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2023-03-31-accounts

The Change Foundation Annual Report 2022/23 Changing the lives of marginalised young people through the power of sport

By The Change Foundation

September 2023

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Executive Committee and 1
Advisers
Executive Committees' Annual Report 2 - 19
Statement of Executive Committee's Responsibilities 20
Independent Auditors' Report on the Financial Statements 21 - 24
Statement of Financial Activities 25
Balance Sheet 26 - 27
Statement of Cash Flows 28
Notes to the Financial Statements 29 - 52

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS EXECUTIVE COMMITTEE AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Executive Committee Helen Webster, (appointed Vice Chair 20 March 2023)
Vicky Lowe, Chair
Steve Wootten
Rachel Billsberry-Grass
Asha Haji
Daniel Drury, Treasurer
Jaya Handa (resigned 19 June 2023)
Daniel Button (appointed 20 June 2022)
Tarun Patel (appointed 20 June 2022)
Luke Southall (appointed 20 June 2022)
Rebecca Martin (appointed 20 June 2022)
Company registered
number
03039017
Charity registered
numbers
1046047 and SC043569
Registered office
Cricket for Change Cricket Ground
Plough Lane
Wallington
Surrey
SM6 8JQ
Company secretary
Henry Wereko (resigned 25 April 2022)
Helen Robinson Povey (appointed 25 April 2022, resigned 28 March 2023)
Chief executive officer
Andy Sellins
Independent auditors
MHA
Statutory Auditors
Regus House
41 London Road Castle Court
Reigate
United Kingdom
RH2 9RJ
Bankers
HSBC Bank Plc
The Helicon
1 South Place
London
EC2M 2UP

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

1. A message from our CEO

What a great year. Still unpredictable, like the previous three but uncertainty has definitely fuelled our creativity and reacting to so much change has, I think, made us more effective in our work and more sustainable in the long term.

As with previous years, the creativity comes from everywhere - our young people, our staff, our trustees and our brilliant Ambassadors for Change, whose work has also increased our sustainability through their ideas, introductions to new corporate partners and building of our wide range of fundraising events and challenges.

Creativity also comes from our new corporate partners – Permira, Clearwater International, Hunza G and TDR to name a few, asking challenging questions and working with us on creative solutions that help us become more efficient and also more attractive for future corporate partners to invest in. In the not-too-distant past, corporate partners could often be more accurately described as corporate funders but nowadays we do not have any of those types of relationships. I think that one of our key strengths is our partnership management and our aim of listening to each partner to understand what they need out of our joint work, creating inspirational volunteering opportunities, co-creating new ideas and celebrating our successes together.

I am also really proud of our support of other charities, often smaller, younger versions of ourselves, who are setting out to make a difference and who we can help save time and money by sharing some good ideas and avoiding some not so good ones. We often find ourselves starting off by giving the same initial advice – describe the impact of your work as creatively as possible, look to get better not always bigger and get yourselves some ambassadors – they will change your world.

As well as our current thirty-two Ambassadors for Change, we also have a brilliant group of Young Ambassadors, often graduates from our programmes, who want to put something back by advising us on how to make our recruitment, delivery and impact measurement more efficient and more effective. They work closely with our Coach Mentors who exist on the front line of our work, supporting and encouraging our young people to unlock their aspirations, take on new challenges, meet new people who can help them and work with us to turn their hopes into a reality.

Our Young Ambassadors and our Coach Mentors, along with all of our staff and young people, can use our own Innovation Fund to test new ideas and two new projects are currently being supported. ‘Brake the Cycle’ is a new cycling programme aimed at young people who have suffered trauma by using the therapeutic aspects of cycling in the countryside to move on from previous setbacks and build a positive future and a charity wide mental health programme called ‘Work Hard Play Hard’, which aims to educate us all about our own well-being and how we can all support each other through difficult times.

Following our Young Ambassadors holding their own alternative, ‘COP26’ climate conference, our ‘Green Team’ was created and is in the process of transforming our operations to make them as environmentally friendly as possible. Inspired by their work, we created and tested our first environmental education module this year and this will now be scaled up across our programmes in the year ahead.

Three new pilot programmes have also been tested in the last year – Fencing 4 Change aims to reduce social isolation amongst young people aged 11 to 16 with autism spectrum disorder (ASD), Rugby 4 Change teaches year 6s in the last year of primary school how to stay safe on the street and in particular how to identify and keep away from the danger of county lines drugs gangs and Golf 4 Change, which supports young people into their first job, including employment in the golf sector. All have now been fine-tuned after a year of testing and all will be scaled up in the year ahead.

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

During the Covid lockdowns we learnt about the power of Esports to help recruit and retain young people on our programmes and these now feature across a number of our interventions. We learnt that some young people, who might lack the confidence to join a new group, feel much more comfortable joining an online group at first, playing Esports and getting to know other players from the safety of their home before venturing out to play in a face-to-face setting.

Our Ukrainian Refugee Sports Project has grown from a project in a transit camp on the Ukraine/Poland border in the early days of the war in Ukraine and which was aimed at creating a safe space for children to play as their parents sought to find a new home in Europe for their traumatised families, to a year-round series of holiday sports camps for refugee children in the south-east of England.

Our Walking Sports Hub continues to develop at our centre in Sutton, with year-round football, netball, table tennis, cricket and keep fit sessions taking place each week with all of them demonstrating the power of sport to change lives. The mental, physical and emotional health of the over 60s attending are all improved, and the sense of purpose developed by members of the group, who mentor and support some of our young people who also use the Centre, is profound and life changing for the young people and for our older players.

Our Chair of Trustees, Vicky Lowe, has spent the last year further developing our board and it now has a new Deputy Chair, Helen Webster. Together they oversee a range of programmes large and small created by our young people for our young people, which in the last year have provided inspiration and support for over 1,000 young people – 57% of whom were female, 80% were from an ethnic minority background and just under 20% had a disability. As demand for our work increases, our Board of Trustees, Young Ambassadors, Ambassadors for Change and Senior Management Team are all set to evolve and expand in the year ahead to ensure we have the skills and experience to continue to be the pioneering charity we have always been and to help change young lives.

I am also delighted that we have only the third president of the charity, following in the esteemed footsteps of Sir John Major and Phil Tufnell. Theo Sergiou became known to us in his early teens, initially through our blind cricket programme. He found safety and support with us and having faced some struggles in his teenage years has now flourished into an inspirational young man who is now studying PPE at Oxford University. Theo’s creativity and drive has already started to impact our work and we are all really looking forward to working with him in the year ahead.

The year ahead

Our three strategic priorities remain the health of our young people, the development of their skills and securing their first job and these outcomes will be delivered through 11 different sports and 12 different programmes.

Our award-winning Dance 4 Change programme makes a welcome return but with a slightly different name – Dance 4 Freedom. It will target young women who have experienced violence in their lives, providing support to get their lives back on track. This new format will provide a residential introduction through which the young women can share their experiences and start to rebuild their self-confidence, develop new support networks and sign up for a year-round support programme.

