Docusign Envelope ID.. 9CE931074SEPAC97-A88D.9F831D699888 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 2025 *AEHC073T* 1311212025 COMPANIES HOUSE A15 #244 DO￿$19n Envelope ID: gCE93107-35E&4C97-A88D-9F8310699888 The Cyrenians Limited operating as Changing Lives Contents Chaiman's Statement Reference and Adrninistrative Details 2to3 Trustees, Report 4t021 Independent Audltor$' Report 22to25 Consolidated Statement of Financial Activities 26 Comparatlve ConsolKlated Statement of Financial Actlvities 27 Consolidated Balance Sheet 28 Balance Sheet 29 Consolidated Statement of Cash Flows 30 Notes to the Financial Statements 31to59 Dowsb9n Envelope ID.. 9CE9310745EPAC97-AB8tk9F831D699888 The Cyrenians Limited operatlng as Changing Lives The trustees (who are also the Directors of the Company for the purposes of company lawl are pleased to present their annual directors, report. including Strategic Report, together with the consolidated financial statements of the charity and its subsidlary for the year ending 31 March 2025 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 Flnancial Reporting Standard applicable in the UK and Republic of Ir8land: FRS 102) issued in October 2019. Chalr's R•port l am delighted once again to Y￿lIe the Introduction to our annual accounts; It's an honour to be involved with a charity that believes passionately that everyone deserves as many chances as posslble to change their life. When growing up no one ever envisaged they V￿uld need our sen41ces and ils only with ihe commitment and dedication of ¢)ur team that the charity continues to thrive. I want to thank our truslees on bolh the main charity 8nd TCUK Homes our social landlord subsidiary, the trustees bring a wealth of knO%￿edge and expertise, that helps support the Executive team and It's great to see us working together to onsure that the performanGe, goals and mission ol th8 charity are achieved. We are clear that we are here lo dellver services, and we are proud of that, the year ending March 2025 marks another year of resili8nGe, gr0￿h. and unwavering commitment at Changing Lives. We still have an uncertain and unpredictable external enmronment which we cannot change, internally we are working smartly, adapting to change. and concentrating on core aclivilies that make this charity special. Changing Lives continues to support people facing the most challenging circumstances. helping them to make posrtive, lastln9 change. Our beliel remains that everyone deserves a safe home, a rewarding job, and a lrfe fre6 from addiction or abuse. We recognise thal everyone is different and tailor our support to the indlvidual needs. We have invested in our people and Infrastructure. and we have nearly 700 staff indudlng sessional Y￿rkerS and we have Intemally promoled over 100 colleagu8s, continuing our investment In our greatest assel. our staff team. Looking ahead 2025 will brlng new challenges, including changes to employment rights and zero-hours contracts. We are planning to start purchasing some buildings. improving our IT Infrastructure, ensuring we are financlally resilient, Investing In our current fixed assets and continulng to deliver quality services to adults and children. I would like to thank every member of staff. our volunteers, our partners, our donors and Board of Trustees for their hard work and commitment throughout the year. Together. we are making a real difference in the lives of those we support. Do¢¥$W br. btis Fnw C74ET48L.. Chair of Trustees Docusign Envelope ID.. gcE93107-35E64C97-AB8￿gF831D699888 The Cyrenians Limited operating as Changing Lives Reference and Administrative Details Trust•es Glynis Frew, Chair Slephen Guyon, Vice Chair Lesley Telford. Treasurer Dean Fielding (reslgned 16 July 2025) Michael Barton Pete Brown (resigned S December 2024) Anlhony May Lisa Boyack Sandra Erickson (resigned 1 September 2024) Secretary Susan Carr K•y Managèment Personnel Stephen Bell. Chlef Executlve Neil Baird, Operations Director David Bassam. Business Ser4rices Director Lewis Murton. Finance Director Kurran Hawksley. People and Cullure Director Faye Sunter, Development Director Registered Office H26 The Avenu05 Eleventh Avenue North Team Valley Tradlng Estate Gateshead Tyne and Wear NE11 ONJ Company Reglstrallon Number 00995799 Charlty Reglstrntlon Number 500640 Sollcltors Ward Hadaway Sandgate House 102 Quayside Newcastle upon Tyne NE13DX Womble Bond Dicklnson LLP 112 Quayside Newcastle upon Tyne NE13DX Bankers Barclay3 Bank plc Newcastle City 9 49 - 51 Northumberland Street Newcastle upon Tyne NE17AF Docusign Envelope ID.. 9CE9310745E64C97-AB80-9F831D699888 The Cyrenians Limited operating as Changing Lives Reference and Administrative Details Audltor A2ets Audit Services Chartered Accountants and Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS Dowsign Envelope ID.. 9CE931074SE64C97-AB8Lb9F8310699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Structure. Govornance and Managemenl The Charity group is comprised of the parent company, The Cyrenlans Ltd and Its wholly owned subsidiary TCUK Homes Ltd, the latter a charllable company limited by guarantee and a registered social landlord. Governlng Document: The charltys name is The Cyrenians Limiled, 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 power8 of the charitable company. and is govemed under its Artides ol Association, revised in 2017. Appolntment of tru8t••s: Trustees are appolnted at the Annual General Meeting and the term of office is lour years, after whlch 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 arlse it tries to recrult from area5 in which the Board has no professlonal 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 Inductlon and tralnlng: A new memberfs Inductlon Package includes the followlng: Govemance Handbook Membership Form Companie$ House Form DBS Form The Role of the Board of Directors Board Members information Sheets Information around any tralnlng requirements Organisational Chart Most recent audited accounts Changing Lives Strategic and Business Plan Board Me8ting Schedule Copies of the last three Board Meeting minutes. 0￿￿$19n Envelope ID: gcE93107-35EPAC97.A88￿9FB3l0699888 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 Irustees understand that effective governance is crucial to the running of the charity. Th8 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 culminaling in a self•evaluation, and Changing Lives is arranging for a range of tralning for board members. Trustees participale In 8 range of aclivitles to promote the charlty, including hostSng and attending fundraising events and influencing policy though participation at round tables and seminars on behalf of the charlty. Trustees also use their professional and social networks to promote th8 charity, as well as jolning in the conversation on social media to promote Changing Lives. Trustees undertake regular project visits to engage wlth staff and people who use our services. When required trustees attend meetings with funders, commissioners and olher stakeholders. The charity also comrnlssions regular stakeholder surveys to find out views from stakeholders and the trustees recelve and discuss the full reports and agree action upon the surveys. Organlsatlon: Changing Llves 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 6 members from a variety of professional backgrounds relevant to the work of the charity. The V￿rk of the Board is supported by the following Sub corrirnitte8s', Finance Rlsk and Quallty Rernuneration The Chief Executive on behalf of the Non-Executive Dir￿tOrS manages the charity wilh the help of Senior Leadership Team. There is a clear structure and reportlng accountabilities that run Ihroughout Ihe organisation, and details of Ihose matters reserved lo the Board, and those areas where decision-making power is delegated are set out in a detailed policy. Related partl•$ and CO•operatlon wlth oth•r organlsallons: None of our trustees receive remuneratlon or other benefit from their work with the charity. Any connection belween a truslee or member of the Senior Leadershlp Team must be disclosed to the lull board of trustees in the same way a5 any other contractual relationship with a related party. Related party transactions are reported in note 26. Oocuslgn Envelope ID: 9CE93107-35E64C97-AB8D-9F8310699888 The Cyrenians Limited operating as Changing Lives Trustees. Report ObJectlve8 and Acllvltlos Purpose and Aims Our charitls purpose as set out In the objects contsined in the company's memorandum of association are: To promote soclal incluslon for the public benelit by preventing people from becoming socially excluded. relieving the needs of those people who are socially excluded and assisting them lo 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 rellef of the physlcal and rnental slckness of persons In need; through the provlslon of treatments, induding medical or psychosocial intervenlions, counselling and support. To provide. for the beneflt of Ihe public, assistance through eoncili8tion and mediation of persons whose relallonshlps have, or are at risk of havlng, broken down and to advlse and help in the settlement of differences over issues connected to such relakn'onships. 'Socially excluded" means belng excluded from society, or parts of society. as a result of one or more of the following factors.. unemploymenl- financlal 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 housin9 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 cornrnunity. Ensurlng our work dolivers our alms We review our aims, objectives and activities each year. This review looks at what we achleved and the outcomes of our work In the previous 12 months. The revlew 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, objeclives and activities remained focused on our slated purposes. We hav8 referred lo the guidance contained in Ihe Charity Commission's general guidance on public benefit when reviewing our aims and objeclives and in planning our future activities. In particular, the trustee5 consider how planned activities will contribute to the aims and objectives they have set. Our volunteers: Durlng 2024125 our w￿rk was supported by a committed total of over 470 volunteers donated tlme eilher through regular volunteering or one-off events such as Christmas Dlnner events). Close to 8,500 hours of volunteering time were registered which based on minimum wage this is more than £97,000 In volunteer time. Volunteers support us across our seNices In a variety of roles Including counselling, mentoring, services such as gardening and in our central services. Doojsign En¥elope ID.. 9CÉ931o7-35E￿C97-AB8D-9F831o699868 The Cyrenians Limited operating as Changing Lives Trustees. Report Publlc Beneflt: We promote social inclusion for Ihe public benefit by prevenllng 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 twstees confimi that they have complied with the requirements of sectlon 17 of the Charitles Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievoments and P•rfomianca: R•vlew of Operatlons Changing Lives was set up over SO 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 slill stand today and the drive to help and support people to improve their lives has never been stronger. We continue to support over 14,000 people every year, we employ over 550 staff, have over 150 volunteers and are passionate about working In partnersh5p wlth other like-mlnded organisatlons. At Changing Lives, we continue to actively promote ourselves