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