Scottish charity number= SC046204 Catalyse Change Annual Report and Financial Statements For the year ended 31 December 2024 El Cornerstone ACCOUNTING
Catalyse Change Contents of the Financial Statements for the year ended 31 December 2024 Page Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-12
Catalyse Change Report of the Trustees for the year ended 31 December 2024 The Trustees present the annual report and accounts for Catalyse Change for the year ended 31 December 2024. Reference and administrative detai15 Principal and registered office Central Hall 2 West Tollcross Edinburgh EH3 9BP Bankers Bank of Scotland Teviot House Edinburgh EH12 9DR Constitution, governance and management The Charity is a Scottish Charitable Incorporated Organisation ISCIOI established on 15 December 2015 and registered under charity number SC046204. It is governed by its constitution which states the purposes of the Charity as.. to advance the Christian religion,. and to prevent or provide relief of poverty. The Charity's stated aims are that it exists to empower leaders, impact communities and transform culture through coaching, communication and collaboration activities. The Trustees who served during the year were as follows.. Convenor Secretary Treasurer The constitution requires a minimum of 3 Trustees and a maximum of 9. At each AGM, all of the Trustees must retire from office but are eligible for re-election. New Trustees are invited to joirb the Board by the serving Board at any time and are inducted into the workings of the Charity by existing Board members. The responsibility for strategic management of the Charity is held by the Trustees who delegate operational management to Head of Operations. Activities, achievements and performance From january 1st to December 31st, 2024, Catalyse Change ICC) continued to fulfil its charitable mission by delivering learning communities and training events Iprimarily onlinel to leaders across Europe, Africa, Asia, Australasia, and North America. These efforts were aimed at advancing the Christian faith while sharing finances and resources with Christian entrepreneurs in Africa and Asia committed to advancing the common good and driving poverty relief. As hybrid and remote working become the norm, online training has proven to be the most agile and widely accepted platform for delivering Cc's tailored training across all initiatives. In-person training sessions were held where logistical conditions allowed, bringing together leaders in a dedicated learning environment and fostering collaboration to maximise the impact of contextualised training. Page I
Catalyse Change Report of the Trustees for the year ended 31 December 2024 Activities, achievements and performance Icontinuedl Cc's continued focus was on empowering leaders, churches, and organisations to engage in disciple-making, leadership development, community engaEement, and social entrepreneurship. This applied whether they were established businesses, charities, churches, denominations, organisations, or entrepreneurs seeking to pioneer new initiatives that advance the common good. As in previous years, numerous events were held across various countries, where we coached leaders to run their own online training sessions. Our support involved contextualising our content to meet their needs, with the ultimate goal of helping them fulfil their vision and grow a5 leaders in their own context, culture, language and ministry or organisational form. In 2024, CC continued to build on its established partnerships with leaders, churches, and Christian organizations across Africa and Asia, providing training and support to help catalyse movements aimed at unlocking potential and creating positive change. In Kenya and India particularly, we supported local leaders who are now forming new networks, building strong relationships, and connecting with the wider CC network, and this work is growing into other Asian countries (from the base in Indial and East Africa (from the base in Kenya). These connections enabled leaders to take greater ownership of their vision, develop strategies, and expand their work within their own national contexts. With secured funding, two significant training initiatives were launched in India. The first focused on Strength and Leadership Development and Facilitation and StrateEic Planning, while the second aimed to equip Christian women entrepreneurs to