OpenCharities

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

2023-06-30-accounts

CHANGE PLEASE FOUNDATION COMPANY NUMBER: CE013802 REGISTERED CHARITY NUMBER: 1177958

REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1

Reference and administrative details For the year ended 30 June 2023

Charity name Change Please Foundation Company number CE013802 Charity number 1177958

Registered office and principal UNIT 5 PRINT VILLAGE address 58 CHADWICK ROAD LONDON SE15 4PU Cemal Ezel (Chair) Trustees Robert Gillon Alison Egan (Treasurer) Justin Irwin Glenn Earlam (appointed 18 January 2023)

Independent Examiner Julie Mutton FCA Evelyn Partners LLP 4[th] Floor Cumberland House 15-17 Cumberland Place Southampton Hampshire SO15 2BG

2

REPORT OF THE TRUSTEES

The Trustees are pleased to present their report and the unaudited financial statements for the year ended 30 June 2023.

1. Objectives and activities

The trustees ensure the activities of the organisation have regard to the Charity Commission’s guidance on public benefit.

1.1. The purposes of the charity

Change Please Foundation’s (The Foundation) mission is to support people experiencing homelessness back into employment. To support this mission, we run a Training Academy, train and employ people experiencing homelessness as baristas, provide them with additional support and then support them into onward employment.

The main activities of the Foundation for the public benefit are:

∙ In October 2022, we launched our innovative Driving for Change Bus Project, delivering vital services to London’s rough sleepers and providing referrals into Change Please Foundation’s Employment Project for people who are ready.

2. Achievements and performance

Numbers Supported

This year we have supported 974 individuals through our training and bus programmes.

Training: We have trained 137 individuals this year, of whom 55 have gone onto the paid training programme at Change Please CIC retail sites. 82% of those who completed the paid training have gone on to permanent onward employment or education.

3

Driving for Change: We have also looked after 837 individuals on our Driving for Change buses, with access to a nurse, dentist (supported by Colgate), hairdresser and bank accounts (supported by HSBC).

Funding raised

Funding is provided by our wholesale business via a donation of the profits from Change Please CIC and also external funders.

Other key milestones

Our key plans for 2022-23, noted in last years report, have been achieved.

Training: We launched our new Training Academy in North London in March 2023 and this has provided training and also workshops for our trainees. We also launched training in Manchester with our wholesale partner, Sodexo, who also provided onward employment for the trainees at their Manchester University Site.

Driving for Change: We have expanded our services to Croydon and Lewisham and introduced a podiatry service to complement our medical, dental and other services.

Risk Factors

The trustees have examined risks that the charity could face and confirm that systems have been established to enable steps to be taken to lessen these risks.

3. Financial review

3.1. Review of the charity’s financial position at the end of the reporting period

Income for the year was £994,091. The significant increase on the prior year (2022: £793,779) was due to increase in donations from Change Please CIC, driven by growth in wholesale sales. Total donation from Change Please CIC wholesale business to 30 June 2023 was £223,447.

Restricted funds of £93,889 were received during the year, which includes £41,667 from LLDC to support training at Change Please CIC TimberLodge retail site in the borough, £27,500 from CABWI for training and £27,500 from Julia and Hans Rausing Trust to support the Driving for Change project. £68,889 of restricted funds remain at 30 June 2023.

Expenditure for the year was £970,622, £787,890 directly relating to the charitable activities of the charity.

Net income transferred to reserves is £23,469.

4

3.2. Reserves policy

Reserves at 30 June 2023 were £607,919 (2022 - £584,450).

In the Trustees’ view, reserves should be maintained at a level of at least three months cover of expenditure and in practice we work to maintain between three and six months cover at all times.

The reserves at 30 June 2023 are sufficient to cover 6 months of expenditure.

4. Structure, governance and management

4.1. Governing document and constitution

Change Please Foundation is a Charitable Incorporated Organisation, governed by its Constitution, registered in England & Wales, charity registration number 1177958.

The Trustees who served during the year were:

Cemal Ezel (Chair) Robert Gillon Alison Egan (Treasurer) Justin Irwin Glenn Earlam (appointed 18 January 2023)

4.2. Method for the recruitment and appointment of charity trustees

Trustees are elected by current trustees.

Trustees typically serve up to two three-year terms of office.

4.3. Board and Committee Structure

The Board met regularly throughout the period, with three formal Board meetings held.

