# Trustees’ Report a nd Fina ncia l Sta tements 2022 ## Ta ble of Contents 01 Trustees' Statement 02 Our Aims 05 Independent Examiner's Report 03 Transparency on Impact and Costs 06 Financial Report 04 Our Policies 07 Notes to Financial Statements ## Trustees' Statement Grea ter Cha nge's goa l ha s a lw a ys been to support individua ls in ta king la rge steps out of homelessness in a w a y tha t is empa thetic a nd puts the a spira tions a nd goa ls of the people w e w ork w ith first. In the past year, we have had the good fortune of being supported by a wide va riety of incredibly generous supporters who sha re our philosophy. As a result we ha ve been a ble to ma ke grea t progress in helping ever more people out of homelessness, in a time of grea t a nd increa sing need. We ha ve been a ble to develop more rigour in our own understa nding of our work; understa nding the impa ct in more deta il a nd lea rning more a bout how we contribute to the existing support systems in loca l communities. This report reflects our dedica tion to the principle of true tra nspa rency a nd in it, we will look a t how we ha ve spent the funds dona ted to our ca use, the effica cy of these funds spent a nd our set up for the next 12 months. On beha lf of a ll trustees Jona tha n Ta n Trustee a nd Co-Founder ## Our Aims Homelessness is deeply unfair, unjust and entirely avoidable. At Greater Change, we have a wellevidenced and flexible solution, enabling people to leave homelessness behind with dignity. W e w a nt to support over 30,000 people perma nently out of homelessness by 2031. More concretely, our ambitions are to focus on getting our next 10x growth in number of people supported and to lower the cost of supporting each person out of homelessness to ~£1200 by 2027, primarily focussed on lowering our average operations costs. ## Reserves Policy Grea ter Cha nge ha s never a spired to keep a la rge a mount of ca sh in the ba nk a s w e a re still a sma ll, grow ing orga nisa tion, a nd a re committed to continuing to grow our impa ct in a sensible ma nner. The purpose of the reserves policy is to ensure tha t Grea ter Cha nge is a ble to a lw a ys help extremely urgent client ca ses ra pidly a nd to ensure tha t w e ca n stea dily help clients in the event of poorer fundra ising returns in a ny pa rticula r period of time. As a seconda ry goa l, w e w a nt to a void a ny hysteresis resulting from overspending. W e believe tha t Grea ter Cha nge is a n orga nisa tion tha t ca n susta ina bly help clients, how ever, if funds w ere to be run dow n overly quickly, w ha t w ould result is a period of sta gna tion w here w e a re una ble to help clients for significa nt periods of time, w hich w ould da ma ge pa rtnerships a nd potentia lly ha rm future w ork even a s funds w ere to become a va ila ble a ga in. The Policy: We are currently aiming to keep the equivalent of 3 -6 months of projected expenditure in free reserves. This tra nsla tes this yea r to roughly £44,000 - £88,000 in reserves with expected a projected £14,700 being spent on clients a nd fundra ising costs ea ch month. At ea ch qua rterly Trustees' meeting, we review our a ccounts a nd a pprove budgets for ea ch 6-month period a hea d. If a t a ny point, our reserves were to dip below the 3-month limit, a ll trustees will be immedia tely informed a nd a meeting would be convened to ensure tha t we a re indeed ta king the right line of a ction. ## Reserves Policy - Approach W hen determining a n a ppropria te free reserves policy for the Compa ny w e considered the philosophy w e a pplied to our w ork a nd how w e w ould respond in va rious scena rios, w ith the free reserves being kept ultima tely to simply ena ble the execution of these va rious pla ns. The importa nt problema tic scena rios w e ha ve considered a re: - W e fa ce some tempora ry ca sh flow issues: W e need to be a ble to see this coming w ell a hea d of time to not run out of ca sh before w e ca n ta ke urgent a ction such a s ta king on corona virus business loa ns or significa ntly cut costs to extend the runw a y until a dditiona l revenue, gra nt or investment funds become a va ila ble - Our runw a y runs out, even a s w e grow : In this scena rio, w e w ould w a nt