Charity number: 1171272
THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
THE SALESPEOPLE'S CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 9 |
| Independent Auditors' Report on the Financial Statements | 10 - 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Notes to the Financial Statements | 16 - 26 |
THE SALESPEOPLE'S CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025
| Trustees | R Day, Chair |
|---|---|
| P Monk, Treasurer | |
| K Payne, Deputy Chair | |
| M Gibson | |
| G Stephenson (resigned 31 March 2026) | |
| J Ross, Deputy Treasurer | |
| Alison Matthias (appointed 10 January 2025) | |
| Charity registered number 1171272 Principal office PO Box 1429 Lincoln LN5 5AF Charity Director L Garnett Independent auditors Streets Audit LLP Chartered Accountants & Statutory Auditors Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Managers Rathbones Group Plc 30 Gresham Street London EC2V 7QN |
Page 1
THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2025 to 31 December 2025.
The Salespeople’s Charity is a registered charity, number 1171272 and was constituted as a Charitable Incorporated Organisation on 1st April 2017, upon the transfer of assets and liabilities from the old, unincorporated charity, The Commercial Travellers Benevolent Institution (charity number 216538) which remains active purely for the receipt of legacies.
The charity established by five commercial travellers who met in the Union Hotel, Penzance, to discuss ways in which they might help one of their colleagues who was unable to continue to work. From this initial meeting, they recognised a wider need and were determined to form a body that would provide support to commercial travellers and their dependents in times of financial hardship.
The Charity was founded on the 27th December 1849 at the London Tavern, Bishopsgate, London.
Originally launched as the Commercial Travellers Benevolent Institution, the Charity is today known as The Salespeople’s Charity. Whilst the name has changed to reflect the fact that the Charity is a vibrant, contemporary and relevant organisation, its aims and objectives remain largely unaltered.
The Charity benefitted for many years by receiving an annual grant from the Leverhulme Trade Charities Trust, for which the Charity is forever grateful. This ceased in 2024. A new income generation and fundraising strategy is being considered and while it is implemented the charity relies on sound investment of past donations and subscriptions which allows the Charity to continue to support commercial salespeople and their dependents, maintaining the benevolent intentions identified by its founders back in 1849.
Objectives and activities
a. Policies and objectives
The purpose of the charity, as defined by its governing document, is the relief of necessitous salespeople who are prevented by age or other reason from earning an adequate subsistence and the relief of their spouses, partners and/or dependents.
The Charity’s objectives are to establish, maintain and administer funds to provide financial help to Business-toBusiness (B2B) salespeople, their spouses and dependents who are in need through age, redundancy, illhealth, or other reason from earning an adequate subsistence.
The grant making policy of the Charity is regularly reviewed and revised to meet the needs of applicants and to maintain control of benevolence expenditure. It provides clear guidance to Trustees on aiding existing beneficiaries and new applicants who must demonstrate they meet precise eligibility criteria and who are in financial need.
All activities of the Charity are clearly defined in the Governing Document and its requirements followed by the Trustees.
The charitable activities of The Salespeople’s Charity are available to any person in need who is or has been engaged in promoting and selling goods or services direct to other businesses for a minimum of five years in the previous ten years. This help extends to their spouses, partners and dependents. The Trustees have discussed the issue of public benefit and are confident that the breadth and scope of the work the Charity undertakes, as disclosed in this report, complies with Section 17 of the Charities Act 2011, and has due regard to the Charity Commission’s general guidance on public benefit.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Objectives and activities (continued)
Throughout the year and following best practice guidelines from the Charity Commission policy requirements are assessed and where necessary new policies drafted for approval by the Board of Trustees. Existing policies are regularly reviewed in line with changing legislation and once approved maintained within a Trustee Handbook.
b. Grant-making policies
Applications for support are submitted by individuals, or their care and support workers, who are alerted to the existence of the Charity either through word of mouth, limited advertising, web search, or referral by agencies such as Turn2Us, Lightning Reach and CAB. To be considered all applicants must first demonstrate that they meet the key criteria for consideration of support, i.e., have been engaged in promoting and selling goods or services direct to other businesses for a minimum of five years in the past ten years.