on social media. In this financial year our social media presenGe grew (10.5°/ol and reached over 1,000,000 people across all channels. We featured over 50 times in press features ranging from regional to national coverage across both written media and broadcast television footage. Our national press coverage included stories relating to the successful delivery of our 'Leading with Purpose. training to staff throughout the organisation. Changing Lives was awarded the Princess Royal Training Award in August 2024. Achieving the Princess Royal Training Award for our commitment and excellence in learning and development really shows that we put our people at the heart of what we do. so that we can best support those vtho access our services. In December 2024 we again héld our Christmas wann meal appeal campaign in partnership with NE Offers received significanl media attention whilst raising over £130k to providing vttal food provision. We contlnue to beneflt from fundralslng aclivilies all year round whlch provide vllal 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. In March 2025 we held our bi-annual staff celebralion which provides an opportunity together to reflect on the amazing work we do, celebrate achievements and meet new people. The event was aitended by over 400 of Changing Lives dedicated staff from across all areas of the charty. Dowsign Erwelope ID.. gcE93107-35E64C97-A88fh9F831D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report As part of our commitrnent to the Changing Lives brand we have reinforced our values through a 'People Promise.. Our values remain the same Passionate, EmpDwering, Opportunity. Positivity. Listening, and Equalty however our promise is. 1. Our promlse to our staff: to create a Y￿rkplaCe where are supported. respected, and empowered. 2. Our promise to the people we support.. to always act with compassion, equality, and care. The 'People Promise, reprèsents both who we are and what we aspire to be together. We would Ilke to thank those organisatlons who have continued to support Changing Lives throughout the year and note those who have included Changing Lives as one of thelr 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 ser4lces by °Pillar' is below. Homelessness Servlces Across 1st April 2024 10 31sl March 2025, we supported over 3.500 individuals to access safe accommodation and supporl. with an average of 37 across all referrals. Our work with young people continued to increase with 18.10/0 under the age of 24. 78.9°A (+3.90/0 2024) of indlvlduals secured positive outcomes vthich is an improvement of last year's figure and above the sector average, with the maln move on outcome to further supported accommodation or a secure tenancy. At Changln9 Lives. we support people over a wlde range of ages who are experiencing homelessness, including specialist provision for young people. Some are care leavers, others might have experienced abuse or family breakdown. Regardless of how they came to be in our services, we aim to give them Ihe skills and empowerment they need lo move into their own secure tenancy. In May 2024 we welcomed the news that the government will amend Ihe definition of nuisance rough Sleeping but remain concemèd that the concèpt of nuisance rough sle8pin9 remains in the 8111. Not only could this still be used to unfairly prosecute vulnerable people. 11 sends a message thai people experiencing homelessness and rough sleeping are an inconvenience Ihat need5 to be hidden away. rather than a vlslble symptom of wider failings in our welfare. housing and homelessness systems. We are in agreement with the wlder homelessness sector that the powers introduced through the Bill are unnecessary - as the police already have powers to deal with genuine anti-social behaviour - and to the detriment of people experiencing homelessness. In February 2025 Changing Lives responded to the shocking statistics that were publlsh8d showing 1 in 62 young people are facing Homelessness or at risk this is a 10•/0 increase on Ihe previous year. At Changing Lives, we provide OFSTED registered services to Young People nationally and we joined with other providers nationally to encourage the government to include a youth specific section in Its upcoming Homelessness Strategy. Docuslgn Envelope ID: 9CE93107-3sE64C97-AB8L￿9F83l D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Tho focus on quality continued by joining the Domestic Abuse Housin9 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 introductlon of OFSTED for our provislon accommodating looked after children and care leavers aged 16-17. In 2024125 we carnpaigned to ensure our services did not face cuts as a result of pressure lo council budgets. We featured across various media releases to promote the positive and lasting impact of our work as well as the value lo the wider community of Changing Lives intervention. As such our retention work was vitally important lo continue providing services in areas such as NevKaslle. In posilive news we were delighted to successfully lender for services in both Dagenham and Doncaster which increased the nalional reach of our Homelessness services. New services comrnenced delivery in September 2024, and we are excited to begin making a positive impact on the lives of those within these seryices. Homelessness will alwpys be central to our operations and represents over 500A of our charilable Income. Womens & Chlldrèn's Sèrvlc•8 This year. our Women's and Children's Services have supported 6,538 indivlduals. Among these, 1 S8 referrals were male, prlmarily Ilnked to our sex work and exploilalion servlces and our domestic abuse NIDAS service. The NIDAS IDVA team has supported 84 men as victims. Other support was given to men through our outreach and healthy Ilving programme8 in Doncaster. We are currently supporting 3.046 Indlviduals Ihrough our Women's Servlces nationwlde at the end cf March 25. The rnost represented age group among the women we support continued to bo 3544 yoars old, comprising 340/0 of the total. We've also observed an increase in the diversily of our referrals or improved recording, with the percentage of unknown ethnicity dropping from 18QA in 2024 to 160/0 in 2025. Among our referrals, 762 people (11.80/.) identify as black, mixed race, or from 8 minorty background. Additionally, 30 people this year are from Iravelling communltles. The most common reason for people leaving our services is exiting from MOJ Contracts based on probation practitioners, professional judgment, accounting for 16.30h. followed by people compl8llng the programme at 11.5'k. The Apps Team has now completed the new Case Management System. whlch is scheduled to launch in Q2 of FY 25126. This system will improve our data collection and improve outcomes for women by specifically reporting on access to justice levels, recovery from violence and abuse, and reducing re￿ffendlng. DorAJsign Envelope ID.. 9CE93107-35E64C97-A88(¥9F831D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Developments Net41ea¢h - Netreach is a Home Office-funded initiative under the Preventing Violence Against Women and Girls (VAWG).. What Works Funding. Its mission is to identify women and girfs aged 16-25 at risk of online exploitation and provide early, I￿hl-toUCh interventions. The team works nationally across exploitation and sex work projecls, maintaining an online presence on forums and social platforms lo reach those affected by tech abuse and online harms. In the year lo March 25 the team has worked closely with Social Finance to develop a whol&person approach as well as introducing tiered levels of support for different needs and strengthened feedback mechanisms for continuous improvement. Adult Sexual Explollatlon Partnership (ASEP) In July 2024 on expiry of our previous work under the STAGE name, Changing Lives as part of a partnership of organisations secured £2.3m in funding from the National Lottery Community Fund to expand support for victim5 of Adult Sexual Exploitation. The funding will be used to expand the Adult Sexual Exploitation Partnership, providing traurna-informed support for people who have been groomed for sexual exploitation so they can achieve positive change in their lives. The ASE Partnership brings logelher Changing Lives, A WAY OUT Charity, The Angelou Centre, Basls Yorkshire, Together Women. GROW, Womencenlre. and Ashiana. Togelher combining policy and practice to provide trauma-informed support and create systems change for women who are at risk of sexual exploitation andlor women and glrls a+aed 16+ who have been groomed for sexual exploitation. Slnce the partnershlp was formed In 2019, we have collectlvely supported over 800 women. We are now able to conlinue Ihis work combinin9 policy and piactice lo piovide tTauma-informad support and create systems change lor women. NIDAS In December 2023 we became the bad partner delivering Ihe Integrated Domestic Abuse SeNice within Newcaslle. Prior to thls we had been a sub-contraclor delivering an element of the support. Together with our partners Action for Children & Rape Crisis we are able to offer specialist support, we alm to reduce the long-temi risk of vlolence and abuse, helplng people to live safely and independently. We know that everybod￿$ lrfe is different, so we will listen to whal is important to people. and we will discuss options. In being the lead partner, we are now able to offer Refuge Accommodalion. outreach arKI IDVAIISVA support. Mlddlesbrough Refuge this year through additional fundlng we were able to continue lo deliver trauma-informed-therapeutic inleNentions for the children in our service in partnership wilh My Sisters Place. Red Umbrella - The Red Umbrella project based in Merseyside supports people involved in sex work, selling sex andlor experiencing sexual exploitation lo combat instances of violence and crimes against them and bring perpetrators to justice. 