Company Registered No. 05735047 Charity Registered No. 1117008 CHANGING IDEAS LIMITED TRUSTEES, REpoKf AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CHANGING IDEAS UMITED (A COMPANY LIMITED BY GUARApifEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Informatlon Report of the Trustees Report of the Independent Examiner Statement of Flnancial Actlvities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 9-15
CHANGING IDEAS LIMITED CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES: M T J Eatough D L Graham JETait COMPANY SECRETARY: D LGraham REGISTERED OFFICE: 11 Clarendon Gardens London W9 IAY REGISTERED COMPANY NUMBER: 05735047 (England and Wales) REGISTERED CHARITY NUMBER: 1117008 BANKERS: Coutts & Co 440 Strand London WC2R OQS INDEPENDENT EXAMINER: Marcus Crldland B.A.IHonsl F.C.A. Scott Vevers Ltd. Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB
CHANGING IDEA5 LIMITED REPORT OF THE TRUSTEE5 FOR THE YEAR ENDED 31 MARCH 2024 The Trustees and Directors present their report together with the financial statements of the Charlty for the year ended 31 March 2024. The financial statements have been prepared In accordance with the accountlng pollcies set out in note 2 to the flnancial statements and comply wlth the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financlal Reporting Standard applicable In the UK and Republic of I reland IFRS 1021. OBJEcfivES AND ACTIVITIES Objectives and aims The charlty's objects are to benefit charitable bodles at the dlscretion of the Trustees. In setting objectives and planning for activities, the Trustees have glven due consideration to general guidance publlshed by the Charlty Commlssion relating to publlc beneflt, Includlng the guidance 'Publlc benefit: runnlng a charlty IPB21'. Accordlngly, the Charlty operates for the public benefit. The Trustees have complled wlth thelr duty under section 17151 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. STRATEGIC REPORT Achlevement and performance Charltable actlvltles The charity makes donatlons annually to a wlde range of charlties and charltable causes that address social Injustlce and human rights and Impatt the Ilves of the most vulnerable wSthln society. During the year the charity made 35 distributions totalllng £351,592 {2023: £345,287). FINANCIAL REVIEW Financlal posltlon Going Concern The Charity has minimal fixed costs, with the main source of expenditure being grants made at the dlscretlon of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likelyto be affected in a material manner by the current economic or political environment. Reserves At the year end, the charity held £2,170,98012023: £2,283,623) In reserves, of which £1,899,049 12023.. £1,636,210) are unrestricted reserves and £271,93112023: £647,413) restrlcted. The Trustees aim to keep sufficient reserves to generate Investment returns to fund the charlty's objectives. These are at least to hold and preferably to grow the overall level of grants made, while pursuing the secondary flnancial objective of malntainlng the real value of the endowment overtime.
CHANGING IDEAS UMtTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Investment policy and performance The charity holds £844,81512023: £1,318,483) of Investments at the year end. The Trustees have developed a framework for investing the charlty'S assets which reflects the Trustees, values in terms of soclal and environmental Impact and avoiding negative harms. Other funds of the charlty are held on deposit and spread between deposit takers to mlnlmlse counterparty risk. STRuURE, GOVERNANCE AND MANAGEMENr Governing document The charity is governed by its Memorandum and Articles of Association as a Ilmlted company limited by guarantee as defined by the Companies Act 2006 Trustees New Trustee5 are appolnted by the existing Trustees when considered approprlate and given tralning a5 necessary, Risk management The Trustees have examlned the major strateglc, buslness, and operatlonal rlsks whlch the charity faces and conflrm that systems are in place to protect the charity's a55ets. Plans for future perlods The charlty hopes to continue to receive donatlons and make grants to other bodies for charitable purposes forthe foreseeable future. Statement of Trustees, responsibi1Stles The Trustee5, who are also the directors of Chan8ln8 Ideas Llmited for the purpose of company law, are responslble for preparing the Trustees, Report and the financlal statements In accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountln8 Practlce). Company Law requlres the Trustees to prepare financial statements for each financlal yearwhich give true and fair view of the state of affairs of the charlty and of the incoming resources and applicatSon of resources, including the Income and expenditure, of the charitable company for that year. In preparing these financlal statements, the Trustees are requlred to: Select sultable accounting policies and then apply them consistentlv. observe the methods and principles in the Charities SORP. make Judgements and estimates that are reasonable and prudent. state whether appllcable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the golng concern basis unless It is inappropriate to presume that the charity will contlnue In operation. The Trustees are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial positlon of the charity and enable them to ensure that the flnancial statement5 comply with the Companies Act 2006. They are also responsible for safeguardingthe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CHANGING IDEAS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by sectlon 415A of the Companies Act 2006. On behalf of the board: Date:
