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2024-03-31-accounts

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Company registration number: 00995799 Charity registration number: 500640

THE CYRENIANS LIMITED

operating as

CHANGING LIVES

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2024

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The Cyrenians Limited

operating as Changing Lives

Contents

Chairman's Statement 1 to 2
Reference and Administrative Details 3 to 4
Trustees' Report 5 to 20
Independent Auditors' Report 21 to 24
Consolidated Statement of Financial Activities 25
Comparative Consolidated Statement of Financial Activities 26
Consolidated Balance Sheet 27
Balance Sheet 28
Consolidated Statement of Cash Flows 29
Notes to the Financial Statements 30 to 57

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The Cyrenians Limited

operating as Changing Lives

The trustees (who are also the Directors of the Company for the purposes of company law) are pleased to present their annual directors’ report, including Strategic Report, together with the consolidated financial statements of the charity and its subsidiary for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice (“Charities SORP”) (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019.

Chair’s Report

I am delighted to write the introduction to our annual accounts, I have been involved with Homeless services since I was a small child, not through using the services but because my mother was involved in setting up a charity to help those people who were suffering. I am delighted and honoured to Chair this remarkable charity and to see how we have coped in difficult circumstances and not only survived but thrived so that we can offer our life changing support to those who need it the most.

Our trustees on both the main Charity and our subsidiary Board bring a wealth of knowledge and expertise, this helps support the Executive team and its great to see us working together to ensure that the performance of the charity and the goals and mission are achieved.

Our reason for being is to change people’s lives and every day our amazing team work hard to do just that. Everyone deserves a safe home, a rewarding job, and a life free from addiction or abuse, and with the right support, from our Changing Lives team, many people are finding they can change their lives for the better. As many observers realise, in today’s world an individual’s needs are more and more complex. I am proud to say that our experienced team work in collaboration with others wherever they can to see the whole person and how we can help that whole person. Of course, that does take dedication from both sides but in 2024 over 550 members of staff have helped approximately 20,000 people move their lives forward. Each small step, no matter how small, is a step towards a changed life.

2024 was not an easy year on many levels, in the previous three years we had had Brexit, the pandemic, the war in Ukraine, Cost of Living crisis and inflation starting to rise sharply. We had reductions in funding in public services, tight financial margins and Changing Lives like many other charities had to act quickly to ensure our life changing services are there for the people that need them.

Difficult decisions were made, we concentrated on our core activities, and we strategically decided to sell some assets to pay down the bank loan and do a management restructure. This was challenging but by good Governance and Leadership we made these changes possible and Changing Lives is now in a robust financial situation and is looking forward with purposeful optimism to the future.

Our staff team are remarkable and the work they do every day is a testament in our belief that people come to us, mainly after suffering childhood trauma and incidents that have happened in their life, without hope, we help people rebuild their lives and I am truly proud to be Chair of this wonderful Chairty. I would like to take this opportunity to recognise and thank all the staff, Trustees and volunteers for their hard work, their passion and commitment shown during the year. I look forward to collaborating with you in the coming years.

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The Cyrenians Limited

operating as Changing Lives

Glynis Frew 19 Dec 2024 11:47:25 GMT (UTC +0) Glynis Frew Chair of Trustees

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The Cyrenians Limited

operating as Changing Lives

Reference and Administrative Details

Trustees Glynis Frew, Chair Stephen Guyon, Vice Chair Lesley Telford, Treasurer Dean Fielding Michael Barton Pete Brown Catherine Hearne (resigned 28 November 2023) Geraldine Kay (resigned 28 November 2023) Anthony May (appointed 24 January 2024) Lisa Boyack (appointed 24 January 2024) Sandra Erickson (appointed 24 January 2024 and resigned 1 September 2024) Secretary Susan Carr Key Management Personnel Stephen Bell, Chief Executive Neil Baird, Operations Director David Bassam, Business Services Director Lewis Murton, Finance Director Kelly Cunningham, Development Director Registered Office H26 The Avenues Eleventh Avenue North Team Valley Trading Estate Gateshead Tyne and Wear NE11 0NJ Company Registration Number 00995799 Charity Registration Number 500640 Solicitors Ward Hadaway Sandgate House 102 Quayside Newcastle upon Tyne NE1 3DX Womble Bond Dickinson LLP 112 Quayside Newcastle upon Tyne NE1 3DX Bankers Barclays Bank plc Newcastle City 9 49 - 51 Northumberland Street Newcastle upon Tyne NE1 7AF

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The Cyrenians Limited

operating as Changing Lives

Reference and Administrative Details

Auditor

Azets Audit Services Chartered Accountants and Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Structure, Governance and Management

The Charity group is comprised of the parent company, The Cyrenians Ltd and its wholly owned subsidiary TCUK Homes Ltd, the latter a charitable company limited by guarantee and a registered social landlord.

Governing Document:

The charity's name is The Cyrenians Limited, however the charity operates under the name of Changing Lives. It is a charity registered in the United Kingdom, charity No. 500640, and a company limited by guarantee, registered in England, Company No. 00995799.

The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under its Articles of Association, revised in 2017.

Appointment of trustees:

Trustees are appointed at the Annual General Meeting and the term of office is four years, after which they have the opportunity to be re-elected for a further period of four years.

The charity undertakes a regular skills audit of the board, and when vacancies arise it tries to recruit from areas in which the Board has no professional background. There is also a strong focus on the recruitment of board members with "lived experience" of the areas of focus for the charity.

Trustee induction and training:

A new member's Induction Package includes the following:

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

The Chair encourages new members to visit Changing Lives projects to better understand the work that we undertake.

Changing Lives trustees understand that effective governance is crucial to the running of the charity. The charity governance code is a key tool in ensuring that this is achieved. Trustees will be working through the principles of the good governance toolkit culminating in a self-evaluation, and Changing Lives is arranging for a range of training for board members.

Trustees participate in a range of activities to promote the charity, including hosting and attending fundraising events and influencing policy though participation at round tables and seminars on behalf of the charity. Trustees also use their professional and social networks to promote the charity, as well as joining in the conversation on social media to promote Changing Lives.

Trustees undertake regular project visits to engage with staff and people who use our services. When required trustees attend meetings with funders, commissioners and other stakeholders. The charity also commissions regular stakeholder surveys to find out views from stakeholders and the trustees receive and discuss the full reports and agree action upon the surveys.

Organisation:

Changing Lives has a board of at least 6 and up to 15 members who meet regularly and are responsible for the strategic direction and policy of the charity. At present the board has 8 members from a variety of professional backgrounds relevant to the work of the charity.

The work of the Board is supported by the following sub committees:

The Chief Executive on behalf of the Non-Executive Directors manages the charity with the help of a Senior Leadership Team. There is a clear structure and reporting accountabilities that run throughout the organisation, and details of those matters reserved to the Board, and those areas where decision-making power is delegated are set out in a detailed policy.

Related parties and co-operation with other organisations:

None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or member of the Senior Leadership Team must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. Related party transactions are reported in note 27.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Objectives and Activities

Purpose and Aims

Our charity’s purpose as set out in the objects contained in the company’s memorandum of association are:

To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to lead sustainably independent and fulfilled lives.

To relieve the poverty of those in need, in particular the homeless or those at risk of homelessness.

The relief of the physical and mental sickness of persons in need; through the provision of treatments, including medical or psychosocial interventions, counselling and support.

To provide, for the benefit of the public, assistance through conciliation and mediation of persons whose relationships have, or are at risk of having, broken down and to advise and help in the settlement of differences over issues connected to such relationships.