10 C)ocuslgn Envelope ID.. 9CEg3107-35E￿c97-AB8D-9F83lD899888 The Cyrenians Limited operating as Changing Lives Trustees. Report Crlmlnal Ju511ce we continue to deliver our core criminal justice services for vulnerable women whilst on license within custody or wilhin the community. We have begun to deliver two new services through funding securing with the MOJ Innovation fund in Northumbria & Stoke-on-Trent which is helping to deliver domestic abuse and oulreach support that may be required to help create a life away from criminal activity and pursue future goals. In July we responded to the governments early release scheme measures with concern that this could lead to increased levels of homelessness. Many women we work with ar8 currently released from custody with no accommodation or are placed in mixed-sex accommodation. This leaves them open to exploitation from organised crime groups who sexually andlor criminalty exploit them, often resulting in their return to custody with further criminal charges. Through our work, we have seen an Increase in women advertising sex online to survive.. In August we W￿l¢omed Prisons Minister James Timspon OBE to our women's hub in Stockton. The team highlighted the great work they carry out in partnership with the Probation Service to support women within the Criminal Justice System, and discussed the challenges we face and hope that the Govemment wlll address. Recovery & Wellbelng In this year our activity reduc8d with the demobilisation of our services in York due to the contract coming to an end. As we mentioned in Ihe previous year the change in regulation to allow Provider Selection Regime (PSR) and the dominance of large-scale recovery organisations, meaning that opportunities to expand have become less frequent. We instead focus on the seprfices thal we relain and provlding Ihe support across the North East and North Yorkshire. The numbers of Individuals who left our services during the year was 2,378 01 whlch we successfully achieved a 98.8°A posilive exil rate. Our strategy moving forward is to focus on the development of new partnerships with key and lead organisatlons who can deliver the clinical andlor recovery coordination element ol large-scale contracts. Our intention Is not to lead on public health contracts but offer a specialism lo larger organisations around recovery and abstinence (i.e.. our Oaktrees rnodel), women's specific recovery options, which is gaining traction and increased interest andlor an assertive outreach model to engage those who ser4ices have previousty failed lo 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 partnership5 which could bring about opportunlty nationally, We also plan to strengthen our gender speclfic recovery-based offer and look to gather some evidence base behind our women in recovery work. L)ocusign En¥elope ID.. 9CE93107-35E64C97-AB80-9F831D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Employment Servlces 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. Actlvlty Pathways to Progress - we were able to launch Pathways to Progress which offers fre8 to access, one to one advice, supportlng individuals to meet their goals and progress. The initiative, led by Education Development Trust and key partners, offers personalised guidance and advice On Ihe following., health and wellb8ing. money management, tralnlng and volunteering, skills development, career5 Options. IPS Doncaster our individual placement and support (IPS) services in Doncasler vh)ich deliver intens5ve employment support by employment speclallsts as part of the multi-disciplinary drug and alcohol sep4ice delivered by our partner Aspire continued into its second year. Gateshead GWL - Gateshead Go, Work. Live IGWL) is dellvered 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 wilh access lo courses, benefits and support with job applications. 12 Docuslgn Envelope ID: gCE93107.35EfAC97.AB8t￿9F63l06y9888 The Cyrenians Limited operating as Changing Lives Trustees. Report Local Jobs for Local People - this project was launched to support Doncaster residents that have history or are currendy experiencing substance misuse that are nol Currently accessing SUPPOrt from Aspire Drug and Alcohol SeNice. Looking ahead to 2024125 we ar8 8XCited to have secured funding to deliver our Pathways to Progress service which is based in West-yorkshire and will support individuals into emplo￿nent and related opportunilies. addressing immediate needs while fostering personal gr0￿h and community connections. LEAP Team Valloy (Llf•long, Employmgnc Achiev•m•nt, Productlvlty) - Is a partnership between Waythrough, Tandem, Citizens Advice Dadington. Redcar and Cleveland. Middlesbrough Citizens Advice Middlesbrough, Stockton and Districl Advic8 and Information Servlce, Hartlepool Citizens Advlce. Middlesbrough VDA, Redcar & Cleveland VDA. Let's Connect, and Changing Lives. We support people to improve their health and wellbeing, become aclive in their communities. improve their financlal situation, and move into training, education or employment. Looklng ahead to the next financial year. we are excited to launch the Changlng Lives academy which indudes a lived experience programme to provlde work and placement opportunities for those engaged within other Changing Lives services. Future Plans The board have agaln commltted to provlding a pay award in Ilne wSth government Increases. We recognise the continued challenging environment and pressure faced by staff throughout a cost-of-livln9 crisis. Changing Lives is proud of Its retentlon rate of staff and has conlinu8d lo see reduced staff turnover throughout the financial year. Ultimately investing in our staff provKles a greater service to those who are using our services. The continued rise in natlonal minlmum wage creates pressure on conlr8cI budgets however the Charity has always pald In excess of the mlnimurn wage to ensure staff are recognised for the incredible work they do. In November 2024 the Government confirmed plans to reduce the employer National Insurance threshold as well as an increase from 13.8 to 15/0. This combined with the increases to minimum wage from April 25 place significant pressure on all charity's future financial projections. Despite 7.361 charities signing the jolnt letter urglng support for Charlties there will be no support In the next financial year. 13 Do¢ustgn Envelope ID.. 9CE93107-35EfAC97-A88t>9F831D699888 The Cyrenians Limited operating as Changing Llves Trustees. Report At Changing Lives. we have continued to work with funders and review out intemal budgets and forecasts to ensure we are able to be sustainable despite the pressures from Ihe changes above. The Charity remains optimistic about its future outlook and continues to look for opportunities to provide support and solutlons so we can support more peoplè. The change in government also provided proposed reforms to the employment rights act began wlth consultations in 2024 and continued throughout 2025. Although changes will not come into force until 2026 the proposals lo make changes to temporary staffing conlracts including zerovhour contracts and reform to working patterns and scheduling decisions will impact Changlng Lives who have strong history of sessional staff who enjoy the flexibility of being able to pick and Choose shifts depending on availability. These sessional staff provide a bank of skilled staff who Can support with seasonal fluctuations and gaps withln our permanenl workforce. Ch8nging Lives has actively soughl measures to be able to protect bolh our slaff and the services we deliver to ensure our response to the changes provides contlnued to stability to OUT seNice users and does rK)t compromise the quallty of our front-line delivery. The organisalion continues to be debt free; we are focussed on generating as much as possible from our funds and ensuring that the balance sheet continues lo remain strong as well as generating unreslricled funds vthere posslble to support delivery of non*rant funded activlties. For 2025126 the board has set conllnu8d with three key priorities from prlor year with the additlon of one relating to property management; Welfare & Wellbeing Operations and new business Technology& Use of Al . Asset8 The Senior Leadership and executive teams have formed small working groups each with designated member from the board wlth a range of actlons to be able to achleve slgnificant progress. Advisory groups will meet throughout the year to monrtor and map progress. Alongside this operational teams wlll work towards KPI'S sel by the board to help achieve these objecllves. As a board vle believe the steps tsken above will continue to put our servlces in the best place to continue delivering exceptional services across all of our pillars of work. In Aprll 2025 our subsldiary company TCUK Homes will begin operating as Changing Lives Homes. Housing is the foundation for change. Through Changing Lives Homes, we are proud lo provide 8 stable and supportive environment where people can begin their journey towards independence. Thls name Change reflects the realiiy of our work - a unified approach that places people at the centre. As we reflect on a successful year of operations. we are positive about our fvture and look forward to continuing to deliver much needed services to people nationally. Together We Are Changing Lives. 14 Docusign Envelope ID.. 9CE9310745E64C97-AB8tk9F831D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Our Workforce - Employee Engagement: Changing Lives staff are based nalionally and across a wide range of locations. To ensure all stsff are able Io engage we Continue to offer all staff Ihe opportunlty lo pose qu8stlons through a variety of channels including our dedicated Staff Voice Forum as well as directly to our CEO through 'Ask Stephen, feature. We strivè to ensure thal all staff are heard, and we regularly conduct feedback including employee satisfaction surveys. The Staff Voice Forum meets quarterly and at the end of March 25 had over 20 representatives ensuring national coverage for all staff within the organisation. In the year we expanded our offering to staff as part of our wellbeing priority through Ihe recruitment of an in-house counsellor. Our front-line staff face challenging circumstances every day and we recognise the importance of wellbeing. This strengthens our support available to staff who 81$0 have a 'Welfare and Llves Experlence Advisor, available to support wlth a range of p8rsonal clrcumsiances. Acknowledging the challenges posed by the cost of living. we are actively seeking input from our staff through plalforn)s like the slaff forum to understand wheTe 'charilable efforts can be9in al home,. This inclusive approach ensures that the concerns of each employee are consldered, lostering a sense of community and shared responslbility. Our dedication to development and career pathways remains unwaverln9. We continually review volunteering programs, placing development and training al the core of our initiatives. Internal moves and developmenl opportunities are actively explored. shaping a multl-skilled, engaged workforce that thrives on gr0￿h and adapiability. At the heart of our organisatlonal 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 modem methods enable us to work differently, adaptlng to the ever-evolvlng landscape. Central to our ethos is the Integratlon of compasslon 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 creatlng a workplace that not only meets the challenges of today but Shapes 8 future where every employee thrives. Stsff Welfare has remained as one of our dedicated priorities for the next financial year and we have outlined 5 key priorities to ensure continued employee engagement and welfare,. Development of a core compelency framework Enhance staff expeTience and wellbeing A full review of our core training package Analysls of impact of employment rights changes Launch of the Changing Lives Academy {including a lived experience programme) 15 Dootsign Envelope ID: gCE931074SE64C97-AB8D-9F831 D699888 The Cyrenians Limlted operating as Changing Lives Trustees, Report Energy and Carbon Usage: The Charitls work is around housing and homelessness. Al the end of the financial year. the group had 1008 (2024'.1032) housing units. Properties vary from individual rooms to mulli 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 ownllease fèw vehides and emissions from owned transport conlributes less than 50/0 of th8 Charitls carbon emissions. UK Greenh'ouse'gas'emissions'and.energy..use'data for: the yéai, ende.d 31::March'2025'. Enerqy consumption used to'calculate',emissiohS (kwh):, 2024 4,:1T7,843 '1.,482,863 483,213 8 143,919 5,736,649 L1.,749'124 ', Elèctsicity:. ' Transpori.fuel Tolal Scop• 1:, emissions iri melric tonnès C02e ,, Gas Consumption. Owned..Transpoit . Total'sco "Scope'2'erriissions in rr£iric'ionnes:CCI2e Purchased Electrici Scop.e'3' einissions'in metric tonnes C02e - Business traiiel iri em ee owned.vehicles"; 8 030.189 .761.12 ..1,:045'16 800.39 1095.23 338.25 546.02 ross eniissions'in metric tonnes'C02e;' ,ratio.Tonries C02e' ér unit i: Inlens Quanllfl¢ation and Reportlng Methodology We have followed the 2019 HM Govemment 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). 