GFS FOA GIALS FOA FRIENDSHIP FOA SOCIETY Annual Report & Financial Statement Gltls Frlenthy Sttlety En8bnd of*J Wal¢5 Charlty fes¥Stratlon number - 1054301 c **Girls Friendly Society in England and Wales - Annual Report 2024** @ **3** **Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024** @ **5** **6 Girls Friendly Society in England and Wales - Annual Report 2024** **Girls Friendly Society in England and Wales - Annual Report 2024 7** ) **8 Girls Friendly Society in England and Wales - Annual Report 2024** **Girls Friendly Society in England and Wales - Annual Report 2024 9** ® **10 Girls Friendly Society in England and Wales - Annual Report 2024** ; **Girls Friendly Society in England and Wales - Annual Report 2024** @ **12 Girls Friendly Society in England and Wales - Annual Report 2024** **Girls Friendly Society in England and Wales - Annual Report 2024** ~~ee~~ **14 Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024 15** **----- Start of picture text -----**
16 Girls Friendly Society in England and Wales - Annual Report 2024
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> **Girls Friendly Society in England and Wales - Annual Report 2024** @ **117** **2218 Girls Friendly Society in England and Wales - Annual Report 2024** OQ ~~ee~~ **Girls Friendly Society in England and Wales - Annual Report 2024 1923** Sexual harrassmentharassment Academic Gender Beauty expectations standards stereotypes Mental Social Public health media safety Period poverty Girls can’t be themselves - and this holds them back. Why we exist Peer pressure 1. Girls can handle life’s challenges 2. Girls have higher aspirations 3. Girls grow up to be empowered women 4. Girls are not held back by their gender Our impact More confidence Happy with who they are **20** **Girls Friendly Society in England and Wales - Annual Report 2024** Our vision is a world where girls are free to be themselves and feel proud of who they are. We create safe spaces for girls We support girls to develop key skills We listen to girls We go where girls need us most tionships New experiences Supported wellbeing **21** ~~=~~ Our vision Our activities Our outcomes **Girls Friendly Society in England and Wales - Annual Report 2024** **23** ] **24 Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024 25** Jrii I l j 41 dk I kASHIDI **Girls Friendly Society in England and Wales - Annual Report 2024** **Girls Friendly Society in England and Wales - Annual Report 2024** @ **30 Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024** @ **31** ## Treasurer and Interim Co-Chair THIS oie @ **32 Girls Friendly Society in England and Wales - Annual Report 2024** @ **34 Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024** @ **35** @ **36 Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024** @ **37** ## Statement of Financial Activities ## (incorporating an income and expenditure account) ## Year to 30 September 2024 **----- Start of picture text -----**
Notes Unrestricted Designated Restricted Endowment Total Funds Total Funds
Funds Funds Funds Funds 2024 2023
£ £ £ £ £ £
Income
— —
Donations & legacies 1 94,139 84,982 179,121 134,097
Investment income & — —
2 105,396 59,323 164,719 150,988
interest receivable
— — —
Miscellaneous income 6,552 6,552 27,746
Total income 206,087 — 144,305 — 350,392 312,831
Expenditure
— —
Raising funds 3 34,870 160,168 195,038 166,806
Charitable activities:
—
Community & school 4 455,565 164,110 261,944 881,619 889,010
based programmes
—
Total expenditure 490,435 324,278 261,944 1,076,657 1,055,816
Net (expenditure)
income before 7 (284,348) (324,278) (117,639) — (726,265) (742,985)
investment gains
—
Net gains on investments 177,576 195,140 223,145 595,861 151,121
Net (expenditure)/
income (284,348) (146,702) 77,501 223,145 (130,404) (591,864)
Statement of recog-
nised gains & losses
Actuarial (losses) on
— — —
defined benefit pension (650) (650) (1,343)
scheme
Net movement in funds
for the year before (284,998) (146,702) 77,501 223,145 (131,054) (593,207)
transfers
Transfers between funds 20 350,000 (350,000) — — — —
Net income & net
movement in funds 65,002 (496,702) 77,501 223,145 (131,054) (593,207)
for the year
Reconciliation of funds
Total funds brought
285,620 2,298,240 1,910,031 2,888,000 7,381,891 7,975,098
forward at 01/10/23
Total funds carried
