OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Big Change Charitable Trust

2023-12-31-accounts

Company number: 07679479 Charity number: 1145224

Big Change Charitable Trust

Report and audited financial statements For the year ended 31 December 2023

Big Change Charitable Trust

Contents

Contents
For the year ended 31 December 2023
Reference and administrative information 1
Trustees’ annual report 2
Independent auditor’s report 13
Consolidated statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20

Big Change Charitable Trust

Reference and administrative information

For the year ended 31 December 2023

Company number 07679479 – incorporated in the United Kingdom 07679479 – incorporated in the United Kingdom
Charity number 1145224 – registered in England and Wales
Registered office 7 Savoy Court
London
WC2R 0EX
Operational address 66 Porchester Road, London, W2 6ET
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
H. K. T. Branson Chair
N. Duri
B. J. Hay
P. Nevin
A. Peacock
D. Scott (resigned 3 January 2024)
B. York
Key management Vanessa North Chief Executive Officer
personnel Ben Haber (appointed 4 December 2023) Managing Director
Noah Bernstein (resigned 18 May 2023) Chief Operating Officer
Bankers Barclays Bank
Leicester
LE87 2BB
Solicitors Harbottle and Lewis LLP
7 Savoy Court, London
WC2R 0EX
Auditor Godfrey Wilson Ltd
5th Floor, Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

The Trustees present their report and the audited financial statements for the year ended 31 December 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

1. Chair’s Report

Big Change was founded in 2012 to rethink how charity can be a catalyst for change in how we support all young people to thrive in life, not just in exams. 2023 was a year of both action and reflection. We delivered the Big Education Challenge, our largest public funding campaign to date, and developed our 2024-2025 strategy, which included creating a new theory of change and impact framework.

In 2023, we maintained our focus on three areas of work that demonstrated our ability to convene, catalyse change and put young people at the heart of what we do.

Identifying and supporting bold ideas in the UK

Alongside a limited grant allocation process in 2023, we delivered our Big Education Challenge. This £1m prize fund built on our 10 years of grantmaking experience supported and rewarded young people and experienced innovators who have bold ideas with the potential to transform education and learning in the UK. Designed to incentivise change from the bottom up, the prize surfaced and supported often underrepresented leaders from across the UK. In 2023, we announced the 15 finalists who received both financial and capacity-building support in partnership with the Young Foundation. We announced the winners in January 2024.

Generating global insights to transform, not just improve, education systems

Building on our partnership in 2022 with the Salzburg Global Seminar, we launched the Transforming Education Co-Action Summit, a multi-year initiative designed to deepen the global dialogue and accelerate action to transform education by enabling intergenerational leadership and collaboration. We also led the cocreation of a guide to sharing power to transform education, which we launched during UN General Assembly week. With contributions from over 10 global partners, this further contributed to our insight on transforming education systems developed through A New Education Story, but with a focus on the “power” driver. As well as various partner events, we hosted a Big Change dinner during UNGA in New York City.

Empowering young people and the public to set a new direction for learning

Big Education Conversation (BEC) supports inclusive and intergenerational conversations about the purpose of education that can create a shared vision and ideas for the future. In 2023, we worked with existing and new partners to support BEC to happen in their context (with Big Change leading in the UK and working with local partners in 11 countries around the world). Building on a successful prior partnership we worked with IPPR to develop and launch “Out of kilter: How to rebalance our school system to work for people, economy and society” in September 2023. This was jointly funded by Big Change and the Paul Hamlyn Foundation and outlined four ‘shifts’ needed to enable the system to unlock the potential of all young people as well as a series of costed policy recommendations. We also selected Youth Leads to serve as the Project Council for BEC.

Projects

In addition to the 15 Big Education Challenge finalists, we continued to support several projects in 2023 that address some of the key levers for change identified through our learning. Their focus spanned from rethinking what and how we measure success (Big Education/Rethinking Assessment) and wellbeing (BeeWell), to joined-up approaches for teaching and learning (London Interdisciplinary School) and how we create change with and for local communities (The Centre for Place Based Transformation).

2

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

Finances

As we exited Covid-19, our fundraising in 2022 was particularly successful leading to a relative reduction in 2023 with Big Change’s charitable income down 31% at £1,831,542. Nevertheless, we remain in a healthy position. We are incredibly grateful to the ongoing support our our Catalyst Circle (Virgin Unite, the Strive Catalyst Circle and our other high net worth donors) for their funding of our core costs which have enabled us to continue to lean into the opportunities of our catalytic role alongside sector allies as well as challenge and evolve our own model of funding.

Our Strive Challenge events continue to provide a solid foundation for our income and also generate deep and trusted relationships with existing and new donors. We saw some income from our American Friends of Big Change for the 2023 Strives in Finland and Bhutan. In 2023 we continued our partnerships with Paul Hamlyn Foundation and Blagrave Trust who supported our increased focus on youth leadership and intergenerational collaboration.

