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2023-03-31-accounts

STONEWALL EQUALITY LIMITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Registered Charity No. 1101255 (England and Wales)

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Contents

Contents
Charity information 3
Annual Report 4
Independent auditors’ report 19
Statement of financial activities 24
Balance sheet 25
Statement of cash flows 26
Notes to the financial statements 27

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Trustees Dunni Alao
Jean Vianney Cordeiro
John Dickinson-Lilley (appointed 19 July 2023)
Catherine Dixon
Louise Downe
Gbolahan Faleye
Sadiq-Riza Gillani (appointed 16 November 2022)
Ayla Holdom
Tabatha O'Brien-Butcher (appointed 16 November
2022)
Iain Anderson (appointed 16 November 2022, resigned
16 October 2023)
Adam Lake (resigned 9 September 2022)
Sheldon Mills (resigned 16 November 2022)
Michele Oliver (resigned 25 May 2023)
Andrew Pakes (resigned 20 June 2022)
Kyle Shea Ring (resigned 7 September 2023)
Meredith Williams (resigned 4 July 2023)
Chair Sheldon Mills (resigned 16 November 2022)
Iain Anderson (appointed 16 November 2022)
Catherine Dixon (appointed 16 October 2023)
Treasurer Jean Vianney Cordeiro
Chief Executive Nancy Kelley (resigned 21 July 2023)
Ben Whur (appointed 2 October 2023)
Company number 02412299
Charity number 1101255
(England and Wales)
SC039681
(Scotland)
Registered office and 192 St John Street
business address London
EC1V 4JY
Auditors Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers Barclays Bank plc
1 Churchill Place
London
E14 5HP

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Annual Report - Introduction

Welcome to the Annual Report of Stonewall Equality Limited (Stonewall), registered charity number 1101255. This Annual Report is for the year ending 31 March 2023 has been prepared in compliance with charity law, company law and the Statement of Recommended Practice (SORP).

This Annual Report aims to provide an overview of Stonewall’s activities, achievements, and financial performance during the reporting period.

Stonewall is a charity dedicated to promoting and protecting the rights of lesbian, gay, bi, trans, and queer (LGBTQ+) individuals across the United Kingdom and beyond. We strive to create a society where every LGBTQ+ person can live their lives freely, without fear of discrimination or prejudice.

In accordance with the law and SORP, we are committed to maintaining transparency and accountability in our operations. This Annual Report serves as a comprehensive document that outlines our key initiatives, partnerships, and financial information, ensuring that our stakeholders have a clear understanding of our work and its impact.

Throughout the reporting period, we have continued to champion LGBTQ+ rights through various means, including advocacy, education, and support services. Our efforts have focused on challenging discriminatory practices, promoting inclusive policies, and empowering individuals to live authentically and with pride.

In addition to our advocacy work, we have also collaborated with a wide range of organisations, both within the LGBTQ+ community and beyond, to amplify our impact. By forging strategic partnerships, we have been able to extend our reach, share resources, and work collectively towards a more inclusive society.

Financial transparency is of utmost importance to us, and we adhere to the highest standards of financial management. This report will provide a detailed breakdown of our income, expenditure and assets, ensuring that our stakeholders can assess our financial health and the efficient use of resources.

We would like to express our gratitude to our dedicated staff, volunteers, donors, and supporters who have contributed to our success. Without their commitment and generosity, our impact would not be possible. We also extend our appreciation to our beneficiaries, whose resilience and courage inspire us to continue fighting for equality and justice.

As we present this Annual Report, we remain steadfast in our mission to create a world where LGBTQ+ individuals are celebrated, respected, and afforded equal

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rights. We invite you to explore the following pages to learn more about our achievements, challenges, and plans for the future.

Thank you for your continued support and for joining us on this journey towards a more inclusive and accepting society.

Objectives and activities

The core aim of the charity is to advance the freedom, equity and potential for lesbian, gay, bi, trans, queer (LGBTQ+) people in the UK and worldwide in line with our charitable objects, which are:

  1. to promote human rights (as set out in the universal declaration of human rights and subsequent united nations conventions and declarations) throughout the world by all or any of the following means

  2. (a) monitoring abuses of human rights

  3. (b) research into human rights abuses

  4. (c) educating the public about human rights

  5. (d) providing advice to government and others on human rights matters

  6. (e) contributing to the sound administration of human rights law

  7. (f) commenting on proposed human rights legislation

  8. (g) raising awareness of human rights issues

  9. (h) promoting public support for human rights

  10. (i) promoting respect for human rights among individuals and corporations

  11. (j) international advocacy of human rights

  12. (k) eliminating infringements of human rights

In furtherance of that object, but not otherwise, the trustees shall have power to engage in political activity provide that the trustees are satisfied that the proposed activities will further the purposes of the charity to an extent justified by the resources committed and the activity is not the dominant means by which the charity carries out its objects.

  1. To promote equality and diversity in the United Kingdom and in particular the elimination of discrimination on the ground of sexual orientation for the benefit of the public by;

  2. a) raising awareness of all aspects of discrimination in society by publications, lectures, use of the media, public advocacy and other means of communication;

  3. b) conducting or commissioning research on equality and diversity and publishing the results of the same to the public;

  4. c) advancing education in equality and diversity whether by teaching or producing materials;

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In short, we imagine a world where LGBTQ+ people everywhere are free to be themselves and can live their lives to the full.

The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

Our impact

In May 2021 we published our new four-year strategy, Free To Be, which sets out how Stonewall will campaign for the freedom, equity and potential of all LGBTQ+ people in the UK and globally.

