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2025-03-31-accounts

i14pi: Greaterchange Trustee eport 025 PT-. r-.

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Table of
Contents
01 02 05
Trustee's Executive Our Impact
Statement Summary
07 09 27
Strategic Report Financial Report Governance
31 32
Contribution To Our Policies
SDGs
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Trustee's Statement

Over the past year, the pressures facing people at risk of homelessness have continued to intensify. Rising housing costs, constrained public services and ongoing economic uncertainty mean that for many, the margin between stability and crisis has become ever thinner. Against this backdrop, the role of charities like Greater Change has never been more vital.

This year marks a significant moment in Greater Change’s journey. Our income doubled, enabling us to expand our reach and support more people than ever before. This growth is a testament to the confidence funders, partners and donors place in our model, and to the dedication of our team and partner organisations working tirelessly on the frontline.

However, growth also brings responsibility. As we reach more people, we are acutely aware that demand continues to outpace available support. Each additional person we help highlights many more who are still waiting. With this in mind, the Trustees remain focused on strengthening our financial resilience, diversifying our income streams and ensuring that Greater Change is well positioned to respond sustainably in the years ahead.

Our impact this year speaks to both the effectiveness and the urgency of our work. As set out in our Impact Report, we supported hundreds of individuals to move into or sustain stable housing, with strong outcomes across wellbeing, employment and financial resilience.

We are also proud to have launched a Randomised Controlled Trial in partnership with the Centre for Homelessness Impact and King’s College London. This rigorous evaluation represents an important step in building the evidence base for what works to end homelessness, and reflects our commitment to learning, transparency and accountability.

While we are encouraged by what has been achieved, we are clear that there is still much more to do. Homelessness is not inevitable, but addressing it at scale requires continued investment, partnership and belief. Every pound entrusted to Greater Change enables us to unlock opportunity, dignity and stability for people at a critical moment in their lives.

On behalf of the Board of Trustees, thank you to everyone who has supported Greater Change this year. Your belief in our mission makes this work possible. We invite you to read our latest Impact Report, reflect on what has been achieved, and continue this journey with us as we work towards a future where everyone has the chance of a safe and secure home.

Thank you, Theo Stevenson-Hill Chair of Trustees

1

The Homelessness Crisis Today

The UK spent over £2.8 billion directly on homeless accommodation in 2024/25. Yet, the crisis is worsening every single day.

On any given night in 2024, it is estimated that 354,016 people across Britain are experiencing the most severe forms of homelessness , including 161,500 children living in temporary accommodation. This represents a 14% increase in just one year – and a staggering 55% rise since 2020, when 227,000 people were recorded as homeless.

These figures are only expected to increase. As support services become increasingly overstretched and the cost of living crisis deepens, more individuals and families are being pushed into homelessness across the country.

Homelessness represents a profound injustice. The average life expectancy for someone who is experiencing homelessness is 45 for - men and 43 for women, compared to 78.6 and 82.6 year life expectancies for men and women in the general population.

2

What we have achieved

We’re unlocking doors out of homelessness for people every single day - offering not just financial support, but a real chance at a fresh start.

As a team of just 10 at the time of writing this report, we're really proud to have helped over 1700 people take large steps out of homelessness ; a key milestone in our journey.

This year, over 85% of our clients have sustained their tenancies 6-9 months after our support. At the cost of just £1,397 against expected savings to the public purse of £41,330, our work represents an incredibly effective tool in the wider effort to solve homelessness.

Our long-term goal is to support over 4000 people out of homelessness in the next 2 years , and 130,000 in the next 10 years.

3

How Greater Change Works

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Greater Change partners with charities and local authorities who refer to us clients for whom a relatively small financial boost will have a transformative impact.

The grants are designed by the client themselves alongside their support worker, returning the dignity of choice to them .* Greater Change then provides some light touch financial planning support after the spending plan is submitted.

The funds are transferred to the referring organisation within one week of approval. As the money never goes directly into the client’s pocket, this returns the agency to the individual in a supervised and accountable way.

The client is then able to use the funds to take meaningful steps towards a stable and fulfilling life, leaving homelessness behind for good.

5

*Examples of what we fund includes rental deposits, clearing arrears, career progression tools, employment opportunities, vital furnishings

4

Impact Highlights

85%

85.1% of our clients moved into permanent housing or sustained stable housing in 20242025.

In 2024/25, we unlocked an average of £41,330 in potential cost savings per person.

We supported 687 people who were experiencing homelessness or at risk of becoming homeless in 20242025.

57%

57% of our clients were from Black, Asian and minority ethnic backgrounds, significantly higher than the national average, where 31% of all people who were statutorily homeless in England at the beginning of 2025 were from the same backgrounds.

The total cost of supporting each person on average is £1,397. This includes our operational and personalised budgets costs.

We believe that Greater Change’s innovative and efficient approach to tackling homelessness is highly scalable. After scaling our work fivefold between 23/24 and 24/25. we’ve built the infrastructure and systems needed to support continued growth, ensuring we can deliver high-quality support to even more clients without compromising on impact.

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Individuals Supported Individuals Supported Annual Target Total Target
2023/2024 2024/2025 for 2025/26 by 2033
108 687 1355 70K
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5

Our Funding

On average, it costs Greater Change £1,397 to support one client out of homelessness. £41,330 in cost savings to the public purse are generated per client supported, an over 29x return on investment.

£1,311 of these costs are funded by the Greater Change Foundation. A further £86 funded by the Greater Change Community Interest Company.

Breakdown on how the £1,397 in costs is funded

GC CIC Operational Funding £86 GC Foundation Operational Funding £131

Direct Donations to Clients £1,180

6

Strategic Report

Achievements and Performance

During 2024/25, Greater Change significantly scaled its response to the homelessness crisis, supporting 687 people who were experiencing homelessness or at risk of becoming homeless. Through personalised, rapid funding, the charity released £1m directly to clients, enabling individuals to secure and sustain housing, access employment, improve mental health, and stabilise their lives.

The organisation achieved strong outcomes alongside this growth. 85.1% of clients moved into or sustained stable accommodation following support, while 48.7% entered or remained in employment. Improvements were also recorded across mental health, motivation, self-care, social networks and substance misuse outcomes, demonstrating the breadth of impact delivered by the model.

Despite scaling delivery substantially, Greater Change maintained high levels of efficiency. The average total cost per person supported was £1,397, including both operational and client funding costs. Independent analysis indicates that each intervention unlocked an average of £41,330 in potential public cost savings per person, with a total estimated £17.6m in social value generated during the year. Alongside delivery, Greater Change continued to strengthen the evidence base for its approach. In 2024, the charity launched a nationally commissioned Randomised Controlled Trial (RCT) in partnership with King’s College London, the Centre for Homelessness Impact and IFF Research.

Financial review

Greater Change continued to operate a highly cost-effective financial model during 2024/25. Total operational costs were £182,068, while £1m was released directly to clients, ensuring that the majority, 85%, of expenditure was focused on frontline impact.