Our impact work in 2023 was a combination of backing five projects, delivering The Big Education Challenge, partnering with allies around system change and activating a community of philanthropists to support transformation. Our expenditure on charitable activities was £2,043,505 (2022 charitable expenditure: £1,823,298).

Building on the development of our new strategy, theory of change and impact framework, in 2024 we will focus on the following:

Thank you to everyone who has contributed to these achievements. We are making significant progress and paving the way for a bright future.

Philip Nevin

Philip Nevin (Chair) 23 July 2024

3

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

2. About Big Change

We want to see a society working together so that every young person is set up to thrive in life, not just exams.

By 2030 we aim to:

  1. PURPOSE - Wider society embraces a new, expanded purpose for education (thriving) and key parts of the system have changed to support it (e.g. policy, funding).

  2. POWER - Young people are agents of change and all parts of society (e.g. parents,educators, employers) are supporting young people to learn and thrive.

  3. PRACTICE - Bold, pioneering approaches show that a new way is possible in setting up the next generation with the agency and opportunities to learn and thrive.

We act as a catalyst for this change by:

Our model and approach to achieve this consists of three distinct but interlinked pillars - Insight, Action, and Support:

  1. Insight: We listen and learn with and from all parts of the system to understand what is needed to support reimagining education over the long-term.

  2. Action: We target our support to the most critical opportunity areas by finding and backing the leaders with big vision to help them prove a new way is both possible and powerful.

  3. Support: We activate a network of people and organisations who power this change through individual effort and collective action.

For more information please see big-change.org, and our New Education Story.

3. Our Projects

Big Change will only happen if we do things differently, which is why we fund in the areas where there is critical need. We have a unique opportunity to add value and that, if changed, could have a broader systemic impact.

4

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

When considering projects, we are particularly interested in the following key criteria:

  1. Does the applicant have a bold ambition for system change, with the potential to significantly impact on the broader sector? What is the unique and disruptive insight that can really change the way things are done?

  2. Does the idea focus on positive growth: would the project clearly support young people to unlock their potential, and make a real difference?

  3. Does the proposal demonstrate that there is a clear and compelling need? Is there a clear benefit to the education/youth development sector in the UK, and would the project have support from sector experts and other practitioners?

  4. Do the team have passionate leadership: are the right people in place with the expertise and experience to fulfil their big ambition?

  5. Is the project a good fit for Big Change: can we add significant value to the project?

With the above in mind, we launched our 2022 grant allocation process, with up to £250,000 in available funding for aligned project partners. The applications needed to score well on the criteria listed above, as well as demonstrate alignment with our 10 Big Hopes for Change in Education.

We solicited applications from a number of people and organisations who were part of our pipeline development and high-quality referral network. Each submitted an expression of interest and, if successful, a subsequent detailed proposal was assessed, both internally and by an invited Impact Council of sector experts and Trustees (see Section 5, Grant Making Policy).

Of the £250k available, £230k was allocated to 6 projects over two years. Of this amount, £141,726 was disbursed in 2022, with the remainder (£88,274) disbursed in 2023.

Details of all funded projects are as follows:

2022-23 Cohort

CENTRE FOR PLACE BASED TRANSFORMATION (via Right to Succeed) (£16,668 awarded in 2023 from 2020 grant of £58,000)

Right to Succeed is a youth organization that exists to equip every child with the skills, well-being and access to opportunities to thrive from childhood to adulthood.

Big Change supported the staff costs associated with setting up the Centre for Place Based Transformation, a new approach to place-based community projects, demonstrating the power and value of place-based change and local learning ecosystems through both targeted, locally-led pilots and unlocking political will and funding at a government level to adopt an approach the place-based work that blends private, public and philanthropic involvement.

5

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

BIG EDUCATION TRUST

(£34,250 awarded in 2023 of a total grant of £100,000)

Big Education is the incubator for Rethinking Assessment. We have funded Rethinking Assessment’s Learner Profile project. They have been learning from, and building on, best practices around the world to design an approach to assessment that helps every young person to thrive. Working on practical ideas and approaches to be piloted in schools, they have identified a powerful way forward: Learner Profiles. Drawing on work underway in the USA and Australia in particular.

Rethinking Assessment’s vision is for every young person to put together a Learner Profile during their 14year learning journey, including evidence of what they can do, what they have achieved, the story of their learning and a portfolio of their best work.

Young people will start creating their Learner Profile at school, topping it up as they go to demonstrate a range of achievements and show the breadth of their knowledge and capabilities. The profile will give universities, training providers and employers real information about the young person’s competencies in crucial skills and provide a rounded picture that goes beyond a set of exam numbers and letters. We're funding the launch of the learner profiles.

THE LONDON INTERDISCIPLINARY SCHOOL (£20,000 awarded in 2023 of a total grant of £40,000)

The London Interdisciplinary School has been awarded a grant to develop and roll out an interdisciplinary programme in schools for students in KS5. The programme will centre around three distinct areas: complex problems, interdisciplinary learning and careers. Their long-term vision is to ensure that interdisciplinary (ID) learning is embedded within the curriculum at all levels and that an ID experience is a prerequisite for an outstanding school.