Our strategy sets out the world we imagine for LGBTQ+ people, where all of us are free to be ourselves.

In Free To Be, we set out Stonewall's strategy to 2025, working in partnership with a diverse global movement of LGBTQ+ organisations, workplaces, schools and sport bodies to make the world we imagine a reality. We grouped our actions under three strategic pillars:

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We are proud that we have already achieved successes under our new priorities in the first two years of the strategy, establishing new partnerships in the UK and globally, and working collaboratively across our movement to drive change.

In the year to 31 March 2023, we have focused on building and mobilising our supporter base and equipping them with the skills and tools to champion LGBTQ+ equality in their communities. We have continued to grow our number of individual supporters, and to strengthen of our relationships across civil society.

To support our strategy, we have continued to work to stabilise our finances following the disruption of the pandemic and global economic downturn. We have taken steps to strengthen our governance, systems and internal ways of working to ensure that Stonewall has the infrastructure it needs to deliver on our Free To Be strategy.

Freedom

We imagine a world where LGBTQ+ people have the same rights as everybody else. Where the laws of our home countries, and of countries internationally, shield us from harm and allow us to live openly, unapologetically, and proudly.

After helping secure commitments from the UK Government, Scottish Government and Northern Ireland Executive to legislate against conversion practices, the UK Government’s have failed to put forward legislation which would result in a conversion therapy ban. We campaigned extensively over the course of the year to maintain commitment to introducing a law that would protect LGBTQ+ people from the abusive practice of conversion therapy that can result in a lifelong impact on LGBTQ+ people’s mental health and wellbeing. This year, more than 56,000 Stonewall supporters have written to their MPs , asking them to continue pressing for a ban on conversion practices.

Following our work to support the re-location of LGBTQ+ refugees and their immediate family from Afghanistan, working in partnership with ILGA Asia, we launched Safar, a highly secure case management system to allow us to more effectively and safely record requests for help, triage support, and handle resettlement applications with a number of governments. We delivered webinars to key stakeholders across the humanitarian support sector, policy makers and government representatives, in order to build networks for referrals and collaboration.

We are proud of our domestic and global work to protect and support LGBTQ+ people who have been victims of hate crime. This year, as part of our groundbreaking Global Equality Fund Alliance Against Hate project, we worked with civil society partners in Georgia, Romania and Bulgaria to develop online platforms that will allow survivors to report hate crimes and receive support from our partners, or to report anonymously. We have delivered further trainings to law enforcement personnel, as well as to prosecutors, to bolster them in tackling hate crimes against LGBTQ+ people and to enable them to better support LGBTQ+ victims of hate crime.

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In the UK we launched our hate-crime reporting app Zoteria in partnership with Galop and the Vodafone Foundation, with a view to developing the app in other countries with partners in civil society.

Fighting for the freedom of LGBTQ+ people everywhere, we have also:

Equity

When we think of equity, we imagine a world where all LGBTQ+ people experience equitable outcomes. We recognise that equitable outcomes look different for each of us, and that many of us face different barriers in our lives based on our identities and experiences. Taking an equitable approach means recognising and addressing the specific needs of our diverse communities not only in our words, but in our actions.

Following the launch of our IVF For All campaign to ensure that lesbian, bi and queer women as well as trans and non-binary people have equitable access to fertility support on the NHS, we secured commitments in the 2022 UK Government’s Women’s Health Strategy to remove the £25,000 costs that many couples faced before they are able to get support from the NHS. Six months on from the announcement we completed analysis of how the policy was being implemented at a local level, planning further campaigns to ensure that all couples can benefit from the changes wherever they live.

By working in partnership with NHS England, LGBT Foundation, Switchboard and LGBT Consortium, we continued delivery of Phase II of the NHS Rainbow Badge programme . Now in its second year, we have worked with 78 NHS

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organisations to benchmark their progress on inclusion and support their work to make all of their services accessible and welcoming to LGBTQ+ people. These trusts reach more than a third of patients in England.

We campaigned extensively to support the passing of the Scottish Government’s Gender Recognition Reform Bill. The Bill was passed following extensive scrutiny with a solid majority of support from Members of the Scottish Parliament, with support drawn from all parties. The Bill is yet to receive Royal Assent following the unprecedented use of Section 35 by the UK Government. We planned interventions in the section 35 proceedings to assist the court by providing evidence in support of de-medicalised gender recognition process in line with leading and progressive practice around the world, including in Ireland.

Campaigning for equity for all LGBTQ+ people, we have also:

Potential

We believe that LGBTQ+ people, across the world and across every stage of our lives, have limitless potential. We imagine a world where each and every one of us is proud of who we are, whether we’re out to the world or just to ourselves. We imagine our pride driving us to use our potential in whatever way we like.

Our programmes work with organisations to create a world where LGBTQ+ people can not only dream big, but to have the resources needed to make our dreams a reality.

Our Young Futures project continues to develop and support LGBTQ+ young people to take their next steps into education, training, apprenticeship, or work. We have built a community of almost 400 newsletter subscribers, reached more than 30,000 people on social media, and our Young Futures videos have been viewed more than half a

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million times. Focus groups have also provided tangible insights from a range of intersecting experiences to inform our approach. This work is successfully expanding to offer direct support to our audience through a partnership with Catch22 and the TikTok Creative academy, which will actively overcome barriers and support for 80 LGBTQ+ young people per year to find work in the creative industries.

For LGBTQ+ adults in the workplace, our Diversity Champions programme continues to reach new employers from a range of sectors to build workplaces that give LGBTQ+ employees the support and resources they need to achieve their potential. Our Diversity Champions family employs a quarter of workers in the UK, making a huge difference to LGBTQ+ people at work across the country.

