
Total assets less current liabilities
Restricted income funds
Unrestricted income funds:
Designated funds
Debtors
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year
Investments
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 2024
£
4,351
6,827,682		 £
237,144
5,163,312		 2023
£
6,621
6,525,754
6,832,033
1,012,917		 6,532,375
918,659
3,244,396
(2,231,479)		 5,400,456
(4,481,797)
151,372
1,152,484		 55,691
1,259,460
7,844,950
(432,849)		 7,451,034
(1,109,439)
7,412,101 6,341,595
6,108,245
1,303,856		 5,026,443
1,315,151
7,412,101 6,341,595

Approved by the trustees on 1 May 2025 and signed on their behalf by

Jenny Edwards Chair of Trustees

30

People's Health Trust

Statement of cash flows

For the year ended 30 September 2024

Cash flows from operating activities
Net (expenditure)/ income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Loss on sale of fixed assets
(Gains)/ losses on investments
Dividends, interest and rent from investments
(Increase)/Decrease in debtors
(Decrease) in creditors
Net cash provided by / (used in) operating activities
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Net cash provided by / (used in) investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of fixed assets		 £
£
£
£
1,070,506
(2,396,724)
2,270
3,986
-
129
(301,928)
1,364
(431,219)
(307,328)
(33,860)
(13,569)
(2,926,908)
(275,348)
(2,621,139)
(2,987,490)
431,219
307,328
-
(6,810)
-
800
431,219
301,318
(2,189,920)
(2,686,172)
5,163,312
7,849,484
2,973,392
2,973,392
5,163,312
2024
2023		 £
£
£
£
1,070,506
(2,396,724)
2,270
3,986
-
129
(301,928)
1,364
(431,219)
(307,328)
(33,860)
(13,569)
(2,926,908)
(275,348)
(2,621,139)
(2,987,490)
431,219
307,328
-
(6,810)
-
800
431,219
301,318
(2,189,920)
(2,686,172)
5,163,312
7,849,484
2,973,392
2,973,392
5,163,312
2024
2023
(2,987,490)
2,973,392 301,318
(2,686,172)
7,849,484
5,163,312

31

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies

a) Statutory information

People's Health Trust is a charitable company limited by guarantee and is incorporated in England and Wales. People's Health Trust is an incorporated charity registered with the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

The registered office address is 2 Bath Place, Rivington Street, London, EC2A 3DR

b) 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Key judgements that the charity has made which have a significant effect on the accounts include:

The accounts are prepared as full values however are presented to the nearest £1. This may cause small discrepancies in the financial statements.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

Since the end of the financial year the Board has undertaken a full staff restructure and agreed a detailed 19 month budget to 30 April 2026, with broader financial planning for financial years 2026/27 and 2027/28. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

32

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies (continued)

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Research and Evaluation

Research and evaluation is undertaken to establish the impact of grants awarded in furtherance of the charity's objects, either as a grant to an eligible organisation or a contract where VAT is applicable.

Provision for research and evaluation is made in full for a grant award when the intention to make a grant has been communicated to the recipient, and in accordance with the contractual arrangements where VAT is applied.

l) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

˜ Supporting greater health equity 87%

˜ Awareness and communications 13%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

m) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

33

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies (continued)

n) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £3,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

˜ IT and office equipment

3 years

o) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

p) Debtors

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

q) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

r) 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.

s) 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.

t) 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.

u) Pensions

The Trust operates a defined contribution group personal pension scheme for employees. Annual contributions by the Trust in respect of the group personal pension scheme available to staff members are charged to the statement of financial activities in the period in which they are payable. Employer pension contributions of 6% are made for all employees in the pension scheme.

