Registered number: 03167701 Charity number: 1053948 THE CHANGE PORTFOLIO (A company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 *AEE69VQI• . 2911or2025 . COMPANIES HOUSE 24
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THE CHANGE PORTFOLIO (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charitable Company. its Trustees and advisers Trustees. report Independent examlner's report Statement of Ilnanclal actSvltles 2-10 13 Balanco sheet 14 Statement of cash flows 15 Notes to the financial statem•nts 16-30
THE CHANGE PORTFOLIO (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2026 Trustees Mr l J Parkins, Treasurer Ms A C Reeve, Chair Ms E Slorey, Vice Chair (resigned 28 October 2024) Ms R G Hobbs Ms J Tomsett Ms C Morris Ms J M Brown (appointed 30 April 2024, resigned 7 December 2024) Ms Anouk De Jonge Heath (appointed 30 Apfil 2024. resigned 9 September 2024) Company registered number 03167701 Charity registered number 1053948 Reglstered office The Change Project CIO Chelmsford Voluntary Service, Burgess Well House, Coval Lane Chelmsford Essex CM11FW Chief executlve offlcer Lora Draper Accountanls Griffin Chapman Chartered Accountants 4 & 5, The Cedars, Apex 12 Old Ipswich Road Colchester Essex C07 7QR Page 1
THE CHANGE PORTFOLIO (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statemenls of the Charitable Company for the 1 April 2024 to 31 March 2025. The Annual report serves Ihe purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements. the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Objectlves and aclivitles a. Policies and obJecllv•s The Change Portfolio's vision is to create lives free from domestic abuse. The charity's mission is to address the behaviour of people who use abuse in any relationship and educate and support them to achieve a life free of abuse through positive change. The purpose of the charity is protect victims by educating perpetrators (people who use abuse) to bring about behaviour change and to help people understand what domestic abuse is so that we reduce domestic abuse and the effect it has in the community. In setting objectives and planning for activlties, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit. including the guldance 'Public benefit: running a charity (PB2)'. b. Our strateglc obJectlves Increasing the safety of victims of all ages. Motivate abuserslperpetrators to recognise and change their behaviours. Reduce the impact of domestic violence on future generations. Educate professionals and the public about domestic violence. In England and Wales. the Crime Survey for England and Wales (CSEW) for the year ending March 2024 estimates that around 2.3 million adults experienced domeslic abuse, equating to 1 in 5 adults.. 1 in 4 women and 1 in 6-7 men. There were 108 domestic abuse homicides and 98 suspected sulcldes where domestic abuse Was 8 factor (ONS, 2024). Around 800,000 children are affected by domestic abuse, with 1 in 5 living an adult perpetrating abuse, and 620/0 of those children directly harmed by the perpetralor. In 2024. Essex Police recorded 32,398 domestic abuse investigations, with 22,789 (700/0) classified as crimes, alongside 16,688 stalking and harassment incidents (year ending October 2024). Domestic abuse remains underreported: nationally, fewer than 1 in 4 crimes come to police attention, suggesting the true scale remains unknown. Domestic abuse is also a leading factor in referrals to children's social care (Essex County Council. 2024). Perpetralors can have multiple partners within their lifetime. The reasons for abusive behaviour are extensive. Some may have come from abusive homes themselves and are repeating learnt behaviour. Trauma can play a part in a person's thought process and actions. for others a sense of entitlement developed Ihrough home influences or social conditioning can obfuscate their belief systems. Our aim is to break the cycle of abuse and to engage perpetrators and to provide services that educate and challenge their behaviour to result in long term sustained non abusive behaviour. We understand the harm caused by domestic abuse to victims and children. Our aim is to provide support to the partners and children of the perpetrators. Additionally we provide counselling to couples, families and young people struggling with relationships or emotional wellbeing. Page 2
THE CHANGE PORTFOLIO (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and activitles (continued) Our services are designed lo engage perpetrators and work with them to understand their behaviour and to gain skills in order to manage and amend their responses long term. Success is monitored through risk assessments and victim voice. The SafeLive5 Severity of Abuse model is used lo collect victim feedback. The Severity of Abuse (SOA) Outcome Measures are informed by the lived experience of victims to measure the impact of perpetrator interventions. The Integrated Support Service works with victims lo provide input and feedback lo perpelrator practitioners. The direct work with perpetrators is evidenced and measured using a Treatment Viability Assessment which records the changes in beliefs and communication observed by the facilitators and practitioners. c. Main activities undertaken to further the Charltable Company's purposes for the public