"Socially excluded" means being excluded from society, or parts of society, as a result of one or more of the following factors: unemployment; financial hardship; youth or old age; ill health (physical or mental); substance abuse or dependency including alcohol and drugs; discrimination on the grounds of sex, race, disability, ethnic origin, religion, belief, creed, sexual orientation or gender reassignment; poor educational or skills attainment; relationship and family breakdown; poor housing (that is housing that does not meet basic habitable standards); crime (either as a victim of crime or as an offender rehabilitating into society); being a member of a socially and economically deprived community.

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Our volunteers:

During 2023/24 our work was supported by a committed total of over 450 volunteers donated time either through regular volunteering or one-off events such as Christmas Dinner events). Close to 8,000 hours of volunteering time were registered which based on minimum wage this is more than £90,000 in volunteer time. Volunteers support us across our services in a variety of roles including counselling, mentoring, services such as gardening and in our central services.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Public Benefit:

We promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to lead sustainably independent and fulfilled lives.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and Performance:

Review of Operations

Changing Lives was set up over 50 years ago to look after people without a home. Many were experiencing addiction, mental and physical health issues and had been in and out of the prison system. We are immensely proud that the ethos and the values from those early days still stand today and the drive to help and support people to improve their lives has never been stronger. We support over 13,000 people every year, we employ over 550 staff, have over 150 volunteers and are passionate about working in partnership with other like-minded organisations.

In this financial year our social media presence reached over 950,000 people across all channels. We featured over 60 times in press features ranging from regional to national coverage across both written media and broadcast television footage. Our Christmas warm meal appeal campaign in partnership with NE Offers received significant media attention whilst raising over £120k to providing food provision. We continue to benefit from fundraising activities all year round which provide vital funds to support our front-line services, these range from the Great North Run to golf days and comedy nights. All funds received are crucial in widening our reach and impact to those we support.

In May 2024 we held our annual ‘50k Your Way’ challenge to raise funds and awareness to support the 5,666 women and Children that were being supported by our front-line services and projects to flee domestic abuse and change their lives for the better.

We would like to thank those organisations who have continued to support Changing Lives throughout the year and note those who have included Changing Lives as one of there nominated Charity of the Year Partners. We also recognise the value of volunteering time from some of our corporate partners which provided over 1000 hours of volunteering in the financial year.

A review of our services by “Pillar” is below.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Homelessness Services

Across 1st April 2023 to 31st March 2024, we supported 2315 individuals to access safe accommodation and support, with the gender split approximately 78% male and 22% female and 19% under the age of 24.

75% of individuals secured positive outcomes which is an improvement of last year’s figure and above the sector average, with the main move on outcome to further supported accommodation or a secure tenancy.

At Changing Lives we believe that Homelessness is more than a housing problem and should be seen as a transitional time in a person’s life and in order to ensure we are providing the very best services to individuals over the last year we have introduced additional mechanisms to consult and seek the voices of individuals using our services and this has been achieved in several different ways including using University researchers, focus groups, introduction of digital QR codes and various feedback loops supported by our quality team. All this information is vital to ensure continued review of our service delivery.

The focus on quality continued by joining the Domestic Abuse Housing Alliance (DAHA) to start preparations to become accredited and ensure we are meeting the highest standards in regards to our response to domestic abuse within our accommodation settings and also the long-awaited introduction of OFSTED for our provision accommodating looked after children and care leavers aged 16-17.

Across the year we successfully retained several key contracts and achieved several extensions. This is extremely positive in a year that saw continued budget cuts to the sector and we worked in partnership with Homeless Link as a key collaborator on the ‘Keeping our Doors Open’ campaign to ensure the government was listening to experts in the sector about the impact of further reductions, this led to involvement in several BBC/ITV and local news articles boosting the profile and reputation of Changing Lives.

The complexity of need continued to rise across our services and our data evidenced increased referrals where mental health issues were the primary presenting issue so we were able to embed the hospital discharge and mental health accommodation pathway at the Fells in Durham and began developing ideas around addressing health inequality across a number of our other services as some examples of responding to need.

Womens & Children’s Services

This year, our Women’s and Children’s Services have supported 6,508 individuals. Among these, 137 referrals were male, primarily linked to our sex work and exploitation services and our domestic abuse NIDAS service. The NIDAS IDVA team has supported 80 men as victims.

We are currently supporting 2,925 individuals through our Women’s Services nationwide.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

The most represented age group among the women we support is 35-44 years old, comprising 34% of the total. We've also observed an increase in the diversity of our referrals or improved recording, with the percentage of unknown ethnicity dropping from 18% in 2023 to 16% in 2024. Among our referrals, 783 people (12.6%) identify as black, mixed race, or from a minority background. Additionally, 48 people this year are from travelling communities.

The most common reason for people leaving our services is exiting from MOJ contracts based on probation practitioners' professional judgment, accounting for 27%, followed by declining support at 25%.

The Apps Team is now developing the new Case Management System, which is scheduled to launch in Q2 of FY 25/26. This system aabuse andance our data collection and improve outcomes for women by specifically reporting on access to justice levels, recovery from violence and abuse, and reducing re-offending.

In July 2023 in partnership with the Agenda Alliance we published the Dismantling Disadvantage report which was covered by National News including the Guardian & Big Issue as well as local and regional press such as BBC Look North & ITV Tyne Tees. The report highlighted that too many women are dying from disadvantage with the findings identifying that in 2021 a woman in the Northeast of England was 1.7 times more likely to die early as a result of suicide, addiction, or murder by a partner or family member than in the rest of England and Wales. This highlights the continuing need for services such as those provided by Changing Lives.

Developments

Net-Reach - Our Netreach team is based across our exploitation and sex work projects nationally. Together we have a presence in each area on online forums, platforms and communities, supporting people affected by online harms, abuse and sexual exploitation. In 2023/24 our Net reach project marked day 11 of 16 of Action Against Gender-Based Violence held their first webinar to share insights and findings alongside key guest speakers and researchers within the field of adult sexual exploitation and sex work.

STAGE - We continue to work in partnership with women’s organisations across the North to deliver the STAGE partnership supporting adult victims of sexual exploitation and raising awareness, through a series of reports and webinars of the impact of exploitation on adults who often do not have access to appropriate services. In the year in collaboration with our partners we launched the findings of our report into the project which called for the government to #changethenarrative.

Looking ahead to 2024/25 we continue to act as the lead partner for the relaunched Adult Sexual Exploitation (ASE) Partnership alongside seven partners across North East and Yorkshire.

NIDAS - In December 2023 we became the lead partner delivering the Integrated Domestic Abuse Service within Newcastle. Prior to this we had been a sub-contractor delivering an element of the support. Together with our partners Action for Children & Rape Crisis we are able to offer specialist support, we aim to reduce the long-term risk of violence and abuse, helping people to live safely and independently. We know that everybody’s life is different, so we will listen to what is important to people, and we will discuss options. In being the lead partner, we are now able to offer Refuge Accommodation, outreach and IDVA/ISVA support.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Middlesbrough Refuge - in the year we had the opportunity to deliver trauma-informed-therapeutic interventions for the children in our service in partnership with My Sisters Place.

Red Umbrella - The Red Umbrella project based in Merseyside supports people involved in sex work, selling sex and/or experiencing sexual exploitation to combat instances of violence and crimes against them and bring perpetrators to justice. In December we held an event in Liverpool to mark International Day to End Violence Against Sex Workers (IDEVASW). We brought together partner agencies to talk about the work that we are doing through our Red Umbrella project to support those who are sex working, including survival sex and sexual exploitation.

Criminal Justice - we continue to deliver our core criminal justice services for vulnerable women whilst on license within custody or within the community. We have now been successful in further funding from the MoJ Innovation fund in Northumbria & Stoke-on-Trent which will help to deliver domestic abuse and outreach support that may be required to help create a life away from criminal activity and pursue future goals.