to a void a ny significa nt da ma ge to our infra structure, rela tionships a nd systems ca used by a sudden stoppa ge of services. Actions w e might ta ke w ould include the slow ing dow n of a ny grow th-rela ted spend in order to buy time for revenue or investments to come in. - W e experience w a ning tra ction: In this a bsolute w orst-ca se scena rio, w here our revenue is coming in fa r below expecta tions a nd/or the impa ct of the w ork sta rts to become less compelling, w e w ould ha ve to consider tempora rily furloughing sta ff until such a time w hen w e believe a ctivity w ill pick up a ga in or w inding up the compa ny entirely. In both ca ses, w e w ould need time to explore a dditiona l funding options or to fund a dministra tive sta ff to fully distribute a ny rema ining client funding a nd perform a fina l round of impa cting to fully eva lua te our w ork. In a ll of these 3 scena rios w e need a ra nge of time betw een 3 - 6 months in order to fully rea lise our cha nge in direction in order to a llow us to either keep the compa ny a floa t or to mea ningfully distribute the rema inder of the a ssets in a ma xima lly impa ctful w a y. ## Grant Making Policy Our genera l philosophy on gra nt ma king is extremely simple: W e w a nt to be very selective a bout the pa rtners tha t w e w ork w ith a nd trust their professiona l expertise a nd experience. W e do a lw a ys a pply some ba sic fina ncia l sense checking principles to ensure tha t pla ns for the usa ge of the gra nts ma de a re sensible a nd efficient. How ever, this is a lw a ys done w ith the client a nd their ca se w orker a nd w e believe tha t this w orks beca use: 1) The frontline support w orkers w e pa rtner w ith a re a mongst the best in the country a nd a re the best w a y for us to understa nd the client a nd their situa tion. In other w ords, there is no better w a y to do a ny KYC check tha n to spea k to the client's ca se w orker. - 2) Putting clients in the driving sea t mea ns tha t they a re more bought in a nd w ill w ork ha rder a t a ctua lising their pla n. 3) Persona lising the budgets a nd gra nts mea ns tha t clients get exa ctly w ha t they need, w hen they need it. By eschew ing a ny pre-fixed constra ins, w e a re a ble to flexibly provide the most suita ble support for ea ch a nd every client. ## Grant Making Policy The Process: - 1) Support w orkers from pa rtner cha rities fill in a client referra l form to expla in the deta ils of the ca se to us - 2) The form w ill request deta ils on the current situa tion, the a mbitions of the client a nd pla n to get out of homelessness - 3) Grea ter Cha nge sense checks the pla n a nd ensures tha t the costs described a re a ccura te. 4) If there a re a ny pa rts of the a pplica tion tha t seem to w a rra nt a dditiona l thought, a member of the Grea ter Cha nge tea m w ill spea k to the support w orker in question to understa nd more deta il a nd a ssist in the pla nning process. 5) Once the story a nd pla n a re confirmed, the client's ca mpa ign is uploa ded to our site, provided tha t w e a re given consent from clients to sha re their stories. 6) Once the funds ha ve been ra ised, they a re tra nsferred to the pa rtner cha rity or a nomina ted third pa rty to be spent in a ccorda nce w ith the pla n. If the situa tion w ere to cha nge in a ny w a y, support w orkers need only pick up the phone to discuss the necessa ry cha nges w ith Grea ter Cha nge. 6) If the client's ca se is unsuita ble for online public fundra ising (due to security concerns, ca se urgency or simply a la ck of complete comfort) they a re a lloca ted urgent funding from a centra l flexible pot of funding to ena ble clients to move quickly. ## Summary of impact We supported 232 people who were experiencing homelessness or at risk of becoming homeless throughout 2021/22. 84 % 84% of our clients moved into perm a n en t h ou sin g or su st a in ed st a ble h ou sin g in 2021/22. 91 % 75% of our clients have had previous interaction with the criminal justice system. 