2022-09-30-accounts

Annual Report and Accounts 2021/22 Reportlng perlod: Aprll 2021- September 2022 Serco Peop e Fund

Contents Serco Peop Annual Report .Highlights .Meet the Trustees ..Chairman's Statement ..What We Do .Grant Making Policy .Our Guiding Principles ..Our Scope ..Achievements and Performance 11........Financial Review 12........Future Planning 13........Structure & Governance 15........Risk Management 16........Prominent Risks 17........Trustee Responsibilities 18........Administrative Information 19........Highlights Independent Auditors Report 20........Independent Auditors Report Annual Accounts 24........Statement of Financial Activities 25........Balance Sheet 26........Statement of cash flow 27........Notes to the Financial Statements Annual Report and Accounts 2022 Serco People Fund

Highlights 417 Applications received Income 155 Individual users Beneficiaries provided with f inancial support 358 40.0/ ° £ 120k Application success rate Total grants made Annual Report and Accounts 2022 Serco People Fund

Meet the Trustees Chairman's Statement DAVID EVELEIGH In December 2021 we saw the establishment of the Serto People Fund following a hugely generous cash donation of £4.001,000 from Serco. Chair Trustee With the fallout of the Covid-19 pandemic and the increasing cost of living. the timing of the Fund's creation could not have been more appropriate. Serco's generous donation highlighted the organisations commitment to their value of 'Care'. Providing support during extraordinary financial challenges has never been more important, and the help we are able to provide has made a real difference to those who otherwise would have nowhere else to turn. I was honoured to become Chair Trustee of the Charity and over the reporting period, along with my fellow Trustees, we have worked to estsblish the Charity so that we can provide necessary support to our beneficiaries when they need it most. HELEN SHAW Trustee JACQUELINE PLANNER Throughout this period, we have received over 400 applications from Serco colleagues and their close families. We have awarded grants totalling just over £120,000 ass1Sting 155 people. The largest grant we provided during the reporting period was £4.300. For some. this support has been nothing short of life changing. Independent Trustee In April we were delighted to welcome a front line colleague representative to our board of Trustees, Alex Ferguson. Alex spent 10 years working at Forth Valley Hospital in several roles, including a Domestic Assistant and Communications and Engagement Coordinator. Alex is now in the role of Colleague Connexions Manager, working with Serco's PLC Board to ensure it's frontline colleagues are represented at Board level. In September. we further increased the diversification of the Trustee board by welcoming an independent Trustee, Jacqueline Planner, following an extensive recruitment process. Jacqueline has a background of working with other charitable o¥Eanisations within the UK and America, most notably Stop The Traffik. Both appointments serve to safeguard the pijrpose of the Charity and to ensure we are meeting the needs of our beneficiaries. STEPHEN GRASSBY Trustee ALEX J? FERGUSON Trustee We will now work tirelessly to secure the long-term future of the Charity by increasing its income to grow existing funds $0 we can continue to support our applicants for many year5 to come. It is our intention to expand our operations over the next 12 months so the Charity's support can be offered globally to eligible individuals. ELIZABETH JEWKES TRUSTEE 0410812023 David Eveleigh Chair Trustee Annual Report and Accounts 2022 Serco People Fund 14

What We Do The Serco People Fund supports current and retlred Serco colleagues, and their close families in times of extraordinary financial hardship and challenge. The objects of the Charity, as set out in our Constitution, are to relieve poverty, directly or indirectly, amongst Serco colleagues lor it's associated businesses), retired colleagues and their close families (defined as dependents or immediate family). The Trustees confirm they have referred to the Charity Commission's guidance on public benefit when setting objectives, making decisions and planning activities and strategies for the f uture, to help achieve our charitable objectives. The Charity carries out these objects by providing support through financial grants, in response to applications f rom eligible benefici3ries and where helpful, connecting people to other relevant help and assistance. The Trustees would generally support applications that demonstrate an extraordinary financial challenge which significantly impacts the applicant, or their close family, and would fall into one of the following c3tegories- An unusual level of personal hardship or crisis Emergency support following a natural disaster Help with health, wellbeing and recovery An extraordinary financlal challenge due to education or training By providing support in these areas, the Serco People Fund achieves its objects and aims to 35SlSt with some of the most prevalent challenges in todays society, en2bling the Charity to provide financial support in some of the most devastating and diff icult times, often having life-changing impact to our benef iciaries. Our support could include help with.. Adaptations to home / residence areas to assist with physical and mental disabilities Assistance with a once in a life time opportunity / event for a dependent One-off extraordinary event5 causing real financial hardship Unforeseen costs relating to education or training Funeral costs following the passing of a loved one Extraordinary personal crisis causing a financial challenge Treatment or costs associated with severe or terminal illnesses To aid in consistency of decision-making on applications, the Trustees have agreed and applied 3 grant- making policy by which all applications will be assessed against. Annual Report and Accounts 2022 Serco People Fund

