Change Please Foundation Charity Registration No. 1177958 

Trustees' report and accounts For the year ended 30 June 2024 



## Change Please Foundation 

## Legal and administrative information 

|Trustees|Cemal Ezel|
|---|---|
||Robert Gillon|
||Alison Egan|
||Justin Irwin|
||Glenn Earlam|
||Nimesh Shah (appointed 14 May 2024)|
|Charity number|1177958|
|Principal address|Unit 5|
||Print Village|
||58 Chadwick Road|
||London|
||SE15 4PU|
|Accountants|Evelyn Partners LLP|
||Accountants|
||Old Library Chambers|
||21 Chipper Lane|
||Salisbury|
||Wiltshire|
||SP1 1BG|
|Auditors|CLA Evelyn Partners Limited|
||Statutory Auditor|
||Chartered Accountants|
||22 Wycombe End|
||Beaconsfield|
||Buckinghamshire|
||HP9 1NB|





## Change Please Foundation 

## Contents 

||Page|
|---|---|
|Trustees' report|1 - 3|
|Independant auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Cash flow statement|9|
|Notes to the accounts|10 - 17|





## Change Please Foundation 

## Trustees' report for the year ended 30 June 2024 

The trustees present their report and accounts for the year ended 30 June 2024. 

The accounts comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019). 

Structure, governance and management 

## _Governance_ 

The foundation was incorporated on 16 April 2018. The foundation is a charitable incorporated organisation and is registered with the Charity Commission, charity number 1177958. 

## _Trustees_ 

The trustees who served during the year were: Cemal Ezel Robert Gillion Alison Egan Justin Irwin Glen Earlam Nimesh Shah (appointed 14 May 2024) 

There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee. There is no maximum number of charity trustees that may be appointed to the CIO. Apart from the first charity trustees, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. 

## _Risk factors_ 

The trustees have reviewed the risks to the foundation's assets and income and are satisfied that adequate controls are in place. 

## _Objects and activities_ 

The foundation's objects are to support people experiencing homelessness back into employment. To support this mission, the foundation runs a Training Academy, trains and employs people experiencing homelessness as baristas, provides them with additional support and then supports them into onward employment. 

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

- Operating a Training Academy to train people experiencing homelessness to become baristas 

- Providing work experience as baristas at Change Please CIC and partner sites 

- Support with housing and bank accounts and other needs, including therapy, as necessary during their training period 

- Support for onward employment following successful completion of the training course 

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

- 1 - 



## Change Please Foundation 

## Trustees' report for the year ended 30 June 2024 

## _Public benefit_ 

The trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit. 

Achievements, performance and financial review 

## _Financial review_ 

## _Income_ 

Total income for the year was £2.8m, which included the significant donation of £1m from Nespresso. This is being held as designated funding for joint projects, including launching in Dublin in July 2024. The donation from Change Please CIC was £422,090 (2022/23 - £233,447), an increase of 81%. The CIC donates 100% of its profits to the Foundation and the growth in donation mirrors the growth in wholesale sales of coffee in Change Please CIC and increase in the percentage of sales donated, 7% of wholesale sales in 2023/24 compared to 5% in 2022/23. 

Grants and other donations also increased this year with grants received from London Housing Foundation, CABWI, Savoy Education Trust, Barratt and also the Greater London Authority Jobs and Skills for Londoners Grant (via Change Please CIC). 

Sponsorship includes monies from Colgate and HSBC into our Driving for Change programme. 

## _Expenditure_ 

Total expenditure for the year was £1.5m. £1.39m of our expenditure (89%) was directly relating to the charitable activities of the charity (2022/23 – 84%). This represents 89p in the pound going to impact. We invested £97,165 (2022/23 - £122,110) in fundraising and £79,117 (2022/23 - £60,622) in central support costs and governance costs. 

Net income transferred to reserves is £1,239,242. 

Restricted funds of £389,757 were received during the year, £50,000 of restricted funds remain at 30 June 2024. Designated Funds of £1m (Nespresso donation) are also in place at 30 June 2024. 

## _Reserves policy_ 

Unrestricted reserves at 30 June 2024 were £797,161 (2023 - £539,030). 

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 2024 are sufficient to cover 6 months of expenditure. 

## _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. 

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. 

- 2 - 



## Change Please Foundation 

## Trustees' report for the year ended 30 June 2024 

Trustees' responsibilities 

The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and regulations. 

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income and expenditure of the trustees for that year. 