12 m on t h s a ft er ou r in t erve n t ion , 91% of a ll t h e pe ople we su pport ed in t h is clien t grou p h a d n ot re - offen ded. We u n locke d £29,258 in a vera ge cost sa vin gs per person t o t h e pu blic pu rse or a t ot a l of £5,471,322. Th ese a re sa vin gs a s a resu lt of redu ced su pport e d a ccom m oda t ion n e eds, redu ced h ea lt h n e e ds, re -offen din g a n d m ore ## Our Funding On a vera ge, it cost s £1711 t o su pport on e clien t ou t of h om elessn ess. £29,258 in cost sa vin gs t o t h e pu blic pu rse is ge n era t ed per clien t su pport e d, a n ove r 17x re t u rn on in vest m en t . More detail on how these numbers are derived can be found in our latest impact report, available on our website. ## Brea kdown on h ow t h e £1711 in cost s is fu n ded **----- Start of picture text -----**
CIC Growth Funding
£319
Trading Activity
£312
Operational Grants Received
£341
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Direct Donations to Clients
£739
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In 2021/2022, Greater Change CIC subsided 36.9% of the costs associated with fulfilling our charitable goals and activities. The remainder of costs were covered by support from grant-making bodies, corporate partners and donations from supporters restricted exclusively for the purposes of directly supporting clients. ## Strategic Report ## Achievements a nd Performa nce After significantly outpacing our expectations in 2020/2021, we're glad to say that we ha ve been a ble to continue the positive growth tra jectory a nd help just over 230 people out of homelessness this yea r; ha ving set ourselves the ta rget of 210 people supported in la st yea r's report. The yea r ha s seen the overa ll level of need in communities rise dra ma tica lly with the cost of living crisis a nd the uncerta inty in public support progra mmes. After the 'Everyone In' progra mme implemented during the COVID crisis, ma ny ha ve now been left without support once a ga in a nd a huge a mount of our efforts were directed towa rds helping people ta ke those next steps to move on out of homelessness before they fell ba ck into the revolving door of rough sleeping/ unsusta ina ble tempora ry a ccommoda tion. We a re proud of the development of our work on this front, ha ving rea ched more new a rea s in this yea r a nd supported more people. But more rema ins to be done. ## Fina ncia l review An overwhelming portion of our expenditure ha s been on the gra nt-giving front with minima l opera tiona l overhea ds. We ha ve been a ble to continue ta king on fa irly low overhea d costs a s the principles of gra nt funding relea se a re rea lised via Grea ter Cha nge CIC who bea r most of the a dministra tive costs. Gra nts a re a wa rded to the CIC a s its work is entirely in line with the principles a nd purpose of the Founda tion a nd it is a ble to pursue this work in a n extremely cost effective ma nner. ## Future pla ns Our focus in the next 12-months is finding our next la rge spurt of growth, we wa nt to help a nother 5000 people out of homelessness a t the ea rliest possible da te a nd rea ch our goa l of helping over 30,000 people a hea d of the 2031 ta rget. Given the economic recession looming, our focus is on building a strong development progra mme with phila nthropists a nd to improve our efficiencies, rea ching £1200 in costs per person by 2027 ## Governance ## The Boa rd of Trustees The Board of the Greater Change Foundation has ultimate decision ma king power over who a nd how the Founda tion's funds a re directed towa rds. It is a lso responsible for ma na ging the fundra ising efforts of the Founda tion. Trustees ha ve been recruited from a pool of mentors who provide the Founda tion with a dvice a nd pro-bono work, a llowing us to esta blish a good working rela tionship prior to their inclusion a s trustees. Alex McCa llion, Founder a nd Trustee Alex bega n working on Grea ter Cha nge a s a concept in 2017 a nd ha s been working in the sector full-time ever since. He gra dua ted from Oxford with a BA in Economics a nd Ma na gement. Jona tha n Ta n, Co-Founder a nd Trustee Jona tha n sta rted working with Alex on Grea ter Cha nge in 2017. He wa s a full time Ma na gement Consulta nt in 2018 a t Newton Europe a nd joined Grea ter Cha nge full time in 2019. he gra dua ted form Oxford with a BA in Philosophy Politics a nd Economics. Zita Ong, Trustee Zita wa s the CEO of