bring positive change to their local communities. Both projects will continue into 2025, with the CC team providing ongoing online collaboration supporting leaders as they adapt the training to their local contexts and continue building strong relational networks at both local and national levels. Over the course of the year, our Creo initiative Iworking with Christian Entrepreneurs and Faith-Driven Organisationsl engaged with 29 individuals who were given training through Lab, Accelerator or Bespoke coaching participation. We continued to use Content, Coaching and Community as a framework - knowing that many Christian entrepreneurs feel under-preparedlequipped or are missing key competencies they need Icoachingl,. they are unsure of what they don't know or aware of key areas of deficit in their learning/understanding Icontentl- and they often can feel isolated or lacking key connections for their venture Icommunityl. This year, our focu5 was on delivering a diverse range of projects through Creo Consulting, empowering charities and faith-driven organizations by sharpening their strategic direction, refining their orEanisational culture, strengthening leadership effectiveness, and improving overall organisational health. This year, four CC employees were contracted by the Us-based MLC charity IMLCI to help advance its global initiatives and publishing efforts. These CC employees delivered leadership, publishing and administrative services to MLC throughout 2024. MLC'S vision and values align closely with Cc's, as both are committed to identifying, training, and empowering movement catalysts and share the overarching mission of advancing the Christian faith. An Affiliation Agreement between CC and MLC is currently being finalised to establish a strong, collaborative relationship based on confidence and trust, ensuring both parties work towards a shared goal. Page 2
Catalyse Change Report of the Trustees for the year ended 31 December 2024 Plans for the future Our plans for 2025 onwards are to: 11 Continue to support and edify the work in a few specific African and Asian countries, through the networks and partnerships established, empowering movement leaders to run national conferences and regional training events in their local context. The aim would be to create and support contextual leadership teams that take more ownership of the vision, training, and network in their regions. 21 Deliver leadership, editorial and administrative services to the U5501C3 Icharityl MLC by increasing visibilityi credibility, brand strength, and developing strategic partnerships in order to increase global awareness and meet the MLC charity's objectives. 31 Strengthen and develop our online training work and consultanry through the Creo initiative with the aim of connecting and training Christian entrepreneurs and faith-driven organisations. The free Catalyst Course15 sessions), our 9-month Lab, bespoke Coaching for entrepreneurs, and we will also continue to work intentionally to serve and partner with Faith-driven Organisations offering coaching, training and consultancy in particular areas. All of this work will continue to be delivered, developed, and tailored to each entrepreneur's and orBanisation's needs in the year ahead. Financial review Principal sources offunding The Charity 15 primarily funded by income from charitable activities, mainly coaching leaders. Re5uftsfor the yet7r The Accounts for the year are set out on pages 6 to 12. The Statement of Financial Activities on page 6 shows a surplus of £48,37712023- deficit of £41,766), comprising a surplus on unrestricted funds of £15,69412023.. deficit of £44,166) and a surplus on restricted funds of £32,68312023.' surplus of £2,400). Reserves Reserves are required to ensure the continuity and resilience of the service provision by the Charity. The reserve will support the organisation's cash flow, lessen the impact of late payments and ensure any unforeseen day to day operational costs are covered. The Trustees have set the level of reserves as £60,000 of general funds, to balance the effects of any shortfall in income while preventinE excess reserves buildinE up in the Charity. This has been calculated to ensure salary costs ar)d charity contributions can be covered for a period of 6 months. This would allow time for new funding stream5 to be sourced as well as reviewing the levels of expenditure to make any necessary adjustments. This policy is reviewed annually. Per the Balance Sheet on page 7, the general fund at 31 December 2024 amounted to £44,223 12023.. £28,529) which is below this threshold. At the June 2025 Trustee meeting, the Trustees discussed and agreed to maintain the current level at £60,000, with a commitment to monitor it closely throughout the year. ststement on risk The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have considered those risks and are satisfied that they have introduced procedures to mitigate the possible effects of those risks. Page 3
