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2025-09-30-accounts

Company number: 6492606 Charity number: 1125537 (England & Wales) SC039848 (Scotland)

People’s Health Trust

Report and financial statements For the year ended 30 September 2025

People’s Health Trust

Contents

For the year ended 30 September 2025

Reference and administrative information ............................................................................ 1 Trustees’ annual report .................................................................................................. 3 Independent auditor’s report ......................................................................................... 24 Statement of financial activities (incorporating an income and expenditure account) ....................... 28 Balance sheet ............................................................................................................ 29 Statement of cash flows ................................................................................................ 30 Notes to the financial statements .................................................................................... 31

People’s Health Trust

Reference and administrative information

For the year ended 30 September 2025

Company number 6492606
Country of incorporation
United Kingdom
Charity number 1125537 (England and Wales)
SC039848 (Scotland)
Registered office c/o Sayer Vincent LLP
110 Golden Lane
LONDON
EC1Y 0TG
Operational address 19-21 Garden Walk
London
EC2A 3EQ
Trustees Trustees, who are also directors under company law, who served during the year
and up to the date of this report were as follows:
Jenny Edwards CBE (Chair)
Jacqueline Lodge (Deputy Chair) (resigned 22 November 2024)
Martin Anderson (appointed 16 January 2025)
Paul Ballantyne (Scotland) (resigned 19 May 2026)
Leandra Box (Vice Chair from 27 January 2025)
Andrew Bickerdike
Professor Elizabeth Dowler (resigned 19 May 2026)
Jolynne De Souza (appointed 13 November 2024)
Ranjeet Kaile
Shelagh Kirkland ACA
Rory MacLean (resigned 30 July 2025)
Nicola McCallum (Scotland) (resigned 19 January 2025)
Thomas McIlravey (resigned 20 November 2024)
Shavannah Taj (Wales) (resigned 5 February 2026)
Key management John Hume, Chief Executive Officer
personnel Max Rutherford, Director of Programmes and Influencing (Deputy CEO)
Nicola Brian, Director of Engagement (to 25 May 2025)
Elaine Battson FCCA, Director of Finance
Bankers National Westminster Bank plc
Charites and Education Team
Commercial and Corporate Banking
1st Floor
440 Strand
London
WC2R 0QS

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People’s Health Trust

Reference and administrative information

For the year ended 30 September 2025

Solicitors Bates Wells LLP 10 Queen Street Place London EC4R 1BE Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

The Trustees present their report and the audited financial statements for the year ended 30 September 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Introduction

For over a century we saw increasing life expectancy and healthy life expectancy. However, over the past decade both have declined. Across all groups of people in Great Britain we have seen life expectancy falling. This is even more pronounced for people who experience the sharpest socio-economic disadvantage.

The scale of the issue represents a significant challenge for People’s Health Trust as we balance immediate community needs with the need to work upstream, to understand the real causes of poor health and early death and address the systemic issues which contribute.

As we noted in last year’s report, our funding relationship with our long-standing parters via The Health Lottery scheme, came to an end in January 2025. The Trust had already developed a three-year income diversification plan which we then fully activated. The change in regular income meant Trustees considered options for the direction of the Trust. They concluded that the Trust’s reserves are strong, it has an excellent reputation based on 14 years’ experience of supporting health at a community and neighbourhood level and that the need to tackle health inequalities at a community level is greater than ever. Trustees and the leadership team agreed a robust plan for developing new partnerships, boosting Trust income at the same time as delivering its mission and charitable objects. At the time of writing, the income and partnership targets set in this plan have been exceeded by some margin. Expenditure (excluding grants and associated research and evaluation costs) was reduced by 16.3% year-on-year through restructuring and a move to shared offices.

Work with our network of over 600 communities with lived experience of health inequalities has continued. This has included, in addition to grant programmes, events focused on winter fuel, impact of racist riots, discrimination, nature and health, and advice and health. We also held events with our partners focused on our developing work for young people with mental health problems. The networks remain a source of invaluable and often prescient information – giving the Trust an early warning system on what are the emerging health priorities in communities.

It is through our lived experience network that we have developed our new programme of work on men’s health. This has now become a major strand of the Trust’s work, including a national partnership with the Department of Health and Social Care and Movember. Additionally, we are building partnerships around this programme with corporate partners, looking at men’s health in the workplace. This remains a major focus for the Trust moving into 2026.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

We continue to deliver our objective to add to the evidence base around what works at a community and neighbourhood level to reduce health inequalities. Included within this is our partnership with the NIHR’s ’ School for Public Health Research s VoYSES programme. This provides the Trust with the evaluations of two of our major grant programmes: Good Work for Young People’s Mental Health and Discrimination and Health. Both programmes present critical opportunities to look at the effects of work or discrimination on mental and physical health, with the potential to develop applied models for improvement. We continue to work with Government and voluntary and community sector partners on the findings, with a view to encouraging wider roll out.

The Trust continues to build on its reputation as a funder who prioritises people and communities experiencing high levels of disadvantage and marginalisation, through the development of equity-led programmes such as Good Work for Young People’s Mental Health and Discrimination and Health. It has now completed the first phase of the Equity, Diversity and Inclusion (EDI) framework for grant making, which it will shortly publish (please see page 11, under Objective 4 for more detail).

The Trustees are grateful to staff past and present for their enormous efforts and commitment during what was a challenging year of change. Throughout all the changes we remain deeply committed to working with marginalised communities, in their right to be heard and their right to lead healthy and fulfilling lives.

Jenny Edwards CBE, Chair of Trustees and John Hume, Chief Executive Officer

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Objectives and activities

Purposes and aims

The object of the charitable company is the promotion of health for public benefit, by increasing and supporting sustainable health equality in and for disadvantaged communities and groups across England, Scotland and Wales.

The Trust undertakes this work because of its ambition to take action on the causes of ill-health and shortened lives for some of the most marginalised people in England, Scotland and Wales.

