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2024-03-31-accounts

PEOPLE’S ECONOMY

ANNUAL REPORT AND FINANCIAL STATEMENTS

Year Ended 31 March 2024

Charity registation - 1166046

People’s Economy Annual report and financial statements

Year ended 31 March 2024

Contents

Contents
Trustees annual report 4
Objectives and activities 4
The frst year of our 2023-2028 strategy – Communities Leading Change 5
Place-based programmes 6
Wales 6
Birmingham 8
Sector programmes 10
Migrant justice 10
Youth action 10
Winding down programmes and partnerships 10
Programme Infrastructure 11
Organisational development 11
Plans for future periods 12
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

Year ended 31 March 2024

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 2024.

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.’ This report provides a summary of People’s Economy’s work between April 2023 and March 2024, which was also the first year of the organisation’s new 2023-2028 five-year strategy.

This new strategy outlines how, in the context of the cost-of-living crisis and urgent need for a fair transition to a net-zero economy, People’s Economy will focus its 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.

Overall, we have made significant progress over the last 12 months, both in delivering existing programmes, and in developing the resources, capabilities and partnerships we will need in coming years to achieve our ambition of providing support for ten thousand changemakers from marginalised communities across the UK to build their voice and agency in public economic debate and decision-making.

We are particularly happy with how the new strategy has been received by partners and this has allowed us to make good progress setting up and developing our place and sector-based programmes. We recognise that in coming years our operating environment will continue to be challenging and volatile, and for this reason, over the course of this year, we have continued to invest energy and resources into developing the policies, systems, process and culture that ensure People’s Economy has strong and resilient foundations.

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 strengthens 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 and formally changed during this financial year, in May 2023.

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Impact Highlights

----- Start of picture text -----
Twenty grassroots changemakers Recruiting a Community Advisory Piloting a new programme co-
completing our first 10-month Shift Group (CAG) of seven grassroots design approach to develop our
Birmingham course and another changemakers who we resourced new migrant justice programme,
another twenty changemakers to work with us over nine months to resourcing and working closely over
joining the second Shift cohort review our curriculum and develop a twelve-month development phase
starting in January 2024. a set of community education with Migrants’ Rights Network and
principles and a refreshed longer Ubuntu.
course structure.
Holding conversations with a range Launching an action research Upskilling the staff team in
of groups working in the youth social project in Wales with Foundational approaches to trauma informed
action and organising space, to Alliance Wales to develop training facilitation, using transformative
understand the landscape and how and facilitation for community justice approaches to address
our work can contribute meaningfully benefiting enterprises to increase the conflict and harm and approaches to
as well as identifying two partners we accountability of larger enterprises shifting power in organisational and
will work with to co-design our youth to the communities they serve, programme governance.
programme in the next year. and increase the sustainability and
impact of smaller community led
enterprises.
Launching a collective imagination Running learning workshops on Training nine community researchers
pilot with young people in Gwynedd, economic systems change and the from across three slate valleys in
aiming to move beyond fixing what’s link between economic and racial Gwynedd, North Wales in local and
broken and seeking new horizons, justice and supporting the launch broader tourism economics and
worlds and ways of being through and development of the Economic research methods and supporting
imagining alternative economic Justice Brum alliance with ninety-six them to research what their
futures in the context of what is people from across the city attending communities need to understand,
important to young people and their bi-monthly meetings in its first eight reimagine and shape local tourism so
lives in the slate valleys. months. it works better for their communities.
----- End of picture text -----

The first year of our 2023-2028 strategy – Communities Leading Change

In February 2023, we launched a new 2023-2028 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:

• 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 migrant, youth, housing 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.

• 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.

• 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

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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. 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.

Place-based programmes

In our place-based programmes, we build long term relationships with changemakers, community organisations, civil society, academia and policymakers in an area to work collaboratively on learning about the economic system in that region, connect it to issues which matter local communities, and

identify how they can work together to make the economy work better for them. In the 2023-24 financial year, we developed our place-based programmes in Wales and Birmingham and start building the partnerships to launch programmes in Hartlepool and London in the 2024-25 financial year.

