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2023-03-31-accounts

C Greaterchange 41*4'Y,'II O(IDPICH_ Trustee Report 2023

GREATER CHANGE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Twstees txesent their rep(rt ￿Nj fi￿￿n0￿ Statem￿ fcT the 31 20TJ. The fiD￿claI State￿￿nts have wepared in ￿c(￿darKe ￿C￿nbr￿j [dic￿$ sel out in the rKltes lo the finanaa slate11￿ts th comtty ￿th the clty ￿)Verni￿ (kKument, Ad 2011 and •• 'Acc(xJnbng Re￿￿[￿j ty Clk4nbes. Staement ￿ Rec(xnrI￿fKjed Pr￿ts￿ 4VI(3tJe to charrt￿5 wepantKJ r accounts in acC￿{jance wth the Fin￿￿al ReF(¥tiro SL7MJarO in the UK ￿ Rew)lic of IrelarM1 {FRS 102) (effective 1 Janw 3)19ri Objectives and activities The rt)Jects of the CIO are the wenlK)n ￿ relief (rf in Ermy￿d by provvjiro ￿ts. itans ￿ S￿￿ceS to indiv￿U￿5 In ne￿j a￿Y￿ cWes. (K [¥￿saI￿n5 W(¥Kry to weverrt ￿ relieve p)vety. The Tn￿eeS have paid r￿ard to Is9￿ ty the Ct• decMJiTrJ vthat acts'¥ts'es the chty u￿￿e. The Trustees have assessed rropr nsks lo vthich ￿ chanty is ext1)￿1, JKI sal￿fied tw syst￿n5 are in Fla￿ to n￿"￿e exFM)swe to the nw n&ts. Slructwe. governance and mamgement The charty is a ctkirtsble irwral {￿gan￿kn JKI was estthd n E￿I￿K1 cm 25 FetxuJy 2020. It is The Trustees. vkno seNed duNKJ the ￿ar up to the date c4 SKJobJre d the finbcAI ststements Vere" JT A Mccallion s txrfoukur Dr E Nalan ZGckng SSCO N Srrthafan TJSHill R J Imalbey (Regw 24 FeLW 20Y3) (Regw 24 Fetxuary 2023) (Appjnled 20 Apnl ￿23) {N)Fxxnted 20 Apnl lJ23) [Ap[￿nted 20 Apnl 2023) (•¥wnted 14 Wten)er 20231 Tntst JTan On behalf of the truslees Dat8J. .2910.112024...

Table of Contents

01

02

04 Transparency on Impact and Costs 09 Financial Report

Trustee's Our Aims Statement

06 07

Strategic Report Independent Examiner’s Report 21 17

22

17

Contribution To Our Policies SDGs

Governance

Trustee's Statement

In the past few years, everyone has felt the high level of uncertainty due to current events (pandemic, wars, natural catastrophes, environmental crisis). There is a clear anxiety about the future. It is also clear that some people got hit just a little harder than others.

Loss of their jobs, a family member, increase in mental health issues…. One little thing after another put them in a situation where they lose their stability and eventually their home.

Greater Change has always had the purpose to “reduce homelessness with a pragmatic approach” by stepping in when a person needs a lump sum of money to get back on track. Whether it be a house deposit, some furniture, a driving license to go to work or most recently getting rid of arrears following the pandemic to move to more affordable housing.

It’s never been about the financial help only, but more about believing in their project and ensuring they have the support needed to see it through and that everyone deserve a little help and the chance to get a home back.

As detailed in our most recent Impact Report, this year we are proud to have helped another 211 individuals on top of the 452 we’ve helped since the start of Greater Change in 2018.

More than ever, in those precarious times, our mission feels stronger than ever, and this is why we have ambitious target for the future. We believe we can do better & faster and in a more costeffective way for society.

I encourage you to read our report and engage in our cause.

Thank you, Sophie Dufouleur Chair of Trustees

1

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.

We want to support over 40,000 people permanently out of homelessness by 2033. 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.

