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
1nfo@sercopeoplefund.org
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
info@sercopeoplefund.org
www.sercopeoplefund.org