In September 2023 we launched our ‘Story Chair’ at Newcastle Cathedral, a powerful partnership between Changing Lives, the women who use our services, Northumbria University, the Cathedral and the National Trust, supported by Northumbria Probation, the Ministry of Justice and the British Academy. Story Chair encompasses all of the elements of support that Changing Lives delivers including the importance of having safe, protected and nourishing spaces in which women can find peer support and express themselves in different ways.

Looking ahead to the coming year our plans will be to looking at the next phase of our work within the criminal justice framework including an evaluation of the work delivered to date to gather learning and evidence of our current delivery models.

Recovery & Wellbeing

This year has seen some significant challenges and change across Recovery and Wellbeing services with the demobilisation of some long-term contracts.

The numbers of individuals supported throughout the year has fluctuated with the demobilisation of these projects, however aside from both Northumberland and York we continue to support on average 442 individuals per month on our caseloads as well on average around 600 individuals access our group work offer.

Some of the challenges faced are in relation to current and existing partnerships, which have been in place for some time. There appears to be strategies in place for some partners to move towards sub-contracting a single provider rather than multiple sub-contracts and/or develop preferred providers, which has not been favourable for Changing Lives in these circumstances. This is coupled with the fact that a new law was introduced on 1st January 2024 which allows commissioners to go through a PSR (Provider Selection Regime) route rather than traditional tender processes when procuring drug and alcohol treatment services. Although this can have its benefits, this has presented significant challenge for Changing Lives due to the dominance in the recovery sector at present by some large-scale recovery organisations, meaning that opportunities to expand have become less frequent.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

We have made progress this year in our data collection and reporting and we are now in a position whereby the majority of our recovery and wellbeing services data (pending NTRP) is being pulled into a Power BI report which allows us to look at referral numbers, exits and demographics, which historically has been challenging due to services using different recoding systems. We are now in the process of capturing outcomes and reporting on whether people have met their own goals upon discharge from our services, which moving into 2024-25 we should be able to report on in more detail.

Our strategy moving forward is to focus on the development of new partnerships with key and lead organisations who can deliver the clinical and/or recovery coordination element of large-scale contracts. Our intention is not to lead on public health contracts but offer a specialism to larger organisations around recovery and abstinence (ie. our Oaktrees model), women’s specific recovery options, which is gaining traction and increased interest and/or an assertive outreach model to engage those who services have previously failed to engage.

There remains to be risk moving forward in relation to retention as a number of our existing contracts involve working in partnership with those who have ended elsewhere, however we are looking to begin balancing this out with the development of new partnerships which could bring about opportunity nationally. We also plan to strengthen our gender specific recovery-based offer and look to gather some evidence base behind our women in recovery work.

Employment Services

The end of the financial year saw our final European funded project Get Ahead end. We continue to actively look for an seek opportunities to support with employment services with the objective of employment ultimately being one success measure of our work with those who Changing Lives services support.

Although unemployment levels nationally are low, for people who have experienced homelessness, addiction or other challenging circumstances, it is still difficult to move into employment. Barriers include stigma, navigating the benefits system, confidence and lack of support with the soft skills needed to retain employment.

Funding to support employment for people furthest from the labour market is vital, the barriers still exist for the people we support.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Developments

IPS Doncaster - We have launched our individual placement and support (IPS) services in Doncaster which deliver intensive employment support by employment specialists as part of the multi-disciplinary drug and alcohol service delivered by our partner Aspire.

Gateshead GWL - Gateshead Go, Work, Live (GWL) is delivered by Changing Lives and Education Development Trust on behalf of Gateshead Council. It is funded through Gateshead Council’s Shared Prosperity Fund by the UK Government. GWL is a community-based project which offers free 1-2-1 support to help with access to courses, benefits and support with job applications.

Local Jobs for Local People - this project was launched to support Doncaster residents that have a history or are currently experiencing substance misuse that are not currently accessing support from Aspire Drug and Alcohol Service.

Looking ahead to 2024/25 we are excited to have secured funding to deliver our Pathways to Progress service which is based in West-Yorkshire and will support individuals into employment and related opportunities, addressing immediate needs while fostering personal growth and community connections.

Future Plans

We recognise the continued challenging environment and ahead of 2024-25 we have committed to the largest pay award in the Charity’s history which focusses on staff retention and the aim of reducing our staff turnover. Ultimately investing in our staff provides a greater service to those who are using our services. The continued rise in national minimum wage creates pressure on contract budgets however the Charity has always paid in excess of the minimum wage to ensure staff are recognised for the incredible work they do.

Although the incredibly tight financial margins remain, the Charity is optimistic about its outlook. In the previous year we focussed on existing business and ensuring services remained financially viable, as we look into 2024/25, we recognise that there are opportunities for growth and we are excited to be able to deliver additional services in our core geographical areas as well as increasing our reach nationally.

In 2024/25 there will be a general election which will inevitably provide a new outlook on the sector. We hope that the result of the election will be able to deliver on the following pledges.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

We will use the election as an opportunity to review our longer-term strategy and focus on the priorities agreed as a board.

As the organisation is now debt free, we are focussed on generating as much as possible from our funds and ensuring that the balance sheet continues to remain strong moving forward.

For 2024/25 the board has set three key priorities; Welfare & Wellbeing, Operations and new business & Technology& Use of AI. The Senior Leadership and executive teams have formed small working groups with a range of actions to be able to achieve significant progress. Advisory groups including board members will meet throughout the year to monitor and map progress. Alongside this operational teams will work towards KPI’s set by the board to help achieve these objectives.

As a board we believe the steps taken above will continue to put our services in the best place to continue delivering exceptional services across all of our pillars of work.

Our Workforce - Employee Engagement:

Changing Lives staff are based nationally and across a wide range of locations. To ensure all staff are able to engage we continue to offer all staff the opportunity to pose questions directly to our CEO through our monthly ‘Ask Stephen’ feature. These queries are met with video responses, ensuring that every message is not only heard but responded to with a commitment to improvement.

In November 2023 we launched our new staff benefits provider which replaced the existing offering. This platform provided staff with a wide range of services such as 24/7 access to a virtual GP, a wider Employee Assistance Service offering face-to-face counselling as well as financial and legal advice. Regular briefings and updates are available via our intranet CLIVE which supports staff with making the most use of the platform.

Acknowledging the challenges posed by the cost of living, we are actively seeking input from our staff through platforms like the staff forum to understand where ‘charitable efforts can begin at home’. This inclusive approach ensures that the concerns of each employee are considered, fostering a sense of community and shared responsibility.

As part of our commitment to our workforce we have recruited a ‘Welfare and Lives Experience Advisor’ which supports the welfare of existing staff but also provides support to those with lived experience who want to begin a career with Changing Lives.

Our dedication to development and career pathways remains unwavering. We continually review volunteering programs, placing development and training at the core of our initiatives. Internal moves and development opportunities are actively explored, shaping a multi-skilled, engaged workforce that thrives on growth and adaptability.

At the heart of our organisational philosophy is the unwavering commitment to transforming lives and reshaping the future of work. Through cutting-edge initiatives in data-driven innovation and automation, we are not just redefining how we work; we are unlocking new possibilities and efficiencies. This commitment extends seamlessly to our approach to employee engagement, where modern methods enable us to work differently, adapting to the ever-evolving landscape.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Central to our ethos is the integration of compassion into every facet of our operations. We don't just hear; we strive to truly understand the unique perspectives and needs of everyone. Together, we're creating a workplace that not only meets the challenges of today but shapes a future where every employee thrives.

