2025-12-31-accounts

Charity registration number SC043779 (Scotland) Company registration number SC441725

POSTCODE JUSTICE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

POSTCODE JUSTICE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Directors	Chupa Phiri
	Sanjay Singh
	Ross Miller
	Rob Stoneman
	Lang Banks
Executive Manager	Laura Chow
Charity number (Scotland)	SC043779
Company number	SC441725
Gambling Licence numbers	Non remote: 000-034774-N-316264
	Remote: 000-034774-R-316263
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
Solicitors	MacRoberts LLP
	10 George Street
	Edinburgh
	UK
	EH2 2PF

POSTCODE JUSTICE TRUST

CONTENTS

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Page(s)
Directors' report 1 - 7
Strategic report 8
Independent auditors' report to the members and trustees of Postcode Justice Trust 9 - 12
Statement of financial activities including income and expenditure account 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 23
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POSTCODE JUSTICE 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 Justice Trust has a vision of a world that is a peaceful and just society, defending and upholding the rights of humans, wildlife and our planet.

Postcode Justice Trust’s mission is to improve lives by delivering justice, human rights and equality.

The Trust supports charities and good causes with the following grant purposes through grant funding for charitable activities across Great Britain and Internationally. The Trust promotes:

• the advancement of education;

• the advancement of health;

• the advancement of citizenship or community development; the advancement of public participation in sport; the advancement of human rights, conflict resolution or reconciliation; and the promotion of equality and diversity.

Postcode Justice Trust is solely funded by the proceeds of its society lottery and awards grants to good causes and charities that focus on reducing inequality, defending human rights in the UK and abroad, tackling modern slavery and investigating abuses of power related to corruption, wildlife and the environment.

Postcode Justice Trust operates its own society lottery which is regulated by the Gambling Commission under certificate 034774-N-316264-011 and 034774-R-316263-011. 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.

• 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

• 1 -

POSTCODE JUSTICE 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 16 charities working in Great Britain and internationally through Justice. These were: The Sentry - Equality, Education & Human Rights

• Thomson Reuters Foundation - Equality, Education & Human Rights Amnesty International - Equality, Education & Human Rights Global Witness - Equality, Education & Human Rights Helen Bamber Foundation - Equality, Education & Human Rights Human Rights Watch - Equality, Education & Human Rights Liberty - Equality, Education & Human Rights

• Peace Direct - Equality, Education & Human Rights Plan International - Equality, Education & Human Rights

• Women for Women International - Equality, Education & Human Rights Reprieve - Equality, Education & Human Rights

• Clooney Foundation for Justice - Equality, Education & Human Rights Royal Voluntary Service - Health, Sport & Wellbeing Wildlife Justice Commission - Equality, Education & Human Rights BBC Children in Need - Equality, Education & Human Rights Hope & Homes for Children - Equality, Education & Human Rights

Case Study: Reprieve

Reprieve is a legal action non-governmental organisation fighting to end the death penalty and extreme human rights abuses carried out in the name of “counter-terrorism” or “national security”, such as torture, arbitrary imprisonment, and extra-judicial killing. This is done through conducting in-depth investigations, litigating strategically important cases, providing free legal assistance and engaging policy-makers through tailored advocacy.

Funding from Postcode Justice Trust allowed Reprieve to support one of the fastest-moving resentencing projects in the world. In Malaysia, a 2023 law change abolishing the mandatory death penalty led to thousands of cases being eligible for resentencing. Reprieve trained 300 local lawyers in order to work through these cases, leading to over 95% avoiding the death penalty.

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 Justice Trust have been included in the financial statements. This amounted to £48,972,527 (2024: £48,955,478). Of this, and included in expenditure on raising funds, 40%: £19,589,011 (2024: 40%: £19,582,191) is given out as prizes and 28%: £13,586,127 (2024: 27%: £13,217,979) is retained by our External Lottery Manager which is Postcode Lottery Limited. The remaining 32%: £15,797,389 (2024: 33%: £16,155,308) is managed by Postcode Justice Trust. Postcode Justice Trust promoted twelve draws during 2025 (2024: twelve draws).

£17,258,974 (2024: £16,600,000) was given out in grants for charitable activities in the year with £138,486 (2024: £75,033) of costs to support these activities. Of this, £8,000 (2024: £7,506) 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.