16 Docusign Envelo￿ ID.. 9CE93107-35E64C97-AB8D-9F831 D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Int•n8lty Measurem•nt The chosen intensity measurement ratio its total gross emissions in metric tonnes C02e per housing unlt, the most relevant measure as most our emisslons arise from our houslng and homelessness activities. Pay Policy: The Remuneration Committee is 8Stablished to recommend to the main Board an overall remuneration policy that is aligned with ils 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 Commlttee include$'. To recommend and monitor the level and struclure of remuneration for senior management team Agreeing and recommending to the Board the annual staff pay award and Its distribution lative to performance ratings. Commissioning and considering market testing informalion rolating to pay awards of Chiol Executive. Executive Directors. and Directors pay. Receiving reports on recruitment, turnover, sickness trends. employment condltions, staff benefits and other related issues Reporting annually to the main Board on the work undertaken by the Committee. Pollcy for the employment for dlsablod persons: Appllcations for employment by disabled persons are always fully consldered, bearing in mind the aptiludes of the applicant concerned. In the event of members of staff bacoming dlsabled. every effort is made to ensure Ihat their employment withln the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and prornotion of disabled persons should, as far as possible, be identical lo that of other employees. Employee Involvement: The directors have engaged wilh employees duing the year through regular rn88tings and feedback sessions, and have had regard to the inlerests of employees when making principal decisions. Flnanclal review: The group achieved a total surplus of £1,426.353. the unrestricted income net movemenl in funds was £1,252.438. 17 Docu$lgn Envelope ID.. 9CE93107-35E64C97-AB80-9F831 D699888 The Cyrenians Limited operating as Changing Lives Trustees, Report During the year our operational performance provided a strong surplus. The stalulory accounts results included the repayment of a capital grant from 2018 which has ne9atively impacted the surplus reported. Intemally developments have been made to improve financial literacy across the organisation with updated financial dashboards and forecasling tools being made available lo managers across the organisation. Financial performance has focussed around three Key Performance Indicators; agency spend, bad debl and void loss. Significant focussed efforts have been made towards these three KPI'S. As part of the strategy noted above the Gomm8rcial viability of contracts contlnues lo 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 outstandlng bank loans and recognises the improved balance sheet posltion. Invo8tmont pollcy: The trustees, havlng regard to the Ilquidity requlrements of operating the charlty. have kept available funds in an interest-bearlng deposit account and seek to achieve a rate on deposit which matches or exceeds inflatlon as fneasured by Ihe relall prices index. All outstanding loans were fully repald in September 2023, with no further borrowing belng obtained. During the year the Charity has deposited funds In a longer term hlgher interest-bearing account with the aim of maximising returns from its reserves as part of its k>ng-term strategy. Reserves pollcy and golng concern The calculation of free reserves is based on the definition included in the charity statement of recommended praclice (SORP), whlch provides recommendations for accounting and reporting for harities. The trustees have examined the requirements of the charitable Company to hold free reserves those resepies nol 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 unrestricled free reserves at a level sufficient to cover between two to four months of staff costs and lease cornmitments which equates to appiox. £3million. At the 31 March 2025 Ihe level of free reseNes held by the charity was £1.716,138 (2024 £1,109,547). The lev81 of unrestricted reserves held by the charity at the year-end was £9.244,528 (2024 - £7,992,090). As part ol the reseprfes policy the trustees have designated the following funds: Sinkin9 fund of £1,303,852 (2024 - £875,752)., Core Properties fund and the revaluation reserve £3,019,441 (2024 - £3,082.582), Property Investment Fund £771,900 (2024 - £1.200.000) and dilapidation fund £300,000 (2024 - £nil). Narrative for these funds can be found in note 23 of the financial statements. 18 Docusign Envelope ID.. 9CE93107-35EfAC97-A88D-9F8310699888 The Cyrenians Limited operating as Changing Lives Trustees. Report During the year the trustees have reviewed ongoing sinking fund liabillty and have chosen to transfer funds during the year recognising the eXP￿ted future dilapidations. Overall funds of £14,893,610 {2024 - £13,467.257) were held at 31 March 2025 which included restricted amounts of £5,649,082 (2024 - £5,475,167). Rlsk management The directors have examined the major slrategic, business and operational risks which the charity faces and confirn Ihal 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 pollcy that may 81s0 impact on funding. Thls has led to the development of strategic plans vthich are regularly revised and allow for the diversification of funding and activitle5. Intemal risks are minimized by the implementatlon of procedures for authorization of all transactlons and projects. The charlty maintalns a risk regist8r to ensure managemenl of slrateglc risks. the Risk and Quallty 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 chalred by a trustee, and reports into the main Board. The charity has slgnlficantly reduced its financial risk through repayment of the loan previously held with Barclays. The risk committee does however continue to recognise the extemal financial environment as a high-level risk. Thè funding 18ndscap8 continues lo be uncert8in and so although the charity has a slgnificanl proportlon of income being generated Ihrough housing benellt which does have inflationary uplifts annually. we recognise the long-term risk to contracl income. Stakeholder engagement continues to be a priorty with discusslons continuing across funders to deliver uplifts where possible. 19 Docusign Envelope ID.. 9CE93107-35E64C97-AB6D.gF831D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Our approach to fundralslng actlvltles.. The Charity complies with the Code of Fundraising Praclice. 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 Charitys bank account before deduction of expenses. All literature wll properly describe what donations will be used for. All fundraising aclivilies will be conducted in an open honest and transparent manner. Changing Lives does not employ the services of oulside professional fundralsers. During ihe perlod under review no complaints have been received. Changlng Llves values the contribution made by all our donors. Changing Lives will Ireat all donors wilh respect and dignity. Changing Lives do not, and will not Make, unsolicited calls to members of Ihe publlc requesting donations. Statoment of R•8ponslbllllles The trustees (who are also the directors of The Cyrenians Limited for the purposes of company law) are responslble for preparing the trustees. report and the financial statements in accordance wllh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce). Includlng FRS 102 "The Flnancial Reporting Standard appllcable In the UK and Republic of Ireland" Company law requlres the trustees lo prepare flnanclal statements for each flnancial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and falr view of the slate of affalrs of the parent charilable company and the group and of the incomlng resources and application of resources, including its income and expenditure. of the charilable group lor that period. In preparlng these financlal statements, the trustees are required to.. select suitable accounting policies and apply them conslstently; obs8rve the methods and princlples In the Charlties SORP: make judgemenls and estimates that are reasonable and prudent., stste whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financlal statements,. and prepare the financial statements on the going concern basis unless il is inappropriate lo prèsumè ihal the parent charitable company will continue in business. The trustees are responsible for keeplng proper accountlng records that can disclose with reasonable accuracy at any time the financial position of the parent charitable Company and the group and enable Ihem to ensure that the financial statements comply vlith th8 Companles 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 deteclion of fraud and other irregularities. The trustees are responsible for the malntenance and integrity of the Corporate and financlal information included on Ihe charitable companls web5ile. Legislation governing the preparation and dissemlnation of financial stalements may differ from legislation in other jurisdictions. 20 Oocusign Envelope ID.. 9CE93107-35EFAC97AB8D-9F831D699888 The Cyrenians Limited operating as Changing Lives Trustees. Report Dlsclosure of Inforniatlon to auditor Each trustee ha5 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 trLAStees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. Reappolntment of auditor In accordance with sectlon 485 of the Companles Act 2006, a resolutlon for the re•appolntment of Azets Audit Services as auditors of Ihe charity is to be proposed at the forthcoming Annual General Meeting. The annual report was approved by Ihe trustees of the Charity on behalf by.. 10 D6Gththor 2025 and slgned on Its D•s¥8loffl•dty'. s Fruv Glynis Frew Trustee 21 DO￿SIgn Envelope ID.. 9cE93107-35EPAC97-A88￿YF831Ds99B88 The Cyrenians Limited operating as Changing Llves Independent Auditor's Report to the Members of The Cyrenians Llmited Oplnlon We have audited the financial stalements of The Cyrenians Limited (the 'charitable parent compan￿> and Its subsidiary (the 'group') for the year ended 31 March 2025. whlch comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet. Balance Sheet. Consolidated Stalemenl of Cash Flows. and Notes to the Financial Slat8ments, including a $umm8ry of significant accounting policies. The financial reportlng framework thal has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generalty Accepted Accounting Practs'ce). In our opinlon the fjnanclal statements: give a true and fair view of the stale of the group's Bnd parent charlty's affalrs as at 31 March 2025 and of the group's incoming resources and application of resources. including its income and expendlture for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with ihe requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audlt In accordance with IntemallonAI Standards on Audltlng {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements Ihat aTe relevant lo our audil of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responslblllties In accordance wlth these requlremenls. We believe that tha audit evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng conc•rn In auditing the financlal statements, we have concluded that the trustee5 use ot the going concern basls of acGounting in the preparalion of the financial statement$ Is appropriate. 