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← Stonewall Equality Limited

2024-03-31-accounts

STONEWALL EQUALITY LIMITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Contents
Charity information 3
Trustees’ Annual Report 5
Independent auditors’ report 20
Statement of financial activities 25
Balance sheet 26
Statement of cash flows 27
Notes to the financial statements 28

Trustees’ report and financial statements 2023/24

Trustees

Dunni Alao

Iain Anderson (resigned 16 October 2023)

Tabatha O'Brien-Butcher

Jean Vianney Cordeiro (resigned 28 November 2024)

Catherine Dixon

John Dickinson-Lilley (appointed 19 July 2023)

Louise Downe

Gbolahan Faleye

Sadiq-Riza Gillani

Ayla Holdom

Kushal Khandhar (appointed 20 March 2024)

Michele Oliver (resigned 25 May 2023)

Kyle Shea Ring (resigned 7 September 2023) Caroline Stockmann (resigned 19 June 2024) Meredith Williams (resigned 4 July 2023)

Chair

Treasurer

Chief Executive

Iain Anderson (resigned 16 October 2023) Catherine Dixon (appointed 16 October 2023)

Jean Vianney Cordeiro (resigned 19 March 2024) Caroline Stockmann (resigned 19 June 2024)

Nancy Kelley (resigned 21 July 2023)

Ben Whur (Interim) (resigned 30 September 2024) Simon Blake (appointed 24 September 2024)

Company number Charity number

02412299

1101255 (England and Wales) SC039681 (Scotland)

Registered office and 192 St John Street
business address London EC1V 4JY
Auditors Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers Barclays Bank plc
1 Churchill Place London
E14 5HP

Annual Report - Introduction

Welcome to the Annual Report of Stonewall Equality Limited (Stonewall), registered charity number 1101255. This Annual Report for the year ending 31 March 2024 has been prepared in compliance with charity law, company law, and the Charities 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 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 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 society.

Objectives and activities

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

  13. 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:

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

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

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

  17. d) cultivating a sentiment in favour of equality and diversity by the use of publications, codes of practice, schemes for employers, award schemes, the media and public advocacy;

  18. e) promoting the sound administration of the law relating to equality issues by;

  19. i) the provision of specialist legal advice, assistance and representation to people who are unable to obtain such legal advice, assistance and representation as a result of their lack of resource;

  20. ii) the provision of specialist legal intervention to assist the courts; and

  21. iii) the provision of advice on the institutions, structures and mechanisms by which such law is enforced; to relieve poverty; and to promote any other purpose which is charitable according to the law of England and Wales.

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 campaigns 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 them are free to be themselves.

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

We are proud to have achieved successes under our priorities in the first three 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 2024, we continued to grow our number of individual supporters, and to strengthen our relationships across civil society. We progressed change and protected LGBTQ+ people’s rights at UK-level, in Scotland, in Wales, and through our global work.

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 LGBTQ+ people from harm and allow them to live openly, unapologetically, and proudly.

We campaigned for a tougher approach to LGBTQ + hate crime , working with Members of parliament to table amendments in the Criminal Justice Bill, and made sure that LGBTQ+ victims of hate crime were getting the support they need through our Zoteria app in partnership with Galop and the Vodafone Foundation.

Through our Global Equality Fund Alliance Against Hate (GEF) project in Georgia, Romania and Bulgaria, we have continued to work with civil society partners to improve support for victims of hate crime, and to advance dialogue with police and law enforcement stakeholders on adapting their systems and victim support to be more sensitive to the needs of the LGBTQ+ community.

We have continued our campaign to legislate against conversion practices in England, Wales and Scotland . In Scotland, a consultation on draft legislation to end conversion practices was published in early 2024. Thousands of our supporters read our guidance and responded to the consultation. In Wales, we sat on a Welsh Government Task force on banning conversion practices - which reinforced the Welsh Government’s commitment to a full ban. The outcome of the taskforce was a public awareness campaign on banning conversion practices and improving support services for survivors. In England and Wales, we have supported two Private Member’s Bills to ban conversion practices, with 4,789 supporters writing to their MP to ask them to attend the Second Reading of a Bill. The debate saw 68 MPs from across the political spectrum show up to vote in support of the Bill. Subsequently, almost all major parties have committed to banning conversion practices in their manifestos for the 2024 General Election.

