Social Change Initiative Company Limited by Guarantse Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Charitable activities Investment income 46.077 217.349 263,855 309,932 217,349 228,960 169,585 Total income 263,426 263,855 527,281 398,545 Expenditure Expenditure on charitable activities Total expenditure 16,524 16,524 1.030.053 1.046,577 1,096,001 1.030.053 1.046,577 1,096,001 Net losses on investments (20,bJU) (20,630) (2.699) Net expendituro and net movoment in funds 226.272 (766,198) (539,926) (700,155) Reconciliation of funds Total funds brought forward Total funds carried forward 1,110.388 3,319,494 4,429.882 5,130,037 1.336.660 2,553,296 3,889,956 4,429,882 The statement of financial activities includes all gains 2nd losses recognised in the year_ All income and expenditure derive from continuing activities. The note5 on pages 17 to 31 forni part of these financial statements. 14
Social Change Initiative Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed asset5 Investments 14 6,649 15 2,550,474 2,557,123 7.680 3,298,203 3,305,883 Current assets Debtors liivetstments Cash at bank and in hand 16 17 46,781 1,073,474 237,198 4,253 952,022 210,894 1,357,453 1,167,169 Creditors". amounts falling due within one year Net current assets 19 24,620 43,170 1,123,999 1,332,833 Total assets less current liabilities 3,889,956 4,429,882 Net assets 3,889,956 4,429,882 Funds of the charity Restricted funds Unrestricted funds 2,553,296 1,336,660 3,319,494 1,110,388 Total charity funds 21 3,889,956 4.429,882 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 1 December 2025, and are signed on behalf of the board by: Iag Trustee The notes on pages 17 to 31 forni part of these financial ststements. 15
Social Change Initiative Company Limited by Guarantee ststement of Cash Flows Year ended 31 March 2025 2025 2024 Note Cash flows from operating activities Net expenditure (539,926) (700,155) Adjustments ft)r Depreciation of tangible fixed assets Net losses on investments Dividends, interest from investments Other interest receivable and similar income Interest payable and similar charges Accrued expensesl{income) 1,806 1,893 747,729 637,654 (215,754) (167,265) (1,595) (2,320) 500 487 7,200 (15,110) Changes in.. Trade and other debtors Trade and other creditors (42,528) (25.750) 1,902 63 Cash generated from operations (68,318) {242,851) Interest paid Interest received (500) 1,595 (487) 2,320 Net cash used in oparating activities (67.223) {241.018) Cash flows from investing activities Dividends, interest from investments Purchase of tangible assets Purchases of other investments Proceeds from sale of other investments 215,754 167,265 (775) (1,219) (923.611) {1.703.032) 923,611 1.635,111 Net cash from investing activities 214.979 98,125 Net increasel{decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 147,756 1.162,916 (142,893) 1,305,809 18 1,310,672 1,162,916 The notes on page5 17 to 31 form part of these financial statements. 16
Social Change Initiative Company Limited by Guarantee Notes to the Financial Ststsments Year ended 31 March 2025 General information The charity is a public benefit entity and a prtvate company limited by guarantee, registered in Northern Ireland and a registered charty in Northern Ireland. The address of the registered office is Floor 3, Wellington Buildings, 24 INellington Street. Belfast, BT16HT. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted fijnds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 17
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statsments (Conffnuedj Year ended 31 March 2025 Accounting policies (Mntinued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers_ income from contracts for the supply of services is recognised with the delivery of the contracted 8ervip.p This 18 r.laqsifip.d AS iinrestricted ftinds unlpss there is 8 contractLial requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity- Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cos( and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 18
Social Change Initiative Company Limited by Guarantse Notss to the Financial Statements (continuedj Year ended 31 March 2025 Accounting policies (continuedj Tangible assets (contlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment 200 straight line Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments in associates Investments in associates accounted for In accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in ass¢xiates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distribub'ons are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investrnents in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where tt is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 19
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2025 Accounting policies (ntinued) Investments in joint ventures (continued) Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impainnent of fixed assets A review for indicators of impairment Is carried out at eacn reporting date, with the recoverak)le amount being estimated where such indicators exist. Imiere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the sma15est identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash infiows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receNable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost Iplhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequenuy measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. 20