Staff Welfare is one of the dedicated strategic priorities heading into the next financial year, a full review of policies and procedures will be undertaken to ensure they are aligned to our objectives relating to employee engagement.

We look forward to welcoming staff to our bi-annual staff conference in 2025 which will be an exciting and engaging day focussed on staff wellbeing, welfare and organisational priorities.

Energy and Carbon Usage:

The Charity’s work is around housing and homelessness. At the end of the financial year, the group had 1032 (2023:1108) housing units. Properties vary from individual rooms to multi occupancy buildings, houses, and offices. Throughout the year, we employed an energy agency to manage our gas and electricity suppliers.

As can be seen from the table below, we own/lease few vehicles and emissions from owned transport contributes less than 5% of the Charity’s carbon emissions.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Quantification and Reporting Methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2022 UK Government’s Conversion Factors for Company reporting (as updated September 2022).

Intensity Measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per housing unit, the most relevant measure as most our emissions arise from our housing and homelessness activities.

Pay Policy:

The Remuneration Committee is established to recommend to the main Board an overall remuneration policy that is aligned with its long-term business strategy and objectives, enable the recruitment, retention and development of senior executives and the wider workforce whilst also complying with the requirements of regulation. The work of the Committee includes: • To recommend and monitor the level and structure of remuneration for senior management team

Financial review:

The group achieved a total deficit of £237,599, the unrestricted income net movement in funds was £493,083.

During the year our operational performance provided a strong surplus. The statutory accounts results included the repayment of a capital grant from 2018 which has negatively impacted the surplus reported.

Internally developments have been made to improve financial literacy across the organisation with updated financial dashboards and forecasting tools being made available to managers across the organisation.

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Financial performance has focussed around three Key Performance Indicators; agency spend, bad debt and void loss. Significant focussed efforts have been made towards these three KPI’s.

As part of the strategy noted above the commercial viability of contracts continues to be monitored closely with the Senior Management team taking appropriate action to protect the long-term future of the organisation.

The Charity has successful repaid all outstanding bank loans and recognises the improved balance sheet position.

Investment policy:

The trustees, having regard to the liquidity requirements of operating the charity, have kept available funds in an interest-bearing deposit account and seek to achieve a rate on deposit which matches or exceeds inflation as measured by the retail prices index.

All outstanding loans were fully repaid in September 2023, with no further borrowing being obtained.

During the year the Charity has deposited funds in a longer term higher interest-bearing account with the aim of maximising returns from its reserves as part of its long-term strategy.

Reserves policy and going concern

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charitable company to hold free reserves those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. Resulting from this, the trustees consider it prudent to maintain unrestricted free reserves at a level sufficient to cover between two to four months of staff costs and lease commitments which equates to approx. £3million. At the 31 March 2024 the level of free reserves held by the charity was £1,109,547 (2023 £1,631,615). The level of unrestricted reserves held by the charity at the year-end was £7,992,090 (2023 - £7,499,007).

As part of the reserves policy the trustees have designated the following funds: Sinking fund of £875,752 (2023 - £640,591); Core Properties fund and the revaluation reserve £3,082,582 (2023 - £4,126,468 and Property Investment Fund £1,200,000 (2023: £nil). Narrative for these funds can be found in note 24 of the financial statements.

During the year the trustees have reviewed ongoing sinking fund liability and have chosen to transfer funds during the year recognising the expected future dilapidations.

Overall funds of £13,467,257 (2023 - £13,704,856) were held at 31 March 2024 which included restricted amounts of £5,475,167 (2023 - £6,205,849).

17

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Risk management

The directors have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks where necessary.

The Covid-19 pandemic and its knock-on impacts around staffing and use of agency staff are significant risks, there are other external risks around changes in policy that may also impact on funding. This has led to the development of strategic plans which are regularly revised and allow for the diversification of funding and activities. Internal risks are minimized by the implementation of procedures for authorization of all transactions and projects.

The charity maintains a risk register to ensure management of strategic risks, the Risk and Quality Committee has responsibility for oversight and quarterly review of the risk register, all strategic non-compliances and major strategic and operational risks to include safeguarding and health & safety. This Committee is chaired by a trustee, and reports into the main Board.

The charity has significantly reduced its financial risk through repayment of the loan previously held with Barclays. The risk committee does however continue to recognise the external financial environment as a high-level risk. The funding landscape continues to be uncertain and so although the charity has a significant proportion of income being generated through housing benefit which does have inflationary uplifts annually we recognise the long-term risk to contract income. Stakeholder engagement continues to be a priority with discussions continuing across funders to deliver uplifts where possible.

18

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Our approach to fundraising activities:

The Charity complies with the Code of Fundraising Practice. All funds raised by the Charity will be spent for the purpose for which they are raised. All funds raised through sponsorship activities will be banked into the Charity's bank account before deduction of expenses. All literature will properly describe what donations will be used for. All fundraising activities will be conducted in an open honest and transparent manner. Changing Lives does not employ the services of outside professional fundraisers. During the period under review no complaints have been received. Changing Lives values the contribution made by all our donors. Changing Lives will treat all donors with respect and dignity. Changing Lives do not, and will not make, unsolicited calls to members of the public requesting donations.

Statement of Responsibilities

The trustees (who are also the directors of The Cyrenians Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

19

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The Cyrenians Limited

operating as Changing Lives

Trustees' Report

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the charity is to be proposed at the forthcoming Annual General Meeting.

The annual report was approved by the trustees of the charity on ....................19 December 2024and signed on its behalf by:

Glynis Frew 19 Dec 2024 11:47:25 GMT (UTC +0) ......................................... Glynis Frew Trustee

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The Cyrenians Limited

operating as Changing Lives

Independent Auditor's Report to the Members of The Cyrenians Limited

Opinion

We have audited the financial statements of The Cyrenians Limited (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

21

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The Cyrenians Limited

operating as Changing Lives

Independent Auditor's Report to the Members of The Cyrenians Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Financial Statements and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Responsibilities (set out on page 19), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

22

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 25/59

The Cyrenians Limited

operating as Changing Lives

Independent Auditor's Report to the Members of The Cyrenians Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Building and Fire safety regulations including; employment law (including the Working Time Directive); Care Quality Commission and compliance with the UK Companies Act and Charities Act.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

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The Cyrenians Limited

operating as Changing Lives

Independent Auditor's Report to the Members of The Cyrenians Limited

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Brown 19 Dec 2024 14:50:01 GMT (UTC +0)

...................................... Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

19 December 2024 Date:.............................

Azets Audit Services is a trading name of Azets Audit Services Limited.

24

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The Cyrenians Limited

operating as Changing Lives

Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total Income
Expenditure on:
Raising funds
Charitable activities
7
Total Expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24		 Unrestricted
£
301,123
29,719,939
167,942
64,134
30,253,138
(16,873)
(29,848,132)
(29,865,005)
388,133
104,950
493,083
7,499,007
7,992,090		 Restricted
£
65,611
4,509,902
10,237
-
4,585,750
(1,197)
(5,210,285)
(5,211,482)
(625,732)
(104,950)
(730,682)
6,205,849
5,475,167		 Total
2024
£
366,734
34,229,841
178,179
64,134
34,838,888
(18,070)
(35,058,417)
(35,076,487)
(237,599)
-
(237,599)
13,704,856
13,467,257		 Total
2023
£
291,347
32,975,078
153,690
26,141
33,446,256
(6,553)
(33,406,408)
(33,412,961)
33,295
-
33,295
13,671,561
13,704,856

All of the group's activities derive from continuing operations during the above two periods.

The funds breakdown is shown in note 24.