Our SAFAR programme, supporting LGBTQ+ asylum seekers from Afghanistan, has gone from strength to strength. After successfully winning long-term funding for the project in 2023, we have been able to invest in our core support delivery, as well as to launch a new workstream which will equip LBT+ women in Afghanistan with secure mobile phones to enable them to access remote support and personal safety guidance. Our innovative SAFAR case management system has been updated to better meet the needs of the casework team, and in turn, this means we are better able to serve the people who have requested our help.

With further new funding, we relaunched our pioneering Out of the Margins network, which supports the advancement of global LBT+ women’s rights through the lens of the UN’s Sustainable Development Goals. This project will focus in on Jamaica, Botswana and Georgia, and each partner organisation will produce an action plan for making change in their region.

We saw increasing challenges to policy that recognises and protects trans people in the UK. We have challenged policy proposals in education and health that would undermine trans people’s rights to live freely and safely across our society.

Following the launch of the LGBTQ+ Action Plan for Wales, we have continued work to support its implementation.

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 person, and that many face different barriers in their lives based on their identities and experiences. Taking an equitable approach means recognising and addressing the specific needs of diverse communities not only in words, but in actions.

Following our IVF For All campaign win in 2022 which saw a commitment made in the Women’s Health Strategy to remove the additional financial costs facing lesbian, bi women and some trans people , we have been monitoring whether change is happening on the ground, and have kept up the campaign at a local and a national level. Through our online campaign, we have mobilised over 3,000 people to email their MPs and ask for the commitment to be fulfilled so no LGBTQ+ person has to face unequal barriers when accessing IVF on the NHS.

Through the national lottery funded TRANSforming Futures project, we have supported a number of third-party initiatives across England to create change for trans communities. These include a training programme for healthcare professionals on how to support their trans patients, a research report into informed consent models of trans healthcare, and developing GP plug-in software to collect more accurate data about trans and non-binary patients.

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

Potential

We believe that LGBTQ+ people, across the world and at 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 they’re out to the world or just to themselves. We imagine pride driving people 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 their dreams a reality.

The Young Futures online hub remains live on the Stonewall website and is a resource that can be used by, or to support, LGBTQ+ young people taking their next steps into education, training, apprenticeships, or work.

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 network 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 award-winning sports inclusion campaign Rainbow Laces celebrated its tenth year in 2023. To mark this anniversary, we launched limited-edition glitter Rainbow Laces, new brand assets, and social media content featuring Stonewall Sport Champions ‘keeping it up’ for LGBTQ+ inclusion in sport, as well as an activation pack for fundraisers. Polling on the campaign showed that 44% of sport fans, and 31% of the general public have seen the Rainbow Laces campaign at some point in the last 10 years, and 66% of sport fans think that LGBT people are a more visible part of the sport community than they were 10 years ago (only 10% disagree).

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

silver and bronze award status for their work in developing international LGBTQ+ workplace inclusion.

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 practices in all parts of the UK.

  3. Supporting LGBTQ+ refugees globally.

  4. Securing support for LGBTQ-inclusive policies by all political parties in the run up to, and after, the next UK General Election.

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

Equity

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

  2. Working with the NHS and civil society, 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. Continuing to work closely with key stakeholders and decision makers to support schools to improve LGBTQ+ inclusion.

  3. Delivering our 11[th] Rainbow Laces campaign.

  4. 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 threeyear 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 Team, represented by the Chief Executive, the Chief Operating Officer, the Director of Programmes and Income and the Director of Communications, is benchmarked individually. The benchmarked salaries are 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 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.

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 would need to employ another four members of full-time staff.

Financial position

In common with many charities, challenging operating conditions have continued since COVID-19 with low economic growth and higher cost inflation during 2023/24.

The Board of Trustees continued transformation begun in 2021/22 to make Stonewall more focused and efficient with design and implementation of an organisational reorganisation.

The charity incurred a £858k deficit for the financial year ending 31 March 2024.

Income for the year was £6,916k compared to £7,780k in the year ending 31 March 2023. Expenditure was £7,774k compared to £8,354k (restated).

Trustees continue to monitor financial performance closely into 2024/25, implementing further cost and cash controls as required to safeguard Stonewall’s financial position.

Trustees welcomed a new Chief Executive and Senior Leadership Team to the Charity in September 2024. This has created an opportunity to review and update our four-year strategy. We will continue to innovate to improve our services and impact for clients and partners, our advocacy for all LGBTQ+ people and our efficiency.