benefSt The Change Hub continued to operate across Essex and Norfolk, funded by the respective Offices of the Police, Fire and Crime Commissioner {OPFCC). In Norfolk, the project concentraled on high-risk referrals received through the Domestic Abuse Partnership Approach team. Meanwhile, the Essex service worked with a broader range of perpetrators, including those self-referring to address their behaviour, as well as individuals referred by statutory and volunlary agencies and higher-risk service users identified via MARAC. Interventions were tailored to each client's circumstances and assessed level of risk through an in-person meeting. These were delivered on a one-to-one basis in accessible community locations. All victims or survivors linked to these cases were offered support through our Integrated Support Service lo ensure their safety and wellbeing throughout the intervention. Addilionally, using Home Office funding. the Essex OPFCC piloted a Specialist Intervention Service focusing on stalking behaviours. Our 27-week Domestic Abuse Perpelralor Programme, alongside the Integrated Support Service, continued in Colchester with funding from the Colchester 8orough Council Shared Prosperity Fund. The following services are carried out with a view to fulfilling our strategic objectives and addressing abusive behaviouf directly alongside services to support the victims and families of perpetrators.. Integrated Support Service for victims - The Integrated Support Service provides support to the partners and ex partners of those accessing all of the charities perpetrator services. Domestic Violence Perpetrator Programme (DVPP) - The provision of the Respect Accrediied DVPP 27 week programme group work and 18 week one to one programme for perpetralors. The Change Hub - The Change Hub offers a range of one to one interventions that are matched to Ihe individual perpetrator's circumstances and level of risk. Specialist Intervention Service- The Specialisl Intervention Service focuses on addressing stalking behaviours. Youth Action for Change Workshop - The Youth Action for Change workshops, aim to equip young people with the knowledge, skills, and attitudes needed lo build healthy, respectful, and consensual relationships. Through a series of interaclive workshops, young participants explore issues such as consent, healthy versus unhealthy relationships, patriarchy, misogyny, stereotypes, and UK legal frameworks around violence against women and girls. Centre Counselling We providecounselling lo promote wellbeing by enabling people to have healthy relationships in families, between couples, and therapy for individuals. We address sexual problems through counselling and psychosexual therapy covering all aspects of intimate relationships. Community Counselling We deliver counselling lo families, children and young people in schools, who are struggling with a range of difficulties that are impacting their emotional wellbeing. Page 3
THE CHANGE PORTFOLIO (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and activities (continued) Public benefit Charity Trustees are aware of the Charity Commission Public Benefit Guidance September 2013. This is included as part of their induction and AGM. Strategic report AGhlevemgnts and performan¢0 a. Main achlevements of the Charitable Company We are the only accredited British Association of Counselling and Psychotherapy and Respect Accrediled organisation in the UK. The qualifications and experience that is required of our slaff, denotes that we have a small volunteer base. There are currently two trainee counsellors who offer voluntary hours. This has enabled us to be able lo offer our counselling service to the viclimlsurvivors of our services. Clients are consulted in advance and advised Ihal the counsellors are still in training. Once they have completed their training, the counsellors will continue lo work with us. b. Revlow of activities Our core services focus on protecting victims and children through providing perpetrator work. The Change Hub in Essex and Norfolk, continued to achieve evidenced outcomes. The Domestic Violence Perpelrator Programme additionally provided further successful outcomes. Norfolk entered year 2 of the contract and Essex's Change Hub was in 115 5th year. Our longer-lerm objective is to expand our services with a greater focus on working with trauma across all client groups. This includes enhancing support for victims and children through therapeutic interventions that address the impacls of abuse, and deepening our work with perpetrators to recognise and respond to the trauma thal may underlie harmful behaviours. Significant events that have affected financial performance and financial position during the period, including.. This year has been marked by positive progress and recognition of our work. Contracts remained stable, with both Norfolk and Essex commissioning Change Hub services through lo March 2025. The Specialist Inlervenlion Service, funded via the OPCC by the Home Office, continued to lead the way in innovative practice. We proudly launched the Youth Action for Change workshops in October with Southend United Community and Educalional Trust, supporting young people lo build healthy relationship attitudes. We continue to be Respect accredited. We were