Applicants not meeting these criteria are signposted to other occupational benevolent charities more appropriate to their working background.
During this year, applications have been accepted wholly via the grant giving platform “Lightning Reach” with the entire process being managed within that system which also acts as a secure CRM. An application form detailing personal and family status, sales employment background, and financial information (income, expenditure, loans & debt) is completed and reviewed by the Charity Director. Once processed and due diligence checks completed, a case for support is sent to Trustees who consider all of the information contained before agreeing or declining an appropriate award.
Achievements and performance
a. Main achievements of the Charity
2025 has been a pivotal and purposeful year for the charity, marking our transition from strengthening our operational foundations to actively shaping our future direction. As a Board, we have taken the opportunity to step back, reflect on our heritage, and look forward with intent—ensuring that the charity remains relevant, responsive and ambitious in how it supports people working in B2B sales.
Our focus has been on building a deeper understanding of both the needs of the B2B sales profession and the role the charity can play in supporting it in a modern context. To support this, we have undertaken extensive research and consultation, engaging with sector peers and commissioning industry-specific insight to ensure that our future direction is grounded in evidence and real-world need.
Central to this has been a formal strategic review process, supported by external expertise, enabling the Board and Strategy Committee to explore future opportunities with greater depth and clarity. This work has progressed throughout the year from early discovery and mapping through to a more defined strategic framework, with clear recommendations and next steps to be considered by the Board.
Alongside this, we have begun to explore how our support could evolve beyond traditional grant-making. This has included early-stage work on potential programmes in areas such as education and training, as well as identifying opportunities to adopt a “test and learn” approach to future initiatives. Initial conversations have also been held with potential partners who may support us in delivering these ambitions.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance (continued)
As part of this process, the Trustees have considered the extent to which the charity’s current objects continue to reflect both its activities and future direction. It is anticipated that, in order to support a broader role in areas such as education and excellence, the charity will need to seek approval from the Charity Commission to amend its objects. Any such changes will be carefully developed to ensure continued alignment with the charity’s founding purpose while enabling it to respond more effectively to the needs of those it exists to support.
Recognising the importance of our heritage, we have also commissioned a project to research and document the history of the charity. This work will not only preserve our legacy but will help inform how we position ourselves for the future, ensuring that our long-standing purpose continues to guide our next phase of development.
From a financial perspective, we have taken steps to ensure our long-term sustainability aligns with our strategic ambition. This has included initiating an independent review of our investment strategy and performance, ensuring that our resources are managed effectively to support future growth and impact.
Governance has remained strong throughout the year, with regular engagement from the Board and its committees ensuring appropriate oversight of both strategic progress and operational delivery. We have also maintained a clear forward plan, with key milestones set to enable the Board to move confidently into the next phase of decision-making.
This year has also seen important changes to the Board. We said farewell to Gill Stephenson after 14 years of dedicated service as a trustee, in addition to her earlier role as Charity Manager. Gill’s long-standing commitment to the charity has been exceptional, and we are hugely grateful for the experience, care and continuity she has brought over many years.
We were also delighted to welcome Alison Matthias to the Board. Alison brings significant expertise in professional sales education and development, with a strong focus on driving lasting behavioural change and raising standards across the profession. Her work in developing structured, long-term learning pathways and championing sales as a recognised profession aligns closely with our emerging strategic direction, particularly as we explore opportunities in education and excellence. Her insight will be invaluable as we shape the charity’s future role in supporting people who work in sales.
Taken together, the work of this year represents a significant and deliberate shift for the charity. We are moving from exploration towards clarity, and from understanding need towards shaping how we respond to it. With a clearer sense of purpose, strengthened insight and growing confidence in our direction, we are well positioned to move into the next phase of our development and to deliver meaningful, lasting impact in the years ahead.
In conclusion, this has been a year of reflection, learning and intent. The charity is emerging with a stronger understanding of both its purpose and its potential, and the Board is committed to building on this momentum to ensure that future work delivers meaningful benefit to those it exists to support.
