Scottish charity number..
SC046204
Catalyse Change
Annual Report and Financial Statements
For the year ended 31 December 2025

Catalyse Change
Contents of the Financial Statements for the year ended 31 December 2025
Page
Report of the Trustees
Report of the Independent Examiner
Statement of Finan¢ial Activities
Balance Sheet
Notes to the Financial Statements
8-11

Catalyse Change
Report of the Trustees for the year ended 31 December 2025
The Trustees present the annual report and accounts for Catalyse Change for the year ended 31 December
2025.
Reference and admlnlstratlve details
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 coachin8, communication and collaboration activities.
The Trustees who served durin8 the year were as follow5..
Egil Ellingsen
Miles Protter
Rev Dr Nike Adebajo
Richard Robin50n
Amy Page-whiting
Annwen Stone
Andrew Vertigan
David Rosser
Jenifer Rosser
Secretary
Treasurer
lappointed 24 March 20261
lappointed 24 March 20261
lappointed 24 March 20261
Iresigned 19 June 20251
(resigned 19 June 20251
The constitution requires a minimum of 3 Trustees and a maximum of 9. At each AGM, all of the Trustees
must retire from offite but are eligible for re-election.
New Trustees are invited to join the Board by the serving Board at any time and are inducted into the
workings of the Charity by existing Board member5.
The responsibility for strategic management of the Charity is held by the Trustees who delegate operational
management to Sarah Burch, Head of Operations.
Activities, achievements and performance
From January 1st to December 31st, 2025. Catalyse Change ICC) continued to fulfil its charitable mission by
delivering learning communitie5 and training events Iprimarily online) to leaders across Europe, Africa, A513,
Australasia, and North America. Advancing the Christian faith is our aim while sharing finances and resources
with Christian entrepreneurs in Africa and Asia committed to advancing the common good and relieving
povertv.
Cc's continued focus was on empowering leaders. churches. and organizations to engage in disciple-making,
leadership development, community engagement. and social entrepreneurship. This applied whether they
were established businesses. charities. churches. denominations. organizations, or entrepreneurs seeking to
pioneer new initiatives that advance the common good.

Catalyse Change
Report of the Trustees for the year ended 31 December 2025
Actlvltles. achlevements and performance (contlnued)
As in previous years, events were held across various countries, where we coached leaders to run their own
online training sessions. Our support involved contextualizing our content to meet their needs, with the
ultimate goal of helping them fulfil their vision and grow as leaders in their own context, culture, language
and ministry or organisational form.
In 2025, 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 leader5
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 Ifrom the base in India) 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 and East Africa. A successful
leadership and stewardship training model was established in India with 16 facilitators conducting 48 regional
workshops and impatting 1.148 participants across India. Through relational formation and practical tools,
leaders experienced personal transformation and the initiative fostered a growing network of collaborative
leaders committed to cultivating a sustainable, gospel-shaped culture of generosity and maturity. In East
Africa, a Creo Venture Lab supported 17 entrepreneurs with a tomprehensive curriculum and 286 hours of
l.'l and Broup coaching between April and November 2025. Contextualised resources were produced and
learning materials, and the Lab will conclude in 2026 with the distribution of nine micro-grants to the most
promising ventures.
Over the course of the year, our Creo initiative (working with Christian Entrepreneurs and Faith-Driven
Organizationsl engaged with individuals who were given training throvgh Lab, Accelerator or Bespoke
coaching participation. We continued to use Content, Coaching & Community as a framework- knowing that
many Christian entrepreneurs leel 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
learninglunderstanding Icontentl,. and they often can feel isolated or lacking key connections for their
venture Icommunityl. This year, our focus was on delivering a diverse range of projects through Creo
Consulting, empowering charities and faith-driven organisations by sharpening their strategic direction,
refining their organisational culture, strengthening leadership effectiveness, and improving overall
organisational health.
This year, four CC employees were contrarted 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 2025. 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 finali5ed to establish a
strong, collaborative relationship based on confidence and trust, ensuring both parties work towards a
shared goal.
Plans for the future
Our plans for 2026 onwards are to-
l. 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, and the training of Christian entrepreneurs in their
initiatives. The aim would be to create and support contextual leadership teams that take more
ownership of the vision- training pastors. leaders and entrepreneurs.. and network in their regions.

