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2023-03-31-accounts

PEOPLE’S ECONOMY

ANNUAL REPORT AND FINANCIAL STATEMENTS

Year Ended 31 March 2023

Charity registation - 1166046

People’s Economy Annual report and financial statements

Year ended 31 March 2023

Contents

Contents
Trustees annual report 4
Objectives and activities 4
Public education and training 5
Plans for future periods 11
Financial review 12
Governance and management structures 13
Statement of Board of Trustees’ responsibilities 14
Independent examiner’s report 16
Statement of fnancial activities 18
Balance sheet 19
Notes to the fnancial statements 20

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People’s Economy Annual report and financial statements

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Trustees annual report

The Board of Trustees submit their annual report and the financial statements of People’s Economy for the year ended 31 March 2023.

The Board of Trustees confirms that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Society’s governing document and the provisions of the ‘Charities SORP (FRS 102) - 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) second edition (effective 1 January 2019)’, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Trustees have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s objectives and activities, and when planning activities.

Objectives and activities

People’s Economy’s charitable purpose is ‘to advance education in economics for the public benefit.’ In February 2023, we launched a new 2023-2028 fiveyear strategy which outlines how, in the context of the cost of living crisis and urgent need for a fair transition to a net-zero economy, we will focus our activity on providing education in economics for communities across the UK that are currently experiencing marginalisation and disadvantage, so that they can increase their voice and agency in public economic debate and decision-making.

This year has been a transition period as we prepared to launch and deliver our new strategy while at the same time delivering a full programme of activities. In this annual report, we outline our key activities and achievements during the 2022-23 financial year, which fall under the final year of the 2019-2023 strategy. In the plans for future periods section of the report, we summarise the new 2023-2028 five-year strategy, which we will begin working on at the start of the new financial year, in April 2023.

While recognising that our operating environment continues to be challenging and volatile, overall People’s Economy’s organisational foundations are continuing to get stronger, and this puts us in a good position to begin delivering our new strategy in what is a positive and exciting period of transition and evolution for the organisation.

A new name

After a rebranding process which took place during the 2022-23 financial year, the trustees decided to change the charity’s name from Economy to People’s Economy to better communicate our charitable purpose of advancing education in economics for the public benefit. We want to support more people to have the economic knowledge and confidence they need to follow and participate in public economic conversation and decision-making on issues which affect them, and this name better communicates that goal. Changing our name will strengthen our ability to achieve our mission, deliver public benefit and secure funds for the charity. The new name was announced at our new strategy launch in February 2023 but wasn’t formally changed until after the end of the financial year, in May 2023.

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Impact Highlights

----- Start of picture text -----
Over 250 people attended our events 23 changemakers across Birmingham Working in partnership with the
and workshops building economic started a year long journey with us University of East London we
skills, knowledge and confidence. to understand and reimagine the supported young people involved
89% of people who attended our City’s economy. The cohort includes in the Youth Justice Service in the
events and workshops felt that they people making a difference across London Borough of Newham to
increased their knowledge and 95% Birmingham in various ways- from explore how they want to shape the
said they would recommend us to a a nursery manager to a housing council’s flagship Community Wealth
friend or colleague. campaigner and a community hub Building strategy.
manager at a local college.
We developed our new five- As part of a collaborative partnership, Through sharing learning from
year strategy, in consultation with we have been supporting the the work we have done to
over one hundred individuals development of a community support communities to build their
and organisations, including past research network in Gwynedd, knowledge, skills and confidence on
participants in our programmes, old Wales. The first step has been training the economy, we supported Barrow
and new partners, our community and supporting nine community Cadbury Trust to set up a community
ambassador board, staff and researchers across the Slate valleys and civil society Economic Justice
trustees. Ninety-two people attended of Ogwen, Ffestiniog and Nantlle Alliance in Birmingham which was
our online strategy launch event at to explore what communities in launched in June 2023.
the start of 2023. the three valleys feel they need to
be able to understand, reimagine
and ultimately shape tourism in the
region.
We continued to work in partnership Our news and entertainment As part of our partnership with
with the Bank of England to deliver platform ecnmy.org hit a new Luminate to build broader awareness,
‘The Economy Hub’, their digital milestone, having reached over two understanding and support of the
community platform. We explored million unique users to date. We have need for audit reform, we produced
several in focus topics that relate to continued to explore and breakdown a series of six case studies from
policy work across the Bank including important news stories in our ‘What’s a diverse range of people that
the housing crisis, the climate crisis, Just Happened’ newsletter. When demonstrated the human impact
cost-of-living and the digital world asked how much they enjoyed of the audit failure at BHS, Carillion,
and money. In August 2022, People’s reading the newsletter respondents Patisserie Valerie and Thomas
Economy chaired a public Q&A with gave it an average rating of 8/10 and Cook. One of our case studies was
Huw Pill, the Bank of England’s Chief when asked if the newsletter helps picked up for further coverage in the
Economist. He answered questions make the economy and economic Financial Times.
about the rising cost of living and topics more understandable
what the Bank is doing about it. respondents gave it an average
rating of 9/10.
----- End of picture text -----

Public education and training

A key method by which People’s Economy delivers its charitable purpose is through flexibly delivering high-quality public education and training on economics and the economy. Below we summarise key public education and training activities we delivered in the 2023-23 financial year.