delighted to receive two High Sheriff Awards celebrating our contribution to early intervention tackling domestic abuse. Following the MOJ decision to cease the delivery of DAPPS nationwide from 1s1 April 2022, regretfully there has been no further progression from the MOJ with regards to a decision on the provision of behaviour change work within the family court selting. We are unable to take cases direct from the courts or from private referrals if they are in the court system as this is a direcl breach of our accreditation standards. We are pleased to confirm that we have managed to maintain the Domestic Abuse Prevention Programme service via local funding and spot purchasing via children's social care and individuals. Our therapeutic services remain key. Both our Essex and Norfolk contracts concluded at the end of March 2025. In Norfolk, continuatlon funding was not available. while in Essex the local commissioner introduced a new service model and awarded the contract to another provider. While we were not selected, this change has given us the chance lo reflect on our strengths, adapt to evolving commissioning priorities. and focus on developing innovative approaches and partnerships thal continue to deliver high-qualily support to victims, children, and perpetrators. Page 4
THE CHANGE PORTFOLIO (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strategic report (continued) Achievements and performanc• (contlnued) We are proud of the breadth and impact of our work during 2024-25. A key goal was to broaden our reach. and we successfully delivered one-to-one perpelrator inlerventions across Essex and Norfolk through our funded Change Hub contracts, alongside support and counselling for associated victims. The Specialist Intervention Service continued to position us as leaders in a niche and developing area, enabling us to share our expertise and drive innovatlon through collaboration with other professionals. We maintained delivery of our Domestic Abuse Perpetrator Programme with support from Colchester City Council and the Shared Prosperity Fund, ensuring continuity of this vital work. We also successfully tendered for and delivered the Hampton Trust's CARA programme across Herlfordshire and Bedfordshire. A standout achievement was the launch of our Youth Action for Change workshops in partnership with Southend United Educational Trust, promoting healthy relationships. consent and gender equality among young sportspeople. Meanwhile. our growing training portfolio has begun to attract wider attention and recognition for our specialisl knOedge. "Before the workshop, I didn't really think about how some behaviours could be unhealthy or controlling. I thought that was just 'normal' in relationships. Learning about consent, respecl, and how the law sees certain actions really opened my eyes. l also realised how stereotypes and certain attitudes towards women can lead to bigger problems. Now I feel more confident to speak up if something doesn't feel right. for myself and for my friends.. 16 year-old sludenl, Southend. Change Hub Servlces The Integrated Support Sep4ice worked wilh 120 victims over the year. Impacling 347 children. Over the course of the year. Ihe new Change Hub service in Norfolk processed 208 referrals. The Essex Change Hub processed 508 referrals. We were able to make safe contact with approximately 30 % of those referred. The Severity of Abuse Measures use the lived experience of {ex)partnerslvictims to measure the impaci of perpetrator interventions. Viclim outcomes reported as follows.. Reported reductions Physical 940/0 reduction Sexual - 100.10 Harassment 57010 reduction Jealousy- 600/0 reduction Please note that 940/0 reduction does not mean that 60/0 are still experiencing physical abuse. 11 may mean 60/0 did not initially report physical abuse, and therefore could not report a reduction. The joined up work belween the Integrated Support Service and Change Hub Domestic Violence Awareness Practitioners continues lo prove to be successful and essential in risk assessment and safeguarding. The DAPP Group attendance was lower than existing years due to the changes to the family court provision. Clients maintained their engagement and SOA outcomes remained high. Physical - 970/0 reduction Sexual - loo0 reduction Harassment _ 280/0 reduction Jealousy- 740/0 reduction Please note that 97Q/o reduction does not mean that 30/9 are still experiencing physical abuse. It may mean 3% did not initially report physical abuse. and therefore could not report a reduction. Page 5