The Trust aims to achieve this ambition by:

This report looks at the charity’s achievements and the outcomes of its work in the reporting period, the third year of the Trust’s Strategic Plan for 2022-25. The Trustees report the progress of each key activity and the benefits the charity has brought to people that it supports.

The Trustees conduct a major review of the strategic aims, objectives and activities of the charity every three years. Due to the changes in income and staffing in 2024/25 the Trustees agreed to extend the existing strategy by a further year into 2025/26. A new strategy is being developed to take effect from October 2026.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

2024/25 represented year three of the Trust’s strategic plan. During the year, the plan was extended for a further year (to end of September 2026).

The plan comprises four strategic objectives, supported by one enabler objective.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Objective 1: We will listen to and support marginalised groups to speak out about their experience of health inequalities.

By 2025 we will:

Networks remain a unique aspect of the Trust’s work. They provide the opportunity for deep engagement in communities most affected by health inequalities. They result in improved intelligence, practice and programmes.

2024-25 was a successful year for the Trust in developing its networks for the first time to include ‘alumni’ partners who have been previously funded (since 2020), thereby reaching 600 active community organisations across Great Britain.

There was good interest from both current and recently funded partners for the Trust’s offer to engage in programme development, policy, research and campaigning activities.

Networks at a glance: 2024/25 in numbers:

The Trust’s capacity building offer remains popular and is often cited in end of funding reports as a valued addition to the grant funding. The Trust provided a substantial package of support this year, both to current funded partners, some of which was tailored to specific programmes, and for the first time to alumni funded since 2020, who made up 40% of attendees across 8 sessions. These included sessions on communications and branding and data storytelling for charities; and bespoke courses on safeguarding, including higher level courses such as Designated Safeguarding Lead training and Safeguarding for Trustees.

Developing programmes: The Trust has continued to develop programmes which address the most harmful causes of poor health and early death. Since its inception in 2011, the Trust’s funds have reached 685,859 people through 3,905 grants to community organisations across Great Britain.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

During the year, the Trust raised money through three community interest companies (CICs) which operated society lotteries through The Health Lottery. Each CIC is focused on two specific communities of geographical interest and the Trust’s grant making is aligned to this. Our grant making has focused on:

The Health Justice Fund is the Trust’s main funding programme, allowing for agile, policy relevant and targeted funding focused on the core objectives with the greatest potential impact on health. This led to the following priorities this year:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Active Communities has been a major funding programme for community groups, not-for-profit organisations and local people wanting to create fairer places to grow, live, work and age. Through Active Communities over the last decade, the Trust has supported thousands of small and local projects, designed and run by local people across England, Scotland and Wales. Participants have come up with their own locally determined ideas in order to strengthen social connections and encourage greater collective control. Participants have taken the lead and taken action to address issues that are important to them and their health and wellbeing. During the year, the Trust supported over 200 projects that have already been awarded funding. The Trust continues to support existing funded partners and will supporting specific communities in London in 2026.

Grant Programme Expenditure

During 2024/25 the Trust awarded grants and incurred associated research and evaluation costs totalling £574,916 (2024 – £1,073,371) across its main funding programmes.

Programme 2024/25
Total
£		 2023/24
Total
£
Active Communities (52,668) 143,459
Health Justice Fund 554,339 739,187
Local Conversations 0 (44,791)
Living Wage 0 49,997
Capacity Building 11,021 41,156
Sub total expenditure – grant awards 512,692 929,008
Research and evaluation grants 0 61,680
Total grant expenditure 512,692 990,688
Research and evaluation contracts 62,224 82,683
Total value of grant programme expenditure 574,916 1,073,371

During the financial year 2024/25, the Trust made 15 grants (2024 – 37) across all of its programmes which benefitted approximately 1,046 local people (2024 – 4,821). Since it started awarding grants in 2011, and up to 30 September 2025, the Trust had made 3,905 (2024 – 3,890) grants which have benefitted over 685,859 local people (2024 – 684,813). Details of the range of projects funded can be found on the website at www.peopleshealthtrust.org.uk, on 360 Giving . Each Board meeting receives an update on all programmes.

The two main programmes were in operation during the year: Active Communities programme (paused for new funding in spring 2024) and the Health Justice Fund.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

93% (2024 - 91%) of the respondents of the Trust’s 2025 annual stakeholder survey reported that they found the Trust’s application process easy to some or a large extent, 97% (2024 – 93.5%) felt that the Trust’s reporting requirements were proportionate to some or a large extent, and 93% (2024 – 93.5%) felt that an appropriate level of support is offered on grant management.

Objective 2: We will build evidence and practice around what works to address health inequalities.

By 2025 we will:

The Trust’s role is that of a funder, a connector of communities to other donors and funders, and as a convenor of evidence into practice. Over the course of the last 12 months, the Trust has:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Objective 3: We will speak clearly and boldly on the avoidable inequalities in health faced by marginalised people.

By 2025 we will:

One of the Trust’s core aims is to work alongside the communities whose health is most compromised and influence policy makers and other funders to be aware and to take action. The year has been successful, with significant activity taking place.

The Trust convened lived experience groups on key policy priorities, and for a range of other organisations including:

The Trust also published several pieces of evidence and submitted this to government:

The Trust continued its support for wider sector interests including the Independent Commission on Neighbourhoods through its membership of the Funders’ Group; living wages through its work on the advisory board of the Living Wage Foundation and work on left behind neighbourhoods through its work on the Community Wealth Fund and the Left Behind Neighbourhoods All-Party Parliamentary Group (APPG).

Men’s Health

On average, men from disadvantaged communities are dying too young and spending up to 20 years of their lives in poor health because services and systems are not fully meeting their needs. Men are disproportionately affected by cancer, cardiovascular disease, type 2 diabetes and suicide – yet are less likely to ask for, or accept, help than women. Men born in England’s most deprived areas can expect to die

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

nearly 11 years earlier than men born in wealthy areas. Worse still, they will spend almost 15 years of their lives in poor health.

