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Annual Report
and Accounts
2022/23
Reportlng period: October 2022- September 2023
Serco Peop
e Fund

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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
Independent Examiner's Report
20........Independent Examiner's Report
Annual Accounts
21..............Statement of Financial Activities
22..............Balance Sheet
23-27........Notes to the Financial Statements
Annual Report and Accounts 2023
Serco People Fund

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Highlights
755
Applications
received
309
Beneficiaries provided
with financial support
41/
Application
success rate
422k+
Total grants
made
Annual Report and Accounts 2023
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Meet the Trustees
Chairman's Statement
DAVID
EVELEIGH
In December 2021 we saw the establishment of the Serco People Fund
following a hugely generous cash donation of £4,001,000 from Serco.
Chair Trustee
Each trustee brings a wealth of experience. dedication, and a unique
perspective that strengthens our mission to support Serco colleagues and
their families though difficult life situations, enhancing their lives through
support and donations. The Board of Trustees have continued to guide our
strategies ensuring that we stsy true to our commitment to making a
meaningful impact. It is through their unwavering support and leadership
that we have been able to navigate through challenging times and continue
to deliver on our promises so that we can provide necessary support to our
benef iciaries when they need it most.
TOM
WALTON
Trustee
JACQUELINE
PLANNER
Since inception, we have received over 750 applications from Serco
colleagues and their close families. We have awarded grants totalling just
over £422,000 as51Sting 309 people. The largest grant we provided during
the reporting period was £15,000. For some, this support has been nothing
Short of life changing.
Independent
Trustee
In September 2023, we were delighted to welcome Thomas Walton and
Mark Withecombe to the board of Trustees. Tom joined Serco in 2016 as a
Prison Custody Officer at HMP Doncaster. He advanced to Custodial
Operations Manager and then Assistant Director. Later, he moved to Serco
Group as a People Project Manager. Now, he is the Bid and Continuous
Improvement Manager in the Serco MYHR recruitment team. Mark joined
Serco in April 2023 as Group Treasurer, responsible for the Group's banking
and debt financing arrangements as well as management of key Treasury
risks such as liquidity, foreign exchange and interest rate risk. Both
appointments serve to safeguard the purpose of the Charity and to ensure
we are meeting the needs of our benef iciaries.
STEPHEN
GRASSB Y
Trustee
ALEX
QJ FERGUSON
Trustee
We will now work tirelessly to secure the long-term future of the Charity by
increasing its income to grow existing f unds so we can continue to support
our applicants for many years 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.
MARK
WITHECOMBE
TRUSTEE
David Eveleigh
Chair Trustee
Annual Report and Accounts 2023
Serco People Fund

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What We Do
The Serco People Fund supports current and retired 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
Idefined 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 from eligible benef iciaries and where helpf ul, 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 categories:
An unusual level of personal
hardship or crisis
Emergency support following a natural
disaster
Help with health, wellbeing and recovery
An extraordinary financial challenge due to
education or training
By providing support in these areas, the Serco People Fund achieves its objects and aims to assist with
some of the most prevalent challenges in todays society, enabling the Charity to provide financial
support in some of the most devastating and diff icult times, often having life-changing impact to our
beneficiaries. Our support could include help with..
Adaptstions to home / residence areas to assist with physical and mentsl disabilitie5
Assistance with a once in a life time opportunity / event for a dependent
One-off extraordinary events causing real f in3ncial hardship
Unforeseen costs relating to education or training
Funeral costs following the passing of a loved one
Extraordinary personal crisis causin8 a financial challenge
Treatment or costs a550ciated with severe or terminal illnesses
To aid in consistency of decision-making on applications, the Trustees have agreed and applied a grant-
making policy by which all applications will be assessed against.
Annual Report and Accounts 2023
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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.
Applications will only be accepted from current and retired Serco colleagues, and their close family
members.
y Close family members are defined as, spouse / 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 a 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?
The Trustees can consider providing a 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.
Y There is no limit to the number of applications a person can submit, however, outcomes of previous
applications from the same applicant will be considered during the decision-making process.
Annual Report and Accounts 2023
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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 instance. From communications with our users, decision making on
applications, 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 will only engage in activities and decision making that further our charitsble objects
We endeavour to maximise the effectiveness of our funding and plan for stability and
longevity through low-risk investment and charitable donations
We strive to always act with respect and maintain the dignity and privacy of our
beneficiaries
We will provide an inclusive service, promoting fairness, equality and diversity throughout
the Charity
We aim to be as responsive and helpful as possible to those who seek our help and
support. signposting to further support where appropriate
Annual Report and Accounts 2023
Serco People Fund