8ased on the work w8 have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group's abllity to continue as a going concern for 8 period of at least hvelve months from when the financial statements were authorised for issue. Our responsibillties and the responsibilrties of the trusteès wlth respect to golng concem are desGrlbed in the relevant sections of this report. Other Intormatlon The trustees are responsible for the olher information. The other information comprises the Informalion 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 fom) of assurance conclusion thereon. Docuslgn Envelope ID.. 9CE93107-35Eer4C97-AB8D-9F831 D699888 The Cyrenians Limited operating as Changing Lives Independent Auditor's Report to the Members of The Cyrenians Limited In connection wlth our audll of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other infomiation is materially inconsislent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify $uch material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstalement in the financial statements or a material mlsstslemenl of the other information. If. based on thè work we have performed. we Conclude that Ihere is a material misststement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matt•r pr•8crlbèd by thè Companies Act 2006 In OUF opinion, based on the work undertaken in the course of the audit- the information given in the Tnjstees, Report for the financial year for which the financial stalemenls are prepared is ¢onsistent with the financlal statements,. and the Trustees, Report have been prepared in accordance wllh applicable legal requlrements. Matlors on whlch we aro r•qulrod to report by •x¢optlon In the light of our knO￿edge and understanding of the group and the parent charitab18 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Flnancial Statements and the Trustees, Report, We have nothlng to report In respect of the followrng matters where Ihe Companies Act 2006 requlres us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company. or retums adequate for our audlt have not been recelved from branches not vlsited by us., or the parent charltable company financlal statements are not in agreemenl wlth the accountlng records and returns; or certain disclosures of trustee5 remunerallon speclfied by law are not made", or we have not recelved all the information and explanations we require for our audiL Responslbilfties of trustees As explained more fully in the Statement of Responsibilities (set out on page 20), the trustees are responsible for th8 preparation of the financial statements and lor being satisfied that they give a true and fair view. and for such intemal control as the truslees determine is necessary to enable the preparation of financial statements Ihat are free from materlal misstatement, whether due to fraud or error. In preparing the financial statements. the truslees are responsible for assessing the charity's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the truslees eilher intend to liquidate the charity or to ceose operations. or have no realistic afternative bul lo do so. 23 Docusvdn Envelope10.' 9CE93I0745E￿c97-AB8￿9F83l D699888 The Cyrenians Limited operating as Changing Lives Independent Auditor's Report to the Members of The Cyrenians Limlted Audltofs responsibllltles for the audit of the financial sL1tèments Our objecuves are to obtain reasonable assurance about whether the financial statements as a vthole are free from material misstaternent, whether due to fraud or error, and to issue an auditor's report thal 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 delect a material misstatement when it exlsts. Misstatements can arise from fraud or error and 8re considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on th8 basis of these financial statements. Irregularities. including fraud, ar6 instances of non-compllance with laws and regulations. We deslgn procedures in line with our responsibllities. outlined above. to detect materlal misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. its activities, its control environment, and likely future developments, including In relation to the legal and regulatory fram8work applicable and how the entity is complylng with that framework. Based on this understanding, w8 identify and ass8SS the rlsks of malerlal missialement of the financlal statements. whelher due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence thal is 6ufficienl and appropriate to providè a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. The extent to which our procedures are capable of detecting Irregularities. including fraud is detalled below: enquiries with management about any known or suspected instances of non-complian¢e with laws and regulations and fraud., revlewlng mlnutes of meetings of those charged wbth governance; assessing the extent of compliance wlth the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; review financial stalemenl disclosures and testing to supporting documentation to assess compllance wllh applicable laws and regulations,. and performing audit worf( over the risk of management bias and override of controls, including testing of journal entries and other adjustrnents for approprlat8ness. evaluating the business rationale of significant transactions oulside the normal course of business and reviewing accounting estimates for indicators of potential bias. 24 Docusign Envelope10'. 9CE931O7-35E64C97-AB8￿9F83l D699688 The Cyrenians Limited operating as Changing Lives Independent Auditor's Report to the Members of The Cyrenians Limited Because of the field in which the dient operates, we identified Ihe following areas as those mosl likely to have a material impact on the financial statements: Building and Fire safety regulalions. Care Quality Commission and compliance with the UK Companies Act and Charities Act. Because of the inherent Ilmltatlons of an audlt, there Is a rlsk that we wlll not detect 811 Irregularitles. including those leading lo a material misstatement in the financial statement5 or non-compliance with regulation. This rlsk increases the more Ihat compliance wilh a law or regulation is rernoved from the events and transactions reflected in the financial statements. as we will be less likely lo becorne aware of Instsn¢es of non4ompllance. The rlsk of not detecting a material misstatement resultlng from fraud is higher than for one resulting from error, as fraud may involve Collusion, forgery, intentional omissions, misrepr8sentation$. OT the overrlde of InteTnal control. A further deS¢riPiion of our responsibilities is available on the Financial Reporting Council's website at: vmw.frc.org.uklauditorsresponsibilities. This descripts'on foms part of our auditor's report. Use of our r•port This report is made solely to the Charilable parent company's ITUStees, 85 a body. in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to th8 group's trustees those matters we are required lo stale to them in an auditor's report and lor no olher purpose. To the fullest exteni ￿rMitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its Irustees as a body, for our audit work, for this feport. or for the opinions we have formed. Slmon 8rown 8A ACA DChA {Senior Statutory Audltor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Audrtor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS I l Dgcewèer 2025 zels Audit Services is a trading name of A2ets Audit Services Limited. 25 Do￿19n Envelope ID.. 9CE9310745E64C97.AB8D-9F831D699886 The Cyrenians Limited operating as Changing Lives Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2025 Total 2024 Unrestrlcted Restrlcted Not• Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 200,89S 33,664,275 161,436 201,879 167,485 3,630,667 8,022 368,380 37,294,942 169,458 201,879 366.734 34.229,841 178,179 64.134 Total Income 34,228,485 3,806,174 38,034.659 34.838.888 Expenditurn on: Raising funds Charitable activities (28.801) 32.915.676 (8.791) 3.655.038 (37,592) 36,570.714 (18,070) 35,058,417 Total Expenditure Net incomel Reconclliatlon of funds Total funds broughl fofward Total funds carrled forward 7.499.007 6,205.849 13,704,856 23 7,992,090 5,475.167 13,467.257 27 ()ocusign Envelope ID.. 9CE93107-35E64C97-A88LL9F831D699888 The Cyrenians Limited operating as Changing Lives (Registration number: 00995799) Consolidated Balance Sheet as at 31 March 2025 2025 2024 Noto Flxed asset$ Tangible assets 15 10.035.919 9,807,302 Current assèts Debtors Cash at bank and in hand 17 18 3.171,617 6,537.221 4,229,132 4,794.844 9,708,838 9,023,976 Creditors: Amount8 falllng due wtthln one year N•t curront ass•ts 19 4,851.147 5,364,021 4.857,691 3,659,955 Net assets 14.893,610 13,467,257 Fund• of tho group: Restrlcted 5.649,082 5,475,167 Unreslri¢ted 5ncome funds Deslgnated lunds General funds 5.395,193 3,849,335 5.158,334 2,833,756 Total unrestrlcted funds 9,244.528 7,992.090 Total lunds 23 14.893,610 13,467,257 Th financial st t lo D•cernber ents on pages 26 to 59 were approved by the trustees. and authorised for issue slgned on their behalf by., is F￿V Glynis Trustee rew 28 Docusign Efivelo￿ ID.. 9CE93107_35E64C974B8D-9F831D699888 The Cyrenians Limited operating as Changing Lives (Registration number: 00995799) Balance Sheet as at 31 March 2025 2025 2024 Note Flx•d assets Tangible assets Current as$•t8 Debtors Cash at bank and In hand 15 9.862,242 9.616,137 17 18 2,962,122 5.095.261 4.1 $8,668 3.363,694 8,057,383 7.522,362 Credltors: Amounts falling due wlthln one year Not curr•nt a88ets 19 4,751.016 5,206.070 3,306,367 2,316,292 Total a$sets less curront Ilablliti•s 13.168,609 11,932,429 Credltors: Amounts falllng due after more than one year 20 Net ass•ts 4,531,640 4,639,196 7,293,233 8.636.969 Funds of th• eharlty: Restrlctod 173.915 Unrestrlcted Income lunds Deslgnated funds Unrestricted funds 5,395,193 3.067.861 5,158,334 2,134,899 Total unrestricted funds 8,463.054 7,293,233 Total funds 23 8.636,969 7,293,233 The charty rnade a surplus after tax for the financial year of £1,343.736 {2024 - deficit of £666,371). ancl I st ecem ents on pages 26 to 59 were approved by the trustees, and auttrorised for Issue signed on their behalf by.. Oacu81•n•d by.. AS Fvuv Glynis Frew Trustee 29 Docusign Erwelopo ID.. 9CE93107-35E64C97-AB8D.9F831D699888 The Cyrenians Limited operating as Changing Lives Consolidated Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Not Cash flows from operatlng acllvltle$ Net cash incomel(expenditure) Adjustments to cash flows from non-cash items Deprecl8lion Amortisation Investment income Interest payable 1.426,353 {237,599) 437.980 584,979 4,691 (64,134) 26.284 (201,879) 1,662.454 314.221 Worklng capltal adjustment$ Decrease in debtors Increase in creditors {Decrease)lin¢rease in deferred Income Net cash flows from operating acts'vits'es Cash flows from Investlng actlvltles Interest recelvable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Net cash Ilows from Investing actlvltles Cash flows from financing a¢tivilie$ Interest payable and similar charges Repayment of loans and borrowings Net cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equlvalents at 1 Aprll Cash and cash equivalents at 31 March 17 19 20 1,057.515 217,022 729.896 622,488 47.657 162,808 2,207.095 1.147.174 201,879 {666.597) 64,134 175,551) 3,310.307 15 464.718 3.298.890 (26,284) 1,727.057 19 1,753,341 1,742.377 2,692,723 4,794,844 2,102,121 6,537,221 4,794.844 All of the cash flows are derived from continuing operallons during the above two periods. 