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The Cyrenians Limited

operating as Changing Lives

Comparative Consolidated Statement of Financial Activities for the Year Ended 31 March 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
Charitable activities
7
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
24		 Unrestricted
£
289,696
28,240,884
153,690
26,141
28,710,411
(6,553)
(28,716,758)
(28,723,311)
(12,900)
155,126
142,226
7,356,781
7,499,007		 Restricted
£
1,651
4,734,194
-
-
4,735,845
-
(4,689,650)
(4,689,650)
46,195
(155,126)
(108,931)
6,314,780
6,205,849		 Total
2023
£
291,347
32,975,078
153,690
26,141
33,446,256
(6,553)
(33,406,408)
(33,412,961)
33,295
-
33,295
13,671,561
13,704,856

26

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The Cyrenians Limited

operating as Changing Lives

(Registration number: 00995799) Consolidated Balance Sheet as at 31 March 2024

2024 2023
Note £ £
Fixed assets
Intangible assets 14 - 4,691
Tangible assets 15 9,807,302 10,316,730
9,807,302 10,321,421
Current assets
Assets held for sale 17 - 3,310,307
Debtors 18 4,229,132 4,851,620
Cash at bank and in hand 19 4,794,844 2,102,121
9,023,976 10,264,048
Creditors: Amounts falling due within one year 20 (5,364,021) (6,880,613)
Net current assets 3,659,955 3,383,435
Net assets 13,467,257 13,704,856
Funds of the group:
Restricted 5,475,167 6,205,849
Unrestricted income funds
Designated funds 5,158,334 4,767,059
General funds 2,833,756 2,731,948
Total unrestricted funds 7,992,090 7,499,007
Total funds 24 13,467,257 13,704,856

The financial statements on pages 25 to 57 were approved by the trustees, and authorised for issue on ....................19 December 2024and signed on their behalf by:

Glynis Frew 19 Dec 2024 11:47:25 GMT (UTC +0)......................................... Glynis Frew Trustee

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The Cyrenians Limited

operating as Changing Lives

(Registration number: 00995799) Balance Sheet as at 31 March 2024

2024 2023
Note £ £
Fixed assets
Intangible assets 14 - 4,691
Tangible assets 15 9,616,137 10,069,912
9,616,137 10,074,603
Current assets
Assets held for sale 17 - 3,310,307
Debtors 18 4,158,668 4,407,497
Cash at bank and in hand 19 3,363,694 1,760,056
7,522,362 9,477,860
Creditors: Amounts falling due within one year 20 (5,206,070) (6,654,683)
Net current assets 2,316,292 2,823,177
Total assets less current liabilities 11,932,429 12,897,780
Creditors: Amounts falling due after more than one year 21 (4,639,196) (4,938,176)
Net assets 7,293,233 7,959,604
Funds of the charity:
Restricted - 636,572
Unrestricted income funds
Designated funds 5,158,334 4,767,059
Unrestricted funds 2,134,899 2,555,973
Total unrestricted funds 7,293,233 7,323,032
Total funds 24 7,293,233 7,959,604

The charity made a deficit after tax for the financial year of £666,371 (2023 - deficit of £75,256).

The financial statements on pages 25 to 57 were approved by the trustees, and authorised for issue on ....................19 December 2024and signed on their behalf by:

Glynis Frew 19 Dec 2024 11:47:25 GMT (UTC +0)

......................................... Glynis Frew Trustee

28

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The Cyrenians Limited

operating as Changing Lives

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
Amortisation
Investment income
6
Interest payable
Working capital adjustments
Decrease/(increase) in debtors
18
Increase in creditors
20
Increase/(decrease) in deferred income
21
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
15
Sale of tangible fixed assets
Net cash flows from investing activities
Cash flows from financing activities
Interest payable and similar charges
Repayment of loans and borrowings
20
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2024
£
(237,599)
584,979
4,691
(64,134)
26,284
314,221
622,488
47,657
162,808
1,147,174
64,134
(75,551)
3,310,307
3,298,890
(26,284)
(1,727,057)
(1,753,341)
2,692,723
2,102,121
4,794,844		 2023
£
33,295
722,866
4,691
(26,141)
80,683
815,394
(1,428,717)
238,709
(841,230)
(1,215,844)
26,141
(119,106)
787,469
694,504
(80,683)
(1,013,998)
(1,094,681)
(1,616,021)
3,718,142
2,102,121

All of the cash flows are derived from continuing operations during the above two periods.

29

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: H26 The Avenues Eleventh Avenue North, Team Valley Trading Estate, Gateshead, Tyne and Wear, NE11 0NJ.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

The Cyrenians Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in Sterling which is the functional currency.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertaking drawn up to 31 March 2024.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a deficit after tax for the financial year of £666,371, (2023 - deficit of £75,256).

30

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of the subsidiary have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiary is identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. The charity and its trading subsidiaries have strong positive cash balances and is forecasting for this to continue to be the case. The trustees have stress tested their forecasts, taking into account various scenarios, and remain confident that the uncertainties do not cast significant doubt on the company’s ability to continue as a going concern.

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.

Determine whether leases entered into by Changing Lives either as a lessor or lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are any indicators of impairment of Changing Lives tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £9,807,302 (2023 - £10,316,730).

Income and endowments

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations and legacies

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS102). Further detail is given in the Trustees' Annual Report.

Grants receivable

Revenue grants receivable are credited to income immediately where entitlement is not conditional on the delivery of specific performance criteria by the group. Where grants relate to performance and specific deliverables, income is accounted for as the group earns its right to consideration by its performance.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Gift aid

Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.

Other trading activities

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raised funds and is recognised when entitlement has occurred.

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Investment income

Interest is included when receivable by the group.

Charitable activities

The recognition of income received in relation to the Social Housing Grant within the consolidated accounts is done so using the performance model in line with the charities SORP.

Other income

Net Assets transferred on the acquisition of entities into the group are recorded within voluntary income at the value that the assets are worth on the date of the transfer.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's (and the group's) activities. These costs, which have not been directly apportioned, have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in the Support Cost note.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

33

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amoritsed on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided oni ntangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class Amortisation method and rate Rebranding 10% straight line

Tangible fixed assets

Individual fixed assets are initially recorded at cost.

Where fixed assets have been previously carried at a revalued amount, upon transition to FRS102 deemed cost was adopted.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Straight line over the period of the Leasehold property improvements lease Freehold property 2% - 15% straight line Motor vehicles 25% straight line Furniture and equipment 25% - 33% straight line

No depreciation is provided on land.

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount.

34

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Fixed asset investments

Investments in subsidiaries are recognised at cost.

Investments in associates are measured at cost less impairment.

Assets held for sale

Assets actively held for sale at the year end, measured at the lower of their carrying amounts immediately prior to their classification as held for sale and their fair value less costs to sell.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

35

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

The group has designated certain funds for specific purposes. These are explained in more detail in the notes. The directors have decided that setting aside funds in this way is a useful financial discipline, which will help the group make the best use of its resources, even though there is no legal force to the designation.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Operating leases

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life.