The Greater Change Team (Jon, Alex, Steph and Oli)

2

How We Work

Our model provides an innovative solution to tackling the issue of increasing homelessness. By providing personalised funding, we enable exit pathways for client’s seeking to move on from homelessness for good, and provide vital funds to prevent and divert paths from joining the homeless pathway.

100% of donations we raise go to the client's fund and we build strong partnerships with local services who provide the essential ongoing support to ensure that clients achieve their goals. Often individuals need a cash injection as a catalyst to break out of the cycle of homelessness or to prevent falling into homelessness in the first place. That is what we provide.

3

Summary of impact

We supported 211 people who were experiencing homelessness or at risk of becoming homeless throughout 2022/23.

53.9% of our clients have had previous interaction with the criminal justice system. 12 months after our intervention, 92.8% of all the people we supported in this client group had not reoffended.

86% of our clients moved into permanent housing or sustained stable housing in 2022/23.

We’re very proud to say that almost half of our clients make it into or sustain gainful employment after our support in 2022/23.

We unlocked £35,177 in average cost savings per person to the public purse or a total of £7,422,357. These are savings as a result of reduced supported accommodation needs, reduced health needs, re-offending and more.

4

Our Funding

On average, it costs £1,319 to support one client out of homelessness. £35,177 in cost savings to the public purse is generated per client supported, an over 20x return on investment.

£1075 of these costs are funded by the Foundation, with a further £244 funded by the Greater Change CIC. More detail on how these numbers are derived can be found in our latest impact report, available on our website.

Breakdown on how the £1,319 in costs is funded

----- Start of picture text -----
GC CIC Operational
Funding
£244
GC Foundation
Direct Donations to Clients
Operational Funding
£801
£274
----- End of picture text -----

5

Strategic Report

Achievements and Performance

We’re very glad to be able to say that Greater Change’s positive impact and growth has continued through 2022/23, with 211 individuals helped out of homelessness this year. We also continue to be highly efficient in helping individuals out of homelessness for good and providing a long term solution, as can be seen in 86% of our clients moving into permanent or sustained stable housing 6 months to a year after our support.

The Cost of Living Crisis has contributed to an increased need for our services across society. Not only has there been a significant increase in the number of individuals threatened with and becoming homeless in 2022/23, many of these individuals were in stable positions prior to the shock of the crisis.

We are proud of our ability to help tackle this expanded need, however we recognise that much more remains to be done. Over the past 12 months, Greater Change has become more efficient as an organisation; decreasing our operational costs per client supported and putting us in a good position to pursue our next stage of growth. Financial review

An overwhelming portion of our expenditure has been on the grant-giving front with minimal operational overheads.

We have been able to continue taking on fairly low overhead costs as the principles of grant funding release are realised via Greater Change CIC who bear most of the administrative costs. Grants are awarded to the CIC as its work is entirely in line with the principles and purpose of the Foundation and it is able to pursue this work in an extremely cost effective manner.

Future plans

Our focus in the next 12-months is pushing on into our next stage of growth. We aim to support another 1000 people by 2025 and reach our target of supporting over 40,000 by 2033.

We aim to build on the work done this year to continue Greater Change’s growth through philanthropy, trusts and foundations in particular. We aim to expand into different local areas, expand the scale of our work in existing local areas and continue improving our efficiency. 6