Wales

At the start of the year, our new Wales Programme Manager started in post. This new role has had a significant impact in building People’s Economy’s capacity, knowledge, connections and trust in Wales, all of which are essential for the success of our strategy.

Developing a Community Research Network in Gwynedd - Community Tourism

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. This funding was extended until March 2024 under a bridge-funding scheme designed to maintain relationships and project development until the opening of the main UKRI funds for community research networks

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.

In February and March 2023, People’s Economy supported the recruitment and training of nine community researchers from across the three slate valleys, and, from April 2023, People’s Economy worked with them to train in local and broader tourism economics and research methods. People’s Economy then facilitated community researchers, with the support of the wider group of partners, to design, carry out and interpret their research into what people in their communities needed to understand, reimagine and begin to shape tourism in their communities so that it works for them.

Some emerging themes included the impact of tourism accommodation (AirBnB) on local housing, quality of work and seasonal facilities, the culture, heritage and language communities would like to share with visitors, polarisation within and between communities. Questions to explore further include where the tourism pound goes, who does and should own assets and who does and should make decisions that impact communities and fair tourism as well as developing an alternative tourism model centred on the Snowdonia Slate Trail.

Over the remainder of the year, we held a series of workshops and facilitated community researchers to share their findings with, build relationships with and invite

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stakeholders along on their journey towards a fairer tourism, shape their vision for an alternative tourism model and design a 5-year journey towards that.

Growing Community Benefitting Enterprise

In December 2023, People’s Economy, Foundational Alliance Wales and Foundational Economic Research Ltd were awarded a ‘Supporting Great Ideas’ grant to research how to grow and spread community benefitting enterprise in Wales, and to design and pilot practical facilitation for community-benefitting enterprises at all scales and stages.

A community benefitting enterprise (CBE) is a locally grounded organisation with a sustainable business model. CBEs recognise that they can create added economic and social value by changing how they deliver a core service and/or provide service add-ons and can be found at various scales under all kinds of ownership. We want to increase the number, ambition and effectiveness of Welsh CBEs, while simultaneously building and strengthening their community connections. The aims of this project are:

The opportunity is to understand, encourage and develop CBE capability in practice and consequently to improve liveability as we transition to net zero. This project will build the accountability of existing CBEs and encourage the creation of new micro-CBEs, giving more power, voice and agency to communities currently experiencing marginalisation and poverty.

From January to March 2024, People’s Economy, with partners, worked to identify a broad range of community benefitting enterprises across sectors and scales - from social innovations within public and intermediary bodies to social infrastructure and small community groups for case studies, and started some of the research interviews.

Dychmygu’r Dyfodol - collectively imagining a better economic future with young people

Collective imagination work is about moving beyond fixing what’s broken and seeking new horizons, worlds and ways of being. This project is funded by Joseph Rowntree Foundation and is for delivering a pilot youth-led imagination project with young people in some of the slate valleys in North Wales from January 2024. It aims to support young people to enter a collective space of new possibilities when imagining alternative economic futures. The project works with locally embedded partners and builds on existing creative, youth and sport opportunities for young people as an approach to delivering this work in a way that builds on present strengths, assets and relationships. This work aims to begin to add a layer of collective imagination infrastructure to broader ongoing work including the emerging community research network focused on reimagining community benefiting tourism in the area.

Through People’s Economy’s community economics education, we plan to work with partners and young people to examine and understand the current economic context we are living and working in - together exploring their experiences of it, as well as the idea that it is not fixed, and transformation is possible. This is geared towards opening up to new possibilities and connecting with the idea that a different vision of the future sits within us individually and collectively; and aims to explore what it takes to tackle a sense of powerlessness we often see in response to structural factors, systems, and institutions that can lead to adopting individualistic approaches and solutions and what the journey to imagining a better future collectively might look like.