During the year, the government consulted on its first ever Men’s Health Strategy. To support this vital piece of work, the Trust interviewed community partners from its national network that specialise in men’s health to develop an evidence-based report that led to a valuable conversation with global employers such as Aviva, BT, Centrica, The Clancy Group, ITV, McGinley, Morrisroe and Nando's, at the Future of Men’s Health event, hosted for the Trust at Leathersellers’ Hall.

The discussion highlighted both the pressures facing workforces and the opportunities available for employers to create healthier, more supportive working environments. The Trust continues to work to bring government, business and communities together, and subsequently launched a Men’s Health Fund appeal in late 2025.

Objective 4: We will develop as a diverse, equitable and inclusive organisation and funder.

The Trust aims to be an active anti-racist and anti-oppression charity, challenging all forms of discrimination and oppression throughout the full scope of its work, and continues to deliver against the EDI Action Plan, including:

Board recruitment - There has been a turnover in trustees, and overall the number of trustees has decreased. Key diversity statistics for trustees in 2025 are as follows:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

In the previous year, a shadow trustee role was introduced as a route to developing new trustees. In this year, there was one shadow trustee, who has since been appointed to the board.

Key diversity statistics across the staff team (noting this is against a backdrop of a 47% reduction in staffing between the dates that the surveys were undertaken):

The staff and trustee diversity surveys were completed in September 2025. Ethnicity, gender, sexual orientation, disability and socio-economic data is set out in the table below:

FY 2024/25
All staff
%		 FY 2023/24
All staff
%
Ethnicity
Asian – East orSouth - 5.3
Asian Indian - 5.3
Black African 11.1 10.4
WhiteBritish 66.7 63.1
WhiteEnglish - 5.3
White Scottish - 5.3
White other 22.2 5.3
Gender
Female 55.6 63.2
Male 44.4 36.8
Sexual Orientation
Heterosexual 77.8 84.2
LGBT+ 22.2 10.5
Undeclared - 5.3
Disability
Disabled 11.1 5.3
NotDisabled 88.9 94.7
Educationlevel
Up to age18 - 10.5
Post age18 100.0 89.5
Post age18– first generation 66.7 58.8
Free schoolmeals
No 77.8 63.2
Yes - 10.5
Not applicable/don’tknow 22.2 26.3
Professional backgrounds 88.9 84.2
Intermediate backgrounds - 5.3
Lowersocio-economic backgrounds 10.5
Undeclared 11.1 -

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Enabler: Creating a strong organisation fit for the future and able to support greater health equity.

By 2025 we will have:

The ‘enabler’ underpins the four strategic objectives and sets out the Trust’s ambition to ensure it is a sustainable organisation with improved and diversified income, a strong people offer, a more representative team, board and panels, and a reduction in carbon emissions.

The Trust’s two main sources of income in the year were donations from the three CICs, which came to an end in January 2025, and investment income. Alongside this the Trust received other income in the year of £52,221 (2024 - £63,950).

2024/25 was a transitional year as the three-year Income Generation Strategy was developed, laying the foundations to diversify income in 2025/26 and subsequent years. The strategy sets out the following objectives:

In the year we:

o People

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

o Governance

The Trust continues its work as set out in the Climate Action Statement and Plan. In February 2025 the Trust submitted its second annual report under the Association of Charitable Foundations’ Funder Commitment on Climate Change. The Trust reported that it was proud of its role in New Philanthropy Capital’s (NPC) Everyone’s Environment collaboration where it partnered with and funded NPC for work including a research report into the present and future impact of the climate crisis on health inequalities in the UK. The programme of work has been wide-reaching across the social sector.

o Information Technology

o Safeguarding

o Customer Care

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Financial review

Financial position

A summary of the year’s results can be found on page 28 of the financial statements.

Total income in the year was £1,347,995 (2024 – £3,483,082) with income from donations totalling £934,999 (2024 – £2,987,913). The decrease is due primarily to the donations received from society lottery ticket sales coming to an end in January 2025.

The total expenditure in the year was £1,947,373 (2024 – £2,714,504) all of which related to charitable activities. Grants expended in the year, including grant commitments and research and evaluation contracts amounted to £574,916 (2024 – £1,075,081). Total expenditure included within this figure are costs of charitable activities (net of grants) of £1,063,718 (2024 - £1,298,061), support costs of £215,314 (2024 – £255,478) and governance costs of £93,425 (2024 – £85,884). Expenditure decreased in response to reduced income.

At 30 September 2025, the Trust had total funds of £6,878,589 (2024 – £7,412,101). £5,679,602 (2024 – £6,108,245) of this related to restricted funds, of which £84,803 has been allocated to specific programmes in the next financial year (2024 – £72,585) as set out in Note 17b. Restricted funds include a fund representing the total of the realised and unrealised gain in the value of investment assets since 30 September 2021. Total unrestricted funds were £1,198,987 (2024 – £1,303,856), of which £66,378 (2024 – £151,372) were designated funds. Full details of funds are included in note 17 on pages 42 to 44.

o Income

Total donation income received from the society lotteries from 1 October 2011 to 22 January 2025, amounted to £133,392,707 (2024 - £132,458,788). Total donation income for the year (including from other sources) amounted to £934,999 (2024 - £2,987,913).

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

opportunities that have the potential to increase income whilst remaining in line with the agreed policy.

o Investment policy

The Trust operates its investment activities in line with its current investment policy, which is intended to provide liquidity sufficient for the financing of the Trust’s grants whilst maximising investment income. The policy states:

With respect to responsible investment:

The Trust has considered its approach and responsibilities in relation to responsible investment and has determined that investments and returns on investments must never take priority over or come into conflict with the Trust’s charitable objects nor the fulfilment of operating expense obligations.