London workshops

Between December 2021 and July 2022, People’s Economy partnered with Trust for London to offer the Trust’s grantees a series of engaging and interactive workshops building practical knowledge, skills and confidence around economics and the economy. Over eight months, People’s Economy delivered four workshops- two on housing, one on jobs, and one on government spending. Overall, 87 people attended the four workshops. The aims of the workshops were to help attendees:

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• become more confident talking about these issues, to be more effective in their campaigns.

We evaluated the workshops and found that subjective improvements in knowledge were substantial across all of them; of the 37 participants that completed the evaluation form, all but one said that they agreed or strongly agreed that their economic knowledge had improved after the workshop. All respondents said they agreed that they enjoyed the workshops, and two thirds said they strongly agreed.

These findings were corroborated by the follow-up semistructured interviews, which showed that participants had enjoyed and valued the workshops and felt that the accessible

nature of the workshops had increased their knowledge and awareness around the economy. Several participants mentioned how they had passed on the information they had learned to their colleagues and networks.

There was a strong appetite for future workshops from participants, on a range of topics and for various stakeholders. Participants were also keen for workshops to be more ‘solution-focused’ so they could translate knowledge into their everyday work more easily.

Shift Birmingham

Shift Birmingham was a ten-month learning journey run by People’s Economy in partnership with Birmingham City Council, which kicked off at Stirchley Baths in the south of the city in September 2022.

Following extensive outreach and a rigorous but accessible recruitment process, twenty-three people were accepted onto the course, constituting a diverse group of local people active in improving their communities in different ways. Participants spanned a range of occupations including a nursery manager, a housing campaigner and a community hub manager at a college. The Shift programme was co-designed with participants to ensure that it met their needs and priorities.

Over the duration of the course, the cohort learned about how to improve the local economy and the lives of communities they live and work with. They also learned about opportunities for change that build on the strengths and assets that exist in Birmingham.

Participants explored the pressing economic problems that affect the city, from the housing crisis to the climate crisis, and built their confidence in understanding and talking about the root causes of these problems, how they are connected and how to address them. They were also supported in getting their voice heard in the media through skills sessions on pitching and securing media coverage, telling stories with data, and the craft of storytelling.

Several additional sessions were organised alongside the programme, including a meeting with the then-leader of Birmingham City Council, and a performance of a comedy play about Birmingham City Council’s budget (‘All our money’ by Stan’s Cafe). The final two sessions of the programme took place after the end of the financial year in May and June 2023.

Supporting community researchers

People’s Economy supports people to take part in participatory or community-led research projects, supporting them to build the knowledge, skills and confidence they need to meaningfully contribute to the generation of high-quality economic research. This is a valuable route for people to increase their voice and agency in public economic debate and decision-making. During the 2022-23 financial year, we worked with communities in East London and North Wales.

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Youth Participatory Action Research on Community Wealth Building in Newham

People’s Economy worked in partnership with the University of East London on a project using the Youth Participatory Action Research (YPAR) methodology to elicit how young people involved in the Youth Justice Service in the London Borough of Newham want to shape the council’s flagship Community Wealth Building strategy. People’s Economy co-designed and delivered workshops as part of this project, explaining Community Wealth Building to the young people, helping them to reflect on how Community Wealth Building could benefit them and exploring how they felt it related to their lives. The young people were highly engaged in the workshops. Taking a participatory approach, some were then recruited as co-researchers on this project to conduct research into young people’s needs and desires around community wealth building in Newham. Throughout January 2023 the young coresearchers assisted the principal researcher from the University of East London to analyse the research data. People’s Economy provided infrastructure support for the project to take place including funding to compensate young people who participated in the project and took on roles as co-researchers, and to bring in a specialist youth worker to support the project.

Developing a Community Research Network in Gwynedd

In Gwynedd, North Wales, the three Slate valleys of Ogwen, Ffestiniog and Nantlle are pioneering a model of community-led social, economic, cultural and environmental development. There are now 25 social enterprises across the three valleys addressing a wide range of important issues and providing good-quality livelihoods for local people. Ffestiniog now has the highest proportion of social enterprise jobs per capita of anywhere in the UK.

In November 2022, UK Research and Innovation awarded six months of funding to a partnership including representatives from Partneriaeth Ogwen, Siop Griffiths CYF and Cwmni Bro Ffestiniog. This partnership was supported by People’s Economy and academics from Foundational Economy Ltd.

The project’s aims are to explore how a community research network could help communities in the slate valleys have more voice and control on the issues which matter to them, support community dialogue and development, and build a prosperous and sustainable future.

The project group agreed to explore what communities in the three valleys feel they need to be able to understand, reimagine and ultimately shape tourism in Gwynedd in the future so that it delivers what is important to them.

One in five people in Gwynedd are employed in the tourism sector but often the work is low paid, insecure and seasonal. The rise of Airbnb and short-term holiday lets could be making housing harder to get for local people and meaning tourists spend less in the region.

In February and March 2023, People’s Economy supported the recruitment and training of nine community researchers from across the three slate valleys and this project will continue into the 2023-24 financial year with a focus on sharing findings and building alternatives.

Supporting communities and civil society to come together to learn about the economy

People’s Economy supports initiatives that bring communities and civil society together to learn about and influence the economy in their area or on issues that matter to them. This is an important way for communities to increase their voice and agency in public economic debate and decision-making.