‘The Agency’ is an expanded version of our Inclusive Employers’ Network and will include new sector specific initiatives such as StepIn2IT and Women into Finance, which will support our young people with specialist advice, work placements and employment support networks. Other sector specific initiatives are likely to follow, including those focusing on the retail and the hospitality sectors.

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

After successful pilot programmes, Fencing 4 Change, Golf 4 Change and Rugby 4 Change will all be expanding and our visually impaired rugby programme has a big year ahead, with an international showcase event in France and a three match series between England and Japan in London.

We are delighted to welcome Coutts as our new partner and their ideas and energy are already starting to make an impact on our work.

As demand for our programmes continues to grow, we have re-introduced our apprenticeship programme, which will train a new generation of Change Foundation Coach Mentors and our new Research and Development Team will continue its research into areas we seek to understand in greater depth, including in the year ahead, how to best support young mothers into sustainable and rewarding employment and the importance of language in recruiting young people and developing their trust.

Our brilliant Ambassadors for Change have helped us develop our range of fundraising events and challenges, including our new Corporate Netball Festival supported by Hunza G and our Henley Regatta event we are running in partnership with the Mayfair Collective.

It is always hard to predict all the new ideas that will be tested and trialled in the year ahead, but it looks like this may be our busiest year to date.

Andy Sellins, CEO

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

2. About us

The Change Foundation is an award-winning charity that uses sport to change the lives of marginalised young people. We deliver targeted long-term education interventions for the most vulnerable people in our communities through coach mentors with first-hand experience, providing regular sport, personalised mentoring, and workrelated opportunities.

The Change Foundation was founded in 1981 following the Brixton Riots in south London, using cricket as a tool to promote community cohesion and peace during the conflict in the heart of the local community. For over 40 years we have pioneered the use of sport for social change education programmes, helping children and young people around the world, which are designed and led by the communities we serve. Guided by our young people, our work focuses on three key outcomes through sport: health, skills and employment. We achieve these outcomes by providing life changing daily programmes that combine sport, youth work and social work for the most vulnerable in our communities. In inclusive and safe spaces, young people can access daily mentoring, both face-to-face and virtual with inspiring coach mentors. Each year young people’s achievements are recognised at the annual Change Foundation Young People’s Awards.

Who we are

We are bold, flexible, innovative, curious and collaborative and we come from a diverse range of backgrounds. We don’t follow the crowd and we encourage each other to experiment with new ways to solve social problems. We are a group of Young Ambassadors, full time staff, Trustees, Ambassadors for Change and partner organisations who aim to change the lives of young people using the power of sport. Crucially, our programmes are run by a brilliant group of Coach Mentors who have first-hand experience of the issues our young people are facing and who therefore understand what they need to do to unlock their aspirations and talents.

What we do

We use sport to help our young people feel safe, feel like they belong and feel they are valued. Through working with us they grow to understand that through their commitment and hard work they can unlock a host of personal development opportunities and networks of support to help them maximise their potential and start a fulfilling work life. We also believe in helping other charities, youth groups, corporates and sport for social change organisations to increase their capacity and their effectiveness and this is a core element of our work, which we undertake throughout London, across the UK and around the world.

Why we do what we do

We believe strongly in providing opportunities for young people who might not normally have had access to them to develop their skills and experience and to work with them to develop their aspirations. We do what we do because we want our young people to fulfil their potential and live happy and fulfilling lives and we do it through listening, joint decision making and by showing our young people that by working as a team and creating a group consensus, great results can be achieved.

How we do what we do

We use sport as the vehicle to develop our young people’s mental, physical and emotional health, their personal and professional skills and their overall employment and career prospects. Our Young Ambassadors guide our work and our Research and Development Team ensure our work remains relevant, highly targeted and continues to break the mould in terms of unlocking the power of sport to create social change.

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THE CHANGE FOUNDATION

(A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

3. Impact highlights of the year

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

4. How we measure change

Identify the social need: The Change Foundation takes social action by responding to a need in the community. We build an understanding of the context of the social need by gaining the perceptions of young people, using the existing evidence base and understanding the political and social environment we are working in.

Work with young people using a pilot test methodology: The Change Foundation design sport for social change programmes by testing a variety of sports and adapting their rules, trialling impact measurement tools, understanding the resources required and questioning assumptions. We do this by asking for, acting on young people’s ideas, and evaluating them by delivering 6 – 12-month pilot programmes.

Recruit and retain: The Change Foundation invest time and resources in developing recruitment plans to ensure we work with the most marginalised young people in our communities. We work in partnership with local authorities, community groups, other charities and ‘on the street’ recruitment. The Change Foundation spend time matching the right programme for the right young person and learn about root causes that affect attendance.

Deliver programmes: The Change Foundation deliver sport for social change programmes that are flexible, adaptable, and inclusive where you can ‘learn as you go.’ We take this approach because social change programmes are complex and unpredictable – they require supportive environments, dependable Coach Mentors that lead by example and new and innovative coaching methods that weave in learning.

Provide opportunities: The Change Foundation recognise that change is personal, and each young person drives their own change at their own pace dependent on their relationships, motivations, behaviours, values, and aspirations. We provide a range of opportunities for young people once they graduate from our programmes including paid employment, one-to-one career development support, involvement in alumni programmes, work experience opportunities and mentoring.

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Innovate and share: The Change Foundation systematically reviews impact through reflective practice, openly discussing successes and failures with all stakeholders and amending methods based on learning. We then share our learning with the international sport for social change sector helping them to innovate in their communities. We do this by training their coaches, consulting with national governing bodies and engaging partners to deliver programmes with regular, ongoing development support.

Giving back: The Change Foundation change the lives of marginalised young people through the power of sport, many of whom go on to inspire other young people to also change their lives.

The Change Foundation approach to impact measurement is based on the following principles:

We use a mixed methodology to measure the impact of our work:

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

5. Our programmes

The Change Foundation uses sport as a mechanism not just to engage marginalised young people, but to deliver measurable and sustained social impact. We systematically review and share social impacts, seeking to set and beat benchmarks, and continuously raise the bar through innovation, ‘test and refine,’ continuous learning and delivering relevant and flexible programmes.