6

Financials GREATER CHANGE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREATER CHANGE FOUNDATION I rep¢Ji to the Tr￿tee5 my exaninatu) of ￿ fina￿1￿ Stat￿lEnts (rf l>eater Chry F￿￿JaIl)n (the chJtyl f(K the year e￿Ied 31 March 2023. t¥ch the Slate￿Ent of Fronua Actswb'es. Slalemurt of FinatKial POs"b.(￿ a￿1 relaed tK)tes. This reFQrt is maje 9)lety to the thartys tr￿lees. as a t4JYy. in acuxdance vthh secthM 145 ￿ the cfwitEs Act 2011. My vth has been U￿rtak￿ so that l sLile to the chanty's trustees th)se matters l am required lo state to ttEm in ths retxyt aTrJ ts r(J tKfFose To Ihe fijllest exient permrtted ty law, l trj not ac￿pl ￿ assume rwstxlty to any￿ othw trw the chanty aM the tt)anty's tnjslees as a LM)Jy. for my wfft for this retKrt or the I have forn￿1. Responsibilities arKI basis of report wrth the requirerrEnts of the Charilies Act 2011 ctrE Acri. I re[￿rt in resped of my e￿inal￿ of the chtys fIn￿￿la1 statefrEnts cwned uThJer sectKn 145 rf the Chanbes Act 2011 Ilhe Act'} In out nry exaninatKm I have 1dky￿ed al the apVicaLle Direcbc¥)s given the Chanty c(mssK)n ￿jer secli(m 1445Xb> ol the ACL An i￿e[￿n[￿nt eXa1Thnat￿ Ikes rM)t invc44t gath￿ng evMrKe Ihat W￿kj tr rewired in an a￿lt and consequenty (k)es rKIt cover ai the matter5 that ￿ audrtor consKlers in giwng their (yir¥on on the acC￿nts. The plannir¥J and c(mduLt ol an Jjdrt beyixKI the Iimrted assu[￿ce that an irKleperthnt examinatK)n can provide. c¢￿SeqUenty, i exFress m cpiTh(￿ as lo v￿ther Ihe acc¢yJntS Ffesenl a Irue aTrJ fair. view. ￿ my reFMNt ￿ lin￿e￿ to tIM)se ¥Ecrfic maters set exa)Nrs statemenl. Other matters Y(Kr attent￿ s drao•m to Ihe fad Ihat chJty has preparaj ￿CO￿ts(fina[K￿l slalenEntsl in cordance vthh the relevant vers￿￿ of the Staterr￿1 crf ReccKTwtsd Ftsctsce ryplicaile lo chanties ep￿ng ttEir accwnts In acc(xdance ￿th FinJ)aa Rewrtir¥J StJ)dard atvli&4)le in UK atKJ Repuljic of 1relaThJ{FRS1￿2) in WeTer￿￿e to the ACC(￿ntIl¥J ReFMNlirrfJ ty Charibes. State￿￿￿1 ReCo[N￿ded Prath￿ IS￿ on 1 Apn"12(I)5. ￿￿ch is referraj to In Ihe exlant reg￿akns, but has L￿} lMthdrab￿. We uTrJerstand that this has been ¢)ne in C￿ fc( the accounts to FKcwhJe a true aThJ fair VEW in c(￿￿e V#th UK ￿ralty Accepte(l Acc(xr￿"[¥j Fyath.￿. Independent exanmnefs sLitement I have completed rrry exJnInats(￿. I c[￿r￿1 Ihal Tr) matter5 ha￿ crxne to my attenlwJ) in cor¥￿th.(￿ vth the exJn1nal￿n gMTrJ cause lo t￿lIeVe Ihal in Jry rW" acC(￿ts"r￿ recorts ¥￿e ￿>t kept in restct d the crw as required Lry seckn 130 oflhe ALI" the financ￿1 ststements r¥X acc￿0 IIKtse rec(￿ts.. the financia staterrEnts ¢￿ ￿t ccffitty wth the awicable requirements cCrf)￿MlThj tt)e f(￿1 aThJ content of accoLnts set out in the Charibes {Acc￿nts ReFrfNis) RegUla￿S 21JJ8 olher than ￿Y requirement Ihat acc(xmts give a taif view rN)l a matter con%dered as part of ￿ independent exa￿￿tt(￿. atten￿on dravm m this reFMNi m ￿[￿r to of the firbanaa state￿Ents to be reached.

Financials GREATER CHANGE FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF GREATER CHANGE FOUNDATION 8eavis wan LLP Accountanls. BILsiness ar¥J Tax A(fv 82 St ￿1hn Slreet LoTr*)n EC1M 4LIN Dat8J." .29lQ.112Q24...