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Our Scope
The Serco People Fund will accept applications
from any eligible person that falls within the
scope of our benef iciaries. 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 benefit 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
beneficiaries 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 asslstance is provided free
of charge, and our beneficiaries do not need to
contribute to the Charity to be eligible to benef it
from the help we can provide. However, we
understsnd 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 beneficiaries
and other organisations the opportunity to
contribute to the Charity.
Annual Report and Accounts 2023
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Achievements & Performance
In accordance with our constitution and objects, throughout the reporting period the Charity has
offered f inancial support and signposting to eligible beneficiaries upon the receipt of applications. The
Trustees continuously assess 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 assessing and supporting applications on an
individual basis and applying grants when required.
During the reporting period we received 755
separate applications, with a total grant
contribution of just over £358,000. 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
500
530
300
200
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 homelessness, to contributing towards
private counselling sessions and therapies, and
the purchase of an adapted sports wheelchair.
100
158
34
28
A further breakdown of the hardship category
highlights the volume of applications received
relating to debt and household expenses. Given
the current financial 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
Trustees have monitored their decision-making
caref ully on applications of this nature to ensure
grant-making remains in line with the charity's
objects.
Hardship Application Breakdown
Transport Other
3.9%
7.2%
Depedent expenses
4.2%
Debt
28.3%
Electrical Items
0.6%
Household bills
12.5°A
Deposit/Rent
12.1%
Household item/sDomestic Violence
17.2%
3.2% Dornestic Violence
Bereavement Expenses
2.7%
7.8Y¢
To further demonstrate the Trustees commitment to reviewing performance and their approach to
applications to ensure the Charity is meeting the needs of its beneficiaries Trustees have been deeply
engaged in discussions about the ongoing cost of living crisis, evaluating whether their current
strategies remain effective and pertinent. Topics have included the rising levels of household debt,
increased utility bills, and escalating food prices, all of which are putting signif icant f inanci31 strain on
communities. By sense-checking their approach, Trustees aim to ensure that their support systems are
adaptable and robust enough to meet the evolving needs of those they serve, confirming that their
interventions remain both timely and impactful.
Annual Report and Accounts 2023
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Achievements & Performance
Below is a summary of some of the anonymous comments received as part of that process:
"They were very helpful, quick, discreet and very understsnding"
Application
process
"l urge anybody struggling to at least get in touch and speak to them, they are a great
bunch"
"It Was really 3 great experience and we are really grateful for the help provided by the
charity
Decision-
making
'It would be useful to receive feedback and the funds quicker
'1 am truly grateful for the generosity and support shown by everyone involved.
°They were able help me out in a difficult time in need and l am very grateful for the
work that they do"
"The generous support we received signif icantly eased the financi31 burden"
Grant
impact
"The grant has been a lifeline for my family and me, fostering stability and resilience
during this challenging chapter. l am truly grateful for the support provided by the Serco
People Fund, as it has made a meaningful and lasting impact on our lives.
"The grant from the charity has had a profound impact on me and my family. My overall
experience with the charity when seeking financial assistance has been incredibly
supportive and uplifting. Words are not enough to express our gratitude. We are forever
grateful"
Testimony
In April 2022, Stuart, a Serco colleague, f led a life of abuse with only the clothes on his back
and his rescue dog, Rocky. "I was on a precipice and the People Fund came through for me.
They gave me enough to turn my freedom into a proper new beginning"
Stuart joined Serco in late 2022. From Day One, he tried to hide his pain and shame
behind a hard professional mask. In growing desperation, however, he revealed the
truth to his managers who went out of their way to support him. Stuarts managers put
him in contact with the Serco People Fund who were able to support him through a
very difficult period in his life. "Once upon a time, I was cynical about Serco
I've
always found large employers to be frustrating and impersonal - but the genuine care I
see practised here has blown me away"
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Financial review
The f inancial position of the charity is shown in the Balance Sheet. The principal funding source for the
Charity was a cash donation of £4,001,000 from Serco Group PIC received in the 2021122 year, with
the only other ongoing source of income being investment returns from bank account interest rates and
