2023-09-30-accounts

Annual Impact Report and Financial Statements Girls Friendly Society in England and Wales (GFS)

30 September 2023

Company Limited by Guarantee Registration Number 3172713 (England & Wales) | Charity Registration Number 1054310 GFS, 3rd Floor, 86-90 Paul Street, London EC2A 4NE 020 7837 9669 [e-mail] gfs.org.uk

Contents

Chair’s Welcome

GFS 2022-23 at a Glance

Strategic and Impact Report

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5
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• Vision, Mission and Values

• Why We Exist

• Strategic Plan and Future Plans Overview

• Performance 2022-23

• Volunteering at GFS

• Listening to girls

Financial Review

21

• Results for the Year

• Financial Position

• Reserves

• Other funds

• Investment Policy

• Fundraising Statement

• Investment Policy • Fundraising Statement •
Governance Arrangements	23
• Constitution and Committees
• Trustees’ Responsibilities
• Risk
• Leadership and Management
• Recruitment and Training
Independent Auditor’s Report	26
Statement of Financial Activities	30
Comparative Statement of Financial Activities	31
Balance Sheet	32
Cash Flow Statement	33
Principal Accounting Policies	34
Notes to the Financial Statements	38
Trustees, Senior Management, Auditor, Bankers,	52
Legal Counsel, Contact Details

chair’s welcome

Girls Friendly Society (GFS) has been in existence for almost 150 years and has changed during the decades to meet the needs of the time. Our founder, Mary Townsend, worked with a cohort of young women who were isolated and considered vulnerable because of the time in towns and cities, a long way from home. We would love to say that her work is done and GFS is no longer needed but research tells us that this isn’t the case. More importantly, the girls we work with tell us GFS is needed more than ever.

Girls as young as 6 tell us they can’t be themselves. This holds them back.

Girls tell us that they are under pressure from the world around them and for each girl one or more challenges. It could be feeling unsafe, social media, peer pressure, bullying and loneliness. Many are starting to talk about the impact of the cost-of-living crisis, and we know that so many struggle with exam pressure, period poverty and lack of support … and more.

GFS exists to address this fundamental problem and has made the commitment to work in the places and with the girls who need our support the most. They tell us how GFS has enabled them to be themselves, matters and so much more:

“I try new things at GFS, which makes home.

I feel comfortable here and feel like have to cover it up at school.

ourselves.

This year has seen us review our strategy and how we have been working. We have looked carefully at the impact we are having for the girls we support as well as consider what we need to do next. We have had a year of consolidation. We have developed a sound

Girls Friendly Society • Annual Report 2023 3

approach to listening to the girls to better understand our role, and how that impacts on plans for the future. Listening to girls and amplifying their voices has become an important part of what we do.

We know that girls at GFS are happier than the national average but less happy in school. We believe in being brave and girl focused. So, in 2024, we need to go to where to grow our impact by working with girls in school, in those areas already evidenced to

At the same time, we are looking at our as the organisation is needed. Part of with more intent. For some time now, the down’ charity and we would like to acknowledge this to enable us to achieve the GFS vision and mission. The Board has begun by initiating a review of this so that it further improves our reach and impact.

The charity has put together an Environment Taskforce, responding to the need to consider the environment and how we as an organisation can respond but already we have implemented internal and external training as well as looked at individual and organisational responses. Alongside this, the EDI Taskforce has prioritised equity, diversity and inclusion by dedicating time to addressing all areas of experience for every girl at GFS but also we have more to do and are delivering a plan to be the best we can.

In the meantime, we would like to thank you for your support and welcome you plans. There is nothing we like more than talking GFS!

Amundeep Dhanoa

Amundeep Dhanoa Chair of Trustees

4 Girls Friendly Society • Annual Report 2023

gfs 2022-23 at a glance

We supported 731 girls around the UK

This equates to 17,280

We supported 30 groups to deliver GFS activities including

We recruited 114 new volunteers, with more than 200 active throughout the year

29 regional events & trips

GFS Northeast groups hold regional funday

GFS groups in Wales celebrate volunteers’ week

in schools

National training programme for volunteers supports girls around mental health and ADHD

• with Surrey University to support development of toolkit

GFS Day of Learning on Inclusion Enstar and ChildrenSalon become corporate supporters

Big Give women and girls campaign raises vital income

GFS Hackney Seniors launches

Celebration of our most long-term GFS volunteers

GFS runners in the London Landmarks half marathon

The Trustees of Girls Friendly Society in England and Wales (GFS) present the Trustees’ Report and Financial Statements for the year ended 30 September

1. This report has been prepared in accordance with Part VI of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation. The in accordance with the accounting policies

set out on pages 34 to 37 of the attached charitable company’s memorandum and articles of association and 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 United Kingdom and Republic of Ireland (FRS 102).

strategic and impact report

GFS vision, mission and values

Our vision

Our vision is of a world where girls and young women are free to be themselves and feel proud of who they are.

Our mission

Our mission is to support and inspire girls and young women. We will create spaces where they feel safe and valued, so that they can build strong foundations that will prepare them for life’s challenges.

Our values

In everything we do, GFS will be:

Girl-focused Ambitious Brave Inclusive Feminist Fun

6 Girls Friendly Society • Annual Report 2023

Girls are under pressure

The world constantly tells girls who they should be. At school, girls experience friendships and meet academic expectations. Online, they navigate culture and beauty standards. And in the wider world, gender stereotypes, sexism and discrimination still shape their experiences.

Navigating these pressures, expectations and attitudes, especially during their vulnerable teenage years, leaves girls feeling unable to be themselves.

This manifests itself in ways that can It impacts their relationships , making it harder to connect with others.

It harms their wellbeing or worrying about who they are and how they look can lead to – or be the result of – anxiety and poor mental health.

It damages their , as feeling unable to express themselves can lead to girls missing out and believing their voices don’t matter.

Ultimately, it limits their lives, as girls become less likely to engage with opportunities and more vulnerable to damaging social pressures, leaving them at risk of exclusion and harm.

Girls as young as six told us they feel unable to be themselves. These pressures on girls and the impact it has on their sense of self means girls are being held back. It prevents girls from reaching their potential - and therefore perpetuates gender inequality.

of girls aged 11-18 in the UK think that gender stereotypes are holding women and girls back (Plan UK, 2021)

68% 62%

of girls aged 7-18 have been told they can’t do something because they are a girl (GFS, 2023)

Girls were nearly twice as likely as boys to be unhappy with their mental health (Children’s Commissioner, 2021)

69%

of girls aged 7-18 have not done something as a result of worrying about what others would think (GFS, 2023)

Girls lack safe spaces

GFS provides vital safe spaces where girls can experience a welcome break from these pressures and expectations. Parents and carers tell us about the need for local provision in their area, where other services for girls are either not available or not suitable to meet their child’s needs.

GFS provides a unique service where girls are able to participate in a welcoming group environment without the pressure of competition or performance, which other after-school services are often structured around. Through our groups and the women delivery teams, we foster inclusive settings where girls are supported and accepted for who they are; as individuals. This can be particularly important for girls who may have struggled in other groups and clubs, which can often be the case for those with additional needs.

Girls Friendly Society • Annual Report 2023 7

For girls, these safe spaces are invaluable. Over half of the girls told us that feeling safe and welcome is one of the most important things about their group. We know that when girls feel accepted, they can start to thrive.

At GFS they feel more relaxed and able to be themselves, more likely to build positive relationships and try new things. Their group acts as a constant source of support during challenging times:

69%

of GFS parents and carers say that there is nothing similar for girls in their area (GFS, 2023)

of GFS parents and carers say that their child is able to be herself at group because GFS treats girls as individuals. (GFS, 2023)

87%

• I feel safe with my friends here,

• My daughter was subjected to inappropriate language and behaviour was safe in GFS.

• We are fairly certain she has ADHD. Other groups she has tried have been overwhelming and noisy, and she hasn’t felt safe. GFS is the opposite of those things - it is calm, personal, quiet and she feels very safe and supported.

• not always happen when she is around boys.

8

Girls Friendly Society • Annual Report 2023

Girls need our help from a young age

Girls’ happiness has been declining since 2009 and is now at an all-time low. The steepest decline of girls who say they are very happy has been amongst those aged 7-10. (Girl Guiding, 2023)

As girls enter their teenage years, their drop in a way that isn’t commonly seen for boys, leaving them more vulnerable to harm and less likely to engage in the

51% of secondary school aged girls told us they don’t feel like they can be themselves at school, compared to 26% of girls aged 7-11. (GFS, 2023)

42% of girls aged 7-11 worry about what people think of them. This rises to 79% of secondary school aged girls. (GFS, 2023)

That’s why our early intervention approach focuses on working with girls from a young age. Around 80% of our active girls are between 5 and 11 years of age because we know that it’s vital to equip girls with the tools they need to tackle life’s challenges sooner rather than later.