Catalyse Change
Report of the Trustees for the year ended 31 December 2025
Plans for the future (continued)
2. Deliver leadership. editorial and administrative seNices to the U5501C3 (Charity) MLC by increasing
visibility, credibility, brand strength, and developing strategic partnerships in order to increase global
awareness and meet the MLC charity's objectives.
3. Develop the UK expression of M4 with networking. training and creating contextualised resources.
M4/Europe is a church planting movement who serve and equip regional leadership teams to collaborate
in recruiting, assessing, traininE and coaching church planters and their teams with the aim of planting
churches that glorify God and impact Society.
4. Strengthen and develop our online training work and consultancy through the Creo initiative with the
aim of connecting and training Christian entrepreneurs and faith-driven organisations. A new white label
offering will be launched as Creo collaborates with partners to offer entrepreneurs the Creo programme
in the partners context and branding. The free Catalyst Course Iself-led course lasting 4 sessions), our 9-
month Lab, bespoke coaching for entrepreneurs, and a new Ignite course (cohort for early-stage Christian
entrepreneur51 will be part of this offer. We will 3150 continue to work intentionally to serve and partner
with Faith-driven Organisations offering coaching, training and consultancy in particular areas. This work
will tontinue to be delivered, developed, and tailored to each entrepreneur's and organisations, needs
in the year ahead.
Flnanclal revSew
Prlnclpal sources offvndinq
The Charity is primarily funded by income from charitable activities, mainly coaching leaders.
ResultsAor the yeor
The Accounts for the year are set out on pages 6 to 11. The Statement of Financial Activities on page 6 5how5
a surplus of £37,18412024.' surplus of £48,377), comprising a surplus on unrestricted funds of £57,27012024.'
surplus of £15,694) and a deficit on restricted funds of £20.08612024: surplus of £32,683).
Reserves
Reserves are required to ensure the continuity and resiliente 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 maintained the reserves target at £60.000 of general funds, to balance the effects of any
shortfall in income while preventing excess reserves building up in the Charity. This is calculated on the basis
of ensvring that salary costs and charity contributions can be covered for a period of 6 months. This would
allow time for new funding streams to be sourced as well as reviewing the levels of expenditure to make any
necessary adjustments. Thi5 policy is reviewed annually.
Per the Balance Sheet on page 7, the general fund at 31 December 2025 amounted to £101,49312024..
£44,223) which is above this threshold. The Trustee5 discussed and agreed to maintain the current level at
£60,000, with a commitment to monitor it closely throughout the year.
Statement 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 plate to provide reasonable assurante against fraud and error. The Trustees have
considered those risk5 and are satisfied that they have introduced procedures to mitigate the possible effects
of those risks.

Catalyse Change
Report of the Trustees for the year ended 31 December 2025
Statement of responsibllltles of the Trustees
Charity law requires the Trustees to prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the Charity and of its income and expenditure for that year.
In preparing these financial statements. the Trustees are required to-
select suitable accounting policies and then apply them consistently,.
observe the methods and principles in the applicable Charities SORP-
make judgements and estimates that are reasonable and prudent,.
state whether applicable accounting standards and statements of recommended practice have been
followed, subject to any departure5 disclosed and explained in the financial statements; and
prepare the financial statements on the going concern bas15 unless it is inappropriate to presume that
the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records whith disclose with reasonable
accuracy at any time the financial position of the Charity and enable the Trustees to ensure that the financial
Statements comply with the Charitie5 and Trustee Investment Ikotlandl Act 2005 and the Charities
Accounts Iscotlandl Regulations 2006 las amendedl. The Trustees are also responsible for taking such steps
as are reasonably open to them to safeguard the Charitvs assets and to prevent and detect fraud and other
irregularitie5.
Approved by the Trustees and signed on their behalf on l June 2026..
iknAdeb¢ytr
Rev Or Nlke Adebalo
Trustee

