2025-12-31-accounts

Charity registration number SC044772 (Scotland) Company registration number SC472798

POSTCODE COMMUNITY TRUST

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

POSTCODE COMMUNITY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Directors	Rahul Bissoonauth
	John Robson
	Hannah Woods	(Resigned 1 May 2026)
	Gareth Hill
	David Sharrod
Executive Manager	Laura Chow
Charity number (Scotland)	SC044772
Company number	SC472798
Gambling Licence numbers	Non remote: 000-037612-N-318384
	Remote: 000-037612-R-318383
Registered office	28 Charlotte Square
	Edinburgh
	Scotland
	EH2 4ET
Independent auditors	PricewaterhouseCoopers LLP
	Edinburgh Atria One
	PwC LLP Atria One
	144 Morrison Street
	Edinburgh
	United Kingdom
	EH3 8EX
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 COMMUNITY TRUST

CONTENTS

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Page(s)
Directors' report 1 - 6
Independent auditors' report to the members and trustees of Postcode Community 7 - 10
Trust
Statement of financial activities including income and expenditure account 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 22
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POSTCODE COMMUNITY 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 Community Trust is solely funded by the proceeds of its society lottery and awards grants to good causes and charities.

Postcode Community Trust supports activities which fit one or more of the following purposes:

the prevention or relief of poverty;

• the advancement of health;

• the advancement of citizenship or community development;

• the advancement of the arts, heritage, culture or science;

• the advancement of public participation in sport;

• the provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended; the advancement of human rights, conflict resolution or reconciliation;

• the advancement of environmental protection and improvement;

• the promotion of equality and diversity;

• the relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage. the advancement of animal welfare.

The Trust has three main funding streams funding activities taking place in Great Britain.

Community Grants Programme

• In Autumn 2025, this grants programme transitioned from offering one-off awards to awarding flexible grants of up to £50,000, split over a three-year period, to Charities and Community Interest Companies (schedule 1 and 2) and Community Benefit Societies delivering activities in Great Britain.

Partnership Programmes

• Working in partnership with other funders enabled the Trust to reach more good causes across Great Britain. In 2025 these included: Learning through Landscapes, providing equipment, resources and training to schools and education settings to enable outdoor learning; Sported Foundation, strengthening community sports clubs; and Community Foundation Wales, funding local groups in Wales.

Millionaire Street

• Millionaire Street supports charities close to the postcode that has won the weekly Millionaire Street prize, run by the trust's ELM. Support was generally given to organisations that had been previously funded by the trust, or had previously applied but been unsuccessful due to lack of trust budget, or were operating directly in the full postcode. The purpose of awarding funds in the winning postcode was to increase the emotional connection with existing and future players in order to protect and potentially increase the trust's income.

Postcode Community Trust operates its own society lottery which is regulated by the Gambling Commission under certificate 000-037612-N-318384 and 000-037612-R-318383. The Trust engages Postcode Lottery Limited (PLL), trading as Postcode Lottery, as its External Lottery Manager.

Grant making policy

Postcode Community Trust provides funding opportunities to small organisations, community groups and charities in Great Britain, through grants ranging from £500 - £25,000.

• 1 -

POSTCODE COMMUNITY TRUST

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

Significant activities and achievements against objectives

2025 Community Grants Programme Projects

The following are examples of projects that Postcode Community Trust has funded in 2025:

• Romodels - £50,000 - 3 year grant

• Romodels are a charity aiming to raise awareness of different career opportunities for children across Wales. They do this through a specialist online learning platform, created to engage children aged 4-14 in the wide range of career possibilities. They aim to challenge stereotypes about certain professions, ensuring that children can see themselves in any career that interests them.

• South Wales Law Centre - £45,000 3 year grant

• South Wales Law Centre (also known as The Speakeasy Law Centre) provide free, expert legal advice and representation for vulnerable people facing serious financial and legal challenges. They help tackle debt by negotiating with creditors, setting affordable repayments, and supporting Debt Relief Orders or bankruptcy. They also advise on benefits, challenge unfair DWP decisions, prepare clients for appeals, and represent them at Tribunal.

• Settled - £50,000 3 year grant

• Settled delivers projects in Wales and across the UK providing free, accredited immigration advice to EU/ EEA citizens and their family members and Ukrainian refugees. With hubs in Cardiff, Newport and Swansea, along with the ability to deliver advice remotely across Great Britain, their mission is for a positive future for EU and Ukrainian citizens in the UK.

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 Community 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 Community Trust. Postcode Community Trust promoted twelve draws during 2025 (2024: twelve draws).