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. Local Authority 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.

The Trustees remain confident that the current operating model provides appropriate financial oversight, accountability and resilience, while allowing the organisation to respond quickly to urgent client needs.

7

Strategic Report

Future plans

Building on the progress made in 2024/25, Greater Change is entering its next phase of growth. Having scaled delivery almost fourfold year-on-year (number of clients supported), the organisation has invested in the infrastructure, systems and partnerships required to support continued expansion without compromising quality or impact.

Our long-term goal is to support over 4000 people out of homelessness in the next 2 years, and 130,000 in the next 10 years.

Growth will be driven through a combination of philanthropy, trusts and foundations, and strategic partnerships with local authorities and frontline organisations. Geographically, Greater Change plans to expand into additional regions while deepening its presence in existing areas. Alongside delivery, the organisation will continue to prioritise robust impact measurement, including the ongoing RCT, to ensure that growth is evidence-led and that learning contributes to wider system change in homelessness prevention.

Ongoing Research

In 2024, Greater Change launched a groundbreaking trial to evaluate the effectiveness of our intervention through a Randomised Controlled Trial (RCT) design. This gold-standard methodology will not only generate robust causal evidence about the impact of our work, but also provide valuable insights as we expand our model on a national scale.

The trial is one of 8 studies investigating new and innovative approaches to ending and preventing homelessness commissioned by MHCLG to the Centre for Homelessness Impact. King’s College London is conducting the evaluation alongside the trial’s data collectors, IFF Research, and over a dozen frontline organisations and local authorities. Greater Change, alongside these frontline organisations, has worked to recruit more than 380 individuals with a history of rough sleeping. Participants were randomly assigned to either a treatment group, receiving personalised budgets of a significant size, or a control group, which is not receiving financial support. This structure enables a clear comparison of outcomes between those who access Greater Change’s support and those who do not.

8

Results are expected to be released in late 2026.

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Financials GREATER CHANGE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 stst•rnont of tNotO08' To¥ponDlbllltlo¥ The Iru8lees 8fe respon8lNe lor prepgrfng the TnJ8tee•' Annual Rgport and the 1kn8nd￿ $talemont• In acCc￿d8nce with applicable Law 8nd ¥8gulations. Charlty law roquires thtr tru$tfjes Its prwro finanu81 ststèments lor ￿th finanual year. Undbr Ihat 18w. th• trn$lo9$ hsvo 9￿cl@d lo prepare Iho flnanrial $tstsmnl¥ In ac¢ordan¢¢ wllh Unitsd Klngdom G8n8raltyA¢￿pIe￿ Accounllng Praclice. Indudlng Fln#nclèl Reporting Slandard 102 Tho Finana81 Ropothng Sl8nd•rd •pplle•blo In Ihe UK and R8publiG ollrn18nd and the Ch8frligs St8lem&nl ofRowmmonded Prn¢tsce (FRS 102J. Under eharlty Ibw. tho tru8toe8 musi not approve lh• finnd#l #tthtem•rttJ unle88 Ihoy ar• iatlifiod Ih•i Ih•y glv• a Iruo 8nd falr view of the Slate of affalr$ of the Chodty and of Ihe Inc4)mlng r980wce8 and appllcollon of r•ioureoi. ineluding tho Ineom• and •xp•ndllur•, ol th• ehartty lor that p•rlthJ. In pr•partNJ Ihesfj finandol $lalem•nl8, Iho Iru$loes we r•qulrod ki.. 18cI 8uhabl• accounllng pollcles Bnd Ih8n apply them o)n•l•t•nlty.' eèa•rv• the m•thoth and Princi￿•￿ In lh• Ch8rfll•s SORP.. m&ke lud9emenl$ and a¢￿UntI￿ g&tlm8te$ that ore reosonotJ• and p￿￿nI,. Jtale whether applicBbl• UK accounllng Btandaréj have baen IdE0￿d, •ubl•d to •ny rnat•rf•l dep8rtures dl8do$ed and ¢xpl8lned In tho flnandal $¢atementS,' and ep8re the fln8nd8181atement8 on Ih• golThJ concern ba8h unlom It li In•ppropriryt• to y••urrr4 Ih•t chailty wlll ¢onlinu• In op8r•tton. The Iwsl•es rngpon$lble frr k￿pIng odequ•le 8ccovnUng record$ th8t •r• sufflclent to ohow and expl•lr+ th• charitys transactions and dwlose wllh r88soTrable accuracy al any Ilme the financial positlon of th8 charity 8nd enable them lo ensure th81 the finond81 818lements Cfynply wllh the Charllie$ Acl 2011. They are algo responslble for safeguardlng lh8 assets of th8 chsrfty snd h8nc8 for laklng rea8onabl8 slep8 for the pr8V8ntlon and dolection ol fraud and olher Irro9ul&rits"es. The ¢nJsl888 a¥8 reSp￿S￿bIe for Ih8 malntenance and Integrlty of the cartys Infonnaucn put418hed on Its we￿Ile, L8glslats)n In the Unlted lQngd(*n o¢)vemlw tho preparalon and dl898mlnatlon of financlal •tatements rnoy dlff8r from1gglsl¥Jon In olherlurt$dictbn5. Th• T t•oi' re￿rt gpwov•d by tho 808rd ofTruot•o5. JTan On b•h•ll of th• tns•t•M 08led.. 2910112026 12

