OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-09-30-accounts

Annual Report and Financial Statements

2024-2025

Girls Friendly Society in England and Wales Year ended 30 September 2025

Charity registration number 1054310 Company registration number 03172713

----- Start of picture text -----
Girls Friendly Society in England and Wales - Annual Report 2025 1
----- End of picture text -----

Contents

Contents
Chair’s welcome 03 Projects and events 28
Our vision 04 GFS volunteers 32
Our mission/ Our values 05 • Izzy: volunteer case study 36
GFS at a glance 06 The year ahead 38
GFS Groups 08 Funders and supporters 40
• Tiella: case study 12 Financial review 42
GFS school workshop 14 Governance and structure 44
150th Anniversary 16 Independent auditor’s report 47
• Girls Speak Report 18 Statement of fnancial activities 50
• Build our brand 20 Comparative Statement
• Signifcantly grow and engage our supporter of Financial Activities 52
base performance indicators etc 22 Balance Sheet 53
• GFS then and now 24 Statement of cash fows 54
Girls Rights Colective 26 Principal accounting policies 56
Progress this year 27 Notes to the Financial Statements 60

FOR GIRLS FOR FRIENDSHIP FOR SOCIETY

The Trustees of Girls Friendly Society in England and Wales (GFS) present the Trustees' Report and Financial Statements for the year ended 30 September 2025. The financial statements have been prepared in accordance with Part VI of the Charities Act 2011 and constitutes a directors' report for the purposes of company legislation. The financial statements have been prepared in accordance with the accounting policies set out on pages 38 to 41 of the attached financial statements and comply with the 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 (FRS102).

2 Girls Friendly Society in England and Wales - Annual Report 2025

Chair’s welcome

Michelle Corrigan Chair

This year, GFS celebrated 150 years of supporting girls to feel confident, valued, and free to be themselves. Few organisations can claim such a legacy, and as I reflect on my first months as Chair, I am honoured to lead GFS at a time when we are both celebrating that history and boldly reshaping ourselves for the next 150 years.

The world girls are growing up in today is complex and often unforgiving. Social media pressures, academic expectations, and the rising cost of living all take their toll. Too many girls tell us they simply can’t be themselves. This is precisely why GFS’s work matters more than ever. In our groups and communities, we create spaces where girls build confidence, form genuine friendships, and discover their voice.

This has been a year of decisive transformation. We have modernised our structures, strengthened our governance, and sharpened our strategy to ensure we are futureproof and ready for growth. More

importantly, this groundwork is already bearing fruit. We are expanding our groups across the country and growing our schools workshop programme to reach more girls in areas of disadvantage, turning careful planning into tangible impact.

I have been inspired by the commitment and creativity of everyone who makes this possible: our staff, volunteers, trustees, partners, and supporters. Together, we are building a stronger, more visible GFS that helps even more girls thrive.

To everyone who has played a part in this journey, thank you. Your belief in the power of girls to shape their own futures keeps GFS moving forward. As we celebrate our 150th year, we look back with pride and ahead with clear purpose: to ensure the next generation of girls grows up knowing their voice matters and their potential is limitless.

With deep gratitude,

Michelle

Girls Friendly Society in England and Wales - Annual Report 2025

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.

----- Start of picture text -----
4 Girls Friendly Society in England and Wales - Annual Report 2025
----- End of picture text -----

our mission

Our Values

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.

In everything we do, GFS will be:

Girl-focused Brave Feminist Ambitious Inclusive Fun

Girls Friendly Society in England and Wales - Annual Report 2025

GFS at a glance

29 1,518 groups girls supported

84 new volunteers 260 active volunteers

events and trips 49 made up of day regional 10 trips 2 fundays group residential 13 parties 5 trips specialist 19 facilitators

Girls Friendly Society in England and Wales - Annual Report 2025

Girls Friendly Society in England and Wales 2025 7

GFS Groups

In 2025 across the UK, progress on women’s and girls’ rights has slowed significantly. Worryingly, 1 in 4 people now believe gender equality harms men, around half believe gender equality has “gone far enough” and 20% of people in the UK think we should return

to traditional gender roles (Plan International UK, 2025). This shift not only undermines advocacy for girls but also normalises harmful gender norms that mean girls can’t be themselves and hold them back.

Girls Friendly Society in England and Wales - Annual Report 2025

Girls are growing up in a society that undervalues them and exposes them to risks at an alarming rate:

85% 81%

These experiences damage girls’ confidence, mental health, and sense of 81% identity—especially during have experienced formative years. Without threatening or early intervention, these upsetting online harms can shape their future opportunities, relationships, behaviour. and wellbeing. (Equally Safe at School)

of girls aged 11–21 report experiencing sexism in daily life. (Girlguiding)

44% 64%

We should have just as much as rights as boys. We shouldn’t be told we can’t do things because of girls/young they might hurt us or women aged 13-21 they’re not suitable. We experienced sexual should have the same harassment at rights and be able to do school or college whatever boys do. in the past year. (Amerah, 10) (Girlguiding)

say that pressure related to their appearance holds them back. (Plan International UK)

With youth services dramatically reduced across the UK over the past decade, many girls, especially those from low-income or marginalised communities, now lack access to safe, affordable, girl-centred spaces where they can build confidence, form healthy relationships, and explore their identity free from judgment.

GFS groups fill this gap. They create inclusive environments where girls build friendships, learn new skills, and develop the self-belief needed to navigate the world around them.

This year, we reached over 1,500 girls through 30 weekly community groups and 19 school workshops, delivering impact across four key outcomes: wellbeing, relationships, opportunities, and confidence.

Girls Friendly Society in England and Wales - Annual Report 2025

Wellbeing

Activities delivered at GFS groups encourage girls to reflect on how they’re feeling and support them to develop tools to help take care of their mental health and wellbeing. By creating safe spaces, girls feel valued and listened to which helps them feel more comfortable to express themselves.

74% of parents say GFS provides support for their child’s overall mental health or wellbeing. For parents of girls in Years 7-9, this rises to 89%.

She wants to do more things outdoors and comes to me with her question, feelings and opinions (GFS Parent, Cramlington) Girls need GFS Because it is a safe place for girls if they are struggling or finding it hard in daily life. (GFS Girl, Pittington)

Confidence

By supporting girls to give things a go, share opinions, solve problems or take on responsibility, GFS groups support girls to build confidence and a greater awareness of their individual qualities, skills and abilities.

82% of parents say GFS groups have given their child more confidence to speak up or express themselves. For parents of girls with additional needs, this rises to 100%.

She has greatly improved in her confidence and she is learning so much! (GFS Parent, Smethwick)

By engaging in real-world advocacy, they have gained the confidence to challenge unfair rules, initiate change, and believe that their voices can make a difference (GFS Group Coordinator, Dylan Thomas School)

Opportunities

GFS group sessions give girls the chance to experience something new by connecting them with opportunities and role models. Girls are supported to widen their horizons, test their limits, build bravery and make memories that will help them take up opportunities in the future.

87% of parents who have attended GFS groups for over 6 months say their child has been given access to experiences they would not have otherwise.

The group gives her new experiences and good advice (GFS Parent, Hackney) You keep trying even though it is hard, GFS has helped me when things have been really hard. The grownups encourage me and help me to be brave. (GFS Girl, Dunvant)

Relationships

Through teamwork, communication, problemsolving and sharing experiences, girls at GFS groups develop tools to make, navigate and sustain friendships, whilst forming supportive and positive bonds with their peers.

72% of parents say GFS groups give their child skills to manage challenges in peer relationships. For parents of girls in Primary school, this rises to 78%.

She has improved self-esteem and thoughtfulness about interactions with others (GFS Parent, Mile End)

GFS has shown us that we don’t have to listen to the mean things people say about us. We don’t have to change who we are to fit in. (GFS Girl, Manchester)

Girls Friendly Society in England and Wales - Annual Report 2025

Tiella case study

Tiella is nine and has been coming to GFS South Manchester for about five years. She first joined to make friends, after her mum heard about GFS. Now, Tiella sees how GFS helps girls with different issues.

One challenge she notices is bullying:

‘Bullying is usually talking about people’s appearances or people calling you names. It can happen at school, and it can come from both boys and girls. I was bullied once, it was just annoying at first but it got worse and worse before it got better. It’s happened to friends too and when I see that I just don’t want to get involved with the drama. Girls need somewhere like GFS because sometimes when you get bullied you can feel left alone.’

Activities are another highlight:

‘At GFS, we have fun, like more fun than school and we get to do loads of activities. We do art and I’ve got better at drawing since coming to GFS. We were trying new foods last week and we found a biltong, it’s like a type of meat with salt and pepper. It was alright…it was a little bit disgusting but I wanted to try it.’ Her most memorable experience? ‘Going on an activities weekend. We got to have our own beds and we did loads of activities like climbing, making our own dens and ziplining. And we got to go on a big swing which was really fun. I wasn’t nervous, I just got on with it!’