2 Income from donations and legacies

Other
Donations from Society Lotteries		 Unrestricted
£
-
-		 £
2,987,913
-
Restricted		 2024
Total
£
2,987,913
-		 Unrestricted
£
-
204		 £
3,353,172
-
Restricted		 2023
Total
£
3,353,172
204
- 2,987,913 2,987,913 204 3,353,172 3,353,376

34

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

3 Income from investments

Income from investments
Investments
Deposits		 Unrestricted
£
-
55,074		 £
271,122
105,023
Restricted		 2024
Total
£
271,122
160,097		 Unrestricted
£
-
19,104		 £
214,338
73,886
Restricted		 2023
Total
£
214,338
92,990
55,074 376,145 431,219 19,104 288,224 307,328

35

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

4a Analysis of expenditure (current year)

Staff costs (Note 7)
Consultancy
Travel and accommodation costs
Office Costs
Premises and technology
Other costs
Professional fees
Grants and evaluation work (Note 5)
Research Contracts
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Charitable activities Charitable activities Governance
costs
£
24,331
-
7,712
16,620
11,248
-
25,973
-
-
Support costs
£
255,478
-
-
-
-
-
-
-
-
255,478
(255,478)
-
-
-		 2024
Total
2023
Total
£
£
1,216,563
1,268,326
7,038
11,787
17,580
15,094
60,997
50,973
254,394
253,782
56,878
37,460
25,973
4,586
992,398
4,444,401
82,683
-
2,714,504
6,086,409
-
-
-
2,714,504
6,086,409
Supporting
greater health
equity
£
656,944
7,038
8,444
44,302
158,045
1,757
-
990,688
82,683
1,949,901
222,266
74,719
2,246,886
5,629,793		 Awareness and
communications
£
279,810
-
1,424
75
85,101
55,121
-
1,710
-
423,241
33,212
11,165		 85,884
-
(85,884)
467,618 -
456,616 -

36

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

4b Analysis of expenditure (prior year)

Staff costs (Note 7)
Consultancy
Travel and accommodation costs
Office Costs
Premises and technology
Other costs
Professional fees
Grants and evaluation work (Note 5)
Research Contracts
Support costs
Governance costs
Total expenditure 2023		 Charitable activities Charitable activities Governance
costs
£
29,882
-
7,263
15,800
20,781
-
4,586
-
-
Support costs
2023
Total
£
£
265,078
1,268,326
-
11,787
-
15,094
-
50,973
-
253,782
-
37,460
-
4,586
-
4,444,401
-
-
265,078
6,086,409
(265,078)
-
-
-
-
6,086,409
Supporting
greater health
equity
£
682,382
11,787
6,819
34,697
151,451
13,148
-
4,430,760
-
5,331,044
230,618
68,131
5,629,793		 Awareness and
communications
£
290,984
-
1,012
476
81,550
24,312
-
13,641
-
411,975
34,460
10,181		 78,312
-
(78,312)
456,616 -

37

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

5a Grant making (current year)

Grant making (current year)
At the end of the year
Cost
Supporting greater health equity
Awareness and Communications		 Grants
committed
£
990,688
1,710		 2024
£
990,688
1,710		 2023
£
4,430,760
13,641
992,398 992,398 4,444,401

The Trust funds projects addressing the circumstances that affect life expectancy and quality of health (the social and economic determinants of health). The Trust operated two main grant programmes in 2023/24.

Data on grants awarded is available from our website: https://www.peopleshealthtrust.org.uk/projects-we-fund/360giving. This page links to details of all grants awarded by People’s Health Trust from December 2012 until 30 September 2024.

5b Grant making (prior year)

Cost
Supporting greater health equity
Awareness and Communications
At the end of the year		 Grants committed
£
4,430,760
13,641		 2023
£
4,430,760
13,641
4,444,401 4,444,401

The Trust funds projects addressing the circumstances that affect life expectancy and quality of health (the social and economic determinants of health). The Trust operated two main grant programmes.

6 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 2,270 3,986
Operating lease rentals payable:
Property 135,000 123,000
Auditor's remuneration (excluding VAT):
Audit 13,850 13,200
Other services - -

38

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Temporary staff and contractor costs		 2024
£
1,001,320
111,745
63,686
39,812		 2023
£
1,015,944
113,815
66,668
71,899
1,216,563 1,268,326

The termination costs settled and paid at the balance sheet date were £4,737 (2023: £nil).