Our programme focuses on supporting girls to develop key skills that can help to speak up and share their ideas, the resilience to cope with disappointments and setbacks or the awareness to manage

Each school term, the core sessions focus research with girls. By revisiting these skills over time, our programme follows the “shallow, deep, profound” approach, based on Learning.

SHALLOW

“I know what it is” We introduce a concept; what it looks like, when it might be experienced.

DEEP

“I understand it” Developing understanding of the concept; how it might be

PROFOUND

“I can apply it to my own life” Understanding what is being experienced; why and how to internalise the related skill.

Coordinator led groups in the summer term of 2022, and then rolled out to all groups in the autumn term of 2023. It ensures girls are receiving a good level of expert, research-based sessions, as well as each group having their own identity.

abilities, so we recognise that girls will take what they need from their time with GFS. With a focus on fun and play, girls may not always notice that they are learning at the time, but activities are structured to:

Girls Friendly Society • Annual Report 2023 9

• 1 Raise girls’ knowledge and awareness of a skill or issue (shallow impact).

• 2 Support them to feel more positive and empowered about that issue (deep impact).

• 3 Through longer-term engagement, beyond their group (profound impact).

Many girls have told us about the ways in which GFS has had a positive impact in their and communication skills, better relationships with others and an increased ability to express themselves, as common features:

• open with people outside GFS too.

• GFS has helped me with being positive and standing up for myself against

• At GFS, people are there for you and you learn that accepting help is okay. what you need even when you won’t admit it, and that has helped me accept

• Outside GFS there is loads of judgement and people rain on your ideas and make it a dark day, but it is brighter inside here where you can be yourself, be comfortable and shine.

In allowing girls to engage at their own pace, we recognise that the outcomes of their experiences can vary. For many, simply spending time in the group environment with other girls and women can have the most powerful impact.

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Strategic Plan - Overview

The GFS Strategic Plan (A Clear View Ahead) was written for the years 2019-2024. We are strategic plan. During this time, we aimed to achieve:

Culture

• An impressive culture of alignment and empowerment - Levels of team working has developed across all We have seen retention levels improve and mutual respect increase.

• All groups supporting the plan for compliance - All groups are now far more consistent and operate in the same way with a real commitment to compliance and quality. At the same responding to local need.

• Annual engagement plan for girls, The People

• and Programme teams have been instrumental in designing this and making it happen – so that we listen, learn and act to support our work and so that girls’ voices are fundamental to our DNA.

• A reputation for being a happy place to volunteer and work - We are delighted to work and 86% volunteers tell us GFS is a good place to volunteer with 100% proud to be part of the work we do.

Growth

• A structure of support for our volunteers and groups - This has improved each year as we listened to what volunteers and groups were telling us, from details about their roles and why they volunteered, to training needs. For example, they told us that they wanted to come and volunteer – they didn’t want to do admin, data collection, organising – so we introduced Group Coordinators to enable the volunteers to volunteer and to achieve consistency.

• Widespread recognition of GFS’ vision and mission - We have seen KPIs around our reach increase every year and now see supporters and other organisations in the sector engage with us. This is vital to build on so that we can grow our impact. Our research work will help us

• The number of girls we work with has grown in the last four years by approximately 150%. We have more to do in this area and our work in the coming years will enable us to see further growth.

Sustainability

• A robust and diverse funding base and We continue to

• develop our successful fundraising pipeline alongside our ambitious fundraising plan faced through Covid and the cost-of-living crisis. Regardless of this we have seen a year-on-year increase in our income. Whilst we have not yet achieved our projected year end targets, we have a robust, long-term plan which will enable us to grow our supporter numbers across all income streams.

• Outstanding pride in the volunteers

• Improvements in consistency have come, from training and support for everyone, to the development of our core programme. As a result, the whole team not only talks with pride about what we do but also wants us to do more because there is the sense that we do what we do well – particularly with younger girls.

• to support our operational delivery, improve all contracts to ensure best value as well as rationalised the use of software to reduce cost and improve our working practices. An important part of this work was the decision

Girls Friendly Society • Annual Report 2023 11

• An appropriate level of unrestricted There has been much work

• on how best we can ensure the charity is This sits alongside an important conversation about the charity’s reserves and we have a long-term plan by which to reach a break even position in the near future. There are a number of hurdles to overcome on this journey but we are determined to ensure the charity’s historic the charity’s long-term sustainability plans and, of course, its broad and increased impact on girls and young women.

Future Plans - Overview

We know that girls as young as 6 tell us they can’t be themselves. We know that girls who face additional prejudice or disadvantage have even more hurdles in their lives. We need to be working with this young age group before can be proud women of tomorrow.

The need for a preventative service is juxtaposed alongside the fact that there has Research suggests a decline of more than 70% spend per head on youth services over the past ten years. This translates to more than half the youth services in London closing in that time.

2022-23

It was an important year of consolidation for GFS to ensure that the initiatives that we had developed became ingrained in our approach to all we did. It was the “Year of Inclusion” where we built on our work together around EDI (equity, diversity and inclusion). We launched an inclusion policy and took training to the team to be more inclusive in their approach and better equipped to include anyone with a

were telling us they needed next. We found that girls are doing better than the national average in terms of happiness when they are at GFS. But when at school they were really struggling. Despite outperforming boys academically at school, girls are still unhappy, according to our own research and that of others such as the

Children’s Commissioner. This is something we cannot ignore; girls are telling us they need our help in schools. So, along with the desire to support more girls, we have been inspired by the girls to develop a new service for schools, for 2023-24, and will be delivering in Manchester, Liverpool and Swansea. The service has two components: a school-based group and a series of workshops. These were developed from the learning we gained in our schools’ pilot programme and we look forward to evaluating its success.

Background to Girls in Focus Girls who come to GFS are...

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More likely to be happy with their lives overall
GFS girls Girls nationally
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% unhappy with “My life at school”
GFS Girls Female Male
6-8 9-11 12-15
Age of children
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• % unhappy with “My mental health”

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GFS Girls Girls Boys
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It is a priority for the Board and Leadership Team to develop the next chapter, which will coincide with our 150th anniversary in 2025. Next year will also include strategic reviews of our work, our place in the sector and our sustainability to be able to launch a new strategy, which will deliver the most impact for disadvantaged girls and young women.

12 Girls Friendly Society • Annual Report 2023

Performance 2022-23

In addition to weekly sessions, our groups had some incredible trips which enabled about themselves and who they could be.

Saracens Rugby Club Trip

Two of our London groups joined Saracens women’s rugby team training, thanks to an invitation from our corporate partner, Enstar.

involvement, charitable giving, and volunteering. We and our people give our time and money through a Corporate Social Responsibility Programme formalised in 2018 as a global initiative with a local focus. support of local charities and causes. Enstar is passionate about making involvement, charitable giving and volunteering. Our Global Corporate Social Responsibility Programme support of local charities and causes in the regions we operate in.

Enstar is delighted to support Girls Friendly Society as part of our commitment to equality for women and girls. -Enstar

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Blyth
Chester-
le-Street
Durham
Eldon
Bishop Auckland
Layton
Frodingham
Liverpool Swinton
Aigburth Manchester
Rusholme
Atherstone
Market Pheasey
Drayton
Smethwick
Birmingham
Bearwood
Dunvant Neath Leytonstone
Swansea Hackney Mile End
North East
London
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Dreams, which took the girls through some fun and empowering teamwork activities. Other groups were visited by the amazing Creating Spaces, who led the girls in a placard making session about issues they were passionate about.

Creature Feature

Regional Fundays

GFS took part in the Big Give’s International Women’s Day fundraising campaign and raised £5,000 to hold a series of regional fun days for 145 GFS girls.

Workshops

In the Northwest, the girls took part in inspiring workshops provided by external facilitators, Strengthening Wellbeing Together, who led the girls in making a gratitude tree and Pariss from Journal to

One hugely popular feature with all girls was our creature experience. Girls explored their limits and tested their bravery by handling unfamiliar animals such as tarantulas and bearded dragons.

Building Trust

For many of us, we are wary when meeting new people. Our groups in the South and Midlands built trust and had a great laugh by letting other girls paint their faces and taking silly snaps at our

Girls Friendly Society • Annual Report 2023 13

Our programme supports girls

Core programme activities aimed to support girls girls survey. Through listening to girl voices, we focused our attention on supporting them with the skills they found most challenging. We were pleased to see girls reporting improvements in this year’s annual survey.