donations through JustGiving and payroll giving. During the reporting period, the charity had no other
investment income but received £560.74 in donations from through JustGiving, and payroll giving.
Expenditure Breakdown
Other
io%
As at the period end, the charity has net assets
of £3.53 million, which is comprised of cash at
bank. Total expenditure for the year was
£468,581, with £422,506 {90°Al being paid out
in grants.
During the reporting period, no
Trustee remuneration was paid and £98.90
expenses were claimed. General governance
costs include annual audit and corporation tax
return fees, as well as some smaller banking
fees. Operating costs include administration
and management support.
Gr3nt5
90%
Grant Expenditure
Other
17
As to be expected, the biggest category for
contributions throughout the reporting period
was hardship cases. This totalled £202,558,
with £44,193 of that total going to debt related
matters.
Despite the categories smaller
volumes,
Health and wellbeing related
applications saw a much higher success rate
than any other category, with total donations of
£163,692. We also made a donation of £50,000
to The Serco People Fund North America.
HealthlWellbeinglRecovery
106
Hardship
186
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.
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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
financial burden felt by Serco colleagues, retired
colleagues and their close families in times of
extraordinary need.
Sustainability
The Board of Trustees understand the
importance of sustainability to provide an
effective service on an ongoing basis.
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
continue to 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 grow its assets allowing us to
operate for many years, offering the same level
of support to Serco colleagues, retired
colleagues and their close families that we do
now.
Global Access
The Charity's primary objective over the next 12
months will be to continue 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 Ioctober 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
another rise in applications received over the
next 12 months with the rising cost of living
currently being experienced, as well as 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 beneficiaries, always looking
to continuously improve how we operate and
learn from our experiences. We have carried
out
numerous
internal
reviews
on
our
performance and have recently concluded an
external review, assessing our 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.
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Structure & Governance
The Serco People Fund is a registered 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 dedicated 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 re12ted 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
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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 and 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 officially
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's guidance 'The
Essential Trustee: What You Need to Know,
and 'Charities and Public Benefit,
Relationship with Serco Group plc
The Charity was estsblished following an initial
donation by Serco Group PIC to provide support
to employees of Serco and their dependents. The
trustees 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 conflicts 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 secretarial
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 includes the adoption of a Conflicts of
Interests policy, which outlines the current
processes and procedures the Charity has agreed
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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 aims and objectives.
We therefore take risk management very
seriously to ensure we can continue to provide
our service to our benef iciaries and protect their
interests as well as the Charity's assets.
introducing a risk management framework and
implementing a risk register. 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 ensure control procedure
measures are appropriately implemented.
Whilst it is extremely difficult to eradicate all
risk, our approach is to mitigate it as far as is
practicably possible. The board of Trustees
oversee our risk management and internal
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
Risk Register
Assess
Respond
Serco People Fund Risk Management Framework
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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.
Rlsk
Gross Risk
Score
Risk Appetlte
Control Plan RAG
Rating
Activities potentially outside of
objects
16
Averse
GREEN
Investment
12
Minimal
Fraud or Error
12
Averse
AMBER
Public Perception
Averse
T&xation
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.
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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
regulationsl. Under that law the Trustees must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs of the Charity and
of the incoming resources 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;
74 Make judgements and accounting estimates that are reasonable and prudent.
Id state whether applicable accounting standards have been followed; and
• 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 IAccounts 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.
Annual Report and Accounts 2023
Serco People Fund
| 17