Their grant will be used toward staffing, development and implementation of the programme in schools.

Big Education Challenge

A £1m prize fund to find and back people with bold ideas with the potential to transform education:

Following the six-month learning and support programme the finalists handed in their submissions. Finalists’ submissions were judged by a group of internal Big Change judges against a set of defined criteria, which are:

6

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

Finalists also created pitch decks, which they presented to expert external judges. These judges have scored these pitches against the same criteria. We had nine external judges in total, including young people, former project partners, sector allies and policy experts. Scores from internal and external judges were combined and moderated for any outliers. From these, the winners were selected.

4. Financial Review

- Operating budget and grant making

We are grateful to Virgin Unite and our Catalyst Circle members for supporting Big Change's operating expenditure in 2023. Operating expenditure totalled £1,117,898 (2022 - £1,007,123 (this includes staff costs, general expenses and other overhead costs).

During the year Big Change received in-kind donations amounting to £125,820 (2022 - £161,830). The Trustees would like to thank Virgin Management Limited for providing donations in-kind of office space, IT support and professional services such as finance and taxation advice; and DLA Piper for providing extensive pro bono legal support via Thomson Reuters’ Trust Law service.

During the year the cost of charitable activities was £2,043,505 (2022: £1,823,298). This includes finding and backing impact projects totalling £1,232,219 (2022: £819,109) as highlighted in Section 3, Our Impact.

For the 12 months ending 31 December 2023, costs (before net gains/(losses) on investments) exceeded income by £56,168 (2022: 722,637 surplus). Total income, including Trading income and in-kind donations, was £2,921,262 (2022: £3,000,206) which comprised mainly charitable donations (including in-kind donations) of £1,831,542 (2022: £2,652,199). Consolidated unrestricted reserves decreased during the period to £3,079,617 (2022: £3,097,821).

Going concern and reserves policy

The Board of Trustees are of the opinion that Big Change Charitable Trust has adequate resources to continue in operational existence for the foreseeable future. The Board of Trustees have identified no material uncertainties that cast significant doubt about the Big Change Charitable Trust to continue as a going concern.

At 31 December 2023, the Trustees' reserves policy is that Big Change should retain in the form of either cash or contracted income, at all times, (a) at least 12 months of working capital based on predicted known operating costs, and (b) the total amount allocated to current project partners through grant agreements. The Trustees have judged this level as appropriate given Big Change’s liabilities, assets, and staffing structure. It is also appropriate given our two-year fundraising cycle.

At the end of 2023, Big Change held £2,550,052 in general reserves and £529,565 in designated funds for project grants and related expenses. Our budgeted operating costs for 2024 are £1.5 million. Our reserves policy requires holding at least 12 months of working capital. However, since we do not plan to launch our next funding round until early 2025, we find it prudent to hold 15 months of operating costs, increasing our target general reserves balance to £1.9 million.

In line with our new strategy and impact framework, we will continue to develop our existing funding models, for which we will fundraise in advance, and create new, innovative models. The need for innovation arises from the persistent lack of funding for education transformation. Big Change will use its reserves to build proofs of concept for these new models, which we will then fundraise for in future iterations. As a result, we find it prudent to hold the remaining £600k for this purpose. 7

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

5. Grant making policy

Trustees approve all grants at the Trustee meetings that take place throughout the year (one every quarter) and grant applications must be approved by all Trustees to be successful. In anticipation of these meetings, an initial assessment and due diligence is undertaken by key management and operational personnel before the preparation of an assessment report for consideration by the Trustees in advance of the meeting.

1. Initial application

Applicants submit an initial one-page grant proposal and if the management team agree, ask proposers to submit an expanded grant proposal.

2. Due Diligence and Assessment Report

Management will identify the Applicant and whether it is appropriate for Big Change to be involved with this Applicant through:

Management then:

3. Grant decision

The assessment report is sent to Trustees for contemplation in advance of the meeting at which they are considering the grant applications. At the meeting, the Trustees analyse the grant based on all of the relevant elements of the report and, if appropriate, approve the grant during the meeting.

4. Monitoring after approval and payment of the grant, Big Change management:

6. Related party transactions

In all instances where Big Change is potentially involved in a related party transaction, Trustees ensure that we not only act in the best interests of the charity by checking costs against the market but where applicable, also ensuring that Big Change is not licensing rights for less than their market rate. Details of the related party transactions are in note 9 to the accounts.

All Trustees and Staff are required to declare any conflicts of interest on an ongoing basis. When a conflict of interest is discovered or brought to the attention of the Leadership Team (LT) it is added to the Conflict of Interest register and then forwarded to the Chair of the Big Change Board of Trustees for consideration. The Chair then consults with his fellow Trustees and provides guidance and/or a mitigation strategy to the LT.