THE CHANGE PORTFOLIO (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strategic report (contlnued) Achievements and performance (continued) Grant Work Fundlng from the Essex Community Foundation enabled us to deliver an addltional project in Halstead, providing training to raise awareness of domestic abuse and equip professionals wilh Ihe knowledge to take appropriate next steps and make effective referrals. School Counselling Services.. The Gilberd School Roding Valley High School Moulsham Junior School We are currently deliver ing individual counselling, couples counselling, youth counselling, family counselling and psychosexual therapy. From March 2024 to March 2025 we saw a total of 28 clients (with a couple or family being counted as 1 client) through our centres and online. Through the help of our volunteer counsellors we are able to provide a counselling service lo the victims of the families referred. In the year ending March 2025, our school-based counselling service delivered 925 hours of support to 94 families and young people. c. Thanks and Acknowledgements The Board of Trustees would like to extend sincere thanks to the funders who have supported our work over the past year. We are especially grateful to the Henry Smith Charity, whose generous grant contributed to our core costs, helping to sustain the day-to-day running and administration of the organisation. We would also like to thank Irwin Mitchell, whose funding supported the clinical supervision of our frontline staff, enabling us lo prioritise their welfare and emotional wellbeing as they deliver complex and often challenging work. Our thanks also go to the Perry Watlinglon Trusl. whose contribution supported our work with victims and survivors of domestic abuse, helping us lo provide vital, life<hanging services. We are particularly touched by the support of Sarah's Fund, established by the family and friends of Sarah Henshaw in her memory. Their fundraising efforts help to support our charily's ongoing work and are a powerful tribute to Sarah's legacy. We remain deeply appreciative of the continued belief in our mission shown by all our supporters and partners. Page 6
THE CHANGE PORTFOLIO (A company limited by guarantee) ,TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strategic report {continued) Flnancial review a. Going concern Afler making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they conlinue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basls can be found In the accounting policies. b. Reserves pollcy Reserves are defined as resources not immediately required to finance operations and vthich can be freely deployed by the trustees lo fund future expendilufe if required. The charity defines its reserves as the total of its Unreslricted Funds i.e. those assets which are not reserved for future specific expendilure or restricted as to their future use. Our policy was to maintain a range beeen a minimum of £100,000 and a maximum sufficient to continue operating for 12 months (£750,000). c. Prlnclpal rlsks and uncertalntles The Trustees have a duty to identify and review the risks to which the charitable company is exposed and to ensure appropriate conlrols are in place to provide reasonable assurance against fraud and error. The key risks and the mitigating steps taken from the risk register are provided to the External Auditors for review in connection with their audit of the consolidated financial statements. Risk: Funding 100 % contract dependent. Mitigation.. Diversity and growing revenue streams. Risk: Short Contracts for 1-2 years. Mitigation.. Continue to build relationships wilh OPFCC'S. Continue to support 'Respect in Call for Action to government to provide longer funding. Risk.. National providers pitching in our sPal¢0MPetItOrs. Mitigation- Differentiate through our brand. Risk.. Worsening economic climate. Mitigation: Sustain reserves by following Ihe reserves policy in place. Risk.. Losing key staff. Mitigation: Invest in team building and training for staff. Risk.. A further pandemic. Mitigation: Frontline staff trained to work online. should circumstances dictale that it is required. d. Principal funding DAPP (Colchesler SPF) £50.000 Change Hub (Essex OPPC) £369,585 Stalking (Essex OPCCIHO) £159,428 Perp Prog - DAPPA (Norfolk OPCC) - £169.675 Page 7
THE CHANGE PORTFOLIO {A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 e. Revlew of flnanclal posltion at the end of the report5ng period In my report for the year ended 31st March 20241 anticipated that the charity would use £132,000 of reserves for the year ending 31st March 2025 to develop and pilot new services, to be mitigated by the employment of a fund- raising manager. l am therefore please to report that Total Funds only decreased by £35,688 to £513.828 (including £15,191 Reslricled Reserves) mostly due to an £82,683 increase in grant funding. Total income rose 13.89 % from £823.094 to £937,451 (10.30/0 better than forecast) whilst total costs rose 17.20/0 from £830,046 to £973,139 which was 1.910/0 less than forecast. For the financial year 202512026 the Charity has forecast lo use £173.000 of reserves lo continue to strategically invest in developing new and innovative services. Reserves are therefore expecled to reduce to £341,000 by Ihe end of year 202512026 which is equal to 6 months annual expendilure, wholly consistent with the minimum and maximum requirements stipulated in our Reserves Policy. Structure, govèrnance and management a. Constilutlon The Charity is a registered charity (charity number 1053948) and is governed by the Articles of Association dated 02 April 2021. The Charity Is controlled by ils governing document, a deed of trust. and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006 (company number 03167701 England and Wales). The Charity consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. b. Methods of appolntment or election of Trustees The management of the Charitable Company is the responsibility of the Trustees who are elected and copted under the terms of the Trust