SIONEWALI EQUAIIIY IIMITED TRUSTEES, REPORT ANO FININCIII STATEMENTS FORilllE.'PERIOD ENDEO 31 MARCN,2021 'A4KIY15E• 24112rd021 C¢)MPANIES H(YJSE A17 4115 Regi5teied Charity No. 1101255ffngland and Wales) Registeied ClwityNo. SC0396811Scotlan(D Charity Informatlon Trustees. annual report Independent auditors, report 14 Statement of financial activities 18 Balan￿ sheet 19 Statement of cash flows 20 Notes to the finanoal Statements 21 Stonewall Twstees, report and financialsiat@menr$ 2019121 Ml Trustees Dunni Alao (appointed 30June 2021) Reeha Alder luntil 16 December 2020} Simon Blake (until 30 June 2021) Jean WRnney Cordeiro (appointed 16 December 2020) Catherine Dixon Louise Downe (apptsinted 30 June 20211 Gbolahan Faleye (appointed 30 June 20211 Jan Gooding {untll 30 September 2020) Ayla Holdom (appointed 30 September 2020) Adam Lake (appointed 30June 20211 Sheldon Mills Michele Oliver Andrew Pakes Kyle Ring (appointed 30 June 20211 Rosalyn Parker {until 28 April 2020) Tim Toulmln (until 31January 2021) Meredith Williams (until 30 June 2021) Moh5in Zaidi Chair Jan Goodin8 (until 28 April 2020) Sheldon Mllls (appolnted 28 April 20201 Treasurer Rosalyn Parker (until 28 April 2020) Meredlth Wllliams (from 28 Aprll 2020 until 24 March 2021) Jean Cordeiro (appointed 24 March 20211 Stonewall Trusiees. reportand financkilstatemenrs 2019121 Chief Executive Paul Tw(xock (Interim) luntil l June 2020) Nancy Kelley (appointed l June 2020) Secretary Andrew Pakes Company number 02412299 Charity number 1101255 SC039681 {England and Wales) Iscotland) Registered offKe and business address 192 St John Street London ECIV 4JY Auditors Saffery Champness LLP 71 Queen WKtoria Street London EC4V 4BE Bankers Barclays Bank plc I Churthill Place London E14 5HP Stonewall Trysiees. teyt and fi￿n¢￿)I statemehts x)19121 Tl￿1¢8$,RVort Stonewall's trustees present their report and final statements for the period ended 31 March 2021. The statements appear in the format required by the Statement of Recommended Prartlce for Accountin8 and Reportin8 by Charities. The report and financial statements also comply with the Companies Art 21x16 as the company was incorporated by guarantee on 9 August 1989 as Thestonewall Lobby Group Lirnited. It changed its name to Stonewall Equaltty Limited on 10 February 2004, and uses Stonewall. whlch it will be referred to in this report, a5 its workin8 nome. It is a company limited by guarantee without share capital and is a registered charity. The reporting date chan8ed from that previously reported130 September) to 31 March to be in line with our Funders. reporting timescales. and to be aligned with the new strategic plan; this report therefore covers an extended accounting perlod from 30 September 2019 to 31 March 2021. Objectives and activities The core aim of the charity is to advance the freedom. equity and potential for lesbian, gay, bi, trans, queer, questioning and ace (LGBTQ+) people in the UK and worldwlde In line with our charltable objects, whith are, in summary. to promote human rights throughout the world, to promote equallty and dfversity in the UK, to relieve poverty, and to promote other charftable purposes. In short. we tma8ine a worfd where LGBTQF people everywhere a￿ free to be themselves and can INe their lives to the fvll. At Stonewall we organlse our work around thr& tore stratewc pillars. These are: Freedom Equity Potential Th15 18-month perlod was covered by Stonewaifs 2017-20 Acceptance Wlthout Exceptlon Strategic plan, in which the charitys vision was of a world where everyone, everywhere, can be themselves and our misslon was to ensure that lesbian, 8ay, bi and trans (LGBTI people across the world can participate fully in Society as free and equal citizens. The strategy orEanlsed our artivtties into four 5trate8lc approaches: Changing and proterting laws Changin8 hearts and minds Transforming institutions Empowering individuals Stonewall Trustees, rwrt ¥d r￿3￿￿1315tateM0Dts 201*21 The 18-month period covered bythisAnnual Report also includes a global pandemic, a change in leadership, and the development of Stonewall's 2021-24 strate8y, Free To Be, which wa5 published on 24 May 2021. This Annual Report will use the termlnology of our P￿vIouS strate￿, whlch covered the relevant period, to describe our achievements. The trustees confirm thatthey have complied with the duty in Part I, Sertion 4 of the Charities Art 21XJ6 to have due regard to the Charity Commission's 8eneral guidance on public benefit, 'Charities and Publlc Bene￿. Principal achievements for the 18 month period ended 31 March 2021 We successfully ¢ampal8ned to th•nie and protect kn with UK Scottish and Welsh governments, includin8 securln8 commitment from all UK administrations to brin8 forward a legislative ban on conversion therapy (which the Government acknowledges particularly afferts LGBTQ+ people) and campai8nin8 for policy, guidance and training to support the Smplementation of LG8TQ+ inclusive education in En8land, Scotland and Wales. We also successfully campaigned against threats to trans people's rlghts throu8h legal and policy proposals whith would have undemilned the Equality AL1. Our