Programmes impact in numbers:

Programme Aim Number of
participants		 Impact
Netball 4 Change Netball 4 Change uses the game
of netball to teach girls affected by
overuse of social media how to
stay safe online. It empowers
them to think more positively
about their social graph, how it can
affect their prospects and raises
awareness of negative social
media influences.		 204 In 2022/23 75% of the
young women taking part
across London and Bristol,
reported
that
after
the
programme
they
implemented key Netball 4
Change social media safety
rules and felt they had a
healthier relationship with
social media.
Street Elite Street Elite is an award-winning
training for work programme which
engages young people aged 18 –
25 impacted by crime, violence,
and inequality. This is achieved
through
sport,
helping
them
transition from NEET (not in
education,
employment,
or
training)
into
work,
apprenticeships,
training,
or
education opportunities.		 108 In 2022/23, Street Elite
recruited
and
engaged
young people from across
London and Birmingham.
From those that completed
the
programme,
80%
transitioned
into
work,
education or training.
Fencing 4 Change Fencing 4 Change uses the art of
fencing to reduce the risk of social
isolation for young people aged 11
- 16 with autism spectrum disorder
(ASD).
It
provides
fencing
sessions in after school clubs
across London for young people
with ASD and uses creative
coaching
methodology
to
encourage integration, develop
motor skills and provide a unique
experience for young people who
may never access fencing or do
not
engage
with
mainstream
sports.		 13 In 2022/23 a review by the
University of Hertfordshire
concluded: “It is clear that
from an observational point
of
view
fencing
has
impacted autistic children’s
symptomology in a positive
manner.
From
improvements
in
confidence, communication
skills and learning life skills
such as learning to fail, to
an
augmentation
in
posture, agility and range of
motion, the benefits for the
autistic children are clear to
see.”

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NFL Flag The NFL Flag Project is designed
to improve young people’s mental
health.
The
project
targets
vulnerable young people aged 12
– 18 who are marginalised girls
and young women, young people
with a disability or young people at
risk of high knife crime and serious
youth violence.		 130 In 2022/23 we hosted 3
mini NFL Flag festivals after
the growth of the project
since last year. Over 60%
of participants believe that
American
football
is
a
welcoming and open sport
that is good for mental and
physical health.
London Futures London
Futures
is
an
employability
programme
for
young Londoners aged 18 – 25
with
learning
disabilities
and
mental health problems, facing
social isolation and loneliness.
Using
sport
and
specialised
mentoring,
these
young
Londoners unite to compete in
employability
challenges
to
improve their career aspirations
and become more integrated in
their communities.		 37 In
2022/23,
79%
of
participants
transitioned
from being NEET to EET.
Of those, 62% went into
education or training and
38% went into employment.
Young people attended two
trips, to Lee Valley Water
Centre and white water
rafting. These opportunities
showed development of
confidence,
ability
to
challenge themselves, and
the positive relationships
they have developed.
Girls Win Girls Win uses sport to help young
women with a disability aged 11 –
21 set short, medium- and long-
term goals. It empowers young
women to think more positively
about their future, how goal setting
can develop their prospects for the
future and engages them in
activities that keep the body and
mind healthy to adopt a positive
attitude.		 55 In 2022/23 100% of the
participants have become
more confident in putting
their views across and
making decisions which will
help them to live more
independently.
95%
increased body confidence
and fitness. 73% developed
a growth mindset and set
achievable goals for the
future.
Esports 4 Change Esports
4
Change
engages
vulnerable young people aged 16
– 25 at considerable risk of
developing poor mental health,
severe loneliness and at-risk of
involvement in crime and violence.
This is achieved through gaming,
mentoring
and
career
development opportunities in the
Esports industry.		 42 In 2022/23 an independent
evaluation revealed that
89%
of
young
people
surveyed ‘strongly agreed’
or ‘agreed’ that playing
Esports made them feel
less alone and 100% of
young
people
surveyed
found the coach mentors
created
a
comfortable
place to talk.
Intergenerational
Table Tennis		 The
Intergenerational
Table
Tennis programme uses table
tennis to mix old and young people
in the London borough of Sutton,		 64 In 2022/23 participants said
they have enjoyed meeting
up exercising together and
then having a chat over tea,

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

to meet to play table tennis and
chat over tea and coffee, which
facilitates an exchange of views
across
the
generations
and
enables participants to forge new
bonds.		 coffee and refreshments.
Socialising after the Table
Tennis has been shown to
be
one
of
the
most
important elements. It has
encouraged exchange of
experience,
knowledge,
networks and use of mobile
phones,
technology,
Esports and social media.
Walking Sports Walking Sports delivers a range of
activities for local older residents,
helping
them
improve
their
physical and mental health while
providing
an
opportunity
for
socialising and networking.		 112 In 2022/23 we held 46
cricket
sessions,
48
football, 48 netball , 35 less
mobile
football,
47
intergenerational
table
tennis
and
15
fitness
sessions, 239 sessions in
total.
Cricket 4 Change
(formally Refugee
Cricket Project)		 Cricket 4 Change collaborates
with young refugees and child
asylum seekers providing them
with a safe space to play cricket,
integrate
into
their
new
environment,
gain
advocacy
support, and help them develop a
sense of belonging.		 74 In 2022/23 the project was
rebranded to Cricket 4
Change and now offers
weekly cricket sessions,
Esports, time to socialise,
access
to
advocacy
support and groups and
one-to-one mentoring.
VI Rugby Visually Impaired (VI) Rugby aims
to train rugby coaches in inclusive
coaching skills for those with a
visual impairment and improve the
wellbeing of participants through
VI
Rugby
competitions
and
training.		 25 This year we hosted a
tournament
featuring
Harlequins, Cardiff Rugby
and Worcester Warriors at
Sixways
Stadium,
Worcester. A guests team
of Wasps Legends also
participated, but Harlequins
were victorious.
Rugby 4 Change Rugby
4
Change
educates
children and young people in
primary and secondary education
about the dangers of county lines
and how to not become a victim of
gang-based activities.		 75 In
2022/23
end
of
programme questionnaires
showed young people had
a greater understanding of
what to be aware of in
county lines recruitment
and who to speak to if they
felt theywereindanger.

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

6. Stories of change

We are fortunate to have seen a number of young people graduate from our programmes and go on to positive pathways for their own personal or professional development. The following are three case studies from this year:

Case study Z:

Z was referred to The Change Foundation’s Street Elite programme by our referral partners St Michaels Fellowship. Z is 20 years old and a single mother to a one-year-old daughter. The programme’s focus on development and employment skills motivated Z to enrol. Z shared: “I want to be the best role model for my daughter and my old job as a care assistant was impacting her negatively because I’d be at work from 9am – 8pm each day.”

Prior to working with The Change Foundation, Z shared that their mental health was suffering. Z’s Coach Mentor initiated difficult conversations around mental health during their one to one mentoring sessions encouraging Z to acknowledge where they could make positive changes. Z shared: “The conversations with my Coach Mentors weren’t easy, but they encouraged me to practice self-care and mindfulness and not be so hard on myself which has made me more resilient to stressful scenarios in my life.”

During their Street Elite sessions, Z could bring their daughter along because professional childcare was provided for free. This allowed Z to relax and enjoy exercise and conversations with other young mothers from the same cohort. Z shared: “That time each week, made me feel less isolated from the world, and I’ve made friends and built connections with other young people that can relate to me.”

Z moved house part-way through the programme making it challenging to always attend sessions. Coach Mentors made sure one to one mentorship sessions were frequent, so Z had access to every possible opportunity. This allowed Z to successfully apply for a role as a Young Ambassador of The Change Foundation. The role gives Z an opportunity to network with charity and corporate partners, ambassadors and trustees whilst improving their public speaking, presentation and networking skills.