She likes having a say:

‘Next week we’re going to have a pyjama party which is something we asked for. That’s a good bit about GFS…because if we were doing something no one liked then what’s the point in being there?!’

When asked what life would be like without GFS, she said:

‘I think that without GFS, I would have had to find a different girls’ group!’

For Tiella, friendship is key:

‘Some girls don’t get to play with other girls so they need a place where they can make friends and play with other children. When I joined, I wanted to make new friends. I’ve been coming for a long time now so I like coming to see my GFS friends, some of them have been the same the whole time. The way people treat each other here is respectful and kind.’ She also values the adults: ‘The leader and volunteers are really nice. I think they would help you in the future and I know I could come to them with problems if I wanted to.’

Tiella even spoke at GFS’s 150th anniversary at the House of Commons:

‘It felt good because I’ve never represented something before. It wasn’t too scary because I was practicing on the train on the way down and afterwards, maybe five or ten people complimented me on my speech. They said hope you do well and that they liked my speech. I got to meet girls from other GFS groups too. I felt like a great person going to the House of Commons with my friend and felt proud of myself! I think it’s helped me be more confident to speak up and say what I think.’

Girls Friendly Society in England and Wales - Annual Report 2025

GFS school workshops

Built around three desired outcomes, this year we have delivered 19 full and half day workshops in ten schools supporting 323 girls.

Through these sessions girls;

2

1

Build different ways of thinking – with 93% of them being able to identify a stereotype after the session

Are supported in positive self-image – with 95% of the girls being able to identify something they are good at by the end of the session

94%

of teachers said the session helped address challenges and issues the girls face

3

Reflect on behaviour in relationships – with 95% of girls understanding how their feelings can affect how they treat others

Girls Friendly Society in England and Wales - Annual Report 2025

Confidencebuilding:

Teamwork:

Friendships:

The sessions allowed girls to reflect on friendships, understanding how their own emotions can influence their perspectives and behaviour and exploring what healthy friendships look like.

The sessions provided opportunity for girls to work together, practising teamwork, respect and positive social skills.

The sessions supported girls to identify positive qualities about themselves and others, and how to treat each other with more kindness.

The girls were able to share what is important to them in a friendship and what makes them healthy (Year 6 teacher, London)

They talked about what they like about themselves and others (Year 5 teacher, London)

The girls have worked very well with each other through the sessions showing kindness and good friendship (Year 4 teacher, London)

100% 94%

rated girl engagement Excellent (51%) or Very Good (49%)

rated the session delivery Excellent

15

Girls Friendly Society in England and W ales 2025

150th Anniversary

The 150th anniversary has been a unique opportunity to celebrate GFS’s legacy while strengthening its future. We delivered a range of activities across the organisation and beyond to make the most of this milestone.

Our objectives for the anniversary were:

Amplify girls’ voices and their needs today

Establish GFS as a recognised expert in understanding and meeting the needs of girls and young women.

Build our brand and raise our profile within local communities, the girls’ rights and youth sectors and with key funders especially corporate partners.

Significantly grow and engage our supporter base

including new partnerships and re-engaging girls and volunteers we had lost touch with.

Each objective was supported by a programme of activities, coordinated by a dedicated Project Manager and a cross-organisational steering group. The group was chaired by our English President and included representative volunteers, Ambassadors, committee members, trustees and Townsend Network members. They met regularly throughout the year to guide and advise the celebrations.

16

Girls Friends Society in England and Wales 2025

li BRATI ,¥r: PA3LE

Amplify girls’ voices and their needs today

Girls Speak Report

We began our 150th year by launching new research through our Girls Speak: Navigating the Conflicts of Girlhood in 2025 report. This landmark piece is the result of two years of conversations with 112 girls from GFS groups, capturing their experiences and perspectives in their own words.

To mark the launch, we hosted a special event at the House of Commons, generously supported by MP Caroline Nokes. The event brought together 70 guests, including sector leaders, funders, and advocates for girls’ rights. At its heart were the voices of eight girls representing four GFS groups, who delivered powerful speeches about the issues they care most about and how GFS supports them. Their words set the tone for our anniversary year, reminding

everyone that girls deserve to be heard and that GFS remains essential because things are still not fair for girls.

The event concluded with a youth-led panel discussion featuring representatives from Girlguiding, Youth Sport Trust, Plan UK, and Irise International. The panel was chaired by Alexia, one of our inspiring Young Trustees, and explored how organisations can work together to create a better future for girls.

----- Start of picture text -----
18 Girls Friendly Society i nEngland and Wales 20 25
----- End of picture text -----

Girls Speak report: what we learned

Girls can do anything…can’t they?

Girls today are told they can do anything, but the reality is far more complex. Our research uncovered the contradictions of modern girlhood, where feminist ideals clash with persistent gender stereotypes and unachievable expectations. Through conversations with girls as young as six, we saw how gender bias continues to shape their lives, often before they have the language to describe its impact.

The report highlights how ideas about what subjects girls should study or which sports they can play limit opportunities and

skills development. Academic pressures and the challenge of fitting in with peers drain energy and can lead to isolation and poor mental health. Girls also face the expectation to manage their

own emotions – and those of others – while

navigating constant scrutiny of their

appearance. These combined pressures create a landscape where perfection feels impossible.

By listening to girls and allowing them to lead the conversation, we

captured these experiences in their own voices and supported their stories with wider research. The findings show the urgent need for

early intervention to ensure girls are not just told they can fulfil their potential, but are truly able to make it a reality.

Topics explored in the report include:

Girls Friendly Society in England and Wales - Annual Report 2025

Build our brand

We hosted a series of 14 Summer Parties across GFS groups, each codesigned by the girls themselves. GFS Layton held an afternoon tea for former GFS members. Some groups opted for black-tie, awards-night style celebrations, while others preferred smaller gatherings during their usual session times.

Groups invited local councillors, community leaders, former GFS girls, families, and members of the wider community. These events created brilliant opportunities for connection and reconnection—both with each other and with GFS.

It was so emotional to come back and see how the group has grown – I joined GFS in the 70s, and it still has the same warmth and spirit.

(former GFS girl)

We collaborated with GirlBE on a special 150th Anniversary empowering subscription box which was sent to 3,000 girls. The box contained vision boards, power up playlists, power poses and lots more. As a result we saw a spike in engagement with our friendship bracelet campaign and newsletter sign ups.

Girls Friendly Society in England and Wales - Annual Report 2025

Girls Friendly Society in England an d Wales 2025 21

Significantly grow and engage our supporter base

Inspired by an attempt in the 1990s to knit the world’s longest scarf, and because friendship has always been at the heart of what GFS does, we embarked on an attempt to make the world’s longest friendship bracelet.

Supporters were invited to make their own bracelet by requesting a pack for an optional donation or using their own materials and returning it to us. Our groups and corporate partners also held bracelet making sessions.

At the time of writing we are yet to have an official measurement, but we estimate we have over 1000 metres of bracelet that will be joined together. We will be hosting a measuring event in 2026 as a final moment in our celebrations.

Girls Friendly Society in England and Wales - Annual Report 2025

The intention behind the friendship bracelet campaign was to

Bring people together across the UK in a shared, creative activity

Celebrate and promote the importance of friendship for girls’ mental health and wellbeing

Raise funds to support GFS programmes that empower girls

23

Girls Friendly Society in England and Wales 2025

gfs then and now

Building friendships

GFS has always been a place where girls can find friendship. Groups provide opportunities for girls to connect with new friends and develop social skills. The relationships made at GFS are a source of support which can last a lifetime.

• Julie, GFS Girl 1980s: I’m still friends with girls now I went to GFS with and keep in touch with them. We had really lovely friendships, really good friends. My sister and me had a whole gang that were really tight, we kept in touch for a long time. Because we were there for so long, it was like an extended family really.

Accessing opportunities

GFS connects girls with unique activities that help them discover what they’re capable of. Trying new things and overcoming challenges supports girls to develop self-belief and raises aspirations. By operating in areas where there are fewer opportunities for girls, these experiences can be memorable and life-changing.

• GFS Parent, 2023: My eldest daughter had the opportunity to meet our local MP. It took a bit of convincing to sign her up for going as she was very nervous about going to meet and chat with an adult she did not know, however, she came back, completely fascinated, and has shown a real interest in politics since then. All thanks to GFS.

Developing confidence

GFS helps girls grow in confidence by supporting them to recognise their personal skills and qualities. With encouragement from friends and trusted adults, girls find they can be brave, discover new talents and explore their potential. By celebrating the things that make them special, GFS helps girls feel capable and courageous.