Sport brings communities together, and our Rainbow Laces campaign, now in its ninth year mobilised the public to show their support for LGBTQ+ communities globally and across the UK. Marking the World Cup in Qatar, we launched the Proud Stadium campaign to build support for LGBTQ+ human rights globally, with more than 60,000 people sign up to learn about LGBTQ+ rights across the world and to show their support. Polling for Stonewall by ICM Unlimited found that 51% of sport fans said they were more aware of LGBTQ+ rights across the world as a result of campaigning. Looking at the impact of the UK-focused Rainbow Laces campaign, the same polling demonstrated a 10% increase in sport fans who would challenge anti-LGBTQ+ language in sport.

Championing the potential of LGBTQ+ people everywhere, we have also:

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Future objectives and priorities

Following the launch of our 2021-5 Free To Be strategy in May 2021, Stonewall developed a three-year corporate plan, which supported annual business planning to deliver the strategy.

Over the coming year we will focus on:

Freedom

  1. Campaigning to strengthen hate crime laws, reporting and enforcement globally, and supporting civil society to respond to the rising tide of hate.

  2. Campaigning for a legal ban on Conversion Therapy in all parts of the UK

  3. Supporting legal gender recognition improvements in Scotland to be implemented effectively

  4. Supporting LGBTQ+ refugees in the UK and globally

  5. Securing support for LGBTQ+ inclusive policies by all political parties in the run up to the next UK General Election

  6. Campaigning to protect anti-discrimination laws in the UK

Equity

  1. Campaigning to remove barriers to accessing IVF support on the NHS for LGBTQ+ couples

  2. Working with the NHS, civil society and campaigning to improve trans people's experiences of healthcare and justice services

  3. Publishing new research that evidences the barriers to inclusion for LGBTQ+ people

Potential

  1. Continuing to strengthen and expand our workplace programmes globally

  2. Delivering programmes and support to schools to improve LGBTQ+ inclusion

  3. Protect and strengthen guidance and support for schools and colleges to deliver an LGBTQ+ inclusive education

  4. Delivering our 10[th] Rainbow Laces campaign and sport programmes to make sport everyone's game

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  1. Building and delivering a wide range of programmes and events to empower LGBTQ+ people and allies as leaders, role models and activists.

Structure, governance and management

Stonewall’s Board of Trustees met regularly during the reporting period to devise, and oversee the delivery of the strategy. Elected for a three-year period, each Trustee may be re-elected for a further three-year term, plus (in exceptional circumstances) a third three-year term.

We are committed to having a diverse and talented Board. Our approach to recruiting new Trustees is based on skills and addressing opportunities to improve the diversity of the Board.

New Trustees have an induction and are required to undertake mandatory training. They are briefed on the Memorandum and Articles of Association, risk register, policies and procedure, delegation of authority, recruitment, reserves, conflict of interest and current and previous years’ financial performance.

With responsibility for the strategic direction of Stonewall, Trustees delegate management to the Chief Executive and Senior Leadership who report on performance in line with operational plans approved by the Board.

The Finance, Audit, Risk and Compliance Committee (FARC) and Remuneration Committee (RemCo), made up of Trustees and attended by Senior Leadership, operate under terms of reference which delegate certain functions from the Board.

The Chief Executive and Senior Leadership report regularly to the Board and through FARC on the financial position, including outturn against the budget. FARC and the Board receives Management Accounts and financial reports at meetings.

Remuneration of key personnel

With a view to paying at the market rate, the remuneration of the Senior Leadership and Chief Executive is benchmarked individually, with the benchmarked salaries reviewed and agreed by the Remuneration Committee and recommended for approval to the Board. Stonewall regularly benchmarks executive pay to ensure it is in line with market norms.

Diversity

We believe it is only through the skills, creativity and dedication of our staff, trustees and volunteers that we can change the world for LGBTQ+ people, and it is vital that our workforce, trustees and volunteers reflect the communities we serve.

We take particular care to prioritise race equity and trans inclusion in how we work, with commitments and actions that help us focus on improving our culture and

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practices and building equity within Stonewall. We are seeking to further progress bi and ace inclusion within the charity.

The Chief Executive and Senior Leadership Team are responsible for implementing our Equality, Diversity and Inclusion policy and report on it annually to the Board.

In our 2022/2023 data we can see that, as at 31 March 2023;

Volunteers

Volunteers are critical to our day-to-day operation and our work. Without their fundraising and administrative efforts in our offices, finance department, Information Service and external events, we estimate we’d need to employ another 4 members of full-time staff.

Financial position

In common with many charities, challenging operating conditions arose from the combination of COVID-19 and the economic downturn. The Board of Trustees approved a transformation programme during the financial year ending 31 March 2022. The programme sought to streamline operations, implement stronger controls, and build efficiencies into the teams. Transformation continues within the organisation. The current and final phase of changes expected to complete in 2024.

With this as a backdrop to the financial year, alongside a prediction of achieving a small deficit, the Charity’s accounts show a deficit of £437k for the financial year ending 31 March 2023 because of additional costs arising from the change programme, continued challenges achieving income targets, historic levels of inflationary cost increases and the phasing of multi-year grant programme payments.

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This was an increase of £58k on the previous year, which reported a deficit of £379k. Included within this was £183k of transformation costs, associated with the change programme and the implementation of new processes and teams.

Income for the year was £7,780k compared to £7,846k in the year ending 31 March 2022. Expenditure was £8,217k compared to £8,225k. Overall, considering the significant amount of change activity in the year, performance has been stable when comparing to the previous year.