deed. ¢. Organisational structura and decision-making policies The Board of Trustees is the Charity's Management Commitlee (MC}, and is responsible overall for strategy, policies, financial accounlability and the legal compliance of Ihe organisation. The Board can have up to 11 members. The MC meet al least quarterly and has the power to create sub-committees to meet more regularly when the need arises. The Chief Executive is appoinlecl by the Trustees lo manage the day to day operations of the Charity. To facilitate operations. the Chief Executive has delegated authority within the terms of delegation approved by the Trustees, for operational matters including finance. employment and delivery of services. d. Policies adopted for the induction and training of Trustees As a company limited by guarantee, trustees are appointed in accordance with the Articles of Association by unanimous agreement of the Board of Trustees. Officers of the Board are appointed at the AGM and the length of tenure is two years after which they must be re-elected at the next AGM. The trustees also have the power to co-opt further members to fill vacancies during the year, where necessary. Page 8
THE CHANGE PORTFOLIO (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure. governance and management {continued) o. Financial risk management The Trustees have assessed the major risks to which the Charitable Company is exposed. in particular those related to the operations and finances of the Charitable Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for futur• perlods Looking ahead, the Board remains committed lo strategically investing our reserves in developing new and innovative services. Over the past year, we have mel our goal to deliver impactful work to young people Ihrough our Youth Action for Change programme, partnering with sports organisations and football clubs lo promote healthy relationships and raise awareness of domestic abuse. We have also expanded our professional training offer, equipping more practitioner5 with the skills lo respond effectively to domestic abuse. We continue to actively pursue domestic abuse-related tenders and grant funding opportunities to grow our impacl and ensure the sustainability of our services in the community. We have identified gaps in need and Y are developing our services to meet the requirernents of our Communities.. To expand the provislon of Change Hub Specialist Intervention Service to cover further locations. To expand our provlsion of counselling and trauma therapies to all service users. Page 9
THE CHANGE PORTFOLIO (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities The Trustees {who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees. report including the Stralegic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice)- Company law requires the Trustees to prepare financial statements for each financial Under company law. the Trustees must not approve the financial statements unless they are satisfied Ihat they give a true and fair view of the slate of affairs of the Charitable Company and of its incoming resources and applicalion of resources, including ils incorne and expenditure. for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102),. make judgments and accounling estimales that are reasonable and prudént; slate whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the Charitable Company will continue in business, The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial slalements may differ from legislation in other jurisdictions. Statement as to disclosure of Informatlon to Independent Examiner So far as the Iruslees are aware at the time of approving our Irustee's annual report: there is no relevant information, being information needed by the independent examiner in connection with preparing their report, of which the charitable company's independent examiner is unaware., and the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant independent examination information and to establish that the independent examiner is aware of that information. Small company provlslons This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. Approved r of the members of the board of Trustees and signed on their behalf by,. Mr l J Parkins Treasurer Date.. Page 10
THE CHANGE PORTFOLIO (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent examiner's report to the Trustees of The Change Portfolio ('the Charitable Company,) I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2025. Responsibilities and basis of report As the Trustees of the Charilable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Acl,). Having satisfied myself that the accounts of the Charitable Company are not reqLsired lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In Carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b} of Ihe 2011 Act. Independent èxamin•r'8 Statoment Since the Charitable Companrfs gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake Ihe examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connectlon wilh the examination giving me cause to believe: accounting records were not kepl in respect of the Charitable Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of Ihe Statement of Recommended Practice for accounting and reporting by charities lapplicable lo charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other 'matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page11