From January through March 2024, People’s Economy focussed on building local partnerships with youth and community organisations in Blaenau Ffestinog and Dyffryn Ogwen in Gwynedd and recruited an imagination

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practitioner to lead the project team in exploring approaches to test and apply, that create space for imagining alternative economic futures in the context of what is important to young people and their lives in the slate valleys. Towards the end of March, People’s Economy worked with local partners and the imagination practitioner, Hannah McDowell, to co-design the plan and timelines for the calendar year duration of the project.

Birmingham

Shift Birmingham 2.0

Shift Birmingham is a ten-month learning journey run by People’s Economy. In the 2023-24 financial year, 20 grassroots changemakers completed our first 10-month Shift Birmingham course and we recruited another 20 changemakers to the second Shift programme, which started in January 2024.

“Brilliant facilitation and complex ideas delivered in a simple and accessible way.” Emma, first Shift cohort.

Both cohorts brought together 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 two cohorts 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.

“I feel I now hold a better understanding of how economics affects us as individuals and as communities.” Florence, first Shift cohort.

In April 2024, the first Shift cohort got a chance to meet with the leader of Birmingham City Council and put their ideas for a better Birmingham to him, and they were invited to a special performance of the play “All Our Money” by Stan’s Cafe, about how the council spends its budget.

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Supporting Economic Justice Brum

Economic Justice Brum was launched by Barrow Cadbury Trust in June 2023. At the heart of this work is a growing alliance of individuals from communities, civil society and institutions across Birmingham who come together at bimonthly in-person meetings across the city facilitated by Huddlecraft. The vision for Economic Justice Brum is that it will build links between people in the city and help catalyse economic system change, with time for informal 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:

• learning from each other – about what Action Network members are doing to reduce economic inequalities in the city, and about what’s been done in the past that was successful;

• learning from what people and organisations from other parts of the country (and perhaps other parts of the world) are doing;

• developing new skills– for example about campaigning, building movements for change, or how to get your message across on radio or television.

• 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.

Economic Justice Brum engaged ninety six people from across the city’s community and civil society in its first eight months and you can read more about it in this blog from Huddlecraft.

People’s Economy’s role is to work with changemakers from marginalised and disadvantaged communities across Birmingham to learn about the economy and build their confidence, voice and agency and in this way provide a pathway into participating in playing leading roles in Economic Justice Brum’s work. People’s Economy also provides learning opportunities for Economic Justice Brum and over 2023-24 financial year we developed and ran workshops on economic system change and on the links between racial and economic justice in Birmingham.

In January 2024, People’s Economy took on an additional role as communication partner for Economic Justice Brum, supporting the alliance to develop its strategic communications strategy and develop its visual identity, tone of voice and communication channels.

Outreach and relationships across Birmingham

Over the 2023-24 financial year, People’s Economy mapped and prioritised over 80 groups from across Birmingham to reach out to and build relationships with so that we can engage more changemakers across the city. We are planning to recruit a Birmingham Programme Manager in the 2024-25 financial year, and this will strengthen our work, relationships and embeddedness across the city.

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Sector Programmes

In our sector programmes, we build long term relationships with changemakers, grassroots groups, campaigns and NGO’s in a particular sector or movement and work collaboratively on learning about how the economic system connects to issues which matter in that space, explore how groups can build collective analysis and strategy around shared economic change goals, and build the voice and agency to make the economy work better for them. In the 2023-24 financial year, we developed sector programmes in migrant justice and youth action and in future years, we plan to scope and develop sector programmes in climate action, housing and regeneration, anti-poverty, worker rights, and health justice.

Migrant Justice

In January 2024, we began a three-year Paul Hamlyn Foundation funded programme to work with the migrant justice sector. This programme was developed through extensive outreach and relationship building in 2023 involving conversations with fifteen migrant justice groups from across the UK. The first year of the programme is a co-design phase in which we resourced Migrants’ Rights Network and Ubuntu Women Shelter to work with us to co-design the programme. As part of this, we are engaging specialist support to ensure that trauma informed principles and practice are embedded throughout the work. This is a valuable opportunity for us to develop trauma informed learning and resources we can embed across our programmes.