workto change and protect laws and our work to dwn8e hearts and mlndswa5 informed by hlgh quality research on LG8TQ+ people's experlences of the pandemic with the LGBT Foundation (charity number 1070904). This informed ouradvocacyto pollcymakers to ensure that LG3TQ+ people get the mental health support they need durin8 the pandemlc. We published 81 in Britain report demonstratingthe particular experien￿5 of bi people alon8 With a range of policy recommendations to improve outcomes for bi communltles. We publlshed two major insight reports on trans people's experiences of healthcare and crlminal justice Systems through ourTransfomiing Futures projert, andthese finding5 will inform community- led programmes to improve services and support for trans people. Throu8h our Educatlon and Youth work to empower In￿￿Idual5 and transforni Instftutlons we focused on transfoTmin8 education and youth institutions to better support LGBTQ+ Children and young people. Our expert team supported almost 1.21X) Schoo15 and Colleges to create LGBTQ+ inclusive learnin8 envlr¢Jnments through Train the Trainer programme5 and the development of a sulte of E-learnin8 modules on LGBTQ+ inclusive teaching. We developed a comprehensive free resource on Implementing the new LGBTQ+ inclusive Relationships. Health and Sex Education curriculum in schools which was downloaded more than 3,000 times in a few months. We also dirertly empowered more than 60 LGBTQ+ youn8 people through three Young Campaigners programmes focused on trans young people, LGBTQ+ youn8 people who are disabled, and IGBTQ+ young people of colour. Through our workpla￿ Pro8rammes we worked with more than 9(KJ major employers to transform theworkplace experfence of LG8TQ+ employees through our Diversity Champions programme. building incluslve workplace poltcies and cultures through coachln& benchmarkin& and tar8eted support. Separately, almost 450 organisations put themselves Stonewall Trvstees. report and fiffjantial Statement$ 2019ni fonward to be benchmarked as part of our 2019 Workplace EqualTrty Index - the highest number ever. We empowered More than 5.OlJ) LGBTQ+ people and allies through a range of programrnes to ensure individua15 Within communities and institutions advocate effectively for LGBTQ+ inclusion. These include programmes on taking the first steps towards LGBTQ+ inclusion, buildin8 501idarity through altyship and creating inclusive leadershlp cultures. Our Sport campaigns and programmes have dwnged hearts and mlnds and empowered individuals at local and national levels. Both the 2019 and 2020 Rainbow Laces campaigns Teached one in three sport fans In Britaln and led to a dernonstrable shift In public attitudes and support for LGBTQ+ people in sport. Thts was supported by pro8rammes delivered in partnership with sport bodies. ranging from the Premier League to community cricket clubs, with the 8oal of empowerin8 individuals, dubs and governing bodies to create an inclusive environment for LGBTQ+ people at every level of sport. This included working with 200 YOLtth sport coaches to build LGBTQ+ Inclusion into their Sport for Development pro8rammes. We developed partnershFPS wlth LGBTQ+ community oryanisations in the UK aftd globally, supporting mutual learning and ensuring our networks and knowledge can benefit LGBTQ+ actlvlsts. This includes work with LGBT Consortium to deliver tampai8n training for more than 100 activists from community groups across the UK to enable them to create chan8e in their local areas. This also includes our TRANSforming Futures partnership, workin8 Wtth trans-led Of8anisations and trans people to address challenges fated bytrans people In healthcare and justice systems. We've built upon our relationship with UK Black Pride (UKBP), working with NYA to deliver research with the UKBP communlty. We also had over 40CKJ contacts via our Information service. providing signpostln8 for LGBTQ+ people in need of support to specialist services that serve our communities. The Stonewall Scotland team has successfully campaigned to secure support for LGBTQ+ people throu8h the Scottish Govemmenvs consultation on the draft Gender Recognition Reform (Scotland) Bill and the Hate Crime and Public Order (Scotland} Act 2021, which improves LGBTQ+ people's legal protertions from hat￿d. while securing cross-party support for key areas of LGBTQ+ equality through our engagement with parties and candidates In the build-up to the 2021 Scottish Parliament election. The Stonewall Scotland team is worklnB with 34 new Diversity Champions and has delivered a range of prograrnmes to empower LG8Ta+ people and allies, includin8 programmes focused on bi people and trans allyship. reaching more thaft 31]) people across Scotland. The Stonewall Cymru team worked with Wetsh Government and the LG8TQ+ Independent Expert Panel to produce Wales, first ever LG8TQ+ Equality Action Plan, ran a series of digital events through the Mas ar y Maes partnership. We published resources on preventing child Sexual abuse of LGBTQ+ children and young people in partnership with Stop It Nowl and GALOP. We are working with 18 new Diversity Champions in Wales, and the team