350,622 1,801,538 1,987,532 3,111,145 7,250,837 7,381,891
forward at 30/09/24
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All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. **Girls Friendly Society in England and Wales - Annual Report 2024** ## Comparative Statement of Financial Activities ## (incorporating an income and expenditure account) Year to 30 September 2023 **----- Start of picture text -----**
Notes Unrestricted Designated Restricted Endowment Total Funds
Funds Funds Funds Funds 2023
£ £ £ £ £
Income
— —
Donations & legacies 1 41,778 92,319 134,097
Investment income & — —
2 93,809 57,179 150,988
interest receivable
— — —
Miscellaneous income 27,746 27,746
Total income 163,333 — 149,498 — 312,831
Expenditure
— —
Raising funds 3 30,242 136,564 166,806
Charitable activities:
—
Community & school based 4 467,968 152,395 268,647 889,010
programmes
—
Total expenditure 498,210 288,959 268,647 1,055,816
Net (expenditure) income 7 (334,877) (288,959) (119,149) — (742,985)
before investment gains
Net gains on investments _ 56,422 38,863 55,836 151,121
Net (expenditure)/ income (334,877) (232,537) (80,286) 55,836 (591,864)
Statement of recognised
gains & losses
Actuarial (losses) on defined — — —
(1,343) (1,343)
benefit pension scheme
Net movement in funds
for the year before (336,220) (232,537) (80,286) 55,836 (593,207)
transfers
Transfers between funds 20 331,121 (331,121) — — —
Net income & net movement
in funds for the year (5,099) (563,658) (80,286) 55,836 (593,207)
Reconciliation of funds
Total funds brought
290,719 2,861,898 1,990,317 2,832,164 7,975,098
forward at 01/10/22
Total funds carried
285,620 2,298,240 1,910,031 2,888,000 7,381,891
forward at 30/09/23
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All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. **Girls Friendly Society in England and Wales - Annual Report 2024** Year to 30 September 2024 ## Balance Sheet |**Notes**
**2024**
**£**
**2023**
**£**
**Fixed assets**
~~ee~~
~~ee ee ee~~|**Notes**
**2024**
**£**
**2023**
**£**
**Fixed assets**
~~ee~~
~~ee ee ee~~|**Notes**
**2024**
**£**
**2023**
**£**
**Fixed assets**
~~ee~~
~~ee ee ee~~|**Notes**
**2024**
**£**
**2023**
**£**
**Fixed assets**
~~ee~~
~~ee ee ee~~|**Notes**
**2024**
**£**
**2023**
**£**
**Fixed assets**
~~ee~~
~~ee ee ee~~| |---|---|---|---|---| ||Tangible assets|11|**23,504**|21,853| ||Investments|12|**6,624,488**|7,052,233| ||**6,647,992**
7,074,086
**Current assets**
~~es~~
~~es ee~~|||| ||Debtors|13|**30,377**|26,526| ||Short term deposits||**567,708**|145,233| ||Cash at bank & in hand||**76,769**|214,053| ||**674,854**
385,812
**Liabilities**
~~es~~
~~es ee~~|||| ||Creditors: amounts falling due within one year|14|**(67,155)**|(59,149)| ||**Net current assets**||**607,699**|326,663| ||**Total assets less current liabilities**|15|**7,255,691**|7,400,749| ||Provisions for liabilities & charges||**(4,854)**|(18,858)| ||**Funds and reserves**
**Total net assets**
**7,250,837**
7,381,891
~~ee~~
~~ee~~
~~ee~~|||| ||Restricted funds|17, 18, 19|**1,987,532**|1,910,031| ||Unrestricted funds|||| ||. Tangible fixed assets fund||**23,504**|21,853| ||. Designated funds|20|**1,801,538**|2,298,240| ||. General funds||**331,972**|282,625| ||. Pension reserve|24|**(4,854)**|(18,858)| ||Permanent endowment funds||**—**|—| ||Endowment funds|16|**3,111,145**|2,888,000| ||**Total funds**
**7,250,837**
7,381,891
~~es~~
~~ee~~
~~es~~|||| **The financial statements were approved by the Trustees of Girls Friendly Society in England and Wales - Company Registration Number 3172713 (England and Wales) and signed on its behalf by Margaux Young:** **Signature ............................................................** Mlangauy Goung 29th March 2025 **Date ....................................................................