In preparing the accounts, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and 

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the trustees' transcations and disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Signed on behalf of the board of trustees: 

............................. Cemal Ezel (Dec 23, 2024 10:15 GMT) Cemal Ezel Trustee 

Date: ...................... 

## 23/12/2024 

- 3 - 



## Change Please Foundation 

## Independent auditor's report to the trustees of the Change Please Foundation 

## Opinion 

We have audited the financial statements of Change Please Foundation] (the ‘charitable company’) for the year ended 30 June 2024 which comprise the Statement of financial activities, the Balance sheet, the Cash flow statement and the notes to the accounts, including significant accounting policies.. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024 and of its 

- income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting 

- Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## 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 charitable company 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 charitable company’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 other information comprises the information included in Trustees’ report and audited accounts, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ annual report. Our opinion on the 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

- 4 - 



## Change Please Foundation 

## Independent auditor's report to the trustees of the Change Please Foundation 

## Opinions on other matters prescribed by the Companies Act 2006 

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

• the information given in the Trustees’ Annual Report, which incorporates the Directors’ Report prepared for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

• the Directors’ Report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report contained within the Trustees’ Annual Report. 

- adequate accounting records have not been kept, or returns adequate for our audit have not been 

- received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; 

• the trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a strategic report. 

## Responsibilities of trustees 

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 3, the trustees (who are also 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 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so. 

## Auditors' responsibilities for the audit of accounts 

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: 

We obtained a general understanding of the charity’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations and the entity’s policies and procedures regarding compliance. 

We understand that the charity complies with the framework through: 

- Outsourcing accounts preparation and tax compliance to external experts 

- 5 - 



## Change Please Foundation 

## Independent auditor's report to the trustees of the Change Please Foundation 

• Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary 

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charity’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the charity’s activities: 

• the Charities Act 2011 

Based on our understanding we performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above: 

• making enquiries of management and those charged with governance to understand their awareness of any non-compliance of laws and regulations 

• inquiring about the policies that have been established to prevent non-compliance with laws and regulations by officers of the charity 

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s accounts to material misstatement, including how fraud might occur. The areas identified in this discussion were: 

• Manipulation of the accounts via fraudulent journal entries 

These areas were communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas included: 

• Testing journal entries in the accounts 

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

## Use of our report 

This report is made solely to the charitable company’s 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 charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

## CLA Evelyn Partners Limited 

CLA Evelyn Partners Limited (Dec 23, 2024 10:17 GMT) 

Keir Singleton 

Senior Statutory Auditor, for and on behalf of 

CLA Evelyn Partners Limited Statutory Auditor Chartered Accountants 22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB 

> Date: 23/12/2024 

- 6 - 



## Change Please Foundation 

Statement of financial activities for the year ended 30 June 2024 

|||Unrestricted|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|---|
||Note|Funds 2024|Funds 2024|2024|2023|
||||||(Restated)|
|||£|£|£|£|
|Income:||||||
|Donations and legacies||1,674,678|142,872|1,817,550|461,063|
|Charitable activities||428,385|246,885|675,270|507,699|
|Investments||21,363|-|21,363|24,832|
|Other revenue||294,145|-|294,145|172,667|
|Total|2|2,418,571|389,757|2,808,328|1,166,261|
|Expenditure:||||||
|Raising funds||97,165|-|97,165|122,110|
|Charitable activities||1,200,036|271,885|1,471,921|1,020,682|
|Total|3|1,297,201|271,885|1,569,086|1,142,792|
|Net income for the year||1,121,370|117,872|1,239,242|23,469|
|Transfers between funds||136,761|(136,761)|-|-|
|Net movement in funds||1,258,131|(18,889)|1,239,242|23,469|
|Total reconciliation of funds:||||||
|Total funds brought forward||539,030|68,889|607,919|584,450|
|Total funds carried forward||1,797,161|50,000|1,847,161|607,919|



All income and expenditure derives from continuing activities. 

The notes on pages 10 to 17 form part of these accounts. 

- 7 - 



## Change Please Foundation 

## Balance sheet as at 30 June 2024 

|Notes<br>Fixed assets<br>Tangible fixed assets<br>7<br>Current assets<br>Debtors<br>8<br>Cash at bank<br>Creditors: amounts falling due within one year<br>9<br>Net current assets<br>Creditors: amounts falling due after more<br>than one year<br>10<br>Net assets<br>Income funds<br>Unrestricted funds<br>Restricted funds<br>Designated funds<br>11|£<br>1,317,727 <br>498,931|2024<br>£<br>219,030|£<br> <br> <br>336,920<br>341,807<br>678,727<br>(273,749)|2023<br>£<br>267,949|
|---|---|---|---|---|
|||||267,949<br> <br>404,978|
||||||
|||||(65,008)|
|||||607,919<br>539,030<br>68,889<br>-|
|||||607,919|



The accounts were approved by the board, authorised for issue and signed on their behalf by: 

Cemal Ezel (Dec 23, 2024 10:15 GMT) .............................. 