has dellvered empowernient se55ions to almost 5,Q)O people in Wales includlng through our largest Cymru Workplace Conference in February 2020. Stonewall .T￿ste￿S' rewrt and finanoalstatsment$20J9121 Finally, our Global tearn worked to promote human rights across the globe. We launched a partnership with Keshav Suri Foundation and Pride Circle In India to develop a Workplace Equality Index, with 65 employers enterin8 the index in its first year. We were civil society CO- chairs of the Equal Rights Coalltlon, worklng with the UK Government to provlde leadership to a multilateral community of 42 states and civil society or8anisations, developing a strategy and buildinB an international fund to support LG8TQ+ people globally. We worked to deliver three grant-funded project5 With our partners in the Out of the Margins network 124 organlsations In 22 countries), using research developed in partnership for advocary at the local, natlonal and multilateral level. We launched a project on Tracking & Tacklin8 Hate Speech & Crime against LGBTT People in the Western Balkans & Turkey wlth our reglonally based partner, Equal Rlghts Association. improving hate crime reporting in nine countries. We also launched the Equal Workplaces, Equal Rights projert, developlng an e-learning tool, advocacy strategy and to support employers promoting LGBTQ+ inclusion across a range of legal contexts within Commonweafth countrie5. Structure, governance and management Stonewall's governing Board of Trustees met regularly during the reporting period to devise, oversee and review strategic direction. Elected for a three-year period, each Trustee may be re-elerted for a furtherconsecutive term, plus lin exceptional circumstances) a second further consecutive term, each of three years, duration, althou8h Trustees generally serve two terms. We are comrnitted to hw4in8 a diverse and talented Board. Our approach to recrultlnB new Trustees is based on skills and addressin8 OPPOrtunitles to improve the diversity of the Board. New Trustees are briefed on the Memorandum and Articles of A550ciation. risk reglster, policies and procedure, delegation of authority, recruitment, re5erve5, conflirt of interest and current and previous yearf financial performance. With respon5ibiltyfor the 5trate8ic dirertion of Stonewall, Trustees delegate management to the Chief Executive and Senior Leadership who report on perforn)ance in Ilne with operatlonal plans approved bythe Board. The Flnance, Audlt. Risk and Compliance Committee (FARC) and Remuneration Commlttee (Remcol. made up of Trustees and Senior Leadership. operate under term5 of reference which delegate certaln functions from the Board. The Chief Executive and Senior Leadership report regularly, through FARC on the financial position, including outturn against the bLtd8et. The Committee receives Management Accounts and variance reports on a quarterty basi Stonewall Trtsstte$' iewrt ènd financtsi#atemeAts2019121 Remuneration of key personnel With a view to paylng at the market rate. the remuneration of the Senior Leadership and Chief Executlve Is benchmarked indlvidually, with the benchmarked salaries reviewed and agreed by the Remuneratlon Committee. Stonewall regularly benchmarks executive pay to ensure it Is In Ilne wlth market nonns. Diversity We believe ft Is only through the skllls. creatlvlty and dedicatlon of our staff, trustees and volunteers that we can chan8e the world for LG8TQ+ people, and it is vttal that our workforce, trustees and volunteers reflect the communfties we serve. We take particular care to prioritise race equity and trans inclusion in how we work, with commitments and actions that help us focu5 on improving our culture and prartices. and building equity within Stonewall. We are seeking to further progress bl and ace Incluslon within the charity. The Chlef Executlve and Senior Leadership are responsible for implementin8 our Equality, Dlversity and Inclusion policy and report on it annvally to the Board. Wlth a vlew to keeping in line with best practice and redressin8 any Issues, the staff survey asks people to self-identify. 52% of our staff were women 18% of our staff identified as trans 17% of our staff identified as non-binary 26% of our staff were frorn BAME IBlacK Asian and minority ethnic) communities 20% of our staff considered themselves to have an impaimient, conditlon or disability 13% of our staff were strai8ht 34% of our staff were bl 4% of our staff were under the asexuallaromantic urnbrella 43% of our staff were gay or lesbian 67% of our staff are aged 34 and under Il% of our staff are over 45 23% of our stsff had a faith Volunteers Volunteers are cricical to our day-to-day operation and our work Without their fundraising and admlnlstrative efforts in our offices, finance department, Information Service and external events, we estimate we'd need to employ another 3 members of full-time staff. Stonewall Ttustees. report And linaDCLII 5tatemeNr5 2019121 Financial position The accounts show a deficit for the l&month period to 31 March 2021 of £1,221k compared to a deficit of £809k for the year to 30 September 2019. Income was £11,549k compared to £8,316k