8

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

7. Structure, governance & management

The organisation is a charitable company limited by guarantee, incorporated on 22 June 2011, and registered as a charity on 23 December 2011.

The organisation was established under a memorandum of association, as amended by special resolutions on 10 December 2011 and 21 December 2011, which established the objects and powers of the organisation and is governed under its articles of association.

All Trustees give their time voluntarily and receive no benefits from the charity. No Trustees were reimbursed for any expenses incurred during the year. The Board of Trustees meet at least three times a year and the Charity is empowered to delegate its powers to the Committees of Trustees.

Typically, the charity's senior management team is present at the meetings of the Board of Trustees and, when appropriate, the Chair of the Board of Trustees is in regular contact with senior management. Day-today decisions are made by senior management and where necessary referred to the Board of Trustees for approval.

8. The appointment and recruitment of Trustees

The Trustees are responsible for the recruitment of new Trustees, which they carry out in light of the existing balance of skills and experiences of the Board. Before their appointment, all new Trustees attend an induction programme in order for them to properly undertake and fulfil their responsibilities to the Charity. The induction process ensures new Trustees meet existing Trustees and members of the Senior Management team.

9. Objectives and activities

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work within the last twelve months. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

The Trust’s objects are:

(a) the promotion of participation in healthy recreation in particular by the provision of facilities for the playing of sports;

(b) to assist in such ways as the charity Trustees think fit any charity whose aims include advancing education of persons under the age of 25 years by developing their mental, physical and moral capabilities through leisure time activities;

9

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

(d) to act as a resource for young people up to the age of 25 years by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:

(i) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals; (ii) advancing education;

(iii) relieving unemployment; and

(iv) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons;

(e) to assist in the treatment and care of persons suffering from mental or physical illness of any description or in need of rehabilitation as a result of such illness, by the provision of facilities for work and recreation and through the provision of financial assistance, support, education and practical advice;

(f) the relief and assistance of people in any part of the world who are the victims of war or natural disaster, trouble, or catastrophe; and

(g) such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine.

10. Risk management

The Trustees regularly discuss and review the key risks to the charity and identify mitigation strategies during their Trustee meetings. The Trustees are satisfied that the key risks to the organisation are mitigated during the current year. Below is a list of the principle risks or uncertainties that management and Trustees have identified, along with information on how the organisation is managing them:

Big Change recognises our key risks and mitigation actions as follows

----- Start of picture text -----
Risk Mitigating action
1.1 – Financial : Macro-economic conditions 
Adapting expenditure approach when necessary to
(pandemic, war, recession) impact the organisation’s maintain adequate reserves position.
ability to raise funds in the short and long-term.
Adjusting fundraising approach to seize
opportunities as the situation evolves.
1.2 - Reputational : Big Change receives donations  Ensure that adequate due diligence is carried out
from a number of donors and there is a risk of on all potential big gift donors;
receiving funds from inappropriate sources.
 Maintain clear paper trails for all donations
received.
1.3 - Charitable : Big Change grants funds to a  Management and Impact team to keep in regular
number of different organisations and there is a risk contact with grantees;
that money is spent inappropriately.  Ensure that grantees are reporting back to Big
Change per grant agreements.
----- End of picture text -----

The Trustees are satisfied that the key risks to the organisation are identified and that appropriate strategies are in place to manage them in the current year.

Statement on fundraising practice

The Trust does not use professional fundraisers or commercial participators to raise funds. The Trust nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations (2022: none) and codes and the Trust received no complaints (2022: none) relating to its fundraising practice.

10

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

11. Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. During the year to 31 December 2020 the organisation adopted an Investment Policy (housed within Big Change’s Treasury Management Policy) that, once ratified by the Trustees, was used to guide the investment of operational reserves with the organisation’s nominated investment management firm. The policy includes general provisions, as well as the organisation’s investment objectives, attitude towards risk, ethical investment priorities, and management reporting and approval processes. Additional financial details can be found in Note 10 of the annual accounts.

During the year to 31 December 2023, the charity’s portfolio returned a performance of 1.4% net of all fees, costs and charges (2022 - 8.9%). This contrasts with the return from the ARC PCI GBP Cautious index which returned 2.5%, again net of fees, costs, and charges. Since inception, the portfolio has achieved a return of 7.8%, meeting the investment objectives in the longer term.

The downturn in global markets at the beginning of 2023 has impacted the charity’s investments. However, at the date of signing the total portfolio value, net of fees, costs, and charges, is greater than at inception, and the Trustees are confident in its further growth over the long term.

12. Remuneration policy

The management team comprise the key management personnel of the charity, in charge of directing and controlling, running and operating the charity on a day to day basis. The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. The charity benchmarks against pay levels in other similar organisations. All pay raises, as well as bonuses, are determined by the Board of Trustees after a formal end-of-year evaluation. Consensus must be reached before any pay rise or other form of compensation is awarded.