Financials GREATER CHANGE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREATER CHANGE FOUNDATION Oplnlon We have audlled Iho flnanclal stalomonts of Greater Change FrJndalion Ilhe'charfty'l for Ihe ￿r ended 31 March 202S whKh comprlsa th8 81818m8nt of fln8nci81 Acti¥AtI88, the 8tatem8nl of flnarrial po8lllon, Iho statement of cash fltyvs and note$ to the financial $tstements. indudlng $lgnifr¢ant a¢¢ounlkng rK)Ilcles. Th8 finandal repo￿n9 fi¥rnBw￿k Ihai has b•0n applied in Iheir pr¢paraiion is applicab￿ L4w and unit￿ Kingdom Accounting StAndard5, Indud￿g Flnancial Reportlng Standard 102 The Fu￿ncIal Repcvttng Standard •p￿ICable In lh• UK 4nd Ropublc of If•lWIUnlled lQngdom Gener8llyAccepled AC￿n￿n0 Procl1￿). In ow oplnlon, Ihg fthand818tstsmgnts'. e o tru¥ falr view ol $tate of th¥ ¢Wty'$ affalrs ai •t 31 M•rch 2025 and o16ts Iromlnq re8ourc4 d appll¢ation ol ro$oure&i. tho y••r Ih•n •ndod., hpv• b8on Fry•rty preparnd th ¥¢cord8nc• wllh Unltad IUr¥Jdorn G•rw•lty Acc•pW Accounllng Pr•ctr•', hove been Fffjepgred In accordarKe wtth tho ChBriU8s Act 2011. 8a•l• l•roplnlon We conducted our audll Bccordance wllh Inlematbnal St8ndard5 on Aud1￿ IUKI IISA8 IUKII and aPF4icablo low. Our r8sp0n8lblll￿6s und6r Iho8 stand8rd8 8fe fvrther descrfbad In the AudlloR$ respon￿￿8& for Iha 8t￿1 ol tho finon¢i81 st810mtrnl$ 6eclion of our report, W• ore Independeni ol the ch8ri¢y In 4¢¢ord8w wllh tho ethi￿1 r•quirernonl$ Ih8t are relivanl lo our audlt ol th• fin8nclal slatemonl8 In the UK, Including lh• FRC'S Ethkdl Stsndard, and w8 have fu1fl11ed our olhor 8thlcol reBpon8lblllllei in accordance wlth th888 requiraments. W• Wl•v• t￿1 the oudll e¥ld•r• we havtt obl•lned Is Oufficlont and appropriatè to provid• 8 ba81& for our oplnlon. ¢on¢luslon$ r•latlng to golng ¢onurn In 8udiling the nnan¢ial $lalemenls. we have ￿￿Udfjd Ihat Iho Truit•••' of the go¥J concern ball• of •tt4xintlno In tho pr•pBMUon ol tho lknanclal ilal•mtfiti la approprf4t•. 88sed on the wort ￿ have performed, ￿ have not Idenlhed any material un¢ertalnlle$ leLA￿n9 to •¥ents or Condibons that. indivhlumlly or cdloctivtrly. may easi $i9niflcant dtyjbl on the ch4rity'5 abS1ity kn eonlinug 8$ a wng cont•m frx a period of al108st monlhB Irom then th• finandBI it8tern•nl8 ar• authc￿•d lor188U•. Our rnipon8lb1ll￿è• and th• r•¥w)n8llttk•8 of th• T¢u8t••8 Mip•ct to 9c4ng conc•m am d•￿￿blO h) lh• reknvant $8ctlons of Ihis reporl. Comp•rntlv•• The ttffjpar8llve fiwroi ore un8￿110d. Oth•r InforM￿on The other InformalM)n ￿Mpr￿S Ihe Informallon indud8d In the annuBI report 0lh8r than th8 finan¢lal 8ts18m8nts and our audllofs mport Ihornon. Tlk• Tru$tee$ gf• f•spon$ible f( tho olh•r InfNmaUon contaimd wilhln th& annu r•FxI. Our oplnlon on the fin8nd818talernen15 doBs not cover the olher Informatkn End we do r*)t expr8sJ sny lomi of 85suranc8 condu51on thereon. Our responsibility 18 to read the other Infornalon and, in ddng 80, COn￿der whether the olher infom181ion Is maienally Incxjnsistenl wlth the financial slalemBnts or OLtr knovAertg8 obtained the ¢xwrse of the audil, or olhomso appeats lo b& malerfally misslaled. If we Ktenbfy such mwerial in¢on$i$lerth8 or 8pp8renl msterial rnisslalements. we Bre requked lo delefrnine 1th8lher this gNos rlBe to a fflalerial mlsstslement In financl818ts18mants Ihem8efvos. If, b88ed on the work wg h8ve performad, wg conduda th81 there Is m&ter+al m188tatemont of Ihl8 olher InfomialSon, we are requlred to report that loct. We ha¥8 nothing lo r8PJrt In thls regard. 13

Financials GREATER CHANGE FOUNDATION INDEPENDENT AUDITOR'8 REPORT (CONTINUED) TO THE TRUSTEES OF GREATER CHANGE FOUNDATION M•tt•r• on wN¢h w• ar• rnquW•d to rnport by •xupllon We have nolhlng to report In ffjspecl of Ihe tollowing maltern In rd8Oon to whlth tho ChAth• IAccounts and Report51 Regulalion8 2008 requires u5 to report lo you rf, in our op1n1c￿. th8 Inf¢yrnobon glvon the fin8na81 8101gmonts 1$ Irwn81¥tert In any m81grfal rg8Pg¢t ¥Mlh Ihg Tr￿t￿, fOPOrt.' er •ufflcl&nl acc￿ntIng reccrfds have nol k•pt,' or the financ1 sth18ment8 wa not In agr•8m•nt wth Ihe accounJrvJ record5,' or wo have nol re¢olved al tho Information and expl8n)tK)n$ we requiro for our •AII. R•¥pon¥lbllltl•• of Trustv• A¥ oxplJln0d moro fully In the $t8torn6nl of TnJ$leo8' rowilblllle•. Ihfr TNsle•i. Itho are Mlso th• dlreclorn ol tho charity for the purpose ol cornpany law. are respon51ble lor th8 preparat)n of the finands1518ternenls and bdng satisfied th81 they give a true and f8ir view, and for Such int8m81 conlrc4 8$ the Trus1668 d8tem)ine Is n8cessary to enable the preparation ol fin8n¢4al 818temonts thal are free from mat￿1 ml8$18leftnl, whother due 10 fraud •rrw. In preparing Ihe fin#nual 51alomonls. the TFUSI￿￿ #re fesponsibl• for a8¥e8&lng the chartly's S￿lity to conllnue BS a going concem, dlsc1081ng, 88 8ppllcabl8, motiors ro1818d to ￿n9 conc8m and uiin9 th• gdng con¢8m ba$1$ ol a¢counllng unlos$ the Trusle&$ 6lthw Inl•nd to Ilquldale lh• ch•rf¢obl• cOM￿nY or to i)p8raion$. or ha￿ no rèalistic allgrn8tive t￿1 lo do 80. Audllof r•iponlbllltl•• lor th• •udlt of th• flnn¢l41 •tst•m•nts We hav8 been 8ppolnt8d 85 8udhor under Section 145 ol the Chadllos A¢t 2011 •nd r•port In •coxdanv th• Act 8md relev•nt r•gul•llon• m•d• or havlr¥J •ffo¢1 th•r•und•r. Our obloclives are lo obtain r•a8onable atsurance about wh•th8r th• fiThllncla151atemenl# 98 B whde are Iree frcvn mal•rt81 ml&st8t•menl, whalhar due to fraud or error. and to I8su• an audltor'l r•port that Indudèa our oplnth. R••son8ble J$sur8nu J hlgh lowl ol 088ur8nco bul is not a gu•rnnlfj8 Ih81 on •udll conducted In •ccord•nc• ith ISAS IUKI wll a￿ayS deted a mBterial rnisstaleThnl when il oXIsts. Miss¢alem8nt$ can arise from fraud or 8rrc and are ￿￿8￿0r8d matenal K. Indniidually or in the aggregate. tw coul¢J r888onably b8 8XP8ded to Inlluenc4 Ihe e¢onoml¢ de¢Ysbn8 of users taken on the bas1$ of Ihes• financi81 sl•lemenl$. Extsnl to whl¢h th• •udlt ¢¢)n•ld•r•d ¢l￿bI• old•t•etlng Irr•gyl•rl¢h•. In¢ludlng fr•urt Di$￿$$10n9 wilh aryj onquiritrs of managoment and Ih>se chorged ￿1h govem8nc8 wsr• wrth a w•w to Idenlity'ng those laws and regul8ts.ons thal could be 8XF4Cted lo h8ve a malerlal impact on the financial slalemenis. During the 6ngag8monl team briefing, tha OLrtcom88 of blase dl$cuuion$ 8nd enq￿rIeS wore shwgd wllh Iho tsam, •8 w•ll a• con8id•rnllon 0$ lo and fraud may o¢)Jr In th• •nWty. Tha ft41owlng and r8gulaknB were Idenlfied 85 belng Of8iqnlfic￿¢e to tha enttty.. Th088 lows and regula￿On$ considered to have a dlr8ct effact on th8 flnan¢lal St0tWn￿18 Includg UK flnanclol rwrtlng stand8rd6. chority SORP, fAmp4ny18w. And pon$lon810gi1l811on, A￿￿rt procedures und8rt8k8n In r85pon8e to Ihe polenl81 rt&k5 rel9￿Tra lo Irregul8d￿88 Iwhlch IncyJe fraud and r t¥Jmpliance with Laws and reguktionsl compr8d of.. Iwuiri88 of managem8nl and tMse tharged with govemanr as to whether Ihe eftlity Com￿105 With such law$ and rogulation$'. enquiries with the samo ¢on¢¢ming any adual ot ential liligalion or clalms.. in¥peclion ol rel8v4nl legal COrr￿POndenCe,. revw ol boord minulas., testing the approprt8lene8s ol Jgumol ontrf8s', 8nd lh¢ ￿rtoM19nC8 of an8lyU¢o1 rgvlow lo Idonlfy ungXp9d￿ mov8m?nts In acLX)unl bal8nc¢s ¥thlch may be indicative olfraud. No instanc05 of material non<ompliance were idfrntifi8d. Ftowtver. the lfftelihood of detecting iWarib8s, inc&Jrfing fraud. 18 limil6d by the Inh8reThl difficulty in detecting irr6gulanli8s, th8 eff8cIiv8n6ss of th8 enb'tys controls. and the nature. tlmlno and extsnl ol the au¢ll prrthdures perfomwé. Irrogul8rilie$ Ih81 ro$uII from fraud mighl be Inherenuy more dtfficull to delect than Irregulartlles Ihal result Irom errtjr. As explained above. ih8r815 an unBvLydable risk that mai8r181 mlsstat8m8nts may not ba detected. 8V8n the￿h tha audlt ha8 b88n ￿a￿ed and p8rform8d in accord8nc8 Ih ISAS IUKI. A fijrther do8¢ription ol our rnwsibilib'es ts th• audit ol th• finant4al Itatem￿￿ 18 lotAlod ￿ th• FlnarKAal Reportlng Coundls wabsite http$JlvAvW.frc.org.uW8udilorr96t￿$lb1lltleS. Th1$ de$crfpts￿ foms part of ourauditors report. 14