Reserves

As at 31 March 2024, total Reserves were £998k (31 March 2023: £1,857k restated). Of these, Restricted Funds were £613k (31 March 2023: £683k) and Unrestricted Funds of £385k (31 March 2023: £1,174k restated).

The Trustees regularly review the reserves policy. The Trustees reserves 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 2024 saw the Charity draw on reserves, to support operational activity during a period of change whilst also continuing to respond to a challenging and dynamic economic environment.

As of 31 March 2024, Stonewall was holding 1 month of unrestricted forecast expenditure. The reserves position continues to be a high priority for the Board and is reported to the Board on a regular basis. The Charity will incur some remaining costs of organisational change in the first half of 2024/25, then 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 Chief Operating Officer 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 assess and review 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 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:

  1. Funding and Financial Stability:

  2. Economic downturns or changes in donor priorities may affect funding levels.

  3. Potential changes in government funding or grant availability for LGBTQ initiatives.

  4. Political and Legislative Environment:

  5. Shifts in government policies or political climate that may adversely affect LGBTQ rights and protections.

  6. The risk of backlash against LGBTQ rights from certain political groups or movements.

  7. Public Perception and Reputation Management:

  8. Negative media coverage or public backlash related to specific campaigns or statements made by the organisation.

  9. Risks associated with social media, including misinformation or targeted harassment.

4. Advocacy Effectiveness:

7. Legal and Compliance Risks:

8. Health and Safety Concerns:

We will continue to carefully calibrate innovation to provide the Charity with the ability to respond flexibly and ensure a robust financial envelope.

Going concern

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.

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 the new structure, 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 2026. These scenarios demonstrate the impact on cash flow of Management’s best estimate of results for the period to 31 March 2026. 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.

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 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 to protect our donors and 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 fundraise 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 everchanging fundraising landscape. We are committed to making sure our policies and procedures relating to our supporters are clear and transparent, and we make it 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.

No complaints were received in the year.

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: • there is no relevant audit information of which the charitable company’s auditors are unaware and; • the Trustees have each taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. This report, which incorporates the Strategic Report for the purposes of the Companies Act 2006, was approved by the Board on 19 December 2024 and signed on their behalf by: Catherine Dixon Chair of Trustees Page 19 of 44 Trustees’ report and financial statements 2023/24

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Independent auditor’s report to the trustees and members of Stonewall Equality Limited

Opinion

We have audited the financial statements of Stonewall Equality Limited (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. 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.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,

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and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Auditor’s responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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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 charity’s trustees as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and 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 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Katharine Patel (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date 23 December 2024

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

STONEWALL EQUALITY LIMITED

AS AT 31 MARCH 2024

Statement of Financial Activities

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2023
Notes £ £ £ £
RESTATED
Income from:
Donations and legacies 2 1,428,734 9,000 1,437,734 1,817,294
Charitable Activities:
Grants 3 161,403 1,260,976 1,422,379 1,292,945
Fees 4 2,419,717 - 2,419,717 2,953,713
Programme Income 5 483,901 - 483,901 548,114
Sponsorship 378,743 - 378,743 317,060
Events 6 568,257 - 568,257 482,145
Investments 8,161 - 8,161 2,800
Other Income 7 197,012 - 197,012 365,853
Total Income 5,645,928 1,269,976 6,915,904 7,779,924
Expenditure on:
Raising funds:
Fundraising 8 1,597,736 - 1,597,736 1,745,124
Campaigns, policy and
research 8 2,622,899 757,989 3,380,888 3,259,014
Employment advice 8 1,844,106 5,061 1,849,167 1,962,258
Empowerment
programmes 8 369,583 576,991 946,574 1,387,797
Total Expenditure 6,434,324 1,340,041 7,774,365 8,354,193
Transfer between funds - - - -
Net Surplus(/Deficit) 9 (788,396) (70,065) (858,461) (574,269)
Total funds brought forward
- restated 15 1,173,514 683,120 1,856,634 2,430,903
Total funds carried
forward 15 385,118 613,055 998,173 1,856,634

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 28 to 44 form part of these financial statements.

