Company Re8lStered No. 05735047 Charity Registered No. 1117008 CHANGING IDEAS LIMITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CHANGING IDEAS LIMITED (A COMPANY UMITED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Reference and Administrative Details Report of the Trustees Report of the Independent Auditor Statement of Financial Activittes Balance Sheet Statement of Cash Flows 10 Notes to the Financial Statements 11-19
CHANGING IDEAS LIMITED REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES: M T J Eatough D LGraham 3ETait H Hoare (appointed 7 January 20251 COMPANY SECREfARY: D LGraham REGISTERED OFFICE: 11 Clarendon Gardens London W9 IAY REGISTERED COMPANY NUMBER: 05735047 {England and Wales) REGISTERED CHARrrY NUMBER: 1117008 BANKERS: Coutts & Co 440 Strand London WC2R OQS INDEPENDEMf AUDITOR: Scott Vevers Ltd Chartered Accountants and Re8lStered Auditors 65 East Street Bridport Dorset DT6 3LB
CHANGING IDEAS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees who are also directors of the charity for the purposes of the Companses Art present their report together with the financial statements of the charity for the year ended 31 March 2025 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Cornpanies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin6 their accounts in accordance with the Ftnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 08JEcfivES AND ACTIVITIES Objectives and aims The charity's objectives as per its governin8 document are: to promote the relief of those suffering from hardship, distress, persecution, poverty or sickness to promote any other charitable purpose for the benefit of the public In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Accordingly, the Charity operates for the public benefit. The Trustees have complied with their duty under section 1715) of the CharltiesArt 2011 to have due regard to public benefit8uidance published by the Charity Commission. ACHIEVEMENTS AND PERFORMANCE Charltable actlvltles Changing Ideas is focused on supporting small organisations working in the UK. The charity makes donations annually to a wide range of charities and charitable causes that address social injustice and impart the lives of the most vulnerable within society. During the year, the charity made distributions to 35 organisations totalling £914,913 (2024: £351.592). We work proactively, often through partners, to seek out organisations we would like to work with. We take a relational approach, getting to know those that we work with. We try to be flexible. reduce bureaucrary, support and mentor them to achieve impart. Additional inforrnation is also available on the charit¢s website: wW.ChanglngideaS.or8 Fundraising and Income During the year, the charity received a major donation from Trustee David Graham of £6,250,(KIO. This, together with other grants received from the Trustees, has significantly increased the chariws reserves enabling it to increase its grant-making activities in future years. The Charity does not undertake any public fundraising activities and is entirely reliant on donations to the Charity to fvnd its work. We do not fundraise from the public.
CHANGING IDEAS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Financlal posltlon Reserves At the year end, the charity held £8,568,44412024: £2,170,980) in reserves, of which £8,568.444 (2024: £1,899,049) are unrestricted reserves and £0 {2024: £271,931) are restrscted. Investments po51cy The charity held £7,835,530 {2024: £844,815) of investments at the year end. During the year, fofiowing a tender, LGT Wealth Management were appointed as fund managers with a remit to ensure that financial returns (from both capital and income) align with the chariws objectives and ethics. In addition to these investments, the charity keeps sufficient monies on current and deposit accounts to enable grant payments to be made as and when they fall due. Going Concern The Charity has minimal fixed costs, with the main source of expenditure being grants made at the discretion of the Trustees. The Charity had healthy cash balances 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 likely to be afferted in a material manner by the current economkc or political environment. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is governed by its Memorandum and Articles of Association as a limited company limited by guarantee as defined by the Companies Art 2006 Trustees There are four Trustees. and new Trustees are appointed by the existin8 Trustees when considered appropriate and given trainin& as necessary. Governance The Trustees set overall grant allocations annually. Potential grants are carefully considered by Trustees on an inforrnal basis before they are put to Trustees for formal approval. R15k management The Trustees have examined the major strategic, business, and operational rFsks which the charity faces and confirm that systems are in place to protect the charity's assets. PLANS FOR THE FUTURE The charity plans to continue to make grants for charitable purposes in line with its objects for the foreseeable future. Given the increase in reserves this year it Is proposed to increase our annual gran budget in future. STATEMENT OF TRUSTEES. RESPONSIBIUTIES Company law requires the Trustees to prepare financral statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kinsdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unfessthey are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the net movement in funds of the charitable company for that year.