4.4 Safeguarding

Safeguarding of Trainees, volunteers, staff and other people (including members of the public) who come in to contact with the Foundation is a priority. Safeguarding is considered at Trustee meetings, and our policies and procedures are regularly reviewed and discussed, to ensure they are effective and being implemented appropriately.

5

Change Please Foundation has a Designated Safeguarding Officer and a nominated deputy. The Manager, for whom the Administrator will act as deputy in his or her absence, must also be informed of issues which arise under our Vulnerable Adults Policy. The Designated Safeguarding Officer and Deputy Safeguarding Officer are responsible for adult protection and the implementation of this policy. It is the responsibility of the Designated Safeguarding Officer to take appropriate action following any expression of concern and make referrals to the appropriate agency.

5. Events after the Reporting Period and Our Future Plans

The rise in homelessness and unemployment has strengthened our resolve to continue our mission.

Our plans for 2023-24 are:

6. Responsibilities of the Trustees

The Trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and regulations.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with company law, the charity’s governing document, the Charities Act 2011 and 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.

Company law requires Trustees to prepare financial statements for each financial year giving a true and fair view of the charitable company’s state of affairs at the end of the year and net income or expenditure for the year. In preparing those financial statements, the Trustees are required to:

6

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the charity’s financial position and enable them to ensure compliance with the Companies Act 2006. They are also responsible for safeguarding the charity’s assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

7. Independent Examiner

Trustees appointed Evelyn Partners as the charity’s Independent Examiner.

On behalf of the Board of Trustees:

_______ Cemal Ezel (Feb 15, 2024 13:23 GMT)

Cemal Ezel Chair

Date: 15/02/2024

7

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES AND MEMBERS OF CHANGE PLEASE FOUNDATION

I report to the trustees on my examination of the accounts of Change Please Foundation for the year ended 30 June 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the accounts, including a summary of significant accounting policies.

Respective responsibilities of trustees and examiner and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts, in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeds £250,000, your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Julie Mutton

Julie Mutton (Feb 15, 2024 15:07 GMT) .......................................... Julie Mutton Fellow of The Institute of Chartered Accountants in England and Wales Evelyn Partners LLP Accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SP11 1BG

15/02/2024 Date: .................

8

CHANGE PLEASE FOUNDATION

Statement of Financial Activities (including an income and expenditure account) For the year ended 30 June 2023

For the year ended 30 June 2023
Note Unrestricted
Funds
2023
Restricted
Funds
2023
Total
Funds
2023
Total
Funds
2022
£ £ £ £
Income from: 2
Donations and legacies 367,174 93,889 461,063 251,563
Charitable activities 507,699 - 507,699 518,124
Investments 24,832 - 24,832 23,014
Other revenue 497 - 497 1,078
Total income 900,202 93,889 994,091 793,779
Expenditure on: 3
Raising funds (122,110) - (122,110) (63,963)
Charitable Activities (790,178) (58,334) (848,908) (413,908)
Total expenditure (912,288) (58,334) (970,622) (477,871)
Net income for the year (12,086) 35,555 23,469 315,908
Transfers between funds - - - -
Net movement in funds (12,086) 35,555 23,469 315,908
Reconciliation of funds:
Total funds brought forward 551,116 33,334 584,450 268,542
Total funds carried forward 539,030 68,889 607,919 584,450

9

CHANGE PLEASE FOUNDATION - 1177958 Balance Sheet As at 30 June 2023

HANGE PLEASE FOUNDATION - 1177958
alance Sheet
s at 30 June 2023
Note 30 June 2023 30 June 2022
£ £
Fixed assets:
Tangible fixed assets 8 267,949 289,209
Total Fixed Assets 267,949 289,209
Current assets:
Debtors 9 336,920 159,000
Cash and bank 10 341,807 364,321
Total Current Assets 678,727 523,321
Liabilities:
Creditors:
Amounts
falling
due
within one year
11 (273,749) (162,813)
Total net current assets 404,978 360,508
Creditors: Amounts falling due after
one year
12 (65,008) (65,267)
Total net assets 607,919 584,450
Total funds of the charity: 4
Restricted 68,889 33,334
Unrestricted 539,030 551,116
Total charity funds 607,919 584,450

10

These financial statements were approved by the Board of Trustees and authorised for issue on , and are signed on their behalf by: 15/02/2024