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements {¢ontinued) Year ended 31 March 2025 Accounting policies (continued) Flnancial instruments (continued) Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activtties in which the initial gain was recognised. For all equity instruments regardless of significance. and other financial assets that are indivioually significant, these are assessed Individually for Impairment. Other tinancial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediatety, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contrtbution plans are recognised as an expense in the period in which the related service is provided. Prepaid contribub'ons are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Ien contributions are not expected to be settled wholty within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The Social Change Initiatwe is a company limited by guarantee governed by its Memorandum and Articles of Association dated 31st October 2017. Its application to be recognised as a charity was acpted by the Charity Commission for Northern Ireland on 30th April 2018. 21
Social Change Initiative Company Limited by Guarantee Notss to the Financial Ststsments {lI1nUedJ Year ended 31 March 2025 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2025 Fees for Service Work CFI - All Ireland Convening Rowan Trust- All Ireland Convening Human Rights 360 CFI - Philanthropy Conf. Miscellaneous Income Joseph Rowntree Charitable Trust- Philanthropy Conf. CFNI Philanthropy Conf. DFA- Supporting Palestinian INomen in Leadership DFA_ World Values Follow Up Porticus - Strengthening Activist Supports DFA- Philanthropy Conf. Foreign, Commonwealth & Development Office - Philanthropy Conf. International Fund Ireland - Philanthropy Conf. Paul Hamlyn Foundation Dunn Family Charitable Foundation Bertha Foundation 43,700 43,700 2.377 2,377 20,514 104,986 20,514 104,986 60,000 37,520 40,835 263,855 60,000 37,520 40,835 309,932 46,077 Unrestricted Funds Restricted Total Funds Funds 2024 Fees for Service Vvork CFI - All Ireland Convening Rowan Trust- All Ireland Convening Human Rights 360 CFI - Philanthropy Conf. Miscellaneous Income Joseph Rowntree Charitable Trust - Philanthropy Conf. CFNI - Philanthropy Conf. DFA - Supporting Palestinian Women in Leadership DFA - World Values Follow Up Porticus - Strengthening Activist Supports DFA - Philanthropy Conf. Foreign, Commonwealth & Development Office- Philanthropy Conf. International Fund Ireland - Philanthropy Conf. Paul Hamlyn Foundation Dunn Family Charitable Foundation Bertha Foundation 27,435 12,649 4,535 27,435 12,649 4,535 35,764 12,451 199 35,764 12,451 199 10,000 13.000 20,081 21.085 50,000 4.261 10,000 13.000 20,081 21,085 50,000 4,261 7,500 10.000 7,500 10,000 44,818 184,142 228,960 22
Social Change Initiative Company Limitsd by Guarantee Notss to the Financial Statements (Continued) Year ended 31 March 2025 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from listed investments Income from short term deposits Bank interest received 93.936 121.818 1.595 93,936 121,818 1,595 167,265 167,265 2,320 2.320 217.349 217,349 169,585 169.585 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Support of Social Change Support costs 16,524 883,902 146,151 900,426 146,151 16,524 1,030,053 1,046,577 Unrestricted Funds ReatrIed Total Fund8 Funds 2024 Support of Social Change Support costs 37,038 911,984 146,979 949,022 146,979 37,038 1,058,963 1.og6,001 Analysis of support costs Analysis of support costs Total 2025 Total 2024 Staff costs Premises Communications and IT General office Governance costs 71,099 30,441 15,531 8,279 20,801 71,099 30,441 15,531 8,279 20,801 69,059 43,438 13,160 8,278 13,044 146,979 146.151 146,151 Net losses on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl(losses) on listed investments {20.630) (20,630) (2,699) (2,699) 23
Social Change Initiative Company Limitsd by Guarantee Notes to the Financial Ststsments (continued) Year ended 31 March 2025 10. Net expenditure Net expenditure is stated after chargingl(crediting)= 2025 2024 Depreciation of tangible fixed assets 1.806 1,893 11. Auditors remuneration 202S 2024 Fees payable for the audit of the financial statements 4,410 4.265 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 538,628 45,581 79.780 22,145 523,174 67,781 77,079 23,374 686,134 691,408 The average head count of employees during the year was 6 (2024.. 5). The number of employees whose remuneration for the year fell within the following bands, were.. 2025 2024 No. £60,000 to £69,999 £70,000 to £79,999 £80,000 to £89,999 £130,000 to £139,999 £190,000 to £199,999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activits-es of the charity. The total compensation paid to key management personnel for services provided to the charity was £515,298 (2024: £512.608). 13. Trustee remuneration and expenses The organisations trustees were not paid or received any other benefits from employment with the organisation in the year. Trustees were reimbursed travel expenses during the year totalling £1,454.(2024: £103). None of the organisation's trustees reiVed payment for professional or other seNices supplies to the organisation. 24