Financials GREATER CHANGE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREATER CHANGE FOUNDATION Oth•r matt•r• Your atten￿"On is drawn to the fact that th6 charfty has pr8par8d finandal statements In accord8nce lth"Accounlng and R8portityJ by Charities,. St818ment of R8commend8d Practica appluble to charili?s pr8paring th&if accounts In a¢¢ordane th8 Flnanclal R8pofbng Stsndard appllcabl& In Ihè UK and R8publlc of Ireland IFRS 1021. 10$ am8ndodl in preforen¢• to th& Ac¢ountinu and Reporunu by Ch8rttF8$.' stsiemont of Re¢omm8nded PwtKx l$$uod on 14)rf12rJ)5 wthl¢h Is retsrrad lo In lh& oxwnt regulalSon8 bul h88 been wlhdrawn. Thls hh¥ boon sjono In ordèr for the finwd•l 8talèm•nl6 to pthd• 4 lalr vl•w In ace4)rdane4 wllh eJJrr•nl Gonor4llyArKAplOd A¢¢ounllng Pr￿￿Ce. UM of our r•port Thlj roport * mad0 Idoly 10 th& eharlty'l toJ$i••$. •• a body, In %thlh Part 4 of tha Chari￿ lknounli and R•pe4ts1 R•gulalon$ 2008, Our audll *tyk ho• b•6n undortak•n ￿ Vwi w• rnI9ht 8ial• to lh• th4rlty$ Iru•t••i thoso mattern ￿ gre requlred Io stalo lo them in an oudilor's report and lor no olher purp06a. To Ihe 8Xt•nl Permltted by law. we do not accept or assu￿ responylblllty lo anyon8 other than the charfty aTrJ the charity's tru8le8s as a t￿. lor our Budil woth, lor thi8 rewt. or for Ih? opinlon5 ￿ have forrn8d. Bo8vl$ Morg8nAudit Li SlaiuioryAudltor 82 St John Str••t London EC1M 4JN Dats. ,.291.1.126,... B•avl¥ Morgwn Audtt Llmllod 1$ 011glbl• aponlmènl 18 audllor ￿ thè ehirfty by v5rtu• of tt• •¥o￿ll1ty hr appointment as audllor of a eornpany und•rwtion 1212 cf th8 CompIn￿5 Acl 2006. 15

Financials GREATER CHANGE FOUNDATION STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR ThIE YEAR ENDED 31 MARCH 2025 Unr••trSct•d R••trlct•d fund• fund 2026 202S T•¢•1 Unr••trlct•d R9•trl￿•d lund• fundb 2024 2024 2024 unaudlt•d unaudlt•d unaudlt•d Total 2026 Not•• Dona1I0Th8 8nd1og•d Imieslm8n18 340,648 10,682 8t9,382 1,1eo,OC#) 10,682 395,S98 302 t53.940 549,538 302 T<>t•l Sncorn• 351.3x1 819.352 1.170,682 395,900 153,940 549.840 FundroI$ing aclkfWg1 2.133 3,266 Charllobt• •¢thlJ•• 384,696 804,475 1,189,173 43,074 145,036 188,110 Tot•1 r•#our¢ •xp•nd•d 385.831 806,608 1,192,439 43,074 145,036 188,110 Gro￿ tranth boh¥oen funds N•¢ l•xp•ndllur•yln¢om• f¢x th• y••rf N•t mov•rn•rt In fvnd• 1,817 11.8171 134,5011 12.744 121,7571 3S4,843 7.087 361,730 Fund bal•rK•8 at 1 Athl 2024 380.930 14,435 375,365 6,287 13,635 Fund b•l•n¢M •t 31 M•r¢h 2025 326,429 27,179 353,608 360,930 14.435 375,365 Th• •lalemont of flnandal advltla8 Indud•% all gAlnJ and lo$1￿ In tha y••r. All Inc<•n• and •xp•ndllur• d•rlv• from ¢onlnulng Aclvllu. 16