Cemal Ezel 

Chair 

## 23/12/2024 

## Date: .............................. 

The notes on pages 10 to 17 form part of these accounts. 

- 8 - 



## Change Please Foundation 

## Cash flow statement for the year ended 30 June 2024 

|Net movement in funds (as per Statement of financial activities)<br>Depreciation on tangible fixed assets<br>Increase in debtors<br>(Decrease)/increase in creditors<br>Net cash inflow before financing<br>Capital expenditure<br>Net cash inflow from investing<br>Increase/(decrease) in cash<br>Cash and cash equivalents at the beginning of the year<br>Cash and cash equivalents at the end of the year<br>At 30 June<br>Analysis of net funds<br>2023<br>Cash at bank and in hand<br>341,808|2024<br>£<br>2023<br>£<br>1,239,242<br>23,469<br>151,623<br>130,905<br>(980,808)<br>(177,920)<br>(150,230)<br>110,677<br>259,827<br>87,131<br>(102,704)<br>(109,645)<br>(102,704)<br>(109,645)<br>157,123<br>(22,513)<br>341,808<br>364,321<br>498,931<br>341,808<br>Cash<br>At 30 June<br>flows<br>2024<br>157,123<br>498,931|
|---|---|



- 9 - 



## Change Please Foundation 

Notes to the financial information for the year ended 30 June 2024 

## 1 Accounting policies 

## 1.1 General information 

Change Please Foundation is a charitable incorporated organisation, registered with the Charity Commission in England & Wales (No. 1177958). The address of the registered office is Unit 5, Print Village, 58 Chadwick Road, London, SE15 4PU. 

## 1.2 Basis of preparation 

The accounts 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) (effective 1 January 2019). 

The accounts have been prepared under the historical cost convention, as modified to include gifts to the Foundation at fair value on the date they were gifted. 

The trustees confirm that the charity is a public benefit entity as defined by FRS 102. 

The charity's presentational currency is GBP. 

## 1.3 Going concern 

The trustees have reviewed the financial position of the Foundation and consider that the going concern basis of accounting is appropriate. There are no material uncertainties in relation to the going concern status of the Foundation. 

## 1.4 Income 

Donations and gifts are credited to the Statement of financial activities in the period in which the charity becomes entitled to the respective asset, receipt is probable and the value can be measured. 

## 1.5 Expenditure 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates. 

Grants payable are payments made to third parties in furtherance of the charitable objects of the charity. The grants are accounted for where the trustees have paid or committed to the grant without condition. 

## 1.6 Tangible fixed assets and depreciation 

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: 

Leasehold improvements nil or to the date of the next lease break point Plant and machinery 20% straight line Fittings and office equipment 20% straight line Motor vehicles 33.33% straight line 

- 10 - 



## Change Please Foundation 

Notes to the financial information for the year ended 30 June 2024 

## 1 Accounting policies (Continued) 

## 1.7 Fund accounting 

General funds are unrestricted funds which are available for 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 costs of raising and administering such funds are charged against the specific fund. 

## 1.8 Cash at bank and in hand 

Cash and cash equivalents include cash in hand and deposits held at call with banks. 

## 1.9 Financial instruments 

The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like debtors and creditors and loans from related parties. 

|2|Income analysis|Unrestricted|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|---|
|||Funds 2024|Funds 2024|2024|2023|
||||||(restated)|
||Donations and legacies:|£|£|£|£|
||Individual giving|37,256|-|37,256|64,945|
||Private sector donations|1,637,127|142,872|1,779,999|297,287|
||Gift Aid|295|-|295|5,581|
|||1,674,678|142,872|1,817,550|367,813|
||Charitableactivities:|||||
||Contract income|147,452|-|147,452|73,199|
||Grants|29,933|246,885|276,818|93,250|
||Sponsorship|251,000|-|251,000|420,000|
|||428,385|246,885|675,270|586,449|
||Investments:|||||
||Rent received|18,617|-|18,617|24,832|
||Interest income|2,746|-|2,746|-|
|||21,363|-|21,363|24,832|
||Otherrevenue:|||||
||Recruitment fees|66,539|-|66,539|14,500|
||Training income|1,350|-|1,350|-|
||Other income|226,256|-|226,256|172,667|
|||294,145|-|294,145|187,167|
||Totalincome|2,418,571|389,757|2,808,328|1,166,261|