£16,434,095 (2024: £15,128,913) was given out in grants for charitable activities in the year with £137,620 (2024: £122,104) of costs to support these activities. Of this, £8,517 (2024: £8,452) 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.

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.

• 2 -

POSTCODE COMMUNITY TRUST

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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 maximum of £1,000,000, and a minimum of £100,000 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. If this position continues for an extended period, the Directors will revisit and potentially revise this policy.

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 £1,329,424 of which £1,168,335 related to general reserves. This is a decrease in general reserves of £754,306 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.

Plans for future periods

The ongoing Cost of Living crisis creates significant uncertainty for communities in Wales. 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 will open for funding applications at three points in 2026, to provide several opportunities for charities and other good causes to apply and access fast, flexible, multiyear funding.

• 3 -

POSTCODE COMMUNITY TRUST

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management

Governance

Postcode Community 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: Rahul Bissoonauth

John Robson Hannah Woods (Resigned 1 May 2026) Gareth Hill David Sharrod

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.

• 4 -

POSTCODE COMMUNITY TRUST

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Organisational structure

The business of Postcode Community 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 Community 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.

Staff Structure

The Board of Directors appointed an Executive Manager of Postcode Community 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 Community Trust. The Manager appointed the Trust Manager to undertake day-to-day activities including the following:

• Assessing funding applications and shortlisting to budget agreed with Directors

• Completing due diligence checks on shortlisted applications

• Presenting shortlisted applications to a representative of the Directors at a monthly funding panel for approval

• Management of Directors’ 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 Community 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.

• 5 -

POSTCODE COMMUNITY 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 Community 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.

David Sharrod Chair

8 June 2026

• 6 -

POSTCODE COMMUNITY TRUST

INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS AND TRUSTEES OF POSTCODE COMMUNITY TRUST

Report on the audit of the financial statements

Opinion

In our opinion, Postcode Community 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 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.

• 7 -

POSTCODE COMMUNITY TRUST

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

• 8 -

POSTCODE COMMUNITY TRUST

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

• 9 -

POSTCODE COMMUNITY TRUST

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE MEMBERS AND TRUSTEES OF POSTCODE COMMUNITY 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 PricewaterhouseCoo p ers LLP Chartered Accountants and Statutory Auditors

Edinburgh

8 June 2026

• 10 -

POSTCODE COMMUNITY 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 £ £
	funds funds general designated
	2025	2025
	£	£
Income from:
Other trading activities 3	48,972,527	-
Investments 4	203,596	-
Total income 49,176,123 Expenditure on: Raising funds 5 (33,197,625) Charitable activities 6 (16,571,715) Total expenditure (49,769,340) Net (expenditure)/income (593,217) Transfers between funds (161,089) Net movement in funds 9 (754,306)
	49,176,123	-
				1,052,949 - 1,052,949 869,692 1,922,641
	(593,217)	-
	(161,089)	161,089
	(754,306)	161,089
Reconciliation of funds:
Fund balances at 1 January	1,922,641	-	1,922,641 1,329,424
Fund balances at 31 December	1,168,335	161,089

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

• 11 -

POSTCODE COMMUNITY TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2025

Note Current assets	2025	2025	2025	2025
	£	£	£
		64,951 4,118,443 4,183,394 (2,033,919) 1,666,707 (337,283) 1,329,424
Debtors 14
Net current assets
Creditors: amounts falling due after more than one year 16 Net assets
				(226,834)
				1,922,641 1,922,641 - 1,922,641
The funds of the Company
Unrestricted funds - general 17 Unrestricted funds - designated 18		1,168,335 161,089 1,329,424

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 11 to 22 were approved by the Board of Directors on 8 June 2026

David Sharrod Chair

Company registration number SC472798 (Scotland)

• 12 -

POSTCODE COMMUNITY TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

Note Cash flows from operating activities Cash generated from operations 21 Investing activities	2025	2025	2024	2024
	£	£	£	£
	203,596	343,920 203,596 547,516 4,118,443 4,665,959	157,927
				3,061,190
Bank interest
Net cash generated from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year
				157,927
				3,219,117
				899,326
				4,118,443

• 13 -

POSTCODE COMMUNITY TRUST

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

1 Accounting policies

Charity information

Postcode Community 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. Community Grants are not disclosed individually.

The expenditure on raising funds consist of direct expenditure including prize monies as well as operational costs including marketing and PR.