We would like to take this opportunity to thank the trustees, together with the amazing support of our charity management team over the past twelve months and we look forward to a continued and successful 2026.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance (continued)
b. Review of activities
We continue to see applicants seeking support with day-to-day living costs, spiraling utility costs and increases in rent and mortgage repayments, all of which are creating issues in areas of mental health through the level of anxiety experienced by those affected. The charity has been highly successful in helping to relieve some of these pressures by providing short term and one-off grants and preventing applicants from entering a spiral of debt.
We have also been successful in providing “breathing space” grants for those who are between roles and who are actively job searching. Being able to provide three to four months of personalised support, often on a tapering basis to enable applicants to take over the management of their own finances in a controlled manner, can be a powerful enabler.
Throughout 2025, we concentrated on supporting primarily new applicants with one off grants, having left behind our legacy grant program and deprioritizing multiple requests unless the circumstances were exceptional. We have worked to improve our assessment process to ensure that data is secure and thorough and we cover due diligence in an environment where many small grant giving charities are experiencing higher levels of fraud and misinformation.
In 2025 there were 24 one-off grants offered, totaling £70,445 (2024: 46 one-off grants offered, totaling £98,657).
c. Investment policy and performance
As defined in the Governing Document the Trustees delegate the deposit and investment of funds to a financial investment company, specialising in the charity sector and with whose help and guidance a clear investment policy is determined. This is reviewed regularly by the Trustees taking into consideration market trends, fluctuation, risks, and opportunities. Quarterly reports provided by the financial experts are reviewed by the Trustees.
The Trustees have an agreed investment performance benchmark with their investment managers based on three criteria:
The income requirements to support grant giving The Trustees’ attitude to investment risk The timeframe for investment.
The performance benchmark is comprised of the following constituents and weighting: 1% BoE Base Rate -0.5% 13% FTSE UK Gilts All Stock 70% FTSE All-world (GBP) 8% MSCI UK Property 8% BoE Base Rate + 2%
This allocation is classified as “Medium” risk and imposes agreed limitations as to the minimum and maximum amounts of each asset class that can be held.
The Trustees understand that over the long term this agreed strategy will allow the capital value of the portfolio to be retained in real terms and will generate a satisfactory level of income to fund grant making.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance (continued)
The agreed strategy targets a “total return” approach whereby returns are derived not only from the income generated but also from capital growth. It is expected that the Charity’s overall spend will be financed by a combination of investment income and capital drawdown. The Trustees understand that over the long term this agreed format will allow the capital value of the portfolio to be retained in real terms and generate a satisfactory level of income and capital growth to fund grant-making. The Trustees also understand that investments do not move in a linear fashion and there will be individual years, and periods perhaps more than a year when the portfolio value may fall. However, they also understand that, based on historical returns, equity investment is necessary if the value of both the capital value of the fund and income is to maintain its purchasing power when compared with inflation.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
In 2025 we relied on the income generated from our investment portfolio. This is not our long-term strategy; but in the short term we are comfortable with the knowledge that we have the budget available to both support people in need as we develop our strategy.
The balance held in unrestricted funds as of 31st December 2025 was £7,603,772 (2024: £7,312,485) which is considered to be the free reserves available for unrestricted expenditure. Fixed asset investments represent £7,445,626 (2024: £7,142,229) of reserves at the balance sheet date, however there are no restrictions upon their use. Based on the level of expenditure during 2025 the current level of free reserves is deemed appropriate to meet spending in the coming year and continue to meet income requirements.
Whilst there is not a formal reserves policy in place, it is the custom of the Charity to maintain the unrestricted funds at a minimum level equating to a minimum of 12 months’ unrestricted expenditure. The level of funds available is regularly reviewed by the Board of Trustees and as a significant percentage of the portfolio funds can be liquidated at short notice, the Trustees feel the level of reserves held sufficiently covers the level of future expenditure that will be required to cover management, administration, support costs and forecast benevolence.
The Trustees will review and where necessary update their reserves policy and are confident that they will be able to meet all planned and forecast obligations for the coming year.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Structure, governance and management
a. Constitution
The Salespeople’s Charity is a Charitable Incorporated Organisation, governed by a constitution dated 1st April 2017, with charity number 1171272. It is registered as a charity with the Charity Commission of England and Wales.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The Charity currently has a Board of six Trustees, with the maximum permissible within the Governing Document set at 14. They met twice in 2025 as a full board with other operational meetings involving the finance and operations committee, the welfare committee and the strategy group.