Edipresse Media Asia , ma na ging world renown ma ga zines such a s Ta tler a nd Home. She is currently a Boa rd member of Edipresse a nd brings a wea lth of bra nd a nd media expertise to Grea ter Cha nge ## Governance Sophie Dufouleur, Trustee Sophie is the Global Director of Customer Experience for Dyson a nd ha s brought a deep expertise in ma rketing a nd growing a community to Grea ter Cha nge. She ha s a Ma ster's in Communica tion a nd Media from Cornell University. Evia ta r Na ta n, Trustee Evia ta r is the Chief Scientific Officer of Invivo Hea lthca re. He ha s sta rted a nd exited a number of successful bio-tech sta rt ups in the pa st a nd brings a lot of experience in growing innova tive idea s to Grea ter Cha nge. Grea ter Cha nge Founda tion is a cha rity registered w ith the Cha rity Commission of Engla nd a nd W a les (No. 1188164) The Founda tion is governed by a founding Constitution a s a cha rita ble incorpora ted orga nisa tion (CIO) a nd is recognised by HMRC for the purposes of Gift Aid. The Founda tion ca n be conta cted via its w ebsite a t w w w .grea tercha nge.co.uk or a t its w orking a ddress a t Buxton Court, 3 W est W a y, Oxford, OX2 0JB The Founda tion ba nks w ith Ba rcla ys a nd receives a ccounta ncy help from BM Connect. Lega l registra tion w a s performed on the Founda tion beha lf by Pennington Ma nches Cooper LLP ## Our Contribution to the SDGs* We offer outcomesba sed gua ra ntees in a ll of our contra cted work ensuring tha t our success is tied in lockstep with the success of our clients. By preventing homelessness, we prevent prema ture dea th, improve menta l hea lth a nd contribute to trea ting substa nce a buse issues. A high proportion of our sta ff ha ve lived experience of homelessness. Our minimum pa y is loca l living wa ge a nd we ha ve ca pped the wa ge ra tio of our highest pa id employees to a t most 14x of our lowest pa id employee. Of a ll the people we ha ve helped in 2019/ 2020, 42% of our clients were from BAME ba ckgrounds a nd 35% of our clients were fema le, which closely a ligns with the na tiona l a vera ge of 38% of a ll homeless a pplica nts being fema le. *For m ore in form a t ion on SDGs: h t t ps://sdgs.u n .org/goa ls Financials GREATER CHANGE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual rewrt arKI fInar￿la1 statemerts for the year eTrJed 31 March 2022. The financial statements have been p￿pared in accordance ￿￿th accounting poliaes sel out in the notes to Ihe financial statements a￿1 compty wtth the charitls goverrlro document, the Charities Act 2011 and "Accounting and ReportirKJ by Charities.. Statement cl Recommended Prdctice applicable to charities preparing Iheir accounts in aCcOrda￿e wtth the FInar￿la1 Reporting StaThJard applicable in UK and RepLblic of Ireland (FRS 102) leff￿twe 1 January 20191". Objectives and activities The objects of the CIO are the prevention or relief of povety in England by providing= grants, rtems and services trj individuals in need aNJlor charrties. or otlEr organisations wothirKJ to preverrt or relieve poverty. The Trustees have paid due regard to guidan￿ issued by Charity Commission in decidirrj what actwities the charity should urNJertake. The Trustees have assessed major risk5 to wTr¥ch the charity is eyposed. aThJ are satisfied that Sy3tem5 are in place to mitigate exposwe to the major risks. structure. governance and management The charty is a chantable incorporated organisation and was established in England on 25 February 2020. It is registered swth the Charty cOn￿lS$10n u￿￿er chanty number 1188164. The Trustees, who are also the directors for the purpose of c£fflpany law, aTrJ who served durirrj the year aTrJ up to the date of signature of the financial statements were.. JTan A Mccallion S DufoLleur Dr E Natan ZGOThJ The Tru es, report was approved by tke Board of Trustees. JTan On behalf of Il* tr￿tee$ Dated.. 