• 2 -

POSTCODE JUSTICE 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 £4,200,820 of which £4,200,820 related to general reserves. This is a decrease in general reserves of £1,043,784 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:

• 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.

• 3 -

POSTCODE JUSTICE 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 peaceful and just society that defends and upholds the rights of humans, wildlife and our planet, in the next three years prioritisation will be given to: gender and climate justice; support for victims of human trafficking and child slavery (including child soldiers and child marriage); investigations in environmental justice and the wildlife trade; and media freedom. Priority will also be given to organisations that are actively working to tackle power imbalances in the international development/human rights system and ensure justice is led by local communities and civil society.

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 Justice 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: Chupa Phiri Sanjay Singh Ross Miller Rob Stoneman Lang Banks

• 4 -

POSTCODE JUSTICE TRUST

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Recruitment and appointment of directors

• 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.

• 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 Justice 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:

• Management of the Trust’s Society Lottery, including social responsibility and current management by the Trust’s External Lottery Manager

• Applications received

• Outcomes of completed projects Progress of current funding New funding streams/programmes Review of finances Review of risk register Any other business

The Directors of Postcode Justice 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.

• 5 -

POSTCODE JUSTICE TRUST

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Staff Structure

The Board of Directors appointed an Executive Manager of Postcode Justice 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 Justice Trust.

• The Manager appointed the Trust team to undertake day-to-day activities including the following: Screening of all funding proposals;

• 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.

• The Trust finance team provide financial management services for Postcode Justice 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;

• 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.

• 6 -

POSTCODE JUSTICE 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 Justice 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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2019);

• 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

• 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:

• so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware; and

• 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.

Ross Miller Chair

8 June 2026

• 7 -

POSTCODE JUSTICE TRUST

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their strategic report on the Trust for the year ended 31 December 2024.

Business Review

The description under the headings "Achievements and performance" meet the company law requirements for the Directors to present a strategic report.

Performance Analysis and Financial KPIs

The description under the headings "Financial review" meet the company law requirements for the Directors to present a strategic report.

Key Business Objectives and Strategy

The description under the headings "Objectives and activities" meet the company law requirements for the Directors to present a strategic report.

Principal Risks and Uncertainties

The description under the headings "Financial review" meet the company law requirements for the Directors to present a strategic report.

On behalf of the board

Ross Miller

Director

8 June 2026

• 8 -

POSTCODE JUSTICE TRUST

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS AND TRUSTEES OF POSTCODE JUSTICE TRUST

Report on the audit of the financial statements

Opinion

In our opinion, Postcode Justice 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;

• 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

• have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of The Charities Accounts (Scotland) Regulations 2006 (as amended).

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2025; the statement of financial activities including income and expenditure account and the statement of cash flows for the year then ended and the notes to the financial statements, comprising material accounting policy information and other explanatory information.

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.

• 9 -

POSTCODE JUSTICE TRUST

INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF POSTCODE JUSTICE 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 Report 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.

Strategic report and Directors’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Directors’ Report, including the Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Strategic report and Directors’ report 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 the Strategic report and 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 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.

• 10 -

POSTCODE JUSTICE TRUST

INDEPENDENT AUDITORS' REPORT (CONTINUED) TO THE MEMBERS AND TRUSTEES OF POSTCODE JUSTICE 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.

Based on our understanding of the charitable company, we identified that the principal risks of non-compliance with laws and regulations related to UK Company Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of The Charities Accounts (Scotland) Regulations 2006 (as amended). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inappropriate use of charitable funds, for example through fraudulent application for awards. Audit procedures performed included:

• 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.

• 11 -

POSTCODE JUSTICE TRUST

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE MEMBERS AND TRUSTEES OF POSTCODE JUSTICE 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.