Grant Making Policy Grant making forms the majority of the Charity's activities and as such the Trustees understand the importance of ensuring, as far as possible, fair and consistent decision-making on all applications. With this in mind, the Trustees have implemented a grant making policy with eligibility and grant-making criteria. Eligibility Assessment In assessing eligibility for grants the following principles will be applied: Applications will only be valid if submitted via the online application. y Applications will only be accepted from current and retired Serco colleagues, and their close family members. y Close family members are defined as, spouse I partners, children, and parents. applications will always be assessed on their own merit. y Constitutionally, there are no limits on the countries the Charity can operate in, however, support via grants will be restricted to those countries the Charity has off icially launched within. y Serco employment records will be checked to verify employment status, where applicable. However. Grant Decision-making Criteria All applications which pass the eligibility assessment will be reviewed by the Trustees. A majority decision will be taken with a quorum of at least 2 Trustees required to validate any decision. The Trustees have adopted a subjective decision criteria and whilst this is not intended to limit support, it is intended to promote consistency in decision-making in-line with the Charity's objects. The key points of the decision criteria are as follows: Grants will only be awarded where an applicant has demonstrated they are facing an extraordinary situation causing 2 f inancial challenge. In assessing this, the Trustees would generally consider.. Is the applicant a victim of a situation not primarily caused by themselves? Is there an urgent or emergency aspect to the situation? Has the applicant faced recent one-off costs due to unforeseen circumstances that have reduced their ability to pay for the latest situation? Is the applicant asking for support with something which is exceptional and could have a very positive impact on their lives? Y The Trustees can consider providing 2 financial grant to any situation that is deemed extraordinary, however, the situations most likely to be supported are where- Someone is faced with an unusual level of hardship or a personal crisis. Someone needs emergency support following a natural disaster. Someone is faced with costs associated with education and training. Someone needs help with their health, wellbeing, or recovery. There is no limit to the number of applications 3 person can submit, however, outcomes of previous applications from the same applicant will be considered during the decision-making process. Annual Report and Accounts 2022 SercoPeopleFund 16

Our Guiding Principles To further enable the charity to meet its purpose and objects, we have agreed a set of guiding principles, Throughout the whole operation of the Charity our guiding principles set the agenda and guide our actions in every instsnce. From communications with our users, decision making on 3ppIic3tions, to governance and review, the Charity prides itself on working within these principles. Our guiding principles ensure that- We aim to maintain relevant and focussed Charity objects inline with our scope and purpose We wlll only engage in activities and decision making that further our charitable objects We endeavour to maximise the effectiveness of our fundlng and plan for stability and longevity through low-risk investment and charltsble donations We strive to always act with respect and malntaln the dlgnity and privacy of our beneficiaries We will provide an inclusive senilce, promoting fairness, equality and diversity throughout the Charity We alm to be as responsive and helpful as possible to those who seek our help and support, signposting to further support where approprlate Annual Report and Accounts 2022 Serco People Fund

Our Scope The Serco People Fund will accept applications from any eligible person that falls within the scope of our beneficiaries. This includes current and future Serco colleagues, retired colleagues and their close families, defined as dependents and immediate family. We appreciate that whilst our pool of beneficiaries is restricted to a certain section of society, it still represents a significant number of people. The scope of situations that we can provide assistance with means that it may not just benef it the individual receiving the grant, but that their family are also likely to benef it, and in some situations the wider community. During the period of this report, our eligible benef iciaries included current and retired colleagues and their close family members within the UK. Since the end of the reporting period, we have widened our scope to also include colleagues and family members in Australia and the United Arab Emirates. We are currently working towards making grants in all regions Serco operate in and, where possible, offer our support to all Serco colleagues, retired colleagues and close families by the end of 2023. All of our charitable assistsnce is provided free of charge, and our beneficiaries do not need to contribute to the Charity to be eligible to benefit from the help we can provide. However, we understand that for the Charity to be sustainable we have a responsibility to raise funds and encourage donations. We are therefore actively providing solutions to provide our benef iciaries and other organisations the opportunity to contribute to the Charity. Annual Report and Accounts 2022 SercoPeopleFund 18