3010112023 GREATER CHANGE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREATER CHANGE FOUNDATION I report to the Trustees on my examination of ttE financial statements of Greater Charye Foundation (the charity) for the year eTrJed 31 March 2022. wh'ch comprise tIE Statement of FinarKial Activities, the Statement of Financial Position related notes. This report is made solely to the chariws trustees, as a body, in accorda￿8 wth section 145 of the Charities Act 2011. My work has been undertaken so that I might state to th8 charitys trust8es those matter5 1 am required to state to them in this report arvj for no other purpose. To the fullest exterrt pemiitted by law, I do not accept or assume respor6ibilty to anyone otP£r than the charity arKI the charitys trustees as a body. for my work. for this report, or for the opinions I have fomied. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the fina￿la1 statements in accordance with the requirements of the Charities Act 2011 ('the ACV). I report in respect of my examination of t1￿ charity's financial siatements carried out under section 145 of the Charib'es Act 2011 ('the Act,). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5Mb) of the Act. An independent examination does not involve gatheriTVJ all the eV[der￿ that w0￿d be required in an a￿lt and consequently does not cover all the matters that an itor considers in giving their opinion on the accounts. The planning and coThJLft of an audit goes beyvrKI the limited assurance that an irKlependent examination can provide. Consequently, l express no opinion as to whether the accounts present a 'true faiff view, and my r8POrt is limited to those specific matters set OLrt in the iTrJepeTrJent ex2min8r's statemenL Other matters Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with the relevant version of the Statement of Rec(xnmeTrJed Practice applicable to charriies preparing their accounts in accordance wtth the Financial Reporting sta￿lard applicable in the UK and Republic of Ireland (FRS1021 in preferer￿e to the Accounting a￿1 Reportir#J by Charities.. Statement of Recommended Practice issued on 1 April 2005, which is refe￿ed to in the extant regulations, but has been withdrawn. We understand that this has been done in order for accounts to provide a true and fair view in accordance with UK Generally Accepted AccoLnting Practice. Independent examir*r's statement I have completed my ey2mination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charty as required by section 130 of the Act; or the financial statements do not accord wtlh those records: or the financial statements do not comply wtth the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts grve a tttue arKI fairf view wFMch is rK)t a matter considered as part of an irvjependent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. GREATER CHANGE FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF GREATER CHANGE FOUNDATION Richard Thacker Beavis Morgan LLP Accountants, Business and Tax Advisers 82 St John Street London EC1M 4JN Dated.. ..3.0 Jg.nua.ry. 2023 GREATER CHANGE FOUNDATION STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted Restricled funds funds 2022 2022 Total Unrestricted Restricted funds funds 2021 2021 2021 as restaled as restated as restated Tolal 2022 Notes Income from: Donations and legacies 73.202 176,063 249.265 49.800 176.746 226.546 nditure on: Fundraising activities 24,396 24,396 Charitable act'vities 72,000 185,338 257,338 13.700 83.010 96,710 Tolal resources expended 96,396 185,338 281,734 13.700 83,010 96,710 Net (expenditureyincome for the yearl Net movement in funds (23,194) (9,275) (32,469) 36.100 93.736 129,836 Fund balances at 1 April 2021 36,100 93,736 129,836 Fund balances at 31 March 2022 12,906 84,461 97,367 36,100 93,736 129,836 The statement of financial activities includes all gains and losses recognised in sear. Al I￿orne arij expendf(ure delive from continuirYJ activities. GREATER CHANGE FOUNDATION STATEMENT OF FINANCIAL POSITION ASAT 31 MARCH 2022 2022 2021 as restatsd Notes Current assets Debtors Cash at bank and in hand 10,734 89,633 21,757 110.779 100,367 132.536 Creditors: amounts falling due within one year (3,000) (2,700) Net current assets 97,367 129,836 Income funds Restricted fuTrJs Unrestricted f￿dS 11 84,461 12,906 93,736 36,100 97.367 129,836 The notes on pages 20 through 24 form part of the finarKial statements. 