Reserves

As at 31 March 2023, total Reserves were £1,994k (31 March 2022: £2,431k). Of these, Restricted Funds were £683k (31 March 2022: £497k) and Unrestricted Funds of £1,311k (31 March 2022: £1,934k).

The Trustees regularly review the reserve policy. The Trustees reserve policy is to hold 9 months' unrestricted forecast expenditure, plus a further 3 months' unrestricted to represent an Innovation & Transformation fund for the future.

The financial year ending 31 March 2023 saw the Charity draw on reserves, once again, to support operational activity during a period of change whilst also continuing to respond to a challenging and dynamic economic environment.

As at 31 March 2023, Stonewall was holding 2.2 months of unrestricted forecast expenditure. The reserves position will continue to be an area of priority for the Board and will be reported to the Board on a regular basis. These reserves are needed for future growth plans and working capital requirements should there be a material deficiency in funding at any point in the future. Trustees expect the final phase of transformation to complete in 2024 and the forward business plan includes a rebuilding of reserves over several years.

Risk management

A review of the strategic risk register is conducted by the Trustees routinely with a full review annually. Stonewall manages risks within the Charity as part of the regular course of operational activity. The management and reporting of risk involves identifying the types of risk the charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying mitigations. As part of this process the Trustees review the adequacy of the charity’s internal controls and ensure compliance with best practice. The Finance and Commercial Director is responsible for identifying and escalating serious risks and issues to the Board of Trustees within a pre-agreed risk appetite framework.

Each quarter, the Finance, Audit, Risk and Compliance Committee assesses and reviews key risks including those relating to the safety and security of our employees, reputational risk of the Charity as arising from adverse media coverage, political

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challenges relating to our charitable mission, and operational challenges which need to be assessed and addressed to ensure the delivery of Stonewall’s charitable objectives.

The Trustees have identified the following key risks facing the Charity:

Whilst controls and mitigations enable these risks to be kept within manageable levels, the volatility of the environment does mean that Stonewall must be nimble and ready to always act.

The transformation programme has been carefully calibrated to provide the charity the ability to respond flexibly and ensure a robust financial envelope.

Going concern

We have now moved out of the global pandemic, although the global and domestic economic climate remains challenging for the Charity's partners and clients.

Like many charities, Stonewall has relied on its reserves to support charitable activity. The economic and social environment has had, and will continue to have, an impact on the income generating capabilities of the Charity.

The Charity has a transformation programme that is expected to complete in 2024. The programme is designed to implement a robust operating model, alongside financial and programme assurance.

Trustees continue to take a conservative approach to business planning and seek new ways to secure funds to deliver our charitable objectives. Although the coming financial year will be focused on the strengthening and consolidation of work that has happened in the previous year. The Trustees are keen to ensure that any long-term budget presented is realistic and achievable, with the appropriate levels of controls in place in order to take action, should this be necessary.

In order to confirm the appropriateness of the going concern assumption in these accounts, the Charity has developed base line and downside scenarios for the period to March 2025. These scenarios demonstrate the impact on cash flow of Management’s best estimate of results for the period to 31 March 2025. The scenarios take into account the risks to income and demonstrate that, through careful cost control and active cost saving measures, the charity would continue to have acceptable, reasonable, good, predictable levels of cash headroom.

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Based on these scenarios and other matters considered by the Board during the year, the Trustees have a reasonable expectation, at the time of approving financial statements, that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Fundraising practices statement

Stonewall relies on the generous support of grant-makers, corporate and individual donors. Without them, we would not be able to continue to pursue our vision of creating a world where LGBTQ+ people everywhere are free to be themselves. Consequently, our fundraising policies and procedures are robust and transparent, and are applied scrupulously in order to protect our donors and in particular people in vulnerable circumstances.

Our promise to our supporters includes making the best use of their donations, being transparent in how donations are spent, informing donors about the difference their support makes, respecting privacy, and making it easy for donors to choose how we communicate with them.

To ensure compliance with the regulatory framework and adherence to current regulations, including the General Data Protection Regulation, Data Protection Act 2018 and relevant guidance from the ICO, suppliers (telephone fundraising agency, two SMS agencies, postal agency and merchandise fulfilment house) are all bound by written contracts, and we hold our third-party suppliers to the same GDPR compliance standards that we adhere to.

The data protection policies of each supplier are screened, and we ensure that they can demonstrate compliance with GDPR in their data sharing and processing agreements with Stonewall.

We engage professional fundraisers to carry out fundraising on our behalf. The activities of our professional fundraisers, including our Payroll Giving agency and telephone fundraising agency are actively monitored, and they are contracted to provide daily reports and end of campaign reports which include amounts raised, issues with erroneous data and any complaints. These agencies are members of the Fundraising Regulator and are bound by its Code.

Stonewall is registered with the Fundraising Regulator and bound by its Code of Fundraising Practice. We continue to engage with the Regulator as this code is revised to ensure all our fundraising activities are compliant and operating to the highest standards. We are members of the Chartered Institute of Fundraising. We have fully complied with the Code during the reporting period.

Stonewall is determined to ensure we follow and adapt our processes to reflect the ever-changing fundraising landscape. We’re committed to making sure our policies and procedures relating to our supporters are clear and transparent, and we make it

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easy for them to inform us of any issues they have with our communications or data management. All our fundraising staff undertake safeguarding training to protect vulnerable people and other members of the public, whilst we are fundraising.

We are members of the Telephone Preference Service and the Fundraising Preference Service.

The number of complaints received in the year in relation to fundraising was 0.