13. Statement of responsibilities of the Trustees

The Trustees (who are also directors of Big Change Charitable Trust for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

11

Big Change Charitable Trust

Trustees’ annual report

For the year ended 31 December 2023

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ annual report has been approved by the Trustees on 23 July 2024 and signed on their behalf by:

Philip Nevin

P Nevin Chair of Trustees

12

Independent auditor’s report

To the trustees of

Big Change Charitable Trust

Opinion

We have audited the financial statements of Big Change Charitable Trust (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, consolidated and parent company balance sheets, consolidated statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the group and parent charity financial statements and our auditor’s report thereon. Our opinion on the group and parent charity financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

13

Independent auditor’s report

To the trustees of

Big Change Charitable Trust

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

14

Independent auditor’s report

To the trustees of

Big Change Charitable Trust

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

15

Independent auditor’s report

To the trustees of

Big Change Charitable Trust

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

23 July 2024

Alison Godfrey

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

16

Big Change Charitable Trust

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

----- Start of picture text -----
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 1,546,542 285,000 1,831,542 2,320,218 331,981 2,652,199
Other trading activities 3 997,724 - 997,724 312,000 - 312,000
Investments 90,760 - 90,760 34,997 - 34,997
- -
Other incoming resources 1,236 1,236 1,010 1,010
Total income 2,636,262 285,000 2,921,262 2,668,225 331,981 3,000,206
Expenditure on:
Raising funds
- -
Cost of fundraising 165,309 165,309 166,032 166,032
- -
Costs of trading 768,616 768,616 288,239 288,239
Charitable activities
Impact 1,029,659 202,560 1,232,219 701,770 117,339 819,109
Community 397,868 36,357 434,225 489,178 51,364 540,542
System 340,704 36,357 377,061 412,283 51,364 463,647
Total expenditure 4a 2,702,156 275,274 2,977,430 2,057,502 220,067 2,277,569
Net income/(expenditure) before net (65,894) 9,726 (56,168) 610,723 111,914 722,637
gains/(losses) on investments
Net gains/(losses) on investments 10 47,690 - 47,690 (122,280) - (122,280)
Net income/(expenditure) for the year 6 (18,204) 9,726 (8,478) 488,443 111,914 600,357
Transfers between funds - - - - - -
Net movement in funds (18,204) 9,726 (8,478) 488,443 111,914 600,357
Reconciliation of funds:
Total funds brought forward 3,097,821 124,187 3,222,008 2,609,378 12,273 2,621,651
Total funds carried forward 3,079,617 133,913 3,213,530 3,097,821 124,187 3,222,008
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16 to the financial statements.

17

Big Change Charitable Trust

Company no. 07679479

Balance sheets

As at 31 December 2023

----- Start of picture text -----
The group The charity
2023 2022 2023 2022
Note £ £ £ £
Fixed assets:
Investments 10 1,033,865 979,860 1,033,866 979,861
1,033,865 979,860 1,033,866 979,861
Current assets:
Debtors 12 273,465 281,669 497,891 52,397
Short term cash deposit 698,059 1,714,947 698,059 1,714,947
Cash at bank and in hand 1,270,871 888,530 1,029,252 536,149
2,242,395 2,885,146 2,225,202 2,303,493
Liabilities:
Creditors: amounts falling due within one year 13 62,730 642,998 46,908 62,716
Net current assets 2,179,665 2,242,148 2,178,294 2,240,777
Total net assets 15a 3,213,530 3,222,008 3,212,160 3,220,638
Funds: 16a
Restricted income funds 133,913 124,187 133,913 124,187
Unrestricted income funds:
General funds 2,548,682 3,015,535 2,548,682 3,015,535
- -
Non-charitable trading funds 1,370 1,370
Designated funds 529,565 80,916 529,565 80,916
Total unrestricted funds 3,079,617 3,097,821 3,078,247 3,096,451
Total funds 3,213,530 3,222,008 3,212,160 3,220,638
----- End of picture text -----

The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved by the Trustees on 23 July 2024 and signed on their behalf by

Philip Nevin

P Nevin Chair of Trustees

18

Big Change Charitable Trust

Consolidated statement of cash flows

For the year ended 31 December 2023

----- Start of picture text -----
Note 2023 2023 2022 2022
£ £ £ £
Cash flows from operating activities
Net income/(expenditure) for the reporting period (8,478) 600,357
(as per the statement of financial activities)
(Gains)/losses on investments 10 (47,690) 122,280
Dividends, interest and rent from investments (90,760) (34,997)
Decrease/(increase) in debtors 12 8,204 (189,700)
(Decrease)/increase in creditors 13 (580,268) 203,733
Net cash provided by operating activities (718,992) 701,673
Cash flows from investing activities:
Proceeds from sale of investments 10 388,660 391,398
Purchase of investments 10 (415,007) (427,086)
Dividends, interest and rent from investments 90,760 34,997
Movement within cash held by investment managers 10 20,032 36,760
Decrease/(increase) in short term cash deposits 1,016,888 (631,532)
Net cash provided by / (used in) investing activities 1,101,333 (595,463)
Change in cash and cash equivalents in the year 382,341 106,210
Cash and cash equivalents at the beginning of the year 888,530 782,320
Cash and cash equivalents at the end of the year 1,270,871 888,530
----- End of picture text -----

19

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies

The registered office address is 7 Savoy Court, London, WC2R 0EX.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary Big Change Trading Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The Board of Trustees are of the opinion that Big Change Charitable Trust has adequate resources to continue in operational existence for the foreseeable future. The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Trading events income is measured at the fair value of the consideration received or receivable and is recognised when the event takes place.