Cemal Ezel (Feb 15, 2024 13:23 GMT) _______ Cemal Ezel

Chair

11

CHANGE PLEASE FOUNDATION Cashflow Statement for the year ended 30 June 2023

Note 30 June 2023 30 June 2022
£ £
Net cash outflow from operating
activities
7 87,131 276,612
Cash flows from investing
activities:
Purchase of tangible fixed assets (109,645) (184,175)
Total cash inflow from investing
activities
(109,645) (184,175)
(Decrease)/Increase in cash (22,514) 92,437
Cash and cash equivalents at the
beginning of the year
364,321 271,884
Cash and cash equivalents at the
end of the year
341,807 364,321

Analysis of net funds

As at 30 June
2022
Incoming
Resources
As at 30 June
2023
£ £ £
Cash at bank and in hand 364,321 (22,514) 341,807

12

CHANGE PLEASE FOUNDATION Notes to the financial statements For the year ended 30 June 2023

1. Accounting policies

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 to the UK and the Republic of Ireland (FRS 102) – (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The Trustees confirm that the charity is a public benefit entity as defined by FRS102.

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

The presentation currency of these financial statements is Pound Sterling (£). All amounts have been rounded to the nearest £1.

Change to the accounting policies

There have been no changes to accounting policies during the year.

Fund accounting

All transactions of the organisation are recorded and reported as income into or expenditure from funds, which are designated as ‘restricted’ or ‘unrestricted’. Restricted funds are to be used for specific purposes laid down by the donor. Expenditure which meets these criteria is charged to the fund. All other income is treated as unrestricted.

Income recognition

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 or 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.

13

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

For legacies, entitlement is taken as the earlier of the dates on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to a charity, or a charity is aware of the granting of probate, and the criteria for income recognition have not been met, them the legacy is treated as a contingent asset and disclosed if material.

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

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 or equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Expenditure

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 headings:

Trustees

No remuneration was paid and no expenses were reimbursed to any of the Trustees during this or the previous year.

14

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

Taxation

The company has charitable status and as such is exempt from Corporation Tax as at 30 June 2023.

Related Party Transactions

None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity as at 30 June 2023.

During the year there are related party transactions with Change Please CIC for trainee related costs and property costs. As at 30 June 2023 Change Please CIC owed £190,505, being the year end donation not paid until post year end.

During the year Old Spike, a company related by a common director, sub-let part of the Academy at an arms length basis. This arrangement finished in November 2022.

Board Costs

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with the constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Fixed assets and depreciation

Individual tangible fixed assets costing £500 or more are capitalised at cost. Depreciation is provided on all tangible fixed assets, excluding freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line basis over their expected useful economic lives as set out below:

Tangible fixed asset Depreciation
Leasehold improvements To the date of the next lease break point
Plant and Machinery 25%
Fittings and office equipment 25%
Motor Vehicles 25%

15

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

2. Income Analysis

. Income Analysis
Unrestricted
Funds 2023
Restricted
Funds 2023
Total Funds
2023
Total Funds
2022
£ £ £ £
Donations and legacies:
Individual giving 64,945 - 64,945 28,918
Private sector donations 283,398 13,889 297,287 30,250
Grants 13,250 80,000 93,250 192,395
Other 5,581 - 5,581 -
Sub total 367,174 93,889 461,063 251,563
Charitable activities:
Contract Income 73,199 - 73,199 62,624
Sponsorship 420,000 - 420,000 450,000
Recruitment fees 14,500 - 14,500 5,500
Sub total 507,699 - 507,699 518,124
Investments:
Rent received 24,832 - 24,832 23,014
Sub total 24,832 - 24,832 23,014
Other revenue:
Other income 497 - 497 78
Donated services - - - 1,000
Sub total 497 - 497 1,078
Total Income 900,202 93,889 994,091 793,779