Prospective Trustees are invited to attend a virtual Board meeting to learn the way the Charity conducts its business and to meet Board members. An invitation to join is made, proposed, and seconded by existing Board members and once accepted by the prospective Trustee recorded in the meeting/business minutes. Appointments are effective for 5 years; at which time he/she is required to stand down but can immediately stand for re-election without nomination.
In selecting individuals for appointment as trustees, the individual must have regard to the skills, knowledge and experience needed for the effective administration and governance of the charity, for which an induction program is provided by the Charity Director.
An existing Board member mentors all new Trustees and training is offered as required. Trustees receive no remuneration for their services.
The Trustees who served during the period are listed on page 1 of the Trustees’ report.
c. Organisational structure and decision-making policies
The Charity Director leads and facilitates the day-to-day operational management and longer-term strategic planning requirements of the Charity. This includes ensuring that key information from the Charity Commission is communicated in an appropriate way and that the Charity Governance Code is followed. A thorough due diligence process is undertaken by the Charity Director for all applications for support to ensure applicants meet the key criteria for consideration and have provided full and frank disclosure of their financial situation, before providing an objective “case for support” for trustees to vote on. Professional support is provided through a contracted financial director/business analyst (circa 2 days per month) and a specialist payroll provider.
d. Pay policy for key management personnel
The Board of Trustees and Charity Director comprise the management personnel of the Charity, responsible for the direction, control and administration of the Charity and ensuring the smooth running and operation of day-today requirements. All Trustees give their time freely and no Trustee received remuneration in the period.
The Charity Director is appraised via an annual performance appraisal process lead by the Chair and involving feedback from all Trustees. Using external professional advisors when required, benchmarking across other similar charities and roles, a salary review is undertaken by the Treasurer and proposed increases to reflect inflation and performance is approved by the board of Trustees.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Structure, governance and management (continued)
e. Related party relationships
No Trustee receives remuneration or other benefit from their work with the Charity. They agree that any connection or relationship between Trustees or management personnel of the Charity with any other charitable organisation will be disclosed to the Board. A ‘Conflict of Interest’ Policy is in place and included on every meeting agenda so that any such conflict may be identified and if necessary, the Trustee involved precluded from relevant discussions.
The Charity is a member of the Association of Charitable Organisations (ACO), an incorporated charity (Registered Charity Number 1118605 and Company Number 6113479).
By networking with other charities, we are often able to signpost applicants who do not meet SPC criteria to those who may be able to offer support, an example being the Royal Pinner Foundation who offer educational support to the children of B2B salespeople.
f. Financial risk management
The Board of Trustees regularly review and consider potential risks to the Charity and where identified, agree, and implement appropriate strategies, plans and procedures to mitigate them.
The Board of Trustees are acutely aware of the need to remain conversant with all relevant legislation and changing regulations, be it from the Charity Commission or government and are committed to attending relevant training courses and seminars to ensure on-going compliance and understanding of their responsibilities. The Charity Code of Governance is used as the key point of reference to ensure potential risks are identified and avoided.
We are aware of the risks to our income stream and use the services of professional investment managers to manage our portfolio and to guide us on potential risks within the various investment areas in which our funds are invested.
The Trustees, in reviewing the financial risks, consider that maintaining reserves at current levels, combined with stringent cost control management will provide enough resources in the event of adverse conditions to enable them to meet all commitments.
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THE SALESPEOPLE'S CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ ................................................ R Day P Monk (Chair of Trustees) (Treasurer)
Date: 16 May 2026
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THE SALESPEOPLE'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALESPEOPLE'S CHARITY
Opinion
We have audited the financial statements of The Salespeople's Charity (the 'charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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THE SALESPEOPLE'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALESPEOPLE'S CHARITY (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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THE SALESPEOPLE'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALESPEOPLE'S CHARITY (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity and sector in which it operates;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011 and relevant employment and taxation legislation in addition to charity legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance; and
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enquiring of management as to actual and potential litigation and claims.
