The Whitehalland Industry Group 80 Petty France London SWIH 9EX Saffery LLP 71 Queen Vktoria Street London EC4V 48E Dear Slrs This rePreSentat)n letter i4 prOVed in connection with your audit of the financial statements of the Whr¢ehall and Industry Group for the year ended 31 March 2023 for the purpose of expresslng an opin*Jn as to whether the flnanckl statements give a true and lalr v5ew of the results and flnanclal posltlon of t Whftehall and IndustryGroup in accordance wSth The CompanlesAtt and United KSngdom Accountlrq Standards (United Kln8dom Generalty Accepted Accounting Practlcel. We confirm that, to the best of our knowledge and belief, havlng made such Inqulrles as we c0n5kled necessary for the purpose of approprlately informlng ourselves.. Flnand41 Statements We have as trustees fulfllled our responslblllty. as set out in the terms of yourengagementdated 23 May 2017 underthe Compan5e5Act 2C for preparin8 financial statements in accordance wlth The Companles Act 26 and Untted Kingdom Accounting Standards (United Kingdom Genera Accepted Accountin8 Pratticel which8Ne atrue and fairviewof the financialposltbn of the charity a5 of 31 March 2023 and of ihe resuks of Its operatlon5 and cash flows forthe yearthen en(d and for maklng accurate repfe5entations to you. The methods. data andSntsntaS5umPt4onS used by us in makingaccountlng estimates and tr reted disclosures are appropriate to achleve reco8nltlon, measurement and disclosure that is reasonable In the context of the applicable financial reportwig framework. We have no plans or intentlonsthat may materSally alter the carrylng value and where reVartthe fair value measurement5 or classiftcatlon of assets and liabl1r(S refkcted In the flnancial statements. We have disclosed all known actual or possible litl8atlon and clalms whose effects should be consSdered when preparingthe financlal statements and these have been dlsclosed In acmrdan wlth the requirements of accounting standard5. Related party relationships and transactions have been appropriatefy accounted for and disdosed and we are not aware of further related party matters that requlre disclosure. All events subsequenttothe date of the financial statementsand which require disdosure orwhi would Material affectthe amount5 in the finanoal statements have been adjusted or included in the financial statements. The financbal statements are free of matedal mlsstatements. includin8 omlssions.
That, having considered our expectations and intentions for the next twelve months. and the availabillty of worklng capltal, the charity is a going Conrn. That our plans for future actionlsl required io enable the charity to continue a5 a going contern are feasible. That the disclosures in the accountlng policies are an accurate reflectlon of the reasons for our conslderatlon that t financlal statement5 should be drawn up on a 8oln8 concern basls. Infomiallon pro¥ld•d All accountln8 records and reVantlnfDrrnatItin have been made avallable to you for the purpose of your audit ofthe financial statements. We have provlded toyou all otherlnformatlon requested and given unrestrlcted access to persons within the entity from whom you have determined it nece5saryto obtain audit evidence. All other records and related knformatlon In¢ludln8 mlnutesof all trustee meetin8s have been made available to you. io. All transacttons undertaken by the tharity have been recorded in the accounting record5 and a refletted in the financial statements. ii. We acknowledge ourrespon5ibilrtyforthede5i8n. IMpMentatIOn and maintenance of Controls to prevent and detect fraud. We have disdosed to you the results of our asse551rent of the rlsk th* the flnanclal statements may be Material mlsstated as a result of fraud. 12. We have dlsclosed to you all Informatlon In relatlon to fraud or suspected fraudthatwe are awa of and that affects the entlty and involves mana8ement, employees who have a si8nificant role in Internal control, or others. where fraud could have a material effert on the financial statements. 13. We h?ve disclosed to you all Informallon in relatbjn to alle8atlons of fraud, or suspetted fraxl affectin8 the entlty's financlal statements communicated by employees. former emplo anatysts, regulator5 or others. 14. We have di5d05èd toyou all known instances of non-compllance or suspectednon-corrwliance v law5 and re8ulatlons whose effects should be consldered when preparln8 flnanclal statements. 15. We conflrmthat we have d15cbsed toyou the identltyof the entlty's related partles and all related party retIonShIpS and trnnsattions relevant to the ch3r4ty that we are aware of. 16. The charlty has satlsfactorytrt to all assets, andthere are no Ilen5 or encumbrance50n the assets except for those di5dosed In the financial statements. 17. There are no liabilities, contin8ent Wabilities or 8uarantees to thlrd parties other than th¢Y d15closed in the financlal statements. Grants and donatlons All 8rants, donation5 and other income. the receipt of whkh Is subject to speafic terms or condltlons, have been notlfled toyou. There have been no breachesof termsor condr(ions durir the period in the application of such income. 19. Legacies and similar source5 of assets Notlflcatlons of legades and similar sources of assets have beenmonitored, and allsuth assets been reco8nlsed In accordance with ihe recommendatlons of the SORP on charlty reporting. We confirm to the bestof our knowledge and belief that the above representatlonsare made on the ba5iS of enquirie5 of managementand staff with relevant knowled8e and experience and, where appropriate, of
inspection of supporting documentation sufflcient to satisfy ourselves that we can properly make each the above representations to you. We acknowled8e ourlegal responsibllities regardlngdisclosure of Informationtoyou as audltors and confinn that so far as we are aware, there is no relevant audit information needed by you in connection with preparingyouraudlt reportof whlch you are unaware. Each trustee hastaken allthe stepsthat he/she ought to have taken as a director in orderto make himlherself aware of any relevant audit infomiation and to establish that you are aware of that infomiation. Yours faithfulty ITrustee namel Signed on behaw of the board of Trustees Date........