** ° **40 Girls Friendly Society in England and Wales - Annual Report 2024** ## Statement of cash flows ## Year to 30 September 2024 |**Cash flows from investing activities:**|||| |---|---|---|---| |Investment income received||**163,406**|211,561| |Interest received||**1,331**|654| |Purchase of tangible fixed assets||**(12,817)**|(2,000)| |Proceeds from the disposal of investments||**998,890**|4,538,653| |Purchase of investments||**(524,829)**|(3,333,714)| |**Net cash provided by investing activities**||**625,981**|1,415,154| |Change in cash & cash equivalents in the year||**(264,336)**|417,915| |Cash & cash equivalents at 1 October 2023|B|**908,813**|490,898| |Cash & cash equivalents at 30 September 2024|B|**644,477**|908,813| ## Notes to the statement of cash flows for the year to 30 September 2024. |**Net movement in funds (as per the statement of financial activities)**||**(131,054)**|(593,207)| |---|---|---|---| |**Adjustments for:**|||| |Depreciation charge||**11,166**|9,916| |Losses (gains) on investments||**(595,861)**|(151,121)| |Investment income||**(163,388)**|(150,334)| |Interest receivable||**(1,331)**|(654)| |Decrease (increase) in debtors||**(3,851)**|1,250| |(Decrease) increase in creditors||**8,006**|(99,900)| |(Decrease) in pension provision||**(14,004)**|(13,189)| |**Net cash used in operating activities**||**(890,317)**|(997,239)| |Cash at bank and in hand||**76,769**|214,035| |---|---|---|---| |Short term deposits (less than three months)||**567,708**|145,233| |Cash held by investment managers||**—**|549,545| |**Total cash and cash equivalents**||**644,477**|908,813| **Girls Friendly Society in England and Wales - Annual Report 2024** @ **42 Girls Friendly Society in England and Wales - Annual Report 2024** > **Girls Friendly Society in England and Wales - Annual Report 2024** @ **43** @ **44 Girls Friendly Society in England and Wales - Annual Report 2024** **Girls Friendly Society in England and Wales - Annual Report 2024** ## Notes to the Financial Statement ## Income from: Donations and legacies **----- Start of picture text -----**
General Restricted Total Funds
Funds Funds 2024
£ £ £
Donations & similar income 90,452 84,982 175,434
—
Legacies 3,687 3,687
2024 Total funds 94,139 84,982 179,121
General Restricted Total Funds
Funds Funds 2023
£ £ £
Donations & 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 -----**
## Income from: Investment income and interest receivable **----- Start of picture text -----**
General Restricted Total Funds
Funds Funds 2024
£ £ £
Investment income (see below) 104,065 59,323 163,388
—
Interest receivable 1,331 1,331
2024 Total funds 105,396 59,323 164,719
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
**----- End of picture text -----**
Investment income was received from the following sources: **----- Start of picture text -----**
Total Funds Total Funds
2024 2023
£ £
UK equities 44,516 56,255
Overseas equities 7,699 19,711
UK fixed interest based common investment funds 107,446 72,231
Alternatives 3,727 2,137
163,388 150,334
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**Girls Friendly Society in England and Wales - Annual Report 2024** ## Expenditure on: Raising Funds **----- Start of picture text -----**
General Restricted Designated Total Funds
Funds Funds Funds 2024
£ £ £ £
— —
Investment manager’s fees 34,870 34,870
— —
Staff costs 148,458 148,458
— —
Other direct fundraising costs 11,710 11,710
2024 Total funds 34,870 — 160,168 195,038
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
— —
Investment manager’s fees 30,242 30,242
Staff costs — — 133,468 133,468
Other direct fundraising costs — — 3,096 3,096
—
2023 Total funds 30,242 136,564 166,806
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## Expenditure on: Charitable activities – community and school based programmes **----- Start of picture text -----**
General Restricted Designated Total Funds
Funds Funds Funds 2024
£ £ £ £
Staff costs & recruitment 332,237 204,202 155,305 691,744
Staff travel, training
8,338 4,300 3,730 16,368
& subsistence
—
Direct volunteer costs 5,810 2,310 8,120
—
Direct project costs 50,179 29,251 79,430
—
Premises (2,543) (848) (3,391)
Office, administration
36,155 13,082 5,075 54,312
and miscellaneous
—
Marketing & communications 9,439 3,150 12,589
—
Governance costs (note 6) 15,950 6,497 22,447
2024 Total funds 455,565 261,944 164,110 881,619
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
Staff costs & recruitment 332,563 193,805 138,506 664,874
Staff travel, training
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
Office, administration
34,609 16,867 11,389 62,865
and miscellaneous
—
Marketing & 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