• Gillian, GFS Girl 1960s: GFS helped with confidence. I wasn’t outstanding at school but I suppose I felt a sense of achievement when I got certificates for my embroidery. It spread into other things; I submitted my crafts in the local country show and I got first prize! So it encouraged me in other things as well.

Girls Friendly Society in England and Wales - Annual Report 2025

Supporting wellbeing

GFS creates safe spaces where girls feel comfortable and accepted just as they are. Through having fun with friends and taking time out from daily pressures, girls enjoy a sense of freedom and belonging. At GFS, girls’ mental health is supported because they don’t have to try to fit in; they can just be themselves.

• Tiella, GFS Girl 2025: It’s a place where we have been able to make real friends, who don’t judge us and who like us for who we are. Here, everyone is kind and welcoming. GFS has shown us that we don’t have to listen to the mean things people say about us. We don’t have to change who we are to fit in.

Being there for girls

Over the last 150 years, GFS has adapted to meet the needs of girls at the time. Whether providing affordable and accessible services, tackling gender inequity through creating opportunities for girls or supporting girls who have struggled to find a group where they feel welcome, GFS fills the gaps so that all girls can thrive.

• Heather, GFS Girl 1960s: I think GFS was trying to do something for girls that wasn’t there. You didn’t have to buy uniform, it was quite a poor area but this was something that didn’t cost you anything. In those days there was a big difference between what Scouts (boys) and Guides (girls) did, even at school girls lessons were geared up to domestic science etc. But at GFS it was different, it felt no different to what the boys would do.

----- Start of picture text -----
Girls Friendly Society in England and W ales 2025 25
----- End of picture text -----

Girls’ Rights Collective

Originally established by Plan International UK, GFS assumed stewardship of the Girls’ Rights Collective (GRC) in January 2025. The GRC is a membership network dedicated to advancing girls’ rights in the UK.

The Collective brings together sector professionals, organisations, and stakeholders committed to creating lasting change for girls and young women. Members include youth workers, educators, policy experts, NGOs, researchers, and community-based organisations.

Our vision for the GRC is to become:

Leading the GRC strengthens the GFS mission by increasing our visibility, reputation and influence across the sector. It amplifies the voices and experience of girls, and creates opportunities for collective impact through partnership working.

Girls Friendly Society in England and Wales - Annual Report 2025

Progress this year

GFS delivered three online GRC events:

March

GRC Connect: Meet, Share & Shape the Future

May

Exploring Primary Prevention of GenderBased Violence with Plan International UK

August

Writing the Wrongs: Shifting the Narrative Around Sexual Violence with Rape Crisis South London

We achieved

GRC membership increased

sign-ups from 248 across to 334 in 12 these months. 164 events. 34%

Launched a dedicated LinkedIn page to enhance engagement.

Looking ahead

This year we will review the GRC’s vision and objectives, introduce new ways of working and connecting, and significantly grow membership. Our goal is to strengthen collaboration and ensure the GRC becomes a leading voice for girls’ rights in the UK.

27

Projects and events: Engaging with girls beyond schools and community groups

Period Peers with Plan UK

Period Peers launched in January 2025 in partnership with Plan International UK. A project driven by girls, for girls, was created to build period-positive environments where girls lead conversations about menstrual health, challenge stigma, and support one another.

Through a combination of peer-led workshops, creative engagement activities, and wider community outreach, the project has created safe spaces for open dialogue and learning around periods, well-being, and gender equality.

188

girls engaged in peer-led sessions building confidence and knowledge around periods and menstrual health

Peers to deliver fun and friendly periodbased activities 10 2760

girls trained as Period Peers to deliver fun and friendly periodbased activities

wider audience engaged through pop-up events and girl-designed materials, such as our ‘Get Loud, Get Period Proud poster’

28

GFS South Manchester case study:

One of the girls from South Manchester took on the responsibility of planning the upcoming period peer session. As the oldest in the group, this was a new opportunity for her to step up and take charge of designing something for the others. She came up with fantastic ideas for how we could approach the topic of periods in a way that felt youth-led and approachable, ensuring it didn’t feel intimidating for those who might find the subject overwhelming. She put in a lot of effort, drafting the session plan, creating a Q&A book for the girls to anonymously submit questions, and really taking ownership of the entire process. I’m excited to see how she delivers the session, it’s a great example of leadership and personal growth!

GFS Dylan Thomas case study:

The Period Peers programme has had a significant and lasting impact on the girls’ overall wellbeing. Through open and supportive conversations about menstruation, body changes, and challenges faced in school environments, the girls were given space to talk honestly, reduce embarrassment, and feel seen and heard. Many reported feelings more confident, reassured, and less anxious about periods, especially in public or school settings.

The period peer leaders have now delivered five sessions and have shown notable growth in confidence and leadership. They are now comfortable speaking in front of the group and guiding activities. Through this process, they have developed valuable skills such as public speaking, peer mentoring, and group facilitation. They have also expressed that they have enjoyed the experience and found it rewarding.

A particularly positive outcome from one session was the suggestion by some girls to set up a regular support group in school — a safe space where students can go for period-related advice, guidance, and access to products. This shows how the session has helped to empower the girls to take initiative and support one another beyond the structured sessions. (Group Coordinator, GFS Dylan Thomas)

GFS Leytonstone zine ‘My Period My Voice’

Girls Friendly Society in England and Wales - Annual Report 2025

Festival of the Girl London, October 2024

----- Start of picture text -----
30 Girls Friendly Society for England and Wales 2 025
----- End of picture text -----

Magpies Festival york, August 2025

Girls Friendly Society in England and Wales - Annual Report 2025

GFS volunteers

Our groups are powered by volunteers; without them we simply couldn’t deliver what we do to for girls. Our sessions deliver clear outcomes for the girls, but also have a positive impact on the volunteers themselves.

32

Girls Friendly Society in England and Wales - Annual Report 2025

We welcomed

84

In total, We achieved a fantastic 260 92%

new volunteers this year

volunteers actively contributed to GFS groups and governance.

retention rate, reflecting the commitment and passion of our volunteer community.

Girls Friendly Society in England and Wales - Annual Report 2025

Celebrating our dedicated volunteers this 150th year

Barbara Brook BME

Room to Reward

This year, two of our incredible volunteers were honoured with Room to Reward awards—a unique initiative that recognises “Hidden Heroes”: inspirational volunteers who give their time to make a difference to those who need it most.

In the 2025 New Year Honours list, long-standing GFS volunteer Barbara Brook was awarded the British Empire Medal by King Charles. Barbara has been part of GFS since the 1940s, dedicating decades of service to girls and young women, as well as to the wider community in Layton, Blackpool. This prestigious recognition is a testament to Barbara’s extraordinary commitment and the profound impact of volunteering on individuals and communities.

Mar from GFS South Manchester attended the Magpie’s Festival and also delivered an engaging, research-inspired session for girls. Using her PhD work, she created a fairytalethemed storybook to help children understand complex ideas in a fun and accessible way.

Nicole from GFS Chester-le-Street first joined GFS through a partnership with Durham University and has continued volunteering beyond her studies. She delivers sessions for girls and goes the extra mile by supporting other volunteers with transport and holistic guidance, ensuring everyone can attend weekly sessions.

Volunteer Research Project

As part of our 150th year celebrations and UCL’s Community Research Initiative, Ellie Brown, an MSc Social Policy postgraduate student conducted a unique qualitative study titled “What Role Does ‘The Girls Friendly Society’ Play in the Lives of Women and Girls? Exploring Volunteers’ Motivations and the Impact of GFS.” This research provided valuable insights into volunteer motivations, the benefits of volunteering, and the reciprocal relationship between volunteers and the girls – strengthening our understanding of their impact and experiences of girlhood across GFS.

Girls Friendly Society in England and Wales - Annual Report 2025

National Training

We delivered more than twice as many sessions as last year, with topics shaped by volunteers. Highlights included tackling relational aggression with Girls on Board and addressing bullying with the Anti-Bullying Alliance.

Our “Commanding the Room” training saw a 38% increase in attendance and powerful takeaways. Volunteers shared they will “use more empathetic approaches” and focus on “laying clear boundaries when addressing disruptive behaviours.”

Celebrating Long Service

During our 150th anniversary year, we were privileged to recognise one of GFS’ most longstanding volunteers. Sharon, from GFS Atherstone, marked an extraordinary milestone of 50 years of dedicated service. Her halfcentury of commitment was celebrated by her local group and the central team through heartfelt speeches, flowers, and commemorative trophies at their 150th anniversary events. Sharon’s remarkable milestone highlights the power of volunteering and the lasting impact it has in sustaining GFS across generations.