Achievements & Performance In accord3nce with our constitution and object5, throughout the reporting period the Charity has offered f inancial support and signposting to eligible benefici3ries Ljpon the receipt of applications. The Trustees continuously asse5S the Charity's performance and the effectiveness of its grant making to ensure the Charity is meeting the demands of it's beneficiaries and adjusting to societal issues. The Trustees do not set specific targets for grant giving and have placed no restrictions on charitable activity, instead electing to take a flexible approach to 35sessing and supporting applications on an individual basis and applying grants when required. During the reporting period we received 417 separate applications, from 358 individual users, with a total grant contribution of just over £120,811. Our highest area of need within these applications was hardship situations, most commonly where people found themselves in debt or some form of arrears. Applications by category 400 330 300 200 loo 51 35 Whilst this dominated our hardship cases, the Trustees have made grants to a wide range of applications. This includes assisting with bereavement expenses and re-housing costs to prevent homelessnes5, to contributing towards priv3te counselling sessions and the purchase of a bionic arm. Hardship Application Breakdown Other 5.5% A further breakdown of the hardship category highlights the volume of applications received relating to debt and household expenses. Given the current financi31 climate and cost of living increases, the Trustees expectation was to see an in influx of applications relating to these issues. The most dominant categories related to rent / mortgage payments, household and utility bills, and credit Card and loan repayments. The DepositlRent 9.4% Trustees have monitored their decision-making Domestic Violence carefully on applications of this nature to ensure 2.7% Bereavement Expenses grant-making remains in line with the charity's 7.8% objects. To further demonstrate the Trustees commitment to reviewing performance and ensuring the Charity is meeting the needs of its benef iciaries , an independent review of operations was commissioned in June 2022. The scope was to review the charity'g grant-making decisions, assess the demographic of applicants, and to understand our applicants views on the application and decision-making process. Findings from the review were predomin3ntly very positive, with our grant-making impact demonstrated in some of the feedback received. All findings were shared with the Trustees and an action plan was formed to enable continuous improvement of our processes and procedures. Wages/Sick pay 6.4% Tran5POrt Debt 29.7% expenses 6.4% Electrical Items 0.6% Household bills 18.2% Household ilern/s 9.4% Annual Report and Accounts 2022 SercoPeopleFund 19

Achievements & Performance As part of the review, a survey was sent to all applicants to ask for their feedback, below is a summary of some of the anonymous comments received as part of that process: "The application process wa5 easy. Communication following the grant was tnore difficult especially in trying to amend the way the grant could be utilised. Applicatlon process "The support I received was exceptional." "Adding a phone number to contact with questions would be useful., 'Provide immediate confirmation emails upon application and follow-up questioning." Decision- making "Have a more personal communication Iphone call) when successful." "An explanation of why I was turned down would have been helpful." 'It provided incredible relief and peace of mind at a time when I really needed thatlll The grant allowed me to purchase various resources for my dissertation in which I have received an A grade now." 'My father died under extreme tragic circumstances. It came at at time when our family were struggling with money thankfully this money helped to pay for his funeral. Grant impact "It had a huge impact & helped me a lot, I really didn't think my application would be successful but it was & i am soooo grateful for their help. "I was diagnosed with a number of illnesses that has changed my life not for the good but the grant will help with the fight back. Testimony John, 3 Serco colleague, and his family were raising funds to purchase 3 bionic arm for his 12-ye3r- old niece who was born without a left hand. "We needed to raise £8,500.00 and started a Gofundme page. Alisha had always found it difficult to fit in and do everyday tasks that others take for granted. The whole family wanted this so much to improve her standard of living." John reached out to the Serco People Fund and we were only happy to donate to this amazing cause. "We were delighted we received the donation 2nd 31ong with the other support we received, we were able to purchase the bionic arm. Alisha is now learning how to use a knife and fork and hold things with two hands, which is amazing." Annual Report and Accounts 2022 Serco People Fund l io