Financials GREATER CHANGE FOUNDATION STATEMENT OF FINANCtAL POSITION ASAT31 MARCH 2025 2025 2024 unaudStsd Curr•nt aA#•ts D8btors Caih ai bank Jjnd In hand 12.530 506,225 53,838 329,385 518.755 383,201 Cr•dltorn: •mounts falllng du• wllhln on• y••r 1165,1471 17,8361 Not rgJrf•nt •wts 353,608 375,365 Incomo fvnd* RestrKt80 fiJnd8 Unr¢$lrlthd fvnd$ 13 27,179 328,429 14,435 380,930 3S3,608 37S,385 Tho rtho ￿ pogo8 9 Ihrough 1fj form portol the finoncS81 $tslem8nts. 2910112026 Tho 8talem•nl$ wèr• approvéd by lh• TnJ$i••$ on... ..................... JTan ThMt•• ThMt•• Ch•rlty R•glAtratlon No. 1188164 17

Financials GREATER CHANGE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Not•• ¢i•h ftow• from op•rntln# •¢ti ¢88h 98n8ra18d from op8ra14ons 18 166.178 321.762 Inv••lbng •¢tlvlll•• Inv&$bnent in¢om8 reealv•d 10,682 302 N•t M•h 9•n•rt•d from InvMdn9 I¢￿¥111•8 10.682 N•1 ¢Mh o•n•rat•d Irom flMn¢lno •¢tlvltl•• N•t In¢r•M• In ¢••h •nd ¢i•h •qulvl•nt• 176,89) 322.054 Cash ¢agh equlvalent$ al trfinnlng of year 329.365 7.311 Ctsh and ush •qulv•lorts •t •nd oly••r 506.225 18

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Ac6ountlng poll¢h• harfty Infomi•Yon Greater Change Fountta￿on Is a chadtsbk8 Incorwat8d organlsthon In ErvJland and Wat88. Th8 reg181wed office 18 W8sl London Mi88Jn, 13¢136 Seyrnur Place, London, W1H 1NT. 1.1 Accountlng con¥•ntlon The accounts lfinanclal 8t818monl81 hav• been prep8red In accordaneo wllh Ih• rel￿9n1 version of Iho St8temenl of Recommgndod Pro¢Jc• applicablo to chortl￿$ prtsp0￿ng thèir #ccwnts In oc¢ord#nco wllh th• Financi81 Rewrtirrfj Slandard aP￿Icable in Ihe UK 8nd Republr of I￿L)nd IFRS 1021 and Ihtr FinHnc441 Rèportlng stsndlrd appllrabla In lh& Unllèd Klngdom and Rtrpublic of Iréland IFRS 10218nd the Ch8dlle&Ad 2011 and UK Ganerally Acc6Pt8d Accounung Practice. The accounts (finana￿ 8t81ern?nlsl hav6 been prepared to glv& a 'lrue and falr, vi0w and hwe departed from the Charflley IAccrJnts and Report81 Regulgtlon5 2008 only lo ihe gxionl ffjquir•d lo provldB a 'lruo Ond l¥lr v10w', Thi$ dBp0rturo hp$ Inv(Av¢d lollowlng th8 r8levanl v8rsion of thè Stsl8m8nl of R8commend8d Piadce 8ppllcaNe lo ch8dlles pr8P8rf Ihoir 8ccounl8 In accordance ￿th th8 Fln8nc181 Reporting S18nd8rd applicBbla in th8 UK 8nd Republic of Iro18nd IFRS 1021 rather than the Accououng and Reportlng by Chan￿￿.. St8l•m8nl of R•coMmend•J Prn¢ii¢& •ff•¢llv& from 1 Awl 2005 which ha$ slnc• b￿n ilhdmYm. The flnandal 8ts18m8nls ar8 pr6P8r8d In 818rflng, whlch is Ihe furKVond currency of the charfty. Menetsry amount8 In Ihe80 fin8nclal 8latsm8nt& 8re rtyjndad lo tha ￿are&l £. The finanwl $181omenl$ have prtrp¥ed und¢r th• ¢081 c4>)ven￿on. Tho p￿￿1P81 accou￿r( polcle8 adopted aro $01 out below. 1.2 Golng Gonc•m Al tho Ilme of 8pprovlng th• flnandal 8latsm6nls, Ihe Tru&i•e• hove 8 raawnBbla •xpact8￿0n that Ihé chartty h85 ad8qual8 rasourc88 to continu? In operatlenal exlslence fer Ihe foreseeab￿ frjture. Thus, th8 Truste88 cmllnue to adopt the qolng concem b8818 of 8ccounllng In pr8partrMJ Ihe fhanclal Blal8rn8nlo. 1.3 Charltabl• lun UnFO¥lrfcl8d funds are avBllable fr>r use al Ihe dlscr8llon of the Tru•¢0￿ In furfhoronco of th•lr charlt4tl• obpctlves unle55 Ihe funds have bfjen d95Nnated for other purpLJS95. A￿1r￿clad fund8 arn avaIla￿a for u8• for lh8 d•algMled pry8o1 onty. 1A Incom• Income Is recogni88d when the chanty Is legally ents.ued to it after any performanc8 condltknns have been mot, the amount8 can be measured r8118bty. il probable that IncoTh wlll b8 received. Cath donthns are recogni88d L47 r8ce4pl. Olher donatlons ar8 rec4nlsed once Ihe charty has been nolfied of ihe donavon. unlo88 pertomianco condi1Son8 Fequlre deferral of Ihe amounl. IncoTh lax recovor8blo In rgL•bon to (k)naWorts received under GfftAitl or deeds of ¢ovenanl 1$ ￿¢09nised ot Iho lime ofthe dwallon. 1.5 Expendltur• Liabilities rgcwised as exwThlitur0 soon BÈ thorts is 010901 or constru¢tivè obllgBkn ¢ommlttlng ths chadty lo that exp8ndllure. rt Is probabl8 thal a transfer of 8conomK benefits wlll b8 r8qulr8d Sn 8etU6m8nl and the amount of the Obligatir￿ can be measured reliably. Expenditure is accounted for on an accwals basis and h•s been classified under headings Ih81 aggregate all c051s reloled lo the cole&wy. Where c051s cannol be ttlrecmy atthbuled lo particular he8ding8, thty h8vé b8&n alocaled to 8dvities on a basls consl$i8nt wlth lh8 U&8 of r88tyJrces. 1.6 Ctsh and caih 14ulvalèr¥ls Cash and cash 89ui¥al8nl8 Include c88h Sn han(5 8TrJ d8pos5ts hdd at call 1lh b8nk8. 19