One girl in particular who has always asked something, would barely reply, this last month has been speaking

• -Group Co-ordinator, GFS Neath

Autumn term - Resilience: managing

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2022
2023
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50%
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of girls said they had again when they had a setback since joining GFS.

This rose to 72%

programme sessions on resilience.

Spring/Summer terms - Speaking Up:

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2022
2023
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46%
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of girls said they’d got since joining GFS.

This rose to 59% sessions on speaking up, or 63% for girls who’ve

• Some of the girls are becoming up and joining in group discussions. in a position to stand out without being prompted/encouraged to do so.

• -Group Co-ordinator, GFS Smethwick

Girls feel the impact of GFS beyond their groups too. Two thirds of girls say their group makes they have got better at trying new things since joining GFS. Our “Girls In Focus” project revealed that this particularly emerged through improved social connections and communication skills, with girls feeling more able to trust others and build resilience in challenging situations:

• I am more brave when I get hurt at feelings.

• my feelings.

14 Girls Friendly Society • Annual Report 2023

Parents and carers have also reported improvements in their child as a result of attending a GFS group. 52% say GFS has helped their child deal with personal challenges and 70% say GFS has had a positive impact on their child’s behaviour outside of group:

She was previously in a behavioural been able to control how she behaves and is able to talk about why she’s upset and resolve problems before they escalate.

75%

69%

3in5

of girls say they have got joining GFS

of girls say their group helps them get along with people, rising to 81% for the youngest girls (aged 5 – 8)

parents and carers say that the friendships their child has made at group have helped her build positive relationships outside GFS.

This is a safe space and you can grow

vital safe spaces

Over a quarter of girls say feeling safe and welcome is the most important thing about their GFS group. We learnt that girls feel able to relax and be themselves at GFS, allowing them to form more meaningful and supportive relationships, be more open to trying new things and experiencing a positive impact on their wellbeing.

When girls feel safe, relationships can form

Girls told us that the relationships they form at skills that they develop at group have supported their ability to make and maintain friendships.

When girls feel safe, they are

Our non-competitive approach to activities allows girls to participate in the way that suits them best and our Group Coordinators and volunteers are skilled at adapting sessions to ensure all girls are included. This ethos supports girls to engage at having a go at something new.

you know who you can trust.

Being able to see what you need in a friend, not just who you think you should be friends with.

I’m making more friends and choosing wise friends.

87% 83%

at trying new things within the

of parents and carers say the non-competitive environment helps their child join in more.

I try new things at GFS which makes me

Girls Friendly Society • Annual Report 2023 15

CASE STUDY ONE Trip - Ford Castle - GFS Blyth

Before the trip, Dakota told us she was ‘scared of heights, water and everything.’ Dakota and the group come along. She wouldn’t be forced to do anything she wasn’t comfortable with. One of the activity workers knew Dakota was scared when they went to the zip line activity, which involved climbing at height with a harness on.

The activity worker and the GFS girls encouraged Dakota to put her foot on she went up 3 big steps in total.

She was upset that she didn’t get to ok, you didn’t get to the top. You said you were doing one step and you did three!

When girls feel safe, they can be themselves

With supportive friendships and a safe space where girls can try things without judgement, girls told us they are able to relax more and feel accepted for who they are. Around 1 in 5 girls say this is the most important thing about their GFS group. It is particularly important for older girls when self-esteem teenage years.

75%

at GFS said that their group makes them feel like they can be themselves.

I want to say this in front of everyone - I feel comfortable here and feel like have to cover it up at school.

• Group Co-ordinator, GFS Blyth

It makes me feel more normal (everyone can be weird here).

CASE STUDY TWO

Session - Speaking Up - GFS Rusholme

• Before the session, Layla never Previously she did not interact as much but now she is talking more. I out and she is so vocal.

• in, spoke up in groups about why her group had done certain things and in

She used to be overwhelmed sometimes and become visibly upset but this seems to have passed and it is great that this programme is helping her to speak out.

• Group Co-ordinator, GFS Rusholme

• It’s free from boys here so it makes

16 Girls Friendly Society • Annual Report 2023

When girls can be themselves, they are happier

When girls are free to be themselves without in or being judged, they are happier. GFS girls are less likely to be unhappy with their mental health compared to other girls their age and more likely to be happy with their lives overall.

72%

of parents and carers say their child is happier as a result of coming to GFS.

GFS makes me feel like a rainbow. It makes me a positive person on the outside.

My GFS group helps me be nice to myself.

everything else is hard.

phone for three hours and gets me out of my bed.

here.

Volunteering at GFS

GFS recruited 114 new volunteers, with more than 200 active throughout the year.

GFS could not reach the number of girls and deliver the impact outlined above without the support of our inspirational volunteers; as Trustees, committee members, content creators, ambassadors and critically our group volunteers. they enjoy being part of the GFS movement to enable girls of today to be proud of who they from the experience.

in identifying training and development opportunities and adapting roles for greater inclusion, access and participation.

• The girls are the highlight of GFS for and making new friends. I know that GFS would have been such a positive and having the opportunity to provide this for other young girls is incredible rewarding.

• GFS was a huge part of my daughter Frances’s life – who had been in GFS since she was two-three years old. It helped her, her friends, and many other young people realise the good the ability to ask questions and form opinions. I didn’t have that as a child, heard’ as children.

support girls at group

We took a new approach to creating training for our volunteers. Content was guided by of need amongst the girls they supported. Training was then designed to improve their knowledge, understanding and ability to help girls with issues such as ADHD, autism and anxiety.

Specialist facilitators were recruited to

deliver sessions on these subjects, to provide more accessible and continuous learning opportunities. As a result, we noted higher rates of attendance and positive impact amongst attendees, after completing their training:

72%

reported a positive change in to support a girl.

63% 97%

reported a positive change in their knowledge and understanding.

said that the training session had changed or improved their practice.

18 Girls Friendly Society • Annual Report 2023

Listening to girls

We are committed to being girl-shaped and girlvoices to both understand our impact and ensure that girls and their needs are at the heart of our decision-making.

Our research with girls

To establish some baseline data, we used the Children Commissioner’s “Big Ask” survey to assess the wellbeing of GFS girls; asking questions about their friendships, life at school, mental health, local area, experiences online and life overall. This allowed us to benchmark GFS girls that, whilst GFS girls were happier than other girls nationally in some areas, their happiness with life

To explore this further, we carried out focus groups over a six-week period. Our “Girls In Focus” project used participatory methods to engage girls in conversation around what a good or bad day looks like at school, as well as what they value about GFS.

What we learnt from girls was hugely insightful. For those who were unhappy, the school environment was a source of stress, in terms of both academic and social pressure. The negative attitudes of others and worrying about what They told us about the challenges of navigating their peers. They also illustrated how gender age. For example, their experiences of PE in school girls disengage from sport in their teenage years.

Our annual survey revealed that only one third of GFS girls feel like they can be themselves at the problems girls are facing and the solution we currently provide through our services. It helped inform how we can better support girls and talk about their experiences on other platforms.

143 Girls

32% of active girls 17 Groups

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Girls In Focus
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72
Girls
age
6-16
8 Groups
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There is so much pressure, it’s such words but before the holidays I had

• they are fun but boys say I’m bad at them.

• ‘calm down.’ I mask the way I like to it and judge me.

Girls Friendly Society • Annual Report 2023 19

Learning from and responding to girls 2023-24

Listening to girls has allowed us to learn, adapt and improve, to ensure we continue to meet their needs appropriately in 2023/24. decision-making across GFS, with some key examples:

01 Shaping our Programme around girls’ needs and exploring evaluation approaches

Navigating friendships emerged as a key area of challenge for girls during our “Girls in Focus” project. Our core programme for 2023-24 will therefore focus on supporting girls’ needs in this area by raising their awareness of how to handle issues and developing key skills to better manage challenges. Our Autumn Programme, launched in September 2023, focuses on things and positive self-esteem.

02 Making changes to the way we operate to ensure we are reaching girls in key areas

We have worked hard to improve our understanding of the areas we work in and the demographics of our girls and volunteers. Through collecting key data, we have been able to monitor whether we are reaching those most in need within our local communities and make changes to ensure our groups are accessible and inclusive. For example, after girl numbers dropped at GFS Mile End, we consulted local families and found that GFS clashed with evening sessions at mosque. Saturday group, with girls now attending who were previously unable to.