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**Girls Friendly Society in England and Wales - Annual Report 2024** ## Support costs Support costs are those costs which enable the charitable work of GFS. They include indirect overheads and many of the head office costs which facilitate the branches and projects. 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 2024
£ £ £ £
Staff costs & related costs 155,578 64,462 39,170 259,210
Staff travel, training —
12,068 4,023 16,091
& subsistence
—
Premises (1,246) (415) (1,661)
Office, admin & miscellaneous 41,062 15,379 5,075 61,516
—
Governance costs (note 6) 15,950 6,497 22,447
2024 Total funds 223,412 89,946 44,245 357,603
General Restricted Designated Total Funds
Funds Funds Funds 2023
£ £ £ £
Staff costs & related costs 149,676 50,558 25,366 225,600
Staff travel, training —
18,437 6,146 24,583
& subsistence
Premises 12,065 4,022 — 16,087
Office, admin & miscellaneous 35,749 15,712 11,389 62,850
Governance costs (note 6) 20,716 7,655 — 28,371
2023 Total funds 236,643 84,093 36,755 357,491
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Supports costs are allocated across the expenditure headings in notes 3 and 4 as follows: **----- Start of picture text -----**
Raising Funds Charitable Total Funds Basis of
(note 3) activities 2024 apportionment
£ (note 4) £ £
Staff costs & related costs 160,168 99,042 259,210
—
Travel, training & subsistence 16,091 16,091
—
Premises (1,661) (1,661)
Headcount
—
Office, admin & miscellaneous 61,516 61,516
—
Governance costs 13,244 13,244
2024 Total 160,168 188,232 348,400
Raising Funds Charitable Total Funds Basis of
(note 3) activities 2023 apportionment
£ (note 4) £ £
Staff costs & related costs 136,564 89,036 225,600
Travel, training & subsistence — 24,583 24,583
Premises — 16,087 16,087
Headcount
Office, admin & miscellaneous — 62,850 62,850
Governance costs — 28,371 28,371
2023 Total 136,564 220,927 357,491
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**Girls Friendly Society in England and Wales - Annual Report 2024** ## Governance costs **----- Start of picture text -----**
General Restricted Designated Total Funds
Funds Funds Funds 2024
£ £ £ £
—
Legal and professional fees 15,839 6,460 22,299
Committee expenses 111 37 — 148
2024 Total funds 15,950 6,497 — 22,447
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
**----- End of picture text -----**
## Net expenditure before net investment losses Net expenditure before net investment losses is stated after charging: **----- Start of picture text -----**
2024 2023
£ £
Staff costs (note 8) 835,512 766,773
Auditor’s remuneration:
Audit – current year’s fee* 20,315 23,240
Depreciation 11,166 9,916
—
Operating lease rentals 33,777
**----- End of picture text -----**
* Audit fees are shown including VAT. Excluding VAT costs are £16,900 (2023 - £19,360) ## Staff costs **----- Start of picture text -----**
2024 2023
£ £
Wages and salaries 710,361 646,742
Social security costs 61,387 60,911
Pension costs 77,768 72,309
Pension scheme adjustment (14,004) (13,189)
Total 835,512 766,773
**----- End of picture text -----**
Staff costs (including wages and staff travel, training and subsistence) by function were as follows: **----- Start of picture text -----**
Direct costs Support costs Total 2024
£ £ £
Charitable activities 616,810 99,042 715,852
—
Cost of raising funds 148,458 148,458
2024 Total funds 616,810 247,500 864,310
Direct costs Support costs Total 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
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**Girls Friendly Society in England and Wales - Annual Report 2024** The number of employees who earned £60,000 per annum or more (including taxable benefits) during the year was as follows: **----- Start of picture text -----**
2024 2023
£60,000 - £70,000 1 —
— —
£70,000 - £80,000
£80,000 - £90,000 — 1
**----- End of picture text -----**
The average number of full-time equivalent employees in 2024 was 18 (2023 – 18). 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 remuneration (including taxable benefits and employer’s pension contributions) of key management personnel for the year was £378,863 (2023 – £324,835). ## Trustees’ expenses and related party transactions During the year 2 trustees (2023 – 2) were reimbursed a total of £26 (2023 – £290) for travel and subsistence. No Trustee received any remuneration in respect to their services as a Trustee during the year (2023 – nil). During the year, the charity received donations from Trustees totalling £117 (2023 - £80). ## Taxation 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. ## Tangible fixed assets **----- Start of picture text -----**