- 11 - 



## Change Please Foundation 

Notes to the financial information for the year ended 30 June 2024 

|3|Expenditure analysis||Unrestricted|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|---|---|
|||Note|Funds 2024|Funds 2024|2024|2023|
|||||||(restated)|
||||£|£|£|£|
||Salaries (incl contractors)||75,765|-|75,765|101,293|
||Rent||3,307|-|3,307|3,249|
||Marketing||2,848|-|2,848|3,005|
||General overheads||15,245|-|15,245|14,563|
||Expenditure on raising funds||97,165|-|97,165|122,110|
||Salaries (incl contractors)||522,867|212,718|739,702|444,664|
||Rent||250,790|-|250,790|198,166|
||Marketing||2,849|-|2,849|3,005|
||Direct costs||140,950|59,167|200,117|136,440|
||Support costs (governance)|4|79,117|-|79,117|60,622|
||Utilities and insurance||36,262|-|36,262|29,464|
||Depreciation||140,325|-|140,325|120,647|
||General overheads||22,759|-|22,759|26,257|
||Payments to trainees||4,117|5,000|-|1,417|
||Expenditure on charitable||||||
||activities||1,200,036|271,885|1,471,921|1,020,682|
||Total expenditure||1,297,201|271,885|1,569,086|1,142,792|



- 12 - 



## Change Please Foundation 

Notes to the financial information for the year ended 30 June 2024 

## 4 Support and governance costs 

|Support costs<br>£<br>Governance<br>costs<br>£<br>Consultancy<br>24,961<br>16,302<br>Rent<br>3,307<br>-<br>Utilities<br>1,337<br>-<br>Accountancy<br>-<br>14,565<br>Professional fees<br>462<br>-<br>Administration<br>18,183<br>-<br>48,250<br>30,867<br>5<br>Staff costs<br>Wages and salaries<br>Social security costs<br>Pension costs<br>Contractors||2024<br>£<br>41,263 <br>3,307 <br>1,337<br>14,565<br>462 <br>18,183<br>79,117<br>2024<br>£<br>721,996<br>45,975<br>10,370<br>33,009<br>811,350|2023<br>£<br>41,874<br>3,249<br>-<br>3,000<br>5,221<br>7,278<br>60,622<br>2023<br>£<br>522,436<br>26,818<br>5,824<br>32,755<br>587,833|
|---|---|---|---|
|||||
|||||



No trustees received any remuneration in the current or prior year. 

- 13 - 



## Change Please Foundation 

## Notes to the financial information for the year ended 30 June 2024 

## 6 Statement of funds 

|Restricted funds:<br>Driving for change<br>project<br>Training<br>Retail<br>Totalrestricted<br>Designated funds<br>Unrestricted funds<br>Total unrestricted<br>Totalfunds|As at 30<br>June 2023<br>£<br>27,500<br>27,500<br>13,889<br>68,889<br>-<br>539,030<br>539,030<br>607,919|Incoming<br>Resources<br>£<br>134,261<br>177,718<br>77,778<br>389,757<br>-<br>2,418,571<br>2,418,571<br>2,808,328|Outgoing<br>Transfers<br>As at 30<br>Resources between funds<br>June 2024<br>£<br>£<br>£<br>12,500<br>136,761<br>12,500<br>167,718<br>-<br>37,500<br>91,667<br>-<br>-<br>271,885<br>136,761<br>50,000<br>-<br>1,000,000<br>1,000,000<br>1,297,201<br>(863,239)<br>797,161<br>1,297,201<br>-<br>1,797,161<br>1,569,086<br>-<br>1,847,161|
|---|---|---|---|



## Restricted funds 

The driving for change fund is money given for the running of the buses in key London Boroughs to provide life changing and essential services to the most vulnerable. The transfers from this fund have arisen when income is given to purchase or upgrade vehicles or equipment and the fund has been utilised for that purpose. 

The training fund is money given for the running of our training programme which aims to equip each trainee with the skills and experience they need to start a new career as a barista. We provide wrap around support (life admin, therapy, housing support and more) throughout the programme and beyond. 

The retail fund is money given to help expand the retail operation to enable us to offer more training places. 