Social Change Initiative Company Limited by Guarantse Notes to the Financial Statements (conllnuedj Year ended 31 March 2025 14. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2024 Additions 5,000 16,795 775 21,795 775 At 31 March 2025 5,000 17,570 22.570 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 14,115 1,806 14,115 1,806 15,921 15,921 Carrying amount At 31 March 2025 5,000 1,649 6,649 At 31 March 2024 5.000 2.680 7,680 15. Investments Llsted investments Cost or valuation At 1 April 2024 Additions Disposals Income Management Fees Withdrawals Fair value movements 3,298,203 923,161 (923,161) 93,936 (21,035) {800,000) (20,630) 2.550,474 At 31 March 2025 Impairment At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 2,550,474 At 31 March 2024 3,298,203 All investments shown above are held at valuation. Financial assets held at fair value All investments shown above are held at valuation 25
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 16. Debtors 2025 2024 Prepayments and accrued income Other debtors 11,127 35,654 3,720 533 46,781 4,253 17. Investments 2025 2024 Bank investments 1.073,474 952,022 18. Cash and cash equivalents Cash and cash equivalents comprise the following: 2025 2024 Cash at bank and in hand Short-term deposits 237,198 1.073,474 210,894 952,022 1.310,672 1,162,916 19. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 4,876 19,744 1,169 12,544 22,242 7,215 24,620 43,170 20. Pensions and other post retirement benefits Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £79,780 (2024.. £77.079). 26
Social Change Initiative Company Limited by Guarantee Notes to the Financial Ststsments {continuedJ Year ended 31 March 2025 21. Analysis of charitable funds Unrestricted funds At 1 Apr 2024 Gains and At losses 31 Mar 2025 Income Expenditure Transfers General funds 1.110,388 263,426 (16.524) (20,630) 1,336,660 At 1 Apr 2023 Gains and At 1055es 31 Mar 2024 Income Expenditure Transfers General funds 886,050 214,403 (37,038) 49.672 (2,699) 1,110,388 27
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 21. Analysis of charitable funds (continuedj Restricted funds At 1 Apr 2024 Gains and At losses 31 Mar 2025 Income Expenditure Transfers Adantic Philanthropies Atlantic Philanthropies Fellowships Atlantic Philanthropies Migration Atlantic Philanthropies Assets in Kind Porticus- Fellowship and Mentoring Atlantic Philanthropios Migration Narrative Porticus Nl Shared Education and learning Porticus monitoring hate and tension Joseph Rowntree CFNI Community Foundation Ireland- All Ireland Convening Porticus- World Values Survey DFA- Supporting Palestinian Women's Leadership DFA- WVS Porticus - Strengthening Activist Supports DFA- P&P 3,149,316 (839.629) 2,309,687 70,089 (27.702) 42,387 29,057 29,057 16,197 (9.080) 7,117 7,923 20,515 (13,293) 15,145 46,912 104.987 (53,761) 98,138 Conference FCDO- P&P Conference IFI- P&P Conference 28
Social Change Initiative Company Limited by Guarantse Notes to the Financial Statsments (continued) Year ended 31 March 2025 21. Analysis of charitable funds {continuedJ CFI- P&P Conference CFNI- P&P Conference Paul Hamlyn Dunn Family Bertha Foundation 60,000 37.519 (8,235) (37,519) 51,765 40.834 (40,834) 3.319,494 263,855 (1.030,053) 2,553,296 At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers Atlantic Philanthropies Atlantic Philanthropies Fellowships Atlantic Philanthropies Migration Atlantic Philanthropies Assets in Kind Portlcus- Fellowship and Mentoring Atlantic Philanthropies Migration Narrative Porticus Nl Shared Education and learning Porticus monitoring hate and tension Joseph Rowntree CFNI 3,479,392 (808,969) 478,893 3,149,316 39,313 (33.221) {6,092) 234,025 (8.175) (225,850) 5,000 (5,000) 12.153 (12,153) 200,680 213,399 35.764 (236,444) (105,511) (37,799) 70.089 29.057 29,057 16,197 16,197 10,000 (10,000) 5.000 (5,000) 29
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2025 21. Analysis of charitable funds (continued) Community Foundation Ireland- All Ireland Convening Porticus- World Values Survey DFA- Supporting Palestinian Women's Leadership DFA- WVS Porticus - Strengthening Acttvist Supports {229) 229 10,000 (10,000) 20.081 21.085 (20.257) (12.530) 176 (632) 7.923 50.000 (3.088) 46,912 DFA- P&P Conference FCDO- P&P Conference IFI- P&P Conference CFI- P&P Conference CFNI- P&P Conference Paul Hamlyn Dunn Famlly Bertha Foundation 4.261 (4.261) 7.500 (7.500) 10.000 (10.000) 12,451 (12.451) 13,000 (13.000) 4,243,987 184,142 (1.058,963) (49,672) 3.319,494 Transfers have taken place during the year in relation to recharges for overheads between the funds, these transfers totalled £49.672 (2023: £29.926) 30
Social Change Initiative Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 6,649 2,571,267 (24.620) 2,553,296 6,649 3,907,927 (24,620) 3,889,956 1,336.660 1,336,660 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Currant assets Creditors less than 1 year Net assets 7,680 3,354,984 (43.170) 3,319,494 7,680 4,465,372 (43,170) 4,429,882 1,110,388 1,110,388 23. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submtt retums to the tax authorities and assist with the preparation of the financial statements. 24. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objects'ves. 25. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 26. Related parties The Trustees have considered guidance in relation to related party transactions and believe there are no transactions that require disclosure. 27. Analysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Current asset investments 210.894 952.022 26,304 121.452 237,198 1.073,474 1,162.916 147,756 1.310,672 31