People’s Health Trust believes in a world without health inequalities. We work to ensure that where people live does not unfairly reduce length of life, or quality of health. We will not knowingly invest in companies whose activities, corporate strategies or products are poorly aligned with our aims and values.

We actively seek to take account of environmental, social and governance (ESG) issues when considering our investments, and in our engagement with the fund managers who are responsible for our day-to-day investment decisions.

When appointing fund managers we will expect them to conform with our values outlined above, and require them to explain their engagement and escalation process, including how it is monitored and the timelines along which decisions are taken. Managers will likely not be selected if they cannot provide their process for dealing with unsuccessful engagements, and if these do not include triggers for escalation and are not incorporated into wider stewardship processes. We have asked our fund managers to explain, justify and provide evidence of investment intentions.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

The policy was reviewed in November 2025, with no material changes being made.

Once again the Trust’s investment funds performed well overall and at the end of the financial year totalled in excess of the amount initially invested. The value of unrealised and realised gain on the investment fund as at 30 September 2025 was £125,110 (2024 - £59,244). The total gain was £65,866 (2024 - £301,928). The gain is disclosed as a specific restricted fund (see Note 17) and takes account of the sale of three of the Trust’s four longer term investments in the year. These investments were sold to ensure the Trust’s medium-term cash draw-down requirements are met, and in the wider context of concerns over market volatility.

The Trust did not make any new investments in 2024/25.

Principal risks and uncertainties

Risk management

The Trust’s approach to risk management is set out in the Risk Management Policy. This articulates the Trust’s underlying approach to risk management, documents the roles and responsibilities of the Board, staff, and other key parties. The Board is responsible for the oversight of the risks faced by the Trust. The Finance, Audit and Operations Committee (FAOC) and Leadership Team also regularly (both separately and together) review the risk register, to ensure that it reflects the current operating environment and that appropriate action is being taken to manage and mitigate risk.

The trustees ensure that financial procedures and systems exist, including controls for the key area of grant making. At each Board meeting, trustees examine the risks faced by the Trust and ensure there are established effective plans and systems to manage and implement mitigating controls for those risks.

Financial risk is minimised through regular and rigorous review procedures of the Trust’s activities by the Leadership Team, FAOC, and also at Board level.

Risk management processes assess risks based on their likelihood of occurrence, impact, and any mitigating controls that are in place. Each risk is allocated a pre and post mitigation score. Based on the score, risks are classified into low, medium, high, and very high risks. The high and very high risks represent the principal risks for the Trust. The process also seeks to identify any actions and resources required to manage these risks further.

The trustees have considered the principal risks and the key risks are as follows:

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Reserves policy and going concern

Reserves policy

The reserves policy for the charitable company states that the Trust will aim to maintain general reserves of at least 26 weeks’ running costs, which exclude grants and associated research and evaluation costs. As at 30 September 2025, the general reserves of £1,132,609 (2024 – £1,152,484) equated to 56.81 weeks’ running costs (2024 – 46.48 weeks), with the minimum of 26 weeks’ running costs equating to £518,330. The trustees consider the level of general reserves to be satisfactory at this point. The reserves policy is reviewed annually.

Going concern

With the cessation of donation income from the CICs and following a significant amount of partnership work, a three-year Income Generation Strategy with clear targets was agreed by the Board in 2025. By April 2026 the year 1 targets were exceeded and £2.3M of new income secured, demonstrating that the strategy is both realistic and deliverable.

The trustees consider that there is a reasonable expectation that People’s Health Trust has adequate resources to continue in operational existence for the foreseeable future. The trustees believe that there are no material uncertainties that call into doubt the charity’s ability to continue operating as a going concern.

Fundraising

The Trust undertakes fundraising from members of the public on a small scale. It is registered with the Fundraising Regulator and committed to following the highest fundraising standards. In the year there have been:

The Trust sets out to protect vulnerable people and other members of the public from unreasonable behaviour related to its fundraising by complying with the standards set by the Institute of Fundraising, managed by the Fundraising Regulator. The Trust is registered with the Information Commissioner’s Office and strives to be compliant with GDPR.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Plans for the future

For 2025/26, the Trust continues with its strategy with a clear focus on:

From February 2026, Trustees began developing the organisation’s new strategy effective from October 2026. The strategy will take account of the changes to the restricted geographical area funds in England, effective from January 2026 (see Note 20 on page 44). At the date of this report the details of those future activities are not yet fully developed and agreed.

♦ Budgets and Income

The Trustees have agreed a budget for the 2025/26 financial year. Integral to this planning process is the Trust’s three-year Income Generation Strategy, which sets out the range of opportunities to be explored in future years and the ways in which the Trust can positively leverage existing and new partnerships to further its charitable objects.

As part of the budget setting process income targets have been agreed that will both provide restricted funds for work directly with funded partners on health inequalities and also contribute to the funding of the Trust’s operational costs. There is a high level of confidence that they will be achieved.

Structure, governance and management

Constitution

The Trust is a charitable company limited by guarantee (Company No 06492606), incorporated on 4 February 2008 and registered as a charity (Charity No 1125537) with the Charity Commission on 15 August 2008 and with the Office for Scottish Charity Regulator (OSCR) (Charity No SC039848) on 4 September 2008. The charitable company is governed by the Articles of Association which set out its objects, powers and its governance arrangements. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1 each.

Trustees

Trustees may serve for three terms of three years. In exceptional circumstances they may serve a fourth additional term of up to 12 months. Trustees are re-appointed at the board meeting following the anniversary of each term. Trustees are based in various locations around England, Scotland and Wales.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

All trustees, who are also company directors, are non-executive members of the Board and committees. There are clear distinctions between the roles of Trustees and of the Leadership Team to whom day-to-day management is delegated.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

Within the year 2024/25, the Board held four meetings (one in person, three virtually). In addition, Board sub-groups were established to oversee the organisation’s future direction and restructure following the loss of the Health Lottery income.