Youth action

Over the past few years, we have worked with young people through partnerships with community and youth groups including Revoke, Newham Youth Offending Team, The Politics Project, Cwmni Bro Ffestiniog, Bank of England Youth Forum, Unitas and the Roots Programme. However, we find that young people are underrepresented in our other programmes. Therefore, we are planning to launch a youth action programme in the 2024-25 financial year so that we can engage more youth changemakers in a structured way. During this financial year, we have been having conversations with a range of organisations working in the youth social action and organising space, to understand the landscape and how People’s Economy’s work could contribute meaningfully. We plan to develop this programme using the co-design approach we piloted in our migrant justice programme (see above), working with two deeply embedded youth organisations to do this.

Winding down programmes and partnerships

Part of our focus in the 2023-24 financial year has been ending some of our programmes and partnerships in a responsible and considered way where they are less aligned with our new strategy or just coming to the end of their lifecycle.

After three plus years of partnership, our formal partnership with the Bank of England came to an end in summer 2023 and we wrapped up our work on the Bank’s digital community platform ‘The Economy Hub’ which was no longer as important to their outreach and engagement activities as it was during the pandemic when in-person activities weren’t possible.

People’s Economy is very proud of all the work we have done with the Bank of England over that time with just a few highlights including developing the Bank’s Economy Hub, chairing a public Q&A with Huw Pill, the Bank of England’s Chief Economist and running workshops for the Bank’s Youth Forum. We very much look forward to continuing to work with the Bank of England in other ways in coming years.

With People’s Economy’s new strategy now in place, we have decided to end our media programme, and this means we will no longer be publishing content regularly on our media platform ecnmy.org. We will for now keep ecnmy.org online as a wonderful library of high-quality and engaging public interest news on economic issues and accessible economic literacy resources. This is a significant moment in the organisation’s journey, as ecnmy.org was the first product we launched back in 2016 and the main focus for the organisation in its first four years. People’s Economy is hugely grateful to all the talented and committed staff and contributors who made ecnmy.org such a success. We are enormously proud of the impact we have had reaching well over a million users and influencing UK media and political communication of economics and the economy in the years after the EU referendum vote, in which the poor quality of economic communication was so stark

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Programme Infrastructure

For People’s Economy to scale up and work with ten thousand changemakers by the end of our five-year strategy, we will need to develop an extensive and robust infrastructure to support the delivery of our programmes across a wide range of places and sectors in the UK. In the 2023-24 financial year, we completed a review of our learning and training curriculum and continued to develop our community of practice.

Curriculum development

In the 2023-24 financial year, we recruited a Leadership Fellow to work with us for twelve months to coordinate a review of

the economics education and training that we offer. This involved recruiting a Community Advisory Group (CAG) of seven grassroots changemakers who we resourced to work with us on the review, as well as two peer advisors from Decolonising Economics and the Solidarity Economics Association. The review engaged the staff team and Board of Trustees and produced a set of community education principles and a refreshed longer course structure. We will continue to review and develop our curriculum over the course of the strategy as we develop new programmes and incorporate feedback and evaluation.

Community of Practice

A key part of People’s Economy’s strategy is to facilitate connections and solidarities between groups in different regions of the UK and who are working on different issues but have the potential to connect around shared understanding and visions for the economy thus creating a ‘larger us’ of marginalised communities having more collective voice and agency to influence public debate and decisionmaking on the economy. To achieve this, we must ensure that we don’t become a hub-and-spokes network where lots of groups have a relationship with us but not each other.

To this end, we are experimenting with and seeking funding for a community of practice which connects grassroots changemakers across our programmes with each other, with us, and with others in the wider ecosystem to provide valuable peer relationships, networks and shared learning. Over the last year, we have organised community of practice events with the first cohort of Shift Birmingham. We are currently planning an online event connecting the first Shift Birmingham cohort with the community researchers in Gwynedd. This is an important area of our work we will prioritise developing over the next year.

