Charity registration number SC042544 (Scotland)
Company registration number SC404041
POSTCODE GREEN TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
POSTCODE GREEN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Directors | Jonathan Hughes |
|---|---|
| Belinda Bramley | |
| Elizabeth Thomas | |
| Ian Edwards | |
| Andrew Fairbairn | |
| Executive Manager | Laura Chow |
| Charity number (Scotland) | SC042544 |
| Company number | SC404041 |
| Gambling Licence numbers | Non remote: 000-030268-N-311788 |
| Remote: 000-030268-R-311787 | |
| Registered office | 28 Charlotte Square |
| Edinburgh | |
| Scotland | |
| EH2 4ET | |
| Independent auditors | PricewaterhouseCoopers LLP |
| Edinburgh Atria One | |
| PwC LLP Atria One | |
| 144 Morrison Street | |
| Edinburgh | |
| EH3 8EX | |
| United Kingdom | |
| Bankers | Lloyds PLC |
| 39 Threadneedle Street | |
| London | |
| UK | |
| EC2R 8AU | |
| Santander | |
| 301 St Vincent Street | |
| Glasgow | |
| UK | |
| G2 5HN | |
| Solicitors | MacRoberts LLP |
| 10 George Street | |
| Edinburgh | |
| UK | |
| EH2 2PF |
POSTCODE GREEN TRUST
CONTENTS
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Page(s)
Directors' report 1 - 7
Independent auditors' report to the members and trustees of Postcode Green Trust 8 - 11
Statement of financial activities including income and expenditure account 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 21
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POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their annual report and audited financial statements for the year ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Company's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
Postcode Green Trust has a vision of a future rich in wildlife, nature and biodiverse habitats where communities are empowered to participate in conservation. The Trust will help to reverse the decline of nature by restoring lost or degraded habitats and by enabling people and communities to experience the full benefits of a healthy environment.
Postcode Green Trust mission is to promote conservation and protection of wildlife and habitats by encouraging
enjoyment and promoting access to the outdoors.
The Trust supports charities and good causes with those purposes through grant funding for charitable activities across Great Britain and Internationally. The Trust will provide funding to charities who:
- promote or advance environmental protection or improvement by supporting activities which: promote the conservation and protection of native wildlife and its habitats encourage the enjoyment and appreciation of the natural environment promote access and involvement in the outdoors and active living.
Postcode Green Trust is solely funded by the proceeds of its society lottery and awards grants to good causes and charities that protect wildlife by engaging with people to enjoy nature and the outdoors. People won’t protect what they don’t know.
Postcode Green Trust operates its own society lottery which is regulated by the Gambling Commission under certificate 030268-N-311788-015 and 030268-R-311787-014. The Trust engages Postcode Lottery Limited (PLL), trading as Postcode Lottery, as its External Lottery Manager.
Grant making policy
The Trust team research a selection of potential grant beneficiaries with aims in line with the objects of the Trust, the current funding strategy and budget. This selection is presented to the Directors, who make recommendations to invite charities to apply. Once applications are received, the Directors make a final decision of who to support.
Funds are awarded in order to support sustainable long-term partnerships. At the point of application an indicative award amount is communicated. The final award is decided by the Directors on approval of the application.
The Trust awards unrestricted, flexible funding on an annual basis to each regular, supported charity. Funds are awarded to support sustainable, long-term partnerships, with a formal review after three years. Where our long-term partners are able to demonstrate impact aligned to our values and subject to the availability of funding, we will seek to provide uplifts over time where possible to enable them to do even more to create a better world.
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Where funding allows, at the discretion of the trust, one-off awards may be offered for: a special project which meets the thematic and geographic priorities of the Trust; building capacity for long-term growth or organisation strengthening and sustainability additional support in emergency situations or to tackle specific needs; working in partnership with other funders on collaborative approaches to maximise impact
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1 -
POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Achievements and performance
Significant activities and achievements against objectives
In 2025, we were able to fund 11 charities working in Great Britain through and internationally through environmental issues. These were:
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Trees for Cities - Environmental Conservation & Protection
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The Woodland Trust - Environmental Conservation & Protection
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Royal Botanic Garden Edinburgh - Environmental Conservation & Protection The Royal Parks - Environmental Conservation & Protection
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Royal Botanic Gardens, Kew - Environmental Conservation & Protection Forum for the Future - Environmental Conservation & Protection
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Surfers Against Sewage - Environmental Conservation & Protection
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Climate Outreach - Environmental Conservation & Protection The Rivers Trust - Environmental Conservation & Protection The Wildlife Trusts - Environmental Conservation & Protection Royal Voluntary Service - Health, Sport & Wellbeing
Case Study: Surfers Against Sewage
Surfers Against Sewage is a UK-wide environmental charity campaigning to create a pollution-free ocean where people and nature thrive. It works across England, Scotland, Wales and Northern Ireland, mobilising communities to tackle sewage, plastic and chemical pollution. Their work combines grassroots activism, citizen science, public campaigning and strategic policy influence.