Supporting the Birmingham Economic Justice Alliance

During the 2022-23 financial year, People’s Economy supported Barrow Cadbury Trust to set up a community and civil society economic justice alliance which was launched in June 2023. We shared learning from our experience supporting communities to build their knowledge, skills and confidence on the economy. At the heart of the Alliance is an Action Network of individuals from communities, civil society and institutions across Birmingham. The vision for the Action Network is that it will build links between people and help catalyse system change, with time for informal

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exchange and more formal input. We see the Network as being a place for learning, developing ideas for change, and action and its aims include:

• Identifying issues or actions that some or all members of the group can work on together. Those can range from aligning interests between two or three members to increase impact, to agreeing a common campaign or preparing a manifesto for transforming the economic system in Birmingham.

People’s Economy’s role is to deliver a programme of support for marginalised and disadvantaged communities to learn about the economy and build their confidence, voice and agency before connecting these groups with the rest of the Alliance, and separately providing learning opportunities for the Action Network.

Supporting the Bank of England’s Economy Hub

In March 2021, People’s Economy partnered with the Bank of England to launch and develop their digital community platform ‘The Economy Hub’. The platform aimed to be a connected and diverse community that was empowered to build an evolving picture of their experiences and views on the UK economy.

In March 2022 we renewed our partnership with the Bank of England. We saw the level of engagement on the Hub increase significantly due to the costof-living crisis and rising interest rates. We started talking to the Bank about different approaches to managing this, including considering methods to encourage peer facilitation.

We worked with the Bank to craft a space that values lived experience. The Hub was for discussing community members’ experience of the economy, what matters to them, what issues they thought the Bank should be prioritising and how we might all address the wider economic challenges and opportunities on the horizon. Together with the forum of members we explored several in focus topics that relate to policy work across the Bank including the housing crisis, the climate crisis, cost-of-living and the digital world and money.

In August 2022, People’s Economy chaired a public Q&A with Huw Pill, the Bank of England’s Chief Economist. He answered questions about the rising cost of living and what the Bank is doing about it.

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We also ran two workshops for the Bank of England Hub on: ‘the environment and the economy’, and ‘how to write an opinion piece’. The latter was for members of the Bank’s Youth Forum.

Public interest news and co-production

People’s Economy produces high-quality and engaging public interest news on economic issues and works with communities to co-produce multimedia content sharing their economic views and experiences. This is an important way for people to increase their voice and agency in public economic debate and decision-making.

Ecnmy.org

People’s Economy’s news and entertainment platform ecnmy.org has reached over two million unique users to date and we have built relationships across a broad range of media organisations. Our media partnerships help us identify and share best practice in economic communication across the media. People’s Economy’s work has pushed the importance of economic communication up the political agenda, contributing to a cultural shift in the UK, towards more accessible economics coverage.

We have continued to explore and breakdown important news stories from the UK and across the world in our ‘What’s Just Happened’ newsletter. In spring 2022 we evaluated the impact of this reporting and found that when asked how much they enjoyed reading the newsletter respondents gave it an average rating of 8/10 and when

asked if the newsletter helps make the economy and economic topics more understandable respondents gave it an average rating of 9/10.

Case studies and coproduction

During the 22-23 financial year, People’s Economy was funded by Luminate to apply our expertise in public education and communication of economics to advance the audit reform agenda. A key element of this work was drawing out the human stories behind what are considered ‘technical issues’ in a compelling and ethical way, and we did this in summer 2022 by producing a series of six case studies from a diverse range of people that demonstrated the human impact of the audit failure at BHS, Carillion, Patisserie Valerie and Thomas Cook. Contributors were interviewed and then had their story editorialised by People’s Economy.

It is important to our organisational values that when we use the real-life stories of people in this way that we follow a co-production approach to ensure the contributors feel respected and valued throughout the process. Amongst other things, we did this by giving case study subjects full edit rights over the work at all points, never publishing anything without their explicit sign-off, and financially compensating them for their time. One of our case studies was picked up for further coverage in the Financial Times.

For several years, People’s Economy has used its editorial platforms to promote first-person accounts of the economy which are either underrepresented in traditional media or which are not often told by the people who are experiencing the issue in question. People’s Economy offers people who are interested in doing this editorial support to turn their idea into a publishable piece, ensuring that the experience is accessible to everyone regardless of their experience or confidence with writing and journalism. An example of this type of work from October 2022 on the cost-of-living crisis, can be found here.

Citizens Economy Dashboard

During the 2022-23 financial year, People’s Economy created a prototype ‘Citizens Economy Dashboard’ (CED) as part of the European Union funded Media Futures Fund. The CED is a free dashboard for journalists, particularly those working in local news, that can function as a one-stop-shop for them to locate, understand and analyse localised economic data. The prototype focussed specifically on cost-of-living data in London. During the project, we engaged over 40 people with journalism, data and tech expertise and worked intensively with a team of trainee developers to design, test and build a minimum viable product of the CED. In October 2022, we

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presented the CED minimum viable product at the Media Futures Demo Day in Paris.

Organisational development

Over the past three years, People’s Economy has invested significantly in organisational development to prepare the organisation for the next stage of its work. This decision has been motivated by a desire to strengthen the organisation’s capacity, resilience, financial sustainability, participatory governance and diversity, inclusion and anti-oppression ahead of beginning work on our new strategy in April 2023.

Restructure and expansion of the staff team

Over summer and early autumn 2022, we conducted a light-touch restructure of the staff team structure and roles to enable us to deliver the new strategy effectively. A new Head of Community role was created and began in post in January 2023. We also recruited an Organisational Development Director (to replace our outgoing Deputy Chief Executive) who started in March 2023 and will join an expanded three-person Senior Management Team (SMT), along with the Programme and Executive Director. We also created new roles for a Wales Programme Manager and a Leadership Fellow. Importantly, we now have staff based in Sheffield, Manchester, North Wales and the North East and we have intentionally shifted to a remote team that meets in-person monthly so that we are not solely London based and have a grounded presence in different parts of the UK.