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also directors of Stonewall for the purposes of company law) are responsible for ensuring the Annual Report and the financial statements are prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to ensure that financial statements for each financial year give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for ensuring Stonewall keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the requirements of the Charities Act 2011, Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

As far as the Trustees are aware:

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This report, which incorporates the Strategic Report for the purposes of the Companies Act 2006, was approved by the Board on 13 December 2023 and signed on their behalf by:

Catherine Dixon

Chair of Trustees

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

Opinion

We have audited the financial statements of Stonewall Equality Limited for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the cash flow statement 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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.

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 the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

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 which includes the Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 17 and 18, the trustees (who are also 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 to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated

21

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

22

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS

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, and to the charitable company’s trustees as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees 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, the charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP

Chartered Accountants 71 Queen Victoria Street, Statutory Auditors London EC4V 4BE Date 13 December 2023

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

23

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account)

Notes
Income from:
Donations and legacies
2
Grants
3
Fee income
4
Programme income
5
Sponsorship
Events income
6
Investments
Other trading activities
7
Total income
Expenditure on:
Raising funds:
Fundraising
8
Charitable activities:
Campaigns, policy and
research
8
Employment advice
8
Empowerment
programmes
8
Total expenditure
Transfers between funds
Net expenditure / (income)
for the period
9
Total funds brought forward
15
Total funds carried forward
15		 Unrestricted
funds
£
1,782,294
13,594
2,953,713
548,114
317,060
482,145
2,800
365,853
6,465,573
1,724,041
2,985,645
1,924,816
453,838
7,088,340
-
(622,767)
1,933,929
1,311,162		 Restricted
funds
£
35,000
1,279,351
-
-
-
-
-
-
1,314,351
-
232,899
-
895,306
1,128,205
-
186,146
496,974
683,120		 31 March
2023
£
1,817,294
1,292,945
2,953,713
548,114
317,060
482,145
2,800
365,853
7,779,924
1,724,041
3,218,544
1,924,816
1,349,144
8,216,545
-
(436,621)
2,430,903
1,994,282		 31 March
2022
£
1,854,342
905,152
3,329,402
549,822
559,289
282,316
1,285
364,202
7,845,810
1,518,094
3,271,731
2,158,434
1,276,475
8,224,734
-
(378,924)
2,809,827
2,430,903

There are no recognised gains and losses other than those in the statement of financial activities. All the above amounts relate to continuing activities.

The notes on pages 27 to 43 form part of these financial statements.

24

STONEWALL EQUALITY LIMITED

AS AT 31 MARCH 2023

BALANCE SHEET

Notes
Fixed assets
Tangible assets
10
Investments
11
Total fixed assets
Current assets
Debtors
12
Cash at bank
Total current assets
Liabilities
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Total net assets
Funds of the charity:
Restricted funds
Unrestricted funds:
Designated Innovation and Transformation fund
General funds
Total funds
15		 31 March
2023
£
284,366
1,101,856
1,386,222
1,324,753
591,097
1,915,850
1,307,790
608,061
1,994,282
1,994,282
683,120
-
1,311,162
2
1,994,282		 31 March
2022
£
403,663
1,098,967
1,502,630
1,515,298
890,553
2,405,851
1,477,578
928,273
2,430,903
2,430,903
496,974
-
1,933,929
2,430,903

The financial statements on pages 24 to 43 were approved by the Board of Trustees on 13 December 2023 and signed on its behalf by

Catherine Dixon Jean Vianney Cordeiro Chair of Trustees Treasurer

The notes on pages 27 to 43 form part of these financial statements.

Company number: 02412299

25

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

Cash flows from operating activities:
Net cash (used in) / provided by operating activities
Cash flows from investing activities
Interest from investments
Purchase of fixed assets
Investment income reinvested
Net cash used in investment activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at the end of the year		 31 March
2023
£
(299,367)

2,800

(2,889)
(89)
(299,456)
890,553
591,097		 31 March
2022
£
413,919
1,285
(289,186)
(1,459)
(289,360)
124,559
765,994
890,553

The charity has no debt; therefore, cash and cash equivalents at the end of the year are the same as net funds.

Reconciliation of net movement in funds to net cash flow from operating activities:

Net movement in funds for the year
Investment income
Depreciation charges
Decrease in debtors
Decrease in creditors
Net cash (used in) / provided by operating activities		 31 March
2023
£
(436,621)
(2,800)
119,297
190,544
(169,787)
(299,367)		 31 March
2022
£
(378,924)
(1,285)
102,148
961,968
(269,988)
413,919

26

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting Policies

Accounting convention

These 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 UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), 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 FRS102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

Going concern

In order to confirm the appropriateness of the going concern assumption in these accounts, the Charity has developed base line and downside scenarios for the period to December 2025. These scenarios demonstrate the impact on cash flow of Management’s best estimate of results for the period to 31 March 2025 as well as considering 'perfect storm' scenarios. The scenarios take into account the risks to fundraised income and demonstrate that, through careful cost control and active cost saving measures, the charity would continue to have cash headroom.

Based on these scenarios and other matters considered by the Board during the year, the Trustees have a reasonable expectation, at the time of approving financial statements, that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.

Critical estimate and judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period

27

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods. In the opinion of the Trustees there were no critical estimates or judgements used that would result in a material change to the value of an asset or liability over the next year.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the charitable objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted income funds are funds subject to specific restrictions imposed by donors. The purpose and use of the restricted funds is set out in the notes to the financial statements.

Government grants

Revenue grants are credited to the statement of financial activities when there is entitlement and probability of receipt and when the amount can be reliably measured.

Income

All income is accounted for as soon as the charity has entitlement to the income, receipt is probable and the amount is quantifiable.