The opportunities and support offered to Z over the past year have greatly benefited their outlook on their future. Z shared: “Now I feel hopeful about my future and my daughter’s future because the support network I have with my mentors and my new friends helps me to be the best person I can and try new opportunities that I would not have tried a year ago.”

Case study Y:

Y was actively recruited by Change Foundation Coach Mentors on a London high street as part of the Street Elite programme. Young people are provided with £20 to attend a Street Elite session as an incentive to reduce any access barriers. Y shared: “Being funded to attend each session motivated me to start the programme because I didn’t feel confident playing sports when I first joined.”

Before joining The Change Foundation, Y was struggling with their mental health. The impact of the pandemic combined with a loss of direction and loss of friends from high school meant Y felt isolated, frustrated and lonely. The Change Foundation introduced Y to a network of new friends. Y shared: “The charity helped me flourish and taught me the values and reward of being a true, kind and positive person.”

Y’s development on the programme was recognised by the Coach Mentors and the wider Change Foundation network. Their experience as part-time youth worker has seen Y’s mentoring and coaching skills develop

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

substantially. This personal development has seen Y become an Assistant Coach Mentor at The Change Foundation. Y shared: “I’ve seen myself develop so much. I was so shy and never thought I’d be where I am now standing next to coaches and delivering a session. I can’t believe in less than a year I’m on the other side being the person that I looked up to.”

Case study X:

X is 26-years old and part of The Change Foundation’s London Futures programme. X has been diagnosed with anxiety and moderate learning difficulties. This has made it difficult for X to join traditional recreation clubs, as the clubs cannot always support X’s mental and physical needs.

Shortly after joining the London Futures programme, X experienced an unprovoked assault whilst walking home alone. This experience left X with severe anxiety when travelling independently. The Change Foundation’s Coach Mentors addressed this challenge during one to one mentorship sessions and taught X how to understand London’s bus networks so that X has an alternative way of travelling to London Futures sessions. This has improved X’s mental health and opened avenues for X to meet up with friends made on the programme.

Recently, The Change Foundation helped with X’s personal development by providing them with their first-ever paid job as Maintenance Assistant at our cricket centre facilities. X states that: “The role has boosted my confidence significantly, being out of the house and understanding financial independence has been a huge part of my personal development.”

When asked how they have changed since working with The Change Foundation, X shared: “I’d say my confidence evolving has been the biggest thing. Before I was shy and not confident and it stopped me from working, socialising and being comfortable to go outside. Being here (London Futures) has helped me to evolve and get stronger. I’m also better at adapting to situations now, so when I feel my anxiety levels spiking, I can find solutions like listening to music, contacting my Coach Mentor, or calling a friend before an anxiety attack takes over. I couldn’t do this before.”

7. Our partners and supporters

Thank you to all our supporters, funders and partners, without your contribution our impact would not be possible.

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

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THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

8. Structure, Governance and Management

Structure, Governance and Management

The Change Foundation is a registered Charity in England & Wales and in Scotland and a company limited by guarantee. The liability of its members in the event of an insolvent liquidation is limited to a contribution of £1. The Charity’s governing instrument is its Memorandum and Articles of Association and it was incorporated on 23rd March 1995. It changed its name from The London Community Cricket Association to The Change Foundation on 5th March 2014. The Charity has two subsidiary undertakings – 4Change Enterprises Limited and Street20 Limited, incorporated on 25th March 2015 and 28th March 2006 respectively, and both currently dormant.

The Charity’s related parties are the Executive Committee members, senior staff and their related parties.

Committee Structure:

The Change Foundation places great emphasis on strong governance. The Charity currently has an eleven person strong Trustee Board with the following supporting committees:

Resources and Governance Committee (RaG)

The Resources and Governance Committee takes responsibility for the following areas: Governance, company secretarial, legal, risk management, financial management and processes, human resources, board succession planning, operations, audit, benchmarking, Trustee appraisals, whistle blowing and systems management.

Programmes and Impact Committee (PIC)

The PIC has responsibility for ensuring that existing and new programmes are in line with The Change Foundation strategy and values; that programmes that are approved by this committee are referred to the board for approval; that our programmes are reviewed on a quarterly basis in relation to their income and expenditure; and that programmes are regularly reviewed by the committee to assess whether they are achieving the desired outcomes required by the Charity, our partners and funders.

Fundraising, Marketing and Communications Committee (FMC)

The FMC is responsible for overseeing, approving and monitoring our fundraising strategy, supporting the creation and implementation of our marketing and communications strategy and creating and approving innovative fundraising activities.

Principal Risks and Uncertainties

The Trustee Board and each committee monitors and reviews the Charity’s risks at least once a year and have put in place effective control plans to manage and mitigate them.

The Charity’s current principal risks and their corresponding main control actions are: 1. Risk of an incident or a child protection issue at a programme or other Charity event. A risk assessment is always undertaken as part of the programme or event planning process. All staff receive ongoing child protection training and DBS checks are mandatory for all staff, Trustees and volunteers.

2. Unpredictability of income

Our fundraising staff aim at maximising the range of applications made to funders, while supplementary income is achieved through a range of fundraising events and challenges, as well as from our Cricket Centre trading activities. All income is monitored on a monthly basis as part of the charity’s internal procedures.

3. Insufficient reserves

Our reserves policy aims at minimising such a risk. To this end, the charity’s income and expenditure is monitored on a monthly basis, driven by the monthly management accounts and related financial analysis and forecast

Page 16

THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

4. Loss or indisposition of key staff

This remains a risk and regular communication is encouraged through appraisals and debriefings as well as sabbaticals. Trustees continue to monitor and review the Senior Management Structure.

5. Risk of reputational damage caused by failure of a project

Project outcomes are regularly reviewed ensuring that programme goals are being achieved. The emphasis placed upon Impact measurement is fundamental to the success of the Charity. A rapid response group is in place to deal with the media and co-ordinate the Charity’s actions.

6. Risk of damage by cyber attacks

IT security is regularly reviewed, and additional measures have been introduced as a result. Regular system backups, new email security, increased staff awareness, regular system updates and the latest anti-virus software are features of the new IT policy.

Charity Governance Code

Our Resources and Governance Committee have conducted a comprehensive review against all of the recommended practices contained in the Governance Code introduced in 2017. We are confident that we conform with the principles and outcomes therein. Some board actions undertaken to ensure ongoing conformity with the code include provision of guidance in the development of the Charity’s new 3 year strategy built around its vision and values; and also carrying out a Trustees’ skills audit aimed at informing recruitment and training required for board effectiveness.

Fundraising Standards Information

The Change Foundation is not involved in any form of consumer fundraising with the exception of events.

Donations are all entirely voluntary and the only time that collection boxes are ever used is at the occasional event.

All other fundraising is aimed at Trusts, Foundations and companies with a CSR or Foundation arm. Where fundraising consultants have been used, their work is scrutinised and approved by members of the Senior Management Team who are involved in the fundraising bid process. The Charity does not use any professional fundraisers or commercial organisations to assist with its general fundraising and no complaints have been received in relation to this activity.