Union recognition

In April 2022, People’s Economy recognised Unite as the organisation’s union and a recognition agreement was signed. In parallel, People’s Economy and the Union began negotiations around cost-of-living pay increases (agreeing on an 8.2% cost of living rise in April 2022 and a further 7.9% increase in October 2022). This cost-of-living pay increases were a response to high inflation and broader cost of living pressures. The Union and SMT met regularly during the 2022-23 financial year. All members of staff apart from the SMT are members of the Union.

Diversity, inclusion and anti-oppression

Supported by additional funding from the Joseph Rowntree Charitable Trust (JRCT), we have invested significantly in developing our diversity, inclusion and anti-oppression (DIAO) and participatory governance work this year. A focus on DIAO has been a key element in our strategy process and our strategy documents now have sections throughout which discuss how DIAO is being embedded across our work.

In early 2022, we commissioned the Social Justice Collective (SJC) to support our work on diversity, inclusion and antioppression. This work was split into three stages:

• Audit report - Early in the 2022/23 financial year SJC conducted interviews and focus groups with staff and trustees and did desk research before producing an audit report and then holding reflection sessions with staff and trustees.

• Vision and action plan development - SJC then supported People’s Economy to review and update its DIAO vision and action plan. This involved separate staff and trustee visioning sessions and a joint staff and trustee session to review and feedback on the draft DIAO vision and action plan SJC produced. Between January and March 2023, four trustees joined the staff team at two workshops to finalise a new three-year DIAO action plan, and this was approved along with the vision by the full board at the April 2023 Board meeting.

• Learning & Development – SJC supported People’s Economy with some bespoke learning and development work around key priorities identified in the DIAO vision and action plan. This took place between May and September 2023.

Governance

Community Ambassador Board

People’s Economy actively involved people with direct experience of economic injustice in running the organisation through a paid Community Ambassador Board (CAB). The first CAB consisted of seven people who faced varied economic marginalisation and disadvantage, including the hostile environment for migrants, unemployment, homelessness, low-paid and insecure work, inadequate housing, health issues and lack of access to education. They were based across the UK and had all worked with People’s Economy previously. The CAB met monthly for fifteen months and played a central role in developing our new five-year strategy. The final session of the CAB was held in

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April 2023.

This first version of the CAB also spent time exploring what future Community Ambassador Boards could look like and based on their recommendations we will use a model of resourcing people facing marginalisation and disadvantage to work with People’s Economy staff and trustees on key areas of the organisation’s work going forward. In the 2023-24 financial year we plan to resource a cohort of people in Birmingham to participate in the Birmingham Economic Justice Alliance and another cohort to work with us to review and update our learning curriculum and resources for the new strategy.

Shifting power in our governance

Through the strategy process we came to see reforming our own governance as key to successfully achieving our mission. Staff, trustees and the Community Ambassador Board began exploring what governance reform at People’s Economy could look like and achieve. We have now defined our governance challenge and the barriers we face as follows: People’s Economy’s governance challenge is how can we transform our governance to shift power away from the trustees and staff team towards the communities we work with in a way that deeply roots us as an organisation in these communities and builds connection, trust and accountability. In the 2022-23 financial year, People’s Economy’s Executive Director and Head of Community took part in a Transformational Governance Inquiry, funded by Lankelly Chase, with a cohort of other organisations to explore these questions in more depth. We will continue to actively explore governance reform in the 2023-24 financial year and beyond.

Launching our new five-year strategy

On Wednesday 1st February 2023 we launched our new strategy publicly at an online event attended by over seventy partners, allies and friends from across the UK. We shared a summary of our new five-year strategy and the working Theory of Change it rests upon. The strategy is available on our website here.

This strategy was put together following a year of consultation with over 100 individuals and organisations, including past participants in our programmes, old and new partners, our community ambassador board, staff and trustees.

Plans for future periods

In February 2023, we launched a new 20232028 five-year strategy which outlines how, in the context of the cost of living crisis and urgent

need for a fair transition to a net zero economy, we will focus our activity on providing education in economics for communities across the UK that are currently experiencing marginalisation and disadvantage, so that they can increase their voice and agency in public economic debate and decision-making.

In five years, we aim to have engaged ten thousand people in marginalised communities across the country to connect what matters to them to the need for economic systems change and worked with them to increase their voice and agency in public economic debate and decision-making.

In April 2023, we formally began work on our new 2023-2028 strategy. The three strands of work in this strategy are:

1. Build deep, long-term relationships with communities experiencing marginalisation and disadvantage to build their voice and agency in public economic debate and decision-making : Over the next two years, we will focus on creating programmes building on our existing work and relationships in Birmingham, London and Wales. Alongside this place-based work we will also take thematic focuses initially focusing outreach on communities working on

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migrant/refugee, youth, housing/regeneration and environmental justice issues. We know that there are significant barriers for marginalised groups to learn about economics and the economy and that overcoming them requires building deep long-term relationships of trust and accountability.

2. Remove barriers and create routes into economic change work for communities experiencing marginalisation and disadvantage : Strand 2 of our strategy is to remove barriers and create routes into economic change work for communities experiencing marginalisation and disadvantage so that they have more opportunities to use their voice and agency in public economic debate and decision-making. We have decided to focus on three sectors which are strategically important for economic change work, and which have significant experience of working on: economic institutions and decision-makers, economic campaigns, and the media.