THE WHITEHALL AND INDUSTRY GROUP {A COMPANY LIMITED BY GUARANTEEI REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 MARCH 2023 Company R•gistration No. 03340252 (England and Wales) Charity R•gi8tration No 1061584
THE WHITEHALL AND INDUSTRY GROUP (A COMPANY LIMITED BY GUARANTEE) CONTENTS Pago R8FKJrt of Ihg Tnjstees 1-10 INtswdenl audiior8' repyt 11-14 Stalomont ol fift88[ a¢tiYitss 15 Balance sheet 16 statemnl ofc8th fiows 17 Notes to the fin8rrial 8tstemnts 123
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Introduction We are plgased lo present the rert of the Trustees and finanoal stalernents fv The Whitehall and Industy Group IWIGI. for tho year endod 31 March 2023. Legal and adMIstratiV8 infiyrnation sel out page 8 forms part ol this repc. The financial slalem8nls have been pparj in accordance with curreTrl stalulory requirements, the Charity's Memrandum and Arbc4es of Assoc1811on. FRS 102 aThJ Slalemenl ol Recornrnend&J Pr&lice for Ch8rilrd$, SORP Isecond edlon, effe¢live 1 January 20191. Our vlslon Ourvislon 1$ lo change the way organi5alions and key iThJividuals thinkabothe thallenges Iheyface and embrdcethe poienb81 of learning from, and collaborating with, other sectors lo pr&Juce better solutions. In order lor our visK)n lo be fulfill6d, our aim 1510 be be118r recoJni5ed and more wdely used by govemmenl. Ihe private sector, universities and large charlties, and Se 8$ the essenlid mernb8rship organisatson lo engage effectively across the sectors on common chdlenges. Oblectlves, publlc beneflt and actlvltlos Obfvvvos WIG'S charitable wrpos8 Is lo improve mutual understandlry. leamlng, C(StrUctive Cooperat and cd18boralion baeen government. uidusty and the not.for-profrt sector. Our mernbers affj lop FTSE companth and profes001 seryic*s organis81ions, Whit8h811 departments. d8vclved govemments, govemmenl agencie3 and local authorities, alcng %thlh a numter ol chariues and unNersits"es. In our three-year $tr81egy 20223, we have Sel oulthe follng five key strategic objective8'.. Rebalance privatè CtOr èngagement by increaslng.. engègemenl with existing memb8rs membership in key induslry sectors influence through sersiority levels the spread ol organisalions engagirKJ In lewjwshlp prtrjramrnes Deliver more value lo memters Embed our WIG valu85, Cr88lN8, oP8MInded and Tw8ted Improve our operational eff8CtNeness & efficienry and performance rneasuremenl Increased disrAplino on focusod outputs Public B•n•fft As Trustees, we cCrimi that we have wmplied with the duly in Seeknon 4 of the Charities Ad to have due regard to the Charity Ccinrni$$ion'$ general guidanlx on PU1¢ ben&fil, fharilies and pU1C 8[11.. We believe in the fundarnenlal importan¢e of mutual undwstsndirrfj and collaborats'on betsveen leadets in fv wblic, privato and nol-fDr-profil sector5. That why we provide a Sale, trusted and supportive spacelor individuals and organisalions from these $8Ctors to leam Irom each other in orderto deliver a nation bgllor governed, busine55 bBtter inforrned and, ultirnalety, a sooety beller seNed. Page 1
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMrrEO BY GUARANTEEI REPORT OF THE TRUSTEES- continuod FOR THE YEAR ENDED 31 MARCH 2023 Objèctivès, public bonefit and activities- continued though we are a memb8rship organisalion, we keep our cfjrpDrate membership f8e5 as IDW as possible lo rnaximise rnemborship so that wg have a broad base across all three sectors and from across the UK. The impact of our adlvilies has a wide reach a5 individuals take bad( the leaming, experience and contact5 gained from our leader8hlp programmes, placements and events inio Ihwr ¢yganisatis within the membership an(t yd. Actlvllhs We deliver on our charitae puls0 through three main 8Ctivilies'. Events- brfIng$. wDrk8hq)s. ICrIJt8tsle dl8cu9sions and namr1j events,. Talent- noeXecutive recruilmenl, secondmenls, insights and mentoring,. Leader8hip- le&Jership programm88, Masterd88 and organisation81'raids'. Evenl$- our kKogramme ol events is cn topical subjects of stralegK importance lo oui members particulady fc¢uslng on challenges in common, whetherglobal, national or al an organisalional level, whi¢h are laced by all the sectors. In addrtion. our professial and 5peGSal interest netsvcths engage wllh a broad rangg of audlences including local authorities, poIicyTnakers, regulator5, lawyers. head5 of HR, le8ming & developrrnl, élv8rsity & Induslon, 8uslainab51ity. governrnenUpubliG affair5 and finance, as well a5 senior management genwal. T8l•nl- our talent offerlng includes 8econdmen15, insights, mentoring 8nd a r8cruitmenl seNlce for noexeCutive directors INEDI and trustee roles ISed on cros5.S8Ctor appThntrnents, OUT biggest $econdm8nl pr¢uramme is Charfly NexL In whlch we affangts secondments lor CIV Swvice fa81.slreamer$ with charlli8s In conjuncts'on wilh th8 Cabinet Office. Loader•hlp- we Nn nb>Jular leadership prograrnr five dthrenl levels and communlts. W8 also off8r a sulle ol ona-dey developmonl seminars, and a bospoke offoring ¢f organi$alional'raids' that onables a group from one organisalDn lound8rtake8StNdurad vi81110 anolheroryanisats)n 418 differanlseclorlolearn about theirapproach loa shared chaleroJ8. Achlevements and perfomiancfj Our ac*levements against our slrateglc oble¢tlves Fn year, by each business a, were as follows'.- Memborshlp The Membership team's strategy for 2022-23 was cenlred around achieving a retention rale 0192%, growing the membernhip by 2Q new members., and investing efforts into increasirwj participation from our lea51 engaged member5. We exceeded our targets with a 97% renewal ral8 and 24 new members. By Ihe end ol the year. 53% of our members are from thg privale 5eclor, 35% from the public sector a) 6% each from higher education and Th)1 for profil sectors. New members Iiorn the private sector were AB F¢))ds, Bain & Co, Cadenl Gas, DLA Pipgr, Entsin, Haleor7, Hargreave5 Lansdowne, Ipsos Mori, JLL. Lendlease, Microsoft, Pfizer. Savills, Thames Vvaler, Trainline, Uter and Visa. New member5 from the public sector were CeMseY Finanaal Services Ccfflrnission and the Instilule lor Apprenticeship$ and Technical Education., those Irom highereducalion induded Cardiff Unwersrty, MTC ILougtrbDrough Univerglyl and Ihe Universityol Brislol.. and City & Guilds and YMCA joined as not for profit members. We a150 invested efforts into better tracking rnember engagement, leveraging the CRM lo create a data-driven approach to KlenlI'ng members lor meetings, roundlable invilab'ons orspeaking opportunities. This allowed us to initiate early inleNenllons to enhance engagernenl and we made this data transparent across delivery are8S to support invofvemenl ac¥oss all our prcuct offers. DuAng 2022.23, 6S% ol mem had engaged wllh Jr evenl$ more than 10 times, an increase 0116% on the year before. Page 2