Financials GREATER CHANGE FOUNDATION STATEMENTOF FINANCIALACTMTIES FOR THE YEAR ENDED 31 AIARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes coffte from: Donations and *acies 22.$00 212.640 235,140 73.202 176,063 249.26S Ex enditure on". Fundraising ac1rvrfie5 6.844 24,396 24.396 Charitat4e activilies 22.275 289,753 312.028 72.000 185.338 257.338 T¢)t•l re¥ource8 expended 29.119 289.753 318.872 96.396 185.338 281.734 Net expenditure for the yearl Net movement in funds (6,619) (T7.113) (83,732) (23,1941 {9.275) (32,4691 Fund balances at 1 Awil 2022 12.906 84.461 97.367 36.100 93.736 129.836 Fund balance• at31 March 2023 6.287 13,635 12.906 84,461 97.367 The statement of financial ac1i¥ibes in¢kMles all gains an¢J losses recogn￿ed in the year. AM incorne and expendilure deTr￿ from COnknuv￿ acliNTkn.

Financials GREATER CHANGE FOUNDATION STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2023 20rJ 2022 Current assets Debtors h at in ha 10,824 7.311 10.7SI 89.633 18.135 1(Kl.367 Creditors: amounts lalling du• witrwn one year (4.￿￿)1 {3,cK￿) Net cuttent assets 13.635 97.367 I￿orne furKIs Restricted fuThts Unrestricted 11 84.461 12.9 6.287 13.635 97.367 The rK)tes C￿ ￿S 6 tWh 11 T￿M Fwt ol Ihe St*en￿ts. 2910112024 JT Trustee Trustee Charty Registration No. 1188164 10

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Aeeounting policies Charity information 1.1 Accounting convention The aCc(￿ts Ifinancia State￿ts) have be￿ wepare(l in ac￿￿ar￿e wilh Ihe rdevant versKffi ol the sbtenEnt of RecO￿￿rEnd￿l PraCts"￿ ￿l¢#￿e to ch￿"t]eS prepanng their accwnts in ￿c(￿0￿ce wrth the Fir￿¢￿11 Re[K￿b"r¥j Sland3r(l apFAicalYe in the UK WMY Rewtlic ol Irel￿￿ IFRS 1021 and the Financial ReFK)rb"ng Standard apFlicak in t￿ Untled KirM)kn) Rewblic ol Irel￿ IFRS 102) and the cN7r￿"eS Act 2011 and UK (￿er￿ty Accepte(l Acccwttsrrfj Practice acC(￿ts {finar￿1￿ statemwtts) have I￿n epared lo give a 'tr￿ ts"r' vw arxj have tjemed trcn the Chanties (Acc￿￿1$ and Rewts) Regulatsons 2CQ8 ¢￿ty lo ItE extent rewired lo a Inje ￿ far This Ikparture has involved following the relevant Verg(￿ ol the Stateynent ol Recc1Thne￿ pr￿￿￿ aprlic&)le to chanbes prepanThJ I￿￿r acc(NJnts In aCc￿d￿￿ the Fin￿chaI Re￿￿ng SI￿dar￿ applicatAe In the UK aKI Republic of IrdatKI {FRS 102} rather the arNJ RewbrNJ by (knties: Statemert of Recorm￿eO effectNe fr￿￿ 1 Aw'l 2CKJ5 vknith has sKice ten Y￿¥j￿￿. 1 to tKepare a Slatement Cash A(Yws. n￿￿al slatemenls have been U￿le[ Ihe l¥"stixica CL& conventK)n. Tr w"ncipal acco￿￿. FxAIcbes ￿k)pl￿] are set (xrt bekyw. 1.2 Going concem has adequate resxjrces to (L￿￿nue in IyewatKThI exstence the foreseeat)le future. Thus. Ihe Twst 1.3 Charitsble l￿d$ Inco￿￿ is recognise(J vrt￿n Ihe cliJity enlrtbed to rt after perfixmance c(XMlrtiL￿s h￿e been Cash dcKkits'￿S are rec(MJnised recLykX. Other are rec(xJnised ￿ce Ihe chanty has ien notsfied crf ￿¥￿tK￿l. urless W1(Ma)￿ C(nj￿¢￿ts rewire deferwal of anwyjnt. Inco￿ tax ￿Ver￿e in 1.5 Expendiiure Liabilitses are re(￿￿ed as expw¥Jriute a5 XX)w) a5 theve is a I￿jaI or txx)strucl]ve crJnmrttsrwJ the Ch￿ to Ihal expErvJrtwe. rt is thai a tr￿sfer (A ec(XKxnic LErths wil be r￿ulre￿ in sdUerrEnt aThJ Ihe arTNJunt of the oL￿igat￿ C￿ be wtEa5wed reliaw. EX￿l[l￿e is acccNJnted fcy on atb accruals basis atKI has been classifieij WKJer r)eadings that agwate ai costs to the categ￿. Where costs carmt be (I"re(ty alIn￿led lo particular healings. they have tEen alk)cated to ￿t[V[l￿5 Ix) a basis Co￿Stent wrth the 11