Financial review The f inancial position of the charity is shown in the Balance Sheet. The principal funding source for the Charity during the reporting period was a cash donation of £4,001,000 from Serco Group Plc, with the only other source of income being investment returns from bank account interest rates. During the reporting period, other than cash in bank, the charity has no other investment income and had not solicited donations f rom any other source. Expendlture Breakdown As at the period end, the ch3rity has net assets of £3.87 million, which is comprised of cash at bank. Total expenditure for the year was £198,000, with £120,000 160.7/1 being paid out in grants. During the reporting period, no Trustee remuneration was paid and no expenses were claimed. General governance costs include annLt31 audit fees, a payment made to Openwell Ltd for the commissioned independent review, as well as some smaller professional fees. Oper3ting costs include administration and management support. Operating costs 25.5% Grants Govern3nce c05t5 60.7% 11.7% Prole55ion>l fees Grant Expenditure Education £9,250.00 As to be expected, the biggest category for contributions throughout the reportinE period was hardship cases. This totalled £61,762, with £16,679 of that total going to debt related matters. Despite the categories much smaller volumes, Health and wellbeing related applications saw a much higher success rate than any other category, with total donations of £33,120. Hard5hip- Debt £16.679.00 Hardship £61,762.00 Health I Wellbeing £33,120.00 Reserves Policy The Trustees consider the Charity to have no requirement to maintain reserves as it is has no on-going financial commitments and no employees. The current reserves will be applied to its charitable objects in the coming years. The Trustees expect that the level of activities will increase over the next 12 - 24 months, for two reasons- the worsening economic climate and cost of living crisis, and the widening of the jurisdictions which the Charity operates in, increasing the beneficiary pool. The Trustees are comfortable that current forecasting predicts the level of cash reserves will be more than enough to continue operation over the next 24 months. Annual Report and Accounts 2022 Serco People Fund l li

Future Planning The Charity's vision and direction is formed with the interests of it's benef iciaries at the forefront of decision making. With the increased cost of living across the UK and other parts of the world the Trustees understand now more so than ever that people may find themselves in extreme financial hardship. The Charity's objectives over the next 12 months will align with furthering its primary purpose: easing the f inancial burden felt by Serco colleagues, retired colleagues and their close familles in times of extraordinary need. Sustainability The Board of Trustees understand the importance of sustainability to provide an effective service on an ongoing basis. With the appointment of Jacqueline Planner to the Board of Trustees in September 2022, the Charity had already identified the need for an independent Trustee to help preserve the interests of our beneficiaries, whilst ensuring the Charity always makes decision with their best interests in mind. Our efforts for a sustainable future will continue over the next 12 months by increasing our income to provide more funds for the Board of Trustees to execute their aims and objectives. We plan to invest in a portfolio of diverse investments to grow the income of the fund. Following recognition by HMRC, we can now explore other forms of income, such as gift aid, one-off donations, payroll giving and organised fund raising events. This will enable the Charity to grown its assets allowing us to operate for many years, offering the same level of support to Serco colleagues, retired colle2gues and their close families that we do now. Global Access The Charity's primary objective over the next 12 months will be to focus on it's commitment to ensuring the Charity's support and assistance is accessible to a broader pool of eligible users. We have already expanded our operations from the UK and now offer assistance to those eligible in Australia (October 20221 and the United Arab Emirates (December 20221. Grant Making Continuous Improvement The Trustees will continue to receive and evaluate applications f rom eligible Serco colleagues, retired colleagues and their close families to asses whether finical assistance can be provided. The Board of Trustees anticipate 3 rise in applications received over the next 12 months with the rising cost of living currently being experienced, as well 35 the increase in access to the Serco People Fund. Grant making will continue to be the main source of support offered by the Charity, whilst also looking to strengthen signposting to other relevant support. We strive to provide the best service we possibly can to our benef iciaries, always looking to continuously improve how we operate and learn from our experiences. We have carried OLtt numerous internal reviews on our performance and have recently concluded 2n external review, assessing OLAr practices and canvasing feedback from our users. The results of all internal and external reviews have enabled us to form an action plan to implement and execute over the next 12 months to improve various aspects of our operation. Annual Report and Accounts 2022 Serco People Fund 112