Board Committees

Trustees are nominated for a committee by two trustees and voted onto the committee by a simple majority vote by the Board. The chair of the committee is a trustee and is nominated by two members of the Board, supported by a candidate statement, and is voted into position by a simple majority vote of the Board.

Finance, Audit and Operations Committee (FAOC):

The FAOC reports to and advises the Board on the key areas of audit, risk, finance (including investments), performance, HR, legal and safeguarding. The Committee’s terms of reference permit it to scrutinise officers’ reports, make decisions on investments within agreed parameters set by the Board, meet with the auditors, offer advice to the Leadership Team and make recommendations to the Board. Membership of this Committee was, on average, six trustees (one of whom is a qualified accountant) with one co-opted external member who brought relevant investment skills and experience to the Committee. The co-opted member, Martin Anderson, became a trustee in January 2025 and his status on the Committee therefore changed at that time. The Chair of the Trust attended Committee meetings as an ex-officio member, as did the shadow trustee, who became a committee member when her status changed to a trustee in November 2024. The Committee met five times within the financial year. At the meeting when the Financial Statements are approved members of FAOC meet the auditors without any staff in attendance.

Programmes Influencing and Impact Committee (PIIC):

The PIIC acts on behalf of the Board to provide advice and strategic oversight regarding the Trust’s policy, research (including learning and evaluation), networks, advocacy and communications work to the Leadership Team. It provides a level of support and scrutiny to ensure that the Trust’s work in research, policy and advocacy is strategic, progressing and impactful. The Committee’s average membership was seven trustees (one of whom chairs the Committee), there was no co-opted member. The Chair of the Trust attends the Committee meetings as an ex-officio member. Four meetings were held in the year.

Appointment of trustees

The Trust actively considers EDI in its recruitment process for Board members. Appointment is to positions where specific skills and/or experience is required. It is conducted through an open and competitive process unless there is a business case not to, i.e. recruitment has been unsuccessful. This is by exception and not the normal practice of the Trust.

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People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Trustee induction and training

New trustees are partnered with an existing Board member to support their induction into the organisation. They will also meet with the Leadership Team to discuss their statutory responsibilities, their role within the Board, the governance framework, the strategic objectives of the Trust and how the Board works.

The performance of the Board is periodically assessed through trustee meetings with the Chair or Vice Chair. Through this process, trustee development is regularly reviewed and determines developmental objectives.

Related parties and relationships with other organisations

The Trust’s key relationship in the year, up to January 2025, was with the three Community Interest Companies (CICs) which each run a society lottery under the marketing name of The Health Lottery. The CICs donated money for good causes arising from their lotteries to the Trust.

Remuneration policy for key management personnel

Key management personnel included the Leadership Team comprising the Chief Executive, four team directors (three from May 2025) and the Board of trustees. Trustees are not remunerated for their role as board members.

The Trust’s policy on remuneration is to ensure that pay offered to the Leadership Team is competitive when compared to other charity sector organisations (particularly funding organisations), geography, role and responsibility.

All Leadership Team salaries are reviewed by the Finance, Audit and Operations Committee (FAOC), which makes recommendations to the Board for approval. Any cost-of-living pay packages are recommended by the FAOC for Board agreement. The salaries are proposed and recommended based on benchmarking with other grant making charities and other information such as via recruitment agencies specialising in assessing the skills and expertise of a post, whilst also taking account of geography, Retail Price Index (RPI) and the sector.

The Leadership Team members do not receive any performance related pay or benefits-in-kind and have the same pension rights and annual leave as other staff employed in the charity. They may, as with all personnel, receive an annual cost-of-living pay rise. For the year 2024/25 the Leadership Team received the same percentage increase as other staff.

The Leadership Team members are reimbursed expenses incurred in the course of their duties on the same basis as all other employees of the Trust. Details of the total basic salary and pension benefits of the key management personnel are included in staff costs (note 7).

21

People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

Policy for employment of disabled persons

The Trust has been a Disability Confident Committed employer since March 2021 and all job applicants are encouraged to indicate their eligibility for the scheme. Only one vacancy was advertised externally in the year, and the role was not appointed to.

In 2024/25 11.0% members of staff who completed the survey identified as disabled (2024 – 5.3%). Disabled members of staff and those with long term health conditions are supported to be successful in their roles through a number of routes, including the statutory requirement for reasonable adjustments, providing individualised training and tools, and wellness support and planning.

Employee information

In the year 2024/25, the Trust operated with an average of 13.5 (2024 – 19.2) roles in the year. The decrease year on year is the result of the staff restructure in the spring of 2025. The staff team worked across four (three from May 2025) teams:

The Grants and Policy, Research and Communications teams merged in May 2025 into the Programmes and Influencing team.

The departments were each led by a member of the Leadership Team (LT) consisting of three (2.6 FTE) from May 2025. Prior to that date the LT consisted of four (3.1 FTE). All attend meetings of the Board and relevant committee meetings.

Statement of responsibilities of the trustees

The Trustees (who are also directors of People’s Health Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

22

People’s Health Trust

Trustees’ annual report

For the year ended 30 September 2025

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP was appointed as the charitable company's auditor during the year and has expressed its willingness to act in that capacity.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The Trustees’ Annual Report has been approved by the Trustees on 19 May 2026 and signed on their behalf by

Jenny Edwards CBE, Chair of Trustees

23

Independent auditor’s report

To the members of

People’s Health Trust

Opinion

We have audited the financial statements of People’s Health Trust (the ‘charitable company’) for the year ended 30 September 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and 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:

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 charitable company 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 People’s Health Trust’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.