Docusign EnvelopÈ ID". C4BDEBCD-75C241494A68-59FD2A44CB83
Administrative Information
Trustees
Principal Office
David Eveleigh - Appointed 14104/2021
Jacqueline Planner - Appointed 28/0912022
SERCO House
Stephen Grassby - Appointed 14/0412021
16 Bartley Wood Business Park
Bartley Way
Hook
RG27 9UY
Alex Ferguson - Appointed 04/0412022
Tom Walton - Appointed 14/0912023
Mark Withecombe - Appointed 14109/2023
Day-to-day management
Charity Number
Alex Ferguson
1194113
Website
Email Address
sercopeoplefund.org
1nfo@sercopeoplefund.org
Legal Advisors
Bankers
N/A
CAF, 25 Kings Hill Avenue, Kings Hill
West Malling, Kent, ME19 4TA
Independent Examiner
Investment Managers
At time of report:
Grant Thornton, 4th Floor, Victoria House,
199 Avebury Boulevard, Milton Keynes,
MK9 IAU
N/A
Reporting Period
From: 01/10/2022 To: 30/09/2023
Annual Report and Accounts 2023
Serco People Fund
| 18

Docusign Envelope ID C4BDEBCD-75C2-4149-8A68-59FD2A44CB83
GrantThornton
Independent
Examiner Report
Annual Report and Accounts 2023
Serco People Fund
| 19

Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

## **Independent Examiner's Report to the Trustees of The Serco People Fund (the 'Charity')** 

I report to the trustees on my examination of the accounts of The Serco ended 30 September 2023. 

## **Responsibilities and basis of report** 

As the charity trustees of the Charity, you are responsible for the preparation of the accounts in accordance with 


carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect: 

accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

the accounts do not accord with these records. 

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

required to state to them in an independent examiner's report and for no other purpose.  To the fullest extent port, or for the opinions we have formed. 

Signed: 


Christopher Bagnall FCA ICAEW **Grant Thornton UK LLP** Chartered Accountants Sheffield Dated: 9/8/2024 

Page 20 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>4<br>Investments<br>5<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>6<br>Support costs<br>7<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**£**<br>**92,216**<br>**52,682**|**Total**<br>**Year ended**<br>**30 September**<br>_Total_<br>_Period ended_<br>_30 September_<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**92,216**<br>4,051,815<br>**52,682**<br>5,361|**Total**<br>**Year ended**<br>**30 September**<br>_Total_<br>_Period ended_<br>_30 September_<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**92,216**<br>4,051,815<br>**52,682**<br>5,361|
|---|---|---|---|
||**144,898**|**144,898**|4,057,176|
||**422,506**<br>**46,075**|**422,506**<br>**46,075**|120,811<br>78,138<br>198,949|
||**468,581**|**468,581**||
||**(323,683)**<br>**3,858,227**|**(323,683)**<br>**3,858,227**|3,858,227<br>-|
||**3,534,544**|**3,534,544**|3,858,227|



All amounts relate to continuing activities and unrestricted funds. 

The charity has no recognised gains or losses other than the result for the year as set out above. 

Income and expenditure are measured under the historical cost convention. 

The notes on pages 23 to 27 form part of these financial statements. 

Page 21 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **BALANCE SHEET AS AT 30 SEPTEMBER 2023** 

|**Note**<br>**Current assets**<br>Cash at bank and in hand<br>**Total current assets**<br>**Liabilities**<br>Creditors: amounts falling due within one year<br>8<br>**Net current assets**<br>**Total charity unrestricted funds**|**2023**<br>_2022_<br>**£**<br>_£_<br>**3,576,854**<br>3,878,707|
|---|---|
||**3,576,854**<br>3,878,707<br>**(42,310)**<br>(20,480)|
||**3,534,544**<br>3,858,227|
||**3,534,544**<br>_3,858,227_|



## **Total charity unrestricted funds** 

The financial statements were approved by the Trustees and signed on their behalf by: 


## **David Eveleigh Trustee** 

## **Date:** 8/8/2024 

The notes on pages 23 to 27 form part of these financial statements. 