Organisational development

People’s Economy has prioritised organisational development in its five-year strategy as it understands this is essential to scale its impact and live its values in a way that is resilient and sustainable. We are keenly aware of the risk of scaling too quickly or without enough reflectiveness an in the process losing what is valuable about People’s Economy work and approach. Some of People’s Economy’s organisational development aims for the new strategy are, building the organisation’s capacity, resilience, financial sustainability, participatory governance and diversity, inclusion and antioppression.

Diversity, inclusion and anti-oppression

At the beginning of the year, we launched our three-year diversity, inclusion and anti-oppression (DIAO) action plan which we had developed over the previous 12 months with the support of the Social Justice Collective. The action plan sets out actions across a range of DIAO objectives including around developing a ‘decentralised model where decision-making is led by communities experiencing economic injustice’, ‘Resources, funding and fundraising capacity are diverted to the communities People’s Economy works with and exists for’ and our ‘approach to popular education

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on the economy and economic change works to dismantle systems of oppression.’ While this is ongoing work, progress this year includes completing the community education review which we will embed across the organisation over the next twelve months, intentionally increasing the amount of resource for partners and participants of our work in our fundraising, resourcing grassroots changemakers to shape our work through the Community Advisory Group and piloting bursaries for people to participate in Economic Justice Brum meetings, and upskilling the staff team on codesign and trauma-informed approaches.

Transformational Governance Learning

Over the last year, our Head of Community and Executive Director participated in a Transformational Governance Inquiry with a mixed group of nine other organisations exploring different experiments to shift power in their governance. Sessions were held monthly online and in person and covered topics including ‘healthy power’, approaches to diversity, equity and inclusion, and connecting governance approaches to operations. Learning from this Inquiry will inform our thinking and practice on governance going forward.

Shift to remote working

The staff team is now fully hybrid with staff members based in North Wales, Sheffield, the North-East and London working remotely and coming together every six weeks for 2 days of in-person team working.

Plans for future periods

Our plans for the 2024-2025 financial year are set out in the five-year strategy. Some specific priorities include:

• Launching our youth action programme and scoping out potential sector programmes in climate action, housing and regeneration, anti-poverty, worker rights, and health justice.

• Launching a twelve-month action inquiry exploring how to achieve more effective and ethical collaboration between larger NGOs and community organisations and smaller grassroots in joint work on learning about and building voice and agency in economic discussion and decision making.

• Continuing to develop our monitoring and evaluation framework, systems and processes so we capture, digest and communicate learning about our work and its impact.

• Reviewing and strengthening our people policies, systems and processes and developing an enhanced family leave offer.

• Building our general organisational reserves and securing the income we need to deliver on the ambition of our five-year strategy.

Financial review

The Charity achieved its planned end of year position, by drawing on restricted reserves to cover a deficit of £14,895 to achieve a balanced budget (2023 – surplus £4,349)). This resulted in total funds at the year-end of £107,005 (2023 - £121,900).

Of the funds held at year end £86,412 (2023 - £81,951) 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:

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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.

In the accounts, unrestricted funds are made up of general reserves, which the trustees have designated as set out in the reserves policy above, and free reserves which can be spent. We have been able to add to our general reserves at the end of the last three financial years (20-23) and we have been able to do this again at the end of this 2023-24 financial year. At the beginning of the 2023-24 financial year our general reserves were £70,299. At the end of the year, we made a £13,885 contribution to our general reserves bringing them up to £84,184. We have budgeted for a reserves contribution of £15,816 in the 2024-25 financial year bringing our general organisational reserves up to £100,000 by the end of that year. The reserves policy is reviewed by the board annually as part of the organisational budget setting process.

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 27 April 2023. It was registered with the Charity Commission on 14 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 Executive Director, 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 2023/24 financial year three trustees stood down. The Board now consists of eight trustees.