20

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are defined as grant payments the charity is reasonably certain will be paid to grantees (as per the payment schedule) prior to the date of the signing of the accounts, but do not meet the criteria for recognition as a liability or provision at the balance sheet date.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

21

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

k) Allocation of support costs

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities in line with the proportion of staff time dedicated to fundraising activities.

Cost of fundraising 20.0%
Cost of trading 0.0%
Charitable activities: impact 26.7%
Charitable activities: community 26.7%
Charitable activities: system 26.7%

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £3,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

m) Investments in subsidiaries

Investments in subsidiaries are at cost.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

o) Debtors

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

p) Short term deposits

Short term cash deposits consist of cash held on deposit in interest bearing accounts. Such investments are measured at their fair value

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

r) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

22

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

s) Financial instruments

t) Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid, the charity has no further payment obligations.

The amounts charged in the Statement of Financial Activities for defined contribution pension schemes represent the contributions payable in the period. The assets of the plan are held in independently administed funds, so are not included in the assets of the charity.

23

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

Donated services
Charitable donations		 Unrestricted
£
125,820
1,420,722
1,546,542		 Restricted
£
-
285,000
285,000		 2023
Total
£
125,820
1,705,722
1,831,542		 Unrestricted
£
161,830
2,158,388
2,320,218		 Restricted
£
-
331,981
331,981		 2022
Total
£
161,830
2,490,369
2,652,199

The donated goods and services consisted of (1) office space, IT support and professional services such as finance and taxation advice provided by Virgin Management Limited throughout the period; (2) pro bono legal support provided by DLA Piper.

Entry fees (events inc. STRIVE) 2023
Total
£
997,724
997,724		 2022
Total
£
312,000
312,000

All income from other trading activities is unrestricted.

24

Big Change Charitable Trust

Notes to the financial statements

----- Start of picture text -----
For the year ended 31 December 2023
4a Analysis of expenditure (current year)
Cost of raising funds Charitable activities
Cost of Cost of Governance Support 2022
fundraising trading Impact Community System costs costs 2023 Total Total
£ £ £ £ £ £ £ £
Staff costs (Note 7) 58,395 - 336,596 203,227 167,601 34,779 94,695 895,293 823,200
Events - cost of trading 8,018 744,382 - - - - - 752,400 288,239
Marketing 3,753 17,780 1,126 1,126 1,126 - 375 25,286 6,526
Research and content - - 107,344 107,344 107,344 - - 322,032 562,992
Office and premises costs - - - - - - 104,314 104,314 148,792
General Expenses 195 198 82,014 - - - 112,239 194,646 161,944
Legal and professional - 6,256 - 21,538 - 32,307 - 60,101 35,018
Investment management fees 19,209 - - - - - - 19,209 16,799
Tax payable by subsidiaries - - - - - - - - -
Grants awarded (note 5) - - 457,209 - - - - 457,209 234,059
Programme Delivery - - 146,940 - - - - 146,940 -
89,570 768,616 1,131,229 333,235 276,071 67,086 311,623 2,977,430 2,277,569
Support costs 62,323 - 83,100 83,100 83,100 - (311,623) - -
Governance costs 13,416 - 17,890 17,890 17,890 (67,086) - - -
Total expenditure 2023 165,309 768,616 1,232,219 434,225 377,061 - - 2,977,430
Total expenditure 2022 166,032 288,239 819,109 540,542 463,647 - - 2,277,569
----- End of picture text -----

25

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

4b Analysis of expenditure (prior year)

Staff costs (Note 7)
Events - cost of trading
Marketing
Research and content
Office and premises costs
General expenses
Legal and professional
Investment management fees
Tax payable by subsidiaries
Grants awarded (note 5)
Support costs
Governance costs
Total expenditure 2022		 Cost of
fundraising
Cost of
trading
£
58,739
-
-
288,239
3,263
-
-
-
-
-
7,660
-
586
-
16,799
-
-
-
-
-
87,047
288,239
65,405
-
13,580
-
166,032
288,239
Cost of raising funds		 Impact
Community
System
£
£
£
278,150
208,233
147,949
-
-
-
979
979
979
187,664
187,664
187,664
-
-
-
12,945
24,581
21,743
-
13,773
-
-
-
-
-
-
-
234,059
-
-
713,797
435,230
358,335
87,207
87,207
87,207
18,105
18,105
18,105
819,109
540,542
463,647
Charitable activities		 Governance
costs
£
47,236
-
-
-
-
-
20,659
-
-
-
67,895
-
(67,895)
-		 Support
costs
£
82,893
-
326
-
148,792
95,015
-
-
-
-
327,026
(327,026)
-
-		 2022 Total
£
823,200
288,239
6,526
562,992
148,792
161,944
35,018
16,799
-
234,059
2,277,569
-
-
2,277,569