----- Start of picture text -----
STONEWALL EQUALITY LIMITED AS AT 31 MARCH 2024
Balance Sheet
Notes 31 March 31 March
2024 2023
£ £
RESTATED
Fixed assets
Tangible assets 10 183,815 284,366
Investments 11 - 1,101,856
Total Fixed Assets 183,815 1,386,222
Current Assets
Debtors 12 1,107,717 1,324,753
Short Term Deposits 33,109 32,385
Cash at Bank 860,400 558,713
2,001,226 1,915,851
Liabilities
Creditors: amounts falling due within
one year 13 1,186,868 1,445,439
Net current assets 814,358 470,412
Total assets less current liabilities 998,173 1,856,634
Funds of the charity:
Restricted Funds 613,055 683,120
General funds 385,118 1,173,514
Total funds 998,173 1,856,634
----- End of picture text -----

The financial statements on pages 26 to 44 were approved by the Board of Trustees on 19 December 2024 and signed on its behalf by

Catherine Dixon Chair of Trustees The notes on pages 28 to 44 form part of these financial statements.

Page 26 of 44 Trustees’ report and financial statements 2023/24

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

31 March 31 March
2024 2023
£ £
RESTATED
Cash flows from operating
activities:
Net cash provided by (used in)
operating (797,708) (299,367)
Cash flows from investing activities
Interest from investments 8,161 2,800
Purchase of fixed assets (9,898) -
(Investment)/withdrawal of cash
on deposit 1,101,131 (35,273)
Net cash provided by (used in)
investment activities 1,099,394 (32,473)
Change in cash and cash
equivalents in the year 301,686 (331,840)
Cash and cash equivalents at
beginning of the year 558,713 890,553
Cash and cash equivalents at the
end of the year 860,399 558,713
Reconciliation of net
movement in funds to net cash
flow from operating activities:
31 March 31 March
2024 2023
£ £
RESTATED
Net movement in funds for the
year (858,461) (574,269)
Investment income (8,161) (2,800)
Depreciation charges 110,448 119,297
(Increase)/decrease in debtors 217,036 190,545
Increase/(decrease) in
creditors (258,570) (32,140)
(797,708) (299,367)

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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 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.

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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.

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.

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.

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 income where the provider of the service has incurred a financial cost. Gifts in kind 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.

Expenditure

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.

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.

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

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

The Charity intended to make withdrawals from the charity deposit account, so this was reclassified from investments to cash at bank in the financial year 2024. There is one long term interest account which had been included in cash at bank in the previous financial year, which has been reclassified in short term deposits in both years.

VAT

Where appropriate, expenditure includes irrecoverable value added tax.

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

2 Donations

31 March 31 March
2024 2023
Unrestricted Restricted
£ £ £ £
Individual donations 1,019,331 5,000 1,024,331 1,175,067
Corporate donations 344,636 4,000 348,636 402,909
Legacies 447 - 447 170,368
Gifts in kind 64,320 - 64,320 68,950
1,428,734 9,000 1,437,734 1,817,294

Gifts in kind comprise auction prizes for our fundraising events

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

3 Income from charitable activities: Grants 3 Income from charitable activities: Grants Unrestricted Restricted Total Total
Funds Funds Funds Funds
2024 2023
£ £ £ £
Access Foundation - 5,000 5,000 -
Arts Council of Wales - 34,328 34,328 89,700
Baring Foundation - 20,000 20,000 -
Bleu Blanc Rouge Foundation - - - 2,779
BT Supporters Club - - - 4,144
The Centre for Youth Impact - - - 200
Charities Aid Foundation America - 223 223 5,526
Clivedon Trust - - - 500
Comic Relief - - - -
David Family Foundation 10,000 - 10,000 -
Eleanor Rathbone Trust - - - -
Elhra - 89,100 89,100 -
Fortive Foundation 3,907 - 3,907 -
Foundation Scotland 1,000 - 1,000 -
Foreign & Commonwealth Development Office - 151,840 151,840 173,034
Global Equality Fund - 233,583 233,583 204,442
Groundwork UK - - - 1,000
The Kroll Foundation - - - 2,415
Mazars Charitable Trust - - - 200
Morris Family Trust - - - 500
National Lottery Community Fund - 226,085 226,085 69,643
National Philanthropic Trust 50,000 - 50,000 -
NHS Scotland - - - 38,878
Mackintosh Foundation - - - 5,000
Scottish Government - 106,505 106,505 101,613
Standard & Poor Foundation - 155,117 155,117 162,456
UPS Foundation - 57,379 57,379 40,142
Vodafone Foundation - 78,315 78,315 121,408
Wales Council for Voluntary Action - 3,501 3,501 52,971
Wellspring Philanthropic Fund 96,496 - 96,496 114,394
Welsh Government - 100,000 100,000 100,000
W & M Morris Charitable Trust - - - 2,000
161,403 1,260,976 1,422,379 1,292,945