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢countirw polici•s (Continu•d) 1.6 Cash and cash equivalents Cash and cash ￿u1valents I￿1￿Je cash in harKI and derK)srls held at call wrth banks. 1.7 Flnan¢lal instrum•nts The chanty has elected to aptAy the provisions of Section 11 'Basic Financial Instnjments, of FRS 102 to all of ts rinancial insttuments. Financial Instruments are recognised in the chartvs balan￿ sheet when the chartty b￿oMeS party to the contractual provisions of the instrument. Financial assets and liabilrties are offset. wtth the net arTK)unts presented in the financial statements, when there is a legally enforceable Iwht to sel off the rec(¥Jnised awnounts and there is an Inlenbon to settle on a nel basis or to realise the asset and settle the liabilty simultaneously. Baslc flnanclal ass•rs Basic finarboal assets. which indude deblors arKJ cash and bank balances, are inrtially measured at transaction price includiro transaction costs and ale subsequently camed al 8rTK)rtised cost using the effecttve Interest method unless the arrangement constitutes a financing transaction: where the transaction Is measured at the present value of the future receipts discount&J at a market rate of interest. Financial assets classified as recery8ble within one year are not amortised Basic finanu.al liabilities Basic financial liabilities, induding uedilors. are inilialty rec￿lSed at transaction price unless the arrangement constitutes a financing transaction, v+here the debt instrument ￿ measured at the present value of the fu￿re payments discounted at a market rate of ￿tereSt. Financial liabilties dassified as payable vathin one year are riot amortised. Unrestricted Restricted funds Total Unrestricted Restricted funds Total )23 2023 2023 2022 2022 2022 Donations and gfts 22.500 212.640 235.140 73.202 176.063 249.265 FundraisirTrg aclivities Unrestricted Unrestricted funds nds 2023 2022 Fundraisin Advertising 24.396 24.396 12

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activilies 2023 2022 Charitable exper6es Accountancy fees 780 1.500 1,500 338 1,500 1,500 3.780 3,338 Grant fimthng of athil)es (see note 5) 308.248 254.000 312.028 257.338 Analysis fund Unrestricted funds Restricted fund5 22.275 289.753 72.000 185.338 312.028 257.3 Grants payable 2023 2022 Grants to 1rtslituli￿￿". Clher instilutions Great￿ Change Commtmty Interest Conyry - opera11(￿$ Great￿ Change Communty Interest Conyny - C￿￿ts etc. 72.048 104.900 131.300 69.000 185.000 308.248 254.000 Trnsteès None of the Tru5tee5 received arry renwneration or b￿effits from the chaiity thring the ￿lOd. Employees There were O (2022. 0) errW)yees the year Debto 2023 2022 Anb)unts falling due *ithin one year. 10.824 10.734 13

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2023 Creditors: amounts falllng due *lthln one year 2023 2022 Accruals and defefred inc 4,500 3,000 10 Taxation The chartty is exempt from tax on income and gains fallng section 505 of the Taxes Act 1988 or section 252 ofthe Taxation of Chai9eable GansAd 1992 to the extent that these are aFylied to ils charrlaL4e objects. 14