26

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

5 Grant making

#BeeWell Manchester (via the University of Manchester)
Apart Of Me
Big Education Trust
Caitlin Glover
Centre for Place Based Transformation via Right to Succeed
Children's University Trust
Cymbrogi Futures
Emma Redfern
Emoco
Farhad Gohar Potential
Fidjit Ltd
Force Of Nature Education CIC
Foundation for Education Development
Future Foundations Training
Gracie Amber Chick
Hybrid Games Board Game Learning
Joined Up (via Reach Foundation)
No Limits (via Gesher Trust)
Not So Micro CIC
Redfern Studios Limited
REVISO A.I Ltd
Sergio Gosalvez Gosalvez
Sophie Koumides
The Big House Theatre Company
The London Interdisciplinary School
The New School
Tranquiliti
Reconciliation of movements in grant creditors
Brought forward grant creditor
Add: Grants awarded in the year
Less: Grants paid in the year
Carried forward grant creditor
6
Audit of subsidiary
Net incoming/(outgoing) resources for the year
This is stated after charging:
Trustees' indemnity insurance
Total
Virgin Unite
Trustees' expenses
Auditor's remuneration (excluding VAT):
Audit - over accrual from prior year
Audit		 2023
£
10,000
50,000
34,250
10,000
16,668
-
-
5,000
10,000
10,000
10,000
50,000
-
50,000
10,000
10,000
-
-
24,997
5,000
10,000
10,000
10,000
50,000
20,000
34,500
-
16,794
457,209
2023
£
-
457,209
(457,209)
-
2023
£
-
195
7,500
2,500
-		 2022
£
-
-
65,750
-
8,334
27,000
43,000
-
-
-
-
-
5,000
-
-
-
20,000
25,000
-
-
-
-
-
-
20,000
-
19,975
234,059
2022
£
25,000
234,059
(259,059)
-
2022
£
-
586
7,000
-
(150)

27

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

Staff costs were as follows:

Social security costs
Salaries and wages
Pension contributions		 2023
£
780,435
83,727
31,131
895,293		 2022
£
710,177
84,211
28,812
823,200

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

national insurance) during the year between:
£60,000 - £69,999 2023
2022
No.
No.
2
-
£70,000 - £79,999 -
1
£80,000 - £89,999 -
-
£90,000 - £99,999 -
2
£100,000 - £109,999 2
-

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £177,759 (2022: £237,869).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). No trustee received payment for professional or other services supplied to the charity (2022: £nil).

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

System
Community
Impact
Cost of Raising funds
Governance and Support		 2023
No.
1
5
4
2
2
14		 2022
No.
1
4
4
2
2
13

28

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

9 Related party transactions

During the year legal fees of £541 (Trust; 2022 £1,917) and £349 (Trading; 2022 £349) were paid to Harbottle and Lewis LLP in respect of legal services provided to the charity in connection with secretarial duties. David Scott is a trustee of the charity and a partner in Harbottle and Lewis LLP. Harbottle and Lewis LLP do not charge for the time David spends providing services as a trustee. At 31 December 2023 there was an outstanding balance of £271 within accruals relating to services provided by Harbottle and Lewis LLP (2022: £nil).

Virgin Management Limited have provided the charity with office space including administrative services at no cost. This has been recognised as a donated service both within income and expenditure, valued at £113,709 (2022: £150,508). During the year H. Branson was a trustee of Big Change and was also employed by Virgin Management Limited.

Virgin Unite has provided the charity with an unrestricted grant of £100,000 (2022: £110,000) to cover the core costs of the charity. H. Branson is a trustee of Big Change and is also a Trustee of Virgin Unite.

During the course of the year there were no donations made to Big Change by its trustees (2022: £nil).