Words from our volunteers

‘I feel like I got out so much from it too, in terms of learning from the sessions and having that space, I think the girls aren’t the only ones experiencing benefits from it, I am too’

Lila, 23, Group Volunteer

‘There is so much value in local volunteering, doing something that feels close to home is so rewarding’ Juliette, 24, Social Media and Group Volunteer

‘Before I wouldn't be taking charge at work, but now I just go for it because I feel way more confident in my voice…I think that's one of the reasons why I joined GFS was to get out my comfort zone’

Lila, 23, Group Volunteer

‘I volunteer because I feel valued, because I am so passionate about the mission and the values of the organisation’

Abbie, 22, Young Trustee

----- Start of picture text -----
Sharon,
from GFS
Atherstone
Girls Friendly Society in England and Wales 2025 35
----- End of picture text -----

Izzy Volunteer case study

From founding GFS Mile End to running GFS’s first ever spot in the TCS London Marathon

For the first time ever, GFS has secured a place in the world-famous TCS London Marathon. A place in this race brings a chance to fundraise while increasing brand recognition in 2026. As such, the runner selected by the organisation in 2025 needed to be a champion of GFS’s work and ethos.

We found the perfect GFS marathon-champion in Izzy Johnson. As a marketing professional and freelance writer, Izzy knows the importance of brand, but because she’s a volunteer at GFS Mile End, she also knows the real-life magic in giving girls the power of their own voice.

Izzy said: “A lot of organisations talk about empowering girls, but GFS actually creates the space to do it. It’s never about fixing girls or telling them who to be. It’s about listening to them, backing them, and building an environment where they can grow into whoever they want. It’s a warm, community-led charity with history and heart, and it feels quietly powerful in the way it does things. There’s no one-size-fits-all ‘GFS girl’. The point is that every girl belongs here, exactly as she is.”

Izzy first started volunteering with GFS during the COVID-19 Pandemic, when groups met remotely. She helped create online content for virtual GFS sessions, but as lockdown restrictions lifted, she became one of the

founding volunteers at the GFS Mile End group, in East London.

Izzy said: “Like many people during the pandemic, I started reflecting on how I was spending my time. I wanted to invest more of my energy in something that actually mattered to me. When I started researching girls’ charities, GFS stood out straight away – the work felt tangible, grassroots, and genuinely about empowering girls. It wasn’t just talk; you could see the direct impact in local communities.”

When Izzy first joined GFS, she didn’t expect it to shape her life so deeply. But now, Saturday mornings at her local GFS group are the highlight of her week, and she describes volunteering with GFS as the best decision she’s ever made.

Izzy said: “It’s helped me learn new skills, meet incredible people, and feel part of something bigger than myself. I’ve become a better listener, a better communicator, and I think a better person overall. I just wish more people knew about it - because giving your time to something you truly believe in is one of the most rewarding choices you can make.”

So, when Izzy lines up for the London Marathon this spring, fundraising £2,000 for GFS, she says she won’t just be chasing a finish time. She’ll be running for the girls she sees every week at her

Girls Friendly Society in England and Wales - Annual Report 2025

local GFS group. The ones who barrel through the door on a Saturday morning with private jokes, big ideas, and hugs for their friends.

Izzy said: “For me, GFS is about showing up – for girls, for your community, for each other. It’s warm and quietly powerful. It builds confidence through laughter, creativity, and the kind of support that sticks. It’s reminded me that impact doesn’t have to be loud or performative to be lasting. Sometimes the smallest gestures – listening, encouraging, helping a girl believe in herself – are the ones that stay with you and with them.”

The race takes place in April 2026. As Izzy continues her journey toward the marathon, she continues to provide girls at her local GFS group

a weekly role model that shows them they can be brave, achieve their hopes and dreams, and get back up again when they have a setback too. Her message for the girls she runs for is simple – and fierce:

“The world might try to shrink you or make you secondguess yourself. You’re allowed to be bold, messy, curious and unapologetically ambitious, and kind while you do it.”

Girls Friendly Society in England and Wales - Annual Report 2025

The Year Ahead

In this milestone year, we have taken time to reflect on everything GFS has achieved over the past 150 years, while also looking ahead to the charity’s future.

Over the past year, GFS leadership has developed and begun implementing a Transformation Project. This work is driven by a deep belief that GFS can have an even greater impact on girls across England and Wales. At a time when progress on women’s and girls’ rights is stalling – and in some cases reversing – we know our work is needed more than ever. We want every girl to feel safe, supported, and free to be herself. To help achieve this, we have set bold and ambitious targets to bring our current strategy to the next level.

Over the next 5–10 years, we aim to:

2026

2025

2024

38 Girls Friendy Society in England and Wales 2025

Our focus for the next 12 months

The year ahead will be a foundational one. Following a central team restructure in 2025, we will focus on establishing a team capable of delivering our ambitious vision. This includes a period of recruitment and consultation, as well as renewed attention to our organisational culture and operational efficiency—ensuring we maximise our impact for girls.

Key priorities will include:

Having completed a Governance Review against the Charity Governance Code in 2025, we will begin implementing an action plan that includes reviewing our governance structure, strengthening risk management, and ensuring Trustees are fully supported to fulfil their roles.

Strengthening and growing our services

We will begin scoping how best to expand our services efficiently, exploring both our group delivery model and piloting new, innovative ways to support girls to thrive. This will include opening new groups in Liverpool, Manchester, and London.

We will also reinvigorate the Girls’ Rights Collective, strengthening our role within the girls’ sector by connecting, convening, and sharing learning—helping individuals and organisations work more effectively for the benefit of girls and young women.

This will be an exciting and transitional year for GFS—one that lays the foundation for a sustainable, impactful future.

funders and supporters

Your belief in the GFS vision and mission powers everything we do. Thanks to you, we’ve been able to reach more girls across England and Wales this year. Every gift, large or small, makes a difference. Thank you.

Girls Friendly Society in England and Wales - Annual Report 2025

• Duchy of Lancaster Benevolent Fund

Girls Friendly Society in England and Wales - Annual Report 2025

Financial review Results for the year

The statement of financial activities on page 51 shows net expenditure for the year before investment losses of £787,508 (2024 – £726,265) being a deficit on unrestricted funds of £435,506 (2024 - £284,348), a deficit on designated funds of £248,524 (2024 - £324,278), a deficit on restricted funds of £71,277 (2024 – £117,639) and a deficit on endowment funds of £32,201 (2024 - £nil). Total income for the year was £443,425 (2024 - £350,392) with income from investments and interest receivable comprising 37% (2024 – 47%) of the total and amounting to £164,697 (2024 – £164,719). Although the income yield from investments is welcome, it is not adequate to sustain our activities and needs to be supplemented by substantial other sources of income in the future to ensure the financial security which will safeguard the charity’s services for the long term.

Expenditure in the year totalled £1,230,933 (2024 – £1,076,657) with expenditure on charitable activities amounting to £1,079,579 (2024 – £881,619). The charity’s largest expense item continues to be staff costs reflecting the importance of people to the successful achievement of the organisation’s aims – both paid staff and volunteers. Trustees 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. The final net movement in funds for the year, after net investment gains of £92,905 (2024 – gains of £595,861) amounted to a loss of £694,603 (2024 – loss of £130,404).

Financial position Free reserves and reserves policy

GFS’ reserves policy is to maintain free reserves, net of the pension fund deficit, of around 3 months’ expenditure, £358,346 - £437,360. Free reserves are maintained to mitigate risks associated with fluctuating costs and to ensure 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 2025 we had £224,234 in free reserves (2024 - £327,118) this is equivalent to 1.9 months expenditure (2024 – 2.9 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 income is being built on top of the strong financial foundation the endowment provides, to allow the charity to innovate and to meet the growing demand for our services. The charity carries a pension deficit of £22,231 (2024 - £4,854).

Other Funds

In addition to the endowment funds, on 30 September 2025, GFS had restricted funds which totalled £1,897,746 (2024 – £1,987,532) most of which are restricted to being spent in certain geographic areas and, in particular, specific dioceses. Full details of the funds are given in notes 17 to 19 to the attached financial statements. The charity has designated funds which on 30 September 2025 totalled £1,243,689 (2024 – £1,801,538). 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.

The pension deficit fund of £22,231 matches the liability on the balance sheet in respect to the defined benefit pension scheme which the charity contributes to on behalf of certain of its employees. Details of the scheme and the deficit funding determined by an actuary are given in note 24 to the attached financial statements.