24

Independent auditor’s report

To the members of

People’s Health Trust

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give

25

Independent auditor’s report

To the members of

People’s Health Trust

a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

26

Independent auditor’s report

To the members of

People’s Health Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor)

Date: 20 May 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

27

People's Health Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 September 2025

Note
Income from:
2
3
4
4
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net (expenditure)/ income before other
Net movement in funds
Total funds brought forward
Net gains on investments
Net (expenditure)/ income for the year
Total expenditure
Net (expenditure)/ income before net gains
on investments
Charitable activities
Supporting greater health equity
Awareness and communications
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities		 Unrestricted
£
1,080
32,221
48,683		 Restricted
£
933,919
20,000
312,092		 2025
Total
£
934,999
52,221
360,775		 Unrestricted
£
-
63,950
55,074		 Restricted
£
2,987,913
-
376,145		 2024
Total
£
2,987,913
63,950
431,219
81,984 1,266,011 1,347,995 119,024 3,364,058 3,483,082
186,853
-		 1,377,040
383,480		 1,563,893
383,480		 65,319
-		 2,181,567
467,618		 2,246,886
467,618
186,853 1,760,520 1,947,373 65,319 2,649,185 2,714,504
-
(104,869)		 65,866
(494,509)		 65,866
(599,378)		 -
53,705		 301,928
714,873		 301,928
768,578
(104,869)
-		 (428,643)
-		 (533,512)
-		 53,705
(65,000)		 1,016,801
65,000		 1,070,506
-
(104,869) (428,643) (533,512) (11,295) 1,081,801 1,070,506
(104,869)
1,303,856		 (428,643)
6,108,244		 (533,512)
7,412,101		 (11,295)
1,315,151		 1,081,801
5,026,443		 1,070,506
6,341,595
1,198,987 5,679,601 6,878,589 1,303,856 6,108,244 7,412,101

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the financial statements.

28

People's Health Trust

Balance sheet

Balance sheet Balance sheet
As at 30 September 2025 Company no. 06492606
Note
£
Fixed assets:
11
12
Current assets:
13
64,931
4,358,081
4,423,012
Liabilities:
14
(948,437)
15
16/17
66,378
1,132,609
Total unrestricted funds
Total assets less current liabilities
Restricted income funds
Unrestricted income funds:
Designated funds
Debtors
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Total net assets
Creditors: amounts falling due after one year

Investments
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 2025
£
2,081
3,562,855		 £
271,004
2,973,392		 2024
£
4,351
6,827,682
3,564,936
3,474,575		 6,832,033
1,012,917
3,244,396
(2,231,479)
151,372
1,152,484
7,039,511
(160,922)		 7,844,950
(432,849)
6,878,589 7,412,101
5,679,602
1,198,987		 6,108,245
1,303,856
6,878,589 7,412,101

Approved by the trustees on 19 May 2026 and signed on their behalf by

Jenny Edwards Chair of Trustees

29

People's Health Trust

Statement of cash flows

For the year ended 30 September 2025

Cash flows from operating activities
Net (expenditure)/ income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Loss on sale of fixed assets
(Gains) on investments
Dividends, interest and rent from investments
(Increase)/Decrease in debtors
(Decrease) in creditors
Net cash provided by / (used in) operating activities
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Net cash provided by / (used in) investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments		 £
£
£
£
(533,512)
1,070,506
2,270
2,270
-
-
(65,866)
(301,928)
(360,775)
(431,219)
206,073
(33,860)
(1,554,969)
(2,926,908)
(2,306,779)
(2,621,139)
360,775
431,219
3,330,693
-
3,691,468
431,219
1,384,689
(2,189,920)
2,973,392
5,163,312
4,358,081
2,973,392
2025
2024		 £
£
£
£
(533,512)
1,070,506
2,270
2,270
-
-
(65,866)
(301,928)
(360,775)
(431,219)
206,073
(33,860)
(1,554,969)
(2,926,908)
(2,306,779)
(2,621,139)
360,775
431,219
3,330,693
-
3,691,468
431,219
1,384,689
(2,189,920)
2,973,392
5,163,312
4,358,081
2,973,392
2025
2024
(2,621,139)
431,219
(2,189,920)
5,163,312
2,973,392

30

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

1 Accounting policies

a) Statutory information

People's Health Trust is a charitable company limited by guarantee and is incorporated in England and Wales.

People's Health Trust is an incorporated charity registered with the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

The registered office address is c/o Sayer Vincent, 110 Golden Lane, London, EC1Y 0TG

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Key judgements that the charity has made which have a significant effect on the accounts include:

The accounts are prepared as full values however are presented to the nearest £1. This may cause small discrepancies in the financial statements.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

Since the end of the financial year the Board has agreed a detailed budget to 30 September 2026, with broader financial planning for the financial year 2026/27 also in place. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

31

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

1 Accounting policies (continued)

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Research and Evaluation

Research and evaluation is undertaken to establish the impact of grants awarded in furtherance of the charity's objects, either as a grant to an eligible organisation or a contract where VAT is applicable.

Provision for research and evaluation is made in full for a grant award when the intention to make a grant has been communicated to the recipient, and in accordance with the contractual arrangements where VAT is applied.

l) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

� Supporting greater health equity 87%

� Awareness and communications 13%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

m) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

32

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

1 Accounting policies (continued)

n) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £3,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

3 years

o) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

p) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

r) Cash at bank and in hand

Cash at bank and cash 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.

s) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

t) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

u) Pensions

The Trust operates a defined contribution group personal pension scheme for employees. Annual contributions by the Trust in respect of the group personal pension scheme available to staff members are charged to the statement of financial activities in the period in which they are payable. Employer pension contributions of 6% are made for all employees in the pension scheme.