03 Working in schools to support girls where they need us

We are exploring how we can bring our support into new spaces. As girls have told us that school can be challenging, we are adapting our services to operate in schools. This will help us meet girls where they need us most, whilst removing barriers to inclusion for those unable to attend GFS groups. We are trialling two ways of working with schools:

• After-school groups in schools, two of which launched as a trial in September 2023.

during the school day, with activities based on our core programme. We will be trialling this new service in 2024.

Putting girl voices at the heart of our campaigns

04

Our learning from girls has directed the theme of our celebrations for campaigns such as International Day of the Girl (IDG). Through our #GirlsAllowed IDG campaign, we advocated that all girls should feel allowed to be themselves wherever they go. This concept has helped us engage with external stakeholders as the voices and experiences of GFS girls have resonated with many people, especially women. As a contributions to our virtual wall, social media blogs and webinars.

05

Keeping girls at the heart of all we do

84% of girls say they feel like they have a say in what happens at their GFS group. As we continue to advocate for girls, we want to make sure they also feel this way about what happens across GFS. Our learning from girls in 2023-24 through:

• The continuous development of programme and training based on girls’ needs.

• The establishment of further listening initiatives through our “Girls In” project, focusing on improving two-way communication with girls through workshops, newsletters and improved listening mechanisms and approaches to evaluation at group.

• Delivering our fundraising and awareness campaign around International Day of the Girl and ensuring that girl voices are embedded within future events, such as our 150th anniversary.

20 Girls Friendly Society • Annual Report 2023

Results for the year

Financial position

Free reserves and reserves policy

page 30 shows net expenditure for the year before investment losses of £742,985 (2022

on designated funds of £288,959 (2022 -

Total income for the year was £312,831 (2022 – £228,588) with income from investments and interest receivable comprising 48% (2022 – 63%) of the total and amounting to £150,988 (2022 – £143,083). Although the income yield from investments is welcome, it is not adequate to sustain our activities and it needs to be supplemented by substantial other sources security which will safeguard the charity’s services for the long term.

Expenditure in the year totalled £1,055,816 (2022 – £951,805) with expenditure on charitable activities to £889,010 (2022 – £811,531). The charity’s largest expense item continues to be the successful achievement of the organisation’s continue to strive to achieve the charity’s aims within the framework of providing a high-quality service to the girls and young women who require the charity’s support.

after net investment gains of £151,121 (2022 – loss of £1,117,922) amounted to a loss of £591,864 (2022 – loss of £1,841,139).

GFS’ reserves policy is to maintain free reserves, months’ expenditure, £286,000-£383,000. Free reserves are maintained to mitigate risks there is a baseline to cover spend in the coming months. Free reserves, along with designated funds would also be used in the unlikely event of wind up. In September 2023 we had £282,625 in free reserves (2022 - £260,950) this is equivalent to 2.6 months expenditure (2022 – 2.7 months).

The charity also has restricted reserves that are limited in where they can be spent, and endowments that generate income that can be spent. Trustees have structured the reserves to protect the services and allow the charity to continue to fundraise. The additional fundraising foundation the endowment provides, to allow the charity to innovate and to meet the growing demand for our services.

£18,858 (2022 - £32,047).

Other funds

In addition to the endowment funds, on 30 September 2023, GFS had restricted funds which totalled £1,910,031 (2022 – £1,990,317) most of which are restricted to being spent in certain geographic areas and, in particular, statements.

The charity has designated funds which on 30 September 2023 totalled £2,298,240 (2022 – £2,861,898). These funds are designated for the growth of the fundraising department, to support the organisation during COVID, and to deliver our strategy to work with more girls and young women. They form the basis of an ongoing piece of work to bolster our services in the coming years, as described in more detail throughout this report.

Girls Friendly Society • Annual Report 2023 21

the liability on the balance sheet in respect the charity contributes to on behalf of certain of its employees. Details of the scheme and statements.

Investment Policy

The charity has a portfolio of investments which had a market value as of 30 September 2023 of £7,052,233 (2022 – £7,738,460) comprising listed investments of £6,502,688 (2022 – £7,556,506), and cash awaiting investment of £549,545 (2021 – £181,954). The investment portfolio represents in part the charity’s endowment funds, the capital of which cannot be spent.

We consider our investments to be a longterm solution. Markets are starting to bounce back after the votality of the last couple of years. We anticipate our investment portfolio will continue to provide us with an income, it is still necessary for us to supplement this with fundraised income to cover the breadth of our activities.

GFS uses independent investment managers (CCLA and Rathbones) to safeguard our invested funds. These investment managers meet with Trustees once per quarter to review the portfolios, the yield, and the requirements of the charity. The investment objectives are to achieve the highest possible yield from the portfolio and longterm capital growth whilst maintaining the underlying risk at acceptable levels. During the year Trustees agreed to split the money risk levels. The lower risk level means we can withdraw money as needed with minimal risk to the value of the overall portfolio. Our investments are managed on a Total Return basis.

Fundraising Statement

GFS is committed to responsible fundraising practices, which are legal, honest and respectful. We follow the Fundraising Code of Practice. We are registered with the Fundraising Regulator. We do not carry out door-to-door, street or telephone fundraising. We take our responsibility towards our donors very seriously and aim to provide a positive experience. We believe that no one should feel pressured into giving. We take steps to ensure that the vulnerable are protected. We will not contact anyone unless they have requested or consented to receiving fundraising communications. Donors can opt out of receiving fundraising or any other communications at any time. We will never sell, swap or share their data. We aim for all those donating to GFS to have a positive experience. In 2022-23 we received no complaints. However, if we receive them, we are committed to investigating complaints and with their experience, please contact us. Feedback enables us to improve our fundraising service.

Trustees have referred to the Charity reviewing the charity’s aims and activities for the year, and the organisational plans for future periods.

22 Girls Friendly Society • Annual Report 2023

Constitution and

Girls Friendly Society in England and Wales is a company limited by guarantee and is registered under the Charities Act (2011).

Trustees, recruited in accordance with the Bye Laws following an open and transparent recruitment exercise designed to address skills and experience gaps emerging on the Board. As well as sitting on the Board every Trustee sits on one of the supporting skill-based committees – People & Operations, Fundraising & Growth, Finance & Investments and Quality & Impact. This wider governance team is recruited in the in line with safer recruitment.

Each new Trustee receives an induction pack and ongoing training. Trustees are encouraged to attend individual in-house and external training a member of the Leadership Team as a link to Interest, safeguarding, inclusion, EDI. No Trustee received remuneration for services as a Trustee contract with the charity during the period.

Overall responsibility for the charity remains with the Trustees who set and monitor the strategic direction of the charity and agree policy. The Board reviews organisational progress against the strategy on a quarterly basis and selfassesses its practice and progress against the Charity Governance Code.

Trustees’ Responsibilities

The Trustees are responsible for preparing Trustees’ Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under

company law the Trustees must not approve the they give a true and fair view of the charitable company and of its income and expenditure for that period.

The Trustees are responsible for keeping adequate accounting records that disclose with position of the charitable company and enable comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

so far as the Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware;

the Trustee took all steps needed to make self aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

rmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The Trustees are responsible for the maintenance and charitable company’s website. Legislation in the United Kingdom governing the preparation and from legislation in other jurisdictions.

Risk

The Trustees regularly assess the major risks to which the charity is exposed under the following categories: Finance and Investment, People and Operations, Quality and Impact, Fundraising and Growth. The Trustees believe that by monitoring these and developing controls they will have reduce their impact.

Girls Friendly Society • Annual Report 2023 23

The Trustees discuss risks at every committee and Board meeting, although risks may be raised by the Chief Executive to the Board at any time. The Board uses a Risk Rating matrix to help it focus on the principal risks and execute mitigating plans of action. A summary of the top by the Trustees follows:

Investment strategy not working for us Ability to develop and deliver successful FR strategy

Leadership and Management

The Leadership Team is recruited to lead on each area of specialism the organisation needs and is supported by governance committees. Each member of the Leadership Team attends and presents reports to a committee. They also feed into every Board by way of a joint report as well as attending at least one board meeting a year. The Chief Executive attends all committee meetings and board meetings to provide consistency.

charity’s aims. The charity does not have a performance pay approach and neither does it award commission or a bonus scheme. Instead, every two years, GFS reviews its salaries with an external benchmarking sector expert. Results are shared with the Board and feed into the budget. Every other year the Board awards an increase of living and sector practice.

The trustees consider that they, together with the Chief Executive and Leadership Team, comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. None of the trustees receives any remuneration in connection with their role as key management personnel.