Girls Friendly Society in England and Wales - Annual Report 2025

Investment Policy

The charity has a portfolio of investments which had a market value as of 30 September 2025 of £6,577,874 (2024 – £6,937,039) comprising listed investments of £6,037,102 (2024 – £6,624,488), and cash of £540,772 (2024 – £312,551). 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 long-term solution. Markets remain volatile. We anticipate our investment portfolio will continue to provide us with an income, but it is 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 long-term capital growth whilst maintaining the underlying risk at acceptable levels. In September 2023, Trustees decided to split the money in Rathbones into two portfolios, at different 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-todoor, 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 vulnerable people 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 donor data. We aim for all those donating to GFS to have a positive experience. In 2024-25 we received no complaints. However, if we receive them, we are committed to investigating complaints and resolving them swiftly. If anyone is dissatisfied with their experience, please contact us. Feedback enables us to improve our fundraising service.

Public Benefit

Trustees have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and activities for the year, and the organisational plans for future periods.

Girls Friendly Society in England and Wales - Annual Report 2025

Governance and Structure

Girls Friendly Society in England and Wales (GFS) is a company limited by guarantee and is registered under the Charities Act (2011). The Board of Trustees comprises up to fifteen Trustees, recruited in accordance with the organisation’s by-laws through an open and transparent process designed to ensure the Board collectively holds the skills and experience required for effective governance.

Each Trustee serves on one of the organisation’s skills-based governance committees:

These committees, together with the Board, form the wider governance structure of the charity. Members of the committees are recruited through the same transparent process to address skills gaps and ensure strong organisational oversight.

All Trustees receive a comprehensive induction pack and ongoing training. Key themes within the induction include conflict of interest, safeguarding, and equity, diversity and inclusion (EDI). Trustees are also encouraged to undertake additional training relevant to their role. Every Trustee is linked to a member of the Leadership Team to support strong communication between the Board and staff.

No Trustee received remuneration for their services, nor held any beneficial interest in any contract with the charity during the reporting period.

The Trustees are also Directors of GFS for purposes of company law.

Responsibilities of the Board of Trustees

The Trustees are responsible for setting the strategic direction of the charity, agreeing policies, and monitoring progress against objectives, which they do quarterly. The Board delegate responsibility to the CEO for day-today management of the charity. They prepare the Trustees’ Annual Report and the financial statements in accordance with applicable law and UK Generally Accepted Accounting Practice (UK GAAP).

Company law requires the Trustees to prepare financial statements for each financial year that provide a true and fair view of:

The Trustees are responsible for maintaining adequate accounting records that disclose with reasonable accuracy the financial position of the charity and ensure compliance with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and taking reasonable steps to prevent and detect fraud and other irregularities.

Girls Friendly Society in England and Wales - Annual Report 2025

So far as the Trustees are aware:

The Trustees are responsible for the integrity of the financial and corporate information published on the charity’s website. Legislation relating to the preparation and dissemination of financial statements may differ between jurisdictions.

2. Ability to develop and deliver a successful fundraising strategy

Mitigation includes:

3. Inability to recruit and retain volunteer workforce

Members of the company guarantee to contribute up to £1 each to the assets of the charity in the event of winding up. At year-end, nine members held such guarantees (2024: 18). Trustees are members of the charity with voting rights but hold no beneficial interest.

Risk Management

The Trustees regularly assess the major risks facing the charity. Each governance committee considers risks within its remit, and the Board undertakes a full review of the Risk Register on a quarterly basis. Through regular monitoring and the implementation of appropriate controls, the Trustees seek to mitigate these risks effectively.

The principal risks and uncertainties identified during the year were as follows:

1. Operating the charity at a deficit

Mitigation includes:

Leadership and Staffing

The Leadership Team (LT) is appointed to oversee the core operational areas of the organisation and is supported by the Board’s committees. The LT provides joint reports at each Board meeting and plays a central role in strategic implementation. The Chief Executive attends all committee and Board meetings to ensure consistency of governance.

The LT meets weekly to review priorities and holds additional strategy-specific meetings as required. The full staff team meets virtually each week for training, organisational updates, and collective planning. After each Board meeting, a Trustee provides a summary of decisions to the staff team.

GFS operates a fair and safe recruitment process. All roles—paid or voluntary—are assessed for Disclosure and Barring Service (DBS) eligibility, and checks are renewed on a three-year cycle. Recruitment is informed by the Equity and Diversity Policy, and all roles are widely advertised to encourage diverse applicant

Girls Friendly Society in England and Wales - Annual Report 2025

pools. Shortlisting is conducted using anonymised applications, and candidates are provided with interview questions or themes in advance to support an equitable process.

GFS is committed to staff development and maintains a strategic objective to invest in its people. The charity’s remuneration policy aims to offer fair pay to attract and retain qualified staff. The charity does not operate performance-related pay, commissions, or bonus schemes. Salaries are benchmarked externally every two years, and in alternate years the Board awards a cost-of-living increase.

The Trustees, together with the Chief Executive and Leadership Team, are considered the key management personnel responsible for directing and controlling the charity. No Trustee received remuneration for this role.

Legal and Administrative Information

This Trustees’ Annual Report has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime under FRS 102 and Part 15 of the Companies Act 2006.

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 on the 28 March 2026 by:

Signature

Date 28 March 2026

Michelle Corrigan, Chair of the Board of Trustees

Girls Friendly Society in England and Wales - Annual Report 2025

Independent auditor’s report to the members of Girls Friendly Society in England and Wales

Opinion

We have audited the financial statements of Girls Friendly Society in England and Wales (the ‘charitable company’) for the year ended 30 September 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Girls Friendly Society in England and Wales' ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In our opinion, the financial statements:

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 the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge 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 misstatement in the financial statements 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.

Girls Friendly Society in England and Wales - Annual Report 2025

Opinions on other matters prescribed by the Companies Act 2006

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

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 of the audit, we have not identified material misstatements in the trustees’ annual 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:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial 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 expected to influence the economic decisions of users taken on the basis of these financial 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 are set out below.

Girls Friendly Society in England and Wales - Annual Report 2025

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Fleur Holden (Senior statutory auditor)

Date: 21 April 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Girls Friendly Society in England and Wales - Annual Report 2025

Statement of financial activities

Statement of financial activities

(incorporating an income and expenditure account)

Year to 30 September 2025

----- Start of picture text -----
Notes Unrestricted Designated Restricted Endowment Total Total
funds funds funds funds funds funds
£ £ £ £ 2025 2024
£ £
Income
Donations and 1 85,176 — — — 85,176 94,139
legacies
Charitable activities 1 — — 187,824 — 187,824 84,982
Investment income 2 126,428 — 38,269 — 164,697 164,719
and interest
receivable
Miscellaneous income 5,728 — — — 5,728 6,552
Total income 217,332 — 226,093 — 443,425 350,392
Expenditure
Raising funds 3 — 119,153 — 32,201 151,354 195,038
Charitable activities: 4 652,838 129,371 297,370 — 1,079,579 881,619
Community and
school based
programmes
Total expenditure 652,838 248,524 297,370 32,201 1,230,933 1,076,657
Net (expenditure) 7 (435,506) (248,524) (71,277) (32,201) (787,508) (726,265)
income before
investment gains
Net gains on 496 40,675 (18,509) 70,243 92,905 595,861
investments
Net (expenditure)/ (435,010) (207,849) (89,786) 38,042 (694,603) (130,404)
income
Statement of
recognised gains and
losses
— — —
Actuarial (losses) (27,381) (27,381) (650)
on defined benefit
pension scheme
Net movement in (462,391) (207,849) (89,786) 38,042 (721,984) (131,054)
funds for the year
before transfers
Transfers between 20 350,000 (350,000) — — — —
funds
Net (expenditure) (112,391) (557,849) (89,786) 38,042 (721,984) (131,054)
/ income and net
movement in funds
for the year
Reconciliation of
funds
Total funds brought 350,622 1,801,538 1,987,532 3,111,145 7,250,837 7,381,891
forward at 01/10/24
Total funds carried 238,231 1,243,689 1,897,746 3,149,187 6,528,853 7,250,837
forward at 30/09/25
----- End of picture text -----

Girls Friendly Society in England and Wales - Annual Report 2025

Comparative 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 funds funds funds funds
£ £ £ £ 2024
£
Income
Donations and legacies 1 94,139 — — — 94,139
Charitable activities — — 84,982 — 84,982
Investment income and 2 105,396 — 59,323 — 164,719
interest receivable
Miscellaneous income 6,552 — — — 6,552
Total income 206,087 — 144,305 — 350,392
Expenditure
Raising funds 3 34,870 160,168 — — 195,038
Charitable activities: 4 455,565 164,110 261,944 — 881,619
Community and school
based programmes
—
Total expenditure 490,435 324,278 261,944 1,076,657
Net (expenditure) 7 (284,348) (324,278) (117,639) — (726,265)
income before
investment gains
—
Net gains on 177,576 195,140 223,145 595,861
investments
Net (expenditure)/ (284,348) (146,702) 77,501 223,145 (130,404)
income
Statement of
recognised gains and
losses
— — —
Actuarial (losses) on (650) (650)
defined benefit pension
scheme
Net movement in (284,998) (146,702) 77,501 223,145 (131,054)
funds for the year
before transfers
Transfers between 20 350,000 (350,000) — — —
funds
Net income and net 65,002 (496,702) 77,501 223,145 (131,054)
movement in funds
for the year
Reconciliation of
funds
Total funds brought 285,620 2,298,240 1,910,031 2,888,000 7,381,891
forward at 01/10/23
Total funds carried 350,622 1,801,538 1,987,532 3,111,145 7,250,837
forward at 30/09/24
----- End of picture text -----

Prior year restatement represents a reclassification between donations and charitable income, which has not changed the value of any income recognised.