Furniture and equipment Total
£ £
Cost
57,857 57,857
At 1 October 2023
Additions 12,817 12,817
At 30 September 2024 70,674 70,674
Depreciation
36,004 36,004
At 1 October 2023
Charge for year 11,166 11,166
At 30 September 2024 47,170 47,170
Net book values
23,504 23,504
At 30 September 2024
At 30 September 2023 21,853 21,853
**----- End of picture text -----**
## Investments **----- Start of picture text -----**
2024 2023
£ £
Listed investments:
6,502,688 7,556,506
Market value at 1 October 2023
Additions at cost 524,829 3,333,714
Disposals at book value (proceeds: £998,890 realised gains £62,241) (936,649) (4,455,355)
Net unrealised investment gains 533,620 66,823
Market value at 30 September 2024 6,624,488 6,502,688
Cash held by investment managers — 549,545
6,624,488 7,052,233
**----- End of picture text -----**
**Girls Friendly Society in England and Wales - Annual Report 2024** During 2024, GFS Trustees maintained a balanced investment objective going forwards, with the majority of returns reinvested. Returns generated from a balanced approach are a combination of income and the potential for capital growth, with the intention to protect against inflation over the time horizon and unusual exceptions in 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. This change means all cash with investment managers is accessible within 90 days. Listed investments held at 30 September 2024 comprised the following: **----- Start of picture text -----**
2024 2023
£ £
UK fixed interest based common investment funds 1,648,013 1,487,499
UK equity based common investment funds 3,841,122 1,164,032
Overseas equity based common investment funds 780,651 3,486,300
Other 354,702 364,857
6,624,488 6,502,688
**----- End of picture text -----**
## Debtors **----- Start of picture text -----**
2024 2023
£ £
Prepayments 5,586 6,491
Investment income receivable 21,991 20,035
—
Other debtors 2,800
30,377 26,526
**----- End of picture text -----**
## Creditors **----- Start of picture text -----**
2024 2023
£ £
Expense creditors 3,904 1,785
Other taxes and social security costs 24,352 22,090
Other creditors 2,532 2,693
Accruals 36,367 32,581
67,155 59,149
**----- End of picture text -----**
## Provisions for liabilities **----- Start of picture text -----**
2024 2023
£ £
Provision for pension scheme deficit reduction payments (note 24)
Payable within one year 4,854 14,654
—
Payable within one to two years 4,204
4,854 18,858
**----- End of picture text -----**
**Girls Friendly Society in England and Wales - Annual Report 2024** ## Endowment funds The capital funds of the charity include permanently endowed monies, which must be retained indefinitely: **----- Start of picture text -----**
At 1 October Transfers Investment At 30
2023 £ gains/(losses) September 2024
£ £ £
—
Endowment fund 2,111,402 163,140 2,274,542
—
Francis Street fund 776,598 60,005 836,603
—
2,888,000 223,145 3,111,145
At 1 October Transfers Investment At 30
2022 £ gains/(losses) September 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
**----- 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: - the trustees must first apply the income to meet the proper 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. ## Restricted funds – summary **----- Start of picture text -----**
At 1 October Income Expenditure Investment At 30
2023 £ £ gains/(losses) September 2024
£ £ £
Society funds – —
48,445 84,982 (49,453) 83,974
restricted grants
Trust funds (note 18) 193,083 8,782 (22,039) 25,740 205,566
Diocesan funds
1,668,503 50,541 (190,452) 169,400 1,697,992
(note 19)
1,910,031 144,305 (261,944) 195,140 1,987,532
**----- End of picture text -----**
**Girls Friendly Society in England and Wales - Annual Report 2024** **----- Start of picture text -----**
At 1 October Income Expenditure Investment At 30
2022 £ £ gains/(losses) September 2023
£ £ £
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 -----**
## Restricted funds – Trust funds The income funds of the charity include restricted trust funds comprising the following unexpended balances of donations, grants and other income held on trusts to be applied for specific purposes: **----- Start of picture text -----**
At 1 October Income Expenditure Investment At 30