Thomas Kendall (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 8 June 2026

• 12 -

POSTCODE JUSTICE 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 £ £	Unrestricted Unrestricted funds funds general designated 2025 2025 Note £ £	Total Unrestricted Unrestricted	Total Unrestricted Unrestricted	Total Unrestricted Unrestricted	Total 2024 £ 48,955,478 347,578 49,303,056
	funds funds general designated					funds funds general designated
	2025		2025		2025	2024	2024
	£		£		£	£	£
Income from:
Other trading activities 3	48,972,527			~~-~~	48,972,527	48,955,478	~~-~~
Investments 4	278,774			~~-~~	278,774	347,578	~~-~~
Total income 49,251,301 Expenditure on: Raising funds 5 (33,197,625) Charitable activities 6 (17,097,460) Total expenditure (50,295,085) Net (expenditure)/income (1,043,784) Transfers between funds ~~-~~ Net movement in funds 9 (1,043,784)
	49,251,301			~~-~~		49,303,056	~~-~~
			(300,000) (17,397,460) (14,675,033)				(2,000,000) (16,675,033)
							(2,000,000) (49,484,442)
	(1,043,784)		(300,000)			1,818,614	(2,000,000)	(181,386)
								-
		~~-~~	~~-~~			(100,000)	100,000
	(1,043,784)		(300,000)			1,718,614	(1,900,000)	(181,386)
								5,725,990 5,544,604
Reconciliation of funds:
Fund balances at 1 January	5,244,604		300,000		5,544,604	3,525,990	2,200,000
Fund balances at 31 December					4,200,820
	4,200,820		~~-~~			5,244,604	300,000

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 13 -

POSTCODE JUSTICE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2025

Note Current assets	2025	2025	2024	2024
	£	£	£	£
		3,641,878 5,538,459 9,180,337 (3,635,733) 4,200,820
Debtors 11
Net current assets				5,544,604
The funds of the Company
Unrestricted funds - general 13 Unrestricted funds - designated 14		4,200,820 - 4,200,820		5,244,604
				300,000
				5,544,604

The financial statements on pages 13 to 23 were approved by the Board of Directors on 8 June 2026

Ross Miller Chair

Company registration number SC441725 (Scotland)

• 14 -

POSTCODE JUSTICE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

Notes Cash flows from operating activities Cash absorbed by operations 17 Investing activities	2025	2024 £ £ (531,030) 347,578 347,578 (183,452) 5,721,911 5,538,459	2024 £ £ (531,030) 347,578 347,578 (183,452) 5,721,911 5,538,459
	£ £	£
	(1,093,439) 278,774 278,774 (814,665) 5,538,459 4,723,794	347,578
			(531,030)
			347,578
Bank interest
Net cash generated from investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year
			(183,452)
			5,721,911 5,538,459

• 15 -

POSTCODE JUSTICE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Postcode Justice 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.

• 16 -

POSTCODE JUSTICE 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% 48,955,478 (40.00)% (19,582,191) (27.74)% (13,217,979) 32.26% 16,155,308	Unrestricted funds 2025 2024 % £ 100.00% 48,955,478 (40.00)% (19,582,191) (27.74)% (13,217,979) 32.26% 16,155,308
				2024
				%
Total proceeds 48,972,527				100.00%
Prizes (19,589,011) Operational costs (13,586,127)				(40.00)%
				(27.00)%
Lottery fund allocation	15,797,389		16,155,308	33.00%

• 17 -

POSTCODE JUSTICE 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 278,774 347,578	Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 278,774 347,578	Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 278,774 347,578
		funds
		2024
		£
		347,578
5 Expenditure on raising funds
Unrestricted Unrestricted funds funds 2025 2024 £ £ Fundraising and publicity Prizes 19,589,011 19,582,191 Operational Costs 13,586,127 13,217,979 Gambling Commission 22,487 9,239 33,197,625 32,809,409 6 Expenditure on charitable activities Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Direct costs Grant funding of activities (see note 7) 17,258,974 16,600,000 Share of support and governance costs (see note 8) Support 130,486 67,527 Governance 8,000 7,506 17,397,460 16,675,033 Analysis by fund Unrestricted funds - general 17,097,460 14,675,033 Unrestricted funds - designated 300,000 2,000,000 17,397,460 16,675,033
		2024
		£
		16,600,000
		67,527
		7,506
		16,675,033
		14,675,033
		2,000,000
		16,675,033