Structure & Governance The Serco People Fund is a reglstered Charity, number 1194113, formed under a CIO Constitution dated 10 September 2021, amended on 25th January 2022. The Serco People Fund was established following an initial gift of £4,001,000 from Serco to assist with the relief of poverty amongst Serco colleagues, retired colleagues and their close families when they experience an extraordinary financial challenge. Trustees Management The Board of Trustees preside over the Charity and are ultimately responsible for its operation. The Constitution provides for a minimum of 3 Trustees with no maximum number. All Trustees are appointed for a term of 3 years, following which they may put themselves forward for re- appointment. The Charity understands the importance of being headed by an effective board that provides strategic leadership in line with the Charity's aims and values. The board of Trustees are dedi¢ated to continually reviewing its own performance to ensure objectives are being met. During the reporting period the Trustees delegated the day to day operation of the Charity to an Operational Manager. whose responsibilities included. adequate reporting to Trustees, implementing relevant practices, policy and procedures, ensuring governance and regulatory compliance is effective, and oversight of the Charity's application process. A team of administrators are responsible for the administration of the application process and communicate with all applicants as necessary. Trustee Recruitment All Trustees give their time freely and no Trustee remuneration was paid during this period. Details of trustees expenses and related party transactions are disclosed in the annual accounts. Trustees are able to claim reimbursement for legitimate and reasonable expenses incurred in the operation of their duties, as set out in the Charity's relevant policy and guidance. At a time when it is appropriate for Trustees to be recruited or re-appointed, the Board of Trustees hold the responsibility of selection and decision. The Board of Trustees are aware of the guidance set out in Chartered Governance Institute: Charity Trustee Recruitment April 2021 and use its guidance when forming its trustee recruitment and induction practices. Trustees hold weekly application decision meetings, to review applications submitted by eligible beneficiaries. Quarterly strategy meetings are also planned to agree strategy and consider investment, income, reserves, risk management and budgeting. Monthly update meetings are held to assess the Charity's more immediate performance considering application volumes, grant volumes, trends and strategy updates. New trustees may be sought by approach or through open advertisement. In either event, Trustees will be appointed primarily for what they can contribute in experience, diversity, empathy, knowledge, competence and enthusiasm for the role. Existing Trustees will also take into account their own skills, knowledge and diversity to ensure the board has a complementary blend. Prospective Trustees Serco People Fund 113 Annual Report and Accounts 2022

Structure & Governance must always satisfy eligibility criteria set out in Section 9 of the Constitution, as well as criteria set out by both the Charity Commission and HMRC. to implement to identify, record. track and manage real or potential conflicts. This includes a declaration of interests form, which all Trustees are required to complete on their appointment, and update at least annually thereafter. An agenda item is included on all Trustee meetings to allow Trustees 3nd other attending parties to declare any known real or potential conflicts of interest prior to the commencement of the meetings. Trustee Induction On appointment, new Trustees are provided with appointment terms which clearly set out their roles and responsibilities. An induction process will commence, including attending a Trustee meeting where their appointment will off icially be confirm by resolution. Their induction will be complimented with an induction pack including, but not limited to.. The Charity stores all identified conflicts on a register, which is reviewed and updated annually or where otherwise required. The Charity are satisfied that the current processes and procedures that have been implemented are satisfactory to help prevent conflicts of interest negatively impacting the Charity's decision- making, authority and performance. The CIO governing document (the Constitutionl Copies of recent Trustee meeting minutes, monthly, quarterly and annual reports and accounts A copy of the operation and governance playbook The Charity Commission'5 guidance 'The Essential Trustee: What You Need to Know, and 'Charities and Public Benefit, Relationship with Serco Group plc The Charity was established following an initial donation by Serco Group PIC to provide support to employees of Serco and their dependents. The trLJStees appointed on formation were all Serco employees and the Charity's income for the period, other than bank interest, was all provided by Serco. Conflict Management As part of the Charity's governance processes, the Charity understands is responsibilities in managing conf licts of interest appropriately, for both new and existing Trustees on an ongoing basis. As such, in line with Charity commission guidance, the Charity have adopted robust procedures to identify potential conflicts before they arise. On an on-going basis, Serco provides secret3ri31 and other support to the Charity, as the Charity has no staff of its own. Since incorporation, one Trustee who has no links with Serco has been appointed. The Charity is legally independent of Serco and each Trustee has a duty to act in a manner which in the way he or she decides in good faith would be most likely to further the purposes of the Charity. This inclL¢des the adoption of a Conflicts of Interests policy, which outlines the current processes and procedures the Charity has agreed Annual Report and Account5 2022 Serco People Fund 114

Risk Management As with all charities, the Serco People Fund is exposed to various risks that, should they materialise, could have a signif icant detrimental impact on the way we can operate, use our resources and achieve our aim5 and objectives. We therefore take risk management very seriously to ensure we can continue to provide our service to our beneficiaries and protect their interests as well as the Charity's assets. introducing a risk managernent framework and implementing a risk registe¥. Throughout the use of this framework we seek to identify, understand, mitigate and manage risks that might disrupt our ability to execute our strategy or deliver against our commitments. Our key risks are identified through an annual review with the board of Trustees with prominent risks reviewed at each quarterly Trustee meeting. Each risk will be entered onto the risk register and will be assigned a mean risk score, along with an agreed risk appetite. Current control measures will be identified and provided with a RAG rating and any planned future mitigating actions to improve or maintain the RAG rating. Lastly, a responsible owner will be assigned to each risk to oversee its effective management and to ensLAre control procedure measures are appropriately implemented. Whilst it is extremely difficult to eradicate all risk, our approach is to mitigate it as far as 15 practicably possible. The board of Trustees oversee our risk management and intern31 control processes and have adopted a model which aligns with recommended practices by the Charity Commission for England and Wales. This includes setting a risk management policy, Set policy Identify Control, monitor, learn Assess Risk Register Respond Serco People Fund Risk Management Framework Annual Report and Accounts 2022 Serco People Fund 115