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Aceountlng polle1• IContlnu•dl 1.7 Wn#n¢l•l In•trum•nts The charlty has elected to #pply the provlsknl ol Se¢llon 11 '8#ik Flnanclal InstNrnonl¥' ol FRS 102 to Al of its rinancial inBtrurnenll. Fln•n¢lal In8trumont8 ar• ro¢ognl$ed In Iho ¢hartV8 b&lonc• sht when tho chorty ￿¢0M&S porty to lh• )ntractU81 ol th¢ Inslrumenl. Fln¥n¢lal 8$$el$ arnl Ibtylftle$ are off$et. with th8 n&t amounts We￿nIort In th$ flnandal $18tom8nl$, Ih810 1$ alooally &nftyco8tl• right to set off Iho recogn1￿d •mounts antl there 1$ an inkn)Uon to s&tUe on 8 n b•• or to r&8118• tIK ••••t ond 101110 lh• I￿￿lIty 81multan￿lSPy. 8•W¢ Iln•n¢l•l••••l• B88lc fln8nc181 888Ot8. whlch Includ6 debtors and cash 8nd bank b8lance8, 8re Inlllally measured al tr8nsacUon prk8 Indudin9 tran8actlon costs and ar8 sub8equ8nUy carrted 81 amorb8ed cost uslng th8 eff6cb¥e Inter8sl m8lhod unles8 th6 8rr8ngement conslllut8s a finanong tran$8cllon, where th6 tr8n8actx￿ 1$ m88sur8d 81 th? pro88nt value of the futuro ro¢elpts dls¢ounled at 8 market fats of interest. Fln8n¢lal 8$8•ts al recalva￿• wfthln on8 yoar •r• rnt •mDrtl•8d. 818lc Iln•ncl•lll•bllld•8 Basic financlal IlabiliUe8, Indudlng ¢Yeltys, gre InltLg1ty rocognI$￿ 8t tr8nson prt¢g unlo$8 arrong6m8nl wn$titutss a fln8n¢lng tronsgc"on, wherg Ihg InslNmgnl 1$ m•8sured al the pre￿nt v•lug of the future payments dis¢ounled ai a morfEet rale of Int•re$t. Finon¢i811Iobllilie$ d8$$ffi¢d 08 P8yablg yeor •ro not •mor¥•¢d. O•bt In•lrum•ntJ •r• wt•equ•nlly carrf•d •1 •mOr￿a•d co•t, uJ th• •ff•¢llv• lThtsr•l r•1• m•lhod. 1.8 Ernployeo bonefft• The cost of any Unu￿ hollday 8nllllement h re￿gnISed In ￿ pgrfod In whlch the employo8'8 88rvlcos arg rtt8iv6d. Tormln8llon b8nefftB ar• recognlBed Imrnodthloty a• sn oxpenw Wh￿ tho charfty l• d•rnonBtrab1y coMMlqd b) ternlnale the 8rnpWnent of 8n employee or to provld8 ternlnalon b8nofl15. 1.9 Rotlr•ment boneffta Payment8 to d8flr¥8d conlrtbullon re￿re￿nI benefft scherr￿s are ch8rg8d 88 8n exF4ns0 88 they f811 due. Milon• ind l•gGI•# Unr•¥trf¢t•d RMtrf¢¢•d fund¥ fundi Tot•1 Unr••trl¢t•d RMtrf¢t•d funds funds T)thi 2025 2025 2025 2024 2024 2024 ungudlt•d un•udltod un•udlt•d OTh)0tL￿$ and glfts 340,fj48 819,352 1.160.orKI 395,598 153,940 549,538 20

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Incom from Inv••lm•nt• Unr••trlct•d Unr••trlct•d funds lunds 2025 2024 unaudSt•d In¢•r•Jl r•celvobl• 10.882 302 Fundraknlng •CtIv￿•1 Unmtrlct•d R•*trlel•d fund• fund• Tol•l Unr••lrfet•d lundl 2025 2025 2025 2024 un•udlt•d Advertising 1.133 2.133 3.286 1,133 2.133 3,286 21

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 MARCH 2025 Chawltablo •ctl¥ttlo8 2025 2024 un•udll•d Slaff co1￿{488 nol8 81 Othar charg03 Accountancy 18•1 Audll lees L•g81 ond prol•Mlonal f• Consull8n¢y Ir15ur8nce Compubr Nnnlng w•t• Prinllng and Slallonery Rent siall •ni•n•lnnwi 125,097 1,662 9.960 1.680 5.556 24,586 1.119 180 145 8.844 1,630 216 1,315 78 4,836 Travolllng Stall Ir8lnlng 182.068 10,684 Grnt furtdthg ol advlll•s {••• not• 61 1,￿7.105 177.426 1,189.773 188.110 An•ly•S• by fund Unre$ldcl8d fund$ Rtsldcted fvnd 384,898 804,476 43.074 145,038 1,189,173 188.110 Orant• p•yabl• 2025 2024 umudlled Gr￿ts to inslllution9'. Othar Insb"tulions Gr•Atér ChBng• Communty Int•r•8t Compony- op•ralong 1,007,105 182,759 14.867 1,007.105 177.426 Gwts p•y¥Ng we lo IndI￿d￿l ¢lhnls vla a parthgr charfty and Ihere are ￿ Indi¥kJual groThts 01> matèrkg11ty. 22

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Trust••* Nong of tho TwBtea recdved •ny r•nwnornUon, or b•n•fil•frcffj th• thartty durtng lh• p•rfod. Employms Numb•r of •mploy••• Yhg av8r8ge monthly nurnbgr of•rnF4oy••8 itsyg¥was.' 2026 2024 unaudlt•d Numb•r Numb•r employm•nt 2026 2024 un•udlted Wag81 and salArf Sedal $o¢urity eosts Other penslon costs 112,054 10,027 3,016 125,097 D•btor• 2025 2024 unaudltod Amoun¢• tslllng du• wlthln on• ymr Olh8rd8blor8 Pr8p8yrn8nt8 and 8ccru•d Ineorntr 2.175 10,355 63,838 12.$30 53,838 10 Cr•dltor•'. am•unts lalllni wlthln •n• y••r 202J 2024 un4udlt•d Not•• D9ft￿ed Incom• Trado creditor6 Othef cr8dilor8 AttN8L8 12 150,074 10,550 1.103 3.420 4,838 3,000 165.147 7,830 23

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINANCIAL STATEMENT8 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tax•tlon Th8 ch8rity 18 8X8rnpI from tax on Income and 98in8 falirvJ ￿7th￿ section 505 of the Tax85Acl 1988 Qf sect￿n 252 of tha Taxatkn of Charg88bl8 Galn8Act 1992 tothe oxtentthat the88 are aPpl￿d to tts tharttat48 objects. 12 D•f•Yrnd In¢(* 2025 2024 Oth•r d•lw•Y Income tSO,074 Def¢ff¢d IrKwno 41 Induded In the finon¢lo18tsterr￿Ifj ￿ lo110￿.. 2025 2024 Defe￿ed I[￿•m8 li Induded wlthln., Currenl ma￿11￿.8￿ ISO,074 Movaftwnt• In Iho yg•r'. Deferred Incorno at 1 Aprfl 2024 R•wJrctt d•lerrnd In the yéor 180,074 D•fe￿Od IrKomo 8t 31 March 202S 160,074 24