3. Invest in the sustainable development of People’s Economy to scale our impact and live our values : Strand 3 of our strategy is to invest in the sustainable development of People’s Economy to scale our impact and live our values. To deliver our strategy, we plan to expand from a staff team of eight (six FTE) to 15 (12 FTE) over the next two or three years. Our strategy is all about connecting and mobilising others to participate in and lead economic change work and so we don’t feel the need to become a large organisation to achieve the systemic impact we are working towards. Importantly, we don’t want to become a hub-and-spokes network where lots of groups have a relationship with us but not each other. Instead, we want to facilitate connections and solidarities between groups in different regions of the UK and who are working on different issues. Combined, their work can become centred around a ‘larger us’ of marginalised communities having more voice and agency to influence public economic debate and decision-making. We’re also very aware of the risk of growing unsustainably from a financial perspective and/or losing what is unique about our approach if we scale our work in a way that is unintentional and unreflective.

Financial review

The Charity achieved its planned end of year position of a surplus of £4,349 (2022 – deficit £7,764). This resulted in total funds at the year-end of £121,900 (2022 - £117,551).

Of the funds held at year end £81,951 (2022 - £88,740) were unrestricted as to use. This is in line with the annual planned increase to unrestricted funds approved by trustees, that is set out in the reserves policy below. As outlined below, we are steadily working towards achieving our targeted level of reserves.

Reserves policy

People’s Economy’s reserves policy sets out the intended uses of reserves as:

The policy sets out for the current and following three financial years:

It then calculates the expected annual contribution to reserves each year based on budgeted and estimated expenditure and income for each of these financial years.

We have been able to add to our organisational reserves at the end of the last two financial years (20-21 and 21-22) and we have been able to do this again at the end of this 22-23 financial year. During 2020/21, a £14,265 contribution was made to reserves. A further £13,375 contribution was made in 2021/22. A further £12,000 contribution was made at the end of the 22/23 financial year with total reserves of £70,000. We have budgeted to make a £13,885 at the end of the 23/24 financial year, which will bring our reserves up to £83,885. The reserves policy is reviewed by the board annually as part of the organisational budget setting process.

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Governance and management structures

People’s Economy is a foundation charitable incorporated organisation administered by a board of trustees and governed by its amended constitution dated 20th July 2021. It was registered with the Charity Commission on 14th March 2016.

All trustees are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. A charity trustee who has served for two consecutive terms may not be reappointed for a third consecutive term but may be reappointed after an interval of at least one year. The minimum number of trustees permitted under the constitution is six, and the maximum number is twelve.

The trustees of People’s Economy perform the usual duties of trustees, including appointing and managing the Chief Executive, setting the strategy, and ensuring compliance with financial and other obligations.

We have continued to invest in our governance over the last financial year, including by reviewing and updating our Board meeting cycle and organisational risk register.

In the 2022/23 financial year two trustees came to the end of their term, and we recruited six new trustees. The Board now consists of ten trustees.

Key management personnel

During the 2022/23 financial year, day-to-day management of the organisation was delegated to a newly created three-person senior management team (SMT) consisting of the Executive Director, Programme Director and Organisational Development Director. They are collectively responsible for ensuring the operations of the charity are managed effectively.

The Executive Director is responsible for:

The Programme Director is responsible for:

The Organisational Development Director is responsible for:

Risk management

The board of Trustees and key management personnel have a rigorous approach to risk management, and the key risks facing the organisation are reviewed on an ongoing basis, with mitigating actions put in place to minimise the ongoing risk to the charity. This year we have reviewed and updated our risk register to summarise the key risks facing the charity and mitigating actions being taken, and we review it at every board meeting. Key risks we have identified and are working to mitigate include implementing the new organisational strategy, funding sustainability, loss of key staff and trustee turnover.

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Reference and administrative details

Registered ofce

Space 4 113-115 Fonthill Road London N4 3HY

Trustees

Ben Hughes Chairperson (resigned 27 April 2023) Meena Bharadwa Chairperson (from 27 April 2023) Ken Hayes Matt Giugni William Jeffwitz (resigned 28 April 2022) Rachel Straus (resigned 27 April 2023) Mehroosh Tak Caroline Appleton (appointed 20 October 2022) Lydia Mbogoro (appointed 20 October 2022) Anjali Raman-Middleton (appointed 20 October 2022) Rebecca Baron (appointed 20 October 2022) Jonathon Prasad (appointed 20 October 2022) Gwen Thirsk (appointed 20 October 2022)

Independent examiners

Andy Nash Accounting & Consultancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU

Principal banker

Triodos Bank UK Deanery Road Bristol BS1 5AS

Statement of Board of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the excess of expenditure over income for that year. In preparing these financial statements, the Trustees are required to:

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities.

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Year ended 31 March 2023 People’s Economy Annual report and financial statements The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and 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 Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that content of the annual review in pages 3 to 15 of this document meet the requirements of the Trustees’ Annual Report under charity law.

They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

This report was approved and authorised for issue by the Board of Trustees on 14 December 2023 and signed on its behalf by:

MBharadwa

MBharadwa (Jan 18, 2024 16:26 GMT)

MEENA BHARADWA

CHAIRPERSON

Charity number 1166046

15

People’s Economy Annual report and financial statements

Year ended 31 March 2023

Independent examiner’s report

I report to the Trustees on my examination of the accounts of People’s Economy (Charity number 1166046) for the year ended 31 March 2023 which are set out on pages 18 to 30.