Membership income is recognised in full at the beginning of the year to which it relates.

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Trustees’ Annual Report.

Gifts in kind

Gifts in kind by way of donated services are recognised as an incoming resource where the provider of the service has incurred a financial cost. Donated services are recognised on the basis of the value to the charity, which is the amount the charity would have been willing to pay to obtain the services of equivalent economic benefit in the open market. A corresponding amount is then recognised in expenditure in the period of receipt.

Pension policy

The charity operates a pensions policy in compliance with the Stakeholder pension requirements. The charity does not have its own pension scheme. Instead the charity contributes up to 9% to a private pension scheme chosen by the individual concerned. As such, the amount paid in respect of contributions to such schemes is included within the wages and salaries expense.

Resources expended

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of the resources.

28

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

Direct costs, including directly attributable salaries, are allocated on an actual basis to the key strategic areas of activity. Overheads and other salaries are allocated between expense headings on the basis of staff numbers.

Governance costs are those incurred in connection with the management of the charity’s assets, organisational administration and compliance with constitutional and statutory requirements.

Fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life from the point the asset is in use, as follows:

Fixtures, fittings and equipment 25% - 100% straight line Website and software development 25% - 33% straight line Leasehold improvements 20% straight line/break clause of lease

The charity does not capitalise individual expenditure items below £1,000.

Investments

Cash balances held as part of the long-term reserves policy are classified as fixed asset investments, as the trustees do not intend to release the funds in the next 12 months. These are included at cost.

VAT

Where appropriate, expenditure includes irrecoverable value added tax.

29

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

2 Donations

Individual donations
Corporate donations
Legacies
Donated goods		 31 March
2023
31 March
2022
Unrestricted
Restricted
£
£
£
£
1,175,067
-
1,175,067
1,210,605
367,909
35,000
402,909
416,777
170,368
-
170,368
208,960
68,950
-
68,950
18,000
1,782,294
35,000
1,817,294
1,854,342

Donated goods comprise auction prizes for our fundraising events

30

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

3 Income from charitable activities: Grants

Arts Council of Wales
Bleu Blanc Rouge Foundation
BT Supporters Club
Catalyst and The National Lottery
Community Fund
The Centre for Youth Impact
Charities Aid Foundation America
Clivedon Trust
Comic Relief
Foreign & Commonwealth
Development Office
Global Equality Fund
Groundwork UK
HMRC - Coronavirus Job Retention
Scheme (CJRS)
The Kroll Foundation
Mazars Charitable Trust
Morris Family Trust
National Lottery Community Fund
NHS Scotland
Orr Mackintosh Foundation
Scottish Government
Standard & Poor Foundation
UPS Foundation
Vodafone Foundation
Wales Council for Voluntary Action
Wellspring Philanthropic Fund
Welsh Government
W & M Morris Charitable Trust		 31 March
2023
31 March
2022
Unrestricted
Restricted
£
£
£
£
-
89,700
89,700
-
2,779
-
2,779
-
-
4,144
4,144
-
-
-
-
5,000
200
-
200
-
-
5,526
5,526
-
500
-
500
-
-
-
-
5,258
-
173,034
173,034
88,713
-
204,442
204,442
137,254
-
1,000
1,000
-
-
-
1,877
2,415
-
2,415
-
200
-
200
-
500
-
500
-
69,643
69,643
16,118
38,878
38,878
45,895
5,000
-
5,000
-
-
101,613
101,613
99,917
-
162,456
162,456
-
-
40,142
40,142
14,611
-
121,408
121,408
226,206
-
52,971
52,971
3,501
-
114,394
114,394
91,932
-
100,000
100,000
168,870
2,000
-
2,000
-
13,594
1,279,3511,292,945
905,152

Total income from Government Sources £572,868 (2022: £426,390)

31

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

3 Income from charitable activities: Grants (continued)

Comparative information for year ended 31 March 2022:

Catalyst and The National Lottery
Community Fund
Comic Relief
Foreign and Commonwealth Office
Global Equality Fund
Coronavirus Job Retention Scheme
National Lottery Community Fund
NHS Scotland
Scottish Government
UPS Foundation
Vodafone Foundation
Wales Council for Voluntary Action
Wellspring Philanthropic Fund
Welsh Government		 Total
Year
Unrestricted
Restricted
31-Mar-22
£
£
£
-
5,000
5,000
-
5,258
5,258
-
88,713
88,713
-
137,254
137,254
-
1,877
1,877
16,118
16,118
-
45,895
45,895
-
99,917
99,917
-
14,611
14,611
-
226,206
226,206
-
3,501
3,501
34
91,898
91,932
-
168,870
168,870
34
905,118
905,152

32

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

4 Fees

Fee income consists of income from private, public and third sector organisations who join our Diversity Champions workplace inclusion programme or Global Founding Partners programme, annual contributions from schools or Local Authorities joining our School Champions or Education Champions programmes, and charges made for providing Stonewall speakers for events or related to bespoke consultancy requests. Total fee income was £2,953,713 (2022: £3,329,402).

5 Programmes

Programmes income consists of income related to delegates attending any of Stonewall’s empowerment (personal and professional development) programmes (such as the LGBT Leadership programme, LGBT Role Model programme, Ally and/or Trans Ally programmes), as well as Train the Trainer programmes (such as the Teacher Train the Trainer programme) and other programmes. Total programmes income was £548,114 (2022: £549,822).