Total income from Government Sources £618,757 (2023: £572,868)

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

3 Income from charitable activities: Grants (continued)

Unrestricted Restricted Total
Funds Funds Funds
2023
£ £ £
Arts Council of Wales - 89,700 89,700
Bleu Blanc Rouge Foundation 2,779 - 2,779
BT Supporters Club - 4,144 4,144
Catalyst and The National Lottery Community Fund - - -
The Centre for Youth Impact 200 - 200
Charities Aid Foundation America - 5,526 5,526
Clivedon Trust 500 - 500
Comic Relief - - -
Foreign & Commonwealth Development Office - 173,034 173,034
Global Equality Fund - 204,441 204,441
Groundwork UK - 1,000 1,000
HMRC - Coronavirus Job Retention Scheme (CJRS) - - -
The Kroll Foundation 2,416 - 2,416
Mazars Charitable Trust 200 - 200
Morris Family Trust 500 - 500
National Lottery Community Fund - 69,643 69,643
NHS Scotland - 38,878 38,878
Mackintosh Foundation 5,000 - 5,000
Scottish Government - 101,613 101,613
Standard & Poor Foundation - 162,456 162,456
UPS Foundation - 40,142 40,142
Vodafone Foundation - 121,408 121,408
Wales Council for Voluntary Action - 52,971 52,971
Wellspring Philanthropic Fund - 114,394 114,394
Welsh Government - 100,000 100,000
W & M Morris Charitable Trust 2,000 - 2,000
13,595 1,279,350 1,292,945

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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 Children and Young People ’ s Services (CYPS) Champions programmes, and charges made for providing Stonewall speakers for events or related to bespoke consultancy requests. Total fee income was £2,419,717 (2023: £2,953,713).

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 £483,901 (2023: £548,114).

6 Events Income 6 Events Income 31 March 31 March
2024 2023
£ £
Bespoke Events - 19,480
Ticket Sales 494,110 352,961
Auction income 61,157 102,569
Raffle 12,990 7,135
568,257 482,145
7 Other Trading Activities 7 Other Trading Activities 31 March 31 March
2024 2023
£ £
Advertising Income 33,630 43,410
Merchandise Sales 162,217 181,666
Other Income 1,165 140,777
197,012 365,853

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

8 Total expenditure Direct Support Governance Support Governance Total Total
activities costs costs 2024 2023
£ £ £ £ £
RESTATED
a) Year ended 31 March 2024
Raising Funds
Fundraising Costs 1,174,033 398,368 25,335 1,597,736 1,745,124
Charitable activities:
Campaigns, policy and
research 2,520,642 808,808 51,438 3,380,888 3,259,014
Employment advice 1,123,735 682,055 43,377 1,849,167 1,962,258
Empowerment programmes 623,447 303,806 19,321 946,574 1,387,797
4,267,824 1,794,669 114,136 6,176,629 6,609,069
Total expenditure 5,441,857 2,193,037 139,471 7,774,365 8,354,193
Total expenditure Direct Support Governance Total
activities costs costs 2023
£ £ £ £
b) Year ended 31 March 2023 RESTATED
Raising Funds
Fundraising Costs 1,313,105 411,634 20,385 1,745,124
Charitable activities:
Campaigns, policy and research 2,429,735 790,149 39,130 3,259,014
Employment advice 1,195,050 731,006 36,202 1,962,258
Empowerment programmes 595,761 754,663 37,373 1,387,797
4,220,546 2,275,818 112,705 6,609,069
Total expenditure 5,533,651 2,687,452 133,090 8,354,193

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

8 Total expenditure (continued)

a) Support costs for the year ended 31 March 2024 comprise:

a) Support costs for the year
ended 31 March 2024 comprise:
Raising Charitable 31 March 31 March
Funds activities 2024 2023
£ £ £ £
RESTATED
General Management 147,351 251,017 398,368 1,196,270
Finance, operations, human 663,824 1,130,845 1,794,669 1,491,182
resources and information
technology
811,175 1,381,862 2,193,037 2,687,452
b) Support costs for the year
ended 31 March 2023 comprise:
Raising Charitable 31 March
Funds activities 2023
£ £ £
General Management 183,232 1,013,038 1,196,270
Finance, operations, human 228,403 1,262,779 1,491,182
resources and information
technology
411,635 2,275,817 2,687,452