REPORT OF THE INDEPENDEKf EXAMINER TO THE TRusfEES OF CHANGING IDEAS LIMrrED I report to the charltyTrustees on my examinatlon of the accounts of the company forthe yearended 31 March 2024. which are set out on pages 6 to 15. Responslbilities and basis of report As the charity Trustees of the company land also its dlrectors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requlrements of the Companles Act 2006 ('the 2006 Act'l. Having satisfled myself thatthe accounts of the company are not required to be audited under Part 16 of the 2006 Act and are ell8lble for independent examlnation, I report in respect of my examlnatlon of your companws accounts as carrled out under section 145 of the Charities Act 2011 {'the 2011 Ace). In carrylng out my examlnatlon I have followed the Dlrections given bythe Charity Commlssion under sectlon 145{51 Ib) of the 2011 Act. Independent examlnerfs statement I have completed my examination. I conflrm that no matters have come to my attention In connection with the examinatlon giving me cause to belleve that in any material respect: Accountlng records were not kept in respect of the company as required by sectlon 386 of the 2006 Act; or The accounts do not accord with those records; or 3. The accounts do not comply wlth the accountln8 requlrements of sectlon 396 of the 2006 Act other than any requlrement that the accounts 8lve a 'true and falr vlew, whlch Is not a matter considered as part of an Independent examlnatlon; or 4. The accounts have not been prepared in accordance with the methods and prlnclples of the Statement of Recommended Practice for accounting and reporting by charitles lapplicable to charities preparlng their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whlch attention should be drawn In th15 report in order to enable a proper understandlng of the accounts to be reached. Marcus Crldland B.A.(Hon5) F.C.A. Scott Vevers Ltd. Chartered Accountants and Reglstered Auditors 65 East Street Brldport Dorset DT6 3LB
CHANGING IDEAS LIMITED STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Total Total 2024 2023 Unrestricted Restrlcted Note Income and Endowments from: Donations and legacies Investments 253,750 54,035 253,750 54,035 647,500 50,175 Total income and endowments 307,785 307,785 697,675 Expendlture on.. Charitable activities 89,917 375,482 465,399 382,427 Total expendlture 89,917 375,482 465,399 382,427 Net galnsl {losses} on Investments 44,971 44,971 {54,222) Net Income/ (expendlture) 262,839 1375,4821 {112,643) 261,026 Transfers between funds li Net movement In funds 262,839 (375,482) 1112,6431 261,026 Reconclliatlon of funds: Total funds brought forward 1,636,210 647,413 2,283,623 2,022,597 Total funds carrled forward 1,899,049 271,931 2,170,980 2,283,623 All income and expenditure derlve from continuing actlvltles. The statement of flnancial actlvitles Includes all galns and losses recognlsed during the year. The notes on page5 9 to 15 form part of these financial statements.
CHANGING IDEAS LIMITED BALANCE SHEET AS AT 31 MARCH 2024 Total 2024 Total 2023 (Reglstratlon number: 057350471 Note Fixed assets Investments 844,815 1,318,483 844,815 1,318,483 Current assets Debtors Cash at bank and in hand 25,024 1,303,816 9,591 958,162 1,328,840 967,753 Credltors: amounts falllng due wlthln one year io {2,6751 12,6131 Net current assets 1,326,165 965,140 Net assets 2,170,980 2,283.623 Charfty Funds Restricted funds Unrestricted funds li li 271,931 1,899,049 647,413 1,636,210 Total charlty funds 2,170,980 2,283,623 The company Is entitled to exemptlon from audit under Section 477 of the Companles Act 2006 for the year ended 31 March 2024. The members have not requlred the company to obtain an audlt of Its financial statements for the year ended 31 March 2024 in accordance with Sectlon 476 of the Companles Act 2006. The directors acknowledge thelr responslblllties for: ensuring that the charitable company keeps accountlng records that comply wlth Sectlons 386 and 387 of the Companies Act 2006 and; preparing financlal statements whlch give a true and fair vlew of the state of affalrs of the charltable company as at the end of each financial year and of its surplus or deficlt for each financial year in accordance with the requirements of Section5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 to flnancial statements, so far as applicable to the charitable company. The financial statements were approved by the Board of Trustees on on its behalf by: and slgned ra - Trustee The notes on pages 9 to 15 form part of these financial statement5.
CHANGING IDEA5 LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 Total 2024 Total 2023 Note Cash flow from operating artlvltles 13 1227,0201 1,085,212 Cash flow from Investlng activitles Payments to acquire Investments Receipts from sale of investments Investment income received {551,3611 11.039,654} 1,070,000 54,035 50,175 Net cash flow from Investing actlvltles 572,674 (989,4791 Net Increase / (decrease) In cash and cash equlvalents 345,654 95,733 Cash and cash equlvalents at l Aprll 2023 958,162 862,429 Cash and cash equlvalents at 31 March 2024 1,303,816 958,162 The notes on pages 9 to 15 form part of these financlal statements.