6 Events income

Bespoke events
Ticket sales
Auction income
Raffle
ther trading activities
Advertising income
Merchandise sales
Other		 31 March
2023
£
31 March
2022
£
19,480
121,969
352,961
143,335
102,569
11,101
7,135
5,911
482,145
282,316
31 March
2023
£
31 March
2022
£
43,410
103,150
181,666
240,763
140,777
20,289
365,853
364,202

7 Other trading activities

33

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

8 Total expenditure

a) Year ended 31 March 2023

Direct Support Governance 31 March 31 March 31 March
Activities Costs Costs 2023 2022
£ £ £ £ £
Raising funds:
Fundraising costs 1,313,105 390,551 20,386 1,724,041 1,518,094
Charitable activities:
Campaigns, policy and
research		 2,429,735 749,678 39,131 3,218,544 3,271,731
Employment advice 1,195,050 693,565 36,202 1,924,816 2,158,434
Empowerment
programmes		 595,761 716,010 37,373 1,349,144 1,276,475
Total charitable activities 4,220,545 2,159,254 112,706 6,492,504 6,706,640
Total expenditure 5,533,649 2,549,805 133,092 8,216,546 8,224,734
b) Year ended 31 March 2022
Direct Support Governance Year
Activities Costs Costs 31 March
2022
£ £ £ £
Raising funds:
Fundraising costs 1,201,432 314,942 1,720 1,518,094
Charitable activities:
Campaigns, policy and
research		 2,563,591 704,293 3,847 3,271,731
Employment advice 1,521,630 633,345 3,459 2,158,434
Empowerment
programmes		 580,514 692,180 3,781 1,276,475
Total charitable activities 4,665,735 2,029,818 11,087 6,706,640
Total expenditure 5,867,167 2,344,760 12,807 8,224,734

34

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

8 Total expenditure (continued)

a) Support costs for the year ended 31 March 2023 comprise:

Raising Charitable 31 March 31 March
funds activities 2023 2022
£ £ £ £
General Management 183,232 1,013,039 1,196,271 475,906
Finance, operations, human resources 207,319 1,146,215 1,353,534 1,868,854
and information technology
390,551 2,159,254 2,549,805 2,344,760
b) Support costs for the year ended 31 March 2022 comprise:
Raising Charitable Year
funds activities 31 March
2022
£ £ £
General Management 63,922 411,984 475,906
Finance, operations, human resources 251,019 1,617,834 1,868,854
and information technology
314,942 2,029,818 2,344,760

Support costs are apportioned based on staff numbers.

35

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

9 Net expenditure for the period

31 March 31 March
2023 2022
£ £
Net expenditure is stated after charging:
Auditors’ remuneration (excluding VAT) for
- Statutory audit 32,916 28,255
- Assurance services: donor audits 4,290 3,180
Depreciation 119,298 102,148
Operating lease expense 144,695 319,706

10 Tangible fixed assets

Cost
At 31 March 2022
Additions
At 31 March 2023
Depreciation
At 31 March 2022
Charge for year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Leasehold
Fixtures
Website
improve-
fittings and
and software
ments
equipment
development
Total
£
£
£
£
468,385
57,631
506,207
1,032,223
-
-
-
-
468,385
57,631
506,207
1,032,223
466,076
46,774
115,709
628,560
1,842
5,384
112,072
119,298
467,918
52,158
227,781
747,856
467
5,473
278,426
284,366
2,308
10,857
390,497
403,663

The fixed assets are used to support all of the charity’s activities.

36

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

11 Investments

Investments are cash balances held on deposit with Virgin Money.

12 Debtors

Fees receivable
Prepayments and accrued income
Other debtors
reditors: Amounts falling due within one year
Accounts payable
Taxation and social security costs
Accruals
Deferred income (Note 14)		 2023
£
2022
£
580,345
782,064
647,637
640,520
96,771
92,714
1,324,753
1,515,298
2023
£
2022
£
384,328
361,060
367,295
499,602
303,419
322,263
252,748
294,653
1,307,790
1,477,578

13 Creditors: Amounts falling due within one year

14 Deferred income

Deferred income is funding received in advance for programme activity delivered in a future financial period.

Opening Amounts Current Closing
balance released period balance
funding
deferred
£ £ £ £
Deferred income 294,653 (1,922,227) 1,880,322 252,748

37

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

15 Movement in funds

a) Year ended 31 March 2023

General funds:
Designated funds:
Innovation &
Transformation fund
Education fund
Fixed asset fund
Total unrestricted
funds
Restricted funds:
Campaigns, policy and
research
Empowerment
programmes
Total restricted funds
Total funds		 Balance at
31 March
2022
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2023
£
1,933,929
6,465,573
7,088,340
-
1,311,162
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,933,929
6,465,573
7,088,340
-
1,311,162
16,836
262,344
232,899
-
46,281
480,138
1,052,007
895,306
-
636,839
4
496,974
1,314,351
1,128,205
-
683,120
2,430,903
7,779,924
8,216,545
-
1,994,282

Designated funds

We have previously held two designated funds, the Fixed asset fund and Education fund. Both of these are now fully utilised. In 2022, the Trustees approved a new reserve policy to hold 9 months' unrestricted forecast expenditure, plus a further 3 months' unrestricted to represent an Innovation & Transformation fund for the future. For the Year Ended 31 March 2023, Trustees did not allocate any funds to the Innovation & Transformation designated fund.

38

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

15 Movement in funds (continued)

Restricted funds

Restricted funds are used to fund Stonewall’s core areas of work.