Page 22 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

## **1. General information** 

constitution dated 16 April 2021, as amended on 31 January 2022 

its principal address is Serco Group Plc, Serco House, 

16 Bartley Wood Business Park, Bartley Way, Hook, RG27 9UY. 

## **2. Accounting Policies** 

## **2.1 Basis of preparation** 

The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of applicable to charities preparing their financial statements in accordance with FRS 102 (effective 1 January 2019). 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 financial the Charities This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The charity is a public benefit entity as defined by FRS 102. 

## **2.2 Going concern** 

The Trustees have prepared a going concern assessment, including the preparation of financial forecasts. Based on this assessment, the Trustees consider that the Charity will be able to continue its activities for at least twelve months from the date of approval of the financial statements and that there are no material uncertainties arising in respect of this assessment. Therefore the Trustees have adopted the going concern basis for the preparation of the financial statements. 

## **2.3 Fund accounting** 

The funds held as at the year end are in the form of unrestricted funds. There are no designated funds. 

## **2.4 Income** 

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income, when its receipt is probable and when it can be measured with reasonable certainty. 

Donations are recognised on the earlier of notification of a donation from Serco Group Plc or receipt of the funds. To the extent that they are material, any donated services are recognised at their estimated value to the Charity. 

Page 23 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

## **2.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 

## **2.6 Cash and cash equivalents** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.7 Financial instruments** 

Financial assets and financial liabilities are recognised in the balance sheet when the Charity becomes 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 less. 

Trade and other creditors are classified as basic financial instruments and measured at initial recognition at their transaction price. Creditors are subsequently measured at amortised cost using the effective interest rate method. 

## **2.8 Fund accounting** 

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

## **2.9 Taxation** 

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. 

Page 24 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

## **3. Employee information** 

During the year, no Trustees received any remuneration (2022: £NIL). During the year, no Trustees received any benefits in kind (2022: £NIL). During the year, 1 Trustee received reimbursement of expenses totalling £99 (2022: £NIL). 

## **4. Donations and legacies** 

|From Serco Group Plc and their employees<br>Cash<br>Estimated value of services provided (see note 9)<br>**5.**<br>**Investment income**<br>Bank interest<br>**6.**<br>**Charitable expenditure**<br>**Number**<br>**_2023_**<br>**_£_**<br>Hardship<br>**146**<br>**158,365**<br>Hardship<br>Debt<br>**53**<br>**44,193**<br>Education<br>**9**<br>**6,255**<br>Health/wellbeing<br>**100**<br>**163,692**<br>People Fund North America<br>**1**<br>**50,000**<br>Total<br>**309**<br>**422,506**<br>Reconciliation of expense for the year to payments:<br>Grants awarded in the year/period<br>Paid in the year/period<br>Unpaid as at the year/period end|From Serco Group Plc and their employees<br>Cash<br>Estimated value of services provided (see note 9)<br>**5.**<br>**Investment income**<br>Bank interest<br>**6.**<br>**Charitable expenditure**<br>**Number**<br>**_2023_**<br>**_£_**<br>Hardship<br>**146**<br>**158,365**<br>Hardship<br>Debt<br>**53**<br>**44,193**<br>Education<br>**9**<br>**6,255**<br>Health/wellbeing<br>**100**<br>**163,692**<br>People Fund North America<br>**1**<br>**50,000**<br>Total<br>**309**<br>**422,506**<br>Reconciliation of expense for the year to payments:<br>Grants awarded in the year/period<br>Paid in the year/period<br>Unpaid as at the year/period end|From Serco Group Plc and their employees<br>Cash<br>Estimated value of services provided (see note 9)<br>**5.**<br>**Investment income**<br>Bank interest<br>**6.**<br>**Charitable expenditure**<br>**Number**<br>**_2023_**<br>**_£_**<br>Hardship<br>**146**<br>**158,365**<br>Hardship<br>Debt<br>**53**<br>**44,193**<br>Education<br>**9**<br>**6,255**<br>Health/wellbeing<br>**100**<br>**163,692**<br>People Fund North America<br>**1**<br>**50,000**<br>Total<br>**309**<br>**422,506**<br>Reconciliation of expense for the year to payments:<br>Grants awarded in the year/period<br>Paid in the year/period<br>Unpaid as at the year/period end|**2023**<br>**£**<br>**56,216**<br>**36,000**|_2022_<br>_£_<br>4,001,000<br>50,815<br>4,051,815<br>_2022_<br>_£_<br>5,361<br>_2022_<br>_£_<br>61,762<br>16,679<br>9,250<br>33,120<br>-|
|---|---|---|---|---|
||||**92,216**||
||||**2023**<br>**£**<br>**52,682**||
||||Number<br>84<br>17<br>19<br>35<br>-||
||**309**|**422,506**|155|120,811<br>_2022_<br>_£_<br>120,811<br>(118,811)<br>2,000|
||||**2023**<br>**£**<br>**422,506**<br>**(388,836)**||
||||**33,670**||