• 14 -

POSTCODE COMMUNITY 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%

• 15 -

POSTCODE COMMUNITY 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 203,596 157,927	Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 203,596 157,927	Unrestricted Unrestricted funds funds 2025 2024 £ £ Bank interest 203,596 157,927
		funds
		2024
		£
		157,927
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 9,269 33,197,625 32,809,439 6 Expenditure on charitable activities Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Direct costs Grant funding of activities (see note 7) 16,434,095 15,128,913 Share of support and governance costs (see note 8) Support 129,103 113,652 Governance 8,517 8,452 16,571,715 15,251,017 Analysis by fund Unrestricted funds - general 16,571,715 15,251,017
		2024
		£
		15,128,913
		113,652
		8,452
		15,251,017
		15,251,017

• 16 -

POSTCODE COMMUNITY 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: Type of project Community grants see note 11 3,298,704 3,122,705 Learning through Landscapes Environmental 123,141 231,208 The Gellideg Foundation Group Community Development - 25,000 Conwy Mind Community Development - 50,000 Race Council Cymru Community Development - 25,000 The Aloud Charity Community Development - 25,000 Sandy Bear Children's Bereavement Charity Community Development - 25,000 Rekindle Home Community Development - 25,000 Family Friends Community Development - 25,000 Millionaire Street see note 12 12,600,000 11,325,000 Community Foundation Wales Community Development 300,000 250,000 Sported Sport 107,250 - Media Trust Community Development 5,000 - 16,434,095 15,128,913	Expenditure on charitable activities Expenditure on charitable activities 2025 2024 £ £ Grants to institutions: Type of project Community grants see note 11 3,298,704 3,122,705 Learning through Landscapes Environmental 123,141 231,208 The Gellideg Foundation Group Community Development - 25,000 Conwy Mind Community Development - 50,000 Race Council Cymru Community Development - 25,000 The Aloud Charity Community Development - 25,000 Sandy Bear Children's Bereavement Charity Community Development - 25,000 Rekindle Home Community Development - 25,000 Family Friends Community Development - 25,000 Millionaire Street see note 12 12,600,000 11,325,000 Community Foundation Wales Community Development 300,000 250,000 Sported Sport 107,250 - Media Trust Community Development 5,000 - 16,434,095 15,128,913
	2024
	£
Grants to institutions: Type of project
Community grants see note 11	3,122,705
Learning through Landscapes Environmental	231,208
The Gellideg Foundation Group Community Development	25,000
Conwy Mind Community Development	50,000
Race Council Cymru Community Development	25,000
The Aloud Charity Community Development	25,000
Sandy Bear Children's Bereavement Charity Community Development	25,000
Rekindle Home Community Development	25,000
Family Friends Community Development	25,000
Millionaire Street see note 12	11,325,000
Community Foundation Wales Community Development	250,000
Sported Sport	-
Media Trust Community Development	-
	15,128,913

8 Support costs allocated to activities

Support costs allocated to activities
	2025	2024
	£	£
Cost recharges	99,331	92,749
Travel	789	3,105
Consultancy	17,916	13,100
Bank charges	60	91
Events	~~-~~	183
Subscriptions	7,751	3,001
Insurance	1,561	1,290
Other	1,695	133
Governance costs	8,517	8,452
	137,620	122,104
Analysed between:
Expenditure on charitable activities	137,620	122,104

• 17 -

POSTCODE COMMUNITY 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 Legal and professional
	2025		2024
	£		£
	7,396		7,812
	1,121		640
	8,517		8,452

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	7,396	7,812

10 Geographical split of grants

134 projects were funded by the community grants programme (2024: 198), made across the following geographical areas and funding themes. No grants were made to individuals.

----- Start of picture text -----
2025 2025 2024 2024
No £ No £
Wales 134 3,298,704 198 3,122,705
134 3,298,704 198 3,122,705
11 Funding themes
2025 2025 2024 2024
No £ No £
Preventing or reducing the impact of poverty 30 811,985 25 506,027
Enabling participation in physical activity 17 234,998 46 467,623
Providing support to improve mental health 22 680,019 21 408,202
Enabling participation in the arts 23 574,064 34 541,294
Improving green spaces and increasing access to the
outdoors 8 112,205 10 177,422
Supporting marginalised groups and tackling inequality 32 835,433 53 865,467
Improving biodiversity and responding to the climate
emergency 2 50,000 9 156,670
Returned funds - - - -
134 3,298,704 198 3,122,705
----- End of picture text -----

• 18 -

POSTCODE COMMUNITY TRUST

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

12 Millionaire Street

Geographical split of grants

357 projects were funded by the Millionaire Street programme (2024: 288), made across the following geographical areas and funding themes. No grants were made to individuals.