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES. conllnued FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and perforniance- contlnued Events The 2022-23 membershlp year saw the events team embed a hybrid nwjdel, deiivering a range of 128 events and engagenl activities our members. Thls total intluded 41 hybrid briefings and pands lupfrom 13 ITh 2021-221, which effects'vely combine the increased g8ographle reach and engagèmènt opwrtunilias oldigilal 8v8nls with th8 ban8fils ol making in-parson connections. We (onvened 36 senior4evel inwlalionaonly roundtables and workshops, which induded 6 sessions for CEOS and equivalent roles were enga9ed 64 ttmes across the year. These core deliverables sal alongsKle several'workings ol.. ' workshops, a range 01(lIne only webinars, digitsl ¢(lent and a full-d8y IrFp8rson Diversity & Indusion conf8rence. Thi5 rewesentsa IKJhl reduct in tolal events compared lo last year, owlng to Ihe Increased resourcing requlremenls of ddiv8rlng in-person I livgslreamed events ojmparod with online only $855ion5. However, the prrarnrne saw a year.year increase ol tolh OV8rall registralion88nd attendance, altracling over17,000 sign.ups, and live crin%)8Tron partii?pationfroffl 7,800 indivMJuals8cro8S our current member organisations and pol8ntial fijture MemrS. We achl¢ved our ambth'ous speakerdiver8ily tsrgets, Indudlng45% femle speakers across the full yeaf programme. A new KPI of 15% 5pe8kers b&sed outside ol LoThJon wa$ Introduced as part ol our UK-wide engagement strategy, which we exceeded al 2. There were 8Foak8ts from werycentral government deFqrtmenl, and s range ofrepresentslve8 from the wvats. hIer education and nol-lor-profil se¢tor5. lTrFerson attendonce has seen a sle8dy increase wlh 5 speakers attfacting an audience ol over 50 in. person, 8nd on average 75+ joining via live51ream. We fcKused on in.person allendance for both our flagship events. The Annual InteNew saw an Intrèlse to 187 senior leaders joining us on the day. And, thOu1 COVID restrictnS strike action, WÈ w8ro able run the D&1 confèrenee lully in-person in Marth 2023 for Ihe first I'me since 2019, with the event selling and swJnth'e2nly exceeding our expectations. As well as the success ol the O&1 eonfer6nce, aftw Iht di$rupti ol re¢enl yea, this p¢rformance wa$ al80 SUPPOrt8d by the decision to allemale njnning our'workings ol lthilehall, workshop online and in.p8r8on. with the aulurnn edition taking place in- perscn and spring virtually. This was well weeweé by members, bwlh both odth'ons perfomiing wdl. and we will ¢Mtinue with th15 approach moving forwa$. Talent Over 2022.23. we su¢¢esslully placed 20 non-execulive directcKs and Iruslee roles Ihis year. iluding hh profile asBwnments such as Ihe Amy Board. Three ol these were dienls who had not used us before, m8aniThg sorne DI our increased markelng and brand awareness work is paying ofl. In terms of the diversity ol those placed. 35% were ethn Min(tY candidales and 45% were women. (hjr Charfly Next partnership placed 80 Civil Serwce fast streamers on Sedment into comrnunily aThJ purw8e-led Ofganisab'ons acTOSS the UK, lo deliver hvJh-profil8, le9ac*leaving Work and sdidify long-lerm, mutually inform8d Connec$ between Ihe public sectorfs future leaders and the UK nol-lor-profil sectcK. In addl.On, we brOked 3 senior secondmenls for 12 months or more and we also personally brokered 40 Individual bespoke mentoring assignrnents Mlh 8enK)r individuals, to extremely posilwe feedback, Page 3
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) REPORT OF THE TRUSTEES- conllnued FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and perfonnance- continuèd Lgthrshlp Over tr the cour58 012022.23 . we continued to ddiver our cross.sector leadership delOpment programmes and inlervenb'ons in a blended modg, incortK)rating the b851 of faC-tface as well as virtual elernen15. 8 r8gJll. WIG has had impact on Ihe lives and cai8er8 01818 prole5sionas'. 214 peoe b8n8fi11ed from our opennrdmenl programm8 offer wa the 6 open enrdrnenl programmes that we fun on an annual lor somelirnos bi-annuall basis, addressiro all stages of the leadership lilecyde. Frem Earty Carears, midd18 management. senicy leaders lo Ihe most senior C.suits and Board., 251 people unthrtook one ol the 15 bespoke programmgs we deslgned and ddivered for par'¢ular ¢lienVmemb8r organisalions. We continue to incorporate cross-sector elements into our t*spoke programme offèrings, induding organisaliona1 Raids to different sector organisalK)ns that often share the same leadership issuos and prksritw. cro$$ soclor speaker sessions and pos1-prramm& cross-s8ctor conn8clingopkK)rtuniti8s linduding valuabletalent $ONiCgs1 the growng WIG alumni neork,. and 353 people joined for one of our b88poke maslerckss off8ring5, ddIrj 24 bng.lerm wJgr8eS ané 15 bespoke Pfogramme5 lor a number ol member Organisations. M&rkedng The focus during 2022-23 was on improving WIG'S communications & data loundats'on lo sel vs up lor lulure slmlegic marketing, while supporting Ihe18ams in achieving their ddivery largets through rncrurtmenl campai9ns aThJ eollatsral in¢luéiThJ new branded tsmplales so that teams can sell-seNe. Thg prolects and ob58ctlv95 for thg ygar worg dgsigngd to improve.. the consi8t8ncy ol StoMer brand exFerfenea', the availabllty 018ffecliv8 cdl818ral to support team rn8mber5 With busin8ss dev81opm6nl,' acLess lo case sludles that demonslrale WIG'S Impa¢t and value., EDI and indu5Nity', web&le processes and cuslcffierexperience following18unth olnew web$it¢.' and data qualty. We made 8 number ol w8bsrte proce85 oplimisalions lo better gUPPOrt delivery functions. From aulomaling prccesse5 in the CRM lo setting up better pipeline tracking Leadership's 8D, Ihe team has imwoved efficlency and visibility ol core information Icf colleagues, We also saw the website pertoffn well - visltors are looking mcffe engaged,. sp8nding m(Ye ts'm8 on Ihe sil8, wewing more pages, and they're turnIng frequenly- we've seen 8 16% increase in sessions F4r user whth is important lor our k)ng-lem) engagement and retenb.on objectwes. We have also completed the RFP Irequesl-for-woposall process and sel8¢led o partnerlo upjrade our CRM from DynamK$ 2016 to D365. By March 2023 we had completed the initial scoping exercise & produced a detailed r2quiremenls catalogue lo document the funclionality each team's needs. The plan is lo delivera solution whith re1¢ale$ the fvncth'onalily ol the existing CRM afKt Ihen to build in improvements during later phases. wlh the detsil desrgning phase kicking off in April 2023. Fulur6 •ctlvlty As we erner lurther from the irnpacl ol CDvM4 lockdowns, we sel ourselves on a course lo continue lo deliver higher impact and improved value for money for members through our cross.sector work, including through blended rnDdels of delivery. Dullng the year this was eviilenl acrD55 all our in Ir prograrnrnes. Our events portfolio increased lo sorrft 130 events, wth rnany in a hybn'd formal lo increase rpach, while our leadership programm85 engaged over 800 01 today's and tOrrro¢s leaders and our I8nI work continued lo help place cross sector leaders on boards and in secondmenl and rfftntorirrfj arrangements. Across all this work we continued lo successfully push forward on meeting our diversity tsrgels, not only in le$ ol speakers al OLX events- with women making up some 45% of all sp8akers and nearfy 20V. of speakers coming from outshle of London- bulalso ITr terms of placing leaders in rx)n-execub've roles, 35% olwhorn were ethnic min(tY candidates and 45% Page 4