CHANGING IDEAS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 In preparing these financial statements, the Trustees are required to: select suitsble accountin8 policies and then apply them ¢onsistently- observe the methods and principals in the Charittes SORP make judgements and estimates that are reasonable and prudent; state whether the policies adopted are in accordance with the Companies Att 2006 and with applicable accounting standards and statements of recommended practice, subjert to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it IS bnappropriate to presume that the company will continue in business. TheTrustees are responsible for keeping adequate accounting records that are sufficientto show and explain the charitable company's transactions and dTrsclose with reasonable accuracy at any time the financial POSFtion of the charitable company and enable them to ensure that the financial statements comply with the Cornpanies Act 2CK)6. 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 also responsible for ensuring that the assets are properly applied in accordance with charity law. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDrroRS So far as the Trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and each Trustee hastaken all the stepsthat he or she oughtto havetaken as a director in order to make himself or herself aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. AUOITORS The auditors, Scott Vevers Ltd, have signified their willingness to remain In office and a resolution for their re-appointment will be proposed at the forthcoming annual general rneeting. This report has been prepared in accordance with the small cornpanies, regime under the Companies Act On behalf of the board: tee Date:
REPORT OF THE INDEPENDENT AUDfTOR TO THE TRusfEES OF CHANGING IDEAS UMrrED Opinion We have audited the financial statements Changing Ideas Limited (the 'charitable company,) forthe year ended 31 March 2025 set out on pages 8 to 19. The financial reporting frameworkthat has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Genera Accepted Accounting Practice), includ ing Financial Reporting Standard 102 The FinancialReportingStandard applicable in the UK and Republic of Ireland ( Unbted Kingdom Generally Accepted Accounting Prattice). I n our opinion the financial statements give a true and fair view of the state of the charitable company's aff airs as at 31 March 2025 and of the incoming resources and application of resources, including its incorne and expenditure,forthe yearthen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Charities Act 2011. 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 Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirementsthatare relevant to our auditof thefinancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfitled our other eth ical 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. Other rnatter The f inancial statements forthe yearended 31 March 2024 were not audited. Accordingly, wedo not express an opinion on the comparative f igures included in these financial statements. Conclusions re lating to going conce rn We have nothing to report in respect of the following matters in relation to which the ISAS {UK) requre us to reportto you where: theTrustees' use of the going concern basis of accounting in the preparation of the f inancial statements is not appropriate; or the Trustees have not disclosed in the f inancial statements any identif led material uncertaintiesthat m cast signif icantdoubtaboutthe charitable company's ability to continue to adoptthe going concern bass of accounting for a period of at least twe Ive months from the date when the financial statements are authorised for issue. Other information The Trustees are responsible for the other information. The other information comprises the informatbjn included in the Trustees, annual report, otherthan the financialstatements and ourauditorfsreport there(. Our opinion on the f inancial statements does not cover the other information and, except to the extent otherwise expltcitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, ourresponsibility is to read the otherinformation and, in doing so, constder whether the other information bs materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we rdentify such material inconsistencies or apparent material misstatements, we are required to determne whetherthere is a material misstatement inthe financialstatements or a material misstatement of the other information. If, based on the work we have perfcfmed, 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.
REPORT OFTHE INDEPENDEKf AUDrroR TO THE TRUSTEES OF CHANGING IDEAS LIMrrED Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable cornpany and its environment obtained i the course of the audit, we have not identified material misstatements in the dirertors, report. We have nothing to report in respect of the following matters to which the Charities Act 2011 requires us to report to you if, in our opinion: the information given in the financial statements is inconsistent bn any material respect with the Trustees Annual Report; or the charitable company has not kept adequate accounting records. or the charitable company financial statements are not in agreement with the accounting records and returns: or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. Responsibilities Statement set out on pages 3 and 4, the Trustees (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 Trustees determine is necessary to enable the preparation of ftnancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial staternents, the Trustees are responsible for assessing the charitable companws abilityto continue as a goin8 concern, disclosing, as applicabte, rnatters related to a going concern and using the goin8 concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllftles for the audlt of the flnanclal statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under settion 154 of that Act. Our objertives are to obtain reasonable assurance about whether the financial statements as a whole ar freefrom material misstatement, whetherdue to fraud or error, and to issue an auditorfs reportthat indudes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit condurted 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, includFng fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstaternents in respert of irregularities, including fraud. The extent to which our procedures are capable of detetting irregularities ncluding fraud is detailed below: Our approach to identifying and asse55in8 the risks of rnaterial misstatement in respect of irregularities, Including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-cornpliance with applicable laws and regulations; we identified the laws and regulations applicable to the chartty through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity sector. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and identified laws and regulations were communicated within the audÈt team regularly and the team remained alert to instantes of non-compliance throughout the audit.