2023 £ £ gains/(losses) September 2024
£ £ £
Packe Holiday &
147,430 5,796 (17,431) 20,455 156,250
Housing Trust
Greenlands, Peel, Isle
38,872 2,559 (3,924) 4,281 41,788
of Man
Almoners Trust 6,781 427 (684) 1,004 7,528
Total 193,083 8,782 (22,039) 25,740 205,566
At 1 October Income Expenditure Investment At 30
2022 £ £ gains/(losses) September 2023
£ £ £
Packe Holiday & Hous-
155,982 6,194 (17,245) 2,499 147,430
ing Trust
Greenlands, Peel, Isle
40,572 2,263 (4,486) 523 38,872
of Man
Almoners Trust 7,029 406 (777) 123 6,781
Total 203,583 8,863 (22,508) 3,145 193,083
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The use of the trust funds held at 30 September 2024 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. **Girls Friendly Society in England and Wales - Annual Report 2024** ## Restricted funds - Diocesan funds The income funds of the charity include restricted Diocesan funds comprising the following unexpended balances of donations, grants and other income held on trusts for use by GFS within the specific dioceses: **----- Start of picture text -----**
At 1 October Income Expenditure Investment At 30
2023 £ £ gains/(losses) September 2024
£ £ £
Dioceses with branch activities:
Birmingham 107,923 7,998 (13,437) 33,002 135,486
Carlisle 82,482 6,113 (9,122) 25,222 104,695
Liverpool 214,962 5,728 (28,198) 16,606 209,098
Other 186,484 2,792 (20,623) 11,520 180,173
Dioceses without branch activities:
Other Diocesan funds 9,236 138 (1,021) 570 8,923
Branch support
1,067,416 27,772 (118,046) 82,475 1,059,617
funds
Total 1,668,503 50,541 (190,447) 169,395 1,697,992
At 1 October Income Expenditure Investment At 30
2022 £ £ gains/(losses) September 2023
£ £ £
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 funds 10,044 162 (1,040) 70 9,236
Branch support funds 1,139,281 23,528 (117,854) 22,461 1,067,416
Total 1,781,425 48,316 (196,958) 35,720 1,668,503
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## Designated funds **----- Start of picture text -----**
At 1 October Investment Designated/ At 30
2023 gains/(losses) (released) September 2024
£ £ £ £
Total – Transitional investment
fund 2,298,240 177,576 (674,278) 1,801,538
At 1 October Investment Designated/ At 30
2022 gains/(losses) (released) September 2023
£ £ £ £
Total – Transitional investment fund 2,861,898 56,422 (620,080) 2,298,240
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The designated fund is for future investment in the fundraising strategy and implementation of the charity’s five-year strategic plan. £350,000 is included within designated/released. This is to get us back within our reserves policy as we head into our new strategic term. **Girls Friendly Society in England and Wales - Annual Report 2024** ## Analysis of net assets between funds **----- Start of picture text -----**
General funds
Free Pension Tangible Designated Restricted Endowment Total
reserves deficit fixed asset funds funds funds £
£ fund fund £ £ £
£ £
Fund balances at 30 September 2024 are represented by:
Tangible
— — — — —
fixed 23,504 23,504
assets
— — —
Investments 1,801,538 2,024,356 3,111,145 6,937,039
Net current — — — —
279,756 15,392 295,148
assets
Pension — — — — —
(4,854) (4,854)
provision
279,756 (4,854) 23,504 1,801,538 2,039,748 3,111,145 7,250,837
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General funds
Free Pension Tangible Designated Restricted Endowment Total
reserves deficit fixed asset funds funds funds £
£ fund fund £ £ £
£ £
Fund balances at 30 September 2023 are represented by:
Tangible
— — — — —
fixed 21,853 21,853
assets
Investments — — — 2,298,240 1,865,993 2,888,000 7,052,233
Net current
— — — —
282,625 44,038 326,663
assets
Pension
— — — — —
(18,858) (18,858)
provision
282,625 (18,858) 21,853 2,298,240 1,910,031 2,888,000 7,381,891
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## Financial commitments At 30 September 2024 the charity had no future minimum commitments under non-cancellable operating leases on land and buildings (2023 – 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. ## Pension costs and provisions The charity participates in a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. 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 issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. **Girls Friendly Society in England and Wales - Annual Report 2024** The scheme is classified as a ‘last-man standing arrangement’. Therefore, the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: **----- Start of picture text -----**