ThE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE} REPORT OFTHE TRUSTEES- contlnued Flyi THE YEAR ENDED 31 MARCH 2023 were women. Furthernor8, our annual EDI ¢(lerence was a sdd-out success. And all of this hard WO translated into revenue and membership Su88 with a 979A retents'on rale for mernb6rship as well as a growing numtér ol rn8mb8r5 who ha¥8joined us, with 8 tolal 01245 membors by the end ol the fin8neial year. As we bok ahead, we have rim) foundations ¢)n whkh lo buShl. As wè prepare forcAtr 40th anniversary in 24 we will begin in 2023 to revivw our brand and purpose to ensure we aro fil lor the future by focusing tven more on increasing uoss sect collaboration lor the common wd. This will help us develop (r programmes lo ensuffj they are relevant to membe, needs and the last chan9ing and disruptive environment in wttich we all Continue lo operate Financlal revlew Flnan¢i•lposltlon The Churity recorded a 9urpluso1£153,581 durlng tho yoarl2022- surplus of£282,3271. Incomedecreased by4% to£2,840,894 12022., £2,957.6631. DI¢1 ¢osl$ dad by 7% to £574,07912022'. £609,C631. Overhead expenditure Increas by 1% to £2,113,24312022.' £2,066,273) As regards Ihe future financial posilion, the cuffenl reserves indicate that the Charity can continu8 lo operale fully over the next year bul tho Board wll monitor closely as the year progresses and will take whalever actions as ar8 necessary to ensure the nt'nu8d viabillty ol the Charity. R•seMspollcy Tho Tnjsiees hove sel a reserv89 polKy for the unreslrictsd fund which ffjpresents funds arising from operabng resutt81o d8te whlch requir88 that they be maintained al a level whlch ensure5 that the Charity could ¢tr.nue durlng 3 penod ol unforeseen difficulty and Ih81 a proporb¢Jn ol resetN8$ bo maintainod in a readily reali5able form, easily converted into cash and design8 as nel current a88els. The Twslees bolieve thai th15 level 5hDuld be a minimum ol aFproximalely Six mc4ilhs running costs (being emtyoyee. premises, office, managem•nl and adrninistralK)n l. Th8y will kéep this policy under revw. Our free reserves that 8re repr8gented by nel rAJrrenl assets 8r8 £1,498,166 representing 8 rnonlhs of our bueted overhead expense. The Trusle8s agree that this level is consislenl with the re8erve5 polry. The re5eryes pollcy h85 been reviewed by Ihe board In light ol G#jrn1 elrojrnstan5, agreed a5 appropriat8. The total cash a131 March 2023 was £2,263,405 all of whKh represents unreslrkled funds Imembership inccffle, although legallyavailable, is not Induded in the reserves calculalionl. The results of the Charfly ILY the year ended 31 March 2023 818 sel oul on pag8 15. Rlsk managemènt The risk asse58nwnl and managemenl pro¢e$$ is embedded in Ihe general managernenl of the Charity, and the Execulwe and Trustees regularfy review ri3k$ whith cOd affect the Charity'5 ability to meet ils strategic ofy'ectwes and these are captured in ihe Risk Register. The Risk Register details identified risks against each strategic objective, and the steps taken to mitigaie them. The princip81 risk5 identified by this process and the plans and strategies in place for managing those risks are detailed in ihe table below.. Page 5
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEEI REPORT OF THE TRUSTEES. continued THE YEAR ENDED 31 MARCH 2023 Risks Mitigatlon Cut5 In civil service numbers zlon8 wlth COSt cuiiing measu$ lead to - assessment of WIG membership Slow 8rowthlrecesslon, 3lon8slde Inflatlon, rpduces budgets acr055 the private and net-for-profit sectors, leadln8 to reduitbn in renew•15- fflembershlp seen as easlly ¢ut'di5¢retlonary spentl., New 5trate8y not reflectln8 rnember need5. WIG'sevents are nol sufficlentlv Inrerestin8 or relevant for new or8an15at5on5 to berome mefflbers. Communlcations and marketin8 mes$agÈs do not land well leadln8 to members optin8 Out of events or thelr membershlp IIIc*8ether. Chan8Sn8 work patterns 85 the'new nDrmal' mean5 continued decllne of In- person jttendance, reducin8 WIG'S ro 5 a platform for networkln8 Renewed focus on value prop051tion for membership to lustlfy costs. namely through greater emphasls on senior-level rotsndtables and the launch of Mentor Match 3s i rnember tool. Messaging In marketing copyto reflpct current economic landscape and political uncertainty and Ihe ifflportance of WIG In overcoming these ¢hallen8e$, In a ¢ost-effectiYe manner. We have ra15ed rnember5hlp rate5 onty to the extent we had to, con51dering Inflotion. Renewed focus on relatlonship mana8ement of 8overnment departments, buildln8 relatlenshlp with new kpy offlclals. ConcÈrted effort tc Ènsure enhanced relationship maDa8emenr with ex15tln8 rnembers, Includlni adoption of new accounr mana8ement model from l April. More protess drlvEn approach to buslness development with prDaitlve 13r8etlns of sectors Constant revlew and refrèsh ol produ¢14 Includln8 a gre3ier focu5 oll senlor-level roundtables and policy d15CU551ons to allow more two-wiy dialogue and networkln Revlew and respend to data on member actlty to pick up Issues earlv Develop senlor contacts to ensure wlder enioiemeTht and Endorsement Use ef key Contacts and suppori¢rs to help In amblrion to row membershl Continually a55e55 culture and mood and take 3ppioprlate actlon5 ro make WIG a great ace to work. Malntsln new WIG Inductlon & evolve wlth feedback. Focus on en5urin8 POSltlve development opportunStles, usSng a we ran8e of tools and Interventions. Maintain and row the membership base Culture or envlronrnent at WIG doe5 not en8aEe and motlvate staff resultln8 In reduced perlormance, productlvlty and retentlon. knowledde choose to leave, creatin8 gap which other employees can't flll and recruitrnent Is not Immedlate. exècerbaied by current recruitment challenges. Staff beneflts, management oi roles ère nappealin6 leadln8 to hl8h turnover and castlchallenge of recruitment. Transltlon of CEO Impact5 on en8a8ement Ind redu£es r•pociIy 05 they bed in. nsure we ave an ngaged team ith the skllls nd capacity eeded to eliver our ember ffer Focus on en5urlni hl8h Standards of ron515tent Ilne mana8ement. Ensure cultural values are developed and adopted threuihout WIG. Use rnonthly pu15e suryey and periodic 5tsff surweys to keep irack of en8a8ement and concern5. nEaEe staff In work on the overall employee value prop¢tiOn. 5ucce55ion plannlnR lor roles whlch have crrtkal dependencies. Li5tpn carefully io feedback In exit Intervlew53nd keep turnover and slckness rate5 under review. Optimise the or8anisational stnKture. Robust Dnboardin8 ènd Induction plan lor new ermènÈnt CEO Page 6
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES. continued FOR THE YEAR ENOED 31 MARCH 2023 Structure, governance and management The Board olTruslees, that m8etslour times a year, administers the Charity ITh accordance with the Arb'cles OlAsratJn and the Charity Govern8nc& Code as applicaN8 to the size of the company. Trustees s8Ne fw a lem) ol thro• yoars and may be aptKTh'nted lor one further temi or I(geT if agreed ty lh8 Board., nomally posts are advert15ed on the Charity's website 8nd are also s8nl out lo member org8nisalions, invitin9 appllcalions, with appointrnenls being fflade after interview with the Chairman or d818galed Trustee. CEO and al least one other Trustee. Newly appointed Trus188s receive a btter ol appointment and an induction pack prografflrn8 covering VarijS aspects ol the Charity's 8clivitie5. Slnce the last AGM, one trustee has resigned a* were appointed. 8s noted on page 8. The Board has a WKle skills base and cross-sector experi8nce. Each Board member is wulred lo declare any Interests, dlredorships or position5 which rnay conflid ¥Mlh any aclu81 or proposed arrangements th the charity. Such Intsro$ts are rgwewed and 8Uthoris8d annually and training needs are assessed and mel as required. The Board ha$ lormalyonStI1uled SUrnM1tt88s, each wlth speafie lemis of reference and funclKJns ddegal8d by th& Board. Each Sub¢Mittee is thaired by a Trustee apwwiled by Ihe Board. is responsible lor re¥Aewlng and approvlng the Chartty's Human Resources IHRI li¢i¢s and associaled pc4icies and M(ltOn'ng their implementation as w811 a5 approving r8mun8ralion pollcy and key remunorats'on de¢i$ions.11 also ensures Ihe appropriate goveman¢& of WIG. The Fin e oversees all fin8nc181 aspects ol the Charity, including budgets, forèc8sls and SelVeS pdlcy, and rnonilors perfomiance against them.11 apwoves Ihe pre8entslon ol finan¢ial informatipn, and reviews the audited financial ststernentsolthe Charfty and recommends Ihern lo the Board.11 reviews reports frorn the audilorsand reviews I1r pertonnance 8V8ry three years. The Cornmittee also reviews fcffjially all rtsk l$sues relevant to Ihe Charity a year. The Chief Ex've is appointed by the Tw$te8s to manage the day.to4ay operalK)ns ollhe Charity and attends by invit8lK)n. along with the Ch1 Operating officer, the Board and sutrpc¢mmiM88 meetings. The Head of Finance B150 attend5 th8 Flna and Risk Committee by invilalion. P&Je 7