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 ReSti￿ted hAnds The income funds of the charity I[￿Ude restrided funds C(N)ytsiig the fO1(Mryr￿ uneyp￿ded balances of *)vement in fund5 lknemenl in funds BJlJnce •t 1 Awil 2021 Just gviig Greater Change CIC Foundation 7.670 10.981 {10.981) 7.670 (7,419) 251 3.313 (3.313) 1,100 (1,096) corporate 6.105 500 (6.105) {500) (2.490) (10.000) 505 Landaid Mace Foundation HcKlock Education TtU5t 10.000 1925) 5.000 (5.000) (85) 15.000 (15,000) Horizon Youlh Centre The 1485 Charitable TtU5t Gift aid received from 1,145 (1.145) 25.000 (25,000) 13,530 {13.530) 1,000 (1.000) HMRC The Albert Hunt Trust Trenchant Ltd The Tides Foundation ving Bridge Foundatbon BelKYay Homes Small dient donations Affintty Fragran Great Western Railway Nevrton Europe 12,287 12,194) 10,093 871 (9,153) 1,817 2.000 49.447 p 000) (68.815) 10.000 (10.000) {23,515) 43.368 24.000 30,000 (30,000) 5,184 (5,184) 30.000 (30.000) 15.000 (14.976) 24 14,400 (14.400) 10,000 (9,675) 325 39.703 39.703 27.479 (65.060) 2.122 1.500 (1.500) 54.800 (54,045) 755 30.000 (28.965) 1,035 93.736 176.063 (185.338) 84.461 212.640 P89.753) 15

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Unrestricted funds These are unrestrided funds are material to the chaiity's aclith rnade up as f(&Y￿". vennt in funds - 2022 knTement In funds- J)23 l A￿.1 2022 fE¥ourre¥ expended 31 March 2023 2021 36,100 73,202 (%,3%) 12,906 22,500 P9,119) 6,287 13 Related party tsansactKbns During the year. the T￿￿1 errtered into the fon(Ming transacti¢)ns ￿ related parties". Payments of £236.200 12022 £254,000) were made to Grealer Change Community Interest Conwarry, communty interest C(XbW rwered in En￿1 aThJ Wales. in thich J Tan aThJ A Mccallion are ￿reCtOrS and sharehdders. The fiJnd5 were transferred for the PUfF)5e5 of dred dstritr￿rtIOn to in(fvitha15 ￿ need £131.300 (2022". £185.000) and a separate grant £104.￿0 12022. £69.000} to cover the overhead costs in delvery of the serVI￿S to the inth4iduals, by the Interest Conyny. 16

Governance

The Board of Trustees

The Board of the Greater Change Foundation has ultimate decision making power over who and how the Foundation's funds are directed towards. It is also responsible for managing the fundraising efforts of the Foundation.

Trustees have been recruited from a pool of mentors who provide the Foundation with advice and pro-bono work, allowing us to establish a good working relationship prior to their inclusion as trustees.

Sophie Dufouleur, Chair Of Trustees

Sophie is the Head of Commercial for PMI and has brought a deep expertise in marketing and growing a community to Greater Change. She has a Master's in Communication from Ithaca College and a Business degree from Burgundy School of Business.

Nilani Sritharan, Trustee

Nilani is Group Head of Healthy and Sustainable Diets for Sainsbury’s Plc and has previously mentored a number of social start ups. She brings valuable experience to Greater Change in advocating for better policy outcomes through forming sector coalitions.

Jonathan Tan, Co-Founder and Trustee

Jonathan started working with Alex on Greater Change in 2017. He was a full time Management Consultant in 2018 at Newton Europe and joined Greater Change full time in 2019. he graduated form Oxford with a BA in Philosophy Politics and Economics.

17

Governance

Theo Stevenson-Hill, Trustee

Theo is an established leader within the global financial services with 10 years of technical consulting and management experience. He is currently a Director at BlackRock based in London and brings Greater Change valuable expertise in financial governance.

Sion Cole, Trustee

Sion is a Managing Director at BlackRock focusing on helping pension fund trustees reach their long term funding goals. He has worked within financial services for 22 years and brings Greater Change valuable experience and expertise .

Alex McCallion, Founder and Trustee

Alex began working on Greater Change as a concept in 2017 and has been working in the sector full-time ever since. He graduated from Oxford with a BA in Economics and Management.

18

Governance

Ric Whalley, Trustee

Ric is a physicist by background, having always been fascinated by understanding complex systems, but more broadly is passionate developing teams to act on that understanding and make changes that stick.