Catalyse Change Report of th• Trust•es for the year ended 311)ecember 2024 Statemert of responslblllths of the 1ntee5 Charlty law requlres the Tru5tee5 to prepare financial statements for each flnanclal year whlch gfve a true and falr vlew of the state of affairs of the Charity and of its income and expeTrdltU for thatyear. In weparing these financial statements, the Trustees are required to: select suitsble accounting policies and then apply them consistently. observe the methods and princlples in the applicable Charltles SORP; make judgements and esNmates that are reasonable and prudent: State thether appllcable accountin8 standards and ststements of rffommend•d practlcè bo•n followed, subject to any departures disclosed and explained In the financial statements," and prepare the flnanclal ststements on 8oln8 concern basls unless It15 Inapproprlate to pre5urne that the Charity will (CtIn in operatiTr). The Trusrees are responslble for koeplng proper accountlng records which disclose with reastsnable accuracyatanytime the financial position of the Charty and enablethe Trustees to ensurethatthe financlal statements comply wlth the Charltles and Trustee Investment {kotlandl Act 25 and the Charitles Accounts (Scotlandl Regulations2(X161as amended). The Trustees are also re5Fxynsible fortaking such steps as are reasonably open to them to safeguard the Charws as*ts andto prevent and detertfraud and other irregularities. Approved by the TrusteÈs 3nd si ned on their behalf on 19 June 2025: Page4
Catalyse Change Report of the Independent Examiner to the Trustees for the year ended 310ecember 2024 I report on the accounts of the Charity for the year ended 31 December 2024 which are set out on pages 6 to 12. Respective responsibilitie5 of Trustees and Examiner The Charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended). The charity Trustees consider that the audit requirement of Regulation 10111 lal to Icl of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 4411) Icl of the Act and to state whether particular matters have come to my attention. Basis of Independent Examinerfs statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts 1Scotlandl Regulations 2006 las amended). An examination includes a review of the accountin8 records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent Examlnerfs statement In the course of my examination, no matter has come to my attention l. which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with Section 4411) lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulatlons las amended), and to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations las amended) have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date.. 24 June 2025 Cornerstone Accounting Ltd Chartered Accountants 11 Erngath Road Bo'ness EH519DP Page 5 El Cornerstone ACCOUNTING
Catalyse Change Statement of Financial Activities For the year ended 31 December 2024 General Restrlcted fund funds 2024 Total General Restrlrted fund funds 2023 Total Notes Income and endowments Donations and legacies Income from charitable activities Other income 29,260 47,702 29,260 283,777 5,OCKI 18,OCKI 5,OC(J 282.961 406 236,075 264,961 406 Total income and endowments 236.075 76.962 313.037 265,367 23,000 288,367 Expendlture Raising funds Charitable activities 1,490 218,891 1,490 263,170 1.940 307.593 1,940 328,193 44.279 20,6Cl Total expenditure 220,381 44,279 264,660 309.533 20,600 330.133 Net Incornel{expendlture) 15,694 32,683 48,377 144,1661 2,4 141,7661 Transfers between funds Net movement In funds 15,694 32,683 48.377 144,1661 2,4CN) 141,7661 Total funds brought forward 28.529 7.900 36.429 72,695 5,5(X) 78,195 Totsl funds carrled forward 44.223 40.583 84.806 28,529 7,9 36,429 Represented by: General funds Restricted funds 44,223 44,223 40,583 28.529 28.529 7,9C 40,583 7,9CK) Total fund5 44,223 40,583 84.806 28,529 7,9 36,429 The notes on pages 8 to 12 form part of these flnanclal statements. Page 6