We are a totally virtual team now and so each Leadership Team member has a responsibility the strategy and achieve our organisational objectives. The Leadership Team has an annual plan and objectives that they develop alongside KPI’s for the year. They meet weekly to discuss meets virtually once a week to attend training, discuss team goals or receive organisational updates. After every Board meeting a Trustee

The charity has a remuneration policy which is

24 Girls Friendly Society • Annual Report 2023

Recruitment and Training GFS is committed to delivering fair and safer recruitment and has a policy in place to ensure this happens. Every paid and unpaid role is assessed to determine if it is eligible for a criminal DBS check and if so at what level. The guidance suggests that these are refreshed every necessary for each member of the team.

All recruitment and selection across GFS is also guided by the GFS Equity and Diversity Policy. Every post is widely advertised with a genuine focus on ensuring we include considerations for equity, diversity and inclusion. This is at advert stage, within the job description and the interview process. The shortlists are developed using anonymous applications and questions developed to test the key competencies of the role. The candidates are also given the opportunity to see the questions in advance of the interview to support a good interview process and give everyone the best opportunity.

GFS needs to respond to the ever-changing challenges of the day faced by girls and young women. Therefore, there is a need to ensure the entire team is supported to address that need and as a result there is a very real commitment to training and development. It is one of the GFS strategic objectives to invest in the people so that this remains a learning organisation.

The above report has been prepared in accordance with the special provisions relating to small companies within FRS 102 and part 15 of the Companies Act.

Signature Date HERE

independent auditor’s report to the members of girls friendly society in england and wales

Opinion

Girls Friendly Society in England and Wales 30 September 2023 which comprise the

that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

• give a true and fair view of the state of September 2023 and of its income and expenditure 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 the requirements of the Companies Act 2006

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of We are independent of the charitable company in accordance with the ethical requirements

statements in the UK, including the FRC’s Ethical ethical responsibilities in accordance with these requirements. We believe that the audit evidence provide a basis for our opinion.

Conclusions relating to going concern

concluded that the trustees’ use of the going concern basis of accounting in the preparation of

Based on the work we have performed, we relating to events or conditions that, individually the charitable company’s ability to continue as a going concern for a period of at least twelve authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information and our auditor’s report thereon. The trustees are responsible for the other information

statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

26 Girls Friendly Society • Annual Report 2023

Our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report, which is also the directors’ report for the statements; and

• the trustees’ report, which is also the directors’ report for the purposes of company, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• agreement with the accounting records and returns; or

• certain disclosures of trustees’ made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation and for such internal control as the trustees determine is necessary to enable the free from material misstatement, whether due to fraud or error.

trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Girls Friendly Society • Annual Report 2023 27

Auditor’s responsibilities statements

Our objectives are to obtain reasonable statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and

• we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined

to the reporting framework (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 United Kingdom and Republic of Ireland (FRS 102)), the Charities Act 2011, and the Companies Act 2006, and other regulations including safeguarding, data protection, fundraising and employment law.

We assessed the susceptibility of the misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• review of the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims

28 Girls Friendly Society • Annual Report 2023

There are inherent limitations in our audit procedures described above. The more removed transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor) for and on behalf of Buzzacott LLP, Statutory Auditor

130 Wood Street London EC2V 6DL

Signature Date 3 April 2024

Girls Friendly Society • Annual Report 2023 29

Year to 30 September 2023

----- Start of picture text -----
Unrestricted Designated Restricted Endowment Total Funds Total Funds
Notes Funds Funds Funds Funds 2023 2022
£ £ £ £ £ £
Income
Donations and legacies 1 41,778 — 92,319 — 134,097 70,430
Investment income and
2 93,809 — 57,179 — 150,988 143,083
interest receivable
Miscellaneous income 27,746 — — — 27,746 15,075
Total income 163,333 — 149,498 — 312,831 228,588
Expenditure
Raising funds 3 30,242 136,564 — — 166,806 140,274
Charitable activities:
Community and school 4 467,968 152,395 268,647 — 889,010 811,531
based programmes
—
Total expenditure 498,210 288,959 268,647 1,055,816 951,805
Net (expenditure)
/ income before
7 (334,877) (288,959) (119,149) — (742,985) (723,217)
investment gains /
(losses)
Net gains / (losses) on —
56,422 38,863 55,836 151,121 (1,117,922)
investments
Net (expenditure)/
(334,877) (232,537) (80,286) 55,836 (591,864) (1,841,139)
income
Statement of
recognised gains and
losses
Actuarial (losses) / gains
— — —
(1,343) (1,343) 99,913
pension scheme
Net movement in funds
for the year before (336,220) (232,537) (80,286) 55,836 (593,207) (1,741,226)
transfers
Transfers between funds 20 331,121 (331,121) — — — —
Net income and net
movement in funds for (5,099) (563,658) (80,286) 55,836 (593,207) (1,741,226)
the year
Reconciliation of funds
Total funds brought
290,719 2,861,898 1,990,317 2,832,164 7,975,098 9,716,324
forward at 1/10/22
Total funds carried
285,620 2,298,240 1,910,031 2,888,000 7,381,891 7,975,098
forward at 30/9/23
----- End of picture text -----

30 Girls Friendly Society • Annual Report 2023

Year to 30 September 2022

----- Start of picture text -----
General Designated Restricted Endowment Total Funds
Notes Funds Funds Funds Funds 2022
£ £ £ £ £
Income
Donations and legacies 1 38,282 — 32,148 — 70,430
Investment income and
2 92,466 — 50,617 — 143,083
interest receivable
Miscellaneous income 15,075 — — — 15,075
Total income 145,823 — 82,765 — 228,588
Expenditure
Raising funds 3 26,762 113,512 — — 140,274
Charitable activities:
Community and school 4 540,326 50,280 220,925 — 811,531
based programmes
—
Total expenditure 567,088 163,792 220,925 951,805
Net (expenditure)
income before 7 (421,265) (163,792) (138,160) — (723,217)
investment gains
—
Net gains on investments (471,841) (262,044) (384,037) (1,117,922)
Net (expenditure)/
(421,265) (635,633) (400,204) (384,037) (1,841,139)
income
Statement of
recognised gains and
losses
Actuarial gains on
— — —
99,913 99,913
scheme
Net movement in funds
for the year before (321,352) (635,633) (400,204) (384,037) (1,741,226)
transfers
Transfers between funds 20 454,000 (454,000) — — —
Net income /
(expenditure) and net
132,648 (1,089,633) (400,204) (384,037) (1,741,226)
movement in funds for
the year
Reconciliation of funds
Total funds brought
158,071 3,951,531 2,390,521 3,216,201 9,716,324
forward at 1/10/21
Total funds carried
290,719 2,861,898 1,990,317 2,832,164 7,975,098
forward at 30/9/22
----- End of picture text -----

Girls Friendly Society • Annual Report 2023 31

balance sheet

Year to 30 September 2023

in England and Wales Company Registration No. 3172713 (England and Wales) and signed on its behalf by:

Trustee Approved on:

----- Start of picture text -----
2023 2022
Notes
£ £
Fixed assets
Tangible assets 11 21,853 29,769
Investments 12 7,052,233 7,738,460
7,074,086 7,768,229
Current assets
Debtors 13 26,526 89,021
Short term deposits 145,233 36,472
Cash at bank and in hand 214,053 272,472
385,812 397,965
Liabilities
Creditors: amounts falling
14 (59,149) (159,049)
due within one year
Net current assets 326,663 238,916
Total assets less current
7,400,749 8,007,145
liabilities
Provisions for liabilities and charges 15 (18,858) (32,047)
Total net assets 7,381,891 7,975,098
Funds and reserves
Restricted funds 17,18,19 1,910,031 1,990,317
Unrestricted funds
21,853 29,769
Designated funds 20 2,298,240 2,861,898
General funds 282,625 292,997
Pension reserve 24 (18,858) (32,047)
Endowment funds 16 2,888,000 2,832,164
Total funds 7,381,891 7,975,098
----- End of picture text -----

32 Girls Friendly Society • Annual Report 2023

Year to 30 September 2023

----- Start of picture text -----
Notes 2023 2022
£ £
Net cash used in operating activities A (997,239) (823,108)
Investment income received 211,561 66,439
Interest received 654 24
(2,000) (5,418)
— —
Proceeds from the disposal of investments 4,538,653 2,895,702
Purchase of investments (3,333,714) (2,183,553)
Net cash provided by investing activities 1,415,154 773,194
Change in cash and cash equivalents in the year 417,915 (49,915)
Cash and cash equivalents at 1 October 2022 B 490,898 540,813
Cash and cash equivalents at 30 September 2023 B 908,813 490,898
A Reconciliation of net movement in funds to net cash used in operating activities
2023 2022
Net movement in funds (as per the statement
(593,207) (1,741,226)
9,467
(151,121) 1,117,922
(150,334) (143,059)
(654) (24)
1,250 6,954
(Decrease) increase in creditors (99,900) 70,042
(13,189) (143,184)
(997,239) (823,108)
B Analysis of cash and cash equivalents
2023 2022
----- End of picture text -----

----- Start of picture text -----
2023 2022
214,035 272,472
Short term deposits 145,233 36,472
549,545
908,813 490,898
----- End of picture text -----

(debt) of the charity and the above cash and cash equivalents.