33

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

2
Income from donations and legacies
3
Other
Investments
Deposits
Donations from Society Lotteries
Income from investments		 Unrestricted
£
-
1,080		 £
933,919
-
Restricted		 2025
Total
£
933,919
1,080		 Unrestricted
£
-
-		 £
2,987,913
-
Restricted		 2024
Total
£
2,987,913
-
1,080 933,919 934,999 - 2,987,913 2,987,913
Unrestricted
£
-
48,683		 £
184,985
127,107
Restricted		 2025
Total
£
184,985
175,790		 Unrestricted
£
-
55,074		 £
271,122
105,023
Restricted		 2024
Total
£
271,122
160,097
48,683 312,092 360,775 55,074 376,145 431,219

34

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

4a Analysis of expenditure (current year)

Staff costs (Note 7)
Consultancy
Travel and accommodation costs
Office Costs
Premises and technology
Other costs
Professional fees
Grants and evaluation work (Note 5)
Research Contracts
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Charitable activities Charitable activities Governance
costs
£
20,506
-
4,047
21,000
3,613
-
44,259
-
-
Support costs
£
215,314
-
-
-
-
-
-
-
-
215,314
(215,314)
-
-
-		 2025
Total
2024
Total
£
£
1,025,305
1,216,563
-
7,038
6,185
17,580
59,247
60,997
195,390
254,394
42,071
56,878
44,259
25,973
512,692
992,398
62,224
82,683
1,947,373
2,714,504
-
-
-
1,947,373
2,714,504
Supporting
greater health
equity
£
553,665
-
2,055
38,247
124,655
1,752
-
512,692
62,224
1,295,290
187,323
81,280
1,563,893
2,246,886		 Awareness and
communications
£
235,820
-
83
-
67,122
40,319
-
-
-
343,344
27,991
12,145		 93,425
-
(93,425)
383,480 -
467,618 -

35

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

4b Analysis of expenditure (prior year)

Staff costs (Note 7)
Consultancy
Travel and accommodation costs
Office Costs
Premises and technology
Other costs
Professional fees
Grants and evaluation work (Note 5)
Research Contracts
Support costs
Governance costs
Total expenditure 2024		 Charitable activities Charitable activities Governance
costs
£
24,331
-
7,712
16,620
11,248
-
25,973
-
-
Support costs
£
255,478
-
-
-
-
-
-
-
-
255,478
(255,478)
-
-		 2024
Total
£
1,216,563
7,038
17,580
60,997
254,394
56,878
25,973
992,398
82,683
Supporting
greater health
equity
£
656,944
7,038
8,444
44,302
158,045
1,757
-
990,688
82,683
1,949,901
222,266
74,719
2,246,886		 Awareness and
communications
£
279,810
-
1,424
75
85,101
55,121
-
1,710
-
423,241
33,212
11,165		 85,884
-
(85,884)		 2,714,504
-
-
467,618 - 2,714,504

36

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

5a Grant making (current year)

Grant making (current year)
At the end of the year
Cost
Supporting greater health equity
Awareness and Communications		 Grants
committed
£
512,692
-		 2025
£
512,692
-		 2024
£
990,688
1,710
512,692 512,692 992,398

The Trust funds projects addressing the circumstances that affect life expectancy and quality of health (the social and economic determinants of health). The Trust operated two main grant programmes in 2024/25.

Data on grants awarded is available from our website: https://www.peopleshealthtrust.org.uk/projects-we-fund/360giving. This page links to details of all grants awarded by People’s Health Trust from December 2012 until 30 September 2025.

5b Grant making (prior year)

Grant making (prior year)
Cost
Supporting greater health equity
Awareness and Communications
At the end of the year		 Grants committed
£
990,688
1,710		 2024
£
990,688
1,710
992,398 992,398

The Trust funds projects addressing the circumstances that affect life expectancy and quality of health (the social and economic determinants of health). The Trust operated two main grant programmes.

6 Net (expenditure)/ income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2025 2024
£ £
Depreciation 2,270 2,270
Operating lease rentals payable:
Property 112,410 135,000
Auditor's remuneration (excluding VAT):
Audit 14,850 13,850
Other services - -

37

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Termination costs
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Temporary staff and contractor costs		 2025
£
715,637
87,268
42,563
86,495
93,342		 2024
£
996,583
111,745
63,686
39,812
4,737
1,025,305 1,216,563

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

insurance) during the year between:
2025 2024
No. No.
£60,000 - £69,999 - 1
£70,000 - £79,999 - 1
£80,000 - £89,999 1 1
£110,000 - £119,999 1 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £360,018 (2024: £439,965).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £3,497 (2024: £6,111) incurred by 10 (2024: 10) members relating to attendance at meetings of the trustees.

The charity also purchased insurance to protect it from any loss arising from the neglect or defaults of its trustees, employees and agents and to indemnify the trustees or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £2,010 (2024: £7,707) and provides cover of up to a maximum of £5 million. The premium for 2024 provided cover for additional potential organisational losses which are covered under a separate policy in this financial year.

8 Staff numbers

Staff are split across the activities of the charity as follows:

Full time equivalent Headcount
2025 2024 2025 2024
No. No. No. No.
Charitable activities 9.4 14.8 10 16
Support 4.1 4.4 4 5
13.5 19.2 14 21

38

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

9 Related party transactions

There are no related party transactions to disclose for this financial year (2024: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Expenses paid or reimbursed to the charity's trustees are disclosed in Note 7.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets

Tangible fixed assets
Charge for the year
At the start of the year
Eliminated on disposal
At the end of the year
Disposals in year
Depreciation
Net book value
At the end of the year
At the start of the year
At the start of the year
At the end of the year
Cost		 IT and office
equipment
£
21,354
(8,820)		 Total
£
21,354
(8,820)
12,534 12,534
17,003
2,270
(8,820)		 17,003
2,270
(8,820)
10,453 10,453
2,081 2,081
4,351 4,351