Carried forward restricted funds represent either income received prior to the year end for which work has not commenced or income which is due for work which spans the year end.

b) Year ended 31 March 2022

General funds:
Designated funds:
Education fund
Fixed asset fund
Total unrestricted
funds
Restricted funds:
Campaigns, policy and
research
Empowerment
programmes
Total restricted funds
Total funds		 Balance at
31
March
2021
£
Income
£
Expenditure
£
Transfers
£
Balance at
31
March
2022
£
2,382,667
6,814,972
7,446,155
182,445
1,933,929
132,000
-
-
(132,000)
-
50,452
-
-
(50,452)
-
2,565,119
6,814,972
7,446,155
(7)
1,933,929
28,578
288,751
300,490
(3)
16,836
216,130
742,087
478,089
10
480,138
4
244,708
1,030,838
778,579
7
496,974
2,809,827
7,845,810
8,224,734
-
2,430,903

39

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

16 Analysis of net assets between funds

a) Fund balances at 31 March 2023 are represented by:

Fixed Assets
Debtors
Creditors
Cash at bank		 Unrestricted
funds
£
Restricted
funds
£
Total
funds
£
1,386,222
-
1,386,222
1,031,727
293,026
1,324,753
(1,276,886)
(30,904)
(1,307,790)
170,099
420,998
591,097
1,311,162
683,120
1,994,282

b) Fund balances at 31 March 2022 are represented by:

Fixed Assets
Debtors
Creditors
Cash at bank
17
Staff costs and numbers
a) Staff costs
Salaries
Social security
Pension
Agency staff and other contractors		 Unrestricted
funds
£
1,502,630
1,402,545
(1,441,715)
470,469		 Restricted
funds
£
Total
funds
£
-
1,502,630
112,753
1,515,298
(35,863)
(1,477,578)
420,084
890,553
1,933,929 496,974
2,430,903
31 March
2023
£
31 March
2022
£
4,399,581
4,649,312
474, 931
483,310
315,795
333,521
65,010
451,843
5,255,317
5,917,986

40

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

17 Staff costs (continued)

The number of employees whose emoluments amounted to over £60,000 in the financial year were as follows:

31 March 31 March
2023 2022
£60,000 to £69,999 3 3
£70,000 to £79,999 1 2
£80,000 to £89,999 1 -
£90,000 to £99,999 - -
£100,000 to £109,999 1 -
£110,000 to £119,999 - -
£120,000 to £129,000 1 1

The key management personnel of the organisation in the year, comprised the Chief Executive and six Directors, with one Directors' post being replaced during the year. The total employee benefits of key management personnel of the organisation were £645,803 (2022: £630,344).

The average number of employees analysed by function was:

Direct charitable activities
Fundraising
Management and administration		 31 March
2023
92
15
13
120		 31 March
2022
104
15
11
135
130

The charity made termination payments in the year of £25,713 relating to voluntary redundancy of 3 members of staff (2022: nil).

b) Trustees

Two trustees received a total of £550 in reimbursed expenses throughout the year (2022: £406). No trustees received a salary (2022: nil).

The aggregate unrestricted donations received from the trustees in the year was £7,500 (2022: £4,300).

41

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

18 Pension commitments

The company makes contributions to personal pension schemes for its employees who have not opted out. Contributions in the period totalled £315,795 (2022: £333,521).

19 Charitable status

Stonewall Equality Limited is a charity domiciled and incorporated in England and Wales. The registered office is 192 St John Street, London, EC1V 4JY.

The charity does not have share capital, but its liability is limited by the guarantees of its members. Each member has agreed to accept liability of an amount not exceeding £1, should the charity be wound up. At 31 March 2023 the total of such guarantees amounted to £7.

20 Related party transactions

Details of transactions with trustees are provided in note 17b. In addition to direct transactions from our trustees, we received a donation of £1,500 from ChromeRose Ltd of which one of our trustees is a director. Two organisations of which former trustees are directors are members of the Diversity Champions programme. These were Mars Incorporated and Financial Conduct Authority. The membership fees paid to Stonewall in respect of these memberships were £12,180. Financial Conduct Authority also bought a ticket to our London Workplace Conference (£432). In the year, we paid £36,000 in respect of consultancy services from H/Advisors Cicero of which one of our former trustees is Executive Chairman. These related party transactions were on an arms' length basis and at market rate.

In the prior year, we received Diversity Champions membership fees from the same organisations of which our trustees are directors (£12,000) and sold Workplace Conference tickets to the same related party as in the current year (£840).

21 Operating leases

The company’s total commitments for rental payments due under non-cancellable operating leases at 31 March 2023 are as follows:

Payment due:
Within one year
Within two to five years
Over five years		 2023
£
414,088
1,066,971
15,053
1,496,112		 2022
£
382,267
1,360,133
26,342
1,768,742

42

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

22 Comparative Information

Statement of Financial Activities for the 12 month period ended 31 March 2022

Income from:
Donations and legacies
Grants
Fee income
Programme income
Sponsorship
Events income
Investments
Other income
Total income
Expenditure on:
Raising funds:
Fundraising
Charitable activities:
Campaigns, policy and research
Employment advice
Empowerment programmes
Total expenditure
Transfers between funds
Net expenditure for the period
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
1,728,622
34
3,329,402
549,822
559,289
282,316
1,285
364,202
6,814,972
1,518,094
2,971,241
2,158,434
798,386		 Restricted
funds
£
125,720
905,118
-
-
-
-
-
-
1,030,838
-
300,490
-
478,089		 Total
2022
£
1,854,342
905,152
3,329,402
549,822
559,289
282,316
1,285
364,202
7,845,810
1,518,094
3,271,731
2,158,434
1,276,475
7,446,155 778,579 8,224,734
(7)
(631,190)
2,565,119
1,933,929		 7
252,266
244,708
496,974		 -
(378,924)
2,809,827
2,430,903

43