Flexible funding from Postcode Green Trust enables Surfers Against Sewage to act quickly on time-sensitive campaigning and policy opportunities. It supports major programmes to end sewage pollution, including advocacy around the upcoming Water Reform Bill and reforms to Bathing Water Regulations, as well as community-led citizen science initiatives. Flexible funding also underpins national plastics campaigning, including the Million Mile Clean and People vs Plastic programmes, which combine public mobilisation with policy advocacy. In addition, it supports essential behind-the-scenes work such as digital systems, data, governance and organisational change that strengthen campaigning impact.
In 2025, funding supported significant policy influence, including sustained engagement with the Independent Water Commission and contributions that helped shape recommendations for the forthcoming Water Bill. Fourteen communities were supported to apply for Bathing Water status in England, contributing to regulatory changes such as the removal of automatic de-designation after poor water quality results. Flexible funding also enabled largescale public action on plastic pollution, with 18 Plastic Protest events, over 2,100 pupils taking part in Trash Mob clean-ups and more than 55 tonnes of pollution removed through the Million Mile Clean. These activities helped amplify public voices, strengthen community capacity and drive systemic change on ocean pollution.
Financial review
The Directors are closely monitoring performance and remain confident in the resilience of the subscription model to protect the Trust’s revenues and amounts raised for good causes in 2025 and beyond.
All funds received from proceeds of Postcode Lottery relating to Postcode Green Trust have been included in the financial statements. This amounted to £43,034,624 (2024: £25,917,606). Of this, and included in expenditure on raising funds, 40%: £17,213,850 (2024: 40%: £10,367,042) is given out as prizes and 28%: £11,982,893 (2024: 27%: £6,997,754) is retained by our External Lottery Manager which is Postcode Lottery Limited. The remaining 32%: £13,837,881 (2024: 33%: £8,552,810) is managed by Postcode Green Trust. Postcode Green Trust promoted twelve draws during 2025 (2024: twelve draws).
£8,258,974 (2024: £9,100,000) was given out in grants for charitable activities in the year with £142,071 (2024: £79,769) of costs to support these activities. Of this, £7,322 (2024: £8,136) was included in Governance Costs.
Directors consider new beneficiaries of funds regularly, depending on the level of funds forecast to be received in
the year.
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POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Going concern
These financial statements have been prepared on the going concern basis which assumes that the charity will continue its operations. With having a single source of income, the Directors remain confident in the resilience of the subscription model of Postcode Lottery to protect the Trust income. In the event of a substantial change in circumstances significantly reducing revenue, the Trust holds sufficient cash reserves to ensure it can continue operations for the foreseeable future.
The Trust only awards grants once there is a level of certainty in the income due to be received. With any downturn in income, the Trust is in a position to adjust grant levels accordingly to ensure that the Trust remains to be a going concern.
The Directors consider it appropriate to prepare financial statements on a going concern basis.
Reserves policy
As a company limited by guarantee with no fixed assets, reserves are set according to budgeted income and against obligations for continuous funding for supported charities. It is intended to mitigate against uncertainty relating to cash flow, to ensure that there are sufficient reserves to cover any financial shortfalls, to react to unexpected situations, to protect the Trust’s activities if expected income is not received and to retain continuity in relation to expected grant awards.
The Trust’s sole income is generated by its society lottery operated by its External Lottery Manager, Postcode Lottery.
We aim to hold financial reserves at a minimum of 25% of the annual provisional funding commitments, and a maximum of £500,000 above the minimum level within general funds. We acknowledge that from time to time the Trust’s funding strategies and activities may require the Trust’s reserves to exceed the maximum level or fall below the minimum level noted.
The Trust only awards grants once there is a level of certainty in the income due to be received. With any downturn in income, the Trust is in a position to adjust grant levels accordingly to ensure that the Trust remains to be a going concern.