Ric is a Partner at Newton and currently leads Newton’s work in health and integration.

Greater Change Foundation is a charity registered with the Charity Commission of England and Wales (No. 1188164)

The Foundation is governed by a founding Constitution as a charitable incorporated organisation (CIO) and is recognised by HMRC for the purposes of Gift Aid.

The Foundation can be contacted via its website at www.greaterchange.co.uk or at its working address at Buxton Court, 3 West Way, Oxford, OX2 0JB

The Foundation banks with Barclays and receives accountancy help from BM Connect. Legal registration was performed on the Foundation behalf by Pennington Manches Cooper LLP

19

Governance

Our

Structure

Greater Change Community Interest Company

Cost Sharing and Licensing Agreement

Greater Change Foundation

20

Our Contribution to the SDGs*

We offer outcomesbased guarantees in all of our contracted work ensuring that our success is tied in lockstep with the success of our clients.

By preventing homelessness, we prevent premature death, improve mental health and contribute to treating substance abuse issues.

A high proportion of our staff have lived experience of homelessness. Our minimum pay is local living wage and we have capped the wage ratio of our highest paid employees to at most 14x of our lowest paid

Of all the people we have helped in 2022/2023, 31% of our clients were from BAME backgrounds and 45% of our clients were female, which is high than the national average of 38% of all homeless applicants being female.

employee.

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*For more information on SDGs: https://sdgs.un.org/goals

Reserves Policy

Greater Change has never aspired to keep a large amount of cash in the bank as we are still a small, growing organisation, and are committed to continuing to grow our impact in a sensible manner.

The purpose of the reserves policy is to ensure that Greater Change is able to always help extremely urgent client cases rapidly and to ensure that we can steadily help clients in the event of poorer fundraising returns in any particular period of time.

As a secondary goal, we want to avoid any hysteresis resulting from overspending. We believe that Greater Change is an organisation that can sustainably help clients, however, if funds were to be run down overly quickly, what would result is a period of stagnation where we are unable to help clients for significant periods of time, which would damage partnerships and potentially harm future work even as funds were to become available again.

The Policy:

We are currently aiming to keep the equivalent of 3-6 months of projected expenditure in free reserves.

This translates this year to roughly £44,000 - £88,000 in reserves with expected a projected £14,700 being spent on clients and fundraising costs each month.

At each quarterly Trustees' meeting, we review our accounts and approve budgets for each 6-month period ahead. If at any point, our reserves were to dip below the 3-month limit, all trustees will be immediately informed and a meeting would be convened to ensure that we are indeed taking the right line of action.

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Reserves Policy - Approach

When determining an appropriate free reserves policy for the Company we considered the philosophy we applied to our work and how we would respond in various scenarios, with the free reserves being kept ultimately to simply enable the execution of these various plans.

The important problematic scenarios we have considered are:

In all of these 3 scenarios we need a range of time between 3 - 6 months in order to fully realise our change in direction in order to allow us to either keep the company afloat or to meaningfully distribute the remainder of the assets in a maximally impactful way.

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Grant Making Policy

Our general philosophy on grant making is extremely simple: We want to be very selective about the partners that we work with and trust their professional expertise and experience.

We do always apply some basic financial sense checking principles to ensure that plans for the usage of the grants made are sensible and efficient. However, this is always done with the client and their case worker and we believe that this works because:

1) The frontline support workers we partner with are amongst the best in the country and are the best way for us to understand the client and their situation. In other words, there is no better way to do any KYC check than to speak to the client's case worker.

3) Personalising the budgets and grants means that clients get exactly what they need, when they need it. By eschewing any pre-fixed constrains, we are able to flexibly provide the most suitable support for each and every client.

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Grant Making Policy

The Process:

5) Once the story and plan are confirmed, the client's campaign is uploaded to our site, provided that we are given consent from clients to share their stories.

6) Once the funds have been raised, they are transferred to the partner charity or a nominated third party to be spent in accordance with the plan. If the situation were to change in any way, support workers need only pick up the phone to discuss the necessary changes with Greater Change.

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