Key management personnel

During the 2023/24 financial year, day-to-day management of the organisation was delegated to a 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:

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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.

Reference and administrative details

Registered office

Space 4 113-115 Fonthill Road London N4 3HY

Trustees

Ben Hughes Chairperson (resigned as Chairperson and trustee 27 April 2023) Meena Bharadwa Chairperson (from 27 April 2023) Ken Hayes Matt Giugni (resigned 9 December 2023) Mehroosh Tak Caroline Appleton (resigned 29 September 2023) Lydia Mbogoro Anjali Raman-Middleton Rebecca Baron Jonathon Prasad Gwen Thirsk

Independent examiners

Enaid Accountancy 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 14

Charity number 1166046

Year ended 31 March 2024 People’s Economy Annual report and financial statements 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.

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 5 December 2024 and signed on its behalf by

M Bharadwa

M Bharadwa (Dec 9, 2024 11:05 GMT)

MEENA BHARADWA

CHAIRPERSON

Charity number 1166046

15

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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 2024 which are set out on pages 18 to 31.

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 2024

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: 9 DECEMBER 2024

Enaid Accountancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU

Charity number 1166046

17

People’s Economy Annual report and financial statements

Year ended 31 March 2024

Statement of financial activities

For the year ended 31 March 2024

Notes
Income from:
Donations & legacies
3
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
4 & 5
Charitable activities
Programmes
4 & 6
Programme Infrastructure
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
2024
2024
2024
2023
£
£
£
£
5,456
366,061
371,517
325,925
16,055
-
16,055
31,960
410
-
410
112
21,921
366,061
387,982
357,997
3,227
71,244
74,471
75,383
7,178
158,439
165,617
159,740
7,055
155,734
162,789
118,525
14,233
314,173
328,406
278,265
17,460
385,417
402,877
353,648
4,461
(19,356)
(14,895)
4,349
81,951
39,949
121,900
117,551
86,412
20,593
107,005
121,900

The notes on pages 20 to 31 form part of the financial statements.

Following a review of the financial structure during the year the cost allocation model has been reviewed to ensure costs are accurately recorded against the activity to which they should be attributed. As a result the Charity has chosen to represent the prior year figures using this model however total expenditure remains unchanged.

Charity number 1166046

18

People’s Economy Annual report and financial statements

Year ended 31 March 2024

Balance sheet

As at 31 March 2024

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		 £
35,768
231,014		 Total
funds
2024
£


266,782
(159,777)		 £
54,737
89,220		 Total
funds
2023
£


143,957
(22,057)




107,005 121,900
20,593
86,412		 39,949
81,951
107,005 121,900

The notes on pages 20 to 31 form part of the financial statements.

These financial statements were approved and authorised for issue by the Board of Trustees on 5 December 2024 and signed on their behalf by:

M Bharadwa

M Bharadwa (Dec 9, 2024 11:05 GMT)

MEENA BHARADWA

CHAIRPERSON

Charity number 1166046

19

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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 2024, 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 2024 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 wider econcomic environment 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

20

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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

21

People’s Economy Annual report and financial statements

Year ended 31 March 2024

2. Comparative statement of fnancial activities

Income from:
Donations & legacies
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Programmes
Programme Infrastructure
Total charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
1,197
324,728
325,925
31,960
-
31,960
112
-
112
33,269
324,728
357,997
8,539
66,844
75,383
18,094
141,646
159,740
13,425
105,100
118,525
31,519
246,746
278,265
40,058
313,590
353,648
(6,789)
11,138
4,349
88,740
28,811
117,551
81,951
39,949
121,900

3. Income from donations and legacies

Grants
Donations		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
-
366,061
366,061
5,456
-
5,456
5,456
366,061
371,517

Charity number 1166046

22

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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

Grants
Donations		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
-
324,728
324,728
1,197
-
1,197
1,197
324,728
325,925