Girls Friendly Society • Annual Report 2023 33

principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation statements are laid out below.

Basis of preparation

• the allocation of expenditure across charitable activities; and

• the estimation of future income and assessing going concern (see below).

Assessment of going concern

the year to 30 September 2023 with comparative information provided in respect to the year to 30 September 2022.

the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The Trustees have concluded that there are no material uncertainties related to events or ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity as they fall due. In making their assessment, the Trustees have considered the impact of pandemics

The Trustees will continue to keep both income and expenditure under review but do not anticipate material or impact on the charity’s going concern

Income recognition

Income is recognised in the period in which the charity has entitlement to receipt, the amount can be measured reliably and it is probable that the funds will be received.

judgements and estimates.

Income comprises donations, legacies, investment income, interest receivable, income from charitable activities and miscellaneous income.

judgements and estimates have been made include:

• estimating the useful economic life of determining the annual depreciation charge;

• the underlying assumptions used by the

Donations are recognised when the charity has date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully within the control of the charity and it is probable

34 Girls Friendly Society • Annual Report 2023

reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of to the legacy, the executors have established estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been a distribution. Where legacies have been of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Dividends are recognised once the dividend received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is or payable by the bank.

Income from charitable activities comprises grants from government and other agencies. Such income is recognised when the charity has entitlement to the funds under agreements or other the contractual arrangements for the payment of each grant.

or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the Statement of Financial Activities as incoming resources in the period they are receivable.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The

• a Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes investment fundraising and an allocation of support costs.

• b Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities as described in the Trustees’ report i.e. providing opportunities for girls and young women potential. Such costs include:

• Day to day running expense of schemes and projects

• Special projects and equipment

• Maintenance and building costs for the schemes and projects.

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale

Girls Friendly Society • Annual Report 2023 35

• Computer equipment

This expenditure includes both costs that can be allocated directly to such activities and those indirect costs necessary to support them.

All expenditure is stated inclusive of irrecoverable VAT.

Support costs are those costs that enable charitable activities to be carried out. These costs include expenses relating to personnel working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned to expenditure headings based on the headcount relating to each activity.

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Freehold land and buildings

• Freehold land and buildings are stated deducting depreciation.

• Depreciation is charged at the following annual rate based on net cost:

• Freehold buildings 2%

• No depreciation is charged on freehold land

Depreciation is calculated at the following annual over its estimated useful life:

• Computer equipment 33% on cost • Other equipment and furniture 10% on cost • Fittings in leased property Over the period of the lease

instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, instruments.

Realised gains (or losses) on investment assets proceeds and their opening carrying value or their purchase value if acquired subsequent to between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

year has been updated to show deposits with a maturity of between three and twelve months as short term deposits.

36 Girls Friendly Society • Annual Report 2023

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The general funds comprise free reserves, net assets are which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the Trustees.

Pension contributions

The growth plan pension scheme is a multi1,300 non-associated employers. It is therefore not possible to identify the underlying share of the charity’s assets and liabilities within the scheme. However, as a member of the scheme, the charity has a legal obligation to required by the scheme’s actuary. The full cost of these repayments, discounted to present reduction plan is agreed.

required to enrol in the charity’s workplace members were entitled to opt out of this scheme. The percentage contribution of salary into the scheme is a minimum rate of 2.5%. The charity pays employer’s contributions at a rate of 7.5%.

Financial instruments

pension scheme to which the charity contributes on behalf of certain of its employees.

The designated funds comprise monies set

The restricted funds are monies raised purpose, or donations subject to donor imposed conditions.

The permanent endowment funds comprise capital. The income therefrom can be used for general purposes and is credited directly to general funds.

Leased assets

Rentals applicable to operating leases risks of ownership remain with the lessor activities on a straight line basis over the lease term.

measurement basis are as follows:

Financial assets – trade and other debtors instruments measured at amortised cost. instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and are measured at amortised cost. Taxation and as the cash settlement has already taken place and there is an obligation to deliver services

Girls Friendly Society • Annual Report 2023 37

1

Income from: Donations and legacies

----- Start of picture text -----
General Restricted Total Funds
Funds Funds 2023
£ £ £
Donations and similar income 38,020 92,319 130,339
—
Legacies 3,758 3,758
2023 Total funds 41,778 92,319 134,097
----- End of picture text -----

----- Start of picture text -----
General Restricted Total Funds
Funds Funds 2022
£ £ £
Donations and similar income 35,082 32,148 67,230
—
Legacies 3,200 3,200
2022 Total funds 38,282 32,148 70,430
----- End of picture text -----

GFS has been asked to record the donations of two of its funders in 2022/23 within the charity’s annual accounts. These are the Portal Trust, who donated £6,000 to support GFS Mile End, and SCVO Vision 2030 who donated £5,000 to support GFS Smethwick.

2 Income from: Investment income and interest receivable

----- Start of picture text -----
General Restricted Total Funds
Funds Funds 2023
£ £ £
Investment income (see below) 93,155 57,179 150,334
Interest receivable 654 — 654
2023 Total funds 93,809 57,179 150,988
General Restricted Total Funds
Funds Funds 2022
£ £ £
Investment income (see below) 92,442 50,617 143,059
Interest receivable 24 — 24
2022 Total funds 92,466 50,617 143,083
----- End of picture text -----

Investment income was received from the following sources:

----- Start of picture text -----
Total 2023 Total Funds
funds 2022
£ £
UK equities 56,255 47,275
Overseas equities 19,711 23,826
72,231 63,866
—
Property unit trusts 7,894
Alternatives 2,137 198
150,334 143,059
----- End of picture text -----

38 Girls Friendly Society • Annual Report 2023

3

----- Start of picture text -----
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
— —
Investment manager’s fees 30,242 30,242
— —
133,468 133,468
— —
Other direct fundraising costs 3,096 3,096
2023 Total funds 30,242 — 136,564 166,806
General Restricted Designated Total Funds
Funds Funds Funds 2022
£ £ £ £
Investment manager’s fees 26,762 — 881 27,643
— —
112,631 112,631
—
2022 Total funds 26,762 113,512 140,274
----- End of picture text -----

4

----- Start of picture text -----
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
332,563 193,805 138,506 664,874
15,937 6,846 2,500 25,283
subsistence
Direct volunteer costs 7,259 3,009 — 10,268
—
Direct project costs 25,024 29,173 54,197
Premises 24,197 8,633 — 32,830
34,609 16,867 11,389 62,865
—
Marketing and communications 7,666 2,656 10,322
—
Governance costs (note 6) 20,713 7,658 28,371
2023 Total funds 467,968 268,647 152,395 889,010
----- End of picture text -----

----- Start of picture text -----
General Restricted Designated Total Funds
Funds Funds Funds 2022
£ £ £ £
393,906 148,332 21,346 563,584
—
7,994 1,999 9,993
Direct volunteer costs 7,823 2,455 — 10,279
—
Direct project costs 24,632 19,278 43,910
Premises 49,725 12,431 — 62,156
56,246 19,572 2,957 78,775
—
Marketing and communications 8,549 6,639 15,188
—
Governance costs (note 6) 8,309 19,338 27,647
2022 Total funds 540,326 220,925 50,280 811,531
----- End of picture text -----

Girls Friendly Society • Annual Report 2023 39

5 Support costs

Support costs are those costs which enable the charitable work of GFS.