Page 25 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

## **THE SERCO PEOPLE FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

## **6. Charitable expenditure (continued)** 

All grants are made to individuals who are in need, with the exception of £50,000 donated to Serco People Fund North America. 

The majority of the amounts unpaid as at the period end were paid in the month following the period end; the remaining grants are expected to be paid over the coming year **.** 

## **7. Support costs** 

|Bank charges<br>Professional fees<br>ICO membership fee<br>Subscriptions<br>Notional recharge from Serco Group Plc (see note 9)<br>Postage<br>Travel expenses<br>Other costs<br>Foreign exchange loss<br>Governance costs:<br>Audit fees (including VAT)<br>Independent examination fees<br>Accountancy fees (including VAT)<br>Professional fees for recruitment of trustees<br>Support costs are allocated 100% to charitable activities.|**2023**<br>**£**<br>**437**<br>**-**<br>**35**<br>**72**<br>**36,000**<br>**69**<br>**99**<br>**15**<br>**708**<br>**-**<br>**3,960**<br>**4,680**<br>**-**|_2022_<br>_£_<br>108<br>3,900<br>35<br>-<br>50,815<br>-<br>-<br>-<br>-<br>15,000<br>-<br>3,480<br>4,800|
|---|---|---|
||**46,075**|78,138|
||||



## **8. Creditors: amounts falling due within one year** 

|Unpaid grants<br>Accruals|**2023**<br>**£**<br>**33,670**<br>**8,640**|_2022_<br>_£_<br>2,000<br>18,480|
|---|---|---|
||**42,310**|20,480|



Page 26 



Docusign Envelope ID: C4BDEBCD-75C2-4149-8A68-59FD2A44CB83 

**THE SERCO PEOPLE FUND** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023** 

## **9. Relationship and transactions with Serco Group Plc** 

The Charity is a corporate charity founded and funded by the Serco Group Plc Trustees were all appointed by and employees of Serco, they have 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. Since formation, a further trustee has been appointed who has no links with Serco. Any new trustees will be appointed by the Trustees as a body. The Trustees are also the only members of the Charity. 

As such, the Charity is legally independent of Serco and Serco has no influence on the award of grants. 

During the year, Serco made cash donations to the Charity of £55,000 (2022: £4,001,000); these donations were unconditional and unrestricted. A further £1,216 (2022: £NIL) was donated by employees of Serco. 

Serco also provided secretarial and administrative services to the Charity for which no charge was made. The trustees have estimated the value of these services to the charity as being £36,000 (2022: £50,815). notional expense. 

Page 27