Financials GREATER CHANGE FOUNDATION MOTES TO THE FINANCIAL STATEklENTS ICONTINUEDI FOR THE YE•lR EPIDED 31 AIARCH 2025 b•uWd IAov•rMntlfifund Ilov•mMtlnfwd 112401 16.9891 In 27.061 8.386 39.375 1s.orij 15.OLbJ 3.2 0thjtsich•ty•C￿ P•ypd e.9SB I2?.￿11 3S.125 130MISI RIthmr￿ P•nth Lar T￿1 15.r )o.c Hofizon C•r 13,2951 160,(th1 114.6061 26 iasi 14.888 01ft•￿ r•¢*wd Ir¢m 118¢CT. op￿￿￿19r¥I Tr￿c￿an1 Ltd LIym9BfidgB 17.$10 13.1051 17.9 27,179 (3Z51 148,¥S21 48.lJO 68.116 AfBhllyFwr•nr•l 7$6 1.036 (7S81 1ly)JOI RCT 119.920 1009,9101 lOJ.HO 1115MJe} 819.302 25

Financials GREATER CHANGE FOUNDATION NOTES TO THE FINAIICIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2025 14 Unrn•trl¢t•d fvnd• Th•1• •r• unrttlrfti•d lundi whlch •r• mit1￿1 to lh• th•rity'• m￿ts up •• h)Ih)wi'. Mov•m•n¢ In fund•- 2024 Mov•m•nl In fvnd•. 2025 In¢rrthln• R••dyr Bl•rt￿ •¢ h¢bmln¥ R￿4￿r¢•I Blnt• •t 1 Aprll 202J •xp•nd•d 1 •T￿ 2024 mouruB •XP•￿d￿ 31 M4r<h 2025 uMudM•d un•udll•d un•udM•d uniudknd Gengral fund 8.287 395,900 143,074} 360.930 361,330 1385,8311326,429 1$ R•l•t•d p•rtytran••¢W•n• Durir¥J y•4r. th• T￿•t •nt•r•d Inlo ts f01b)￿n9 Ir•ns•don$ %4h r•l4l•d p•rO••.' Don•tlon$ of eNII12024.. £14,867) %4Yr¢ pl￿n lo Gr••l•r Ch•ng• Commwty Inl•r•Jt Cornp•ny, • oynmwlty Inl8resl comp8ny r•gi81ornd In England and Wal•#, In %filch J Tan and A M¢CallkJn ar¥ dlr•et¢rn and IhJr•hokJws. Th• fvnd8 w•r• trnnil•rr•d tr th• parpo￿ ol dlr•cl d111rf￿1b)n lo Indfvldu•li In n••d £NII12024.. £14.e871 to cO￿r the oveth8ad coB18 In dalfvery of lh8 8orvk881o tha IndI￿dua￿, by Ihe Conwnunity Inlere51 Cornp8ny. A donat￿Tr of £77,939 12024.. ENill for ovorho8d cost8 were rocoivad from Grealar Change Cornmunty Inttsre81 Comp•ny. a communlty inlor•8t LxJmp•ny wiitored In Engl4nd And Wale8, in whlth J Tan •ThJ A Mccalllon aro dir•ctorn Shoreh￿der•. Incluol•d vAthln oth•r crndrt¢y• l• w arnounl of £NII 12024.. £4,836) o%wd lo Gr••tw CMry• CoMmMIty Interest CompBny. 18 Ci•h g•Mr•t•d from op•rallon• 2025 24 IDèfithly¥urF4ui for tho yoar 121.7571 361.720 Adlu•fm•nt• for. Inve8lffnl Ir￿0￿e rncognl￿l kn 8tal8m8nl of Ananc481 advlt 110.6821 13021 Mov•m•nts In worklng r•plt•l: Decrnaso1lin¢r¥a881 In d•blorn Incre88e ln rx8dltors Increase ITh deferred irKano 41.306 7.237 150.074 143,0121 3.336 Ci•h g•n•r•t•d from op•rllon• 166.178 321,752 26

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.

Theo Stevenson-Hill, Chair Of Trustees

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.

Sophie Dufouleur, Trustee

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.

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 from Oxford with a BA in Philosophy Politics and Economics.

27

Governance

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.

Paul Murray, Trustee

Paul is an experienced NED and Trustee, with over 20 years international commercial experience at main Board level in logistics, defence, energy, media and technology industries

He was the Chair of the Audit and Risk Committee at Royal Mail PLC and Trustee and Treasurer at Pilotlight. Paul is an expert in Financial reporting standards, risk governance and strategic oversight.

Paul is also a major donor to Greater Change, in addition to his work on its Board of Trustees.

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.

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Governance John Gapper, Trustee

John Gapper is weekend business columnist of the Financial Times. He is among its most senior writers, having served as chief business commentator and associate editor, as well as covering banking, media and employment.

He is author of All That Glitters, about the fall of Barings bank, and two novels: A Fatal Debt and The Ghost Shift. His many awards include the Harold Wincott prize for financial journalism and the Gerald Loeb award for business commentary.

Alex McCallion, Founder and Trustee

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

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

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Governance

Our Structure

Greater Change Community Interest Company

Cost Sharing and Licensing Agreement

Greater Change Foundation

30

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 employee.

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.

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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 in reserves as we are still a small, growing organisation. As much as is reasonable is committed towards growth and towards helping our clients take large steps out of homelessness.

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 across our partnerships 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

The Trustees aim to maintain free reserves equivalent to three to six months of projected total expenditure.

Based on current forecasts, total monthly expenditure is approximately £99,000, comprising operational costs of around £15,000 per month and funds distributed directly to clients of approximately £84,000 per month. On this basis, the target level of free reserves is between £297,000 and £594,000. As at the reporting date, Greater Change holds free reserves of £326,429, representing just over three months of expenditure. The current monthly expenditure level reflects growth in the charity’s activities, having increased from approximately £60,000 per month in the previous year, and demonstrates the expansion of both operations and client support.

The Trustees review management accounts on a quarterly basis and approve budgets covering each forthcoming six-month period. Should reserves fall below the minimum threshold of three months’ expenditure, all Trustees would be notified immediately and a Trustees’ meeting convened to review the position and agree appropriate actions.

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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:

  1. 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 a business loan or significantly cut costs to extend the runway until additional revenue, grant or investment funds become available

  2. 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.

  3. 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 Approach

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 constraints, we are able to flexibly provide the most suitable support for each and every client.

34

Grant Making Policy

The Process:

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.

7) 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.

35

Fundraising Approach

Greater Change is deeply appreciative of the individuals, partners, trusts, organisations and funders who choose to support our work. Their generosity enables us to provide timely and practical financial support to people facing severe hardship, and we recognise the trust placed in us whenever a donation is made.