16

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

3. Expenditure Analysis

. Expenditure Analysis
Unrestricted
Funds 2023
Restricted
Funds 2023
Total Funds
2023
Total Funds
2022
£ £ £ £
Salaries (incl contractors) 101,293 - 101,293 33,919
Rent 3,249 - 3,249 3,245
Marketing 3,005 - 3,005 12,520
General overheads 14,563 - 14,563 14,279
Expenditure on raising funds 122,110 - 122,110 **63,963 **
Salaries (incl contractors) 386,330 58,334 454,664 146,403
Rent 25,996 - 25,996 25,960
Marketing 3,005 - 3,005 12,520
Direct Costs 136,440 - 136,440 85,624
Support costs (governance) 60,622 - 60,622 23,145
Utilities and Insurance 29,464 - 29,404 26,508
Depreciation 120,647 - 120,647 80,967
General overheads 26,257 - 26,257 11,696
Payments to trainees 1,417 - 1,417 85
Donated services - - - 1,000
Expenditure on charitable
activities
790,178 58,334 848,512 **413,908 **
Total Expenditure 912,288 58,334 970,622 **477,871 **

17

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

4. Movements in funds

the year ended 30 June 2023
ovements in funds
As at 30
June 2022
Incoming
Resources
Outgoing
Resources
Transfers As at 30
June 2023
£ £ £ £ £
Restricted Funds:
Donations and legacies 214,001 93,889 - - 307,890
Charitable activities (180,667)
-
(58,334)
-
(239,001)
Total restricted 33,334
93,889

(58,334)
- 68,889
Total unrestricted 551,116 900,202 (912,288) - 539,030
Total funds 584,450 994,091 (970,622) - 607,919

5. Staff costs

aff costs
2023 2022
£ £
Salaries and wages 522,436 147,160
Social Security Costs 26,818 12,339
Pension Costs 5,824 3,194
Contractors 32,755 35,349
Total 587,833 198,042

18

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

6. Average Headcount

verage Headcount
2023 2022
Raising funds 1 1
Charitable Activities 22 7
Other Expenditure 1 1
Total 24 9

7. Net cash flows from operating activities

2023 2022
£ £
Net movement in funds (as
per
the
statement
of
financial activities)
23,469
315,908
Depreciation
on
tangible
fixed assets
130,905 90,127
Increase in debtors (177,920) (112,427)
Increase/(Decrease) in
creditors
110,677 (16,995)
Total 87,131 276,612

19

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

8. Tangible Fixed Assets

. Tangible Fixed Assets
Leasehold
Improvement
Plant and
Machinery
Fittings
and Office
Equipment
Motor
Vehicles
Total
Cost £ £ £ £ £
At the beginning of the
period
155,240 32,355 23,095 224,485 435,175
Additions 19,276 328 8,541 81,500 109,645
Disposals - - - - -
As at 30 June 2023 174,516 32,683 31,636 305,985 544,820
Depreciation
At the beginning of the
period
67,118 19,489 10,936 48,423 145,966
Charge for the year 32,725 6,596 6,001 85,583 130,905
As at 30 June 2023 99,843 26,085 16,937 134,006 276,871
Net Book Value at 30 June
2022
118,850 19,383 11,563 45,365 195,161
Net Book Value at 30 June
2023
74,673 6,598 14,699 171,979 267,949

20

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

9. Accounts Receivable

HANGE PLEASE FOUNDATION
otes to the financial statements (continued)
or the year ended 30 June 2023
. Accounts Receivable
2023 2022
£ £
Trade debtors 52,386
74,101
Prepayments 60,801
34,033
Amounts from related company 190,505 50,866
VAT receivable 7,103 -
Other debtors 26,125
-
Total 336,920 159,000

10. Cash at Bank and in hand

2023 2022
£ £
Bank 341,807 364,321
Total 341,807 364,321

11. Creditors: Amounts falling due within one year

1. Creditors: Amounts falling due within one year
2023 2022
£ £
Trade creditors 85,097
39,929
Accruals and deferred income 167,979 74,726
Taxation and social security 7,869 38,142
Other creditors 12,804 10,016
Total 273,749 162,813

21

CHANGE PLEASE FOUNDATION Notes to the financial statements (continued) For the year ended 30 June 2023

12. Creditors: Amounts falling due over one year

2023 2022
£ £
Other creditors 65,008 65,267
Total 65,008 65,267

13. Donated Services

3. Donated Services
2023 2022
£ £
Independent examiner - 1,000
Total - 1,000

14. Analysis of Net Assets Between Funds

Restricted
at 30 June 2023
Unrestricted
at 30 June 2023
Total Funds
at 30 June 2023
£ £ £
Tangible fixed assets - 267,949 267,949
Debtors - 336,920 336,920
Cash and bank 68,889 272,918 341,807
Creditors - 338,757 338,757
Total 68,889 539,030 607,919

22

A¥G 23