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Pensions and other post retirement obligations

The group also operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the income and expenditure account.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3 Income from donations and legacies

Donations and legacies;
Donations		 Unrestricted
funds
General
£
301,123
301,123		 Restricted
funds
£
65,611
65,611		 Total
2024
£
366,734
366,734

36

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Donations and legacies;
Donations
4
Income from charitable activities
Homelessness including Day Centre &
Outreach
Addictions and Recovery
Employment and Training
Womens Services including Family
Homelessness including Day Centre &
Outreach
Addictions and Recovery
Employment and Training
Womens Services including Family
5
Income from other trading activities
Other income from other trading activities		 Unrestricted
funds
General
£
289,696
289,696
Unrestricted
funds
General
£
21,178,758
2,567,412
373,226
5,600,543
29,719,939
Unrestricted
funds
General
£
20,248,414
2,862,843
651,573
4,478,054
28,240,884
Unrestricted
funds
General
£
167,942
167,942		 Restricted
funds
£
1,651
1,651
Restricted
funds
£
536,976
1,811,882
4,246
2,156,798
4,509,902
Restricted
funds
£
947,095
1,897,982
29,132
1,859,985
4,734,194
Restricted
funds
£
10,237
10,237		 Total
2023
£
291,347
291,347
Total
2024
£
21,715,734
4,379,294
377,472
7,757,341
34,229,841
Total
2023
£
21,195,509
4,760,825
680,705
6,338,039
32,975,078
Total
2024
£
178,179
178,179

37

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Trading income;
Sales of goods and services
Other income from other trading activities
6
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
54,714
98,976
153,690
Unrestricted
funds
General
£
64,134
64,134
Unrestricted
funds
General
£
26,141
26,141		 Total
2023
£
54,714
98,976
153,690
Total
2024
£
64,134
64,134
Total
2023
£
26,141
26,141

38

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

7 Expenditure on charitable activities

Homelessness including Day Centre & Outreach
Addictions and Recovery
Employment and Training
Womens Services including Family
Homelessness including Day Centre & Outreach
Addictions and Recovery
Employment and Training
Womens Services including Family
Homelessness including Day Centre & Outreach
Addictions and Recovery
Employment and Training
Womens Services including Family		 Unrestricted
funds
General
£
21,903,491
2,044,792
419,063
5,480,786
29,848,132
Unrestricted
funds
General
£
20,576,065
2,877,037
854,036
4,409,620
28,716,758
Activity
undertaken
directly
£
21,864,816
4,428,320
436,041
7,402,103
34,131,280		 Restricted
funds
£
503,835
2,536,371
40,492
2,129,587
5,210,285
Restricted
funds
£
919,264
1,903,449
26,656
1,840,281
4,689,650
Activity
support
costs
£
542,510
152,843
23,514
208,270
927,137		 Total
2024
£
22,407,326
4,581,163
459,555
7,610,373
35,058,417
Total
2023
£
21,495,329
4,780,486
880,692
6,249,901
33,406,408
2024
£
22,407,326
4,581,163
459,555
7,610,373
35,058,417

39

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 42/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Homelessness including Day Centre & Outreach
Addictions and Recovery
Employment and Training
Womens Services including Family		 Activity
undertaken
directly
£
20,563,165
4,434,738
789,170
5,877,035
31,664,108		 Activity
support
costs
£
932,164
345,748
91,522
372,866
1,742,300		 2023
£
21,495,329
4,780,486
880,692
6,249,901
33,406,408

In addition to the expenditure analysed above, there are also governance costs of £111,608 (2023 - £102,228) which relate directly to charitable activities. See note 8 for further details.

8 Analysis of support costs

Support costs allocated to charitable activities

Basis of
allocation
Governance
costs
£
Homelessness including Day
Centre & Outreach
Estimate of
staff time
111,608
Addictions and Recovery
Estimate of
staff time
-
Employment and Training
Estimate of
staff time
-
Womens Services including
Family
Estimate of
staff time
-
111,608		 Other
support
costs
£
430,902
152,843
23,514
208,270
815,529		 Total
2024
£
542,510
152,843
23,514
208,270
927,137		 Total
2023
£
932,164
345,748
91,522
372,866
1,742,300

Governance costs

Governance costs
Salary costs
Audit fees and other professional fees		 Total
2024
£
39,008
72,600
111,608		 Total
2023
£
45,885
56,343
102,228

40

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

9 Net incoming/outgoing resources

Net outgoing resources for the year include:

Audit fees
Depreciation of fixed assets
Amortisation of goodwill		 2024
£
45,000
584,979
4,691		 2023
£
37,550
722,866
4,691

10 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

11 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Compensation payments		 2024
£
14,281,941
1,205,001
889,720
135,290
16,511,952		 2023
£
14,340,771
1,279,938
855,766
95,172
16,571,647

41

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 44/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

The monthly average number of persons (including senior management team) employed by the group during the year was as follows:

during the year was as follows:
Corporate Services
Health and Addictions
Housing and Homeless
Women and Criminal Justice
Employment & Training		 2024
No
67
87
323
121
14
612		 2023
No
85
102
322
110
27
646

During the year, the group made redundancy and/or termination payments which totalled £135,290 (2023 - £95,172).

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000		 2024
No
1
-
1
1
-
1		 2023
No
1
1
1
-
1
-

The toal contributions paid to the defined contribution pension scheme during the year for key management personnel was £72,286 (2023 - £38,043).

The total employee benefits of the key management personnel of the group were £381,518 (2023 - £377,355).

12 Auditors' remuneration

2024 2023
£ £
Audit of the financial statements 45,000 37,550

42

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

13 Taxation

The group is a registered charity and is therefore potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

14 Intangible fixed assets

Group and Charity
Cost
At 1 April 2023
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Rebranding
£
46,911
46,911
42,220
4,691
46,911
-
4,691

43

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

15 Tangible fixed assets

Group

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Land and
buildings
£
16,104,698
10,000
16,114,698
6,168,319
320,624
6,488,943
9,625,755
9,936,379		 Furniture and
equipment
£
1,992,650
65,551
2,058,201
1,629,853
258,953
1,888,806
169,395
362,797		 Motor
vehicles
£
108,042
-
108,042
90,488
5,402
95,890
12,152
17,554		 Total
£
18,205,390
75,551
18,280,941
7,888,660
584,979
8,473,639
9,807,302
10,316,730

Included within the net book value of land and buildings above is £9,468,492 (2023 - £9,725,493) in respect of freehold land and buildings and £157,263 (2023 - £210,886) in respect of leaseholds.

Certain freehold land and buildings included above were recognised using the previous valuation, as deemed cost on transition to FRS102. Therefore, at the year end the land and buildings are held at their deemed historic cost.

The valuation of Elliot House, performed by Lambert Smith Hampton on 12 August 2021, was prepared on the basis of value in use within the charitable company's objectives and gave rise to an impairment of its cost.

During the prior year, properties included within land & buildings, with a net book value of £3,310,307 had been transferred from non-current assets to assets held for sale in note 17. These have all been sold during the year.

44

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Charity

Charity
Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Land and
buildings
£
15,934,410
-
15,934,410
6,148,309
317,162
6,465,471
9,468,939
9,786,101		 Furniture and
equipment
£
1,763,396
65,551
1,828,947
1,497,139
196,762
1,693,901
135,046
266,257		 Motor
vehicles
£
107,247
-
107,247
89,693
5,402
95,095
12,152
17,554		 Total
£
17,805,053
65,551
17,870,604
7,735,141
519,326
8,254,467
9,616,137
10,069,912

Included within the net book value of land and buildings above is £9,311,676 (2023 - £9,575,215) in respect of freehold land and buildings and £157,263 (2023 - £210,886) in respect of leaseholds.

Certain freehold land and buildings included above were recognised using the previous valuation, as deemed cost on transition to FRS102. Therefore, at the year end the land and buildings are held at their deemed historic cost.

The valuation of Elliot House, performed by Lambert Smith Hampton on 12 August 2021, was prepared on the basis of value in use within the charitable company's objectives and gave rise to an impairment of its cost.

During the prior year, properties included within land & buildings, with a net book value of £3,310,307 had been transferred from non-current assets to assets held for sale in note 17. These have all been sold during the year.