	2025	2025	2024	2024
	No	£	No	£
England	304	10,512,500	238	9,486,500
Scotland	19	567,500	37	1,442,500
Wales	34	1,520,000	13	396,000
	357	12,600,000	288	11,325,000
Funding themes	2025	2025	2024	2024
	No	£	No	£
Children	111	3,671,500	94	3,333,500
Health	69	2,523,000	62	2,537,000
Mental health	59	2,358,000	46	1,916,500
Poverty alleviation or prevention	108	3,622,500	77	3,148,000
Supporting animal welfare	10	425,000	9	390,000
	357	12,600,000	288	11,325,000

13 Staff Costs

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

Four Directors received reimbursement of travel expenses totalling £620 during the year (2024: Three Directors: £226). No directors received reimbursement of Gambling Commission PML fees (2024: One Director: £123). Directors’ indemnity insurance costing £1,561 (2024: £1,290) 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).

14 Debtors

Debtors
	2025	2024
Amounts falling due within one year:	£	£
Other debtors	69,177	64,951

• 19 -

POSTCODE COMMUNITY TRUST

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

15 Creditors: amounts falling due within one year

Trade creditors Other creditors Accruals and deferred income Creditors increased significantly due the introduction of 3 year awards. 16 Creditors: amounts falling due after more than one year Other creditors These are for charities who requested to take their award over 3 years.	2025	2024
	£	£
	50,356	8,511
	3,010,677	2,018,166
	7,396	7,242
	3,068,429	2,033,919
	2025	2024
	£	£
	337,283	226,834

17 Unrestricted funds - general

At 1 January 2025 £	At 1 January 2025 £	Incoming resources Resources expended	Incoming resources Resources expended	Transfers	At 31 December 2025
	£	£ £		£	£
		49,176,123 (49,769,340)
General funds	1,922,641			(161,089)	1,168,335
Previous year: At 1 January		Incoming	Resources	Transfers	At 31 December 2024
2024 £		resources	expended
		£	£	£	£
General funds 869,692		49,113,405 (48,060,456)		~~-~~	1,922,641

18 Unrestricted funds - designated

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

At 1 January 2025 Transfers	At 1 January 2025 Transfers	At 1 January 2025 Transfers	At 1 January 2025 Transfers	At 31 December
				2025
£			£	£
Designated	~~-~~		161,089	161,089

• 20 -

POSTCODE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

18 Unrestricted funds - designated

(Continued)

Closing designated funds comprise:

Learning through Landscapes: £52,989 Localgiving: £108,100

The charities will apply for these funds during 2026.

19 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 2025 £ 1,666,707
	funds funds general designated
	2025	2025
	£	£
Fund balances at 31 December 2025 are represented by:
Current assets	1,505,618	161,089
Long term liabilities (337,283) - 1,168,335 161,089 Unrestricted Unrestricted funds funds general designated 2024 2024 £ £	(337,283)	-	(337,283)
			1,329,424 Total 2024 £ 2,149,475
	1,168,335	161,089
	funds funds general designated
	2024	2024
	£	£
Fund balances at 31 December 2024 are represented by:
Current assets	2,149,475	~~-~~
Long term liabilities	(226,834)	-	(226,834)
			1,922,641
	1,922,641	~~-~~

20 Related party transactions

Each Postcode Trust transfers up to 10% of the net proceeds from every lottery draw into a separate bank account which is held in the name of People’s Postcode Trust. Support costs are then paid from this account and split between each of the Trusts.

During 2025, D Sharrod, J Robson, R Bissoonauth, H Woods and G Hill are also directors of Postcode Local Trust and People’s Postcode Trust. The value of funds transferred from these Trusts to People’s Postcode Trust and costs paid by People’s Postcode Trust on the Trusts’ behalf is set out below:

	Opening balance due from PPT	Opening	Transfer	Support	Monies	Trust's share of year end creditors	Closing balance due from PPT £
		share of	of net	costs paid	refunded
		trade creditors	proceeds	on behalf	by PPT to
			to PPT	of Trust	the
					Trust
	£	£	£	£	£	£
Community - 2025	13,103	(8,511)	93,341	(159,893)	~~-~~	50,356	(11,604)
							13,103
Community - 2024	18,801	(6,892)	123,267	(130,584)	~~-~~	8,511

• 21 -

POSTCODE COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

20 Related party transactions

(Continued)

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 Community 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. £99,331 (2024: £92,749) was due to Postcode Lottery Limited, with £50,236 (2024: £8,511) being outstanding at the year end.

----- Start of picture text -----
21 Cash generated from operations 2025 2024
£ £
(Deficit)/surplus for the year (593,217) 1,052,949
Adjustments for:
Bank interest (203,596) (157,927)
Movements in working capital:
Increase in debtors (4,226) (8,431)
Increase in creditors 1,144,959 2,174,599
Cash generated from operations 343,920 3,061,190
----- End of picture text -----

• 22 -