30 Do¢uslgrt Envelope ID.. 9CE93107-35E&4C97-AB8D-9F8310699888 The Cyrenians Llmlted operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 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 nol exceeding £1 towards the assets of the charity in the event of liquidation. Th8 addrèss of Its regislered office is: H26 The Avenues Eleventh Avenue North, Team Valley Trading Estate, Gateshead, Tyne and Wear, NE11 ONJ. 2 Accountlng pollcles Summary of slgniflcant aecountlng pollcl•s and key aeeountlng •sllmates The principal accounting policies applied in the preparalion of these financial ststements are set out below. These policies have been consistenlly applied lo all the years presented, unless otherwise ststed. Stat•rnent of ¢ompllance The financial statements have been prepared in accordance with Accounting and Reporting by Charilles.. Statement of Recommended Praclice applicable to charities preparing thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019) (Charities SORP {FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They 8130 comply with the Companles Act 2006 and Charities Act 2011. Basls of preparatlon The CyTenians Lirnlt8d Meets the definfrtion of a public benefit entity under FRS 102. Assels and liabilities are initially recognised at historical cost or transaction value unless olherolise stated in the relevant accounting policy notes. The financlal statements are prepared in Sterling which is the functlonal currency. Basls of consolldallon The consolidated financial statements consolidate the flnancial statements of tha charity and its subsidiary undertaking drawn up to 31 March 2025. No staternent of financial activities is presented lor the charty as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tax for the financial year of £1.343.736 <2024 - deficit of £666.371). 31 Do¢uslgn Envelope 10." 9CE93107-35EfAC97-AB8tk9F831D699888 The Cyrenians Llmited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 A subsidiary is an entity controlled by the charty. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as lo oblain benefits from its activities. Inter-company transactions, balances and unrealised gains on transactions between the charity and lis subsldiaries, which are related partles, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requlres recognition in the consolidated financial statements. Accounting pollcles of the subsldlary have been changed where necessary to ensure conslstency with the policies adopted by the group. Non-controlling interests in the nel assets of consolidated subsidiary Is id8ntified separately from the group's equity therein. Non-controlllng interests consist ol the amount of those interests at the date of the original business cornbination and the non-controlling shareholder's Share ol changes in equity since the date of the comblnation. Total comprehensive income is attributed lo non-controlling interests even if Ihis results in Ihe non-controlling interests having a deficit balance. Golng coneern The charity's forecasts and projections for Ihe next iwelve months show that the charity should be able to contlnue in operational existence for that perlod, taklng Inlo account reasonable possible changes in trading performance. The charity and its Irading subsidiaries have strong positive cash balances and is forecasting for this to conllnue to be the case. The trustees have stress tested their forecasls, laking into account various Scenarios, and remain confident that the uncertainties do not Cast signlficant doubl on the ¢ompanVs ability lo conlinue as a going concern. Estlmatlon uncertalnty and Judgem?nl• The preparation of the financial slatements reqUI￿S managemenl to make judgements, estimates and assumptlons thal affecl the amounls reported. Determine whether leases entered into by Changing Lives eilheT as a lessor or lessee are operaling or finance leases. These decisions depend on an assessment of whether the risks an¢ rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Oetemiine whether there are any indicators of impairment of Changing Lives tangible assets. Factors taken into consider81ion In reaching such a declsion include the economic viability and expected future financial performance ol the asset. Koy sour¢e6 of estlmatlon unG•rtalnty 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 carying amounts of assets and liabilities wilhin the next financial year include.. 32 Do¢u$ign Envelope ID.. 9CE93107-35E64C97-AB8D-9F831D699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Tangible fixed assets are deprecialed over their useful lives taking into account residual values. where appropriale. The actual lives of the assets and residual values are assessed annually and may vary depending on a number ol factors. In re-assessing asset lives, factors such as maintenance programmes are tsken into account. Residual value assessments consider issues such as future market conditions, the remainlng life of the assel and projected disposal values. The carrying amount is £10.035.919 {2024- £9.807,302). Income and endowments All incoming resources are Included In the Statement of Flnanclal Actlvltles (SOFA) when Iha charlty Is legally 8ntiUed to the income after any performance condibons have been met. the amount can be measured reliably and it is probable that the income will be recelved. Donatlons and lega¢l•$ For donations to be recognlsed the charlty will have been notiried of Ihe 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 obtalned then Ihe Income is deferred until those conditlons are fully met or the fulfilmenl of those conditions is within the control of the charity and it is probable that they will be fullilled. No amounl is included in the financial statements for volunteer lime in line with the SORP (FRS102). Further detail is given in the Trustees, Annual Report. Grants recelvable Revenue grants recelvable are credited to income imrnediately where enlillement is nol conditional on the delivery of specific performance criteria by the group. Where grants relate lo perfomance and specific deliver8bles, income is accounted for as the group earns it$ rlghl to consideration by its performance. Deferred Income Deferred income represents amounts received for future periods and is released to Incomlng resources in Ihe period for which, il has been received. Such income is only deferfed when-. The donor specifies that the grant or donation musl only be used In future accounting periods., or The donor has imposed condits'ons which must be met before the charity has unconditional entitlement. Gift aid Incoming resources from tax reclaims are included in the Statement of Financial Actlvities at the same tlme as the gtft to which they relate. Other tr•dlng actlvltles Income from trading activities includes income earned from fundraising events and trading actwities to raise funds for the charity. Incom8 is received in exchange lor supplying goods and services in order to raised funds and is recognised when entitlement has occurred. 33 Docusign Envelope 10.. 9cE931o7-35E￿cg7-A88[￿9F83lD69g888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Investment Income Interest Is Included when receivable by the group. Charltabl• actlvltl•s The recognition of income recelved In relation to the Social Housing Grant wllhin the consolldated accounts is done so uslng the perfonnance model In line with th8 charilies SORP. Other Incom• Net Assets transferred on the acquisition of enlilies into the group are recorded wrthin voluntary income at the value thal the assets are worth on the dale ol the transfer. Exp•ndlturg 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 allocaled to the applicable expenditure heading that aggregate similar cosls lo that category. Where costs cannot be directly attributed to particular he8dings they have been allocated on a basis consistent with the use of resources. wlth cenlral slaff costs allocated on the basls of tlme spent, and depre¢lation charges allocated on the portion of th8 asset's use. Other support costs are allocated based on the spread of staff costs. R•lslng funds These are costs Incurred in attracting voluntary income, the management ol investments and those Incurred In tradlng activities that ralse funds. Charltabl• actlvltl•s 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 dlrectly to such activities and those costs of an indirect nature necessary to support them, Support Costs Support cosls are those functions Ihat asslst the work of the charlty but do not direcffy undertake charitable activities. Support costs include back office cosis, finance. personnel, payroll and govemance costs which support Ihe charitys {and the group's) aclivrties. These Costs, which have not been direclly apportioned, have been allocated betrtrveen cost of raislng funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in the Support Cost note. DocJJsign Erbvelope ID.. 9CE9310745E64C97-A88fh9F831 D699688 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Taxatlon 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. A¢¢ordingly. the charity is potentially exempt from taxation in respecl of income or capital gains received within ￿tegOrieS covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 OT S8¢tion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Intanglble 088ots Intangible assets are stated in the Balance Sheet at cost less accumulated amortisatlon and impairment. They are amorltsed on a straight line basis over their estimated useful INes. Amortlsatlon Amortisation Ss provided onl ntangible fixed assets so as lo write off the cost, less any estimated residual value. over their expected useful econornic life as follows: Asset class Rebranding Tangible Ilxed assels Individual fixed assets are initially recorded al cost. Amortisatlon method and rate 10•/0 straight line Where fixed assets have been previously carried at a revalued amount. upon transition to FRS102 deemed cost was adopted. Depreclatlon and amortlsatlon Depreciation Is provided on tanglble fixed assets so as lo write off Ihe cost or valuatlon, less any estimated residual value, over their expected useful economic lrfe as follows.. Ass•t class Depre¢latlon mothod and rat• Straight line over the period of the lease 2°/0 - 150/0 Straight line 25°/o straight line 250/0 - 330/• straight line Leasehold property improvements Freehold propety Motor vehicles Furniture and equipmenl No depreciation is provided on land. Imp•lrm•nt of flx•d as$•t$ 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 unlt, Is estimated and compared to the carrylng 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. 