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity statu5 Changing Ideas Limited is a company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. The address of the registered office is provided in Reference and administrative details. Details of the charity's operations are provided in the Trustees, Report. Accountlng pollcles Summary of sl8nlficant accounting pollcles and key accountlng estlmates The significant accounting pollcles applied in the preparatlon of these financlal statements are set out below. These policies have been conslstently applied to all years presented unless otherwise stated. Statement of compllance The financial statements have been prepared In accordance wlth Accounting and Reportlng by Charities: Statement of Recommended Practlce applicable to charltles preparing thelr accounts In accordance wlth the Financial Reporting Standard applicable In the UK and Republlc of Ireland issued In October 2019, the Financial Reportlng Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charltles Act 2011 and the Companles Act 2006. Basls of preparatlon The charlty constitutes a public benefit entity as deflned by FRS 102. Assets and liabilities are inltially recognised at hi5torlcal cost or transactlon value unless otherwise stated In the relevant accountln8 pollcy notes. Accountlng conventlon The flnancial statements have been prepared on a going concern basls as the trustees belleve that no material uncertalntles exlst. The trustees have considered the level of funds held and the expected level of Income and expenditure for 12 months from authorlslng these financlal statements. Funds Unrestrlcted funds are avallable for use at the discretion of the trustees in furtherance of the general objectlves of the charity and whlch have not been designated for other purposes, Restricted funds are funds whlch are to be used In accordance wlth specific restrlctlons imposed bv donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged agalnst the specific fund, The alm and use of each restricted fund is set out in the notes to the financlal statements. Income All incoming resources are Included in the Statement of Financial Activities {SoFA} when the charity Is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it Is probable that the Income will be recelved. Expenditure All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is legal or constructive obligatlon to make payments to thlrd parties, it is probable that the settlement wlll be required and the amount of the obligation can be measured rellably. Expenditure is accounted for on an accruals basis and has been classified under headlngs that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as commitment but not accrued as expenditure.
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) Investments Investments are recogni5ed initially at falr value whlch is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value, wlth all reallsed and unrealised gains passing through the SOFA. Debtors and credltors recelvable I payable wlthin one year Debtors and creditors with no stated Interest rate and receivable or payable within one year are recorded at transaction price. Any losses arlsing from Impalrment are recognised in expenditure. Cash at bank and In hand Cash at bank and cash In hand includes cash and short term hlghly Ilquld investments with a short maturity of three months or less, from the date of acquisitlon or openlng of the deposlt or slmilar account. Taxatlon The charlty Is exempt from corporatlon tax on Its charitable actlvltles. Flnanclal Instruments Classification Flnanclal assets and financial Ilabllltles are recognlsed when the charity becomes a party to the contractual provisions of the instrument. Flnanclal Ilabllities and equity Instruments are classlfied accordlng to the substance of the contractual arrangement entered Into. An equlty instrument Is any contract that evldences a resldual Interest In the assets of the charlty after deducting all of its Ilabilities. Recognltion and measurement All flnancial assets and Ilabillties are Initlally measured at transactlon prlce Ilncludin8 transaction costs), except for those flnanclal assets classified as at fair value through proflt or loss, which are Initially measured at falr value (which is normally the transaction prlce excludlng transaction costs), unless the arrangement constitutes a financing transactlons. If an arrangement constltutes a flnancing transactlon, the financlal asset or flnancial liability Is measured at the present value of the future payments discounted at a market rate of Interest for slmilar debt Instruments. Financlal assets and Ilabilitles are only offset In the statement of financlal positlon when, and only when there exists a legally enforceable right to set off the recognlsed amounts and the charitv Intends elther to settle on a net basis, or to realise the asset and settle the liabillty slmultaneously, Financlal assets are derecognised when and only when al the contractual rlghts to the cash flows from the financial asset expire or are settled, b) the charlty transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charlty, despite having retained some, but not all, significant rlsks and rewards of ownership, has transferred control of the asset to another party. Flnancial liabilities are derecognlsed only when the obligation speclfled Sn the contract is discharged, cancelled or expires. io