4. Total expenditure

Raising funds
Charitable activities
Programmes
Programme Infrastructure
Raising funds
Charitable activities
Programmes
Programme Infrastructure		 Direct
Direct
Indirect
Indirect
staff
other
staff
other
Total
expenditure
expenditure
expenditure
expenditure
expenditure
2024
2024
2024
2024
2024
£
£
£
£
£
48,452
-
15,039
10,980
74,471
107,753
-
33,446
24,418
165,617
105,913
-
32,875
24,001
162,789
262,118
-
81,360
59,399
402,877
Direct
Direct
Indirect
Indirect
staf
other
staf
other
Total
expenditure
expenditure
expenditure
expenditure
expenditure
2023
2023
2023
2023
2023
£
£
£
£
£
41,690
-
8,539
25,154
75,383
88,344
-
18,094
53,302
159,740
65,550
-
13,425
39,550
118,525
195,584
-
40,058
118,006
353,648

Charity number 1166046

23

People’s Economy Annual report and financial statements

Year ended 31 March 2024

4. Total expenditure (continued from previous page)

Following a review of the financial structure during the year the cost allocation model has been reviewed to ensure costs are accurately recorded against the activity to which they should be attributed. As a result the Charity has chosen to represent the prior year figures using this model however total expenditure remains unchanged.

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 staf costs
Other people costs
Ofce & administration costs
Professional fees
Governance costs		 Total
Total
Funds
Funds
2024
2023
£
£
81,360
40,058
10,383
25,759
12,354
22,520
34,122
67,064
2,540
2,662
140,759
158,063

Governance costs includes the following items:

Independent examination
Insurance		 Total
Total
Funds
Funds
2024
2023
£
£
1,386
1,260
1,154
1,402
2,540
2,662

Charity number 1166046

24

People’s Economy Annual report and financial statements

Year ended 31 March 2024

5. Expenditure on raising funds

Direct staf costs
Indirect staf costs
Indirect other costs
Direct staf costs
Indirect staf costs
Indirect other costs		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
-
48,452
48,452
2,789
12,250
15,039
438
10,542
10,980
3,227
71,244
74,471
Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
-
41,690
41,690
5,444
3,095
8,539
3,095
22,059
25,154
8,539
66,844
75,383

6. Expenditure on charitable activities

Programmes
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs
Programme Infrastructure
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
-
107,753
107,753
-
-
-
6,203
27,243
33,446
975
23,443
24,418
7,178
158,439
165,617
-
105,913
105,913
-
-
-
6,097
26,778
32,875
958
23,043
24,001
7,055
155,734
162,789
14,233
314,173
328,406

Charity number 1166046

25

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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

Programmes
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs
Programme Infrastructure
Direct staf costs
Direct other costs
Indirect staf costs
Indirect other costs		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
-
88,344
88,344
-
-
-
11,536
6,558
18,094
6,558
46,744
53,302
18,094
141,646
159,740
-
65,550
65,550
-
-
-
8,559
4,866
13,425
4,866
34,684
39,550
13,425
105,100
118,525
31,519
246,746
278,265
7. Staf numbers and costs
Gross salaries
Employer’s NIC
Employer’s pension		 Total
Total
Funds
Funds
2024
2023
£
£
298,000
203,738
26,082
17,642
19,396
14,262
343,478
235,642

The average headcount during the year was 8 persons (2023 – 5).

No employee received employee benefits of more than £60,000 (2023 – NIL).

Total remuneration to key management personnel in the year was £167,234 (2023 - £91,758).