for the previous period. This would equate to a decrease of £617k rf we were to average an annualised period. Expendlture for the period was £12,770k, an increase of £3,645k over the last reported year. rellertin8 an annualised decrease In expendttufe. Reserves At 31 March 2021. total Reserves were £2,810k (30 September 2019: £4,031k). Of these. Restricted Funds were £245k130 Septernber 2019: £279k) and Unrestrlcted Funds £2.565k {30 September 2019: £3,753k). The Desi8nated Fixed Asset Fund, refiectlngthe net bookvalue of the capitallsed leasehold Improvements. now totals £50k (30 September 2019: £191k). The Trustees re8ularly revlew the reseNe policy. The current policy is to hold 8eneral funds, exduding the designated fixed asset fund, equivalent to six rnonths, forecast eypenditure. As at 31 March 2021, this not achieved with the general reserve equivalent to 3.5 months, expenditure130 September 2019: 4.7). The period ending 31 March 2021 dld see addttlonal transfer of funds from reserrfes to maintaln operational activity, due to the decrease of income received as a result of the Covid pandernic affectin8 donors and institutions worldwide. Investments continue to have been made during the year, predominantly In infrastructure, to enable Stonewall to meet its strategic objettives. The reserves posltlon continues to be an area of priorty for the Board. and action is being undertaken to address the reserves posltion and move towards meeting the policy. These rese￿eS are needed to meet future growth plans and workin8 capital requtrements should there be a materlal deficiency in fundin8 at any point in the future. Risk management A thorough risk assessment is conducted by the Trustees annually. Stonewall manages risks within the Charity as part of the regular course of operational actrvity. It involves identlfylng the types of risk the charlty faces. prioritising them in terms of potential impact and likelihood of occurrence and identifyin8 means of miti6atin8 risks. As part of this process the Trustees review the adequacy of the charitrfs intemal controls and ensure compllance with best practice. The Director of Finance and Operations is responsible for Identifying and escalatlng serious risks and issues to the Board of Trustees within a pre-agreed risk appetite framework. Each quarter, the Finance, Audit, Risk and Compliance Commtttee assesses and reviews key risk5 including those relating to the safety and security of our employees. reputational rlsk of the Charity a5 a result of adverse media covera8e and operational and political challenge5 which threaten Stonewall's objectives. io Stonewall Trustees, rtport and fini￿131 statemettt$2019121 Notwithstanding the need to meet the Reserves policy as noted above. the Trustees have identified the followin8 key risks facin8 the Charity: Econornlc dlmate and thange in polltical landscape leadin8 to loss of income. Increase in complexity of the regulatory environmenL Increase in antl-LGBTQ+ rhetoric In the media• politics and the wider pub14c sphere. Covid-19 reducing our impart and income throu8h adaptation of delivery methods Idi8ital/blended/face to face) whilst retaining effective approaches. Going concern and Covid-19 The 8k)bal pandemic heavily irnparted our artivities as it did those of most or8aniSation5 across the world. Several events promoted by the charity had to be cancelled, however a great percentage of sold tickets were converted into donations. Other activities were performed remotely through peer-ttrpeer video conference or throu8h an innovative online platform rolled out to meet demand for an alternative to pre-pandemic face to face activities. Several Coronavlrus support funds were secured In 2020 and 2021, alon8 with HMRCS Coronavlrus Job Retention Scheme-CIRS, to covef expendituresthat could not be postponed nor renegotiate such as payroll and majority of our creditors. Credit control and cashflows also continue to be closely monitored. Bytaking a conservatlve approach to busine55 plannin8 and seeking new ways to secure funds and deliver our charttable artivities. the trustees have greater confidence that the lon8-term budget presented to them Is realistic and athievable. In order to confirn) the approprlateness of the going concern assumptlon in these accounts, the charity has developed base line and downside scenarios for the period to 31 March 2023. These scenarios demonstrate the impact on cash flows of managemenys best estimate of results for the period to 31 March 2023 as well a5 considerin8 'perfe¢( storm. scenarios. The scenarlos take into account the rlsks to fundraised income and demonstrate that, through careful cost control and actlve cost saving measures. the tharity would continue to have cash headroom, with no requirement to seek additional bank facilities. Based on these scenarios and other matters considered by the Board during the year. the trustees have a ￿aSonable expectation. at the time of appmvin8 financial statements, that the tharity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the 80in8 concern basis of accountin8 in preparing the financial statements. Stonewall Tfustees, report andfinan