• 18 -

POSTCODE JUSTICE 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 (16 grants): Type of grant The Sentry Equality, Education & Human Rights 1,100,000 1,100,000 Thomson Reuters Foundation Equality, Education & Human Rights 1,500,000 1,100,000 Amnesty International Equality, Education & Human Rights 3,000,000 3,000,000 Global Witness Equality, Education & Human Rights 1,200,000 1,100,000 Helen Bamber Foundation Equality, Education & Human Rights 700,000 600,000 Human Rights Watch Equality, Education & Human Rights 1,200,000 1,100,000 Liberty Equality, Education & Human Rights 900,000 900,000 Peace Direct Equality, Education & Human Rights 1,100,000 1,100,000 Plan International Equality, Education & Human Rights 3,000,000 3,000,000 Women for Women International Equality, Education & Human Rights 1,100,000 1,100,000 Reprieve Equality, Education & Human Rights 500,000 500,000 Media Development Investment Fund Equality, Education & Human Rights - 100,000 Clooney Foundation for Justice Equality, Education & Human Rights 500,000 - Royal Voluntary Service Health, Sport & Wellbeing 358,974 - BBC Children in Need Equality, Education & Human Rights 500,000 - Human Dignity Trust Equality, Education & Human Rights - 450,000 Wildlife Justice Commission Equality, Education & Human Rights 300,000 450,000 Hope & Homes for Children Equality, Education & Human Rights 300,000 300,000 West Africa Civil Society Institute Equality, Education & Human Rights - 200,000 Durham University Equality, Education & Human Rights - 500,000 17,258,974 16,600,000	Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Grants to institutions (16 grants): Type of grant The Sentry Equality, Education & Human Rights 1,100,000 1,100,000 Thomson Reuters Foundation Equality, Education & Human Rights 1,500,000 1,100,000 Amnesty International Equality, Education & Human Rights 3,000,000 3,000,000 Global Witness Equality, Education & Human Rights 1,200,000 1,100,000 Helen Bamber Foundation Equality, Education & Human Rights 700,000 600,000 Human Rights Watch Equality, Education & Human Rights 1,200,000 1,100,000 Liberty Equality, Education & Human Rights 900,000 900,000 Peace Direct Equality, Education & Human Rights 1,100,000 1,100,000 Plan International Equality, Education & Human Rights 3,000,000 3,000,000 Women for Women International Equality, Education & Human Rights 1,100,000 1,100,000 Reprieve Equality, Education & Human Rights 500,000 500,000 Media Development Investment Fund Equality, Education & Human Rights - 100,000 Clooney Foundation for Justice Equality, Education & Human Rights 500,000 - Royal Voluntary Service Health, Sport & Wellbeing 358,974 - BBC Children in Need Equality, Education & Human Rights 500,000 - Human Dignity Trust Equality, Education & Human Rights - 450,000 Wildlife Justice Commission Equality, Education & Human Rights 300,000 450,000 Hope & Homes for Children Equality, Education & Human Rights 300,000 300,000 West Africa Civil Society Institute Equality, Education & Human Rights - 200,000 Durham University Equality, Education & Human Rights - 500,000 17,258,974 16,600,000
	2024
	£
Grants to institutions (16 grants): Type of grant
The Sentry Equality, Education & Human Rights	1,100,000
Thomson Reuters Foundation Equality, Education & Human Rights	1,100,000
Amnesty International Equality, Education & Human Rights	3,000,000
Global Witness Equality, Education & Human Rights	1,100,000
Helen Bamber Foundation Equality, Education & Human Rights	600,000
Human Rights Watch Equality, Education & Human Rights	1,100,000
Liberty Equality, Education & Human Rights	900,000
Peace Direct Equality, Education & Human Rights	1,100,000
Plan International Equality, Education & Human Rights	3,000,000
Women for Women International Equality, Education & Human Rights	1,100,000
Reprieve Equality, Education & Human Rights	500,000
Media Development Investment Fund Equality, Education & Human Rights	100,000
Clooney Foundation for Justice Equality, Education & Human Rights	-
Royal Voluntary Service Health, Sport & Wellbeing	-
BBC Children in Need Equality, Education & Human Rights	-
Human Dignity Trust Equality, Education & Human Rights	450,000
Wildlife Justice Commission Equality, Education & Human Rights	450,000
Hope & Homes for Children Equality, Education & Human Rights	300,000
West Africa Civil Society Institute Equality, Education & Human Rights	200,000
Durham University Equality, Education & Human Rights	500,000
	16,600,000

• 19 -

POSTCODE JUSTICE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

8 Support costs allocated to activities

----- Start of picture text -----
2025 2024
£ £
Cost recharges 64,429 61,244
Travel 707 272
Consultancy 9,666 600
Bank charges 50 72
Events 2,904 1,763
Subscriptions 4,089 2,157
Insurance 1,561 1,419
Public Relations 40,157 -
Conferences 6,923 -
Governance costs 8,000 7,506
138,486 75,033
Analysed between:
Expenditure on charitable activities 138,486 75,033
2025 2024
Governance costs comprise: £ £
Audit fees 6,727 6,492
Legal and professional 1,273 1,014
8,000 7,506
----- End of picture text -----

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	6,727	6,492

10 Staff costs

No Directors received remuneration during the year (2024: £nil).