Remuneration Policy for Key Management Personnel

The Charity considers its key management personnel to comprise Trustees, CEO and the Senior Management Team as detailed in Note 13.

Executive Committee (Trustees)

The Trustees of the Charity are not paid. They may claim travel expenses and other legitimate expenses incurred in the performance of their Trustee duties. These expenses have to be approved by the Chair. The Chair’s expenses are approved by the Chair of the Resources and Governance Committee.

Chief Executive Officer

The remuneration of the Chief Executive Officer is decided by the Chair of the Charity in consultation with the Resources and Governance Committee and the Director of Corporate Services (HR) who annually researches pay in the sector and in comparable organisations.

The Charity seeks to remunerate the Chief Executive Officer so that we can recruit and retain a top-class individual who will deliver the Strategic Plan and enable the Charity to continue to develop its great work in a competitive environment. This may mean paying in the upper quartile for the sector.

Page 17

THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Senior Management

The remuneration of the senior management team is reviewed annually in April and decided by the Chief Executive Officer and approved by RaG in consultation with the Director of Corporate Services (HR), whose own salary is reviewed by the CEO.

Staff & Trustee Development

Our development team is one of the Charity’s greatest assets. We take pride in recruiting our team members from within our programmes as they have a great understanding of the young people we target with our work.

Staff development is therefore an essential element of the way we work.

The Change Foundation maintains the highest standards of programme delivery and impact measurement. The training structure is designed to support an evolving workforce that is empowered and ready to develop and deliver traditional and non-traditional programmes by:

Trustees are advertised for and/or we conduct searches for the required skills and experience taking account of our current skill base and diversity. Once appointed, Trustees are given an induction by the Chair and the CEO which ensures that Trustees:

All Trustees have regular relevant training and updates which are aimed at further equipping them to fulfil their duties to the Charity effectively. Recent Trustees’ training has included a session on Safeguarding within the context of the Charity’s operations.

9. Financial Review

The results of the year’s activities are set out in the attached financial statements. The Charity’s total income for the 2022/23 financial year was £1,347,267 (2022: £1,327,867), while total expenditure was £1,357,272 (2022: £1,354,222), resulting in a deficit of £10,005 (2022: £26,355 deficit).

Unrestricted income totalled £548,208 in the year, which is at a similar level to the prior year (2022: £546,079). Unrestricted income included £158,999 from general donations (2022: £140,306); £63,883 from charitable activities (2022: £69,095); £323,311 from fundraising events and Cricket Centre bar and facility income (2022: £336,627) and £2,015 from investment income (2022: £51). The increase in general donations was due to ongoing generous support from donors and corporates and along with an increase in bank interest due to rising interest rates, this offset the reduction in income from trading and charitable activities.

Page 18

THE CHANGE FOUNDATION (A company limited by guarantee)

EXECUTIVE COMMITTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted expenditure totalled £494,815 in the year ended 31 March 2023 (2022: £546,724) which is a decrease of £51,909 or 9%. In the prior year, the charity celebrated its 40th anniversary celebrations with a number of different fundraising events, all of which resulted in increased costs including additional staff time spent on the events.

Restricted income totalled £799,059 in the year (2022: £781,788). Total restricted expenditure was £862,457 (2022: £807,498), an increase of £54,959 or 7%. This resulted in a deficit of £63,398 (2022: £25,710 deficit) in restricted activities. As the charity moved on from the impact of Covid and programme activity picked up, this resulted in more staff time spent on restricted programmes and higher programme costs.

Total funds at the close of the 2022/23 financial year were £1,231,996 (2022: £1,242,001), composed of £791,644 (2022: £855,042) restricted reserves and £440,352 (2022: £386,959) unrestricted reserves. The restricted reserves are represented by the Cricket Centre, Indoor School facilities and Urban Programmes. The unrestricted reserves consist of the designated Innovation Fund balance of £35,050 (2022: £35,050), the designated Fixed Asset Fund of £40,488 (2022: £45,731) and general funds (free reserves) of £364,814 (2022: £306,178).

Reserves Policy

The Trustees recognise that The Change Foundation needs to hold a certain level of free reserves. The purpose of the free reserves is to strengthen our core financial resilience in order to be able to effectively manage and navigate financial risks such as delays in grant receipts, programme funding shortfalls, inability to achieve fundraising and Cricket Centre income targets and challenges posed by unforeseen expenditure demands. The Trustees have reviewed the level of reserves required to cover these eventualities. In line with good practice, the Trustees have opted to link the target level of free reserves directly to its analysis of the key risks faced by the Charity, the likely impact of those risks, and the probability of them occurring. On that basis, the Trustees currently estimate the amount of free reserves required to cover those risks to be £350,000 – which is equivalent to around 3-4 months’ worth of the Charity’s normal operating expenditure. The actual free reserves level at 31 March 2023 was £364,814 (2022: £306,178).

Public Benefit Statement

The Executive Committee members confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The public benefit of the Charity’s activities are outlined under ‘About us’ earlier in this document. This report was approved and authorised for issue by the Trustees and signed on its behalf by:

................................................ Vicky Lowe

Date: 12/12/2023

Page 19

THE CHANGE FOUNDATION IA Company Llmlt•d by Guarantss} STATEMENT OF EXECUTIVE COMMIThEE'S RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2023 The Executlvg Commlttee {who are also the Directors of the Charity for the purposès of company law) are responsibte for preparing the Executive Committee's Report and the financial Ststements in accordance with applicable law and Unit8d Kingdom Accounting Stsndards (UnitÉd Kingdom Generally Accepted Accounting Practice). Company law requlr88 the ExecutNe C¢)mmittee to prepare financAal statements for each financial year. Under company law, the Executive Committee must not approve the fmanaal slatements unless they afe satisfied that they give a true and fair view of the stsle of affairs of the Charity and of its incoming resources and application of resourcas, including its inc£Jme and expendituro. for that period. In preparing these financial statsments. th6 ExecLrtive Committoe are required to: Select suitable accounting policies and then app￿ them consistendy,. observ8 the methods and principles of th8 Charities SORP IFRS 102}- make judgements and accounting estimatos that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102) have been followed, sut4"e¢l to any material depart(J￿$ disclosed and 8xplalned in the financial statements. prepare the financial statements on the going con￿rn basrs unless it is inapproprigte to presume that the Charitywill continue in busin88S. The Executivè Commiitee are reSpor￿￿b[e for keeping adequate accounting records that ar8 suffKienl to show and explain the Charity's transactions and disclose with wsonable accuracy at any time the financial position of the Charity and enable them to ensure that the financi81 sktements comply wlh the Companies Act 2006. Th6y are also responsible for safeguarding the assets of the Charity and hence for taking ￿sSOnable steps for Ihe prevention and detection of fraud and other irregul8fiti'es. Approved by order of the Members ofthe Board of Exec#Jtive Committée and signed on its b8haW by.. Daniel Dru Trgasurer Dale." Il- IZ- ts) Pag8 20

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHANGE FOUNDATION

Opinion

We have audited the financial statements of The Change Foundation (the 'Charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Executive Committee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Executive Committee with respect to going concern are described in the relevant sections of this report.