35 Oocusign Envelope ID.. 9CE93107-35E64c97A88[￿gF83•0699B88 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Flxed assat Investments Investments in subsidiaries are recognised at cost. Investments in associates are measured at cost less impairmenL 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 Ihe transaction prlce. They are subsequently measured at amortised cost using the effe¢live interest melhod. less provision for impairment. A provision for the impairment of trade debtors is eslablished when there is objective evidence Ihat the charlty wlll not be able to coll8¢t all amounts due according to the original terms of the receivables. Cash and ¢a$h •qulvalont$ Cash and Gash equivalents comprise cash on hand and call deposits, and other short-lenn highly liquid investments that ar8 readily convertible to a known amount of cash and are subject to an insigniflcanl risk of change in value. Trade credltors Trade creditors are obligations to pay for goods or services that have been acquired In the ordinary course of business Irom suppliers. Accounts payable are classifled as current liabilities if the charlty does not have an unconditional right, at the end of the reporting per5od, lo defer settlemenl of the creditor for at least twelve months after the reportlng date. If there is an uncondllional right lo defer settlement for at least twelve months after the reporting dale, they are presented as non-current li8bilitles. Trade credltors are recognised initially at the transaction price and subsequently rn08sured at amortised cost using the effective interest method. Borrowingg Interesl-bearing borrowings are Inillally recorded at fair value. nel of transaction costs. Inlerest-bearing borrowings are subsequently carried al amortised cost, with the difference between the proceeds. net of transaction costs, and the amount due on redemplion being recognised as charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognis8d on the basis of the effective interest method and is induded in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an uncondltional right to defer settlement of the liability for at least twelve months after the reporting date. 36 Docu$ign Envelope ID.. 9CE931o7-35E64c97-AB8￿9F831D69988B The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Fund strneturo Unreslrict8d income funds are general funds that are available for use at the trustees dls¢retion In furtherance of the objectives ol the group. The group has designated certain funds for specific purposes. These are explained in more detail in ihe notes. The directors have decided Ihat 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 deslgnallon. Restricted income funds are those donated for use in 8 particular area or for specific purposes, the use of which Is restrlcted to that area or purposè. Operatlng lease8 Assets held for use in operating leases are Included as a separale category in fixed assets al c051 and depreGialed over their useful lrfe. Rentsl income from operating leases is recognised on a straight line basis over the term of the lease. Penslons and other post r•tlrement obllgatlons The group also operates a defined contribution pension scherne 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. Flnanclal Inslrurnents The charitable company only has financial assets and financial liabilities of a kind that qualify as basic rinanclal instruments. Basic financial instruments are initialty 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 In¢om• from donatlons and l•ga¢l•s Unfestrlct•d funds General Restrl¢ted funds Totsl 2025 Donations and legacles; Donations 200,895 167,485 167,485 368.380 200,895 368.380 37 Oocusign Envelope ID.. 9CE931O7-35E64C97-AB8t￿9F83lO69988e The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Unrestrlctod funds G•neral Restricted fund$ Total 2024 Donations and legacies: Dmations 301,123 301.123 65.611 366,734 65,611 366,734 4 Income from charitable actlvities Unr•strlcted funds General R•strl¢ted funds Total 2025 Homelessness Includlng Day Centre & Outreach Addictions and Recovery Employment and Training Womens Services including Family 23,861,729 1,978.826 540,442 7,283.278 270.512 844,392 52,104 2.463,659 3,630.667 24,132,241 2.823,218 592.546 9,746.937 37,294.942 33.664,275 Unrestrl¢ted funds Goneral Restrlcted funds Total 2024 Homelessness Including Day Centre & Outreach Addictions and Recovery Employment and Training Womens Services including Family 21.178.758 2,567,412 373.226 5,600,543 536.976 1,811.882 4.246 2.156.798 21,715,734 4,379,294 377.472 7,757,341 29.719.939 4.509,902 34,229,841 5 Incom• from other tradlng actlvllles Unrnstrlct•d funds General Restrl¢ted funds Total 2025 Other income from olher trading activities 161,436 8,022 169.458 161,436 8,022 169,458 38 DO￿tsIgn Envelope ID.. 9CE93107-35E64C97-AB8D-9F8310699888 The Cyrenians Limited operating as Changing Lives Notes to the Financlal Statements for the Year Ended 31 March 2025 Unrnstrlcted funds G•n•ral Restricted funds Total 2024 Other income from other trading activities 167,942 10,237 178.179 178.179 167,942 10.237 6 Inv•stmgnt Income Unrestrlcted funds Goneral Total 2025 Interest receivable and similar Income; Interest receivable on bank deposits 201,879 201,879 201,879 201,879 Unrestricted funds General Total 2024 Interest receivable and similar income: Interest receivable on bank deposlts 84.134 64,134 64.134 64,134 39 Docus+gn Envelope ID.. 9CE931O7-35E64C97-A88￿9F83lO699888 The Cyrenians Limited operating as Changing Lives Notes to the Flnanclal Statements for the Year Ended 31 March 2025 7 Expendllure on charitable activities Unrestricted funds General R•strl¢t¢d funds Total 2025 Homelessness including Day Centre & Outreach Addictlons and Recovery Employment and Training Womens Service8 Including Famlly 23.683,320 1.943,045 550.807 6.738,504 338.437 861.881 77.171 2.377.549 24,021,757 2,804.926 627.978 9,116,053 36.570,714 32,915,676 3,655,038 Unrestrlcled funds General R•strlcted funds Total 2024 Homelessness including Day Centre & Outreach Addictions and Recovery Employment and Training Womens Ser4ices Includlng Famlly 21.903,491 2,044,792 419,063 5,480,786 503.835 2,536,371 40.492 2.129.587 22,407,326 4,581,163 459,555 7,610,373 35,058,417 29.848,132 5.210.285 Actlvlty undertaken dIre￿lY A¢tlvlty support Costs 2025 Homelessness including Day Centre & Oulreach Addictions and Recovery Employment and Training Womens Services including Family 23,326,306 2.608,994 597,835 8.849.069 695,451 195,932 30,143 266,984 24,021.757 2,804,926 627,978 9,116,053 36,570,714 35.382,204 1,188.510 40 Docusi9n Envelope ID.. gCE931O7-35E￿C97-AB8D-gF83l D699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Aetivity undertaken diroctly Activity support costs 2024 Homelessness including Day Centre & Outreach Addictions and Recovery Employment and Training Womens Services including Family 21.864.818 4,428,320 436.041 7.402,103 542,510 152.843 23,514 208,270 22.407,326 4,581,163 459,555 7,610,373 34.131,280 927.137 35,058,417 In addition to the expenditure analysed above, there are also governance costs of £116,859 (2024 £111.608> which relate dlrectly to charllable actlvlties. See note 8 for further details. 8 Analysls of support costs Support costs allocated to charitable actlvltles Other 8UPPOrt costs Governan¢o costs Totsl 2025 Tolal 2024 Basls of allocatlon Homelessness including Day Estimate of Centre & Outreach staff tlme Estimate of staff lime Esllmate of stsff time Estimate of staff lime 116,859 578,592 695.451 542.510 Addictions and Recovery 195,932 195,932 152,843 Employment and Trainlng 30.143 30.143 23,514 Womens Services Including Family 266.984 286,984 208,270 927,137 116,859 1,071.651 1.188,510 Governance costs Total 2025 Total 2024 Salary costs Audil fees and other professional fees 40.059 76,800 39,008 72,600 116,859 111,608 41 Do¢u5ign Envelope ID.. 9CE931O745E￿C97-AB8t￿9F83ID68g888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 9 N•t Incomlngloutgolng resources Nel incomingl(outgoin9) resources for Ihe year include.. 2025 2024 Audit fees Other non-audlt servlce8 Depreciation of fixed assets Amortisatlon of goodwill 45.000 4,500 437,980 45.000 584,979 4,691 10 Trustees romuneratlon and expensos No Irustees. nor any persons connected wlth them. have recelved any remuneralion from the group during the year. No truste8s have r8celved any relmbursod axpenses or any other benefits from the charity during the year. 11 Staff costs The aggregate payToII costs were as follows: 2025 2024 Staff costs during Ihe year wor•: Wages and salaries Social security costs Pension costs Compensation payments 16,506,777 1,436,489 956,593 43,953 14,281,941 1,205,001 889,720 135.290 18,943,812 16.511.952 The monthly average number of persons (including senior rnanagement team) employed by the group during Ihe year was as follows". 2025 No 2024 Corporate Services Health and Addictions Housing and Homeless Women and Criminal Justice EmployTnent & Trainlng 57 67 401 145 18 67 87 323 121 14 688 612 42 DO￿519n Envelope ID.. 9CE9310745E64C97-A88D-9F8310699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 During the year. Ihe group made redundancy andlor termination payments which totalled £43.953 {2024 - £135,290). The number of employees whose emoluments fell within the following bands was.. 2025 No 2024 No £60.001- £70,000 £70,001- £80.000 £80,001- £90,000 £100,001- £110.000 £120,001 - £130,000 £130,001- £140,000 Th8 loal contributions paid lo the deflned contribution pension scheme durlng the year for key management personnel was £43.245 (2024 - £72,286). The total employee benefits of the key management personnel of the group were £147,098 (2024 £381,518). 12 Auditors. r•munoratlon 2025 2024 Audit of the finan¢ial statements 45.000 45,000 43 DOcus￿n Envelope ID.. 9CE931o7-35E￿c97-ABBD-9F831Ds99888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 13 Taxatlon The group is a registered charity and is therefore potentially exempt from tsxation in respect of income or ¢8Pital gains receiv8d within utegories 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 exdusively io charitable purposes. 14 Intanglble flxed assets Group and Charlty Rebrandlng Cost At 1 April 2024 At 31 March 2025 46,911 46,911 Amortlsatlon At 1 April 2024 46.911 At 31 March 2025 46,911 Net book value At 31 March 2025 At 31 March 2024 Docuslgn Envelope ID: 9CE93107-35E64C97-A88Ck9F8310699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 15 Tanglble fixed assets Group Land and bulldlngs Fumlture and equipment Motor vehicles Total Cost At 1 Aprll 2024 Additions Dlsposals 16.114,698 428.100 66,459 2.058,201 207,308 2,379 108,042 18.280.941 31,189 666,597 15,274 84,112 At 31 March 2025 16,476.339 2,263.130 123,957 18,863,426 D•preclatlon At 1 April 2024 Charge for the year Eliminated on disposals At 31 March 2025 6.488,943 292,793 66,459 1,888.806 131.989 2,379 95,890 8,473,639 13.198 437,980 15,274 84.112 6,715,277 2,018,416 93,814 8,827.507 Net book value At 31 March 2025 9,761,062 244,714 30,143 10.035.919 At 31 March 2024 9,625.755 169,395 12.152 9,807,302 Included wilhln the net book value of land and buildings above is £9,620,041 (2024 £9,468.492) in respect of freehold land and buildlngs and £141,021 (2024 - £157.263) in respect of leaseholds. Certain freehold land and buildings included above were recognised using the previous valuation, as deemed cosl on Iransition to FRS102. Therefore, at the year end the land and buildings are held at Iheir deemed historic cost. The valuation of Elliot House, perfomied by Lambert Smith Hampton on 12 August 2021, was prepared on the basis of value in use within the charflable companys objectives and gave rise to an impairment of rts cost. 45 Do￿519n Envelope ID.. 9CE931O7-35E64C97-AB8￿9F83l D699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Charity Land and buildings Furnlture and equlpmont Motor vehicles Total Cost At 1 April 2024 Addilions Dlsposals 15,934,410 428,100 66,459 1.828,947 178,056 107,247 17,870,604 31.189 637,345 15,274 81,733 At 31 March 2025 16,296.051 2,007,003 123,162 18,426,216 D•preclation At l April 2024 Charge for the year Ellmlnated on dlsposals At 31 March 2025 6,465.471 285,996 66.459 1,693,901 92,046 95,095 8,254.467 13.198 391,240 15,274 81,733 6.685,008 1,785.947 93.019 8,563,974 Net book valu• At 31 March 2025 9.611,043 221.056 30,143 9,862,242 At 31 March 2024 9,468.939 135,046 12,152 9,616.137 Included withln the net book value of land and bulldings above is £9.470,022 {2024 £9,311.676) in respect of freehold land and buildings and £141,021 {2024 - £157.263) in respect of leaseholds. Certain freehold land and buildings induded above were recognised using the previous valuation, as deemed cosl on transltion to FRS102. Therefore, at the year end the land and bulldings are held at Iheir deemed historic cost. The valuation of Elliot House. performed by Lambert Smith Hampton on 12 August 2021, was prepared on the basls of value in use within the charitable compan￿$ objectives and gave rise to an impairment of its cost. Do￿519n Envelope ID.. 9CE93107-35EfAC97-A88t>9F8310699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 16 Flxod asset Inveslmenls Charity 2025 2024 Investment in subsidiary Details of undertakings Details of the inveslments In which the charity holds 200/0 or more of the nominal value of any class of sharè capital are as follows: Country of Incorporation Proportlon of votln9 rlghts and shares held 2025 2024 Prlnclpal actlvity Undertaklng Holdlng Subsldlary und•rtaklngs Limited by Guarantee Provision of social housing TCUK Homes Llmited England 100% Subsldlarles The profil for the financial period of TCUK Homes Limited was £108.581 {2024 £416.463) and the aggregate amount of capital and reserves at the end of the period was £542,008 (2024 - £433,427). 