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THE SALESPEOPLE'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SALESPEOPLE'S CHARITY (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Streets Audit LLP
Chartered Accountants & Statutory Auditors Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Date: 08 July 2026
Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE SALESPEOPLE'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 56 143,225 143,281 34,799 240,110 274,909 (131,628) 422,915 291,287 7,312,485 291,287 7,603,772 |
Total funds 2025 £ 56 143,225 143,281 34,799 240,110 274,909 (131,628) 422,915 291,287 7,312,485 291,287 7,603,772 |
Total funds 2024 £ 69 172,704 172,773 34,480 223,700 258,180 (85,407) 424,300 338,893 6,973,592 338,893 7,312,485 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 26 form part of these financial statements.
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THE SALESPEOPLE'S CHARITY
BALANCE SHEET AS AT 31 DECEMBER 2025
| Note Fixed assets Investments 12 Current assets Debtors 13 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
6,390 180,485 186,875 (28,729) |
2025 £ 7,445,626 7,445,626 158,146 7,603,772 7,603,772 - 7,603,772 7,603,772 |
5,576 182,303 187,879 (17,623) |
2024 £ 7,142,229 |
|---|---|---|---|---|
| 7,142,229 170,256 |
||||
| 7,312,485 | ||||
| 7,312,485 | ||||
| - 7,312,485 |
||||
| 7,312,485 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ R Day (Chair of Trustees)
................................................ P Monk (Treasurer)
Date: 16 May 2026
The notes on pages 16 to 26 form part of these financial statements.
Page 15
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. General information
The Salespeople’s Charity is a registered charity, number 1171272 and was constituted as a Charitable Incorporated Organisation on 1st April 2017 The address of the registered office is PO Box 1429, Lincoln, LN5 5AF.
The principal activity of the charity is to establish, maintain and administer funds to provide financial help to Business-to-Business (B2B) salespeople, their spouses and dependents who are in need through age, redundancy, ill-health, or other reason from earning an adequate subsistence.
Further details about the charity's main activities can be found in the Trustee's report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Salespeople's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
These financial statements have been prepared in sterling, which is the functional currency of the entity.
2.2 Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Page 16
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income from dividend are recognised once the dividend has been declared and notification has been received of the dividend due.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the time support staff spent working on each activity.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 17
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. Accounting policies (continued)
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.12 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.
Investment income, gains and losses are allocated to the appropriate fund.
Page 18
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. Income from donations and legacies
| Donations Total 2024 |
Unrestricted funds 2025 £ 56 69 |
Total funds 2025 £ 56 69 |
Total funds 2024 £ 69 |
|---|---|---|---|
4. Investment income
| Unrestricted funds 2025 £ Dividends receivable from listed investments 129,620 Other interest receivable 133 Other investment income 13,472 Total 2025 143,225 Total 2024 172,704 |
Total funds 2025 £ 129,620 133 13,472 143,225 172,704 |
Total funds 2024 £ 169,753 166 2,785 |
|---|---|---|
| 172,704 | ||
5. Investment management costs
| Investment management fees Total 2024 |
Unrestricted funds 2025 £ 34,799 34,480 |
Total funds 2025 £ 34,799 34,480 |
Total funds 2024 £ 34,480 |
|---|---|---|---|
Page 19
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. Analysis of expenditure on charitable activities
Summary by fund type
| Bi-monthly & quarterly benefit payments One-off grants Total 2025 Total 2024 |
Unrestricted funds 2025 £ - 240,110 240,110 223,700 |
Total 2025 £ - 240,110 240,110 223,700 |
Total 2024 £ 44,579 179,121 |
|---|---|---|---|
| 223,700 | |||
7. Analysis of expenditure by activities
| Bi-monthly & quarterly benefit payments One-off grants Total 2025 Total 2024 |
Activities undertaken directly 2025 £ - 70,445 70,445 119,202 |
Support costs 2025 £ - 169,665 169,665 104,498 |
Total funds 2025 £ - 240,110 240,110 223,700 |
Total funds 2024 £ 44,579 179,121 |
|---|---|---|---|---|
| 223,700 | ||||
Page 20
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Grant giving Total 2024 One-off grants comprise grants to individuals. |
Bi-monthly & quarterly benefit payments 2025 £ - 20,545 |
One-off grants 2025 £ 70,445 98,657 |
Total funds 2025 £ 70,445 119,202 |
Total funds 2024 £ 119,202 |
|---|---|---|---|---|
Analysis of support costs
| Staff costs Governance costs Staff expenses Professional fees Administrative Audit fees Total 2025 Total 2024 |
Bi-monthly & quarterly benefit payments 2025 £ - - - - - - - 24,034 |
One-off grants 2025 £ 70,899 7,020 4,437 80,947 1,262 5,100 169,665 80,464 |
Total funds 2025 £ 70,899 7,020 4,437 80,947 1,262 5,100 169,665 104,498 |
Total funds 2024 £ 48,184 3,891 1,866 42,230 1,843 6,484 |
|---|---|---|---|---|
| 104,498 | ||||
Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the time support staff spent working on each activity.
8. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £5,100 ( 2024 - £5,634 ).
Page 21
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2025 £ 66,341 1,036 3,522 70,899 |
2024 £ 45,235 894 2,055 |
|---|---|---|
| 48,184 |
The average number of persons employed by the Charity during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Management | 1 | 1 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2025 | 2024 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 1 | - |
The charity considers its key management personnel comprise the trustees and the charity Director. The total employee benefits of the key management personnel of the charity, including employer pension contributions, were £70,899 (2024 - £48,184).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 December 2025, expenses totalling £7,018 (2024: £3,891) were reimbursed or paid directly to 7 trustees (2024 - 9 ). These expenses were reimbursement for those incurred while attending board meetings and appraising benevolence.
Page 22
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. Tangible fixed assets
| Cost or valuation At 1 January 2025 At 31 December 2025 Depreciation At 1 January 2025 At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 |
Freehold property £ 500 |
|---|---|
| 500 | |
| 500 | |
| 500 | |
| - | |
| - |
Page 23
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. Fixed asset investments
| Cost or valuation At 1 January 2025 Additions Disposals Revaluations At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 13. Debtors Due within one year Prepayments and accrued income 14. Creditors: Amounts falling due within one year Accruals and deferred income |
Listed investments £ 7,126,611 1,664,379 (1,868,744) 523,380 7,445,626 7,445,626 7,126,611 |
Unlisted investments £ 15,618 - (15,618) - - - 15,618 2025 £ 6,390 6,390 2025 £ 28,729 |
Unlisted investments £ 15,618 - (15,618) - - - 15,618 2025 £ 6,390 6,390 2025 £ 28,729 |
Total £ 7,142,229 1,664,379 (1,884,362) 523,380 7,445,626 7,445,626 7,142,229 2024 £ 5,576 |
|
|---|---|---|---|---|---|
| 6,390 | 5,576 | ||||
| 2025 £ 28,729 |
2024 £ 17,623 |
Page 24
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2025 | Income | Expenditure | (Losses) | 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 7,312,485 | 143,281 | (274,909) | 422,915 | 7,603,772 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 6,973,592 | 172,773 | (258,180) | 424,300 | 7,312,485 |
16. Summary of funds
Summary of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2025 | Income | Expenditure | (Losses) | 2025 | |
| £ | £ | £ | £ | £ | |
| General funds | 7,312,485 | 143,281 | (274,909) | 422,915 | 7,603,772 |
| Summary of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 6,973,592 | 172,773 | (258,180) | 424,300 | 7,312,485 |
Page 25
THE SALESPEOPLE'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments 7,445,626 Current assets 186,875 Creditors due within one year (28,729) Total 7,603,772 |
Total funds 2025 £ 7,445,626 186,875 (28,729) 7,603,772 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 7,142,229 187,879 (17,623) 7,312,485 |
Total funds 2024 £ 7,142,229 187,879 (17,623) 7,312,485 |
|---|---|---|
18. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £3,522 (2024: £2,055) during the year.
19. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2025.
Page 26