Page 21

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHANGE FOUNDATION (CONTINUED)

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Executive Committee's Report.

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

Responsibilities of Trustees

As explained more fully in the Statement of Executive Committee's Responsibilities, the Executive Committee (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Executive Committee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 22

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHANGE FOUNDATION (CONTINUED)

In preparing the financial statements, the Executive Committee 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 Executive Committee either intend to liquidate the charitable 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 auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act 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.

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:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 23

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CHANGE FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the Charitable Company's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Charitable Company's Members and Executive Committee those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and its Members, as a body, for our audit work, for this report, or for the opinions we have formed.

David Boosey BFP ACA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditors Reigate, United Kingdom

Date: 13 December 2023

MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).

Page 24

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations
4
Charitable activities
5
Trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9,10
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
158,999
63,883
323,311
2,015
548,208
318,990
175,825
494,815
53,393
386,959
53,393
440,352		 Restricted
funds
2023
£
20,263
748,424
30,372
-
799,059
-
862,457
862,457
(63,398)
855,042
(63,398)
791,644		 Total
funds
2023
£
179,262
812,307
353,683
2,015
1,347,267
318,990
1,038,282
1,357,272
(10,005)
1,242,001
(10,005)
1,231,996		 Total
funds
2022
£
158,804
799,053
369,959
51
1,327,867
440,352
913,870
1,354,222
(26,355)
1,268,356
(26,355)
1,242,001

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 29 to 52 form part of these financial statements.

Page 25

THE CHANGE FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 03039017

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
14
Investments
25
Current assets
Stocks
15
Debtors: Amounts falling due within one year
16
Cash at bank and in hand
21
Creditors: Amounts falling due within one
year
17
Net current assets
Net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 2023
£
2,163
94,711
672,559
769,433
(312,537)		 2023
£
775,097
3
775,100
456,896
1,231,996
791,644
440,352
1,231,996		 2022
£
2,867
138,899
589,223
730,989
(298,257)		 2022
£
809,266
3
809,269
432,732
1,242,001
855,042
386,959
1,242,001

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The Executive Committee have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 144 of the Charities Act 2011 and section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005.

The Executive Committee acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 26

THE CHANGE FOUNDATION IA Cornpany Limited by Guarantee) REGISTERED NUMBER: 03039017 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023 The financk81 ststements were approved and aulhorised for issue by the Executive Committee and signed on their behalf by.. Daniol Drury Treasurer Date.. Il /ii liois The notes on pages 29 to 52 form part of these firtancial slalements. Page 27

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Cash flows from operating activities
Net cash used in operating activities
20
Cash flows from investing activities
Investment income
7
Purchase to acquire tangible fixed assets
14
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
21		 2023
£
89,913
2,015
(8,592)
(6,577)
83,336
589,223
672,559		 2022
£
19,025
51
(16,421)
(16,370)
2,655
586,568
589,223

The notes on pages 29 to 52 form part of these financial statements

Page 28

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Change Foundation is a charitable company and is registered with the Charity Commission (Charity Registered Numbers 1046047 and SC043569) and Registrar of Companies (Company Registration Number 03039017) in the United Kingdom.

In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activity is to change the lives of young people through sport and dance.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Change Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

2.2 Funds

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

Designated funds comprise unrestricted funds that have been set aside by the Executive Committee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 29

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income recognition

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

The Charity receives government grants in respect of furthering its charitable objectives. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be reliably measured. If entitlement is not met then these amounts are deferred.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure recognition

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

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 30

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Expenditure recognition (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7 Debtors

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

Page 31

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.9 Financial instruments

The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:

Debtors - trade debtors, other debtors and grants receivable are basic financial instruments and are debt instruments measured at amortised cost, this can be seen at Note 16. Prepayments and accrued income are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Liabilities - accruals are classified as financial instruments, and are measured at amortised cost, this can be seen at Note 17. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is simply an obligation to deliver services rather than cash or another financial instrument.

2.10 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.11 Going concern

The Executive Committee have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue.

The Executive Committee have made this assessment for a period of one year from the date of the approval of these financial statements. The Executive Committee have therefore concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing these financial these financial statements.

Page 32

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.12 Employee benefits

When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Page 33

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. Income from donations

Unrestricted
funds
2023
£
General donations
148,906
Government Grants
10,093
158,999
Unrestricted
funds
2022
£
General donations
97,557
Government Grants
42,749
140,306		 Restricted
funds
2023
£
20,263
-
20,263
Restricted
funds
2022
£
18,498
-
18,498		 Total
funds
2023
£
169,169
10,093
179,262
Total
funds
2022
£
116,055
42,749
158,804

Included within Income from donations is grant income of £NIL (2022 - £2,139) received from the Coronavirus Retention Scheme, £NIL (2022 - £8,000) from the London Borough of Sutton business grant and £10,093 (2022 - £32,610) under the Kickstart Scheme. There are no unfulfilled conditions or other contingencies attached to the government grants above.

Page 34

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Income from charitable activities

Unrestricted
funds
2023
£
Disability
-
Urban
-
Cricket Centre and Indoor School
63,883
Total 2023
63,883		 Restricted
funds
2023
£
133,020
615,404
-
748,424		 Total
funds
2023
£
133,020
615,404
63,883
812,307

Included within Income from Charitable Activities is grant income received from the following government sources:

There are no unfulfilled conditions or other contingencies attached to the government grants above.

Disability
Urban
Cricket Centre and Indoor School
Total 2022		 Unrestricted
funds
2022
£
-
-
69,095
69,095		 Restricted
funds
2022
£
174,458
555,500
-
729,958		 Total
funds
2022
£
174,458
555,500
69,095
799,053

Page 35

(A Company Limited by Guarantee)

THE CHANGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Income from other trading activities

Unrestricted
funds
2023
£
Facility hire
33,271
Bar income
33,982
Fundraising events
245,075
Other income
10,983
Total 2023
323,311
Unrestricted
funds
2022
£
Facility hire
38,522
Bar income
39,353
Fundraising events
119,583
Other income
139,169
336,627		 Restricted
funds
2023
£
-
-
30,372
-
30,372
Restricted
funds
2022
£
-
-
3,132
30,200
33,332		 Total
funds
2023
£
33,271
33,982
275,447
10,983
353,683
Total
funds
2022
£
38,522
39,353
122,715
169,369
369,959

Page 36

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Income from investments

Unrestricted
funds
2023
£
Bank interest receivable
2,015
Unrestricted
funds
2022
£
Bank interest receivable
51		 Total
funds
2023
£
2,015
Total
funds
2022
£
51

Page 37

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Expenditure on raising funds

Direct costs
Direct costs
Support costs
Overheads
Premises costs
Website, advertising and publications
Legal, professional and consultancy fees
Governance costs
Staff costs
Depreciation
Other staff costs		 2023
£
250,650
250,650
18,058
894
1,135
1,570
4,978
22,179
10,050
9,476
68,340
318,990		 2022
(restated)
£
355,340
355,340
22,719
4,175
2,584
3,962
5,073
22,516
12,529
11,454
85,012
440,352

In 2022/23, all expenditure on raising funds was from unrestricted funds.

