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 fin0 Statem fcT the 31 20TJ.
The fiDclaI Statents have wepared in c(darKe Cnbrj [dic$ sel out in the rKltes lo
the finanaa slate11ts th comtty th the clty )Verni (kKument, Ad 2011 and
••
'Acc(xJnbng Re[j ty Clk4nbes. Staement Rec(xnrIfKjed Prts 4VI(3tJe to charrt5 wepantKJ
r accounts in acC{jance wth the Final 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 we*nlK)n relief (rf in Ermyd by provvjiro ts. itans SceS
to indivU5 In nej aY cWes. (K [¥saIn5 W(¥Kry to weverrt relieve p)vety.
The TneeS have paid rard to Is9 ty the Ct• decMJiTrJ vthat acts'¥ts'es the
chty ue.
The Trustees have assessed rropr nsks lo vthich chanty is ext1)1, JKI salfied tw systn5 are in
Fla to n"e exFM)swe to the nw n&ts.
Slructwe. governance and mamgement
The charty is a ctkirtsble irwr*al {gankn JKI was est*thd n EIK1 cm 25 FetxuJy 2020. It is
The Trustees. vkno seNed duNKJ the ar up to the date c4 SKJobJre d the fin*bcAI ststements V*ere"
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 Trtee5 my exaninatu) of fina1 StatlEnts (rf l>eater Chry FJaIl)n (the
chJtyl f(K the year eIed 31 March 2023. *t¥ch the SlateEnt of Fronua Actswb'es. Slalemurt
of FinatKial POs"b.( a1 relaed tK)tes.
This reFQrt is maje 9)lety to the thartys trlees. as a t4JYy. in acuxdance vthh secthM 145 the cfwitEs
Act 2011. My vth has been Urtak 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
acpl 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 forn1.
Responsibilities arKI basis of report
wrth the requirerrEnts of the Charilies Act 2011 ctrE Acri.
I re[rt in resped of my einal of the chtys fInla1 statefrEnts cwned uThJer sectK*n 145 rf the
Chanbes Act 2011 Ilhe Act'} In out nry exaninatKm I have 1dkyed al the apVicaLle Direcbc¥)s given
the Chanty c(mssK)n jer secli(m 1445Xb> ol the ACL
An ie[n[nt eXa1Thnat Ikes rM)t invc44t gathng evM*rKe Ihat Wkj tr rewired in an alt and
consequenty (k)es rKIt cover ai the matter5 that audrtor consKlers in giwng their (yir¥on on the acCnts.
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 vther Ihe acc¢yJntS Ffesenl a Irue aTrJ fair. view. my
reFMNt line to tIM)se ¥Ecrfic maters set exa)Nr*s statemenl.
Other matters
Y(Kr attent s drao•m to Ihe fad Ihat chJty has preparaj COts(fina[Kl slalenEntsl in
cordance vthh the relevant vers of the Staterr1 crf ReccKTwtsd Ftsctsce ryplicaile lo chanties
epng ttEir accwnts In acc(xdance th FinJ)aa Rewrtir¥J StJ)dard atvli&4)le in UK atKJ
Repuljic of 1relaThJ{FRS12) in WeTere to the ACC(ntIl¥J ReFMNlirrfJ ty Charibes. State1
ReCo[Nded Prath IS on 1 Apn"12(I)5. ch is referraj to In Ihe exlant regakns, 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[r1 Ihal Tr) matter5 ha crxne to my attenlwJ) in cor¥th.( vth the
exJn1naln gMTrJ cause lo tlIeVe Ihal in Jry rW"
acC(ts"r recorts ¥e >t kept in rest*ct d the crw as required Lry seckn 130 oflhe ALI"
the financ1 ststements r¥X acc0 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 {Accnts ReFrfNis) RegUlaS 21JJ8 olher than Y requirement
Ihat acc(xmts give a taif view rN)l a matter con%dered as part of independent
exatt(.
attenon dravm m this reFMNi m [r to of the firbanaa stateEnts 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.$00
212.640
235,140
73.202
176,063
249.26S
Ex
enditure on".
Fundraising ac1rvrfie5
6.844
24,396
24.396
Charitat4e activilies
22.275
289,753
312.028
72.000
185.338
257.338
T¢)t•l re¥ource8
expended
29.119
289.753
318.872
96.396
185.338
281.734
Net expenditure for the yearl
Net movement in funds
(6,619)
(T7.113)
(83,732)
(23,1941
{9.275)
(32,4691
Fund balances at 1 Awil
2022
12.906
84.461
97.367
36.100
93.736
129.836
Fund balance• at31
March 2023
6.287
13,635
12.906
84,461
97.367
The statement of financial ac1i¥ibes in¢kMles all gains an¢J losses recogned in the year.
AM incorne and expendilure deTr from COnknuv acliNTkn.