A total of £nil was paid to Virgin Limited Edition (VLE) (2022: £240,769 paid for exclusive use of Necker Island during the annual Strive event). VLE is a subsidiary of Virgin Management Limited and the balance outstanding from Big Change Trading Limited to VLE at the balance sheet date was £nil.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Investments

Fair value at the start of the year
Additions at cost
Disposal proceeds
Movement within cash held by investment managers
Fair value at the end of the year
Net (loss)/gain on change in fair value		 2023
2022
£
£
979,860
1,103,212
415,007
427,086
(388,660)
(391,398)
47,690
(122,280)
(20,032)
(36,760)
1,033,865
979,860
The group		 2023
2022
£
£
979,861
1,103,213
415,007
427,086
(388,660)
(391,398)
47,690
(122,280)
(20,032)
(36,760)
1,033,866
979,861
The charity

Investments comprise:

Cash
Unlisted shares in UK registered companies
Listed investments		 2023
2022
£
£
-
-
13,701
33,733
1,020,164
946,127
1,033,865
979,860
The group		 2023
2022
£
£
1
1
13,701
33,733
1,020,164
946,127
1,033,866
979,861
The charity

29

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

11 Subsidiary undertaking

The charitable company owns the whole of the issued ordinary share capital of Big Change Trading Limited, a company registered in England (company number 07998643). The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

Retained earnings
Profit for the financial year
Retained earnings carried forward
Turnover
Gross income
Result for the year
Assets
Liabilities
Parent charity
Cost of Sales
Profit/(loss) on ordinary activities before taxation
Taxation
Profit/(loss) for the financial year
Capital and retained earnings
The parent charity's gross income and the results for the year are disclosed as follows:
The aggregate of the assets, liabilities and funds was:
Distribution under gift aid to parent undertaking
Retained earnings brought forward		 2023
£
997,724
(768,616)
229,108
-
229,108
1,370
229,108
(229,108)
1,370
255,652
(254,281)
1,371
2023
£
2,161,996
(8,478)		 2022
£
312,000
(284,322)
27,678
-
27,678
1,370
27,678
(27,678)
1,370
634,050
(632,679)
1,371
2022
£
2,725,712
600,357

30

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

12
13
Trade creditors
Other payables
Accruals
Deferred income (note 14)
Amounts owed by Subsidiary
Debtors
Prepayments and other debtors
Trade debtors
Creditors: amounts falling due within one year		 2023
2022
£
£
254,094
80,918
19,371
200,751
-
-
273,465
281,669
2023
2022
£
£
7,875
170,333
49,280
50,885
-
417,500
5,575
4,280
62,730
642,998
The group
The group		 2023
2022
£
£
240,857
-
18,575
-
238,459
52,397
497,891
52,397
2023
2022
£
£
4,955
15,052
36,378
43,384
-
-
5,575
4,280
46,908
62,716
The charity
The charity

14 Deferred income

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2023
2022
£
£
417,500
132,000
(417,500)
(12,000)
-
347,500
-
417,500
The group		 2023
2022
£
£
-
-
-
-
-
-
-
-
The charity

Deferred income is comprised of event entry fees that have been ported over to the next financial year when the events will take place and then be counted as income.

15a Analysis of group net assets between funds (current year)

Analysis of group net assets between funds (prior year)
Net current assets
Net current assets
Fixed asset investments
Net assets at 31 December 2023
Fixed asset investments
Net assets at 31 December 2022		 General
unrestricted
£
1,033,865
1,516,187
2,550,052
General
unrestricted
£
979,860
2,037,045
3,016,905		 Designated
funds
£
-
529,565
529,565
Designated
funds
£
-
80,916
80,916		 Restricted
funds
£
-
133,913
133,913
Restricted
funds
£
-
124,187
124,187		 Total funds
£
1,033,865
2,179,665
3,213,530
Total funds
£
979,860
2,242,148
3,222,008

15b Analysis of group net assets between funds (prior year)

31

Big Change Charitable Trust

Notes to the financial statements

For the year ended 31 December 2023

16a Movements in funds (current year)

Restricted Funds
General funds
Designated funds
Total funds		 At 1 January
2023
£
124,187
3,016,905
80,916
3,222,008		 Income
£
285,000
2,636,262
-
2,921,262		 Expenditure
£
(275,274)
(2,222,704)
(479,452)
(2,977,430)		 Gains, losses
and transfers
£
-
(880,411)
928,101
47,690		 At 31
December
2023
£
133,913
2,550,052
529,565
3,213,530

Restricted funds: In 2023 Big Change received donations totalling £285,000 that were restricted to specific projects. £200,000 of the total was allocated to the Tony Bury Master Charitable Trust, £50,000 to the Co-mission project, and £35,000 to The Paul Hamlyn Foundation.

Gains, losses and transfers includes a total of £928,101 of funds transferred from unrestricted to designated funds, leaving a closing balance of £529,565 in designated funds. This represents grant payments the charity is reasonably certain will be paid to grantees (as per the payment schedule), but do not meet the criteria for recognition as a liability or provision at the balance sheet date.

16b Movements in funds (prior year)

Restricted Funds
General funds
Designated funds
Total funds		 At 1 January
2022
£
12,273
2,475,378
134,000
2,621,651		 Income
£
331,981
2,668,225
-
3,000,206		 Expenditure
£
(220,067)
(1,869,418)
(188,084)
(2,277,569)		 Gains, losses
and transfers
£
-
(257,280)
135,000
(122,280)		 At 31
December
2022
£
124,187
3,016,905
80,916
3,222,008

17 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

32