Support function Basis of apportionment General Management Staff numbers Finance, operations, human resources and information technology Staff numbers

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

9 Net expenditure for the period 31 March 31 March 31 March
2024 2023
£ £
Net expenditure is stated after charging:
Auditors' remuneration 33,033 32,916
Non statutory audit fees: tax and donor audits - 4,290
Depreciation 110,448 119,297
Operating Lease expense 346,124 144,695
10 Fixed Assets Leasehold Fixtures, Website Total
fittings
improvements and and software
equipment development
£ £ £ £
Cost
At 31 March 2023 468,385 57,631 506,207 1,032,223
Additions - - 9,897 9,897
Disposals - - - -
At 31 March 2024 468,385 57,631 516,104 1,042,120
Depreciation
At 31 March 2023 467,918 52,158 227,781 747,857
Charge for year 466 5,384 104,598 110,448
At 31 March 2024 468,384 57,542 332,379 858,305
Net book value
At 31 March 2024 1 89 183,725 183,815
At 31 March 2023 467 5,473 278,426 284,366

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

STONEWALL EQUALITY LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

11 Investments

Investments in FY 23 were cash balances held on deposit with Virgin Money.

This bank account was re-classified to cash in bank in FY24

31 March 31 March
31 March
2024 2024
2023
£ £
£
12 Debtors
Fees receivable 422,899 422,899
580,345
Prepayments and accrued income 588,164 588,164
647,637
Other debtors 96,654 654
96,772
1,107,717 717
1,324,754
31 March 31 March
31 March
2024 2024
2023
£ £
£
13 Creditors amounts falling due within one 13 Creditors amounts falling due within one
year RESTATED
Accounts payable 297,618 297,618
384,328
Taxation and Social Security 236,260 236,260
367,295
Accruals 322,403 322,403
441,067
Deferred income (note 14) 330,587 587
252,748
1,186,868 1,186,868
1,445,438
Current year
Opening Amounts funding
Closing
balance released deferred
balance
14 Deferred Income £ £ £
£
Deferred Income 252,748 (1,701,432) 1,779,271
330,587

Deferred income is funding received in advance for programme activity which was not planned for the current financial year.

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

15 Movement in funds Balance at Balance at Balance at
31 March Income Expenditure 31 March
2023 2024
a) Year ended 31 March 2024 £ £ £ £
Unrestricted - general 1,173,514 5,645,928 1,173,514 5,645,928 6,434,324 385,118 385,118
Total Unrestricted funds 1,173,514 5 514 5,645,928 6,434,324 385,118 118
Restricted funds :
Campaigns, policy and research 46,282 825,360 757,990 113,652 113,652
Employment advice - 5,000 5,061 (61)
Empowerment programmes 636,838 439,616 576,990 499,464 464
683,120 1 120 1,269,976 1,340,041 613,055 055
Total funds 1,856,634 6 634 6,915,904 7,774,365 998,175
b) Year ended 31 March 2023 Balance at Balance at Balance at
31 March Income Expenditure 31 March
2022 2023
£ £ £ £
Unrestricted - general 1,933,929 6,465,573 6,465,573
7,225,988		 7,225,988
1,173,514
Total Unrestricted funds 1,933,929 6,465,573 573
7,225,988		 988
1,173,514
Restricted funds :
Campaigns, policy and research 16,836 262,344 262,344
232,898		 232,898
46,282
Employment advice - - -
-		 - -
Empowerment programmes 480,138 1,052,007 007
895,307		 307
636,838
496,974 1,314,351 351
1,128,205		 205
683,120
Total funds 2,430,903 7,779,924 924
8,354,193		 193
1,856,634

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

a) Fund balances at 31 March 2024 are represented by :

Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed Assets 183,815 - 183,815
Debtors 1,015,093 92,624 1,107,717
Creditors (1,057,465) (129,403) (1,186,868)
Short term deposits 33,109 - 33,109
Cash at bank 210,565 649,835 860,400
385,117 613,056 998,173
b) Fund balances at 31 March 2023
are represented by :
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed Assets 1,386,222 - 1,386,222
Debtors 1,031,727 293,026 1,324,753
Creditors (1,414,535) (30,904) (1,445,439)
Short term deposits - - -
Cash at bank 170,100 420,998 591,098
1,173,514 683,120 1,856,634
17 Staff costs and numbers 31 March 31 March 31 March
2024 2023 2023
a) Staff costs £ £ £
Salaries 4,297,698 4,399,581 4,399,581
Social security 434,994 474,931 474,931
Pension 294,162 315,795 315,795
Agency staff and other contractors 97,732 65,010 65,010
5,124,586 5,255,317 317