At 31 December 2025, reserves were at £8,715,894 of which £8,715,894 related to general reserves. This is an increase in general reserves of £6,204,849 from the prior year. This level is above the reserves policy and will be used to fund charities during 2026.
Major risks
The Directors have a risk management strategy which comprises:
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evaluation and review of risks to the Trust and its External Lottery Manager (ELM) at each Audit & Risk Committee meeting, and full Board meeting against the Risk Register;
-
the Risk Register will be managed on a day-to-day basis by the Trust executive management team and they will establish systems and procedures to mitigate these risks;
-
in the event of a risk rising above ‘high’ the Directors must implement procedures to manage any potential impact.
This strategy has identified the following key risks:
-
Risk of the Government changing the law in relation to Society Lotteries. A review of the law relating to Society Lotteries is on-going, and both Directors and the Trust executive management team keep up to date with any information in relation to this.
-
Risk of losing Gambling Licence due to non-compliance with the Gambling Commission Licence Conditions and Code of Practice (LCCP). Again, this is managed by adhering closely to the LCCP and being aware of anticipated changes to guidance and keeping abreast of industry best practice.
-
Risk of dependence on one source of income and this income being lost. If the income were to reduce, this would be on a gradual basis. The Trust executive management team receive daily reports regarding ticket sales, so would be aware of any issues very quickly and these would be communicated to Directors.
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POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Plans for future periods
With having a single source of income, the Directors remain confident in the resilience of the subscription model of Postcode Lottery to protect the Trust income. In the event of a substantial change in circumstances significantly reducing revenue, the Trust holds sufficient cash reserves to ensure it can continue operations for the foreseeable future.
In order for the Trust to fulfil its vision of a future rich in wildlife, nature and biodiverse habitats where communities are empowered to participate in conservation, in the next three years prioritisation will be given to charities that promote wildlife protection, recognise the mental and physical health benefits from access to nature and take an inclusive approach to participation and engagement.
We explore how the work of our partner charities is aligned to the Sustainable Development Goals and continuously review how we can complement support from government, corporate and other funders to create change. We include support for advocacy in our work.
The Trust intends to fund supported charities during 2026, increasing the award levels many of them will receive and potentially funding a few one-off awards.
Structure, governance and management
Governance
Postcode Green Trust is a company limited by guarantee, constituted by the Memorandum and Articles of Association and is governed by its elected Directors. New Directors are elected at twice yearly meetings and a Director shall hold office for a maximum period of four years from the date of appointment and shall then retire. Such person shall not again be appointed as a Director unless the Directors resolve that there are exceptional circumstances in that such individual possesses specific or unique skills and expertise, experience or ability of significant value to the Company. In such circumstances, a retiring Director may, if willing to act, be re-appointed by the Directors for a second and final term of a maximum of four years and shall at the end of that second term retire altogether so that no Director shall hold office as Director for more than eight years in total.
The Directors who served during the year and up to the date of signature of the financial statements were: Jonathan Hughes Belinda Bramley Elizabeth Thomas Ian Edwards Andrew Fairbairn
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POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Recruitment and appointment of directors
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No person shall be appointed or re-appointed as Director at any general meeting unless: he/she is recommended by the Directors; or
-
not less than fourteen or more than thirty-five clear days before the date appointed for the meeting, notice executed by a member qualified to vote at the meeting has been given to the Company of the intention to propose that person for appointment or re-appointment together with notice executed by that person of his willingness to be appointed or reappointed.
-
not less than seven nor more than twenty-eight clear days before the date appointed for holding a general meeting notice shall be given to all who are entitled to receive notice of the meeting of any person who is recommended by the Directors for appointment or re-appointment as a Director at the meeting or in respect of whom notice has been duly given to the Company of the intention to propose him at the meeting for appointment or re-appointment as a Director. The notice shall give the particulars of that person which would, if he were so appointed or re-appointed, be required to be included in the Company’s register of Directors.
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the Company may by Ordinary Resolution appoint a person who is willing to act to be a Director either to fill a vacancy or as an additional Director.
-
the Directors may appoint a person who is willing to be a Director, either to fill a vacancy or as an additional Director, provided the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles as the maximum number of Directors.
Unless otherwise determined by ordinary resolution, the number of Directors shall not be subject to any maximum but shall not be less than three. The Board of Directors shall at all times comprise a majority of non-remunerated Directors.