45

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

16 Fixed asset investments

Charity
Investment in subsidiary		 2024
£
-		 2023
£
-

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2024
2023
Subsidiary undertakings
TCUK Homes Limited England Limited
by
Guarantee		 100%
100%		 Provision of
social
housing

Subsidiaries

The profit for the financial period of TCUK Homes Limited was £416,463 (2023 - £43,991) and the aggregate amount of capital and reserves at the end of the period was £433,427 (2023 - £16,964).

17 Assets held for sale

Properties held for sale Group
2024
£
2023
£
-
3,310,307		 Charity
2024
£
2023
£
-
3,310,307

46

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

18 Debtors

Trade debtors
Due from group undertakings
Prepayments
Accrued income
Other debtors		 Group
2024
£
2023
£
2,543,196
1,975,190
-
-
510,885
723,327
588,433
706,920
586,618
1,446,183
4,229,132
4,851,620		 Charity
2024
£
2023
£
2,153,654
1,815,444
324,323
389,962
505,640
639,876
588,433
706,920
586,618
855,295
4,158,668
4,407,497		 Charity
2024
£
2023
£
2,153,654
1,815,444
324,323
389,962
505,640
639,876
588,433
706,920
586,618
855,295
4,158,668
4,407,497
4,407,497

Group Other Debtors includes a bad debt provision of £1,780,775 (2023 - £633,918).

Charity Other Debtors includes a bad debt provision of £1,239,597 (2023 - £542,990).

19 Cash and cash equivalents

19 Cash and cash equivalents
Cash on hand
Cash at bank
Short-term deposits		 Group
2024
£
2023
£
7,154
6,179
1,631,150
542,280
3,156,540
1,553,662
4,794,844
2,102,121		 Charity
2024
£
2023
£
7,154
6,179
200,000
200,215
3,156,540
1,553,662
3,363,694
1,760,056
1,760,056

20 Creditors: amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social
security
Other creditors
Accruals
Deferred income		 Group
2024
£
2023
£
-
1,727,057
1,100,687
1,050,997
279,146
300,589
205,164
166,823
1,427,868
1,446,799
2,351,156
2,188,348
5,364,021
6,880,613		 Charity
2024
£
2023
£
-
1,727,057
871,371
971,715
279,146
277,897
199,483
160,564
1,270,914
1,265,102
2,585,156
2,252,348
5,206,070
6,654,683		 Charity
2024
£
2023
£
-
1,727,057
871,371
971,715
279,146
277,897
199,483
160,564
1,270,914
1,265,102
2,585,156
2,252,348
5,206,070
6,654,683
6,654,683

47

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 50/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred income

Group

----- Start of picture text -----
2024 2023
£ £
Deferred income at 1 April 2023 2,188,348 3,029,578
Resources deferred in the period 2,351,156 2,188,348
Amounts released from previous periods (2,188,348) (3,029,578)
Deferred income at year end 2,351,156 2,188,348
Charity
2024 2023
£ £
Deferred income at 1 April 2023 2,252,348 3,029,578
Resources deferred in the period 2,585,156 2,252,348
Amounts released from previous periods (2,252,348) (3,029,578)
Deferred income at year end 2,585,156 2,252,348
----- End of picture text -----

21 Creditors: amounts falling due after one year

----- Start of picture text -----
Group Charity
2024 2023 2024 2023
£ £ £ £
Other creditors - - 4,639,196 4,938,176
Bank Loans
Total
2023
Repayable Date Interest Rate
£
31 July 2024 Base rate plus 1.60% 1,727,057
1,727,057
----- End of picture text -----

The bank loans were secured by way of a legal charge over Elliott House, 1-3 Bentinck Terrace, 156 & 158 Hotspur Street, The Fells, 36 Bentinck Road and Ridley Villas. These have been fully repaid during the year.

Other Creditors within the charity's balance sheet relate to a lease premium and long term liability due to its subsidiary TCUK Homes Limited.

48

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

22 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and buildings
Within one year
Between one and five years
After five years
Other
Within one year
Between one and five years		 Group
2024
£
2023
£
1,668,791
1,151,884
783,290
207,935
3,497
-
2,455,578
1,359,819
13,917
18,260
4,823
25,052
18,740
43,312		 Charity
2024
£
2023
£
1,345,840
835,960
337,898
9,650
-
-
1,683,738
845,610
13,917
18,260
4,823
25,052
18,740
43,312		 Charity
2024
£
2023
£
1,345,840
835,960
337,898
9,650
-
-
1,683,738
845,610
13,917
18,260
4,823
25,052
18,740
43,312
845,610
18,260
25,052
43,312

23 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £889,720 (2023 - £855,766).

Contributions totalling £67,321 (2023 - £74,970) were payable to the scheme at the end of the year and are included in creditors.

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VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 52/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

24 Funds

Group

Unrestricted funds
General
Unrestricted funds
Designated
Core properties
Property sinking fund
Revaluation reserve
Property investment fund
Total unrestricted funds
Restricted funds
Restricted Funds
Total funds		 Balance at
1 April
2023
£
2,731,948
3,474,688
640,591
651,780
-
4,767,059
7,499,007
6,205,849
13,704,856		 Incoming
resources
£
Resources
expended
£
30,253,138
(29,865,005)
-
-
-
-
-
-
-
-
-
-
30,253,138
(29,865,005)
4,585,750
(5,211,482)
34,838,888
(35,076,487)		 Transfers
£
(286,325)
(1,043,886)
235,161
-
1,200,000
391,275
104,950
(104,950)
-		 Balance at
31 March
2024
£
2,833,756
2,430,802
875,752
651,780
1,200,000
5,158,334
7,992,090
5,475,167
13,467,257

50

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 53/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Unrestricted funds
General
Unrestricted funds
Designated
Core properties
Property sinking fund
Revaluation reserve
Total unrestricted funds
Restricted funds
Restricted Funds
Total funds		 Balance at
1 April
2022
£
2,030,787
4,033,623
640,591
651,780
5,325,994
7,356,781
6,314,780
13,671,561		 Incoming
resources
£
Resources
expended
£
28,710,411
(28,723,311)
-
-
-
-
-
-
-
-
28,710,411
(28,723,311)
4,735,845
(4,689,650)
33,446,256
(33,412,961)		 Transfers
£
714,061
(558,935)
-
-
(558,935)
155,126
(155,126)
-		 Balance at
31 March
2023
£
2,731,948
3,474,688
640,591
651,780
4,767,059
7,499,007
6,205,849
13,704,856

The analysis of Restricted Funds can be found at note 28.

Property Sinking Fund

The charity has a portfolio of both leased and owned properties, all of which should be maintained to a high standard to improve quality of service and standards of living. The sinking fund allows for future major repairs/refurbishment to the assets. Each year part of the sinking fund is spent on internal/external redecoration and upgrading and a separate amount is ring-fenced for future spends. The amount ring fenced represents the estimate of works to be carried out on owned buildings over the next 10 years.

Core Properties

The directors have reviewed the reserves policy and have now designated a property fund equal in value to the book value of the properties less any associated borrowings. The properties included are those core properties which are considered to be long term assets of the charity which could not be easily sold or mortgages obtained against in the event of requiring additional working capital.

Revaluation Reserve

The revaluation reserve relates to the upwards valuations of the core properties prior to the transition to deemed cost.

51

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 54/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

Property Investment Fund

The Property Investment Fund is part of an annual strategy to replace leased dispersed properties with purchased properties.