Catalyse Change Balance sheet As at 31 December2024 GeMrl R•Strle funds 2024 General Restrlcted futs funts 2023 To1 Debtors Cash at bank and In hand 810 810 1.050 35,839 1,050 43,739 Toil umnt a 49341 89P 36A89 44.789 U•UIft Creditors: faUln8 due within one year 5Jl8 5.118 8.360 24529 36A29 Totsl a%Mts hss curr•nt IhblHtI•s 44223 40W3 84 28.519 36,429 44223 40,583 84N6 28.529 36.429 Funds ofthedwrfty Ger*rnl funds Restrlcted fvnds 28,529 28.529 44AZ3 408> 28.529 36,429 Theflnanclalststementson pa8e5 6t0 12 wue apprwl by the Trurtees on 19Jurn 2025 and SIWd on thelr behalfby: Convenor The rK>tes on pages 8t0 12 fonn part ofthese flnancla statsmtnts. Poae 7
Catalyse Change Notes to the financial statements Forthe year ended 31 December 2024 l. Accounting policies A¢¢ouniltrJg cotrjventlon The financial staternent5 are prepared under the historical cost convention and in accordance with FRS 102, and in compliance with the Charities SORP 2019 IFRS 1021, the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). The principal accounting policies adopted in the preparation of the financial statements are Set out below. Catalyse Change meets the definition of a public benefit entity under FRS 102. Bosls oAAlnonclulstutements The financial 5tatement5 have been prepared on the accruals basis. The Trustee5 consider that there are no material uncertaintie5 so the accounts have been prepared on a going concern basis. Income und debtors All in¢ome Is recognised when the Charity is legally entitled to the income, any performance conditions attached to the income have been met, it 15 probable that the incorne will be received and the amount can be measured reliably. Debtors are valued at cost at the ye3r-end and adjusted for any amounts considered to be irrecoverable. Expendlture ondcredltors Expenditure is accounted for on an accruals ba515 and has been classified under headin85 that aggregate all cost related to the category. Support cost5 are those costs incurred directly in support of expenditure on the objects of the charity. Creditors are valued at cost ai the year-end and split between amounts due in less than one year and amounts due in more than one year. Taxation The charity is exempt from Corporation Tax on its charitable activities. Cosh ot bt¥nk otrjdln hgnd Cash at bank and in hand includes cash and Short term highly liquid investment5 With a Short maturity of three months or less from the date of acquisition or opening of the deposit account. Fund c¢ccountln9 For the purpose of the Statement of Financial Activities, fund5 4re defined as follows.. Unrestricted general funds comprise income received for the objects of the charity without further specified purpose and are available as general funds. Unrestricted deslgnated funds Comprlse those funds rlngfen¢ed bytheTrustees for a partl¢ular purpose in the year ahead. Restricted funds comprise income which has been received for the objects of the charity and specified for a restricted purpose within these objects by the donor. Petrjsions The chèrity operate5 a defined contribution pension 5cherne. The pension charge repre5ent5 the amount payable by the charity on behalf of its ernployees. Donoted goods ondseThices I coach donated sorne of their time to the Charitythis year. Page 8
Catalyse Change Notes to the financial statements Forthe year ended 31 December 2024 2. Donatlons and leiades 2024 Ae5trf(ted funds 2023 Restricted funds General funds General funds Totsl Total Grants retelved 29.260 29.260 29.260 29.260 The following grants were received in the year.. P27 Trust Souter Trust 15.0(rfl 15.OCLI I5.0) We are extremely grateful to all of ourfunders for the grants they have provided thls year. 3. Income from charitable ackivrties 2024 Restrlded funds 2023 Restritted funds General fund$ fjeneral funds Totsl Total Coachin8 income Publishing income Travel costs reimbursed 172,832 60,938 2,305 47,702 220.534 60.938 2.305 196,130 68,831 18,(KX) 214,130 68,831 136,075 47,702 183.777 264,961 18,(XK) 282,961 4. Corts of ralslng funds 2024 Restricted funds 2023 Restricted funds General fvnds General fvnds Totsl Total Staff salarles 1,490 1.490 1.940 1,940 1,490 1.490 1,940 1,940 Page 9