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

insurance) during the year between:
2024 2023
No. No.
£60,000 - £69,999 1 -
£70,000 - £79,999 1 2
£80,000 - £89,999 1 -
£110,000 - £119,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £439,965 (2023: £415,371).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £6,111 (2023: £6,579) incurred by 10 (2023: 10) members relating to attendance at meetings of the trustees.

The charity also purchased insurance to protect it from any loss arising from the neglect or defaults of its trustees, employees and agents and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £7,706.72 (2023: £6,439) and provides cover of up to a maximum of £5 million. The premium for 2023 related only to this cover, whereas in 2024 the premium provided cover for other potential organisational losses previously covered under a separate policy.

8 Staff numbers

Staff are split across the activities of the charity as follows:

Full time equivalent Headcount
2024 2023 2024 2023
No. No. No. No.
Charitable activities 14.8 18.3 16 20
Support 4.4 4.4 5 4
19.2 22.7 21 24

39

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

9 Related party transactions

There are no related party transactions to disclose for this financial year (2023: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Expenses paid or reimbursed to the charity's trustees are disclosed in Note 7.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
Charge for the year
At the start of the year
Eliminated on disposal
At the end of the year
Additions in year
Disposals in year
Depreciation
Net book value
At the end of the year
At the start of the year
At the start of the year
At the end of the year
Cost		 IT and office
equipment
£
73,056
-
(51,702)		 Total
£
73,056
-
(51,702)
21,354 21,354
66,435
2,270
(51,702)		 66,435
2,270
(51,702)
17,003 17,003
4,351 4,351
6,621 6,621

40

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

12 Investments

12
Investments
13
14
15
Additions at cost
Accrued income and prepayments
Property fund
Fair value at the start of the year
Mixed asset funds
Investments comprise:
Net gain / (loss) on change in fair value
Fair value at the end of the year
Creditors: amounts falling due within one year
Accruals
Trade creditors
Society lotteries
Creditors: amounts falling due after one year
Grants payable
Taxation and social security
Grants payable
Debtors		 2024
£
6,525,754
-
301,928		 2023
£
6,527,118
-
(1,364)
6,827,682
6,827,682		 6,525,754
6,525,754
2024
£
648,848
6,178,834		 2023
£
665,509
5,860,245
6,827,682 6,525,754
2024
£
156,947
114,057		 2023
£
119,247
117,897
271,004 237,144
2024
£
19,562
35,780
2,119,136
57,001		 2023
£
3,586
-
4,406,397
71,814
2,231,479 4,481,797
2024
£
432,849		 2023
£
1,109,439
432,849 1,109,439

41

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

16a Analysis of net assets between funds (current year)

16b
Long term liabilities
Net assets at 30 September 2023
Defined benefit pension asset / (liability)
Tangible fixed assets
Long term liabilities
Investments
Net current assets
Tangible fixed assets
Net assets at 30 September 2024
Analysis of net assets between funds (prior year)
Investments
Net current assets		 General
unrestricted
£
-
-
1,152,484
-
-		 Designated
£
4,351
-
147,021
-
-		 Restricted
£
-
6,827,682
(286,588)
(432,849)
-		 Total funds
£
4,351
6,827,682
1,012,917
(432,849)
-
1,152,484 151,372 6,108,245 7,412,101
General
unrestricted
£
-
-
1,259,460
-		 Designated
£
6,621
-
49,070
-		 Restricted
£
-
6,525,754
(389,872)
(1,109,439)		 Total funds
£
6,621
6,525,754
918,659
(1,109,439)
1,259,460 55,691 5,026,443 6,341,595

42

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

17a Movements in funds (current year)