Respective responsibilities of trustees and examiner

The Charity’s Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Charities Act). The Charity’s Trustees consider that an audit is not required for this year under section 144 of the Charities Act and that an independent examination is needed.

It is my responsibility to:

This report, including my statement, has been prepared for and only for the Charity’s Trustees as a body. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body for my examination work, for this report, or for the statements I have made.

Basis of independent examiner’s statement

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters.

The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

Charity number 1166046

16

People’s Economy Annual report and financial statements

Year ended 31 March 2023

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

ANDREW PHILIP NASH FCA

MEMBER OF THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES – 2461833 DATED: 12 JANUARY 2024

Andy Nash Accounting & Consultancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU

Charity number 1166046

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People’s Economy Annual report and financial statements

Year ended 31 March 2023

Statement of financial activities

For the year ended 31 March 2023

Notes
Income from:
Donations & legacies
3
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
4 & 5
Charitable activities
Community
4 & 6
Digital & campaigns
4 & 6
Schools
4 & 6
Total charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
10 & 11
Total funds carried forward
10 & 11		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2023
2023
2023
2022
£
£
£
£
1,197
324,728
325,925
207,783
31,960
-
31,960
71,325
112
-
112
70
33,269
324,728
357,997
279,178
10,671
48,789
59,460
38,439
5,870
94,292
100,162
61,799
20,052
153,660
173,712
149,038
3,465
16,849
20,314
37,666
29,387
264,801
294,188
248,503
40,058
313,590
353,648
286,942
(6,789)
11,138
4,349
(7,764)
88,740
28,811
117,551
125,315
81,951
39,949
121,900
117,551

The notes on pages 20 to 30 form part of the financial statements.

Charity number 1166046

18

People’s Economy Annual report and financial statements

Year ended 31 March 2023

Balance sheet

As at 31 March 2023

Notes
Current assets:
Debtors
8
Cash at bank and in hand
Total current assets
Creditors:
Amounts falling due within
one year
9
Total net assets
Funds of the charity:
Restricted income funds
10 & 11
Unrestricted funds
10 & 11		 54,737
89,220		 Total
funds
2023
£


143,957
(22,057)		 14,351
163,749		 Total
funds
2022
£


178,100
(60,549)




121,900 117,551
39,949
81,951		 28,811
88,740
121,900 117,551

The notes on pages 20 to 30 form part of the financial statements.

These financial statements were approved and authorised for issue by the Board of Trustees on 14 December 2023 and signed on their behalf by:

MBharadwa

MBharadwa (Jan 18, 2024 16:26 GMT)

MEENA BHARADWA

CHAIRPERSON

Charity number 1166046

19

People’s Economy Annual report and financial statements

Year ended 31 March 2023

Notes to the financial statements

1. Accounting policies

Basis of preparation of the financial statements

The financial statements have been prepared in accordance with ‘Charities SORP (FRS 102) - 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) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1, and relevant charities law.

The effect of any event relating to the year ended 31 March 2023, which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 March 2023 and the results for the year ended on that date.

Under the exemption available to smaller charities the Board of Trustees has chosen not to include a Statement of Cash Flows within the financial statements.

The functional currency of the Charity is sterling and amounts in the financial statements are rounded to the nearest pound.

Legal status

People’s Economy is a charitable incorporated organisation registered in England & Wales, and meets the definition of a public benefit entity. The registered office is Space 4, 113-115 Fonthill Road, London, N4 3HY.

Going concern

The financial statements have been prepared on the going concern basis as the Board of Trustees is confident that future reserves and future income is more than sufficient to meet current commitments. There are no material uncertainties that impact this assessment, and the ongoing COVID-19 global pandemic has had no material impact on this assessment.

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in note 10 of the financial statements.

Income

Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable – i.e. when the eligible donation is received.

Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future year, in which case it is deferred.

Income from charitable activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future period or event, in which case it is deferred.

Charity number 1166046

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People’s Economy Annual report and financial statements

Year ended 31 March 2023

1. Accounting policies (continued from previous page)

Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.

Indirect costs, including governance costs, which cannot be directly attributed to activities, are allocated between activities proportionate to the direct costs incurred in those activities.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

Tangible fixed assets and depreciation

Any assets costing more than £500 are capitalised other than those purchased using restricted funds.

Cash at bank and in hand

Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount is applied.

Creditors

Creditors 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.

Financial instruments

Basic financial instruments are measured at amortised cost other than investments which are measured at fair value.

Critical estimates and judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The treatment of tangible fixed assets is sensitive to changes in useful economic lives and residual values of assets. These are reassessed annually.