47 Docusign Envelope ID-. 9CE93107-35EeAC97.A8BD-9F831D699888 The Cyrenians Limited operating as Changing Lives Notes to the Financlal Statements for the Year Ended 31 March 2025 17 Debtors Group Charity 2025 2024 2025 2024 Trade debtors Due from group undertakings Prepayments Accrued income Oth6T deblors 1,743,429 2,543.196 1.565,054 2,153,654 324.323 505.640 588,433 586.618 506,986 675,644 245,558 510,885 588,433 586,618 475.866 675,644 245,558 3.171,617 4.229,132 2,962.122 4,158,668 Group Other Debtors includes a bad debl provision of £2,367,543 (2024 - £1,780,775). Charity Other Debtors includes a bad debt provision of £1,412,356 (2024 - £1,239,597). 18 Cash and cash •qulvalonts Group Charity 2025 2024 2025 2024 Cash on hand Cash at bank Short-term deposlts 3,257 1,641.960 4,892,004 6,537,221 7.154 1,631,150 3.156.540 3.257 200.000 4.892,004 7,154 200.000 3,156,540 3,363,694 4,794,844 5.095.261 19 Credltors: amounts falling due wlthin one year Group Charlty 2025 2024 2025 2024 Trade creditors Due to group undertakings Other taxation and social security Other creditors Accruals Deferred income 921,132 1,100.687 877,276 64.123 871.371 328,111 229,928 1.750,716 1,621,260 279.146 205,164 1,427,868 2.351,156 328.111 224.163 1,402,083 1,855.260 279,146 199.483 1,270,914 2,585,156 5,206.070 4.851,147 5,364,021 4,751,016 48 Docu$KJn Envelope 10.. 9CE93107-35EfAC97.A880-9F8310899888 The Cyrenlans Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Deferred Income Group 2025 2024 Deferred income at 1 April 2024 Resources deferred in the period Amounts released from previous perlods Deferred income at year end 2,351.156 1.621,260 2,351,156 2,188,348 2,351,156 2,188,348 1.621.260 2,351,156 Charlty 2025 2024 Deferred income at 1 April 2024 Resources deferred in the period Amounts released from previous periods Deferred income at year end 2,585,156 1,855,260 2,585,156 2,252,348 2.585,156 2,252,348 1,855,260 2.585,156 20 Creditors: amounts falling due aft•r one year Group Charlty 2025 2024 2025 2024 other creditors 4.531,640 4,639.198 other Creditors within the charivs balance sheet relate to a lease premium and long term liabllily due to its subsidiary TCUK Homes Limited. 49 Docuslgn Envelope ID. 9CE9310745E64C97-AB8D-9F831 D699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 21 Obligatlon8 under leases and hlro purchas• contracts Operatlng lease commllrnents Total future mlnimum lease payments under non-cancellable operating leases are as follows: Group Charfty 2025 2024 2025 2024 Land and bulldlngs Within one year Between one and flve years After five years 871.692 643,773 174,754 1.668.791 783,290 3,497 355,279 110,198 1,345,840 337,898 1,690,219 2,455,578 465,477 1,683,738 Other Within one year Between one and five years 8,089 2,876 10,965 13,917 4,823 8,089 2,876 13,917 4,823 18.740 10,965 18,740 22 Pen81on and other schemes Defined contribullon penslon scheme The group operates a defined contribution pension scheme. The penslon cost charge for the year represents contributions payable by the group to the scheme and arnounted to £956,593 (2024 £889,720). Contributions totalling £68,87712024 £67,321) were payable to the seheme al the end of the year and are Included in creditors. 50 Docusign Envelope ID: 9CE93107-35E64C97.AB8D-9F831 D699888 The Cyrenians Limited operating as Changing Lives Notes to the Financlal Statements for the Year Ended 31 March 2025 23 Funds Group Balance at 1 April 2024 Balance at 31 March 2025 Incomlng resources Resources expended Transfers Unreslrlcted funds G•neral Unrestricted funds 2,833,758 34,228,484 {32,944,476) (268,429) 3,849.335 Deslgnated Core properties Property slnking fund Revaluation reserve Property inveslment fund Dllapldatlon fund 2,430,802 875.752 651.780 1.200,000 {63,141) 2,367.661 428,100 1,303.852 651,780 771,900 300,000 <428,100) 300,000 236,859 5.158,334 5,395.193 Total unre6tricted funds 7.992,090 34,228,484 (32.944,476) (31,570) 9,244,528 Rostrlcted funds Restricted Funds 5.475,167 3,806,174 3,663,829 31,570 5,649,082 Total funds 13.467.257 38.034,658 36,608.305 14,893.610 51 Do￿l9n Envelope ID.. 9CE93107-35E64C97-AB8f&gF831D699886 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 Balance al 1 Aprll 2023 Balance at 31 March 2024 Incomlng R•sour¢es resources expended Transfers Unrestricted funds General Unrestricled funds 2,731,948 30,253.138 (29,865,005) (286,325) 2,833.756 Deslgnated Core properties Property sinking fund Revaluation reserve Property investment fund 3,474.688 640,591 651.780 (1,043,886) 2,430.802 235,161 875.752 651.780 1,200,000 5,158,334 1,200.000 391.275 4.767,059 Total unrestrlcted funds 7,499,007 30.253,138 (29.865,005> 104,950 7,992,090 Restrlotad funds Restricted Funds 6.205,849 5,211.482 104,950 4.585,750 5,475,167 Total funds 13.704,856 34,838,888 35.078,487 13,467.257 The analysis of Restricted Funds can be found at note 28. Property Slnklng Fund The charity has a portfollo of both leased and owned properties. all of whlch should be malntalned to high standard to improve quality of service and slandards of living. The sinking fund allows for future major repairslrefurbishment to the assets. Each year part of the sinking fund is spent on inlernallexternal redecoration and upgrading and a separate amounl is ring-fenced for fulure 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 dlrectors 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 lo be long tem assets ol the Charity which could not be easily sold or mortgages obtained against in the event of requiring additional working capital. Revaluatlon Reserve The revaluatlon reserve relates to the upwards valuations of the core properties prior to Ihe transiuon to deemed cost. 52 Docusi9n Envelope ID.. 9CE9310745E&4C97A880.9F8310699888 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 PTOPfrrty Inve8tment Fund The Property Investrnenl Fund is part of an annual strategy to replace 18a$ed dispersed properties with purchased properties. Dllapldatlon Fund A dilapidation fund is established to ensure that sufficient financial resources are available lo cover the cost of reinstatement, repair or refurbishment of the premises at the end of the lease term or occupancy period. 53 Do¢usign Envelope ID.. 9CE93107-35E64C97A88fk9F831 D699688 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 24 Analysls of net assets between funds Group Unre$trl¢t•d Total funds at 31 March 2025 G•neral Deslgnated Reslrlcted Tanglble fixed assets Net current assetsl{liabllities) 2,133,197 1,716,138 3.019.441 2,375,752 4,883.281 765,801 10,035.919 4.857,691 Total net assets 3,849.335 5,395.193 S,649,082 14,893,610 Unrestrlcted Total fund8 at 31 March 2024 G•n•ral D•8lgnal•d Restrlcted Tangible fixed assets Net Current assetsl{liabililies> Total net assets 1,724,209 1,109.547 3.082,582 2,075.752 5,000.511 474.656 9.807.302 3,659,955 2,833.756 5.158,334 5,475,167 13,467,257 25 Anatysls ol not fundi Group At 1 Aprll 2024 Flnanclng cash flow8 At 31 March 2025 Cash at bank and in hand 4,794,844 1,742,377 6,537,221 Net funds 4,794,844 1.742,377 6.537.221 At 1 Aprll 2023 Financing ash flows At 31 March 2024 Cash at bank and in hand Debt due within one year Net funds 2.102,121 1,727,057 2.692,723 1,727.057 4.794,844 375,064 4.419.780 4,794,844 Docusign Envelop&10'. 9CE931o7-35E￿¢97.A68D-9F631D899a88 The Cyrenians Limited operating as Changing Lives Notes to the Financial Statements for the Year Ended 31 March 2025 26 Related party transactlons During the year the group made the following related paty transactions: TCUK Homes Limlted (Subsidiary) During the year. the charity charged management charges of £708.088 {2024 £218,241) and recharged expenses of £151,937 12024 £151,956). At the balan¢e sheet date the amount du8 to TCUK Homes Limited was £64,123 (2024 - £324,323 due from>. 55 The Cyrenlans Llmlted operating as Changlng Llves Notes to the Flnanclal Statements for the year ended 31 March 2025 27 R••Irl¢t￿ Fund• +touJl •ndHom•l•¥¥n• F￿nde1 NaiioTh41 Lottt Pu os•ol Fwdl In¢rrf ndltum 875 Coun¢ll ortlorro h sltt etsln Suhderf•hd To 5UPPQrt ptople wlth m•nial ht•llh netdsby piovidlA¢¢wosell- contslned Ila151orshort-term, 2¢hourulsisaccomrnvd4tlonto IIL784 S4UthTyne￿dt CCG NHSV41•of York CCG Hom•1 En om?$ En South sale Unit Newcasile Y•tsi HouslN•nd Hom•l•s¥nv Purthx• of homts lorhomtlos5 Relurbiihrneni Ind Redevtlo CDAS t¢ 2 230 129 2 7934SS 2 738 757 7.233 755 Safe Hous•% Sundoilafid 425 5 203 261 258 5 145 462 •ndAleoh•l F￿nI•V Pu ¢J5eolFundl EStabllShmeht Dl•dru cenire In York Partner5hipwcrkin North Yoikshlrt-alteic4Te androcovory su ort In¢•m• TrnTr51•F 9Di NDrthYorkshi•bow* but spednullvwllh refeMffl¢¢ioluve54rfslniltom COVID fjAP-Be ondli•urniPro VittSms Fund tx DorKasterSt York wom•n'swelln•s6 GAP WP ASE Partnltshi Shta15 Ioubditlon Northumbrta PCC-COVIOFun¢J 557 620 Outh•m PCC Duthbm PCC South ¥crk5hlre PCC NOrthYOrk%hir• p(4Ic4 Flre & c￿me£0￿mISsIOn*r Durham PCC Curnrnunit Fund iam Ourh•m PCC 9.$5 uo AdUltSeKU￿ Ei lo11￿￿n 631,765 25 57 The Cyrenlans Llmited operating as Changlng Lives Notes to the Financial Statements for the year ended 31 March 2025 Empltsym•nl I￿￿•r NTCA of Oonc•sterCoyn¢ll of CivlcOffl£È Totsi Employm•tht Fx thdltlX• Tr4Thsl•F Closl eo 69.534 7.625 77.IS9 Loc41 jobs lorLocal Pto 12 12 77.171 Pur os•oIFbndl Support lorwcrnen In WilsallAnd Wol¥erh•mpion ioprewent IneomE ndltur• Tr￿11* Closl West Vldlands PCC SU3 oj Ihnovatlon Northymbili WoffiEA's Commynit Sertoi. WM 4,535 105.059 m5hiiq PCC Tot41 CrfrnlMlJ¥sY Workln wirh Ntrt15 royldq e•rl ID*r￿ntIOns￿ ort gJ,012 G•n•r•l Fund•r NEOffers 7otal G•MThl Pui os• ￿F￿nd1 ProvlsloD DIIoDd SU INorn• ndltllm Trnnil•i CIv51 Ile5wlthlnhomelessnèss seTrlc¢s 495 255 GMd70141 174 31 $70 s549￿1 58 The Cyrenlans Limlted operating as Changing Lives Notes to the Flnancial Statements for the year ended 31 March 2025 28 NOr￿dI￿•t1ni •v•nt• oft•rth• Iln•n¢lal p•rlod In April 2025, the Newca¥tl• B¢commod8tion 69ryi¢e8 whlch h85 In •xceu 01200 unitswlll tr8nsf•rfrom tho paront. The Cyrenlan8 Llmitod, into TCUK Homes Llmlted. 59