Girls Friendly Society in England and Wales - Annual Report 2025

Balance Sheet

As at year to 30 September 2025

----- Start of picture text -----
Notes 2025 2024
£ £
Fixed assets
Tangible assets 11 13,995 23,504
Investments 12 6,037,102 6,624,488
6,051,097 6,647,992
Current assets
Debtors 13 26,375 30,377
Short term deposits 540,772 567,708
Cash at bank and in hand 42,578 76,769
609,725 674,854
Liabilities
Creditors: amounts falling due within one year 14 (109,738) (67,155)
Net current assets 499,987 607,699
Total assets less current liabilities 6,551,084 7,255,691
Provisions for liabilities and charges 15 (22,231) (4,854)
Total net assets 6,528,853 7,250,837
Funds and reserves
Restricted funds 17, 18, 19 1,897,746 1,987,532
Unrestricted funds
. Tangible fixed assets fund 13,995 23,504
. Designated funds 20 1,243,689 1,801,538
. General funds 246,467 331,972
. Pension reserve 24 (22,231) (4,854)
Permanent endowment funds — —
Endowment funds 16 3,149,187 3,111,145
Total funds 6,528,853 7,250,837
----- End of picture text -----

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 on the 28 March 2026 by :

Signature

Date 28 March 2026

Margaux Young, Treasurer

Girls Friendly Society in England and Wales - Annual Report 2025

Statement of cash flows Year to 30 September 2025

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

----- Start of picture text -----
Notes 2025 2024
£ £
Cash flows from operating activities:
----- End of picture text -----

Notes 2025
£		 2024
£
Cash fows from operating activities:
Net cash used in operatingactivities A (902,637) (890,317)
Cash fows from investing activities:
Investment income received 143,663 163,406
Interest received 21,033 1,331
Purchase of tangible fxed assets (2,365) (12,817)
Proceeds from the disposal of investments 1,417,638 998,890
Purchase of investments (737,353) (524,829)
Net cashprovided byinvestingactivities 842,616 625,981
Change in cash and cash equivalents in theyear (60,021) (264,336)
Cash and cash equivalents at 1 October 2024 B 644,477 908,813
Cash and cash equivalents at 30 September 2025 B 584,456 644,477

Notes to the statement of cash flows for the year to 30 September 2025

A - Reconciliation of net movement in funds to net cash used in operating activities

----- Start of picture text -----
Notes 2025 2024
£ £
Net movement in funds (as per the statement of finan- (721,984) (131,054)
----- End of picture text -----

Notes 2025
£		 2024
£
Net movement in funds (as per the statement of fnan- (721,984) (131,054)
cial activities)
Adjustments for:
Depreciation charge 11,875 11,166
Gains on investments (92,406) (595,861)
Investment income (143,663) (163,388)
Interest receivable (21,033) (1,331)
Increase /(decrease)in debtors 4,614 (3,851)
Decrease in creditors 42,583 8,006
Decrease /(increase)inpensionprovision 17,377 (14,004)
Net cash used in operating activities (902,637) (890,317)

B - Analysis of cash and cash equivalents

Notes 2025
£		 2024
£
Cash at bank and in hand 42,578 76,769
Short term deposits(less than three months) 540,772 567,708
Total cash and cash equivalents 583,350 644,477

Girls Friendly Society in England and Wales - Annual Report 2025

Principal accounting policies

Principal accounting policies Year to 30 September 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Statutory information

Girls Friendly Society in England and Wales i s a charitable company limited by guarantee and is incorporated in England and Wales.

The registered office address, and principal place of business, is 66 Paul Street, London, EC2A 4NA.

Basis of preparation

These financial statements have been prepared for the year to 30 September 2025 with comparative information provided in respect to the year to 30 September 2024.

The financial statements have been prepared under 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.

The financial statements have been prepared in 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.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements

requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Assessment of going concern

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 conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. In making their assessment, the trustees have considered the impact of pandemics and fluctuating markets on the charity.

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

Income recognition

Income is recognised in the period in which the

Girls Friendly Society in England and Wales - Annual Report 2025

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

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

Donations are recognised when the charity has confirmation of both the amount and settlement 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 met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

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

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the 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 has been finalised and notification has 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 notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware 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 has been declared and notification has been 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 normally upon notification of the interest paid 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.

Gifts in Kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount realised. Gifts in kind for sale 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 SoFA as incoming resources when receivable.

Expenditure recognition

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 economic benefits will be required in settlement 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 classification between activities is as follows:

Girls Friendly Society in England and Wales - Annual Report 2025

to develop their self confidence, wellbeing and resilience to enable them to fulfil their potential. Such costs include:

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.

Allocation of costs

Support costs are those costs that enable charitable activities to be carried out. These costs include expenses relating to personnel development, financial procedures, provision of office services and equipment, and a suitable 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.

Fixed asset investments

Listed investments are a form of basic financial 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, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities 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

Tangible fixed assets

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

Other tangible fixed assets:

All other tangible fixed assets are stated at cost. Depreciation is calculated at the following annual rates in order to write off the cost of each asset over its estimated useful life:

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.

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 that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount

Girls Friendly Society in England and Wales - Annual Report 2025

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, the tangible fixed assets fund and the pension deficit fund. The free reserves are those net assets which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

The pension deficit fund represents the liability in respect to the defined benefit pension scheme to which the charity contributes on behalf of certain of its employees.

The designated funds comprise monies set aside by the trustees for specific purposes.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

The permanent endowment funds comprise monies which must be held indefinitely as capital. The income therefrom can be used for general purposes and is credited directly to general funds.

Pension contributions

The growth plan pension scheme is a multiemployer scheme providing benefits for some 1,300 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 make pension deficit reduction payments when required by the scheme’s actuary. The full cost of these repayments, discounted to present values, is recognised in the year a pension deficit reduction plan is agreed.

In July 2014, all eligible members of staff were required to enrol in the charity’s workplace pension scheme, under auto-enrolment. Staff 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%.

Girls Friendly Society in England and Wales - Annual Report 2025

Notes to the Financial Statements

Notes to the Financial Statements

Year to 30 September 2025

Income from: Donations and legacies

General
funds
£		 Restricted
funds
£		 Total funds
2025
£
Donations and similar income 81,651 187,824 269,475
Legacies 3,525 — 3,525
Charitable activites — 187,824 187,824
2025 Total 85,176 187,824 273,000
General
funds
£		 Restricted
funds
£		 Total funds
2024
£
Donations and similar income 90,452 84,982 175,434
Legacies 3,687 — 3,687
Charitable activites — 84,982 84,982
2024 Total 94,139 84,982 179,121

Income from: Investment income and interest receivable

General
funds
£		 Restricted
funds
£		 Total funds
2025
£
Investment income (see below) 105,395 38,269 143,664
Interest receivable 21,033 — 21,033
2025 Total 126,428
General
funds
£		 38,269
Restricted
funds
£		 164,697
Total funds
2024
£
Investment income (see below) 104,065 59,323 163,388
Interest receivable 1,331 — 1,331
2024 Total 105,396 59,323 164,719

Investment income was received from the following sources:

Total funds
2025
£		 Total funds
2024
£
UK equities 79,030 44,516
Overseas equities 13,134 7,699
UK fxed interest based common investment funds 48,930 107,446
Alternatives 2,570 3,727
143,664 163,388

Girls Friendly Society in England and Wales - Annual Report 2025

Expenditure on: Raising funds

General
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Designated
funds
£		 Total funds
2025
£
Investment manager’s fees — — 32,201 — 32,201
Staf costs — — — 94,013 94,013
Other direct fundraisingcosts — — — 25,140 25,140
2025 Total - - 32,201 119,153 151,354
General
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Designated
funds
£		 Total funds
2024
£
Investment manager’sfees 34,870 — — — 34,870
Staf costs — — — 148,458 148,458
Other directfundraising costs — — — 11,710 11,710
2024 Total 34,870 — 0 160,168 195,038