THE CHANGE PORTFOLIO (A company Ilmited by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report is made solely to the Charitable Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Companqs Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullesl extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Companls Trustees as a body, for my work or for this report. Signed.. Dated: 27 odvkn Daniel Aldworth, FCCA. FMAAT Griffin Cha man Chartered ccountants 4 & 5, The Cedars, Apex 12 Old Ipswich Road Colchester Essex C07 7QR Page 12
THE CHANGE PORTFOLIO (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestrlcted funds funds 2025 2025 Total funds 202S Tolal funds 2024 Note Income from: Donations and legacies Charitable activities.. Family counselling Youth counselling DV prevention Training and education Investment income Other income 15,569 15.569 9, 792 6,853 30,664 188,619 4,994 14,256 6,853 30,664 849,924 20,185 14,256 7, 825 31,204 758, 282 2,075 13,192 724 661,305 15,191 Total In¢om• 676,496 260,955 937,451 823, 094 Expenditure on: Charitable activities 668,305 304,834 973,139 830, 046 Total expendlturo 668,305 304,834 973,139 830.046 Net movement In funds 8,191 (43,879) (35,688) (6,952) Reconciliation of funds: Total funds brought forward Net movement in funds 7,000 8,191 542,516 (43.879) 549,516 (35,688) 556, 468 (6, 952) Total funds carried forward 15,191 498,637 513,828 549,516 The Statement of financlal activities includes all gains and losses recognised in the year. The notes on pages 16 to 30 form part of these financial statements. Page 13
THE CHANGE PORTFOLIO (A company limited by guarantee) REGISTERED NUMBER: 03167701 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets . 9,538 15,585 9,538 15.585 Current assets Debtors Cash at bank and in hand 12 106,040 431,241 90,328 484, 724 537,281 575,052 Creditors.. amounts falling due within one year 13 (32,991) (41,121) Net ¢urr•nt assets 504,290 533.931 Total net assets 513,828 549,516 Charity funds Restricted funds Unrestricted funds 14 15,191 498,637 7,000 542.516 14 Total funds 513,828 549,516 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance wilh section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act 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 lo the small companies regime. The financial slatements were approved and authorised for issue by the Trustees and signed on their behalf by: MrlJPa Treasurer Dale.. li The notes on pages 16 to 30 form part of these financial stalements. Page 14
THE CHANGE PORTFOLIO (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities {65,048) (4,924) Cash flows from investlng activilies Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Interest received 460 (3,151) 14,256 (12,415) 13,192 Net cash provided by investing activities 11,565 777 Cash flows from flnanclng actlvltles Interest paid (180) Net cash provided byl(used in) financlng activities (180) Change in cash and cash equivalents In the yèar Cash and cash equivalents at the beginning of the year (53,483) 484.724 (4,327) 489,051 Cash and cash equlvalents at the end of the year 431,241 484, 724 The notes on pages 16 lo 30 form part of these financial statements Page 15
THE CHANGE PORTFOLIO (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General informatlon The charity is a private company limited by guaranlee and registered in England & Wales. The members of the company are Ihe Trustees named on page 1. Accounling policies 2.1 Basis of preparatlon 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Acl 2006. The Change Portfolio 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. 2.2 Golng concern The Irustees consider that there are no materlal uncertainties aboul the charitable cornpany's ability to continue as a going concern. 2.3 Income Income from grants and donations are accounted for when the trustees are certain it will be received. Income from counselling services is accounted for on an accruals basis. All income is treated as unrestricted unless a specific purpose for that income is direcled by the donor. 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 Expenditure is recognised once there is a legal or constructive obligation to Iransfer economic benefil 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 aclivity are made up of the total of direct costs and shared costs. including support Costs involved in undertaking each aclivily. 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 lo a sing5e activity are apportioned between those activities on a basis consistent with thè use of resources determined in proportion lo the value of income. 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 charilable activities is incurred on directly undertaking the aclivities which further the Charitable Company's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 16