Organisational structure
The business of Postcode Green Trust is managed by the Directors who exercise all the powers of the Company. No alteration of the memorandum or articles and no such direction shall invalidate any prior act of the Directors. The Directors ultimately decide the procedures for selection of projects and the amounts of grants involved. Directors meet formally twice a year. These are chaired and fully minuted to discuss and decide the following:
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Management of the Trust’s Society Lottery, including social responsibility and current management by the Trust’s External Lottery Manager
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Applications received
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Outcomes of completed projects
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Progress of current funding
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New funding streams/programmes Review of finances
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Review of risk register Any other business
The Directors of Postcode Green Trust engage Postcode Lottery Limited (who operate under brand name Postcode Lottery) as their external lottery manager.
The Trust engaged MacRoberts LLP as its solicitor to use in all cases where legal services are required.
Induction and training of directors
Directors receive an induction handbook covering all relevant policies, procedures and any other relevant information. They also have the opportunity for yearly training and continued professional development.
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POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Staff Structure
The Board of Directors appointed an Executive Manager of Postcode Green Trust to oversee the day-to-day administration of the Trust. The Executive Manager is responsible for strategy advice and the day-to-day operations of Postcode Green Trust. The Manager appointed the Trust team to undertake day-to-day activities including the following:
Screening of all funding proposals;
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Assessing complete applications and providing short summaries for the Directors to make decisions; Management of Director meetings including consultation of Directors where desirable or needed; Management of marketing/communication on behalf of the Trust including websites, newsletters, publicity etc.
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The Trust finance team provide financial management services for Postcode Green Trust including the following: Management of the bank account which will receive payments direct from Postcode Lottery Limited; Monthly financial updates including income position, breakdown of costs, and awards made; Making payments to recipient projects;
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Reporting of lottery proceeds to Gambling Commission.
As part of services provided as outlined in the Services Agreement that exists between the Trust and Postcode Lottery Limited, staff mentioned above are employed by Postcode Lottery Limited. Salaries for key management personnel are determined by the Directors of Postcode Lottery Limited.
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POSTCODE GREEN TRUST
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Statement of directors’ responsibilities in respect of the financial statements
The trustees (who are also directors of Postcode Green Trust for the purposes of company law) are responsible for preparing the Annual Report And Financial Statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).
Under company law, directors 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 company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2019);
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state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; make judgements and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.
The directors are responsible for the maintenance and integrity of the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors’ confirmations
In the case of each director in office at the date the directors’ report is approved:
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so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and
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they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
The Directors' report was approved by the Board of Directors.
Jonathan Hu g hes Chair
8 June 2026
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POSTCODE GREEN TRUST
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS AND TRUSTEES OF POSTCODE GREEN TRUST
Report on the audit of the financial statements
Opinion
In our opinion, Postcode Green Trust’s financial statements ("the financial statements”):
-
give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
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have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation of The Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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POSTCODE GREEN TRUST
INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF POSTCODE GREEN TRUST
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.
With respect to the Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 and The Charities Accounts (Scotland) Regulations 2006 (as amended) require us also to report certain opinions and matters as described below.
Directors’ Report
In our opinion, based on the work undertaken in the course of the audit the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Directors’ Report has been prepared in accordance with applicable legal requirements.
In addition, in light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in Directors’ Report. We have nothing to report in this respect.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors' responsibilities in respect of the financial statements, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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 directors 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under section 44(1) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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POSTCODE GREEN TRUST
INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF POSTCODE GREEN TRUST
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- enquiring of management and the directors to identify any instances of non-compliance with laws and regulations, fraud or inappropriate use of charitable funds; understanding the approach taken by management and the directors to monitor compliance with laws and regulations, and to prevent fraud or inappropriate use of charitable funds; validating, for a sample of charitable payees, that appropriate and sufficient evidence over bank details was obtained by management, and that proper controls are in place over payee details; and testing that payments recorded within the financial statements can be traced to appropriate supporting documentation.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the charitable company’s members and directors as a body in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and the Companies Act 2006 and regulations made under those Acts (regulation 10 of The Charities Accounts (Scotland) Regulations 2006 (as amended) and Chapter 3 of Part 16 of the Companies Act 2006) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
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POSTCODE GREEN TRUST
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF POSTCODE GREEN TRUST
Other required reporting
Matters on which we are required to report by exception
Under the Companies Act 2006 and The Charities Accounts (Scotland) Regulations 2006 (as amended) we are required to report to you if, in our opinion:
we have not obtained all the information and explanations we require for our audit; or
- adequate and proper accounting records have not been kept by the charitable company or returns adequate for our audit have not been received from branches not visited by us; or
certain disclosures of directors’ remuneration specified by law are not made; or
the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies’ regime and take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.