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

17 Staff costs and numbers (continued)

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

31 March 31 March
2024 2023
£60,000 to £69,999 4 3
£70,000 to £79,999 1 1
£80,000 to £89,999 1 1
£90,000 to £99,999 1 -
£100,000 to £109,999 - 1
£110,000 to £119,999 - -
£120,000 to £129,999 - 1

The key management personnel of the organisation comprise the Chief Executive the Chief Operating officer, the Director of Programmes and Income and the Director of Communications. Until August 2024 there was an interim Managing Director and Chief Operating Officer. The total employee benefits of the key management personnel of the organisation were £676,676 (2023: £645,803).

The average FTE number of employees analysed by function was:

31 March 31 March
2024 2023
Direct charitable activities 85 92
Fundraising 17 15
Management and administration 12 13
114 120

The charity made termination payments in the year of £57,845 relating to redundancy and severance of 9 members of staff (2023: £25,713).

b) Trustees

Two trustees received a total of £447 in reimbursed expenses throughout the year (2023: £550). No trustees received a salary (2023: nil).

One trustee also purchased a ticket for the Equality Dinner in this financial year for £350 (2023: £0)

The aggregate unrestricted donations received from the Trustees in the year was £120 (2023: £7,500)

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

18 Pension commitments

The company makes contributions to personal pension schemes for its employees who have not opted out. Contributions in the period totalled £294,162 (2023: £315,795).

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 2024 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, there were no other related party transactions in 2024.

In the prior year 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). Last 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.

21 Capital commitments

As at 31 March 2024 there were no capital commitments (2023: £nil)

22 Operating Leases 2024 2023
Payment Due:
Within in one year 332,564 414,088
Within two to five years 556,731 1,066,971
Over five years - 15,053
889,295 1,496,112

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

23 Comparative Information Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023
£ £ £ £
RESTATED
Income from:
Donations and legacies 1,782,294 35,000 1,817,294 1,817,294
Charitable Activities:
Grants 13,594 1,279,351 1,292,945 1,292,945
Fees 2,953,713 2,953,713 2,953,713
Programme Income 548,114 548,114 548,114
Sponsorship 317,060 317,060 317,060
Events 482,145 482,145 482,145
Investments 2,800 2,800 2,800
Other Income 365,853 365,853 365,853
Total Income 6,465,573 1,314,351 7,779,924 7,779,924
Expenditure on:
Raising funds:
Fundraising 1,724,041 - 1,724,041 1,745,124
Campaigns, policy and research 2,985,645 232,899 3,218,544 3,259,014
Employment advice 1,924,816 1,924,816 1,962,258
Empowerment programmes 453,838 895,306 1,349,144 1,387,797
Total Expenditure 7,088,340 1,128,205 8,216,545 8,354,193
Transfer between funds - - - -
Net Surplus(/Deficit) (622,767) 186,146 (436,621) (574,269)
Total funds brought forward 1,933,929 496,974 2,430,903 2,430,903
Total funds carried forward 1,311,162 683,120 1,994,282 1,856,634

STONEWALL EQUALITY LIMITED

YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Funds at 31 March 23 as
previously stated 1,311,162 683,120 1,994,282
Change to rent free period
2022/23 (137,648) (137,648)
-
As 31 March 23 restated 1,173,514 683,120 1,856,634
Deficit at 31 March as previously
stated (622,766) 186,145 (436,621)
Change to rent free period
2022/23 (137,648) (137,648)
Deficit at 31 March as previously
restated (760,414) 186,145 (574,269)

In the prior year, Stonewall was given a six-month rent-free period on its London office following the break date. This was fully recognised in the year rather than spread across the length of the lease as should have been the case in accordance with FRS102.

This means that at the end of March 2023 unrestricted funds were £137,648 less than previously stated (restated £1,857k, previously stated £1,994k). The deficit for the prior year was also £137,648 greater at £(574,269)k (previously stated £(436,621k).