3010112023 The financial ststements were approved by the Tr￿teeS on ......................... JTan Trustee Trustee Charity Registration No. 1188164 GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Charity information Greater Change Foundation is a charitable incovporated Organisat￿n in England and Wales. The registered office is Buxton Court, 3 West Way. Oxford, Oxfordshire. OX2 OJB. 1.1 Accounting convention The accounts {financial statements) have been prepared in accordan￿ with the relevant version of the 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 1021 and the Financia Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The accounts {financial statements) have been prepared to give a Irue and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a 'tnJe and fair view,. This departure has involved following the relevant version of the Statement of Re¢x)mmended Practice applicable to charities preparing their accounts in accordan￿ ￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) rather than the Accounling and Reporting by Chaiities: Statement of Recommended Practice effectwe from 1 April 2005 which has sinc£ been wtthdTrwn. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 UpdaÈ Bulletin 1 not to prepare a Stalemenl of Cash Flows. The financial statements are prepared in sterfing, which is the fvnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the finan￿al statements. Ihe Trustees have a reasonable expectation that the charity has adequat8 resources to cont"nu8 in operab'onal 8XiStenc8 for the foreseeable future. Thus, the Trustees ntinue to adopt the going con¢%m basis of a¢xounting in preparing th8 financial statements. 1.3 Charitable funds Unrestncted funds are available for use at the discreb'on of the Trustees in fvrtherance of their charitable objeckn.ves unless the fvnds have been desNJnated for other purposes. Restricted funds ar8 available for use for the designated purposes only. 1.4 Income IncoffE is recognised when the charty is legally entitled to it after any performance conditions have been met, the amounts can be measured reliab￿. and it is probable that income will be received. Cash donations are recognised on receipt. other donat.ons are recognised once the charrty has been notiffi8d of the donation. unless performance Condit￿nS require defe￿al of the amount. Income tax recoverable in relation to donations receiv8d under Gift Aid or deeds of ￿venant is re￿niSed at the tim8 of the donation. 1.5 Expenditure Liabilities are r8cognised as ejpendriure as s￿n as there is a legal or ￿nStruCtive obligation committing the arity to that expenditure. it is probable Ihat a transfer of e(tsnomic benefits will be required in setuement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be diredly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (Continued) 1.6 Cash and cash equivalents Cash and cash wutvd ents include cash in hand and deposts held at call with bank5. 1.7 Financial instruments The charf(y has elected to apply the prcNisior6 of Section 11 'Basic Fina￿la1 Instruments. of FRS 102 to all of its financial i rtstrwnents. Fina￿la1 instruments are recc•Jnised in the charivs baar￿e sheet when the charity beo)mes p￿tY to the contractua provisiors of the instNment FInar￿la1 a55ets and liabillbes are offset, with the net anvJunts presented i n the firkincial statements. when there is a legaly ent￿ceable right to set off the reccgnised amounts aTrJ there is an intentTron to setue on a net basis or to realise the asset and 5etUe the lia)ility simultarEou51y. Basic financial assets Basic financial assets, which indLKle debtrffs arKJ and bank b￿ar￿s, are initiaiy measured at transaction price includir¥J transaction cc6ts and ￿e subsequendy carried at aM￿tiSed cost usiro the effeclive interest method unless the arrangement cortstitutes a financiry transadion, where the transaction is measured at the present vaue of the future receipts discWnt￿I at a market rate of interest. Fir￿nCIal assets dassrfied as receivable within one year are mt an(Ytised. Basic financial liabilities Basic financial liabilit'es, I￿ludir￿j credIt￿S. we inrtially recognised at tranS￿tIl￿ price unless the arraThJemenl ¢ortstitLrtes a fi nancirg trar6xtion, where the debt instrument is measured at the present value of the future payments discount￿ at a market rate of interest. Financaa liabilrties classified as payable witlwn one year are ncrf amortised. Debt instruments are