Prominent Risks The Board of Trustees identify all material risks at the annual risk review meeting, categorising risks into 5 primary areas., Governance risk, Operational risk, Financial risk, Compliance risk and Environmental or external factors. From those risks, prominent risks are identified following the allocation of a mean risk score (based on Severity of impact and likelihood of occurrence). Prominent risks are reviewed more frequently, along with any risks that are identified as rising risks. Less prominent risks are reviewed at less frequent intervals and whilst not categorised as prominent, could at some stage turn out to be material and prominent and therefore still require mitigation measures and appropriate management. The prominent risks are described in the following table, outlining the RAG rating of our current control measures. Gross Risk Score Risk Appetite Control Plan RAG Rating Rlsk Activities potentially outside of objects 16 Averse GREEN Investment 12 Minimal GREEN Fraud or Error 12 Averse AMBER Public Perception Averse GREEN Taxation 20 Minimal AMBER Through consistent risk analysis and reviews, the Trustees have been able to identify what they consider to be the Charity's more prominent risks during the reporting period. The Trustees made efforts to set actions to mitigate these risks as far as possible. This has included.. inancial controls review. The appointment of an independent trustees. Improvement of administration processes. The appointment of a front line representative to the Trustee board. Annual Report and Accounts 2022 Serco People Fund 116

Trustee Responsibilities The Trustees are responsible for preparing the Trustees, annual report and the financial statements in accordance with applicable law and regulations, The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the Trustees must not approve the financial statements unless they are satlsfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resoLArces and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP,, l• Make judgements and accounting estimates that are reasonable and prudent. l• state whether applicable accounting standards have been followed. and l• 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 which 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the constitution. 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. 0410812023 David Eveleigh Chair Trustee Annual Report and Accounts 2022 Serco People Fund 117

Administrative Information Trustees Prlnclpal Office David Eveleigh - Appointed 1410412021 Helen Shaw- Appointed 1410412021 SERCO House Jacqueline Planner - Appointed 28/09/2022 16 Bartley Wood Business Park Bartley Way Hook RG27 9UY Stephen Grassby- Appointed 14/04/2021 Alex Ferguson - Appointed 04104/2022 Elizabeth Jewkes - Appointed 1710112023 Day-to-day management Charlty Number During the reporting period.. Tom Walton Present: Alex Ferguson 1194113 Webslte Email Address sercopeoplefund.org [e-mail] Legal Advlsors Bankers NIA CAF, 25 Kings Hill Avenue, Kings Hill West Malling, Kent, ME19 4TA Auditors Investment Managers At time of report.. CLA Evelyn Partners Limited, 4th Floor Cumber12nd House, 15-17 Cumberland Place, Southampton, Hampshire S015 2BG N/A Reporting Period From: 16/04/2021 To: 30/09/2022 Annual Report and Accounts 2022 Serco People Fund 118

Highlights 416 Applications received Income Hardship cases supported £120k 101 In grants 35 IYIY Health / Wellbeing cases 0.00 Trustee remuneration supported Annual Report and Accounts 2022 Serco People Fund 119

evelyn PARTNERS Independent Auditors Report Annual Report and Accounts 2022 Serco People Fund 120

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE SERCO PEOPLE FUND

Opinion

We have audited the financial statements of The Serco People Fund (the ‘Charity’) for the period ended 30 September 2022 which comprise The Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

• In our opinion, the financial statements:

• give a true and fair view of the state of the Charity’s affairs as at 30 September 2022 and of its income and expenditure for the period then ended;

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

• have been prepared in accordance with 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 Auditor’s 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

Other information

The other information comprises the information included in the Annual Report and financial statements, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Annual Report and financial statements. Our opinion on the financial statements does not cover the other information and 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.