Catalyse Change
Report of the Independent Examiner to the Trustees for the year ended 31 December 2025
I report on the accounts of the Charity for the year ended 31 December 2025 which are Set out on pages 6
to 11.
Respertive responsibilities of Trustees and Examiner
The Charity'5 Trustees are responsible for the preparation of the accounts in accordance with the terms of
the Charities and Trustee Investment Iscotlandl Act 21)05 and the Charities Accounts (Scotlandl 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.
Basls of Independent Examinerfs statement
My examination is carried out in accordante with Regulation 11 of the Charities Accounts (Scotlandl
Regulations 2006 las amended). An examination includes a review of the accounting 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 ¢ourse of my examination. no matter has corne to my attention
l. which gives me reasonable cause to believe that in any material respect the requirements..
to keep accounting records in accordan￿ with Section 44111 lal of the 2005 Act arbd Regulation 4 of
the 2006 Accounts Regulations 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.
AL¢4(M¢ FrLL*th*
Alison Franks CA
Director
Date.. l June 2026
Cornerstone Atcounting Ltd
Chartered Accountants
11 Erngath Road
Bo'ness
EH519DP
Poge 5

Catalyse Change
Statement of Fina ncial Activities
For the year ended 31 December 2025
General Restricted
fund
funds
2025
General Restrirted
fund
funds
2024
Total
Total
Notes
Income and endowments
Donations and legacies
Income from charitable activities
10.000
47.866
10.000
275.078
29,260
47,702
29,260
283,777
227.212
236,07S
Total Income and endowments
227,212
57,866
285,078
236,075
76,962
313,037
Expendlture
Raising funds
Charitable activities
1.490
218,891
1,490
263,170
168,442
77,952
246,394
44,279
Total expendlture
169.942
77.952
247.894
220,381
44,279
264,660
Net Incomellexpendlturel
57.270
120.0861
37.184
15,694
32,683
48,377
Transfers between funds
Net movement In funds
57.270
120.086)
37.184
15,694
32,683
48,377
Total funds brought forward
44,223
40,583
84,806
28,529
7,900
36,429
Total funds carrled forward
101.493
20.497
121.990
44,223
40,583
84,806
Represented by:
General funds
Restricted funds
101.493
101.493
20,497
44,223
44,223
40,583
20,497
40,583
Total funds
101,493
20,497
121,990
44,223
40,583
84,806
The notes on pages 8 to 11 form part of these financial statements.

Catalyse Change
Balance sheet
As at 31 December 2025
General Restrirted
funds
funds
2025
Total
General Restricted
funds
funds
2024
Total
Notes
Current assets
Debtors
Cash at bank and Sn hand
7.912
l(Kl.264
7.912
120,761
810
48.531
810
89,114
20A97
40.583
Total current a55ets
108.176
20.497
128,673
49.341
40.583
89.924
Creditors.. falling due within one year
6.683
5.118
5.118
Net current assets
101,49a
20.497
121,990
44.223
40.583
84,806
Total assets les5 turrent Ilabllltles
101.493
20.497
121,990
44.223
40.583
84.806
Net assets
101,493
20.497
121,990
44,223
40,583
84,806
Funds of the charltv
General funds
Restricted funds
101.493
101,493
20.497
44,223
44.223
40,583
20.497
40,583
Total charlty funds
101,49a
20,497
121,990
44.223
40.583
84,806
The financlal statements on pages 6 to 11 were approved by the Trustees on l June 2026 and signèd on thelr behalf bv..
JthAd4baJ"tr
Rev Dr Nlke AdebaJo
Trustee
The note5 on pages 8 to 11 form part ol these financial statements.