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Charity number 1166046

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People’s Economy Annual report and financial statements

Year ended 31 March 2023

2. Comparative statement of fnancial activities

3. Income from donations and legacies
Income from:
Donations & legacies
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Community
Digital & campaigns
Schools
Total charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Grants
Donations		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
47,520
160,263
207,783
71,325
-
71,325
70
-
70
118,915
160,263
279,178
15,658
22,781
38,439
18,785
43,014
61,799
49,364
99,674
149,038
20,712
16,954
37,666
88,861
159,642
248,503
104,519
182,423
286,942
14,396
(22,160)
(7,764)
74,344
50,971
125,315
88,740
28,811
117,551
Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
-
324,728
324,728
1,197
-
1,197
1,197
324,728
325,925

3. Income from donations and legacies

Charity number 1166046

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People’s Economy Annual report and financial statements

Year ended 31 March 2023

3. Income from donations and legacies (continued from previous page)

Total expenditure
Grants
HMRC CJRS Grants
Donations
Raising funds
Charitable activities
Community
Digital & campaigns
Schools
Raising funds
Charitable activities
Community
Digital & campaigns
Schools		 Direct
Direct
staff
other
expenditure
expenditure
2023
2023
£
£
36,562
-
61,590
-
106,816
-
12,491
-		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
45,000
160,263
205,263
1,801
-
1,801
719
-
719
47,520
160,263
207,783

Indirect
Indirect
staff
other
Total
expenditure
expenditure
expenditure
2023
2023
2023
£
£
£

3,057
19,841
59,460

5,150
33,422
100,162

8,932
57,964
173,712

1,044
6,779
20,314
217,459
-
18,183
118,006
353,648
Direct
Direct
staf
other
expenditure
expenditure
2022
2022
£
£
29,166
-
46,891
-
111,958
1,127
28,579
-		 Indirect
Indirect
staf
other
Total
expenditure
expenditure
expenditure
2022
2022
2022
£
£
£
2,497
6,776
38,439
4,014
10,894
61,799
9,680
26,273
149,038
2,446
6,641
37,666
18,637
50,584
286,942
216,594
1,127

4. Total expenditure

Charity number 1166046

23

People’s Economy Annual report and financial statements

Year ended 31 March 2023

4. Total expenditure (continued from previous page)

Indirect costs, including governance costs, which cannot be directly attributed to activities, are allocated between activities proportionate to the direct costs incurred in those activities.

A breakdown of expenditure on raising funds between restricted and unrestricted funds can be found in note 5.

A breakdown of charitable expenditure between restricted and unrestricted funds can be found in note 6.

An analysis of staff costs can be found in note 7.

Indirect costs includes the following items:

Indirect staff costs
Other people costs
Offce & administration costs
Professional fees
Governance costs		 Total
Total
Funds
Funds
2023
2022
£
£
18,183
18,637
25,759
8,873
22,520
14,122
66,980
25,289
2,746
2,300
136,188
69,221

Governance costs includes the following items:

Expenditure on raising funds
Independent examination
Insurance
Direct staf costs
Indirect staf costs
Indirect other costs		 Unrestricted
Funds
2023
£
8,982
26
1,663		 Total
Total
Funds
Funds
2023
2022
£
£
1,344
1,260
1,402
1,040
2,746
2,300
Restricted
Total
Funds
Funds
2023
2023
£
£

27,580
36,562

3,031
3,057

18,178
19,841
10,671
48,789
59,460

5. Expenditure on raising funds

Charity number 1166046

24

People’s Economy Annual report and financial statements

Year ended 31 March 2023

5. Expenditure on raising funds (continued from previous page)

Direct staf costs
Indirect staf costs
Indirect other costs		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
8,017
21,149
29,166
865
1,632
2,497
6,776
-
6,776
15,658
22,781
38,439

6. Expenditure on charitable activities

Community
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs
Digital & campaigns
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs
Schools
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
3,025
58,565
61,590
-
-
-
44
5,106
5,150
2,801
30,621
33,422
5,870
94,292
100,162
15,118
91,698
106,816
-
-
-
76
8,856
8,932
4,858
53,106
57,964
20,052
153,660
173,712
2,888
9,603
12,491
-
-
-
9
1,035
1,044
568
6,211
6,779
3,465
16,849
20,314
29,387
264,801
294,188

Charity number 1166046

25

People’s Economy Annual report and financial statements

Year ended 31 March 2023

6. Expenditure on charitable activities (continued from previous page)

Community
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs
Digital & campaigns
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs
Schools
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
15,248
31,643
46,891
-
-
-
1,391
2,623
4,014
2,146
8,748
10,894
18,785
43,014
61,799
39,749
72,209
111,958
1,086
41
1,127
3,353
6,327
9,680
5,176
21,097
26,273
49,364
99,674
149,038
18,557
10,022
28,579
-
-
-
847
1,599
2,446
1,308
5,333
6,641
20,712
16,954
37,666
88,861
159,642
248,503
7. Staf numbers and costs
Gross salaries
Employer’s NIC
Employer’s pension		 Total
Total
Funds
Funds
2023
2022
£
£
203,738
204,353
17,642
16,573
14,262
14,305
235,642
235,231

The average headcount during the year was 5 persons (2022 – 8).

No employee received employee benefits of more than £60,000 (2022 – NIL).

Total remuneration to key management personnel in the year was £91,758 (2022 - £101,212).