52

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 55/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

25 Analysis of net assets between funds

Group
Unrestricted
General
£
Designated
£
Tangible fixed assets
1,724,209
3,082,582
Net current assets/(liabilities)
1,109,547
2,075,752
Total net assets
2,833,756
5,158,334
Unrestricted
General
£
Designated
£
Intangible fixed assets
4,691
-
Tangible fixed assets
1,095,642
4,126,467
Net current assets/(liabilities)
1,631,615
640,592
Total net assets
2,731,948
4,767,059
26 Analysis of net funds
Group
At 1 April
2023
£
Cash at bank and in hand
2,102,121
Debt due within one year
(1,727,057)
Net debt
375,064
At 1 April
2022
£
Cash at bank and in hand
3,718,142
Debt due within one year
(195,941)
Debt due after more than one year
(2,545,114)
Net (debt)/funds
977,087		 Restricted
£
5,000,511
474,656
5,475,167
Restricted
£
-
5,094,621
1,111,228
6,205,849
Financing
cash flows
£
2,692,723
1,727,057
4,419,780
Financing
cash flows
£
(1,616,021)
(1,531,116)
2,545,114
(602,023)		 Total funds
at 31 March
2024
£
9,807,302
3,659,955
13,467,257
Total funds
at 31 March
2023
£
4,691
10,316,730
3,383,435
13,704,856
At 31 March
2024
£
4,794,844
-
4,794,844
At 31 March
2023
£
2,102,121
(1,727,057)
-
375,064

53

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 56/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the Year Ended 31 March 2024

27 Related party transactions

During the year the group made the following related party transactions:

TCUK Homes Limited

(Subsidiary)

During the year, the charity charged management charges of £218,241 (2023 - £436,481) and recharged expenses of £151,956 (2023 - £151,956). At the balance sheet date the amount due from TCUK Homes Limited was £324,323 (2023 - £389,962).

54

VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 57/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the year ended 31 March 2024

28 Restricted Funds

28 Restricted Funds 28 Restricted Funds
Housing and Homelessness Opening
Income
Expenditure
Transfer
Closing
Funder Purpose of Funding
National Lottery Peer research in partnership with Crisis 1,875 - - - 1,875
Big Lottery Fund Supporting people with multiple needs in Newcastle and
Gateshead		 21,650 - (692) (20,958) -
ABF – The Soldiers Charity Support ex armed forces personnel to transition to civilian lives in
Gateshead.		 14,591 20,000 (34,591) - -
City of York Council Mental Health Housing First officer in York - 76,700 (76,700) - -
Sunderland City Council Support for rough sleepers in Sunderland 12,423 69,500 (69,500) - 12,423
Sunderland City Council Additional COVID related support for families in Sunderland 1,820 98,154 (58,548) - 41,426
South Tyneside CCG To support people with mental health needs by providing two self-
contained flats for short-term, 24-hour crisis accommodation to
reduce delays in hospital discharge/risk of admission or
readmission to hospital		 53,469 60,000 (60,000) - 53,469
NHS Vale of York CCG To assist hospital staff in York to prevent avoidable admissions and
facilitate effective discharge.		 43,774 83,489 (64,679) - 62,584
HomesEngland Purchase of homes for homeless people 2,246,468 - - (16,339) 2,230,129
HomesEngland Refurbishment andRedevelopment of ElliotHouseinto 36flats. 2,848,153 - - (54,698) 2,793,455
South Tyneside Council CDAS - 75,652 (68,177) - 7,475
Safe Unit Newcastle Sanctum (Safe Houses Sunderland) - 73,024 (72,599) - 425
Total Housing and Homelessness 5,244,223
556,519		 (505,486) (91,995) 5,203,261

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VirtualSignature Transaction Ref. WDHK-FJ8Z-XTXX 19 Dec 2024 14:50:05 GMT (UTC +0) D 1/2 P 58/59

The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the year ended 31 March 2024

Drug and Alcohol Drug and Alcohol
Funder Purpose of Funding Opening Income Expenditure Transfer Closing
Cityof York Council Establishment of a drugrecoverycentre in York 645,794 1,320,515 (2,045,210) - 78,901
-
North Yorkshire CountyCouncil via Humankind Partnershipwork in North Yorkshire – aftercare and recoverysupport 73,536 496,908 (491,380) - 79,064
Total Drug and Alcohol 719,330
1,817,423		 (2,536,590) - 163
Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing		 Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing		 Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing		 Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing		 Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing		 Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing		 Women and Children
Funder
Purpose of Funding
Opening
Income
Expenditure
Transfer
Closing
National LotteryCommunityFund Fund Support Workers and otherposts in Wolverhampton 17,026 176,631 (175,573) - 18,084
Merseyside PCC Supporting sex workers in Merseyside to improve their safety and report
crimes against them		 11,832 - - - 11,832
MHCLG via Newcastle City Council – Safe Newcastle Unit Part funding of Outreach Workers in Newcastle 12,547 120,692 (117,852) - 15,387
Home Office Violence against women andgirls(VAWG) 24,267 426,203 (439,084) - 11,386
National Lottery Community Fund Support for 120 individuals within the Northumbria Police region who
have beengroomed for exploitation.		 12,976 3,097 (12,412) - 3,661
Police, Fire and Crime Commissioner for North Yorkshire
CommunityFund		 Sex work project in North Yorkshire 11,379 - - - 11,379
DCMS Support to overcoming trauma for adult survivors of grooming and sexual
exploitation
12,492		 465,324 (465,064) - 12,752
Notts PCC Conditional Caution 17 - - - 17
People’s Postcode Trust Supportgirls in Nottingham who experienceperiodpoverty 4,051 - - - 4,051
West Midlands PCC Victim support in West Midlands 1,038 - (99) - 939
ADDER PCC Red Umbrella sex workerproject in Liverpool 544 76,204 (73,147) - 3,601
Halton Borough Council Provision of Domestic Abuse refuge and community support in Halton
borough		 5,118 - - (5,118) -
PCC via MSS Domestic Abuse safe accommodation around COVID in Cheshire 12,250 - - - 12,250
Newcastle CityCouncil – Fairer HousingUnit Provision of Domestic Abuse Health Advisor and Service Navigator 43,880 545,144 (525,109) - 63,915
National Lottery via North East Law Centre Employ Senior Support Worker as partner supporting disadvantaged
groups		 12,020 13,776 (13,776) - 12,020

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The Cyrenians Limited

operating as Changing Lives

Notes to the Financial Statements for the year ended 31 March 2024

Northumbria PCC – COVID Fund As above but specificallywith reference to issues arisingfrom COVID 31,180 104,828 (80,451) - 55,557
Durham PCC GAP - Beyond Trauma Program(Durham PCC) - 55,962 (48,781) - 7,181
South Yorkshire PCC Doncaster Stage - 14,761 (14,761) - -
North Yorkshire Police,Fire & Crime Commissioner York Women's Wellness - 121,589 (121,439) - 150
Total Women and Children 212,617
2,124,211		 (2,087,548) (5,118) 244,162
Employment
Funder
Purpose of Funding		 Opening
Income
Expenditure
Transfer
Closing
Newcastle CityCouncil – Newcastle Fund Peer mentoring programme in Newcastle 5,375 - - (5,375) -
Business in the Community Prepare unemployedpeople in Newcastle for work 2,684 - - (2,684) -
Groundworks ROAD - 40,270 (40,492) 222 -
Total Employment 8,059
40,270		 (40,492) (7,837) -
Criminal Justice
Funder Purpose of Funding Opening Income Expenditure Transfer Closing
Ministryof Justice MOJ Innovation Staffordshire - 8,149 (6,782) - 1,367
Ministryof Justice Women's CommunitySector -(WM) - 4,535 - - 4,535
Nottinghamshire PCC Workingwith Nottspolice toprovide earlyintervention support 21,620 34,643 (34,584) - 21,679
Total Criminal Justice
Grand Total		 21,620
47,327		 (41,366) - 27,581
6,205,849
4,585,750		 (5,211,482) (104,950) 5,475,167

57