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestricted funds Restrfcted funds Total 2024 Total 2023 Donations and glfts 253,750 253,750 647,500 253,750 253,750 647,500 Investment Income Unrestricted funds Restrlcted funds Total 2024 Total 2023 Divldends and Interest Interest on cash deposits 459 53,576 459 53,576 966 49,209 54,035 54,035 50,175 Expendlture on charltable actlvltles Unrestrlcted funds Restrlcted funds Total 2024 Total 2023 Direct costs Support costs Governance costs 40,610 45,887 3,420 310,982 64,500 351,592 110,387 3,420 345,287 35,940 1,200 89,917 375,482 465,399 382,427 Unrestrlcted funds Restrlcted funds Total 2024 Total 2023 Dlrect costs: Grants payable 40,610 310,982 351,592 345,287 40,610 310,982 351,592 345,287 ort Costs: Consultancy Sundry Portfolio and bank charges Conference PR and marketing IT and website Legal fees 33,240 922 3,471 900 3,242 2,214 1,898 64,500 97,740 922 3,471 900 3,242 2,214 1,898 30,000 130 3,068 2,542 200 45,887 64,500 110,387 35,940 Governance costs: Independent examination fee 3,420 3,420 1,200 3,420 3,420 1,200 li
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Net income / (expendlture) for the year Net income / (expenditure) is stated after charging / Icreditingl: 2024 2023 (Profit) /105s on disposal of investments (Profit) / loss on fair value movement of investments Independent examinatlon fee 130,3451 114,626) 3,420 54,222 1.200 Trustees, remuneratlon and expenses There were no trustee'5 remuneratlon, benefits or expenses for the year ended 31 March 2024 nor for the year ended 31 March 2023. Investments 2024 2023 Falr value at l April 2023 Additions Disposals Realised gains/llossesl on dlsposal Unrealised gains/llosses} on revaluation Fair value at 31 March 2024 1,318,483 551,361 11,070,000) 30,345 14,626 333,051 1,039,654 154,222} 844,815 1,318,483 Held in Equities Held In Treasury Bonds and Gllts 289,998 554,817 278,829 1,039,654 844,815 1,318,483 Cost at 31 March 2024 950,347 1,438,640 The share portfollo was valued by Griffins Financial Solutions based on the market price at 31 March 2024. Debtors 2024 2023 Prepayments and accrued income 25,024 9,591 25,024 9,591 io Creditors: amounts falling due wlthln one year 2024 2023 Accrued expenses Other creditors 2,143 532 2,587 26 2,675 2,613 12
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 li Funds reconciliation Unrestricted funds Balance at 01.04.2023 Gains / Balance at 105ses 31.03.2024 Income Expenditure Transfers Restricted funds Special purposes fund 647,413 1375,4821 271,931 647,413 1375,4821 271,931 Unrestricted funds General fund 1,636,210 307.785 189,917) 189,9171 44,971 1,899,049 1,636,210 307,785 44,971 1,899,049 Total funds 2,283,623 307,785 1465,3991 44,971 2,170,980 Balonce ot 01.04.2022 Golns / Balance at losse5 31.03.2023 Income Expendlture Tronsftrs Restrlctedlund5 Special purposes fund 890.000 (242,587) 647,413 890,000 (242,587) 647,413 Unrestrlctedfunds Generalfund 1,132,597 1,132,597 697,675 (139,840) (139,840) (54,222) (54,222) 1,636,210 697,675 1,636,210 Totalfunds 2,022,597 697,675 (382,427) (54,222) 2,283,623
CHANGING IDEA5 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 Analysis of net assets between funds Unrestricted Restricted 2024 2024 Total 2024 Flxed assets Cash and current Investments Other current assets / Ilablllties 844,815 1,031,885 22,349 844,815 1,303,816 22,349 271,931 1,899,049 271,931 2,170,980 Unrestrlrted Restrlrted 2023 2023 Totol 2023 Fixed assets Cash and current Investments Other current assets /liabilitles 1,318,483 310, 749 6,978 1,318.483 958,162 6,978 647,413 1,636,210 647,413 2,283, 623 13 Reconclllation of net Income to net cash flow from operatlng actlvltles 2024 2023 Net Income for the year 1112,643) 261,026 Investment Income receivable (Galnsl / losses on investments (Profit) / loss on disposal of fixed asset Investments Ilncreasel / decrease In debtors Increase I Idecreasel In credltors Net cash flow from operatlng activltles 154,035) 114,626) 130,345} 115,433) 62 150,1751 54,222 818,739 1,400 {227,020} 1,085,212 14
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Flnancial instruments The carrying amounts of the charity's financlal Instruments measured at fair value through net income / expenditure are as follows: 2024 2023 Financlal asset5 Measured at falr value through net income / expenditure: Fixed asset Investments Measured at amortised cost Debt Instruments 844,815 1,318,483 1,303,816 958,162 2,148,631 2,276,645 Financial liabilities Measured at amortlsed cost 2,675 2,613 The income, expenses, net galns and net losses attributable the charity's financial instruments are summarised as follows: Income and expense Financial assets measured at falr value through net income l expenditure Financial assets, that are debt instruments, measured at amortised cost 459 53,576 966 49,209 Net 8ains and losses Flnanclal assets measured at falr value through net income l expendlture 44,971 (54,2221 15 Related party transacttons At 31 March 2024 there was a loan from D L Graham, a dlrector, of £53212023: £26). 15