Charity number 1166046

26

People’s Economy Annual report and financial statements

Year ended 31 March 2024

8. Debtors and prepayments

Trade debtors
Prepayments
Accrued grant income
Other debtors		 Total
Total
Funds
Funds
2024
2023
£
£
377
52,500
858
837
34,533
-
-
1,400
35,768
54,737

9. Creditors: amounts falling due within one year

Trade creditors
Accruals
HMRC creditor
Pension creditor
Deferred grant revenue
Other creditors		 Total
Total
Funds
Funds
2024
2023
£
£
3,334
3,248
1,386
3,866
8,540
6,946
2,678
2,309
143,340
5,669
499
19
159,777
22,057

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
2024
2023
£
£
5,669
38,418
(5,669)
(38,418)
143,340
5,669
143,340
5,669

Charity number 1166046

27

People’s Economy Annual report and financial statements

Year ended 31 March 2024

10. Analysis of charity funds

Unrestricted funds
Restricted funds
Barrow Cadbury Trust
2021-23
2023-25
Barrow
Cadbury
Trust
-
Comms Support
Friends Provident Foundation
- core
2021-23
2023-25
The John Ellerman Foundation
Joseph Rowntree Charitable
Trust - core
Joseph Rowntree Charitable
Trusts - Diversity, Inclusion
and Anti-Oppression
Joseph Rowntree Foundation
- Collective Imagination
Media Futures Consortium
National Lottery Community
Fund Wales
Paul Hamlyn Foundation
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
2024
2024
2024
2024
2024
£
£
£
£
£
81,951
21,921
(17,460)
-
86,412
2,898
31,667
(34,565)
-
-
49,617
(42,858)
-
6,759

-
1,875
-
-
1,875

23,469
52,500
(75,969)
-
-
50,000
(50,000)
-
-
41,250
(40,621)
-
629

7,406
86,400
(89,980)
-
3,826


436
-
(436)
-
-

-
15,000
(11,761)
-
3,239
6,971
-
(6,971)
-
-

-
6,884
(2,971)
-
3,913
-
19,167
(19,147)
-
20

(1,231)
11,701
(10,138)
-
332
39,949
366,061
(385,417)
-
20,593
121,900
387,982
(402,877)
-
107,005

Barrow Cadbury Trust

The Charity received funds from the Barrow Cadbury Trust towards delivering its community education work and activities to support Economic Justice Brum in Birmingham. In this financial year the charity held two grants from Barrow Cadbury Trust. The first grant ran from May 2021 to April 2023 and the second grant runs from May 2023 to April 2025.

- Barrow Cadbury Trust Comms Support

The Charity received funds from Barrow Cadbury Trust to provide comms support to Economic Justice Brum including work on strategic communications, visual identity and tone of voice.

Charity number 1166046

28

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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

Friends Provident Foundation - core

The Charity received funds from Friends Provident Foundation for core costs. In this financial year the charity held two grants from Friends Provident Foundation. The first grant ran from October 2021 to September 2023 and the second grant runs from October 2023 to September 2025.

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.

- - 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.

- Joseph Rowntree Foundation Collective Imagination

The Charity received funds from Joseph Rowntree Foundation to run a twelve month collective imagination pilot exploring alternative economic futures with young people in Gwynedd, North Wales.

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.

- National Lottery Community Fund Wales Community Beneftting Enterprise

The Charity received funds from the National Lottery Community Fund Wales for a two year partnership project with Foundational Alliance Wales and Foundational Economy Research Limited to conduct action research and develop facilitation and training for community benefiting enterprises in Wales.

- Paul Hamlyn Foundation Migrant Justice

The Charity received funds from Paul Hamlyn Foundation for a three year programme co-designed and working with migrant justice groups.

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.

Charity number 1166046

29

People’s Economy Annual report and financial statements

Year ended 31 March 2024

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

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

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.

Charity number 1166046

30

People’s Economy Annual report and financial statements

Year ended 31 March 2024

11. Analysis of net assets

Current assets
Current liabilities
Current assets
Current liabilities		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
102,849
163,933
266,782
(16,437)
(143,340)
(159,777)
86,412
20,593
107,005
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

12. Trustee remuneration

During the year, no trustee received any remuneration. No members of the Board of Trustees received reimbursement of expenses (2023 - £nil).

13. Related party transactions

During the year there were no related party transactions.

14. Guarantees and secured charges

As of 31 March 2024 the Charity did not have any outstanding guarantees to third partners nor any debts secured against assets of the Charity.

Charity number 1166046

31