39

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

For the year ended 30 September 2025
12
13
14
15
Accrued income and prepayments
Property fund
Fair value at the start of the year
Mixed asset funds
Investments comprise:
Net gain / (loss) on change in fair value
Fair value at the end of the year
Investments
Creditors: amounts falling due within one year
Accruals
Trade creditors
Society lotteries
Creditors: amounts falling due after one year
Grants payable
Taxation and social security
Grants payable
Debtors
Proceeds on Disposal		 2025
£
6,827,682
(3,330,693)
65,866		 2024
£
6,525,754
-
301,928
3,562,855
3,562,855		 6,827,682
6,827,682
2025
£
-
3,562,855		 2024
£
648,848
6,178,834
3,562,855 6,827,682
2025
£
64,931
-		 2024
£
156,947
114,057
64,931 271,004
2025
£
7,782
25,859
878,887
35,909		 2024
£
19,562
35,780
2,119,136
57,001
948,437 2,231,479
2025
£
160,922		 2024
£
432,849
160,922 432,849

40

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

16a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Long term liabilities
Net assets at 30 September 2024
Tangible fixed assets
Long term liabilities
Investments
Net current assets
Tangible fixed assets
Net assets at 30 September 2025
Analysis of net assets between funds (prior year)
Investments
Net current assets		 General
unrestricted
£
-
-
1,132,609
-		 Designated
£
2,081
-
64,297
-		 Restricted
£
-
3,562,855
2,277,669
(160,922)		 Total funds
£
2,081
3,562,855
3,474,575
(160,922)
1,132,609 66,378 5,679,602 6,878,589
General
unrestricted
£
-
-
1,152,484
-		 Designated
£
4,351
-
147,021
-		 Restricted
£
-
6,827,682
(286,588)
(432,849)		 Total funds
£
4,351
6,827,682
1,012,917
(432,849)
1,152,484 151,372 6,108,245 7,412,101

16b Analysis of net assets between funds (prior year)

41

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

17a Movements in funds (current year)

Kurt and Magda Stern Foundation
Total restricted funds
Total designated funds
General funds
Total funds
Total unrestricted funds
Fixed asset replacement
Fixed assets
Unrestricted funds:
Business development
Unrealised and realised gain on
investment fund
Geographical area funds
Operating costs funds
Website
Designated funds:
Restricted funds:
Network events		 At 1 October
2024
£
5,820,881
228,120
59,244
-		 Income &
gains
£
481,181
764,831
65,866
20,000		 Expenditure
& losses
£
(747,570)
(992,951)
-
(20,000)		 Transfers
£
-
-
-
-		 At 30
September
2025
£
5,554,492
125,110
-
6,108,245 1,331,878 (1,760,521) - 5,679,602
4,351
126,500
12,131
2,144
6,246		 -
-
-
-
-		 (2,270)
(42,490)
(1,234)
-
-		 -
(39,000)
-
-
-		 2,081
45,010
10,897
2,144
6,246
151,372 - (45,994) (39,000) 66,378
1,152,484 81,984 (140,859) 39,000 1,132,609
1,303,856 81,984 (186,853) - 1,198,987
7,412,101 1,413,862 (1,947,374) - 6,878,589

The narrative to explain the purpose of each fund is given at the foot of the note below.

42

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

17b Movements in funds (prior year)

Total restricted funds
Total designated funds
General funds
Business development
Network events
Restricted funds:
Health CICs
Geographical area funds
Operating costs funds
Unrealised loss on investment fund
Fixed assets
Website
Fixed asset replacement
Unrestricted funds:
Total unrestricted funds
Total funds

Designated funds:		 At 1 October
2023
£
5,247,055
20,363
(242,684)
1,710		 Income &
gains
£
1,582,197
1,781,861
301,928
-		 Expenditure
& losses
£
(1,073,371)
(1,574,104)
-
(1,710)		 Transfers
£
65,000
-
-
-		 At 30
September
2024
£
5,820,881
228,120
59,244
-
5,026,444 3,665,986 (2,649,185) 65,000 6,108,245
6,621
23,490
13,368
5,966
6,246		 -
-
-
-
-		 (2,270)
(30,639)
(1,237)
(3,822)
-		 -
133,649
-
-
-		 4,351
126,500
12,131
2,144
6,246
55,691 - (37,968) 133,649 151,372
1,259,460 119,024 (27,351) (198,649) 1,152,484
1,315,151 119,024 (65,319) (65,000) 1,303,856
6,341,595 3,785,010 (2,714,504) - 7,412,101

The transfer of £65,000 from General funds to Geographical area funds corrects an accounting error in a prior financial period .

Purposes of restricted funds

Geographical area funds:

Funds arose from donations by 3 separate community interest companies (CIC) (2024 – 6), each of which donated good causes monies raised through individual society lotteries. Each CIC focuses upon a specific community of geographical interest and each fund is restricted for use (after reasonable operating costs) for onward donation as grants to charities and community groups within that CICs area for the purpose of supporting greater health equity.

No restricted fund was in deficit (2024: none). Of the geographical area funds balance of £5,553,568 at 30 September 2025 (2024 – £5,820,881), the following amounts were allocated for specific grant programmes in the next financial year as follows:

Operating costs funds:

Funds arise from donations by 3 separate community interest companies (2024 – 6) for supporting greater health equity nongrant expenditure, supplemented by investment income.

Health CICs:

The Trust received £50,000 in 2020 to support its work with networks. The fund was spent down in 2024.

Kurt and Magda Stern Foundation:

The Trust received £20,000 in the year to support its 'Standing Together' research on the health impact on communities of

43

People's Health Trust

Notes to the financial statements

For the year ended 30 September 2025

Purposes of designated funds

The fixed assets fund represents:

Business development represents: �

Network events represents: �

Website represents:

Fixed Asset Replacement represents:

18 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

Less than one year 2025
2024
£
£
13,230
108,000
13,230
108,000
Property		 2025
2024
£
£
13,230
108,000
13,230
108,000
Property
13,230 108,000

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

20 Post balance sheet events

After the end of the financial year, effective from 8 January 2026, 16 of the restricted geographical area funds relating to England were merged into a single ‘Health Equity England’ fund, with the value of the Wales and Scotland funds unchanged.

44