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35,970 claims
The trustees are responsible for ensuring the financial statements comply with applicable law and UK Accounting Standards.
In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent;
Governance · Procedural statement · From n-compass — annual report and accounts, year ending 31 March 2025, page 9
N-Compass maintains a detailed and robust risk register that forms part of the business continuity plan.
As a result of the in-depth strategic analysis, including a thorough risk review, a more robust and detailed risk management register is in place which forms part of the compilation of a business continuity plan.
Governance · Procedural statement · From n-compass — annual report and accounts, year ending 31 March 2025, page 7
N-Compass has a robust risk management approach including monthly management accounts, an annual budget, quarterly reviews, business plans, reserve fund policy, and insurance coverage.
Additionally N-Compass produces and assesses monthly management accounts, an annual budget, quarterly budget reviews, business/strategic plans and the reserve fund policy and possesses adeguate insurance cover for all personnel property, and activities as part of their risk management approach.
Governance · Procedural statement · From n-compass — annual report and accounts, year ending 31 March 2025, page 7
N-Compass's reserves policy is set at a range of £900,000 to £1,100,000.
This range has been set at £900,000 to £1,100,000
Financial · Policy statement · From n-compass — annual report and accounts, year ending 31 March 2025, page 6
N-Compass expects to grow its income by £700,000 in the next financial year.
We are confident in the future, and expect to grow by a further £700,000 in 2025-2026 as we see the full year impact of the new services secured in 2024-2025
Financial · Trend statement · From n-compass — annual report and accounts, year ending 31 March 2025, page 6
N-Compass is in a strong financial position with unrestricted funds of £1,070,968.
N-Compass is in a strong financial position with unrestricted funds of £1,O70,968 which is within the range set by the Reserves Policy (see below)
Financial · Observational claim · From n-compass — annual report and accounts, year ending 31 March 2025, page 6
N-Compass celebrated its 25th anniversary in 2024.
2024 has been a particularly special year for us, as we celebrated 25 years of supporting communities.
Context · Observational claim · From n-compass — annual report and accounts, year ending 31 March 2025, page 4
No related party transactions occurred for We Change Lives during the reporting year.
Neither the Group nor Charity have entered into any related party transactions during the year.
Financial · Observational claim · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, section 21
The four companies receiving the financial guarantee are exempt from audit requirements due to the guarantee.
Therefore, these companies are exempt from the requirements of the Act relating to the audit of individual accounts.
Financial · Procedural statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, section 22
We Change Lives provided a financial guarantee for four specific companies under Section 479A of the Companies Act 2006.
We Change Lives has given a guarantee under Section 479A of the Companies Act 2006 to guarantee all outstanding liabilities as at 31 March 2025 of Creative Care (Leicester) Limited, PSA Care Services Ltd, J O Care Services Ltd and J D Zencare Limited.
Financial · Funding statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, section 22
The group had commitments to make future minimum lease payments under non-cancellable operating leases totaling £76,411 within one year.
At 31 March 2025 the Group had commitments to make future minimum lease payments under non- cancellable operating leases as follows: Within 1 year Between 1 and 5 years After more than 5 years £76,411 £41,174
Financial · Metric statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 38
The group refinanced with Barclays Bank to fund new acquisitions, drawing down £16,160,000.
During the year, the Charity and Group refinanced with Barclays Bank to fund the new acquisitions. The total drawn down was £16,160,000.
Financial · Procedural statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 36
Redundancy payments made by the charity during the year were £46,171.
There were £46,171 (2024 - £nil) redundancy payments made by the charity during the year.
Financial · Metric statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 31
The total remuneration paid to key management personnel was £233,561 in the year ending March 2025.
The total remuneration paid in respect of the charity's key management personnel was £233,561 (2024 - £215,369),
Financial · Metric statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 31
The corporation tax expense of £8,780 relates to a prior year under provision for 3L Care Limited.
The corporation tax expense included for £8,780 relates to a prior year under provision of tax for 3L Care Limited.
Financial · Observational claim · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 30
Other income for WCL predominantly comes from rental and service charge income.
Other income predominantly relates to rental and service charge income.
Financial · Observational claim · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 26
The company received a grant in the 1990s to acquire two properties, which was netted off from the purchase price.
In the 1990s, the charity received a grant of £327,975 to acquire two properties. The grant was subject to legal charges stating that should the properties be subject to a change in use or disposal then the donor would be entitled to the open market value of the properties. Given the legal charges placed on the properties, the grant income was netted off the purchase price of the properties at the time and has not been recognised in the accounts.
Financial · Observational claim · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 23
The company has unrestricted general funds, designated funds, and restricted funds.
Funds held by the charitable company are either: Unrestricted general funds, which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes; or Unrestricted designated funds, that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund are set out in the notes to the financial statements; or Restricted funds, which are donations or legacies received where the donor has specified use solely for particular areas of the Charity's work or for specific projects undertaken.
Financial · Policy statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 22
The company's financial statements are prepared in accordance with the Charities SORP (FRS 102) and the Companies Act 2006.
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRs 102) and the Companies Act 2006
Policy · Policy statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 21
WCL's financial position ended the year with a surplus and stable reserves.
The charity ended the financial year in a stable and sustainable position. Despite economic uncertainty, we have continued to manage resources responsibly and ensure that every donation is used to deliver maximum impact.
Financial · Funding statement · From We Change Lives (WCL) — annual report and accounts, year ending 31 March 2025, page 9