Support costs included within raising funds and community and school based programmes are as follows:

----- Start of picture text -----
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
149,676 50,558 25,366 225,600
—
Travel, training and subsistence 18,437 6,146 24,583
Premises 12,065 4,022 — 16,087
35,749 15,712 11,389 62,850
—
Governance costs (note 6) 20,713 7,658 28,371
2023 Total funds 236,640 84,096 36,755 357,491
----- End of picture text -----

----- Start of picture text -----
General Restricted Designated Total Funds
Funds Funds Funds 2022
£ £ £ £
—
181,708 48,472 230,180
—
Travel, training and subsistence 7,994 1,999 9,993
Premises 30,332 7,583 — 37,915
32,264 13,215 20,597 66,076
Governance costs (note 6) 17,640 8,309 1,698 27,647
2022 Total funds 269,938 79,578 22,295 371,811
----- End of picture text -----

Supports costs are allocated across the expenditure headings in notes 3 and 4 as follows:

----- Start of picture text -----
Raising Charitable
Total
Funds activities Basis of
2023
(note 3) (note 4) appointment
£
£ £
136,564 89,036 225,600
Other support costs:
• Travel, training and subsistence — 24,583 24,583
• Premises — 16,087 16,087 Headcount
• — 62,850 62,850
• Governance costs — 28,371 28,371
2023 Total 136,564 220,927 357,491
----- End of picture text -----

40 Girls Friendly Society • Annual Report 2023

----- Start of picture text -----
Raising Charitable
Total
Funds activities Basis of
2022
(note 3) (note 4) appointment
£
£ £
112,631 117,549 230,180
Other support costs:
—
Travel, training and subsistence 9,993 9,993
Premises — 37,915 37,915 Headcount
—
66,076 66,076
—
Governance costs (note 6) 27,647 27,647
2022 Total 112,631 259,180 371,811
----- End of picture text -----

Governance costs 6

----- Start of picture text -----
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
—
Legal and professional fees 20,361 7,537 27,898
Committee expenses 352 121 — 473
2023 Total funds 20,713 7,658 — 28,371
General Restricted Designated Total Funds
Funds Funds Funds 2022
£ £ £ £
Legal and professional fees 17,640 8,309 648 26,597
— —
Committee expenses 1,050 1,050
2022 Total funds 17,640 8,309 1,698 27,647
----- End of picture text -----

7

Net expenditure before net investment losses is stated after charging:

----- Start of picture text -----
2023 2022
£ £
766,773 659,138
Auditor’s renumeration
Audit - current year’s fee 23,240 14,760
Depreciation 9,916 9,647
Operating lease rentals 33,777 37,917
----- End of picture text -----

Girls Friendly Society • Annual Report 2023 41

8

----- Start of picture text -----
2023 2022
£ £
Wages and salaries 646,742 571,368
Social security costs 60,911 49,468
Pension costs
72,309 181,486
(13,189) (143,184)
Pension scheme adjustment
Total 766,773 659,138
----- End of picture text -----

----- Start of picture text -----
Direct Total
Support costs
costs 2023
£
£ £
Charitable activities 601,121 89,036 690,157
—
Cost of raising funds 133,468 133,468
2023 Total funds 601,121 222,504 823,625
Direct Total
Support costs
costs 2022
£
£ £
Charitable activities 456,028 117,549 573,577
—
Cost of raising funds 112,631 112,631
2022 Total funds 456,028 230,180 686,208
----- End of picture text -----

during the year was as follows:

----- Start of picture text -----
2023 2022
£80,000 - £90,000 1 1
----- End of picture text -----

The average number of full time equivalent employees in 2023 was 18 (2022 – 16).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the Trustees, Chief Executive and the Leadership Team. The total remuthe year was £324,835 (2022 – £327,972).

9

During the year 2 Trustees (2022 – 3) were reimbursed a total of £290.43 (2022 – £122.03) for travel and subsistence.

No Trustee received any remuneration in respect to their services as a Trustee during the year (2022 – nil). During the year, the charity received donations from Trustees totalling £80 (2022 - £31).

42 Girls Friendly Society • Annual Report 2023

10

Girls Friendly Society in England and Wales is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The charity is only able to reclaim VAT on very limited expenditure.

11

----- Start of picture text -----
Furniture and
Total
equipment £
£
Cost
55,857 55,857
At 1 October 2022
Additions 2,000 2,000
At 30 September 2023 57,857 57,857
Depreciation
At 1 October 2022 26,088 26,088
Charge for the year 9,916 9,916
At 30 September 2023 36,004 36,004
Net book values
At 30 September 2023 21,853 21,853
At 30 September 2022 29,769 29,769
----- End of picture text -----

12 Investments

----- Start of picture text -----
2023 2022
£ £
Listed investments:
Market value at 1 October 2022 7,556,506 9,389,577
Additions at cost 3,333,714 2,183,553
Disposals at book value
(4,455,355) (3,016,282)
(proceeds: £4,538,653 realised gains £84,298)
Net unrealised investment losses 66,823 (997,342)
Market value at 30 September 2023 6,502,688 7,556,506
Cash held by investment managers 549,545 181,954
7,052,233 7,738,460
----- End of picture text -----

Girls Friendly Society • Annual Report 2023 43

During 2023, the GFS Trustees have maintained a balanced investment objective going forwards; on a total return basis. Returns generated from a balanced approach are a combination of income and the potential for market downturns, whilst providing an income for the charity in line with the portfolio aim.

In September 2023, Trustees downgraded the risk grade of part of the investment portfolio to get the best return on investment. At the end of September 2023, sales for this move had been made but not all purchases completed which has led to an increase in cash held by investment managers.

Listed investments held at 30 September 2023 comprised the following:

----- Start of picture text -----
2023 2022
£ £
1,487,499 1,575,404
UK equity based common investment funds 1,164,032 3,313,672
Overseas equity based common investment funds 3,486,300 2,070,243
Other 364,857 597,187
6,502,688 7,556,506
----- End of picture text -----

All listed investments held are dealt in on a recognised stock exchange. At 30 September 2023, the charity had the following material investment holdings:

----- Start of picture text -----
Market value Percentage
£ of portfolio %
RATHBONE UNIT TRUST MGMT Greenbank Tot Rtn P/f S Inc 2,831,230 44%
COIF Charities Ethical Investment Fund income units 1,421,579 22%
----- End of picture text -----

13 Debtors

----- Start of picture text -----
2023 2022
£ £
Prepayments 6,491 4,741
-
Security deposits 3,000
Investment income receivable 20,035 81,280
26,526 89,021
----- End of picture text -----

14 Creditors

----- Start of picture text -----
2023 2022
£ £
Expense creditors 1,785 3,711
Other taxes and security costs 22,090 20,304
Other creditors 2,693 649
Accruals 32,581 134,385
59,149 159,049
----- End of picture text -----

44 Girls Friendly Society • Annual Report 2023

Provision for liabilities

15

----- Start of picture text -----
2023 2022
£ £
Provision for pe uction payments (note 24)
14,654 32,047
• Payable within one year
• Payable within one to two years 4,204 -
• P - -
18,858 32,047
----- End of picture text -----

16

Endowment funds

----- Start of picture text -----
At 30
Investment
At 1 October September
Transfers gains/(losses)
2022 2023
£
£
Endowment fund 2,070,581 - 40,821 2,111,402
Francis Street Fund 761,583 - 15,015 776,598
-
2,832,164 55,836 2,888,000
At 30
Investment
At 1 October September
Transfers gains/(losses)
2021 2022
£
£
Endowment fund 2,351,348 - (280,767) 2,070,581
Francis Street Fund 864,853 - (103,270) 761,583
-
3,216,201 (384,037) 2,832,164
----- End of picture text -----

The two endowment funds are as follows:

Endowment fund

The endowment fund was established under a Charity Commission Scheme dated 31 July 2002. The Scheme replaces former trusts, a Scheme of the Commissioners dated 15 November 1972 and declaration of trusts dated 5 September 1974 and 21 November 1976. It states that income and capital shall be used:

• r costs of administering the charity and of managing

• its assets and thereafter the remaining income must be applied in furthering the objects of the charity; and

• for the object of the charity, the Trustees may also apply expendable endowment and permanent endowment but only on such terms for the replacement of the amount spent as approved by the Commissioners.

Francis Street Fund

The Francis Street Fund was established during the year ended 30 September 2004 when the Francis Street hostel, which was managed by the charity, was sold by the freeholder. Under the terms of the disposal, the net proceeds were donated to the charity to be held as a permanent endowment.