Thomas Kendall (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 8 June 2026
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POSTCODE GREEN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
| Unrestricted Unrestricted funds funds general designated 2025 2025 Note £ £ |
Unrestricted Unrestricted funds funds general designated 2025 2025 Note £ £ |
Unrestricted Unrestricted funds funds general designated 2025 2025 Note £ £ |
Unrestricted Unrestricted funds funds general designated 2025 2025 Note £ £ |
Total Unrestricted Unrestricted |
Total Unrestricted Unrestricted |
Total Unrestricted Unrestricted |
Total 2024 £ 25,917,606 138,551 26,056,157 |
|---|---|---|---|---|---|---|---|
| funds funds general designated |
funds funds general designated |
||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Income from: | |||||||
| Other trading activities 3 |
43,034,624 | ~~-~~ | 43,034,624 | 25,917,606 | ~~-~~ | ||
| Investments 4 |
184,224 | ~~-~~ | 184,224 | 138,551 | ~~-~~ | ||
| Total income 43,218,848 Expenditure on: Raising funds 5 (29,212,954) Charitable activities 6 (7,801,045) Total expenditure (37,013,999) Net income/(expenditure) and movement in funds 6,204,849 |
|||||||
| 43,218,848 | ~~-~~ | 26,056,157 | ~~-~~ | ||||
| (7,801,045) | (600,000) | (8,401,045) | (8,279,769) | (900,000) | (9,179,769) | ||
| (900,000) (26,550,509) |
|||||||
| 6,204,849 | |||||||
| (600,000) | 405,648 | (900,000) | (494,352) | ||||
| 3,605,397 3,111,045 |
|||||||
| Reconciliation of funds: | |||||||
| Fund balances at 1 January | 2,511,045 | 600,000 | 3,111,045 | 2,105,397 | 1,500,000 | ||
| Fund balances at 31 December |
|||||||
| 8,715,894 | ~~-~~ | 8,715,894 | 2,511,045 | 600,000 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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POSTCODE GREEN TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2025
| Note Current assets |
2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| 4,892,192 8,733,850 13,626,042 (4,910,148) |
8,715,894 | 85,610 3,104,993 3,190,603 (79,558) |
||
| Debtors 11 |
||||
| Cash at bank and in hand Creditors: amounts falling due within one year 12 |
||||
| Net current assets | 3,111,045 | |||
| The funds of the Company | ||||
| Unrestricted funds - general 13 Unrestricted funds - designated 14 |
8,715,894 - 8,715,894 |
2,511,045 | ||
| 600,000 | ||||
| 3,111,045 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 12 to 21 were approved by the Board of Directors on 8 June 2026
Jonathan Hughes Chair
Company registration number SC404041 (Scotland)
- 13 -
POSTCODE GREEN TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 17 Investing activities |
2025 | 2025 | 2024 £ £ (631,445) 138,551 138,551 (492,894) 3,597,887 3,104,993 |
2024 £ £ (631,445) 138,551 138,551 (492,894) 3,597,887 3,104,993 |
|---|---|---|---|---|
| £ | £ | £ | ||
| 184,224 | 5,444,633 184,224 5,628,857 3,104,993 8,733,850 |
138,551 | ||
| (631,445) | ||||
| 138,551 | ||||
| Bank interest | ||||
| Net cash generated from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
||||
| (492,894) | ||||
| 3,597,887 3,104,993 |
- 14 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
Charity information
Postcode Green Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 28 Charlotte Square, Edinburgh, EH2 4ET, Scotland.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Company is a Public Benefit Entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
These financial statements have been prepared on the going concern basis which assumes that the charity will continue its operations. With having a single source of income, the Directors remain confident in the resilience of the subscription model of Postcode Lottery to protect the Trust income. In the event of a substantial change in circumstances significantly reducing revenue, the Trust holds sufficient cash reserves to ensure it can continue operations for the foreseeable future.
The Trust only awards grants once there is a level of certainty in the income due to be received. With any downturn in income, the Trust is in a position to adjust grant levels accordingly to ensure that the Trust remains to be a going concern.
The Directors consider it appropriate to prepare financial statements on a going concern basis.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives.