REPORT OF THE INDEPENDEKf AUDrroR TO THE TRUSTEES OF CHANGING IDEAS LIMrrED We assessed the susceptibility of the charibls financia obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. statements to material misstatement, uding To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determiningthe accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions In response to the ris of irregularities and non-compliance with laws and regulation we designed procedures which included, but were not limited to: a8reeing financial statement disclosures to underlying sUPPOrtbng documentation reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims. 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 frncreasesthe 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 3150 greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, ombssion or misrepresentstion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportin8 Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable compan(s Trustees, as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable companws members those matters we are required to state to them in an auditorf report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan the charitable company and the charitable companWs Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Scott Vevers Ltd Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset. DT6 3LB Date: Scott Vevers Ltd is eligible to art as auditor in terms of section 1212 of the Cornpanies Act 2006.
CHANGING IDEAS LIMITED srATEMENT OF FINANCIAL AcfiviTIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Total 2025 Total 2024 Unrestrirted Restricted Note Income and Endowments from; Donations and legacies Investment income 7,154,976 190,562 7,154,976 190,562 253,7SO 54,035 Total Incorne and endowments 7,345,538 7,345,538 307,785 Expenditure on: Charitable activities 721,043 271,931 992,974 465,399 Totsl expenditure 721,043 271,931 992,974 465,399 Net gains / (losses) on investments 44,900 44,900 44,971 Net Income/ lexpendlture) 6,669,395 (271,931) 6,397,464 (112,643) Reconclllation of funds: Total funds brought forward 1,899,049 271,931 2,170,980 2,283,623 Total funds carrled forward 8,568,444 8,568,444 2,170,980 All income and expenditure derive from continuing activities. The staternent of financial activities includes all Bains and losses recogn4sed during the year. The notes on pages 11 to 19 form part of these financial statements.
CHANGING IDEAS UMITED BALANCE SHEEf AS AT 31 MARCH 2025 Total 2025 Total 2024 (Reglstratlon number: 05735047J Note Fixed assets Investments 7,835,530 844,815 7,835,530 844,815 Current assets Debtors Cash at bank and in hand 229,643 522,239 2S.024 1,303,816 751,882 1,328,840 Credltors: amounts falllnz due wlthln one year 10 (18,968) (2,675) Net current assets 732,914 1,326,165 Net assets 8,568,444 2,170,980 Charity Funds Restricted funds Unrestrirted funds 11 11 271,931 1,899,049 8,568,444 Totsl charity funds 8,568,444 2,170,980 These financial statements have been prepared In accordance with the provisions applicable to companies subjert to the small companies regime under the Companies Act 2006. The directors acknowledge their responsibilities for complying wrth the requirements of the Companies Act 2006 in respect of accountin8 records and preparattson of accounts. Whilst the company is exempt from audit under Section 477 of the Companies Act 2006 relating to small companies and the members have not required an audit under section 476 of the Act, the company is subject to audit under the Charitles Art 2011. The financial statements were approved by the Board on am- ru The notes on pages 11 to 19 form part of these financial statements.