Girls Friendly Society • Annual Report 2023 45

17 Restricted funds - summary

----- Start of picture text -----
Investment At 30
At 1
Income Expenditure gains/ September
October
£ £ (losses) 2023
2022
£ £
Society funds -
5,309 92,319 (49,183) 48,445
- restricted grants
Trust funds (note 18) 203,583 8,863 (22,508) 3,145 193,083
Diocesan funds
1,781,425 48,316 (196,956) 35,718 1,668,503
(note 19)
1,990,317 149,498 (268,647) 38,863 1,910,031
----- End of picture text -----

----- Start of picture text -----
Investment At 30
At 1
Income Expenditure gains/ September
October
£ £ (losses) 2022
2021
£ £
Society funds - restricted -
46,433 32,148 (73,272) 5,309
grants
Trust funds (note 18) 228,060 7,187 (14,365) (17,298) 203,583
Diocesan funds (note 19) 2,116,028 43,430 (133,287) (244,745) 1,781,425
2,390,521 82,765 (220,925) (262,044) 1,990,317
----- End of picture text -----

18

Restricted funds - trust funds

The income funds of the charity include restricted trust funds comprising the following unexpended balances of

----- Start of picture text -----
At 1 Investment At 30
October Income Expenditure gains/ September
2022 £ £ (losses) 2023
£ £ £
Packe holiday and
155,982 6,194 (17,245) 2,499 147,430
housing trust
Greenlands,Peel,
40,572 2,263 (4,486) 523 38,872
Isle of Man
Almoners Trust 7,029 406 (777) 123 6,781
Total 203,583 8,863 (22,508) 3,145 193,083
At 1 Investment At 30
October Income Expenditure gains/ September
2021 £ £ (losses) 2022
£ £ £
Packe holiday and
175,044 5,712 (11,026) (13,748) 155,982
housing trust
Greenlands,Peel,
45,093 1,195 (2,840) (2,876) 40,572
Isle of Man
Almoners Trust 7,923 280 (499) (675) 7,029
228,060 7,187 (14,365) (17,299) 203,583
----- End of picture text -----

46

Girls Friendly Society • Annual Report 2023

The use of the trust funds held at 30 September 2023 is restricted to the following:

Packe Holiday & Housing Trust

The provision of housing and holidays for the needy.

Greenlands, Peel, Isle of Man

The furtherance of the charity’s objectives in the Isle of Man.

Almoners Trust

The provision of support for elderly members.

Restricted funds - Diocesan funds 19

The income funds of the charity include restricted Diocesan funds comprising the following unexpended

----- Start of picture text -----
Investment At 30
At 1
October Income Expenditure gains/ September
£ £ (losses) 2023
2022
£ £
Dioceses with branch
activities:
• Birmingham 111,615 9,569 (17,384) 4,123 107,923
• Carlisle 80,926 6,938 (8,372) 2,990 82,482
• Liverpool 236,772 4,853 (31,331) 4,668 214,962
• Other 202,787 3,266 (20,977) 1,408 186,484
Dioceses without
branch activities:
• Other Diocesan
10,044 162 (1,040) 70 9,236
funds
• Branch support
1,139,281 23,528 (117,854) 22,461 1,067,416
funds
Total 1,781,425 48,316 (196,958) 35,720 1,668,503
----- End of picture text -----

----- Start of picture text -----
Investment At 30
At 1
October Income Expenditure gains/ September
£ £ (losses) 2022
2021
£ £
Dioceses with branch
activities:
• Birmingham 133,267 9,425 (8,394) (22,683) 111,615
• Carlisle 96,626 6,833 (6,086) (16,447) 80,926
• Liverpool 284,617 4,069 (17,928) (33,986) 236,772
• Other 221,249 3,217 (13,936) (7,743) 202,787
Dioceses without branch
activities
• Other Diocesan
10,958 159 (690) (383) 10,044
funds
• Branch support
1,369,311 19,727 (86,252) (163,505) 1,139,281
funds
Total 2,116,028 43,430 (133,286) (244,745) 1,781,425
----- End of picture text -----

Girls Friendly Society • Annual Report 2023 47

20

21

Designated funds

----- Start of picture text -----
At 30
At 1 October Investment Designated/
September
2022 (losses)/gains (released)
2023
£ £ £
£
Total - transitional investment fund 2,861,898 56,422 (620,080) 2,298,240
At 1 October Investment Designated/ At 30
2021 (losses)/gains (released) September 2022
£ £ £ £
Total - transitional investment fund 3,951,531 (471,841) (617,792) 2,861,898
----- End of picture text -----

strategic plan.

Analysis of net assets between funds

----- Start of picture text -----
General funds
Free reserves Pension Tangible Designated Restricted Endowment
funds funds funds Total
£ fund
£ £ £ £
£
Fund balances at
30 September 2023
are represented by:
- - - - -
21,853 21,853
Investments - - - 2,298,240 1,865,993 2,888,000 7,052,233
Net current assets
- - - -
282,625 44,038 326,663
(liabilities)
- - - - -
Pension provision (18,858) (18,858)
282,625 (18,858) 21,853 2,298,240 1,910,031 2,888,000 7,381,891
General funds
Free reserves Pension Tangible Designated Restricted Endowment
£ £ fund funds £ funds £ funds £ Total
£
Fund balances at
30 September 2022
are represented by:
- - - - -
29,769 29,769
Investments - - - 2,861,898 2,044,398 2,832,164 7,738,460
Net current assets
- - - -
292,997 (54,081) 238,916
(liabilities)
- - - - -
Pension provision (32,047) (32,047)
292,997 (32,047) 29,769 2,861,898 1,990,317 2,832,164 7,975,098
----- End of picture text -----

48 Girls Friendly Society • Annual Report 2023

22 Financial commitments

23

At 30 September 2023 the charity had no future minimum commitments under non-cancellable operating leases on land and buildings (2022 – nil)

Liability of members

The charity is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

24 Pension costs and provisions

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards schemes in the UK.

on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of scheme has asked the participating employers to pay additional contributions to the scheme as follows:

£11,243,000 per annum From 1 April 2022 to 31 January 2025: (payable monthly and increasing by 3% each on 1st April)

Unless a concession has been agreed with the Trustee, the term to 31 January 2025 applies.

asked the participating employers to pay additional contributions to the scheme as follows:

£12,945,440 per annum From 1 April 2016 to 30 September 2025: (payable monthly and increasing by 3% each on 1st April) £54,560 per annum From 1 April 2016 to 30 September 2028: (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Girls Friendly Society • Annual Report 2023 49

Present values of provision

----- Start of picture text -----
2023 2022 2021 2020 2019
£’000 £’000 £’000 £’000 £’000
Present value of provision 19 32 175 226 276
----- End of picture text -----

Reconciliation of opening and closing provisions

----- Start of picture text -----
2023 2022
£’000 £’000
Provision at 1 October 2022 32 175
Unwinding of the discount factor 1 1
(14) (33)
-
Re-measurements – impact of any change in assumptions (1)
Remeasurements - amendments to the contribution schedule - (110)
Provision at 30 September 2023 19 32
----- End of picture text -----

Income expenditure and impact

----- Start of picture text -----
2023 2022
£’000 £’000
Interest expense 1 1
-
Re-measurements – impact of any change in assumptions (1)
Remeasurements - amendments to the contribution schedule - (110)
1 (110)
----- End of picture text -----

Assumptions

----- Start of picture text -----
2023 2022 2021 2020 2019
% % % % %
Rate of discount 5.88 6.22 0.72 0.58 0.98
----- End of picture text -----

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

50 Girls Friendly Society • Annual Report 2023

GFS I'j;,'I '1 , are GIRLS ICAN DO INYTHING,

trustees, senior management, auditor, bankers, legal counsel, contact details

Trustees

• L Massey (Chair) (resigned 16th September 2023)

• A Dhanoa (Chair) (appointed 16th September 2023)

Auditor

Buzzacott LLP, 130 Wood Street, London, EC2V 6DL

• M Young (Treasurer)

• P Sangera (Vice Chair)

• T Banda

• O Lewis

• F Payne (appointed 3 December 2022)

• C Radia (appointed 3 December 2022)

• S Rose Smith

• B Thomas

• R Turton

• P Winks (resigned 3 December 2022)

• A Young

Investment Managers Rathbone Investment Management 8 Finsbury Circus, Finsbury, London, EC2M 7AZ CCLA

1 Angel Lane, London EC4R 3AB

Principal Bankers Barclays Bank plc, 1 Churchill Place, London, E14 5HP

• L Sercombe (Chief Executive)

• D Hannam (Head of Fundraising & Communications - appointed March 2023)

• B Huie (Head of People)

• C Hunt (Head of Operations N - appointed March 2023)

• J Moonie Dalton (Head of Operations S)

gfs.org.uk girlsfriendlysociety.org.uk

gfsenglandwales girlsfriendlysociety girls-friendly-society-in-england-and-wales

• N Shoults (Head of Finance & Support Services)

• E Stone (Head of Fundraising & Communications - resigned February 2023)

• K Ward (Head of Operations N - resigned February 2023)

, Beyond Aldgate Tower, 2 Leman St, London, E1 8FA (Until September 2023)

• GFS, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE (From September 2023)

Company registration number 3172713 (England and Wales)

Charity registration number 1054310

52 Girls Friendly Society • Annual Report 2023