Expenditure on: Charitable activities – community and school based programmes

General
funds
£		 Restricted
funds
£		 Designated
funds
£		 Total funds
2025
£
Staf costs and recruitment 614,185 205,054 — 819,239
Staf travel, trainingand subsistence 6,345 3,375 — 9,720
Direct volunteer costs 103 20,803 — 20,906
Direct project costs 49,636 28,433 — 78,069
Premises 1,461 487 — 1,948
Ofce, administration and miscellaneous 53,897 20,348 — 74,245
Marketingand communications 17,000 5,670 — 22,670
Governance costs (note 6) 39,586 13,196 — 52,782
2025 Total 782,213
General
funds
£		 297,366
Restricted
funds
£		 —
1,079,579
Designated
funds
£
Total funds
2024
£
Staf costs and recruitment 332,237 204,202 155,305 691,744
Staf travel, training and subsistence 8,338 4,300 3,730 16,368
Direct volunteer costs 5,810 2,310 — 8,120
Directproject costs 50,179 29,251 — 79,430
Premises (2,543) (848) — (3,391)
Ofce, administration and miscellaneous 36,155 13,082 5,075 54,312
Marketing and communications 9,439 3,150 — 12,589
Governance costs (note 6) 15,950 6,497 — 22,447
2024 Total 455,565 261,944 164,110 881,619

Girls Friendly Society in England and Wales - Annual Report 2025

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:

General
funds
£		 Restricted
funds
£		 Designated
funds
£
Total funds
2025
£		 Designated
funds
£
Total funds
2025
£
Staf costs and related costs 131,433 44,246 — 175,679
Travel, trainingand subsistence 5,400 1,800 — 7,200
Premises 234 239 482 955
Ofce administration and miscellaneous 34,408 11,470 — 45,878
Governance costs (note 6) 19,397 6,466 — 25,863
2025 Total 190,872
General
funds
£		 64,221
Restricted
funds
£		 482
255,575
Designated
funds
£
Total funds
2024
£
Staf costs and related costs 155,578 64,462 39,170 259,210
Travel, training and subsistence 12,068 4,023 — 16,091
Premises (1,246) (415) — (1,661)
Ofce administration and miscellaneous 41,062 15,379 5,075 61,516
Governance costs(note 6) 15,950 6,497 — 22,447
2024 Total 223,412 89,946 44,245 357,603

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

Raising
funds
(note 3)
£		 Charitable
activities
(note 4)
£		 Total 2025
£		 Basis of
apportionment
Staf costs and related costs 119,153 56,526 175,679 Headcount
Other support costs:
Travel, trainingand subsistence 7,200 7,200
Premises 955 955
Ofce administration and miscellaneous 45,878 45,878
Governance costs 15,259 15,259
2025 Total 119,153 125,818 244,971
Raising
funds
(note 3)
£		 Charitable
activities
(note 4)
£		 Total 2024
£		 Basis of
apportionment
Staf costs and related costs 160,168 99,042 259,210 Headcount
Other support costs:
Travel, training and subsistence — 16,091 16,091
Premises — (1,661) (1,661)
Ofce administration and miscellaneous — 61,516 61,516
Governance costs — 13,244 13,244
2025 Total 160,168 188,232 348,400

Girls Friendly Society in England and Wales - Annual Report 2025

Governance costs

General
funds
£		 Restricted
funds
£		 Designated
funds
£		 Total funds
2025
£
Legal andprofessional fees 38,810 12,937 — 51,747
Committee expenses 776 259 — 1,035
2025 Total 39,586 13,196 — 52,782
General
funds
£		 Restricted
funds
£		 Designated
funds
£		 Total funds
2024
£
Legal andprofessionalfees 15,839 6,460 — 22,299
Committee expenses 111 37 — 148
2024 Total 15,950 6,497 — 22,447

Net expenditure before net investment losses

Net expenditure before net investment losses is stated after charging:

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

2025
£
2024
£		 2025
£
2024
£
Staf costs (note 8) 889,284 835,512
Auditor’s remuneration:
Audit – current year’s fee* 21,294 20,315
Depreciation 11,874 11,166

Audit fees are shown including VAT. Excluding VAT costs are £17,745 (2024 - £16,900)

Staff costs

----- Start of picture text -----
Staff costs during the year were as follows: 2025 £ 2024 £
----- End of picture text -----

Staf costs during the year were as follows: 2025
£
2024
£		 2025
£
2024
£
Wages and salaries 744,996 710,361
Social security costs 77,119 61,387
Pension costs 49,792 77,768
Pension scheme adjustment 17,377 (14004)
Total 889,284 835,512

Staff costs (including wages and staff travel, training and subsistence) by function were as follows:

Direct costs
£		 Support costs
£		 Total 2025
£
Charitable activities 712,905 116,054 828,959
Cost of raising funds — 94,013 94,013
2025 Total 712,905 210,067 922,972

Girls Friendly Society in England and Wales - Annual Report 2025

Direct costs
£		 Support costs
£		 Total 2024
£
Charitable activities 616,810 99,042
715,852
Cost of raising funds — 148,458
148,458
2024 Total 616,810 247,500
864,310

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 -----
2025 2024
£ £
----- End of picture text -----

£60,000 - £70,000 — 1
£70,000 - £80,000 — —
£80,000 - £90,000 — —
£90,000 - £100,000 1 —

The average number of full-time equivalent employees in 2025 was 19 (2024 – 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 £367,223 (2024 – £378,863).

Trustees’ expenses and related party transactions

During the year 1 Trustee (2024 – 2) was reimbursed a total of £225.23 (2024 – £26.35) for travel and subsistence.

No Trustee received any remuneration in respect to their services as a Trustee during the year (2024 – nil). During the year, the charity received donations from Trustees totalling £248.98 (2024 - £117.03).

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

Girls Friendly Society in England and Wales - Annual Report 2025

Tangible fixed assets

Furniture and equipment
£		 Total
£
Cost
At 1 October 2024 70,674 70,674
Additions 2,365 2,365
At 30 September 2025 73,039 73,039
Depreciation
At 1 October 2024 47,170 47,170
Charge foryear 11,874 11,874
At 30 September 2025 59,044 59,044
Net book values
At 30 September 2025 13,995 13,995
At 30 September 2024 23,504 23,504

Investments

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

2025
£		 2024
£
Listed investments
Market value at 1 October 2024 6,624,488 6,502,688
Additions at cost 737,848 524,829
Disposals at book value (proceeds: £1,417,638 realised loss £22,059) (1,439,697) (936,649)
Net unrealised investmentgains 114,463 533,620
Market value at 30 September 2025 6,037,102 6,624,488
Cash held by investment managers — —
6,037,102 6,624,488

During 2025, GFS Trustees maintained a balanced investment objective going forwards, appraised on a total return basis. 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 2025 comprised the following:

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

2025
£
2024
£		 2025
£
2024
£
UK fxed interest based common investment funds 1,500,374 1,648,013
UK equity based common investment funds 2,369,933 3,841,122
Overseas equity based common investment funds 1,526,767 780,651
Other 640,029 354,702
6,037,102 6,624,488

Girls Friendly Society in England and Wales - Annual Report 2025

Debtors

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----
Prepayments 9,061 5,586
Investment income receivable 10,852 21,991
Other debtors 6,462 2,800
26,375 30,377

Creditors

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

2025
£
2024
£		 2025
£
2024
£
Expense creditors 11,471 3,904
Other taxes and social security costs 35,821 24,352
Other creditors 1,944 2,532
Accruals 60,502 36,367
109,738 67,155

Provisions for liabilities

2025
£
2024
£		 2025
£
2024
£
Provision for pension scheme defcit reduction payments
(note 24)
Payable within one year 9,355 4,854
Payable within one to two years 9,355 —
Payable within two to fve years 3,521 —
22,231 4,854

Girls Friendly Society in England and Wales - Annual Report 2025

Endowment funds

The capital funds of the charity include permanently endowed monies, which must be retained indefinitely:

At 01-Oct
2024
£		 Expenditure
£		 Transfers
£		 Investment
gains/
(losses)
£		 At 30
September
2025
£
Endowment fund 2,274,542 (32,201) — 51,354 2,293,695
Francis Street fund 836,603 — — 18,889 855,492
3,111,145 70,243 3,149,187
At 01-Oct
2023
£		 Expenditure
£		 Transfers
£		 Investment
gains/
(losses)
£		 At 30
September
2024
£
Endowmentfund 2,111,402 — — 163,140 2,274,542
Francis Streetfund 776,598 — — 60,005 836,603
2,888,000 — — 223,145 3,111,145