CHANGING IDEAS LIMITED STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025 Totsi 2025 Total 2024 Note Cash flow from operating activities 13 5,973,676 (227.020) Cash flow from Investlng actlvltles Payments to acquire investments Receipts from sale of investments Investment income received (14,639,890) 7.694,075 190,562 (551,361) 1.070.000 54,035 Net cash flow from investing activities {6,755,253) 572,674 Net increase / (decrease) in cash and cash equlvalents (781,577) 345,654 Cash and cash equivalents at l April 2024 1.303,816 958.162 Cash and cash equivalents at 31 March 2025 522,239 1,303,816 The notes on pages 11 to 19 form part of these financial statements. 10
CHANGING IDEAS LIMITEO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity status Changing Ideas Limited is a charitable company, limited by guarantee, incorporated in England and Wales under the Cornpantes Art 2006 and Charities Act 2011. The address of the registered office is provided in Reference and Administrative Details. Details of the charitVs operations are provided in the Trustees, Report. Accounting policies Sumrnary of slgnlficant accounting pollcles and key accounting estlmates The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless other¥vise stated. Statement of compliance The financial statements are prepared under the historical cost convention and in accordance with Accounting and Reporting by Charittes: Statement of Recommended Prartice applicable to charities preparin8 their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP 2019 (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounts include the results of the charity's operations which are described in the Trustees, Report, all of wh4ch are continuing. Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Accountlng conventlon The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for ,12 month5 from authorising these financÈal statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Funds Unrestricted funds are available lor use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 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 cost of raising and administerFn8 such funds are charged against the specific fund. The aim and use of each restricted fund is set out sn the notes to the financial statements. Income All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the incorne after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. 11
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) Expenditure All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or construrtive obligation to make payments to third parties, it is probable that the settlement will be requlred and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings 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 a tommitment but not accrued as expenditure. Investments Investments are recognised initially at fair value which is normally the transactton price excluding transaction costs. Subsequently, they are measured at fair value, with all realised and unreallsed gains passing through the SOFA. Debtors and credltors receivable / payable within one year Debtors and cred4tors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Cash at bank and in hand Cash at bank and cash in hand includes cash and Short term highly liquid investments wÈth a short maturity of three months or less, from the date of acquisition or opening of the deposit or similar account. Taxation The charity is exempt from corporation tax on its charitable artivities. Financial instruments Classification Financial assets and financial liabilities are recognbsed when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument Is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and meosurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss. which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transactions. If an arrangement constitutes a flnancing transaction, the financial asset or financial liability is measured at the present value of the future payrnents discounted at a market rate of interest for similar debt instruments. Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 12
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {continued) Flnanclal Instruments {continued) Financial assets are derecognised when and only when a) the contrartual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, desplte having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Donatlons and legacies Unrestrlcted funds Restrlrted funds Total 2025 Total 2024 Donations and gifts 7,154,976 7,154,976 7,154,976 7,154,976 253,750 253,750 Investment income Unrestricted funds Restricted funds Total 2025 Total 2024 Dividends and interest Interest on cash deposits 66,989 123,573 190,562 66,989 123,573 190,562 459 53,576 54,035 Expenditure on charitable artivities Unrestrlrted fvnds Restricted funds Total 2025 Total 2024 Direct costs Support costs Governance costs 642,982 71,791 6,270 721,043 271,931 914,913 71,791 6,270 992,974 351,592 110,387 3,420 465,399 271,931 Unrestrlrted funds Restrlcted funds Total 2025 Total 2024 Direct Costs: Grants payable to institutions (see Note 17) 642,982 642,982 271,931 271,931 914,913 914,913 351,592 351,592 13