Catalyse Change
Notes to the financial statements
For the year ended 31 Detember 2025
l. Accounting policie5
Accoutjting convention
The financial 5titement5 are prepaTed under the historical c05t 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 poliues 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 ofAlnt7nclolstotements
The financial Statements have been prepared on the accruals ba515. The Trustee5 consider that there are no rnaterial uncertainties
so the accounts have been prepared on a going COr￿ern basis.
Income onddebtors
All Incorne Is reco8nlsed when the CharSty Is le8ally erttitled to the Inci)me, any performance conditlons atiached to the Income
have been met, it is probable that the income will be received and the amount can be rneasured reliably.
Debtors are valued at tost ai ihe year-end and adlusted for any amounts consldered to be lryecoverable.
Expendlture 47nd ¢redltors
Expenditure is accounted lor on an accruals basis and has been classified under headings that aggregate all cost related to the
category. Support costs are those costs incurred direcily in supporr of expenditure on the objects of the charity.
Credltors are valued at C05t at the year-end and split between amounts due in less than one year and amounts due in more th3n
one year.
Toxotkin
The charity 15 exempt Irorn Corporation Tax on its charitable activities.
Cosh ot bank ondln hond
Cash ar bank and in hand includes cash and shor( ierm hi8hly liquld investments wlth a short maturity of three months or less from
the date of acquisition or openin8 of the deposit account.
Fund uccountlnq
For the purpose of the Statement ol Flnanclal Aciivlties. funds are deflned as follows..
Unrestricted 8eneral funds eompvise income received for the objetts of the charity withoLrt further specified purpose and are
available as general funds.
Unrestrlcted designated funds comprlse those funds rinRfeThced by theTrustees for a particular purpose In the year ahead.
Restricied funds comprise income which has been received for the obje¢ts of the charity and specified for a restricted purpose
within these objects by the donor.
Penslons
The Charity operates a defined contribution pension xheme. The pension charge represents the amount payable by the charlty on
behalf ol it5 employee5.
2. Donatlons and legacles
1025
Restwirted
funds
2024
Restricted
funds
General
funds
General
fvnds
Total
Total
Donations received
Grant5 received
11,760
17,$00
11,760
17,500
io,(xx)
lo,￿
10.000
io,r
29,260
29,260
We are extremelygrateful to all of our funder5 for the g[ar￿ they have PTovided thisyear.

Catalyse Change
Notes to the financial statements
For the year ended 31 December 2025
3. Income Irom charitable activitie5
2025
Re#rlued
funds
2024
Restrlcted
funds
fjenerol
fvnds
General
funds
Total
Total
Coaching income
Publishing income
Travel cost5 reirnbursed
167.920
48,763
10,529
47
21S.786
48,763
10.529
172.832
60.938
2.305
47.702
220,534
60,938
2,305
227.212
47￿66
275,078
236,075
47,702
283,777
4. Costs of ralsln8 lund$
2025
Restrlcted
funds
2024
Restricted
funds
General
fvnds
General
funds
Totsl
Total
Staff salarie5
i.soo
1.490
1,490
1,5
1,51J)
1.490
1,490
S. Expendlture on tharltable actlvltl¢s
2025
Restwlrted
fund5
2024
Restritted
funds
General
fund5
General
funds
Total
Total
Staff costs:
135,685
6,737
7.208
19.722
155,407
6.737
7,208
158,289
9.298
7.909
4,700
162,989
9,298
7,909
Employer Nl
Employer pensions
Dlre¢t Costs of ¢horltable adlvllles:
Coachin8 lees
CREO costs
MLC costs
Travel, subsi5tente and meeting tosts
Publishin8 Costs
Overseas coaching costs
Support costs ol ¢harltable a¢tlvltles=
Office rent and venue hire
Insurance
IT and administration costs
Subscription costs
Accounting Support Costs
Independent examination fees
Foreign currency losses
Bad debt expense
Bank charges
7.557
20.174
1,850
8.113
9,407
28,287
4,9SO
2.965
1.504
240
14,560
4.302
19,510
7.267
801
4,444
29,616
240
39.437
39.368
29,616
1.380
409
1,380
409
419
419
1.180
1.560
1.180
1,560
697
1,501
360
1,2(K)
3,532
120
1,220
697
I,soi
360
1,200
3,532
120
1,220
1.200
1.352
1.2
1,352
993
993
Total expenditure
168A42
7T.952
246,394
218.891
44,279
263,170
Support Costs have not been sepavately identified a5 the trustee5 con5iderthere 15 only one charitable activity.
The average number of sraff during the year was 712024.. 71. One employee was paid more than £60,0(K) in the year12024.. 11 and
is disc105ed below.
Key Management Personnel of the Charity is dehned a5 the CEO only. His remuneration liThcluding Employer Nll totalled £76,686
12024.. £75,965).
No ac¢rJal has been made for holiday pay at the year-end as the￿ were no material amounts due.