While we are prepared to challenge existing systems and practices where they fail the people we support, our approach to fundraising is firmly grounded in integrity, transparency and respect.

Securing the funding required to deliver our mission is an ongoing responsibility. The Trustees are committed to ensuring that all fundraising activity is carried out lawfully, ethically and in line with recognised best practice. We seek to meet not only the requirements of fundraising regulation, but also the standards that our beneficiaries, donors and wider community would reasonably expect of a charity working with people in vulnerable circumstances.

We recognise our duty to protect and respect our supporters, as well as to be open about how funds are raised and used. To support this, Greater Change has an Ethical Fundraising Policy and a Donations Acceptance Policy, which set out our approach to ethical

considerations, social responsibility, and the acceptance or refusal of donations.

We have not received any complaints relating to fundraising during the reporting period, and we monitor our fundraising activity internally to ensure it remains aligned with our values.

Greater Change is registered with the Fundraising Regulator and is committed to maintaining high standards in all fundraising activity. 36

Equalities and Diversity Policy

Statement of Intent:

1) Greater Change is committed to recognising and valuing difference and ensuring fairness and equality; and recognising and seeking to redress inequality and disadvantage wherever possible.

2) As a service provider to vulnerable and homeless people and as an employer, we aim to be empowering, supportive and to offer as much flexibility as possible in order to help each individual realise their full potential as service users of Greater Change and as employees. We believe that this approach is key and central to promoting and developing diversity.

3) We recognise that true diversity in our community and within the staff group also involves a willingness to act, where necessary, aimed at combating the effects of existing barriers to fair and equal treatment. Within society certain groups are unfairly discriminated against – for example on the grounds of race, gender or gender identity, disability, sexuality, age and class - and are, as a result, disadvantaged in terms of their access to services and employment. We will, where appropriate and where possible, seek to positively redress the effects of this discrimination. Any action we take will be legally compliant and consistent with our approach of making users and staff feel valued and respected.

4)We also recognise that many people have suffered disadvantages and barriers to progress for all kinds of reasons related to them as an individual and not because of their personal characteristics.

37

Equalities and Diversity Policy

5) This may include homelessness, employment economic or domestic circumstances, involvement with the justice system. For this reason, our commitment to diversity includes being supportive, positive and open minded.

6) Our commitment is firmly founded on the belief that: to best support our diverse clients and users and to offer services that are personal and adaptable, we should have a diverse staff team that will respond to our clients as individuals; to attract, retain and motivate the most talented staff, we need to reach out to all sections of the community; provide a working environment in which everyone feels valued, respected and able to contribute.

Our Policy:

1) To make our commitment a reality, we will develop and regularly review strategies and plans of action. Greater Change recognises that to achieve a good level of diversity our action plans will need to cover both long and short-term actions.

Actions may include:

Monitoring outcomes amongst staff and clients with regards to diversity metrics to ensure that the desired outcomes beyond simply promoting meetings or thought.

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Equalities and Diversity Policy

Scope of the Policy:

This policy does not form part of any individual employee’s contract of employment with Greater Change.

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Equalities and Diversity Policy

Objectives of the Policy:

4) Our policy is intended to set out the general framework through which we seek to ensure: full consideration of diversity and equality issues in the design of new projects, services, and other initiatives; an environment in which our clients, staff, Board members and volunteers feel valued and respected and are:

Responsibility for Implementation:

The Greater Change Board is ultimately accountable for oversight and assurance regarding the implementation of our policy, strategy and plans and for monitoring their effectiveness.

All Greater Change staff have an obligation to ensure the positive application of this policy in all aspects of their own work. Wilful breaches of the Policy will be treated as a disciplinary matter.

To support implementation, all staff and Trustees will be offered training, support and appropriate resources (such as guidance and information).

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Equalities and Diversity Policy

Monitoring, Evaluation, and Accountability:

quantitative and qualitative data and will monitor and evaluate:

In addition, we will measure staff and client perceptions of our effectiveness in promoting diversity through qualitative monitoring tools such as:

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Donations Acceptance Policy

External Funding Acceptance Principles:

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Donations Acceptance Policy

External Funding Acceptance Criteria:

Those who consider funding proposals in the scope of this policy at all levels must keep the External Funding Acceptance Principles in mind and must additionally weigh the benefits and risks of each proposed funding. This should include the possibility that acceptance of the funding would be counter to the interests of Greater Change or would involve an unacceptable risk of reputational damage to the charity on account of any one or more of the following:

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Donations Acceptance Policy

  1. Where the activities of a funder or the source of the funds are in conflict with the objectives and agreed policies of Greater Change;

  2. Where conditions imposed by a funder run counter to standard practices in the social enterprise sector or would impose on the charity objectives contrary to those already agreed upon by the organisation;

  3. Where the offer of support would compromise the independence of Greater Change and is dependent on fulfilling conditions that are perceived to be too onerous or counter to the charity's objectives;

  4. Where acceptance would be unlawful or otherwise counter to the public interest;

  5. Where a funder has had a compromised reputation, and the behaviour that led to the funder's reputation being compromised has not clearly ceased or the reputation remains compromised.

Risk Criteria to be Considered in Due Diligence:

The following risk criteria will be considered in external funding due diligence within the scope of this policy. The level of risk of proposed funding will be determined by the research findings on the following issues or industries:

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Donations Acceptance Policy

Ultimately, the decision to accept or reject a donation has to be evaluated and decided on by Trustees. Trustees will be have to consider:

When Rejecting a Donation:

In order to pre-empt possible disputes and/or negative publicity in complex or potentially difficult cases, trustees of charities registered in England and Wales may wish to apply to the Charity Commission for an order authorising the charity to refuse a donation.

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Donations Acceptance Policy

Circumstances where such an order might be of particular benefit are those where:

For further guidance, the trustees of Greater Change will refer to Institute of Fundraising guide on Accepting and Refusing - - Donations. https://ciof.org.uk/IoF/media/IOF/Policy/iof acceptance - - - - - - - - - - refusal and return a practical guide to dealing with donations = (5).pdf?ext .pdf

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Environmental Policy

Greater Change is committed to minimising the impact of our activities on the environment. We acknowledge that many of our activities may not have a large direct footprint, but are nevertheless keen on reducing the impact of our work wherever possible. This statement covers our core activities, the mode of support provided to clients and our remote and on-site operations. The key points of its strategy to achieve this are:

Management:

Training and Awareness:

Procurement:

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Environmental Policy

Utilities and Natural Resources:

Make efficient and environmentally responsible use of energy, water and other natural resources

Waste

Transport in the Course of Work

Responsibilities:

Reporting

safeguarding policy or information security policy, please be in touch and we can provide them*

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Our work would not have been possible

without the support of our trusted supporters

And valued partnerships with our

Local Authority and Charity partners

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