Catalyse Change Notes to the financial statements Forthe year ended 31 December 2024 S. Expendlture on tharftable adlvltles 2024 Ae5trlcted funds 2023 Restricted funds General funds General funds Totsl Total Stsff costs: Staff salarfes Ernployer Nl Employer pension5 Other staff costs Direct c05t5 of charitable actNrties: Coaching fees Community of practice fees Travel, subsistence and meetin8 Costs Publi5hin8 Costs CREO costs Overseas coachlng costs Overseas donatlons Support ¢ost$ of ¢harltable arth0$. Oflice rent and venue hire Insurance IT and telephone costs Materials. printin8 and statlonery Subscription costs Legal costs Accounting support C05t5 Independent exarnination fee5 158,289 9,298 4.71 162,989 9.298 211.761 16.105 10,307 211,761 16.105 10,307 7,557 8.122 4,580 553 .129 22.816 5,128 8.122 4,580 553 8.129 37.916 9,128 20,174 8.113 Z9.616 28.287 Z9.616 15.l¢J) 1.5 1,380 3.280 399 1.061 28 1,287 410 3,280 399 1,061 28 1,287 410 1,501 1,501 2024 2023 1,200 720 6.630 720 6.630 Foreign currenry1055es Bad debt expense Bank char8es 3,532 120 1,220 3.532 120 1.220 872 872 Totsl expendlture 218,891 44.279 263,170 307.593 20,6CM) 328.193 Support costs have not been separately identified as the trustees consider there 15 only one charitable artivity. The average number of staff during the yearwa5 712023: 71. One employee wa5 paid more than £60,000 Ile$sihan £70,000> in the Key Management Personnel of the Charity is defined as the CEO only. His remuneratioTh (including employer Nll totalled £75.96S 12023., £75,965). No accrual has been made foi holiday pay at the year*nd as there were no material amounts due. 6. Debtors 2024 Restrlrted funds 2023 Restricted funds Gtneral funds General funds Totsl Total Trade debtors 810 810 1,050 1,050 810 810 1.050 1.050 Page 10
Catalyse Change Notes to the financial statements Forthe year ended 31 December 2024 7. Credttors: falllnK thIn one year 2024 General Restrlcted funds funds 2023 Restricted funds General funds Total Total Trade creditor5 Accruals and deferred income Taxatlon and soclal securlty Other credltors 14 14 1.2(Kl 2.915 2,046 720 5.594 720 5.594 2.915 5,118 5,118 8,360 8.360 Funds movements Current year Balance at l Jon 2024 BBlance at Transfer$ 31 De¢ 2024 In¢tyne E¥pendlture Unfestrfrtedfvnd&' General fund 28.529 236.075 1220,3811 44,223 Total unrestritted fun(ts Z8.529 Z36,075 1220A811 44.ZZ3 Restrirtedfvnds.. Kenya fund India fund- women'5 training programme India fund- MLC entrepreneur's programme CREO restricted income fund 11.7 15,CXX) 47.702 2,5(K) 11,760 2,223 19.7SO 6,850 112,7771 127,9S21 13,5501 7.9( Total restricted funds 7.9 76, 144,2791 40.583 Total ¢harlty funds 36.429 313,037 1264,6601 Prforfvtar Restoted B•lun¢e ot l Jon 2023 lrtome Expendlture Trtsnsfvrs 31 Der2023 Unrestrlrtedfvndj Generolfvnd 72,695 265,367 (309,533J 28,529 Total vnrestrittedAunds 72,695 265,367 (309.533J 28.529 Indlofvnd. womens trnlnlngprogrnmme Kenyofund CREO restricted incomefund 5,500 23.000 (15.lOOJ 7.9Lkl 5.500 23.000 (2Q.600) 7.9LKJ Totul¢harltyfvnds 78,195 288.367 {334133J 36.4Z9 Explt7notlon olfunds The General Fund represents all income and expenditure relatiryto the primary focus activitie5 of the charity, otherthan those The Kenyclund represents funds donated for entrepreneurial and coaching work in Kenya. The Indialund- women's tmininyprouromme preSentS funds donated for ¢oachin8 work in Indla. The Indiufvnd- MLCeTrtrepeneursprogromrne representsfunds donated for entrepreneurial aThd coachin8 work in lThdia. The CREO resrrltted Incomefund represents funds recefved speclflcallyto support Indlvlduals on the CREO programme. Page 11
Catalyse Change Notes to the financial statements Forthe year ended 31 December 2024 Penslon tommltments The Charity operates an auttrenrolment pension scheme with The People's Pension for all eliEible employees. Employer contribution5 to the scheme are disc105ed in note 5. 10. Trustee and related party transactions No Trustee received any retnuneration during the ye3r in their role a5 Trustee12023'. nill. who is a Trustee, was employed by the Charity as Team Leader/CEO of the organisation 8nd was paid a salary of £65,000 plus pension of E3,25012023.. £65,000 plus E3,2501. also received reimbursement of expenses amounting to £2,850 12023.. £2,988). l Trustep. benefitted from coaching services provided by the Charity at commercial rate5. as employed by the Charitv as Publisher, working on the 100M Publishing Init13tive. and was paid a salary of £40.500 plus pension of £2,02512023.. £45,000 plus £2,250). Page 12