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY llmED BY GUARANTEE) REPORT OF THE TRUSTEES. conllnued FOR THE YEAR ENDED 31 MARCH 2023 Referencg and administrative details Ststu$ Th8 Whitshall and Industry Group is a cornpany limited by waranle8 and a registered charity governed by its Memorandum and A'deS of Assoaation dat 20 March 199718s amendad 18 November 2fM]9 and 16 February 2011.1 KrK>wn also as WIG. Charlty numbor 1061584 Ccffipany numbgr 03340252 Dlroctorn and Tnt$ts•s The directors ol Ihe ¢haritable ¢ompany Ilhg Charilyl are its InJ$lee$ lor the purp)se ol chanty law. The Iruslees seNing during the y•ar and In¢e the y•ar4nd re a$ lollw$'. Phil Thom$on- Ch8imian to Nov 2023 Eleanor Kelly Janette Durbin Bernadette Kelly D8wd Walker Davld Din$dale Rachel S8ndb*Thom88. Cfv8inan from Nov 2023 Neil Benlley.Gctkmann (resigned Nov 221 Charu GorasLq Kale Stephens Andrew Miles Juliet Chua Chlef Executlv• ViciorSa AM BrowNng lintsrfm to Jun2 20231 Neil BenUey.GtJckm8nn (from 29h M8y 20231 Company Secretary exandfa CranllMcGreeh R•glsl•red offlce 80 Petly France, London, SW1H 9EX Ind•pend•nt Audltor8 Saffery LLP, 71 thjeen VKlona Street. London, EC4V 4BE Sollcllors Bates Wells & Brailfwaile Lonth LLP, 10 Queen Street Hac8, LondM, WC4R 18E Pag9 8
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE TRUSTEES- contlnued FOR THE YEAR ENDED 31 IiARCH 2023 Other dlsclogures Fundralsln9 The Iruslees lake Ih8ir responsibilits'es under the Charith'es (Proleclion and Social Investment) Act 2016 seriously and have Considered the implications lortheir aclivih8s. The eharily doès not actively lundraise and Iherebre the trustees do nol consider il necessary lo have a formal lundr8ising policy in place. Rwnuneratlon Pollcy In line with the Nab'onal Counal fty Voluntsry 0rganisab.ons rewl on charity rèrnunèralion, wo explain WIG'S policy on remuneralK)n. WIG aims lo remunerate ils $18ff compar8Y Io 0ry8ni$8tion$ based in London of simi18r size operating model. We do not seek lo be comF41th've with any sperjfic ¢t. Pay is reviewed annually, and any pay in¢ffja$es take into a¢Unt WIG'S finanaal performanc8. No Sndiwdual performanc8-relaled bonuses are pa,. 8 fl81 rale annual discrets'onary SUPF4em8ntal payrnenl lor which all gtsff are eligible may be paid ifjusllfd by WIG'S performance. In 2022123, WIG contributsd 5% toward8 employee pen&cfi8. Pay for WIG'S senlor Staff is sel out in Note 6. Truste•i' mip0nslbll5tS In relatlon to the financial 8tstements The tN8lees (tho are also directors DI WIG for the purwges ol company lawl are resEKsn8it4e for preparing the Tru8tees' Report and Ihe financial 5taleThnts in accordance with 8pF4icable law &né UnSled Kingdom Accounts'ng Standards Iunlled Kingdom Generally AcceF4ed AccounliThJ Praclic81. Company law reqUIS the trustees lo pr&par8 financkql statements k¢ eèch finanri81 ye8r%thh91Ve a INè and lair ol the slate ol affairs of the charflable ccrnpany and ol the incoming resources and application ol resource5, induding the incorne and expendlture, ol the charitsble company for that penod. In preparing Ihese financkgl statements, the trustee5 are required to.. select suitsble accounting polkies and then appfy Ltyem consSstenly'. ctheNe the rnethods and principles in the Charib'es SORP IFRS 1021., makejudgements and estimates that are 8sable and prudent., stale whether applicable acwunling stsnd8rds have been followed. sutiect io any material deparbJres disdosed and explained in the financial 51aterTEnts.' and prepare Ihe financial statements on the gcNng concem basis unless il 1$ inappropriate to presume that the chanty will conts'nue in bJ&ness. The Irusiees are Tesponsible for kw'ng proper accounting records that disdose with asOnae accuracy al anytime ihe financial silion of th8 charitable company and enable them lo ensure that the finanaal statements comply with the Companie$ A¢1 2006. They are also respon&ble lor safeguarding the a55et5 of the charitstAe company and hence for tang reasonable step5 lor tho prevention and deteclion ol tra and other irreJJl8riJe$. Page 9
THE WHfiEHALL AND INDUSTRY GROUP IA COMPANY UMrrED BY GUARANTEE) REPORT OF THE TRUSTEES- ¢onlinu•d FOR THE YEIR ENDED 31 MARCH 2023 Tru8teei' responsibilitl•i In r•latton to th• flnan¢lal $tstements. conllnu•d In so far as Ihe trustees are awwe.. there is no relevant audll InfoalOn ol vthKh the chantable corwnl$ auditr vts unaware., afvj the INste8s havo taken all steps that Ihey ought lo have taken to make themselve5 aware of any rdev8nlaudll Inl¢ymab' and lo eslabllsh Ihal the audilor15 aware ol th81 Inlorrnalion. The trustees are ra$ponsik48 lor the maintenance Inlffjrity of th8 COTate and financial information included on th• tharitsue companys websrte. Logilation in the Ur4tgd Kirgjom gjveming the reparalK)n and diy88minats.on ol ftnancigl slaleftnts may drffer from legilalhy) in 0thgriunsdir's. Audllors Ccrfnpany ha5 ty elKti¥o r6scthn disF4n59I C49at#)Th to atw'nl altarS annualty in a¢¢ordanco wlh Seth. 487121 of lh9 2. Tho aall, Saffgry LLP. ll be e£wMJwed. arbwst oit5, ts r•8Fpinlmgnl ful0 finarthl year5. T1$ p¢ll has been swepwed in orxrydarth ith the wo¥iwJns of Part 15 01 ts Cryrio$ k4 y orderof the boar Rachel SandbThomas Chaimian Page 10
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OnIOn We have audited the financial slalemnts of The Whitehall and Industy Grwp for the year ended 31 March 2023 which cornprise ststemenl ol financial a¢livib'es. balan sheet, StatenI of $h flows and notes lo the financial stalemenls, induding a 8umrnary ol SnifICant accLsunting pc4icies. The financial reporting framework that has been applied in their preparation is applicaNe law and United Kingdom Accounting SdArds, Irt1lng Finana81 Reporting S18ndard 102, the Fin8ncial Reporbrrfj Standard apFliCab in the UK and Republic of Ireland Iuniled .gdoM Generally Acceptsd Accounts' Praclicel. In our oF4nion the financial ststsments.. give a true and lair view of Ihg chantable company's state olaffairs 88 8131 Marth 2023 and of its ineoming r8sources and applicats'on ol resourc88, induding its income and expenditure, for the year then èndad,. have been prgpedy prepared in aWOrdan wilh United KillJ0 Generdlly Accepted Accounting Practice., and have b6en prepared in ardance with Iho Companies A¢1 26. Basts for oplnlon We conducted oui audit In ac£ordancé th Intemattonal Stsndards on Auditing IUKI IISAS IUKII and appllcabl8 law. thjr responsibilities under those stsndards are further descnbed in th8 Auditor's r8sponsibilib8s lor the audll of the finanoal 5tst8ryts seclion Df our reporl, We are independent ol the charilabk company in accordance wilh the ethical r8qulrern8n15 that are relevant to our audit ol the finanrjal statements in the UK, including the FRC'S EthKal Standard, and we have lulfdled cur olher elhical r88ponsibl1e8 in accordance wllh th8S8 Tequiremenls. We bellev8 that the audit evidence we hav8 obtalned Is Sufficient and aFpr¢prialt lo provide a b8$ f¢r our opni)n. Concluilom rglatlng lo golng ¢oneorn In audilng the financlal 51al8rnenls, we have concluded (hal the Iwstses, use of the going nc¢M bagis of accounl+ng In the preparation ol the fiThanaal slalements IS 8pprowiale. Based on the we have perfom?ed, we have not identified 8ny material uncertaints'e8 re18Ing to events or condllions that, individuallyor coltIvelY, may cast signilic8nl doubl Dn the charbtable comp8nls ability lo continue as a going concem for a riod of al leag1 tW8fv0 months from when th• finandal stslemonts a 8ulhorlsed lor Issue. Our re¥onsibilili8s and the re8pn&t41ities ol the Injslees th re8peclto going concem ar8 descrttfd In the rekvanl secticfis of this report. Other Informatlon The trusteesare fcf the olherinformation. The ctherinformation ¢ornpri5g5 the inform8'cn included in Ihe annugl rekK)rt, other than the financkql slalements and our auditor's rep¢rt Ihereon. Our opinion on the finala1 statements does Trjl covei Ihe olher inlomation and, except to the extent otherwise explicilty staled in 11 report we do rK)l express any fcffii of assurance conclusion thereon. Page 11