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities (continued) Unrestrlcted funds Restricted funds Total 2025 Total 2024 ort costs: Consultanry Administration Sundry Portfolio and bank charges Conference PR and marketing IT and website Legal fees 30,889 10,337 34 18,719 30,889 10,337 34 18,719 97,740 922 3,471 900 3,242 2,214 1,898 110,387 4,888 6,924 71,791 4,888 6,924 71,791 Unrestricted funds Restrlcted funds Total 2025 Total 2024 Governance costs: Audit and accounting fees 6,270 6,270 6,270 6,270 3,420 3,420 Net Income / (expendlture) for the year Net income / (expenditure) is stated after chargin81 (crediting): 2025 2024 (Profit) / loss on disposal of investments {Profit) / loss on fair value movement of investments Auditor's remuneration Independent examination fee Other accounting services 153,374) 8,474 6,000 130,345) {14,626) 3,420 270 Trustees, remuneratlon and expenses There were no Trustees, remuneration. benefits or expenses for the year ended 31 March 2025 nor for the year ended 31 March 2024. 14
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMEhlTS FOR THE YEAR ENDED 31 MARCH 2025 Investments 2025 2024 Fair value at l April 2024 Additions Disposals Realised gains/(losses) on disposal Unrealised 8ains/(losses) on revaluation Fair value at 31 March 2025 844,815 1,318.483 14,639,890 551,361 {7,694,075) 11,070.000) 53,374 30,345 {8,474) 14,626 7,835,530 844.815 Held to provide investment return: UK Equities Overseas Corporate Bonds / Fixed Interest Treasury Bonds and Gilts 3,907,847 3,927,683 289,998 554.817 844,815 7,835,530 Cost at 31 March 2025 7,844,004 950.347 The share portfolio was valued by LGT Wealth Management UK LLP based on the mid market prices at 31 March 2025. Debtors 2025 2024 Prepayments and accrued incorne 229,643 229,643 25,024 25,024 10 Credstors: amounts falling due wlthln one year 2025 2024 Accrued expenses Other creditors 18,436 532 18,968 2,143 532 2,675 15
CHANGING IDEA5 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11 Funds reconciliation Unrestrirted fvnds 8alance at 01.IM.2024 Gains / Balance at losses 31.03.2025 Income Expendlture Restrlrted fvnds Special purposes fund 271,931 271,931 (271,931) (271,931) Unrestricted funds General fund 1,899,049 1,899,049 7,345,538 7,345,538 (721,043) (721,043) 44,900 8,568,444 44,900 8,568,444 Total funds 2,170,980 7,345,538 (992,974) 44,900 8,568,444 Bolance at 01.04.2023 Galns / Balance at losses 31.03.2024 Income Expendlture Restrirtedfvnds Special purposesfund 647,413 647,413 (375,482) (375,482) 271,931 271,931 Unrestrirtedfvnds Generalfund 1,636,210 1,636,210 307, 785 307, 785 (89,917) {89,917J 44,971 44,971 1,899,049 1,899,049 Totalfvnds 2,283,623 307, 785 (465,399) 44,971 2,170,980 16
CHANGING IDEAS LIMITED NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 1025 12 Analysis of net assets between funds Unrestricted Restricted 2025 2025 Total 2025 Fixed assets Cash and current investments Other current assets I liabilities FALSE 522,239 210,675 732,914 7,835.530 522,239 210,675 8,568,444 Unrestrlrted Restrlrted 2024 2024 Total 2024 Fixed assets Cosh and current investments Other current assets /IiGbilities 844,815 1,031,885 22,349 1,899,049 844,815 1,303,816 22,349 2,170,980 271,931 271,931 13 Reconciliation of net Income to net cash flow from operatlng actlvltles 2025 2024 Net income for the year 6,397,464 (112,643) Investrnent income receivable (Gains) / losses on Ènvestments {Profit) / loss on dÉsposal of fixed asset investments (Increase) I decrease in debtors Increase / (decrease) in creditors Net cash flow from operating activities {190,562) 8,474 (53,374) {204,619) 16,293 5,973,676 (54,035) (14,626) (30,345) (15,433) 62 (227,020) 17
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14 Financial instruments The carrying amounts of the charity's financial instruments measured at fair value through net income l expenditure are as follows: 2025 2024 Financial assets Measured at fair value through net income / expenditure: Fixed asset investments Measured at amortised cost Oebt instruments 7,835.530 844,815 522,239 1,303,816 8,3S7,769 2,148,631 Financial liabilities Measured at amortised cost 18,968 2,675 The income, expenses, net Bains and net tosses attributable the charity's financial instruments are summarised as fottows: Income and expense Financial assets measured at fair value through net income / expenditure ,Financial assets. that are debt instruments, measured at amortised cost 66,989 123,573 459 53,576 Net gains and losses Financi21 assets measured at fair value through net income / expenditure 44,900 44,971 15 Related party transactions During the year, D L Graham. Trustee, made unrestricted donations to the charity of £6,987,476 (2024: £203,000). During the year, J E Tait, Trustee, made an unrestricted donation to the charrty of £15,000 (2024: £nil) At 31 March 2025 there was a loan from D L Graham, Trustee, of £532 (2024: £532). 16 Future commltments At 31 March 2025, the Trustees had committed to make further donations of £303,225. 18
CHANGING IDEAS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17 Grants payable 2025 2024 Analysls of grant expendlture Environment Human rights Education Addiction prevention Poverty alleviation Young people and wellbeing Health Charity sector infrastructure Tenacious grant programme Public interest journalism Law for change Arts and sport 28,780 23,546 50.565 12,500 25,000 134,000 96,007 47,347 255.108 84,310 120.000 37,750 19,980 18,750 37,500 12,500 25,000 10,000 10,982 9,680 150,400 10,000 30,000 16,800 914,913 351,592 19