subsequerrtly Ca￿led at ￿￿tised cost. rrfJ effective interest rate method. Donations and legacie5 Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds as restated as restated 2021 2021 Total 2022 2022 2022 2021 Donatiorts and gifs 73.202 176.063 249.265 49,800 176,746 226,546 Fundraising activities Urrestricted Unrestricted funds funds 2022 2021 Fundraisin Advertising and ublic 24.396 24,396 GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Charitable activities 2022 2021 Charitable expenses Accountancy fees Independent examination fee 338 1.500 1.500 1,200 1,500 3,338 2,700 Grant funding of actimties (see note 5) 254,000 94,010 257.338 96,710 Analysis by fund Unrestrided funds Restricted fvnds 72.000 185.338 13,700 83.010 257.338 g6,710 Grants payable 2022 2021 Grants to institutions.. NHYC cra￿eY Open House Aspire Oxford Greater Change Communtly Interest Company- operations Greater Change Community Interest Company- clients etc. 1.250 660 600 69,000 185,000 91,500 254,000 94,010 Trustees None of the Trustees r8cetV8d any remuneration or beneffts from the tharity during the period. Employees There were O (2021.. 01 employees during the year. GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Debtors 2022 2021 Amounts falling due within one year: oth8r d8btors Prepayments and accrued income 10.734 400 21,357 10.734 21.757 Creditors: amounts falling due within one year 2022 2021 Accnjals and deferred income 3.000 2,700 10 Taxation The charity is exempt from tax on Incorr￿ and gains falling wilhin seclion 505 of the Taxes Act 1988 or section 252 of tha Taxation of chargeab￿ GainsAct 1992 to the extent that these are applied to its charitable objects. 11 Restricted funds The income funds of the charty include restricted funds cornprising the following unexpended balan￿S of donations and grants held on trust for specffic purposes.. Movement in funds Ineomlng Resources Balance at exp2nded 1 Awl 2021 Movement in funds Inc(Mnlng Resourees Balance at r*souros exp2nded 31 March 2022 Just giving Victoria CAF corporate donor CEO Sleepout Charities Trust Facebook payment Giving.com Ltd SAF Stripe income Sweatco Ltd Gift aid received from HMRC Barratt Developments PLC Charitable Foundation Trenchant Ltd Client Funds Living Bridge FoundatM)n Bellway Homes Small client donations 9,170 (1.500) 7,670 10,981 3,313 6.105 (10,9811 {3.3131 {6.1051 (5001 (9251 (851 {1,1451 (13,5301 (1.3451 7,670 2.995 2.995 2.995 925 85 1.145 13,530 1.345 12,287 (2.1941 10.093 2.000 49,447 30,000 30,000 14.400 (2.0001 (68.8151 (30,0001 (30.0001 (14.4001 95,368 (52.000) 43.368 24,000 67,224 (27,521) 39,703 39,703 174,757 {81.021) 93.736 176.063 (185.3381 84,461 GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 12 Unrestricted funds These are unrestricted funds vthich are material to the charrws aL*Mties made up as follows.. Movement in funds - 2021 kncomkng r•sources Movemenl in funds - 2022 R•sources Balanc• at 1 Aprll 2021 IncomSng Re80urc88 Baknco at •xpended 31 March 2022 General fund 49.8 13.7Tr) 36.100 73.202 (96,396) 12,906 13 Related party transactions During the year, the Trust entered into the follobmng transactions with related parbes: Payments of £254,000 12021.. £91,500) were made lo Greater Change Community Interest Company, a mmunity interest company r8gistered in England and Wales. in which J Tan and A Mccallion are directors and shareholders. The funds were transfe￿ed for the purposes of direct di5tiibulion to individua15 in need £185,000 12021.. £80,500) and a separate grant £69,tK)012021: £11.000) to cover Ihe overhead costs in delivery of the services to the individuals. by the Cofflmuntty Interest Company. 14 Prior period adjustw*nt Changes to the statement of financial position At 31 March 2021 As previously Adjustment reported As restated Capital fvnds Inco￿£ funds Restricted funds Unrestricted funds 93,736 193,7361 93,736 36,100 129.836 129.836 129.836 Changes to the income statement Period ended 31 March 2021 As previously AdjustwEnt As restated reported Nel rTh)vement in fvnds 129.836 129,836 The prior period adjustment has been made to CO￿eCt the recognition of restricted and unrestricted funds in prior years. financial stalem8nts and to present a¢￿al ulilisation against r8spectNe fvnds.