See Note 27 for further information about the restatement.

Page 38

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure on charitable activities - by fund

Unrestricted
funds
2023
£
Disability
66,233
Urban
-
Cricket Centre and Indoor School
79,385
Other Charitable Activities
30,207
Total 2023
175,825
Unrestricted
funds
2022
£
Disability
14,456
Urban
70,467
Cricket Centre and Indoor School
3,854
Other Charitable Activities
17,595
Total 2022
106,372		 Restricted
funds
2023
£
120,366
713,165
28,926
-
862,457
Restricted
funds
2022
£
257,643
521,542
28,313
-
807,498		 Total
funds
2023
£
186,599
713,165
108,311
30,207
1,038,282
Total
funds
2022
£
272,099
592,009
32,167
17,595
913,870

Page 39

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Analysis of expenditure by charitable activities - by type

Disability
Urban
Cricket Centre and Indoor School
Other Charitable Activities
Total 2023
Disability
Urban
Cricket Centre and Indoor School
Other Charitable Activities
Total 2022		 Activities
undertaken
directly
2023
£
146,621
560,372
85,107
23,735
815,835
Activities
undertaken
directly
2022
£
219,569
477,719
25,947
14,198
737,433		 Support
costs
2023
£
39,978
152,793
23,204
6,472
222,447
Support
costs
2022
£
52,530
114,290
6,220
3,397
176,437		 Total
funds
2023
£
186,599
713,165
108,311
30,207
1,038,282
Total
funds
2022
£
272,099
592,009
32,167
17,595
913,870

Page 40

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Analysis of expenditure by charitable activities - by type (continued)

Analysis of support costs

Staff costs
Depreciation
Overheads
Premises costs
Website, advertising and publications
Legal, professional and consultancy fees
Governance costs
Other staff costs
Total 2023
See Note 27for further information about the restatement.		 Total
funds
2023
£
72,190
32,711
58,786
2,909
3,696
5,110
16,202
30,843
222,447		 Total
funds
2022
(restated)
£
46,726
26,000
47,163
8,665
5,363
8,223
10,527
23,770
176,437

11. Governance costs

Auditors' remuneration - Audit of the financial statements
Auditors' remuneration - Prior year Audit fees' under/(over) provision
Auditors' remuneration - Accounts preparation		 2023
£
15,300
2,280
3,600
21,180		 2022
£
13,500
(1,500)
3,600
15,600

Governance costs of £21,180 (2022 - £15,600) are represented by £16,202 (2022 - £10,527) expenditure on charitable activities and £4,978 (2022 - £5,073) of expenditure on raising funds.

Page 41

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Executive Committee's remuneration and expenses

During the year, no Executive Committee Members received any remuneration or other benefits (2022 - £NIL) .

During the year, no Executive Committee received any benefits in kind (2022 - £NIL).

During the year ended 31 March 2023, no Executive Committee expenses have been incurred (2022 - £NIL) .

13. Staff costs

Wages and salaries
Social security costs
Pension costs		 2023
£
678,223
65,558
40,342
784,123		 2022
(restated)
£
673,090
62,561
41,587
777,238

See Note 2 7 for further information about the restatement.

The average number of persons employed by the Charity (including casual and part-time staff) during the year was as follows:

Raising funds
Urban
Disability
Cricket Centre
Support		 2023
No.
3
14
5
16
5
43		 2022
No.
3
12
5
16
10
46

Page 42

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Staff costs (continued)

The average headcount expressed as full-time equivalents was:

Raising funds
Urban
Disability
Cricket Centre
Support		 2023
No.
2
8
4
1
4
19		 2022
No.
3
8
5
2
4
22

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £70,001 - £80,000 1 1

The total amount of employee benefits received by Key Management Personnel is £309,596 (2022 - £333,049). The Charity considers its Key Management Personnel comprise:

Page 43

(A Company Limited by Guarantee)

THE CHANGE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Cricket
Centre
£
964,600
-
964,600
365,536
19,292
384,828
579,772
599,064		 Indoor
school
£
289,329
-
289,329
124,858
9,634
134,492
154,837
164,471		 Sporting &
Office
Equipment
& Fixtures
£
101,610
8,592
110,202
78,509
11,235
89,744
20,458
23,101		 Fixtures and
fittings
£
25,999
-
25,999
3,369
2,600
5,969
20,030
22,630		 Total
£
1,381,538
8,592
1,390,130
572,272
42,761
615,033
775,097
809,266

The Cricket Centre comprises freehold land and buildings at Plough Lane, Wallington which was converted to a cricket ground together with a pavilion and ancillary facilities. The land was originally purchased for a nominal £1. There is a covenant on the land restricting its use to sporting purposes.

The indoor cricket school, which was built on the Plough Lane land, is also restricted as to its use.

The Building fixtures and fitting additions are costs of installing new industry standard floor carpets and an energy efficient lighting system at the indoor cricket nets facility of the Indoor School. The bulk of the costs, as well as those for five new table tennis tables (included under Sporting & Office equipment & fixtures) were donated by Viridor credits.

15. Stocks

2023 2022
£ £
Bar stock 2,163 2,867

Page 44

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 April
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March		 2023
£
19,685
223
74,803
94,711
2023
£
7,153
15,104
312
289,968
312,537
2023
£
242,829
266,568
(242,829)
266,568		 2022
£
-
-
138,899
138,899
2022
£
4,961
33,332
-
259,964
298,257
2022
£
241,410
242,829
(241,410)
242,829

17. Creditors: Amounts falling due within one year

Deferred income in the year relates to grants that have been recieved in the year but relate to the next year.

Page 45

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds

Statement of funds - current year

Designated funds
Fixed Asset Fund
The Innovation Fund
Unrestricted funds
General Funds
Total Unrestricted funds
Restricted funds
The Cricket for Change Centre
Indoor Cricket School
Disability Programmes
Urban Programmes
Total of funds		 Balance at 1
April 2022
£
45,731
35,050
80,781
306,178
386,959
599,064
164,471
236
91,271
855,042
1,242,001		 Income
£
-
-
-
548,208
548,208
-
-
120,130
678,929
799,059
1,347,267		 Expenditure
£
(13,835)
-
(13,835)
(480,980)
(494,815)
(19,292)
(9,634)
(120,366)
(713,165)
(862,457)
(1,357,272)		 Transfers
in/out
£
8,592
-
8,592
(8,592)
-
-
-
-
-
-
-		 Balance at
31 March
2023
£
40,488
35,050
75,538
364,814
440,352
579,772
154,837
-
57,035
791,644
1,231,996

Page 46

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Designated funds

Fixed Asset Fund

The fixed assets are not easily realisable and therefore, for clarity, are not represented by the general reserve. The balance carried forward is equal to the year end net book value of fixed assets without continuing restriction. Restricted funds are those held for those subject to continuing restriction. The transfer from general funds in the year represents the net of additions of new fixed assets and the depreciation charged on the assets still in use.