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.5 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under Ihe cost model, tangible fixed assets are Measured al 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. using the straight-line method. Depreciation is provided on the following basis: Plant and machinery 33Vo Straight line 2.6 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 trode discoynts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments Wlth a short maturity of three monlhs or less from the date of acquisition or opening of the deposit or similar account. 2.8 Llabllltl•s and provlslons Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable thal a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Llabilities are recognised al the amount that the Charitable Company anticipates it will pay to sett18 the debt or the amount it has received as advanced payments for the goods or services It musl provide. Provisions are measured at the best estimate of the amounts required to 5eltle 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 discounl rale 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 Charitable Company only has financial assels and financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest method. 2.10 Pensions The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. Page 17
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.11 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company 2nd which have not been designated for other purposes. Oesignated funds comprise unrestricted funds that have been set aside by the Trustees 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 wilh specific restrictFons imposed by donors or which have been raised by the Charilable Company for particular purposes. The costs of raising and admini51ering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the noles to the financial slalemenls. Investment income, gains and losses are allocated lo the appropriate fund. 2.12 Redundancy and termlnatlon payments Redundancy and termination costs are recognised as an expense In the Statement of Financial Activities at the point the Charitable Company is demonstrably committed to terminate the employment of an employee. Income from donations and legacies Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Donations 15,569 15,569 2. 792 7,000 Grants 15,569 15,569 9, T92 Total 2024 7,000 2, 792 9, 792 Page 18
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Income from charitable activities - Family Counselling Income from charitable activities - Youth Counselling Income from charitable activities - DV Prevention Income from charitable activities - Training and DV Prevention 6,853 6,853 7,825 30,664 30,664 31,204 676,496 188,618 865.114 758, 282 4.994 4,994 2,075 676,496 231,129 907,625 799, 386 Total 2024 568,115 231,271 799, 386 Investment Income Unrestrlcted funds 2025 Total funds 2025 rotal lunds 2024 Interest receivable 14,256 14.256 13.192 Total 2024 13, 192 13.192 Page 19
THE CHANGE PORTFOLIO (A company limited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 202S 2025 Total 2025 Total 2024 Charitable activities 668,305 304.834 973,139 830,046 Total 2024 568, 115 261,931 830,046 Analysis of expenditure by a¢iivitles Actlvltles undertaken directly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Charitable activities 893,756 79,383 973,139 830,046 Total 2024 736, 105 93,941 830,046 Page 20
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysls of direct Costs Total funds 202S Total funds 2024 Staff costs Training Subcontracted supervision Accreditation and membershlp Recruitment Reni and raies Premises expenses 830,800 9,967 39,281 3,668 1,250 8,790 682. 725 10,077 21,234 2, 074 6,445 13,525 25 893,756 736, 105 Wages and training costs are shown net of access to work grants lotalling £12,200 (2024: £10.296). Analysls of support Costs Total funds 2025 Toial funds 2024 Staff costs Travel and expenses Insurance 26,364 234 29.813 197 7.536 6,594 2. 100 1,626 15.313 2, 735 8.866 180 18.981 8,242 8,641 2,329 4,445 655 2,498 8,738 206 17.031 Telephone Printing and stationery Sundry expenses Legal and professional fees Computer and software costs Depreciation Bank interest and charges Governance costs 79,383 93.941 Page 21
THE CHANGE PORTFOLIO {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Independent examlner's remuneration 202S 2024 Fees payable lo the Charitable Companys independent examiner for the independent examination of the Charitable CoMpanS annual accounts 3,300 Fees payable to the Charitable Companys auditor for the audit of the Charitable Companqs Financial Slatements 5. 700 Staff costs 2025 2024 Wages and salaries Social securily costs Operating costs of defined benefit pension schemes 779,392 61,368 16,403 646,446 52,146 13.946 857,163 712,538 The Charitable Company made redundancy payments totalling £6,415 (2024.. £nil) during the year. The average number of persons employed by the Charitable Company during the year was as follows: 202S No. 2024 No. Employees 36 34 No employee received remuneration amounting to more than £60,000 in either year. The total amount of employee benefits (including employer pension contributions) received by key management personnel for their seprfices to the charity was £164,714 (2024 - £180,288) 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 22