Serco People Fund | 21

Annual Report and Accounts 2022

evelyn INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SERCO PEOPLE FUND Icontinuedl Matters on whlch we are required to repoit by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Report51 Regulations 2008 require us to report to you if. in our opinion.. sufficient accounting record5 have not been kept,. or the information given in the financial statements is inconslstent in any material respect with the Trustees, annual report,. or the firiancièl statements are not in agreement with the accounting record5', or we have not received all the information and explanations we require for our audit. Respon5ibilitles of trustees As explained more fully in the Trustee5' Re5ponsibilitie5 Statement set out on p3ge 17, the Trustee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 determine is nece55ary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud OT error. In preparing the financial statements, the trustees are responsible for asse55ing the Charity's ability to continue a5 a going concern, di5closinE, as applicable, matters related to going concern and using the Boing concern ba515 of 3ccounting unless the trustees either intend to Ilquidate the Charity or to cease operations, or have no realistic alternative bLJt to do so. Auditor's responsÈbilities for the audlt of the fjnanclal statements We have been appointed a5 auditor under section 144 of the Charities Act 2011 and report in accordan￿ wlth the Act and relevant regulatlons made or h3ving effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial statements as 3 whole ère free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aEEregate, they could reasonably be expected to influence the economic deci510ns of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wlth laws and regulations. We design procedures in line with our re5pon5ibilities, 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.. We obtained a general understanding of the Charity's legal and regulatory framework through enquiry of management in respect of their understanding of the relevant laws and regulations. We obtained an understanding of the Charity's policies and procedures in relation to compllance with relevant laws and regulations. We also drew on our existing understanding tsf charity regulation. We understand that the Charity comp11es with the framework through.. Updating operating procedures and intern81 contro15 as legal and regulatory requirements change,. Regular reviews of risk by the Trustee5', Approval by the Trustees of all grants to confirm compliance with the charltable Dbjects and wider charity law,. and The Trustees, close oversight through regular meetings and compliance reporting. Annual Repoit and Accounls 2022 Sei'co People Fund | 22

CLA Evelyn Partners Limited CLA Evelyn Partners Limited (Aug 29, 2023 15:19 GMT+1)

29/08/2023

Statement of financTal activities For the period ended 30 September 2022 Page Notes Unrestr5cted Fund5 2022 Income.. Donations 4.051,815 Investment Income 5,361 Total 4,057,176 Expenditure: Charitable Artivities Grant5 to beneflcSaries 120,811 Support costs 78.138 Total Expenditure 198,949 Net movement in funds 3,858.227 Total funds on formation Total funds carrled forward 3.858,227 All activities are continuing. Annual Report and Accounts 2022 Serco Pcople Fund | 24

Balance sheet A5 at 30 September 2022 Note 30 September 2022 Current Assets Cash at bank and in hand 3,878,707 Total Current Assets 3,878.707 Creditors.. amount falline due within one year 120,4801 Net Current Assets 3,858,227 Net Assets 3,858,227 Total Charity Unrestricted Funds 3,858,227 Approved and signed on behalf of the Trustees David Eveleigh Date of approval.. 0410812023 Annual Rcporl and Accounts 2022 Serco People Fund | 25

Statement of cash flows For the period ended 30 September 2022 Net cash generated from operatlng activities Surplus for the period Change In credltors 3,858,227 20,480 Investment income 15,3611 Net cash generated used in operatlng activities 3,873,346 Investlng actlvitie5 Interest 5,361 Net cash generated from Investing activities 5,361 Increase In cash and cash equivalents 3,878,707 Cash and cash equivalent5 on formation Cash and cash equivalent5 at end of period 3,878,707 Ant]ual R¢poil and Accounts 2022 Serco Peoplc Fund | 26

Notes to the financial statements For the period ended 30 September 2022 Status The Serco People Fund I'the Charity") is a charitable incorporated organisation Trust governed by its constitution dated 25 january 2022. The Charity's registered number 15 1194113 and Its principal address 15 Serco Group Plc, Serco House. 16 Bartley Wood Bu5ine55 Park. Bartley Way, Hook, RG27 9UY. Ac¢ountlng policies The principal accoLJnting pollties are summarised below. Basis of preparatlon The accounts have been prepared In accordance with The Financial ReportinÈ Standard applicable in the UK and Republic of Ireland I'FRS 102.1, and wlth the Statement of Recommended Practice applicable to charities preparing their financial statements in 3ccordance with FRS 102 (effective I January 20191. The financial statements are also prepared in accordance with the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The charSty is a public benefit entity a5 defined by FRS 102. Golng concern The Trustees have prepared a going concern assessment, including the preparation of financial forecasts. Based on thls assessment. the Trustees consider that the Charity will be able to continue its activitie5 for at least twelve month5 from the date of approval of the financial Statements and that there are no material uncertainties arising in respect of thi5 3s5es5ment. Therefore the Trustees have adopted the going concern basis for the preparation of the financial statements. Fund accounting The funds held as at the period end are in the form of unrestricted fund5. There are no designated funds. Income All incoming resources are included iri the Statement of Financial Activitie5 when the Charity is legallv entitled tothe income. when its receipt is probable and when it can be measured with reasonable certainty. Donations are recognised on the earller of notification of a donation from Serco Group plc or receipt of the fund5. To the extent that they are material, any donated services are recognised at their estimated value to the Charity. Expenditure All expenditure is accounted for on an accruals basis and has been included under appropriate expense categories. Where appropriate, expenditure includes irrecoverable VAT. Direct charitable expenditure comprises grant5 paid to beneficiaries and associated support cost5. Aiiiiual Report and Accounts 2022 Sei'co People Flind | 27