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED 8Y GUARANTEE) INDEPENDENT AUDITORS, REPORT TO ThE MEMBERS. continued Our resFMsibility is lo read the other inform811 and, in doing 80, CDnsvJ&r ether the other inlormats'on 18 materially inconsislenl with the financial statemen15 or our knthed9e obtained in the course ol the audit of otherwise apFeafS to be malendly rnisststed. 11 we thnbfy such rnalerial incfjnsistencies Of apparent materi81 misstslements, we are required lo delgrn1ine %vhelher this glves ri59 to a matsrial ffli55talemenl in the finanaal ststements themselves. Ir, based on the we have perfonn8d. we con¢ludo that there is a malenal misslalemenlof this other information we are required to report that f8Ct. W6 have 1hIng to port in this regard. Oplnlons fjn olh•r matters w•8crfbed by the Companle$ A¢1 2006 In cur opinlon, ba88d on Ihe work und8rt8ken In the course of the audit.. the inform8t1 glven in the Truslee5' Annua Report whEh indudes the Directus, Report for Ihe f nanci81 year for which the financ4al slalemenls are prepared is cons151enl with the financ4al slal8ments,' and the Tru51ees' Annual Reportwhich includ8S the Directors, Rewrt hav8 be8n wepar8d in accordance with aFplicaNe legal r¢quir8mènls. Matters on whkh w• ar• r•qulred to report by •xceptlon In th8 light ol the knowledge and undwgtgndlrrfJ ol the tharilabk company and its VIronment obtained in the course ol the audit, we have not entifIed maleiial misststsments In the Truslees, Mnual Report. W8 have nolhing lo report in respe¢l of the follthng mallers there the Ct)mpanies Act 2ffl6 rgquiffjs u$ to rpwrt to you rf, in our opinion.. adequate aOUntIng records have ml been k8pI, orrebjrns adequate for ouraudil have not bean recelved frorn branches not v15iled by us., or the financial slalgmen19 are IKII iri agement wth the accounllng records ané retunB', or cerlain disdo8ures ol trustees. remuneration specified by law are not made,. or W8 have not receSv8d all th& Inform81ion and explanations we r8quir8 for our audit,. or the trustees were not ents'lled lo prepare the finanaal slalements In ac¢c*danco kwlh the smal companies regime and lo lake ad¥&nt89e of the small companies eXeMp'¢n in preparing the Trustees, Annual Report 8nd the Strategic Report. Re8pon81bllllles of truste•J As exp18ined more fully in the TnJ8lees' Responsibililie8 Ststem8nl sel out on pages 10, the Iruslees (who are also directors of the charitable company for the purposes ol company lawl are responsible lor the preparation ol the financial 51alefflents and f¢¢ being satisfied that they give a true and fair view, aThJ tor such internal control as the INsl&es detemiine is necessary to enable the preparation olfinanchil 8tslem8nls that are free from Material rni551olem8nl, whgth8r due lo fraud or eff. In preparing Ihe fillaneial slalefflents, the Iwstees are responsible lor assessing the charitae company s ability lo continu8 as going concem. disclosing, as aOicable, matters relatsd lo going concern and using the going concem basis ol acCntIng UeSS thè InJslee5 gither intend lo liqUale the charitable company or lo cease OF4rats'ons, or have no realistic allemab'v8 ID do so. Audltor's rwpon$lblllil•s for the audlt of the flnanclal stal•m8nl$ We have been appointed as alIOrS under the Companies Act 2006 and report in accordance wlh Ihal Act. Page 12
THE WHITEHALL AND INDUSTRY GROUP
IA COMPANY UMITED BY GUARANTEEI
INDEPENDEKf AUDITORS, REPORT TO THE MEMBERS- contlnued
Our objectives are to obtain rea50nat4e as8urance about whelher the finanaal slalements as a Cle afe free from material
rnisstslemenl, whether due lo fraud error, and lo issue an auditorfs report that include5 our opinion. Reasonable assurance is a
high Ver ol assurance, bul is not a guarantee that an audit conducted in ac£ordance with ISAS IUKI wll always del8cI 8 materlal
misslalemenl when il 8sts. Misstatem8nls can arise from fraud or Or and are consided mat8rial il, individually or in thè
aggregate, they ¢ould reasonably be extded to influenc8 Ihe eCOn(lC decisions of users lak8n on th8 basis of these finaKial
slalements.
Irregularities, induding fraud, are instances of non-compliance with laws and gUlations. Wa design pr8dureS in line with Our
fesponsibilities, ouuined above. lo delecl material misslalements in respeclolirregul8rities. including fraud. The speafic procedures
for this engagement 8nd the exlenl to which these are upakAe ol detecting igularit$, induding fraud a detailed below.
Identifying and assessing nsks ralated lo Irregularllie$'.
We assessed the suscepliblily ol the chAritsble company's ffion(?al statements to malgrk4 misstslernenl and how fraud rnvJhl
0Ur, IncludiNJ through discussions with th8 truste85, discussv)n5 within our audit team planni meetiNJ, updating our record of
inlemal controls and ensuring these controls operated as Intended. We evaluated po55ible ineentr've5 and opportunities kf
Iraudulenl manipulalion ol the finanryal statements. We hJentifi8d laws and r8gulalDn5 that are ol slgnificance in the context olthe
chantsble company by discus5k?n5 with trustees and updab.ng cur understanding ol the sector in which the Charitab company
owale8.
Laws and regulations oldirttt $h3nlfl¢an¢è Sn th8 1Xl of the tharftabl•company inc4udoTho Cornpanle$ Act 20C6. and guidanc•
18$ued by the Charty Comiis$ion lor England and Wales.
Audit resFon8e lo risks Idenlfied..
W& consid9r th8 oxtonl of eomplianGe with th060 lawB and regulation8 as part ol our 8udil proc&Jur08 on thg r8laW finandal
slalemenl itsms including a revbw ol financial StatenI disdosures. We reviewed the charitable Gornpany s records 01 breaches
ol laws and regulatKins, ninules of meetings and correspondence wlh relevant aulhorilies lo identify potential material
misstalamenls arisi. W• discssed the thantable company's PKslicies and procedures lor complL4n¢e wllh laws and regulats'ons
th members ol management roswsit40 lor complianco.
Durlng the planniryJ meeting the audlt team, the engagement partner drew attenlKin lo the key areas whth mlghl invdve non.
¢oftWiance wllh law$ and regulalKJns or fraud, We enquiied ol managpmenl whether thoy were aware ol any instance5 01 non.
comFllancewilhlaws regul81icfisor knowledge olany actual, suspeded oralleged fraud. We addrÈssedlheriskoflr8ud through
management ovemde ol controls by lesling the appropriateness ol journal entrie5 and identifying any signifieanl transactions that
were unusual or outside the nomal course ol bu5in8ss, We assessed bthetherjudgements made in makmg accounting estimates
gave rise lo a posslNe indicabon ol rnanagernenl bias. Al the compl8ts.on 5tag8 ol audit, Ihe engagement partner's review
induded ensuring that Ih81gam had approached their work wrth appropriate professional sceptiasm and thu5 Ihg capacty to Identify
non•Q)mplianco with laws arnl regulakn'ons and fraud.