THE CHANGE PORTFOLIO (A company limited by guarantèe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Tangible fixed assets Planl and machinery Cost or valuation Al 1 April 2024 Additions Disposals 32,967 3,151 {2,102) At 31 March 2025 34,016 Depreciation At 1 April 2024 Charge for the year On disposals 17,382 8,496 (1,400) At 31 March 2025 24,478 Net book valuè At 31 March 2025 9,538 At 31 March 2024 15,585 12. Debtors 2025 2024 Due within one year Trade debtors Other debtors Prepayments and accrued income 97.489 5,689 2,862 39,857 7,052 43.419 106,040 90, 328 Page 23
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Creditors: Amounts falling due within one year 2025 2024 Trade creditors Other taxalion and social security Other creditors Accruals and deferred income 1,915 17,810 3,592 9,674 12,237 16,173 3,401 9,310 32,991 41. 121 Page 24
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Slatement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Income Expendlture Unrestricted funds Designated funds Contingency funds 58,000 8,400 66,400 General funds General Funds - all funds 484,516 260,955 <304,834) (8,400) 432,237 Total Unrastrlctad funds 542,516 260,955 (304,834) 498,637 Restricted funds Police, Fire and Crime Commissioner for Essex - The Change Hub Police, Fire and Crime Commissioner for Essex - Specialist Intervention SeNice Colchester City Council - Domestic Abuse Perpetrator Programme Essex Community Foundation Henry Smith - Improving Lives Grant Police, Fire and Crime Commissioner for Essex - Local Safer Streets Fund The Police and Crime Commissioner for Hertfordshire - CARA Intervention 369,585 (369,585) 159.428 (159,428) 50,000 15,191 (50.000) (7,000) 7,000 15,191 35,000 (35,000) 19,499 (19,499) 27,793 (27,793) 7.000 676,496 (668,305) 15,191 Total of funds 549,516 937,451 (973,139) 513,828 Page 25
THE CHANGE PORTFOLIO (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Statement of funds (continued) During the current and previous year amounts were transferred from general funds to designated funds. These designated funds will be reviewed at the end of the subsequenl year. Page 26
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Statement of funds (continued) Statement of funds - prior year Balance al 31 March 2024 Balance al 1 April 2023 Transfers in/oul Income Expenditure Unrestrlcted funds Deslgnated funds Contingency funds .Extended DAPP provision 48.500 15,500 9,500 (15,500) 58,000 64, 000 (6,000) 58.000 General funds General Funds - all funds 492,468 247,979 (261,931) 6,000 484.516 Total Unrestricted funds 556,468 247.979 (261.931) 542,516 Restrlcted funds Police, Flre and Crime Commissioner for Essex - The Change Hub Police. Fire and Crime Commissioner for Essex - Specialist Intervention Service Colchester City Council - Domestic Abuse Perpetrator Programme Essex Community Foundation 369,543 (369,543) 140,572 (140.572) 58, 000 7,000 158,000) 7.000 575,115 (568. 115) 7,000 Total of funds 556, 468 823,094 (830,046) 549.516 Page 27
THE CHANGE PORTFOLIO {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 58,000 484,516 7,000 8,400 (8.400) 66,400 432,237 15,191 260,955 676,496 {304,834) {668,305) 549,516 937,451 (973,139) 513,828 Summary of funds - prlor year Balance al 31 March 2024 Balance at 1 April 2023 Transfers in/oul Income Expenditure Designated funds General funds Restricted funds 64.000 492,468 (6,000) 6,000 58,000 484,516 7, 000 247,979 575,115 (261,931) (568, 115) 556,468 823,094 (830,046) 549,516 16. Analysls of not assets between funds Analysls of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assels Creditors due within one year 9,538 522,090 (32,991) 9,538 537,281 (32,991) 15.191 Total 15,191 498,637 513,828 Page 28
THE CHANGE PORTFOLIO (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Analysis of net assets between funds (continued) Analysis of net assets betwe•n funds - prior year Reslricted Unr8Stricled funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assels Creditors due within one year 15,585 568,052 (41,121) 15,585 575,052 (41,121) . 7.000 Total 7.000 542,516 549,516 17. Reconclllallon of net movement In fund8 to net cash flow from operatlng actlvlties 202S 2024 Net expenditure for the year (as per Statement of Financial Activities) {35,688) (6,952) Adjustments for: Depreciation charges Loss on the sale of fixed assets (Increase)Idecrease in debtors (Decreasellincrease In creditors Interest received Interest paid 8,496 242 8, 180 686 33,568 (27,394) (13,192) 180 (15,712) (8,130) (14,256 Net cash used in operating activities (65,048) {4.924J 18. Analysis of cash and cash equivalents 2025 2024 Cash at bank 431,241 484, 724 Total cash and cash equivalents 431,241 484, 724 Page 29
THE CHANGE PORTFOLIO (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 484,724 153,483) 431,241 484,724 (53.483) 431,241 20. Penslon commltments The charity operates a defined contribution scheme pension which is made available to all employees. The charity contributions are treated as an expense and were £16,403 (2024 £13,946) and at the year end £3,475 (2024 - £3,260) was outstanding. 21. M•mb•rs' Ilabllity Each member of the charitable company undertakes to contribute to the assets of the company in Ihe event of it being wound up while helshe is a member. or within one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. 22. Related party transactlons The Charitable Company has nol entered into any related party transaction during the year, nor are there any outstanding balances owing beeen related parties and the Charilable Company at 31 March 2025. Page 30