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:

• 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

At 01-Oct
2024
£		 Income
£		 Expenditure
£		 Investment
gains/
(losses)
£		 At 30
September
2025
£
Society funds –
restrictedgrants		 83,974 187,824 (30,998) — 240,800
Trust funds(note 18) 205,566 10,061 (28,765) (12,637) 174,225
Diocesan funds (note
19)		 1,697,992 28,207 (237,602) (5,876) 1,482,721
1,987,532 226,092 (297,365) (18,513) 1,897,746

Girls Friendly Society in England and Wales - Annual Report 2025

At 01-Oct
2023
£		 Income
£		 Expenditure
£		 Investment
gains/
(losses)
£		 At 30
September
2024
£
Society funds –
restrictedgrants		 48,445 84,982 (49,453) — 83,974
Trustfunds(note 18) 193,083 8,782 (22,039) 25,740 205,566
Diocesan funds (note
19)		 1,668,503 50,541 (190,452) 169,400 1,697,992
1,910,031 144,305 (261,944) 195,140 1,987,532

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:

At 01-Oct
2024
£		 Income
£		 Expenditure
£		 Investment
gains/
(losses)
£		 At 30
September
2025
£
Packe Holiday &
HousingTrust		 156,250 6,937 (21,864) (10,042) 131,281
Greenlands, Peel, Isle
of Man		 41,788 2,654 (5,847) (2,101) 36,494
Almoners Trust 7,528 468 (1,053) (493) 6,450
Total 205,566 10,059 (28,764) (12,636) 174,225
At 01-Oct
2023
£		 Income
£		 Expenditure
£		 Investment
gains/
(losses)
£		 At 30
September
2024
£
Packe Holiday &
Housing Trust		 147,430 5,796 (17,431) 20,455 156,250
Greenlands, Peel, Isle of
Man		 38,872 2,559 (3,924) 4,281 41,788
Almoners Trust 6,781 427 (684) 1,004 7,528
Total 193,083 8,782 (22,039) 25,740 205,566

The use of the trust funds held at 30 September 2025 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 2025

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:

At 01-Oct
2024
£		 Income
£		 Expenditure
£		 Investment
gains/
(losses)
£		 At 30
September
2025
£
Dioceses with branch
activities:
. Birmingham 135,486 9,521 (19,717) (16,125) 109,165
. Carlisle 104,695 7,357 (14,303) (12,460) 85,289
. Liverpool 209,098 1,338 (32,988) 4,721 182,169
. Other 180,173 3,339 (24,614) (5,656) 153,242
Dioceses without
branch activities:
. Other Diocesan funds 8,923 165 (1,219) (280) 7,589
. Branch support funds 1,059,617 6,488 (144,760) 23,924 945,269
Total 1,697,992 28,208 (237,601) (5,876) 1,482,723
At 01-Oct
2023
£		 Income
£		 Expenditure
£		 Investment
gains/
(losses)
£		 At 30
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 Diocesanfunds 9,236 138 (1,021) 570 8,923
. Branch supportfunds 1,067,416 27,772 (118,046) 82,475 1,059,617
Total 1,668,503 50,541 (190,447) 169,395 1,697,992

Girls Friendly Society in England and Wales - Annual Report 2025

Designated funds

----- Start of picture text -----
Investment At 30
At 01-Oct Designated/
2024 gains/ (released) September
(losses) 2025
£ £
£ £
Total – Transitional investment fund 1,801,538 40,675 (598,524) 1,243,689
Investment At 30
At 01-Oct Designated/
2023 gains/ (released) September
(losses) 2024
£ £
£ £
Total – Transitional investment fund 2,298,240 177,576 (674,278) 1,801,538
----- End of picture text -----

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.

Analysis of net assets between funds

----- Start of picture text -----
General funds
Pension Tangible
reservesFree deficit assetfixed Designatedfunds Restrictedfunds Endowmentfunds Total
fund £
£ fund £ £ £
£
£
----- End of picture text -----

Fund balances at 30 September 2025 are represented by:

Tangible
fxed assets		 13,995 13,995
Investments 1,243,689 1,644,227 3,149,187 6,037,103
Net current
assets
(liabilities)		 246,467 253,519 499,986
Pension
provision		 (22,231) (22,231)
246,467 (22,231) 13,995 1,243,689 1,897,746 3,149,187 6,528,853

Girls Friendly Society in England and Wales - Annual Report 2025

----- Start of picture text -----
General funds
Pension Tangible
reservesFree£ deficitfund£ assetfixedfund Designatedfunds£ Restrictedfunds£ Endowmentfunds£ Total£
£
----- End of picture text -----

Fund balances at 30 September 2024 are represented by:

Tangible
fxed assets		 23,504 23,504
Investments 1,801,538 2,024,356 3,111,145 6,937,039
Net current
assets
(liabilities)		 279,756 15,392 295,148
Pension
provision		 (4,854) (4,854)
279,756 (4,854) 23,504 1,801,538 2,039,748 3,111,145 7,250,837

Financial commitments

At 30 September 2025 the charity had no future minimum commitments under non-cancellable operating leases on land and buildings (2024 – 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.

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 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Girls Friendly Society in England and Wales - Annual Report 2025

Deficit contributions

From 1 April 2025 to 31 January 2028: £2,100,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee, the term to 31 January 2028 applies.

The scheme’s previous valuation was carried out with an effective date of 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 asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

£3,312,000 per annum (payable monthly and From 1 April 2022 to 31 January 2025: increasing by 3% each on 1 April) £11,243,000 per annum (payable monthly and From 1 April 2019 to 30 September 2025: increasing by 3% each on 1 April) £12,945,440 per annum (payable monthly and From 1 April 2016 to 30 September 2025: increasing by 3% each on 1 April) £54,560 per annum (payable monthly and From 1 April 2016 to 30 September 2028: 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 value of provision

2025
£’000		 2024
£’000		 2023
£’000		 2022
£’000		 2021
£’000
Present value ofprovision 22 5 19 32 175

Reconciliation of opening and closing provisions

----- Start of picture text -----
2025 2024
£’000 £’000
----- End of picture text -----

2025
£’000		 2024
£’000
Provision at 1 October 5 19
Unwindingof the discount factor 1
Defcit contributionpaid (10) (15)
Re-measurements – impact of anychange in assumptions - -
Remeasurements - amendments to the contribution schedule 27 -
Provision at 30 September 22 5

Girls Friendly Society in England and Wales - Annual Report 2025

Income and expenditure impact

2025
£’000		 2024
£’000
Interest expense - 1
Re-measurements – impact of anychange in assumptions - -
Remeasurements - amendments to the contribution schedule 27 -
Costs recognised in statement of fnancial activities 27 1
Assumptions Assumptions Assumptions Assumptions Assumptions Assumptions Assumptions
2025
%		 2024
£%		 2023
%		 2022
%		 2021
%		 2020
%
Rate of discount 4.33 5.24 5.88 6 0.72 0.58

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.

Girls Friendly Society in England and Wales - Annual Report 2025

Trustees

Michelle Corrigan – Chair of the Board of Trustees (appointed July 2025) Alexia Lovell Julie Cove Smith Margaux Young (stepped up as Co-Chair December 2024, stepped down July 2025) Molly Wedderburn Olivia Lewis Oluwaremilekun Turton Shari Donnenfield Acushla Young (resigned March 2025) Chandni Radia (stepped up as Co-Chair December 2024, stepped down July 2025, resigned December 2025) Konstantina Lavithi (resigned February 2026) Tasila Banda (resigned March 2025)

Chief Executive and Leadership Team

Heather Smith – CEO

Aimée Maguet – Head of Fundraising and Communications (appointed August 2025) Jemma Moonie-Dalton – Head of Delivery (appointed October 2025) Olivia Johnson – Head of Development and Impact (appointed October 2025) Nic Shoults – Head of Finance and Support Services Beverley Huie – Head of People (resigned October 2025) Charlotte Hunt – Head of Operations North (resigned October 2025) Jemma Moonie-Dalton – Head of Operations North (resigned October 2025)

Registered office

GFS, 66 Paul Street, London EC2A 4NA Company registration number in England and Wales 03172713 Charity registration number in England and Wales 1054310

Auditor

Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG

Investment managers

Rathbones Investment Management 30 Gresham Street, London EC2V 7QP CCLA One Angel Lane London EC4R 3AB

Principal bankers

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

Girls Friendly Society in England and Wales - Annual Report 2025

gfs.org.uk girlsfriendlysociety.org.uk girlsfriendlysociety girls-friendly-society-in-england-and-wales

76

Girls Friendly Society in England and Wales - Annual Report 2025