Notes to the financial statements (continued) For the period ended 30 September 2022 Accounting policies Icontlnuedl Expendlture Icontlnuedl Grants payable are recognised at the earlier of the creation of a constructive obligation and payment. A constructive obligation 15 created when the beneficiary 15 advised that their application has been successful and that the only remaining conditions prlor to payment boing made are of an administrative nature15uch as the provision of factual information). Financial instruments Financial a5set5 and financial liabilities are recognlsed In the balance sheet when the Charity become5 a party to the contractual provisions of the instrument. Cash and cash equivalents are classified as basic financial Instruments and comprise cash at bank and short- term deposits with an original maturity of three months or le55. Trade and other creditors are classified as basic flnanclal instruments and measured at initial recognition at their transaction price. Creditors are subsequently measured at amortised cost using the effective interest rat@ method. Taxatlon The Charity is exempt from tax on its activities provided that the surpluses are used for charitable activities. Therefore no provision for direct or deferred tax arises. Employee information The Charity had no employees. Trustees No Trustee was remunerated in the period. No expenses were reimbursed to the Trustees In the period. Donatlons and legacies 2022 From Serco Group plc Cash 4,001.000 Estimated value of Services provided (see note 101 50.815 4,051,815 Investment income 2022 Bank interest 5,361 5,361 Annlkal Report and Accoiints 2022 Serco People E,-und | 28

Notes to the financial statements (continued) For the perTod ended 30 September 2022 Grants to beneficiarles 2022 Number Grants awarded in the perlod: Hardshlp Hardship- debt Education 84 61,762 17 16,679 19 9,250 Health / wellbeing 35 33,120 Total 155 120,811 2022 Reconciliatlon of expense for the period to payments Grants awarded in the period 120,811 Paid in the period Unpaid as at the period end 1118,8111 2,000 All grants are made to individua15 who are in need. The majority of the amount5 unpaid as at the period end were pald In the month following the period end,. the remaining grants are expected to be paid over the coming year. Support costs 2022 Bank charge5 Profe55ional fees 108 3,900 ICO membership fee Notional recharge from Serco Group plc Isee note 101 Governance costs.. 35 50,815 Audit fees (including VATI Other fees payable to auditors.. Accountancy fees (including VATI Professional fees for recruitment of trustees 15,000 3,480 4,800 78.138 Annual Report and Accounts 2022 Sci'co People Fund | 29

Notes to the financial statements (continued) For the period ended 30 September 2022 Creditors- amount falling due withln one year 2022 Unpaid grants Accruals 2,000 18.480 20,480 io Relat5onshlp and transactions Wlth 5erco Group plc The Charity 15 a corporate charity founded and funded the Serco Group plc I"Serco"l. Whilst the in1tial Trustees were all appointed by and employees of Serco, they have a dLtty to att in a manner which in the way he or she decides in good faith would be m05t likely to further the purpose5 of the Charity. Sin formation, a further trustee has been appointed who has no links with Serco. Any new trustees will be ppointed by the Trustee5 a5 a body. The Trustees are also the only member5 of the Charitv. As such, the Charity 15 legally independent of Serco and Serco has no inflLJence on the award of grants. During the period, Serco made cash donations to the Charlty of £4 million,. these donations were unconditional and unrestricted. Serco a150 provided secretarial and administrative services to the Charity for which no charge was made. The trustees have estimated the value of these serVI￿S to the charity as being £50,815. In accordance with the Charity's accounting policy, this 15 recognised as notional income and also a5 a notional expense. Annual Report and Accounts 2022 Sci'co People Fuiid | 30

THE SERCO PEOPLE FUND SERCO HOUSE 16 BARTLEY WOOD BUSINESS PARK BARTLEY WAY HOOK RG27 9UY [e-mail] www.sercopeoplefund.org