## Designated funds 

This fund represents the money given to the charity by Nespresso. The trustees have designated the fund to help set up a similar charity in Ireland and support the UK Foundation's development. 

- 14 - 



## Change Please Foundation 

Notes to the financial information for the year ended 30 June 2024 

## 7 Tangible fixed assets 

|Leasehold<br>Plantand<br>Fittingsand<br>Improvements<br>Machinery<br>Office<br>Equipment<br>£<br>£<br>£<br>Cost<br>At 1 July 2023<br>174,516<br>32,683<br>31,636<br>Additions<br>-<br>1,442<br>12,053<br>At 30 June 2024<br>174,516<br>34,125<br>43,689<br>Depreciation<br>At 1 July 2023<br>99,843<br>26,085<br>16,937<br>Charge for the year<br>34,417<br>6,363<br>5,506<br>At 30 June 2024<br>134,260<br>32,448<br>22,443<br>Net book value<br>At 30 June 2024<br>40,256<br>1,677<br>21,246<br>At 30 June 2023<br>74,673<br>6,598<br>14,699|Motor<br>Total<br>Vehicles<br>£<br>£<br>305,985<br>544,820<br>89,209<br>102,704<br>395,194<br>647,524<br>134,006<br>276,871<br>105,337<br>151,623<br>239,343<br>428,494<br>155,851<br>219,030<br>171,979<br>267,949|
|---|---|



## 8 Debtors 

|Debtors|||
|---|---|---|
|Trade debtors<br>Prepayments and accrued income<br>Due from Change Please CIC<br>VAT receivable<br>Other debtors|2024<br>£<br>640,603<br>523,035<br>117,868<br>12,937<br>23,284<br>1,317,727|2023<br>£<br>52,386<br>60,801<br>190,505<br>7,103<br>26,125|
|||336,920|



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## Change Please Foundation 

## Notes to the financial information for the year ended 30 June 2024 

|9<br>Creditors: Amounts falling due within one year<br>Trade creditors<br>Accruals and deferred income<br>Taxation and social security<br>Other creditors<br>10<br>Creditors: Amounts falling due over one year<br>Other creditors|2024<br>£<br>85,512<br>23,187<br>12,577<br>13,543<br>134,819<br>2024<br>£<br>53,708<br>53,708|2023<br>£<br>85,097<br>167,979<br>7,869<br>12,804|
|---|---|---|
|||273,749|
|||2023<br>£<br>65,008|
|||65,008|



11 Analysis of net assets between funds 

||Unrestricted|Restricted|Designated|Total Funds|
|---|---|---|---|---|
||Funds 2024|Funds 2024|Funds 2024|2024|
||£|£|£|£|
|Tangible fixed assets|219,030|-|-|219,030|
|Cash at bank|448,931|50,000|-|498,931|
|Debtors|317,727|-|1,000,000|1,317,727|
|Creditors|(188,527)|-|-|(188,527)|
||797,161|50,000|1,000,000|1,847,161|



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Notes to the financial information for the year ended 30 June 2024 

## Change Please Foundation 

## 12 Leases 

Finance leases relate to the right of use over land and buildings in which the charity operates. 

Total future minimum finance lease payments are as follows: 

||2024|2023|
|---|---|---|
||£|£|
|Under one year|124,500|114,500|
|Between 2 - 5 years|430,500|388,000|
|Greater than 5 years|20,542|65,875|
||575,542|182,500|



The operating lease note reflects the charity's commitments, but it should be noted that the majority of these costs will be passed on to Change Please CIC via a management charge as they operate from these premises in order to provide training spaces for the charity's beneficiaries. 

## 13 Employees 

The average number of employees, including trustees, during the year was: 32 (2023 - 24). 

## 14 Related parties 

During the year there were the following related party transactions with Change Please CIC: 

|Paid to the charity from Change Please CIC:|2024|2023|
|---|---|---|
||£|£|
|Donation income|422,090|233,447|
|Recruitment income|66,538|14,500|
|Management charge|224,336.|172,170|
|Paid by the charity to Change Please CIC:|2024|2023|
||£|£|
|Royalties|11,210|-|



As at 30 June 2024 Change Please CIC owed £117,869 (2023: £190,505), being the year end donation not paid until post year end. 

## 15 Restatement 

During the audit the auditors identified in the prior year that income and expenditure had been netted off. As such this income was grossed up resulting in an increase of £172,172 in income and expenditure as reported in the year ended 30 June 2023. 

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