There a Inhtrn1 limitslK)ns li the avdil procedures described atrM)ve and the further removed non
THE WHrrEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS- continuod U88 of our r•port Thk% rep)rt 1$ mado sdely to Ihe tharitable cornpany's members, as a body. in attordan¢e wlth Chapter 3 of Part 16 of I Companies Ad 2006. audit work ha5 been undertaken so that we rnighl state ID the charitable company s rnernbers those matters we are reqUId to slate to thern in an auditorfs report and lor no olher purpose. To the lullesl extent Fermitted by law, we do not accept or assurne reskKsnsibilily lo anyw other than the charitstrAe company and the tharitable company's members as a body, forour audilwork, forlhis ryrt. or for Ihe opinion5 we have fom8d. Timthy Gregory (Senior Ststutory Audilorl for and on behalf of Saffery LLP 71 Queen Wi¢toria Stre81 London EC4V 4BE Chartered Accountants statut1 Auditors Dats.. Saff&ry LLP 18 elKJible lo act 88 an wdtor In temis ol seclon 1212 01 the compan kt 2006 Page 14
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) STATEMENT OF FINANCIAL AcnvmES Ilncorporntlng an Incorne and expgndlture account) FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 InMe from charltablo actlvlllos: Members. subscripb'on8 Event8 Talent Leadership progr8mmes 1,315,262 81,710 313,140 1,130,782 1,091.729 63,665 319,516 1,482.753 Total incoming r8sour¢8s 2.840,894 2,957,663 Exponditur• on Charftabl• IvIlle1. Membershlp 88NIc8s Events Talent Leadership 500,630 09,183 366,440 1.211,060 533.795 574.948 387.56Q 1,179.034 Total expenditure 2,687,313 2,675.336 Nel income I lexpendllurel and nel M0Ment In lundg Unrestricted Fund balance brought lofward al1 I)ri12022 153,581 1,401,059 282,327 1,118.732 Un$¢d Fund balanc8 carrd forw8rd al 31 March 2023 1401,059 The Statement ol Finandal Acthities has been pPared on the basls Ihal all operations arg coThlinuMIg operatior. AJI recognised gains and losses are shown in th¢ Slalamonl ol FinaKial Activities. The notes on pages 1810 23 form part ol these financial ststemenls. AJI funds are unr85triLI8d. Pagg15
23/01/2024
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Not• 2023 2022 Ngt rash (used inyprovldgd by oporatlng actlTAtI•8 Nots 1 hlov 399,669 1147,8851 Ca8h flow8 from Inve8tlng actIv16• Pufchase of tsngible fixed assets Nel cash provided by luse(l in) investing Xlivie8 Chang8 in cash and cash equNiaL9nls in the retKrting period 126,5861 126.5861 1174,4711 399,669 Cash and cash equivalents al the beginning of the rnportlng pthod 1,863,736 2,038,207 Chaw In rewFting period 399,669 1174.4711 Cash and cash eQUalentS al the end ol the reporting wod Nol• 2hl 2,263,405 1,863,736 Nots• to the Stsl•m•nt of Caih Flo Operallng qclivll••J Nel income I l&xpendilurel for the rewts'ng perb)d 153,581 282,327 Adjustments for: Depreaalion ch8ryes Ilnueasel I derxease in debtors Increase in credrtors Investrnenl income 34,723 151,088 60,277 35,822 1639,0341 172,999 Nel cash lusedl I provided by cperaling activrfie$ 399,669 1147,8851 Z Anal1$ of cash and calh •qulvalents 11 C8sh al bank and in hand Short term dewts 1,189,379 1,074,Q26 789,711 1,074,025 2,263.405 1,863,738 Pag• 17
THE WHITEHALL AND INDUSTRY GROUP {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCLAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 l. Accounting polici•s Status The tharity is a public benefit entityas defined by FRSI02, Basis of accountlng The financial statemonls have been prepared on a going conrAm basis under the histOri¢81 cost Convention and wnply with the Comparsies Act 20C6. The finanaal slalements have b8en prepared in accordan with the Statement of Recommended Practice.. Accounting and Repoiting by Charities preparing their accounls in accordance the Finanrial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Financial Reporbng Stsndard applicatAe in Ihe United Kingdom and Republ ol Ireland IFRS1021. the Charth'es Aot 2011 and UK Generally Accept Accounting PraCte as il applies from 1 J8nu8ry 2015. The financial stalemnts are prepared in slerfing, which 15 Ihe fijnctional CuencY ol the company. Mcetary aMclS in these financial slalemenls are rounded to the nearest pK)und sterling. The principal acMJn'ng pdia85 8dopted are sel out b810w. Golng concem After rgwewing the charity's forec4s15 and projections, the truste85 have g reasonob18 expectslion that the tharfty has adequate resources lo continue in operational existence for the fores88ablg future. The ¢harty Ihgr8fore ¢onts'nues to adopl the goir¢g concem ba&5 irs preparing the finanaal sta18menls. Llmlled by guarantee The Company does not have a share capital, bul ils liabillly 58 limited by Ihe gu8ranle88 01 its Trusleo member8. E&h Trustee eMr has agreed lo Kcepl liability rK)l exceeding £1 should the Ccffjpany be *Dund up. Al 31 March 2023, th8 total o1suGh guarantees arnot510 £1012022. £101 Incom• from Charttabl• act111?8 Membershlp income, and Events, T8lenl and Leadership Prcgr8rnme Inco are brlUded in the yeir they A ree8N8tè. Income that relzles lo tUre peiiods Is carried forward. Accrued bank interest is included in raspect to Interest 8affl on I9 dep05Its whlch rnaluTe after the year end. Expondltur• on Charll•bl• Ktlv11195 l expenditure is included on an accruals basis and ha5 been ¢SsIfied under appropriate headings in the a¢¢ounts. Charitablea¢tiwtie$ expenditure induding staff and olherdireclcosls enables WIG lo meet its aims and objectives. Support costs a thoso costs which enable charitable activities lo be undertaken. These ¢o$ts include premises, MMunICatIOns, HR, IT. govemanc8 and genera admiTrislrationand rnanagemen1¢051s. Staff wsts have been apwrhoned overthe various charitable aclivits.es on tho basi4 of lime spent. Direct c05ts aro allo¢al8d on an actual bBsis. AJI olher overheads are alloc8tsd among èxp0ns8 headings on the basrs ollime spent. Retlrom•nt bgnellts The company operates a defined contributi schemo lor the benefit ol its employees. Contributions payab are chèryed lo the Slalemenl of Financial Activities in the year they are payable. Operating L•as8s Rentals payable under operab"rvJ leases are charged against income on a slralghl liro basi$ over tho lern) of the lease. Page 18