Charity number 1166046

26

People’s Economy Annual report and financial statements

Year ended 31 March 2023

8. Debtors and prepayments

Trade debtors
Prepayments
Other debtors		 Total
Total
Funds
Funds
2023
2022
£
£
52,500
750
837
12,201
1,400
1,400
54,737
14,351
9. Creditors: amounts falling due within one year
Trade creditors
Accruals
HMRC creditor
Pension creditor
Deferred grant revenue
Other creditors		 Total
Total
Funds
Funds
2023
2022
£
£
3,248
12,833
3,866
1,260
6,946
5,982
2,309
2,056
5,669
38,418
19
-
22,057
60,549

Deferred revenue relates to amounts received from a multitude of funders for subsequent years and can be analysed as follows:

Deferred grant revenue brought forward
Released to grant revenue in the period
Grant revenue deferred in the period
Deferred grant revenue carried forward		 Total
Total
Funds
Funds
2023
2022
£
£
38,418
33,845
(38,418)
(33,846)
5,669
38,418
5,669
38,418

Charity number 1166046

27

People’s Economy Annual report and financial statements

Year ended 31 March 2023

10. Analysis of charity funds

Unrestricted funds
Restricted funds
Barrow Cadbury Trust
Friends Provident Foundation
- core
Garfeld Weston
Aziz Foundation
Joseph Rowntree Charitable
Trust - core
Joseph Rowntree Charitable
Trusts - Diversity, Inclusion
and Anti-Oppression
Media Futures Consortium
UK Research and Innovation
(UKRI )
Total funds		 Funds
Income
Expenditure
Transfers
Funds
brought
for the
in the
in the
carried
forward
period
period
period
forward
2023
2023
2023
2023
2023
£
£
£
£
£
88,740
33,269
(40,058)
-
81,951
4,846
53,000
(54,948)
-
2,898

13,449
105,000
(94,980)
-
23,469
-
25,000
(25,000)
-
866
7,491
(8,357)
-
-

-
82,285
(74,879)
-
7,406


9,650
6,000
(15,214)
-
436
-
45,952
(38,981)
-
6,971

-
-
(1,231)
-
(1,231)
28,811
324,728
(313,590)
-
39,949
117,551
357,997
(353,648)
-
121,900

Barrow Cadbury Trust

The Charity received funds from the Barrow Cadbury Trust towards delivering its community education and coproduced journalism activities with partner community organisations in Birmingham. The funding ran until May 2023. Previous funding from Barrow Cadbury ran until May 2021.

Friends Provident Foundation - core

The Charity received funds from Friends Provident Foundation for core costs until September 2023. Previous funding from Friends Provident Foundation ran until September 2021.

Garfeld Weston

The Charity received funds from Garfield Weston to support its work with schools and young people. The funding ran until March 2023.

Aziz Foundation

The Charity received funds from Aziz to fund a full time internship for six months to support an Aziz Scholar / alumnus.

Joseph Rowntree Charitable Trust – core

The Charity received funds from Joseph Rowntree Charitable Trust for core costs until March 2025. Previous funding from Joseph Rowntree Charitable Trust ran until March 2022.

Charity number 1166046

28

People’s Economy Annual report and financial statements

Year ended 31 March 2023

10. Analysis of charity funds (continued from previous page)

- - Joseph Rowntree Charitalbe Trust Diversity, Inclusion and Anti Oppression

The Charity received funds from Joseph Rowntree Charitalbe Trust for funding to support organisational development of diversity, inclusion and anti-oppression policies.

Media Futures Consortium

The Charity received funds from Media Futures Consortium, a European Union Horizon 2020 Research and Innovation Programme funded initiative, towards creating a prototype ‘Citizens Economy Dashboard’ (CED) for journalists to locate, understand and analyse localised economic data on cost-of-living in London.

UK Research and Innovation (UKRI )

The Charity received funds from UK Research and Innovation (UKRI), as part of a consortium project with a group of academics and three community organisations in Gwynedd, North Wales, to support the set up a community research network to help communities in the slate valleys have more voice and control on issues like tourism which are important in the region.

Unrestricted funds
Restricted funds
Barrow Cadbury Trust 19-21
Barrow Cadbury Trust 21-23
Friends Provident
Foundation - core 19-21
Foundation - core 21-23
John Ellerman Foundation
Aziz
Joseph Rowntree Charitable
Trust - Diversity, Inclusion and
Anti-Oppression
Total funds		 Funds
Income
Expenditure
Transfers
Funds
brought
for the
in the
in the
carried
forward
period
period
period
forward
2022
2022
2022
2022
2022
£
£
£
£
£
74,344
118,915
(104,519)
-
88,740
2,500
2,500
(5,000)
-
-
-
33,333
(28,487)
-
4,846
28,471
40,000
(68,471)
-
-
47,500
(34,051)
-
13,449
20,000
18,846
(38,846)
-
-
-
6,084
(5,218)
-
866


-
12,000
(2,350)
-
9,650
50,971
160,263
(182,423)
-
28,811
125,315
279,178
(286,942)
-
117,551

John Ellerman Foundation

The Charity received funds from the John Ellerman Foundation to co-produce written and video media content sharing the economic views and experiences of individuals and communities furthest from power so that they have a public voice on the economy and collective we can begin to change public narratives about the economy. The funding runs until September 2021.

Charity number 1166046

29

People’s Economy Annual report and financial statements

Year ended 31 March 2023

Current assets
Current liabilities
Current assets
Current liabilities		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
98,339
45,618
143,957
(16,388)
(5,669)
(22,057)
81,951
39,949
121,900
Unrestricted
Restricted
Total
Funds
Funds
Funds
2022
2022
2022
£
£
£
110,871
67,229
178,100
(22,131)
(38,418)
(60,549)
88,740
28,811
117,551

11. Analysis of net assets

12. Trustee remuneration

During the year, no trustee received any remuneration. No members of the Board of Trustees received reimbursement of expenses (2022 - £nil).

13. Related party transactions

During the year there were no related party transactions.

14. Guarantees and secured charges

As of 31 March 2023 the Charity did not have any outstanding guarantees to third partners nor any debts secured against assets of the Charity.

Charity number 1166046

30