Designated funds are unrestricted funds earmarked by the Directors for particular purposes.
1.4 Income
Income is recognised when the charity has entitlement to the funds, when it is probable that the income will be received, and the amount can be measured reliably. Income from other trading activities include gross proceeds from the sale of Lottery tickets before deduction of up to 40% of proceeds for prizes and up to 30% for operations costs.
1.5 Expenditure
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the statement of financial activities.
Grants awarded are recognised in full in the year in which they are approved.
The expenditure on raising funds consist of direct expenditure including prize monies as well as operational costs including marketing and PR.
- 15 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash at bank and in hand includes cash and highly liquid short-term investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Interest on funds is recognised when the charity has entitlement to the funds, when it is probable that the income will be received, and the amount can be measured reliably.
1.7 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.
Basic financial assets
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
Basic financial liabilities
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a 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.
2 Critical accounting estimates and judgements
The preparation of the financial statements requires judgement, estimates and assumptions to be made that affect the reported values of assets, liabilities revenues and expenses. The charity has not identified any area where critical estimates are required.
The charity has made a judgement that they are acting as principal for the draws carried out by Postcode Lottery Limited.
3 Income from other trading activities
| Unrestricted funds 2025 £ |
Unrestricted funds 2025 £ |
Unrestricted funds 2025 2024 % £ 100.00% 25,917,606 (40.00)% (10,367,042) (27.84)% (6,997,754) 32.16% 8,552,810 |
Unrestricted funds 2025 2024 % £ 100.00% 25,917,606 (40.00)% (10,367,042) (27.84)% (6,997,754) 32.16% 8,552,810 |
|
|---|---|---|---|---|
| 2024 | ||||
| % | ||||
| Total proceeds 43,034,624 |
100.00% | |||
| Prizes (17,213,850) Operational costs (11,982,893) |
(40.00)% | |||
| (6,997,754) | (27.00)% | |||
| Lottery fund allocation | 13,837,881 | 8,552,810 | 33.00% |
- 16 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
4 Income from investments
| Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 184,224 138,551 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 184,224 138,551 |
Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 184,224 138,551 |
|---|---|---|
| funds | ||
| 2024 | ||
| £ | ||
| 138,551 | ||
| 5 Expenditure on raising funds |
||
| Unrestricted Unrestricted funds funds 2025 2024 £ £ Fundraising and publicity Prizes 17,213,850 10,367,042 Operational Costs 11,982,893 6,997,754 Gambling Commission 16,211 5,944 29,212,954 17,370,740 6 Expenditure on charitable activities Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Direct costs Grant funding of activities (see note 7) 8,258,974 9,100,000 Share of support and governance costs (see note 8) Support 134,749 71,633 Governance 7,322 8,136 8,401,045 9,179,769 Analysis by fund Unrestricted funds - general 7,801,045 8,279,769 Unrestricted funds - designated 600,000 900,000 8,401,045 9,179,769 |
||
| 2024 | ||
| £ | ||
| 9,100,000 | ||
| 71,633 | ||
| 8,136 | ||
| 9,179,769 | ||
| 8,279,769 | ||
| 900,000 | ||
| 9,179,769 |
- 17 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
7 Grants payable
| Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Grants to institutions (11 grants): Type of project Trees for Cities Environmental Conservation & Protection 300,000 300,000 The Woodland Trust Environmental Conservation & Protection 3,000,000 3,000,000 Royal Botanic Garden Edinburgh Environmental Conservation & Protection 900,000 900,000 The Royal Parks Environmental Conservation & Protection 900,000 900,000 Fauna & Flora International Environmental Conservation & Protection - 1,500,000 Royal Botanic Gardens, Kew Environmental Conservation & Protection 900,000 900,000 Forum for the Future Environmental Conservation & Protection 400,000 400,000 Surfers Against Sewage Environmental Conservation & Protection 300,000 300,000 Climate Outreach Environmental Conservation & Protection 250,000 250,000 The Rivers Trust Environmental Conservation & Protection 350,000 350,000 The Big Give Environmental Conservation & Protection - 300,000 The Wildlife Trusts Environmental Conservation & Protection 600,000 - Royal Voluntary Service Health, Sport & Wellbeing 358,974 - 8,258,974 9,100,000 |
Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Grants to institutions (11 grants): Type of project Trees for Cities Environmental Conservation & Protection 300,000 300,000 The Woodland Trust Environmental Conservation & Protection 3,000,000 3,000,000 Royal Botanic Garden Edinburgh Environmental Conservation & Protection 900,000 900,000 The Royal Parks Environmental Conservation & Protection 900,000 900,000 Fauna & Flora International Environmental Conservation & Protection - 1,500,000 Royal Botanic Gardens, Kew Environmental Conservation & Protection 900,000 900,000 Forum for the Future Environmental Conservation & Protection 400,000 400,000 Surfers Against Sewage Environmental Conservation & Protection 300,000 300,000 Climate Outreach Environmental Conservation & Protection 250,000 250,000 The Rivers Trust Environmental Conservation & Protection 350,000 350,000 The Big Give Environmental Conservation & Protection - 300,000 The Wildlife Trusts Environmental Conservation & Protection 600,000 - Royal Voluntary Service Health, Sport & Wellbeing 358,974 - 8,258,974 9,100,000 |
Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Grants to institutions (11 grants): Type of project Trees for Cities Environmental Conservation & Protection 300,000 300,000 The Woodland Trust Environmental Conservation & Protection 3,000,000 3,000,000 Royal Botanic Garden Edinburgh Environmental Conservation & Protection 900,000 900,000 The Royal Parks Environmental Conservation & Protection 900,000 900,000 Fauna & Flora International Environmental Conservation & Protection - 1,500,000 Royal Botanic Gardens, Kew Environmental Conservation & Protection 900,000 900,000 Forum for the Future Environmental Conservation & Protection 400,000 400,000 Surfers Against Sewage Environmental Conservation & Protection 300,000 300,000 Climate Outreach Environmental Conservation & Protection 250,000 250,000 The Rivers Trust Environmental Conservation & Protection 350,000 350,000 The Big Give Environmental Conservation & Protection - 300,000 The Wildlife Trusts Environmental Conservation & Protection 600,000 - Royal Voluntary Service Health, Sport & Wellbeing 358,974 - 8,258,974 9,100,000 |
|---|---|---|
| 2024 | ||
| £ | ||
| Grants to institutions (11 grants): Type of project |
||
| Trees for Cities Environmental Conservation & Protection |
300,000 | |
| The Woodland Trust Environmental Conservation & Protection |
3,000,000 | |
| Royal Botanic Garden Edinburgh Environmental Conservation & Protection |
900,000 | |
| The Royal Parks Environmental Conservation & Protection |
900,000 | |
| Fauna & Flora International Environmental Conservation & Protection |
1,500,000 | |
| Royal Botanic Gardens, Kew Environmental Conservation & Protection |
900,000 | |
| Forum for the Future Environmental Conservation & Protection |
400,000 | |
| Surfers Against Sewage Environmental Conservation & Protection |
300,000 | |
| Climate Outreach Environmental Conservation & Protection |
250,000 | |
| The Rivers Trust Environmental Conservation & Protection |
350,000 | |
| The Big Give Environmental Conservation & Protection |
300,000 | |
| The Wildlife Trusts Environmental Conservation & Protection |
- | |
| Royal Voluntary Service Health, Sport & Wellbeing |
- | |
| 9,100,000 |
- 8 Support costs allocated to activities
----- Start of picture text -----
2025 2024
£ £
Cost recharges 69,303 65,339
----- End of picture text -----
| Cost recharges | 69,303 | 65,339 |
|---|---|---|
| Travel | 500 | 324 |
| Consultancy | 9,666 | 600 |
| Bank charges | 21 | 31 |
| Events | 2,904 | 1,763 |
| Subscriptions | 3,714 | 2,157 |
| Insurance | 1,561 | 1,419 |
| Public Relations | 40,157 | - |
| Conferences | 6,923 | - |
| Governance costs | 7,322 | 8,136 |
| 142,071 | 79,769 | |
| Analysed between: | ||
| Expenditure on charitable activities | 142,071 | 79,769 |
- 18 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
| 8 Support costs allocated to activities |
(Continued) | (Continued) | (Continued) |
|---|---|---|---|
| Governance costs comprise: Audit fees Accountancy Legal and professional |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| 6,049 | 6,492 | ||
| ~~-~~ | 630 | ||
| 1,273 | 1,014 | ||
| 7,322 | 8,136 |
Cost recharges include salary, property and office costs incurred by the Postcode Lottery Limited which are recharged to the Trust under a Services Agreement.
| 9 Net movement in funds |
2025 | 2024 |
|---|---|---|
| The net movement in funds is stated after charging: Fees payable for the audit of the charity's financial statements |
£ | £ |
| 6,049 | 6,492 | |
| 10 Staff costs |
No Directors received remuneration during the year (2024: £nil).