THE WHrrEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Oepre¢lalion Depreciats'on is calcula18d so as to write off the cost of ljngible fixed ass8ls,18ss ffi8 eslirnated residual values, slraighl line baS over Ihe expect•J useful eojnorric lives of the assets concemed. The annua rates 98nerally used for this purpose are.. Leasehold Imwovemenls Office equipment Furnitu, fixts)s and fittirrfJ8 .0% 33.33% 10.0% 1.10 Koy assumpllons of malerlal relevance lo the Financlal ¥tslemonts Thert were no materi818ssumptions made conc4ming Urertain.e8 whKh CL)U lead to 8 Mater1 adju51m8nl of asset8 and liabilities wlhin the nèxt reporting penod. 1,11 Flninclal Injtrumonts The tharily only has flnantial asse15 and finanual liabililles of 8 nd that qualify as bas finanrial knstsuments. Bale financial instrunIS 8re inib'ally recognised Él lr8ns8cts.on value and subsequently masured al Ihèlr settlement value with the exception ol bank loans which are subsequently me85ured al amortised cost using Ihe effective interest method, The charity did not have any bank108ns durSng the year. Calh at bank and In hand Includès all ¢ash, wrr¢nl ac¢ounl$. short and long t•mi deposit accounts and treasury doposil accounts whkh can all te mado availa8 In the short term. 2, ExpendSlur• ¢n Charftsbl• •¢tlvltl•8 Totsl 2023 Employoo Dlr•ct Support Costs Co8t$ M•mbornhlp MThlcei Evenli Talerrt Leadershlp Programme8 500,630 609,183 366,440 1,211,C¢O 247,645 296,190 177,226 324,286 252,985 302.577 181,048 331,278 10,416 8,165 555,497 Total oxponditur• 2,687,313 1.045,347 574,079 1,067,888 Total 2022 Employeo Cost$ Dlrecl Support Colts Costs (Note 31 Membershlp sorik•$ Events Talent Leadershlp Pmgrammes 533,795 574,948 387,560 1,179.034 234,734 249,550 166,917 257,737 180 7,649 8,110 593.124 298,882 317,748 212,533 328,173 Totsl 9xpenditur• 2,675,337 908.938 609,063 1,157.336 Page 19
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Anatysis of support ¢ts &Athmln T1 27.547 49.140 50,OT8 33,6B1 25,307 37A94 26.761 e.L8 152,985 181,Ql8 302,577 331,271 E¥•rti 35,167 58,773 24,104 59,895 40,283 85.576 44,105 15,466 5.ee7 T4 32.947 44,725 48,967 25.847 9,8 28.299 10,772 Lmdiiih 38.073 33,139 116382 207,427 211,387 112,173 157.818 91222 J4.723 1,017,016 ITIEqLlpmMI Fkn•r Hf¢ l1vMn W'n 25.315 54,820 86.138 31,782 37h7 26.720 9.251 28,913 58,281 92,213 33,788 282S8 40.055 28.4G6 9.835 317,741 61,671 22.600 26.7&1 19.ow 1.570 211SJ3 Ludirih 27,795 e0.193 95,23B 34,897 41.389 29.J38 10.15e Jll,17J T{ 1021 .0 212,2n 334117 123,Q6T lQ2,•26 145M91 IL13,114 35W 1.157,330 SLVWrto)Jts cor6islc4dirtttc0$0lÉ5F0,l12O?2..tsI3.8l7I8 orY LyJs&o1£541,92412022,. t513,5191. &)tharo b8$18oldltycisL Cutsbth1S0)eIn01Céarip11lf1rlwmlfi1Ofpffil•tr1Uty by Pf8mwe5 QWroLI•S¢ ind 9•¢•(1[98 9[lInda 8uildwiÉ11Ty7120L.. £98,024), 4. Oporatlng Profft I (Lou) Nel exp8ndlturelin¢ome and nel mov9nI in Fund8 during the year is staled aftercharging.. 2023 2022 DepreciatK)n of tangik48 assets Opftrang lease rentals Audilor5' remuneration Audil1088 for current yèar audit 34,723 83,566 35,822 81,746 13,850 10,200 5. T•xation As a registered tharity, The Whitehall and Industry Group 15 rKsl liable to corporation lax on its thcAly charitae ath'vilies. 6. Employ001 2023 2022 ErnOYee costs during the yearwere Salaries Social 5untY P8nsion 1,38D,6&8 157.809 57.112 1,272,050 132,749 47,657 1595 589 1,452,456 Page 20
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Employees l¢onl.I 2023 2022 Employee costs albcaled lo direct charitabl8 PUlPOSeS ErnF4oye8 costs allocated to support aclivits'es 1,045.347 550.242 908,937 543,519 The average monthly numberof employees during the yearwas 30 induding partlim8 8mpbyees12022,'271. The number of ernployeeswhose remunef81ion (including sdary and benefitsi lell In the follow ranges was.. 2023 2022 £140,CrfX) to £150.¢0 £130,00010 140.000 £90,00010 £100.OQ) £80,000 to £90,000 £70,WO to £80,000 £60,QCQ to £70,000 Totsl mUn8., includlng penslon ¢ontrlbultMs. ol key manaoemenl per8cnnd In the peric¥J wa5 £261.930 12022.. £248,5981. Neil Benl6y.Gockmann rèsigned as a truste8 on 24 November 2022 and was app)inled as CEO on 29 May 2023, tsn9 over day lo daYManagern1oI the charity. Charity Commi8slon approval was receNed lor this 8ppoinlmenl. Tr08 rvmvngrallon No Iwsleos received any remuneration during the year12022'. £nlll. Tormlnallon yMon1$ During the year Ihe Charity in¢uffed Costs in $F¢t ol ierminalion ol contracts. The tot81 cost ollefrnination was £18,741 included redundancy paym8nl8, national insuran¢0 and p8n&on tonlnbutKffj8.12022'. £29,376) 7. Rat1rOnI bBngfft ¥chom•i Thè ethrpany ¢p¢ralos a defined con1rf1L)Th nSIOn seh8m8 fttall qualifyiro ernoYeeS. The assets ol Ihe Scheme are held separately from those Df the cornpany in an indèpendently adrninislered fuThJ. The charge lo profil and105s in respect ol defined conlribution sthemos wa$ £57,11212022.- £47.6571. Page 21
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 MARCH 2023 Tanglbh flxed a55ets Leaiehold Furnmure Flxtur•s Improvoments and Fittings Office •qUlPnt Tol•l Coil At 1 Apr512022 AdditK)ns At 31 March 2023 95,016 56,999 97,450 249,465 95,016 56,999 97,450 249,465 0gpreclalk*n At 1 ri12022 Charge for the year Al 31 Marth 2023 63,343 19,003 82,346 19,CQ) 5,71 24,7fy) 75,925 10,020 85,945 158,268 34,723 192,991 N•t book value Al 31 March 2023 Al 21 March 2022 12,670 31,673 32,299 37.999 11,505 21,525 56,474 91.197 9, Debtorj 2023 2022 Trade debtors Qlhgr debtor5 Prepayments and ac£w8d itKome 1,274.886 238 176.02g 1,451133 1,468.141 1,900 1,6Q2 221 Page 22
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY UMITED BY GUAPANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Cr•dMorn 2023 2022 Trade creditors Olher laxats'on and social securty costs Accruals and deferred in¢0 Other creditors 256,342 337,255 1,605,312 17,463 2,216,372 281,143 351,433 1,509,502 14,017 2,156,095 Movement In deferred In¢om• 2023 2022 In¢luded wlthln &Cfual$ and delerred incorne.. Al l Aprfl 2022 Involced during year Released to Income and ExFeThJilure Account Al 31 Mar¢h 2023 1.422,988 2,686,780 2,612.2791 1.497,489 1,477,710 929,470 1984,1921 1,422,988 11. Analy•l$ of ¢hang•9 In n•t d8bt At stsrt of year Cash flow At end ol year Cash Cash equivalents Total 1,663,736 200,OC¥) 1,863,736 399,669 2,C63.405 ,000 2.263.405 399,669 12. Lgaso commllmthrts At 31 Mar¢h 2023, the Charity had outstanding commitments for future minimum payments under a norFcatellabl0 operating lease as follows.. 2023 2022 Lan¢J and buildiTrJs Und8r1 year 60,000 Bo,0 Pag8 23
THE WHITEHALL AND INDUSTRY GROUP IA COMPANY LIMITED BY GUARANTEE) 2-Sy8aTS 5 year8 60,¢JY) 13. R•lated party traniactlonl Th8re ware no related patytr8ad{M durln9 the year12022'. no1. Page 24