Three Directors received reimbursement of travel expenses totalling £537 during the year (2024: £272). No directors received reimbursement of Gambling Commission PML fees (2024: £93). 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).

• 20 -

POSTCODE JUSTICE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

11 Debtors Amounts falling due within one year: Other debtors 12 Creditors: amounts falling due within one year
	2025	2024
	£	£
	1,947,645	3,641,878
Trade creditors Other creditors Accruals and deferred income	2025	2024
	£	£
	39,915	5,571
	2,424,657	3,624,240
	6,047	5,922
	2,470,619	3,635,733

13 Unrestricted funds

At 1 January 2025 £	At 1 January 2025 £	Incoming resources Resources expended	Incoming resources Resources expended	Transfers	At 31 December 2025
	£	£ £		£	£
General funds	5,244,604	49,251,301 (50,295,085)		~~-~~	4,200,820
Previous year: At 1 January 2024 £		Incoming resources
			Resources	Transfers	At 31 December 2024
			expended
		£	£	£	£
General funds 3,525,990		49,303,056 (47,484,442)		(100,000)	5,244,604

• 21 -

POSTCODE JUSTICE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14 Unrestricted funds - designated

These are unrestricted funds which are material to the Company's activities.

At	1 January 2025 Resources expended	1 January 2025 Resources expended	Transfers At 31 December 2025	Transfers At 31 December 2025
		expended
	£	£	£	£
Designated	300,000	(300,000)	~~-~~	-
Previous year: At	1 January Resources		Transfers At 31 December 2024
	2024 expended
	£ £		£ £
	2,200,000 (2,000,000)
Designated			100,000 300,000

2025 opening designated funds comprise:

£300,000 for Hope & Homes for Children. The charity was awarded these funds during 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	4,200,820	~~-~~	4,200,820
4,200,820 ~~-~~ Unrestricted Unrestricted funds funds general designated 2024 2024 £ £
	4,200,820	~~-~~	4,200,820
			Total
	funds funds general designated
	2024	2024	2024
	£	£	£
Fund balances at 31 December 2024 are represented by:
Current assets	5,244,604	300,000	5,544,604
	5,244,604	300,000	5,544,604

• 22 -

POSTCODE JUSTICE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

16 Related party transactions

Postcode Lottery Limited is considered to be a related party.

During 2025 £13,586,127 (2024: £13,217,979) was retained by Postcode Lottery Limited as their external lottery management fee.

A Services Agreement also exists between Postcode Justice 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 £64,429 (2024: £61,244) was due to Postcode Lottery Limited, with £39,237 (2024: £5,359) being outstanding at the year end.

17 Cash absorbed by operations 2025 2024 £ £ Deficit for the year (1,343,784) (181,386) Adjustments for: Bank interest (278,774) (347,578) Movements in working capital: Decrease in debtors 1,694,233 6,245,760 (Decrease) in creditors (1,165,114) (6,247,826) Cash absorbed by operations (1,093,439) (531,030)	17 Cash absorbed by operations 2025 2024 £ £ Deficit for the year (1,343,784) (181,386) Adjustments for: Bank interest (278,774) (347,578) Movements in working capital: Decrease in debtors 1,694,233 6,245,760 (Decrease) in creditors (1,165,114) (6,247,826) Cash absorbed by operations (1,093,439) (531,030)	17 Cash absorbed by operations 2025 2024 £ £ Deficit for the year (1,343,784) (181,386) Adjustments for: Bank interest (278,774) (347,578) Movements in working capital: Decrease in debtors 1,694,233 6,245,760 (Decrease) in creditors (1,165,114) (6,247,826) Cash absorbed by operations (1,093,439) (531,030)
	(278,774) (347,578)
	1,694,233 6,245,760
	(1,165,114) (6,247,826)
		(531,030)

• 23 -