Catalyse Change
Notes to the financial statements
For the year ended 31 Detember 2025
6. Debtors
2025
Re#rlued
funds
2024
Restrlcted
funds
fjenerol
fvnds
General
funds
Total
Total
Trade debtors
7.912
7,912
7.912
7,912
810
810
810
810
7. Crtdltors: falllng due wlthln one year
2025
Restrlcted
funds
2024
Restricted
funds
General
fvnds
General
lunds
Total
Total
Trade creditors
Accruals and deferred Income
Taxation and 50clal security
Other creditors
70
1.200
5A13
14
1,2C
2.915
989
14
1,200
2,915
989
1,2fy)
5.413
6,683
6,683
5.118
5,118
8. Funds mtsvemerfs
Current year
balan¢e at
l J•n 2025
Balan¢e al
Transfers 31 Oe< 2025
In¢omt Expendlturt
Unrestrlrtedlunds..
General fund
44,223
227,212
1169,9421
1169.9421
101,493
Total unreslricted funds
44.223
227.212
IOIA93
Restrl¢tedlunds.-
Kenya fund
India fund- women's training pro8ramrne
Indla fund- MLC entrepreneur's programme
CREO restricted income fund
Ethiopian CREO project fund
Indlan MLC CREO training fund 2025
Total restricted funds
11.760
2,223
19,750
6.850
110,3601
1,400
2,223
119.7501
16,8501
io,c
47,866
10,000
6,874
140,9921
177.9521
40.583
57,866
20A97
Totsl ¢harlty lunds
285,07B
1247.8941
121,990
Prforyet7r
B•lJn¢e •t
ljon 2024
bolJn¢e #t
TrL¥nsfrrs 31 Dec2024
Income Expenditure
UnrestrktedAunds
Generolfvnd
28.529
236.075
(220.3811
44,223
Totol unrestrirtedlunds
28,539
236,075
(220,3811
44,223
IndloAund- women's trolnlng progromme
Kenyofund
Indiofund- wornen's troining prograrnrne
Indio[und- MLCentrepreneurs progromme
CREO restricred incomefund
11.7f
I5.￿XI
47.702
Z5(XJ
11,760
2,223
19,750
6,850
{12,777J
127,9521
{3,5501
76,962
(44,2791
40,583

Catalyse Change
Notes to the financial statements
For the yÈar ended 31 December 2025
8. Funds movements Icontinuedl
Explunotlon offvnds
The General Fund represents all income and expenditure relating tothe primary focus activities of the charity. other than those
The KÈnyofund represents funds donated lor enlreprene￿rlal and coaching work in Kenya.
The lfjcliJlund- wornen'5 truining prograrnme repre5ent5 fund5 donated lorcoaching work in India.
The IndirJfund- MLCentrepeneur's progromme represents funds donated lor entrepreneurial and coaching work in India.
The CREO restrirted irJ¢omelund represents funds receiveil specifically tts supkN)rt individuals on the CREO prograrnme.
The Ethiopian CREO projectfund represents funds received to supp)rt individuals in Ethiopia on the CREO prograrnrne.
The Indlan MLC CREO trolnlnglutr)d represents funds received to supwjrt ind6vidvals In Indla on ihe CREO programme.
9. Penslon commltments
The Charity oper4te5 an aulo.enrolmeTht penslon Scheme with The People's Pension lor all ell8ible employees. Ernployer
contributions to the scheme are disclosed in note 5.
10. Trustee and related party iransaalons
No Trustee received any remuneration during the year in their role asTrustee12024.. Thill.
RSchard RobSnson, who is a Trustee. was employed by the Charity as Team LeaderlCEO ol the organisatlon and was pald a salary of
£65,000 plu5 pension 01 £2,99312024.. £65.(th plus £3,250).
l Trustee. Mlles Protter, benefltted Irom coachlng services provided by the Charity at commerclal rates.
Anna Robinson, who is the wife ol one ol the Trustee5, was ernployed by the Charity as Publisher, workin8 on the 100M Publlshing
initiative, and was paid a salary of É36.000 plus pension of É1.71412024.. £45.LI)O plus £2.0251.