Total restricted funds
Total designated funds
General funds
Total funds
Total unrestricted funds
Fixed asset replacement
Fixed assets
Unrestricted funds:
Business development
Unrealised loss on investment fund
Geographical area funds
Operating costs funds
Website
Designated funds:
Health CICs
Restricted funds:
Network events		 At 1 October
2023
£
5,247,055
20,363
(242,684)
1,710		 Income &
gains
£
1,582,197
1,781,861
301,928
-		 Expenditure
& losses
£
(1,073,371)
(1,574,104)
-
(1,710)		 Transfers
£
65,000
-
-
-		 At 30
September
2024
£
5,820,881
228,120
59,244
-
5,026,444 3,665,986 (2,649,185) 65,000 6,108,245
6,621
23,490
13,368
5,966
6,246		 -
-
-
-
-		 (2,270)
(30,639)
(1,237)
(3,822)
-		 -
133,649
-
-
-		 4,351
126,500
12,131
2,144
6,246
55,691 - (37,968) 133,649 151,372
1,259,460 119,024 (27,351) (198,649) 1,152,484
1,315,151 119,024 (65,319) (65,000) 1,303,856
6,341,595 3,785,010 (2,714,504) - 7,412,101

The transfer of £65,000 from General funds to Geographical area funds corrects an accounting error in a prior financial period .

The narrative to explain the purpose of each fund is given at the foot of the note below.

43

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

17b Movements in funds (prior year)

Total restricted funds
Total designated funds
General funds
Business development
Network events
Restricted funds:
Health CICs
Geographical area funds
Operating costs funds
Unrealised loss on investment fund
Fixed assets
Change project
Website
Fixed asset replacement
Unrestricted funds:
Total unrestricted funds
Total funds
Designated funds:		 At 1 October
2022
£
7,652,710
-
(241,320)
15,351		 Income &
gains
£
2,025,105
1,616,291
-
-		 Expenditure
& losses
£
(4,430,760)
(1,595,929)
(1,364)
(13,641)		 Transfers
£
-
-
-
-		 At 1 October
2023
£
5,247,055
20,362
(242,684)
1,710
7,426,741 3,641,396 (6,041,694) - 5,026,443
4,726
43,290
18,691
5,889
6,791
13,109		 -
-
-
-
-
-		 (3,986)
(19,800)
(5,323)
-
(825)
(53)		 5,881
-
-
(5,889)
-
(6,810)		 6,621
23,490
13,368
-
5,966
6,246
92,496 - (29,987) (6,818) 55,691
1,219,082 49,653 (16,092) 6,818 1,259,460
1,311,578 49,653 (46,079) - 1,315,151
8,738,319 3,691,049 (6,087,773) - 6,341,595

Purposes of restricted funds

Geographical area funds:

Funds arise from donations by 6 separate community interest companies (CIC) (2023 – 6), each of which donates good causes monies raised through individual society lotteries. Each CIC focuses upon a specific community of geographical interest and each fund is restricted for use (after reasonable operating costs) for onward donation as grants to charities and community groups within that CICs area for the purpose of supporting greater health equity.

No restricted fund was in deficit (2023: none). Of the geographical area funds balance of £5,820,881 at 30 September 2024 (2023 – £5,247,055), the following amounts were allocated for specific grant programmes in the next financial year as follows:

Operating costs funds:

Funds arise from donations by 6 separate community interest companies (2023 – 6) for supporting greater health equity nongrant expenditure, supplemented by investment income.

Health CICs:

The Trust received £50,000 in 2020 to support its work with networks. The fund was spent down in the year, with the unspent amount as at 30 September 2023 - £1,710.

44

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2024

Purposes of designated funds

The fixed assets fund represents:

Business development represents: �

Network events represents: �

• Future costs expected to be incurred in relation to resource support for the change programme approved in September 2015. This programme was designed to support cross-team working and a review of the Active Communities programme. It was no longer required, and the remaining balance was de-designated and transferred to General funds in the previous year.

Website represents:

Fixed Asset Replacement represents:

18 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year 2024
2023
£
£
108,000
99,000
108,000
99,000
Property		 2024
2023
£
£
108,000
99,000
108,000
99,000
Property
108,000 99,000

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

20 Post balance sheet events

Market volatility since the end of the financial year led to the sale of the Trust’s two multi asset funds in January 2025, which the Trustees considered to represent the greatest risk. The volatile environment has continued and the impact on the remaining investments remains uncertain and an estimate of financial impact cannot be made.

45