The Innovation Fund

The Change Foundation Innovation Fund was created from £50,000 of unrestricted reserves in 2017. The award winning Fund aims to create a platform for our inspirational team to bring their ideas to life, with priority given to projects which:

The fund is available to all staff to apply for, either on their own or in partnership with other members of staff and/or in partnership with Trustees, ambassadors and our young people. The grant making panel is currently made up of the TCF Chair, TCF Vice Chair and TCF CEO.

To date, the Fund has facilitated some of our innovative pilot programmes such as Visually Impaired Rugby, Boxing 4 Change, and our Small Grants Programme for our young programme participants (nominal contributions towards specific promising career development activities).

Restricted funds

The Cricket for Change Centre

This relates to the cricket pavilion and grounds at Plough Lane which was funded by a restricted grant. The fund is reduced in line with the depreciation of the buildings.

Indoor School

This fund relates to capital grants received to develop the indoor cricket school (renamed The Paul Wickham Indoor Centre). The balance carried forward reflects the funds with continuing restriction, and is reduced each year in line with depreciation of the capital asset.

Disability Programmes Fund

This fund is for projects that improve the lives of people with a disability. During the year, two of our programmes, namely London Futures and Girls Win were successfully engaged in the Charity’s delivery of such intervention.

Funding for these programmes was received from various sources during 2022/23, notably The Paul Hamlyn Foundation, The Barratt Development Fund, The Souter Charitable Trust, The Trevor Fund, TDR Capital LLP, BBC Children in Need, Access Sport, The David Solomon’s Charitable Trust and The Toyota Charitable Fund.

Page 47

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Programmes Urban Fund

The fund is for projects that improve the lives of young people from ‘at risk’ and disadvantaged backgrounds in addition to walking sports provided at the Centre for local residents over the age of 50. Our charitable interventions are delivered using creative sport-based methodologies involving sports such as cricket, rugby, netball, boxing, dance and e-sport. Programmes delivered within this category during the year are Street Elite London, Street Elite Birmingham, Netball 4 Change, Dance 4 Change, 12 Rounds, Visually Impaired Rugby, Walking Sports and the Refugee Cricket Project.

During the financial year, funding for continuing programmes was notably received from the Berkeley Foundation, Old Oak and Park Royal Development Corporation, The Walcot Foundation, The Dulverton Trust, The Mayor’s Impact Fund, British Blind Sport, The Fairstead Trust, The Refugee Council, GLA Sport Unites, Groundwork, Fonthill Trust, London Sport, National Lottery Community Fund, Mercers and The Lakehouse Trust as well as from numerous other charitable donations.

Page 48

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Statement of funds (continued)

Statement of funds - prior year

Designated funds
Fixed Asset Fund
The Innovation Fund
Unrestricted funds
General Funds
Total Unrestricted funds
Restricted funds
The Cricket for Change Centre
Indoor Cricket School
Disability Programmes
Urban Programmes
Total Restricted funds
Total of funds		 Balance at
1 April 2021
£
13,682
35,050
48,732
338,872
387,604
621,572
174,105
80,587
4,488
880,752
1,268,356		 Income
£
-
-
-
546,079
546,079
-
-
177,292
604,496
781,788
1,327,867		 Expenditure
£
(9,603)
-
(9,603)
(537,121)
(546,724)
(22,508)
(9,634)
(257,643)
(517,713)
(807,498)
(1,354,222)		 Transfers
in/out
£
41,652
-
41,652
(41,652)
-
-
-
-
-
-
-		 Balance at
31 March
2022
£
45,731
35,050
80,781
306,178
386,959
599,064
164,471
236
91,271
855,042
1,242,001

Page 49

THE CHANGE FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
40,488
Fixed asset investments
3
Current assets
712,398
Creditors due within one year
(312,537)
Total
440,352		 Restricted
funds
2023
£
734,609
-
57,035
-
791,644		 Total
funds
2023
£
775,097
3
769,433
(312,537)
1,231,996

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
45,731
3
639,482
(298,257)
386,959		 Restricted
funds
2022
£
763,535
-
91,507
-
855,042		 Total
funds
2022
£
809,266
3
730,989
(298,257)
1,242,001

Page 50

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
14
Investment income
7
Decrease in stocks
15
Decrease/(increase) in debtors
16
Increase in creditors
17
Net cash provided by operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
22.
Analysis of changes in net debt
At 1 April
2022
£
Cash at bank and in hand
589,223		 2023
£
(10,005)
42,761
(2,015)
704
44,188
14,280
89,913
2023
£
672,559
672,559
Cash flows
£
83,336		 2022
£
(26,355)
38,530
(51)
-
(11,337)
18,238
19,025
2022
£
589,223
589,223
At 31 March
2023
£
672,559

23. Contingent liabilities

The Charity is currently investigating with its advisors whether it has breached VAT thresholds. While any associated liability is small in the context of the Charity’s financial position, the Trustees have taken advice and, at the point of signing off the financial statements, concluded that any economic outflow relating to conditions present at the balance sheet date is currently less likely than not to occur. The timing of any potential outflow and full possible financial effect is not known at this point as agreement of the Charity’s position will need to be sought with HMRC.

Page 51

THE CHANGE FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

24. Pensions

The Charity contributes to some staff members' pension schemes. The assets of the schemes are held separately from those of the Charity in independently administered funds. The pension cost charge represents contributions payable by the Charity to these funds and amounted to £40,342 (2022 - £41,587) . The contributions outstanding at the year end amounted to £1,251 (2022 - £2) .

25. Related party transactions

Unrestricted donations were received from 1 Trustee, V Lowe, amounting to £100 (2022 - 1 Trustee, A Clode, amounting to £3,500) .

There were no other related party transactions during either period.

26. Subsidiary undertakings

The Charity has two subsidiary undertakings:

4Change Enterprises Limited - a dormant company registered in England and Wales with registration number 09510925 and registered address: The Cricket Centre, Plough Lane, Wallington, Surrey, England, SM6 8JQ; and

Street20 Limited - a dormant company registered in England and Wales with registration number 05759598 and registered address: The Cricket Centre, Plough Lane, Wallington, Surrey, England, SM6 8JQ.

The two issued shares of Street20 Ltd amounting to £2 and one issued share of 4 Change Enterprises Ltd amounting to £1 are held by The Change Foundation.

27. Prior year restatement

The prior year comparative balances for Support costs and Staff costs have been restated in these financial statements, to more accurately reflect the nature of the expenditure included within these categories. The total expenditure incurred has not altered from the previously issued accounts.

The prior year restatement has had no impact on the year-end reserves of the Charity, nor on any Balance Sheet assets or liabilities.

Page 52