Two Directors received reimbursement of travel expenses totalling £330 during the year (2024: £324). No directors received reimbursement of Gambling Commission PML fees. (2024: £123). Directors’ indemnity insurance costing £1,561 (2024: £1,419) was purchased in the year.
The charity has no employees (2024: none). All services of individuals were obtained from Postcode Lottery Limited and invoiced to the charity. The amount attributable to key management personnel and recharged through the Services Agreement during the year was £3,146 (2024: £2,942).
| 11 Debtors Amounts falling due within one year: Other debtors 12 Creditors: amounts falling due within one year |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| 4,892,192 | 85,610 | |
| Trade creditors Other creditors Accruals and deferred income |
2025 | 2024 |
| £ | £ | |
| 41,258 | 5,943 | |
| 4,862,842 | 67,693 | |
| 6,048 | 5,922 | |
| 4,910,148 | 79,558 |
- 19 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
13 Unrestricted funds - general
| At 1 January 2025 £ |
At 1 January 2025 £ |
Incoming resources Resources expended |
Incoming resources Resources expended |
At 31 December 2025 |
|---|---|---|---|---|
| 2025 | ||||
| £ | £ £ |
£ | ||
| 43,218,848 (37,013,999) |
||||
| General funds | 2,511,045 | 8,715,894 | ||
| Previous year: At 1 January 2024 £ |
Incoming resources |
Resources expended |
At 31 December 2024 |
|
| £ | £ | £ | ||
| General funds 2,105,397 |
26,056,157 (25,650,509) |
2,511,045 |
14 Unrestricted funds - designated
These are unrestricted funds which are material to the Company's activities.
----- Start of picture text -----
At 1 January Resources At 31
2025 expended December
2025
£ £ £
-
Designated 600,000 (600,000)
Previous year: At 1 January Resources At 31
2024 expended December
2024
£ £ £
Designated 1,500,000 (900,000) 600,000
2025 opening designated funds comprise:
Climate Outreach £250,000.
The Rivers Trust £350,000.
----- End of picture text -----
These charities were awarded these funds during 2025.
- 20 -
POSTCODE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
15 Analysis of net assets between funds
| Unrestricted Unrestricted funds funds general designated 2025 2025 £ £ |
Unrestricted Unrestricted funds funds general designated 2025 2025 £ £ |
Unrestricted Unrestricted funds funds general designated 2025 2025 £ £ |
Total |
|---|---|---|---|
| funds funds general designated |
|||
| 2025 | 2025 | 2025 | |
| £ | £ | £ | |
| Fund balances at 31 December 2025 are represented by: | |||
| Current assets | 8,715,894 | ~~-~~ | 8,715,894 |
| 8,715,894 ~~-~~ Unrestricted Unrestricted funds funds general designated 2024 2024 £ £ |
|||
| 8,715,894 | ~~-~~ | 8,715,894 | |
| Total | |||
| funds funds general designated |
|||
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Fund balances at 31 December 2024 are represented by: | |||
| Current assets | 2,511,045 | 600,000 | 3,111,045 |
| 2,511,045 | 600,000 | 3,111,045 |
16 Related party transactions
Postcode Lottery Limited is considered to be a related party.
During 2025 £11,982,893 (2024: £6,997,754) was retained by Postcode Lottery Limited as their external lottery management fee.
A Services Agreement also exists between Postcode Green Trust and Postcode Lottery Limited, whereby staff costs and running expenses of the Trusts are paid by Postcode Lottery Limited. All staff are employed by Postcode Lottery Limited, and the total of these costs are recharged on a monthly basis. In the year to 31 December 2025 £69,303 (2024: £65,339) was due to Postcode Lottery Limited, with £41,258 (2024: £5,731) being outstanding at the year end.
----- Start of picture text -----
17 Cash generated from/(absorbed by) operations 2025 2024
£ £
Surplus/(deficit) for the year 5,604,849 (494,352)
Adjustments for:
Bank interest (184,224) (138,551)
Movements in working capital:
Increase in debtors (4,806,582) (28,802)
Increase in creditors 4,830,590 30,260
Cash generated from/(absorbed by) operations 5,444,633 (631,445)
----- End of picture text -----
- 21 -