Deficit contributions
From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)
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Unless a concession has been agreed with the Trustee, the term to 31 January 2025 applies. The scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows: **Deficit contributions** £11,243,000 per annum From 1 April 2019 to 30 September 2025: (payable monthly and increasing by 3% each on 1 April) £12,945,440 per annum From 1 April 2016 to 30 September 2025: (payable monthly and increasing by 3% each on 1 April) £54,560 per annum From 1 April 2016 to 30 September 2028: (payable monthly and increasing by 3% each on 1 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. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. ## **Present values of provision** **----- Start of picture text -----**
2024 2023 2022 2021 2020
£’000 £’000 £’000 £’000 £’000
Present value of provision 5 19 32 175 226
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## **Reconciliation of opening and closing provisions** **----- Start of picture text -----**
2024 2023
£’000 £’000
Provision at 1 October 19 32
Unwinding of the discount factor 1 1
Deficit contribution paid (15) (14)
Re-measurements – impact of any change in assumptions — —
Remeasurements - amendments to the contribution schedule — —
Provision at 30 September 5 19
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**Girls Friendly Society in England and Wales - Annual Report 2024** ## **Income and expenditure impact** **----- Start of picture text -----**
2024 2023
£’000 £’000
Interest expense 1 1
Re-measurements – impact of any change in assumptions — —
Remeasurements - amendments to the contribution schedule — —
Costs recognised in statement of financial activities 1 1
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## **Assumptions** **----- Start of picture text -----**
2024 2023 2022 2021 2020
% % % % %
Rate of discount 5.24 5.88 6.00 0.72 0.58
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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. ## Post balance sheet event: Since the year end, the charity has seen the value of its investment portfolio fall by approximately £882000 (12%) as of 11 April 2025 primarily as a result of the impact of the changes to US import tariffs in early April 2025 on the markets. The board are aware of this event which has impacted the charity between the board's formal approval of the report and financial statements and the audit report being signed. No other changes or additional comments have been added to this document since board sign off. **Girls Friendly Society in England and Wales - Annual Report 2024** CASTQP Fil:l.'114 la IA Ip I A•Jditor A Dhanoa (Chalr- Re5i8ned Mar 2024) R Sebestyen (Chalr - Appolnted Mar - Res18ned Dec 2024) M Young urea5urer, Appointed Interim Co.Chair - Dec 2024) P Sangera f4ice Chalr - ResfigneChalr - Det 2024) Y Band J Cove-smith (Appointed - Nov 2024) S Donnenfelo (Appointed - Nov 2024) T Lavlth l {Apwlnted - Nov 2024) O Lewls A LOvÈll (APPOihtèd - NOV 2024) F PaynE (Resigned - Nov 2024) S R05e Smfilh (Resigned - Jul 2024) B Tho rnas {Re51gned -Jul 2024) O Turton M wtrdderburn (Appolnted . NOV 2024) G Whirfield (Restgned . Nov 2024) A Young {Re5igned - .Feb 2025) Sayer Vinient LLP 110 Golden Lane London ECIY OTG Irw••trn•ftt Mona9•r• Rathbone Investment ManagemÈnt- 8 Finsbury Circu5. Finsbury. London, EC2M 7AZ CCLA- 1 Angel Lane, London. EC4R 3A8 Prirtipal Bthk*rs Barclays Bank plc. I Churchill Place. London. E14 5HP Chl•l Ex•tutlv• & L•ad•rshlp T•47m L 5Èrtombe (thlef Exetirtive- Resigned Aug 2024) H S mith (Chief Executive - Appointed Au8 2024) H8nnaffl {Hea(l of Fundraisin8 & ComrnunScatlons- ResSgned Dec 2024) Hule (Head of People) C Hunt (Head tsf Operations Ntsrth) J Dalton (Heèd of Oper3tlon5 South) Shoults (Head of Flnance & Support Se￿Ice5) A•gi•t•r•d GFS. 3rd Floor. 8&90 Paul Street, L¢Trd¢n, EC2A 4NE In ETrglar+d and Wal 03172713 www.gfs.org.uk CIMYlty r•*rtrntlon In EThgland ond Wa￿¥ 1054310, GFS FOA GIALS FOA FRIENDSHIP FOR SOCIErY