Financials
GREATER CHANGE FOUNDATION
STATEMENT OF FINANCIAL POSITION
ASAT31 MARCH 2023
20rJ
2022
Current assets
Debtors
h at in ha
10,824
7.311
10.7SI
89.633
18.135
1(Kl.367
Creditors: amounts lalling du• witrwn
one year
(4.)1
{3,cK)
Net cuttent assets
13.635
97.367
Iorne furKIs
Restricted fuThts
Unrestricted
11
84.461
12.9
6.287
13.635
97.367
The rK)tes C S 6 tWh 11 TM Fwt ol Ihe St*ents.
2910112024
JT
Trustee
Trustee
Charty Registration No. 1188164
10
Financials
GREATER CHANGE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Aeeounting policies
Charity information
1.1 Accounting convention
The aCc(ts Ifinancia Statets) have be wepare(l in acare wilh Ihe rdevant versKffi ol the
sbtenEnt of RecOrEndl PraCts" l¢#e to ch"t]eS prepanng their accwnts in c(0ce wrth the
Fir¢11 Re[Kb"r¥j Sland3r(l apFAicalYe in the UK WMY Rewtlic ol Irel IFRS 1021 and the Financial
ReFK)rb"ng Standard apFlicak in t Untled KirM)kn) Rewblic ol Irel IFRS 102) and the cN7r"eS Act
2011 and UK (erty Accepte(l Acccwttsrrfj Practice acC(ts {finar1 statemwtts) have In
epared lo give a 'tr ts"r' vw arxj have tjemed trc*n the Chanties (Acc1$ 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
Ir acc(NJnts In aCcd the FinchaI Reng SIdar applicatAe In the UK aKI Republic of
IrdatKI {FRS 102} rather the arNJ RewbrNJ by (knties: Statemert of RecormeO
effectNe fr 1 Aw'l 2CKJ5 vknith has sKice t*en Y¥j.
1 to tKepare a Slatement Cash A(Yws.
nal slatemenls have been Ule[ 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 (Lnue in IyewatKThI exstence the foreseeat)le future. Thus. Ihe Twst
1.3 Charitsble ld$
Inco is recognise(J vrtn Ihe cliJity enlrtbed to rt after perfixmance c(XMlrtiLs he been
Cash dcKkits'S are rec(MJnised recLykX. Other are rec(xJnised ce Ihe chanty has i*en notsfied
crf ¥tKl. 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 IjaI or txx)strucl]ve crJnmrttsrwJ the
Ch to Ihal expErvJrtwe. rt is thai a trsfer (A ec(XKxnic LErths wil be rulre in sdUerrEnt aThJ
Ihe arTNJunt of the oLigat C be wtEa5wed reliaw. EXl[le 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 alInled lo particular healings. they have tEen alk)cated to t[V[l5 Ix) a basis CoStent 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 I1Je 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 boMeS 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 reclSed at transaction price unless the
arrangement constitutes a financing transaction, v+here the debt instrument measured at the present value
of the fure 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 - Cts etc.
72.048
104.900
131.300
69.000
185.000
308.248
254.000
Trnsteès
None of the Tru5tee5 received arry renwneration or beffits 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 ReStited hAnds
The income funds of the charity I[Ude restrided funds C(N)ytsiig the fO1(Mryr uneypded 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".
ven*nt 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 T1 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 dstritrrtIOn 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
serVIS 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**
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## **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:
- ! We face some temporary cash flow issues: We need to be able to see this coming well ahead of time to not run out of cash before we can take urgent action such as taking on coronavirus business loans or significantly cut costs to extend the runway until additional revenue, grant or investment funds become available
- ! Our runway runs out, even as we grow: In this scenario, we would want to avoid any significant damage to our infrastructure, relationships and systems caused by a sudden stoppage of services. Actions we might take would include the slowing down of any growth-related spend in order to buy time for revenue or investments to come in.
- ! We experience waning traction: In this absolute worst-case scenario, where our revenue is coming in far below expectations and/or the impact of the work starts to become less compelling, we would have to consider temporarily furloughing staff until such a time when we believe activity will pick up again or winding up the company entirely. In both cases, we would need time to explore additional funding options or to fund administrative staff to fully distribute any remaining client funding and perform a final round of impacting to fully evaluate our work.
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.
- 2) Putting clients in the driving seat means that they are more bought in and will work harder at actualising their plan.
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:
- 1) Support workers from partner charities fill in a client referral form to explain the details of the case to us
- 2) The form will request details on the current situation, the ambitions of the client and plan to get out of homelessness
- 3) Greater Change sense checks the plan and ensures that the costs described are accurate.
- 4) If there are any parts of the application that seem to warrant additional thought, a member of the Greater Change team will speak to the support worker in question to understand more detail and assist in the planning 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.
- 6) If the client's case is unsuitable for online public fundraising (due to security concerns, case urgency or simply a lack of complete comfort) they are allocated urgent funding from a central flexible pot of funding to enable clients to move quickly.
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